15527. Broadway Bank (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
297035ad

Response Measures

Full suspension

Description

Contemporary reports (Oct 13, 1857) describe a heavy run on Broadway Bank (paid out large specie during the day) and the bank 'gave out' and suspended around 3pm when expected Clearing House funds did not arrive. The papers also report a general resolution that evening for banks to suspend specie payments. These items show a run followed by suspension; the articles do not state whether Broadway Bank later reopened or was closed permanently, so outcome is unsure.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Widespread financial panic of Oct 1857 produced runs across many New York banks; heavy simultaneous withdrawals from depositors.
Measures
Paid out large amounts of specie during the day (reports: $103,000 or $140,000) and attempted to stand the pressure pending Clearing House receipts.
Newspaper Excerpt
The Broadway Bank paid out $103,000... they were obliged to suspend 15 or 20 minutes before 3 o'clock.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Bank suspended specie payments amid the general panic and after heavy withdrawals; also referenced later that banks collectively resolved to suspend specie payments that evening at a presidents' meeting.
Newspaper Excerpt
They expected to receive this as usual at 11 p. m., but, not receiving it, were obliged to suspend 15 or 20 minutes before 3 o'clock.
Source
newspapers

Newspaper Articles (13)
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 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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ATLANTIC BANK. The Atlantic Bank paid all demands promptly, and had as much coin left at night as the Bank opened with. BROADWAY BANK. The Broadway Bank paid out $103,000. They have some $30,000 standing to their credit at the Clearing House. They expected to receive this as usual at 11 p. m., but, not receiving it, were obliged to suspend 15 or 20 minutes before 3 o'clock. An officer of the Bank then appeared and said: GENTLEMEN: It is of no use; we tried to stand it, but we can't. We have done all we could to-day. We'll try to do better to-morrow, after & sleep over night. You can't have a dinner to-day that is to be cooked to-morrow." The crowd took the speech in good part, and thinned off-many, however, disappointed. BULL'S HEAD BANK. Neither was this Bank able to stand the pressure, which, from 11 to 1 o'clock, was brought to bear upon it with great force. The depositors, in their eagerness to obtain entrance to the Bank, behaved toward each other in a manner which under other circumstances might be considered rude; but, by the aid of two or three policemen, comparative order was kept, and each man was allowed his turn. At last, however, the thing turned entirely, for, at about 1 o'clock, the word "suspension" was proclaimed, and then, after a wistful waiting, all retraced their steps, seeking consela. tion from the fact that there were many others "in the same boat." BUTCHERS' AND DROVERS' BANK. All the excitement was not in Wall street. Much of it existed at the corner of Grand street and Bowery, where is situated the Butchers' and Drovers' Bank, which sustained a heavy run from depositors and billholders for 80 long a time that at about 1 o'clock it was forced to ask time to take breath, or, in other words, suspend. CHATHAM BANK. Upon this bank the run did not appear 80 great as upon most other similar institutions out of Wall street. The amount of specie paid out, however, was very large; 80 large, that after a brief consultation among the managers, it was resolved to suspend specie payment, and accordingly a notice to this effect was immedistely posted up. Such of the depositors as succeeded in withdrawing their deposits retired greatly elated, while the tardy, who were kept too long from the counter, grumbled deeply, but not in a very loud voice. About 2 o'clock the crowd of depositors, bill-holders and idlers, who jammed the sidewalks in the vicinity of the bank, had disappeared, and externally every-

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

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

4. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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At the second board there was quite a buoyant time in the stock market. The small amount of business transacted was pretty generally at better prices. Missouri State G's advanced x per cent; Reading Railroad, 4; Passma Railroad, 5; Chicago and Rock Island, 3; New York Central Railsond, 2. Theimprovement in some of the railroad stocks this afternoon warsomething strange, in the face of the complete annihilation of public confidence. It will be seen that the improvement was confined to three or four of the most speculative railroad stocks, and that all the sales under the advance were for cash. The excitement in Wall street to day exceeded anything ever before seen in that excitable locality. From one end to the other the sidewalk and the street were covered with a dense mass of people, engaged in drawing gola from the different banks, or as mere lookers-on. The banks ware crowded with bill holders and depositors, and the culward current of gold was strong and rapid. The impression in the early part of the movement was, that the Well street banks would go safely through and meet every demand against them, but the army of clai mants increased as the hours run on, and bank after bank went down until some of the oldest, and what were believed to be, up to the last moment, the strongest institutions in the street, had closed their doors and announced a state of suspension. The muspensions to day were as follows:-Irving Bank, Bank of New York, Citizens' Bank, Merchants' Exchange Bk., Marine Bank, North River Bank, N. Y. Exchange Bank, Bt. Niobolas Bank, Butchers' and Drovers' Bk., Ocean Bank, Chasham Bank, Buil's Head Bank, Tradesmen's Bank, People's Bank, Broadway Bank, Artisana' Bank, Leasher Manufacturers' Bk. Market Bank, At the slose this afternoon the following banks had not suspended, and many of them announced their ability to go through a good many days equal to this:American Exchange Bank, Manhattan Bank, Bank of Commerce, Merchants' Bank, Oriental Bank, Mechanics' Bank, Atlantic Bank, Union Bank, Importers' and Traders' Bk. Bank of America, Mercantile Bank, Phoenix Bank, Pacific Bank, City Bank, Fulton Back, Bank of Republic, Bank of North America, Continental tank, Hanover Bank, Commonwealth Bank, Nassau Bank, Metropolitan Bank, shoe and Leather Bank, Chemical Bank, National Bank, Corn Exchange Bank, Mechanics' and Traders' Bk. Dry Dook Bank, Greenwich Bank, New York County Bank, Park Bank. Seventh Ward Bank, Bank of State of New York, According to this eighteen banks suspended to-day and thirty-three closed in full and active operation. It will be osen that with one exception all the old Wall street banks yet stand, and we have no doubt most of them can " through If It shall be deemed the best policy to prepare for the dght. It was clearly evident to-day that a new ele. ment of discord and distrust was at work. The run upon the banks to-day was evidently from a more powerful party than has heretofore appeared in the field. The demand to day was principally from depositors. Very few checks were paid in gold over the counter, but the bills were taken by the drawer of the check, and then in a new movement demanded the gold. The banks in paying checks paid out the bills of different city insiltutions, and these bills, as soon M assorted, were presented at the dif. farent banks for gold. It is a very extraordisary fact the the aggregate amount of specie drawn from al the suspended banks to-day was not equal to onequarter the amount in their vaults. The run upon the banks to-day was evidenly by the mercantile classes, a portion of which have become exasperated by the conManal contraction of loans and discounts. A# soon as 11 became apparent that such a movement had been fairly nangurated the banks most apprehensive suspended to protect their discounts. In sautting down upon their depoadtors they retain more or less security for their loans, for . many cases parties owing the banks en promissory notes not due were drawing their deposits down to the last dolar. So far as this goes the banks acted in self defence. The belief has been long entertained by many active busiases men that a suspension of specie payments would reLieve the pressure, and that the banks would in some way avoid the penalties of a suspension. This pollor has been powerfully advocated and appeared quite plausible. The determination of the banks to resist a suspension and Its penalties has created a better feeling among that portion of the community apprehansive of failure on their individual account, and the drat active operation of this faction was visible (a-day. It WM from the first indication of such a feeling

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 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.-

7. 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.

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

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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.

9. 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.

10. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Suspension of Eighteen Banks--Resólusion of others to Suspend. [From the New York papers of Wednesday.| Since the financial crisis has been upon us the city has not passed through so severe an excitement as was witnessed yesterday. At an early hour in the day rumérs were rife that several of the city banks had Buspended, and immediately the vicinities of the different institutions mentioned, and in fact of all the banks in the city, were surrounded with anxious and alarmed crowds, whose excitement was not allayed by seeing the omisous ammouncement ou the doors of the closed banks, "This bank hassuspended." Wall street in particular exhibited a scene which it had not presented since the terrible times of 1837. The banks were literally besieged, not alone by those particularly interested but by multitudes of idlers and alarmists.To such an extent did this reach that the aid of the police had in some instances to be called in to enable the clerks to transact business. On the street the panic manifested steelf in thousands of alarmed faces either passing burriedly along from bank to bank, or gazing in silent stupor from the opposite side walks at the crowds accending and descending the steps of the banking houses upon which the excitement seemed to concentrate. It may be hardly necesmry to my that much of this alarm was needless; but when we look at the notual number of banks which suspended during the day-irrespective of the vague rumors with reference to others flying around through an already over excited community-it is no wonder that the equanimity of the city should have been 80riously disturbed. The banks which closed yesterday are as follows:-North River Bank, Ocean Bank, Irving Bank, Merchant's Exchange, New York Ex. change, Citizens Bank, Marine Bank, Market Bank, Chatham Bank, Tradesman's Bank, St. Nicholas Bank, Butchers' s Drovers Bank, People's Bank, Bull's Head Bank, New York Bank, Leather Manufacturers' Bank, Artisans' Bank, and Broadway Bank. The Banks is Greenwich street closed their like mildfit --

11. 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

12. October 24, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 24, 1857

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preserved. Bank Failures in New York. NEW YORK, Oct. 13. To-day has been avery exciting one on financial matters. Up to 2 o'clock, 15 City Banks havn suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks. At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks 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, in the street, that the suspension will be general. It is understood that some of our heaviest houses have thdrawn their gold from the banks and replaced it as special deposits. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspendep 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 Statestocks business was large at a decline, except 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 goods line are announced, but none of any great prominence. LATEST.-The run on the Mechanics & Merchants Bank of America, Manhattan and American Exchange 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 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 State, of New York, paid out its last dollar, and certified all checks presented and then yielded. The 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 & Traders, Bowery Savings, Shoe & Leather, Continental, American, Exchange and Metropolitan, paid their demands up to 3 o'clock, the usual hour for closing.' The whole number of banks suspended today with those included in the returns of yesterday, is 16. A bank meeting was held thts afternoon at which it is understood propositions for general suspension was dis eussed, 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 3 rise, under the belief that the banks will suspend specie payments tomorrow. There was no run of any account on the Savings, except the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quanties of specie. The former had $100,090 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 Poughkeepsie, Ulster Co. Bank, Sussex Bank, Farmer's and Drover's Bank, Bank State of N. Y., Hobhoken City Bank, Farm. er'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 bills at the clearing house. That committees be appointed to confer with the Governor in reference to the calling an extra session of the Legislature to realize the suspension. That such mitA

13. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;