15305. Artizans' Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 2, 1860
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8f820ba6

Response Measures

Full suspension

Description

Multiple contemporaneous reports (Oct 2–8, 1860) state the bank experienced a specie run after associate banks refused to exchange and city deposits were removed; doors were closed, a receiver was applied for and the directors moved to voluntary liquidation. No reopening is reported; receivership/suspension appears permanent.

Events (3)
1. October 2, 1860 Receivership
Newspaper Excerpt
The Directors of the Artizans' Bank have applied for a Receiver. ... its affairs have been placed in the hands of a receiver.
Source
newspapers
2. October 2, 1860 Run
Cause
Local Banks
Cause Details
Associate banks refused to exchange; city deposits were removed to Park Bank, prompting heavy specie withdrawals.
Measures
Directors opted for voluntary liquidation; attempted to pay outstanding claims; later applied for a receiver.
Newspaper Excerpt
A few weeks ago the associate banks refused to exchange with them, and yesterday a run was made upon it for specie.
Source
newspapers
3. October 2, 1860 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors, facing specie shortage after the run and political/press hostility, chose voluntary liquidation and placed affairs in hands of a receiver.
Newspaper Excerpt
The doors of this bank were closed to-day ... The directors thought best to go into voluntary liquidation ... its affairs have been placed in the hands of a receiver.
Source
newspapers

Newspaper Articles (8)
1. October 3, 1860 The Daily Exchange Baltimore, MD
Article from The Daily Exchange, October 3, 1860

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Article Text

The Rock Island Railroad-The Artizans Bank Failure. NEW YORK, Oct. 2.-It is announced that the Directors of the Rock Island Railroad have resolved to pay no dividend at present. The Directors of the Artizans' Bank have applied for a Receiver. The highest bid for its shares today was $10. A statement of its affairs show liabilities including the capital stock of $1,761,000; assets $1,758,000; circulation $95,000, fully secured at the Bank department, Albany. Later from Havana. NEW ORLEANS, Sept. 30.--The steamship De Sota has arrived here with Havana dates of the 27th instant. The news is unimportant. Sugar is dull at 8 1/2 reals. The week's exports footed up 17,500 boxes.

2. October 3, 1860 Evening Star Washington, DC
Article from Evening Star, October 3, 1860

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Article Text

The Rock Island Railroad-The Artizan Bank Failure. NEW YORK, Oct. 2 -It is announced that the Directors of the Rock Island Railroad have resolved to pay no dividend at present. The Directors of the Artizans' Bank haveapplied for a Receiver. The highest bid for its shares to-day was $10. A statement of its affairs show liabilities, including the capital stock, of $1,761,000; assets $1,758,000; circulation $95,000, fully secured at the Bank department, Albany. The city deposits were removed from the bank yesterday.

3. October 5, 1860 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 5, 1860

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Article Text

FAILURE OF THE ARTIZANS' BANK.-The doors of this bank were closed to-day, an event which has not taken the community altogether by surprise. It was chartered in August or September, 1856, with a capital of $600,000. Harvey Burdell was one of the original directors, and held his office up to the time of his mysterious murder in Bond street. Nathan C. Platt, of the firm of Platt & Brother, was the first President, and has remained in office until the present time. Cbaries T. Leake was the first cashier, and R. A. Tooker the last one. Hardly had the organization been effected when the pante of '57 came upon the community. By some means this bank survived the pressure, but it was at a cost that entailed continued troubles and constant difficulties, from which it never recovered. Changes were made in its management, but an active hostility seems to have sprung up to cripple and finally close it. Some months ago Mayor Wood appointed Mr. Piatt chamberlain of the city, although that office was not vacant. Hereupon arosean expensive litigation and a newspaper warfare, which, as the bank was interested to the amount of the deposits of the city funds, it is fair to presume was conducted and paid for by the institution. Mr. Platt was successful and the bank had the business; but the comments of the press upon the whole matter had frightened depositors and dealers. A few weeks ago the associate banks refused to exchange with them, and yesterday a run was made upon it for specie. At a quarter of three the doors were closed. The misfortunes of the institution are wholly traceable to the opposition of other banks and individuals, and to political opposition. Yesterday a beavy drain was made for specie, and at a late hour a check for $13,000 was presented; but, as there was not enough specie on hand to meet it, the directors thought best to go into voluntary liquidation, pay all outstanding claims, and at R proper time resume operations. The City Chamb erlain business has gained many opponents to the bank, and the newspapers have helped to keep up theexclement. The assets are more than enough to meet the liabilities.All the funds entrusted to the care of the City Chamberiain have been transferred to the Park Bank. As soon as the matters are settled satisfactorily the bank will go on again. Upon the call of the stock of the Artizans' Bank at the Brokers' Board this morning, the best bid was 10, with 46 asked.-N. Y. Post, Tuesday evening.

4. October 5, 1860 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, October 5, 1860

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Article Text

THE CLOSING OF THE Artizans' BANK IN New YORK.It was stated yesterday that the Artizins' Bank, in New York, closed its doors on Monday, and that its affairs are to be placed in the hands of a receiver. The following is a brief history of the institution and its troubles: It was chartered in August or September, 1856, with a capital of $600,000. Harvey Burdell was one of the original directors, and held his office up to the time of his mysterious murder, in Bond street. Nathan C. Platt, of the firm of Platt & Brother, was the first President, and has remained in office until the present time. Chas. T. Leake, was the first cashier, and R. A. Tooker the last one. Hardly had the organization been effected, when the panic of 1857 came upon the community. By some means this bank survived the pressure, but it was at a cost that entailed continued troubles and constant difficulties, from which it never recovered. Changes were made in its management, but au active hostility seems to have sprung up to cripple and finally close it. A few months ago, Mayor Wood appointed Mr. Platt as the chamberlaine of the city, who deposited the city's funds in the Bank. This gave rise to much comment, and increased the number of enemies of the institution. A few weeks ago the associate banks refused to exchange with it, and on Monday the city deposits were removed to the Park Bank. This latter fact, together with previous rumors, immediately caused a run to be made on it for specie, and at a late hour on Monday a check for $13,000 was presented, but as there was not enough specie on hand to meet it, the directors thought best to go into voluntary liquidation, pay all outstanding claims, and, at a proper time, resume operations. Its circulation of $95,114 is secured by $100,00 of New York State 6's.

5. October 6, 1860 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 6, 1860

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Article Text

FINANCIAL DIFFICULTIES IN NEW YORK.-The very considerable expansion at New York is beginning to tell on banks and business men. The Artizans' Bank, it is intimated, is beyond the equity of redemption, and it is understood that Lane, Boyce & Co., one of the leading dry-goods houses of that city, have asked an extension of a year from their creditors. The house owes $1,250,000, with a surplus of over $1,000,000, which cannot be realized in the present condition of the Southern trade. The house also asks a loan of $200,000 of its creditors, with which it feels able to proceed as usual. The firm of W. G. Lane & Co. suspended in 1857, but as is now alleged, without cause.

6. October 8, 1860 Daily Democrat and News Davenport, IA
Article from Daily Democrat and News, October 8, 1860

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Article Text

THE Artizans' Bank, New York, has closed its doors and suspended business; its affairs have been placed in the hands of a receiver. By the last bank statement it appears that its condition was as follows: Average amount of loans and discounts, $1,363,366; average amount of specie, $285,431 ; average amount of circulation, $91,184; average of net deposits, $1,066,413. The capital of the bank is $600,000.

7. October 11, 1860 The Cass County Republican Dowagiac, MI
Article from The Cass County Republican, October 11, 1860

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Article Text

The Artizans' Bank, New York has closed its doors and suspended business; its affairs have been placed in the hands of a receiver. By the last bank statement it appears that its condition was as follows : Average amount of loans and discounts, $1,363,366; average amount of specie, $285,431 ; average amount of circulation, $95,114; average of net deposits, $1,066,418. The capital of the Bank is $600,000.

8. October 20, 1860 Weekly Trinity Journal Weaverville, CA
Article from Weekly Trinity Journal, October 20, 1860

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Article Text

Pony Express News. BY NORTHERN TELEGRAPH. / SAN FRANCISCO, Oct. 17, 1860. The Pony arrived at Miller's station, yesterday, bringing St. Louis dates to Oct. 6th. The following is from the Bulletin's report: The report of discontinuance of the Pony Express is unfounded. Prince of Wales was met by an immense concourse of people at Harrisburg, Penn., where he visited the Governor. and then left by extra train for Washington. Gen. Cass received him there, and he was escorted to the White House by President Buebanan in person. A terrible storm occurred at New Orleans on the 2d inst. The back portion of the city was submerged ; eleven miles of railroad and a number of houses were swept away. Several steamboats were driven ashore, and others sunk. Forty sugar houses were blown down and thirty coal barges swamped at New Orleans. At Baton Rouge twenty coal barges were lost, and four steamers. Many persons were killed, and the loss in property is immense. The storm extended to the coast of Georgia. The Florida election took place on the 2d. The Breckinridge candidate for Governor has 150 majority in Ferdinando county. The Bell candidate had an overwhelming majority in Tuscumbia county. Out of 28 towns at the Connecticut election on the 2d of October, 24 elected Republican officers. The Democrats were successful in the upper peninsula of Michigan on the 25th September, Jno. J. Crittenden advises his friends in Albany, N. Y., to vote for Douglas. He would do 80 himself if he believed Bell and Everett could not carry the State. Senator Seward spoke at Chicago on the 2d, to an audience of from 75.000 to 100,000 people, The " Wide Awakes" had an immense torchlight procession the same evening. The Breckinridge Democracy of Maine nominated a full electoral ticket on the 2d. Benj. F. Wood was nominated for Congress in the 3d district of New York by Mozart Hall Democrats. Tammany ratified the nomination. The majority of the Florida Breckinridge Gubernatorial candidate is put down at 2,000. Gov. Willard, of Ind., had died of consumption at St. Paul, Minnesota. Great excitement was caused in New York by the suspension of the Artizans' Bank.