Banks of New York City (fifty odd)

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: a2b9502e

Response Measures

Full suspension

Other: Multiple New York City banks (about fifty) suspended specie payments during the 1857 panic; this is a collective episode rather than a single-bank case.

Description

Article (Weekly North Carolina Standard, 1857-10-21) reports that during the money panic the banks of New York City suspended specie payments after heavy withdrawals. It attributes this to the broader money panic (systemic). The article does not report subsequent reopening or permanent closure for these banks, so I classify as run followed by suspension with outcome unsure.

Events (2)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Systemic money panic of October 1857 drove constant heavy withdrawals for specie from New York banks.
Newspaper Excerpt: The money panic reached its climax on Tuesday, and the banks of New York City, fifty odd in number, suspended specie payments. The run upon them for specie had been constant and heavy...
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: Banks suspended specie payments in response to the systemic money panic and heavy specie withdrawals described in the article.
Newspaper Excerpt: The money panic reached its climax on Tuesday, and the banks of New York City, fifty odd in number, suspended specie payments.
Source: newspapers

Newspaper Articles (1)

1. October 21, 1857 Weekly North Carolina Standard Raleigh, NC

Article from Weekly North Carolina Standard, October 21, 1857

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Article Text

to make, within thirty days, a just and true return under oath or affirmation of its president and cashier, of the state and condition of such banks and banking institutions, with the name of its president and directors, and a list of its stockholders, on the day of the regular weekly meeting of the president and directors thereof next preceding the date of this requisition." Virginia Notes in Washington City. WASHINGTON, Oct. 13.-The brokers are throwing out all of the Virginia notes to day. Latest Intelligence General Suspension of the Banks in New York and elsewhere North! The money panic reached its climax on Tuesday, and the banks of New York City, fifty odd in number, suspended specie payments. The run upon them for specie had been constant and heavy, and they withstood it gallantly, but were at last obliged to yield. The scène was highly exciting-hundreds of thousands in gold were paid out on Tuesday before the banks yielded. The Albany, the Buffalo, the New Jersey, the Connecticut, the Maine, and other banks have suspended. The Farmer's Bank, and the branch of the Exchange Bank, in Richmond, Va., suspended specie payments on Wednesday. The Bank of Virginia was the only bank in Richmond that continued to redeem its notes with specie. On Tuesday last the panic was making itself severely felt in New Orleans. Heavy suspensions were anticipated. Money was extremely scarce. We learn that the Bank of Cape Fear has suspended specie payments. The Bank of the State of North-Carolina has not suspended. The impression, however, seems to be that all the banks in this State will be compelled to suspend.