15928. Greenwich Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 15, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
d688f890

Response Measures

Accommodated withdrawals

Description

Articles (Oct 15–16, 1857) report substantial withdrawals at Greenwich Bank during the 1857 panic (drain of about $100,000 on the earlier day, then reduced deposits). The bank limited specie payments but remained open and officers awaited events; no suspension, receivership or permanent closure is reported. Cause attributed to the wider 1857 financial panic rather than a bank-specific scandal or a discrete false rumor.

Events (1)

1. October 15, 1857 Run
Cause
Macro News
Cause Details
Withdrawals occurred in the context of the broader 1857 financial panic; depositors withdrawing amid citywide banking panic rather than bank-specific insolvency or a specific false rumor.
Measures
Restricted specie payments; paid out small amounts in specie when justified; continued business while limiting specie redemption; paid Clearing House balances.
Newspaper Excerpt
GREENWICH BANK. The amount of deposits and money paid out at this institution was about one half of that on the preceding day. On Tuesday, the deposits were, in round numbers, $60,000, while on the following day they amounted to not far from $30,000. The amount drawn out yesterday in bills exceeded the deposits by perhaps $20,000, while on Tuesdaythe eventful day of the weekthe drain on the treasure in their vaults was $100,000.
Source
newspapers

Newspaper Articles (2)

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

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Article Text

gold on deposit, not more than $10,000. Several pas. ple came for their specie in the morning. The besiness generally was more healthy than it has been for come days past. DRY-DOCK BANK. All is perfectly quiet at this institution, and it con Linues, for the present, to meet all demands against in gold. EAST RIVER BANK. The excitement which was manifested about this bank when it first suspended specie payments appears to have subsided; but the officers decline giving my information relative to the affairs of the institution. FULTON BANK. This bank is doing business as usual, specio ments alone being suspended. Before refuing spocia, pay. they had paid out $60,000 in gold to depositors, have $122,000 left. They did not refuse specionalM ME Wednesday morning. Several small specie deposits were made yesterday morning, and before the bank closed & large amount of gold had been deposited One house put in over $6,000. There seems to be a very general impression that business improve. The bank paid to the Clearing-House in the morning $16,000 in gold. In cases where billholders required small sums of specie they were cheerfully accomme! dated. Where it was evident that the gold was wanted for brokers and speculators, it - refund. The receipts were $125,000, payments $225,100, up to GROCERS' BANK. This bank was doing no business. Mr. Charles Denison, the President, was on Tuesday appointed Receiver for the institution, but it has not yet been decided to go into liquidation, as the decision of the Courts will admit of the vacation of the order, and permit the Bank to resume business if its managers desire to. GREENWICH BANK. The amount of deposits and money paid out at this institution was about one half of that on the preceding day. On Tuesday, the deposits were, in round REALbers, $60,000, while on the following day they amounted to not far from $30,000. The amount drawn out yes. terday in bills exceeded the deposits by perhaps $20,000, while on Tuesday-the eventful day of the week-the drain on the treasure in their vaults was $100,000. They express themselves perfectly satisfied with the present appearance of financial matters, and calmly await the progress of events, being assured that the worst has passed. HANOVER BANK. The Hanever Bank has received some ten or twelve thousand dollars in gold on deposit, according to the statement of its President. Our reporter was requested not to interrupt the tellers, and was able to learn nothing more than that the transactions were not extraordinary. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank received some $8,000 in gold on deposit. Many depositors are drawing out their deposits in bills in the fear that a receiver may be appointed, and their deposits be locked up. IRVING BANK. This bank opened at the usual hour yesterday morning for the transaction of all business except redemption in specie, and its counters were visited durirg the day by numerous depositors. Confidence appeared to be entirely restored among its customers, and they were returning for the usual business transactions. LEATHER MANUFACTURERS' BANK. The business of this institution was resumed on Wednesday morning, with the same restrictions as in the case of the other banks. The Teller was directed in his discretion to pay specie on the bills of the bank when presented in small amounts, and when the transaction seemed to be in good faith. When the bank suspended on Tuesday they bad over $40,000 in coin is their vault and $90,000 in the Clearing House. MANHATTAN COMPANY. The line leading to the teller's wicket of the Manhattan Company numbered near fifty persons within a few minutes after the doors were opened; there WES no excitement however, and the usual business was transacted with the exception of paying out onin. Many were present to have checks certified. MERCHANTS' BANK. But few persons were present, and these manifested LO evidence of distrust or excitement. No change was perceptible in the business, except in the non-payment of coin. NATIONAL BANK. There was no excitement about the doors of this institution. The usual routine of business was followed with the exception of paying coin. In some instances bank bills were paid on checks, but this was avoided by the bank as far as possible. There were but few persons in attendance at the bank during the day. There was over $500,000 in coin in the vault of the bank when the doors were closed. BANK OF NORTH AMERICA. Everything was quiet at this bank, and business was conducted as usual-the payment of coin to depositors excepted. When bills of the bank were presented in small amounts, they were redeemed in specie. In cases where it was evident that the coin was asked for purposes of speculation, it was refused. MERCHANTS' EXCHANGE BANK. This bank is continuing business as usual, with the exception of payments in specie. They yesterdey morning paid their indebtedness to the Clearing House, and opened their doors for business as usual The officers state that the Bank is in & situation to move along with the customary business without barrasement. While our reporter was in the Bank yesterday & number of deposits were made, and all was quiet outside, there being no crowd or excited ment. MARINE BANK. Before closing this bank paid out, in the two days' run, to depositors and bill-holders, $50,000. They have now less than $25,000 in the vaults. Business goes on as usual, specie payments excepted. The receipts yesterday were $64,000, of which $5,000 was is specie, and disbursements $44,000. To accommodate legitimate business the bank paid specie for bills is small amounts. MARKET BANK. This bank is doing business as usual, with the exception of refusing specie payments. Current bills are received on deposit and checks certified and paid


Article from The New York Herald, October 16, 1857

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BLOOMINGDALE SAVINGS BANK. This institution has experienced but a small drain in comparison with other banks of a like amount on deposit. It is now located at 549 Sixth avenue having removed from their old site at the corner of Broadway and Thirty-first street on the 1st of May last. this institution was established in 1854, and on account of the cautiousness and judgment of its managers could now safely live through any run that panicstricken depositors might choose to make. Its funds are kept in the United States Trust Company, and are therefore available at any time, the bank being the gainer by any sudden withdrawal, as those so doing would of course lose their interest. They have carefully avoided tying up their money under bords, mortgages, &c., as they anticipated a crisis or run of this kind, and accordingly put themselves in a condition to avoid being paralysed by a sudden charge in the public mind like the present. The drafts yesterday were very slight; indeed, the transactions of the day were scarcely distinguishable from their ordinary deposits and drafts. Their business hours are from 1 to 4 P. M. At the Irving, Broadway, Emigrant, Industrial, East River, Manhattan, Mariners', Clerks', Greenwich, and Mechanics' and Traders' there was neither "run" nor excitement. Things wore their every day business appearance. Some were taking out and others paying in at all these institutions. Claimants were paid in bills and small amounts in specie. The ten per cent rule was acted on in most instances, but relaxed when a case of necessity appeared. The large majority of those who withdrew their savings were new depositors; the old standard customers are too certain of the solvency of these institutions to give way to foolish excitement. Quite a large number of those who had previously withdrawn their deposits were re-deposit-ing them yesterday. They did well to act promptly on returning sense, and it would be highly beneficial for all those who were influenced by the panic mania to "go and do likewise." BROOKLYN SAVINGS BANK. We learn from the officers of this long tried institution that everything is going on as usual, and that yesterday the receipts were more than double the payments. # PIANOFORTE AND ORGAN MANUFACTO-RIES. EFFECT OF THE PANIC ON DEALERS IN, AND MANU-FACTURERS OF MUSICAL INSTRUMENTS-GENERAL PARALYZING OF THE TRADE-TEMPORARY CLOSING OF ESTABLISHMENTS, ETC. The dealers and manufacturers of luxuries, ornamental wares and instruments, have, as a class, undoubtedly felt the effects of the present money panic vastly, if possible, more than those who are concerned in the manufacture and vending of articles absolutely necessary for daily use and to promote the business and commerce of the country. Thus, while the panic has seriously affected the ironmon-gers, carpenters and other useful branches of the city, it has had a much more severe effect on the manufacturers of musical instruments, &c, many of the oldest and largest establishments having within the past day or two entirely suspended operations for the present, barely keep-ing sufficient men at work to complete and finish up work that it is absolutely necessary to have, in order to fill con-tracts, &c., already made. Several other establishments have reduced their number of men, in some instances over one half, while very many of them are keeping the usual complement at work, either on half pay, or half or three quarters time. With two or three exceptions the manufacturers have as much work as they could well do by keeping the full complement of men on full time, but are unable to do so for want of funds to pay off the men after the work is completed. Several others have more pianos completed and on hand than a cash market can be found for. Most of the shops, however, that have suspended or lessened their number of hands are hopeful that in the course of two or three weeks they will be able to resume work with their usual complement again, while others have resolved to remain with a reduced number of workmen through the winter. As a general thing where the shops have suspended, the men have not been discharged and are merely holding off, or, in other words, lying idle until the proprietors of the shops shall have made up their minds what course they will pursue for the future, as it is generally supposed that most, if not all, of the shops had merely stopped for the purpose of being on the safe side in case the panic should last any length of time, particularly so after the banks had shut down on the deposits of the proprietors of many of the places as they did on Tuesday, rendering it abso-lutely necessary for some of them who had large deposits to borrow sums as low as $50 and $100 to meet their im-mediate engagements with, after having tried in vain to get money from their banks. Our reporter yesterday continued his visits among the manufactories, for the purpose of ascertaining the effects of the panic on the working classes of the city, taking the pianoforte, organ and melodeon manufactories of this city and Brooklyn, all of which, with one or two exceptions, he visited during the day, and procured the following state-ment of their affairs, present and future prospects, from the proprietors themselves or persons in charge of the re-spective establishments:- PLANOFORTE MANUFAUTORIES. FIRTH, POND AND CO., Corner of South Third and First streets, Brooklyn, E D.