American Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 13, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: adeb3db2

Response Measures

Full suspension

Other: Banks agreed to mutually exchange each other's bills at the Clearing House and send committee to governor/legislature.

Description

Multiple contemporaneous papers (Oct 13–14, 1857) report a heavy run on the American Bank in New York as part of the broader Panic of 1857. The articles describe runs on many banks and widespread suspensions, but American Bank is reported being run upon; it is not explicitly listed among the banks that suspended in these extracts. Therefore classified as run_only. Date taken from reports dated Oct 13–14, 1857 (run described Oct 13).

Events (1)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread financial panic of October 1857 — runs and failures across many New York banks created panic withdrawals.
Newspaper Excerpt: A heavy run is now being made on the American Bank, and it is thought it will give in.
Source: newspapers

Newspaper Articles (5)

1. 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.

2. 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.

3. October 14, 1857 Evening Star Washington, DC

Article from Evening Star, October 14, 1857

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From the Associated Press Agent. The Pennsylvania Election. PHILADELPHIA, Oct. 13.-The general elect for State officers -Governor, members of the L islature, Canal Commissioner, Judges, &c his State-came off to-day. In this city it pas off very quietly, and with no disturbances of peace. Only a small vote appears to have b polled Williamsport, Lycoming county, gives Pack Dem., for Governor, 469; Wilmot, Rep., 278; Hazlehurst, Amer., 139 Columbia, Lancas county, gives Packer 319; Hazlehurst 211, Wilmot 85. Phoenizville, Chester county. gi Packer 295, W ilmot 237, and Hazlehurst 12. PITTSBURG, Oct. 12 -Returns from three I cinets in and two in Alleghany city sh a falling off in the Republican majority of m than half, and it is believed that their major in the entire county will bereduced still more LANCASTER, Oct. 13th.-The returns from city, complete, give Packer a majority of 730 large Democratic gain Northumberland-Packer's majority in t borough is 110. Harrisburg -Thiscitygives Packer a major of 419-a Democratic gain of 370. Dauphin cou gives 79 majority for Packer-a heavygain Danville gives 92 maj. for Packer; Tama 215 do and Mount Joy, Lancaster county, gi Wilmot a majority of 119. Honesdale, Wayne county, gives Wilmot majority. Scranton gives Packer 107 majority York county-This county is reported at 2 majority for Packer. It gave Buchanan over 2 majority last fall Lycoming county gives ,000 majority for Pa er. It gave Buchanan about the same. Carawissa, Columbia county, gives Wilm majority. West Chester, Chester county, gives Will 198 majority Luzerne county 1,500 majority for Packer, ag of some 400 on the last Presidential election Berks county gives 6,000 Democratic major Reading alone gives 1,000 majority for Packer gave Buchanan about the same majority Montour county gives Packer 450 majorit about the same it gave Mr Buchanan Northampton county gives Packer about 3 majority-a gain. PHILADEDPHIA, Oct. 13, midnight. From character of the returns received here there is question of Mr Packer's election. Be has m SO far considerable gains on Mr. Buchanan's when he carried the State over the Republi candidate by 83,200 plurality and over all by I majority The Democrats are now parading the str contident of victory. They have elected their Legislative ticket. and also their county tic The entire ticket for Democratic State and cou officers is elected in this city and county by largest majority ever known PHILADELPHIA, Oct. 14, 1.15 m-Paeker majorities in the following wards: Fifth WE 750 majority; Eighth Ward, 588. The city le lative ticket. for Senate and Assembly, has Democratic majority. Carbon county gives Packer600, and Montg ery county 2,000 majority. PITTSBURG, Oct. 13, midnight.-Wilmot lost in this and Allegheny county 1,400 vo The Democratic county ticket is partly elec here. YORK, Oct. 13, 10 m -Packer's majority o Wilmot, in this borough, is 303, and over I candidates 77. Buchanan's majority last fall only one. The election passed off very quietly [SECOND DISPATCH.] PHILADELPHIA, Oct. 13-The complete turns of this city foot -Packer, 27,749; Hat hurst. 13,817; Wilmot, 9,609. The Democratic candidates for Canal Comi sioner and Supreme Judge have about the si majority All the Democratic candidates have been elec to the Legislature and county offices. Ludlow (Dem ) has 5,300 majority over Con (Rep.) for Judge of the Court of Common Pl In Northampton county, 18 districts show 3 majority for Packer In Lehigh county Packer's present majorit over 1,000 In Cambridge county the Democratic gai twelve hundred Indiana county gives a thousand majority Wilmot. The Financial Crisis, &c. NEW YORK, Oct. 13-To-day has been a \ exciting one in financial matters. Up to2 fifteen of our city banks had suspended, of wh the following is a revised list, namely:-Banl New York, Artizans, St. Nicholas. Chath Ocean, Market. Butchers and Drovers', M chants' Exchange, Irving, Citizens', Trad men's. Buil's Head. New York Exchange No River, and Marine Bank. Wall street, at two o'clock, was crowded w an anxious mass of people. The steps of all banks were also blocked upby the people fore their way into the banks There were rumors during the morning aff ing nearly all the banks in the city, but the ab list gives all that had certainly suspended up 3 o'clock. The sales of railroad stocks at the first bo were small, at a general decline. In State sto the business done was quite large at a decl excepting Virginia and Missouri stocks. B stocks were all sold at a decline The run on the Brooklyn Savings Bank was newed to-day, but with less vigor and the be paying promptly There have been several failures in the goods line announced to-day, but none V prominent. LATER. The run upon the Mechanics', Bank of Ameri Manhattan and American Banks was very seve and continued up to the close of business The Broadway Bank held out till nearly th o'clock and paid out $140,000 in specie, when gave out. The Leather Manufacturers' Bank subsequer closed its doors The Seventh Ward and Fulton Banks held under a tremendous pressure The People's Bank closed at 2 o'clock. al paying out $19,000 in specie during the day The Bank of the State of New York paid out last dollar and certified all checks presented, then yielded. The American Exchange Bank paid all mands upon it. but several others shut out tb customers at o'clock The Bank of North America suffered prot this afternoon The Corn Exchange Bank refused to pay spe or bills, but certified checks. The Oriental. Mechanics and Traders', Bow Savings, Shoe and Leather, Continental, America Exchange and Metropolitan paid every dema up to the usual hour of closing A bank meeting was held this afternoon, which it is understood the proposition of age

4. October 15, 1857 Delaware Weekly Republican Wilmington, DE

Article from Delaware Weekly Republican, October 15, 1857

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FINANCIAL AFFAIRS IN NEW YORK.-New York, Oct. 18.-To-day has been a most exciting one in financial matters. Up to 2 o'clock fifteen of the City Banks suspended specie payments and the following is a revised list, viz :-Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Mechanics' Exchange, Inving, Citizens', Traqesmens', Bull's Head, New York Exchange, North River, and Marine. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked by people forcing their way into the banks. At the American Exchange bank, David Leavitt ad. dressed the crowd, assuring them that the bank would pay all to the last dollar. He also announced that an arangement had been made with several of the strongest banks to go through without suspension. It is believed, however, that the suspension will be general it is understood that some of our heaviest houses have withdrawn their gold from the banks, and replaced it as a special deposit. There were rumors during the day affecting nearly all the banks in the city, but the above list gives all that certainly suspended up to three o'clock. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor, the Bank paying promptly. Several failures among the dry goods firms are announced but none vary prominent. The Latest.-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 three 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 tremendous pressure. The Peoples' Bank closed at 2 o'clock, after paying out $19,000 in specie during the day. The Bank of New York paid out its last dollar, and certified all checks presented and then yielded. The American Exchange Bank paid all de. mands, but several others shut out their cus tomers at 8 o'clock. The Bank of North America was protested this afternoon. The Corn Exchange Bank refused to pay specie. At the Stock Exchange stocks all took a rise under the belief that the banks will all suspend to-morrow. 10 o'clock, P. M.-It is reported onpretty good authority, that the Bank Presidents are now in session, and have resolved to suspend. The following is the official action of the meeting of Bank Presidents. The banks have resolved to suspend specie payments as far as paying over the counters is concerned, and make a regular exchange of each other's bill at the clearing house. Also to send a committee to confer with the Governor in reference to calling a meeting of the Legislature. The committee leaves for Albany at noon to-morrow. MONEY TIGHTENING IN ENGLAND.-Boston Oct. 10.-A letter received per Niagara, dated on the 25th ult., reports money matters as generally growing tighter throughout England, while the demand was also on the increase. At Manchester the late buoyancy had yielded to a depression, and on both goods and yarns a decline had been submitted to. The demand for corn for export continued active and more than absorbed the receipts. BARNS BURNED.-The barn, stables, out houses, &c., belonging to Mr. Wm. Sayres, of Melbourne in Hanever co., Va., were burned to the ground on the 4th inst., together with all his crop of wheat, provender, corre&e., involving a loss of $10,000. Mr. Edmond Ruffin's barn, in Hanover county, Va., was set on fire and entirely consumed, together with, 1000 bushels of wheat, 200 barrels of corn and a large number of farming utensils, a few nights ago. CAUTION TO LADIES.-A lady residing in the village of Stamford, Conn., was very severely burned on Friday last in the following manner; She had been applying to her hair amixture of castor oil and alcohol, and approaching to near a lighted lamp, her head became enveloped in a blaze, and the flame was not extinguished until the lady was 80 severely burned that she is now considered to be in & critical situation. THE ODD CENT.-Some days ago a produce dealer in one of our markets sold a customer a half peck of potatoes for a levy, and in taking his pay from a quarter dollar, returned twelve cents change. This the customer declined to receive, claiming thirteen cents as his due. A dispute ensued, which endedby the eastomer getting out'a warrant for the odd cent. The case being tried, he recovered it.-Washington Star. NAVAL.-The U. S. steamer Fulton, Capt. Almeo, went into commission on Wednesday The U. S. steamer Water-Witch, Lieut. Commander Lovell, arrived at Norfolk on Thursday from Washington. The U.S. practice ship Preble was towed ap from the naval anchorage to the Gosport Navy-yard on Thursday, where she will be stripped and laid up for the winter. U. S. frigate Congress was at Constantinople on the 12th. FIRE-BARN BURNT.-A large frame barn, belonging to Messrs. J. L. Darlington & Co., proprietors of the Morris Nurseries, in West Goshen township, adjoining the Borough of West Chester, was entirely consumed by fire, on Thursday evening last, the 8th inst. The fire broke out about 71 o'clock, at the western end of the barn, and is supposed to have been the work of an incendiary. the AMERICANS IN CALCUTTA.-There were in August last about eight hundred /Americans residing in Calcutta, and in this number were included many women and children. There was a good deal of anxiety among all classes of the inhabitants, and the Americans were thinking of sending their women and children home by the ship Daniel Webster, which was in port loading for Boston. THE STRUGGLE IN NEW ORLEANS.-New Orleans, Oct. 13.-The actual state of the pinch here is frightfully severe, and heavy suspensiens are anticipated. Money continues ex tremely scarce, and stringent, and those who have it show no disposition to lend it on any terms. The heigth of the crisis, so far as this city is concerned, is rapidly approaching. ROBBERY AT THE RICHMOND, Va., CUSTOM HOUSE-OVER $20,000 IN SPECIE STOLEN.Richmond, Va,, Oct. 13.-The custom house o this port was entered last night by robbers.The safe was blown open with powder, and $15,000 in twenty dollar gold pieces, and $5,700 in five dollar gold pieces were stolen. The robbers left $46,000 behind. THE STEAM FRIGATE MERRIMAC.-Bostor Oct. 10 frigate Merrimac

5. 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.