Banks of New York (referenced)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 30, 1861
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 171bfa4a

Response Measures

None

Description

Article reports a coordinated suspension of specie payments by the New York banks on Dec. 30 (reported in a Jan. 4, 1862 paper). No run on a specific bank is described; this is a collective, systemic suspension of specie payments. The record does not state reopening in this article, but this was a general temporary suspension (I mark as suspension_reopening because there is no evidence of permanent closure in the text).

Events (1)

1. December 30, 1861 Suspension

Cause: Macro News
Cause Details: Coordinated/general suspension of specie payments by New York banks (systemic action following broader financial conditions).
Newspaper Excerpt: The presidents and directors of the banks of this city held a meeting this morning and resolved to suspend special payments forthwith.
Source: newspapers

Newspaper Articles (1)

1. January 4, 1862 The Weekly Sun New York, NY

Article from The Weekly Sun, January 4, 1862

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Article Text

The General Suspension of Specie Payments. Boston, Dec. 30. The presidents and direc tors of the banks of this city held a meeting this morning and resolved to suspend special payments forthwith. Philadelphia, Dec. 30.-The banks of this city have resolved to suspond specie payments in consequence of the suspension in New York. Pittsburgh, Pa. Dec. 30. - The news of the suspension by the Fa-tern banks was not wholly unexpected here, and created little or no alarm. Our backs have not generally sus. pended. Three of them, it is understood, have suspended, but four are still paying specie. Cleveland Dec. 30-The Cleveland banks sas. pended specie payment this morning. Albany, Dec. 30.-In consequence of the action of the New York banks, the banks of the city suspended specio payments today. The suspension occasions no excitement. Brooklyn, Dec. 30.-The Brocklyn banks, to. day, in consequence of the action of the New York banks, suspended specie payments.