15630. City Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: October 14, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 3537a90d

Response Measures

Accommodated withdrawals, Partial suspension

Other: Bank suspended specie payments (invoked notice rule); posted public bulletin explaining continued operations.

Description

During the Panic of 1857 there was a run affecting many New York banks. City Bank experienced heavy withdrawals but continued operations — it suspended specie payments while continuing business and later planned to resume full operations. Cause is the 1857 systemic panic (macro news).

Events (2)

1. October 14, 1857 Run

Cause: Macro News
Cause Details: General monetary panic of 1857 and suspension of specie payments by other New York banks prompted heavy withdrawals and a run on City Bank.
Measures: Refused to pay out specie (suspended specie payments), continued receiving deposits, certified checks, and continued non-specie business; officers reported confidence and increased specie holdings.
Newspaper Excerpt: This institution resumed business on Wednesday morning in all its branches except the payment of specie.
Source: newspapers

2. October 14, 1857 Suspension

Cause: Macro News
Cause Details: Suspension of specie payments (partial suspension) as a response to the widespread panic and banks' refusal to receive other banks' notes, leading to conserving specie reserves.
Newspaper Excerpt: This institution resumed business on Wednesday morning in all its branches except the payment of specie.
Source: newspapers

Newspaper Articles (8)

1. October 15, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 15, 1857

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PROGRESS OF THE RESSURE EFFECT OF THE GENERAL SUSPENSION. EXCITEMENT ABATED. New-York City Bills taken at Par. ARRANGEMENTS IN REGARD TO STATE MONEY SAVINGS BANKS FALL BACK ON THE LAW. DEPOSITORS REQUIRED TO GIVE NOTICE. The Run Running Out. MERCHANTS ASK ACTION FROM THE LEGISLATURE THE EFFECT OUT OF THE CITY. From the unparalleled excitement of Monday, Wall street yesterday fell back to comparative apathy. Everybody seemed satisfied that the suspension was the only course to be pursued, and, although the event was the leading theme of conversation, no surprise and but little dissatisfaction was manifested. The ordinary course of business, which had been in a condition of derangement and uncertainty, began to take its usual form, and from the chaos of the past week some promising signs of order began to appear. Of course, the run on the Discount and Circulation Banks in a great measure ceased; but the Seamen's and Bowery Savings Banks were besieged at an early hour. In order to avert the serious consequences which would inevitably result from the exhaustion of their specie, the officers of the various Savings Institutions held a meeting, and resolved to take refuge behind that clause of the law which requires depositors to give notice of their intention to withdraw their money. This course materially checked the flow of specie, and will probably terminate the unwise panic among depositors. In the course of the day our reporters visited all the Banks in this City, Brooklyn and Jersey City. Below we give the result of their inquiries: ARTISANS' BANK. The Artisans' Bank is doing a very quiet business. It is restored to the Clearing-House, and stands now on a par with its fellow-suspenders. BANK OF AMERICA. The business was conducted at this bank as at the others-no specie being paid out. But few persons were in attendance, and there was no excitement. AMERICAN EXCHANGE BANK. The business transacted at the counter of this bank was large. The line of persons numbered over fifty Checks were certified and received on deposit, and, as in the case of the other banks, no coin was paid out. BANK OF COMMERCE. The Bank of Commerce has paid checks in the bills of other banks, received considerable deposits of gold, loaned $30,000 or more, and conducted business as usual, with the exception of paying specie. The Bank of Commerce receives special deposits of specie, checks drawn against which will be paid in specie. BANK OF THE REPUBLIC. The Bank of the Republic refused our reporter information on Tuesday. It was not applied to yeeterday. BULL'S HEAD BANK. Notwithstanding the reports which have been circulated for some days past relative to the suspension of this bank, it continued to pay specie upon its notes, as well as upon checks, until about 2 clock p. m. yes. terday, when it complied with the advice given by other banking institutions, and suspended specie pay. ments, having between $10,000 and $11,000 in its vaults. Quite & number of deposits were made in the bank yeeterday. BUTCHERS' AND DROVERS' BANK. The Butchers' and Drovers' Bank, which suspended Tuesday, with considerable specie on hand, opened again yesterday for business, on the non-specie paying baris, giving bills for some checks, certifying others. The officers of the bank express confidence that in the course of a few days they will be enabled to cash checks where the amounts are small. BROADWAY BANK. At the Broadway, the usual business was transacted, with the exception of paying specie. There had been 8 run on the United States Marshal's office, and Capt. Rynders came around about noon for a pile of bills. A large amount was drawn out in bills. CENTRAL BANK. The Central Bank is situated at the junction of Fulton and Washington streets, and was the first to stop. It is stated that this bank is endeavoring to make settlement, of which it will in due time apprise depositors, checkholders, and others having business to transact with it. CITY BANK. This institution resumed business on Wednesday morning in all its branches except the payment of specie. CHATHAM BANK. The business at this bank is carried on as usual, specie payments excepted. Checkholders exchanged largely for bills cn Wednesday morning. A few small specie deposits were made. On Tuesday $17,000 were paid out before stopping. Only $800 remained at the time of suspension. When our reporter called at 4 m. for further information, the officers had gone home. CITIZENS' BANK. The injunction which was recently put upon this bank, and precluded it from transacting any business whatever, was removed yesterday morning, when it immediately resumed operations, except paying out specie. CHEMICAL BANK. The Chemical Bank paid specia all day. It resolutely refuses to suspend. There was quite a brisk run from 10 to 12; it fell off then to almost nothing. The business of the day resulted in & diminution of specie of, say $35,000, a much less sum than was expected. The officers feel an increased confidence in their ability to meet everything in coin. They have received deposits to a large extent, principally in specie. One man deposited $9,000. One man said yesterday that he had about $15 000 locked up in his safe, which he would send round in the morning. When it becomes generally known that it is determined to pay specie, there can be no doubt that its specie will be largely increased. The average amount of coin in its vaults last week was $343,000. To-day it has $400,000. The Chemical Bank receives the bills of other banks on deposit; checks on these its are payable in currency only. This will protect the bank from depositors who deposit merely for the purpose of running it, and will preserve the specie value of the old deposits. The President of the bark, Mr. Jones, assures us that he voted against suspension in every instance at the meeting of the banks on Tuesday evening, and that he can by no means be held as acquiescing in the

2. October 15, 1857 New-York Daily Tribune New York, NY

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NEW-YORK DAILY TRIBUNE, THURSDAY, OCTOBER 15, 1857. ceivers All those THE HUDSON COUNTY BANK. raised from $500 to $2,000, and no run whatever has on We This institution, which was compelled to suspend been made upon it. One very desirable transaction, At a specie payment on Monday opened for business again which our reporter was informed of for his special for the or at bills, benefit, characterizes this Bank-that of paying speyesterday morning, and posted the following bulletin action seoutside the door: pretty cie for its own bills. Prese the 'This bank, owing to a refusal of the banks in bank Roosev CITY BANK. New-York on Monday and Tuesday to receive its dealers' ing opi Saturday The City Bank, in Atlantic street, has the following checks, added to a panic then existing there, forced a run on In al us, which was met as fast as our receipts and availabilities could on $14,000; notice posted on the railing in front of the desk: In it is dee be used yesterday. This calamity is now over, and the bank half sterday will continue its business by receiving deposits, making colStatute 'consequence of the suspension of specie payments lections, and in a few days will resume discounting and its each of the ingly, n by the banks of New-York and Brooklyn, this bank usual business. The thanks of the stockbolders, directors and der that stated that officers are due to the depositers and billholders for their confialso suspends specie payments." The officers of That ao dence in the integrity and ability of the bank on this trying in this bank state that there was very little demand any occasion." tice of 1 the during ten day made upon them for specie payments. Anything like liabiliti while the THE SAVINGS BANKS SUSPEND SPECIE a report of the amount paid out the previous day was Even PAYMENTS. stocks refused-the utility of publishing any statement can be 1 PAYMENTS TO BE MADE ONLY IN CITY NOTES. being considered useless. This bank pays specie on be expe its own bills. New-York, Wednesday, Oct. 14, 1857. After he is to FARMERS' AND CITIZENS' BANK OF LONG ISLAND morethan At a meeting of officers of Savings Banks, held yesor not. The Farmers' and Citizens' Bank of Long Island some terday at the banking-room of the Seamen's Bank for esday A ba was among the first banks which were thrown out at did mount Savings, in Wall street-present, representatives of pay all the other banks. Nothing particular doing. the following institutions, viz: specie I gave they Bank for Savings, Bleecker st, Manhattan, America LONG ISLAND BANK. for larger East River Savings Institution, Martners', was hel Mechanics' and Traders', Bowery Savings Bank, The Long Island Bank, in Fulton street, presented number, by Appeal Institution for Savings of Mer-Dry Dock, this in the following notice to all visitors: When Broadway, chants' Clerks, Greenwich, I'n consequence of the suspension of the New.York City under Irving Savings Bank, acting i banks, this bank will, for the present, decline paying in coin. Seamen's Bank for Savings. Emigrants' Industrial, When Williamsburgh. With this exception the business of the bank will be conducted South Brooklyn, the Rev as usual." Brooklyn, it IS dis While our Rerporter was calling at this bank a Mr. John C. GREEN, of the Bank for Savings, was excitement grant a gentleman stepped in and presented a check, stating trolled 1 called and called to the Chair, and W. PLATT, of the Seamen's be gran that he bad been requested to receive the amount in a with Bank for Savings, was requested to act as Secretary. An e gold. He was informed that gold was played out. After discussion, the following resolutions were proof affairs granted Another man who was refused $200 in gold thanked in the at unless i posed: 1. The Banks of Discount and Deposit in our city having sus. the Teller, and told him that he wished he only had necessa sums. small pended specie payments, the Savings Banks are necessarily comThe $500,000-he would leave it all there, as he was not in acpelled to pay the depositors only in the bank notes of those inpened (when i the least timid. stitutions; while they paid specie the Savings Banks paid gold have to fraud o to their depositors, and they will now pay in the currency of MECHANIS' BANK. these institutions, which is secured by stocks with the ControlAs a The ler of the State. The Mechanics' Bank, in Court street, was paying junction most 2. Resolved, That the Banks for Savings be recommended to probIt w specie, on small amounts, for the purpose of making adhere to the rules of payment according to their by-laws; but from bank that each institution be recommended to pay such amounts as quested charge. The usual amount of business done at this shall be deemed sufficient to meet the necessities of depositors. the Ju E. PLATT, Secretary. bank is about $7,000 per day. Recently it has not extricts, v ceeded this amount. It receives the bills of all backs The meeting then adjourned. cate to withdrawn; It i@ 1 passed at the Clearing-House. Checks on such banks demands DEMAND FOR A CALL OF THE LEGISLAtion the are also received. itself TURE. MECHANICS' BANK, WILLIAMSBURGH. great de required MEETING OF MERCHANTS. There was about the usual amount of business doing of the < intended The Merchants' Exchange was crowded yesterday at this bank. They are said to have about $40,000 in sanction amount the circulation, with $20,000 in specie on hand and a conafternoon by the merchants of this city, assembled in suspens was positor siderable balance due from the Clearing-House. This tion or response to a call to consider the bearings of the susclaimed, tion-a bank has also suspended specie payment. pension of the Banks upon the interests of the public, the among anot ea the general welfare

3. May 26, 1882 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 26, 1882

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# THE DEATH OF MOSES TAYLOR. For Half a Century a Leading Merchant and Banker in the City of His Birth. New York Sun, 24th. Moses Taylor died at his residence, 122 Fifth avenue, at a quarter-past six o'clock yesterday morning. A year and a half ago he was attacked by paralysis, and since then he had suffered from a variety of complaints, and his strength had gradually ebbed. At times it so far returned as to excite hopes that his life might be prolonged, but when on Thursday last symptoms of bronchitis appeared, and the disease developed into pneumonis, Dr. Sabine gave up hope. All Mr. Taylor's family except one son, who is in Europe, were about his bedside when he died. The flags on nesrly every bank in Wall street were set at half mast yesterday, and the flag upon the City Bank, of which Mr. Taylor was President, was heavily draped with crape. At noon the directors of the bank met and adopted suitable resolutions. A special meeting of the Board of Directors of the Delaware, Lackawanna and Western Railroad took similar setion. Both boards with attend the funeral. Moses Taylor's life history is interesting as the narrative of a remarkably successful career, identified with the mercantile and financial development of the metropolis during the past half century. He was born January 11, 1806, at the corner of Broadway and Morris streets, when the business centre of the city was in Wall street, and the limit of population was drawn at Canal street. His boyhood was passed in the locality in which he spent the mature years of his life in active business. He was a descendant of Moses Taylor, an Englishman who immigrated to this country from London in 1736, and a century and a half after this founder of the New York family had established himself in business, a lineal descendant in the third generation, and of the same name, was conducting business within a stone's throw of his ancestor's home and shop. The youngest son of the pioneer was the grandfather of the Moses Taylor who has just died. He was born in 1739, and was a man of family at the time of the Revolution. He removed to New Jersey when New York was captured by the British, and while he lived there, Jacob B. Taylor, the father of the merchant and banker just dead, was born. In 1813, when Moses was seven years old, his father removed from Broadway and Morris streets into what was then upper New York, his new home being in Broadway, nearly opposite what is now the New York Hotel. For an education young Taylor was sent to private schools in Chambers, Church and Thames streets. The bent of his mind was practical rather than scholastic, and at the age of fifteen, with a good common school education, he entered upon his business career. He got employment in the counting room of the shipping house of G. G. & S. Howland, which now exists as the house of Howland & Aspinwall. The business of the house was enormous. Its vessels sailed to nearly every port known to commerce. Here the young man's intelligence and industry soon attracted the notice of his employers. His motto was "to be always ahead at his work." The systems of the various branches of the business were all more complicated than at present. During successive promotions young Taylor made himself thoroughly conversant with the duties of each department. As he advanced he was allowed to make small ventures on his own account, and he soon provided himself with the capitl which enabled him, in 1833, at the age of 26, to begin business on his own account. He had saved from his small salary, and accumulated from his speculations, $15,000 during his eleven years' service as a clerk, and had gained a thorough knowledge of the business he had embarked in. To experience and self-earned capital he added great self-reliance, energy and a good character, which placed within his reach ample credit. This he kept good by never using it. He put up his first sign at 55 South street, but soon moved to 44 South street, which during fifty years was his place of business. He formed a deep attachment for this part of South street. It was the scene of his struggles, vicissitudes and success. Such a man as Moses Taylor would not speak of a locality as lucky, but he regarded the spot as suspicious. Five of his clerks, who grew up in his employ and left him at different periods to go into business for themselves, settled within a hundred feet of their former employer, who used to cite with gratification the fact that all of them were eminently successful. His own beginning, however, was not auspicious, notwithstanding all the favorable conditions mentioned. Just as he opened his office the cholera broke out in New York, and all business enterprises were depressed. The young merchant waited patiently for the revival. Three years later he had got his business under prosperous headway, when the great fire of December, 1835, swept away his store, and its contents were totally destroyed. He succeeded in saving only his books. On his way home in the morning, exhausted from his labors, he met his father, to whom he expressed the belief that he was ruined. "Never mind, Moses," said the Alderman. "You have good health; try again." "I will, sir," replied Moses, with determination. Before night he was at work, arranging to reopen his business. He opened an office in the basement of his house in Morris street, and as soon as an office could be found in the business district he moved into Broad street. He realized more from his insurance than he had expected. This he invested in the importation of those commodities for which the fire had created the greatest need. He made more by these operations than he had lost by the fire. The day after the fire he arranged with his landlord for the rebuilding of a store on the site of 44 South street. The work of construction was pushed so rapidly that it was one of the first houses erected after the fire. Soon afterward he bought the property. From general trading Mr. Taylor began to make a specialty of the Cuban trade, and from this his house became one of the largest in the sugar trade. For many years, however, he continued to import from and trade with all parts of the world. He was also at one time an extensive shipowner, and chartered vessels as well, but all of these and other mercantile ventures were subordinate to the Cuban trade, upon which he concentrated his best energies, and from which he accumulated the greater part of his large fortune. He had not taken an active part in the business of his house for nearly twenty years before his death. The detalls have been conducted by his partners, Mr. Lawrence Turnure, Mr. Percy R. Pyne, his son-in-law, and his son, Henry A. Taylor. In 1855 Mr. Taylor was chosen President of the City Bank. When the panic of 1857 came there was a run of more or less magnitude on nearly every bank. The bankers organzed for mutual aid and protection. At their first meeting after business hours on the first day each was called upon to give the loss of its specie reserve. Losses of from fifty to ninety per cent. were reported. When the City Bank was called Moses Taylor replied: "We had $400,000 this morning and we have $480,000 to-night." He distinguished himself most as a bank President during the late war. He was a strong advocate of the proposition that the banks should loan money to the government to meet the enormous expenses of the war. For a year and a half he filled the position of Chairman of the Loan Committee of the Associated Banks. Though the committee handled over $200,000,000 worth of securities, he took no compensation for his work. Even in the darkest days of the war, when the Federal Government was most sorely pressed for funds and its credit was questioned, Mr. Taylor continued his efforts as a negotiator of loans, and expressed the utmost confidence in the successful result of the conflict, the resources of the country, and its recuperative powers. It was a matter of pride with him that he did not miss a day at his desk in the bank when he was in town. After he had partially recovered from the paralytic stroke that

4. November 2, 1917 Evening Star Washington, DC

Article from Evening Star, November 2, 1917

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Liberty Bond Announcement We will accept in payment of bills and for purchases made Liberty Bonds at par. Editorial During the great monetary panic of 1857 there was a meeting of bank presidents in New York. Different men estimated the percentage of specie withdrawn during the day at from 50 to 75 per cent. Then Moses Taylor of the City Bank said: "We had in bank this morning $400,000; this evening, $470,000." Under Mr. Taylor's management the condidence in the City Bank had grown until people had simply withdrawn their money from other banks and deposited it in the City Bank. Confidence is one of the greatest assets any store can have and it can only be built with years of satisfactory service. Our 57 years of continuous growth is one of the best evidences we can give of the confidence the people of Washington have in this store. A confidence that will increase as the years go by.

5. January 27, 1919 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, January 27, 1919

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WIN SOMEBODY'S CONFIDENCE FOR YOURSELF During the great monetary panic of 1857 there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor of the City bank said, "We had in the bank this morning $400,000, this evening $470,000." Under Mr. Taylor's management, the public's confidence in the City bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant, caerful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

6. January 30, 1919 The Seattle Star Seattle, WA

Article from The Seattle Star, January 30, 1919

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Winning Confidence During the great monetary panic of 1857, there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor of the City bank said, "We had in bank this morning $400,000, this evening, $470,000." Under Mr. Taylor's management, the public's confidence in the City bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant, careful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

7. January 31, 1919 The Washington Herald Washington, DC

Article from The Washington Herald, January 31, 1919

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Win Somebody's Confidence for Yourself. During the great monetary panic of 1857, there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor, of the City Bank, said: "We had in the bank this morning $400,000, this evening, $470,000." Under Mr. Taylor's management the public confidence in the City Bank had grown until people simply had withdrawn their money from other institutions and deposited it in the City Bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant careful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

8. February 1, 1919 The West Virginian Fairmont, WV

Article from The West Virginian, February 1, 1919

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WIN SOMEBODY'S CONFIDENCE FOR YOURSELF. URING the great monetary panic in 1857, there D was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor, of the City Bank, said: "We had in bank this morning $400,000; this evening, $470,000." Under Mr. Taylor's management, the public's confidence. in the City Bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City Bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish in this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant careful regulating of your life from the cradle to the grave can you hope to win and hold the the confidence of your neighbors and friends.