16425. Ocean (New York, NY)

Bank Information

Episode Type: 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: 89159a16

Response Measures

None

Description

Multiple contemporaneous dispatches (Oct 13, 1857) list the Ocean Bank among numerous New York city banks that suspended specie payment. Reports describe general runs on Wall Street banks, but no article singles out a discrete run specifically on Ocean as the triggering cause. A New York Herald dispatch (reported Oct 16) notes Ocean was again represented at the Clearing House, indicating a resumption/reopening shortly after suspension. Cause assigned to the broader Panic of 1857 (macro_news).

Events (3)

1. October 13, 1857 Other

Newspaper Excerpt: The steps of all the banks were also blocked up by people forcing their way into the banks. ... There is a general run on the Wall St. banks, and intense excitement in the street.
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: Part of the widespread banking panic of October 1857; general runs and loss of confidence in New York banks led to suspension of specie payments including Ocean Bank.
Newspaper Excerpt: Up to two o'clock fifteen city banks had suspended, of which the following is a revised list, viz: ... Ocean ...
Source: newspapers

3. October 16, 1857 Reopening

Newspaper Excerpt: three of the suspended banks, namely, the Artizans', Bowery and Ocean, were again represented [at the Clearing House].
Source: newspapers

Newspaper Articles (12)

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

Article from Worcester Daily Spy, October 14, 1857

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Money and Business. Early yesterday afternoon the telegraph announced the failure of the following banks in New York city: Capital. $1,235,009 Merchants' Exchange: Ocean 1,000,000 Mercautile 1,000,000 North River 655,000 Irving 300,000 Marine 309,000 New York Exchange 100,000 St: Nicholas 750,000 Citizens' 400 009 Bull's Head 173,800 Pacific 422 000 Peoples' 412,000 Total 812,200 There was reported. also, at the same time, a heavy run upon the Bank of the Republic. There seems to be an entire want of confidence in the banks among the New York people, and Wall street was almost impassable on account of the crowds of people assembled aboutsome of the banking houses in that locality. In another part of this] day's paper, we publish a list of New York business[firms that "succumbed to the pressure yesterday. The returns of the week show that the New York banks have contracted their loans four millions of dollars within the last seven days, and the deposits have fallen off about the same amount. The stoeks of the New York banks have run down to a very low figure, even the best of them, and this is probably not only an indication of the severity of the pressure, but also that those in the secrets of the back parlors, think unfavorably of most of their paper The stocks of some of the leading New York city banks, sold as follows, on Monday: Bank of Commerce 70, Bank of New York 76, Bank of America 75. Phoenix Bank 55, American Exchange 55, Metropolitan 58, Park 58, Bank of the State of New York 65. At Boston yesterday, the following additional failures are reported, viz: Francis Skinner & Co., the largest dry go ds commission house in the city-they were agents of the Pepperell, Bates, Vassalboro', and many other prominent manufacturing companies; Blanchard & Gross, shoe dealers; Hutchins, Brown Co., F. & F. Rice, John P. Whiton, West India goods; Geo. T. & W.P. Lyman, commission merchants; Otis, Cushman, & Bancroft, dry goods; and Crane & Glover, paper dealers It is reported that Moses Taylor & Co., of New York the largest and wealthiest grocery house in the country, has failed. The Boston Transcript of last evening, says: "The Boston banks are stronger today than they have been for a considerable time. Last week the increase of specie in their vaults was over $300,000. and yesterday this amount was augmented. Should the New York banks suspend, it is the opinion of many prominent financiers, that the banks in Boston would not suspend, but would breast the storm, manfully redeem their promises, continue to pay specie, and thus show to the boasters of the metropolitan city that the disgrace of violating pledged faith, does not rest upon the managers of our city banks at least." The following is from the Providence Journal of yesterday morning: "Yesterday was apprehended as a day of disaster, but it has passed off not only without a failure, but with the assurance that the failure of David B. Brown & Co, and J. W. Corlies & Co. and Hall, Dana, & Co, which latter was made public today. although it had been confidently known here since Friday, would not drag down anybod in Providence The houses most immediately and deeply affected by these failures are abundantly strong, intrinsi cally, and have received, unsolicited and without concert, such liberal ffers of assistance from banks and capitalists, as leave no doubt of their ability to meet all the paper that comes back upon them. The banks discounted liberally yesterday, but much of the accommodation afforded was for New York and Phila delphia. The chief domestic houses in the great "specte paying centre," have been seeking from our discredited banks the aid which their own refuse them. Al'more cheerful feeling prevailed yesterday, after bank hours. The wise and liberal pollcy of the banks, and the dispo sition of men to stand by each other, gave new courage and confidence."

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

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Monetary Matters in New York-Great Excitement. NEW YORK, Oct. 13.-Today has been a very exciting one in financial matters. Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: Bank of New York, Artizans', St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine. The latter, it is said, was stopped by injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way. By this means the penalty of winding up, which is attached to suspension, is evaded. It is believed that suspension in most cases will be but temporary. This state of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. 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 people forcing their way into the banks. At the American Exchange Bank, David Leavitt addressed the crowd, assuring them that that bank would pay all up to the last dollar. He also announced that an agreement had been made with several of the strongest banks, to go through without suspension. It is believed, however, in the streets, 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 specie deposit. 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 3 o'clock P. M. The others, it is believed, continued to meet their liabilities up to the clocs of businss hours. The sales of Railroad Stocks at the first board were small, at a general decline. In the State Stocks the business was large at a decline, ex cepting Virginia and Missouri. Bank Stocks all sold at a decline. The run on the Brooklyn Savings Bank was renewed today but with less vigor, the banks paying promptly. Several failures in the Dry Goods line are announced, but none of very prominent firms.

3. October 14, 1857 The Day Book Norfolk, VA

Article from The Day Book, October 14, 1857

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LATEST NEWS. NEW YORK, Oct. 13, P. M.-This has been a day of intense excitement in financial circles. Business is almost entirely suspended. As may be observed below, several of our city banks, which were considered strong, have given away before the pressure, and suspended specie payment. According to the State Constitution they are obliged to go into liquidation; though some scheme, in this general crash, may be devised as an emergency for their future relief. The following Banks have suspended, up to 2, P. M. to-day, viz:-Merchants' Exchange Bank; Marine; Irving; North River; Ocean; People's Bank; Citizen's; Bull's Head; New York Exchange; Pacific; Park; and East River; Chatham; St. Nicholas and Market. A heavy run is now being made on the American Bank, and it is thought it will givein. Indeed, all the banks are being run upon, both here in Brooklyn, Williamsburg, Jersey City, &c., as also in many parts of the State. It is a blue day.More failures of merchants are announced.

4. October 14, 1857 The Washington Union Washington, DC

Article from The Washington Union, October 14, 1857

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NEW YORK, Oct. 13.-Tne Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens', and Ocean banks have suspended-cight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head Banks have suspended.

5. October 14, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 14, 1857

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SUSPENDED. NEW York, Out. 13.-The following Banks of this city suspended this morning. The Marine, Pacille, Irving, Merchants, Exchange, North River, New York Exchange, Citizens and Ocean Banks, in all eight Banks:

6. October 15, 1857 Daily Iowa State Democrat Davenport, IA

Article from Daily Iowa State Democrat, October 15, 1857

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LATEST NEWS. The Financial Crisis. New York, Oct. The following banke have suspended today Ocean, Merchant's Exchadge, Chatham, Marine, River, Irving. Citizen's Banks North St. Nicholas and Market Wall-st. Bulls Head, geneneral runson the the streets. There is and a intense excitement in banks to Policemen are banks, stationed at many preserve order. LATER. New York, Oct. 13. was an exciting in had financial susToday 15 city banks list matters. The following is the revised New York, Artirans. St. & Dropended. of Butchers Nicholas Bank Ocean, Market, Citizens, Catham, Merchants Exchange, Irving, River and vers, Bull's Head, North said, was The latter, it is stopped and it Marine. an injunction other Tradesmans, customers, by is presumed procured by way! one of banks its have been stopped in the with same an anx Wall st. at 2 P. M. was crowded of all mass blocked up by banks into the banks. At addressed way David Leavitt them that all also anious can their Exchange were assuring of people. people He the the forcing Ameri banks the the crowd, the last dollar. been made would pay an arrangement had to go of the strongest It is without suspension. nouced through with several that the banks suspension believed however, in the street, that is understood that will be general. heaviest It houses have replaced withdrawn it some of our from the banks and rumors du their special gold deposits. There were nearly all the ring the morning city, affecting but the list 'gives all that The banks certainly in the suspended up to 8 to p. m. meet all had it is believed, continued hours. others. to the close of business at the liabilities sales of railroad stock In State 1st The were small, at a decline. decline, exMo. stocks Board business was large at Bank a stocks are cept in Va.'s and Run on Brooklyn Savings vigor, sold Bank at was decline renewed to-day with less the bank paying promptly. LATEST-FOUR MORE SUSPENDED. run upon the Mechanics and & Merchants, American The of America, Manhattan and continued Bank Banks severe. Broadway Exchange close of business. The out $140, up to the held out till nearly 3, paying The LeathBank when it gave out. 000 in Bank held er and Fulton Banks a tremendous The7th under Manufacturer's specie, 'Ward pressure. subsequently o'clock. closed. out afBank closed at 2 during the The People's out $19,000 specie New York ter paying Bank of the State of certified day. The dollar, and The paid checks out presented, and Bank then paid all demands, its Exchange last yielded. customers all American others shut out their North America but several The Bank of Corn Ex at was 3 o'clock. protested this P. pay M. specie The or bills, change Bank checks. refused to The Oriental, Mecha- Shoe but certified Traders, Brewery American Savings, Exand nics and Leather, Continental, Banks paid their change demands and up to Metropolitan 3 o'clock, the usual hour for closing. number suspended to-day, the The those whole that were included in returns with of yesterday, meeting was is sixteen. held this P. of M., gen- at which A bank it is understood discussed, a proposition as also the propriety eral suspension of urging was the of Governor the Legislature. to conan second board of under the At the all took a rise paychange banks will suspend 60 that the Missouri sixes, lief vene to-morrow. Stocks extra session the Reading, specie Stock 1-2; 33; Ex be- the ments Chicago and Central, Rock Island, F5: Panama, 58; 31. on New There York was no run of any account the Broadway Savings Banks, Blecker excepting street. They are of hand the and the in the city and The have former on at strongest of specie. availathe large opening quantities -day had $100,000 in dited ble The means following country banks are discreto-day River Bank, Goshen, Clyde, Merchants Bank Bank, Oswego, Syracuse. Carmel, Briggs Eagle Bank, Bank, Rochesof Commerce, Hudson County ter, Bank Poughkeepsie Farmers Bank, and Traders Bank, of Bank, Newburg, Ulster County City Bank, Bank, Sussex State of N. Y., Hoboken, Bank of Bank, Jersey Bank City Bank, Farmers the Montague. following are in substance: The resolutions passed this at of the New York meeting The That official the banks Bank Presidents of the paying suspend it even- over specie payment is as concerned, but bills made at of one Committee be aping: lar their exchanges counters that far another's as u of regu- the the Clearing to House; confer with the Governor an extra session State pointed in reference to calling legalize the suspension: 12 o'clock to-morrow. that of the such Legislature Committe to leave for Albany at Boston, Oct. 13. & W. Lyman, The suspension commission of Messrs. merchants Gen. on T. State street, P. is announced. considered Harrisburg, yesterday's Oct. 13. 32. vote The on the House relief re bill, by a vote of 55 to

7. October 15, 1857 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

8. October 15, 1857 Quasqueton Guardian Quasqueton, IA

Article from Quasqueton Guardian, October 15, 1857

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Bank Failures NEW YORK, Oct. 13. To day has been a very exciting one on financial' matters. Up to 2 o'clock, 15 City Banks had suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchant's Exchange, Irving, Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction precured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks, At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar. He also announced thrt an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, 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 specię deposts. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspended up to 3 P. M., The others, it is believed, continued to meet their liabilities tothe close of business hours. The sales of Railroad stocks at the first board were small at a general decline.— In State stocks business was large at a decline, excepting in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of very prominent firms. LATEST.-Tne run upon the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to close of business.

9. 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.

10. October 16, 1857 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 16, 1857

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

11. October 17, 1857 Muscatine Weekly Journal Muscatine, IA

Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.

12. October 31, 1857 The Weekly Minnesotian Saint Paul, MN

Article from The Weekly Minnesotian, October 31, 1857

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From the New York Herald, 16. Wall Street Yesterday. Stocks going up-Things looking brighter-The Banks and the Clearing Houses. Nothing could be more striking than the contrast between the appearance of Wall street yesterday and on Tuesday. On Tuesday it was a surging sea of excitement. Yesterday it was still almost as the Catacombs. The brighter aspect assumed by the Stock Exchange, and the facilities for the transaction of banking business afforded by the Clearing House, had a manifest effect on every one and there was consequently a decided improvement in the looks of the frequenters of Wall street. Though the day was dull, dirty and dismal, one could almost fancy that the sun was shining there, SO many cheerful faces seemed to illuminate that recently gloomy looking locality. At the Clearing House everything looked well for the banks. Balances were promptly paid up, and three of the suspended banks, namely, the Artizans', Bowery and Ocean, were again represented. The Grocer', Citizens' and Mechanics' Banking Association still remains unrepresented ; but the probability is that the two former will take their accustomed places in the Clearing House in a few days. And the rest are now living and thriving institutions. Nothing but the bills of city banks and specie were taken at the Clearing House yesterday, but it was thought that to-day the bills of all secured State banks will be taken. Deposits of State money will be made in the Metropolitan Bank, and that institution will issue certificates in different sums, which will be received at the Clearing House to meet the balances. This plan is calculated to work well, and will greatly facilitate operations. The bills of all the city banks are taken on deposit, but the checks of those banks going into liquidation, are, of course, refused. In the present restless condition of affairs it is impossible to tell the value of uncurrent money. All prices were asked and given for it yesterday. Bills of the same banks were sold indiscriminately to different brokers at two and at five per cent. Everything was done at hap-hazard. Bills of the State of New York were at par. In the course of a few days a more healthful state of things may be expected, and as soon as the plan adopted by the banks here is understood and appreciated abroad, confidence will be in a great measure restored. People who have been half frightened to death for the past few weeks-who have been trying unwittingly to break themselves and the banks by participating in the senseless run-will ere long be laughing at the folly which drove the city almost to ruin, while the banks were solvent and the country richer in money, in grain and provisions generally, that ever it was. Communities, like individuals, sometimes go mad with fear, and do serious damage in their paroxysms, to themselves and neighbors. The crisis out of which many think we are now beginning to emerge, is an excellent illustration of the fact. By the increase of State and city paper money thrown from the market, the channels of trade were more freely opened. It was believed that it would give rise to the active forwarding of produce from the interior, and set goods in motion from the city to the country ; thus breaking the locks and dams which have for some time interfered with the currents of trade. Sterling exchange was also better, and produce bitls on London were scarcely to be had under one hundred, while prime bankers' bills, though irregular, were held at better rates, and in some cases as high as one hundred and eight asked, Freights were firmer, and more produce offering for shipment. Flour again advanced 15 and 20 cents per barrel, and in some cases 25 cents per barrel was realized. Wheat was higher by 2 and 3 cents per bushel. The second meeting of merchants, talked of the day previous, was not acted upon, as was deemed under the circumstances to be necessary.