15281. American Exchange Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 12, 1839
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
0f29ce12

Response Measures

None

Description

Articles (Oct–Nov 1839) describe the American Exchange Bank issuing a notice (Oct 12, 1839) about payment in specie/collection and mention the bank's stock and its participation in a 'suspension meeting.' There is discussion of broader suspensions/resumption of specie in other banks. No explicit depositor run is described, and later Nov. coverage concerns stock sales and attempts to raise money, suggesting the bank suspended with later activity (reopening/continued operations). OCR is noisy; Oct. 12, 1839 is taken from the notice date in Article 1.

Events (2)

1. October 12, 1839 Suspension
Cause
Macro News
Cause Details
Part of broader disturbances in specie payments and banks' suspensions in autumn 1839; notice references specie payment and collections amid other banks' suspensions/restrictions.
Newspaper Excerpt
Notice has been issued from the American Exchange Bank: NEW YORK, Oct. 12. 1839 ... will be required payin tion specie.
Source
newspapers
2. November 16, 1839 Other
Newspaper Excerpt
At the Merchants' Exchange, 300 shares of the American Ex. Bank were offered at auction ... The lots offered were a part of those sent to England for sale by an agent a year since ... an attempt to raise money on them here ... this clique ... called upon the banks to suspend, in order to relieve their necessities, the American Exchange Bank promised to do almost anything that was desired of them, and was held up by those who now try to sell the stock as an example for the other banks.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Enquirer, October 22, 1839

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Article Text

(From the New York Commercial.) NEW YORK BANKS. THE understand that the accredited agent offered EXCHANGE Brothers now in this city, the amount has of one of the banks Baring the credit of that house to so as to obmillion, our if possible needed. as necessity a fund to of draw shipping upon, specie. and flour It is viate the however, that the shipments of cover grain all the ex. believed, amply sufficient to Baring, will be to an extent and that the offer of Messrs. will remain change required; will not be acted upon. difficulties. It by their stand mentioned agent, by, in case yesterday of unforeseen that one or two We small learn insti- this We be compelled to suspend stopped tutions might that the " Wool Growers' Bank" is one of the pay- free ment morning on its bills yesterday It This never had but $20,000 banks. The comptroller, Journal and says: at this moment we do it not is very sup from the $5.000 in circulation Of course comptroller." safe pose it has the security in the hands of the at 89; on Wil by Mobile sold this morning Philadelphia, mington, Drafts on 92; on Baltimore, 90, and on 89 3-4 fully supported the closing was obtained. prices of yes. U. Stocks and have in most cases an advance 80 dividend terday, S. opened at SI, The and Bank left off of at New York has months, declared pays- a DIVIDENDS of four per cent. for the last six ble the 1st November. on Merchants Insurance Company for six months- in Beston seven have made The a dividend of ten per understood cent to have been derived from the of from per cent. interest of this of sum the is capital, and three per cent. The profits following insurance. notice has been issued from the Ame rican Exchange Bank:NEW YORK, Oct. 12. 1839 and acceptances, ledged for collecPayment bank, of notes payable cut of this city, elect will to receive be required payin tion specie. 111 this unless the depositors where said shall paper is payable; depo and ment in notes payment, current this bank will give to payable the said at the sitor, in case if of of required. collection, a check in notes for paid. there the same, current, or in specie, dis. place as Notice the same is also may given out have of to been the those city, that ho payment have discounter had of paper the same elect counted demanded payable in specie, unless the current where the JOHN J FISH, ence of exchange same will to have be is payable, the same and received allow to in this notes institution the Cashier. differ. to offords us great pleasure to be able Eng. clock several - of our banks are drawing on and the state land. that Among them are the York. Bank The of America former is drawing at 60 days at 9 Bank of the State at 10 of per New cent - the latter at 60 days at 912, The and Journal his 90 late days of Commerce visit to New states York, that assured he Mr. would Van some Buren, of do the all whilet on connected with Banks, that the paygenilemen in his power to enable the Banks to continue ment of specie. (From the New York American) THE QUESTION SETTLED, State of New EVEN York. FOR THE and DOUBTERS- the 912 Bank of to The Bank are of drawing the bills on England at against from the ex America, This settles the question amount by the portation 10 per cent. of specie to any considerable removes one of the scare Liverpool-and consequently the timid, about the solidity than of bay- our crows that There alarm will be more bills on England as those drawn Banks. this will continue to be the case, market. ers-and on the crops of going confidence forward, in appear the street in the affirmed to day is and mani re The tone and nothing, it may be of our Banks affirmed. featly stronger. can phahe the impregnability states that $500.00 was Sove- re ceived on Tuesday from The New York Herald from the South, and 88000 the reigns steamere advised Canada. that orders be executed, for flour notwithstanding received by marthe advance since the in receipt phare inth to has taken respecting place in the this unfa ket vorable prospects barrels will of the be shipped harvest". this England Should Upwards the of 12,000 accounts from England, of the corn crop of flour equal next unfavorable as the last, the shipment from ly country must be very large. The good effect profitathis will be not only to fornish us a mathese market shipments for our surplus produce. but must between serve the terially ble to bring down the rate of Exchange 17 two countries -.N Y. Ev. Post. Oct. SPECIE.-The packet ship Louis Philippe, thousand which for Havre to day, took forty-two dol lars, sailed in specie, and the United States, for Liverpool, about fifty-five thousand dollars According to Bicknell's Reporter, a commercial of paper dol in Philadelphia, more than 12.000,000 from that published in specie have been sent to New York four mil. Jars within the last six months. More than New York city of dollars would have been paid in payments lions a month had the suspension of specie suspension within place On the very day of the thirty-three taken the Philadelphia Banks discounted day of per one cent. of more than its receipts since the previous discount should have mentioned. in yesterday's article, GUMS We on Philadelphia was offered in Baltimore large at that Exchange 10 11 per cent discount, and on the morti. at from to The irredeemables will be under issues. or n less rate. necessity of rapidly contracting their the shelf, along fying of those cities may be jaid on grandsires the notes continental money, which our with the old exhibit as a matter of curiesity; while specie occasionally into our city from all quarters, the channels do we of is flowing are full, and in no possible exigency embarrass circulation that a foreign demand can create the any stability of decline in fancies to-day at the believe our ment banks with seems our banks established. Confidence and, in in consequence, Board U States' there was a fell 4 per cent; Bank of Commerce, 1; Delaware, of 1: Bank Harlem, 1: Stonington 1; N Am. Trust 2: Bank


Article from Morning Herald, November 16, 1839

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Article Text

city. At the State Bank. Oneida Bank, ¾ pr ct dis. Ontario Bank, “ Bank of Utica, “ Central bk C. V. ¾ pr ct dis Jefferson co. Bank, “ Montgomery co., “ Bank of Monroe, “ Albany City, “ Ontario Bank, “ Broome co., “ Farmers & Manufac. par At New York Banking Co. Dutchess co. Bank, par At American Ex. Co. Bank of Vernon, 1 pr et dis, Bank of Salina, 2 “ Madison co. 4 “ Bk of Kinderhook, ½ “ At the Fulton Bank. Powell Bank, par At the agency of the Bank of Western New York Bk of W. N. Y., 4 pr et dis. Com, Bank, 4 pr et dis. Farm Bk of Orins, “ Bank of Danville, “ Mohawk Val. Bx, 3 “ At the Merchants' Ex. Bank. Bank of Oswego, ½ pr ct dis. Utice Bank, “ Livingston co. Bk, “ Mohawk Bank, “ Bank of Geneva, “ At North Am. T. & Bk. Orange Bk, NJ, par Farmers Bank, par Bk of Syracuse, 2½ pr et dis. Farmers' & Mech. “ Gene. co. Leroy, 1 “ Com. Bk, Troy, ¼ “ Mer Ins Ithaca, 2¼ “ At Leather Manuf. Bank. Steuben co Bk, 1½ pr et dis. Bank of Rome, ¾ “ New York safety fund is taken by the brokers at 3 a 4 per et red back at 4 a 5; Rhode Island money at 8 a 10, and southern money ranks nearly the same at 10 a 15. We mentioned recently that the agents of the U. Canada banks were in this city making preparatory arrangements for resumption. This has been effected, and the banks are now paying specie. Notice has been issued that hereafter nothing but gold and silver will be received at the Land Offices of Illinois, Missouri, Iowa, and Wisconsin; and specie is, in Burlington, Iowa, at a premium of 10 a 12½ cts over the paper of the adjoining states. At the Galena land sales there was a very numerous attendance, and the receipts are estimated at $400,000 for lands purchased by settlers. There is a fraudulent currency circulating at the south, issued by the South Western Rail Road Bank at Charleston, but payable at Knoxville Tennessee. They are not received by the banks of South Carolina. There was but little change at the stock exchange this morning, prices generally showed a decline from the rates of yesterday. U. S Bank stock declined 1¾ per cent; Ohio L. and T.14; Bank of Kentucky, 1 per ct; N Am. T. & Bk ¾ per ct, At the Merchants' Exchange, 300 shares of the American Ex. Bank were offered at auction, terms cash, to the highest bidder; money to be paid on the transfer of the stocks. The company assembled were the identical persons who got up the first suspension meeting at the City Hotel. The stocks sold as follows. 50 shares to John Haggerty, at 74¼ 100 “ B. F. Wheeiright, 74 100 “ “ “ “ “ 74½ 50 “ John Haggerty, 74½ The market rate for this stock is 71. The lots offered were a part of those sent to England for sale by an agent a year since without success, and the present was an attempt to raise money on them here, but there being no one present but those who constitute the American Exchange Bank, the movement failed. It will be recollected that when this clique of indivi-duals called upon the banks to suspend, in order to relieve their necessities, the American Exchange Bank promised to do almost anything that was desired of them, and was held up by those who now try to sell the stock as an example for the other banks. Stocks in the present state of the market, cannot be sold for money. The recent sales which have been made of state stocks which have been pledged and without reserve, are an evidence of this. The following is a table of the amount of stocks on sale by the several states, and indicating those the banks of which pay specie and the market price of the stock and according to recent