16499. Republic Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
4787105c

Response Measures

Full suspension

Other: Multiple New York banks coordinated a general suspension via Clearing House resolution; Republic Bank experienced a run and then was listed among banks suspending specie payments and thus placed in receivership under NY law.

Description

Articles (Oct 13-14, 1857) describe a heavy run on Republic Bank and list Republic among banks that suspended specie payments on the morning of Oct 14, 1857. Under the New York constitution at the time, suspension placed banks in receivership (equivalent to failure). Cause is interpreted as the wider 1857 financial panic/aggregate bank runs rather than a single misinformation event.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Widespread panic and heavy withdrawals across New York banks during the financial crisis of October 1857; public loss of confidence and mass redemptions pressured the bank.
Measures
None specified in articles for Republic Bank other than public addresses by bank officials in other banks; general bank conference at Clearing House to consider suspension.
Newspaper Excerpt
there is a heavy run upon the Republic Bank.
Source
newspapers
2. October 14, 1857 Suspension
Cause
Macro News
Cause Details
Banks collectively suspended specie payments following the overwhelming demands and runs during the October 1857 panic; suspension appears to have been a coordinated response among New York banks and, under state law, resulted in receivership status for suspended banks.
Newspaper Excerpt
in accordance with the resolution adopted on the 13th, on the morning of the 14th. the following banks suspended: ... Republic ...
Source
newspapers

Newspaper Articles (3)
1. October 17, 1857 The Caledonian Saint Johnsbury, VT
Article from The Caledonian, October 17, 1857

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Article Text

Bank Suspensions in New York. The intelegence from New York yesterday was of a sombre character. No less than fifteen of the banks of that city, two of them of a million capital, have been obliged to suspend specie payments. According to the Constitution of that State, any bank which suspends is placed in the hands of Receivers. Such suspension is equivalent to a failure. The following are the dispatches received upon the subject: A despatch to the Merchants' Exchange says, the Ocean, Marine, Riverand Merchants Exchange have suspended specie payments; and there is a heavy run upon the Republic Bank. Other banks are also beset by the public. The St. Nicholas, Citizen's Bull's Head. Irving and Pacific Banks have also suspended. The following are their respective capitals: St. Nicholas, $750,000; Citizen's, $400,000; Bull's Head, $178,300. Pacific, $422,000. The Mercantile Bank. capital $1,000,000. and the New York Exchange, capital $130,000, have also suspended. A despatch to Merchants' Exchange from New York, savs that there has been a great run upon the American Exchange Bank, Wall street, which is almost impassible. Mr. Leavitt. former President of the bank, addressed the crowd, assuring them of the solvenev of the bank, and of their ability to pay all demands against them. Our regular correspondent telegraphs as follows:NEW YORK, October 13, The St. Nicholas, Marine, Pacific, Irving, Merchants' Exchange, North River. New York Exchange, Citizens and Ocean Banks suspended to-day. Telegraphic despatches from New York announce the suspension of four additional banks, the Market, with a capital of $100,000000. and the New York Exchange, with a capital of $1000,000. The bank of New capital $2,000,000, and Bank of Broadway. capital $500,000. There seems to be a want of confidence in the banks by the community of New York, in remarkable comparison to the feeling of confidence in this city. An exchange broker of this city received a telegraphic despatch from his correspondent in New York to immediately draw all his funds from the New York banks. A number of the banks that have suspended are small and weak. The total capital of the suspended banks is a little short of TEN MILLION DOLLARS. LATEST.-Our despatches received at a late hour last night, state that all the New York Banks have resolved to suspend specie payments so far as paying it over their counters is concerned.-Boston Traveller, Oct. 14.

2. October 22, 1857 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, October 22, 1857

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Article Text

the Times of last Friday: OF THE CITY OF NEW YORK HAVE SPECIE PAYMENT!-This This announce yet official, but practically it is the the case at the close of bank hour We have never, in a long expe essed any catastrophe 80 sudden, of with such wide spread popular ex The public were not generally preby the weekly Bank averages of the rhich appeared this morning.howed an average specie reserve, o -not well distributed to be sure no more inequality than had ofter exhibited. But the average of the to he a declining one. The chich might have been the true test in the middle of the week had millions on Monday (yesterday The generally quiet but steady yun and the pressing redemptions n par- the are supposed to have reduced stually on hand at the close of busin $8,500 000. The Clearing-House it seems, failed to secure unanimity mutual aid, such as were reflected and resolutions published this They did not stand up to the mutual least one, if not two, of the im on the West or North River were virtually denied assist all probably concerted together last the suspension early to day of with a capital of $1,000,000, ppage of the Merchants' Exchange, 00,000, the North River, Irving and Exchange Banks. This was well street by the hour afnoon. Then run. and for three hours the solutely indescribable, attended as popular commotion that brought in from Broadway to Hanover a could only be numbered by fives Every Bank was crowded, the boasted) impregnable.and the weak. Exchange, one of the redeeming New York State county bank and circulation, was first set upon.eavitt the first President (now an Director) of the Bank appeared of No 52 Wall-street, street, and ad owd. He mani ested game, speak for his own, but for six or eight banks. crowd pressed into each bankingvicinity. The paying ing tellers were employed. The gold went out by dreds of thousands. The old Bank chartered seventy years ago, and of $2,000,000, gave way about 2 struck the crowd as the giving keystone of the arch, and the sucincements of the suspension of the Leather Manufacturers, Tradesa dozen up-town banks, ceased Attention was turned to the run upon the other large constreet. The crowd at the Bank of New York, William street and place, was the most quiét; yet paid out in gold. At the Bank of Mechanics the pressure was more lost heavily. At the Union and in the day, the applications for merous, each yingabout $75,000. hants', the drafts were considerable The Republic and Metroheavily run upon, as well as the change. But-we believe that near street banks, except the old N. conference this alternoon only laout-right. was not seriously molested.though not esteemed strong, close. or the banks on Broad Metropolitan, the Mercantile. Chemical, Shoe and Leather, and into conterence without letting Broadway gave way. On the east and Nassua paid through. The payment at 2½ o'clock. The paid through. The Fulton and stopped. Further up town, on the Oriental paid through, and Traders', we believe, The Cit chers' gave way early in the fore. the New York County. The clock, P inted to a general declara in the morn n.4. and the reoof the banks as close their doors as to the course ofthe great body The currency from the Spe be changed to one of Current reurrent funds,and business transdepartment of trade, will at rined to the change. of writing, we do not question the bank conferences now going is not likely, in any event that in the conclave to be prolonged. lard has ceased to be the rule of York for the present The in the Clearing House might averted this catastrophe a week or yielding to counsels that symclosely and surely with the poputhe controlling minds in the asis even probable, as intimated in of yesterday, that and by Laided making by

3. 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