City Bank (Philadelphia, PA)

Episode Information

Episode UID
2879867190693
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
state
Bank ID
287986719 hash
Start Date
September 25, 1857
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4a9df6ef088b9698

Response Measures

None

Description

Run triggered by suspension of Bank of Pennsylvania and broader panic; later coordinated suspension planned with intent to resume.

Events (2)
1. September 25, 1857 Run
Cause
Local Banks
Cause Details
Run was triggered by suspension of the Bank of Pennsylvania and distress among other Philadelphia banks and failures of dry goods firms.
Measures
Paid specie for small notes (fives and tens); counters besieged; banks limited payments and promised to resume next day.
Newspaper Excerpt
There is a heavy run on the City Bank, and all the counters of Banks are besieged with depositors and note holders.
Source
newspapers
2. September 26, 1857 Suspension
Cause
Local Banks
Cause Details
Coordinated temporary suspension of specie payments by banks in response to runs and interbank pressure following Bank of Pennsylvania's suspension.
Newspaper Excerpt
All the Banks in the city suspended specie payments this morning. This was unanimously resolved upon at a meeting of the Presidents of all the Banks yesterday.
Source
newspapers

Newspaper Articles (14)
1. September 25, 1857 Evening Star Washington, DC
Article from Evening Star, September 25, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. Bank Suspensions. PHILADELPHIA, Sept. 25 --Fhe Bank of Pennsylvania, in this city, has suspended specie payments by a resolution of the Board of Directors. There is much excitement in consequence. [SECOND DISPATCH.] The Bank of Pennsylvania's suspension is complete; but the President says it was caused by the action of other Banks against it, and the losses sustained by recent failures of dry goods men. He also says that it will be only temporary, and that the capital is untouched. The Girard Bank is giving specie for its notes, but depositors' checks will not be honored until one o'clock. There is a heavy run on the City Bank. and all the counters of Banks are besieged with depositors and note holders. There is much alarm, and almost a suspension of business. 1Β½ p. m-The Girard Bank is only paying specie for "5's" and "10's," the larger notes and checks being refused. The Commercial Bank, and several others, are taking the same course, promising to resume full business to-morrow. The excitement is intense. The Bank of Pennsylvania has the State funds, and the Girard Bank the City funds.

2. September 26, 1857 The American Washington, DC
Article from The American, September 26, 1857

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Bank Suspension. Philadelphia, Sept. 25-The Bank of Pennsylvania, in this city, has suspended specie payments by a resolution of the Board of Directors. There is much excitement in consequence. The Bank of Pennsylvania's suspension is complete; but the President says it was caused by the action of other banks against it, and the losses sustained by recent' failures of dry goods men. He a so says that it will be only temporary, and that the capital is untouched. The Girard Bank is giving specie for its notes, but depositors' checks will not be honored until one o'clock. There is a heavy run on the City Bank, and all the counters of Banks are beseiged with depositors and not holders. There is much alarm, and almost a suspension of business. 1Β½ p. m.-The Girard Bank is only paying specie fr 5's" and 10's," the larger notes and checks being refused. The Commercial Bank, and several others, are taking the same course, promising to resume full business to-morrow. The excitement is intense. The Bank 0 Pennsylvania has the State fund, and the Girard Bank the City funds.

3. September 26, 1857 The Cecil Whig Elkton, MD
Article from The Cecil Whig, September 26, 1857

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again next week. BANK SUSPENSIONS.- We have rumors here of the suspension of the following Philadelphia Banks: The Commercial Bank, The City Bank, and the Bank of Pennsy Ivania.

4. September 26, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 26, 1857

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Suspension of Banks. SUSPENSION UB THE Bank OF PENNSYLVANIA.-Philadelphia, Sept. 25.-The Bank of Pennsylvania has suspended specie payments, by resolutionsof the Board of Directors. The suspension is complete. The President says it has been brought about by the action of other banks against it, and losses by recent failures. He further says the suspension is only temporary, and the capital is untouched. The Girard Bank is giving specie for its 0 wn notes, but checks will not be honored till one o'clock. There is a heavy run on the City Bank, and the counters of all the other banks are besieged with depositors and note-holders. The excitement is increasing, and there is almost a suspension of business. Philadelphia, Sept. 25.-The Girard Bank is only paying specie for fives and tens-large notes and checks being refused. The Commercial and other banks are taking the same course, promising to resume tomorrow. The excitemeut is intense. The Pennsylvania Bank has the State funds, and the Girard Bank those of the city. Later.-The Girard and Commercial Banks have failed.

5. September 26, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 26, 1857

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TELEGRAPHIC NEWS. REPORTED FOR THE DAILY DISPATCH. BANK SUSPENSIONS IN PHILADELPHIAFINANCIAL PANIC. PHILADELPHIA, Sept. 25.-The Bank of Pennsylvania has suspended specie payment. The Girard Bank refuses depositor's checks until 1 o'clock this afternoon. There is a heavy run on the City Bank and others. There is great alarm in the money market here, and business is almost suspended. [SECOND DISGATOR.] biladelphia, Sept. 25, P.M/-The President of the Bank of Pennsylvania says the suspension is caused by the action of other banks against it, and the recent failures of dry goods men. He says it is temporary, and that the capital is untouched. There was a heavy run at the counter by note holders and depositors. [THIRD DISPATCH.] Philadelphia, Sept. 25.-There is general confusion in the money market. The Presidents of all the banks held a meeting this afternoon, and after carefully canvassing all the circumstances of the pressure, and their resources, resolved on a temporary suspension of specie payments on checks. also on bills exceeding $10. This arrangement takes effect to-morrow. There was a heavy run on all the banks to-day, but the Girard and some others shielded themselves in the manner named. The public should discredit the reports about total failures, as it is known that highly exaggerated statements have been sent abroad during momentary excitement.

6. September 26, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 26, 1857

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RAPHIC BY THE UNION LINE. OFFICE, CORNER WATER AND MONROE STREETS. [From the Intelligence# Extra, of Yesterday.] BANK SUSPENSION. EXCITE SENT IN PHIADELPHIA. PHILADELPHIA, Sept. 25.-The - Bank of Pennsylvania suspended this morning. Suspension complete, but the President says it is caused by the action of other Banks against it and losses from the recent failures of Dry Goods men; he says the suspension will be only temporary, that the capital is undoubted. The Girard Bank is giving specie for notes, but checks will not be honored until one o'elock.----------------Heavy run on the City Bank, and all Counter Banks besieged with depositors and note holders. Much alarΔ±n and almost a total suspension of business. The Girard bank still refuses payment for checks and notes above ten dollars.The Commercial and several other banks have taken the same course, and the present heavy run will probably cause all the banks here to suspend specie payments. The Pennsylvania Bank has charge of the State Funds, and the Girard Bank those of the city. The excitement is becoming intense. NEW YORK, September 25.-The Bank of Medina, New York, has failed, and the firm of Bangs & Bro.'s, Book Auctioneers of this city, also failed. CINCINNATI, Sept. 25.--Money affairs mo! e pressing if possible than they have been. Eastern exchange in demand at 2 per cent premium and tendency upward.

7. September 26, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 26, 1857

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FRIDAY, Sept. 25-P. M. We should probably have had rather a better feeling in the Stock Market this morning, but for the advices of the culmination of the financial troubles in Philadelphia, in the suspension of some of the leading banks there, and aren upon the others. The suspension ofthe Bank of Pennsylvania was known early, and that information had a serious influence upon Stock trans. actions at the Board. Stocks were pressed in large quantities upon the market for cash, and a genera! decline was submitted to. The time operations are very few. At the Second Board, the advices of further disasters tended to repress the reaction which might naturally have been expected. The changes from yesterday are, Erie declined 1 P cent; Reading, under orders to sell from Philadelphia, P cent; N. Y. Central, 21 β‚½ cent; Galena, 3 β‚½ cent; Rock Island, which advanced yesterday 7 P cent, fell off to day 54 β‚½ cent; Michigan Central declined 5 P cent; Toledo, 2 β‚½ cent; Michigan Southern, 1 β‚½ cent; Pennsylva nia Coal, 1/2 & cent; Pittsburgh, 3 β‚½ cent; Milwaukee and Mississippi, 1) P cent; La Crosse, 24 P cent; Cumberland, 11 P cent, &c. Illinois Central was among the steadiest stocks, under orders to purchase about 1,500 shares for English account, received by the last steamer. Delaware and Hudson was steady. The changes in State stocks are less marked than in other descriptions sold to-day. Missouri 6's sold to con. siderable extent at 70, about the previous price. N.Y.5's, 1858 at 96}; California, 54@541; Louisiana 6, 8, Virginias, 841@84 &c. The sales of Railroad Bonds were to moderate extent and price tend downwardin the lack of public confidence in these securities the good and the bad suffer together. Erie 3d Mortgage cold at 50. At this rate this road, with an expenditure of $38,000,000 and earning $5,500,000, is selling for $10,000,000. After the Second Board there was but little doing in the street, and the market, although gloomy, was without important change. The rates of Foreign Exchange are unsettled and the business very small. This difficulty of negotiating bills embarrasses the movement of produce, and may result in the importation of gold to pay for breadstuffs. We are told that already some parcels of gold are on the way from Liverpool for this purpose. The range of Sterling is 5 to 71 β‚½ cent, with but few transactions at over 7 cent. The supply of bills is large, and to make sales backers are in many cases obliged to take short bills receivable in payment. Freights are less active. To Liverpool the engagements include Flour at 1s. 6d.; 22,000 bush. Grain at 5d.@6d.; 1,800 bales Cotton at 3.16@7-32d.; 25 boxes Manufactured Tobacco at 2s. To Bremen: 340 hhds. Sugar at 27s. 6d. A schooner with Lumber (yellow pine) from Orange River, Florida, to New. York at $8. The business of the Sub-Treasury was: Receipts $122,881 10 Payments, $297,361 19; Balance, $9,847,440 00. Among the payments to-day was $200,000 for purchasers of stocks by the Department of the Interior, on account of Indian trusts. The financial storm which has been impending at Philadelphia for some time past broke this morning. The contraction of the Banks there has been sharp and very considerable, and the consequence has been the failure of their largest debtors. Crippled by this and by the drain of gold from their vaults to this city, & portion of them have been unable to sustain themselves. The Bank of Pennsylvania, one of the oldest banks in the United States, stopped payment this morning, and immediately & run was commenced on the other Banks. The Girard suspended practically during the morning, paying specie only for its small notes, 58 and 10s. The City, Merchants', Commercial and Sixpenny Savings' Bank adopted the same course. It is hoped that they will resume to-morrow, but this is not probable. The Girard has been in trouble before, and the Bank of Pennsylvania bas been looked upon as dangerous by some far-seeing financiers for several years. The excitement in Philadelphia was of course intense, but it is hoped by the indulgence of the large debtors the remaining banks may sustain themselves. The Cashier of one of them left here to-night with $100,000 of material aid. As the Philadelphia Barke make

8. September 28, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, September 28, 1857

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Bank Panicin Philadelphia. Philadelphia, Sept. 25. The Bank of Pennsylvania has suspended specie payment by a resolution of the Board of Directors. The President says the suspension is caused by the action against it, and its losses by the present failures of dry goods men. He says also that it will be only temporary, and that the capital is untouched. The Girard Bank is giving specie for its notes, but checks will not be honored until one o'clock. There is a heavy run on the City Bank, and all the counters are beseiged with do. positors and note holders. There is much alarm, and almost a suspension of business in the city. LATER-1:30 P M. The Girard Bank is only paying specie for tives and tens. Larger notes and checks refused. The Commercial and other banks are taking the same course, promising to resume to-morrow. The excitement is intense. The Penn-ylvania Bank has the State funds, and the Girard Bank those of the city.

9. September 28, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 28, 1857

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Mank Paule Iss Philadelphia. PHILADELPHIA, Sept. 25. The Bank of Pennsylvania has suspended specie payment by a resolution of the Board of Directors. The President says the suspension is caused by the action against it, and its losses by the recent failures of dry goods men. He says also that it will be only temporary, and that the capital is untouched. The Girard Bank is giving specie for its notes but checks will not be honored until I o'clock. There is a heavy run on the City Bank and all the counters are besieged with depositors and note holders. There is much alarm, and almost a suspension of business in the city. LATER-1:30 P. M.-The Girard Bank in only paying specie for fives and tens. Larger notes and checks are refused. The Commercial and other banks are taking the same course, promising to resume to-morrow. The excitement is intense. The Pennsylvania Bank has the State funds, and the Girard Bank those of the city.

10. October 2, 1857 Bedford Inquirer and Chronicle Bedford, PA
Article from Bedford Inquirer and Chronicle, October 2, 1857

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BANK PANIC IN PRILADELPHIA! SUSPENSION OF SPECIE PAYMENT! The Philadelphia Bulletin of Friday evening last says: The Bank-of Pennsylvania this morning determined to suspend specie payments, and the announcement caused considerable commotion in the streets. A run was commenced on several of the other Banks, but they met the demand promptly. and paid out the specie BR fast as possible. The official notice of the suspension of the Bank of Pennsylvania is as follows: "BANK OF PENNSYLVANIA, PHILADELPHIA, Sept. 25, 1857. "This Bank, having been compelled to temporarily suspend specie payments, the Board of Directors assure all persons having claims against the Bank, whether of discount, deposit, or otherwise, that no loss can possibly occur. By order and in behalf of the Board of Directors. THOMAS ALLIBONE, President." The suspension of the Pennsylvania Bank, the run upon the other Banking Institutions, and the general distrust which exists, has completely unsettled the Stock market, and prices of all descriptions are lower and unsettled. The feeling throughout was most gloomy, and at the close there were no fixed quotations. In Exchanges there is nothing doing and trade in all departments is temporarily suspended. We are requested to announce that the notes of the Bank of Northumberland will hereafter be redeemed at the Bank of the Northern Liberties. There was a heavy run on all the Banks in the city, Their counters were beseiged all day with depositors and note holders, and much excitement prevailed in the streets. As long as the Banks continued to pay, however,i went off good humoredly. The Girard, Commercial, City Bank. and some others paid out specie only for fives and tens, larger notes and checks being refused for the time being. P: ILADELPHIA, Sept. 26, A. M. All the Banks in the city suspended specie payments this morning. This was unanimously resolved upon at a meeting of the Presidents of all the Banks yesterday

11. October 2, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 2, 1857

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PENNSYLVANIA BANKS. PHILADELPHIA, Sept. 29 -The City and Southwark Banks are paying specie for small notes. De. spite the agreement yesterday. they receive the notes of other Banks on deposit, except the Bank of Pennsylvania. The Directors of the Banks of Middletown, Pennsylvania, individually pledge their private fortunes for the redemption of all the notes of that Bank in circution. Hon. Simon Cameron, the President, is very wealthy. PITT-BURG, Sept. 28.-The bank excitement is sub. siding. The Mechanics' Bank suspended this morning. Business is nearly paralized.

12. October 3, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 3, 1857

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The Excitement in the Money Market. The Bank's here yesterday, did a moderate business and closed firm. A telegraphic dispatch was received in the morning, announcing that broker's agents had passed through Washington, with from $30,000 to $100,000 in notes to be redeemed in this city and Petersburg. The dispatch was immediately sent to the Banks here, but created no uncasiness, as it is stated that they have enough specie in their vaults to stand any run that can be made. If the dispatch was correct, the holders of the notes have deferred their action, as no run was experienced. The notes of all Independent Banks were thrown out yesterday. The telegraph unnounces more suspensions in Virginia, including the Winchester and Wheeling banks. In North Carolina, the Farmers' Bank, at Elizabeth City, N. C., has failed, and the brokers in Norfolk are buying its notes at 50 cents on the dollar. In Norfolk, the directors of the banks held a meeting on Monday morning, but took no action. The papers of that city, however, announce that no suspension will take place. A correspondent writes that the general impression there is that they will suspend, and mentions the fact that the brokers in Baltimore are buying up funds for & run on them. In Petersburg, our correspondent reports matters to have assumed their usual quiet. In Alexandria, a petition has been gotten up, numerously signed, which was to have been presented to the bank directors yesterday morning, asking them to suspend specie payment for the present. Dispatches received from the North last night state that money matters in New York are more cheerful, in consequence of a report that the banks were considering the expediency of expanding to the extent of several millions. In Boston, yesterday, strong confidence was entertained that the institutions there would weather the storm. There is nothing new from Philadelphia, except the fact that the city and Southwark banks there were paying specie for small notes yesterday, despite the agreement for & general suspension entered into the day before. Some RCW suspensions are announced in New Jersey, though on the whole financial matters look more hopeful than they did yesterday. Gov. Pollock has issued his proclamation, convening the Pennsylvania Legislature on the 6th proximo-the banks having consented to receive the Pennsylvania Bank on the same footing with themselves. The panic affected the New York Stock market, Monday, to such a degree that everything went down 12 per cent. $10,000 Va. 6's, were sold at 70 a 73, and 82,000 Missouri 6's, at 63 a 64.

13. October 6, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 6, 1857

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Suspension of Specie Payments in Baltimore. BALTIMORE, Saturday, Sept. 26. At a meeting of the Bank Directors this morning it was resolved to suspend specie payment on all notes. Later. The suspension since 10 o'clock has been total, with the exception of small change furnished customers. Failures. New York, Sept. 25.-The Bank of Medina has failed, also the large book auction house of Messrs. Bangs & Bros, New York city. [From the Baltimore Sun. Bank News. PHILADELPHIA, Sept. 25--The Bank of Pennsylvania has suspended specie payments by resolution of the board of directors. There is much excitement in the city this morning in consequence. [Second Dispatch.] PHILADELPHIA, Sept. 25.- The Bank of Pennsylvania's suspension is complete, but the president says it is caused by the action of the other banks against it, and losses sustained from recent failures by dry goods men. He also says it will be only temporarily, and that the capital of the bank is untouched. The Girard Bank is giving out specie for notes, but checks will not be honored till 1 o'clock. There is a heavy run on the City Bank, and all the counters of the bank are beseiged with depositors and note holders. There is much alarm and almost a total suspension of business. [Third Dispatch.] PHILADELPHIA, Sept. 25, 11/2, P. M.-The Girard Bank is only paying specie for 5's and 10's, the larger notes and checks being refused. The Commercial Bank and several others are taking the same course. The excitement is intense. The Bank of Pennsylvania has the State funds, and the Girard Bank the city funds. [Fourth Dispatch.] PHILADELPHIA, Sept. 25-evening.--A general conference of the presidents of all the city banks was held this afternoon, and after carefully canvassing all the circumstances of the pressure and their resources, they resolved on a

14. November 25, 1857 Democrat and Sentinel Ebensburg, PA
Article from Democrat and Sentinel, November 25, 1857

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Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-