16148. Market Bank (New York, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
e225c47c

Response Measures

Partial suspension

Other: Police were stationed to preserve order; bank posted notice that specie payments suspended but would pay notes.

Description

New York Market Bank experienced a heavy depositor run on Oct 13, 1857 and then suspended specie payments the same day. Contemporary reports describe a crowd forcing entrances and a posted notice that the bank had suspended specie payment, but would remain open for the payment of notes. Sources do not state a definitive reopening or permanent closure for the Market Bank, so the outcome is uncertain.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the widespread panic of October 1857 and general runs/suspensions across New York banks; intense excitement and runs on Wall Street banks.
Measures
Posted notice that the bank had suspended specie payments but would remain open for payment of notes; police called to preserve order.
Newspaper Excerpt
A very large crowd gathered about this bank ... Depositors were present in strong force, and deposits were passed out to a great extent. ... the stream of gold that passed from behind the desks of the paying-tellers was dried up about 1 o'clock p. m.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the citywide wave of bank runs and multiple bank suspensions on Oct 13, 1857 (financial panic).
Newspaper Excerpt
A notice was then stuck on the door, that the bank had suspended specie payment, but would remain open for the payment of notes.
Source
newspapers

Newspaper Articles (11)
1. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

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Article Text

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.

2. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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Article Text

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.

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

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Article Text

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 15, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 15, 1857

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Article Text

Financial Matters in New York. NEW YORK, Oc. 13.-The following banks of this city, suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens' and Ccean banks, in all, numbering eight banks. The Chatham, Bull's Head, Market and St. Nicholas Banks have also suspended. (SECOND DISPATCH. NEW YORK, Oct. 13.-The bank suspensions have attracted a dense crowd into Wall street this afternoon, while other business streets were comparatively desert. ed. In addition to those announced up to two o'clock, the Tradesmen's Bank, Artisan's Bank, Butchers and Drover's Bank, and the Bank of New York have since sus. pended. It is feared that a general suspension is now inevitable, though several of the old banks announce their ability and determination to continue specie payments. It is reported that the Marine Bank is stopped by an injunction obtained by one of its cus. tomers, and it is presumed that the same course has been pursued with regard to oth. er banks. By this means the penalty of winding up which attaches to the act of suspension is evaded, and it is generally thought that the suspension will, in most ca. ses, be only temporary. This understanding tends to relieve some of the excitement. [SECOND DISPATCH.] To-dey has been the most exciting one in financial matters. Up to 2 o'clock filteen of the city banks suspended specie payments, of which the following is a revised list, viz: The Bank of New York, Arti. zan's, St. Nicholas, Chatham, Ocean, Market, Butchers & Drover's, Merchant's Ex. change, Irving, Citizen's, Tradesmen's, Bull's Head, New York Exchange, North River and Morine. Wall street at 2 o'clock was crowded with an anxious mass of people The steps of all the banks were blocked up by people forcing their way into the banks. At the American Exchange Bank David Leavitt addressed the crowd, assuring them that the banks would pay all to the last dollar. He also announced ithat 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 f e houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day effecting d nearly all the banks in the city. The above list gives all that certainly suspended up to three o clock. S The run on the Brooklin Savings Bank h was renewed to-day, but with less vigor, the bank paying promptly. Several raifures among the dry goods firms are announced, but none of them are very prominent. d [THE LATEST ] The run upon the Mechanic's, Merchant's Bank of America, Manhatter, and Ame ica

5. October 15, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, October 15, 1857

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Suspension of New York Banks. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchants Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head, St. Nicholas and Market Banks. There is a general run on all the Wall Street Banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order.

6. October 16, 1857 The Tiffin Tribune Tiffin, OH
Article from The Tiffin Tribune, October 16, 1857

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Great Excitement in New York--Numerous Bank Suspensions--Heayy Run on the Wall Street Banks-Police Called Out!!! NEW YORK, Oct. 13.-The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens' Chatham, Bullshead, St. Nicholas and Market Banks. There is R general run on the Wall St. banks, and itense excitement in the street. Policemen are stationed at many of the banks to preserve order.

7. October 17, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 17, 1857

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More Suspensions, dc. NEW YORK, Oct. 13.-E. Fish & Company, Brown & Casey, merchants; also the Chathain and Bull's Head Banks have suspended The Marine Bank stopped by an injunction of its customers. It is presumed the others were stopped in the same manner. By this means the penalty of winding up, which attaches to suspension, is evaded; and it is rendered probable that suspension in most cases will only be temporary. This understanding relieves excitement. Three more banks, the Tradesman's, the Market, and the St Nicholas, have suspended. BOSTON, Oct. 18.-Lyman & Brothers, china merchants have suspended.

8. October 20, 1857 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, October 20, 1857

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Bank Suspensions-Steamboat Accident. NEW YORK, Oct. 13. The following banks have suspended to-day: Marine Ocean, Merchants Ex. change, New York Exchange, North River, Bulls Head, St. Nichols and Mar. ket Banks. There is a general run on the Wall street banks, and intense excitement in the street. Policeman are stationed at Banks to preserve order. The Fall River steamer Empire State struck a rock at Hurlgate, last evening during the prevalence of a dense fog, and had a large hole stove in her bow. She was backed off and groped her way to this city where she landed all her passengers in safety. The water was at one time above the cabin floor, but never be. yond the control of her pumps. She was entirely free of water at 12 this M., and goes on dock to-day for repairs. The baggage and freight escaped uninjured.

9. October 20, 1857 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, October 20, 1857

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Boston, Oct. 13. The suspension of Messrs. Geo. T.& W. P. Lyman, commission merchants on State street is announced. New York, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchants, Exchange, N. Y. Exchange, North River, Irving, Citizens. Chatham, Bulls-Head, St. Nicholas and Market Banks. There is a general run on the Wall street Banks, and intense excitement in the street.— Policemen are stationed at many of the Banks to preserve order.

10. 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 --

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;