Bank of Commerce - Philadelphia, PA

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: September 26, 1857
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 879c5af8

Response Measures

Accommodated withdrawals, Partial suspension

Description

Multiple newspapers from Sept 1857 describe runs on Philadelphia banks including the Bank of Commerce. Reports differ: some list the Bank of Commerce among suspended banks, while contemporaneous Philadelphia reports describe heavy withdrawals, refusal to pay specie but payment of notes/checks, and redemption of depositors' claims. No evidence of permanent closure or receivership; bank appears to have suspended specie payments during the panic and continued operations (i.e., later resumed). Cause tied to the wider Money Panic of 1857 (macro news).

Events (2)

1. September 26, 1857 Run

Cause: Macro News
Cause Details: Run occurred as part of the widespread Money Panic of 1857 and general suspension of specie payments by major Philadelphia banks (panic news from other cities increased withdrawals).
Measures: Paid depositors and redeemed notes; certified checks; limited specie payments (refused specie but paid notes/checks).
Newspaper Excerpt: there was a considerable rush throughout the day, as also at the Commercial and Bank of Commerce. It was understood that all of these redeemed their notes and paid depositors.
Source: newspapers

2. September 26, 1857 Suspension

Cause: Macro News
Cause Details: Suspension of specie payments or partial refusal of specie tied to the broader monetary panic of 1857; contemporaneous reports note refusal of specie though notes/checks were paid or certified (partial suspension of specie payments).
Newspaper Excerpt: Among the suspended Banks were ... Bank of Commerce - all old and heretofore considered reliable institutions
Source: newspapers

Newspaper Articles (5)

1. September 28, 1857 The Davenport Daily Gazette Davenport, IA

Article from The Davenport Daily Gazette, September 28, 1857

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Article Text

Bank Failures. The news came in crashing at the close of last week so far as Banks are concerned.Among the suspended Banks were the old Girard Bank of Philadelphia Bank of Philadeiphia, and Bank of Commerce - all old and heretofore considered reliable institutions, After this came the news that all the Bank of Philadelphia had suspended, and so it stood Saturday night. A dispatch came to a Banking firm in thiscity Saturday afternoon, that the Exchange Bank of Pittsburgh, and Merchants' and Manufacturers' Bank of Pitts burgh, had suspended.

2. September 28, 1857 The Davenport Daily Gazette Davenport, IA

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Diecred Manko. The following is a corrected list to date, of recent euepended and discredited banks Nebracks money has been thrown out by our bro here. except the Bank of Florence Bank of the Capitol, Indianapolis, Indiana, e. . do Central Hank, do do Bank of Elgin. III as, email circulation Mechanics Banking Association N IY .. Ohio Life and Truel company, don't leetle notes. Bank of Kanewha, Va Reciprocity Bank Buffalo, N.Y now bank . . Hollister Bank, Buffalo N Y. . . Warren County Bank Pa. Bank of Middletown, Pa. Honeedale Bank. Pa Bank of North America, Conn. Ontario Bank. Utica, N.Y. Fort Plain Bank . . Farmers' Bank of Saratoga N Yee Farmers' and Manufacturere Bank Poughteepsie N Y Farmers' Bank Wickford R I M Vernon Bank, Providence R I Tiverton Bank, Fall River R I Wooster Bank, Dembury Conn. Borgen County Bank, N. Ellaworth Bank, Maine. Bank of the South County. R I Sackett's Harbor Bank N Y. This Bank which was an oid liner. was lately merged into the Recipro city Bank at Buffalo: but few of the notes of either were in circulation in the west. Exeter Bank N H South Royalton Bank, Vt. Chemung County Bank, Horseheads N Y .. Geneca County Bank, Ohio Oliver Lee & Co.'s Bank, Buffalo, N Y reported failed, e.e. Ningara River Bank Tonawanda N Y reported failed, Hancock Bank, Maine Maratime Bank, Maine America Bank, Trenton N J. Bank of New Jersey, New Brunewick; N J Huguenot Bank New Platz N Y . . Bank of South County, Wakefield R I Rock River Bank, Reloit, Wisconein . . Farmers Bank Hudeon. Wis . e. Bank of Colehester, Conn Western Bank Lockport N. Y Niagara Cocunty Bank, Lockport N Y Note means secured by Statestocks Our eubecribere ought to lose nothing by the euepension of these banks The others have but little circule tidn in the west Our readers are cautioned against exercificing notes of occured banks, as some of them will probably be reinstated, while those finally compelled to close up, in the ordinery couree of things, will pay a large proportion of their debt. -- Chicago Tribune 24th To these we may add the following Medius Hank, Medina. N Y Hank of Hallowell, Maine Girard Bank Philadelphia. Bank of Philadelphia Bank of Commerce, Philadelphia

3. September 30, 1857 Smyrna Times Smyrna, DE

Article from Smyrna Times, September 30, 1857

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Article Text

e THE MONEY PANIC-RUN UPON THE BANKS. was in a fever of excitement day, to the suspension of The city owing specie yester- payments by the Bank of Pennsylvania, and to the very general apprehension that other Banks would do likewise. At an early hour in the morning, crowds gathered in the vicinity of f many of these institutions, and their doors were not long open before it became evident that there would be a great run upon them. The announcement of the suspension of specie payments by the Bank of Pennsylvania was early made, and policemen were stationed at the gates to prevent the entrance of all who had not business with the officers. The following, signed by the Cashier, was conspicuously displayed at different points along the railing surrounding the building: Resolved, That this Bank suspend specie payments until further order of the Board." The crowd that gathered about the Pennsylvania Bank 8000 dispersed, and there was little or no excitement there during the rest of the day. In the neighborhood of the Girard Bank, was different. of were discussing however, there from it the the all-exciting topic, Groups gathered persons time of the opening to the close. It was in the course of checks would not be until the after morning, officially 1 o'clock. that announced, paid We learn that they were not paid, though the notes were redeemed up to the time of closing. In the course of the day there was more or less of a run upon all of the city banks, though in many instances it was made by the holders of one or more five dollar notes. In the morning, and up to one run the Farmers' and was There was a conchanics o'clock, the very upon heavy. Metinual stream into the and in the moin a line was formed to the from to paying banking teller's going desk, long composed bank, of fifty seventy five persons. Before two o'clock the excitement had abated, and but few persons were in the room. At the Philadelphia and the Western Bank, almost adjoining, there was a considerable rush throughout the day, as also at the Commercial and Bank of Commerce. It was understood that all of these redeemed their notes and paid depositors. The run upon the City Bank was probably greater than upon any of the others. All day there was a line reach. ing from the paying tellers' desk into the street, which at two o'clock was from fifteen to twenty yard> long. Policemen were stationed on the steps of the Bank to prevent persons from entering, all being compelled to take their places in line. The rush was considerable, but not so heavy, at the Northern Liberties, Manufacand Penn and Tradesmen's had The turers' Southwark and Mechanics Township.-- very little more than the ordinary demand for spe cie. The panic and the run upon the banks were everywhere the subje ct of conversationin the stores, counting-rooms, workshops and C market place...-Ledger of Saturday. 03 From modern N. Y. Rome comes a cheese, to be exhibited in the Pennsylvania State Fair, the weight of which is six hundred pounds.

4. October 1, 1857 Delaware Weekly Republican Wilmington, DE

Article from Delaware Weekly Republican, October 1, 1857

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THE MONEY PANIO-RUN UPON THE BANKS. -The city was in a tever of excitement on Friday, owing to the suspension of specie payments by the Bank of Pennsylvania, and to the very general apprehension that other Banks would do likewise. At an early hour in the morning, crowds gathered in the vicinity of many of these institutions, and their doors were not long open before it became apparent that there would be a run upon them. The announcement of the suspension of specie payments by the Bank of Pennsylvania was early made, and policemen were stationed at the gates to prevent the entrance of all who had not business with the officers. The following, signed by the Cashier, was conspienously displayed at different points along the railing surrounding the building: Resolved, That this Bank suspend specie payments until further order of the Board." The crowd that gathered about the Pennsylvania Bank soon dispersed, and there was little or no excitement there during the rest of the day. In the neighborhood of the Girard Bank, however, it was different. Groups of persons discussing the all-exciting topic, were gathered there from the time of the opening to the close. It was officially announced, in the course of the morning, that checks would not be paid until after 1 o'clock. We learn that they were not paid, though the notes were redeemed up to the time of closing. In the course of the day there was more or less of a run upon all of the city banks, though in many instances it was made by the holders of one or more five dollar notes. In the morning, and up to one o'clock, the run upon the Farmers' and Mechanics' was very heavy. There was a continual stream going into the bank, and in the banking room a long line was formed to the paying teller's desk, composed of from fifty to seventy five persons. Before two o'ciock the excitement had abated, and but few persons were in the room. At the Philadelphia and the Western Bank, almost adjoining, there was a considerable rush throughout the day, as also at the Commercial and Bank of Commerce. It was understood that all of these redeemed their notes and paid depositors. The run upon the City Bank was probably greater than upon any of the others. All day there was a line reaching from the paying tellers' desk into the which at two o'clock was from fifteen to twenty yards long. Policemen were stationed on the steps of the Bank to prevent persons from entering, all being compelled to take their places in line. While we were at the Bank, an old lady came up with a check, and was about to push her way in, when she was ordered back, and told that she must do as the others had done. The rush was considerable, but not 80 heavy, at the Northern Liberties, Manufacturers' and Mechanics and Penn Township. The Southwark and Tradesmen's had very little more than the ordinary demand for specie.The panic and the run upon the banks were everywhere the subject of conversation, in the stores, counting-rooms, workshops and market places. In all the crowds about the banks, laboring men, and others in humble circumstances, could be seen, who were there evidently for the purpose of obtaining specie for a single note or two. The panic seemed, however to have effected other classes. Throughout the day, notes of the banks held in bad repute were refused by shopkeepers, and the specie insisted upon in paymen of purchases made. -Ledger.

5. October 1, 1857 The Weekly Pioneer and Democrat Saint Paul, MN

Article from The Weekly Pioneer and Democrat, October 1, 1857

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Monetary Affairs In the East. When the first failures which occurred in the East were announced. it was generally believed that the crash would be confined to the seaboard cities, where the stock gambling had prevailed to the greatest extent. and which was said to be the cause of the monetary crash. And as the cheering hopes of brighter times appearing, were seattered over the country, the Nation rejoiced in the apparent soundness of the financial world. But searcely has the sounds of gladness ceased to reverberate. until a more portentous cloud is seen to gather. and that too, in a section of country the least anticipated. In yesterday morning's PIONEER AND DRMOCRAT, the first indications of the rising storm in the firm. old Commonwealth of Pennsylvania were announced in the partial suspen sion of some of the strongest Banks in Philadelphia. Another day's later news has been received. and sad news it is to be sent forth from the Old Keystone. Read what the Telegraph announces. under date of the 26th: Philadklphia. Sept. 26, to A. M. Third and Chestnut streets are again the scenes of excitement. Crowds surrounding the Savings Institution before 9 o'elock, . M. They decline paying out deposits, re quiring two weeks notice. The banks were besteged before 10 o'clock. The Pennsylvania bank re-opened and is transacting business, but paying no specie. The Mochanics' Bank paying specie for tens. The Girard Bank refuses to do any business, and renders no satisfaction to depositors and bill holders. Most of the other banks were making checks good. There is no concert of action among the banks, each is apparently taking a different course. The Bank of North America is paying specie for tens. but issuing no notes or checks. The Bank of Commerce is refusing specie, but is paying notes for checks. PHILADELPHIA, Sept. 26, 12 M. The Girard Bank is now paying specie for fives and certifying checks. Additional excitement was produced by the news from Baltimore of the suspension here.