Hudson County Bank - Jersey City, NJ

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: October 13, 1857
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: b591ba1a

Response Measures

Full suspension

Other: Bank was described as solvent and officers expected to resume business; no explicit reopening article found.

Description

Multiple contemporaneous newspaper articles report a heavy run on Hudson County Bank (Jersey City) on Oct 13, 1857 that led to suspension/closure of its doors about 1 p.m. The immediate trigger is described as the Shoe and Leather Bank (their New York correspondent) refusing their checks, so classify cause as correspondent distress. Some accounts state officers expected to resume business in a few days, but no clear article here confirms reopening or permanent failure; therefore I classify as run_suspension_unsure. OCR corrected minor typos (e.g., Shoe and Leather Bank as correspondent).

Events (2)

1. October 13, 1857 Run

Cause: Correspondent
Cause Details: Run triggered after the Shoe and Leather Bank (New York correspondent) refused Hudson County Bank's checks without notice despite a favorable balance.
Measures: Paid out specie (between $50,000 and $60,000) to depositors during morning before suspension; bank officers later suspended payments.
Newspaper Excerpt: The Hudson County Bank, of Jersey City, experienced a severe run yesterday, which commenced 2000 after the opening in the morning, and compelled them to suspend about 1 o'clock.
Source: newspapers

2. October 13, 1857 Suspension

Cause: Correspondent
Cause Details: Suspension followed heavy withdrawals caused by correspondent bank refusing checks, producing a drain on specie and forcing closure/suspension of payments.
Newspaper Excerpt: The Hudson County Bank of Jersey City also closed its doors. ... compelled them to suspend about 1 o'clock.
Source: newspapers

Newspaper Articles (6)

1. October 14, 1857 The New York Herald New York, NY

Article from The New York Herald, October 14, 1857

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The News. The money panic has indeed become a crisis. Never has Wall street presented such a scene of intense excitement as was witnessed yesterday. From time to time the announcement of city bank suspensiona was made, until the total failures of these institutions numbered eighteea. The Hudson County Bank of Jersey City also closed its doors. It is somewhat remarkable that there were no failures of commercial houses, or at least none of any importance. The officers of the various unsuspended banks held a meeting last evening, and after a discussion of some three hours duration resolved to suspend to-day. Furthermore, a committee WSB appointed to proceed to Albany, to urge upon the Governor the necessity of calling an extra session of the Legislature to pass measures of relief. The run of the previous day upon the savings banks fell off yesterday foreaoon, and before the close of business it had nearly ceased. The Pennsylvania Legislature yesterday passed a relief bill, and adjourned nine die. The second Monday in April is the time fixed for the resumption of specie payments in that State. Elections were held yesterday in Pennsylvania, Ohio, Iowa and Minnesota. In Pennsylvania, Packer, the democratic nominee for Governor, is undoubtedly elected by anold fashioned majority. We have nothing definite from Iowa or Minnesota. The republicans have without doubt carried Ohio, but by a decreased majority. The steamship Vanderbilt is now fully due, with three days later news from Europe. Our correspondent at Port au Prince, writing on the 17th ult., states that the market was well supplied with all descriptions of American provisions, but the sales were very few and the collection of debts next to impossible. Business was completely at a stand at all the Haytien ports, and the paper currency of the country had further depreciated. The crops, however, promised an abundant yield, particularly the sugar crop. The late high price of this article has, it is said, produced a sugar planting mania throughout the West India islands. Intelligence had been received from Dominica to the effect that the partizans of ex-President Santana had completely hemmed in the Beez party in the capital, Banto Domingo The projected expedition of the Haytiens against the Daminicans had been postponed-indeed it is doubtful whether any such demonstration was ever really contemplated. In addition to the disasters to the steamer Empire State and the Staten Island ferry Loats Hunch back and Southfield, on Monday evening, during the thick fog that covered the bay and rivers, a number of other serious collisions happened. The steamer Commodore, bound up the North river, came in con tact with the Metamora with such force that the latter ausk in fifteen minutes. It is not positively known that any lives were lost, but it is conjectured that two or three persons jumped overboard and perished. The steamer Island Belle, on the passage from Nyack to this city, ran ashore on the rocks at the foot of Eighty-third street, during the fog, where at last accounts she remained hard and fast. The passengers, some two hundred in number, were landed in safety, but suffering terribly from fright. The case of Mrs. Cunningham came on yesterday in the Supreme Court, but the defendant failed to appear. It is believed that she has fied to parts unknown. The case was postponed till Saturday next, when, if she is not forthcoming, a bench warrant will be issued for her arrest. The special committee of the Police Commission ers, consisting of Mayor Wood and Messrs. Bowen and Stranshan, appointed for the purpose of reporting to the Board all cases of old policemen not now receiving pay or doing duty who have not been le gally discharged, met yesterday afternoon and pre pared for business. At least five or six hundred ap plications of old policemen claiming not to have been legally discharged will be examined by the committee; and agreeably to a resolution of the Board, all policemen who have not been legally die charged will be reinstated. Mayor Wood exhibited the utmost solicitade to have these cases receive an early attention, and after 8 short session the commit adjourned to Monday next. In the Court of Sessions yesterday Dennis McGlynn, indicted for the homicide of Gilbert Sandford on the 30th of December, 1856, pleaded guilty to manalangister in the fourth degree, and was remanded for sentence. Lucius A. Mendis, a spicy young gentleman, was convicted of forgery. On the 15th of July he counterfeited the names of bis em

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

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

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was cound. be concluded to lat is the till next Spring and went home satisfied. GREENWICH SAVENGS BANK. No business other team ordinary was transacted at the Greenwich Savings Bark, on Sixth avenue, yesterday: in fact, the amount of money drawn was less than usual Several persons, seized with the peans, drew out out their money in the morning and returned it the afternoon. The officers of the bank had several police officers about the premises to provent these who chose to draw their money from being robbed by pickpockets. WILLIAMSBURGH SAVINGS BANK. The officers of this institution have published a statement of their financial condition at the close of the last half year, by which it appears that on the let of July, their resources were $810,545 26, and their liabilities-amount due depositors-$778 318 62; leaving & surplus of $32,226 64. The run on this bank has almost entirely ceased. INCIDENTS OF THE RUN AT THE SAVINGS DANKS. During the recent run upon the Bowery Savings Bank. an old Irishwoman, short, thick, resolute, and little in for it," made herself conspieuens by elbowing ber way through the distrustful depositors, very unceremoniously, and denouncing, in no measured terms, the big blackguards that would be afther chating a poor body out iv her hard earned wagis." Some order of precedence is customary at such times, but the heavy shoes of the Irishwoman did such execution upon the COIDS of all who stood in her way, that she soon obtained a good place near the door, in spite of the remonstrances adozen or two of younger and freeher Biddys, Maggies, Marys and Kathleens, who had been waiting ad hour or more. At the door she had & wordy quarrel with & broad-shouldered black man in advance of her, calling him a runaway nagur;" and she even went 10 far as to shake her first in the face of a policeman (who, as an official conservator of the peace, told her to hold her tongue), and asked him if he was fond of such game as Dead Rabbits." At length, very red and sweaty, she stood before the paying teller and presented her book, with a vocal invocation to him to do the clean thing. What's this mean ?" said he, looking at her somewhat impatiently. What's your name ?" Can't Joos rade writin' hard she rejoined sharply; sure, me nam's on the book!" But this," said he, "is only & grocer's old pass-book! What's your name, I ?" Mary McRagan I was christened, but I say married Pat Millikens." The teller turned rapidly to his index of depositors. You have got no money in this Bank!" said he, when he had ascertained the fact. There was a general laugh at the woman's OR pense, and she was loudly jeered by the crowd, who had got wind of the result outside, as she left the premises in company with the policeman. She comfersed to the officer that she had found the pass book rear the crowd, and thinking it had been dropped accidentally by a depositor, she had thought to obtain the money before the depositor applied for it. At the same Bank, one man who drew out his deposits was so intoxicated that be could hardly etand. Quite likely, he loat the savings of years before the night was over, At another Davings Bank, one poor girl bad her pocket picked of her little all-abeut $77, before she had got out of the crowd. A vast deal of chaffing occurred among those who thronged the doorways of these Banks. don't know," said one to & bystander, Where to put my money when I get it ?" Give it to me," rejoined the other, with a grin. Sew it up in your shirt," said another: and several other methods were promptly named by the spectators; a loud laugh following sach suggestion. Stick it in your wig !" "Let the old woman have " Put it in your boots, and let me wear them! Let Mayor Wood take care of it for yer!' &c, At the SIXPENNY SAVINGS Bank, & little newsboy, without a jacket, and only one suspender, (and that a string), confronted the teller on Monday, and demanded to know whether Shewas all right"-meaning the Institution-becanso if she was, he didn't mean to be scared, if everybody else was. He'd got 42 centsealted down there, and all he wanted was his (the teller's) word of honor that it wouldn't spile. The teller assured him that his money was ready for him at any moment. " Nuff said, 'tween gen'l'men, but I don't want it," rejoined the youth, and with a selfcomplacent, well satisfied air, walked out of the Bank. " Is also good?' cried two or three other newsboys who were awaiting the result, at the doorstops. " Yes, sirree !" he replied, Às good as wheat. " Ketch our Bank to stop Yoos ought to seed the " gold I seed in der safe !" How much was they ?" inquire & companion. More'n 8 hottse-full !" was his prompt response. An yoosdon't ketch dis are chile a anakin' an old woman of his-self, and drawin out his money; I ain't so green-I ain't 1" The Spiritual Mediums and Fortune-Tellers are doing quites large business now in informing ignorant and credulous inquirers as to where their friends have secreted the money which they have reclaimed from the Savings Bank. THE HUDSON COUNTY (N. J.) BANK. The Hudson County Bank, of Jersey City, experienced a severe run yesterday, which poinmenced 2000 after the opening in the morning, and compelled them to suspend about 1 o'clock. This bank kept its New York account with the Shoe and Leather Bank, and the run was caused by the latter refusing their checks without giving them notice, when, at the same time, as the officers of the Hudson County Bank aver, the balance was in their favor. The run was mainly by billholders and small depositors, and the specie paid out before the suspension amounted to between $50,000 and $60,000. The capital of this bank 18 $180, 400, and John Griffith is the President. According to the quarterly statement, rendered on the 5th of October, the circulation was $85,506, against which there were State Stocks and Jersey City Water Stock deposited with the State Treasurer, as security, to the amount of $128,000. The bank is quite solvent, and the officers are confident of being able to resume busineass in a few days. THE EXPRESS AGENTS AND THE BANKS. We learn that the Express agents decline to lend themselves to the purposes of the mercenary persons who wish to use them in the work of "ranning" upon the banks. In some instances, the refusal of expressmen to take notes to country banks and obtain the specie may operate with hardship upon there who hold notes that are at ten per cent discount here, while at home they are good the specie: but such cases

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

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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-

4. 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;

5. November 9, 1857 The New York Herald New York, NY

Article from The New York Herald, November 9, 1857

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OCTOBER 13.-A great run commenced by depositors on the banks, and intense excitement in Wall street. Eighteen of the city banks suspended specie payments. The officers of all the banks hold a meeting and agree to suspend specie payments on the next day. The Hudson County Bank of Jersey City closes its doors. OCTOBER 14.-There is a general feeling of relief, and the stock market is quite buoyant. There is a run on all the savings bankes, which, however, hold their own. The country banks, as well as those of New England, follow the example of the New York city banks, and suspend specie payment, but continue their business as usual, with that exception. The Chemical Bank continues to pay specie. The Justices of the Supreme Court agree to issue no injunctions upon the banks that are solvent. OCTOBER 15.-The hard times begin to tell upon the public at large. Trade of all kinds is very dull, save of the leading hotels. The Everett House, of New York, and the Girard, of Philapelphia, announce a reduction in their per diem rate of board. OCTOBER 16.-The suspension of the banks causes gold and silver to command a premium of from 1 to 3 per cent. Several of the leading wholesale dry goods houses are compelled to retail their stocks at trade prices. OCTOBER 20.-The banks have contracted twenty-five millions in five weeks. Stocks go up a little. OCTOBER 23.-The failures reported since August 1, amount to nine hundred and fifty-two in number, and the liabilities are placed at ninety millions. From this time to the present date the banks have received large amounts of specie from Europe and California, and things are a little easier. Thousands of workmen are out of employment and the prospects for the winter are very bad. Ост. 28.-Gold begins to come back from Europe. The Persia brings a million and a quarter, and as much more in guaranteed bills, which latter go South to pay for cotton. NOVEMBER.-A gloomy opening to this month. The Mayor recommends to the Common Council to provide labor for the unemployed upon the public works, and pay partially in flour and provisions. Meetings of the working men are held in Tompkins square, in the Park, and in Wall street. They demand work ahead. SATURDAY 7.-The stock market is buoyant. The closing rates for sterling exchange on London, 105 a 108 per cent. The Baltic takes $226,610 in specie to Liverpool, and the Persia on Wednesday has about the same amount engaged. Defalcations by teller of Grocers' Bank ($70,000) and President of Bank of Pennsylvania (200,000). General stagnation of trade all over the country. Breadstuffs down, and the Western merchants will not send forward the crop.

6. November 18, 1857 The Spirit of Democracy Woodsfield, OH

Article from The Spirit of Democracy, November 18, 1857

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THE SPIRIT OF DEMOCRACY 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, " Woodsfield Retail Market [Corrected weekly by Sinclair & Baker.] WOODSFELD Nov. 17, '57. Flour per barrel, - - - - - - $5,00 Wheat per bushel, - - - - - - 70 Oats per bushel, - - - - - - 25 Corn per bushel, - - - - - - 37 Lard per pound, - - - - - - 10 Rice per pound, - - - - - - 9 to 10 Candles per pound, - - - - - - 18 Tallow per pound, - - - - - - 12 Salt per barrel, - - - - - - 3,00 Hams per pound, - - - - - - 8 Shoulders per pound, - - - - - - 7 Corn meal per bushel, - - - - - - 37 Eggs per dozen, - - - - - - 6 Tea per pound, - - - - - - 75 to 1,00 New Orleans Sugar per pound, - - - - - - 14 Molasses per gallon, - - - - - - 70 Rio Coffee per pound, - - - - - - 15 Java Coffee per pound. - - - - - - 18 Hay per ton - - - - - - 8,00 Fish per pound, - - - - - - 10 Nails 8d. 9d. and 10d. 5½ and 6¼ Brooms per dozen, - - - - - - 2,00 Onions per bushel, - - - - - - 50 Timothy seed per bushel, - - - - - - 2,50 Butter per pound, - - - - - - 15 Potatoes per bushel - - - - - - 25 TO TEACHERS. THE Board of Examiners of Monroe County, Ohio, will, for the purpose of examining Teachers and granting Certificates to those found qualified, hold meetings in the Woodsfield Union School, on each of the following days, viz: Saturday, 24th Oct. at 8 o'clock A. M. " 7th Nov. " " " 21st " " " 5th Dee. " " " 19th " " The examination will commence each day precisely at 8 o'clock, A. M., and Teachers not present at that hour, will not be examined. By order of the Board. JOHN MOORE, Clerk. Woodsfield, Sept. 23, 1857. Sunfish Machine Shop. WILLIAM LITTEN, Proprietor. THE undersigned has purchased the whole of the Sunfish Machine shop, and Blacksmith shop heretofore managed by Kiernan and McBride. He is prepared to do any and all kinds of work in the very best style, and at moderate prices. This establishment has a reputation equalled by none other in the county. Oct. 28, 1857. WM. LITTEN. Notice