13622. Bank of Commerce (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
November 1, 1873*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
64daa1a0a62ea83b

Response Measures

None

Description

Article 1 (Feb 1874) is a poem describing depositors' alarm after the Jay Cooke collapse and mentions visiting the Bank of Commerce where the officer looked 'scared'—indicating depositors' withdrawals/run-related nervousness during the 1873 panic. No article explicitly states a suspension or closure of the Bank of Commerce. Article 2 (Jan 1878) notes property of various firms/banks (including the Bank of Commerce) was attached in litigation related to John Bonner's frauds; this is a legal attachment, not a suspension. Dates corrected/used from article metadata; no explicit suspension or reopening found.

Events (2)

1. November 1, 1873* Run
Cause
Macro News
Cause Details
Public panic following the Jay Cooke failure / financial crisis of 1873 leading to depositor alarm and heavy withdrawals
Newspaper Excerpt
I run me so quick, mit mine emdy burse To see Mr. Lawton, off de bank of Commerce; Mr. Lawton looked scared
Source
newspapers
2. January 2, 1878 Other
Newspaper Excerpt
property which found in the hands of Russell Sage, the Fourth NaBank, Bank of Commerce, Farmers' and Trust Company, and the Shoe and Leather NaBank, was attached.
Source
newspapers

Newspaper Articles (2)

Article from The Fremont Weekly Journal, February 13, 1874

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Article Text

the Philharmonic Society, Green Bay, Nov, 1873, BY JOHN D. WILLIAMS. # AIR “Kitty and Ben.” -WEBSTER. I. Off you lisden avile, I vill dell you de news All aboud dem banics, vod give beebles de plues, De banks vas all pusted, de beebles dey shoud "Mine Got! I dond vas got mine money oud." Und vat vas der drouble? Vot pusted der pubble? Vy dem deafs in Nye Yark, dey got into a mnddle, Und chead all der beebles, mit pulls, and mit pears, Off dey go to der tyfel, vell nopody cares. II. I go to der National, von day off last veek, I sliteb to der tesk, und I see Mr. Peak; Und he say all der panks vas in a pad fix, Und dey all vas feel shaky, mit der awful banics. "Mine monish!" said I (He vinked mit von eye,) "I dond got a cent, if I vas to die;" I got mad like a pull dog, und give him a look, Und he say all der drouble, vas come of Jay Cooke. I. Den I run me so quick, mit mine emdy burse To see Mr. Lawton, off de bank of Commerce; Mr. Lawton looked scared, und he obened his mond Und I say, "Mr. Lawton, dot hanics blayed oud," "Mr. Snyder," say he, Und he looked rigit off me, "I don't got nuff money, to go on a sphree. Off you vait dill do-morrow, yost call round vonce more Und I dold you ogsactly, vot I dold you before." VI. I got me egcited, and I go to der City, I see Mr. Freeman, und I say dot's a pity, "Can you give me my money?" Mr. Freeman say "mix," I felt satisfied den, dot dere vas a banics. "Vot's der reason," I say, "No money to pay?" "Mr. Snyder, you vill blease come some odder day." Now I dond got no lager, I dond get no kroud, Because I dond got me my money all oud. V. Now all of you beebles, dot's droubled like me; Dot's bedder you alvays, feel sometime merry, Dond bodder your head aboud all dis banics. Come, feel happy mit der Philharmonics. Ven greenbacks feel petter, I'll wrote you a ledder; Und I vill dold you, all aboud banies matter. Yust now I vill pid you all a cood-night, But, mine coodness cracious! dot money vas tight.


Article from New-York Tribune, January 2, 1878

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Article Text

JOHN BONNER'S FRAUDS. THE EXTENT OF HIS OPERATIONS. MILLION DOLLARS INVOLVED IN HIS BREACH OF TRUST-SEVERAL ATTACHMENTS OBTAINED-THE DEFAULTER'S MANNER OF LATE-NO LOSSES IN THE THEATRICAL PROFESSION. John Bonner's fraudulent operations are shown to involved a million dollars. It is expected that tensive irregularities in the books of the Bankers' Brokers' Association will be shown. Several atchments have been obtained by persons having on the securities repledged by Bonner. The latives of the defaulter say that he has long been cody and irascible, and has shown in various the effect of business troubles. Members of theatrical profession say that there are no losses actors and managers, as at first reported. MORE FACTS ABOUT THE DEFAULTER. The offices of the bankers and brokers were closed yesterday, as it was 8 general holiday, and further information of importance in regard the failure of John Bonner & Co. could obtained. The assignee did not visit his office the day. It is understood that great irgularities exist in the books of the Bankers' and BroAssociation, especially in the stock ledger. A ceiver of the Association will probably be apinted to-day. The total capital of the Asso($500,000) has been used by Bonner, and $50,000, as nearly as can be ascertained present. in addition. Placing the actual loss to the of John Bonner & Co. at $450,000, the total nount that has been misappropriated by Bonner will gregate $1,000,000. There are no assets of any value. Among the losers is A. B. Boardman, a son-in-law of Bonner, who had Union Pacific bonds $5,000 on deposit with the firm. A few weeks Bonuer asked Boardman to take them away. stating if anything should happen of an unpleasant nature, would beembarrassing to have the accounts of relamixed. Mr. Boardman declined, however. to rethe securities and subsequently, as it now appears, onner sold them. Charles J. Osborn & Co. who, through their attorneys erman & Sterling, obtained a writ ofattachment Mon evening in a writ for $22,000. Later, property which found in the bands of Russell Sage. the Fourth NaBank. ink of Commerce, J. S. Stout, Farmers' and Trust Company, and the Shoe and Leather NaBank, was attached. In the application for the it is alleged that the assignment was made clandeswith intent to-defraud. B. Boardman, the son-in-law of the missing broker a lawyer at No. 49 Wall-st., said For a conlerable time I have been aware that Mr. Bonner was worried about his business, and I have often him say that he wished he were out of all-st., and bad never had any dealings there. mday night I was informed that his failure be announced on Monday. 1 was astoundReferring to irregularities, Mr. Boardman said he had never heard any suggestion before failure that Mr. Bonner had done anything and he had frequently heard his credit of as exceptionally good, "and," Mr. Boardman "if he was guilty of anything improper or diseditable, which for the present I am still disposed to he was led into it by the general practice of okers, and be did no more than the rest of the Wall-st. who do a money business are accustomed to do day." Regarding Mr. Bonner's absence from his home, Mr ardman said that it was due entirely to his proud, nsitive nature, which would not permit him to face buke. For the past two years, according to the adstatements of his son-in-law, Mr. Bonner been at times distracted and moody. and has way to fits of melancholy and irascibility tirely foreign to his nature. He would sit at his without noticing his family and would be lost in ought. When the Netter failure was aunounced, Mr. remarked to a friend that their conduct in repothecating securities was no new thing, as it was a practice on Wall-st. among brokers. Boardman further stated that the news of Mr. onner's failure had been kept from his wife until the moment, and that she was in deep distress, and felt the disgrace attached to her husband's forced sence. No particular attention was paid to his absence home until he failed to appear on Sunday, when family became alarmed, and were then made aware his failure in business. Shortly before 5 o'clock Saturday, Mr. Bonner went the furnishing goods store of E.S. Allien, at No. 21 road-st. He bought a shirt and several small articlescest amounting to $7 20-and directed that should be sent to his office. As he leaving the store, a friend-a broker-sauntered and remarked jocularly, "You can't get credit here." Bonner smiled and left the store. Mr. Allien ought nothing of the transaction, as Mr. Bon. was an old customer, and frequently, when siness engagements prevented bim from going to his on Staten Island. he sent to the store for a change linen. Although Mr. Allien, who is familiar withmany had heard intimations of the probable failure of & Co,, he had no suspicion that Mr. Bonner was eparing to leave the city. In reply to the rumor on the that Mr. Bonner was a debtor of his for a considamount, Mr. Allien said emphatically that of his customers was more prompt in the payment accounts than Mr. Bonner, and that he had resettled all his indebtedness. The rumor grew of the jesting manner in which Mr. Allien sympathized with several brokers who were by the failure, declaring that he too was those who were victims. Several brokers came the store Monday afternoon and railied Mr. Allien bis loss, which, according to the report of the last rival, included a full Winter suit, a sealskin cap and