Oriental - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 14, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: cb1e46ba

Response Measures

None

Description

Article (Weekly Pioneer and Democrat, 1857-10-22) lists Oriental among many New York banks that suspended specie payments on the morning of Oct 14, 1857 amid broad panic/pressure from mercantile depositors. The text describes coordinated suspension but does not state reopening; historical context suggests these were temporary suspensions during the Panic of 1857, so I classify as suspension_reopening while noting reopening is not explicitly documented in the provided excerpt.

Events (1)

1. October 14, 1857 Suspension

Cause: Macro News
Cause Details: Broad financial panic and overwhelming withdrawal demands by mercantile/speculative depositors leading city banks to suspend specie payments; coordinated action at Clearing House on Oct 14, 1857.
Newspaper Excerpt: on the morning of the 14th. the following banks suspended : ... Continental, Oriental, Corn Exchange.
Source: newspapers

Newspaper Articles (1)

1. October 22, 1857 The Weekly Pioneer and Democrat Saint Paul, MN

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

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Article Text

ing 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 seriously disturbed. In another article the Herald of the same date.-the 4th-says: Considering the tremendous pressure brought to bear upon these banks, the course is, perhaps. the best which they could have adopted. But for the overwhelming demands by mercantile depositors of the speculative and overtrading class, resolved upon forcing the banks to an expansion or a suspension. this alternative of a substantial suspension of specie payments might have been avoided. The result, as it is, will probably be equivalent to the direct loss of a hundred millions to the business community of this metropolis, from the inevitable reaction of this movement upon the banks and the financial and commercial interests of the State and the Union. Thus, in the interval to the meeting of Congress and the several State Legislatures, our city, our State, and all the States will be reduced to an irredeemable paper curreney ; for the example of this metropolis will doubtless be seized upon immediately by the interior banks of the State, and by the remaining open banks of all the other States, resting upon the faith and solidity of our city banks. Thus we approach the climax of the revulsion. On the evening of the 14th. ameeting was held by representatives of the various banks at the Clearing House, at which the following resolution was adopted : Whereas. in view of the excitement prevail ing in this community, and the fact of the ac tual suspension of a number of the banks of this city, Resolved. That it expedient that the banks of this city suspend specie payments to morrow. A Committee was also appointed by the meeting. to wait upon the Governor of the State, and request him to convene an extra ession of the Legislature. In accordance with the resolution adopted on the 13th, on the morning of the 14th. the following banks suspended : Merchants, America. Mercantile, Am. Exchange, Metropolitan. Atlantic. Nassau, City, National. Commerce. Commonwealth, New York County, North America. Continental, Oriental, Corn Exchange. Park. Dry Dock. Pacific, Fulton, Phonix, Greenwich. Hanover. Republic, State, Imp. & Traders. Seventh Ward. Manhattan. Shoe and Leather. Mechanics, Union. Mech's and Traders, In reference to the excitement on the streets, the Herald says: "The crowd in the street was no greater