15339. Bank of America (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
3930bc52

Response Measures

Accommodated withdrawals, Full suspension

Description

Sources describe a severe run on the Bank of America on Oct 13, 1857 (paid out large specie) as part of the wider 1857 panic. Banks in New York resolved a general suspension on Oct 13; Bank of America paid out specie and is described as continuing to pay and later participating in resumption of specie payments in December 1857. Classification: run led into a general suspension episode and the bank later reopened/resumed specie payments.

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the broad October 1857 financial panic and runs on many New York banks (systemic financial shock).
Measures
Paid out large quantities of specie (reported $175,000 paid out); exchanged bills of other banks; officers assured public of ability to pay.
Newspaper Excerpt
The run upon the Mechanics, Bank of America, Manhattan and American Banks was very severe, and continued up to the close of business.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Collective decision by New York banks in response to the widespread runs and panic; a general suspension of specie payments was resolved Oct 13, 1857 (Bank of America agreed as part of bank meeting despite initial resistance).
Newspaper Excerpt
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.
Source
newspapers
3. December 11, 1857 Reopening
Newspaper Excerpt
The presidents of the Banks of America, Commerce, National and Manhattan ... give notice that on and after Monday next they will resume specie payments on all obligations. (circular dated Dec. 10; resumption carried into effect Dec. 11.) 1849-12-00 was removed as erroneous in OCR, actual resumption Dec 11, 1857.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Source
newspapers

Newspaper Articles (12)
1. October 14, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 14, 1857

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Article Text

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 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

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

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meeting conversation At the adjourned and an exhibit of the position of the different banks, it was unanimously resolved not to open doors to-morrow! So the New York bank system has gone to the wall, and the example will probably be followed by the whole country. The aggregate specie in bank at the close of business to-day was found, upon consultation, to be $5,800,000. All the banks, with a few exceptions, will go on with their business as before, and prepare for as early a resumption as possible. Some system will be at once adopted, by certified checks and other means, by which payments between merchants can be made, the Clearing-House exchanges being made in coin between the banks. The uncurrent-money system of the Metropolitan and American Exchange will of course be abandoned, but it is probable that the banks will agree to receive and pay out well secured State money at par, as they did in 1837. This will prove a great relief to the mercantile community. The following is a list of the Banks whose bills were thrown out yesterday by the American Exchange and Metropolitan Banks, until arrangements are made for the future redemption of their bills in this city, they being heretofore redeemed by some of the Banks whose suspension is announced above: UNION BANK OF MONTICELLO. OSWEGO RIVER BANK. GOSHEN BANK. MERCHANTS' BANK, Syracuse. BRIGGS BANK, Clyde. BANK OF COMMERCE, Carmel. ORANGE COUNTY BANK. EAGLE BANK, Rochester. BANK OF NEWBURGH. POUGHKEEPSIE BANK. ULSTER COUNTY BANK. SUSSEX BANK. FARMERS' AND DROVERS' BANK. HOBOKEN CITY BANK, New-Jersey. JERSEY CITY BANK, New-Jersey. FARMERS' BANK OF WANTAGE, New-Jersey. PAHQUIOGUE BANK, Connecticut. In the general whirlwind which swept over the city yesterday, private failures attracted little attentionand no one troubled himself to authenticate the numerous rumors that were in circulation. We may, however, mention the following as among the suspensions of the day, reported on good authority I. A. HEARN, Dry Goods. W. LANGDON & Co., Dry Goods. HERRICK, FERRIS & Co., Furnishing Goods. AMES, HERRICK & RHODES, Stationers. The out of-town disasters reported by telegraph are as follows: FRANCIS SKINNER & Co., Boston, suspended, This firm, which is the largest dry goods commission house in the city, was agent for mary large manufacturing companies. T. & W. LYMAN, Boston, commission merchants. OAKLEY & HOPKINS, New-Orleans, large cotton factors. THE DRAIN OF SPECIE. Our reporters have gathered, chiefly from the most authentic sources, the following facts in regard to the Banks: AMERICAN EA{CHANGE BANK. In the morning it was manifest that there was to be a rush of depositors, and jby noon & large crowd had assembled and formed into 'ine with checks, and, in some instances, bills of the Bank. The demands were promptly met, some in specie and others in the bills of other city Bank 9, as the drawers wished, and the doors were kept 9, pen till 3½ o'clocka half hour after the usual banki ng hours. About $120,000 was paid out. At 4 o'clock the scene inside the 8 Bank presented little indications of the pressure. Clerk , were jolly; jokes were numerous. Every individual with frightened face who came in with checks or no. 'es was invited to call in the morning, when their demands would be responded to. Bologna sausages d sandwiches were being partaken of with the apt) arent relish of several hours' abstinence from food. The understanding is that the Bank will rest. ne business at the usual hour to-day. One sanguine party outside wanted to bet $130 cash that the Bank would stand the pressure and not break. Another said he would take the bet, provided the confident individual would take his check for $100 on that Bank as equivalent to the $100. Sanguine party declined, amid roars of laughter, and, regarding himself sold, he treated the crowd. BANK OF AMERICA. The Bank of America paid out $175,000 in gold. A great many bills were given out in exchange for bills of other banks. The deposits were nearly double what they were on Monday, and at leastone-third more than the average for a week past. ARTIZAN'S BANK. The Artisan's Bank suspended at 2:35 p. m., after paying out some $40,000 in specie. Their deposits are reduced to about $50,000; circulation about $70,000; secured on New-York 6s, payable in 1870, and for which they paid 17 ₫ per cent premium. Their statement will be nearly as follows: LIABILITIES. $50,000 Deposits 70,000 Circulation Total $120,000 ASSETS. $600,000 Loans and Discounts 100,000 State Stocks (par value) 40,000 Surplus $740,000 Total ATLANTIC BANK. The Atlantic Bank paid all demands promptly, and

4. October 15, 1857 The New York Herald New York, NY
Article from The New York Herald, October 15, 1857

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FUD took place they throw themselves on the rales of the bank, asd requested of their depositors a month's notice, M provided for. Before the month transpired the panto passed off, and there was no further occasion for infulgence; everything went on as usual. This stipulated no tice the trustees feel should be always demande as pro tection to themselves and their depositors We learn that in the year 1837 the pazio mania as the Bowery Savings Bank resulted in an extra dividend to those of their deposit who held on. The same will be the result of the present panic mania. PUBLIC MEETING OF MERCHANTS AT THE EXCHANGE. EXTRA SESSION OF THE LEGISLATURE RECOMMENDND CON-COMMITTEE APPOINTED TO GO TO ALBAN FIDENCE EXPERSEND IN THE CITY AND et ATK BANKS -UNDUE HASTE IN CLOSING THE PROCARD ING8-DIFSATISFACTIONOR THE MERCHANTS. The following call was circulated among the merch unia on Change yesterday :meeting of merchants le Invitei at the Exchange al half-part block day to consider the state of public interests as connected with the suspens item of specie pay ments by the banks, and to adopt such measures 45 the public welfare may require. Henry Coll. Mones Taylor & Co Gorden Talbot & Co. D. Morgan & Co. Adams, Brown Brothers French, Maitland, Phe pe & Ob. Son, William Nelson & Barclay & Livingston Foster, Eusot & Oo., Grinnell Wintarn O)., Howland & Aspinwall Tucker Cooper & Co., Charles H. hussell, Augustus Schell, J. H. Brower & Oo There was quite a large attendance of merchants and others interested in the object of the mesting, and had not the proceedings been characterized by unseemly have, and the meeting commenced and closed prematurely, some important results might have flowed from 18. At al, events, some measures might have been agreed upon that would have proved beneficial in the orials. Bat for res sons best known to the prominent actors in the affair, snap judgment was taken; as interchange of opinion was had or permitted; the resolutions were declared car. ried because few understood what they were, and the meeting ad journed within five minutes after the time fixed for its convening Full ten minutes before the hands on the dial on Trinity church pointed to half past three, the meeting was called to order by Mr. Morgan, who read the call, and pro posed as chairman Mr. James Brown. The proposition was unacimously carried, and Mr Brown took the chair smid some dem strations of ap plause On motion of Mr MORGAN, Mesers. James Lee and Robert Goodhue were appointe Secretaries The following resolutions were then offered by Mr. PELAResolved, as the sense of this meeting, that the exigen cies of public affairs require an immediate extra session of the Legislature, in or for that such measures of relief may be granted in their wisdom may be deemed just and pedient for the public good, and to enable the backs to continue their aid to the manufacturior. mechanical, agri cultural and commercial induary of the State,to five em ployment to the labor of the city and to renew specie pay ment an early day Resolved with the view to liquidate the indebiedness of interior. and to hasten the shipment of produce I seaboard, that is the duty of New or me chante and of the banks to afford every facility in their power without delay Resolved, That in the judg ment of the Nev York chante looking as those great elements of wealth, the varied and large crops of the United states. the existing monetary dera ement may with certainty be speedily corrected, and be followed by restoration of confidence to the ordinary machinery and credit or busi nets; 10 that while everity of the crieis will be long remembered too the speedy arrival of prosperity committee to these present be That Resolved, resolutions to the Governor of the State, at Albany, and to sollcit bis immediate action thereon Mr. Paris submitted some brief remarks in support of the resolutions. He said that the merchants found them selves to day in novel condition of affairs, with the city banks obliged to suspend payment, although the day before their respension they were known to be perfectly solvest As it was the merchante had still perfect cont dence in the solidity of these banks: and there could doubt that their assets were sufficient to meet all their liabilities. In this state of circumstances, then, he held duty of the merchants to sustain the banks means in their power. He considered that It perative duty of the merchants to represent to the Governor of the State the necessity that existed for the immediate celling of an extra session of the Legislature, to remove the penalties now imposed upon of specie payments, in order that the regular current of business mar be restored to legitimale channel That step was provided for in 11 the Imperative also the resolutions was the duty merchants their and all their aid to sustain the banks in the present crists, and also in their dealings with each other to use all the poest ble, and to give every indulgence allowable by the times the pressure CORNER seconded the resolutions, which were put adopted Mr. THEODORE DEMON moved the appointment of the Albany proceed to to mittee The CHAIRM named the following gentlemen John C Green, Mours H Grinnell Charles H Russell, Abraham Hewiss, Mores Taylor, Royal Phelps, Schay lar Livingston, R Marahali Chas to motion, the Chairman and Secretaries were added the committee, and the appointments were unanimously confirmed Mr. Mouns H. GRINNELL said that he did not rise to offer extended smarks upon the present state of things Mr. the offered seconded Perit; they spoke for FEE They had Hittle do now except he these who, had present no doubt, would respond mediately request tained in them He would, therefore. leave that subject had another resolution to propose, which was as Resolved, That we, as march ants and citizens, have en tire confidence the ability of the banks of the cliy and State of New York to meet all their engagements, dollar dollar said that felt it to be the imperative duty of the merchants this juncture to unite this deciaration confidence in the banks, although they yesterday been compelled to suspend was a mared that although the banks had payments, as (Mr. fide had. they had toma (the merchants) know they intended to pay their debts, banks meet all their liabilities (Applease Therefore. he urged the confidence resolution this of had passage banks ibe ability and would The resolution by Mr. James Brown, and was carried unanimously On motion. the meeting then adjourned. The committee appointed to wall upon the Governor left for Albeny in the train Much dissatisfaction was expressed on all at fee hurried and loose manner in which the business meeting had been forced through without Interchange opinion on the part of the was charged. seemed to he universal opinion. that meeting got up in the interest not of the merchants but of the banks Conspl among those protested vehe h whole was Mr. mently Richard against Schell, brother to the Collector of the Port He his regret that man of Mr. Integrity should presided at this meeting and allowed to be conducted twas. He remarked that the meeting controlled such men as Pelettah Perit, E D. the of Bank Oom family of "the Klage, merce He sald that that bank by cashier and who named had Vall. Blevens gone principle of breaking all of their neighbors were Habilities. their to meet show means large And now said these men have had the effrontery have they whom seek and sided to rain this strain remark for him collected and time around cashiers of spoke sympathising hearers. Wal the street and of three presidents of noodles who held their places commans whose and services favorition, salary or $600 in any He describes meeting mutual distinction society directors of the Bank of Commerce and he charged officers of the bank. of the Mer hanta Bank, of the Na. tional Bank, and of the Bank of America with endeavor lag by their course at the Clearing House to create all possible difficulties and to throw every obsta they could is the way of merchants paying their debts said that the first resolution that ought 10 have been offered at the

5. 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.

6. October 15, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 15, 1857

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[SECOND DISPATCH.] NEW YORK, Oct. 14.-The city is comparativ ely quiet. The run on the Savings Banks was prov iptly met. At a meeting of their presidents, held this afternoon, it was proposed to pay ten per cent. on the deposits. The Bank of America and the Chemical Bank continue to pay specie, and the Manhattan is said to be doing the same. Gold is selling at 4a5 per cent. premium. Several of the banks which closed yesterday resumed to-day. The Judges of "the Supreme Court have decided to issue no process except after giving notice in usual form.

7. October 15, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 15, 1857

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BANKING MATTERS. NRW ORLEANS, Oct. 14.-The branch mint has purchased from the banks 200,000 in silver bullion, paying gold affording them some relief.The Union Bank has suspended. A heavy run on all free banks. Great excitement prevails. ALBANY, Oct. 14-The city banks have resolved on a general suspension and will take the notes of all the Country Banks at par. The Banks at Trenton have suspended. There is no excitement. BOSTON 14th.-At a meeting of the bank Presidents this evening a general suspension of specię payments was voted. HARTFORD 14th.-All our banks have suspended except the Connecticut River Bank. No excitement. NEW YORK, 14th.-A run is now going on upon the Seamens' Savings Bank. BUFFALO 14th.-The meeting of Bank President's held this morning was unharmonious in its action and adjourned till this evening when it is believed a general suspension will be the result. NEW YORK, 14th, P. M.-Wall street comparatively quiet. There has been a moderate run on the various Savings Banks, but all demands were promptly met by the Institutions in this city, but three in Brooklyn were obliged to close. At last accounts the officers of the N. Y. Savings Banks were holding consultation upon their further course. They propose to put 10 per cent. on deposits in the Bank of America and Commercial Bank, and continue paying specie. The Manhattan Bank is said to be doing the same.

8. 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.

9. December 12, 1857 Evening Star Washington, DC
Article from Evening Star, December 12, 1857

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RESUMPTION OF SPECIE PAYMENT BY THE NEW YORK BANKS - The presidents of the Banks of America, Cômmerce, National, and Manhattan, have just issued the following important circular : "NEW YORK, Dec. 10th. "STR-Annexed is a copy osa proposed agreement for the resumption of specie payments by the banks of this city. The concurrence and cooperation of your bank in this important and most desirable object is earnestly solicited. The agreement will be presented to you on Saturday for signature. "Your obedient servants, "GEORGE NEWBOLD, "JOHN A. STEVENS, "C. 0. HALSTEAD, "JAMES GALLATIN." The following is the agreement referred to in the circular: "In view of the present strong condition of the banks of this city, and their duty to the community and themselves, the undersigned banks of the city of New York hereby give notice that on after Monday next they will resume specie payments on all obligations." The proposition meets with great favor in New York, and it is generally supposed that half of the banks will agree to it, though it is well known that some banks oppose the measure as tending to advance the rates of exchange on New York, and thus retard remittances; and, further, that it would cause a heavy drain of specie for export and render a second suspension imminent. In any event, however, the Commerce, American, Manhattan and National Banks will resume on Monday.

10. December 13, 1857 The Washington Union Washington, DC
Article from The Washington Union, December 13, 1857

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RESUMPTION OF SPECIE PAYMENTS. A meeting of the associated banks of the city of New York was held on the evening of the 10th inst., when the resumption of specie payments was considered. A resolution was offered "that, after the 12th instant, all the balances at the clearing-house shall be paid in specie;" which resolution, if adopted, would have been essentially a resumption of specie payments. Fourteen banks voted in its favor and twenty-four against it; 80 the resolution was lost. Eight banks were not represented. On the day following the presidents of the Banks of America, Commerce, National, and Manhattan issued a circular letter to the other banks, urging an early resumption, and submitting the following agreement for their signature: "In view of the present strong condition of the banks of this city, and their duty to the community and themselves, the undersigned banks of the city of New York hereby give notice that, on and after Monday next, they will resume specie payments on all obligations." This seems to have resulted in another meeting on the evening of the 11th inst., when a resumption was formally agreed upon, and we learn by telegraph that it was carried into practical effect yesterday. The recent accumulations of specie in the New York city banks have been so great that further suspension was not justified by any principle either of honesty or sound policy. According to the last weekly report the banks held over twenty-six millions of dollars of coin, and although the exports of specie during the week have been large, the receipts from the interior are believed to be fully equal to the exportation.

11. December 14, 1857 The Day Book Norfolk, VA
Article from The Day Book, December 14, 1857

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LATEST NEWS. Resumption of Specie Payments by the New York Banks-Accumulation and Export of Specie, &c. NEW York, Dec. 11.-The presidents of the Banks of America, Commerce, National and Manhattan have issued the following important circular : NEW YORK, Dec. 10th. "Sir :-Annexed is a copy of a proposed agreement for the resumption of specie payments by tha banks of this city. The concurrence and co-operation of your bank in this important and most desirable object is earnestly sollcited. The agreement will be presented to you on Saturday for signature. "Your obedient servants, "GEORGE NEWBOARD, "JOHN A. STEVENS, "C. O. HALSTEAD, "JAMES GALLATIN." The following is the agreement referred to: "In view of the present strong condition of the banks of this city, and their duty to the community and themselves, the undersigned banks of the city of New York hereby give notice that on and after Monday next they will resume specie payments on all obligations." The proposition meets with great favor, and it is generally supposed that half of the banks will agree to it, though it is well known that some banks oppose the measure as tending to advance the rate of exchange on New York, and thus retard remittance; and further, that it would cause a heavy dran of specie for export and render a second suspension imminent In any event, however, the Commerce, American, Manhattan and National banks will resume on Monday. Money is very abundant, and the influx from the West is excessive. Should it continue it will nearly balance the heavy export. The Fulton to-morroy takes about three-quarters of a million for Europe.

12. September 9, 1858 The New York Herald New York, NY
Article from The New York Herald, September 9, 1858

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Obituary. DEATH OF GEORGE NEWBOLD. We have to aunounce the death of GEORGE NEWBOLD, Esq, who expired yeaterday morning, in Pennsylvania, where be had gone on a visit. He bad suffored for some years past, occasionally, with severe stacks of gout, and recently it is said that he had met with an accident which had severed the tendon Achilles of his ankle, and which had disabled him very much from walking about. Whith er this so weekened his system as to lead to his death, or whether it occurred from translated gout, we are not advised. We believe that he was & native of Penosylvania, and at the time of his decease was not for from eighty years of age; but bis mental faculties were exceedingly strong and vigorous for one of bis years. He was long and well known in Wall street as R leading bank offi or and in whose integrity, sound judgment and honesty of purpose all confided who knew him. He presided over the Bank of merica with great honor and usefulness, both while & chartered institution and subsequent to 118 coming under the free backing laws of the State. He considered that no bar pursued & proper course which did not pay specie so long as it had a dollar of coin left on band. He was redically opposed to all surpensions. His bank was the last to suspend and among the first is 16sume. This was the case in 1831 and again in 1857. When the panic was at its beight 1837, he declared It to be his intention to hold out to the last. But when all the others had stopped, upon opening his doors one morning he saw B. number of carts in front or the bank. O2 demanding to know what bad brought them there, they replied that they had come under orders to cart away special from bis bank which certain parties intended to draw: whereupon, he reluciantly consented that the doors might be closed. In October, 1857, he opposed suspension, and only consented under an agreement with other strong banks to make it temporary. In & short time he have Them notice that the Bank of America would resume whether they did or not. which induced them all to come into bis vie wa and resume payment sooner than many OKpected to be able to do, and maintain it. He opposed the idea of building a larger or finer banking house. A gentleman suggested to him one day that it would be good policy to build a larger house. " No, sir, no, sir," was his prompt reply, we are here 20 do a banking business, and this house is large enough for our purposes, and I a n opposed to banks embarking into the system of house building for the purpose of letting out houserosm to tenants. That, air, le out of our line of business." He was much annoyed, subsequently, when the dome of the bank accidentally caught fire and was damaged to some extent before it could be extinguished. He was remarkably punctual and homorable in all his dealings, and died as he had lived, a thoroughly honest man. He was much respected, and his death will be sinserely regretted by all who knew him.