Hoboken City Bank - Hoboken, NJ

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 14, 1857
Location: Hoboken, New Jersey (40.744, -74.032)

Metadata

Model: gpt-5-mini
Short Digest: 7a56ceeb

Response Measures

None

Description

Article (New-York Daily Tribune, 1857-10-14) lists HOBOKEN CITY BANK among banks whose bills were thrown out by the exchanges during the Panic of 1857. The item documents a suspension/refusal to redeem in the clearing/exchange sense during a widespread panic (macro shock). The piece does not describe a depositor run on this specific bank nor any permanent closing or receivership; reopening is not reported in this article but many banks planned resumption. I therefore classify as a suspension (caused by macro/systemic panic) with likely eventual resumption; reopening is plausible but not shown in the text — classification reflects the most likely outcome given the context. No clear OCR corrections required for the bank or city.

Events (1)

1. October 14, 1857 Suspension

Cause: Macro News
Cause Details: Bills were thrown out by the American Exchange and Metropolitan Banks amid the nationwide Panic of 1857 and mutual suspensions in New York; systemic specie drain and interbank suspension of redemption led to refusal to redeem bills at clearing houses.
Newspaper Excerpt: The following is a list of the Banks whose bills were thrown out yesterday by the American Exchange and Metropolitan Banks... HOBOKEN CITY BANK, New-Jersey.
Source: newspapers

Newspaper Articles (1)

1. October 14, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 14, 1857

Click image to open full size in new tab

Article Text

meeting conversation At the adjourned and an exhibit of the position of the different banks, it was unanimously resolved not to open doors to-morrow! So the New York bank system has gone to the wall, and the example will probably be followed by the whole country. The aggregate specie in bank at the close of business to-day was found, upon consultation, to be $5,800,000. All the banks, with a few exceptions, will go on with their business as before, and prepare for as early a resumption as possible. Some system will be at once adopted, by certified checks and other means, by which payments between merchants can be made, the Clearing-House exchanges being made in coin between the banks. The uncurrent-money system of the Metropolitan and American Exchange will of course be abandoned, but it is probable that the banks will agree to receive and pay out well secured State money at par, as they did in 1837. This will prove a great relief to the mercantile community. The following is a list of the Banks whose bills were thrown out yesterday by the American Exchange and Metropolitan Banks, until arrangements are made for the future redemption of their bills in this city, they being heretofore redeemed by some of the Banks whose suspension is announced above: UNION BANK OF MONTICELLO. OSWEGO RIVER BANK. GOSHEN BANK. MERCHANTS' BANK, Syracuse. BRIGGS BANK, Clyde. BANK OF COMMERCE, Carmel. ORANGE COUNTY BANK. EAGLE BANK, Rochester. BANK OF NEWBURGH. POUGHKEEPSIE BANK. ULSTER COUNTY BANK. SUSSEX BANK. FARMERS' AND DROVERS' BANK. HOBOKEN CITY BANK, New-Jersey. JERSEY CITY BANK, New-Jersey. FARMERS' BANK OF WANTAGE, New-Jersey. PAHQUIOGUE BANK, Connecticut. In the general whirlwind which swept over the city yesterday, private failures attracted little attentionand no one troubled himself to authenticate the numerous rumors that were in circulation. We may, however, mention the following as among the suspensions of the day, reported on good authority I. A. HEARN, Dry Goods. W. LANGDON & Co., Dry Goods. HERRICK, FERRIS & Co., Furnishing Goods. AMES, HERRICK & RHODES, Stationers. The out of-town disasters reported by telegraph are as follows: FRANCIS SKINNER & Co., Boston, suspended, This firm, which is the largest dry goods commission house in the city, was agent for mary large manufacturing companies. T. & W. LYMAN, Boston, commission merchants. OAKLEY & HOPKINS, New-Orleans, large cotton factors. THE DRAIN OF SPECIE. Our reporters have gathered, chiefly from the most authentic sources, the following facts in regard to the Banks: AMERICAN EA{CHANGE BANK. In the morning it was manifest that there was to be a rush of depositors, and jby noon & large crowd had assembled and formed into 'ine with checks, and, in some instances, bills of the Bank. The demands were promptly met, some in specie and others in the bills of other city Bank 9, as the drawers wished, and the doors were kept 9, pen till 3½ o'clocka half hour after the usual banki ng hours. About $120,000 was paid out. At 4 o'clock the scene inside the 8 Bank presented little indications of the pressure. Clerk , were jolly; jokes were numerous. Every individual with frightened face who came in with checks or no. 'es was invited to call in the morning, when their demands would be responded to. Bologna sausages d sandwiches were being partaken of with the apt) arent relish of several hours' abstinence from food. The understanding is that the Bank will rest. ne business at the usual hour to-day. One sanguine party outside wanted to bet $130 cash that the Bank would stand the pressure and not break. Another said he would take the bet, provided the confident individual would take his check for $100 on that Bank as equivalent to the $100. Sanguine party declined, amid roars of laughter, and, regarding himself sold, he treated the crowd. BANK OF AMERICA. The Bank of America paid out $175,000 in gold. A great many bills were given out in exchange for bills of other banks. The deposits were nearly double what they were on Monday, and at leastone-third more than the average for a week past. ARTIZAN'S BANK. The Artisan's Bank suspended at 2:35 p. m., after paying out some $40,000 in specie. Their deposits are reduced to about $50,000; circulation about $70,000; secured on New-York 6s, payable in 1870, and for which they paid 17 ₫ per cent premium. Their statement will be nearly as follows: LIABILITIES. $50,000 Deposits 70,000 Circulation Total $120,000 ASSETS. $600,000 Loans and Discounts 100,000 State Stocks (par value) 40,000 Surplus $740,000 Total ATLANTIC BANK. The Atlantic Bank paid all demands promptly, and