Bank of America - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 17, 1906
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: abebda54c1677b4e

Response Measures

None

Description

Article (The Ocala Evening Star, 1906-02-17) reports that a receiver was appointed for the Bank of America (New York) following a stockholder's action alleging officers manipulated securities and mortgage notes (charges totalling about $140,000). No run or depositor panic is mentioned; the appointment of a receiver indicates closure/receivership. Classified as suspension_closure because the bank is placed in receivership with no run described.

Events (1)

1. February 17, 1906 Receivership

Newspaper Excerpt: Following the action last night of Judge Chytaus in granting an order placing in the hands of a receiver the Bank of America, comes the report ... He charges several of the officers of the bank of having so manipulated securities, mortgage notes and stock of the bank that they obtained amounts aggregating $140,000.
Source: newspapers

Newspaper Articles (1)

1. February 17, 1906 The Ocala Evening Star Ocala, FL

Article from The Ocala Evening Star, February 17, 1906

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Article Text

A RECEIVER APPOINTED For the Bank of America, a New York Institution New York, Feb. 17.-Following the action last night of Judge Chytaus in granting an order placing in the hands of a receiver the Bank of America, comes the report than two Chicago banks, state institutions, are under scrutiny, and that action may be immediately taken in regard to them. It is not announced whether the two banks under suspicion are in any way involved in the troubles of the Bank of America. Action against the Bank of America was taken last night at the instigation of John E. Kavanaugh, a stockholder of the institution. He charges several of the officers of the bank of having so manipulated securities. mortgage notes and stock of the bank that they obtained amounts aggregating $140,000.