Chatham Bank (New York, NY)

Episode Information

Episode UID
4092545690694
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
409254569 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
6d3ea23327d96296

Response Measures

None

Description

Contemporary reports list Chatham Bank as suspended on Oct 13, 1857 amid a general Wall Street run; articles state suspensions were likely temporary but no reopening is reported here.

Events (2)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
General financial panic of October 1857 produced runs on Wall Street banks, causing heavy withdrawals citywide.
Measures
Police stationed at many banks to preserve order; banks and clearing house resolved to continue specie payments
Newspaper Excerpt
There is a general run on the Wall street banks and intense excitement in the street. Policemen are stationed at many banks to preserve order.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred as part of widespread bank closures during the October 1857 financial panic; some suspensions reportedly effected via injunctions but presumed temporary.
Newspaper Excerpt
The following banks have suspended to-day: ... Citizens, Chatham, Bull's Head, St. Nicholas and Market Banks.
Source
newspapers

Newspaper Articles (10)
1. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

4. October 16, 1857 Fremont Journal Fremont, OH
Article from Fremont Journal, October 16, 1857

Click image to open full size in new tab

Article Text

ous Bank Suspensions--Heavy Run on the Wall Street Banks Police Called Out!!! NEW York, Oct. 13. The following banks have suspended today Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizen's, Chatham, Bullshead, St. Nicholas and Market Banks. There is a general run on the Wall St. banks, and intense excitement in the street. 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 street, is announced. NEW York, Sept. 12. No important event to-day in money affairs beside the suspension of the Grocers Bank. There were a few unimportant failures of merchants. There is a rumor that a party of business men have gone to Albany, to urge the Governor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the Banks to continue specie payments at all hazards. The failure of the Merchant's Bank created no excitement.The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank, and the Grocer's Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kerby & Co., of that city, each with liabilities in Atlantic cities of one million. Our Bank returns to-day show a decrease in loans of upwards of $2,500,000, and an increase of $3,750,000 in specie. At the 2d Board to-day, stocks were lower generally. I.C. bonds 50; N. Y. C. R. R. 53; M. S. 9; I. C. 703; C. & T. 22; C. & P. 8; Erie 8; Cal. & Chi. 54; Ch. & R. I. 55; Harlem 51. The sailing of the steamer Atlantic for Liverpool has been postponed till the 24th. BOSTON, Oct. 12. Nothing new to notice in money affairs. The stringency continues, and with little transaction.

5. October 16, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 16, 1857

Click image to open full size in new tab

Article Text

The New York Banks. The news from the city of New York is anything but pleasant in these times of disaster. Our telegraphic despatches of yesterday announced the suspension of the East River Bank We heard reports last night also of the Chatham Bank and the Grocers' Bank, that added to the gloomy news. It may be well, however, to state that neither of these banks stand among the financial monarchs of Gotham. The Chatham Bank has a capital of only $400,000, the East River $319,918, and the Grocers' $300,000 In the West these would be pretty considerable banks, but in New York they are small concerns. In New York City there are fifty-six banks, with an aggregate capital of $65,557,755. On the 3d instant, they had in specie in their vaults $11,400,413, with a circulation of $7,916,102. Their discounts for the week ending Oct. 3d, were $105,935,489, and their deposits $67,978,657. These vast figures will at once indicate the disaster that would follow the suspension of the lead ing banks of New York City The people may care but little for those that have fallen, but should the Commerce, with its capital of $8,222,000, or the American Exchange, with its $4,614 950, or the Metropolitan with its $3,800,000, or the Manhattan, Mechanics, New York, American, Repub. lic, Continental or Park, with their $2,000,000 and upwards;-should either of these mammoth institions suspend, it would be the beginning of trouble to which we are yet strangers.-Lou. Courier.

6. October 17, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 17, 1857

Click image to open full size in new tab

Article Text

More Suspensions, dc. NEW YORK, Oct. 13.-E. Fish & Company, Brown & Casey, merchants; also the Chathain and Bull's Head Banks have suspended The Marine Bank stopped by an injunction of its customers. It is presumed the others were stopped in the same manner. By this means the penalty of winding up, which attaches to suspension, is evaded; and it is rendered probable that suspension in most cases will only be temporary. This understanding relieves excitement. Three more banks, the Tradesman's, the Market, and the St Nicholas, have suspended. BOSTON, Oct. 18.-Lyman & Brothers, china merchants have suspended.

7. October 20, 1857 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, October 20, 1857

Click image to open full size in new tab

Article Text

Boston, Oct. 13. The suspension of Messrs. Geo. T.& W. P. Lyman, commission merchants on State street is announced. New York, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchants, Exchange, N. Y. Exchange, North River, Irving, Citizens. Chatham, Bulls-Head, St. Nicholas and Market Banks. There is a general run on the Wall street Banks, and intense excitement in the street.— Policemen are stationed at many of the Banks to preserve order.

8. October 21, 1857 Weekly North Carolina Standard Raleigh, NC
Article from Weekly North Carolina Standard, October 21, 1857

Click image to open full size in new tab

Article Text

More Suspensions, &c. NEW YORK, Oct. 13.-E. Fish & Company, Brown & Casey, merchants; also the Chatham and Bull's Head Banks have suspended The Marine Bank stopped by an injunction of its customers. It is presumed the others were stopped in the same manner. By this means the penalty of winding up, which attaches to suspension, is evaded; and it is rendered probable that suspension in most cases will only be temporary. This understanding relieves excitement. Three more banks, the Tradesman's, the Market, and the St Nicholas, have suspended. BOSTON, Oct. 13.-Lyman & Brothers, china merchants have suspended.

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

Click image to open full size in new tab

Article Text

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 --

10. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

Click image to open full size in new tab

Article Text

List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;