Ocean Bank (New York, NY)

Episode Information

Episode UID
4117731190694
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
411773119 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
48de44fbe2813dbf

Response Measures

None

Description

Contemporary accounts link the Oct. 13 suspension to heavy withdrawals; a bank employee later died from exhaustion related to the panic.

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the widespread financial panic of October 1857 causing general runs on Wall Street banks and heavy withdrawals from Ocean Bank.
Measures
Paid out specie (about $40,000 previous day and $10,000 on reopening attempt) attempting to meet depositor demands.
Newspaper Excerpt
the rush upon them, principally by depositors... they had parted with about $40,000 in specie... paid out $10,000 in specie, when they were obliged to suspend.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension followed an intense run tied to the broader 1857 money panic affecting many New York banks.
Newspaper Excerpt
thirty minutes' operations convinced them that they were mistaken... when they were obliged to suspend.
Source
newspapers
3. November 9, 1857 Other
Newspaper Excerpt
Dain-Charles G. Lundy, late of of the Ocean Bank... the excitement of the suspension on that day and consequent fatigue induced hemorrhage of the lungs, which finally caused his death.
Source
newspapers

Newspaper Articles (13)
1. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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RECAPITULATION. No Disc Establishments Usual No Pres 40 40 Francis' lifeboat factory 100 375 450 10 476 Morgan Novelty 1,000 works 75 10 100 20 Mulligan works 60 100 Neptune works 125 Badger' 400 to 500 works 50 works 34 25 50 to R.M factory 200 Herrin safe factory 12 Eckford Iron works 60 30 80 to Etnairon works Jackson & Throckmerton's 60 30 90 iron works 160 140 300 Fulton from works. 560 580 Allaire iron work 18 12 30 Union iron works 12 Clinton iron works 34 30 to 40 Waterman's machine shop 30 270 250 to 300 Farron's iron works 200 200 as Bogardus' iron works 180 180 Columbian from world 30 116 Worrell's tron works 135 to 145 J E. N N. W. Cornell's iron 148 77 works 200 200 G.R. Jackmon's iron works 1,609 3,408 4,858 Totals It will be seen by the above the maximum number of have added the minimum given, making total number employed, at the outside, in 4,888, total number of men already discharged from the establishmensnamed 1,509, leaving balance of partial/y employed bich will in all probability be redaced in the course or week or two longer, should the present panic continue, to the neighborhood of 3,000 workmen. THE OCEAN K-APPOINTMENT OF A RECEIVER SUPREME COURT-SPECIAL TERM. Before Hon. Judge Fembody. Andrew Hall vs. the Goean Bank.- On the application of plaintiff's counsel the Court appointed D. as of the Ocean Bank, on his of $100,000 all moneya collected to receiver sum giving Randolph be security deposited Marlin in $5,000. the United States Trust Company, when they reach BOARD OF TEN GOVERNORS The egular meeting of the Board of Tea Governors WIS held yesterday--C. Godfrey Gasther, President, in the chair, and a quorum present. EFFECT OF THE HARD TIMER ON THE ALMANDUSE From the censes of the institutions It appears there 6,170 persons no the islands, being an are public pelled many since last week. The increase The bard charity increase to of 83 during Aimebouse c charity. Mr. As this The for same Re. reason, the frivolous debate, Board ad journed THE TARGET COMPANIES Were a passed HERALD yeaterday, companies notwithstanding that the 28 muskets Weedville for New shot York. assessment this company of Geo The of taches their annual Numerous of Board guests vised Health The marched City doubte enjoyed forty General paraded about 940 OF THE COUNTY HUDSON SUSPENSION BANK. The Hudson County experienced the after in to the suspend York account was caused them giving favor amounted this tank Ancord $128,000. days. ARRIVAL REPORTED TON SUSPENSION Measure. certain. sylvania THE Middling, corn, There

2. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

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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.

3. October 14, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 14, 1857

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Later: General Nuspension I : Messrs. Cook & Sargent received yesterday afternoon a dispatch stating that the following New York Banks had suspended Marine Bank. Irving Bank Citizen's Bank. New York Exchange Bank Ocean Bank North River Bank Merchant's Bank. It is expected that the others " il suspend forthwith, and there is but littl. 'oubt that the Boston Banks, and all the Panks of New England will have to suspend this week. A tremendous excitement prevailed at New York yesterday.

4. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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Article Text

The officers say that they have taken legal advice, and acting thereon will open their doors, certify ckecks, receive deposits and continue the usual routine of business. BANK OF NORTH AMERICA. The Bank of North America paid about $85,000, principally to depositors. Men who owed them large sums on note sent in their checks for the gold on their deposite. They paid up to the time. OCEAN BANK. This institution, located at the corner of Greenwich and Fulton streets, was only able to stem the tide for 8 half hour after opening yesterday morning. The rush upon them, principally by depositors, also commenced on Monday about 1 o'clock, and up to the hour of closing in the afternoon theyhad parted with about $40,000 in specie. Yesterday morning they opened again, with the hope that the promptness with which they had paid checks the day before had restored confidence, and that they would not again be pushed, but thirty minutes' operations convinced them that they were mistaken. In this time they paid out $10,000 in specie, when they were obliged to suspend. ORIENTAL BANK Did not fail, as was reported in the street yesterday. They paid every dollar that was demanded of them up to 3:19 o'clock, when every one had left. THE PEOPLE'S BANK. The People's Bank closed its doors about 2 o'clock yesterday afternoon. There were but few persons around the building at the time, and the run on the Bank was not very heavy. The amount of specie drawn out yesterday was $19,000. The amount due to depositors is $200,000, and the circulation is $138,000. The officers state that they can pay every cent due parties by the Bank. They own their building, which is valued at $75,000, and upon which there is no mortgage, and express their determination to resume in"a few days. PARK BANK. The Park Bank has about $40,000 less than before. PHENIX BANK. The Phenix Bank paid out about $60,000 in specie, including $10,000 paid at the Clearing-House. BANK OF THE REPUBLIC. The Bank of the Republic refused to give the amount. SHOE AND LEATHER BANK. The Shoe and Leather lost about $40,000. The balance at the Clearing-House in their favor to-day is $75,000, which shows an increase on the whole of $35,000. BANK OF THE STATE OF NEW.YORK. The same scene as was presented elsewhere was witnessed at this institution. The rush of depositors and bill-holders commenced about the middle of the day. Checks were paid and bills redeemed until a few minutes past business hours, when the doors closed. About $150,000 was paid out. The intention is to resume business to-day. SHOE AND LEATHER BANK. This institution, located at the corner of Broadway and Chambers street, experienced considerahle of a run yesterday. The siege commenced immediately after the opening-although not severe at first-and increased up to the hour of closing business. During the whole day a large crowd was congregated in front of the building, but the majority of the people were only lookers on in Venice," having no other interest or object than to witness the going in of bills and the coming out of gold. The location of the Bank being at a point where thousands are passing every hour, the most of whom would stop to "see what the matter was," it required the industrious services of half & dozen policemen to keep the steps and sidewalks clear. The demand upon the bank was almost entirely from bill-holders, and the amount of specie draws during the day was $35,000. SEVENTH WARD BANK, This institution, which, notwithstending its name, is located in the Second, Ward, at No. 284 Pearl street, sustained a heavy "run" of several hours' duration without flinching in the least, and its officers say they are ready for & renewal of the operation to-day, but appear sanguine that they have satisfied the depositois, A3 only a few of them demanded specie late in the day. ST. NICHOLAS BANK. The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1 § p. m., when it was exhausted, and the bank suspended. TRADESMEN'S BANK. This bank is located in Chatham square. The events of the day about and within it were similar to those that occurred at nearly all similar institutions out of Wall street. The panic that began early in the day down town rapidly spread, and alarmed depositors and unenlightened bill-holders soon thronged the counters, clamorous for specie. For a long time every such request was blandly complied with, but at length the supply becoming less than the demand, & suspension was proclaimed, and then, one by one and slowly, the disappointed ones retired, with a less exalted feeling for banks and bankers than they had ever before entertained. UNION BANK. The Union Bank paid out nearly $80,000 in coin. MEETING OE THE CITY BANKS.

5. October 15, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 15, 1857

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THE FINANCIAL CRISIS. We subjoin additional particulars in relation to the financial pressure, which seems to be extend ing over almost every section of the Union. At an early hour yesterday morning, the Farmers' Bank of Virginia, and the Exchange Bank of Vir ginia, in this city, suspended specie payment. The announcement created no excitement as such an event was ex pected: and so far as we have been able to judge from conversation on the streets, it is generally regarded as judicious measure. un der the circumstances We have observed no ma nifestations of alarm among bill holders, in conse queuce of the suspension. The Bank of Virginia still holds out against the pressure It will be observed by our special dispatch, that the Branch of the Farmers' Bank of Virginia at Petersburg. spended yesterday but the branches of the Bank of Virginia and Exchange Bank, con tinned pay specie. BANK OF THE STATE OF SOUTH CAROLINA The Charleston Courier of Monday thus alludes th the suspension of the Bank of the State of South Carolina: we have before stated the notes of the Bank of the State are secure beyond all question Hay ing the whole credit, and the power of taxation of the State sustain them. they are better secured than the notes of those banks in New York 4 elsewhere which have deposited dollar for dollar in stocks, to secure their redemp having to be sold at the market depreciation. in order to redeem the notes. far as the proceeds will Haring then, the fullest idence in the of would mend them to the unity as lation answer would the local of trade. The purposes banks of the city. we think. ought to take them their counters. under certain and pay them out for certain purposes. It true there penalty recovered. at the suit of the State where one bank pays out the notes of another: but case like the present. the State certainly could not take advantage of her own wrong. and course for penalty hich is the only one that will preserve the credit and currency of her notes, and which furnishes the only means lief o a community perfectly sound and solvent pressed to the utmost point of pecuniary durance, for the want of those facilities which the banks are accustomed to afford: but which. under the present pressure. impossible The funds of the State and all the means of the city are now only to be in Bank of the State as also alarge amount of desposits, the pro perty and only available means others Should the Banks decide to reject these notes. the result will be disastrous: many substantial houses in this community must be dishonored and when that begins, who can say stop. There are many who would be glad pretext to remit exertions. and await until the over. storm is of the many poorer class, with money in their hands. must suffer rious inconvenience The small notes of this Bank large of so this part circulation. city that there is thing to supply its place: if that is tl jected, needed coin small could not be found. and endless would distress be the result AFFAIRS YORK NEW IN The bank officers of New York held meeting the Clearing House Tuesday morning and to maintain specie payments at all hazards. passed plausible resolutions about influx of specie from California; the probable ceipts from Europe, in obedience to the trade; the circulation of coin from the States Treasury and B natural tendency cumulate the banks invoke They community to sustain them in their tain specie payments, and conclude with the lowing That in the judgment of this meeting even for this object, DO further traction of nor will there exist any obstacle to such an expansion of them as will afford the aid bring forward the crops and alle ate the present commercial distress unless it shall be created by the demands of causeless alarm. Yet, in the face of these resolutions, unanimous ly adopted, and despite weekly statement which all things considered, must be regarded as remark ably strong, the telegraph the same day the enspension of fifteen banks and at late hour the night: report comes that the bank officers had held another eeting and upon general suspension. It was day of great excitement, the follow will show: NEW October Wall YORK, street been has cked The to-day all business paralized. The Post of this afternoon. There has been some drawing by depositors, banks from the city for nun of past. carried on though quietly there was.the first decided of It was particularly against the North River, Ocean and Merchants first Banks The named was reduced $10,000 A three o'clock. coin then had of the officers of the lead banks proper course be pursued If the com menced this morning the advice was to close the doors once. soon as the hour for drawing checks arrived this morning, the depositors showed unmistaka withdraw determination balances their gold. They paid long enough to assure the the that officers process would that on and go AD exhaustion of their means was only a question of few hours The North River, the Merchants' Exchange and the Ocean Banks have resolved to close immediate ly. The intelligene spread over the city rapidly alarm of fire. In an hour more the Marine Bank added to the list. Knots of bank direc in other seen officers and consultation The alarm was every banking room. tablished mic. who dents yesterday would the of asuspension. be gan share rnation. Soon after Nicholas. the People Butch ers'and Drovers Bull Mead. Bank of New York Irving, Market Chathan Tradesme 's and New York Exchange Banks all announced their inabili ty to continue specie payments. Heavy runs upon the Cont inental Metropolitan, American Ex change, Nassan and Phenix Banks followed, but all of met demand the them David Leavitt Esq. of the American Exchange Bank, made speech to the crowd. declaring his determinati pay to the last dollar. He also announced that an had made with several of the strongest banks to go through with out suspending The officers of one of the princi pal Wall street banks advised its dealers yesterday that it would not take certified checks on deposit without reserv ing the right return them if not made good at the clearing-house The quence was that gold was drawn from all the banks that were not This another through day go aggralikely vated the excitement among dealers, and it is un some heaviest the that of derstood have houses drawn gold and replaced it as special deposit, with the understanding that it might be counted in the average The street isfull of rumors, with eager crowds at every corner The country bankers here are numerous, some telegraphing their own banks, and others awaiting the results of events during the day. Of course if suspension here general it is inevitable the suspension will follow throughout the State, if not throughout the conn try l'he Broadway, the Artizans' and the Leathe also Bank Manufacturers' n. and nally the suspe nsion of the Bank of the State of for alogue York ends making the New -day, the total suspensions o-day number eiget and Jea ing thirty -three selvent institutions. The grea portion of these, however, will, it is expected, to-morrow. stop The Merchants Exchange Bank refuses to pay either specie or bills. only certify ing checks The Bank of North America was protested this after noon. Several of the banks held open till after three o'clock, the nsual hour of closing, meeting every demand others shut down promptly at the regus lar hour. leaving large number of applicants to try again All of the savings banks paid up prompt ly. THE B NKR RESOLVE TO SUSPEND The following is the official report of the meet ing held in New York Tuesday evening The Banks hav all resolve to suspend specie payments fax as paying at the counter is con cerned and to make regular exchange of encl others bills at the Clearing House. It has also been resolved to send committee to confer with of the Governor in refere nce to calling meeting the Legislature The committee will leave for Al to-morrow at 12 o'clock. bany THE EFFECT IN BOSTON.

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

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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.

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

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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.

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

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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.

9. October 17, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 17, 1857

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More Bank Suspensions in New York. NEW York, Oct. 13.-Eight Banks in this city suspended specie payment this morning, namely: The Marine, Pacific, New York Exchange, Merchants' Exchange, North River, Citizen, Irving and Ocean Banks.

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

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Bank Suspensions-Steamboat Accident. NEW YORK, Oct. 13. The following banks have suspended to-day: Marine Ocean, Merchants Ex. change, New York Exchange, North River, Bulls Head, St. Nichols and Mar. ket Banks. There is a general run on the Wall street banks, and intense excitement in the street. Policeman are stationed at Banks to preserve order. The Fall River steamer Empire State struck a rock at Hurlgate, last evening during the prevalence of a dense fog, and had a large hole stove in her bow. She was backed off and groped her way to this city where she landed all her passengers in safety. The water was at one time above the cabin floor, but never be. yond the control of her pumps. She was entirely free of water at 12 this M., and goes on dock to-day for repairs. The baggage and freight escaped uninjured.

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

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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.

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

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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;

13. November 16, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 16, 1857

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Dain-Charles G. Lundy, late of of the Ocean Bank. of New York, died on the 9th instant, aged 24 years. Mr. Lundy WAS the receiving teller, which post he occupied notil the 13th of October last.The excitement of the suspension on that day and consequent fatigue Induced bemorrhage of the lungs, which finally caused his death.