Wells, Fargo & Company - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: private
Start Date: November 30, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4c4a9e05

Response Measures

Accommodated withdrawals

Description

Article (Nov 30, 1857) reports a brief run on Wells, Fargo & Co. in New York that was met by prompt payments and ended the same day. The run appears linked to local commercial failures (Willets & Co., attachments at Moore & Folger), not misinformation.

Events (1)

1. November 30, 1857 Run

Cause: Local Shock
Cause Details: Run occurred amid local commercial failures (failure of Willets & Co. and attachments against Moore & Folger) provoking withdrawal pressure.
Measures: All demands were promptly paid; special deposits kept in vault; payments made to meet demands.
Newspaper Excerpt: Early in the day quite a run was made upon the banks of Wells. Fargo & Co., ... but as all demands were promptly paid, the excitement soon ceased, and by 12 o'clock the miniature panic was soon at an end.
Source: newspapers

Newspaper Articles (1)

1. November 30, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 30, 1857

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Article Text

All special deposits are in the vault, and will be delivered as soon as possible. Mint certificates for collection, and notes left for collection, are not included in the above statement. The protested drafts of Sather & Church were being paid in New.York when the steamer left. The shipments made by each steamer will be applied in pay. ment of the drafts drawn at the date of the shipments. Ofthe Bills Receivable, the bulk of them will be onein thirty days. They are good and mestly secured by collaterals Early in the day quite R run was made upon the banks of Wells. Fargo & Co., Tallant & Wilde Fretz & Raleton. B. Davidson. and Parrott & Co., but as all demands were promptly paid, the excitement soon ceased, and by 12 o'clock the miniature panic was soon at an end. During the day attachments were sued out against the well-known shipping and commission house of Moore & Folger, hide dealers, to the amount of $35,000. It is thought, however, that the house will soon be able to resume, their present difficulties being only temporary. and occasioned by the failure of Wiletts & Co of New-York. The house of Moore & Folger bears a high reputation for honesty and good business, and it is hoped th at they may come out of their troubles without serious injury.