Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-16
MISCELLANEOUS
THE BANK FAILURES IN NEW YoRK-MEET,

THE BANK FAILURESI IN NEW Y~ORK-MEET'
ING OF BANK OFFICERS.
New YORK, Oct. ID. p. M.-To.day has been O
very exciting one in financial matters. Up to two
O'Clock fifteen of our city banks had suspended, Of
which the following is a revised list, namely;-Bank
of New York, Africans, St. Nicholas, Chatham
Exchange, Irving. Citizens, Tradesmen's, Bull's
Head, New York Exchange, North River. and Marine
Bank.
Wall street, at two o'clock, was crowded with ar
anxious mass of people, The steps Of all the banks
were also blocked up by the people forcing their way
into the banks.
There were rumors during the morning affecting
nearly all the banks in the city, but the above lisi
gives all that had certainly suspended up to three
o'clock.
The sales of rail road stocks at the first board were
small at a general decline. In State stocks the business
done was quite large at a decline, excepting Virgins
and Missouri stocks. Bank stocks were all sold at q
decline.
The run on the Brooklyn Savings Bank was re.
newed today, but with less vigor and the bank pay
There have been several failures in the dry goods
line announced to-day, but none very prominent.
GREAT run ON THE BANKS AND FAILURE OF SOME
OF THE STRONGEST IL TINE CITY.
The run upon the Mechanics, Bank Of America,
Manhattan and American Banks was very severe,
and continued up to the close Of business.
The Broadway Bank held out till nearly 3 o'clock,
and paid out $4,000 in specie, when it gave out.
The Leather Manufactured Bank subsequently
closed IFS doors.
The Seventh Ward and Fulton Banks held out un.
der a tremendous pressure.
The Peoples Bank closed at 2 o'clock, after pay.
ing out $4,000 in specie during the day.
The Bank of the State of New York paid out its
last dollar, and certified all checks presented, and
then yielded.
The American Exchange Bank paid all demands
upon it, but several others shut out their customers
ct 8 O'Clock.
The Bank of North America suffered protest this
afternoon.
The Corn Exchange Bank refused to pay specie or
bills, but certified checks.
The Oriental, Mechanics and Traders, Bowery
Savings, Shoe and Leather. Continental, American
Exchange. aud Metropolitan, paid every demand up
TO the usual hour Of closing.
STILL ~LArER-THE BANKS RESOLVED TO SUSPEND.
New YORK, Oct. 1911 P. M.-The following Of
hcial announcement has been made from the bank
meeting:
The banks have all resolved to suspend specie
payments, as far as paying at the counter is con-
cerned, and to make a regular exchange Of each
others bills at the Clearing House. 1t has also been
resolved to send a committee to confer with the Gov.
ernor in reference to calling a meeting Of tina Legis-
Isture. The committee will leave for Albany to
morrow at IL o'clock.
1t appears that the Marine Bank was stopped by
an Injunction, at the instance of one Of its customers.
1t is presumed that the other stoppages were effected
in tn. anne way. By this means the penalty of wind
ing up which attaches to suspension under the bank
ing laws af this State is evaded, aud it is rendered
probable that the suspension in most cases is only
temporary. This understanding relieves the excite
mpnt.