16509. Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 14, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
bc4df3cc

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous articles (Oct 13-14, 1857) report a moderate run on the New York Savings Bank that was promptly met; no suspension or receivership for this bank is reported. The run appears driven by widespread bank suspensions and panic (Panic of 1857), so classified as macro_news.

Events (1)
1. October 14, 1857 Run
Cause
Macro News
Cause Details
Run triggered by widespread suspensions of banks in New York and other cities (general financial panic/news of banks resolving to suspend).
Measures
Withdrawals were promptly met; officers consulted and proposed paying 10 percent on deposits to satisfy depositors.
Newspaper Excerpt
There is a run upon the Savings Bank. A moderate run was made on the Savings Bank, but was promptly met.
Source
newspapers

Newspaper Articles (4)
1. October 15, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 15, 1857

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Article Text

The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie ; when it gave out the Leather Manufacturer's Bank sub-sequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. DETROIT, Oct. 14. In consevuence of the suspension of the Eastern Banks, the Michigan Insurance Co. Bank discontinued specie payments this morning, otherwise its business will go on as usual. The action of the bank is almost unanimously approved. HARRISBURG, Oct. 14. The governor signed the Relief Bill, and the legislature adjourned sine die. NEW YORK, Oct. 14. The aspect of affairs is decidedly more cheerful. Merchants, bankers and others look upon bank suspensions as a relief. There is a run upon the Savings Bank. The Brooklyn banks and savings institutions have all suspended. BOSTON, Oct. 14. The Massachusetis Bank continue to pay specie. The banks met at one o'clock, to consult upon the expediency of redeeming small notes in specie. HARTFORD, Oct. 14. All the banks have suspended, except the Corn River Banking Co. PORTLAND, Me., Oct. 14. The banks have all suspended.

2. October 15, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 15, 1857

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Article Text

BY TELEGRAPH. NEW YORK, Oct. 13.-It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session to-night. LATER. The Banks have resolved to suspend but make regular exchanges at the Clearing House. A committee goes to Albany to confer with the Governor in reference to the meeting of the Legislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goods commission house in the city, has suspended. The news of the New York bank suspensions caused considerable excitement but had no pereeptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made on all Free Banks. Great excitement. NEW ORLEANS Oct. 14-The Branch Mint purchased from the Banks two hundred thousand dollars silver bullion, paying gold, thereby afford ing some selief. CINCINNATI, Oct. 14.-Flour 4 35a4 75; Wheat, red 75, white 90; Whisky 14 The Banks in the following places suspended specie payment to day: New York, Albany, Brooklyn, Boston, Hartford. Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, 0t 14-The Government of Nicaragua has not been recognised as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Corn firm; Pork heavy; Lard 134 a 15; Whisky 22. Wall street 18 compasatively quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged io 0 086, The officers of the New York Savings Banks are consulting 0 propose to pay ten per cent on deposits The Bank of America and Chemical Bank continue specie payments. The Manhattan Bank is said to be doing the same. The other banks will probably follow, making partial payme 18 Nearly two millions of specie was paid yesterday, exclusive of that paid by the Savings Bank. Gol is selling at 4 to 5 per cent premium. The Brookers boa d passed a resou on to re. ceve certifi d checks for stocks which rose on it 9 pe cent the second towd th y were S il bmr. The merchants had a meeting and expless d entire confidence that the New York backs will pay dollar for dollar. NEW ORLEANS, Oct. 14.-The Citizen³, Luisns Sta e, Conal, *nd Bank of Louisiana e e sta d g by each other the morning and reisel to the the n tes of the Free banks namey. Uni Bank, 3 echanics and Trade S Bank 0 New Oileans, Sou hern Bank and Janes Rob. he un commence d heavy a: half past twohe re fir tn med f ee bi The t 1 terc tinu d and reconside ed safe. pa ical the So. hero The ron on the C iz ns bnkws heavy It kept its coors open t ll SIX 0 loc. otton sales 1000 bales; price more irregula: m stl # y sterday. q otations; receipts 3000 bae; nothing do g n Exch nge Thereis some exclement b: misty morel

3. October 15, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 15, 1857

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Article Text

BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 13 - It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session tonight. LATER.-The Banks have resolved to suspend, but make regular exchanges at the clearing house. A committee goes to Albany to confer with the Governor in reference to a meeting of the L gislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goode commission house in the chy, has suspended. The Dews of the New York bank suspensions caused considerable excitement, but had no perceptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made OD all Free Banks-great excitement. NEW ORLEANS, Oct. 14.-The branch mint pur chased from the Banks two hundred thousand dol. lars silver bullion, paying gold, thereby affording some relief. NEW ORLEANS Oct. 14.-The Citizens' "Louis"ana State," "Canal," and "Bank of Louisiana," were standing by each other this morning, and refu ed to take the notes of the Free Banks, namely, "Union Bank," "Mechanies' and Traders'," "Bank of New Orleaus," "Southern Bank," and James Robb. The run commenced heavy at half past two. The three first named free banks euspended. The two latter continued, and was considered sale, particularly the "Southern." The run on the Citizens' Bank Was heavy. It kept its doors open till 6 o'clock. Cotton sales, 1000 bales. Prices more irregular, mostly at yesterday's quotations. Receipts, 3000 bales. Nothing doing in exchange. There is some excitement, but mostly good humored. CINCINNATI, Oct. 14-Flour 4.35 a 4.75; Wheat, red, 75, white 90. Whi-ky 14. The Banks in the following places suspended specie payments to-day-New York, Brooklyn, Boston, Hartford, Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, Oct. 14-The Government of Nicaragua has not been recognized, as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Flour firm; Corn firm; Pork heavy; Lard 101 a 15; Whisky 22. Wall street is comparatively"quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged to close. The officers of the New York Sav. ings banks are consulting to propose to pay 10 per cent on deposits. The Bank of America and the Chemical Bank continue specie payment The Manhattan bank is said to be doing the sam . The other banks will probably follow, making partial payments. Nearly two millions of specie was paid yesterday exclusive of that paid by the Savings Bank. Gold is selling at 4 to 5 per cent premium. The Brokers board passed a resolution to receive certified checks for stock, which were on it 9 per cent. At the second board they were still firmer. The merchants had a meeting and expressed en. tire confidence that the New York banks will pay dollar for dollar.

4. October 20, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 20, 1857

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Article Text

Financial Matters St. Louis, Oct. 12.-Dean, King & Collins, and Kirby & Co., have suspended-a million each. A. J. McCray, dry goods merchant, has failed. New York, Oct. 12.-Corning & Co., bankers, have suspended. The banks will not increase their discounts until they have gained large accessions of specie, as increased loans, with diminishing specie, would be suicidal. The past week was the most severe ever experienced here. Enormous Defalcation. A recent examination of the financial department of the city corporation shows the disappearance, in the past five years, of eight to ten millions of dollars, for which no account is rendered. New Orleans, Wednesday, October 14. The Union Bank has just suspended. There is a heavy run on all Free Banks and great excitement. The Branch Mint has purchased of the Banks $200,000 in silver and bullion and are paying gold, thus affording some relief. New York, Wednesday, October 14. The banks of the following cities have suspended specie payments to-day: New York, Albany, Brooklyn, Boston, Hartford, Trenton, Portland and a general suspension throughout New England is anticipated. Buffalo follows to-morrow. Wall street is comparatively quiet. There is a moderate run of the Savings Bank of this city, which WAS promptly met, but those in Brooklyn were obliged to close. The officers of the New York Savings Banks are in consultation, and propose paying the per cent. on deposits. The Bank of America and Chemical Bank continue specie payments. The Manhattan is said to be doing the same. Other Banks will probably follow in making partial payments. Nearly two million in specie were paid out yesterday, exclusive of that paid by Savings Banks. Gold is selling at 4 and 5 per cent. premium. The Brokers' Board passed a resolution to receive certified checks for stock, which rose 9 Ther cent, and at Second Board was still firm Mechanics' Bank Directors held a meeting and expressed entire confidence in the New York Banks, and paid dollar for dollar.