Mechanics & Traders Bank - Jersey City, NJ

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 14, 1857
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: f6a5612f

Response Measures

None

Description

Article (New-York Daily Tribune, 1857-10-15) reports the Mechanics & Traders Bank suspended specie payments on the morning of 1857-10-14 in consequence of the suspension of the New-York banks. No run or receivership is mentioned; suspension appears to be a temporary (panic-related) suspension of specie payment. I classify the cause as correspondent distress (action of New-York banks).

Events (1)

1. October 14, 1857 Suspension

Cause: Correspondent
Cause Details: Suspended specie payment due to action/suspension of New-York banks (panic contagion).
Newspaper Excerpt: In consequence of the suspension of the New-York banks, this bank has suspended specie payment for the present.
Source: newspapers

Newspaper Articles (1)

1. October 15, 1857 New-York Daily Tribune New York, NY

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."