14363. Peoples Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
c7db6d556f067338

Response Measures

None

Description

Multiple contemporaneous New York papers report a run on the People's Bank on Oct 13, 1857; the bank paid out specie (~$19,000), closed about 2 PM and officers stated they could pay all depositors and intended to resume in a few days. The panic is part of the broader 1857 financial crisis (systemic). Dates inferred from newspaper reports (Oct 13 events reported Oct 14).

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Run driven by the general financial panic of October 1857 and widespread runs on New York city banks.
Measures
Paid out specie (about $19,000) during the day; closed doors; officers certified checks and stated intention to resume in a few days.
Newspaper Excerpt
The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments as part of the broader, city-wide suspension triggered by the 1857 panic; bank ceased paying out specie after heavy withdrawals during the day.
Newspaper Excerpt
The People's Bank closed its doors about 2 o'clock yesterday afternoon... The officers state that they can pay every cent due parties by the Bank. ... express their determination to resume in a few days.
Source
newspapers
3. * Other
Newspaper Excerpt
Officers stated they could pay every cent due and expressed their determination to resume in a few days (intention to reopen).
Source
newspapers

Newspaper Articles (13)
1. October 8, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 8, 1857

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DISCREDITED DANKS. The following is a corrected list. to date, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, R 1. America Bank, Trenton, N,J., Agricultural bank, Tenn. Agricultural Dank, Herkiner, N.Y. Bergen County Bank N.J. Bank ofCasandigua, N. Y. do Naperville, Iif. do Belleville, do do Nashville, Tennessee. do Springfield, Ohio. do T cumsch, Machigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.T. do Halloweil, Me. do America, Lenn. do West Termessee, Tenn. do Parts, Term. do Corn If N.Y. do the South County, R.I. do North America, Connecticut. do Kanawha. Virginia. do Eig 11, III, S. S., small circulation. do the Capitol, Indianapolis, Ind., S. do Midd.etos, Penn. do Wateriown, N.Y. do Clrester, III. do Egm, do to Pine County, III. Central Bar k, Indianapolis, Ind., 4. S. Chemung County Bank. Horse Heads, N. Y., S. Changer Bank, Columbus, Olfio. Qty Bank, N.J. Cumberland Savings Institute, Md. Contrercial Bank, Columbia, N. C. Citizens' Bank, Tenn. Corn Exchange Bank, 111. Charter Oak Bank, Ha ford, Conn. Colchester Bank, Conn. Dan' Bink, Dayton Bank. Ohio. Diryman's bank, Newport, N.Y. ellsworth Bank. Maine. Exeter Bmk. N. 11. Exchang Bluk. Pa Ex hange Bank. Huttford, Conn. Farmers' Dank 01 catoga Co., N. Y.,s.s Farmers' and Ma niccurer's Bank, Poughkeepsie. Farmers' Bank, Wickford, R. 1. Farmers & Mechandes' Bank, Kent county, Md. Farmers and Merchants' Bank, Mile Fairfie teanny Bank, Norma Ct. Fumers & Mechinics Bank, K, Detro i, Mich. Homes late Bank, Pennsylvania. Hollis è Bar k, Buffalo, N. Y.,s. S. Hancock Bank, Maine. Hugedo Bank, N.V. II pkinton Bank, Westerly. R T. Hamilton Exchange Bank, Hamilton, N. Y. Island City Bank, N. chy. Jefferson is unty BADK. N. 1. Lee Bank, Massa his ets. Mechanics' Bank ng Association, N. Y., S Mount Vernon Bank, Providence, R. I. Maine. Monson River Bank, Me, Macrints County Bank, Michigan. Mechanics' Banking Association, N. Y.city. Mortan Bink, (hi) Mami Valley Ba ", Ohio. Mistina Bank, Medina, N.Y. Minison Bank Mass. Merchants & Manufacturers' Bank, Pittsburgh, Pa. Mercur e Bank, Hartford, Coun. Y. Security Kank N.Y. N Sins % money has een thrownetit by St. Louis powers, excepting the Back of Florence. N inthra River Bank, Tonawanda, N. Y,, reported fulled, S.S. 0 tario Bank. Utica, N.Y. Ohio Life Trust impany, don't issuenotes. Oliv Lee & CO. Bank, N. -reported failedys. S. Ocoee Bank, Tenu, Ontario Count Bank, Phelps, N.V. People's Bank, N, N.Y. city. reported failed, S. S. Paweatuck Bank, Pawcatuek, Ct. Port Plain Bank. N, Y.,3.8 Recipred Bank, Buffalo, N. Y., new bank, S.S. Rhode Island Central Bank, R.I, Sanford Bank, Me. Sackett's Harbor Bank, N.Y. South Royalton Bank, It. Seneen County Bank, Ohio. Southern Bank, Georgia. Steck Security Bink, Illinois. presance Bank, Lowansport, Ind. Tiverton Bank, Full River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N. Y. Warwick Bank, R.J. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." meins securei by state stock. Most of these Banks will pay their circulation in full, and hol lers of their bills should not submit to a large discount on them.

2. October 9, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 9, 1857

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Article Text

DISCREDITED BANKS. The following is a corrected list, to date, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, R I. America Bank, Trenton. N.J., Agricultural Bank, Tenn. Agricultural Bank, Herkimer, N. Y. Bergen County Bank N.J. Bank of Canandaigua, N. Y. do Naperville, III. do Believille, de do Nashville, Tennessee. do Springfield, Ohio. do Tecumsch, Michigan. do Orleans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Hallowell, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R. I. do North America, Connecticut. do Kanawha. V Tirginia. do Eigin, III., S. S., small circulation. do the Capitol, Indianapolis, Ind., S. S. do Middleton, Penn. do Watertown, N.Y. do Chester, III. do Eigin, do do Pike County, III. Central Bank, Indianapolis, Ind., S.S. Chemting County Bank, Horse Heads, N.Y., S. S. Clinton bank, Columbus, Ohio. City Bank, N.J. Cumberland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exchange Bank, Ill. Charter Oak Bank, Hartford, Conn. Colchester Bank, Conn. Dan Bank, Vt. Dayton Bank. Ohio. Dairy Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank, Pittsburgh, Pa Exchange Bank. Hartford, Conn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Manufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickford, R.I. Farmers & Mechanics' Bank, Kent county, Md. Farmers and Merchants Bank, Md. Fairfield County Bank, Nor. alk, Ct. Farmers & Mechanics' Bank, Detroit, Mich. Honesitate Bank, Pennsylvania. Hollister Bar k, Buffalo, N. Y., S. Hancock Bank, Maine. Hugenot Bank, N.Y. Hopkinton Bank, Westerly. R T. Hamilton Exchange Bank, Hamilton, N.Y. Island City Bank, N. Y. city. Jefferson County Bank. N. Y. Lee Bank, Massa husetts. Mechanics' Banking Association, N. Y., S.S. Mount Vernon Bank, Providence, R. I. Maratine Bank, Maine. Monson River Bank, Me. Macomb County Bank, Michigan. Mechanics' Banking Association, N. Y.city. Morgan Bank, Ga. Miami Valley Bank, Ohio. Medina Bank, Medina, N.Y. Munson Bank, Mass. Merchants & Manufacturers' Bank, Pittsburgh, Pa. Mercar tile Bank, Hartford, Conn. N.Y. Security Bank, N.Y. Nebraska m ney has been thrown out by St. Louis brokers, excepting the Bank of Florence. Niagara River Bank, Tonawanda, N. Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, don't issue notes. Oliver Lee & co. Bank, N. Y.-reported failed, S. S. Ocoee Bank, Tenn. Ontario County Bank, Phelps, N.Y. People's Bank, N. V. city. reported failed, S. S. Pawcatuck Bank, Pawcatuck, Ct. Port Plain Bank. N. Y.,s.s Recipr city Bank, Buffalo, N. Y., new bank, S. S. Rhode Island Central Bank, R.I. Sanford Bank, Me. Sackett's Harbor Bank, N.Y. South Royalton Bank, Vt. Seneca County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. 8." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

3. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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THE WARE caterualy w T 187 Greenwich street 1-North River Back Cor. Fakton and Greenwich 2-Ocean Bank Car. Greenwich & Warren. 8.-Irving " 166 Greenwich street. M-Merchants' Exchange " if 187 6.-New York Exchange a-Otisens Bank 68 Bowery. 90 Wall street. T.Marine " 8-Market Oar. Pearl & Beek man eta. One. Chatham and Duane. a.-Chatham " 177 Chatham street. 10.-Tradesman's Bank " 7 Wall 11.-84 N I shoins " 12-Butchers' & Drovers' Cor. Bowery and Grand at. 395 Canal street. 18.-People's Back Third avenue 14.-Bull's Head BADK " 16.-New York Eights avenue and 14th at 16-Leather Manufacturers' 45 William street. " 19-Artisans' Bank 117 Nassan 18.-Broadway " Cor. Broadway & Park place. The banks in Greenwich street closed their doors early, and the news spread like wildfire up town, and EOOB thought down a stream of small depositors and bill hold. ers, wao eagerly crowded upon the staps, where they were met by the bank porters and policemen, who in. formed them that the banks we e closed, and could not transact any business. The anxiety increased as hour at. ter hear brought fresh batches, paie with excitement and starm, to the scene throughout the entire day they onesinced to throng around the deors of the banks, altogether presenting a ploto e of a paste stricken multitude rarely seen even in a greas financial crieis. The backs on the Bowery and Chatham street-the Citisens' and Chetham-did not exalet the same scenes of excitement as those on Greenwich street and Wall street. But round the Enterbers' and Drovers' the confusion was considerable for some same The American Exchange and the Beak of the Republic, for some reason or other drew around them van concourae of people, so much so that la the Ameri can Exchange a large police force was in requisition to keep the bank clear in order that business could be trare. acted. The attempts to allay the pacie, and the seminances of the safety of the city banks which had previously, dayage the FGB on the Park and other banks, been success 01, utterly failed to have effect yesterday, in the face of the fact that depositions found the back doors closed against them, and that every moment throughout the day was freighted with intelligence of another, and now another, bank gone. Each report, of courie, served at first to heap fuel on the fire, and increase the excitement, but as the extent of the failures came to be realized, alarm seemed to actile down into silent despondency; and at the 0 one of basiness hours the crowds round the emailer banks gradually diepersed, heavy with the presage that the morrow was des. Meed to bring increased disester. Probably the reason why the bank suspensions of yearerday created so marh external evidence or alarm may be traced to the fact that the pressure fell upon so many small depositors: jest that class whose fears are net easily wrought upon, and whose interests will suffer most seriously The condition of the eighteen banks which sussended yesterday, as exhibited on Saturday last, was as follows CONDITION OF THE SURPENDED BANKS Naminal Name

4. October 14, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 14, 1857

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The run upon the Mechanics, Merchants, Bank of America, Manhattan, and American Banks, was severe and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors, The Seventh Ward and Fulton Banks held out under a tremendious pressure. The Peoples Bank closed at 2 o'clock, after paying out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certifled all checks presented, and then yielded. The American Exchange paid all demands, but several others shut out their customers at three o'clock. The Bank of North America was protest. ed this afternoon. The Corn Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics' and Traders, Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to three o'clock, the usual hour of closing. The whole number of banks suspended, including those of yesterday. is nineteen. A bank meeting was held this afternoon, at which it is understood that a proposition for a general suspension was to be discussed, as also the propriety of urging the Governor to convene an extra session of the legislature. At the second board of the stock exchange stocks all took a rise under the belief that the banks will suspend specie payments tomorrowMissouri 6 1-2, Cleveland and Toledo 20 12. Chicago and Rock Island 58, Reading 33, New York Central 55, Harlem 6, Hudson River 10, Panama 65. There was no run of any account on the Bowery Savings Banks, except the Bowery and Bleecker street. They are of the strongest in the city, and have on hand large quantities of specie. The former at the opening today had one million dollars in available means. The following country banks were discredited today :-Oswego River, Goshen; Merchants' Bank. Syracuse: Briggs Bank, Clyde Bank of Commerce, Carmel; Orange County Bank ; Eagle Bank, Rochester ; Bank of Newburg ; Hudson County Bank : Poughkeepsie Bank ; Ulster County Bank; Sussex Bank ; Farmers' and Drovers' Bank; Bank of State of New York : Hoboken City Bank; Jersey City Bank ; Farm. ers' Bank of Montague.

5. October 14, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 14, 1857

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LATEST NEWS. NEW YORK, Oct. 13, P. M.-This has been a day of intense excitement in financial circles. Business is almost entirely suspended. As may be observed below, several of our city banks, which were considered strong, have given away before the pressure, and suspended specie payment. According to the State Constitution they are obliged to go into liquidation; though some scheme, in this general crash, may be devised as an emergency for their future relief. The following Banks have suspended, up to 2, P. M. to-day, viz:-Merchants' Exchange Bank; Marine; Irving; North River; Ocean; People's Bank; Citizen's; Bull's Head; New York Exchange; Pacific; Park; and East River; Chatham; St. Nicholas and Market. A heavy run is now being made on the American Bank, and it is thought it will givein. Indeed, all the banks are being run upon, both here in Brooklyn, Williamsburg, Jersey City, &c., as also in many parts of the State. It is a blue day.More failures of merchants are announced.

6. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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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-

7. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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The officers say that they have taken legal advice, and acting thereon will open their doors, certify ckecks, receive deposits and continue the usual routine of business. BANK OF NORTH AMERICA. The Bank of North America paid about $85,000, principally to depositors. Men who owed them large sums on note sent in their checks for the gold on their deposite. They paid up to the time. OCEAN BANK. This institution, located at the corner of Greenwich and Fulton streets, was only able to stem the tide for 8 half hour after opening yesterday morning. The rush upon them, principally by depositors, also commenced on Monday about 1 o'clock, and up to the hour of closing in the afternoon theyhad parted with about $40,000 in specie. Yesterday morning they opened again, with the hope that the promptness with which they had paid checks the day before had restored confidence, and that they would not again be pushed, but thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend. ORIENTAL BANK Did not fail, as was reported in the street yesterday. They paid every dollar that was demanded of them up to 3:19 o'clock, when every one had left. THE PEOPLE'S BANK. The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000. The amount due to depositors is $200,000, and the circulation is $138,000. The officers state that they can pay every cent due parties by the Bank. They own their building, which is valued at $75,000, and upon which there is no mortgage, and express their determination to resume in"a few days. PARK BANK. The Park Bank has about $40,000 less than before. PHENIX BANK. The Phenix Bank paid out about $60,000 in specie, including $10,000 paid at the Clearing-House. BANK OF THE REPUBLIC. The Bank of the Republic refused to give the amount. SHOE AND LEATHER BANK. The Shoe and Leather lost about $40,000. The balance at the Clearing-House in their favor to-day is $75,000, which shows an increase on the whole of $35,000. BANK OF THE STATE OF NEW.YORK. The same scene as was presented elsewhere was witnessed at this institution. The rush of depositors and bill-holders commenced about the middle of the day. Checks were paid and bills redeemed until a few minutes past business hours, when the doors closed. About $150,000 was paid out. The intention is to resume business to-day. SHOE AND LEATHER BANK. This institution, located at the corner of Broadway and Chambers street, experienced considerahle of a run yesterday. The siege commenced immediately after the opening-although not severe at first-and increased up to the hour of closing business. During the whole day a large crowd was congregated in front of the building, but the majority of the people were only lookers on in Venice," having no other interest or object than to witness the going in of bills and the coming out of gold. The location of the Bank being at a point where thousands are passing every hour, the most of whom would stop to "see what the matter was," it required the industrious services of half & dozen policemen to keep the steps and sidewalks clear. The demand upon the bank was almost entirely from bill-holders, and the amount of specie draws during the day was $35,000. SEVENTH WARD BANK, This institution, which, notwithstending its name, is located in the Second, Ward, at No. 284 Pearl street, sustained a heavy "run" of several hours' duration without flinching in the least, and its officers say they are ready for & renewal of the operation to-day, but appear sanguine that they have satisfied the depositois, A3 only a few of them demanded specie late in the day. ST. NICHOLAS BANK. The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1 § p. m., when it was exhausted, and the bank suspended. TRADESMEN'S BANK. This bank is located in Chatham square. The events of the day about and within it were similar to those that occurred at nearly all similar institutions out of Wall street. The panic that began early in the day down town rapidly spread, and alarmed depositors and unenlightened bill-holders soon thronged the counters, clamorous for specie. For a long time every such request was blandly complied with, but at length the supply becoming less than the demand, & suspension was proclaimed, and then, one by one and slowly, the disappointed ones retired, with a less exalted feeling for banks and bankers than they had ever before entertained. UNION BANK. The Union Bank paid out nearly $80,000 in coin. MEETING OE THE CITY BANKS.

8. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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At the second board there was quite a buoyant time in the stock market. The small amount of business transacted was pretty generally at better prices. Missouri State G's advanced x per cent; Reading Railroad, 4; Passma Railroad, 5; Chicago and Rock Island, 3; New York Central Railsond, 2. Theimprovement in some of the railroad stocks this afternoon warsomething strange, in the face of the complete annihilation of public confidence. It will be seen that the improvement was confined to three or four of the most speculative railroad stocks, and that all the sales under the advance were for cash. The excitement in Wall street to day exceeded anything ever before seen in that excitable locality. From one end to the other the sidewalk and the street were covered with a dense mass of people, engaged in drawing gola from the different banks, or as mere lookers-on. The banks ware crowded with bill holders and depositors, and the culward current of gold was strong and rapid. The impression in the early part of the movement was, that the Well street banks would go safely through and meet every demand against them, but the army of clai mants increased as the hours run on, and bank after bank went down until some of the oldest, and what were believed to be, up to the last moment, the strongest institutions in the street, had closed their doors and announced a state of suspension. The muspensions to day were as follows:-Irving Bank, Bank of New York, Citizens' Bank, Merchants' Exchange Bk., Marine Bank, North River Bank, N. Y. Exchange Bank, Bt. Niobolas Bank, Butchers' and Drovers' Bk., Ocean Bank, Chasham Bank, Buil's Head Bank, Tradesmen's Bank, People's Bank, Broadway Bank, Artisana' Bank, Leasher Manufacturers' Bk. Market Bank, At the slose this afternoon the following banks had not suspended, and many of them announced their ability to go through a good many days equal to this:American Exchange Bank, Manhattan Bank, Bank of Commerce, Merchants' Bank, Oriental Bank, Mechanics' Bank, Atlantic Bank, Union Bank, Importers' and Traders' Bk. Bank of America, Mercantile Bank, Phoenix Bank, Pacific Bank, City Bank, Fulton Back, Bank of Republic, Bank of North America, Continental tank, Hanover Bank, Commonwealth Bank, Nassau Bank, Metropolitan Bank, shoe and Leather Bank, Chemical Bank, National Bank, Corn Exchange Bank, Mechanics' and Traders' Bk. Dry Dook Bank, Greenwich Bank, New York County Bank, Park Bank. Seventh Ward Bank, Bank of State of New York, According to this eighteen banks suspended to-day and thirty-three closed in full and active operation. It will be osen that with one exception all the old Wall street banks yet stand, and we have no doubt most of them can " through If It shall be deemed the best policy to prepare for the dght. It was clearly evident to-day that a new ele. ment of discord and distrust was at work. The run upon the banks to-day was evidently from a more powerful party than has heretofore appeared in the field. The demand to day was principally from depositors. Very few checks were paid in gold over the counter, but the bills were taken by the drawer of the check, and then in a new movement demanded the gold. The banks in paying checks paid out the bills of different city insiltutions, and these bills, as soon M assorted, were presented at the dif. farent banks for gold. It is a very extraordisary fact the the aggregate amount of specie drawn from al the suspended banks to-day was not equal to onequarter the amount in their vaults. The run upon the banks to-day was evidenly by the mercantile classes, a portion of which have become exasperated by the conManal contraction of loans and discounts. A# soon as 11 became apparent that such a movement had been fairly nangurated the banks most apprehensive suspended to protect their discounts. In sautting down upon their depoadtors they retain more or less security for their loans, for . many cases parties owing the banks en promissory notes not due were drawing their deposits down to the last dolar. So far as this goes the banks acted in self defence. The belief has been long entertained by many active busiases men that a suspension of specie payments would reLieve the pressure, and that the banks would in some way avoid the penalties of a suspension. This pollor has been powerfully advocated and appeared quite plausible. The determination of the banks to resist a suspension and Its penalties has created a better feeling among that portion of the community apprehansive of failure on their individual account, and the drat active operation of this faction was visible (a-day. It WM from the first indication of such a feeling

9. October 15, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 15, 1857

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P New York Bank Escitemome. NEW YORK, Oct. 13. Wall street at 2 o'clock, was crowded with an anxious mass of people. The steps of all the Banks were also blocked up by people their . into the Banks. At the American forcing Exchange y David Leavitt addressed the crowd, assuring them that all the Banks would pay to the last dollar, He also announced that an arrangement had been made with several of the strongest Banks to get through without suspension. It is believed, however, in. the street, that the suspension will be general. It in understood, that some of our heaviest houses have withdrawn their gold from the Banks and replaced it as special deposits. There were rumore during the morn ing affecting nearly all the Banks in the city, susto but pended the list up gives a P. all M. that The had others certainly it is be lieved continued to meet their liabilities to the close of business hours. LATEST-FOUR MORE BANKA SUSPENDED The runs upon the Mechanics and Mer chants, Bank of America, Manhattan and American Exchange Banks were severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremen dous run. The People's Bank closed at 2 o'clock, af ter paying out $19,000 specie during the day The Bank of the State of New York paid out its last dollar, and certified all checks present ed, and then yielded. The Americian Ex change Bank paid all demands but several oth ers shut out their customers at 3 o'clock The Bank of North America was protested this P. M. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders, Brow. ery Savings, Shoe and Leather, Continental, American Exchange and Metropolitan Banks paid their demands up to a o'clock, the usual hour for closing. The whole number suspended to-day, those that were included with the returns of yesterday, is sixteen. A bank meeting was held this P.M., st which it is understood a proposition for gen eral suspension was discussed, as also the pro priety of urging the Governor to CONVEU e an extra session of the Legislature At the second board of the Stock E :change Stocks all took a rise under the belief that the banks will suspend specie payments -morrow Missouri sixes, GO 1-2, Chicago and Rock Is. land, 58; Reading, 33, New Yor k Central, 66 ; Panama, 31. There was no run of any acc ount on the Savings Banks, excepting the N roadway and the Bleeker street. They are of the strongest in the city and have on hand I arge quantities of specie. The form at the opening day had $100,000 in ave vilable me ns. The following are in substs Jices The officlal resolution an passed at the meeting of the That the bank Bank of residents New York this suspend evening specie payment a far as the paying it over their counters is concerned, but regular ex changes of one another's bills at the Clearing House; that a Committee be appointed w confer with the Governor of the State in reference to calling an extra session of the Legialature to legalize the suspension; that suc le Committee leave for Albany at 12 o'clock to morrow.

10. October 16, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 16, 1857

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DISCREDITED BANKS. The following is a corrected list. to date, of recen SUSPENDED and DISCREDITED Banks: The Marine Bank, New York City. The Pacific do do do do do The Irving do The Merchants' Exchange, do do The North River b'k, do do do N. Y. Exchange, do do Citizens' b'k, do Ocean do do do Chatham do do do Bull's Head b'k do do Tradesman's do do do Artizan's do do do Butchers & Drover'sb'k do do do Bank of New York, do Market Bank, do do St. Nicholas Bank, do Arcade Bank, Providence, R I. America Bank, Trenton, N.J., Agricultural Bank, Tenn. Agricultural Bank, Herkimer, N. Y. Bergen County Bank N.J. Bank of Canandaigua, N. Y. do Naperville, III. do Belleville, do do Nashville, Tennessee. do Springfield, Ohio. do Tecumsch, Michigan. do Orleans, N. Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Hallowell, Me. do America, Tenn. do West Tennessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R. 1. do North America, Connecticut. do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Ind., s. s. do Middleton, Penn. do Watertown, N.Y. do Chester, III. do Elgin, do do Pike County, III. Central Bank, Indianapolis, Ind., S. 3. Chemung County Bank, Horse Heads, N.Y.,a. s. Clinton Bank, Columbus, Ohio. City Bank, N.J. Cumberland Savings Institute, Md. Commercial Bank, Columbia. S.C. Citizens' Bank, Tenn. Corn Exchange Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Conn. Danby Bank, Vt. Dayton Bank, Ohio. Dairyman's Bank, Newport, N. Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank, Pittsburgh, Pa. Exchange Bank, Hartford, Conn. Farmers' Bank of Saratoga Co., N. Y.,s.s. Farmers' and Manufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickford, R.I. Farmers & Mechanics' Bank, Kent county, Md. Farmers and Merchants' Bank, Md. Fairfield County Bank, Norwalk, Ct. Farmers & Mechanics' Bank, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bar k, Buffalo, N. Y., s. Hancock Bank, Maine. Hugenot Bank, N.Y. Hopkinton Bank, Westerly, R. I. Hamilton Exchange Bank, Hamilton, N. Y. Island City Bank. N. Y. city. Jefferson County Bank. N. Y. Lee Bank, Massachusetts. Mechanics' Banking Association, N. Y., S.S. Mount Vernon Bank, Providence, R. 1. Maratine Bank, Maine. Monson River Bank, Me. Macomb County Bank, Michigan. Mechanics' Banking Association, N. Y.city. Morgan Bank, Ga. Miami Valley Bank, Ohio. Medina Bank, Medina, N.Y. Munson Bank, Mass. Merchants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank, Hartford, Conn. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Bank of Florence. Niagara River Bank, Tonawanda, N. Y-, reported failed, s. S. Ontario Bank, Utica, N. Y. Ohio Life Trust Company, don't issue notes. Oliver Lee & co. Bank, N. Y.-reported failed, S. s. Ocoee Bank, Tenn. Ontario County Bank, Phelps, N.Y. People's Bank, N.Y. city. reported failed, S. S. Paweatuck Bank, Pawcatuck, Ct. Port Plain Bank. N. Y., S.S. Reciprocity Bank, Buffalo, N. Y. new tank, 8. S. Rhode Island Central Bank, R.I. Sanford Bank, Me. Sackett's Harbor Bank, N. Y. South Royalton Bank, Vt. Seneca County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wooster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE. S." means secured by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

11. October 16, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 16, 1857

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MISCELLANEOUS. THE BANK FAILURESIN NEW YORK-MEETING OF BANK OFFICERS. NEW YORK, Oct. 13, P. M.-To-day has been a very exciting one in financial matters. Up to two o'clock fifteen of our city banks had suspended, of which the following is a revised list, namely:-Bank of New York, Artizan's, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine Bank. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked up by the people foreing their way into the banks. There were rumors during the morning affecting nearly all the banks in the city, but the above list gives all that had certainly suspended up to three o'clock. The sales of rail road stocks at the first board were small at a general decline. In State stocks the business done was quite large at 8 decline, excepting Virginia and Missouri stocks. Bank stocks were all sold at 8 decline. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor and the bank pay. ing promptly. There have been several failures in the dry goods line announced to-day, but none very prominent. GREAT RUN ON THE BANKS AND FAILURE OF SOME OF THE STRONGEST IN THE CITY. The run upon the Mechanics, Bank of America, Manhattan and American Banks was very severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, and paid out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under 8 tremendous pressure. The People's Bank closed at 2 o'clock, after pay. ing out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands upon it, but several others shut out their customers at 3 o'clock. The Bank of North America suffered protest this afternoon. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders', Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to the usual hour of closing. STILL LATER-THE BANKS RESOLVED TO SUSPEND. NEW YORK, Oct. 13-11 P. M.-The following official announcement has been made from the bank meeting: The banks have all resolved to suspend specie payments, as far as paying at the counter is concerned, and to make a regular exchange of each other's bills at the Clearing House. It has also been resolved to send 8 committee to confer with the Governor in reference to calling a meeting of tha Legislature. The committee will leave for Albany to morrow at 12 o'clock. It appears that the Marine Bank was stopped by an injunction, at the instance of one of its customers. It is presumed that the other stoppages were effected in the same way. By this means the penalty of winding up which attaches to suspension under the banking laws af this State is evaded, and it is rendered probable that the suspension in most cases is only temporary. This understanding relieves the excitement.

12. October 17, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.

13. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Suspension of Eighteen Banks--Resólusion of others to Suspend. [From the New York papers of Wednesday.| Since the financial crisis has been upon us the city has not passed through so severe an excitement as was witnessed yesterday. At an early hour in the day rumérs were rife that several of the city banks had Buspended, and immediately the vicinities of the different institutions mentioned, and in fact of all the banks in the city, were surrounded with anxious and alarmed crowds, whose excitement was not allayed by seeing the omisous ammouncement ou the doors of the closed banks, "This bank hassuspended." Wall street in particular exhibited a scene which it had not presented since the terrible times of 1837. The banks were literally besieged, not alone by those particularly interested but by multitudes of idlers and alarmists.To such an extent did this reach that the aid of the police had in some instances to be called in to enable the clerks to transact business. On the street the panic manifested steelf in thousands of alarmed faces either passing burriedly along from bank to bank, or gazing in silent stupor from the opposite side walks at the crowds accending and descending the steps of the banking houses upon which the excitement seemed to concentrate. It may be hardly necesmry to my that much of this alarm was needless; but when we look at the notual number of banks which suspended during the day-irrespective of the vague rumors with reference to others flying around through an already over excited community-it is no wonder that the equanimity of the city should have been 80riously disturbed. The banks which closed yesterday are as follows:-North River Bank, Ocean Bank, Irving Bank, Merchant's Exchange, New York Ex. change, Citizens Bank, Marine Bank, Market Bank, Chatham Bank, Tradesman's Bank, St. Nicholas Bank, Butchers' s Drovers Bank, People's Bank, Bull's Head Bank, New York Bank, Leather Manufacturers' Bank, Artisans' Bank, and Broadway Bank. The Banks is Greenwich street closed their like mildfit --