St Nicholas Bank (New York, NY)

Episode Information

Episode UID
817559290694
Episode Type
Run β†’ Suspension β†’ Unsure
Bank Type
private
Bank ID
81755929 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
5bcdb7e749bcd463

Response Measures

None

Description

Multiple dispatches name St. Nicholas as suspending on Oct 13, 1857 but no reopening or final failure is reported here.

Events (2)

1. October 13, 1857 Run
Cause
Macro News
Cause Details
General money panic of October 1857 with a broad run on Wall Street banks leading to heavy withdrawals.
Measures
Paid out specie until reserves exhausted; attempted to meet demands until about 1 p.m.
Newspaper Excerpt
The St. Nicholas Bank had a heavy run from its opening. Everybody, depositors and billholders, demanded specie, and everybody got it until about 1Β§ p. m., when it was exhausted, and the bank suspended.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Suspension following heavy withdrawals during the October 1857 panic (banks suspended specie payments).
Newspaper Excerpt
The following banks have suspended to-day: ... St. Nicholas ...
Source
newspapers

Newspaper Articles (11)

Article from Western Reserve Chronicle, October 14, 1857

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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.


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 Β§ 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.


Article from Marshall County Republican, October 15, 1857

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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.


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.


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.


Article from Semi-Weekly Standard, October 17, 1857

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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.


Article from The Caledonian, October 17, 1857

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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.


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.β€” Policemen are stationed at many of the Banks to preserve order.


Article from Weekly North Carolina Standard, October 21, 1857

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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.


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

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Suspension of Eighteen Banks--ResΓ³lusion 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 rumΓ©rs 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 --


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;