13719. Bull's Head Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
073a4ad5b81227fd

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Oct 13, 1857) report heavy withdrawals (a run) on Bull's Head Bank and that the bank suspended specie payments that day as part of the broader 1857 financial panic. The articles do not report a reopening or permanent closure, so outcome beyond the suspension is unclear from these pieces.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the widespread October 1857 financial panic: general runs on New York/Wall Street banks produced heavy withdrawals from Bull's Head Bank.
Measures
Paid out until unable to meet demands; then suspended specie payments (see suspension event).
Newspaper Excerpt
Neither was this Bank able to stand the pressure, which, from 11 to 1 o'clock, was brought to bear upon it with great force.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments announced amid the broad citywide suspension of banks during the 1857 panic; triggered by the heavy run and general crisis.
Newspaper Excerpt
Also, the Chatham and Bull's Head banks have suspended.
Source
newspapers

Newspaper Articles (11)
1. October 13, 1857 Evening Star Washington, DC
Article from Evening Star, October 13, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended

2. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

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Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.

3. October 14, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 14, 1857

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Money and Business. Early yesterday afternoon the telegraph announced the failure of the following banks in New York city: Capital. $1,235,009 Merchants' Exchange: Ocean 1,000,000 Mercautile 1,000,000 North River 655,000 Irving 300,000 Marine 309,000 New York Exchange 100,000 St: Nicholas 750,000 Citizens' 400 009 Bull's Head 173,800 Pacific 422 000 Peoples' 412,000 Total 812,200 There was reported. also, at the same time, a heavy run upon the Bank of the Republic. There seems to be an entire want of confidence in the banks among the New York people, and Wall street was almost impassable on account of the crowds of people assembled aboutsome of the banking houses in that locality. In another part of this] day's paper, we publish a list of New York business[firms that "succumbed to the pressure yesterday. The returns of the week show that the New York banks have contracted their loans four millions of dollars within the last seven days, and the deposits have fallen off about the same amount. The stoeks of the New York banks have run down to a very low figure, even the best of them, and this is probably not only an indication of the severity of the pressure, but also that those in the secrets of the back parlors, think unfavorably of most of their paper The stocks of some of the leading New York city banks, sold as follows, on Monday: Bank of Commerce 70, Bank of New York 76, Bank of America 75. Phoenix Bank 55, American Exchange 55, Metropolitan 58, Park 58, Bank of the State of New York 65. At Boston yesterday, the following additional failures are reported, viz: Francis Skinner & Co., the largest dry go ds commission house in the city-they were agents of the Pepperell, Bates, Vassalboro', and many other prominent manufacturing companies; Blanchard & Gross, shoe dealers; Hutchins, Brown Co., F. & F. Rice, John P. Whiton, West India goods; Geo. T. & W.P. Lyman, commission merchants; Otis, Cushman, & Bancroft, dry goods; and Crane & Glover, paper dealers It is reported that Moses Taylor & Co., of New York the largest and wealthiest grocery house in the country, has failed. The Boston Transcript of last evening, says: "The Boston banks are stronger today than they have been for a considerable time. Last week the increase of specie in their vaults was over $300,000. and yesterday this amount was augmented. Should the New York banks suspend, it is the opinion of many prominent financiers, that the banks in Boston would not suspend, but would breast the storm, manfully redeem their promises, continue to pay specie, and thus show to the boasters of the metropolitan city that the disgrace of violating pledged faith, does not rest upon the managers of our city banks at least." The following is from the Providence Journal of yesterday morning: "Yesterday was apprehended as a day of disaster, but it has passed off not only without a failure, but with the assurance that the failure of David B. Brown & Co, and J. W. Corlies & Co. and Hall, Dana, & Co, which latter was made public today. although it had been confidently known here since Friday, would not drag down anybod in Providence The houses most immediately and deeply affected by these failures are abundantly strong, intrinsi cally, and have received, unsolicited and without concert, such liberal ffers of assistance from banks and capitalists, as leave no doubt of their ability to meet all the paper that comes back upon them. The banks discounted liberally yesterday, but much of the accommodation afforded was for New York and Phila delphia. The chief domestic houses in the great "specte paying centre," have been seeking from our discredited banks the aid which their own refuse them. Al'more cheerful feeling prevailed yesterday, after bank hours. The wise and liberal pollcy of the banks, and the dispo sition of men to stand by each other, gave new courage and confidence."

4. October 14, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 14, 1857

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NEW YORK, Oct. 13.-Tne Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens', and Ocean banks have suspended-cight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head Banks have suspended.

5. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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ATLANTIC BANK. The Atlantic Bank paid all demands promptly, and had as much coin left at night as the Bank opened with. BROADWAY BANK. The Broadway Bank paid out $103,000. They have some $30,000 standing to their credit at the Clearing House. They expected to receive this as usual at 11 p. m., but, not receiving it, were obliged to suspend 15 or 20 minutes before 3 o'clock. An officer of the Bank then appeared and said: GENTLEMEN: It is of no use; we tried to stand it, but we can't. We have done all we could to-day. We'll try to do better to-morrow, after & sleep over night. You can't have a dinner to-day that is to be cooked to-morrow." The crowd took the speech in good part, and thinned off-many, however, disappointed. BULL'S HEAD BANK. Neither was this Bank able to stand the pressure, which, from 11 to 1 o'clock, was brought to bear upon it with great force. The depositors, in their eagerness to obtain entrance to the Bank, behaved toward each other in a manner which under other circumstances might be considered rude; but, by the aid of two or three policemen, comparative order was kept, and each man was allowed his turn. At last, however, the thing turned entirely, for, at about 1 o'clock, the word "suspension" was proclaimed, and then, after a wistful waiting, all retraced their steps, seeking consela. tion from the fact that there were many others "in the same boat." BUTCHERS' AND DROVERS' BANK. All the excitement was not in Wall street. Much of it existed at the corner of Grand street and Bowery, where is situated the Butchers' and Drovers' Bank, which sustained a heavy run from depositors and billholders for 80 long a time that at about 1 o'clock it was forced to ask time to take breath, or, in other words, suspend. CHATHAM BANK. Upon this bank the run did not appear 80 great as upon most other similar institutions out of Wall street. The amount of specie paid out, however, was very large; 80 large, that after a brief consultation among the managers, it was resolved to suspend specie payment, and accordingly a notice to this effect was immedistely posted up. Such of the depositors as succeeded in withdrawing their deposits retired greatly elated, while the tardy, who were kept too long from the counter, grumbled deeply, but not in a very loud voice. About 2 o'clock the crowd of depositors, bill-holders and idlers, who jammed the sidewalks in the vicinity of the bank, had disappeared, and externally every-

6. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

7. October 15, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

8. October 15, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 15, 1857

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Financial Matters in New York. NEW YORK, Oc. 13.-The following banks of this city, suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens' and Ccean banks, in all, numbering eight banks. The Chatham, Bull's Head, Market and St. Nicholas Banks have also suspended. (SECOND DISPATCH. NEW YORK, Oct. 13.-The bank suspensions have attracted a dense crowd into Wall street this afternoon, while other business streets were comparatively desert. ed. In addition to those announced up to two o'clock, the Tradesmen's Bank, Artisan's Bank, Butchers and Drover's Bank, and the Bank of New York have since sus. pended. It is feared that a general suspension is now inevitable, though several of the old banks announce their ability and determination to continue specie payments. It is reported that the Marine Bank is stopped by an injunction obtained by one of its cus. tomers, and it is presumed that the same course has been pursued with regard to oth. er banks. By this means the penalty of winding up which attaches to the act of suspension is evaded, and it is generally thought that the suspension will, in most ca. ses, be only temporary. This understanding tends to relieve some of the excitement. [SECOND DISPATCH.] To-dey has been the most exciting one in financial matters. Up to 2 o'clock filteen of the city banks suspended specie payments, of which the following is a revised list, viz: The Bank of New York, Arti. zan's, St. Nicholas, Chatham, Ocean, Market, Butchers & Drover's, Merchant's Ex. change, Irving, Citizen's, Tradesmen's, Bull's Head, New York Exchange, North River and Morine. Wall street at 2 o'clock was crowded with an anxious mass of people The steps of all the banks were blocked up by people forcing their way into the banks. At the American Exchange Bank David Leavitt addressed the crowd, assuring them that the banks would pay all to the last dollar. He also announced ithat an arrangement had been made with several of the $ strongest banks to go through without suspension. It is believed, however, that the suspension will be general. It is understood that some of our heaviest f e houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day effecting d nearly all the banks in the city. The above list gives all that certainly suspended up to three o clock. S The run on the Brooklin Savings Bank h was renewed to-day, but with less vigor, the bank paying promptly. Several raifures among the dry goods firms are announced, but none of them are very prominent. d [THE LATEST ] The run upon the Mechanic's, Merchant's Bank of America, Manhatter, and Ame ica

9. October 15, 1857 Marshall County Republican Plymouth, IN
Article from Marshall County Republican, October 15, 1857

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General Bank Suspension and Excitement in New York. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens, Chatham, Bulls Head, St. Nicholas and Market Street Banks.There is a general run on the Wall Street banks and intense excitement in the streets. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on state st., is announced. Harrisburg, Oct. 13. The House reconsidered yesterday's vote on the reiief bill, by a vote of 55 to 32.

10. October 17, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.

11. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;