15592. Chatham (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
ec8c8605

Response Measures

None

Description

Multiple contemporary dispatches (Oct 13, 1857) report Chatham Bank among ~15 New York city banks that suspended specie payments during the Panic of 1857. Articles describe a general financial panic and coordinated suspension; several pieces state suspension was expected to be temporary and banks sought legalizing suspension. No specific reopening date for Chatham is reported in these articles, but the coverage repeatedly frames suspensions as likely temporary, so I classify as suspension_reopening with some uncertainty.

Events (1)
1. October 13, 1857 Suspension
Cause
Macro News
Cause Details
General financial panic (Panic of 1857); widespread runs and pressure on New York city banks led to suspensions of specie payments on Oct 13, 1857; coordinated decision by banks to suspend counter payments is reported in several dispatches rather than an isolated bank failure or fraud at Chatham specifically. Excerpt examples: Up to two o'clock fifteen city banks had suspended... Chatham; The following Banks have suspended, up to 2, P. M. to-day... Chatham (Oct 13, 1857). Note: multiple articles list Chatham among suspended banks on Oct 13, 1857. (Quoted snippets drawn from the supplied articles.)
Newspaper Excerpt
the Chatham ... have suspended
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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Monetary Matters in New York-Great Excitement. NEW YORK, Oct. 13.-Today has been a very exciting one in financial matters. Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: 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. The latter, it is said, was stopped by injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way. By this means the penalty of winding up, which is attached to suspension, is evaded. It is believed that suspension in most cases will be but temporary. This state 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 mass of people. The steps of all the banks were also blocked up by people forcing their way into the banks. At the American Exchange Bank, David Leavitt addressed the crowd, assuring them that that bank would pay all up to the last dollar. He also announced that an agreement had been made with several of the strongest banks, to go through without suspension. It is believed, however, in the streets, 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 specie deposit. 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 P. M. The others, it is believed, continued to meet their liabilities up to the clocs of businss hours. The sales of Railroad Stocks at the first board were small, at a general decline. In the State Stocks the business was large at a decline, ex cepting Virginia and Missouri. Bank Stocks all sold at a decline. The run on the Brooklyn Savings Bank was renewed today but with less vigor, the banks paying promptly. Several failures in the Dry Goods line are announced, but none of very prominent firms.

2. October 14, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 14, 1857

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LATEST NEWS. NEW YORK, Oct. 13, P. M.-This has been a day of intense excitement in financial circles. Business is almost entirely suspended. As may be observed below, several of our city banks, which were considered strong, have given away before the pressure, and suspended specie payment. According to the State Constitution they are obliged to go into liquidation; though some scheme, in this general crash, may be devised as an emergency for their future relief. The following Banks have suspended, up to 2, P. M. to-day, viz:-Merchants' Exchange Bank; Marine; Irving; North River; Ocean; People's Bank; Citizen's; Bull's Head; New York Exchange; Pacific; Park; and East River; Chatham; St. Nicholas and Market. A heavy run is now being made on the American Bank, and it is thought it will givein. Indeed, all the banks are being run upon, both here in Brooklyn, Williamsburg, Jersey City, &c., as also in many parts of the State. It is a blue day.More failures of merchants are announced.

3. October 14, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 14, 1857

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NEW YORK, Oct. 13.-Tne Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens', and Ocean banks have suspended-cight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head Banks have suspended.

4. October 15, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 15, 1857

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LATEST NEWS. The Financial Crisis. New York, Oct. The following banke have suspended today Ocean, Merchant's Exchadge, Chatham, Marine, River, Irving. Citizen's Banks North St. Nicholas and Market Wall-st. Bulls Head, geneneral runson the the streets. There is and a intense excitement in banks to Policemen are banks, stationed at many preserve order. LATER. New York, Oct. 13. was an exciting in had financial susToday 15 city banks list matters. The following is the revised New York, Artirans. St. & Dropended. of Butchers Nicholas Bank Ocean, Market, Citizens, Catham, Merchants Exchange, Irving, River and vers, Bull's Head, North said, was The latter, it is stopped and it Marine. an injunction other Tradesmans, customers, by is presumed procured by way! one of banks its have been stopped in the with same an anx Wall st. at 2 P. M. was crowded of all mass blocked up by banks into the banks. At addressed way David Leavitt them that all also anious can their Exchange were assuring of people. people He the the forcing Ameri banks the the crowd, the last dollar. been made would pay an arrangement had to go of the strongest It is without suspension. nouced through with several that the banks suspension believed however, in the street, that is understood that will be general. heaviest It houses have replaced withdrawn it some of our from the banks and rumors du their special gold deposits. There were nearly all the ring the morning city, affecting but the list 'gives all that The banks certainly in the suspended up to 8 to p. m. meet all had it is believed, continued hours. others. to the close of business at the liabilities sales of railroad stock In State 1st The were small, at a decline. decline, exMo. stocks Board business was large at Bank a stocks are cept in Va.'s and Run on Brooklyn Savings vigor, sold Bank at was decline renewed to-day with less the bank paying promptly. LATEST-FOUR MORE SUSPENDED. run upon the Mechanics and & Merchants, American The of America, Manhattan and continued Bank Banks severe. Broadway Exchange close of business. The out $140, up to the held out till nearly 3, paying The LeathBank when it gave out. 000 in Bank held er and Fulton Banks a tremendous The7th under Manufacturer's specie, 'Ward pressure. subsequently o'clock. closed. out afBank closed at 2 during the The People's out $19,000 specie New York ter paying Bank of the State of certified day. The dollar, and The paid checks out presented, and Bank then paid all demands, its Exchange last yielded. customers all American others shut out their North America but several The Bank of Corn Ex at was 3 o'clock. protested this P. pay M. specie The or bills, change Bank checks. refused to The Oriental, Mecha- Shoe but certified Traders, Brewery American Savings, Exand nics and Leather, Continental, Banks paid their change demands and up to Metropolitan 3 o'clock, the usual hour for closing. number suspended to-day, the The those whole that were included in returns with of yesterday, meeting was is sixteen. held this P. of M., gen- at which A bank it is understood discussed, a proposition as also the propriety eral suspension of urging was the of Governor the Legislature. to conan second board of under the At the all took a rise paychange banks will suspend 60 that the Missouri sixes, lief vene to-morrow. Stocks extra session the Reading, specie Stock 1-2; 33; Ex be- the ments Chicago and Central, Rock Island, F5: Panama, 58; 31. on New There York was no run of any account the Broadway Savings Banks, Blecker excepting street. They are of hand the and the in the city and The have former on at strongest of specie. availathe large opening quantities -day had $100,000 in dited ble The means following country banks are discreto-day River Bank, Goshen, Clyde, Merchants Bank Bank, Oswego, Syracuse. Carmel, Briggs Eagle Bank, Bank, Rochesof Commerce, Hudson County ter, Bank Poughkeepsie Farmers Bank, and Traders Bank, of Bank, Newburg, Ulster County City Bank, Bank, Sussex State of N. Y., Hoboken, Bank of Bank, Jersey Bank City Bank, Farmers the Montague. following are in substance: The resolutions passed this at of the New York meeting The That official the banks Bank Presidents of the paying suspend it even- over specie payment is as concerned, but bills made at of one Committee be aping: lar their exchanges counters that far another's as u of regu- the the Clearing to House; confer with the Governor an extra session State pointed in reference to calling legalize the suspension: 12 o'clock to-morrow. that of the such Legislature Committe to leave for Albany at Boston, Oct. 13. & W. Lyman, The suspension commission of Messrs. merchants Gen. on T. State street, P. is announced. considered Harrisburg, yesterday's Oct. 13. 32. vote The on the House relief re bill, by a vote of 55 to

5. October 15, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

6. October 15, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 15, 1857

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Bank Failures NEW YORK, Oct. 13. To day has been a very exciting one on financial' matters. Up to 2 o'clock, 15 City Banks had suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchant's Exchange, Irving, Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction precured 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 thrt 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 withdrawn their gold from the banks and replaced it as specię deposts. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspended up to 3 P. M., The others, it is believed, continued to meet their liabilities tothe 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 goods line are announced, but none of very prominent firms. LATEST.-Tne run upon the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to close of business.

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 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.

9. October 17, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 17, 1857

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[SECOND DISPATCH.] NEW YORK, Oct. 13.-Five more banks -the Chatham. Bull's Head, Tradesmans', Market and St. Nicholas-have suspended. [THIRD DISPATCH.] New YORK, Oct. 13, P. M.-The Marine Bank was stopped by an injunction on its customers, and it is presumed that the same course was adopted in regard to others By this means, the penalty of winding up which attaches to suspension, is evaded, and renders it probable that suspension in most cases is only temporary. This understanding relieves public excitement.

10. October 21, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 21, 1857

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TEN NEW YORK CITY BANKS GONE UP. -The following banks of this city suspended this morning, Oct. 13 : The Marine, Pacific, Irving, Merchants' Exchange. North River, New-York Exchange, Citizens' and ocean- Chatham and Bull's Head Banks have suspended--(in all 10 banks.