City Bank (New York, NY)

Episode Information

Episode UID
319766790694
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
31976679 hash
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a9b0daff54eb21e1

Response Measures

None

Description

The City Bank (later National City Bank) famously avoided a run during the 1857 panic, actually gaining deposits, but eventually joined the general suspension of specie payments on October 14.

Events (3)
1. October 13, 1857 Other
Newspaper Excerpt
Moses Taylor of the City Bank said: 'We had in bank this morning $400,000; this evening, $470,000.' ... people had simply withdrawn their money from other banks and deposited it in the City Bank.
Source
newspapers
2. October 14, 1857 Reopening
Newspaper Excerpt
This institution resumed business on Wednesday morning in all its branches except the payment of specie.
Source
newspapers
3. October 14, 1857 Suspension
Cause
Macro News
Cause Details
General suspension of specie payments by New York City banks during the Panic of 1857.
Newspaper Excerpt
This institution resumed business on Wednesday morning in all its branches except the payment of specie.
Source
newspapers

Newspaper Articles (9)
1. October 10, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 10, 1857

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Article Text

New York Monetary Affairs. NEW York, Oct. 9.-There has been but little change today in the aspect of our money affairs, rates continuing as high and as unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspension is known, that of Gallandel & Wetmore, bankers. The run on the Park Bank subsided early this afternoon, the bank having promptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands on both institutions were promptly paid. The Central Bank of Brooklyn, was enjoined today, and a receiver appointed. The bank has a circulation of $90,000, and $1000 in specie. A meeting was held this afternoon at the Merchants' Bank, at which was discussed a proposition for the banks to provide from their common resources, a fund of five or six millions, to be used in bringing forward produce to our market. At the morning session of the stock exchange, railroads were again all lower, with two or three exceptions. State stocks remained firm, with large sales. The second board showed no improvement. At a late hour the result of the conference meeting of banks and merchants transpired on 'Change. A proposition for an immediate in. crease of loans to the amount of three millions, was defeated. This decision added to the despondency in the street.

2. October 14, 1857 The Ashland Union Ashland, OH
Article from The Ashland Union, October 14, 1857

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Article Text

From New York NEW YORK, Oct. 9. There has been no material change to day in the aspect of our money affairs; rates continuing as high and unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspen ion is known, that of Gallandet & Wetmore, Bankers. The run on the Park Bank subsided early in the afternoon-the Bank having premptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands in both institutions were promptly paid. The Central Bank, Brooklyn, was enjoined to-day and a re. ceiver appointed. The Bank has a circulation of $9,000 and $1,000 in specie. A meeting was held this afterkoon at the Merchants' Bank, at which WAS discussed the proposition for the Banks to provide from their common resor rees a fund of five or six millions to be used in bringing forward produce to our market. At a late hour the result of the conference meeting of bankers and merchants transpired on 'change. A proposition for an immediate increase of loans to the amount of three millions was defeat ed This decision added to the despondency. The Bowery bank closed its doors this afternoon, and has been suspended from the clearing bouse The bills are abundantly secured and will be taken by all the city banks. The insti tation was a small affair, with a capital of $350,000. The Park Bank fully sustained itself There was no little dissatisfaction among the Bergen Tunnel laborers, in consequence of the failure of the contractor to pay them, and because of their discharge; and to day there was talk of tearing up the track to night in case the money was not forthcoming by 6 P. M. Precaution has been taken by the Eric Company to keep things as quiet as pessible. Military will be on hand should a disturbance occur to-night. LATER-9 P. -The Eric Company did not pay the laborers to-day, and the report is that the track has been torn up. A very large meeting of ladies and others to express sympathy with the family of Commander Herndon, was held to-day. Wm. A. Duer, Esq. formerly President of Columbia College, presided. Addresses were made by several gentlemen. Resolutions were adopted and a committee appointed to receive subscriptions towards a fund for the widow and daughter of the gallant Herndon.

3. October 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1857

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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

4. October 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1857

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NEW-YORK DAILY TRIBUNE, THURSDAY, OCTOBER 15, 1857. ceivers All those THE HUDSON COUNTY BANK. raised from $500 to $2,000, and no run whatever has on We This institution, which was compelled to suspend been made upon it. One very desirable transaction, At a specie payment on Monday opened for business again which our reporter was informed of for his special for the or at bills, benefit, characterizes this Bank-that of paying speyesterday morning, and posted the following bulletin action seoutside the door: pretty cie for its own bills. Prese the 'This bank, owing to a refusal of the banks in bank Roosev CITY BANK. New-York on Monday and Tuesday to receive its dealers' ing opi Saturday The City Bank, in Atlantic street, has the following checks, added to a panic then existing there, forced a run on In al us, which was met as fast as our receipts and availabilities could on $14,000; notice posted on the railing in front of the desk: In it is dee be used yesterday. This calamity is now over, and the bank half sterday will continue its business by receiving deposits, making colStatute 'consequence of the suspension of specie payments lections, and in a few days will resume discounting and its each of the ingly, n by the banks of New-York and Brooklyn, this bank usual business. The thanks of the stockbolders, directors and der that stated that officers are due to the depositers and billholders for their confialso suspends specie payments." The officers of That ao dence in the integrity and ability of the bank on this trying in this bank state that there was very little demand any occasion." tice of 1 the during ten day made upon them for specie payments. Anything like liabiliti while the THE SAVINGS BANKS SUSPEND SPECIE a report of the amount paid out the previous day was Even PAYMENTS. stocks refused-the utility of publishing any statement can be 1 PAYMENTS TO BE MADE ONLY IN CITY NOTES. being considered useless. This bank pays specie on be expe its own bills. New-York, Wednesday, Oct. 14, 1857. After he is to FARMERS' AND CITIZENS' BANK OF LONG ISLAND morethan At a meeting of officers of Savings Banks, held yesor not. The Farmers' and Citizens' Bank of Long Island some terday at the banking-room of the Seamen's Bank for esday A ba was among the first banks which were thrown out at did mount Savings, in Wall street-present, representatives of pay all the other banks. Nothing particular doing. the following institutions, viz: specie I gave they Bank for Savings, Bleecker st, Manhattan, America LONG ISLAND BANK. for larger East River Savings Institution, Martners', was hel Mechanics' and Traders', Bowery Savings Bank, The Long Island Bank, in Fulton street, presented number, by Appeal Institution for Savings of Mer-Dry Dock, this in the following notice to all visitors: When Broadway, chants' Clerks, Greenwich, I'n consequence of the suspension of the New.York City under Irving Savings Bank, acting i banks, this bank will, for the present, decline paying in coin. Seamen's Bank for Savings. Emigrants' Industrial, When Williamsburgh. With this exception the business of the bank will be conducted South Brooklyn, the Rev as usual." Brooklyn, it IS dis While our Rerporter was calling at this bank a Mr. John C. GREEN, of the Bank for Savings, was excitement grant a gentleman stepped in and presented a check, stating trolled 1 called and called to the Chair, and W. PLATT, of the Seamen's be gran that he bad been requested to receive the amount in a with Bank for Savings, was requested to act as Secretary. An e gold. He was informed that gold was played out. After discussion, the following resolutions were proof affairs granted Another man who was refused $200 in gold thanked in the at unless i posed: 1. The Banks of Discount and Deposit in our city having sus. the Teller, and told him that he wished he only had necessa sums. small pended specie payments, the Savings Banks are necessarily comThe $500,000-he would leave it all there, as he was not in acpelled to pay the depositors only in the bank notes of those inpened (when i the least timid. stitutions; while they paid specie the Savings Banks paid gold have to fraud o to their depositors, and they will now pay in the currency of MECHANIS' BANK. these institutions, which is secured by stocks with the ControlAs a The ler of the State. The Mechanics' Bank, in Court street, was paying junction most 2. Resolved, That the Banks for Savings be recommended to probIt w specie, on small amounts, for the purpose of making adhere to the rules of payment according to their by-laws; but from bank that each institution be recommended to pay such amounts as quested charge. The usual amount of business done at this shall be deemed sufficient to meet the necessities of depositors. the Ju E. PLATT, Secretary. bank is about $7,000 per day. Recently it has not extricts, v ceeded this amount. It receives the bills of all backs The meeting then adjourned. cate to withdrawn; It i@ 1 passed at the Clearing-House. Checks on such banks demands DEMAND FOR A CALL OF THE LEGISLAtion the are also received. itself TURE. MECHANICS' BANK, WILLIAMSBURGH. great de required MEETING OF MERCHANTS. There was about the usual amount of business doing of the < intended The Merchants' Exchange was crowded yesterday at this bank. They are said to have about $40,000 in sanction amount the circulation, with $20,000 in specie on hand and a conafternoon by the merchants of this city, assembled in suspens was positor siderable balance due from the Clearing-House. This tion or response to a call to consider the bearings of the susclaimed, tion-a bank has also suspended specie payment. pension of the Banks upon the interests of the public, the among anot ea the general welfare

5. November 2, 1917 Evening Star Washington, DC
Article from Evening Star, November 2, 1917

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Liberty Bond Announcement We will accept in payment of bills and for purchases made Liberty Bonds at par. Editorial During the great monetary panic of 1857 there was a meeting of bank presidents in New York. Different men estimated the percentage of specie withdrawn during the day at from 50 to 75 per cent. Then Moses Taylor of the City Bank said: "We had in bank this morning $400,000; this evening, $470,000." Under Mr. Taylor's management the condidence in the City Bank had grown until people had simply withdrawn their money from other banks and deposited it in the City Bank. Confidence is one of the greatest assets any store can have and it can only be built with years of satisfactory service. Our 57 years of continuous growth is one of the best evidences we can give of the confidence the people of Washington have in this store. A confidence that will increase as the years go by.

6. January 27, 1919 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 27, 1919

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WIN SOMEBODY'S CONFIDENCE FOR YOURSELF During the great monetary panic of 1857 there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor of the City bank said, "We had in the bank this morning $400,000, this evening $470,000." Under Mr. Taylor's management, the public's confidence in the City bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant, caerful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

7. January 30, 1919 The Seattle Star Seattle, WA
Article from The Seattle Star, January 30, 1919

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Winning Confidence During the great monetary panic of 1857, there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor of the City bank said, "We had in bank this morning $400,000, this evening, $470,000." Under Mr. Taylor's management, the public's confidence in the City bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant, careful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

8. January 31, 1919 The Washington Herald Washington, DC
Article from The Washington Herald, January 31, 1919

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Win Somebody's Confidence for Yourself. During the great monetary panic of 1857, there was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor, of the City Bank, said: "We had in the bank this morning $400,000, this evening, $470,000." Under Mr. Taylor's management the public confidence in the City Bank had grown until people simply had withdrawn their money from other institutions and deposited it in the City Bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success The confidence of your fellow men will bring you everything you wish of this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant careful regulating of your life from the cradle to the grave can you hope to win and hold the confidence of your neighbors and friends.

9. February 1, 1919 The West Virginian Fairmont, WV
Article from The West Virginian, February 1, 1919

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WIN SOMEBODY'S CONFIDENCE FOR YOURSELF. URING the great monetary panic in 1857, there D was a meeting of bank presidents in New York. Several of them estimated percentage of specie withdrawn during the day at from 50 per cent to 75 per cent. Then Moses Taylor, of the City Bank, said: "We had in bank this morning $400,000; this evening, $470,000." Under Mr. Taylor's management, the public's confidence. in the City Bank had grown until people had simply withdrawn their money from other institutions and deposited it in the City Bank. Confidence is the one greatest asset any man or institution can have, and it is the one sure foundation for wealth, honor or anything that you may consider success. The confidence of your fellow men will bring you everything you wish in this world's goods. And just remember that confidence isn't built in a day, a week or a year. Only by constant careful regulating of your life from the cradle to the grave can you hope to win and hold the the confidence of your neighbors and friends.