16075. Leather Manufacturers Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: October 13, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c21cdc91

Response Measures

Accommodated withdrawals, Full suspension

Other: Resumption within days with restricted specie payments (pay small amounts at teller discretion).

Description

Multiple contemporary articles (Oct 13–15, 1857) report heavy runs on New York banks; Leather Manufacturers' Bank closed its doors on Oct 13 during the panic, then resumed limited business by Oct 15 (paying small specie amounts at teller discretion). By Dec 1857 banks including Leather Manufacturers' participated in a coordinated resumption of specie payments. Cause attributed to the general financial panic of Oct 1857 (macro/systemic news and widespread runs).

Events (4)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread October 1857 panic in New York: runs on many city banks and contagious depositor panic and rumors.
Measures: Paid out specie until vaults drained; later certified checks and restricted specie payments (see suspension measures).
Newspaper Excerpt: The run upon the Mechanics, Merchants, Bank of America, Manhattan, and American Banks ... The Leather Manufacturers Bank subsequently closed its doors.
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: Suspension occurred amid the general city-wide suspension of specie payments during the 1857 financial panic after heavy withdrawals earlier that day; banks resolved to suspend and exchange bills at the Clearing House and seek legislative action to legalize suspension.
Newspaper Excerpt: At three o'clock eighteen suspensions of City Banks had been announced ... LEATHER MANUFACTURERS' BANK.
Source: newspapers

3. October 15, 1857 Reopening

Newspaper Excerpt: 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 ... when the bank suspended on Tuesday they had over $40,000 in coin in their vault and $90,000 in the Clearing House.
Source: newspapers

4. December 14, 1857 Other

Newspaper Excerpt: The fourteen banks which are parties to this movement ... include ... Leather Manufacturer's ... give notice that on and after Mond next, the 14th inst. they will resume specie payments on all their obligations. New York, Dec. 10, 1857 (notice).
Source: newspapers

Newspaper Articles (12)

1. October 14, 1857 The New York Herald New York, NY

Article from The New York Herald, October 14, 1857

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THE WARE caterualy w T 187 Greenwich street 1-North River Back Cor. Fakton and Greenwich 2-Ocean Bank Car. Greenwich & Warren. 8.-Irving " 166 Greenwich street. M-Merchants' Exchange " if 187 6.-New York Exchange a-Otisens Bank 68 Bowery. 90 Wall street. T.Marine " 8-Market Oar. Pearl & Beek man eta. One. Chatham and Duane. a.-Chatham " 177 Chatham street. 10.-Tradesman's Bank " 7 Wall 11.-84 N I shoins " 12-Butchers' & Drovers' Cor. Bowery and Grand at. 395 Canal street. 18.-People's Back Third avenue 14.-Bull's Head BADK " 16.-New York Eights avenue and 14th at 16-Leather Manufacturers' 45 William street. " 19-Artisans' Bank 117 Nassan 18.-Broadway " Cor. Broadway & Park place. The banks in Greenwich street closed their doors early, and the news spread like wildfire up town, and EOOB thought down a stream of small depositors and bill hold. ers, wao eagerly crowded upon the staps, where they were met by the bank porters and policemen, who in. formed them that the banks we e closed, and could not transact any business. The anxiety increased as hour at. ter hear brought fresh batches, paie with excitement and starm, to the scene throughout the entire day they onesinced to throng around the deors of the banks, altogether presenting a ploto e of a paste stricken multitude rarely seen even in a greas financial crieis. The backs on the Bowery and Chatham street-the Citisens' and Chetham-did not exalet the same scenes of excitement as those on Greenwich street and Wall street. But round the Enterbers' and Drovers' the confusion was considerable for some same The American Exchange and the Beak of the Republic, for some reason or other drew around them van concourae of people, so much so that la the Ameri can Exchange a large police force was in requisition to keep the bank clear in order that business could be trare. acted. The attempts to allay the pacie, and the seminances of the safety of the city banks which had previously, dayage the FGB on the Park and other banks, been success 01, utterly failed to have effect yesterday, in the face of the fact that depositions found the back doors closed against them, and that every moment throughout the day was freighted with intelligence of another, and now another, bank gone. Each report, of courie, served at first to heap fuel on the fire, and increase the excitement, but as the extent of the failures came to be realized, alarm seemed to actile down into silent despondency; and at the 0 one of basiness hours the crowds round the emailer banks gradually diepersed, heavy with the presage that the morrow was des. Meed to bring increased disester. Probably the reason why the bank suspensions of yearerday created so marh external evidence or alarm may be traced to the fact that the pressure fell upon so many small depositors: jest that class whose fears are net easily wrought upon, and whose interests will suffer most seriously The condition of the eighteen banks which sussended yesterday, as exhibited on Saturday last, was as follows CONDITION OF THE SURPENDED BANKS Naminal Name

2. October 14, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 14, 1857

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The run upon the Mechanics, Merchants, Bank of America, Manhattan, and American Banks, was severe and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors, The Seventh Ward and Fulton Banks held out under a tremendious pressure. The Peoples Bank closed at 2 o'clock, after paying out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certifled all checks presented, and then yielded. The American Exchange paid all demands, but several others shut out their customers at three o'clock. The Bank of North America was protest. ed this afternoon. The Corn Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics' and Traders, Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to three o'clock, the usual hour of closing. The whole number of banks suspended, including those of yesterday. is nineteen. A bank meeting was held this afternoon, at which it is understood that a proposition for a general suspension was to be discussed, as also the propriety of urging the Governor to convene an extra session of the legislature. At the second board of the stock exchange stocks all took a rise under the belief that the banks will suspend specie payments tomorrowMissouri 6 1-2, Cleveland and Toledo 20 12. Chicago and Rock Island 58, Reading 33, New York Central 55, Harlem 6, Hudson River 10, Panama 65. There was no run of any account on the Bowery Savings Banks, except the Bowery and Bleecker street. They are of the strongest in the city, and have on hand large quantities of specie. The former at the opening today had one million dollars in available means. The following country banks were discredited today :-Oswego River, Goshen; Merchants' Bank. Syracuse: Briggs Bank, Clyde Bank of Commerce, Carmel; Orange County Bank ; Eagle Bank, Rochester ; Bank of Newburg ; Hudson County Bank : Poughkeepsie Bank ; Ulster County Bank; Sussex Bank ; Farmers' and Drovers' Bank; Bank of State of New York : Hoboken City Bank; Jersey City Bank ; Farm. ers' Bank of Montague.

3. October 14, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 14, 1857

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Their loans were reduced $17,000 yesterday, and the specie $45,000. Bills receivable during the balance of this month, $500,000. LEATHER MANUFACTURERS' BANK. The Leather Manufacturers' Bank has closed its doers. MERCHANTS' EXCHANGE BANK. This Bank, located at No. 185 Greenwich street, suspended specie payments at 20 mnutes before 11 o'clock yesterday. During the time it was open, a large amount of specie was demanded and paid-our reporter could not learn the exact amount. The run upon this institution was mainly by depositors, and aton ded with much the same features as those already relat ed of the other banks. MANHATTAN BANK. The h 'ank of the Manhattan Company lost $140,000 in specie. MARINE BANK. The Marine Bank alosed its doors in the forenoon, in consequence of in in junction laid upon it by some of its stockholders. The hank needed only $40,000 to carry it through. Although it had ample security none of the Banks would land a dollar. It had NewYork stocks, but could not 2. aise $10,000 on $19,000 worth of them. MARKET BAN. 8. A very large crowd gathered 4 bout this back (located at the corner of Beekmen an d Pearl streets) as early as 11½ o'clock, and their effort to effect an entrance were 80 pressing that five polie emen found plen ty of employment in keeping the door ways passable. Depositors were present in strong force, and deposits were passed out to a great extent. But still 1 they came, and the stream of gold that passed from b ehind the deeks of the paying-tellers was dried up about 1 o'clock p. m. A notice was then stuck a, on the door, that the bank had suspended specie pey ment, but would remain open for the payment of notes. This gave great dissatisfaction to many among the crow outside, and some of them behaved 30 badly that the Police deemed it necessary to interfere to prevent a disturbance. MECHANICS' BANK. The Mechanics' Bank experienced a considerable run, commencing soon after 10. To checkholders they paid out notes as long as they lasted. Then they were compelled to pay everything in specie-in which about $130,000 was paid. MECHANICS AND TRADERS' BANK. The Mechanics' and Traders' Bank, in Grand street, paid every dollar up to 3 o'clock, the closing hour. MERCANTILE BANK. The Mercartile has nearly $60,000 less of specie in its (offers. MERCHANTS' BANK. The Merchants' Bank, out of nearly & million of speeie, paid $160,000. They paid out more bills than ever in any one day before. METROPOLITAN BANK, The Metropolitan Bank paid out something lover $200,000. NORTH RIVER BANK. This bank, one of the oldest in the city, whichris located at the corner of Greenwich and Dey streets, expèrienced a heavy run, in common with the other banks in that part of the town on Monday. During that day they paid out $50,000 in gold and silver. Yesterday morning the doors were opened, but a bulletin was immediately placed outside announcing to & large and anxjous crowd that they had suspended specie payment. This was received with ill humor by the congregated expectants of gold in exchange for their checks, but the announcement soon had the effect of diminishing the crowd. It may with truth be said that this institution has been run upon for more than a week, as they have for the past ten days been paying an average of $5,000 a day in specie to depositors. NASSAU BANK. The Nassau Bank paid out $80,000 in specie, paying straight through. NATIONAL BANK. The National Bank paid out some $43,000 in coin, which leaves it $458,000. BANK OF NEW-YORK continued to pay demands until ? o'clock, when the run became 50 great that they ran out of gold and were compelled to occupy the remainder of the time in certifying checks. The doors were kept open until 31 o'clock. Over $300,000 in cash and bills of other banks was paid out.

4. October 14, 1857 New-York Daily Tribune New York, NY

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

5. October 15, 1857 The Davenport Daily Gazette Davenport, IA

Article from The Davenport Daily Gazette, October 15, 1857

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P New York Bank Escitemome. NEW YORK, Oct. 13. Wall street at 2 o'clock, was crowded with an anxious mass of people. The steps of all the Banks were also blocked up by people their . into the Banks. At the American forcing Exchange y David Leavitt addressed the crowd, assuring them that all the Banks would pay to the last dollar, He also announced that an arrangement had been made with several of the strongest Banks to get through without suspension. It is believed, however, in. the street, that the suspension will be general. It in understood, that some of our heaviest houses have withdrawn their gold from the Banks and replaced it as special deposits. There were rumore during the morn ing affecting nearly all the Banks in the city, susto but pended the list up gives a P. all M. that The had others certainly it is be lieved continued to meet their liabilities to the close of business hours. LATEST-FOUR MORE BANKA SUSPENDED The runs upon the Mechanics and Mer chants, Bank of America, Manhattan and American Exchange Banks were severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremen dous run. The People's Bank closed at 2 o'clock, af ter paying out $19,000 specie during the day The Bank of the State of New York paid out its last dollar, and certified all checks present ed, and then yielded. The Americian Ex change Bank paid all demands but several oth ers shut out their customers at 3 o'clock The Bank of North America was protested this P. M. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders, Brow. ery Savings, Shoe and Leather, Continental, American Exchange and Metropolitan Banks paid their demands up to a o'clock, the usual hour for closing. The whole number suspended to-day, those that were included with the returns of yesterday, is sixteen. A bank meeting was held this P.M., st which it is understood a proposition for gen eral suspension was discussed, as also the pro priety of urging the Governor to CONVEU e an extra session of the Legislature At the second board of the Stock E :change Stocks all took a rise under the belief that the banks will suspend specie payments -morrow Missouri sixes, GO 1-2, Chicago and Rock Is. land, 58; Reading, 33, New Yor k Central, 66 ; Panama, 31. There was no run of any acc ount on the Savings Banks, excepting the N roadway and the Bleeker street. They are of the strongest in the city and have on hand I arge quantities of specie. The form at the opening day had $100,000 in ave vilable me ns. The following are in substs Jices The officlal resolution an passed at the meeting of the That the bank Bank of residents New York this suspend evening specie payment a far as the paying it over their counters is concerned, but regular ex changes of one another's bills at the Clearing House; that a Committee be appointed w confer with the Governor of the State in reference to calling an extra session of the Legialature to legalize the suspension; that suc le Committee leave for Albany at 12 o'clock to morrow.

6. October 15, 1857 New-York Daily Tribune New York, NY

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

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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

7. October 16, 1857 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 16, 1857

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MISCELLANEOUS. THE BANK FAILURESIN NEW YORK-MEETING OF BANK OFFICERS. NEW YORK, Oct. 13, P. M.-To-day has been a very exciting one in financial matters. Up to two o'clock fifteen of our city banks had suspended, of which the following is a revised list, namely:-Bank of New York, Artizan's, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine Bank. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked up by the people foreing their way into the banks. There were rumors during the morning affecting nearly all the banks in the city, but the above list gives all that had certainly suspended up to three o'clock. The sales of rail road stocks at the first board were small at a general decline. In State stocks the business done was quite large at 8 decline, excepting Virginia and Missouri stocks. Bank stocks were all sold at 8 decline. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor and the bank pay. ing promptly. There have been several failures in the dry goods line announced to-day, but none very prominent. GREAT RUN ON THE BANKS AND FAILURE OF SOME OF THE STRONGEST IN THE CITY. The run upon the Mechanics, Bank of America, Manhattan and American Banks was very severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, and paid out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under 8 tremendous pressure. The People's Bank closed at 2 o'clock, after pay. ing out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands upon it, but several others shut out their customers at 3 o'clock. The Bank of North America suffered protest this afternoon. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders', Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to the usual hour of closing. STILL LATER-THE BANKS RESOLVED TO SUSPEND. NEW YORK, Oct. 13-11 P. M.-The following official announcement has been made from the bank meeting: The banks have all resolved to suspend specie payments, as far as paying at the counter is concerned, and to make a regular exchange of each other's bills at the Clearing House. It has also been resolved to send 8 committee to confer with the Governor in reference to calling a meeting of tha Legislature. The committee will leave for Albany to morrow at 12 o'clock. It appears that the Marine Bank was stopped by an injunction, at the instance of one of its customers. It is presumed that the other stoppages were effected in the same way. By this means the penalty of winding up which attaches to suspension under the banking laws af this State is evaded, and it is rendered probable that the suspension in most cases is only temporary. This understanding relieves the excitement.

8. October 17, 1857 Sunbury American Sunbury, PA

Article from Sunbury American, October 17, 1857

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FINANCIAL AFFAIRS IN NEW YORK NEW YORK, Oct. 13.-To-day has been a most exciting one in financial matters. Up to 2 o'clock, fifteen of the city banks suspend. ed specie payments, of which the following is a revised list, viz: Bank of New York, Artisans', St. Nicholas Chatham, Ocean Market. Butchers and Drovers', Merchants' Exchange, Irving. Citizens', Tradesmen's, Bull's Head, New York Exchange, North River and Marine. Wall street at 2 o'clock was crowded with an anxious mass of people. The steps of all the banks were also blocked by people foreing their way into the banks. At the American Exchange Bank David Leavit addressed the crowd, assuring them that the bank would pay all, to the last dollar. He also announced that an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, that the suspension will be general. It is understood that some of our heaviest houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day. affecting nearly all the banks in the city, but the above list gives all that certainly suspended up to 3 o'clock. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor, the Bank paying promptly. Several failures among the dry goods firms are announced, but none very prominent. THE LATEST.-The run upon the Mechanics', Merchants', Bank of America, Manhattan and American Banks. was severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at two o'clock, after paying out $19,000 in specie during the day. The Bank of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands, but several others shut out their customers at three o'clock. The Bank of North America was protested this afternoon. The Corn Exchange Bank refused to pay specie. At the Stock Exchange stocks all took a rise, under the belief, that the Bank will all suspend to-morrow. Ten o'clock, P. M.-It is reported. on pretty good authority, that the Bank Presidents are now in session, and have resolved to suspend. The following is the official action of the meeting of Bank Presidents: The Banks have resolved to suspend specie payments as far as paying over the counters is concerned, and make a regular exchange of each other's bills at the clearing house. Also, to send a committee to confer with the Governor in reference to calling a meeting of the Legislature. The committee leaves for Albany at noon to-morrow.

9. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA

Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Suspension of Eighteen Banks--Resólusion of others to Suspend. [From the New York papers of Wednesday.| Since the financial crisis has been upon us the city has not passed through so severe an excitement as was witnessed yesterday. At an early hour in the day rumérs were rife that several of the city banks had Buspended, and immediately the vicinities of the different institutions mentioned, and in fact of all the banks in the city, were surrounded with anxious and alarmed crowds, whose excitement was not allayed by seeing the omisous ammouncement ou the doors of the closed banks, "This bank hassuspended." Wall street in particular exhibited a scene which it had not presented since the terrible times of 1837. The banks were literally besieged, not alone by those particularly interested but by multitudes of idlers and alarmists.To such an extent did this reach that the aid of the police had in some instances to be called in to enable the clerks to transact business. On the street the panic manifested steelf in thousands of alarmed faces either passing burriedly along from bank to bank, or gazing in silent stupor from the opposite side walks at the crowds accending and descending the steps of the banking houses upon which the excitement seemed to concentrate. It may be hardly necesmry to my that much of this alarm was needless; but when we look at the notual number of banks which suspended during the day-irrespective of the vague rumors with reference to others flying around through an already over excited community-it is no wonder that the equanimity of the city should have been 80riously disturbed. The banks which closed yesterday are as follows:-North River Bank, Ocean Bank, Irving Bank, Merchant's Exchange, New York Ex. change, Citizens Bank, Marine Bank, Market Bank, Chatham Bank, Tradesman's Bank, St. Nicholas Bank, Butchers' s Drovers Bank, People's Bank, Bull's Head Bank, New York Bank, Leather Manufacturers' Bank, Artisans' Bank, and Broadway Bank. The Banks is Greenwich street closed their like mildfit --

10. October 22, 1857 The Cadiz Democratic Sentinel Cadiz, OH

Article from The Cadiz Democratic Sentinel, October 22, 1857

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the Times of last Friday: OF THE CITY OF NEW YORK HAVE SPECIE PAYMENT!-This This announce yet official, but practically it is the the case at the close of bank hour We have never, in a long expe essed any catastrophe 80 sudden, of with such wide spread popular ex The public were not generally preby the weekly Bank averages of the rhich appeared this morning.howed an average specie reserve, o -not well distributed to be sure no more inequality than had ofter exhibited. But the average of the to he a declining one. The chich might have been the true test in the middle of the week had millions on Monday (yesterday The generally quiet but steady yun and the pressing redemptions n par- the are supposed to have reduced stually on hand at the close of busin $8,500 000. The Clearing-House it seems, failed to secure unanimity mutual aid, such as were reflected and resolutions published this They did not stand up to the mutual least one, if not two, of the im on the West or North River were virtually denied assist all probably concerted together last the suspension early to day of with a capital of $1,000,000, ppage of the Merchants' Exchange, 00,000, the North River, Irving and Exchange Banks. This was well street by the hour afnoon. Then run. and for three hours the solutely indescribable, attended as popular commotion that brought in from Broadway to Hanover a could only be numbered by fives Every Bank was crowded, the boasted) impregnable.and the weak. Exchange, one of the redeeming New York State county bank and circulation, was first set upon.eavitt the first President (now an Director) of the Bank appeared of No 52 Wall-street, street, and ad owd. He mani ested game, speak for his own, but for six or eight banks. crowd pressed into each bankingvicinity. The paying ing tellers were employed. The gold went out by dreds of thousands. The old Bank chartered seventy years ago, and of $2,000,000, gave way about 2 struck the crowd as the giving keystone of the arch, and the sucincements of the suspension of the Leather Manufacturers, Tradesa dozen up-town banks, ceased Attention was turned to the run upon the other large constreet. The crowd at the Bank of New York, William street and place, was the most quiét; yet paid out in gold. At the Bank of Mechanics the pressure was more lost heavily. At the Union and in the day, the applications for merous, each yingabout $75,000. hants', the drafts were considerable The Republic and Metroheavily run upon, as well as the change. But-we believe that near street banks, except the old N. conference this alternoon only laout-right. was not seriously molested.though not esteemed strong, close. or the banks on Broad Metropolitan, the Mercantile. Chemical, Shoe and Leather, and into conterence without letting Broadway gave way. On the east and Nassua paid through. The payment at 2½ o'clock. The paid through. The Fulton and stopped. Further up town, on the Oriental paid through, and Traders', we believe, The Cit chers' gave way early in the fore. the New York County. The clock, P inted to a general declara in the morn n.4. and the reoof the banks as close their doors as to the course ofthe great body The currency from the Spe be changed to one of Current reurrent funds,and business transdepartment of trade, will at rined to the change. of writing, we do not question the bank conferences now going is not likely, in any event that in the conclave to be prolonged. lard has ceased to be the rule of York for the present The in the Clearing House might averted this catastrophe a week or yielding to counsels that symclosely and surely with the poputhe controlling minds in the asis even probable, as intimated in of yesterday, that and by Laided making by

11. October 28, 1857 The Spirit of Democracy Woodsfield, OH

Article from The Spirit of Democracy, October 28, 1857

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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;

12. December 12, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 12, 1857

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in forces of this party having been divided, and a portion of their stock having found its way back into the street again, the bears in their turn have beco ne the influential parties, and now, strengthened by moderate success and the continued indifference of their rmer opponents, their movements become more determined and confident for a decline. Thus the market stands in its essential points, and while entsiders keep 80 entirely clear of the field, the chances for improvement do not appear encouraging. A more decided fall, together with cheerful accounts from Europe, may stimulate a reaction rapid and strong; but the market needs some items of nourishment of this kind to start from the lethargy which now hangs heavily upon it. At the First Board, lthe went at lower qotations, including New.York Central, which opened at 73% but fell to 731, Erie, which went down to 151, Reading and Toledo. La Crosse was one of the firmest at & practical advance over opening sales, which, however, was lost in the afternoon. At the Second Board, the decline continued as & general thing, and without any special effort on the part of the bears, the market seeming to fade out more in consequence of the "typhoid" state into which the stock business is for the time gradually set thing rather than on account of the movements of those supposed to be interested in producing & depression. As the session tapered off, there was a elight improvement in the tone of the market, prices leaving off with tolerable steadiness. At & later hour, in the street, quotations were given at a trifling improvement. Reading closed at 501 bid; Toledo, 411; N. Y. Central, 721: Erie, 151; Michigan Southern, 181. The floating debt of the Reading Railroad is gradually being absorbed in exchange for bonds of the Company 70. We understand that about half a million of dollars have already come in, and holders of the paper are beginning to be more disposed to the exchange as money becomes easier and rates of interest decline. Bond transactions were light during the day, with a moderate decline in several of the prominent State Stocks. Illinois Central bonds were a little firmer at quotations. The transactions in bills have been very light for the steamer to morrow. The supply is fair and rates are steady. Sterling 108} 1092; Francs, 5.30 181. The non arrival of the Europa checked transactions. Freights are better and more active. To Liverpool, 2,500 bble. Flour at 1s. 6d. 1s. 71d 27,000 bushels Grain at 41d., in bulk, and 5d. in ship's bags; Cotton at 5-32d.; 300 bexes Cheese at 22a. 6d.; 100 bales Oakum at 3-16d. To London, 1,200 bbls. Oil Cake at 2a. P bbl 500 do Rosia at 2a. 6d.; 1,000 do. Flour at 2s.; 50 hhds. Tobacco at 20s.; 50 tes. India Beef at 4a. 6d.; 300 tes. Navy Pork at 4s. 6d.; 400 bbls. do. at 3s. To Glasgow, 40 tuns Oil at 35a.; 75 pkgs. Tobacco at 28 6d. To Rotterdam, 400 bbla. Rosin at 3s. 3d.; 50 bble. Spirits at 4c. P gallon. A bark of 260 tuns to Windward Islands for $1 300. A brig of 350 tuns to Turks Island and back, with salt, at 13c. Sold, by Henry Moulton, ship broker, the superior new ship Augustus, built at Bath, May, 1857, 737 tuns register, on private terms. The business of the Sub-Treasury was: Receipts, $431,218 91, including $54,000 from Customs; Payments, $118,171 21, including $300,000 for tranfer draft on New-Orleans; Balance, $4,230,987 72. The most important financial event of the week is the movement of & portion of the Banks toward specie resumption. A meating of the fourteen Banks which voted at the Clearing-House meeting on Wednesday in favor of settling balances in specie, was held to day, and a Committee was appointed to invite the City Banks to resume specie payments on Monday next. The Committee have issued the annexed circular to the Banks of this city: 'NEW-YORK, Dec. 10, 1857. "SIR: The annexed is a copy of a proposed agreement for the resumption of specie payment by the banks of this city. The concurrence and cooperation of your bank in this important and most desirable ob. ject is earnestly solicited. The agreement itself will be presented on Saturday next for your signature. Your obedient servants, "GEORGE NEWBOLD President. JOHN A. STEVENS, President. C. O. HALSTED. Prendent " JAMES GALLATIN, President." On the third page 18 the following notice, to which the signatures of the various bank officers of the city are solicited In view of the present strong condition of the bar ks of this city, and of their duty to the community and to themselves, the undersigned banks of the City of New-York do hereby give notice that on and after Mond next, the 14th inst. they will resume specie payments on all their obligations. New York, Dec. 10, 1857 The fourteen banks which are parties to this movement are the Commerce, America, Manhattan, Merchants', American Exchange, Phenix, National, Fulton, Chemical, Greenwieh, Leather Manufacturer's, Broadway, Mercantile, Irving. All the banks will probably join in this resumption if it be persisted in, in which case the suspension will have lasted just two months. There will probably be & Clearing-House meeting to morrow (Saturday), to take the matter into consideration. It is understood that an istimation had been received from Gov. King that resump ion was very desirable before the meeting of the Legislature, and he has been telegraphed that it will take place on Monday. Communication has also been had with the Boston banks, which are prepared to resume as soon as New-York is on a specie paying basis. The action of the banks was the prominent topic of conversation on "Change, and that the gereral sentiment appeared to be that it was premature. Some of our leading financiers expressed fears that mischief might grow out of it. The Commerce, the National and the American have been the active movers in this step, these institutions having been desirous of resuming some time since. Those banks which have been opposed to resumption have, however. only urged a short delay on the ground that