16138. Marine 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
5af6ac55

Response Measures

Accommodated withdrawals, Partial suspension, Books examined

Description

Contemporary dispatches describe a short run on the Marine Bank (Oct 12–13, 1857) and then its doors being closed/suspended on Oct 13 during the wider 1857 panic. By Oct 15 reports state the bank was 'going on' with business (specie payments excepted) and court orders to appoint receivers were vacated, indicating resumption of operations. Cause is the broad financial panic/news (1857 crisis) rather than a rumor or discrete bank-specific scandal.

Events (4)

1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the general financial panic of October 1857 and runs on many New York banks (widespread loss of confidence).
Measures
Kept doors open extra hours to accommodate those who wanted specie; paid out specie to depositors during the run.
Newspaper Excerpt
There was a run on the Marine Bank to-day, which lasted a few hours, but fell off when it was announced that the Bank would be kept open until o'clock to accommodate those who wanted specie.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the broader October 1857 panic and mass suspensions of New York banks; article also mentions an injunction by a stockholder as reason for closing doors that morning.
Newspaper Excerpt
The Marine Bank closed its doors in the forenoon, in consequence of an injunction laid upon it by some of its stockholders.
Source
newspapers
3. October 15, 1857 Other
Newspaper Excerpt
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.
Source
newspapers
4. October 15, 1857 Reopening
Newspaper Excerpt
The suits and all proceedings withdrawn, and the banks will go on as usual... The Marine Bank... business goes on as usual, specie payments excepted.
Source
newspapers

Newspaper Articles (18)

Article from Evening Star, October 13, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended


Article from Worcester Daily Spy, October 13, 1857

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Money Matters. NEW YORK, Oct. 12.-No improvement today in money matters, besides the Grocers' Bank suspension. There were a few unimportant failures of merchants. There is a rumor that a party of business men had gone to Albany to urge the Government to call an extra session of the Legislature. At the clearing house-today, it was resolved by the banks to maintain specie payments at all hazards. The failure of the Grocers' Bank created no excitement. The other banks continue to receive its bills on deposits. There was a renewal of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run at noon on the Marine Bank. Dispatches from St. Louis announce the failure of Doane, King, & Co., and Collins, Kirby, & Co., of that city, each with liabilities in the Atlantic cities of $1,000,000. Our bank returns today show a decrease in loans of upwards of $2,500,000, and an increase of $75,000 in specie. BOSTON, Oct. 12.-There is nothing new to notice in money affairs. The stringency continues, and what little transactions take place at the brokers' board are mostly pressed sales at low prices. The directors of the Michigan Central Railroad publish a card asking an extension of its paper, maturing between the present date and such time as funds can* be realized from the proposed loan advertised for the 10th of November next. The coupons of the company will be paid as usual, and no change will be necessary in the management of the road.


Article from New-York Daily Tribune, October 13, 1857

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Quite Surplus.. & number of persons deposited large sums of money in the bank this morning. The officers feel confident, though, that they can meet every demand, as their ability to raise specie is equal to the emergency. There was & run on the Marine Bank to-day, which lasted & few hours, but fell off when it was announced that the Bark would be kept open until o'clock to accommodate those who wanted spacie. There was also & slight run upon the Bull's Head and Ocean Banks, but the demands being promptly met, and the officers professing themselves fully prepared to meet any claims, the excitement soon tubsided. The Receiver of the Central Bank, Brooklyn, expresses the opinion that measures will be taken, in & few days, whereby their circulating notes may be redeemed. The Directors, in a published card, state that depositors will recover the amounts due as soon as collections can be made from accounts receivable. Notwithstanding the resolution of the Bank Meeting, to expand loans to the extent of three millions, the Weekly Bank Statement continues to show & rapid contraction of loans, reaching this week to the extent of $2,676,000. The loans are now lower than they have been since November, 1856, when they were $103,142,000, and the deposits were more than twenty milions larger than at present. The only Banksinthe list which do not show a contraction in during the past week, are the Manhattan, Merchants', City, National, Commerce, Republic and Nassau The largest reduction has been made by the Metropolitan. Inspecie the return is more favorable than has been anticipatedbank officers generally fearing that the figures would show a considerable deficiency. The report, however, shows how severe the drain by the country Banks and for hoarding has been, the Banks having had the full benefit of the California receipts of & million and a quarter, and of the average of the Sub-Treasury disbursements of over a million and a half, and yet show but a trifling increase. The interior, however, has been largely strengthened by what we have lost, and a portion of it has already found its way back to the city. The deposit line shows 811 apparent loss of $4,600,000; but making allowance for the withdrawal of the Bowery and East River Banks, and for the diminished business of the Clearing House, the actual decline is only $2,155,000, the undrawn line being $50,683,000 against $52,798,000 last week. This shows a more favorable condition of the deposit line than for several weeks past, as it in not so great as the reduction of loans. The circulation shows air ac ual decrease of about $130,000. The comparison with last week is as follows, deducting the two Banks which send in no report this week: Circulation. Loans & Dis. Deposits Specie. $67,978,657 Oct. 3. $7,916,102 $11,400,413 $105,935,499 Ded'ct Bow. ery and E. 937,846 262,846 43,395 R Banks.. 1,341,730 $67,040,841 $7,653 256 $11,357,018 104,593,769 63,801,681 7,523,599 11,476,293 Oct. 10 101,917,569 $3,737,130 $129,657 Decrease $2,676,200 $119 276 Increase The movement of the Banks since Nov. 1, 1855, has


Article from Western Reserve Chronicle, October 14, 1857

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Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.


Article from The Davenport Daily Gazette, October 14, 1857

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Later: General Nuspension I : Messrs. Cook & Sargent received yesterday afternoon a dispatch stating that the following New York Banks had suspended Marine Bank. Irving Bank Citizen's Bank. New York Exchange Bank Ocean Bank North River Bank Merchant's Bank. It is expected that the others " il suspend forthwith, and there is but littl. 'oubt that the Boston Banks, and all the Panks of New England will have to suspend this week. A tremendous excitement prevailed at New York yesterday.


Article from Daily Nashville Patriot, October 14, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 12.-Cotton quiet. Flour dull. Wheat firm. Corn and lard heavy. Mess pork $22 30. Whisky 20a21. NEW YORK, Oct. 12.-Edward N. Archibald is appointed British Consul here. The sailing of the Atlantic is postponed to the 24th. WASHINGTON, Oct. 12-U. S. Stocks redeemed at the Treasury to day amount to three quarters of & million. The Bowery and Savings Banks of New York received $607,000. The entire amount redeemed is three millions. A half million is now out. NEW YORK, Oct. 12-The Bank statement shows an increase of specie $76,000. Decrease in loans four millions and eighteen thousand. Decrease in circulation 392,000. Decrease in deposits four millions six hundred and seventy-seven thousand. Sr. LOUIS. Oct. 13 -Gen'l Smith convenes a Court Martial at Fort Leavenworth on the first of November, for the trial of Col. Summer. The charges are not stated. The Legislature of Missouri meets Monday. There is confidence that provision will be made to pay the interest on the State debt January next. NEW YORK, Oct. 13 -The Steamer Empire Ciiy hence to Fall river, Massachusetts, struck the rocks at Hell Gate, and returned leaking. Her passsengers, freight and baggage, were saved. The Steamers Commodore and Matamoras collided on the Hudson river. The latter sunk; all but eight passengers saved. NRW YORK, Oct. 13.-Nothing doing in freight or exchange. Business unsettled. Money tighter. Affairs gloomy. RICHMOND, Va., Oct. 13-The Custom-house here was entered by robbers and $15,000 in double eagles stolen. The robbers left 46,000 dollars behind. NEW York, Oct. 13.-The following banks of this city suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean Bankeight in all. E. Fisher & Co., and Brown & Cain have suspended. The Cheatham and Bullheads banks have suspended. CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Panters Bank of Fairfield notes not taken on deposit. NEW ORLEANS, Oct. 13.-The Granada with Havana dates of the 10th has arrived. The Northern Light takes a million and a quar ter. The Granada experienced a gale on the 3d and 4th. She alterwards saw & wreck, but the name was undiscernable. CALIFORNIA-Wellers majority over both candidates is eleven thousand. The Legislature is largely Democratic. Bates, the ex-treasurer, and Rowe, bis clerk, have both been committed to jail in default of bail. Chief Justice Murray is dead. Col. Casey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonia, Texas, reached San Diego on the 31st of August. All well. A report of the assassination of Alvarez, at Colina, Mexico, reached San Francisco. Disturbances occurednear the boundary of Lower Colifornia, between the Americans and the Authorities. A company is fitting out at San Diego, to assist the Americans. It is considered a fillibuster movement. It is reported that Gov. Castro, of Cower California is fearing a revolution. His own people having joined the Americans. Slight shocks of an earthquake was felt near San Francisco. The Constitutional Convention of Oregon was in session. Slavery was slightly agitated. California markets dull. Accounts from the Mines are good. PERU-The English and French fleets have left Chincha Islands, placing them on the mercy of Vivanco. The murderer of Sullivan has been discovered to be a hired bravado. He has not been arrested: His employers are yet unknown. Nothing important from Central America. NEW ORLEANS, 13.-The Louisiana Savings Bank has closed. It was a small affair. A meeting of the marchants is being held tonight. Co ton-Sales $,000 bales. Still lower, at 91a10. Stock 108,000 bales. Decrease in receipts 88,000 bales. Decrease at all ports 130,000 bales. No movement in exchange. Affairs are gloomy and depressed. The news of suspensions in New York caused an uneasy feeling. Gen. Heningsen arrived to-day. Gen. Walker's movements will probably be determined on in a day or two. NEW YORK, Oct. 18-Additional bank suspensions: Market, St. Nicholas, Tradesmans, Artizans, Butchers and Drovers, and the Bank of New York. It is feared that a general suspension is inevitable. Several of the old Banks announce their ability and determination to pay specio, BOSTON, Oct. 13.-George T. & W. Lyman, China Merchants have suspended. HARRISBURG, Oct. 13.-The relief bill as passed by the House fixes the third of April next for redemption. NEW YORK, Oct. 18.-Cotton quiet; Flour 4 25 a4 55; Wheat, white 1 20a1 35, red 1 10a1 20; Corn heavy; Mess Pork 22 25; Lard advanced c; Whisky 20; Tobacco 8 to 17c. CINCINNATI, Oct. 13.-Flour exchanged; Oate 30; Whisky 14a144. Business is neglected on account of the news from New York.


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.


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

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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-


Article from The New York Herald, October 14, 1857

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At the second board there was quite a buoyant time in the stock market. The small amount of business transacted was pretty generally at better prices. Missouri State G's advanced x per cent; Reading Railroad, 4; Passma Railroad, 5; Chicago and Rock Island, 3; New York Central Railsond, 2. Theimprovement in some of the railroad stocks this afternoon warsomething strange, in the face of the complete annihilation of public confidence. It will be seen that the improvement was confined to three or four of the most speculative railroad stocks, and that all the sales under the advance were for cash. The excitement in Wall street to day exceeded anything ever before seen in that excitable locality. From one end to the other the sidewalk and the street were covered with a dense mass of people, engaged in drawing gola from the different banks, or as mere lookers-on. The banks ware crowded with bill holders and depositors, and the culward current of gold was strong and rapid. The impression in the early part of the movement was, that the Well street banks would go safely through and meet every demand against them, but the army of clai mants increased as the hours run on, and bank after bank went down until some of the oldest, and what were believed to be, up to the last moment, the strongest institutions in the street, had closed their doors and announced a state of suspension. The muspensions to day were as follows:-Irving Bank, Bank of New York, Citizens' Bank, Merchants' Exchange Bk., Marine Bank, North River Bank, N. Y. Exchange Bank, Bt. Niobolas Bank, Butchers' and Drovers' Bk., Ocean Bank, Chasham Bank, Buil's Head Bank, Tradesmen's Bank, People's Bank, Broadway Bank, Artisana' Bank, Leasher Manufacturers' Bk. Market Bank, At the slose this afternoon the following banks had not suspended, and many of them announced their ability to go through a good many days equal to this:American Exchange Bank, Manhattan Bank, Bank of Commerce, Merchants' Bank, Oriental Bank, Mechanics' Bank, Atlantic Bank, Union Bank, Importers' and Traders' Bk. Bank of America, Mercantile Bank, Phoenix Bank, Pacific Bank, City Bank, Fulton Back, Bank of Republic, Bank of North America, Continental tank, Hanover Bank, Commonwealth Bank, Nassau Bank, Metropolitan Bank, shoe and Leather Bank, Chemical Bank, National Bank, Corn Exchange Bank, Mechanics' and Traders' Bk. Dry Dook Bank, Greenwich Bank, New York County Bank, Park Bank. Seventh Ward Bank, Bank of State of New York, According to this eighteen banks suspended to-day and thirty-three closed in full and active operation. It will be osen that with one exception all the old Wall street banks yet stand, and we have no doubt most of them can " through If It shall be deemed the best policy to prepare for the dght. It was clearly evident to-day that a new ele. ment of discord and distrust was at work. The run upon the banks to-day was evidently from a more powerful party than has heretofore appeared in the field. The demand to day was principally from depositors. Very few checks were paid in gold over the counter, but the bills were taken by the drawer of the check, and then in a new movement demanded the gold. The banks in paying checks paid out the bills of different city insiltutions, and these bills, as soon M assorted, were presented at the dif. farent banks for gold. It is a very extraordisary fact the the aggregate amount of specie drawn from al the suspended banks to-day was not equal to onequarter the amount in their vaults. The run upon the banks to-day was evidenly by the mercantile classes, a portion of which have become exasperated by the conManal contraction of loans and discounts. A# soon as 11 became apparent that such a movement had been fairly nangurated the banks most apprehensive suspended to protect their discounts. In sautting down upon their depoadtors they retain more or less security for their loans, for . many cases parties owing the banks en promissory notes not due were drawing their deposits down to the last dolar. So far as this goes the banks acted in self defence. The belief has been long entertained by many active busiases men that a suspension of specie payments would reLieve the pressure, and that the banks would in some way avoid the penalties of a suspension. This pollor has been powerfully advocated and appeared quite plausible. The determination of the banks to resist a suspension and Its penalties has created a better feeling among that portion of the community apprehansive of failure on their individual account, and the drat active operation of this faction was visible (a-day. It WM from the first indication of such a feeling


Article from Marshall County Republican, October 15, 1857

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General Bank Suspension and Excitement in New York. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens, Chatham, Bulls Head, St. Nicholas and Market Street Banks.There is a general run on the Wall Street banks and intense excitement in the streets. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on state st., is announced. Harrisburg, Oct. 13. The House reconsidered yesterday's vote on the reiief bill, by a vote of 55 to 32.


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


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

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F. M. French, Maitland, Phelps & Co., Wm. Nelson & Son, Barclay & Livingston, Foster, Elliott & Co., Grinnell, Minturn & Co., Howland & Aspinwall, Tucker, Cooper & Co., Charles H. Russell, Augustus Schell, J. H. Brower & Co. At 3½ o'clock the number of merchants present could not have been less than 1,000. Edwin D. Morgan read the call of the meeting and nominated James Brown as President. The nomination was acceded to. James Lee and Robert C. Goodhue were appointed Secretaries. Peletiah Perit, President of the Chamber of Commerce, offered the following resolutions for adoption: Resolved As the sense of this eeting, that the exigencies of public affairs require an immediate extra session of the Legialature in order that such measures of relief may be granted as in their wisdom may be deemed just and expedient for the public good, and to enable the banks to continue their aid to the manufacturing and commercial industry of the State, to give employ. ment to the labor of the city and to renew specio pay ment at an early day. Resolved, With the view to liquidate the indebtedness of the interior, and to basten the shipment of produce to the seaboard, that it is the duty of the New York merchants and of the banks to afford every facility in their power without delay. Resolved, That in the judgment of the New York merchants assembled. looking at those great elements of wealth. the varied and large crops of the United States. the existing monetary de mangement may with certainty be speedily corrected, and be followed by a restoration of confidence to the ordinary machinery and credit of business; so that while the severity of the crisis will be long remembere d, so too will the speedy arrival of prosperity. be a Committee to present these Resolved, That resolutions to the Governor of the State, at Albany, and to solicit his immediate action thereon. Mr. Perit advocated the adoption of the resolutions. He said he would not attempt to speak at length upon them, as it would be impossible for him to be heard by but a small portion of the assemblage, and he did not know it was necessary that he should speak at length, as he was positive that the resolutions would meet with the full acquiescence of the merchants. To day the merchants found themselves in a position new and novel. The banks yesterday had found themselves obliged to suspend specie payments, though on the previous day it was known that they were perfectly solvent. The merchants had anqualified confidence in the entire solvency of the banks; there could be no doubt that their assets were abundant to meet all their liabilities; and, if this were true, he regarded it as the duty of merchants to sustain the banks by every means in their power, and this duty he considered imperative. Mr. Perit thought that their first duty was to represent to the Governor of the State the necessity that existed for an immediate call for an extra session of the Legis lature, to remove the penalties now imposed upon the banks for & suspension of specie payments, in order that the regular current of business might be restored to its legitimate channel. That step was provided for by the resolutions. Further, he suggested that it was the duty of merchants to give all their influence and all their aid to sustain the banks in the presenexigercy, and also to use all forbearance in their dealt ings with one another, and to give every indulgence possible in the present pressure. Moses H. Grinnell seconded the resolutions, which were put to vote and unanimously adopted. Theodore Dehon moved that the committee provided for by the resolutions be appointed by the President. The motion was carried, and the President named the following gentlemen as such committee: Moses H. Taylor, John C. Green, Royal Phelps, Moses H. Grinnell, Schuyler Livingston, Charles H Russell, Charles H. Marshall Abraham Hewitt, On motion the President and Secretaries of the meeting were added to the committee. Mores H. Grinnell then offered the following resolution: Resolved, That we, as merchant, and citizens, have entire confidence in the ability of the banks of the City of New York to meet all their engagements dollar for dollar. Mr. Grinnell said he should not offer any extended remarks. The resolutions which had been adopted with such unanimity expressed his sentiments, and he did not doubt that the Governor would respond to the call contained in them. But in accordance with what he deemed to be their duty to the banks, he had offered this resolution of confidence in their soundness, and he hoped it would be adopted, notwithstanding the fact that they bad been compelled to suspend pecie payment the previous day. But if they had done so, the banks had as tangible property to meet their liabilities as any merchant in the room, and that they intended to pay their debts as the merchants intended to pay theirs. (Applause). The resolution was seconded, and afterwards unanimously adopted. The meeting then adjourned. A consultation between the members of the Committee was at once held, and at 5 o'clock they left, on the Hudson River Railroad, for Albany. THE COURTS-SUSPENDED BANKS TO GO ON. The universal suspension of specie payment has already made some change in the circumstances and prospects of the banks. On Tuesday orders were made at the Special Term of the Supreme Court that the Marine and Citizens' Banks should show cause why receivers should not be appointed. Yesterday these orders were vacated, the suits and all proceedings withdrawn, and the banks will go on as usual. The Judges say that in like manner they will vacate all orders which have been granted appointing receivers, excepting, of course, such banks as have gone into liquidation. Of such there is only one-the Mechanics' Banking Association. The result will be that all the banks will be placed on an equal footing, and all will on. go enting ininnetions and appointing re-


Article from The Union and Eastern Journal, October 16, 1857

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lions. The official statement cannot be got at till night. The Grocers' Bank suspended this morning. New York, Oct. 12. No improvement today in money affairs. Besides the Grocers' Bank suspension, there were a few unimportant failures of merchants There is a rumor that a party of business men have gone to Albany to urge the Governor to call an extra session of the Legislature. At the Clearing House to-day, it was resolved by the Banks to maintain specie payments at all hazards. The failure of the Grocers' Bank created no excitement. The other Banks will continue to receive its bills on deposit. There was a renewal of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run at noon on the Marine Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kirby s Co., of that city, each with liabilities in the Atlantic cities at $1,000,000 The weekly bank statement shows an increase in specie of $75,881, and a decrease in all the other items, viz: Loans, $4,017,930; Circulation, $392,503 ; Deposits, $4,076,976 The total specie is $11,476,294. Cleveland, Oct. 12. The Cuyahoga Steam Furnace Company has assigned. Their assets show $100,000 over liabilities. The Furnace employed 200 men. Providence, Oct. 12. No failures have occurred in this city to-day, and the reports to the contrary are incorrect. Augusta, Oct. 12. The Southwestern Railroad Bank and the Bank of South Carolina suspended this morning. There is a run upon all the banks in Charleston. New Orleans, Oct. 12. The failure of Messrs. Corning & Co., of New York, did not affect the Southern Bank of this city. Rumors were afloat this morning of several failures, but they are not yet announced. Business is unsettled. Chicago, Oct. 12. Mesurs. Wadsworth


Article from Fremont Journal, October 16, 1857

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ous Bank Suspensions--Heavy Run on the Wall Street Banks Police Called Out!!! NEW York, Oct. 13. The following banks have suspended today Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizen's, Chatham, Bullshead, St. Nicholas and Market Banks. There is a general run on the Wall St. banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on State street, is announced. NEW York, Sept. 12. No important event to-day in money affairs beside the suspension of the Grocers Bank. There were a few unimportant failures of merchants. There is a rumor that a party of business men have gone to Albany, to urge the Governor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the Banks to continue specie payments at all hazards. The failure of the Merchant's Bank created no excitement.The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank, and the Grocer's Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kerby & Co., of that city, each with liabilities in Atlantic cities of one million. Our Bank returns to-day show a decrease in loans of upwards of $2,500,000, and an increase of $3,750,000 in specie. At the 2d Board to-day, stocks were lower generally. I.C. bonds 50; N. Y. C. R. R. 53; M. S. 9; I. C. 703; C. & T. 22; C. & P. 8; Erie 8; Cal. & Chi. 54; Ch. & R. I. 55; Harlem 51. The sailing of the steamer Atlantic for Liverpool has been postponed till the 24th. BOSTON, Oct. 12. Nothing new to notice in money affairs. The stringency continues, and with little transaction.


Article from The Ottawa Free Trader, October 17, 1857

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New York. Oct. 12. No improvement to day in money affairs. Besides the Grocers' Bank suspension there a few unimportant failures of merchants. There is a rumor that a party of business have gone to Albany to urge the Govto call an extra session of the legislature. At the clearing house to-day it was resolved to maintain specie payment at all hazards. The failure of the Grocers' Bank created excitement. The other banks will conto receive its bills on deposit There a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank. New York, Oct. 13. To-day has been a very exciting one in financial matters. Up to two o'eloc k fifteen Banks had suspended. The following a revised list: Bank of New York, Artisans', St. Nicholas, Chatham, Ocean, Market, Butchers' & Drovers', Merchants' Exchange, Irving, Citizens', Tradesman. Bulls Head, North River, and Marine. Wall Street, at o'clock, was crowded with an anxious of people. The steps of all the banks were also bloc ked up by people forcing their way into the banks. At the American Exchange, David Leaaddressed the crowd, assuring them all the banks would pay all to the last dollar. The following are, in substance, the offiresolutions passed at the meeting of the Bank Presidents: That the Banks of N. Y. suspend specie payment, as far as paying it over their counis concerned, but make regular exchangof one another's bills at the Clearing House. That a committee be appointed to confer with the Governor of the State in reference calling an extra session of the legi lature legalize the suspension. That such committee leave for Albany at oclock to-morrow. The whole number suspended to-day, with those that were included in the returns of yesterday, is sixteen. New York, Oct. 13. There is a general run on the Wall street banks, and intense excitement in the streets Policemen are stationed at many of the banks to preserve order. New York, Oct. 14. The aspects of affairs is decidedly more cheering. Merchants, bankers, &., look upon the bank suspensions as a relief. Wall street was comparatively quiet toThere has been a moderate run on the various savings banks, but all demands promptly met. All the institutions in city, but three in Brooklyn were obligto close their doors. At last accounts officers of the New York savings banks were holding a consultations on their future course. They propose, it is said, to pay ten cent. on deposits. The Bank of America and Chemical Bank continue to pay specie. The Manhattan, it said, is doing the same, and it is belie ved other banks will follow suit. A partial statement of the specie paid yesterday by city banks, not including the savings banks, foot up nearly twomi lions. A notice was posted to-day at the various banks which are enabled to do business, stating that business will be continued as heretofore, excepting the paying of specie. Checks WITH be received on deposit in the yment of notes, and bank notes will be paid and received as usual. Many of the banks have still a large amount of specie on hand. Gold is selling the brokers at and 5 per cent. premium. Trenton, N. J., Oct 14. The suspension of the banks here producno excitement, and there was a favorable feeling towards them. They accomm date public with specie for change. There some talk about convening the Legislato repeal or modify the stringent law against bank suspensions. Boston, Oct. 14. The suspension of the banks did not cremuch excitemedt. It is probable the suspension will extend throughout New Engla d wi " few xceptions. The Banks New Bedford, Fair Haven, Worcester, and other principal towns have suspended. At Nantu ket and Lowell, the Banks paid sp through the day. The Boston Banks will pay their balance at the clearing house. Petersburg, Va., Oct. 14. The Farmers' Bank of Petersburg, has nded, but the Bank of Virginia and the Exchange Bank are still paying specie. New Orleans, Oct. 14. The branch mint has pu chaled from the $2,000,000 of silver buttion, paying gold, attording some relief. The Union Bank has suspended. There is a heavy run on all free bar ks.Great excitement. Richmond, Va., Oct. 15. The Farmers' and Exchange banks here uspended yesterday. The Bank of Virginstill holds out. Ci cinnati. Oct. 15. Money matters are quite unsettled in conequence of the news from New York and Isewhere. Some banking houses refused take the notes of suspended banks, while thers take the notes of all good banks; exhange nominal at 5 per cent. It is thought Kentucky, Indiana and Ohio banks will intsuspend now. St. Louis, Oct. 15. There wasa heavy run on the Bank of the State of Missouri this morning. Opinions onflict as to the bank's ability to hold out therwise the city is quiet. Nashville, Oct. 15. The Bank of Tennessee has suspended.The legislature is considering a resolution to egalize a general suspension; actions doubtThe Planters and Union Banks will out to the last unless authorized to uspend. Philadelphia, Oct. 15. The disposition manifested by the banks to accept the provision of the late act of legislature, has cast additional gloom the business community. Boston, Oct. 15. An adjourned meeting was held to-day for he purpose of arranging plans for facilitatbusiness at the clearing house, and it proposed to discount liberally on unoubted paper, SO as to turnish rehef to bumen who are beginning to bend bethe pressure.


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 --


Article from The Weekly Pioneer and Democrat, October 22, 1857

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Financial Matters. NEW YORY, Oct. 12-The Grocers' Bank of this city has suspended and closed its doors to-day. Bill-holders are safe enough. No improvement to-day in money affairs. Besides the Grocers Bank suspension, there were a few important failures of merchants. There is a rumor that a party of business men have gone to Albany to urge the Gov. ernor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the banks to maintain specie payments at all hazards. The failure of the Grocers' Bank created no excitement. The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a straight run on the Marine Bank and Grocers' Bank. Despatches from St. Louis announce the failure of Doane. Kink & Co., and Collins Kirby & Ce. of that city. Each with Habilities in Atlantic cities of one million. The sailing of the steamer Atlantic for Liverpool has been postponed until the 24th. The weekly Bank statements shows an increase of specie $75,000. Decrease in all other loans, $4,007,930. Circulation $302,504. Deposits. $1,000,000. Total specie $18,000,000. BOSTON, Oct. 12.-Stringency continues, and what little transactions take place at the broker's board are mostly pressed sal S. The directors of the Michigan Central Railroad publish a card. asking anextension on its paper, maturing between the present date and such time as the funds can be realized from the proposed loan. advertisal for the loth of November CHICAGO, Oct. 12-The banking house of Wadsworth & Co., suspended this morning. Assets largely exceed their liabilities. Augusta. Oct. 12-The South Western Railroad Bank. and the Bank of South Carolina, suspended this afternoon: Buffalo, Oct. 12-The Pratt Bank of Buffale closed its doors to-day. NEW Orleans, Oct. 12-There is a IIImor that Gen. Wararse has been assignated for the Presidency. Insurgents south still hold out. Robberies rife throughout the country. The health of Vera Cruz is improving. The New Orleans failure of Corning & Co. will not effect Southern Banks. Rumors of some failures this morning, not yet anthenticated. Business unsettled. CHICAGO, Oct. 12-About half past two o'clock yesterday morning a fire broke out on State street. between Monroe and Adams streets, destroying almost the entire block. Seventeen dwellings anda number of stables were consumed. Loss estimated at $125,000. Insurance not ascertained. NEW ORLEANS, Oct. 10.-The ship Sultana, from New York, has arrived and reports passing on the 22dult., off North Carolina Coast. the corpses of four men, and a piece of wreek supposed to belong to the Central America.


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;