15528. Broadway Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 27, 1869
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
56ad1827

Response Measures

None

Description

Articles describe removal of city funds and heavy demand for money affecting Broadway Bank (Sept 27–Dec 14, 1869). There is evidence of withdrawals and deposit transfers but no explicit suspension, closure, receiver assignment, or reopening; therefore classified as run_only. OCR errors in articles corrected when extracting dates and snippets.

Events (2)

1. September 27, 1869 Run
Cause
Macro News
Cause Details
Broad Wall Street/financial crisis and general market panic led public officials to move city funds out of Broadway Bank.
Measures
No bank measures reported in the excerpt.
Newspaper Excerpt
It is said that Peter B. Sweeney and Win. M. Tweed have removed. or are about to remove, the city funds from the Broadway Bank to the Tenth National Bank.
Source
newspapers
2. December 14, 1869 Run
Cause
Local Shock
Cause Details
Sudden large tax payments and related drains on deposits created sharp demand for money and withdrawals from Broadway Bank.
Measures
Article notes Broadway Bank intended to meet payments/calls (intend to meet obligations); no formal emergency measures or suspension mentioned.
Newspaper Excerpt
The close of fraudulent continued to apprebension ... had not and there money been have a its notification intention Broadway Bank of meet the ... to-morrow ... payment the bank being the depository was a small of but sudden demand ... delinquent in order to taxpay- make ers, who drew upon their deposits and avoid the addition immediate of the one per cent penalty of taxes
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, September 28, 1869

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Article Text

and cropt. or Hitted cursed ground where fate had engulfed them in ruin, makIng the scene, despite the crisp air dathe] bright sun, es sad one as man can wish to view. Pity Sir, pity these hounds who after burying their fangs in the flesh of others, now find themselves gored by the bulls they have baited, and gashed by the bears they have worried 1" said an honest and earnest bystander to another yesterday at noon. No. Sir : Let 'em snivel and groan. Spare your pity for the honest merchants of New York who must suffer and have suffe red by this infernal Wall-st. deviltry. Let your ache know. when up, take and gap Each -but mine don't. When this raseally business was insepted. there should have been a Prov Idential bomb shell thrown into this den of thieves, to blow them all Into the bottomless pit; and when that didn't come, the people of New York should have sent a vigilance committee down here and hanged every mother's son of them, beginning with that arch-devil Fisk." Large numbers of curiosity mongers visited the scene of the conflict yesterday and also many people who have a more solid interest in the result. The former looked for visible results, the latter came to spee late on the sults as known but not seen exce pt by those whose substance is at stake in the erisis impending over the business community. From the well worn steps of the Stock Exchange to the doors of the bank wherein 14,000,000 of gold are fabled to have been locked upon Saturday, every square inch of extraforaneous space was trodden by inquisitivovisitors, and even the seven Deputy Sheriffs, who air their dyed monstaches at the door of No 11 Broad-st. were objects of singular attention. Some of the uninitiated took them for Wall-st. bears-some deemed them Wall-st. bulls- while there is no doubt in the world that the friends of Messrs. Smith, Gould, Martin & Co., over whose treasure they keep watch and ward, regard them as septenary of bores more honorable in the cut of their breeches than in their observance of the rules of politeness. It 16 said that Peter B. Sweeney and Win. M. Tweed have removed. or are about to remove, the city funds from the Broadway Bank to the Tenth National Bank. YESTERDAY'S SCENES AND INCIDENTS. In the Gold Room a motley crowd thronged the gallery, and before the Board was called to order they amused themselves by throwing pellets of paper into the fountain on the floor of the room below and job ing over the events of the hour. It was easy to see that they were merely lookers on. The telegraphie, instruments ticked furiously, sending words of comfort to some, words of sorrow to many. Gathered in knots of three and four brokers with anxious faces discussed the prospects of the day, and berated the officers of the Gold Exchange Bank as contributing to the genof the feeling morning the delay in transacting business. In earnest and to thoughts, one, words bore marks upon and the another person in from (think Bob. favorbut the bank. bad to due I have suffer. half wounded home, that I only owe fifty thing crying the it. The conversation abate continued, and the condemned and others group, the bank been had they Tenth Bank The this bank had opinions whose seemed to stand such run a as have the lesson of think hour, that. A the daily journals. We been working have on the at many railroad of Look stocks, at that rate a atered such a hardly They be The may very pretty pictures to frame and hang up your about would lend a security. soon but, office, in the of have pictures one Harper's dollar We on Weekly. Well, railroad stock. to not makes little difference any way. said al man who as stroked his hands and moved about makes little he spoke. The country is on the road to everlasting smash. What this of condition Look and at social moral city the Is the rogues unpunished, here in this very street, men under sentence, too. Money Sir. money can do anything. Send to tail these prison birds take usurious interest and help bring about such wild scenes Purify the courts and public offices and then you may look for prosperity. I tell you what he lowered voicebelieve that his lieve peoj high power knew about this thing. You can't tell me that men would in this riug and drive up gold that in unless they to order, said Townsend Cox, esq. the President of the Board. and the conversation ceased The crow ded in front of the rostrum, and shout of Mr President," and the splinters flew on the table as the gavel descended, and each rap was accomOrder ceased The word with at panied last, and then the President, clearing his throat, said appointed to confer with the Gold change Bank are prepared to submit their report. First other things, reported, among The of that it is inexpedient to interfere with the business Thursday, that the Gold Exchange Bank should continue they had commence in the work; Second, to settle as far as possible all Friday 's contracts among brokers Clearing- House Third, that a Committee wait Bank of New York and ask them Clearing House for to-day's transactions The first two sections of adopted unanimously, butere a vote on the third and last one debate arose which postponed its fate for a time. The following resoand defeated: Iution regulations of the Gold Ex change the gold of William Belden & Co. shall not work member the room. Again excited demand of the members to be heard, and the following notice was distributed through the room New YORK GOLD EXCHANGE BANK Nos 58 BROADWAY Sept. 27. 1869. DEAR stater folThe lowing from the Albert Sperers. Williams, McClure Charles Co Keep furany statement. Yours 11. M President. BENEDICT. The clamor ceased, and a second resolution was offered asking that be appointed to confer with the Gold Exchange Bank, and to another for the purpose obtaining W. Belden & Co.'s statement, and the force of the bank was unsuflicient, that the committee should mako a copy them. selves. Agais angry growls came up from the floor. the words thiet "scoundrel," and absconder were often heard Yet the subject of these remark was not we hundred feet ay from the room at the time. No. William Belden was outside the building in New-st. and w218 chatting gaily with one of the thousand and one special Deputy Sheriffs who were lounging about the street looking after things and lay ing low.' When the angry words had died away again, the President appointed the following gentlemen sommitte of four, to wait on the Gold Exchange Bank, and obtain Relden's statement Messrs. C.W. Keep, Adolf Kepler, William Fo ster. and Joseph Tucker. Mr Ellis of the firm of Win. F Avermore & Co., read the foliowing letter NEW YORK, Sept. 27,1860 KOWNSEND Cox esq., President Gold Bo are outstanding transactions in We hereby give notice that any and which we may have been engaged are you the account of James that and Fisk,jr Will Health & Co., and Smith Could Marta may closing of such transactions by your Boar will be for the account of WERMORE those parties. WILLIAN At this juncture a gentleman stated ti at If the parties who had statement to to present to the Gold E change Bank would make them out as the officers desired. it would all


Article from The New York Herald, December 15, 1869

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Article Text

FINANCIAL AND COMMERCIAL TUESDAY, Dec. 14-0 P. M. snarp demand for money this after- out There was upon a the shitting of loans, general arising dis noon. of the based examination of securius succeed and the the recent discovtrust which bonds. The close of fraudulent continued to apprebension might eries of have been allayed toward the ceased its banking perhaps hours, had not and there money been have a its notification intention activity, Broadway Bank of meet the from the mulions to-morrow to indebtedto call three of certain city and county the city ume there ness, payment the bank being the depository was a small of but sudfunds. den demand At the on same all the banks by delinquent in order to taxpay- make ers, who drew upon their deposits and avoid the addition immediate of the one per payment cent penalty of caxes which sale is imposed of gold, in after taking tomorrow. Again. the Treasury from tne street, however temporarily. a million of added currency to the the famous general periods activity, of last which winter, at of crowded the when The crowd It so perone the Stock time throngs recalled Exchange. large streets nor gathered was in front to-day, but its numbers were not so Sull many accounts were in seeking money. were 10 quest of sistent made up. and borrowers The stock tardily late as half-past three o'clock. in some houses money cases a as paid sixteenth coin interest 10r "turning" very freely, dealers and an and were eighth for supThe government but some smaller houses piled at seven, seven, coin. on governments. rates. commissions. had to pay currency. these advanced and The was fully met at seeking to lend it who had money over There was had demand those quarter to four were o'clock. Gray a as report late as on a the street tais afternoon Messrs. that Jay Cooke local & arrested in Philadeipha statement in our been us to say that the recently purchased Co. request of yesterday that they had the irauducolumn bonds from Gray (who negotiatea to be irregucertain bounty loan bonds). which, proving him, is incorrect. lent were subsequently returned had to in all three $5,000 lar, Jay Cooke & Co. have all of which came from Messrs. the aitered Ave twenties, furnished good pieces of respectable nouses, who stock bonds in substitution. market in earlier operations showed brought a depression tendency The to recover from feeling the of the street, and the unsettled than at the about by most instances were stronger Everything prices of in business the previous day. "tight money close the board, however, when some, if not went by It was further evident that notice of all the prominent cliques, Bank as intended action of the from the the the activity arising morning, their stocks in the as expecting was felt. Broadway `getting timely payment well sus- if of they had not sold yesterday decline. indeed was no exception to the to two and a pected. taxes, There got out of down a hall as was then All the speculative shares sold little excitement over the half per shows how limited have the lowest fall, In late street dealings which cent. There was been recent was transactions. made 1or the list, but the market shorts prices were to steadiness under purchases only of the strength inclined to cover. These purchases seemed the street its had become for the general feeling adveut of on active money. The effect of bearish of the decline after the is exhibited below in the table highest Stock and lowest Exchange prices. Governing afternoon Committee to receive ap pointed The a committee of five site this on which to locate proposals for Exchange, the sale of a the present building held not on being new Stock the property of the organization May. A strong but feeling favors lease, the which location expires of the next new of the Exchange, old Post Office near and the new Post Office. The sites have also been suggested. the old HERALD rumors that Gold was heavy building despite members Washington advocated inflation, of republican aggravation of the rates and the jeil from 122% to but that the carrying caucus price gold under the under the impression was strong more for at the lower figure sales unless 122 or government had. The will government suspend ail sale total to-day of was over weil three atis tended. The bids were for from a 121.80 to 122.26. millions, at prices under ranging a better demand for bills. Foreign arising out exchange of the decline in active gold at and the the close, presence when of packet day, was firm advanced and the rates of prime was sterling the leading an eighth bankers per cent. Commercial paper Government but dull and ithout bonds new in features. the early hours weak of business and unwere steady for the five-twenties, and the other issues 60 promisettled nent in for the the advance '81's last week. and As gold the decuned day wore the ou and money became ective and closed weak, at a list became heavy, cent on the five-twenties whole of about a half per of the day. as decline compared with committees the best prices of the Adams. United The executive express companies will meet for the States in a few and days American at negotiating the Astor a House, territorial in this agreement city, the purpose of Adams to open business over to which will allow Fort wavne and Chicago Rauroad consider the Pittsburg, Adams Company will also surrendered to the Chicago. The repurchase the lines settlement the proposition Merchants' to Union at the time of the The following with that company. were the closing street prices sixes, for currency government bonds:-United 1881, States registered, 115% five109: do. sixes, 119%; 1083 a do., coupon, 11914 November, a 112)/a a 116%; registered, May and 114 1/2; twenties, 1862, coupon, do, 11414 a coupon, do., 112%; do., do., 112 1/2 a 112%; do., 1865, and July, 1864, coupon. 113; do., registered, January a 115% 111 a 111% do.. a 115%: do., 1868, do. 1867, coupon, do. ten-forties, do., 115% 112% a a 115%; do. 1805. 115% coupon, 11014. do., registered, 1151/6 coupon, 109 market do., 2 1091/; do.. coupon, for Southern 10934 securities a opened issues, unsetspecuative tled The and weak for the leading to the general "break" and hence was quite sensitive was more marked in in the and North afternoon. Tennessees The decline and Carolinas, 2814 Exception- which sold the new yielded to 42% strong and respectively theSouth Carolinas were the very prices at the last ally The following were 501/2; do., at ex-coupon. 49 a 49% do., Virginia, ex-coupon, do. sevens. board:-Tennessee, 72. 421/; a 83 1/2; new, 941/6; new, 28 a 42 Georgia sixes, 82 a 43; do., new, new, a 54 North 55; Carolina, ex-coupon, 72;1 42% sixes. 90 1/2 a 9036; 61; 60 1/2 28%; South sixes, Carolina, do., levee sixes, 98 a 99. Lousiana fives, 61 14 bid:d eights, for Alabama were the closing quotations commercial, prime foreign The following exchange -Sterung, bankers'. sixty days, 103% a 10834 short 108 a 1081/;; good to 100%; Paris, sixty days, 5.21 14 5.21 1 a a 5.17 % short sight, 10914 sight a 5.16% a 5.15%; Antwerp,