15805. Exchange Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 24, 1869
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8727d495

Response Measures

Full suspension

Description

Newspaper articles from Sept–Nov 1869 report heavy withdrawals/standstill at the Exchange Bank tied to the gold-market turmoil and then a suspension of operations with uncertainty about resumption. A prior 1868 note about gold movement is likely related but main episode centers on Sept 1869. Bank type not explicit in the texts.

Events (2)

1. September 24, 1869 Run
Cause
Macro News
Cause Details
Heavy withdrawals and alarm tied to disturbances in the gold market and related panic among dealers and brokers.
Measures
Large amounts of gold removed from the bank (conveyed to Jersey City) and bank restricted operations.
Newspaper Excerpt
Report ... the Exchange Bank to a standstill; about $7 000 000 of gold have been taken from the Exchange Bank and conveyed to Jersey City.
Source
newspapers
2. September 24, 1869 Suspension
Cause
Macro News
Cause Details
Suspension followed the run/standstill precipitated by the gold-market panic and heavy withdrawals.
Newspaper Excerpt
It has not yet been decided whether the Exchange Bank will resume business or not.
Source
newspapers

Newspaper Articles (4)

Article from Memphis Daily Appeal, November 18, 1868

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By Telegraph. NEW YORK. NEW YORK, November 17.-The Ve. radgo Oil Transportation Company have sold to the Erie Railroad Company, for the sum of $1,600 000, & water front of 2000 feet at the Verango Oil docks, in Weehsuken. The transfer was made subject to a mortgage of $350 000, held by the Hoboken Land Improvement Company. The certainty that this locality, at no distant day. will be the great depot and terminus of the Western ar Southern lines, induced the Erie Company to forestall any competition by securing this valuable water front. Eight buildings in Fulton avenue, Brooklyn, owned by 8. J. Herman, were destroyed by fire yesterday. Loss, $22,000, including that of the occupants. In accordance with the will of the late Edwin O. Stevens, the Stevens' battery is to be completed at a cost not exceeding $1,000,000 Gen. George B. McClellan has been engaged to superintend the work, at a salary of $10,000 & year. The engagement was effected in Parisby Mr. Stevens shortly before bis death, Gen. McClellan and he having been negotiating with several European governments for the construction of a battery similar to the one projected by Mr. Stevens. According to the will, this battery, when completed, shall be presented to the State of New Jersey, and in case it is not accepted, It shall be sold and the proceeds added to the estate. Emil Steumfels, late U. S. Consul to Maricaibo, died on board the bark Ilvia, on her passage here. A new suit against the Directors of the Erie Railroad Company was begun in the Supreme Court chambers before Judge Sutherland to-day, on the application of August Belmont. The application is founded on affidavits by Frank Work and sthers, substantially setting forth that money of the Company has been used by Gould, Fisk and Lane in furthera of stock speculations for their private interests. The affidavits further set forth that Fisk is an adventurer from New England. They also allege that Pike's Opera House has been purchased, in the sole name of Fisk, with the money of the Company to the amount of $850,000. Fisk, Gould and Lane are further charged with having issued from $23 000,000 to $30,000,000 in spurious shares, with & view of creating a corner in Wall street. The affidavits further allege that the above named individuals have denied the Directors access to the banks, and in fact managed the affairs of the company exclusively for their own interests, and in 8 reckless manner. Judge Southerland has granted an injunction which directs the of ficers and agents of the company to refrain from increasing the capital stock of the Erie Railroad Company beyond the amount now outstanding, and now in the hands of bona fide holders and also orders that the devendants refrain from removing any of the books, papers, securities or funds of the mpany from the jurisdiction of the Court and also that the funds shail be applied for no purpose but the payment of the legitimate debts and expenses of the company, and that the balance shall be disposed of in such manner as the court may from time to time direct. The court also orders that the officers and agents of the compa shall refrain from obstructing any of the directors from examining any of the banks of said company. Another suit hasbeen brought by Chas. MeIntosh against the directors and August Belmont, in which an injunction has been obtained, but whether this is in aid or against the first suit does not appear. reeley and John Gen. Grant, Horace Ru-sell Young, took breakfast at Delmonico's this morning. Gen. Grant drove out this morning to visit some friends in the city, The follo wing is the programme of his movements for the remainder of the week: to-night he dines at the Astor House with Attorney Gen eral Evarts, at & dinner tendered to the latter by the members of the bar. Tomorrow he rides out with Robert Bonner to the Fashion Course to see Dexter trot. On Thursday he dines with A. T. Stewart, at his house on Fifth Avenue. And on Friday he goes to Washington. The latest report in regard to Erie af fairs is that Jay Gould was appointed Receiver of the Company on last Thursday by Judge Barnard. Report alsosays that about $7 000 000 of gold have been taken from the Exchange Bank and conveyed to Jersey City. A rumor is current of the failure of & large house in breadstuffs, but it is not authenicated. Minister Roseorans arrived to-day, en route to M xico. He visited Lersundi this m roing, and sails this evening for Vera Cruz. Mexican advices say Senor Romero goes to Washington, and Riva Pallacio succeeds him in the Treasury. The shock of an earthquake was felt at Gleubide, frightening the juhabitants. The insudation caused much damage at


Article from New-York Tribune, September 28, 1869

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much all from unea for the National growing Bank, never And yet these customers men of brow the Tenth fortunes the of private and among the over the for g is thinking that ations, its not to ring mention house one, stem and the dange other institu The clear dangerous cleaner for individuals. stocks, look upon as think What has managed fold by brokers an inst rution such an and owned and of such of of any kind, order the manage that the mana with elique market cut instance, league break work should for would form ; interest to clique Their prete ext. and the greatly first pressed overturn becomes their an opp innosition All they want is a We are too say to for them. will serve. to day, they with to dried day of heavy to make business again on the stocks second gold (as the be case another the first day day, and busil be locked and up 80 as the and business House been done got can might be) still would until such not say time that this thing be done, has filled upon do to work a stand-still again telling do you insions how it may If I were should the say, clear make clearing than am only own conc gold brokere war, when this plan it your own were larger failed never form your suggestion ion to During the ever since nor was was suspended business ances in vogue; that of the incom the Regarding say the ever whole days of bank Bank was the case because officials can truly from by for two of a corps Tenth National emerge more credited cocclerated creditably efficiency troubles of the any bank greatly checks although bank never saw troubles were take 118 of the that I nety difficulty Its ho refused to the Bank a banks although the Governme to busi certain certified and by Mr Callender caref ful attentions of to duly couched for antleman whose to the banking to resort Tenth was Staulable benefit custon tomers on the It to Examiner of refusal hence force the embered run that rtified when ness this city for Their money and must be remem take a mutation duty cert upon time the National bank Bank thus re fuses it casting and an at the emely disaone bank another bank, bank, course bank check on ageneme another of that to take serous to the bank for mana custo mer dans ing greeable to to have forcing the its own himself as well recourse to the certify money greeada eerned, viz., its own check STREET. talk was of the the street, vesterday, The deadlock and in entered On Exchange Bank to a standstill, The late panics run it, Gold the on Gold Room ON THE of the the whole street its and business the more on brought into all the business in great part indirec to tly the ct or less at tributable was remands neglee in stocks Tenth are National meet Bank ents the d at Friday, TWO by its it. The due on the fact brokers for upon Thursday were Co. and A said, and notice yet to the inform brokers firms, Wm Belden statements, was nor did it give to send in their them of the memo made Agail but refused did Exchange that the bank and Saturday in the age Gold was said on Friday dealer who, to mar in this with large operators privilege small due to th the money are There Ex in that had immer immense the alarmingt Gold have gate, fact that increased so the been at fault ket has other points claimed to was various officers are cli of which of the Had their change Bank members of the blood have the least disagree of treating with could the if temptuous not clerks manner and been to be upals met them the better. with the be foolish York slight New-Yor the former, the Fejee Islands, Bau he he Bought for some IN choose of gentle treatment. COURT INJUNC THE TIONS degree EXCITEMENTOCHMENT be fore GOLD AND Court, Supreme brought Justice Clerke, In special term vesterday of York the Gold Caldwell Exchange Ash also worth Bank, against William the against the W. Boocock the National Bank and Samuel Bank and number of C Dornin Exchange twejof large Friday The the in Now.York Gold These on Barret & Red of Commerce out of the first gold suit, brought by field the with to that $100,000 the the are made the to the been at any In agt Alex Wood Gold in the Bank W by Hooker, other by the Hatch the defend that they fraud their and intent creditors of their concealing them


Article from Herald and Tribune, October 7, 1869

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NESBOROUGH, TENNESSEE, THURSDAY, OCTOBER 7, 1869. FAR FROM HOME. Thursday sold out his long gold and the rostrum, being overexcited loser by the transactions of the on the market. This fact beNotes of a Trip the Pacific SI o had made default firm perpetrated an known to the bull combination on Traveling Experience of D contracts, AccordOUTRAGEOUS ASSAULT UPON THE evening, and they resolved to gates to the Grand Lodge I. MIRAL. ganization the PresiF. at San Francisco. The author of this violent demonstrati said operator for his audacity. in the gold which indebted toa frind for the (day morning they successfully was said to be an Englishman, who iver, and for an hour of gold at once to 150. an ure of "seeing through" a batch of ner was heard as the severely by the operations of per cent as compared with letters from a Tennessee delegate red down. The debull cliqne. He approached the p quotations. United States Grand Lodge I. O. O. Admiral of the Sound fleet. and before held liable of course, assigned is the fact that session during the past few days latter could begin to make an impresa erences. Francisco. These letters were not in the rise of gold offered untenances, most of upon his exasperated hearers, dashed ten for publication, but embrace quotations for such large fist in the face of the portly Managing unprepossessing expoints of interest to members of the as to frighten the bears rector of the Erie. Of course there the crowd. They because the movement ternity and the general reader. an immense sensation, and a po ealers, and men of reason we should be pleased. Isappear desperate. and they professions drawn speedily captured the belligerent space permit, to reproduce them purchasing wildly. ge excitement, and him off to the lock-up. What Not being able to do so, we shall ha EARS DEFIANT. disposition of the offender was / nities to profit by it. be content with a portion of the dot a prominent banking picked. of course, haps our police reporters may they contain millions of gold at 60. and kleg fraternity were nothing further at this AT AND NFAR LARAMIE. ent. margins, this being that Mr. Fisk retired to endly suggestions of ing to the rules of the ilt. The delegates and their traveling THE STATUS OF was The marginswhen callpanions were at Laramie on the The brokerage firm THE SMASH. promptly responded to they got a substantial Broad street, have observers were defact became at once cents per caput. Members of ed as the leading at this downfall of From this time bade then welcome to their R Gould & Martin. Ea cursor of a similar of gold declined to sell became unable to Mountain city, and did much to exchange. They sav irators, preferring to disthem feel that they were indeed An excited crowd gatheret rators in the gold to other concerns known friends and brothers. The delegates f the Stock Board pretty soon, under the lead bull ring. ited the lodge room of the order of man, a mob of German effected their credit of the extremely high others, entered the place place, and were agreeably surprised onjecture. As soon to-day of gold-ranging completeness and comfort. The adjustment, and if need be struck many now there contains 17 cent., or 365 per cent. per rove far otherwise. persons at the door, surprised the bear element. zealous Odd Fellows. They were to preserve order, denied the old. in conjunction not understand the movement with three rousing cheers, to which ust which these exsion. An attempt was made the hotel last responded three more almost when Mr. Henry DA engendered, affect loaned at about by several friends, urities, Leaving Laramie at o'clock in on this afternoon. they soon passed into the impression was lent demonstration by stating bulls, who, if unable take b country. For some distance violence would be met by force that to-day the to-day, will compel of the road could be seen wide-spread than body might get shot. Thus th parties to be saddled with could tell who the concern of sage. 10 king as perfect but all through the 160, equivalent to the sale if result of regular nding disaster at that price. anxious riduals went in night they got glimpse INFLUENCE. THE BULLS AT BAY. of the firm. to know hat chance aramie river. and journeyed for nd various theories large amounts of gold which was of getting their dues from them. view of that beautiful h the Government itated on the market at the time and To of these of the pure atmosphere g its inevitable intive r cent. was claimed. caused politely replied that nobody knew of the party complained iture of the unholy ulls pause in their operations, as tired. So the found the what they could do. amblers, Some parcould not understand where they representative the SUN smooth as they used and ly informed and P. M. in from, and also at this time a report jeets of interests rnment had loaned that the Government of the leading bankers in the They passed many millions to This had the further bluffs and deep ravines, and ading bankers, takjuraly ze the combination of the bulls how smooth road could be Heathand his partners closet ufficient amounts price suddenly from 166 to 133. back office aside from the main rough country. Sunday HOME. with a janitor the door. damp cold day, and plies which the little clerk caught every made applicants found overcoats necessary to bulls until they angry tumult. Ceberus replied with a lie, In addition to their regular mach for the fight. it at "clock, in they are quite "square" for a aquestion where he was going. he Our friend the banker. who could try, the passengers are abundantly blessed if an't going home to lent them half dozen millions stock men crushed plied with California I never had such day them through. after which are to be delicions witness the death a million of private All comfortable the in rear Heath. STERLING DEALERS IN COIN. Heath. be AT ECHO CANNON the genuine dealers in the morning, there million people in the When the train reached this from all bargains. Morhalt made, that religious Bliss, & brokers. wouldn't make which wedged like to hear might be performed in the midst offer in coin even for so small sum dealers, boothaste. grand do that seathing two pound draft. Trevor, Colgate the glory of God. On curtains the Co.s office. and those of other coin dealanything of stopping place was with people at affairs sed : not too tight. bright brown rocks, towering in sums small of eurious broker from gold, in regard Heath perpendicular form, hundreds of the Pauline Markham advancing price. chief bove their The place was look & Could. Martin, arly fitted for the solemn reference to the principals her wound up seemed to realise the fact- All the in IndRoom of the train. and eigement. ing to the base of a eliff lifting by both bulls whether their bove the clouds. reverently joined bankrupt. assumed every possible phaze. ligions worship. Regular church The Summing up of the opinperformed by the Grand doubt that nearly if and the entire company of of the members of the Gold Exjoined in the singing which had been crippled, if not actually Again on the train. they soon reach from named. payment. where they remain but a few dark 9 early vehemently he drove through the heat The chief point of discussion with BRIGHAM'S DOMINIONS. dollars of gold slush of reference to the ability of certain suspenPassing by and through the great and he firms being able to make good their tains of Utah! What reflection dollar obligations of sterday. bid would virtuous Gentile who has never of prominent houses, who able to paraded. tempt men the hard life there before : In a land at last broker. pass through the ordeal of plurality of isenjoined GOLD yesterday. undoubtedly be purchased duty, instead of being condemned of in to-day, with their creditors. reports remark that penitentiary offense! Just think of the Gold the Exchange suspended prominent Bank. price of the precicease to wonder that our traveling has it that the clerical of firms are able to pay up. would for a while think of nothing CENES. the Bank inadequate to the Only fifty miles distant from the inadeof of the reason In Wall of by street. the business IPALS, quarters of Brigham Young and his lifeh suddenly forced upon that in- at the disposal of firms and firms wives and stitution. and that the operators rushing of combination to The fact is and a train therefore unavoidably kept out of their re- ordinary. o'clock approached, the thoughts to every How in the another report is to effect calamitous and an innord, who is reputed inevitable result. that the institution insolvent. his first visit to the movement GRAND MOUNTAIN SC PENERY. this may be, early in the day the Bank known that something with. Gould & Marhucksters The magnificent scenery in view that The very fused to pay any further accounts until liam M. Tweed sides is the object of constant the the ascertain could they precise r B. Sweenv. unbounded admiration. The customers, and Tembia and put up the price of or Stern Bros. of have never before passed brokThe of suspension. Co. Among before never in affected precautionary KERS half grand and cannot tenbthirdstougandeat the spot. that to be witnessed in that in When know but we late that any price. clique through chich they noon in report The first view of our own Lookout that the Bank itself had failed. K and the felt tain inspires the beholder with epidemic Heris undertaking to decide the standing the greatness of nature. but Waller institution. we give the reports Non-use hour. molehill compared with these on street. observer. if it had been posHAND IN. kissing mountains of Utah. THE PRESIDENT OF T one be calm in the midst street was indescription, however minute EXCHANGE BANK TO ted fact. that curate, would give the reader York Gold Exchange material for study dense 58 and like correct of their Saring Brothers, of blocked NEW YORK, sept. 24, Duncan. Sherman and grandeur. In order to watching with To Editor of the Sun: deposited in the erly comprehended the great sight the rapidly changing The Gold Exchange seen. millions in gold to indicator. Many of the that does not settle with were various THOUSAND MILE TREE. cluded every variety of and millions of dollars Many miles such scenery too, who had not a dollar that the accounts shall The of bove noted are passed eir interest was equally inP. after which dealers. giving comes in view of Prained as the case and that on this the balance due him. uations of the market miles from Omaha. Word is passed incan, Sherman & the bank is ons dollars in re seedy looking of the the cars, and the passengers rush the real objection to the windows to get a glimpse of this Butterfield, which lyoperators long since ceive to be that under sentinel marking time and space had their brief day the market, with clearances any broker ma wilds of Utah. the street. and now. like the party. much business a capital FIRST MORMON TOWN. seenes of their former MARTIN, could do without the bank drawn there The next object of special intere 000 or 8300.000, and thus Gould, Martin & of excitement which pass the first town on the route inha ulation are given that aid materian vesterday, ed by Mormon people. The known physiological the price of gold. and preve ion to the operators regaled with a look at Mrs Thom itself extraordinary occaspecie payment. adjusting the No. 15. and are assured by that the whole mass of the comAT THE Gold Exchange seem animated by lady that her husband has a P. About 3 o'clock THE SUN rought the parties name. and is the fortunate Late in the afternoon ited the Exchange Bank. The marters of the gold Churn fourteen other wives. A man stood obstinately for was filled with a mob of a refused to square four wives call on the passengers of many faith d secured statehalf-crazed men. asking for their balant quire the news from the States. and disgust. They in and were crowd The struggling, d early in the day Roman audience in the Coseem very much attached to him. instances fighting. The private room decidec to forte a appears to be about equally attached be supposed to have looked erms. The leaders jammed. The cashier stood behind t.offrie each of them. The delegates refused to devour a Christian. the German bankdesk in s shirt sleeves, pale but resolute. vorably impressed by the appearance crowd grew A policeman pied his club at the gate the women, and do not like the IT is stated an expedition of 300 men to the mob from reaching the cashier. d the sidewalk and married" system. at first glane off from Cedar Keys, on the 14th ult.. got th of the street, "Curse your infernal sont. roared a AT


Article from The Evening Telegraph, November 2, 1869

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The West Indian Fleet. The Miantonomah, one of the most powerful ironclads in the navy, has been ordered to join the West India squadron. It is the opinion of Admiral Porter that the naval force of the United States now in Cuban waters is sufficient to clean out the entire Spanish navy. The forts at Havana, in the opinion of our naval officers, would be of no account in resisting the passage of our ironclads into the harbor. FROM NEW YORK. The Elections Progressing Quietly-Premature Rejoicings. NEW YORK, Nov. 2.-The election is progressing very quietly, though quite a large vote is being polled. The weather is delightful. Only a few fights have occurred thus far, and but one or two arrests have been made for illegal voting. A large omnibus, with six horses attached, is at City Hall ready to carry policemen wherever their services may be required. The excitement, such as it is, is confined entirely to the local tickets. It is said Horace Greeley is running largely ahead of his ticket. In Brooklyn it is also very quiet, though an unusually heavy vote is being cast for such an unimportant election. It is estimated that over 40,000 votes will be polled there. The Evening Democrat claims 14,000 majority on the State ticket. In Jersey City the election is progressing quietly, the contest being mainly on City Clerk, there being two Democratic candidates and one Republican. There is considerable feeling on that issue. The Money and Stock Market. Despatch to The Evening Telegraph. The stringency in the money market has abated. and the rates are now 6@7, with fair demand. The consolidation of the Central and Hudson, of which so much was expected, proved to be a dead failure. and both stocks are down considerably. Central reached 178, but rallied again to 181. Other stocks are off, in sympathy with the Vanderbilts. The gold market shows great weakness, and the premium is lower than at any time since 1865, 197% The tendency of the market is lower. 1t has not yet been decided whether the Exchange Bank will resume business or not.