16174. Mechanics 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
b01c5dc2

Response Measures

None

Description

Multiple articles (Oct 13-14, 1857) report a heavy run on the Mechanics Bank (about $130,000 paid out) during the 1857 financial crisis. Bank presidents then resolved to suspend specie payments generally on Oct 13. The articles do not explicitly state the Mechanics Bank's final reopening or permanent closure, so I classify this as run → suspension with outcome unsure. 'Mechanics Bank' appears as a NYC state/locally chartered bank (no 'National' or 'Trust' in name).

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Broad financial panic of October 1857 with runs and suspensions across many New York banks; runs driven by systemic banking panic and rumors across the city.
Measures
Paid out notes as long as available, then paid specie until specie exhausted (about $130,000 paid); certified checks once specie ran low.
Newspaper Excerpt
The Mechanics' Bank experienced a considerable run, commencing soon after 10...in which about $130,000 was paid.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Collective decision by bank presidents amid a widespread financial crisis and runs on multiple New York banks to suspend specie payments and arrange clearing-house exchanges; suspension presented as a coordinated response to the systemic panic and heavy withdrawals across the city banks.
Newspaper Excerpt
The banks have all resolved to suspend specie payments ... The banks have resolved to suspend specie payments as far as paying over the counters is concerned.
Source
newspapers

Newspaper Articles (11)
1. December 20, 1856 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 20, 1856

Click image to open full size in new tab

Article Text

to leave it. the conveyance, and, if he re leave not obliged to carry a person as 8 pas. as his general deportment is conand he may tender his fare), if the design of the person is to interfere with and prejuinterests. It has been said by one of the most disan innkeeper is not bound to entertain rival house, whose business there is to the be some limitation to the general right of the There mouthe general obligation of the carrier. The carrier is reason of the general obliger, to receive every by 80 doing be may seriously damage his business. the purpose of determing the reasonableness of the in question the probable effect upon the capital, busi1 interes's of admitting blacks into their cars indiscrimiwith the whites, is a matter for your consideration. Question always is whether in the particular instance the of the passenger is reasonable and proper; and if the was by virtue of & rule or regulation, then whether or regulation is reasonable and proper. That will be rule question for you to pass upon: Were the rules and reg. question reasonable and proper under all the circumThe Company had a right to prescribe them if they remeonable, and no passenger has a right to violate them. and shall be of opinion that they were reasonable and pronot their being made known to plaintiff, be was bound to submitted to them. It was his duty to have left the car requested 60 to do, or to have taken his stand on the platform, the choice between the two having been given On bis refusal to do so, it was lawful for the conductor him, using only such force as might be necessary for in If by reason of his resistance injury occurs to purpose. Company are not responsible. If the regulation was a one, and was made known to the plain. evidence leaves no doubt), the plaintiff bound to have submitted, and any injury he may have rein resisting, forms no ground for a claim for damage, force used in removing was not more than necessary. was not a reasonable and proper regulation, then the was not bound to submit to it, but was entitled to his the ejection wa. un\awful, and the defendauts are liadamages. In determining the question of the reasonaof this regulation, you must take all the circumstances in the care into consideration, and the probable inveloped upon the business and interests of the Company from blacks an equality as påssengers with whites. I shall emberrass you with any comments on this question so far control over it extends. It is one of those which call special exercise of gr+ wisdom, candor and fairness on of a Jury, and one in respect to which any admixture prejudice or passion in determining the question may tend to impair, on one side or the other, the rights of these This, however, you will bear in mind, viz: the quesmisnot whether the Company furnish accommodation suffiall the colored people who may apply, for there is no as I have already said, that the plaintiff was obliged this car because he could not get accommodation in enter those set apart to their special use, but the question is whether the rule by which the plaintiff was, as a colored excluded from this car was, under all the circumstances, resorable and proper. It is contended by the plaintiff that, as law. the Company have no right to exclude one of persons, as a class, from their cars: and if this then it is clear there is no further ques20, is this case, and the question of reasonableness the rule does not arise. On that point it is my duty instruct you. Whichever way I may rule on this question, tis one which will probably be hereafter discussed before a tribural, but for the purposes of this trial I shall rule in your opinion such a rule and regulation is, under the investances developed in this case, a reasonable and proper fact then the Company had the right, in law, to make it. shall find that this was a reasonable and proper regulayou then, as the plaintiff was bound to have submitted to it, he did not, the defendants will be entitled to your verunless, in expelling the plaintiff from the car, the agexts det Company used unnecessary violence. And, on this question of the degree of force proper to use, it is proper that I say to you again, that if the regulation was proper, the sizistiff was not justified in resisting the effort to expel him, ad the Company are not responsible for the consequences of exertions of the increased force rendered necessary by such sistence. this proper further to say that the plaintiff can have no claim indumages for any violence which may have been used to prehis reëntering the car after be was actually put outside and it. His legal rights do not depend on any such attempt and adress himself. If he had peaceably left the car when deted by the conductor to leave it, his legal right to this action maldhave been as perfect as it now is after all his resistance. shall find tbat this was not a reasonable and propor reguthen the plaintiff is entitled to a verdict at your hands, GOD, the only question will be as to damages. In law, expulwould be an unjustifiable trespass and assault on the perthe plaintiff, and for which you have a right to give such dazonges as you may deem reasonable, having reference to the store and publicity of the assault, and the injury to the plainfeelings, reputation and person. But it is proper to remind of what the plaintiff's counsel himself admits, that the obthis action is not 80 much damages as to test the quesof in dispute, and the amount of damage one way or the other have no effect OD that question I do not, ho wever, by this remark, intend to limit your discretion in this matter. TheJury retired to their room, but sent in three times for further instructions before they finally returned sverdiet. They wished to know, 1. Whether they must decide according to the law ? 2. Whether, if the passengers requested that Dr. P. be put out, it was menable for the conductor to put him out and 3. What was reasonable regulation. The answers to these questions are anticipated in the charge which is given in full above. After an absence of a couple of hours, the Jury brought in a verdict for the defendants. SPREME COURT-SPECIAL TERM-DEC 19-Before Judge CLERKE. MOTION TO DISCHARGE ON BAIL. motion Was made to discharge Frances Leon (alias Wice Dupres) on bail. Two indictments are pending against for feloniously stealing pieces of silk; first from Stewart, in February, 1856, and second, from Lewis B. Loder & Co. It is alleged on her behalf. that she is quite ill. The motion was argued by Jomes T. Brady for the applicant, udAssistant District Attorney Sedgwick for the people. Judge Clerke denied the application, on the ground that to antit would be to interfere with the province of the Court of The Mechanics' Bank agt. the Enterprise Insurance Co. Default to be opened. Receiver to have ten days to swer. COURT OF COMMON PLEAS-SPECIAL TERM-DEC. 19Before Judge DALY. John W. Consall agt. he Mayor, &c. Motion for leave to amend the complaint granted. G. B. Greenleaf agt. Robert Jarvis. Judgment for plaintiff on demurrer, with liberty to defendant to amend on payment of costs, &c. Charles Bouton, &c. agt. Augustus Summert. Order appointing a receiver of the property, effects

2. December 20, 1856 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 20, 1856

Click image to open full size in new tab

Article Text

PREME COURT-SPECIAL TERM-DEC. 19.-Before Judge CLERKE. MOTION TO DISCHARGE ON BAIL. A motion was made to discharge Frances Leon (alias Alice Dupres) on bail. Two indictments are pending against her for feloniously stealing pieces of silk; first from Stewart, in February, 1856, and second, from Lewis B. Loder & Co. It is alleged on her behalf, that she is quite ill. The motion was argued by James T. Brady for the applicant, and Assistant District Attorney Sedgwick for the people. Judge Clerke denied the application, on the ground that to grant it would be to interfere with the province of the Court of Sessions. The Mechanics' Bank agt. the Enterprise Insurance Co. Default to be opened. Receiver to have ten days to answer.

3. October 14, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 14, 1857

Click image to open full size in new tab

Article Text

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.

4. October 14, 1857 Evening Star Washington, DC
Article from Evening Star, October 14, 1857

Click image to open full size in new tab

Article Text

From the Associated Press Agent. The Pennsylvania Election. PHILADELPHIA, Oct. 13.-The general elect for State officers -Governor, members of the L islature, Canal Commissioner, Judges, &c his State-came off to-day. In this city it pas off very quietly, and with no disturbances of peace. Only a small vote appears to have b polled Williamsport, Lycoming county, gives Pack Dem., for Governor, 469; Wilmot, Rep., 278; Hazlehurst, Amer., 139 Columbia, Lancas county, gives Packer 319; Hazlehurst 211, Wilmot 85. Phoenizville, Chester county. gi Packer 295, W ilmot 237, and Hazlehurst 12. PITTSBURG, Oct. 12 -Returns from three I cinets in and two in Alleghany city sh a falling off in the Republican majority of m than half, and it is believed that their major in the entire county will bereduced still more LANCASTER, Oct. 13th.-The returns from city, complete, give Packer a majority of 730 large Democratic gain Northumberland-Packer's majority in t borough is 110. Harrisburg -Thiscitygives Packer a major of 419-a Democratic gain of 370. Dauphin cou gives 79 majority for Packer-a heavygain Danville gives 92 maj. for Packer; Tama 215 do and Mount Joy, Lancaster county, gi Wilmot a majority of 119. Honesdale, Wayne county, gives Wilmot majority. Scranton gives Packer 107 majority York county-This county is reported at 2 majority for Packer. It gave Buchanan over 2 majority last fall Lycoming county gives ,000 majority for Pa er. It gave Buchanan about the same. Carawissa, Columbia county, gives Wilm majority. West Chester, Chester county, gives Will 198 majority Luzerne county 1,500 majority for Packer, ag of some 400 on the last Presidential election Berks county gives 6,000 Democratic major Reading alone gives 1,000 majority for Packer gave Buchanan about the same majority Montour county gives Packer 450 majorit about the same it gave Mr Buchanan Northampton county gives Packer about 3 majority-a gain. PHILADEDPHIA, Oct. 13, midnight. From character of the returns received here there is question of Mr Packer's election. Be has m SO far considerable gains on Mr. Buchanan's when he carried the State over the Republi candidate by 83,200 plurality and over all by I majority The Democrats are now parading the str contident of victory. They have elected their Legislative ticket. and also their county tic The entire ticket for Democratic State and cou officers is elected in this city and county by largest majority ever known PHILADELPHIA, Oct. 14, 1.15 m-Paeker majorities in the following wards: Fifth WE 750 majority; Eighth Ward, 588. The city le lative ticket. for Senate and Assembly, has Democratic majority. Carbon county gives Packer600, and Montg ery county 2,000 majority. PITTSBURG, Oct. 13, midnight.-Wilmot lost in this and Allegheny county 1,400 vo The Democratic county ticket is partly elec here. YORK, Oct. 13, 10 m -Packer's majority o Wilmot, in this borough, is 303, and over I candidates 77. Buchanan's majority last fall only one. The election passed off very quietly [SECOND DISPATCH.] PHILADELPHIA, Oct. 13-The complete turns of this city foot -Packer, 27,749; Hat hurst. 13,817; Wilmot, 9,609. The Democratic candidates for Canal Comi sioner and Supreme Judge have about the si majority All the Democratic candidates have been elec to the Legislature and county offices. Ludlow (Dem ) has 5,300 majority over Con (Rep.) for Judge of the Court of Common Pl In Northampton county, 18 districts show 3 majority for Packer In Lehigh county Packer's present majorit over 1,000 In Cambridge county the Democratic gai twelve hundred Indiana county gives a thousand majority Wilmot. The Financial Crisis, &c. NEW YORK, Oct. 13-To-day has been a \ exciting one in financial matters. Up to2 fifteen of our city banks had suspended, of wh the following is a revised list, namely:-Banl New York, Artizans, St. Nicholas. Chath Ocean, Market. Butchers and Drovers', M chants' Exchange, Irving, Citizens', Trad men's. Buil's Head. New York Exchange No River, and Marine Bank. Wall street, at two o'clock, was crowded w an anxious mass of people. The steps of all banks were also blocked upby the people fore their way into the banks There were rumors during the morning aff ing nearly all the banks in the city, but the ab list gives all that had certainly suspended up 3 o'clock. The sales of railroad stocks at the first bo were small, at a general decline. In State sto the business done was quite large at a decl excepting Virginia and Missouri stocks. B stocks were all sold at a decline The run on the Brooklyn Savings Bank was newed to-day, but with less vigor and the be paying promptly There have been several failures in the goods line announced to-day, but none V prominent. LATER. The run upon the Mechanics', Bank of Ameri Manhattan and American Banks was very seve and continued up to the close of business The Broadway Bank held out till nearly th o'clock and paid out $140,000 in specie, when gave out. The Leather Manufacturers' Bank subsequer closed its doors The Seventh Ward and Fulton Banks held under a tremendous pressure The People's Bank closed at 2 o'clock. al paying out $19,000 in specie during the day The Bank of the State of New York paid out last dollar and certified all checks presented, then yielded. The American Exchange Bank paid all mands upon it. but several others shut out tb customers at o'clock The Bank of North America suffered prot this afternoon The Corn Exchange Bank refused to pay spe or bills, but certified checks. The Oriental. Mechanics and Traders', Bow Savings, Shoe and Leather, Continental, America Exchange and Metropolitan paid every dema up to the usual hour of closing A bank meeting was held this afternoon, which it is understood the proposition of age

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

Click image to open full size in new tab

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.

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

Click image to open full size in new tab

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

7. October 15, 1857 Delaware Weekly Republican Wilmington, DE
Article from Delaware Weekly Republican, October 15, 1857

Click image to open full size in new tab

Article Text

FINANCIAL AFFAIRS IN NEW YORK.-New York, Oct. 18.-To-day has been a most exciting one in financial matters. Up to 2 o'clock fifteen of the City Banks suspended specie payments and the following is a revised list, viz :-Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Mechanics' Exchange, Inving, Citizens', Traqesmens', Bull's Head, New York Exchange, North River, and Marine. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked by people forcing their way into the banks. At the American Exchange bank, David Leavitt ad. dressed the crowd, assuring them that the bank would pay all to the last dollar. He also announced that an arangement 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 three 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 vary 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 three 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 Peoples' Bank closed at 2 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 de. mands, but several others shut out their cus tomers at 8 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 banks will all suspend to-morrow. 10 o'clock, P. M.-It is reported onpretty 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 bill 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. MONEY TIGHTENING IN ENGLAND.-Boston Oct. 10.-A letter received per Niagara, dated on the 25th ult., reports money matters as generally growing tighter throughout England, while the demand was also on the increase. At Manchester the late buoyancy had yielded to a depression, and on both goods and yarns a decline had been submitted to. The demand for corn for export continued active and more than absorbed the receipts. BARNS BURNED.-The barn, stables, out houses, &c., belonging to Mr. Wm. Sayres, of Melbourne in Hanever co., Va., were burned to the ground on the 4th inst., together with all his crop of wheat, provender, corre&e., involving a loss of $10,000. Mr. Edmond Ruffin's barn, in Hanover county, Va., was set on fire and entirely consumed, together with, 1000 bushels of wheat, 200 barrels of corn and a large number of farming utensils, a few nights ago. CAUTION TO LADIES.-A lady residing in the village of Stamford, Conn., was very severely burned on Friday last in the following manner; She had been applying to her hair amixture of castor oil and alcohol, and approaching to near a lighted lamp, her head became enveloped in a blaze, and the flame was not extinguished until the lady was 80 severely burned that she is now considered to be in & critical situation. THE ODD CENT.-Some days ago a produce dealer in one of our markets sold a customer a half peck of potatoes for a levy, and in taking his pay from a quarter dollar, returned twelve cents change. This the customer declined to receive, claiming thirteen cents as his due. A dispute ensued, which endedby the eastomer getting out'a warrant for the odd cent. The case being tried, he recovered it.-Washington Star. NAVAL.-The U. S. steamer Fulton, Capt. Almeo, went into commission on Wednesday The U. S. steamer Water-Witch, Lieut. Commander Lovell, arrived at Norfolk on Thursday from Washington. The U.S. practice ship Preble was towed ap from the naval anchorage to the Gosport Navy-yard on Thursday, where she will be stripped and laid up for the winter. U. S. frigate Congress was at Constantinople on the 12th. FIRE-BARN BURNT.-A large frame barn, belonging to Messrs. J. L. Darlington & Co., proprietors of the Morris Nurseries, in West Goshen township, adjoining the Borough of West Chester, was entirely consumed by fire, on Thursday evening last, the 8th inst. The fire broke out about 71 o'clock, at the western end of the barn, and is supposed to have been the work of an incendiary. the AMERICANS IN CALCUTTA.-There were in August last about eight hundred /Americans residing in Calcutta, and in this number were included many women and children. There was a good deal of anxiety among all classes of the inhabitants, and the Americans were thinking of sending their women and children home by the ship Daniel Webster, which was in port loading for Boston. THE STRUGGLE IN NEW ORLEANS.-New Orleans, Oct. 13.-The actual state of the pinch here is frightfully severe, and heavy suspensiens are anticipated. Money continues ex tremely scarce, and stringent, and those who have it show no disposition to lend it on any terms. The heigth of the crisis, so far as this city is concerned, is rapidly approaching. ROBBERY AT THE RICHMOND, Va., CUSTOM HOUSE-OVER $20,000 IN SPECIE STOLEN.Richmond, Va,, Oct. 13.-The custom house o this port was entered last night by robbers.The safe was blown open with powder, and $15,000 in twenty dollar gold pieces, and $5,700 in five dollar gold pieces were stolen. The robbers left $46,000 behind. THE STEAM FRIGATE MERRIMAC.-Bostor Oct. 10 frigate Merrimac

8. October 16, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 16, 1857

Click image to open full size in new tab

Article Text

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.

9. October 17, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 17, 1857

Click image to open full size in new tab

Article Text

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.

10. November 9, 1857 The New York Herald New York, NY
Article from The New York Herald, November 9, 1857

Click image to open full size in new tab

Article Text

number in New York since March is stated at 280; in Boston, of failures 168. In New Orleans, Burke, Wall & Co. failed for twenty mill lions, carrying many others with them The price of negroes falls from $1 200 to $250 or $300 cash. The com mittee of merchants appointed at the Masonic Hall meet ing, have an interview with the President. They request him to rescind the Specie Circular, to defer commencing suits upon unpaid bonds, and to call an extra session of Congress. They say that in six months real estate has depreciated forty millions that local stocks have declined twenty millions; that 250 extensive houses have failed; that merchandise in warehouse has fallen 30 per cent in value, and that 20,000 persons have been discharged from ment employ MAY 4.-John Fleming, President of the Merchants' Bank, fell dead from excessive anxiety with regard to the affairs of the bank. A run set in on all the banks. Two banks at Natchez stopped. MAY 5.-There is a slight run on the Mechanics' Bank, and more failures MAY -United States Bank stock falls ten por cont. The HERALD predicts its crash. MAY 8.-Three Buffalo banks stop. United States stocks fall below par. There is great run on the Dry Dook Bank, and it shuts its doors. Another meeting of the merchants is held at Masonic Hall. The correspondence between the committee and the President is read. He refuses to revoke the Treasury Circular, but will think about" the other propositions. The great banking house of John Ward & Co. suspends. United States stock goes down to 95, and Morris is out of sight. MAY 10 After one day's run the banks, with three exceptions, (the Merchants' Manhattan Company and Bank of America), vote to suspend specie payments. The other three joined in the movement, being forced to it. The banks received city notes in payment of debts, and paid them out to depositors. Specie commanded premium. Bills on England were quoted at to 12½ per cent premium. Meeting of merchants in the Exchange pass reselutions to sustain the banks. MAY 11 The banks of Boston, Salem, Lowell, Providence, Philadelphia and Baltimore suspend specie payments. The HERALD publishes a list of 239 failures in New York. Specie commands 10 per cent premium. The Philadelphia banks having suspended, the Common Council authorized the issue of twenty five and fifty cent certificates for a new loan, which were accepted as currency; they were called city shinplasters. MAY Bank of the United States, Pennsylvania, suspends specie payments. MAY The Legislature of New York pass a law au thorizing the suspension of specie payments for one year. MAY 17 -The President calls an extra session of Con gress, to meet September 4. Great anti bank meetings are held all over the country. The Montreal banks suspend specie payment. Banks of Charleston, Cincinnati, Savannah and Quebec suspend. MAY 18.-The President issues a circular authorizing the United States District Attorneys to give six months time on payment of duties. The city is flooded with notes for small amounts issued by hotel and saloon keep ers. MAY 22.-News is received of the suspension of the New Orleans banks. (May 12.) Every bank in the country has now suspended. MAY -Cotton was firm and sales made at 81/2e. a 11c. We extract the following from a New York paper:- The amount of specie now going to Europe exceeds that of any period for five years past; it is the only way in which remittances can be made. The bill drawers have all disappeared, and if they had not they could not negotiate. Since the first of April not less than three millions in specie has been shipped. Very little cotton is going forward, owing to the fact that people do not know whom to ship to in the present state of affairs. Money is again getting tight; our banks, instead of increasing, are diminishing their loans. Specie has fallen, silver selling 6a 7, Spanish dollars a 10, American gold 6a7, and sovereigns 5.20 a 5.27. JUNE-Nothing new this month. Trade continues duM. The HERALD refuses to take bank notes at less than Wall street rates-12 per sent under specie, and pays out only specie. JUNE 3.-Stocks go up a little, and the HERALD reports a better feeling. Business of all kinds is very dull. The North River steamboats suspend their trips. The Brook lyn Bank resumed specie payments. The New York Board of Trade issue circular advocating a national bank. JUNE -English bills went up to 18 a 20 per cent premium for first class paper. JULY.Stocks went up a little, and the crisis was believed to be over. The HERALD (28th) calls on the banks to resume. The banks have $1,709,652 specie to $5,574,808 circulation. AUGUST-The fall trade commenced earlier than usual, and strangers began to flock in The imports, however, were very much reduced. On the 18th the banks issue a circular calling for a general convention to consider the question of resumption of specie payments The Manhattan had already resumed. There was still great dis tress in mercantile circles. SEPTEMBER 1.-Banks of Augusta, Ga., and South Carolina resume. SEPTEMBER 4.-The extra session of Congress met, and Mr. Van Buren sent in a message recommending a separation of the government from all banking institutions, the issue of ten millions of treasury notes, the enactment of a general Bankrupt law. and to leave commerce and the exchanges of the country to take care of themselves. The effect of this measure was to depress all the bank stocks. During this month things look a little brighter. SEPTEMBER Cotton quotations were sustained to 8c. a 113/2c. Exchange quoted 20 a 21. British government bills 30 days, 22. SEPTEMBER 17 .-Money was plenty, the banks discounting freely. United States bank stock 117% American gold 8½ premium. SEPTEMBER 24.-Gold plenty, and declined to 3½ 4 premium. United States bank (Pennsylvani stock 118. Exchange 15% 1616. SEPTEMBER .-Exchange declined to 14 a 14½ OCTOBER passed the bill authorizing the issue of ten millions of treasury notes, bearing six per cent in terest. Several of the New York banks resumed specie payments. Congress adjourned on the 10th. OCTOBER -Savannah, Ga., banks resumed. Exchange advanced to 15½ 16. OCTOBER -Cotton market stiff, and quotations range from 9c. a 12c. Exchange 15½ 16. OCTOBER 21 Cotton still stiff, and quotations 81/2c. a 12c. Exchange 15 151/2. Specie advanced. NOVEMBER.-The Bank Convention (135 delegates from eighteen States) met in New York city on the 9th. and continued in session till December 1. and then adjourned till April, declining to fix any time for resumption. At this Convention, Messrs. Adbert Gallatin, George Newbold, C. W. Lawrence, Cornelius Heyer, John J. Palmer, Preserved Fish and Gorham A. Worth were appointed committee to publish the views of the New York banks. Their address states that the withdrawal of the public depssits and of excessive foreign credits, with a great fall in the prices of the principal articles of export and an unprecedented import of breadstuffs. with the inability of the Southwestern States to pay their bills, fell all at once upon this city. The banks struggled with all this and with a foreign demand for specie, until some local incidents caused distrust and panic, and a general run commenced which no banks that pay specie for notes on demand can ever resist. Thus the banks of New York city suspended, after having been almost entirely drained of their specie, while the other banks through the country suspended im mediately after without waiting for a run, and kept their specie reserve. NOVEMBER 18 Exchange quoted 15 a 151/2 Specie declining shipments SO light as not to be worthy of notice. DEC EMBER -New Orleans banks resumed. DECEMBER 9.-A New York letter to Charleston paper says. "A packet salls to-day. carrying out commercial news highly favorable, which will gladden the hearts of all who have claims upon America. Exchange 11½ 12. Specie is only at premium because the banks are in pur suit of it. Produce shipments are large, and orders for imports very small which is the cause of the decline in exchange. The movement of cotton is bettering the rate of exchange in the South DECEMBER 16.-Exchange declined to 10 a 11. Cotton improved Me. DECEMBER 30 -Exchange quoted at 9½ a 9% 1838. JANUARY -Intelligence from Europe excited the cotton market. The sales are very large but there is no improvement in prices. Quotations 9 11 1/20. JANU ARY 13 -More activity in the cotton market than known for several years. Prices advanced 11/2c. JANUARY 19 -One of the city papers of this date, says:" We are enabled to say, on authority that the banks of Philadelphia are ready to resume specie payments whenever the New York banks do. Although they won't name the day they pledge themselves to resume the day after the New York banks.' A few days after, another city paper said :- We understand that the Com. mittee of the Banks came from Philadelpia on Saturday, not with a big flea in their car at all, but with good din ner. which Mr. Biddle gave them. As to the resumption of specie payments the state of exchange was not thought fit to warrant the fixing of a day for that purpose.' FEBRUARY Exchange declined to 81/2 FEBRUARY 10.-Cotton declined. and quoted 9c. a 11 Ve. FEBRI ARY 22.-Specie declining: sales at 2a21/2 premium Contracts made to deliver specie 1st of May at 1 per cent. premium, without interest. It is daily arriving. and in R month or two the receipts from Europe must

11. April 22, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 22, 1858

Click image to open full size in new tab

Article Text

masters Seamen's Fund of Retreat every may follows: for the 50: $1 master and cents. mate. marinet employ New from Cos Jersey one than in voyage in er D. B. For having Board DAY passed to and give passes and Comon of and County New the to every Councilnan, pay Pays every Aiderman and any nation per this of The State. to the of diction the Courts of Peace Sessions and for a capital ense, before case the bio bring may writ of by error York stay and the Court may Appellate that from satisfied any whether the Court below to the secure To appointed Econ and Regulation York. Schools in the City New giving Common one year longer, before to is the power Commissio the Governor any time the January 1859. Mines. of School American To incorporate associal the form ed to develop the minera the This instruction of in the Regent the lebster are Horace Ferris, Isaac G. of and M Robert Rankin heatley Charles Peter Cooper, " of and Owe Tho Pumpelly City of New James York, H. George Armsby of Albany on Associate Olcott In relation and to the Mechanics Bank. the East Banking River Bank, and reto North River Bank of the City of Nete failed p These the Grocers Banks having for some weeks. reason as mixed by law act is This passed were conse them liable from the couse of that an Act alter the to Map certain or Plan Streets of the in Man City hattauville, Discontinues the passed parts of geveuth, One -hundred and One and hund twenty streets of wixth, One Manhattan and twenty and Laurence eighth street and the of of City Aqueduct Prison. Sing to Sing the Croton the use for 15 Authorizes the Controller to of water pay for prison. and City Slips Vharves to Lines Steamb beleased may lines of steamboats ruening reg posse New York free during xclusive the term their the Harbor by them, ficers the duty of aiding that the Great South Bay Steam Naviga arrying Incorporates company tion Company. to run freight vessels Sariolk propelled County by the vest by the route traversed OD points failing with $15,000, Itscapital Fund the Prorident New of the additional priv rilege fund Fund, to after years a term shall Gives whereby the paid in not and may interest be thereon, in equal be paid portions semi annually. to the subs To incorporate the the Company New York Pneumatic Power An Wright, James Jackson, in Eugene or porated Ely, under the and Wendel! Willis, G. W White and others are steam power vessel any loading it may air. The capital 000, in shares +25 esch. the Youatt Luceum N To incorporate Ralston, Williem H. Disbrow, Bond, are incorporated Myron H. John William H. Well and James the Vaterinary A Fowler. for the purpose promoting impany Horse Hospital f that purpose. Relative to Police Justices York Clerks in the City of Ner to a rally Justices Police appoint Authorizes the for misconduct, and Courte the for dis faithf $1,000, in the peual office of of Clerk of Police are and charge that The of Serivener, as heretofore existing, Dis abolished. In Relation Jurisdiction of the City of of the New- Marine York. and the Gives controversy triet Courts Marine Court jurisdiction in all $200 case against where the that amount amount in to the District Suit. Floati To Declare and the Legality of the of Use Repairi of certain Vessels. Docks for the purpose of the Balance Docks to their pien Establishes the right consent of the owners of the to present pc sition, subject upled to the right the Common Counce time, regulate To the m Legalize of the same. the Sale of Stocks on Time on By this act parties selling abort, of or buy ration ing avoidin COL En probibites from inleading the vendor, want at the time of making in plainer the contract because the holder of the ocks sold ; or, zlish. tract, it is an to stock gambling. to found a State To amend an act entitled An Act 18. 1858. F. Hospital, passed April Benjamin 'oman's names Peter Cooper, and their GSHO The first secti Triubble, Robert B Mint section sixth the ciates, Butler George F. rators of the institution. quire section amended pealed. The eighth for the but by for holding a special meeting, a l other Mayor officers. making quorum. and mon Council to by transfer to street, Another the Woman's Hospital plat Lexington of ground avenue bounded and Fourth avenue Forty pipth ground for the consigeration used only the with Kifteth street, that the ground shall be for the purposes of of said institution. River, For the Remoral of Free Obstructions Bridge over from the same. Harlem and for Aldermen and Commonalty of the City are directed and authorized of of New York The Mayor, and the Supervisor build free of Westchester bridge acros the Harle east avenue, Eighth of the near termination from River, tor the Eighth the Seventh Two Dam Macomb's the minus have who bill. shall the in are named each ers from County the Super thereafter the charge and spall County visors be Macomb also vacancies and effect the sum of of tide. equal in to is the river navigable parts times by the County of Westchester established in two opening the appropriated County of New-York. of turn sixty feet each and the estained the bridge with the bridge in repair are to be his expenses. Countier. f keeping The Commissioner* and to give req bonds for the faithful beyond traveling funds intrusted to their charge. of posal of the the