16577. St. Nicholas (New York, NY)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 502645a0

Response Measures

Full suspension

Other: Police were stationed to preserve order; banks agreed to exchange each other's bills and send committee to governor.

Description

Contemporary dispatches (Oct 13, 1857) list St. Nicholas among many New York banks that experienced heavy runs and suspended specie payments. Articles describe crowds forcing entry and a general run on Wall Street; banks then resolved to suspend. No article here reports a later reopening of St. Nicholas specifically, so final outcome is unsure.

Events (2)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Widespread financial panic of October 1857 with runs on many New York banks; newspapers report general loss of confidence and rumors affecting nearly all banks.
Newspaper Excerpt: There is a general run on the Wall Street banks, and intense excitement in the street. The steps of all the banks were also blocked up by people forcing their way into the banks.
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: As part of the citywide suspension of specie payments amid the panic (many banks stopped paying at the counter; injunctions were used to halt some banks).
Newspaper Excerpt: Up to two o'clock fifteen city banks had suspended, of which the following is a revised list, viz: Bank of New York, Artizans', St. Nicholas, Chatham, Ocean, ...
Source: newspapers

Newspaper Articles (10)

1. October 14, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 14, 1857

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Money and Business. Early yesterday afternoon the telegraph announced the failure of the following banks in New York city: Capital. $1,235,009 Merchants' Exchange: Ocean 1,000,000 Mercautile 1,000,000 North River 655,000 Irving 300,000 Marine 309,000 New York Exchange 100,000 St: Nicholas 750,000 Citizens' 400 009 Bull's Head 173,800 Pacific 422 000 Peoples' 412,000 Total 812,200 There was reported. also, at the same time, a heavy run upon the Bank of the Republic. There seems to be an entire want of confidence in the banks among the New York people, and Wall street was almost impassable on account of the crowds of people assembled aboutsome of the banking houses in that locality. In another part of this] day's paper, we publish a list of New York business[firms that "succumbed to the pressure yesterday. The returns of the week show that the New York banks have contracted their loans four millions of dollars within the last seven days, and the deposits have fallen off about the same amount. The stoeks of the New York banks have run down to a very low figure, even the best of them, and this is probably not only an indication of the severity of the pressure, but also that those in the secrets of the back parlors, think unfavorably of most of their paper The stocks of some of the leading New York city banks, sold as follows, on Monday: Bank of Commerce 70, Bank of New York 76, Bank of America 75. Phoenix Bank 55, American Exchange 55, Metropolitan 58, Park 58, Bank of the State of New York 65. At Boston yesterday, the following additional failures are reported, viz: Francis Skinner & Co., the largest dry go ds commission house in the city-they were agents of the Pepperell, Bates, Vassalboro', and many other prominent manufacturing companies; Blanchard & Gross, shoe dealers; Hutchins, Brown Co., F. & F. Rice, John P. Whiton, West India goods; Geo. T. & W.P. Lyman, commission merchants; Otis, Cushman, & Bancroft, dry goods; and Crane & Glover, paper dealers It is reported that Moses Taylor & Co., of New York the largest and wealthiest grocery house in the country, has failed. The Boston Transcript of last evening, says: "The Boston banks are stronger today than they have been for a considerable time. Last week the increase of specie in their vaults was over $300,000. and yesterday this amount was augmented. Should the New York banks suspend, it is the opinion of many prominent financiers, that the banks in Boston would not suspend, but would breast the storm, manfully redeem their promises, continue to pay specie, and thus show to the boasters of the metropolitan city that the disgrace of violating pledged faith, does not rest upon the managers of our city banks at least." The following is from the Providence Journal of yesterday morning: "Yesterday was apprehended as a day of disaster, but it has passed off not only without a failure, but with the assurance that the failure of David B. Brown & Co, and J. W. Corlies & Co. and Hall, Dana, & Co, which latter was made public today. although it had been confidently known here since Friday, would not drag down anybod in Providence The houses most immediately and deeply affected by these failures are abundantly strong, intrinsi cally, and have received, unsolicited and without concert, such liberal ffers of assistance from banks and capitalists, as leave no doubt of their ability to meet all the paper that comes back upon them. The banks discounted liberally yesterday, but much of the accommodation afforded was for New York and Phila delphia. The chief domestic houses in the great "specte paying centre," have been seeking from our discredited banks the aid which their own refuse them. Al'more cheerful feeling prevailed yesterday, after bank hours. The wise and liberal pollcy of the banks, and the dispo sition of men to stand by each other, gave new courage and confidence."

2. October 14, 1857 Worcester Daily Spy Worcester, MA

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Monetary Matters in New York-Great Excitement. NEW YORK, Oct. 13.-Today has been a very exciting one in financial matters. Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: Bank of New York, Artizans', St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine. The latter, it is said, was stopped by injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way. By this means the penalty of winding up, which is attached to suspension, is evaded. It is believed that suspension in most cases will be but temporary. This state 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 mass of people. The steps of all the banks were also blocked up by people forcing their way into the banks. At the American Exchange Bank, David Leavitt addressed the crowd, assuring them that that bank would pay all up to the last dollar. He also announced that an agreement had been made with several of the strongest banks, to go through without suspension. It is believed, however, in the streets, that the suspension will be general. It is understood that some of our heaviest Houses have withdrawn their gold from the banks and replaced it as a specie deposit. 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 3 o'clock P. M. The others, it is believed, continued to meet their liabilities up to the clocs of businss hours. The sales of Railroad Stocks at the first board were small, at a general decline. In the State Stocks the business was large at a decline, ex cepting Virginia and Missouri. Bank Stocks all sold at a decline. The run on the Brooklyn Savings Bank was renewed today but with less vigor, the banks paying promptly. Several failures in the Dry Goods line are announced, but none of very prominent firms.

3. October 14, 1857 The Day Book Norfolk, VA

Article from The Day Book, October 14, 1857

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LATEST NEWS. NEW YORK, Oct. 13, P. M.-This has been a day of intense excitement in financial circles. Business is almost entirely suspended. As may be observed below, several of our city banks, which were considered strong, have given away before the pressure, and suspended specie payment. According to the State Constitution they are obliged to go into liquidation; though some scheme, in this general crash, may be devised as an emergency for their future relief. The following Banks have suspended, up to 2, P. M. to-day, viz:-Merchants' Exchange Bank; Marine; Irving; North River; Ocean; People's Bank; Citizen's; Bull's Head; New York Exchange; Pacific; Park; and East River; Chatham; St. Nicholas and Market. A heavy run is now being made on the American Bank, and it is thought it will givein. Indeed, all the banks are being run upon, both here in Brooklyn, Williamsburg, Jersey City, &c., as also in many parts of the State. It is a blue day.More failures of merchants are announced.

4. October 15, 1857 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

5. October 15, 1857 Quasqueton Guardian Quasqueton, IA

Article from Quasqueton Guardian, October 15, 1857

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Bank Failures NEW YORK, Oct. 13. To day has been a very exciting one on financial' matters. Up to 2 o'clock, 15 City Banks had suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchant's Exchange, Irving, Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction precured 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 thrt 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 withdrawn their gold from the banks and replaced it as specię deposts. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspended up to 3 P. M., The others, it is believed, continued to meet their liabilities tothe close of business hours. The sales of Railroad stocks at the first board were small at a general decline.— In State stocks business was large at a decline, excepting 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 very prominent firms. LATEST.-Tne run upon the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to close of business.

6. October 16, 1857 The Tiffin Tribune Tiffin, OH

Article from The Tiffin Tribune, October 16, 1857

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Great Excitement in New York--Numerous Bank Suspensions--Heayy Run on the Wall Street Banks-Police Called Out!!! NEW YORK, Oct. 13.-The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens' Chatham, Bullshead, St. Nicholas and Market Banks. There is R general run on the Wall St. banks, and itense excitement in the street. Policemen are stationed at many of the banks to preserve order.

7. October 16, 1857 Weekly Clarksville Chronicle Clarksville, TN

Article from Weekly Clarksville Chronicle, October 16, 1857

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ADDITIONAL FOREIGN NEWS. NEW York, Oct. 12. The King's magazine at Joahpore was struck by lightning and exploded, killing 900 persons and destroying a million pounds sterling worth of property. The whole province of Bengal was alarmed.The civilians and Gejah had fled to Patua, leaving the treasury in charge of the 64th regiment, which is in a precarious condition. Calcutta was becoming crowded with fugitives from all parts of Bengal. The imports at Calcutta were accumulating.There were no buyers, and money was disappearing. The paper of the East India Company was quoted at 25 per sent discount, England.-Sir R. W. Cardin has been elected Lord Mayor of London. THE LATEST-Liverpool, Sept. 30.-The estimated sales of cotton to-day are 6,000 bales. The market closed quiet. Breadstuffs firm. Corn steady but heavy. India.-Martial law has been proclaimed in Beljaum, a town in the province of Beljapoor. ST. LOUIS, Oct. 12. The Leavenworth (Kansas) Herald, of the 10th, says that the official returns from Leavenworth county are nearly complete. The average Democratic majority is 250, insuring the election of three members to the Council and eight to the House.Doniphan county gave the Republicans 30 majority, securing five members to the lower and five to the upper House. Atchison county, average Democratic majority 60, insuring three members to the lower and one to the upper House. Jefferson county, Republican by 150 majority, giving two members to the House and one to the Council. Douglas county, Republican by 1,500. Johnson county, Democratic by 1,600. The district formed by these counties elected eight members to the House and three to the Council. The Democrats claim the election of the entire ticket by 60 majority. Shawnee county, Republican majority 350. Calhoun county, Republican majority 84, elects one to the House. The Democrats charge that a large number of armed men came from Nebraska and voted the Republican ticket. The Democrats claim a majority in both branches of the Legislature. NEW ORLEANS, Oct. 12. The steamer Texas arrived from Vera Cruz, with advices of the 7th. Congress held a primary meeting on the 26th ult. A hundred delegates were present. Man- uel Ruise was elected President. There is a rumor that Gen. Alvarez had been assassinated. The insurgents of the South still hold out. Robberies are rife throughout the country. The health of Vera Cruz was improving. The failure of Corning & Co. has not affected the Southern Bank. There are rumors of some failures, but not yet authenticated. Business unsettled. NEW YORK, Oct. 13. Additional Bank suspensions-Market, St. Nicholas, Tradesman, Artizans, Butchers and Drovers, and the Bank of New York It is feared that a general suspension is inevitable. Several of the old Banks announce their ability and determination to pay specie. RICHMOND, Va., Oct. 13. The Custom House here was entered by robbers and took $15,000 in double eagles. The robbers left $46,000 behind. NEW YORK, October 13. The following banks of this city suspended this morning: The *Marine' 'Pacific,' 'Irving,' 'Merchant's Exchange,' 'North River, 'New York Exchange, 'Citizens' and 'Ocean Bank'-eight in all. 1 :

8. 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.

9. October 17, 1857 Muscatine Weekly Journal Muscatine, IA

Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.

10. October 17, 1857 Republican Vindicator Staunton, VA

Article from Republican Vindicator, October 17, 1857

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[SECOND DISPATCH.] NEW YORK, Oct. 13.-Five more banks -the Chatham. Bull's Head, Tradesmans', Market and St. Nicholas-have suspended. [THIRD DISPATCH.] New YORK, Oct. 13, P. M.-The Marine Bank was stopped by an injunction on its customers, and it is presumed that the same course was adopted in regard to others By this means, the penalty of winding up which attaches to suspension, is evaded, and renders it probable that suspension in most cases is only temporary. This understanding relieves public excitement.