16466. Park Bank (New York, NY)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 9, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 95dfca5c

Response Measures

Accommodated withdrawals

Description

Multiple contemporary articles (Oct 9–10, 1857) report a substantial run on the Park Bank during the nationwide money panic of 1857. The bank met withdrawals, paid all demands, and remained open and stronger afterward. (Separate 1856 court filings about the 'Park Bank' case concern litigation and a receiver appointed over defendants' property and are unrelated to the 1857 run-on episode.)

Events (1)

1. October 9, 1857 Run

Cause: Macro News
Cause Details: Part of the wider October 1857 money panic and financial stringency (reports of failures, suspensions of other banks and firms) that produced runs on multiple institutions in New York.
Measures: Paid all demands; remained open and met withdrawals (bank 'stood its ground' and 'came out stronger').
Newspaper Excerpt: There was a tremendous run on the Park Bank to-day; the run on the Park Bank subsided before the closing hour this afternoon. The Bank paid all demands made on it.
Source: newspapers

Newspaper Articles (17)

1. October 29, 1856 The New York Herald New York, NY

Article from The New York Herald, October 29, 1856

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PORTO could not protect them. Bolivia appeared tranquil, peaced SUM Jopuse papearp SUM . inq TV From Honolulu (Sandwich Islands) we learn that the United States ship of war John Adams had arrived. There was a great financial drain on the "* *peuedo a paq Home V treasury Wyllie, Minister of Foreign Affairs, had entered in-spe rededsment B THE A.Sue uu 04 tor, and duel was on the tapis, when both parties determined to resort to a court of law for redress. Mrs. Lathrop, wife of the acting United States Con sul at Honolulu, had sailed for San Francisco. Our advices from the Cape of Good Hope contain nothing of interest. The Kingston (Jamsica) Colonial Standard of he 8th instant says:-"It was reported shortly after the arrival of the Parana yesterday, that a revoution had broken out in Hayti, against the Emperor Soulouque, which was likely to result in the latter's deposition." No particulars had transpired. There had been a great quantity of rain at Kingston, gield supurate us JO promise SAUS sdore eye pus From other West India Islands the news interesting The present Governor Tobago has been promoted to the government of Newfoundland. The Granada Legislature had adjourned. At Antigua the ide and disorderly conduct of a large portion of the population was engaging the earnest consideration of the public authorities. The Barbados papers are delighted at the prospect of a plentiful supply of water in Bridgetown. The Dominica Assembly had been in session. In Tobago there had been a break up of the Cabinet, three members having tendered their resignations. In St. Lucia dullness had prevailed, as the crop was over and shipped. As compared with the previous year there had been a fall ing off of 460 hhds. of sugar. The exorbitant tax upon logwood is represented to have fettered trade OM2 10 read EU! 2041 quette us dons 01 article eq1 III it will cease to be exported The report of the Stilwell proceedings in the case of Wight, which appeared exclusively in the HERALD on Monday, coming close as it did upon the Huntington revelations, has excited great interest amongst the financial operators. It appears b. he evidence already adduced in this case under the Stilwell act that a man of very moderate resources -a clerk at a salary of a thousand dollars a yearJOJ yous Dateq pun ue outring ) 18 only ninety days, keeps his equipage and resides in an up town palace, furnished without regard to expense. All this apparent wealth proves to be a shadow and the millionaire-a myth. The exami-01 resumed eq IIIM 148!M JO esto equal us подеи morrow (Thursday) before Chief Justice Oakley, in the Superior Court. The case of the Park Bank against Davis and -018 uu Jo 100 tins U another count, was up before Judge Roosevelt yesterday, and the United States Trust Company, of New York, were appointed receivers. We publish elsewhere the details of the news U 419 eqs 01 Mexico Jo city The more telegraphic summary of which has heretofore appeared in our columns. Revolutionary movements convulsed the country from centre to circumference. Republican and American conventions for the Grem tickst electoral uoian 8 Johnson JO esodind held in Trenton, N.J., yesterday. The latter, however, refused to amalgamate. One of the most brilliant and effective Fremont Brook TB No ещтьо uS(sdured em Jo lyn last night. Hon. N. P. Banks, Gov. Robinson jo pesoduce 'Supeem the addressed obters. pus between fifteen and twenty thousand persons. The affair concluded with a splendid torchlight proces" the jo report JnO shone crowded out by the press of foreign news upon our columns. An enthusiastic meeting of the democracy of the Sixth Congressional district was held last evening, on the corner of Third street and Second avenue, to support the nominations of Hon. John Cochrane, the democratic candidate for Congress, and Hon. Fernando Wood for Mayor. A series of resolutions expressive of the spirit and character of the meeting was passed, and diresses were made by Mr Cochrane and other distinguished orators. There -and persons pursnoq: three pus OM1 beforent area sette The Board of Ten Governors met yesterday. The Warden's report shows that 5,842 persons are now in the institutions, being an increase of 31 in one protte ou 10 SEM becauses equal meek. interest. The American Board of Commissioners for Foreign Missions met at Newark, N. J., yesterday. After the usual exercises the Treasurer's report was presented. The receipts of the year from all sources have been $307,318 318 69; $3,109 less than those of the previous year. The expenditures have been $323,000 49, leaving a deficiency of $15,681 80, which added to the already existing debt of $20,507 90, makes the present indebtedness of the Board 091 JO thember jo The '02 Board was very large. In the evening Rev. Dr. Bethune preached the annual sermon. Professor Baché delivered an eloquent address before the members of the American Institute and their friends last evening, at the Broadway Tabernasle. The effect of educational establishments and industrial exhibitions, as connected with the wants of our country and of our day, formed the subject of the learned Professor's discourse. The sales of cotton yesterday embraced about 2,000 bales, on the basis of about 12jc. for middling uplands, the market closing with rather more firm. ness. Common grades of flour were rather easier, and extra do. were rather firmer, without change of moment in prices in either case. Choice wheat was firm, with a good demand for export, while common and inferior grades were rather easier, and sales were active at prices given in another column. 'Specify SEM Pork ************************* e *989 18 used SEM with sales at $21 for mess. Sugars advanced about 1c. per lb., with sales of about 1,650 hhds., at prices stated elsewhere. The public sale of coffee embraced about 2,200 bags Rio at 10c. a 111c.; average about of B of Jo decline B the previous auction sale, though the parcels offered contained mixed and irregular lots. Grain was pretty freely taken for Liverpool at 8d. a 81d., in bulk and bags. Rates were firmer at the close. THE CAMPAIGN-IMPORTANT MOVEMENTS ON THE CHESSBOARD.-It is reported far and wide that Commodore Stockton, the forlorn hope of the Fillmore dog-in-the-manger faction of New Jer-

2. October 30, 1856 The New York Herald New York, NY

Article from The New York Herald, October 30, 1856

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The Park Bank Case-Application for an Attachment. SUPREME COURT-IN CHAMBERS. Before Hon. Judge Roosevelt. Our. 29.-In the master of the Park Bank us. Robt. Davis and D. L. Fredericks.-The Court made an order on Puesday, 28th inst., appointing the United States Trust Company, receiver; the defendants however refused to deliver up possession of the property, and application was subsequently made to Judge Roosevelt for an order for defendants to show cause why an attachment sh buld not issue. Tne defendants appeared. and their counsel (Mr. Dyot) moved for an adjournment until Thursday moening, which was granted on condition that the property, in the meantime, should be placed in the possession of an officer of the Court, and accordingly the keys of the store of defendant Davis, 644 and 646 Broad way, were deliveed to officer Skidmore in open Court, and the attachment orde was made returnable on Thursday morning. Supreme Court. Notice has been given to the bar, that by a recent declaion of the Court of Appeals the Judges of the Superior Court can act, ex officio, as Supreme Court Commissioners. and, as such, have power to issue attachments against the property of non-residents and absconding debtors.

3. November 1, 1856 The New York Herald New York, NY

Article from The New York Herald, November 1, 1856

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2 he Park Bank Case. SUPREME COURT-IN CHAMBERS. Before Non. Judge Roosevelt. Oct. 31.-In the Matter of the Park Bank 113. Davis di Fredericks.-After some further Argument the Court made AD order to the following effect:-That the possession of the assigned property and its proceeds, with the keys of the store of Davis, should be delivered to the United States Trust Company, as receiver appointed by the Court, but that 10 sale should be made until Thursday next, or until the decision of the General Term on the ap peal from the order of the Court grai ting the motion for an injunetion and appointing a receiver. The motion as to contempt to remain over for future consideration. In the matter of the application of the Mayor. &x., rela. live to the opening of Centr ai Park, on the petition of Andrew Bird and wife. Referred to settle the claim of Bird's wife, who was awarded $860 by the Commissioners for n lot corner or Seventh avenue and Ninoty-sixth street.

4. November 26, 1856 The New York Herald New York, NY

Article from The New York Herald, November 26, 1856

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# Supreme Court-General Term. THE MISTAKEN ECONOMY OF COMPTROLLER FLAGG -A DESERVED PHILLIPIC FROM JUDGE STRONG. Nov. 25-In consequence of the absence of Judge Peabody at Newburg, where he is presiding at the trial of Baker for the homicide of Poole, and the engagement of Mr. Justice Clerke at the Circuit, this Court could not organize. Judge Roosevelt read the following pointed and pungent letter from Judge Strong, of Kings county:- SETAUKET, Nov. 21, 1856. DEAR JUDGE-When I saw you last week it was my impression that I should be able to sit with you at your General Term next week. But on looking over my papers since my return home, I find so many undecided cases which have been argued before me, that I cannot, in justice to my own district, devote any time, at present, to the business of yours, especially as I am called upon to hold the eyer and Terminer and Ciretit Court, in Brooklyn, on the first Tuesday in December. I regret this exceedingly, but it cannot be helped. There is also another reason why I should not encounter any additional and certainly any inconvenient labor for your district. You are no doubt aware that my services there have been more considerable than those of any other Judge of the Supreme Court residing out of your city. But your Comptroller, while voluntarily paying the expenses allowed by the statute to the Judge who presided at his trial in your district, refuses to pay mine, although they have been duly audited by the Board of supervisors. He seems to be under the impression that he knows more law than the members of our Legislature, the supervisors of your city and the entire body of the legal profession. Now, although I might be very willing to encounter more than my appropriate share of official labor, to relieve my brothers in your city from the heavy lode of business which so greatly presses them, yet I am reluctant to bear the additional expense which it would devolve upon me. If the good people of your city, with their Comptroller at their head, are willing that I should labor for them at my own additions: expense, I am not: nor will I voluntarily place myself in a situation where, to do myself an act of palpable justice, I must resort to litigation. The very moderate salary provided for us does not half support my family, and certainly furnishes no reason for encountering expense. Yours very truly. S. B. STRONG. Hon, JAMES J. ROOSEVELT. The General Term was then adjourned to 8th December next. By Hon. Judges Roosevelt, Davies and Peabody. Nov. 25. The t'ark Banik us. Robert Davis, Fredericks and others. This was an appear from the Special Term for the appointment of a receiver. Decision affirmed, Judge Davies dissenting. # SUPREME COURT-CIRCUIT. Before Hon. Judge Clerke. John P. Jubee vs. The Rrooklyn Fire Insurance Company. This was an action to recover the amount of damages sustained on a stock of hosiery in Williamsburg. The defence was that the fire was not occasioned by accident. Verdict for plaintiff $855.

5. October 10, 1857 The Washington Union Washington, DC

Article from The Washington Union, October 10, 1857

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BY TELEGRAPH. I Run on the Bowery Savings Bank, &e. NEW YORK, Oct. 10.-There was a run on the Bowery Savings Bank. but pays promptly. The Park Bank went through the run nobly, coming out stronger than before.

6. October 10, 1857 The New York Herald New York, NY

Article from The New York Herald, October 10, 1857

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New York, Saturday, October 10, 1857. The News, The money panic is the topic of the day, and we devote a large portion of our space to the subject. There was a flurry yesterday with regard to the Park Bank, and at one time quite a run upon it. The bank, however, stood its ground, and came off without damage. The Bowery Bank, late in the afternoon, stopped payment, and was in consequence suspended from the Clearing House. We understand that as, in common with the other banks of this city, the bills are secured by stocks of the State of New York, they will hereafter be received as usual by all the city banks at par. The Central Bank of Brooklyn has stopped, and its aftairs are in the hands of a receiver. The meeting of bank officers held yesterday at the Merchants' Bank, resulted, we are informed, in little else than th e adoption of a resolution to the effect that they will afford the merchants all the relief in their power. This, in reality, cannot be said to amount to much in a time like the present. The table annexed gives the movements of breadstuffs yesterday at the various points indicated:-

7. October 10, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 10, 1857

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New York Monetary Affairs. NEW York, Oct. 9.-There has been but little change today in the aspect of our money affairs, rates continuing as high and as unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspension is known, that of Gallandel & Wetmore, bankers. The run on the Park Bank subsided early this afternoon, the bank having promptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands on both institutions were promptly paid. The Central Bank of Brooklyn, was enjoined today, and a receiver appointed. The bank has a circulation of $90,000, and $1000 in specie. A meeting was held this afternoon at the Merchants' Bank, at which was discussed a proposition for the banks to provide from their common resources, a fund of five or six millions, to be used in bringing forward produce to our market. At the morning session of the stock exchange, railroads were again all lower, with two or three exceptions. State stocks remained firm, with large sales. The second board showed no improvement. At a late hour the result of the conference meeting of banks and merchants transpired on 'Change. A proposition for an immediate in. crease of loans to the amount of three millions, was defeated. This decision added to the despondency in the street.

8. October 10, 1857 Evening Star Washington, DC

Article from Evening Star, October 10, 1857

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The Monetary Crisis. The reports from New York yesterday of another day of severe financial depression there, with the additional feature of a heavy run on the Park Bank, created a sympathetic excitement here. The Bank sustained the run, paying all demands up to the hour of closing, at which time the excitement had measurably subsided. The Park Bank is a new institution, has a capital of $2,869,000, and at its last weekly statement to the Clearing House, October 3d, held $183,282 in specie, $1,645,747 in deposites, and had $159,135 of notes in circulation. A meeting of the Bank officers of New York, after consultation with the leading merchants, had, it is reported, resolved to provide means to the extent ot $6,000 000 for the purpose of bringing forward produce from the interior of the country. A dispatch from New York states that the Bowery Bank had been suspended from the Clearing House and had closed its doors. The Bowery is a small institution, having a capital of $950,642, and at its last statement, October 3, had $22,398 in specie, $696,932 in deposites, and $171,324 of circulation. From Harrisburg the intelligence is favorable to a moderate degree of relief being granted the Pennsylvania banks. The Senate had passed a bill legalizing the suspension until the 1st of April next. The bill passed is probably that agreed upon by a Special Committee of the House. Besides legalizing the suspension until the date named, it extends the stay of execution six months longer than is now allowed by law; compels all banks to receive the notes of other banks; no bank to have power to discredit the notes of other banks, save upon a statement sworn to by the President and Cashier, and forwarded to the Governor, and filed in the Secretary's office; bank notes to be receivable in payment for revenue by tax collectors; and banks to redeem in specie their notes when paid for tolls or taxes. The House had rejected a motion to adjourn sine die to-day, and also refused to consider a bill establishing a free banking system. The indications were more promising than in the early days of the session that a reasonable degree of relief would be granted to the banks. Additional failures in Boston and New Yorkare reported. Among thesuspensions in New York are Messrs. Harper & Brother, the leading publishers, and Messrs. Bowen & McNamee, the extensive dry goods firm, and the principal owners of Beecher's "Independent." The Herald says of the failure of the Harper's : " We understand that Messrs. Harper & Bro. 's, book publishers, finding, in consequence of the disorganized state of the domestic exchanges, that they could not effect collections from their country customers without a ruinous loss, decided to-day to suspend payments until the internal commerce of the country shall be again on such a footing that debts due in the distant cities can be made available at New York. We have reason to believe that the assets of the firm exceed its liabilities by upwards of a million of dollars.

9. October 10, 1857 The Evansville Daily Journal Evansville, IN

Article from The Evansville Daily Journal, October 10, 1857

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TELEGRAPHIC 1 TELEGRAPHED EXCLUSIVELY TO THE EVANSVILLE DAILY JOURNAL Financial. NEW YORK, Oct 9--M Harper Brothers, extensive publishers, suspended yesterday. The house is reported to have a surplus of $1,000,000. The is a tremendous run on the Park Bank to-uay. The Bank is said to have only $150,000 in circulation, and nearly $300,000 in specie. NEW YORK, Oct 9-P Messrs. Gallandit & Wetmore, bankers, have suspended. The run on the Parke Bank subsided before the closing hour this afternoon. The Bank paid all demands made on it. The Brook.yn Central Bank has been injoined and a receiver appointed. A meeting was held this afternoon at the M reliants Rank to devise measures of relief. 1. is reported that the Banks will provide $6,000,000 for thespecial object of forwarding produce. The Bowery Bank of this city has closed its doors and suspended. Its bills are abundantly secured and will be taken by all the other city Banks. The institution was a small affair. BOSTON, Oct 9-PM The following failures reported here today: Lageere & Co., straw goods; Milton Gate, oil and leather; Nash, French & Co., shoe dealers. BALTIMORE, Oct 9-p Reports have been in circulation all day relative to the Manufacturers & Farmers' Bank of Wheeling. Va., but it has been impossible to trace it to any reliable source. It was bought to day at 10@15 per cent. discount. Well informed sources discredit the report. Second Dispatch. BALTIMORE, Oct 9-P M A dispatch received from Wheeling says the reported failure of the Manufacturers & Farmers' Bank is entirely untrue.

10. October 10, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 10, 1857

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SUSPENDED. New YORK, Oct. 9.-Harper Brothers, extensive publishers suspended yesterday. The house is reported to have a surplus of upwards of one million. There is a tremendous run on the Park Bank to day, the bank is said to have only $150,000 circulation and nearly $300,000 specie.

11. October 10, 1857 Wheeling Daily Intelligencer Wheeling, WV

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FROM NEW YORK. Ocr. 9.-Messrs. Gall, Audit & Westmore, bankers, have suspended. The run on the Park Bank had subsided before the closing hour this afternoon. The bank paid all demands inade upon it. The Brooklyn Central Bank has been enjoined and a receiver appointed. A meeting was held this afternoon at the Merchants Bank, to devise measures of relief. It is reported that the banks will provide a fund of six millions of dollars for the special object of forwarding produce. The New York and Erie Railroad did not pay the laborers at the Tunnel to-day. Great excitement and portions of the track torn up. The Bowery Bank of this city has closed its doors and suspended from the clearing house. Its bills are abundantly secored, and will be tak en by all other city banks, the institution was a small affair.

12. October 10, 1857 Weekly National Intelligencer Washington, DC

Article from Weekly National Intelligencer, October 10, 1857

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TELEGRAPHIC CORRESPONDENCE. The Providence Banks. PROVIDENCE, (R. I.) OCT. 8.-The following is a statement concerning the Previdence Banks, dated October 5th: Bills in circulation $2,085,713 7 Deposites 255,753 24 Bills receivable 18,361,861 Specie 268,744 10 From New Orleans. NEW ORLEANS, OCT. 8.-The excessive stringency of the money market has caused a further heavy decline in cotton, and the reduction from the highest point attained is now three and a quarter cents per pound. The sales during the past three days are put down as 6,000 bales, including lots of middling at 13 cts. per 1b. The range, however, for this grade is 13 a 131 cts. The receipts continue to pour in rapidly, and the indications are that lower figures will yet have to be submitted to. All branches of business are more or less affected by the pressure, but the merchants are using their utmost endeavors to brave the storm. Sterling bills have still further declined, and sales are reported of bankers' bills at 97, or three per cent. discount. Kansas Election. ST. LOUIS, OCT. 9 -Kansas returns show large Democratic majorities. Johnson gives 1,700; Leavenworth 250; Atchison 60; and Douglass 1,100. Both branches of the Legislature will have Democratic majorities. So says one account. Another report is that the Republicans have carried the Legislature by a large majority. Pennsylvania Legislature. HARRISBURG, OCT. 9-The Senate has passed a bill extending the time of the suspension of the banks to the 1st of April, 1858, providing for a stay of execution one year, and requiring the deposites of the State treasurer to be paid in specie. Monetary. NEW YORK, OCT. 9-Messrs. Gallaudet & Wetmore, bankers, have suspended. There was a tremendous run on the Park Bank, but it paid all demands. The House of Harper & Brothers have failed. They are reported to have assets amounting to a surplus of up wards of one million dollars. The Pine Plains Bank, of this State, was thrown out here to-day. The total number of failures announced for the last week is one hundred and twenty-three. The well-known houses of Bowen & McNamee, and of William G. Lane & Co., both dry goods, ask an extension. The latter has connexions in Charleston. The Brooklyn Central Bank has been enjoined and & receiver appointed. It is reported that the banks will provide a fund of $6,000,000 for the special object of forwarding produce. New York Market. NEW YORK, OCT. 9.-Cotton is quiet. Flour is improving; sales of 8,500 barrels; State $4.50 a $4.70; Ohio $5.10 a $5.50; Southern $5.40 a $5.75. Wheat has declined; sales of 8,500 bushels; red $1.18 a $1.22; white $1.25 a $1.35. Corn has declined; sales of 22,000 bushels; mixed 67 a 69 cents. Pork is heavy; mess $23 a $23.50. Beef has declined 40 cents a $1; Chicago repacked $13 a $14.50. Lard is steady at 14 a 15 cents. Whiskey bouyant; Ohio 22-a 23 cents. Coffee is steady; Rio 11}. Sugar has declined cent. Spirits of turpentine is dull at 40 a 42 cents on time, and 38 cents for cash. Rosin is firm. Rice is heavy at 37 a 42 cents. Baltimore Market. BALTIMORE, OCTOBER 9.-Flour, Howard street super $5.50; extra $6.75; Ohio super $5.50; extra do $6.25 a $6.50; City Mills super $5 25; extra do $6.50 a $7; Baltimore ground family $8.25; extra do $7.25. Rye Flour $4.75. Cornmeal $3.50 $4. Wheat, white $1.25 a $1.30; red $1.05 a $1.16. Corn, white 70 a 73 cents; yellow 72 a 74 cents. Whiskey 20 a 22 cents. Baltimore Cattle Market. BALTIMORE, OCT. 9.-The receipts of beef cattle yesterday were comparatively light, and the sales were made at an advance on last week's rates. The offerings were 725 head, 55 of which were driven to Philadelphia, and the remainder (670 head) were taken up by Baltimore butchers at prices ranging from $3.50 to $4.75 on the hoof, equal to $7 a $8.50 nett, and averaging $4.50 gross. The advance in prices is 25 to 50 cents per 100 pounds. Hogs have declined since our last 25 to 50 cents per 100 pounds. They have been selling for some days past at $8.50 a $9.25 per 100 pounds nett. Sheep are selling slowly at from $2.25 to $3.50 per head.

13. October 10, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 10, 1857

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The depositors and bill-holders collected by the bank yesterday morning in great numbers, and considerable excitement prevailed. The direct cause of the suspension was the ran made by Savings depositors, who drew out within the past few days some $40,000. The officers of the Bank have no doubt of its ability to pay all its debts. The Bowery Bank, having stopped payment la'e this aftermoon, has been suspended from the Clearing-House by the Joint Committees of that Association. As the bills of the Bowery are secured by pledge of the Stocks of the State of New-York, they will be received as usual by all the other Banks of the city at par. It is fortunate for the public that the circulation of the banks of this city and State are, by the "admirable banking system, made in any event secure. There was a slight run upon the Park Bank this morning by bill holders for specie, but it ceased about 1 o'clock, after the bank had paid about $20,000. The folly of this run is evident from the fact that the bank held this morning $363,850 of specie, against $159,356 of circulation. The bank was kept open until 5 o'clock to accommodate those who had demands upon it. At 12 o'clock, when we were at the bank, there were only five persons at the paying teller's wicket. The bank was & creditor bank at the Clearing House this morning $44,000.

14. October 12, 1857 The Evansville Daily Journal Evansville, IN

Article from The Evansville Daily Journal, October 12, 1857

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Trancial. Njw YORK, Out 10-M The reported failure of Geo. BIi S & Co urrent in the streets yesterday proved to be untrud. The firm is one of the strong st in the city, and entertain no thought of suspension: Illinois Central Railroad and Erie Railroad have both suffered their notes to be rotested. Money depressed. Seymour & Co., paper dealers, Coit & Co., sugar dealers, J. W, Colies, dry goods, have miled. BOSTON. Oct 10Money depressed Merchants, h. wever. generally neeting their notes. No new failures. AUGUSTA. On, Oct 10-PM Reliable intelhgence from Charleston announees the suspension of the Bank of the State of South Carolina. a State institution. TOOT NEW M There was a run made this morning on the Brooklyn Savings Bank: A hurge was ngregated n at the Bank and some excit ment previded. The Police was called to preser order. The Bank is abundantly able to meet the run. There was a run on the Bowery Savings Bank. but that institution met all demands promptly. The Park Bank came out stronger claim before, BOSTON, Oct 1 -PM In consequence of delay in Western remittances and thealmost total suspension of P per negotiation here. the M. U. R. R. suspended payment until they can realize from the proposed ubeription to bonds. They will pay their coupons as usual. RICHMOND, Oct 10-P M The Governor has cansed a pro lamation prohibiting the notes of the Bank of Kanawho from being received for debts due the S ate. the Bank having failed to redeem and moved a large amount of its assets beyond the limits ot the State.

15. October 13, 1857 The Davenport Daily Gazette Davenport, IA

Article from The Davenport Daily Gazette, October 13, 1857

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LATEST NEWS. New York Money Market--The Bluese Day Yet. New YORK Oct. 10. Prices of stocks are rather better, but outside it is the bluest day yet. Erie and Illinois Central Railroad Companies gone to protest. Money is scarce and much wanted at high advanced rates. Sterling Exchange is nominal. The failures this morning are J. W Corlies & Co., dry goods, and Colt & Co. sugar importers, Savannah trade. New York, Oct. 10. P. M To-day has been the bluest one yet in our market. The Illinois Central Railroad Company has made an assignment. The run on the Bowery Saving= Bank continued throughout the day. It is believed the bank is amply able to meet all its liabilities. The run on the Brooklyn Savings Bank had somewhat subsided at noon. Up to that hour $90,000 had been drawn out. Genin. the well known hatter, and Fen ton & Lee, have suspended. Railroad stocks went down still further, Illinois Central Railroad bonds falling off 15 cents, and the shares 5 cents. The Park Bank went through the run yesterday nobly and closed out to-day stronger in specie than before. There was a large business in State Stocks mostly at lower prices. Bank stock sold at a slight decline. There were rumors in the afternoon of feeting the credit of SOINE of the heaviest houses in the city. II. A. Coit, whose failure is announced today, is the agent of Drake & Co. of Havana. The Cowery Bank goes into liquidation. Stocks at Second Board were dull Missouri sold at 64 14 Virginia 70; Canton Co., 13; Erie R. R. 7318; Illinois Central 74: C. & H 8; Le Crosse & Mil. 51 1-4.

16. October 15, 1857 The Weekly Portage Sentinel Ravenna, OH

Article from The Weekly Portage Sentinel, October 15, 1857

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Institution found itself oblige Its business was not widely the Treasurer is confident of ing fully paid. The question of currency attract the principal share of tion. A considerable numb have determined to follow up adopted yesterday, by taking description for produce and groceries offered on Change hogsheads of sugar, at the price, for currency at par, but ing a purchaser during the ness. Many retail traders t such notes for goods, some c count in minor transactions, same thing in effect, advancir ately the prices of small loss CINCINNATI-The fnancia Commercial still notes evel unfavorable conclusions. So ter have been verified, and probable. He speaks as foll evening: The day opened calmly, the general apparent quietr. agined things in the financia brighter, and towards noon came strong that the news fr. would be favorable. But only given to be shattered o the unlooked for, though not telligence that the New Yor in trouble, with a heavy run Bank, which, however, it he standing, up to two o'clock P itive failure of Harper Bro rumored failure of several ot to the failure of the Central d lyn, together ith " most set r the money market, business I the street at 7 to ten per ce cradicated all hope of any i e The run on the Park Bank c the initiatory step to a run ( T other Banks to-morrow, be seen by the table we pub d that this is far from being the 8, in New York. Those who y hope that the country would ir ed by a general suspension and acknowledged this to be result. Wehave for some Il a general suspension, 88 ou simply a question of time, to always, and do now look u id tional calamity. We belie case to the country, but , that evils must urise from it nature and disastrous in th Having cessed to act in con na ted yesterday, we do not th he York Banks will be suspen are very strong, and will m at eff rt to weather the storn 11 bulk of them must fall, an doing business under the get eof that State, will be equive tion. We publish on the i at per the Inst weekly state Banks, sothat our readers m portunity of examining tt weakness of each of their will probably decide this the will be seen, but Very few O. can stand a protructed "run nt In arriving at opinions reg of any of them, the capital be lett out of the question alone is what each of them to meet their depositors and NEW York.-The follow are from the Times of Frida ry The Discount and Foreig 10 report pretty nearly a dea ve There is no steamer on Sa y, yet too early to talk of ter it bia on Wednesday: Some for export have been made, of packet day-the buyers bein ph undoubted English Bank bi p. on London are nominal, at few parcels of very choice r short and strongly indorsed a the rate of 30 P Sent. i Banks are understood to be receipts this week; though : or d. short by the daily suspensio market is less steady than the changes in City Bank s nt ware and Hudson Canal sha olent. The latter re flect th sure for Money among our to weo are being helped, or hel he by forcing off this old and ment at 82,80@76 P cent. he The Committee on Depo in nsuce of the American Sun ion have issued a statement the recent defalcation of the Secretary of the Union, Fre ter. They state that ever

17. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA

Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Out of Employment. [From the N. Y. Times, Oct. 12.] Saturday was a blue day. A great many workmen, mechanics and clerk, as they got their week's wages, were discharged. Such men do not carry a very cheerful light to their homes, and there were consultations over economies yet to be practised in thousands of homes where it is a pittance that the most rigid economy can save. Among the establishments from which all the hands were diecharged, was Herring's Safe Factory-200 men in all-165 from factory proper, 35 from the foundry. One well acquainted with the cigar manufacture in the city, gives it as his opinion that 3,000 cigar makers are now thrown out of work. Some of them discharged from the shope try to pick up a poor living by manufacturing at their homes, and peddling them about the city. The stevedores and longsboremen are almost entirely unemployed. A long and solemn string of idle carts and cartmen was visible on Saturday along South street, where they are generally busiest. This great business thoroughfare, which is often so d thronged as scarcely to permit a free passage for vehicles, was without the usual jam. Carmen passed each other without the least dinger of collisions. g Shipping agents complain of a falling off in n the demand for men for ships. One house have p on their books about twenty vessels of all kinda for which they are to provide crews; but where they were formerly sending awsy half a dozen vessels, they are now dispatching only one or d two. ie The New York Hemp Company's factory in lo East Brooklyn, which employs over 400 hand st. and has been running on short time, stopped al, altogether last week, throwing many need persons out of employment. al The successive announcements of the stop by page of the East River Bank, and the failur of the Illinois Central and Erie Railroads o Saturday, were not likely to lessen the panic Cbut, added to the accumulated evil news of th ip week, it was no wonder that there were fouir la. frightened men, women, and children enoug to to get up a run on one-though on only one the city and one in Brooklyn-of the Savin ntBanks. About the Park Bank, where the ad was such a crowd all of Friday. it was quiet bthe head of Beekman street ever can be. ri-