Commercial Bank - New York, NY

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 32b25ba2

Response Measures

Accommodated withdrawals

Description

Article (Wheeling Daily Intelligencer, 1857-10-15) reports moderate runs on various savings banks in New York and that the Bank of America and Commercial Bank propose to put 10% on deposits but continue paying specie. No suspension or closure of the Commercial Bank is reported, so this is a run-only episode, likely driven by the wider 1857 panic (systemic/macro news).

Events (1)

1. October 14, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread financial distress and runs in October 1857 (general suspensions and runs reported in multiple cities).
Measures: Proposed to impose 10% on deposits while continuing to pay specie (temporary deposit restriction).
Newspaper Excerpt: They propose to put 10 per cent. on deposits in the Bank of America and Commercial Bank, and continue paying specie.
Source: newspapers

Newspaper Articles (1)

1. October 15, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 15, 1857

Click image to open full size in new tab

Article Text

BANKING MATTERS. NRW ORLEANS, Oct. 14.-The branch mint has purchased from the banks 200,000 in silver bullion, paying gold affording them some relief.The Union Bank has suspended. A heavy run on all free banks. Great excitement prevails. ALBANY, Oct. 14-The city banks have resolved on a general suspension and will take the notes of all the Country Banks at par. The Banks at Trenton have suspended. There is no excitement. BOSTON 14th.-At a meeting of the bank Presidents this evening a general suspension of specię payments was voted. HARTFORD 14th.-All our banks have suspended except the Connecticut River Bank. No excitement. NEW YORK, 14th.-A run is now going on upon the Seamens' Savings Bank. BUFFALO 14th.-The meeting of Bank President's held this morning was unharmonious in its action and adjourned till this evening when it is believed a general suspension will be the result. NEW YORK, 14th, P. M.-Wall street comparatively quiet. There has been a moderate run on the various Savings Banks, but all demands were promptly met by the Institutions in this city, but three in Brooklyn were obliged to close. At last accounts the officers of the N. Y. Savings Banks were holding consultation upon their further course. They propose to put 10 per cent. on deposits in the Bank of America and Commercial Bank, and continue paying specie. The Manhattan Bank is said to be doing the same.