15593. Chatham 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: 005b54c0

Response Measures

Accommodated withdrawals, Full suspension

Other: Multiple newspapers report widespread panic; no specific clearinghouse action mentioned.

Description

Multiple contemporary newspaper dispatches from Oct 13–14, 1857 describe depositors withdrawing (a run) on Chatham Bank and the bank posting notice that it suspended specie payments on Oct 13. The accounts do not report a subsequent reopening or a receivership/closure for Chatham in these clippings, so the final outcome is not confirmed here; therefore I classify as run -> suspension -> unsure. Cause attributed to the wider 1857 financial panic (macro financial news) rather than a discrete misinformation event or bank-specific scandal.

Events (2)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread panic of October 1857 causing runs on many New York banks; depositors withdrew large amounts of specie from Chatham Bank.
Measures: Bank managers consulted and decided to suspend specie payments; a notice of suspension was posted.
Newspaper Excerpt: Such of the depositors as succeeded in withdrawing their deposits retired greatly elated... the amount of specie paid out, however, was very large
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: Suspension occurred amid the broad financial crisis/panic of mid-October 1857 when many New York banks closed or suspended specie payments.
Newspaper Excerpt: The Chatham and Bull's Head banks have suspended
Source: newspapers

Newspaper Articles (10)

1. October 13, 1857 Evening Star Washington, DC

Article from Evening Star, October 13, 1857

Click image to open full size in new tab

Article Text

TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & 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. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended

2. October 14, 1857 Western Reserve Chronicle Warren, OH

Article from Western Reserve Chronicle, October 14, 1857

Click image to open full size in new tab

Article Text

Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.

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

Article from New-York Daily Tribune, October 14, 1857

Click image to open full size in new tab

Article Text

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-

4. October 14, 1857 New-York Daily Tribune New York, NY

Click image to open full size in new tab

Article Text

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-

5. October 15, 1857 The Weekly Portage Sentinel Ravenna, OH

Article from The Weekly Portage Sentinel, October 15, 1857

Click image to open full size in new tab

Article Text

Financial Matters in New York. NEW YORK, Oc. 13.-The following banks of this city, suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens' and Ccean banks, in all, numbering eight banks. The Chatham, Bull's Head, Market and St. Nicholas Banks have also suspended. (SECOND DISPATCH. NEW YORK, Oct. 13.-The bank suspensions have attracted a dense crowd into Wall street this afternoon, while other business streets were comparatively desert. ed. In addition to those announced up to two o'clock, the Tradesmen's Bank, Artisan's Bank, Butchers and Drover's Bank, and the Bank of New York have since sus. pended. It is feared that a general suspension is now inevitable, though several of the old banks announce their ability and determination to continue specie payments. It is reported that the Marine Bank is stopped by an injunction obtained by one of its cus. tomers, and it is presumed that the same course has been pursued with regard to oth. er banks. By this means the penalty of winding up which attaches to the act of suspension is evaded, and it is generally thought that the suspension will, in most ca. ses, be only temporary. This understanding tends to relieve some of the excitement. [SECOND DISPATCH.] To-dey has been the most exciting one in financial matters. Up to 2 o'clock filteen of the city banks suspended specie payments, of which the following is a revised list, viz: The Bank of New York, Arti. zan's, St. Nicholas, Chatham, Ocean, Market, Butchers & Drover's, Merchant's Ex. change, Irving, Citizen's, Tradesmen's, Bull's Head, New York Exchange, North River and Morine. Wall street at 2 o'clock was crowded with an anxious mass of people The steps of all the banks were blocked up by people forcing their way into the banks. At the American Exchange Bank David Leavitt addressed the crowd, assuring them that the banks would pay all to the last dollar. He also announced ithat 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 f e houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day effecting d nearly all the banks in the city. The above list gives all that certainly suspended up to three o clock. S The run on the Brooklin Savings Bank h was renewed to-day, but with less vigor, the bank paying promptly. Several raifures among the dry goods firms are announced, but none of them are very prominent. d [THE LATEST ] The run upon the Mechanic's, Merchant's Bank of America, Manhatter, and Ame ica

6. October 15, 1857 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 15, 1857

Click image to open full size in new tab

Article Text

General Bank Suspension and Excitement in New York. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens, Chatham, Bulls Head, St. Nicholas and Market Street Banks.There is a general run on the Wall Street banks and intense excitement in the streets. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on state st., is announced. Harrisburg, Oct. 13. The House reconsidered yesterday's vote on the reiief bill, by a vote of 55 to 32.

7. October 15, 1857 Holmes County Republican Millersburg, OH

Article from Holmes County Republican, October 15, 1857

Click image to open full size in new tab

Article Text

Suspension of New York Banks. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchants Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head, St. Nicholas and Market Banks. There is a general run on all the Wall Street Banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order.

8. October 16, 1857 Daily Nashville Patriot Nashville, TN

Article from Daily Nashville Patriot, October 16, 1857

Click image to open full size in new tab

Article Text

The New York Banks. The news from the city of New York is anything but pleasant in these times of disaster. Our telegraphic despatches of yesterday announced the suspension of the East River Bank We heard reports last night also of the Chatham Bank and the Grocers' Bank, that added to the gloomy news. It may be well, however, to state that neither of these banks stand among the financial monarchs of Gotham. The Chatham Bank has a capital of only $400,000, the East River $319,918, and the Grocers' $300,000 In the West these would be pretty considerable banks, but in New York they are small concerns. In New York City there are fifty-six banks, with an aggregate capital of $65,557,755. On the 3d instant, they had in specie in their vaults $11,400,413, with a circulation of $7,916,102. Their discounts for the week ending Oct. 3d, were $105,935,489, and their deposits $67,978,657. These vast figures will at once indicate the disaster that would follow the suspension of the lead ing banks of New York City The people may care but little for those that have fallen, but should the Commerce, with its capital of $8,222,000, or the American Exchange, with its $4,614 950, or the Metropolitan with its $3,800,000, or the Manhattan, Mechanics, New York, American, Repub. lic, Continental or Park, with their $2,000,000 and upwards;-should either of these mammoth institions suspend, it would be the beginning of trouble to which we are yet strangers.-Lou. Courier.

9. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA

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

Click image to open full size in new tab

Article Text

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 --

10. October 28, 1857 The Spirit of Democracy Woodsfield, OH

Article from The Spirit of Democracy, October 28, 1857

Click image to open full size in new tab

Article Text

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;