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SUSPENSIONS IN BROOKLYN. NEW YORK, Oct 14.-Three of the Brooklyn banks have suspended. There was a run this morning on the Seamen's Savings Bank. - -
Seamen's Savings Bank (New York, NY)
Episode Information
- Episode UID
8971871490694- Episode Type
- Run Only
- Bank Type
- savings
- Bank ID
-
897187149hash - Start Date
- October 14, 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
c045ef787dab57fe
Response Measures
None
Events (1)
1.
October 14, 1857
Run
- Cause
- Macro News
- Cause Details
- Nationwide banking panic/general suspension of specie payments (panic of Oct 1857) precipitated heavy withdrawals from savings banks.
- Measures
- Officers limited admission (twenty persons at a time), stationed attendants, paid out over $60,000 and displayed bags of coin in windows to reassure depositors.
- Newspaper Excerpt
- There was a run this morning on the Seamen's Savings Bank.
- Source
- newspapers
Newspaper Articles (7)
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TELEGRAPHIC 1 TELEGRAPHED EXCLUSIVELY TO THE EVANSVILLEDAILYJOURNAL Financial. NEW YORK, Oct 14-p M A run is how going upon the Seamen's Savings Institution. Wall street comparatively quiet. There has been a moderate run on the Savings Banks but all demands have been promptly met by the institutions in this city, but those of Brooklyn were obliged to close. At the last accounts the officers of the New York Savings Banks were holding a consultation upon their future course. They propose to pay 10 per cent: on deposits: The Bank of America and the Chemical Bank continue specie payments. The Washington Bank is said to be doing the same, and it is believed other Banks will follow: Partial statements of the speeic paid out yesterday by the city Banks, not including the Savings Banks, foot up nearly two millions. Notice was posted up to-day at the various Banks, stating that business will be continned as heretofore, except paying specie.Checks will be received on deposit and in payment of notes, and bank notes will be paid and received as usual. Many banks have still large amounts of specie. Gold isselling by brokers at 4@5 per cent. premitim: At the morning session of the Stock Brokers it was resolved that payments might be made iff certified checks. There was a general rise in prices: ALBANY, Oct 14-p M Mhe city Banks Have resolved upon a general suspension, and will take the notes of all county banks at par. TRENTON, Oct 14PM The banks here have suspended. There is no excitement. Sr. Lotis, Oct: 14-P M No movement by the Missouri banks today. A good deal of specie drawn. BOSTON, Oct 14-P M At a meeting of the Bank Presidents of this city held this morning, a general suspension of specie payments was voted upon. HARTFORD, Oct 14-P M All of our city banks have suspended except the Connecticut River Bank. There is no excitement. PETERSBURG, Va, Oct 14-P M The Branch of the Farniers' Bank here has suspended. The Virginia and Exchange Banks still paying specie. BUFFALO, Oct 14-P M A meeting of Bank Presidents of this city, which was held this morning, was unharmonious in its action, and all adjournment was had until this afternoon, when it is believed a general suspension will be the result:
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BANKING MATTERS. NRW ORLEANS, Oct. 14.-The branch mint has purchased from the banks 200,000 in silver bullion, paying gold affording them some relief.The Union Bank has suspended. A heavy run on all free banks. Great excitement prevails. ALBANY, Oct. 14-The city banks have resolved on a general suspension and will take the notes of all the Country Banks at par. The Banks at Trenton have suspended. There is no excitement. BOSTON 14th.-At a meeting of the bank Presidents this evening a general suspension of speciΔ payments was voted. HARTFORD 14th.-All our banks have suspended except the Connecticut River Bank. No excitement. NEW YORK, 14th.-A run is now going on upon the Seamens' Savings Bank. BUFFALO 14th.-The meeting of Bank President's held this morning was unharmonious in its action and adjourned till this evening when it is believed a general suspension will be the result. NEW YORK, 14th, P. M.-Wall street comparatively quiet. There has been a moderate run on the various Savings Banks, but all demands were promptly met by the Institutions in this city, but three in Brooklyn were obliged to close. At last accounts the officers of the N. Y. Savings Banks were holding consultation upon their further course. They propose to put 10 per cent. on deposits in the Bank of America and Commercial Bank, and continue paying specie. The Manhattan Bank is said to be doing the same.
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PROGRESS OF THE RESSURE EFFECT OF THE GENERAL SUSPENSION. EXCITEMENT ABATED. New-York City Bills taken at Par. ARRANGEMENTS IN REGARD TO STATE MONEY SAVINGS BANKS FALL BACK ON THE LAW. DEPOSITORS REQUIRED TO GIVE NOTICE. The Run Running Out. MERCHANTS ASK ACTION FROM THE LEGISLATURE THE EFFECT OUT OF THE CITY. From the unparalleled excitement of Monday, Wall street yesterday fell back to comparative apathy. Everybody seemed satisfied that the suspension was the only course to be pursued, and, although the event was the leading theme of conversation, no surprise and but little dissatisfaction was manifested. The ordinary course of business, which had been in a condition of derangement and uncertainty, began to take its usual form, and from the chaos of the past week some promising signs of order began to appear. Of course, the run on the Discount and Circulation Banks in a great measure ceased; but the Seamen's and Bowery Savings Banks were besieged at an early hour. In order to avert the serious consequences which would inevitably result from the exhaustion of their specie, the officers of the various Savings Institutions held a meeting, and resolved to take refuge behind that clause of the law which requires depositors to give notice of their intention to withdraw their money. This course materially checked the flow of specie, and will probably terminate the unwise panic among depositors. In the course of the day our reporters visited all the Banks in this City, Brooklyn and Jersey City. Below we give the result of their inquiries: ARTISANS' BANK. The Artisans' Bank is doing a very quiet business. It is restored to the Clearing-House, and stands now on a par with its fellow-suspenders. BANK OF AMERICA. The business was conducted at this bank as at the others-no specie being paid out. But few persons were in attendance, and there was no excitement. AMERICAN EXCHANGE BANK. The business transacted at the counter of this bank was large. The line of persons numbered over fifty Checks were certified and received on deposit, and, as in the case of the other banks, no coin was paid out. BANK OF COMMERCE. The Bank of Commerce has paid checks in the bills of other banks, received considerable deposits of gold, loaned $30,000 or more, and conducted business as usual, with the exception of paying specie. The Bank of Commerce receives special deposits of specie, checks drawn against which will be paid in specie. BANK OF THE REPUBLIC. The Bank of the Republic refused our reporter information on Tuesday. It was not applied to yeeterday. BULL'S HEAD BANK. Notwithstanding the reports which have been circulated for some days past relative to the suspension of this bank, it continued to pay specie upon its notes, as well as upon checks, until about 2 clock p. m. yes. terday, when it complied with the advice given by other banking institutions, and suspended specie pay. ments, having between $10,000 and $11,000 in its vaults. Quite & number of deposits were made in the bank yeeterday. BUTCHERS' AND DROVERS' BANK. The Butchers' and Drovers' Bank, which suspended Tuesday, with considerable specie on hand, opened again yesterday for business, on the non-specie paying baris, giving bills for some checks, certifying others. The officers of the bank express confidence that in the course of a few days they will be enabled to cash checks where the amounts are small. BROADWAY BANK. At the Broadway, the usual business was transacted, with the exception of paying specie. There had been 8 run on the United States Marshal's office, and Capt. Rynders came around about noon for a pile of bills. A large amount was drawn out in bills. CENTRAL BANK. The Central Bank is situated at the junction of Fulton and Washington streets, and was the first to stop. It is stated that this bank is endeavoring to make settlement, of which it will in due time apprise depositors, checkholders, and others having business to transact with it. CITY BANK. This institution resumed business on Wednesday morning in all its branches except the payment of specie. CHATHAM BANK. The business at this bank is carried on as usual, specie payments excepted. Checkholders exchanged largely for bills cn Wednesday morning. A few small specie deposits were made. On Tuesday $17,000 were paid out before stopping. Only $800 remained at the time of suspension. When our reporter called at 4 m. for further information, the officers had gone home. CITIZENS' BANK. The injunction which was recently put upon this bank, and precluded it from transacting any business whatever, was removed yesterday morning, when it immediately resumed operations, except paying out specie. CHEMICAL BANK. The Chemical Bank paid specia all day. It resolutely refuses to suspend. There was quite a brisk run from 10 to 12; it fell off then to almost nothing. The business of the day resulted in & diminution of specie of, say $35,000, a much less sum than was expected. The officers feel an increased confidence in their ability to meet everything in coin. They have received deposits to a large extent, principally in specie. One man deposited $9,000. One man said yesterday that he had about $15 000 locked up in his safe, which he would send round in the morning. When it becomes generally known that it is determined to pay specie, there can be no doubt that its specie will be largely increased. The average amount of coin in its vaults last week was $343,000. To-day it has $400,000. The Chemical Bank receives the bills of other banks on deposit; checks on these its are payable in currency only. This will protect the bank from depositors who deposit merely for the purpose of running it, and will preserve the specie value of the old deposits. The President of the bark, Mr. Jones, assures us that he voted against suspension in every instance at the meeting of the banks on Tuesday evening, and that he can by no means be held as acquiescing in the
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Closed. No officer in attendance; consequently no information obtained. MERCHANTS' AND CLERKS' SAVINGS BANK. The pressure here has been, for a day or two, quite severe, but yesterday it lightened considerably. We were unable to obtain accurate information respecting their drafts and deposits, but their business is now in a much better condition than ever, and they look upon this general suspension as vastly beneficial to them. SIXPENNY SAVINGS BANK. Yesterday was not the regular time for drawing deposits, which is from 5 to 8 p. m. on Monday, Thursday and Saturday, and accordingly but little was paid out. Some $500 or $600 was applied for on Monday and paid out. There has so far been no excitement at the place. SEAMEN'S SAVINGS BANK. The Seamen's Bank opened at 10 o'clock yesterday morning, and crowds of men and women who had been waiting for some time were making their way to the doors to withdraw their deposits from what seemed to them a very unsafe place for their money. Some of the women were induced to let their money remain where it was upon being assured by persons outside that there was no danger, at that their money would be safer where it was than it would be if in their own hands. Officers were stationed on each side of the door to prevent a rush, and see that each went in in his turn. Twenty persons were admitted at a time, and up to the hour of closing every demand was promptly paid. The Cashier, Mr. Platt, was standing on the bank steps, and did nothing notable but to heap abuse and insult upon newspapers and their reporters, who asked him in a respectful manner for information. During the day, several bags of coin were displayed in the front windows of the bank, labeled U. S M., but it did not allay the fears of the depositors. But few were persuaded to leave, satisfied that their means were safe, and at the close of the bank large numbers were compelled to leave without getting their money. Over $60,000 were paid out during the day. BROADWAY SAVINGS BANK. The Broadway Savings Bank experienced a slight run. They fell back on the following by-law: Drafts may be made personally, or by the order of the depositor, if his or her Lame be written in the signature book; or by letter of attorney, duly authenticated. But no person shall have the right to demand any part of his or her principal or interest without producing the original Pass Book. and then only on the third Monday in each and every month, upon giving previous notice of one week to the Secretary or Accountant; but the Attending C mmittee may allow the same to be paid during any regular hours of business' By this no money can be drawn until the third Monday in December. The receipts at the Broadway on Wednesday from deposits were $500. EMIGRANT SAVINGS BANK. The Emigrant Savings Bank has experienced a slight run. It has paid out only 10 per cent on deposits- in all about $10,000. They have decided, in common with most of the other banks, to pay only 10 per cent in bills, and they will, if necessary, fall back on this by-law: The bank shall not be liable to pay any moneys to depositors, except on a week's previous notice to the President or Attending Committee at the bank, or except on the third Monday in January. April, July and October; but moneys may be voluntarily paid by the bank daily, and without such notice, and without thereby waiving the right of the bank to such notice and time of payment." EAST RIVER SAVINGS BANK. There was no run upon this bank on Wednesday morning. Depositors representing in the aggregate $2,000, came in to inquire into the safety of their funds. They were informed upon every point and departed satisfied. The officers informed all who called that the requisite notice would be required before withdrawing their funds. More deposits were made in the course of the morning than in three weeks before. There were four policemen stationed at the bank, but their services were not required. We sa W only two or three persons at the counter, all of whom were depositing. The cashier furnishes the following statement of the condition of the bank to Oct. 1, 1857: STATEMENT OF THE EAST RIVER SAVINGS BANK. Assets. *001
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MORE SUSPENSIONS, &c. NEW YORK, Oct. 14.-At a bank meeting held last evening, it was resolved that all the Banks suspend to-day. The meeting appointed a committee to request the Governor to convene the Legislature for the purpose of enacting measures of relief. The American Exchange Bank refuses to give information concerning the payment of Sather & Church's San Francisco drafts. Three of the Brooklyn Banks have suspended. There was a run this morning on the Seamen's Savings Bank. The tone of the merchants and bnakers is decidedly cheerful. NEW YORK, Oct 14.-The city is comparatively quiet. The rune on the Savings Banks have been promptly met. At a meeting of their Presidents, this atternoon, it was proposed to pay 10 per cent. on deposits. The Bank of America, and the Chemical Bank, continue specie paying. The Manhattan Bank is said to be doing the same. Gold is selling at from four to five per cent. Several banks which closed yesterday resumed to-day. The Judges of the Su preme Court have decided to issue no process except after giving notice in the usual form. ALBANY, Oct. 14.-The Banks have resolved on suspension, but will takethe notes of all the country banks at par. BUFFALO, Oct. 14.-A meeting of the Presidents of the Banks was inharmonious, and an adjournment took place until this afternoon. It is believed the result will be a suspensiou. TRENTON. Oct. 14.-The Jersey Banks has suspended. There is no excitement. HARTFORD, Oct. 14.-The banks have all suspend ed with the exception of the Connecticut River Bank. PORTLAND, Oct. 14.-All the banks here have suspended. DETRIOT, Oct. 14-The Michigan Insurance Company suspended specie payments to-day. BOSTON, Oct. 14.-The Pacific Mille, and the corporation of Lawrence, it is reported, have suspended. Also, Little, Alden & Co., dry goods importers.
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Financial Matters in the East. A GENERAL EXPLOSION. I NEW YORK, Oct. 14.-The Banks resolved upon a general suspension and will take the notes of all the conntry banksat par. TRENTON, Oct. 14.-The Banks here have suspended, there is no excitement. BOSTON, Oct. 14.-After a meeting of the Bank Presidents of this city, held this morning a general suspension of specie payment was voted. Hartford, Oct. 14.-All our City Banks have suspended, except the Connecticut River Bank. There is no excitement. NEW YORK, Oct. 14.-A run is now going on upon the Seamens' Savings Bank. BUFFALO, Oct. 14.-The meeting of Bank Presidents of this city, which was held this morning was unharmonious in its action. An adjournment was had till this P. M., when it is believed a general suspension will be the result. Wall street comparatively quiet. There has been a moderate run on various Savings Banks, but all demands promptly met by all the institutions of this city; but three in Brooklyn were obliged to close. PETERSBURG, Va., Oct. 14.-Petersburg branch of the Farmers Bank here has suspended. Virginia and Exchange Banks still paying. NORFOLK, Oct. 16.-The banks here suspended specie payment to-day. AUGUSTA, GA., Oct. 16.-All the banks of Savannah have suspended this mΓ²rning.