16521. Seamen's Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 15, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
c830df2d

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Contemporary accounts (Oct 15, 1857) describe a run on the Seamen's Savings Bank with heavy withdrawals and crowd control but no statement that the Seamen's suspended or entered receivership. The run occurred in the context of the wider 1857 banking suspensions/panic, so cause is classified as macro_news. OCR typos corrected (e.g., 'Seamen's Bank' rendered consistently).

Events (1)

1. October 15, 1857 Run
Cause
Macro News
Cause Details
General financial panic and city-wide suspensions in October 1857 prompted depositors to withdraw funds from savings banks.
Measures
Officers stationed at doors to control crowds; admitted a limited number (twenty) at a time; displayed bags of coin in front windows; paid out demands promptly up to available funds.
Newspaper Excerpt
The Seamen's Bank opened at 10 o'clock yesterday morning, and crowds... Over $60,000 were paid out during the day.
Source
newspapers

Newspaper Articles (3)

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

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PROGRESS OF THE RESSURE EFFECT OF THE GENERAL SUSPENSION. EXCITEMENT ABATED. New-York City Bills taken at Par. ARRANGEMENTS IN REGARD TO STATE MONEY SAVINGS BANKS FALL BACK ON THE LAW. DEPOSITORS REQUIRED TO GIVE NOTICE. The Run Running Out. MERCHANTS ASK ACTION FROM THE LEGISLATURE THE EFFECT OUT OF THE CITY. From the unparalleled excitement of Monday, Wall street yesterday fell back to comparative apathy. Everybody seemed satisfied that the suspension was the only course to be pursued, and, although the event was the leading theme of conversation, no surprise and but little dissatisfaction was manifested. The ordinary course of business, which had been in a condition of derangement and uncertainty, began to take its usual form, and from the chaos of the past week some promising signs of order began to appear. Of course, the run on the Discount and Circulation Banks in a great measure ceased; but the Seamen's and Bowery Savings Banks were besieged at an early hour. In order to avert the serious consequences which would inevitably result from the exhaustion of their specie, the officers of the various Savings Institutions held a meeting, and resolved to take refuge behind that clause of the law which requires depositors to give notice of their intention to withdraw their money. This course materially checked the flow of specie, and will probably terminate the unwise panic among depositors. In the course of the day our reporters visited all the Banks in this City, Brooklyn and Jersey City. Below we give the result of their inquiries: ARTISANS' BANK. The Artisans' Bank is doing a very quiet business. It is restored to the Clearing-House, and stands now on a par with its fellow-suspenders. BANK OF AMERICA. The business was conducted at this bank as at the others-no specie being paid out. But few persons were in attendance, and there was no excitement. AMERICAN EXCHANGE BANK. The business transacted at the counter of this bank was large. The line of persons numbered over fifty Checks were certified and received on deposit, and, as in the case of the other banks, no coin was paid out. BANK OF COMMERCE. The Bank of Commerce has paid checks in the bills of other banks, received considerable deposits of gold, loaned $30,000 or more, and conducted business as usual, with the exception of paying specie. The Bank of Commerce receives special deposits of specie, checks drawn against which will be paid in specie. BANK OF THE REPUBLIC. The Bank of the Republic refused our reporter information on Tuesday. It was not applied to yeeterday. BULL'S HEAD BANK. Notwithstanding the reports which have been circulated for some days past relative to the suspension of this bank, it continued to pay specie upon its notes, as well as upon checks, until about 2 clock p. m. yes. terday, when it complied with the advice given by other banking institutions, and suspended specie pay. ments, having between $10,000 and $11,000 in its vaults. Quite & number of deposits were made in the bank yeeterday. BUTCHERS' AND DROVERS' BANK. The Butchers' and Drovers' Bank, which suspended Tuesday, with considerable specie on hand, opened again yesterday for business, on the non-specie paying baris, giving bills for some checks, certifying others. The officers of the bank express confidence that in the course of a few days they will be enabled to cash checks where the amounts are small. BROADWAY BANK. At the Broadway, the usual business was transacted, with the exception of paying specie. There had been 8 run on the United States Marshal's office, and Capt. Rynders came around about noon for a pile of bills. A large amount was drawn out in bills. CENTRAL BANK. The Central Bank is situated at the junction of Fulton and Washington streets, and was the first to stop. It is stated that this bank is endeavoring to make settlement, of which it will in due time apprise depositors, checkholders, and others having business to transact with it. CITY BANK. This institution resumed business on Wednesday morning in all its branches except the payment of specie. CHATHAM BANK. The business at this bank is carried on as usual, specie payments excepted. Checkholders exchanged largely for bills cn Wednesday morning. A few small specie deposits were made. On Tuesday $17,000 were paid out before stopping. Only $800 remained at the time of suspension. When our reporter called at 4 m. for further information, the officers had gone home. CITIZENS' BANK. The injunction which was recently put upon this bank, and precluded it from transacting any business whatever, was removed yesterday morning, when it immediately resumed operations, except paying out specie. CHEMICAL BANK. The Chemical Bank paid specia all day. It resolutely refuses to suspend. There was quite a brisk run from 10 to 12; it fell off then to almost nothing. The business of the day resulted in & diminution of specie of, say $35,000, a much less sum than was expected. The officers feel an increased confidence in their ability to meet everything in coin. They have received deposits to a large extent, principally in specie. One man deposited $9,000. One man said yesterday that he had about $15 000 locked up in his safe, which he would send round in the morning. When it becomes generally known that it is determined to pay specie, there can be no doubt that its specie will be largely increased. The average amount of coin in its vaults last week was $343,000. To-day it has $400,000. The Chemical Bank receives the bills of other banks on deposit; checks on these its are payable in currency only. This will protect the bank from depositors who deposit merely for the purpose of running it, and will preserve the specie value of the old deposits. The President of the bark, Mr. Jones, assures us that he voted against suspension in every instance at the meeting of the banks on Tuesday evening, and that he can by no means be held as acquiescing in the


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

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Closed. No officer in attendance; consequently no information obtained. MERCHANTS' AND CLERKS' SAVINGS BANK. The pressure here has been, for a day or two, quite severe, but yesterday it lightened considerably. We were unable to obtain accurate information respecting their drafts and deposits, but their business is now in a much better condition than ever, and they look upon this general suspension as vastly beneficial to them. SIXPENNY SAVINGS BANK. Yesterday was not the regular time for drawing deposits, which is from 5 to 8 p. m. on Monday, Thursday and Saturday, and accordingly but little was paid out. Some $500 or $600 was applied for on Monday and paid out. There has so far been no excitement at the place. SEAMEN'S SAVINGS BANK. The Seamen's Bank opened at 10 o'clock yesterday morning, and crowds of men and women who had been waiting for some time were making their way to the doors to withdraw their deposits from what seemed to them a very unsafe place for their money. Some of the women were induced to let their money remain where it was upon being assured by persons outside that there was no danger, at that their money would be safer where it was than it would be if in their own hands. Officers were stationed on each side of the door to prevent a rush, and see that each went in in his turn. Twenty persons were admitted at a time, and up to the hour of closing every demand was promptly paid. The Cashier, Mr. Platt, was standing on the bank steps, and did nothing notable but to heap abuse and insult upon newspapers and their reporters, who asked him in a respectful manner for information. During the day, several bags of coin were displayed in the front windows of the bank, labeled U. S M., but it did not allay the fears of the depositors. But few were persuaded to leave, satisfied that their means were safe, and at the close of the bank large numbers were compelled to leave without getting their money. Over $60,000 were paid out during the day. BROADWAY SAVINGS BANK. The Broadway Savings Bank experienced a slight run. They fell back on the following by-law: Drafts may be made personally, or by the order of the depositor, if his or her Lame be written in the signature book; or by letter of attorney, duly authenticated. But no person shall have the right to demand any part of his or her principal or interest without producing the original Pass Book. and then only on the third Monday in each and every month, upon giving previous notice of one week to the Secretary or Accountant; but the Attending C mmittee may allow the same to be paid during any regular hours of business' By this no money can be drawn until the third Monday in December. The receipts at the Broadway on Wednesday from deposits were $500. EMIGRANT SAVINGS BANK. The Emigrant Savings Bank has experienced a slight run. It has paid out only 10 per cent on deposits- in all about $10,000. They have decided, in common with most of the other banks, to pay only 10 per cent in bills, and they will, if necessary, fall back on this by-law: The bank shall not be liable to pay any moneys to depositors, except on a week's previous notice to the President or Attending Committee at the bank, or except on the third Monday in January. April, July and October; but moneys may be voluntarily paid by the bank daily, and without such notice, and without thereby waiving the right of the bank to such notice and time of payment." EAST RIVER SAVINGS BANK. There was no run upon this bank on Wednesday morning. Depositors representing in the aggregate $2,000, came in to inquire into the safety of their funds. They were informed upon every point and departed satisfied. The officers informed all who called that the requisite notice would be required before withdrawing their funds. More deposits were made in the course of the morning than in three weeks before. There were four policemen stationed at the bank, but their services were not required. We sa W only two or three persons at the counter, all of whom were depositing. The cashier furnishes the following statement of the condition of the bank to Oct. 1, 1857: STATEMENT OF THE EAST RIVER SAVINGS BANK. Assets. *001


Article from Richmond Enquirer, October 16, 1857

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MORE SUSPENSIONS, &c. NEW YORK, Oct. 14.-At a bank meeting held last evening, it was resolved that all the Banks suspend to-day. The meeting appointed a committee to request the Governor to convene the Legislature for the purpose of enacting measures of relief. The American Exchange Bank refuses to give information concerning the payment of Sather & Church's San Francisco drafts. Three of the Brooklyn Banks have suspended. There was a run this morning on the Seamen's Savings Bank. The tone of the merchants and bnakers is decidedly cheerful. NEW YORK, Oct 14.-The city is comparatively quiet. The rune on the Savings Banks have been promptly met. At a meeting of their Presidents, this atternoon, it was proposed to pay 10 per cent. on deposits. The Bank of America, and the Chemical Bank, continue specie paying. The Manhattan Bank is said to be doing the same. Gold is selling at from four to five per cent. Several banks which closed yesterday resumed to-day. The Judges of the Su preme Court have decided to issue no process except after giving notice in the usual form. ALBANY, Oct. 14.-The Banks have resolved on suspension, but will takethe notes of all the country banks at par. BUFFALO, Oct. 14.-A meeting of the Presidents of the Banks was inharmonious, and an adjournment took place until this afternoon. It is believed the result will be a suspensiou. TRENTON. Oct. 14.-The Jersey Banks has suspended. There is no excitement. HARTFORD, Oct. 14.-The banks have all suspend ed with the exception of the Connecticut River Bank. PORTLAND, Oct. 14.-All the banks here have suspended. DETRIOT, Oct. 14-The Michigan Insurance Company suspended specie payments to-day. BOSTON, Oct. 14.-The Pacific Mille, and the corporation of Lawrence, it is reported, have suspended. Also, Little, Alden & Co., dry goods importers.