Ocean Bank (New York, NY)

Episode Information

Episode UID
4117731190694
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
411773119 hash
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
42b1545292c27c10

Response Measures

None

Description

A receiver was appointed by the Supreme Court, indicating winding up/closure.

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the widespread financial panic of October 1857 that produced runs on many New York banks.
Measures
Paid out specie to depositors (about $40,000 prior day and $10,000 on reopening) until funds exhausted.
Newspaper Excerpt
the rush upon them ... they paid out $10,000 in specie, when they were obliged to suspend.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the citywide bank panic and runs during the 1857 financial crisis.
Newspaper Excerpt
Ocean Bank ... thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend.
Source
newspapers
3. October 14, 1857 Receivership
Newspaper Excerpt
On the application of plaintiff's counsel the Court appointed D. Randolph Marlin as receiver of the Ocean Bank, on his giving security in the sum of $100,000; all moneys collected to be deposited in the United States Trust Company, when they reach $5,000.
Source
newspapers

Newspaper Articles (14)
1. October 13, 1857 Evening Star Washington, DC
Article from Evening Star, October 13, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended

2. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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RECAPITULATION. No Disc Establishments Usual No Pres 40 40 Francis' lifeboat factory 100 375 450 10 476 Morgan Novelty 1,000 works 75 10 100 20 Mulligan works 60 100 Neptune works 125 Badger' 400 to 500 works 50 works 34 25 50 to R.M factory 200 Herrin safe factory 12 Eckford Iron works 60 30 80 to Etnairon works Jackson & Throckmerton's 60 30 90 iron works 160 140 300 Fulton from works. 560 580 Allaire iron work 18 12 30 Union iron works 12 Clinton iron works 34 30 to 40 Waterman's machine shop 30 270 250 to 300 Farron's iron works 200 200 as Bogardus' iron works 180 180 Columbian from world 30 116 Worrell's tron works 135 to 145 J E. N N. W. Cornell's iron 148 77 works 200 200 G.R. Jackmon's iron works 1,609 3,408 4,858 Totals It will be seen by the above the maximum number of have added the minimum given, making total number employed, at the outside, in 4,888, total number of men already discharged from the establishmensnamed 1,509, leaving balance of partial/y employed bich will in all probability be redaced in the course or week or two longer, should the present panic continue, to the neighborhood of 3,000 workmen. THE OCEAN K-APPOINTMENT OF A RECEIVER SUPREME COURT-SPECIAL TERM. Before Hon. Judge Fembody. Andrew Hall vs. the Goean Bank.- On the application of plaintiff's counsel the Court appointed D. as of the Ocean Bank, on his of $100,000 all moneya collected to receiver sum giving Randolph be security deposited Marlin in $5,000. the United States Trust Company, when they reach BOARD OF TEN GOVERNORS The egular meeting of the Board of Tea Governors WIS held yesterday--C. Godfrey Gasther, President, in the chair, and a quorum present. EFFECT OF THE HARD TIMER ON THE ALMANDUSE From the censes of the institutions It appears there 6,170 persons no the islands, being an are public pelled many since last week. The increase The bard charity increase to of 83 during Aimebouse c charity. Mr. As this The for same Re. reason, the frivolous debate, Board ad journed THE TARGET COMPANIES Were a passed HERALD yeaterday, companies notwithstanding that the 28 muskets Weedville for New shot York. assessment this company of Geo The of taches their annual Numerous of Board guests vised Health The marched City doubte enjoyed forty General paraded about 940 OF THE COUNTY HUDSON SUSPENSION BANK. The Hudson County experienced the after in to the suspend York account was caused them giving favor amounted this tank Ancord $128,000. days. ARRIVAL REPORTED TON SUSPENSION Measure. certain. sylvania THE Middling, corn, There

3. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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THE WARE caterualy w T 187 Greenwich street 1-North River Back Cor. Fakton and Greenwich 2-Ocean Bank Car. Greenwich & Warren. 8.-Irving " 166 Greenwich street. M-Merchants' Exchange " if 187 6.-New York Exchange a-Otisens Bank 68 Bowery. 90 Wall street. T.Marine " 8-Market Oar. Pearl & Beek man eta. One. Chatham and Duane. a.-Chatham " 177 Chatham street. 10.-Tradesman's Bank " 7 Wall 11.-84 N I shoins " 12-Butchers' & Drovers' Cor. Bowery and Grand at. 395 Canal street. 18.-People's Back Third avenue 14.-Bull's Head BADK " 16.-New York Eights avenue and 14th at 16-Leather Manufacturers' 45 William street. " 19-Artisans' Bank 117 Nassan 18.-Broadway " Cor. Broadway & Park place. The banks in Greenwich street closed their doors early, and the news spread like wildfire up town, and EOOB thought down a stream of small depositors and bill hold. ers, wao eagerly crowded upon the staps, where they were met by the bank porters and policemen, who in. formed them that the banks we e closed, and could not transact any business. The anxiety increased as hour at. ter hear brought fresh batches, paie with excitement and starm, to the scene throughout the entire day they onesinced to throng around the deors of the banks, altogether presenting a ploto e of a paste stricken multitude rarely seen even in a greas financial crieis. The backs on the Bowery and Chatham street-the Citisens' and Chetham-did not exalet the same scenes of excitement as those on Greenwich street and Wall street. But round the Enterbers' and Drovers' the confusion was considerable for some same The American Exchange and the Beak of the Republic, for some reason or other drew around them van concourae of people, so much so that la the Ameri can Exchange a large police force was in requisition to keep the bank clear in order that business could be trare. acted. The attempts to allay the pacie, and the seminances of the safety of the city banks which had previously, dayage the FGB on the Park and other banks, been success 01, utterly failed to have effect yesterday, in the face of the fact that depositions found the back doors closed against them, and that every moment throughout the day was freighted with intelligence of another, and now another, bank gone. Each report, of courie, served at first to heap fuel on the fire, and increase the excitement, but as the extent of the failures came to be realized, alarm seemed to actile down into silent despondency; and at the 0 one of basiness hours the crowds round the emailer banks gradually diepersed, heavy with the presage that the morrow was des. Meed to bring increased disester. Probably the reason why the bank suspensions of yearerday created so marh external evidence or alarm may be traced to the fact that the pressure fell upon so many small depositors: jest that class whose fears are net easily wrought upon, and whose interests will suffer most seriously The condition of the eighteen banks which sussended yesterday, as exhibited on Saturday last, was as follows CONDITION OF THE SURPENDED BANKS Naminal Name

4. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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SUPREME COURT-SPBOIAL TERM. Before Hon. Judge Fembody. Andrew Hall US. the Ocean Bank-On the application of plaintiff's counse! the Court appointed D. Randolph Marlin as receiver of the Ocean Bank, on his giving security in the sam of $100,000; all moneys collected to be deposited in the United States Trust Company, when they reach $5,000. -

5. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

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Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.

6. October 14, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 14, 1857

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Later: General Nuspension I : Messrs. Cook & Sargent received yesterday afternoon a dispatch stating that the following New York Banks had suspended Marine Bank. Irving Bank Citizen's Bank. New York Exchange Bank Ocean Bank North River Bank Merchant's Bank. It is expected that the others " il suspend forthwith, and there is but littl. 'oubt that the Boston Banks, and all the Panks of New England will have to suspend this week. A tremendous excitement prevailed at New York yesterday.

7. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 12.-Cotton quiet. Flour dull. Wheat firm. Corn and lard heavy. Mess pork $22 30. Whisky 20a21. NEW YORK, Oct. 12.-Edward N. Archibald is appointed British Consul here. The sailing of the Atlantic is postponed to the 24th. WASHINGTON, Oct. 12-U. S. Stocks redeemed at the Treasury to day amount to three quarters of & million. The Bowery and Savings Banks of New York received $607,000. The entire amount redeemed is three millions. A half million is now out. NEW YORK, Oct. 12-The Bank statement shows an increase of specie $76,000. Decrease in loans four millions and eighteen thousand. Decrease in circulation 392,000. Decrease in deposits four millions six hundred and seventy-seven thousand. Sr. LOUIS. Oct. 13 -Gen'l Smith convenes a Court Martial at Fort Leavenworth on the first of November, for the trial of Col. Summer. The charges are not stated. The Legislature of Missouri meets Monday. There is confidence that provision will be made to pay the interest on the State debt January next. NEW YORK, Oct. 13 -The Steamer Empire Ciiy hence to Fall river, Massachusetts, struck the rocks at Hell Gate, and returned leaking. Her passsengers, freight and baggage, were saved. The Steamers Commodore and Matamoras collided on the Hudson river. The latter sunk; all but eight passengers saved. NRW YORK, Oct. 13.-Nothing doing in freight or exchange. Business unsettled. Money tighter. Affairs gloomy. RICHMOND, Va., Oct. 13-The Custom-house here was entered by robbers and $15,000 in double eagles stolen. The robbers left 46,000 dollars behind. NEW York, Oct. 13.-The following banks of this city suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean Bankeight in all. E. Fisher & Co., and Brown & Cain have suspended. The Cheatham and Bullheads banks have suspended. CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Panters Bank of Fairfield notes not taken on deposit. NEW ORLEANS, Oct. 13.-The Granada with Havana dates of the 10th has arrived. The Northern Light takes a million and a quar ter. The Granada experienced a gale on the 3d and 4th. She alterwards saw & wreck, but the name was undiscernable. CALIFORNIA-Wellers majority over both candidates is eleven thousand. The Legislature is largely Democratic. Bates, the ex-treasurer, and Rowe, bis clerk, have both been committed to jail in default of bail. Chief Justice Murray is dead. Col. Casey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonia, Texas, reached San Diego on the 31st of August. All well. A report of the assassination of Alvarez, at Colina, Mexico, reached San Francisco. Disturbances occurednear the boundary of Lower Colifornia, between the Americans and the Authorities. A company is fitting out at San Diego, to assist the Americans. It is considered a fillibuster movement. It is reported that Gov. Castro, of Cower California is fearing a revolution. His own people having joined the Americans. Slight shocks of an earthquake was felt near San Francisco. The Constitutional Convention of Oregon was in session. Slavery was slightly agitated. California markets dull. Accounts from the Mines are good. PERU-The English and French fleets have left Chincha Islands, placing them on the mercy of Vivanco. The murderer of Sullivan has been discovered to be a hired bravado. He has not been arrested: His employers are yet unknown. Nothing important from Central America. NEW ORLEANS, 13.-The Louisiana Savings Bank has closed. It was a small affair. A meeting of the marchants is being held tonight. Co ton-Sales $,000 bales. Still lower, at 91a10. Stock 108,000 bales. Decrease in receipts 88,000 bales. Decrease at all ports 130,000 bales. No movement in exchange. Affairs are gloomy and depressed. The news of suspensions in New York caused an uneasy feeling. Gen. Heningsen arrived to-day. Gen. Walker's movements will probably be determined on in a day or two. NEW YORK, Oct. 18-Additional bank suspensions: Market, St. Nicholas, Tradesmans, 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 specio, BOSTON, Oct. 13.-George T. & W. Lyman, China Merchants have suspended. HARRISBURG, Oct. 13.-The relief bill as passed by the House fixes the third of April next for redemption. NEW YORK, Oct. 18.-Cotton quiet; Flour 4 25 a4 55; Wheat, white 1 20a1 35, red 1 10a1 20; Corn heavy; Mess Pork 22 25; Lard advanced c; Whisky 20; Tobacco 8 to 17c. CINCINNATI, Oct. 13.-Flour exchanged; Oate 30; Whisky 14a144. Business is neglected on account of the news from New York.

8. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

9. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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The officers say that they have taken legal advice, and acting thereon will open their doors, certify ckecks, receive deposits and continue the usual routine of business. BANK OF NORTH AMERICA. The Bank of North America paid about $85,000, principally to depositors. Men who owed them large sums on note sent in their checks for the gold on their deposite. They paid up to the time. OCEAN BANK. This institution, located at the corner of Greenwich and Fulton streets, was only able to stem the tide for 8 half hour after opening yesterday morning. The rush upon them, principally by depositors, also commenced on Monday about 1 o'clock, and up to the hour of closing in the afternoon theyhad parted with about $40,000 in specie. Yesterday morning they opened again, with the hope that the promptness with which they had paid checks the day before had restored confidence, and that they would not again be pushed, but thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend. ORIENTAL BANK Did not fail, as was reported in the street yesterday. They paid every dollar that was demanded of them up to 3:19 o'clock, when every one had left. THE PEOPLE'S BANK. The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000. The amount due to depositors is $200,000, and the circulation is $138,000. The officers state that they can pay every cent due parties by the Bank. They own their building, which is valued at $75,000, and upon which there is no mortgage, and express their determination to resume in"a few days. PARK BANK. The Park Bank has about $40,000 less than before. PHENIX BANK. The Phenix Bank paid out about $60,000 in specie, including $10,000 paid at the Clearing-House. BANK OF THE REPUBLIC. The Bank of the Republic refused to give the amount. SHOE AND LEATHER BANK. The Shoe and Leather lost about $40,000. The balance at the Clearing-House in their favor to-day is $75,000, which shows an increase on the whole of $35,000. BANK OF THE STATE OF NEW.YORK. The same scene as was presented elsewhere was witnessed at this institution. The rush of depositors and bill-holders commenced about the middle of the day. Checks were paid and bills redeemed until a few minutes past business hours, when the doors closed. About $150,000 was paid out. The intention is to resume business to-day. SHOE AND LEATHER BANK. This institution, located at the corner of Broadway and Chambers street, experienced considerahle of a run yesterday. The siege commenced immediately after the opening-although not severe at first-and increased up to the hour of closing business. During the whole day a large crowd was congregated in front of the building, but the majority of the people were only lookers on in Venice," having no other interest or object than to witness the going in of bills and the coming out of gold. The location of the Bank being at a point where thousands are passing every hour, the most of whom would stop to "see what the matter was," it required the industrious services of half & dozen policemen to keep the steps and sidewalks clear. The demand upon the bank was almost entirely from bill-holders, and the amount of specie draws during the day was $35,000. SEVENTH WARD BANK, This institution, which, notwithstending its name, is located in the Second, Ward, at No. 284 Pearl street, sustained a heavy "run" of several hours' duration without flinching in the least, and its officers say they are ready for & renewal of the operation to-day, but appear sanguine that they have satisfied the depositois, A3 only a few of them demanded specie late in the day. ST. NICHOLAS BANK. The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1 § p. m., when it was exhausted, and the bank suspended. TRADESMEN'S BANK. This bank is located in Chatham square. The events of the day about and within it were similar to those that occurred at nearly all similar institutions out of Wall street. The panic that began early in the day down town rapidly spread, and alarmed depositors and unenlightened bill-holders soon thronged the counters, clamorous for specie. For a long time every such request was blandly complied with, but at length the supply becoming less than the demand, & suspension was proclaimed, and then, one by one and slowly, the disappointed ones retired, with a less exalted feeling for banks and bankers than they had ever before entertained. UNION BANK. The Union Bank paid out nearly $80,000 in coin. MEETING OE THE CITY BANKS.

10. October 15, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 15, 1857

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THE FINANCIAL CRISIS. We subjoin additional particulars in relation to the financial pressure, which seems to be extend ing over almost every section of the Union. At an early hour yesterday morning, the Farmers' Bank of Virginia, and the Exchange Bank of Vir ginia, in this city, suspended specie payment. The announcement created no excitement as such an event was ex pected: and so far as we have been able to judge from conversation on the streets, it is generally regarded as judicious measure. un der the circumstances We have observed no ma nifestations of alarm among bill holders, in conse queuce of the suspension. The Bank of Virginia still holds out against the pressure It will be observed by our special dispatch, that the Branch of the Farmers' Bank of Virginia at Petersburg. spended yesterday but the branches of the Bank of Virginia and Exchange Bank, con tinned pay specie. BANK OF THE STATE OF SOUTH CAROLINA The Charleston Courier of Monday thus alludes th the suspension of the Bank of the State of South Carolina: we have before stated the notes of the Bank of the State are secure beyond all question Hay ing the whole credit, and the power of taxation of the State sustain them. they are better secured than the notes of those banks in New York 4 elsewhere which have deposited dollar for dollar in stocks, to secure their redemp having to be sold at the market depreciation. in order to redeem the notes. far as the proceeds will Haring then, the fullest idence in the of would mend them to the unity as lation answer would the local of trade. The purposes banks of the city. we think. ought to take them their counters. under certain and pay them out for certain purposes. It true there penalty recovered. at the suit of the State where one bank pays out the notes of another: but case like the present. the State certainly could not take advantage of her own wrong. and course for penalty hich is the only one that will preserve the credit and currency of her notes, and which furnishes the only means lief o a community perfectly sound and solvent pressed to the utmost point of pecuniary durance, for the want of those facilities which the banks are accustomed to afford: but which. under the present pressure. impossible The funds of the State and all the means of the city are now only to be in Bank of the State as also alarge amount of desposits, the pro perty and only available means others Should the Banks decide to reject these notes. the result will be disastrous: many substantial houses in this community must be dishonored and when that begins, who can say stop. There are many who would be glad pretext to remit exertions. and await until the over. storm is of the many poorer class, with money in their hands. must suffer rious inconvenience The small notes of this Bank large of so this part circulation. city that there is thing to supply its place: if that is tl jected, needed coin small could not be found. and endless would distress be the result AFFAIRS YORK NEW IN The bank officers of New York held meeting the Clearing House Tuesday morning and to maintain specie payments at all hazards. passed plausible resolutions about influx of specie from California; the probable ceipts from Europe, in obedience to the trade; the circulation of coin from the States Treasury and B natural tendency cumulate the banks invoke They community to sustain them in their tain specie payments, and conclude with the lowing That in the judgment of this meeting even for this object, DO further traction of nor will there exist any obstacle to such an expansion of them as will afford the aid bring forward the crops and alle ate the present commercial distress unless it shall be created by the demands of causeless alarm. Yet, in the face of these resolutions, unanimous ly adopted, and despite weekly statement which all things considered, must be regarded as remark ably strong, the telegraph the same day the enspension of fifteen banks and at late hour the night: report comes that the bank officers had held another eeting and upon general suspension. It was day of great excitement, the follow will show: NEW October Wall YORK, street been has cked The to-day all business paralized. The Post of this afternoon. There has been some drawing by depositors, banks from the city for nun of past. carried on though quietly there was.the first decided of It was particularly against the North River, Ocean and Merchants first Banks The named was reduced $10,000 A three o'clock. coin then had of the officers of the lead banks proper course be pursued If the com menced this morning the advice was to close the doors once. soon as the hour for drawing checks arrived this morning, the depositors showed unmistaka withdraw determination balances their gold. They paid long enough to assure the the that officers process would that on and go AD exhaustion of their means was only a question of few hours The North River, the Merchants' Exchange and the Ocean Banks have resolved to close immediate ly. The intelligene spread over the city rapidly alarm of fire. In an hour more the Marine Bank added to the list. Knots of bank direc in other seen officers and consultation The alarm was every banking room. tablished mic. who dents yesterday would the of asuspension. be gan share rnation. Soon after Nicholas. the People Butch ers'and Drovers Bull Mead. Bank of New York Irving, Market Chathan Tradesme 's and New York Exchange Banks all announced their inabili ty to continue specie payments. Heavy runs upon the Cont inental Metropolitan, American Ex change, Nassan and Phenix Banks followed, but all of met demand the them David Leavitt Esq. of the American Exchange Bank, made speech to the crowd. declaring his determinati pay to the last dollar. He also announced that an had made with several of the strongest banks to go through with out suspending The officers of one of the princi pal Wall street banks advised its dealers yesterday that it would not take certified checks on deposit without reserv ing the right return them if not made good at the clearing-house The quence was that gold was drawn from all the banks that were not This another through day go aggralikely vated the excitement among dealers, and it is un some heaviest the that of derstood have houses drawn gold and replaced it as special deposit, with the understanding that it might be counted in the average The street isfull of rumors, with eager crowds at every corner The country bankers here are numerous, some telegraphing their own banks, and others awaiting the results of events during the day. Of course if suspension here general it is inevitable the suspension will follow throughout the State, if not throughout the conn try l'he Broadway, the Artizans' and the Leathe also Bank Manufacturers' n. and nally the suspe nsion of the Bank of the State of for alogue York ends making the New -day, the total suspensions o-day number eiget and Jea ing thirty -three selvent institutions. The grea portion of these, however, will, it is expected, to-morrow. stop The Merchants Exchange Bank refuses to pay either specie or bills. only certify ing checks The Bank of North America was protested this after noon. Several of the banks held open till after three o'clock, the nsual hour of closing, meeting every demand others shut down promptly at the regus lar hour. leaving large number of applicants to try again All of the savings banks paid up prompt ly. THE B NKR RESOLVE TO SUSPEND The following is the official report of the meet ing held in New York Tuesday evening The Banks hav all resolve to suspend specie payments fax as paying at the counter is con cerned and to make regular exchange of encl others bills at the Clearing House. It has also been resolved to send committee to confer with of the Governor in refere nce to calling meeting the Legislature The committee will leave for Al to-morrow at 12 o'clock. bany THE EFFECT IN BOSTON.

11. October 15, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 15, 1857

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Financial Matters in New York. NEW YORK, Oc. 13.-The following banks of this city, suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens' and Ccean banks, in all, numbering eight banks. The Chatham, Bull's Head, Market and St. Nicholas Banks have also suspended. (SECOND DISPATCH. NEW YORK, Oct. 13.-The bank suspensions have attracted a dense crowd into Wall street this afternoon, while other business streets were comparatively desert. ed. In addition to those announced up to two o'clock, the Tradesmen's Bank, Artisan's Bank, Butchers and Drover's Bank, and the Bank of New York have since sus. pended. It is feared that a general suspension is now inevitable, though several of the old banks announce their ability and determination to continue specie payments. It is reported that the Marine Bank is stopped by an injunction obtained by one of its cus. tomers, and it is presumed that the same course has been pursued with regard to oth. er banks. By this means the penalty of winding up which attaches to the act of suspension is evaded, and it is generally thought that the suspension will, in most ca. ses, be only temporary. This understanding tends to relieve some of the excitement. [SECOND DISPATCH.] To-dey has been the most exciting one in financial matters. Up to 2 o'clock filteen of the city banks suspended specie payments, of which the following is a revised list, viz: The Bank of New York, Arti. zan's, St. Nicholas, Chatham, Ocean, Market, Butchers & Drover's, Merchant's Ex. change, Irving, Citizen's, Tradesmen's, Bull's Head, New York Exchange, North River and Morine. Wall street at 2 o'clock was crowded with an anxious mass of people The steps of all the banks were blocked up by people forcing their way into the banks. At the American Exchange Bank David Leavitt addressed the crowd, assuring them that the banks would pay all to the last dollar. He also announced ithat an arrangement had been made with several of the $ strongest banks to go through without suspension. It is believed, however, that the suspension will be general. It is understood that some of our heaviest f e houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day effecting d nearly all the banks in the city. The above list gives all that certainly suspended up to three o clock. S The run on the Brooklin Savings Bank h was renewed to-day, but with less vigor, the bank paying promptly. Several raifures among the dry goods firms are announced, but none of them are very prominent. d [THE LATEST ] The run upon the Mechanic's, Merchant's Bank of America, Manhatter, and Ame ica

12. October 15, 1857 Marshall County Republican Plymouth, IN
Article from Marshall County Republican, October 15, 1857

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General Bank Suspension and Excitement in New York. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens, Chatham, Bulls Head, St. Nicholas and Market Street Banks.There is a general run on the Wall Street banks and intense excitement in the streets. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on state st., is announced. Harrisburg, Oct. 13. The House reconsidered yesterday's vote on the reiief bill, by a vote of 55 to 32.

13. October 15, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, October 15, 1857

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Suspension of New York Banks. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchants Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head, St. Nicholas and Market Banks. There is a general run on all the Wall Street Banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order.

14. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Suspension of Eighteen Banks--Resólusion of others to Suspend. [From the New York papers of Wednesday.| Since the financial crisis has been upon us the city has not passed through so severe an excitement as was witnessed yesterday. At an early hour in the day rumérs were rife that several of the city banks had Buspended, and immediately the vicinities of the different institutions mentioned, and in fact of all the banks in the city, were surrounded with anxious and alarmed crowds, whose excitement was not allayed by seeing the omisous ammouncement ou the doors of the closed banks, "This bank hassuspended." Wall street in particular exhibited a scene which it had not presented since the terrible times of 1837. The banks were literally besieged, not alone by those particularly interested but by multitudes of idlers and alarmists.To such an extent did this reach that the aid of the police had in some instances to be called in to enable the clerks to transact business. On the street the panic manifested steelf in thousands of alarmed faces either passing burriedly along from bank to bank, or gazing in silent stupor from the opposite side walks at the crowds accending and descending the steps of the banking houses upon which the excitement seemed to concentrate. It may be hardly necesmry to my that much of this alarm was needless; but when we look at the notual number of banks which suspended during the day-irrespective of the vague rumors with reference to others flying around through an already over excited community-it is no wonder that the equanimity of the city should have been 80riously disturbed. The banks which closed yesterday are as follows:-North River Bank, Ocean Bank, Irving Bank, Merchant's Exchange, New York Ex. change, Citizens Bank, Marine Bank, Market Bank, Chatham Bank, Tradesman's Bank, St. Nicholas Bank, Butchers' s Drovers Bank, People's Bank, Bull's Head Bank, New York Bank, Leather Manufacturers' Bank, Artisans' Bank, and Broadway Bank. The Banks is Greenwich street closed their like mildfit --