15708. De Launay, Iselin & Clark (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 5, 1854
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
6bf3d249

Response Measures

None

Description

Contemporary reports (July 1854) state the Wall Street banking house 'De Launay/DeLauney/De Launcy, Iselin & Clark' suspended payment in early July 1854 after the discovery of Robert Schuyler's large over-issue of Harlem Railroad stock. Articles give dates around July 5–9, 1854. No article mentions a reopening; I classify this as a suspension leading to failure (suspension_closure). OCR variants of the name (De Launcy, DeLauney) were corrected to the supplied name.

Events (1)
1. July 5, 1854 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed discovery of Robert Schuyler's massive over-issue of Harlem Railroad stock; panic and related failures in broker and banking circles prompted the suspension.
Newspaper Excerpt
it is reported that De Launcy, Iselin & Clark, one of the heaviest banking houses in Wall street, suspended payment to day.
Source
newspapers

Newspaper Articles (2)
1. July 15, 1854 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, July 15, 1854

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Article Text

CONCORD, July 7. The Senate on its part has electedHarry Hibbard U. S. Senator for the coming term. NEW YORK, July 9, It is reported that De Launcy, Iselin & Clark, one of the heaviest banking houses in Wall street, suspended payment to day. BOSTON, July 8. The recent developments in New York are exercising an unfavorable influence in money affairs in this city. Stocks have considerably declined to-day. State street is generally excited by the failure of Wiils, & Co., extensive and well known brokers and stockdealers. Their liabilities are not stated.

2. July 25, 1854 Spirit of the Times Portsmouth, Ironton, OH
Article from Spirit of the Times, July 25, 1854

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Article Text

Grand Fraud. The commercial circles of New York were much excited on the 5th inst. by the discovery that Mr. Robert Schuyler, President of the New York and Hailem Railroad, and the transfer clerk thereof, had made an immense over issue of stock -amounting to nearly two millions of dollars. Schuyler has left the country. Since the discovery of this fraud, it is reported that Richard Schell, a large negotiator and loan discounter for the Schuylers, and DeLauney, Iselin &Clark one of the heaviest banking houses in Wall street, have suspended, and that Blatchford & Rainsford, brokers for the Harlem Railroad company have failed. It has also produced a panic in the money and stock markets of Boston. Willis & Co., well known and extensive brokers and stock dealers, have failed, and othe failures are reported.