14026. Bank of Jersey City (Jersey City, NJ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 15, 1857
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
8b2424f3

Response Measures

None

Description

Articles (15 Oct 1857) report the Bank of Jersey City suspended specie payments owing to actions of New York banks. The text explicitly says it was called upon for a considerable amount of specie but hardly be said that they were 'run.' The bank continued other business and posted a notice; no permanent closure or receivership is reported. I classify this as a suspension (no run) and likely temporary (resumption implied by continuation of business), so suspension_reopening is used.

Events (1)

1. October 15, 1857 Suspension
Cause
Macro News
Cause Details
Suspended specie payment because of the suspension/action of New York banks during the 1857 panic; other business continued.
Newspaper Excerpt
Owing to the action of the New York banks this bank has suspended specie payment for the present. All other business will be transacted as usual.
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, October 15, 1857

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Article Text

ment, but are transacting other business as usual. THE BANK OF JERSEY CITY. This bank was called upon for a considerable amount or specie on Tuesday, although It can hardly be said that they were run." At the hour for opening yesterday morning the following bulletin was placed outside the door Owing to the action of the New York banks this bank has suspended specie payment for the present. All other business will be transacted as usual. Bills of solvent banks received and paid. We will re reive Hudson County, Mechanion' and Traders', New York city and New Jersey State bills on deposit and in payment of notes. The officers say that they are well supplied with current bank bills, which will be paid to their depositors on checks as usual, and their business will be continued without interruption. MECHANICS' AND TRADERS' BANK. This bank, upon opening yesterday morning, put up the following notice In consequence of the suspension of the New York banks this bank has suspended specie payment for the present. The bank will continue, as usual, all other business. THE HUDSON COUNTY BANK. This institution, which was compelled to suspend specie payment on Tuesday, opened for business ente/day morn. ing, and posted the following bulletin outside the door :This bank, owing to a refusal of the banks in New York, on Monday and Tuesday, to receive its dealers' checks, added to a panic then existing there, forced a run OR us, which was met as fast as our receipts and availabilities could be used yesterday. This calamity in now over, and the bank will continue its business by receiving deposits, making collections, and in a rew days will resume die counting and Its usual business. The thanks of the stockholders, directors and officers are due to the de positors and billbolders for their confidence in the integrity and ability of the bank on this trying occasion.


Article from New-York Daily Tribune, October 15, 1857

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Article Text

THE JERSEY CITY BANKS. The banks at Jersey City all suspended specie payment yesterday morning, but transacted other business as usual. THE BANK OF JERSEY CITY. This bank was called upon for a considerable amount of specie on Tuesday, although it can hardly be said that they were "run." At the hour for opening yes. terday morning, the following bulletin was placed outside the door: " Owing to the action of the New-York banks this bank has suspended specie payment for the present. All other business will be transacted as usual. Bills of solvent banks received and paid. We will receive "Hudson County," " Mechanics' and Traders'," New. York City, and New-Jersey State bills on deposit and in payment of notes." The officers say that they are well supplied with current bank bills, which will be paid to their depositors on checks, as usual, and their business will be continued without interruption. MECHANICS' AND TRADERS' BANK. This bank, upon opening yesterday morning, put up the following notice: "In consequence of the suspension of the New-York banks, this bank has suspended specie payment for the present. The bank will continue as usual all other business."