Irving Bank (New York, NY)

Episode Information

Episode UID
760428190694
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
76042819 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
b8c03f2ba136492e

Response Measures

None

Events (3)
1. October 13, 1857 Run
Cause
Local Banks
Cause Details
General run on Wall Street banks and widespread panic among depositors leading to heavy withdrawals.
Measures
Limited payment of specie; officers declined to pay specie except in small amounts or for legitimate business.
Newspaper Excerpt
There is a general run on the Wall street banks and intense excitement in the street.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Local Banks
Cause Details
Suspension of specie payments amid the broader New York bank panic and runs on multiple city banks.
Newspaper Excerpt
The following banks have suspended to-day: ... Irving ...
Source
newspapers
3. October 14, 1857 Reopening
Newspaper Excerpt
IRVING BANK. This bank opened at the usual hour yesterday morning for the transaction of all business except redemption in specie, and its counters were visited during the day by numerous depositors. Confidence appeared to be entirely restored among its customers, and they were returning for the usual business transactions.
Source
newspapers

Newspaper Articles (11)
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 14, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 14, 1857

Click image to open full size in new tab

Article Text

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.

3. 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.

4. 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.

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

Click image to open full size in new tab

Article Text

gold on deposit, not more than $10,000. Several pas. ple came for their specie in the morning. The besiness generally was more healthy than it has been for come days past. DRY-DOCK BANK. All is perfectly quiet at this institution, and it con Linues, for the present, to meet all demands against in gold. EAST RIVER BANK. The excitement which was manifested about this bank when it first suspended specie payments appears to have subsided; but the officers decline giving my information relative to the affairs of the institution. FULTON BANK. This bank is doing business as usual, specio ments alone being suspended. Before refuing spocia, pay. they had paid out $60,000 in gold to depositors, have $122,000 left. They did not refuse specionalM ME Wednesday morning. Several small specie deposits were made yesterday morning, and before the bank closed & large amount of gold had been deposited One house put in over $6,000. There seems to be a very general impression that business improve. The bank paid to the Clearing-House in the morning $16,000 in gold. In cases where billholders required small sums of specie they were cheerfully accomme! dated. Where it was evident that the gold was wanted for brokers and speculators, it - refund. The receipts were $125,000, payments $225,100, up to GROCERS' BANK. This bank was doing no business. Mr. Charles Denison, the President, was on Tuesday appointed Receiver for the institution, but it has not yet been decided to go into liquidation, as the decision of the Courts will admit of the vacation of the order, and permit the Bank to resume business if its managers desire to. GREENWICH BANK. The amount of deposits and money paid out at this institution was about one half of that on the preceding day. On Tuesday, the deposits were, in round REALbers, $60,000, while on the following day they amounted to not far from $30,000. The amount drawn out yes. terday in bills exceeded the deposits by perhaps $20,000, while on Tuesday-the eventful day of the week-the drain on the treasure in their vaults was $100,000. They express themselves perfectly satisfied with the present appearance of financial matters, and calmly await the progress of events, being assured that the worst has passed. HANOVER BANK. The Hanever Bank has received some ten or twelve thousand dollars in gold on deposit, according to the statement of its President. Our reporter was requested not to interrupt the tellers, and was able to learn nothing more than that the transactions were not extraordinary. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank received some $8,000 in gold on deposit. Many depositors are drawing out their deposits in bills in the fear that a receiver may be appointed, and their deposits be locked up. IRVING BANK. This bank opened at the usual hour yesterday morning for the transaction of all business except redemption in specie, and its counters were visited durirg the day by numerous depositors. Confidence appeared to be entirely restored among its customers, and they were returning for the usual business transactions. LEATHER MANUFACTURERS' BANK. The business of this institution was resumed on Wednesday morning, with the same restrictions as in the case of the other banks. The Teller was directed in his discretion to pay specie on the bills of the bank when presented in small amounts, and when the transaction seemed to be in good faith. When the bank suspended on Tuesday they bad over $40,000 in coin is their vault and $90,000 in the Clearing House. MANHATTAN COMPANY. The line leading to the teller's wicket of the Manhattan Company numbered near fifty persons within a few minutes after the doors were opened; there WES no excitement however, and the usual business was transacted with the exception of paying out onin. Many were present to have checks certified. MERCHANTS' BANK. But few persons were present, and these manifested LO evidence of distrust or excitement. No change was perceptible in the business, except in the non-payment of coin. NATIONAL BANK. There was no excitement about the doors of this institution. The usual routine of business was followed with the exception of paying coin. In some instances bank bills were paid on checks, but this was avoided by the bank as far as possible. There were but few persons in attendance at the bank during the day. There was over $500,000 in coin in the vault of the bank when the doors were closed. BANK OF NORTH AMERICA. Everything was quiet at this bank, and business was conducted as usual-the payment of coin to depositors excepted. When bills of the bank were presented in small amounts, they were redeemed in specie. In cases where it was evident that the coin was asked for purposes of speculation, it was refused. MERCHANTS' EXCHANGE BANK. This bank is continuing business as usual, with the exception of payments in specie. They yesterdey morning paid their indebtedness to the Clearing House, and opened their doors for business as usual The officers state that the Bank is in & situation to move along with the customary business without barrasement. While our reporter was in the Bank yesterday & number of deposits were made, and all was quiet outside, there being no crowd or excited ment. MARINE BANK. Before closing this bank paid out, in the two days' run, to depositors and bill-holders, $50,000. They have now less than $25,000 in the vaults. Business goes on as usual, specie payments excepted. The receipts yesterday were $64,000, of which $5,000 was is specie, and disbursements $44,000. To accommodate legitimate business the bank paid specie for bills is small amounts. MARKET BANK. This bank is doing business as usual, with the exception of refusing specie payments. Current bills are received on deposit and checks certified and paid

6. 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.

7. October 17, 1857 The Caledonian Saint Johnsbury, VT
Article from The Caledonian, October 17, 1857

Click image to open full size in new tab

Article Text

Bank Suspensions in New York. The intelegence from New York yesterday was of a sombre character. No less than fifteen of the banks of that city, two of them of a million capital, have been obliged to suspend specie payments. According to the Constitution of that State, any bank which suspends is placed in the hands of Receivers. Such suspension is equivalent to a failure. The following are the dispatches received upon the subject: A despatch to the Merchants' Exchange says, the Ocean, Marine, Riverand Merchants Exchange have suspended specie payments; and there is a heavy run upon the Republic Bank. Other banks are also beset by the public. The St. Nicholas, Citizen's Bull's Head. Irving and Pacific Banks have also suspended. The following are their respective capitals: St. Nicholas, $750,000; Citizen's, $400,000; Bull's Head, $178,300. Pacific, $422,000. The Mercantile Bank. capital $1,000,000. and the New York Exchange, capital $130,000, have also suspended. A despatch to Merchants' Exchange from New York, savs that there has been a great run upon the American Exchange Bank, Wall street, which is almost impassible. Mr. Leavitt. former President of the bank, addressed the crowd, assuring them of the solvenev of the bank, and of their ability to pay all demands against them. Our regular correspondent telegraphs as follows:NEW YORK, October 13, The St. Nicholas, Marine, Pacific, Irving, Merchants' Exchange, North River. New York Exchange, Citizens and Ocean Banks suspended to-day. Telegraphic despatches from New York announce the suspension of four additional banks, the Market, with a capital of $100,000000. and the New York Exchange, with a capital of $1000,000. The bank of New capital $2,000,000, and Bank of Broadway. capital $500,000. There seems to be a want of confidence in the banks by the community of New York, in remarkable comparison to the feeling of confidence in this city. An exchange broker of this city received a telegraphic despatch from his correspondent in New York to immediately draw all his funds from the New York banks. A number of the banks that have suspended are small and weak. The total capital of the suspended banks is a little short of TEN MILLION DOLLARS. LATEST.-Our despatches received at a late hour last night, state that all the New York Banks have resolved to suspend specie payments so far as paying it over their counters is concerned.-Boston Traveller, Oct. 14.

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

Click image to open full size in new tab

Article Text

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.

9. 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.

10. 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 --

11. 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;