Park Bank (New York, NY)

Episode Information

Episode UID
4792801890694
Episode Type
Run Only
Bank Type
state
Bank ID
479280189 hash
Start Date
October 9, 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
7b2bdeb1b7984ff9

Response Measures

None

Events (1)

1. October 9, 1857 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor circulated that the Park Bank was short about $8,000 to the Clearing House, triggering heavy withdrawals.
Measures
Paid all demands and met withdrawals; maintained specie and continued operations.
Newspaper Excerpt
There was a tremendous run on the Park Bank.
Source
newspapers

Newspaper Articles (16)

Article from The New York Herald, October 29, 1856

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PORTO could not protect them. Bolivia appeared tranquil, peaced SUM Jopuse papearp SUM . inq TV From Honolulu (Sandwich Islands) we learn that the United States ship of war John Adams had arrived. There was a great financial drain on the "* *peuedo a paq Home V treasury Wyllie, Minister of Foreign Affairs, had entered in-spe rededsment B THE A.Sue uu 04 tor, and duel was on the tapis, when both parties determined to resort to a court of law for redress. Mrs. Lathrop, wife of the acting United States Con sul at Honolulu, had sailed for San Francisco. Our advices from the Cape of Good Hope contain nothing of interest. The Kingston (Jamsica) Colonial Standard of he 8th instant says:-"It was reported shortly after the arrival of the Parana yesterday, that a revoution had broken out in Hayti, against the Emperor Soulouque, which was likely to result in the latter's deposition." No particulars had transpired. There had been a great quantity of rain at Kingston, gield supurate us JO promise SAUS sdore eye pus From other West India Islands the news interesting The present Governor Tobago has been promoted to the government of Newfoundland. The Granada Legislature had adjourned. At Antigua the ide and disorderly conduct of a large portion of the population was engaging the earnest consideration of the public authorities. The Barbados papers are delighted at the prospect of a plentiful supply of water in Bridgetown. The Dominica Assembly had been in session. In Tobago there had been a break up of the Cabinet, three members having tendered their resignations. In St. Lucia dullness had prevailed, as the crop was over and shipped. As compared with the previous year there had been a fall ing off of 460 hhds. of sugar. The exorbitant tax upon logwood is represented to have fettered trade OM2 10 read EU! 2041 quette us dons 01 article eq1 III it will cease to be exported The report of the Stilwell proceedings in the case of Wight, which appeared exclusively in the HERALD on Monday, coming close as it did upon the Huntington revelations, has excited great interest amongst the financial operators. It appears b. he evidence already adduced in this case under the Stilwell act that a man of very moderate resources -a clerk at a salary of a thousand dollars a yearJOJ yous Dateq pun ue outring ) 18 only ninety days, keeps his equipage and resides in an up town palace, furnished without regard to expense. All this apparent wealth proves to be a shadow and the millionaire-a myth. The exami-01 resumed eq IIIM 148!M JO esto equal us ΠΏΠΎΠ΄Π΅ΠΈ morrow (Thursday) before Chief Justice Oakley, in the Superior Court. The case of the Park Bank against Davis and -018 uu Jo 100 tins U another count, was up before Judge Roosevelt yesterday, and the United States Trust Company, of New York, were appointed receivers. We publish elsewhere the details of the news U 419 eqs 01 Mexico Jo city The more telegraphic summary of which has heretofore appeared in our columns. Revolutionary movements convulsed the country from centre to circumference. Republican and American conventions for the Grem tickst electoral uoian 8 Johnson JO esodind held in Trenton, N.J., yesterday. The latter, however, refused to amalgamate. One of the most brilliant and effective Fremont Brook TB No Π΅Ρ‰Ρ‚ΡŒΠΎ uS(sdured em Jo lyn last night. Hon. N. P. Banks, Gov. Robinson jo pesoduce 'Supeem the addressed obters. pus between fifteen and twenty thousand persons. The affair concluded with a splendid torchlight proces" the jo report JnO shone crowded out by the press of foreign news upon our columns. An enthusiastic meeting of the democracy of the Sixth Congressional district was held last evening, on the corner of Third street and Second avenue, to support the nominations of Hon. John Cochrane, the democratic candidate for Congress, and Hon. Fernando Wood for Mayor. A series of resolutions expressive of the spirit and character of the meeting was passed, and diresses were made by Mr Cochrane and other distinguished orators. There -and persons pursnoq: three pus OM1 beforent area sette The Board of Ten Governors met yesterday. The Warden's report shows that 5,842 persons are now in the institutions, being an increase of 31 in one protte ou 10 SEM becauses equal meek. interest. The American Board of Commissioners for Foreign Missions met at Newark, N. J., yesterday. After the usual exercises the Treasurer's report was presented. The receipts of the year from all sources have been $307,318 318 69; $3,109 less than those of the previous year. The expenditures have been $323,000 49, leaving a deficiency of $15,681 80, which added to the already existing debt of $20,507 90, makes the present indebtedness of the Board 091 JO thember jo The '02 Board was very large. In the evening Rev. Dr. Bethune preached the annual sermon. Professor BachΓ© delivered an eloquent address before the members of the American Institute and their friends last evening, at the Broadway Tabernasle. The effect of educational establishments and industrial exhibitions, as connected with the wants of our country and of our day, formed the subject of the learned Professor's discourse. The sales of cotton yesterday embraced about 2,000 bales, on the basis of about 12jc. for middling uplands, the market closing with rather more firm. ness. Common grades of flour were rather easier, and extra do. were rather firmer, without change of moment in prices in either case. Choice wheat was firm, with a good demand for export, while common and inferior grades were rather easier, and sales were active at prices given in another column. 'Specify SEM Pork ************************* e *989 18 used SEM with sales at $21 for mess. Sugars advanced about 1c. per lb., with sales of about 1,650 hhds., at prices stated elsewhere. The public sale of coffee embraced about 2,200 bags Rio at 10c. a 111c.; average about of B of Jo decline B the previous auction sale, though the parcels offered contained mixed and irregular lots. Grain was pretty freely taken for Liverpool at 8d. a 81d., in bulk and bags. Rates were firmer at the close. THE CAMPAIGN-IMPORTANT MOVEMENTS ON THE CHESSBOARD.-It is reported far and wide that Commodore Stockton, the forlorn hope of the Fillmore dog-in-the-manger faction of New Jer-


Article from The New York Herald, October 30, 1856

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The Park Bank Case-Application for an Attachment. SUPREME COURT-IN CHAMBERS. Before Hon. Judge Roosevelt. Our. 29.-In the master of the Park Bank us. Robt. Davis and D. L. Fredericks.-The Court made an order on Puesday, 28th inst., appointing the United States Trust Company, receiver; the defendants however refused to deliver up possession of the property, and application was subsequently made to Judge Roosevelt for an order for defendants to show cause why an attachment sh buld not issue. Tne defendants appeared. and their counsel (Mr. Dyot) moved for an adjournment until Thursday moening, which was granted on condition that the property, in the meantime, should be placed in the possession of an officer of the Court, and accordingly the keys of the store of defendant Davis, 644 and 646 Broad way, were deliveed to officer Skidmore in open Court, and the attachment orde was made returnable on Thursday morning. Supreme Court. Notice has been given to the bar, that by a recent declaion of the Court of Appeals the Judges of the Superior Court can act, ex officio, as Supreme Court Commissioners. and, as such, have power to issue attachments against the property of non-residents and absconding debtors.


Article from The New York Herald, November 1, 1856

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2 he Park Bank Case. SUPREME COURT-IN CHAMBERS. Before Non. Judge Roosevelt. Oct. 31.-In the Matter of the Park Bank 113. Davis di Fredericks.-After some further Argument the Court made AD order to the following effect:-That the possession of the assigned property and its proceeds, with the keys of the store of Davis, should be delivered to the United States Trust Company, as receiver appointed by the Court, but that 10 sale should be made until Thursday next, or until the decision of the General Term on the ap peal from the order of the Court grai ting the motion for an injunetion and appointing a receiver. The motion as to contempt to remain over for future consideration. In the matter of the application of the Mayor. &x., rela. live to the opening of Centr ai Park, on the petition of Andrew Bird and wife. Referred to settle the claim of Bird's wife, who was awarded $860 by the Commissioners for n lot corner or Seventh avenue and Ninoty-sixth street.


Article from Evening Star, October 9, 1857

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[SECOND DESPATCH ] NEW YORK. October 9.-There was a tremendons run on the Park Bank. It is said to have only $150,000 in circulation, and nearly $300,000 in specie. The house of Harper & Brothers failed yesterdav. They are reported to have assets amounting to a surplus of upwards of one million dol lars. NEW ORLEANS. Oct. 9.-Cotton is depressed and declining, but prices are too irregular to give quotations, and no sales can be effected with. out a sacrifice. Money is tighter, and there is no movement in exchange. Flour is quiet at $5.75. Coffee is dull.


Article from The Washington Union, October 10, 1857

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BY TELEGRAPH. I Run on the Bowery Savings Bank, &e. NEW YORK, Oct. 10.-There was a run on the Bowery Savings Bank. but pays promptly. The Park Bank went through the run nobly, coming out stronger than before.


Article from The New York Herald, October 10, 1857

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14 a Jowls VEGETABLES Folators bbl, Junes. - a 29 35 $175a200 Roast pigs Mercers MISCELLANBOUS 260 8 300 .. half peck - 20 Country sansages..18 20 .Sweet, per bbi $2 50a 3 00 Bologns managem. 26 18 aOnions. basket Beer longues a 00 20 as Turnips, banca Lard, tub Fresh tomatoes.bn.POULTRY. 450 . 8 Chickens. pr 62 alm Cabbage, per head. , :Beete, per banch a 6 Tursey, per 814 Geese Squaah. each 6 8 $ 1 50 63 Garlie, per GOZ Duck, pair alm 1 12 m 1 50 Pigeon, doz Cucumbers, dos..... " Snipe, doe # 75 Green corn. 100....50 $ 3 00 Plover Calery buzch as :67 FROIT. Reed birds, doz FISH. Bananas per dos 28 . M as Apples, bbl Oodfish, per lb..... a 8 Flounders. Pears. bbl 3 08 a18 00 18 8 Beia Peaches, hasket. 70 83 50 a 8 Porgies Grapes. 15 a 7 10 Black fish Plums qt # 20 all Sea bass, per lb Cranberries, bbl.. 8910 THE RUN ON THE PARK BANK. Owing to a rumor which got currency on Thoraday that the Park Bank was short some $8,000 to the Clearing House, there was's heavy run 03 that Institution yearerday


Article from The Daily Dispatch, October 10, 1857

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RUN ON A NEW YORK BANK - FAILURE OF HARPER & BROTHERS. NEW YORK, Oct. 9.-A tremendous run was made on the Park Bank to-day Its bills in circulation are said to amount to only $150,000, while the spocie in its vaults amounts to $300,000. Harper & Brothers (proprietors of Harper's Magazine and Weekly) failed yesterday. Their assets amount to $1,000 over their liabilities.


Article from Wheeling Daily Intelligencer, October 10, 1857

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SUSPENDED. New YORK, Oct. 9.-Harper Brothers, extensive publishers suspended yesterday. The house is reported to have a surplus of upwards of one million. There is a tremendous run on the Park Bank to day, the bank is said to have only $150,000 circulation and nearly $300,000 specie.


Article from Wheeling Daily Intelligencer, October 10, 1857

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FROM NEW YORK. Ocr. 9.-Messrs. Gall, Audit & Westmore, bankers, have suspended. The run on the Park Bank had subsided before the closing hour this afternoon. The bank paid all demands inade upon it. The Brooklyn Central Bank has been enjoined and a receiver appointed. A meeting was held this afternoon at the Merchants Bank, to devise measures of relief. It is reported that the banks will provide a fund of six millions of dollars for the special object of forwarding produce. The New York and Erie Railroad did not pay the laborers at the Tunnel to-day. Great excitement and portions of the track torn up. The Bowery Bank of this city has closed its doors and suspended from the clearing house. Its bills are abundantly secored, and will be tak en by all other city banks, the institution was a small affair.


Article from The Evansville Daily Journal, October 12, 1857

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Trancial. Njw YORK, Out 10-M The reported failure of Geo. BIi S & Co urrent in the streets yesterday proved to be untrud. The firm is one of the strong st in the city, and entertain no thought of suspension: Illinois Central Railroad and Erie Railroad have both suffered their notes to be rotested. Money depressed. Seymour & Co., paper dealers, Coit & Co., sugar dealers, J. W, Colies, dry goods, have miled. BOSTON. Oct 10Money depressed Merchants, h. wever. generally neeting their notes. No new failures. AUGUSTA. On, Oct 10-PM Reliable intelhgence from Charleston announees the suspension of the Bank of the State of South Carolina. a State institution. TOOT NEW M There was a run made this morning on the Brooklyn Savings Bank: A hurge was ngregated n at the Bank and some excit ment previded. The Police was called to preser order. The Bank is abundantly able to meet the run. There was a run on the Bowery Savings Bank. but that institution met all demands promptly. The Park Bank came out stronger claim before, BOSTON, Oct 1 -PM In consequence of delay in Western remittances and thealmost total suspension of P per negotiation here. the M. U. R. R. suspended payment until they can realize from the proposed ubeription to bonds. They will pay their coupons as usual. RICHMOND, Oct 10-P M The Governor has cansed a pro lamation prohibiting the notes of the Bank of Kanawho from being received for debts due the S ate. the Bank having failed to redeem and moved a large amount of its assets beyond the limits ot the State.


Article from The Davenport Daily Gazette, October 13, 1857

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LATEST NEWS. New York Money Market--The Bluese Day Yet. New YORK Oct. 10. Prices of stocks are rather better, but outside it is the bluest day yet. Erie and Illinois Central Railroad Companies gone to protest. Money is scarce and much wanted at high advanced rates. Sterling Exchange is nominal. The failures this morning are J. W Corlies & Co., dry goods, and Colt & Co. sugar importers, Savannah trade. New York, Oct. 10. P. M To-day has been the bluest one yet in our market. The Illinois Central Railroad Company has made an assignment. The run on the Bowery Saving= Bank continued throughout the day. It is believed the bank is amply able to meet all its liabilities. The run on the Brooklyn Savings Bank had somewhat subsided at noon. Up to that hour $90,000 had been drawn out. Genin. the well known hatter, and Fen ton & Lee, have suspended. Railroad stocks went down still further, Illinois Central Railroad bonds falling off 15 cents, and the shares 5 cents. The Park Bank went through the run yesterday nobly and closed out to-day stronger in specie than before. There was a large business in State Stocks mostly at lower prices. Bank stock sold at a slight decline. There were rumors in the afternoon of feeting the credit of SOINE of the heaviest houses in the city. II. A. Coit, whose failure is announced today, is the agent of Drake & Co. of Havana. The Cowery Bank goes into liquidation. Stocks at Second Board were dull Missouri sold at 64 14 Virginia 70; Canton Co., 13; Erie R. R. 7318; Illinois Central 74: C. & H 8; Le Crosse & Mil. 51 1-4.


Article from Edgefield Advertiser, October 14, 1857

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BUSINESS IN NEW YORK. NEW YORK, Oct. 9.-Gallandet & Wetmore, bankers, have suspended. There was a run on Park bank early to-day, but subsided before the close of business. All demands were proinptly met. The banks have mutually agreed to provide a fund of $6000,000 for the special object of providing means to send forward produce. Harper Brothers failed yesterday. It is reported, however, that they have 8 surplus of $1,000,000.


Article from Belmont Chronicle, October 15, 1857

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NEW YORK, Oct. 9. Harper Brothers, extensive publishers, euspended yesterday. The house is reported to have a surplus of upwards of one million. There is a tremendous run on the P rk Bank to-day, the bank is said to have only $150,000 circulation and nearly $300,000 specie.


Article from Wilmington Journal, October 16, 1857

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NEW YORK, Oct. 10.-There has been a run on the Bowery Savings Bank, but it has paid out promptly. The Park Bank went through the run upon it nobly, coming out stronger in public confidence than before. The reported failure of Messrs. GEORGE BLISS & Co. is unfounded.


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

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Out of Employment. [From the N. Y. Times, Oct. 12.] Saturday was a blue day. A great many workmen, mechanics and clerk, as they got their week's wages, were discharged. Such men do not carry a very cheerful light to their homes, and there were consultations over economies yet to be practised in thousands of homes where it is a pittance that the most rigid economy can save. Among the establishments from which all the hands were diecharged, was Herring's Safe Factory-200 men in all-165 from factory proper, 35 from the foundry. One well acquainted with the cigar manufacture in the city, gives it as his opinion that 3,000 cigar makers are now thrown out of work. Some of them discharged from the shope try to pick up a poor living by manufacturing at their homes, and peddling them about the city. The stevedores and longsboremen are almost entirely unemployed. A long and solemn string of idle carts and cartmen was visible on Saturday along South street, where they are generally busiest. This great business thoroughfare, which is often so d thronged as scarcely to permit a free passage for vehicles, was without the usual jam. Carmen passed each other without the least dinger of collisions. g Shipping agents complain of a falling off in n the demand for men for ships. One house have p on their books about twenty vessels of all kinda for which they are to provide crews; but where they were formerly sending awsy half a dozen vessels, they are now dispatching only one or d two. ie The New York Hemp Company's factory in lo East Brooklyn, which employs over 400 hand st. and has been running on short time, stopped al, altogether last week, throwing many need persons out of employment. al The successive announcements of the stop by page of the East River Bank, and the failur of the Illinois Central and Erie Railroads o Saturday, were not likely to lessen the panic Cbut, added to the accumulated evil news of th ip week, it was no wonder that there were fouir la. frightened men, women, and children enoug to to get up a run on one-though on only one the city and one in Brooklyn-of the Savin ntBanks. About the Park Bank, where the ad was such a crowd all of Friday. it was quiet bthe head of Beekman street ever can be. ri-


Article from Weekly Council Bluffs Bugle, October 21, 1857

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NEW YORK, Oct. 10. To-day has been the bluest one yet in our market. The Illinois Central R. R. Co. made an assignment. The run on the Bowery Savings Bank continued throughout the day. It is believed to be amply able to meet all its liabilities. The run on the Brooklyn Savings Bank had somewhat subsided at noon. Up to that hour $90,000 had been drawn out. Genin, hatter, and Fenton & Lee have suspended. Railroad stocks went down still further, Illinois Central R. R. bonds falling off 15, and the shares 5 cents. The Park Bank went through the run yestergay nobly, and closed out to-day stronger than before: There was & large business in State stocks, mostly at lower prices. There were rumors in the afternoon affecting the credit of some of the heaviest houses in the city. H. A. Colt, whose failure is announeed to-day, is agent of Drake & Coβ‚‚, Havana. The Bowery Bank goes into liquidation.