13835. De Launay, Iselin & Clark (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 5, 1854
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8aee21b94248b7df

Response Measures

None

Description

Two contemporary papers (July 1854) report De Launcy/DeLauney (OCR variants) Iselin & Clark 'suspended payment' in early July 1854 following the discovery of Robert Schuyler's massive stock overissue and associated failures. No articles mention a depositor run or later reopening; the suspension appears tied to the Schuyler fraud and wider market distress, so classified as a suspension leading to closure.

Events (2)
1. July 5, 1854 Suspension
Cause
Local Banks
Cause Details
Reported suspension in immediate aftermath (around July 5) of the Schuyler fraud revelation affecting brokers, railroad company agents, and associated banking houses.
Newspaper Excerpt
Since the discovery of this fraud, it is reported that ... DeLauney, Iselin & Clark one of the heaviest banking houses in Wall street, have suspended
Source
newspapers
2. July 9, 1854 Suspension
Cause
Local Banks
Cause Details
Suspension followed discovery of Robert Schuyler's massive over-issue of Harlem Railroad stock and consequent failures/panic among brokers and connected firms, which spread to De Launay, Iselin & Clark.
Newspaper Excerpt
It is reported that De Launcy, Iselin & Clark, one of the heaviest banking houses in Wall street, suspended payment to day.
Source
newspapers

Newspaper Articles (2)
1. July 15, 1854 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, July 15, 1854

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Article Text

CONCORD, July 7. The Senate on its part has electedHarry Hibbard U. S. Senator for the coming term. NEW YORK, July 9, It is reported that De Launcy, Iselin & Clark, one of the heaviest banking houses in Wall street, suspended payment to day. BOSTON, July 8. The recent developments in New York are exercising an unfavorable influence in money affairs in this city. Stocks have considerably declined to-day. State street is generally excited by the failure of Wiils, & Co., extensive and well known brokers and stockdealers. Their liabilities are not stated.

2. July 25, 1854 Spirit of the Times Portsmouth, Ironton, OH
Article from Spirit of the Times, July 25, 1854

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Article Text

Grand Fraud. The commercial circles of New York were much excited on the 5th inst. by the discovery that Mr. Robert Schuyler, President of the New York and Hailem Railroad, and the transfer clerk thereof, had made an immense over issue of stock -amounting to nearly two millions of dollars. Schuyler has left the country. Since the discovery of this fraud, it is reported that Richard Schell, a large negotiator and loan discounter for the Schuylers, and DeLauney, Iselin &Clark one of the heaviest banking houses in Wall street, have suspended, and that Blatchford & Rainsford, brokers for the Harlem Railroad company have failed. It has also produced a panic in the money and stock markets of Boston. Willis & Co., well known and extensive brokers and stock dealers, have failed, and othe failures are reported.