Fulton Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 19, 1826
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 34d74f7b

Response Measures

Accommodated withdrawals

Description

Multiple July 1826 newspaper reports describe a prodigious run on the Fulton Bank in New York that was promptly met and the situation quieted. There is no mention of suspension, closure, or receivership for this bank in the provided articles.

Events (1)

1. July 19, 1826 Run

Cause: Rumor Or Misinformation
Cause Details: Part of broad panic and alarm about money affairs in New York; heavy crowds and runs on several banks but no specific insolvency at Fulton reported.
Measures: Withdrawals were promptly met; authorities (the Mayor) addressed crowds to allay panic.
Newspaper Excerpt: The run upon the Fulton Bank ... was prodigious, but every thing was promptly met, and now all is quiet
Source: newspapers

Newspaper Articles (3)

1. July 21, 1826 American Watchman and Delaware Advertiser Wilmington, DE

Article from American Watchman and Delaware Advertiser, July 21, 1826

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Article Text

NEW-YORK.- I The situation of the money affairs in New-York is certainly far from enviable, but as We believe it has arrived at the lowest possible state a change for the better must speedily take place. The Editor of the Evening Post says-" Those of our readers who do not mingle in the bustle of business. or who reside abroad, cannot form the smallest idea of the excitement in this city, in relation to the affairs of our monied institutions. It is, however, so excessive, that, for the moment, little else is spoken of and this must be our apology for again introducing the subject to our readers' altention. Yesterday two chartered companies stopped payment, namely, the Franklin Manufacturing Company, and the United States Lombard Association. A communication, signed Many Mechanics," in the same paper, says' this week has been one of much anxiety to the holders of notes, bonds. &c of the numerous new Banks, Lombards, Insurance Companies, Sc., and it is understood there have been no less than three or four blow ups. But for the credit of the city it may not be amiss to state that the old established banks are in good credit The distrust and anxiety rests more particularly upon what are generally denominated the new generation which die in disgrace and leave the holders of their bonds ashamed of their credulity. disappointed and ruined in their finances, and but little entitled to the sympathy of their fellow cuizens." Philadelphia, July 19. The agitation and alarm which appears to pervade New York, in relation to MONEY MATTERS. is pitiable. There can be no comfort, hardly tranquility, in a city where there are daily explosions s which threaten fearful ravages." The Life and Fire Insurance Company in that city, stopped on Monday. There is, says the Commercial Advertiser of last evening, a great crowd in Wall and William streets. The same paper, speaking of the Tradesmen's Bank, says, " the crowd in Chatham Square is immense, and the press upon the Bank great. The outer doors are open, but the inner doors shut" "The run upon the Fulton Bank," says the Commercial, yesterday was prodigious, but every thing was promptly met, and now all is quiet " On Monday, and even on Tuesday morning, there was a run on the Franklin Bank, which was promptly met. The Mayor of New York, has addressed the crowds and assisted to allay the panic. The Notes of the Greene County Bank are not taken in Wall-street, but it is not ascertained whether the Bank has failed outright" The Directors of the Jersey Bank attribute their failure 10 three heavy runs, and the difficulty of collecting their debts. They hope to pay off 20 per cent. monthly. From this detail and many rumors circulating, as to some Banks in New Jersey, we would strengous. ly recommend to our citizens, to take no small Bank Press. Notes, but those of this city

2. July 25, 1826 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, July 25, 1826

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Suit. The Fulton Bank. The run upon this institu- thing tion yesterday was prodigious," but every We ras promptly met, and to-day all is quiet. passed the Bank since 12 o'clock, and there was nobody at the foors. Franklin Bank There are so many comthe most excellent name such as the Franklin Bank, of Jersey, panies The bearing of the Franklin, Franklin Franklin Company, and the that the Old Franklin Bank, in lin next on the way, they Company, Manufacturing Square being surrounded Frank- not it-but the crowd was composed of persons of one in ten of whom had a dollar of the paper before that Bank. However, an alarm spread, and the closed, something like 25,000 dollars had been in specie. But the friends made their deposites in specie, rallied, Bank drawn of and the thous- when bank there was actually many ands of specie than when the run it was renewed for a ced. doors more This closed; morning commen- found time; but when the holders of bills came in, they boxes such lots of specie upon the counters, and hour, opening, that most of them, after the first returned, and preferred keeping the paper.- there At 12 o'clock, there were no persons It the extra clerks were standing idle. of and quite amusing to sit and watch the holders they bills was -to see their long frightened visages as in, relax into a smile as they looked upon and came piles of specie, pocketed their bills again, the marched the out. So much for our rambles among banks and brokers to-day. From the New-York Statesman of Tuesday Evening Banks, Bonds, and Bills. - With feeling an- of sincere and deep regret, we are compelled to havthe failure of another public institution, form ing nounce afloat an unknown amount of paper in Company the The Life and Fire Insurance of payment this morning, and with is with a mass of people, exsuspended again bonds. thronged Wall filled street anxiety, fear, and hope. We trust that some shortplanation of the affairs of this Institution will and ly appear, that will serve to allay public feeling restore confidence in its securities. Franklin It is but justice to mention, that the Company, and the Franklin Manufacturing Com- divalthough similar in name. are two very pany, tinct institutions, although both for manufacturing and not bonds. purposes. The former manufacture es flannels The Jersey Bank has announced its intention to at its payments on the 1st of October next, resume the rate of 20 per cent. monthly, until its present circulation is all redeemed. From the National Advocate, July 13. There never was a time of greater alarm than present in banking institutions, nor ever a The pethe when there was less occasion for it. public riod mind has been agitated without sufficient and The holders of bills should look to it, for cause. themselves no unnecessary uneasiness, state by of that give very uneasiness will they bring about a affairs which they are so anxious to avoid. Tradesman Bank. Yesterday the crowd in Chatham-square was immense, and the press upon Bank considerable. The outer doors ere that the but the inner doors shut. We understand not pen, has been the alarm, that the Bank dares $200.such paying their bills with less than alcommence but that, in consequence of the panic, 000 they have $750.00 of unquestionable raise pa- the nece-sary per, though they cannot at the present moment Franklin sum. Bank. - Yesterday there was moment. a slight run upon this institution, but nothing of any Its stability is unquestionable. Bank. - We were mistaken yesterday Bank. in City that any run had been made on this of excitement. stating Every thing wasquiet, and not the slightest appearance United States Lomburd.-It is stated in and the papers that by the Charter, the extablishment. Mayor evening ex-officio directors of the Reader The Life are and Fire Insurance Company suspended payment York, yesterday. July 19.- The Ohio Canal contracted Loan New One Million of Dollars, has been for Mr. J. J. Astor, of this city, who understand gave for by for Six per cent Stock. We Commispremium amount of money offered to the half Milthat sioners the for Stock, exceeded Two and a lions of Dollars. Life and Fire Insurance Company in The another incorporated institution, stopped of this this city, yesterday. The capital tran-actions have stock payment was $600,000, and its ascertainCompany, We have no means of Compsbeen extensive. amount of the engagements of estimate the them ing the can only say that the public million ny, and half a million to upwards of a are, of at from The present officers of the institution dollars. Eckford, President, Joseph G. Swift, Secretary, AsHenry sistant President, Matthew L. Davis, Nathaniel Blossom, Assis't. [Mer.Adv. agitation and alarm which appears MAT- to perThe New York, in relation to MONEY comfort, vade is pitiable. There can be no daily TERS, tranquility, in a city where fearful there ravages. are hardly " which threaten that explosions and Fire Insurance Company in the The Life stopped on Monday. There is, says a great city, Advertiser of last evening, The Commercial Wall and William Streets. same crowd in speaking of the Tradesmen's Bank, says, and paper, " in Chatham Square, is immense, the crowd upon the Bank great. The outer The " the press open, but the inner doors shut. " doors are the Fulton Bank, says the Commercial, was run upon was prodigious, but every On thing Monpromptly on Tuesday morning, yesterday and even met, and now all is quiet." there promptly was day, Franklin Bank, which was the run on The the Mayor of New York, has addressed The met. and assisted to allay the panic. crowds the Greene County Bank are not whether taken Notes of but it is not ascertained Directors in Wall Street, " has failed outright." The three the Bank Bank attribute their failure to their of the Jers and y the difficulty of collecting monthdebts. heavy runs, hope to pay off 20 per cent. National They at a distance, says the It ly " No one can realize the excitement here. a Advocate, be improper to say much about the means " would in producing such a crisis at circulating, present. employed this detail and many rumors strenuFrom Banks in New Jersey, we would small as to some recommend to our citizens, this city. to take no only Bank Notes, but those of [Phil. Press. tion of dame Fortune A good thing well applied.- favors, our In town the distribu- has not

3. July 25, 1826 The Litchfield County Post Litchfield, CT

Article from The Litchfield County Post, July 25, 1826

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COUNTY POST. TUESDAY, (MORNING.) JULY 25. CHARLES CARROL.-Every thing of interest relating to the signing and promulgating the Declaration of Independence, is published at the present time with the greatest avidity; and although fifty years have rolled away since the glorious deed was done, almost every thing said about it appears to the younger part of community entirely new. It is but a short time since reminiscences" of the deeds and actors of the revolution were begun to be published; and we hope that those in whose memory, or private writings, is chronicled the minute incidents of the "olden times," will continue to interest and instruct their younger brethren until every thing is told, that can be told. The venerable man whose name heads this article is the only survivor of the signers of the charter of our liberties; and this day,-July 25-closes fifty years since his signature was put to the instrument. Being a Catholic, he was, on the fourth, on a mission to his catholic brethren of Lower Canada, whom he hoped to bring over to the patriot cause, and did not return until twentyone days after Adams and his compatriots had immortalized their names, among whom he immediately rolled_himself. Thus the was the last to sign, and is the last survivor of those who did sign the instrument which separated us from England. It needs but one event to complete this grand climax of political coincidences, and this is, that he should this day be called to join his brethren who have gone before him,-which may Heaven in mercy avert, by sparing him still longer to his country and his friends. Breaking of Banks.-Our readers cannot be too cautious in taking bills of Banks at a distance. For a week past rumour with her hundred tongues" has been busy in circulating doubts as to the credit of a great number of the New-York banks, both of the city and country. The Tradesmen's and Fulton Banks have been hard run, and their solvency is condereddoubtful. The Middle District (Poughkeepsie,) Bank is said to be in good credit; but the Green County, (Catskill,) Bank is said to be down. The citizens of New-York,and would that they were the only sufferers, and of them, only the friends and supporters of the lobby-influence-faction, of 1824, are now reaping some of the fruits of the labours of their ever memorable legislature of 1823 and 1824. Maj. Noah, in his Enquirer of the 14th, gives a formidable list of Banks possessing a splendid capital of 4 or 5000,000 dollars of-paper money, while their vaults present but a beggarly account of empty boxes. We copy the following accounts of certain Bank failures from the New-York Statesman. For several days the city has been filled with alarm in consequence of the stoppage, one after another, of several monied, or rather un-monied institutions, which it seems have been under the control of some bold speculafors, without much other capital than what they raised by the fictitious paper they set afloat under the name of the companies they governed. The Jersey Bank snapped several days since, and no explanation has yet appeared of the cause, while curses loud and deep are heaped upon the active managers of the institution. Yesterday, after many severe pangs, the United States Lombard, and also the Franklin Manufacturing Company, breathed their last; and to-day the Hudson Insurance Company, which yesterday gave signs of approaching dissolution, expired amidst the groans of the gulled and disappointed speculators in their bonds.-The bills of the Greene County Bank cannot be sold at any rate this morning, and on enquiring the cause, we could only learn that this Bank, the Lombard, and the Hudson Insurance Company were all under the protecting care of the same parents. President Adams, it is said. is to be the compiler of the biography of his deceased father. This work, which will comprise a highly interesting and important part of our