14826. Brooklyn Central Bank (Brooklyn, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 9, 1857
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
c474ee4e

Response Measures

None

Description

Multiple contemporary dispatches (Oct 9–10, 1857) report that the Brooklyn Central Bank has been enjoined and a receiver appointed. There is no article describing a depositor run on this specific bank; therefore this is a suspension with receiver (closure). Date taken from news dispatches reporting Oct. 9, 1857 events.

Events (1)
1. October 9, 1857 Suspension
Cause
Government Action
Cause Details
Court injunction was issued and a receiver was appointed for the bank (legal/government intervention).
Newspaper Excerpt
The Brooklyn Central Bank has been enjoined and a receiver appointed.
Source
newspapers

Newspaper Articles (8)
1. October 10, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 10, 1857

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BY TELEGRAPH. Extended Arrangements for Procuring European News. New YORK, Oct. 9.-In consequence of the temporary failure of the Atlantic telegraph cable, the New York Associated Press have decided to employ a substantial news yacht at Newfoundland for the purpose of boarding, off Cape Race, all the steamers from Liverpool, Southampton, Havre, Bremen, Glasgow, &c., &c.; and in this enterprise-so important to the whole public of the United States and British American provinces-they hope to receive the hearty co-operation of all the owners and commanders of the several steamship lines now established. If the press should be seconded in this arrangement by the commanders of the steamers, there is no reason to doubt but that they will be able to obtain the news from a large majority of the steamers passing within ten or fifteen miles of Cape Race, and by availing themselves of the New York and Newfoundland telegraph line, which is kept in admirable order, they will be able to spread the European news before the public in about six or eight days from the time it les ves the English shores. This arrangement will involve very heavy expenditures, but the Associated Press cheerfully assume the burden, not doubting but that the public will properly appreciate their efforts and sacrifices to promote the interests of the commercial public and the pleasure of the general reader. The Financial Crisis. NEW YORK, Oct. 9.-There was a tremendous run on the Park Bank. It is said to have only $150,000 in circulation, and nearly $300,000 in specie. The house of Harper & Brothers failed yesterday. They are reported to have assets amounting to a surplus of upwards of one million dollars. NEW ORLEANS, Oct. 8.-The excessive stringency in the money market has caused a further heavy decline in cotton, the reduction from the highest point being now 3t cents. The sales the past three days amount to 6,000 bales, including middling at 13. Receipts continue to pour in rapidly, and the indications are that lower figures will be submitted to. All branches of business are more or less affected by the pressure, but the merchants are using their utmost endeavors to brave the storm. Sterling has still further declined, and sales of bankers' bills are made at 97. Money is more in demand, and rates daily hardening. Freights are dull, nominally at â‚Ğd. Monetary. New YORK, Oct. 9.-Messrs. Gallaudet & Wetmore, bankers, have suspended. The run on the Park Bank has subsided, the bank having paid all demands. The Brooklyn Central Bank has been enjoined and a receiver appointed. A meeting was held at the Merchants' Bank this afternoon to devise measures for relief. It is reported that the banks will provide a fund of $6,000,000 for the special object of forwarding produce. Pennsylvania Legislature. HARRISBURG, Oct. 9.-The senate has passed a bill extending the time of the suspension of the banks to the 1st of April, 1858 providing for a stay of execution one year ; and requiring the deposites of the State treasurer to be paid in specie. Kansas Election. Sr. LOUIS, Oct. 9.-Kansas returns show large democratic majorities. Johnson gives 1,700; Leavenworth, 250 Atchison, 60 ; and Douglas, 1,100. Both branches of the legislature will have democratic majorities. Failures in Boston. BOSTON, Oct. 9.-L. A. George & Co., dealers in strawwork Milson & Gaff, oil and leather dealers and Nash, French, & Co., shoe dealers, failed to-day. United States Senator Elected. NASHVILLE, Oct. 8.-Andrew Johnson was to-day elected the successor of Senator Jones in the United States Senate. Large Receipts of Breadstuffs.

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

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TELEGRAPHIC 1 TELEGRAPHED EXCLUSIVELY TO THE EVANSVILLE DAILY JOURNAL Financial. NEW YORK, Oct 9--M Harper Brothers, extensive publishers, suspended yesterday. The house is reported to have a surplus of $1,000,000. The is a tremendous run on the Park Bank to-uay. The Bank is said to have only $150,000 in circulation, and nearly $300,000 in specie. NEW YORK, Oct 9-P Messrs. Gallandit & Wetmore, bankers, have suspended. The run on the Parke Bank subsided before the closing hour this afternoon. The Bank paid all demands made on it. The Brook.yn Central Bank has been injoined and a receiver appointed. A meeting was held this afternoon at the M reliants Rank to devise measures of relief. 1. is reported that the Banks will provide $6,000,000 for thespecial object of forwarding produce. The Bowery Bank of this city has closed its doors and suspended. Its bills are abundantly secured and will be taken by all the other city Banks. The institution was a small affair. BOSTON, Oct 9-PM The following failures reported here today: Lageere & Co., straw goods; Milton Gate, oil and leather; Nash, French & Co., shoe dealers. BALTIMORE, Oct 9-p Reports have been in circulation all day relative to the Manufacturers & Farmers' Bank of Wheeling. Va., but it has been impossible to trace it to any reliable source. It was bought to day at 10@15 per cent. discount. Well informed sources discredit the report. Second Dispatch. BALTIMORE, Oct 9-P M A dispatch received from Wheeling says the reported failure of the Manufacturers & Farmers' Bank is entirely untrue.

3. October 10, 1857 Evening Star Washington, DC
Article from Evening Star, October 10, 1857

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TELEGY APHIC,NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis, &c. NEW YORK. October 9.-Messrs. Gallandet & Wetmore, bankers, have suspended. The run on the Park Bank subsided before the closing hour. the bank having promptly paid all the demands made upon it. The Brooklyn Central Bank has been enjoined, and a receiver appointed. A meeting of bank officers was held at the Merchants' Bank this afternoon, to devise measures of relief It is reported that the banks will forwarding has vide The been a fund Bowery suspended produce. of $6,000,000 Bank closed from for the its the doors special Clearing to-day, object House. pro- and of Its bills, however, are abundantly secured, and will be taken by all the city banks. The institution is a small affair. It is the settled conviction of the merchants expand. that there can be no relief unless,all of the banks The rumored suspension of an extensive private banking house this morning was false. The proposition of the merchants for the banks to increase their loans to three millions has been rejected. Harrisburg, Oct. 9.-The Senate has passed the bill extending the time of the bank suspension to the 1st of April, providing for a stay of execution for one year, and requiring the deposits of the State Treasurer to be paid in specie. It will doubtless pass the House. CLEVELAND, Oct. 8.-J. Morrison, broker, of this city, failed to-day. BOSTON, Oct. 9.-Money is easier here, but negotiations are as difficult as ever. The banks gained one hundred and twenty-five thousand dollars in specie yesterday, making three hundred thousand this week. The Boston Belting Company has suspended. The following failures are reported to-day : :Messrs. L.A. George & Co., straw house; Messrs. Milton & Gale, oil and leather dealers, and Messrs. Nash, French & Co., shoe dealers. MEMPHIS, Oct. 9.-Money is tight, but there are nant. no failures of consequence. Trade is stag[SECOND DISPATCH.] NEW YORK, Oct. 10.-The report of the suspension of George Bliss & Co. is totally untrue. That firm is one of the strongest in this city, and has no thought of suspending. The Illinois Central Railroad and the Erie Railroad have gone to protest to-day.

4. October 10, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 10, 1857

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FROM NEW YORK. Ocr. 9.-Messrs. Gall, Audit & Westmore, bankers, have suspended. The run on the Park Bank had subsided before the closing hour this afternoon. The bank paid all demands inade upon it. The Brooklyn Central Bank has been enjoined and a receiver appointed. A meeting was held this afternoon at the Merchants Bank, to devise measures of relief. It is reported that the banks will provide a fund of six millions of dollars for the special object of forwarding produce. The New York and Erie Railroad did not pay the laborers at the Tunnel to-day. Great excitement and portions of the track torn up. The Bowery Bank of this city has closed its doors and suspended from the clearing house. Its bills are abundantly secored, and will be tak en by all other city banks, the institution was a small affair.

5. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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TELEGRAPHIC CORRESPONDENCE. The Providence Banks. PROVIDENCE, (R. I.) OCT. 8.-The following is a statement concerning the Previdence Banks, dated October 5th: Bills in circulation $2,085,713 7 Deposites 255,753 24 Bills receivable 18,361,861 Specie 268,744 10 From New Orleans. NEW ORLEANS, OCT. 8.-The excessive stringency of the money market has caused a further heavy decline in cotton, and the reduction from the highest point attained is now three and a quarter cents per pound. The sales during the past three days are put down as 6,000 bales, including lots of middling at 13 cts. per 1b. The range, however, for this grade is 13 a 131 cts. The receipts continue to pour in rapidly, and the indications are that lower figures will yet have to be submitted to. All branches of business are more or less affected by the pressure, but the merchants are using their utmost endeavors to brave the storm. Sterling bills have still further declined, and sales are reported of bankers' bills at 97, or three per cent. discount. Kansas Election. ST. LOUIS, OCT. 9 -Kansas returns show large Democratic majorities. Johnson gives 1,700; Leavenworth 250; Atchison 60; and Douglass 1,100. Both branches of the Legislature will have Democratic majorities. So says one account. Another report is that the Republicans have carried the Legislature by a large majority. Pennsylvania Legislature. HARRISBURG, OCT. 9-The Senate has passed a bill extending the time of the suspension of the banks to the 1st of April, 1858, providing for a stay of execution one year, and requiring the deposites of the State treasurer to be paid in specie. Monetary. NEW YORK, OCT. 9-Messrs. Gallaudet & Wetmore, bankers, have suspended. There was a tremendous run on the Park Bank, but it paid all demands. The House of Harper & Brothers have failed. They are reported to have assets amounting to a surplus of up wards of one million dollars. The Pine Plains Bank, of this State, was thrown out here to-day. The total number of failures announced for the last week is one hundred and twenty-three. The well-known houses of Bowen & McNamee, and of William G. Lane & Co., both dry goods, ask an extension. The latter has connexions in Charleston. The Brooklyn Central Bank has been enjoined and & receiver appointed. It is reported that the banks will provide a fund of $6,000,000 for the special object of forwarding produce. New York Market. NEW YORK, OCT. 9.-Cotton is quiet. Flour is improving; sales of 8,500 barrels; State $4.50 a $4.70; Ohio $5.10 a $5.50; Southern $5.40 a $5.75. Wheat has declined; sales of 8,500 bushels; red $1.18 a $1.22; white $1.25 a $1.35. Corn has declined; sales of 22,000 bushels; mixed 67 a 69 cents. Pork is heavy; mess $23 a $23.50. Beef has declined 40 cents a $1; Chicago repacked $13 a $14.50. Lard is steady at 14 a 15 cents. Whiskey bouyant; Ohio 22-a 23 cents. Coffee is steady; Rio 11}. Sugar has declined cent. Spirits of turpentine is dull at 40 a 42 cents on time, and 38 cents for cash. Rosin is firm. Rice is heavy at 37 a 42 cents. Baltimore Market. BALTIMORE, OCTOBER 9.-Flour, Howard street super $5.50; extra $6.75; Ohio super $5.50; extra do $6.25 a $6.50; City Mills super $5 25; extra do $6.50 a $7; Baltimore ground family $8.25; extra do $7.25. Rye Flour $4.75. Cornmeal $3.50 $4. Wheat, white $1.25 a $1.30; red $1.05 a $1.16. Corn, white 70 a 73 cents; yellow 72 a 74 cents. Whiskey 20 a 22 cents. Baltimore Cattle Market. BALTIMORE, OCT. 9.-The receipts of beef cattle yesterday were comparatively light, and the sales were made at an advance on last week's rates. The offerings were 725 head, 55 of which were driven to Philadelphia, and the remainder (670 head) were taken up by Baltimore butchers at prices ranging from $3.50 to $4.75 on the hoof, equal to $7 a $8.50 nett, and averaging $4.50 gross. The advance in prices is 25 to 50 cents per 100 pounds. Hogs have declined since our last 25 to 50 cents per 100 pounds. They have been selling for some days past at $8.50 a $9.25 per 100 pounds nett. Sheep are selling slowly at from $2.25 to $3.50 per head.

6. October 12, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 12, 1857

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No Change in Financial Matters in New York, &c. NEW York, Oct. 9th.-There is no material change from yesterday, excepting perhaps, that there is less excitement.State stocks are active for investment, but bank stocks are shaky. Several unimportant failures occurred to-day. It is the settled conviction of the merchants that there can be no relief unless the banks expand. The rumored suspension of an extensive private banking house this morning was false. The proposition of the merchants for the banks to increase their loans to three millions has been rejected. SECOND DISPATCH. NEW YORK, Oct. 9-P. M.-Messrs. Gallaudet & Wetmore, bankers, have suspended. The run on the Park Bank subsided before the closing hour, the bank having promptly paid all the demands made upon it. The Brooklyn Central Bank has been enjoined, and a receiver appointed, A meeting of the bank officers was held at the Merchants' Bank this afternoon to devise measures of relief. It is reported that the banks will provide a fund of $6,-> 000,000 for the special object of forwarding produce. THIRD DISPATCH. NEW YORK, Oct. 9-P. M.-The Bowery Bank closed its doors to-day, and has been suspended from the Clearing House. Its bills, however, are abundantly secured and will be taken by all the city banks.The institution is a small affair.

7. October 14, 1857 Staunton Spectator Staunton, VA
Article from Staunton Spectator, October 14, 1857

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The Times. The suspension of Fowle, Snowden & Co., Bankers, Alexandria, was reported last week.Bower, McNamee & Co., Geo. Bliss & Co., and Harper & Brothers, of New York, have also suspended or failed. The last number of the New York Independent, an abolition semi-religious organ, publishes a long list of recent failures, among them Bowen and McNamee, the principal owners of that paper! There was a tremendous run on the Park Bank, New York, last week, but it seemed to be well fortified.The Bowery Bank and the Brooklyn Central Bank have succumbed. New York is in rather a tight place owing to the calls upon her for specie. Philadelphia, for example, demands payment of all her New York debts in gold and silver, and pays what she ows to New York in depreciated paper, or not at all. Specie will begin to flow towards New York again before long, but it is a question whether she can hold out till then. Additional tailures in Boston and other places are reported. On Wednesday evening, the 7th, a large m eeting of business men was held in Philadelphia relative to the financial difficulties. The speakers believed that New York was the cause of the present difficulties. The New York Banks had expanded $7,000,000 in thirty-one days, while an expansion of $17,000,000 in five months broke the United States Bank. Becoming scared they curtailed in two months $12,000,000, sufficient to produce a panie in the strongest community. The condition of laboring men was deplorably represented. Thousands would starve if there was not immediate relief. Extracts from letters from the largest manufacterers in the country were read. Men implored aid for the payment of wages or else they would have to discharge thousands. Notwithstanding it was their own interest to stop altogether, they were determined to keep on if possible. The remedy was in the renewal of confidence in the banks. Thus renew confidence and all would be brought about by a discontinuance of the run on these instutions and not depriving them of the ability to move. The Legislature of Pennsylvania met last week, in special session, to devise some measure of relief. The Senate passed a bill legalizing the suspension until the 1st of April next. Besides legalizing the suspension until the date named, it extends the stay of execution six moths longer than is now allowed by law; compels all banks to receive the rotes of other banks, save upon o statement sworn to by the President and Cashier, and forwarded to the Governor, and filed in the Secretary's office: bank notes to be receivable in payment for revenue by tax collectors and banks to redeem in specie their notes when paid for tolls or taxes. The Pennsylvania House of Delegates, on Saturday, passed a bill extending relief to the Banks of that State. The effort to change the time fixed for resumption of specie payments-1st of April-was defeated. The Baltimore American of Monday says: The extended extracts given under the commercial head in to-day's American will inform the reader how severe was the commercial pressure and how important the resulting disasters in New York during the closing days of last week. The banks of New York, looking apparently only to their own safety, have been unable or unwilling to meet the positive necessities of the commercial community, and two days of such financial alarm, confusion and disaster as that city had never before witnessed have been the consequence. A run, well sustained however, upon one city bank, the absolute failure of another, the closing of two less important institutions in Brooklyn, the assignment of the New York and Erie and the Illinois Central Railroad Companies, and the failure or suspension of several large houses, present an aggregate of disaster that cannot be contemplated without apprehension. The condition of affairs in New York of course affects other cities, Boston more severely than others, but all to some extent." The Governor of Virginia has issued a proclamation prohibiting the notes of the Bank of Kanawha from being received in payment for

8. October 15, 1857 American Lancaster Gazette Lancaster, OH
Article from American Lancaster Gazette, October 15, 1857

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Financial News. NEW YORK, Oct. 9.-Thereis a tremendous run on the Park Bank to day. The Bank is said to have only one hundred and tifty thousand dollars in circulation, and nearly three hundred thousand dollars in specie. Messrs. Calludit & Wetmore, bankers have suspended. The run on the Park Bank subsided before the closing hour this afternoon The Bank paid all demands made upon it. The Brooklyn Central Bank has been enjoined, and a receiver appointed. A meeting was held this afternoon at the Merchants' Bank, to devise means of relief It is reported that the Banks will provide a fund of $6,000,000 for the special object of forwarding produce. The Bowery Bank, of this city, has closed its doors and suspended from the Clearing House. Its bills are abundantly secured, and will be taken by all the other city banks. The institution was but a small affair. BOSTON, Oct. 9.-The following failures are reported here to-day; Messrs. Leagurey & Co., straw goods, Milton Gale, oil and leather dealers, and Nash & French, shoe dealers. BALTIMORE, Oct. 9.-Rumors have been in circulation all day, relative to the Manufactures' and Farmers bank of Wheeling, Virginia, but it is impossible to trace it to any reliable source: our Brokers were buy ing its nctes this afternoon at 10@15 per cent. discount. We have heard no rumors against any of the other Wheeling Banks, and well informed sources discredit the above report. SECOND DISPATCH.-A dispatch received from Wheeling. savs that the reported failure of the Manufactures' and Farmers Bank of that city, is entirely without foundation. as the rumor may find circulation in other quarters, this notice of its erroneous character may prove beneficial.