16447. Oriental Bank (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
ade0289a

Response Measures

None

Description

During the Oct 1857 panic the Oriental Bank joined the general arrangement to suspend specie payments (paying out no coin) but remained open, certified checks and paid bills. There is no mention of a depositor run on this bank or of a permanent closure/receivership in the provided articles. Bank charter type is not explicit; I infer a state-chartered bank but this is somewhat uncertain.

Events (1)

1. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Part of the city-wide October 1857 banking panic and coordinated suspension of specie payments by New York banks; banks resolved to suspend specie payments at Clearing House meeting (Oct 13).
Newspaper Excerpt
It has conformed to the arrangement of paying out no specie. It pays out its bills, and certifies checks.
Source
newspapers

Newspaper Articles (2)

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

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Article Text

pacified. All is now quiet. Several thousand dollars in gold were deposited. NORTH RIVER BANK. This institution remained in the same position as on Tuesday, doing no business other than receiving payments on notes. When our reporter visited the Bank yesterday the managers had not yet determined whether they would, like the other Banks, continue business or go into liquidation. NEW-YORK COUNTY BANK. The amount of specie on hand at the close of the day's transactions was $18,267 63. The heaviest part of the business by far was done by 12 o'clock; after that hour until the time of closing it being rather light. They anticipate no further trouble. ORIENTAL BANK. There was no excitement about this bank on Wednesday morning. It has conformed to the arrongment of paying out no specie It pays out its bills, and certifies checks. The bank has been a creditor at the Clearing House for the past four days, and had, on closing up its business on Tuesday evening, $41,000 in specie agend. A considerable amount in gold was deposited in this bank by different persons yesterday. OCEAN BANK. The doors of this institution were opened yesterday, but there was no business being done of any kind, not even receiving payment on notes. While our reporter was there one gentleman presented himself with $2,000 in certified checks to take up an accept. ance, but the checks were refused and gold demanded, but not paid. In answer to the demand for gold, the gentleman replied that he thought it not only cool," but impudent," for & Bank to suspend specie payment and then demand gold in payment of notes. This Bank is doing business as usual on the same terms as the other Banks. PARK BANK. Nothing extraordinary occurred at the Park Bank. PACIFIC BANK. At this bank there was available in specie on Wednesday morning fifty-six thousand dollars. The transactions of the day were not quite as heavy as usual. There has been no "run," 80 to speak, on this institution, although the drain of specie was progressing slowly but steadily, and received & considerable im pulse for an hour or two just before the close of banking hours, in consequence of the sudden and extensive excitement in the lower part of the city, which seemed to increase momentarily. But a night's reflection had dissipated to & great extent the panic, and the business of the bank approached very near its usual level. The deposits for the day amounted to ninety three thousand dollars, some four thousand of which were in gold. About severty thousand was paid out in bills, and after paying the Clearing House, the amount in specie left on hand was forty-two thousand dollars. This, although very near, is a little leas than the ordinary business. PEOPLE'S BANK. The ordinary business was carried on-about the same in amount and character as on Saturday last. They paid out to-day nearly $7,000. There was no excitement or "run" whatever. The day was one of unusual quiet, and the panic in this quarter is evidently on the wane, and will soon apparen ly cease entirely. SEVENTH WARD BANK. The business of this institution went on as usual yesterday. Before suspending, $48,000 in specie was paid out. There remains in the vaults gold and silver to the amount of $177,000. No specie deposits had been made during the day. Our reporter called after bank hours to inquire the amount of business done during the day, but was informed that the balance sheet would not be struck until & late hour. ST. NICHOLAS BANK. The St. Nicholas Bank settled its differences at the Clearing House, as usual, in cash, and is now in good standing among the banks. Some gold has been reDeived on deposit, $8,000 or $9,000, and the business generally is much as usual. SHOE AND LEATHER BANK. The Shee and Leather Bank received about $12,000 in specie on deposit. The business generally has not been extraordinary. TRADESMEN'S BANK. This inetitution paid out $10,000 in specie and $190,000 in bills, and then su-pended with $22,000 in specie the vaults. On Wednesday they were doing the usual business, except paying in specie. A deposit of $200 in specie was made on Wednesday morning. The bank is represented as sound and able to meet all its liabilities at an early day. At the close of the day the bank had received in bills and collections $40,000, and paid out $60,000. UNION BANK. This bank opened its doors at 10 o'clock and resumed the transaction of its ordinary business, with the exception of paying coin. Certified checks and the bils of other banks, and in some instances coin, were received on deposit; checks were certified, and when it was required bills were given in payment. When the doors were opened about thirty persons took their places in line and awaited their turn. Matters continued thus until the hour for closing the doors.


Article from Richmond Enquirer, October 16, 1857

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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.