Seventh Ward Bank - New York, NY

Bank Information

Episode Type: Run → 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: 374565e0

Response Measures

Accommodated withdrawals

Description

Contemporary accounts (Oct 13–15, 1857) describe a heavy run on the Seventh Ward Bank during the panic, a suspension of specie payments as part of the general bank suspension, and then resumption of ordinary business (certifying checks/receiving deposits) within a few days. Cause is the wider 1857 financial panic (macro news).

Events (3)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread panic and runs on New York banks during the financial crisis of October 1857; depositors demanded specie during the general disturbance.
Measures: Paid out specie (tens of thousands); officers publicly stated readiness to continue and to satisfy depositors; certified checks and limited specie payments as part of Clearing House arrangements.
Newspaper Excerpt: SEVENTH WARD BANK...sustained a heavy run of several hours' duration without flinching
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: Collective suspension of specie payments by New York banks in response to the October 1857 panic and heavy withdrawals; Seventh Ward Bank is reported as having suspended (paid out large specie before suspending).
Newspaper Excerpt: 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.
Source: newspapers

3. October 15, 1857 Reopening

Newspaper Excerpt: The business of this institution went on as usual yesterday...There remains in the vaults gold and silver to the amount of $177,000...They anticipate no further trouble. ...Union Bank...resumed the transaction of its ordinary business, with the exception of paying coin.
Source: newspapers

Newspaper Articles (5)

1. October 14, 1857 Evening Star Washington, DC

Article from Evening Star, October 14, 1857

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From the Associated Press Agent. The Pennsylvania Election. PHILADELPHIA, Oct. 13.-The general elect for State officers -Governor, members of the L islature, Canal Commissioner, Judges, &c his State-came off to-day. In this city it pas off very quietly, and with no disturbances of peace. Only a small vote appears to have b polled Williamsport, Lycoming county, gives Pack Dem., for Governor, 469; Wilmot, Rep., 278; Hazlehurst, Amer., 139 Columbia, Lancas county, gives Packer 319; Hazlehurst 211, Wilmot 85. Phoenizville, Chester county. gi Packer 295, W ilmot 237, and Hazlehurst 12. PITTSBURG, Oct. 12 -Returns from three I cinets in and two in Alleghany city sh a falling off in the Republican majority of m than half, and it is believed that their major in the entire county will bereduced still more LANCASTER, Oct. 13th.-The returns from city, complete, give Packer a majority of 730 large Democratic gain Northumberland-Packer's majority in t borough is 110. Harrisburg -Thiscitygives Packer a major of 419-a Democratic gain of 370. Dauphin cou gives 79 majority for Packer-a heavygain Danville gives 92 maj. for Packer; Tama 215 do and Mount Joy, Lancaster county, gi Wilmot a majority of 119. Honesdale, Wayne county, gives Wilmot majority. Scranton gives Packer 107 majority York county-This county is reported at 2 majority for Packer. It gave Buchanan over 2 majority last fall Lycoming county gives ,000 majority for Pa er. It gave Buchanan about the same. Carawissa, Columbia county, gives Wilm majority. West Chester, Chester county, gives Will 198 majority Luzerne county 1,500 majority for Packer, ag of some 400 on the last Presidential election Berks county gives 6,000 Democratic major Reading alone gives 1,000 majority for Packer gave Buchanan about the same majority Montour county gives Packer 450 majorit about the same it gave Mr Buchanan Northampton county gives Packer about 3 majority-a gain. PHILADEDPHIA, Oct. 13, midnight. From character of the returns received here there is question of Mr Packer's election. Be has m SO far considerable gains on Mr. Buchanan's when he carried the State over the Republi candidate by 83,200 plurality and over all by I majority The Democrats are now parading the str contident of victory. They have elected their Legislative ticket. and also their county tic The entire ticket for Democratic State and cou officers is elected in this city and county by largest majority ever known PHILADELPHIA, Oct. 14, 1.15 m-Paeker majorities in the following wards: Fifth WE 750 majority; Eighth Ward, 588. The city le lative ticket. for Senate and Assembly, has Democratic majority. Carbon county gives Packer600, and Montg ery county 2,000 majority. PITTSBURG, Oct. 13, midnight.-Wilmot lost in this and Allegheny county 1,400 vo The Democratic county ticket is partly elec here. YORK, Oct. 13, 10 m -Packer's majority o Wilmot, in this borough, is 303, and over I candidates 77. Buchanan's majority last fall only one. The election passed off very quietly [SECOND DISPATCH.] PHILADELPHIA, Oct. 13-The complete turns of this city foot -Packer, 27,749; Hat hurst. 13,817; Wilmot, 9,609. The Democratic candidates for Canal Comi sioner and Supreme Judge have about the si majority All the Democratic candidates have been elec to the Legislature and county offices. Ludlow (Dem ) has 5,300 majority over Con (Rep.) for Judge of the Court of Common Pl In Northampton county, 18 districts show 3 majority for Packer In Lehigh county Packer's present majorit over 1,000 In Cambridge county the Democratic gai twelve hundred Indiana county gives a thousand majority Wilmot. The Financial Crisis, &c. NEW YORK, Oct. 13-To-day has been a \ exciting one in financial matters. Up to2 fifteen of our city banks had suspended, of wh the following is a revised list, namely:-Banl New York, Artizans, St. Nicholas. Chath Ocean, Market. Butchers and Drovers', M chants' Exchange, Irving, Citizens', Trad men's. Buil's Head. New York Exchange No River, and Marine Bank. Wall street, at two o'clock, was crowded w an anxious mass of people. The steps of all banks were also blocked upby the people fore their way into the banks There were rumors during the morning aff ing nearly all the banks in the city, but the ab list gives all that had certainly suspended up 3 o'clock. The sales of railroad stocks at the first bo were small, at a general decline. In State sto the business done was quite large at a decl excepting Virginia and Missouri stocks. B stocks were all sold at a decline The run on the Brooklyn Savings Bank was newed to-day, but with less vigor and the be paying promptly There have been several failures in the goods line announced to-day, but none V prominent. LATER. The run upon the Mechanics', Bank of Ameri Manhattan and American Banks was very seve and continued up to the close of business The Broadway Bank held out till nearly th o'clock and paid out $140,000 in specie, when gave out. The Leather Manufacturers' Bank subsequer closed its doors The Seventh Ward and Fulton Banks held under a tremendous pressure The People's Bank closed at 2 o'clock. al paying out $19,000 in specie during the day The Bank of the State of New York paid out last dollar and certified all checks presented, then yielded. The American Exchange Bank paid all mands upon it. but several others shut out tb customers at o'clock The Bank of North America suffered prot this afternoon The Corn Exchange Bank refused to pay spe or bills, but certified checks. The Oriental. Mechanics and Traders', Bow Savings, Shoe and Leather, Continental, America Exchange and Metropolitan paid every dema up to the usual hour of closing A bank meeting was held this afternoon, which it is understood the proposition of age

2. October 14, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 14, 1857

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The officers say that they have taken legal advice, and acting thereon will open their doors, certify ckecks, receive deposits and continue the usual routine of business. BANK OF NORTH AMERICA. The Bank of North America paid about $85,000, principally to depositors. Men who owed them large sums on note sent in their checks for the gold on their deposite. They paid up to the time. OCEAN BANK. This institution, located at the corner of Greenwich and Fulton streets, was only able to stem the tide for 8 half hour after opening yesterday morning. The rush upon them, principally by depositors, also commenced on Monday about 1 o'clock, and up to the hour of closing in the afternoon theyhad parted with about $40,000 in specie. Yesterday morning they opened again, with the hope that the promptness with which they had paid checks the day before had restored confidence, and that they would not again be pushed, but thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend. ORIENTAL BANK Did not fail, as was reported in the street yesterday. They paid every dollar that was demanded of them up to 3:19 o'clock, when every one had left. THE PEOPLE'S BANK. The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000. The amount due to depositors is $200,000, and the circulation is $138,000. The officers state that they can pay every cent due parties by the Bank. They own their building, which is valued at $75,000, and upon which there is no mortgage, and express their determination to resume in"a few days. PARK BANK. The Park Bank has about $40,000 less than before. PHENIX BANK. The Phenix Bank paid out about $60,000 in specie, including $10,000 paid at the Clearing-House. BANK OF THE REPUBLIC. The Bank of the Republic refused to give the amount. SHOE AND LEATHER BANK. The Shoe and Leather lost about $40,000. The balance at the Clearing-House in their favor to-day is $75,000, which shows an increase on the whole of $35,000. BANK OF THE STATE OF NEW.YORK. The same scene as was presented elsewhere was witnessed at this institution. The rush of depositors and bill-holders commenced about the middle of the day. Checks were paid and bills redeemed until a few minutes past business hours, when the doors closed. About $150,000 was paid out. The intention is to resume business to-day. SHOE AND LEATHER BANK. This institution, located at the corner of Broadway and Chambers street, experienced considerahle of a run yesterday. The siege commenced immediately after the opening-although not severe at first-and increased up to the hour of closing business. During the whole day a large crowd was congregated in front of the building, but the majority of the people were only lookers on in Venice," having no other interest or object than to witness the going in of bills and the coming out of gold. The location of the Bank being at a point where thousands are passing every hour, the most of whom would stop to "see what the matter was," it required the industrious services of half & dozen policemen to keep the steps and sidewalks clear. The demand upon the bank was almost entirely from bill-holders, and the amount of specie draws during the day was $35,000. SEVENTH WARD BANK, This institution, which, notwithstending its name, is located in the Second, Ward, at No. 284 Pearl street, sustained a heavy "run" of several hours' duration without flinching in the least, and its officers say they are ready for & renewal of the operation to-day, but appear sanguine that they have satisfied the depositois, A3 only a few of them demanded specie late in the day. ST. NICHOLAS BANK. The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1 § p. m., when it was exhausted, and the bank suspended. TRADESMEN'S BANK. This bank is located in Chatham square. The events of the day about and within it were similar to those that occurred at nearly all similar institutions out of Wall street. The panic that began early in the day down town rapidly spread, and alarmed depositors and unenlightened bill-holders soon thronged the counters, clamorous for specie. For a long time every such request was blandly complied with, but at length the supply becoming less than the demand, & suspension was proclaimed, and then, one by one and slowly, the disappointed ones retired, with a less exalted feeling for banks and bankers than they had ever before entertained. UNION BANK. The Union Bank paid out nearly $80,000 in coin. MEETING OE THE CITY BANKS.

3. October 15, 1857 New-York Daily Tribune New York, NY

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

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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.

4. October 16, 1857 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 16, 1857

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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.

5. October 24, 1857 The Weekly Minnesotian Saint Paul, MN

Article from The Weekly Minnesotian, October 24, 1857

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preserved. Bank Failures in New York. NEW YORK, Oct. 13. To-day has been avery exciting one on financial matters. Up to 2 o'clock, 15 City Banks havn suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks. At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar.He also announced that an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, that the suspension will be general. It is understood that some of our heaviest houses have thdrawn their gold from the banks and replaced it as special deposits. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspendep up to 3 P. M. The others, it is believed, continued to meet their liabilities to the close of business hours. The sales of Railroad stocks at the first board were small at a general decline. In Statestocks business was large at a decline, except in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of any great prominence. LATEST.-The run on the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at 2 o'clock, after paying out $190,000 in specie during the day. The Bank of State, of New York, paid out its last dollar, and certified all checks presented and then yielded. The American Exchange paid all demands but several others shut their customers out at 3 o'clock. The Bank of North America was protested this A. M. The Commercial Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics & Traders, Bowery Savings, Shoe & Leather, Continental, American, Exchange and Metropolitan, paid their demands up to 3 o'clock, the usual hour for closing.' The whole number of banks suspended today with those included in the returns of yesterday, is 16. A bank meeting was held thts afternoon at which it is understood propositions for general suspension was dis eussed, as also the propriety of urging the Governor to convene an extra session of the Legislature. At the 2d Board of the Stock Exchange, stocks all took 3 rise, under the belief that the banks will suspend specie payments tomorrow. There was no run of any account on the Savings, except the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quanties of specie. The former had $100,090 in available means. The following country banks are discredited to-day: Oswego River Bank, Goshen Merchant's Bank, Syracuse ; Briggs Bank, Clyde; Bank of Commerce, Carmel; Eagle Bank, Rochester Bank of Newburg, Anderson ; Bank of Poughkeepsie, Ulster Co. Bank, Sussex Bank, Farmer's and Drover's Bank, Bank State of N. Y., Hobhoken City Bank, Farm. er's Bank of Montague. The following are in substance the official resolutions passed at the meeting of the Bank Presidents this evening That the Banks of N. Y. suspend specie payment as far as the paying it over their counters is concerned, but make regular exchanges of one another's bills at the clearing house. That committees be appointed to confer with the Governor in reference to the calling an extra session of the Legislature to realize the suspension. That such mitA