banks of New York city - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 22, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: cf5778c6

Response Measures

None

Description

Article (Evening Star, 1873-09-22) reports that the banks of New York City 'had suspended currency payments and were issuing certified checks' in response to the financial disturbance surrounding Jay Cooke & Co.'s failure. This is a broad report about multiple New York banks suspending payments during the 1873 panic; no individual bank run, permanent closure, or receivership for a specific bank is described. I infer a temporary suspension tied to the wider panic (macro news) and classify as suspension_reopening (temporary suspension, later resumption).

Events (1)

1. September 22, 1873 Suspension

Cause: Macro News
Cause Details: Suspension in response to the financial panic triggered by the collapse of Jay Cooke & Co. and associated market turmoil (nationwide financial panic).
Newspaper Excerpt: the Secretary had been advised that the banks of New York city had suspended currency payments and were issuing certified checks.
Source: newspapers

Newspaper Articles (1)

1. September 22, 1873 Evening Star Washington, DC

Article from Evening Star, September 22, 1873

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Article Text

THE SITUATION IN WASHINGTON. THE STORM ADOUT OVER. A Better and More Hopeful Feeling The excitement in this city, occasioned by the compension of Jay Cooks a Co., and other firms in New York, Philadelphia and elsewhere, is subsiding. A bobier Sealing is beginning to prevail, and the senseless run on a few of our banks is about over. There 18 a marked calm and quiet on 15th street, and that thoroughfare shows even less bustle and activity than it did previous to the financial troubles. Our people have evidently come to the conclusion to calmly await events, hoping for the best, yet prepared for the worst. The general interest now center in the news received from Wall street and from Philadelphia, which to-day is of a very favorable character. EX-COVERNOR COOKE eft for Philadelphia last night to confer with the officers of the parent house in that city The firm of Jay Cooke & Co., in this city, still keep their deers closed, although a large eler ical force is employed in adjusting the account of the firm. It is probable that the exact con dition of the house here will be presented in the statement which is expected to be issued by the Philadelphia house to-day. PRESIDENT GRANT arrived in this city on the early morning train. Between 9 and 10 o'clock 2. m. he called at the Treasury department and had an interview with Hometary Richards of upwards of three quarters or an hour duestion. The situation a that time remained inchanged, although the Scoretary had been advised that the banks of New York city had suspended currency pay ments and were issuing certified checks. This he thought was a wise measure on their part. He also received information that bonds were being offered for sale quite freely at the As sistant Treasury in New York city. WHERE THE MONEY TO BUY BONDS IS COMING FROM. There will be a sufficient amount of currency in New York to-morrow belonging to the government to buy all the bonds that may be offered. The Secretary of the Treasury has all that is necessary, and will look out that there is enough in the hande of the Assistant Treasurer to buy everything in the shape of government bonds that are presented for sale. Judge Richardson says he will look out that the government does its duty within the law and he knows exactly where to get all the funds that are necessary, but does not intimate a word about the much talked of legal tender reserve furnishing a part of the money to go to the Assis tant Treasurer at New York. THE U.S NAVY FUND IN LONDON. The Secretary of the Treasury emphatically denies the statement that the navy account fund of the United States has been transferred from the banking house of Jay Cooke, McCulloch & Co., in London. There is no intention of making such a transfer. THE FREEDMEN'S BANK. Unusual quiet prevails at this bank to-day The reporter of Tax STAR was in the institution upwards of half an hour and not five depositors called for settlement, although several made deposits. No further run is anticipated. Mr. Wilson, the cashier, who has been out of the city for several days returned this morning. He assured our reporter that they were in a firm healthy, financial condition, and prepared for any contingency. THE GERMAN AMERICAN SAVINGS BANK on 7th street was in its normal condition of quiet prosperity during the day. There were no signs of a run and the officers of the bank were engaged in transacting their business as usual. President Hits states that on Friday and Saturday last the deposits exceeded the disbursements, and that the bank has gained number of now depositors since the panic commenoed. Business deposits can be withdrawn try check at - time, but according to a rule of the bank, entablished, which nasalways been observed, other depositors are required to give fourteen days' notice before drawing. As a rule the Germans who constitute a majority of the depositors here, are less affected by such excitements than the Americans, and in this particular instance, the depositors, being guaranteed from loss by a provision in the law which makes the directors personally responsible, feel comparatively secure. The deposits here generally range from $100 upward. AT THE WASHINGTON CITY SAVINGS BANK this morning a line of perhaps 100 was formed by the applicants for their money before 9 o'clock, but by noon nearly all had been waited