Savings Bank (New York, NY)

Episode Information

Episode UID
5839222690694
Episode Type
Run Only
Bank Type
savings
Bank ID
583922269 hash
Start Date
October 14, 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
c7793886a053dfc0

Response Measures

None

Events (1)
1. October 14, 1857 Run
Cause
Macro News
Cause Details
Widespread bank suspensions and panic related to the 1857 financial crisis triggered withdrawals.
Measures
Run was promptly met; officers consulting and proposing to pay 10 percent on deposits; significant specie payments made.
Newspaper Excerpt
There is a run upon the Savings Bank.
Source
newspapers

Newspaper Articles (5)
1. October 15, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 15, 1857

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The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie ; when it gave out the Leather Manufacturer's Bank sub-sequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. DETROIT, Oct. 14. In consevuence of the suspension of the Eastern Banks, the Michigan Insurance Co. Bank discontinued specie payments this morning, otherwise its business will go on as usual. The action of the bank is almost unanimously approved. HARRISBURG, Oct. 14. The governor signed the Relief Bill, and the legislature adjourned sine die. NEW YORK, Oct. 14. The aspect of affairs is decidedly more cheerful. Merchants, bankers and others look upon bank suspensions as a relief. There is a run upon the Savings Bank. The Brooklyn banks and savings institutions have all suspended. BOSTON, Oct. 14. The Massachusetis Bank continue to pay specie. The banks met at one o'clock, to consult upon the expediency of redeeming small notes in specie. HARTFORD, Oct. 14. All the banks have suspended, except the Corn River Banking Co. PORTLAND, Me., Oct. 14. The banks have all suspended.

2. October 15, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 15, 1857

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BY TELEGRAPH. NEW YORK, Oct. 13.-It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session to-night. LATER. The Banks have resolved to suspend but make regular exchanges at the Clearing House. A committee goes to Albany to confer with the Governor in reference to the meeting of the Legislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goods commission house in the city, has suspended. The news of the New York bank suspensions caused considerable excitement but had no pereeptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made on all Free Banks. Great excitement. NEW ORLEANS Oct. 14-The Branch Mint purchased from the Banks two hundred thousand dollars silver bullion, paying gold, thereby afford ing some selief. CINCINNATI, Oct. 14.-Flour 4 35a4 75; Wheat, red 75, white 90; Whisky 14 The Banks in the following places suspended specie payment to day: New York, Albany, Brooklyn, Boston, Hartford. Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, 0t 14-The Government of Nicaragua has not been recognised as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Corn firm; Pork heavy; Lard 134 a 15; Whisky 22. Wall street 18 compasatively quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged io 0 086, The officers of the New York Savings Banks are consulting 0 propose to pay ten per cent on deposits The Bank of America and Chemical Bank continue specie payments. The Manhattan Bank is said to be doing the same. The other banks will probably follow, making partial payme 18 Nearly two millions of specie was paid yesterday, exclusive of that paid by the Savings Bank. Gol is selling at 4 to 5 per cent premium. The Brookers boa d passed a resou on to re. ceve certifi d checks for stocks which rose on it 9 pe cent the second towd th y were S il bmr. The merchants had a meeting and expless d entire confidence that the New York backs will pay dollar for dollar. NEW ORLEANS, Oct. 14.-The Citizen³, Luisns Sta e, Conal, *nd Bank of Louisiana e e sta d g by each other the morning and reisel to the the n tes of the Free banks namey. Uni Bank, 3 echanics and Trade S Bank 0 New Oileans, Sou hern Bank and Janes Rob. he un commence d heavy a: half past twohe re fir tn med f ee bi The t 1 terc tinu d and reconside ed safe. pa ical the So. hero The ron on the C iz ns bnkws heavy It kept its coors open t ll SIX 0 loc. otton sales 1000 bales; price more irregula: m stl # y sterday. q otations; receipts 3000 bae; nothing do g n Exch nge Thereis some exclement b: misty morel

3. October 15, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 15, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 13 - It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session tonight. LATER.-The Banks have resolved to suspend, but make regular exchanges at the clearing house. A committee goes to Albany to confer with the Governor in reference to a meeting of the L gislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goode commission house in the chy, has suspended. The Dews of the New York bank suspensions caused considerable excitement, but had no perceptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made OD all Free Banks-great excitement. NEW ORLEANS, Oct. 14.-The branch mint pur chased from the Banks two hundred thousand dol. lars silver bullion, paying gold, thereby affording some relief. NEW ORLEANS Oct. 14.-The Citizens' "Louis"ana State," "Canal," and "Bank of Louisiana," were standing by each other this morning, and refu ed to take the notes of the Free Banks, namely, "Union Bank," "Mechanies' and Traders'," "Bank of New Orleaus," "Southern Bank," and James Robb. The run commenced heavy at half past two. The three first named free banks euspended. The two latter continued, and was considered sale, particularly the "Southern." The run on the Citizens' Bank Was heavy. It kept its doors open till 6 o'clock. Cotton sales, 1000 bales. Prices more irregular, mostly at yesterday's quotations. Receipts, 3000 bales. Nothing doing in exchange. There is some excitement, but mostly good humored. CINCINNATI, Oct. 14-Flour 4.35 a 4.75; Wheat, red, 75, white 90. Whi-ky 14. The Banks in the following places suspended specie payments to-day-New York, Brooklyn, Boston, Hartford, Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, Oct. 14-The Government of Nicaragua has not been recognized, as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Flour firm; Corn firm; Pork heavy; Lard 101 a 15; Whisky 22. Wall street is comparatively"quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged to close. The officers of the New York Sav. ings banks are consulting to propose to pay 10 per cent on deposits. The Bank of America and the Chemical Bank continue specie payment The Manhattan bank is said to be doing the sam . The other banks will probably follow, making partial payments. Nearly two millions of specie was paid yesterday exclusive of that paid by the Savings Bank. Gold is selling at 4 to 5 per cent premium. The Brokers board passed a resolution to receive certified checks for stock, which were on it 9 per cent. At the second board they were still firmer. The merchants had a meeting and expressed en. tire confidence that the New York banks will pay dollar for dollar.

4. October 20, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 20, 1857

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Financial Matters St. Louis, Oct. 12.-Dean, King & Collins, and Kirby & Co., have suspended-a million each. A. J. McCray, dry goods merchant, has failed. New York, Oct. 12.-Corning & Co., bankers, have suspended. The banks will not increase their discounts until they have gained large accessions of specie, as increased loans, with diminishing specie, would be suicidal. The past week was the most severe ever experienced here. Enormous Defalcation. A recent examination of the financial department of the city corporation shows the disappearance, in the past five years, of eight to ten millions of dollars, for which no account is rendered. New Orleans, Wednesday, October 14. The Union Bank has just suspended. There is a heavy run on all Free Banks and great excitement. The Branch Mint has purchased of the Banks $200,000 in silver and bullion and are paying gold, thus affording some relief. New York, Wednesday, October 14. The banks of the following cities have suspended specie payments to-day: New York, Albany, Brooklyn, Boston, Hartford, Trenton, Portland and a general suspension throughout New England is anticipated. Buffalo follows to-morrow. Wall street is comparatively quiet. There is a moderate run of the Savings Bank of this city, which WAS promptly met, but those in Brooklyn were obliged to close. The officers of the New York Savings Banks are in consultation, and propose paying the per cent. on deposits. The Bank of America and Chemical Bank continue specie payments. The Manhattan is said to be doing the same. Other Banks will probably follow in making partial payments. Nearly two million in specie were paid out yesterday, exclusive of that paid by Savings Banks. Gold is selling at 4 and 5 per cent. premium. The Brokers' Board passed a resolution to receive certified checks for stock, which rose 9 Ther cent, and at Second Board was still firm Mechanics' Bank Directors held a meeting and expressed entire confidence in the New York Banks, and paid dollar for dollar.

5. November 5, 1857 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, November 5, 1857

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1 News of the Week. GENEROUS ACT. - Mr. Lefevre, a wealthy planter of Laforce, died recently without issue, wife having preceded him to the grave. His slass Araj V 000'00's mode 18 SUM his will was opened, when it was found that he left the whole of his possessions to be divided ly between two gentlemen of this city, one a nephe to his wife, and the other the broker who had I acted his business. To the astonishment of friends, this broker. on finding that he had made a legatee to half the old man's estate, 000 at least.) went before a notary public and nounced the whole legacy-making it over in of the relatives of the deceased in France. consistin of nephews and nieces to the number of twenty thirty and all humbly situated in life. The old IT had previously made a will, in which his relatives were handsomely remembered but on turning from a visit to them not long ago, for reason known only to himself. he tore the will pieces and wrote a new one, leaving everything his wife's nephew and his broker, as above stated. He came to this country when young, a poor ter but prospering in his business, and finally rying a lady of wealth, he went into the sugar ture, and progressed SO well that a few years might have made him a millionaire. The who so magnanimonsly renounced his share of I estate, gave as his reason for so doing that he already as rich as he wished to be, and felt SO 1 pendent that he did not wish it to be in the .1 of any one to say that any part of his fortune 1 not of his own making. His independence will tainly be heartily blessed on the other side of water. We would give the gentleman's name we not satisfied that he claims no merit for his and has no desire to be publicly mentioned in I nection with the matter.-New Orleans Crescent. A HYDROPATHIC WEDDING.-The friends of York Hygeio-Therapentic College, 15 Laight were invited to a very pleasant entertainment Thusday evening of last week. The occasion the marriage of two of the graduates of the school"I N Nowark Jo "a IV P°°M Y Adalaine M. Willis, M. D., of Marion. Iowa. S. M. Pease officiated, and the wedding nies took place in the presence of the professors members of the medical class. The wedding-cake was made of the choice I wheat meal, the nicest of dried grapes, and the rest of Croton water, seasoned with a little of best of sugar, and flavored with the juice of a ious lemon. As the happy pair" were thoroug vegetarians, nothing of the animal nature was allow ed to desecrate the eatables. Just before the exercises commenced, the heaver rained down the approval of the principles 'IN 'V puu 'V D [81(I which puu school the up Weed intends to practice, in the form of a copior shower. They will soon leave for California, they will ably represent the system of hygienic ication, followed by the blessings of every memb of the school, and a large cire le of friends. The Hygeio-Therapenic School has introduce several new features into its programme, oneof is educating the sexes together But decidedly best innovation of all is this pairing off the studen as soon as they get diplomas. Should this featu be generally adopted in the class. we predict for new medical school unbounded popularity. AN INCIDENT. Karl Dummkopf, an aged Germa residing in Williamsburgh. had $1400 in the saving bank. When the panic became SO contagious, over the summer sea under our noses, with like roses, sweetly reposes, the lighted cigar. Whe on creation such great inspiration has manifestatic caught it, and was the first of the crowd that besei ed the bank. He drew out his money all in shinit yellow boys, and carried it about with him, day ter day in a leather bag. It's weight was troubl Feer, Jo B u: SBM UEII PI° our pur 'ouros he should awaken to find a hand at his throat, a sharp knife gleaming before him. On Saturday night last a brilliant idea flashed on old Karl. His frau was snoring by his side without disturbing her, he arose, lit a lamp. I down into the basement kitchen, and after careful closing the window-blinds, proceeded to drag the stove, remove the fire-board and loosen a plos JO gig our the JO off mod posited in this secure re eptacle, the brick replace : the fire-board and stove restored to their places, the mortar and dust removed, and then the old I went to bed, and slept soundly, resolved to keep secret even from his wife. The next day being day, he locked up his house, and went with opens bird U 01 HISTA u uo sm uo ajim [e] pus Suppous Sugenb u! passed SUM Aup Phe ing, and if once or twice Karl thought of his Agent complete the JOAO chanke 01 Aluo SUM 1! his investment. Returning home rather late in the evening. thought he would look into the kitchen and see all was safe. Observing mortar, lath and other bish lying loose upon the hearth, he became great alarmed. Brushing around like a crazy man, he J stantly shoved away the stove, took down the d board and found the loosened brick upon the