15400. Bank of the State (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
f4f93752

Response Measures

None

Other: Coordinated suspension of specie payments by New York banks (clearinghouse exchanges) after heavy runs; individual banks paid out specie until exhausted and then certified checks.

Description

Multiple contemporaneous newspaper dispatches describe a heavy run on the Bank of the State of New York on Oct. 13, 1857; the bank paid out its last dollar, and certified all checks presented, and then yielded. Banks then collectively resolved to suspend specie payments. Some reports say officers intended to resume in a few days, but reopening for this specific bank is not clearly confirmed in these clippings, so outcome is uncertain.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the widespread panic and runs on many New York banks during the October 1857 financial crisis; general loss of confidence and runs on multiple institutions.
Measures
Certified all checks presented when specie exhausted; officers later expressed intent to resume business.
Newspaper Excerpt
The Bank of the State of New York paid out its last dollar, and certified all checks presented, and then yielded.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Collective resolution by New York banks to suspend specie payments amid the widespread panic and heavy withdrawals tied to the October 1857 crisis.
Newspaper Excerpt
The banks have all resolved to suspend specie payments ... suspend specie payments, as far as paying at the counter is concerned.
Source
newspapers

Newspaper Articles (10)
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 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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The officers say that they have taken legal advice, and acting thereon will open their doors, certify ckecks, receive deposits and continue the usual routine of business. BANK OF NORTH AMERICA. The Bank of North America paid about $85,000, principally to depositors. Men who owed them large sums on note sent in their checks for the gold on their deposite. They paid up to the time. OCEAN BANK. This institution, located at the corner of Greenwich and Fulton streets, was only able to stem the tide for 8 half hour after opening yesterday morning. The rush upon them, principally by depositors, also commenced on Monday about 1 o'clock, and up to the hour of closing in the afternoon theyhad parted with about $40,000 in specie. Yesterday morning they opened again, with the hope that the promptness with which they had paid checks the day before had restored confidence, and that they would not again be pushed, but thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend. ORIENTAL BANK Did not fail, as was reported in the street yesterday. They paid every dollar that was demanded of them up to 3:19 o'clock, when every one had left. THE PEOPLE'S BANK. The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000. The amount due to depositors is $200,000, and the circulation is $138,000. The officers state that they can pay every cent due parties by the Bank. They own their building, which is valued at $75,000, and upon which there is no mortgage, and express their determination to resume in"a few days. PARK BANK. The Park Bank has about $40,000 less than before. PHENIX BANK. The Phenix Bank paid out about $60,000 in specie, including $10,000 paid at the Clearing-House. BANK OF THE REPUBLIC. The Bank of the Republic refused to give the amount. SHOE AND LEATHER BANK. The Shoe and Leather lost about $40,000. The balance at the Clearing-House in their favor to-day is $75,000, which shows an increase on the whole of $35,000. BANK OF THE STATE OF NEW.YORK. The same scene as was presented elsewhere was witnessed at this institution. The rush of depositors and bill-holders commenced about the middle of the day. Checks were paid and bills redeemed until a few minutes past business hours, when the doors closed. About $150,000 was paid out. The intention is to resume business to-day. SHOE AND LEATHER BANK. This institution, located at the corner of Broadway and Chambers street, experienced considerahle of a run yesterday. The siege commenced immediately after the opening-although not severe at first-and increased up to the hour of closing business. During the whole day a large crowd was congregated in front of the building, but the majority of the people were only lookers on in Venice," having no other interest or object than to witness the going in of bills and the coming out of gold. The location of the Bank being at a point where thousands are passing every hour, the most of whom would stop to "see what the matter was," it required the industrious services of half & dozen policemen to keep the steps and sidewalks clear. The demand upon the bank was almost entirely from bill-holders, and the amount of specie draws during the day was $35,000. SEVENTH WARD BANK, This institution, which, notwithstending its name, is located in the Second, Ward, at No. 284 Pearl street, sustained a heavy "run" of several hours' duration without flinching in the least, and its officers say they are ready for & renewal of the operation to-day, but appear sanguine that they have satisfied the depositois, A3 only a few of them demanded specie late in the day. ST. NICHOLAS BANK. The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1 § p. m., when it was exhausted, and the bank suspended. TRADESMEN'S BANK. This bank is located in Chatham square. The events of the day about and within it were similar to those that occurred at nearly all similar institutions out of Wall street. The panic that began early in the day down town rapidly spread, and alarmed depositors and unenlightened bill-holders soon thronged the counters, clamorous for specie. For a long time every such request was blandly complied with, but at length the supply becoming less than the demand, & suspension was proclaimed, and then, one by one and slowly, the disappointed ones retired, with a less exalted feeling for banks and bankers than they had ever before entertained. UNION BANK. The Union Bank paid out nearly $80,000 in coin. MEETING OE THE CITY BANKS.

4. 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.

5. October 16, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 16, 1857

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The street is full of rumors, with eager crowds at every corner. The country bankers here are numerous, some telegraphing their own banks, and others awaiting the result of events during the day. Of course if suspension here becomes general it is inevitable the suspension will follow throughout the State, if not throughout the country. The Broadway, the Artizans', and the Leather Manufacturers' Banks have also suspended, and finally the suspension of the Bank of the State of New York ends the catalogue for to-day, making the total suspension today number eighteen, and leaving thirty-three solvent institutions. The greater portion of these, however, will, it is expected, go to-morrow. The Merchants' Exchange Bank refuses to pay out either specie or bills, only certifying checks. The Bank of North America was protested this afternoon. Several of the banks held open till after three o'clock, the usual hour of closing, meeting every demand others shut down promptly at the regular hour, leaving a large number of applicants to try again. All of the savings banks paid up promptly. Effect of the New York Bank Failures In Boston-Decline In Bank Stocks-Meeting of Bank Officers, &c. BOSTON, Oct. 13.-There was a general decline in stocks here to-day, and bank stocks were from two to four per cent. lower. The bank failures in New York created intense excitement, but there was no run of consequence upon the Boston banks. Money, however, remains very stringent. An informal meeting of the presidents of the several city banks was held to-day, at which a feeling of security was expressed, as also an ability to maintain specie payments. A motion was carried for the appointment of a committee to proceed to New York and consult with the officers of the banks of that city upon the expediency or practicability of extending the line of discounts.The Hon. Wm. Appleton was appointed chairman of the committee. The suspension of Francis Skinner & Co., the most extensive domestic goods commission house in the city, is announced. The Bank Failures In New York-Meeting of Bank Officers. NEW YORK, Oct. 13, P. To-day has been a very exciting one in financial matters. Up to 2 o'clock fifteen of our city banks had suspended, of which the following is a revised list, namely :-Bank of New York, Artizans', 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 2 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 3 o'clock. The sales of railroad stocks at the first board were small, at a general decline. In State stocks the business done was quite large at a decline, excepting Virginia and Missouri stocks. Bank stocks were also sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor and the bank paying promptly. There have been several failures in the dry goods line announced to-day, but none very prominent. Latest-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 Seven Ward and Fulton Banks held out under a tremendous pressure. The People's 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 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. A bank meeting was held this afternoon, at which it is understood the proposition of 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 to-morrow. 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 a committee to confer with the Governor in reference to calling a meeting of the 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 instacne 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 of this State is evaded, and it is rendered probable that the suspension in most cases is only temporary. This understanding relieves the excitement. From Mexico-Monoy Matters at New Orleans. NEW ORLEANS, Oct. 12.-Dates from Vera Cruz to the 7th inst. have been received. The Mexican Congress had held a primary meeting and Manuel Ruise was elected President. There was a rumor that General Svavex had been assassinated. The insurgents at the South still held out, and robberies were rife throughout the country. The failure of Messrs Comming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated. Business is unsettled. The Election in Kansas. ST. LOUIS, Oct. 10.-The Republican has returns from Kansas, which puts down the democratic majority in Leavenworth at 244, in Atchison 63, and Doniphan 50. In Johnson county the democrats are reported to have a large majority, and the democrats are understood to have been successful likewise in Jefferson. In Douglas county the republicans are said to have a majority of 1,165, and in Shawnee a majority of 350.-

6. 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.

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

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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.

8. October 22, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 22, 1857

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affecting nearly all the banks in the city, but the list gives all that had certainly suspend. ed up to 3 P. M. The others. it is believed, continued to meet their liabilities to the close of business hours. The sales of Railroad stocks at the first board were small at a general decline. In State stocks business was large at a decline, excepting in Virginia's and Missouri's Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the bank paying promptly. Several failures in the dry good: line are announced,but none of very prominent firms. LATEST.--The run upon the Mechanics & Merchants Bank of America. Manhattan and American Exchange Banks was severe, and continued up to 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 Manufacturer's Bank subsequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at 2 o'clock, after paying out $190,000 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. Tic American Exchange paid all demands, but several others shut their customers out at 3 o'clock. The Bank of North America was protested this A. M. The Commercial Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders, Bowery Savings, Shoe and Leather, Contipental, American, Exchange and Metropo litan, paid their demands up to 3 o'clock, the usual hour for closing. The whole number of Banks suspended to-day with those that were included in the returns of yesterday, is 16. A Bank meeting was held this P. M., at which it is understood a proposition for general suspension was discussed. as also the propriety of urging the Governor to convene an extra session of the Legislature. At the 2d Board of the Stock Exchange, stocks all took 11 rise, under the belief that the Banks will suspend specie payments tcmorrow. There was no run of any account on the Savings, excepting the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quantities of specie. The former had $100,000 in available means. The following country Banks are discredited to-day: Oswego River Bank. Goshen; Merchant's Bank. Syracuse; Briggs Bank, Clyde; Bank of Commerce, Carmel: Eagle Bank. Rochester: Bank of Newburg. Anderson: Bank of Ponghkeepsie, Ulster Co. Bank. Sussex Bank, Farmers' and Drover's Bank. Bank State of N. Y., Hoboken City Bank, Jersey Bank. Farmer's Bank of Montague. The following are in substance the official resolutions passed at the meeting of the Bank Presidents this evening: That the Banks of N. Y. suspend specie payment as far as the paying it over their counters is concerned, but make regular exchanges of one another's billsat the clearing house. That committees be appointed to confer with theGovernor in reference to the calling an extra session of the Legislature to legalize the suspension. That such committee leave for Albany at 12 o'clock to morrow. Boston, Oct. 13-The suspension of

9. October 24, 1857 The Texas Republican Marshall, TX
Article from The Texas Republican, October 24, 1857

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General Intelligence. NEW ORLEANS, Oct. 14-Wo are as. sured by excellent authority that the suspension of specie payments by the New York banks does not affect any of our banks unfavorably. As all our banks have drawn up closely for thier cash balances, no loss can occur to them by even the failure of all the banks of the city of New York. The following dispatches received by L. McKnight, Esq., one of the directors of the Citizens' bank, makes a welcome annoucens ment that relief is at last afforded to our banks. ASHINGTON, Oct 13. 1857.-SIR The treasurer of the branch mint has been aus thorized to purchase two hundred thousand dollars in silver bullion at the established rate, and to pay for it in gold coin. HOWELL COBB, Sec'y Treas. The Citizens' bank of New Orleans has thus been strengthened in her gold coin, $100,000; Louisiana State bank 50,000 Canal bank 50,000; and smaller sums are given to private parties. NEW YORK, Oct. 15.--An engs ment had been fought between general Haves lock's forces and the rebels near Cawpore, and the latter were defeated. The cholera was raging dreadfully at Cawpore. Lieut. Campbell had fallen a victim. The Emperors of Austria and Russia met at Vienna (Qy., Welmar) on the 1st inst. The Emperor of France had gone to Trieste. fie desires a personal meeting of all the principal sovereigns of Europe. NEW YORK, Oct. 12 The British admiral Seymour has recently ordered the block ade of Canton river. Telegraphic advices had been received in London to the effect that the state of Affisirs in Bombay was disastrous. The rebellion was raging fiercely. Disaffection was commeneing in the Sepoy regiments in the Bombay and Madras presidencies. The latest accounts from India are very unfavorable. General Havelock's situation was regarded as crits ical. A dispatch received at Paris, from Mars seilles, says that the Bengales are beginning to rise, and are killing the English. The war is becoming general. Mutinies are 00 curring among the Bombay troops, and several regiments which were suspected, have been disarmed. The organization of the Sikh regiments for the relief of Delhi is rapidly progress ing. The grand (English) magazine at Joah. pore, had been struck by lightning, des troying one million of pounds sterling of property, and five hundred lives. Calcutta is crowded with fugitives from all parts of Bengal. The paper of the East India company is quoted at 25 per cent discount. NEW YORK, Oct. 13-The following suspensions are announced Bliss, Dougs lass, Wheelock & Co.; J. A. Hearn; M. Langdon, and W. T. Dunean, dry goods merchants. Blackwell, hittemore & Co., cloth houses. Ames, Herrick & Rhode, stationers. Dycksers, Alstine & Co, wealthy stock brokers. All these are first class houses, of many years standing The failures are mainly caused by the blockade of exchange. The Irving, Ocean, Marine, North River and the Merchants Exchange banks have suspended. There is great excitement. There is a run on the banks of the Repub. lie. The People's bank, Bull Head's bank and Citizens' bank have suspended. There is & severe pressure on nearly all the banks Business is generally suspended. The St. Nicholas, Butchers and Drovers', Chat ham, Tradesmen's and Market banks have suspended. Wall street is bockaded with people. The Broadway Artisans' and the Leather Manufacturers' banks have aus pended. Seventeen banks in this city have now suspended, leaving thirty five solvent. The Bank of New York has just suspended Also, the Bank of the State of New York This ends the dire catalogue of the city bank suspensions to day There has been a heavy run on the Metropolitan bank to day. NEW YORK, Oct. 14.-The bank presidents adopted last evening a resolution unanimously to suspend specie payments this day. The meeting of bank directors last eve ning passed the following resolution: Whereas, in view of the excitement prevailing in the community, and the actu suspension of a number of the banks of this city, it has been resolved expedient that all the banks suspend specie payments to-morrow. Resoived, That a Committee of three appointed to proceed to Albany and re quest the Governor to convene the Legis lature, for the purpose of considering the necessity of enacting some law to give relief." The Now York banks certify checks and out bills. The Massachusetts and New Jersey banks are suspending. Stocks have undergone a further decline five to ten per cent. Ten thousand

10. October 31, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 31, 1857

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NEW-YORK DAILY TRIBUNE, SATURDAY, OCTOBER 31, 1857. creditors at par, and to stockholders by paying & large fidence of its correspondents generally, receiving daily RUNAWAY KILLED - Monday last, 12th inst, a Cholwell proportion of their fare in the present stock of the remittances and bills for collection heretofore, With pegro man sgnised an Indian, came up to the T63mpany (60 P sent in old stock or 80 P east is preiderce of Mr. B. V Gamage of this cous y, and was its undoubted capital and reputation for integrity, the by your detected as 6 pegro through his diagnise by Wm. H. ferred), thus avoiding any increase in the total Habili friends of the estabilsment have no hesitation in beGamage, who undertook to expture The negro siee of the road. lieving it will speedily regain the position in credit and being armed with & large pistol, made en assent up ex. REPORT OF THE EXECUTIVE COMMITTEE TO THE BOARD Mr. Gamage when the latter used B double-barreled influence it has 80 long enjoyed. OF DIREC NEW-YORK, Oct. 28, 1857. shot-gun in big defense, and killed the negro on the for poll Messrs. Winslow, Lanier & Co. will, on and after The Committee met at Toledo on the evening of the 5th of spot. The negro is described as being about five feet adopted Monday next, pay the following coupons then falling October last, and proceeded to examine the affairs of the Comten inches high, dark complexion, and weighed 175 or in due, V12 Indiana Central Railroad Company's P to 180 ponds-supposed to be about twenty years old. pany. The following day was devoted to the General Office at To An inquest was held over the body, which returned a cent let Mortgage Bonds; the City of Cleveland 7 P ledo. They then procee to Detroit, Jackson, Adrian and verdict agreeably with the above facts. Chicago, examinir nearly all the roads of the Company. The cents, issued to the Cleveland, Painsville sad Ashts[Paulding (Miss.) Clarion. DsW. roads were generally in good o ndition, and for the most part, Win. bula Railroad Company. excepting at Chicago and Detroit, the Station accomen detions ANOTHER SUFFERER IN THE CENTRAL AMERICA are good. me new rails are wanting, but no large outlay will Scokley; The bills of the Woodbury Bank, Conn., will be reIn the published liet of passengers from California who be required this season for this purpose. 2. deemed at the Mercantile Bank, New York, at 1 P embarked at Aspinwall in the Central America, and It appeared there were in the employment of the Company in Long; the operating department. 3,165 men. This appeared a larger were lost in the wreck of that ship. appeared the name cent discount. Torforce than should be employed for the business of. the road at B of E H. Bart. We are pained to kn W is an R. this time, and directions were given to discharge 500; and this Carr, The following sales of stocks and bonds were made erroneous printing of the name of En Hale Bart, & was followed by an order to reduce the whole force to not ex by Albert H. Nicolay at the Merchants' Exchange: Ferre, ceeding 2,000 at the end of this month Measures have been young man of promise, from West hampton, in this $3,000 T Haute & Alton R.R. 1st Mort. cent. Int.added 50 King; taken. and are in progress to reduce the salaries of officers and State, who WAS on his r-turn to his parental home from Jae. wages of men from 10 to 25 $ cent. $4,000 Milwaukee City 7 cent Bonds. due 1876. Int added 70 4st California, after & residence there of three or fone 200 absres American Guano Company, each These reductions of men and wages will amount to about 103 years. A companion, who intended accompany him 2. 10 shares Phenix Insurance Company, 50 each Vilson: $ 40,000 per month, thereby reducing the pay roll for operating 100} in the VOV869 was saved by the accident of not arrivCarWm. 40 shares Fulton Insurance Company, $25 each expenses from about 100 000 to $60 000 per month leaving a L. Villett force that is quite adequate for the business the Company is ing at San Francisco in season t tak his passage. The Philadelphia Ledger of this morning says now doing It is believed further reduction may be made con[Boston Advertiser. 2. The investigation which has been going on by the siste nt with the demands.of business; but in this the Committee WRECK-Information has been received from J. Z. Theedore regard it prudent to proceed with cantion, and not by luction Directors of the Bank of Pennsy Ivania, into its affairs, Forney, United States commercial ag nt at Monrovia of our force faster than can be seen to be consistent with a Taylor, has been brought near 8 close. of the wreck of the American school er Fawn on the L. John proper efficiency in our operations, to go to the error of inadeWe understand that the exhibit is not favorable. Fitzquate capacity for the necessary transaction of our usiness. 28th of July last. No lives were lost, and most of the The immediate isbilities of the bank, is round numThe time is highly favorable to effect improvement in the econ[Union. cargo saved in good condition. 2. ony of our operations. hers. independent of capital stock, we are informed, is Fitzsim. The rivalty of competing lines of railway has become the subMr. E R. Merry, & well-known citizen of Fairfax about two millions of dollars-to meet which there are 5 Dajeet of great and just complaint, and it is with much satisfaction County Va., was among the lost parsengers of the assets appraised at one and three-quarter millions. Thomas that the Committee are able to report that nearly all the details [Richmond South. steamer Central America. If this appraisement and amount of liabilities are Lynch, for B contract with the Michigan Central Railroad ompany have CHANGE OF RAILROAD New-Jersey correct, the bank would seem to be unable to pay its been agreed upon and by which we hope to abolish the rivalty les Cha that has been highly injurious to both Companies. If this conRailroad Company announce that they will make on Novemdebts, leaving nothing for stockholders. 3. tract is consummated as we hope. we shall be able to materially ber 2. several changes in the running of their trains. The 6 The bank holds, we believe, about $175,000 of its 5 Philips: m train from Newark to New York will be changed reduce expenses and increase our receipts. It will be no longer own stock; a portion of this. however, has been John Da and the 4.45 m. to New. to m. The 6 m. train necessary to incur heavy outside expenses, to reduce our rates, Leayor to maint destructive rates of speed. We may induct our from New York will be changed to The 8. m and pledged to one or more of the interior banks, through 10. 30 m. trains from N. wark. and the m. and 6 10 in operations with economy, and obtain remunerating rates for the agency of a third party, who now stands liable to Kettell, trains from New York: the 5.30 m. to Elizabeth and the 11 business We may devete our energies to the proper and the interior banks for the amount. economical conduct of our business. S. m. train to Millstone, and the 2.20 m. from Millstone will 'The Committee representing the city banks in this 2. The Committee devoted & day to the Railroad Convention at Boyden be discontinued. Harmatter, or a majority of it, is understood to be averse Cleveland, where a large number of Railroad men were assemACCIDENTS ON THE RAILROAD.-The m. train Orden, ed, and were happy to find a general disposition to reform to an attempt at resuscitation, and the indications now from New York was detained yesterday, at East Newark, for Bloodthose errors of high speed and low fare that have been 80 ruinsom time, by the breaking of anaxle. Many of the passengers are that it will go into liquidation, and probably out of Wm 9. ous to Railroad interests, and they feel encouraged to hope for walked to the y. The Philadelphia mail train to New York, existence, leaving as little for its shareholders as did 11. decided improvement in the economy of Railroad managein the morning. was detained a short time, by running off the Edward its great prototype, the Bank of the United S 8 08. track at East Newark. A collision occurred between two here ment. The Committee feel confident that if the embarrassments of oftrains runt ing past each other near the Hackensack bridge Noteholders and depositors will probably be paid." Vulthis Company, arising from their Roating debt, can be surlast week, caused by the sinking the tracks, throwing the tops W. Accounts from St. Louis of October 26, statethal the mounted witsout material sacrifice, the property will be highly of the CATS together. A spliater was torn from one of the cars, Henry valuable to the tockholders The line 18 one of great natural and entering the other madea large hole in the side, and slightly suspension of the Bank of the State, the Merchants' Dring, [Newark Advertiser. strength, and with intelligent, faithful and efficient manageinjured a passenger. and the Southern Bank, created but little excitement, ment, must be highly productive. The death of Wm. P. Sherman is announced in the Trenton Hamilton The present pecuntary embarrassment of the country will The former voted to suspend on Saturday after the papers. He was out in the streets on Wednesday, but hrs Nelson affect our business for a time, as it does most roads; but this been complaining for several days of being unwell, and was estiedge; close of back hours; the Merchants' at the opening of will 80 E pass over and affairs assume their proper energy, in found dead in his bed on Thursday morning. Mr. Sherman was C. Cook; vigorated by a lesome return to the too sadly diaregarded the eldest son of George Sherman, the founder of The Gazette, Sellick, the bank on Monday, and the Southern, after sushabits of industry, integrity and frugality. The Committee see and was for a short time-in 1855-himself the joint proprietor Samuel much to hope and struggle for. The stockholders have a large and editor with bis father. taining a run of an hour or more. The Mechanics' John interest at stake, and we hope they will see their true interest FIRES IN SUSSEX COUNTY.-On Tuesday of last continued to pay specie. It is expected that the Legand the imperative necessity of responding promptly to the call week the flouring mill, owned by Mr. John Learch, in Sandyruckman; recently made by the Company. In so doing the Committee lature will legalize the suspensions. The State Bank Alston Township, accidentally took fire and was burned down. feel & strong confidence that they will reap a rich reward in the 5. Wm. Loss $2,000. A tenant house on the farm of Mr Wm. Lanterithstood the crisis in 1837. The suspensions seemed result that must follow a faithful and intelligent management of mon, near the Sussex Zinc Mine, was destroyed by fire on the their aff irs. to have no effect on the produce market. 23d inst. Loss about $400; not insured. Little; The coal tunnage from the Schuylkill region this Wm The Milwankee Wisconsin says: 5 James week is 60,004 tuos, against 87,087 tuns in the correThroughout the pineries of Wisconsin they are dis 7. Alten; COMMERCIAL MATTERS. charging their hands. Lamb: has not been in 80 large sponding week last year. The Reading Company 2. supply and SO dull of sale since 1850. Improvements brought down 27,575 tuns, against 51,566 in the same Donnell Sales at the Stock Exchange Oct. 30. in cities and villages have in a measure been sus. Frederick week last year, and the Navigation Company 32 429 104 42 Erie Reilroad 100 5,000 N. Y. State 6s 1867 pended, and hence the glut in the market. The same 7. Bush; 10 do 22 700 N. Y. State 6s 1873 101 tuns, against 35,521 tuns last year. The aggregate is true of the pineries of Michigan and hundreds of b30 101 do 100 99 3/0 N. Y. State Es 1865 Heany; men are rowe out of employment at the commencetunnage of both lines to date compares with the last do 94 19 754 8,000 Ohio State 6a 1060 Edgar, 11 do 350 ment of the winter." 8,000 Ohio State 6s 1886 92} 5 Edyear as follows: 104 10 do 73 3.600 Indiana State 5e. 1857 We earn that there will be comparatively lit tle J. 1856. John 10% do 100 684 7,000 Missouri State $64,914 Decrease 1,543,327 1,913,241 Charles Reading Railroad 271 69 100 Cleve & Toledo RR lumber cut in Maine durir the coming Winter. The do 1,000 Increase 77,017 10. 976,151 1,053,168 Schuylkill Navigation 27) do. 775 do 4,000 691 stock on hand fromlast year is far from being used up b60 .8 do 55 100 5,000 Cal State 7s 1870 H. Wm Total 2,889,392 2,601,495 Decrease 287,897 do 271 18 79 10,000 Virginia 6s The Philadelphia American and Gazette considers Mc 84 The Providence Journal says: 500 Y. Cen. R. R. 7a. 90 300 Reading Railroad 5. Cohen it certain that the revenue for the ensuing year will b10 33) 200 do 5,000 Erie R R. Conv. 26 A general stagnation continues in our market; Geo. 33 100 do 261 sS 5,000 do. Tilnot equal the expenditure by many millions, and that business is restricted within the narrowest limits and 33 700 do 27 5,000 do Vandermills and mechanical works are closing or running loan is inevitable. It bases its conclusion on the 331 do 100 271 do 7,000 11 25 Mich. S. and N. Ia R. short time." 6,000 Erie R.R Conv '62 28 M John following statements: 20 do From The Circinnati Gazette, Oct 29. 111 500 Hud. R.R. let Mtg. 90 Charles 12 Only eleven months ago the late Secretary of the do 25 1,000 Goshen Branch Bds. 47 We learn from authentic sources that the State H. Wm. 24 Mich. S. & 24 3.500 III. Cen. R R. Bonds 69 Treasury, Mr. Guthrie, in submitting his last annual Bank of Obio and Branches, is now stronger than it Barnaby, do 60 23, 65 Del. & Hud. Canal Co 94 8. report to Congress, stated the resources of the GovIyatt; was some weeks since. There is no general run upon 22 do 136 b60 9% 100 do ibois; ernment for the current fiscal year as follows: do 83 35 221 12 Bank of America it for coin, and the notes seem to be more acceptable $66,000 000 00 W. R. From Customs 71 67 115 Panama Railroad 20 Amer. Exchange Bk 6.000,000.00 than any other. They are mainly in the hands of the Fred. From Lands do 701 15 17 100 Canton Company 955 810 57 [erritt Miscellaneous people, and are preferred, 80 that large amounts are a10 70.) 50 do b60 do. 200 151 C El#30 70 not accumulated by brokers 50 do 62 20 Penn. Coal Co Jonathan $72,955,310 57 Total 30 70 do 50 6₂ The State Bank of Indiana also stands well among 100 Cumberland Coal Co. John To which add estimated balance in the Treasury, 82 56 Illinois Central RR do 25 6) G. 22,345,222 81 Wm. the people of Ohio. Should these banks maint June 30, 1857. #30 do 170 do 821 100 61 8. Corspecie payment, they will acquire a character which 83 do 400 55 Pacific Mail Stm'p Co., 74 Jas $95,330,530 38 Making the sum of. 661 will long enure to their benefit. 35 Gal. and Chic RR 651 24 N. Y. Central R.R From The St Paul (M T.) Times. 66/ do 50 65 In consequence of the modification of the tariff, at do 210 McCabe; 50 66 do 65 do 26 the last session of Congress. large importations were The fir ancial community was astounded yesterday Carl50 Chic. and R. I. RR #15 66 651 50 do made and warehoused previous to the 1st of July, to to hear that Messrs. Borup & Oakes, bankers of this 5. jr; 661 20 do b10 65) 50 do profit by the reduction of duties. Hence, during city, had made an assignment to H. C. Sacford. 67 100 do 815 65, 50 do Thomas 815 664 July, August and the early part of September, the This firm is the oldest banking establishment in the 150 do 10 651 do 100 601 3. Wm. 25 107 receipts from customs largely exceeded the average city, and has only been compelled to succumb to the 15 New Jersey R.R. is Riley: River of Mr. Guthrie's estimate, made before the la V Was general pressure, owing to great losses incurred on adM. passed. vances made by them in the East to meet drafts. SECOND BOARD. MeThat about twenty millions of revenue from cus Since the 10th of September, Messrs. Borup & Oakes 111 dilroad 20 Erie R 691 Polhe1,000 Missouri State 6a toms were collected in all the ports of the United 100 69 do 11 do. 1,000 have paid out $185,000. To save depositors, they 700 77 do H. 111 States, between the 1st of July and 15th of Septem 5,000 Brooklyn City were obliged to suspend yesterday. Every dollar due do 100 11, 5,000 III. Cen. R R Bds sS0 68 Pratt, ber, and allowing two millions from lands, of the sales depositore, amounting to $50,000, has been repaid. bS0 100 do 11% 681 do. Themas 15,060 of which no official statement has been published, a 100 $10 A deposi's that were received on the 19 L were re6. 000 ErieR R 3dM Bds '88 57 Berrian, b80 lough guess may be made at the state of the Treasury 82 29 Pacific Mail Steam. Co. 74 200 Reading Railioad turned to depositors yesterday morning. 100 do 311 T. on the 1st of January next, when the first half of the L. 10 Mich. So. & N. Ia. p. 8 231