15377. Bank of North America (New York, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
497a6c56

Response Measures

Full suspension

Other: Banks collectively resolved to suspend specie payments and exchange each other's bills; committee to confer with governor to legalize suspension.

Description

Multiple articles (Oct 13, 1857) report heavy runs on New York city banks, including the Bank of North America being protested and banks resolving to suspend specie payments that day. The pieces describe runs leading to a general suspension, but these excerpts do not state whether the Bank of North America later reopened; classification therefore is run -> suspension with reopening status unsure. Bank type not explicitly given in the texts; name does not include 'National' or 'Trust', so set to unknown.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Citywide financial panic of Oct 1857 with widespread rumors and runs on many New York banks; heavy withdrawals exhausted specie.
Measures
Paid out specie until funds exhausted; public assurances by bank officers (e.g., David Leavitt) that banks would pay to the last dollar.
Newspaper Excerpt
The run upon the Mechanics, Merchants', Bank of America, Manhattan and American Banks was severe... The Bank of North America was protested this P. M.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Collective decision by New York banks to suspend specie payments in response to the runs and the broader financial crisis; committee to seek legislative sanction for suspension noted in reports.
Newspaper Excerpt
The banks have all resolved to suspend specie payments, as far as paying at the counter is concerned...
Source
newspapers

Newspaper Articles (4)
1. October 15, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 15, 1857

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Article Text

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.

2. October 16, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 16, 1857

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Article Text

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.

3. October 17, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 17, 1857

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Article Text

FINANCIAL AFFAIRS IN NEW YORK NEW YORK, Oct. 13.-To-day has been a most exciting one in financial matters. Up to 2 o'clock, fifteen of the city banks suspend. ed specie payments, of which the following is a revised list, viz: Bank of New York, Artisans', St. Nicholas Chatham, Ocean Market. Butchers and Drovers', Merchants' Exchange, Irving. Citizens', Tradesmen's, Bull's Head, New York Exchange, North River and Marine. Wall street at 2 o'clock was crowded with an anxious mass of people. The steps of all the banks were also blocked by people foreing their way into the banks. At the American Exchange Bank David Leavit addressed the crowd, assuring them that the bank would pay all, to the last dollar. He also announced that an arrangement 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 3 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 very 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 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 tremendous pressure. The People's Bank closed at two 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 demands, but several others shut out their customers at three 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 Bank will all suspend to-morrow. Ten o'clock, P. M.-It is reported. on pretty 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 bills 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.

4. October 17, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 17, 1857

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Article Text

THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.