banks in New York - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 1, 1884*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c76e7170

Response Measures

None

Description

Article (New Ulm Weekly Review, 1884-05-21) reports that the Metropolitan Bank in New York closed its doors, but opened again the next day. The closure appears to be a brief suspension during the Wall Street panic triggered by the collapse of the Marine Bank and Grant & Ward. The piece does not describe a depositor run specifically on the Metropolitan, rather a broader panic among brokers and banks; I classify this as a suspension with reopening.

Events (2)

1. May 1, 1884* Other

Newspaper Excerpt: A disastrous run on the banks was only averted by the banks joining together and agreeing to help each other. Secretary of the Treasury Folger also promptly came to the rescue ... these prompt measures, to a great extent, quieted the feelings of distrust, and at the closing hour on Saturday the flurry seemed to have about spent its force. (describes broader panic in Wall Street).
Source: newspapers

2. May 14, 1884 Suspension

Cause: Local Banks
Cause Details: Panic following collapse of the Marine Bank and Grant & Ward in New York precipitated nervousness and a temporary closing of the Metropolitan Bank.
Newspaper Excerpt: The Metropolitan bank closed its doors, but opened again the next day.
Source: newspapers

Newspaper Articles (1)

1. May 21, 1884 New Ulm Weekly Review New Ulm, MN

Article from New Ulm Weekly Review, May 21, 1884

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Article Text

Panic in Wall Street. The sudden collapse of the Marine bank and Grant & Ward in New York, led to several other failures, and: on Wednesday last the New York stock exchange was the scene of intense excitement, and for awhile a repetition of the scenes of the memorable "Black Friday" was feared. All leading stocks were seriously affected, and a number of brokers were forced to the wall. The Metropolitan bank closed its doors, but opened again the next day. A disastrous run on the banks was only averted by the banks joining together and agreeing to help each other. Secretary of the Treasury Folger also Promptly came to the rescue and teleraphed to Washington ordering the payment of the 127th call for bonds. These prompt measures, to a great extent, quieted the feeting of distrust, and at the closing hour on Saturday. the flurry seemed to have about spent its force. The New York Sun says that the panic was emphatically a panic among stock gamblers and nothing else. It did not proceed from the failure of merchants nor from the withdrawal of credits inimercantile circles. It began, culminated, and ended in stock'speculation and went no further. Commenting upon the panic in Wall street, the Chicago Times says: "There is nothing in the business and industrial situation of the country to justify serious apprehension. The failure of a dozen more or less disguised gambling shops and their backers in New York is not in itself Ta circumstance that should or can materially affect any legitimate trade or interest. The country possesses to-day all the elements of wealth and prosperity it had a month or a year ago. The farms and factories, their products, and the strong and cunning hands that produced them, cannot be destroyed or removed hence by any perturbation in New York. Even the railroads, the stocks of which have been the playthings of the Eastern gamblers, will not lose a rod of track or a car, no matter which set of gamblers wins or loses. The millions which the gamblers are reputed to have lost, if they were not mere phantoms of money, have but passed from the hands of one gang of gamblers to those of another. The real money is not diminished in volume by the fluctuations in gamblers' fortunes, which have formed the staple of the New York dispatches for a week. "No business here in the West, says the Times in conclusion, to which as much business talent has been given as would suffice to run a peanut stand, need fear any storm which may brew in Wall street. The turmoil there should have no more effect upon the commercial or industrial welfare of the West than would be the loss*of some_venturesome fool's pocket book in a faro den."