14237. National Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
9c7441769d246649

Response Measures

None

Description

The articles place this institution in New York and describe it as a National Bank that closed during the Panic of 1873 and later had a receiver disposing of assets (sale of the building in Oct 1874). There is extensive discussion of the 1873 financial panic as the triggering context; the pieces do not clearly attribute a discrete depositor run specifically causing a temporary suspension for this particular National Bank, but they do describe suspension/closure and appointment of a receiver. OCR noise in Article 1 (e.g., garbled phrases) was corrected when extracting dates and quotes.

Events (2)
1. September 20, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred in the context of the nationwide financial panic of September 1873 (panic following stock exchange closure, failures and defalcations such as Union Trust), which precipitated runs and suspensions across New York banks.
Newspaper Excerpt
The run on the Fourth National institution is paying all demands ... The Bank of North America has suspended. ... The gone National of the Commonwealth has suspended.
Source
newspapers
2. October 8, 1874 Receivership
Newspaper Excerpt
The Receiver of the National of the Commonwealth has ordered the sale of the banking building at Nassau and Pine-sts., to take place next Tuesday.
Source
newspapers

Newspaper Articles (4)
1. September 20, 1873 Evening Star Washington, DC
Article from Evening Star, September 20, 1873

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Article Text

outside under to 107 sell stocks rule that it was many Exchange had so impossible many to do it and k pup with the current business RESPENDED. YORK, BANK OF NORTH Sept. AMERIC m.-The Bank SURGING of New North America has suspended. CROWDS. ml At this hour are vest multitudes NEW YORK, Sept.20,1:30 sarging to and frothrough and streets, the Wall, Nassau. New and and Broad lower Broadway, recalling A general Exchange Place scenes of the firing on feeling Fort Sumter or the July riots. of the stock exat the closing who are of relief is expressed by the brokers, from the change of escape. through any means Stock Exchange glad pressure. The firmer, and tremendous open on Monday. Gold advices relative to a will probly under Washington is now 112 % advancing, further issue of currency. The price the NOTICE FROM THE LEARING-HOUSE been issued by The following Notice notice has is hereby given that a clearing-house: clearance cannot be effected the dealers this day, find general owing to the fact that their many checks of certified in a it impossible manner. to get All statements, tickets appli- and checks proper will be returned to the dealers on cation $10,000,000 to the bank. IN LOAN CERTIFICATES. afternoon NEW YORK, Sept. The bank presidents resolution at their to issue meeting immediately this ten millions in loan THE GONE certificates. NATIONAL SAN OF THE COMMONWEALTH NEW commonwealth YORK, Sept. has just The suspended. National bank of the BANK. RUN ON THE FOURTH The run en the NEW YORK, Sept. bank continues, but up to this Fourth Natioral institution is paying all demands, STREET. The hour the THE EXCITEMENT IN excitement in the NEW YORK, Sept. which followed the suspen Bank on of Stock Exchange Urion Trast company and escription. the The of Commonwealth was the beyond mad a house, and the exchange re embled blocked a ith people, all laboring Prices tumstreets under great were excitement and trenzy. and stocks were bled from 2 to 16 per cent., apparent regard to slaughtered without upon cheer any followed from the ADDITIONAL brokers value. Cheer when the Stock Exchange closed. a. 11:45 snsm. New NEW YORK, Taussig Sept. Fisher, P. M Meyers, Del- Mil pensions: Lawrens Josephs, Fearing & head. linger, ler & Walsh, Williams & Bostwick, and E.C. BroadA DEPALCATION exists in the Union Trust Company; cannot say to what extent. BANK OF NORTH AMERICA. certifiNEW THE YORK, Sept. Bank of North p. America have cations drawn of the out of the clearing house, which been rise to the rumor of its suspension. DEPALCATION gave TRUST COMPANY in THE NEW UNION YORK, Sept. amounts defalcation to $500,000. the Union Trust Company Charles F Carleton, is said to be the defaulter. The secretary He has not been seen since yesterday afternoon. NATIONAL TRUST COMPANY till say that THE they could then have have kept been up payment short. They Monday, the but street would with an amount of currence at a discame on but could find no buyers ef used to sixes, of 30 to 40 per tent and they for better count sacrifice, and suspended Have sell at such of themselves and customers. protection no advances on railroad securities. THE BANK OF that the run on the 4th National customers Bank says ipitated on US, and one of our their account pr Edwerd Haight Co.) overdrew make it amount of $200,000. and did Under not these to the the extent of $170,000. STOCKS OPENED circumstances good to we thought it best to suspend." govenment's with an advance of 4 to 6 on the buy bonds, but announcement the that failures it would of the nion Trust DEFAULTING fell 2 to 25 on Company and of the Commonwealth. SECRETARY YORK, THE Sept. Carlton, the default had NEW of the Union Trust ng secretary friends and relatives, on securimade loans to regarded sdoubtful, luding ties which were father, Rev. Dr. Carla loan of @20,000 to his priety. of the Method Book Concern others ton, The secretary for one loan is good; the are of no value. IN ALBANY. ALBANY, FAILURE Sept. is rumored that the banking house of Squires & Son, of this city, hrs spspended. STOCK QUOTATIONS YORK, LATES Sept. The follow ing were the the NEW quotations before the closing of ock latest stock board, as well as could be ascertain Central, Island, 87, cash; Ohio's, New York Lake Western Union, 57: Pacific mail, 32; Erie, 87: 89: Union Pacitic, 18; Harlem, 103 44. 55 Shore, St. Paul, 32%; C. C. and C., 20; Wabash, $2,483,000 BONDS ACCEPTED. NEW YORK, 483,000 of bonds were accept 1.rom 109 to 111.25. STATE BONDS no was There price There have been no transactions for money in before state bonds. the closing of the stock exchange. there Since being then ruled at per cent. currency. no it demand for it, as no st ock transactions have taken place. HALF MILLION DEPALCATION. NEW YORK, Sept. 20, 1:25 p. It is now rethat the defalcations in the Union Trust Company ported ill amount fully half million of a that they have been extending over do lars; iderable time, and were committed by one or officers. While the story is generally is of the lit d. it is deni d by others. The culprit cr reported to have fled city this morning. UNION TRUST COMPANY REVIVING. YORK, Sept. Checks drawn upon NEW Union Trust Company are now (half-past the (wo o'clock) being cashed by the Manhaitan Barking Company. CLOBING PRICE OF GOLD. New YORK, Sept. -Gold close at 11136 The payments that are being made by the Mauhattan Banking Company on account of the diUrion Trust Comp .ny are on checks drawn on them prev OUS to this morning, and r against et money deposited by the Trust Company. The Situation in Philadelphia. FAILURE OF THE UNION BANKING COMPANY. PHILADELPHIA, Sept. 20. The Union Bankcompany have failed. This bank is a state chartered ing affair, and bore a heavy run yesterday. THE SUSPENSION TEMPORARY. PHILADELPHIA, Sept. 20 Third street is comparative quiet this morning. The run on the Fidelity Trust company has almost subsided. The Union banking company, at 4th door stated that and Chestnut streets, did not open today, owing but to a placard demands on the suspension of a few days had heavy been r olved on. It sustained a heavy run yesterday, paying out about $700,000. It is a state institution issuing no notes, and its suspension only affects depositors. AT JAY COOKE'S BANK matters are progressing quetly the which clerks W be- II be laid ing busy before in preparing the meeting a statement, of the members of the firm, which cannot take place until arter the arrival of the steamer Ru sia, on board of which two members of the firm are pas engers. The Russia is expect d to arrive on Mo: day. the

2. September 27, 1873 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, September 27, 1873

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brief the of the situa financial of on the to close Saturto the Monday's supplement in -Itement and panic failures of and several additional in New York which appeared reported, and the rumor a of later aturday nston of all unwas city entirely banks of the formed that one of Weare it in late ed tion it suppose papers printed now regrets its and of on Wall street unprece- ca used to the inheard stock exresort of closing the ctions depted measure street tran is of change and forbidding expul-Ion But the panic finated power believed to have culn universal ly the Union Trust our The defale: leation in Saturday' disC. pirt in of its Secretary on the believed now to be and is $500,000. The Na $400 000 which also closed, Company perfectly able to resume as realize on its securiwealth the of Common doors Bank did so on account of cappel dly on account and Edward Haight & Co. that firms had overdrawn 000 the effort of the Treasury Department purchase of The distress by the $10, for. alled much of but only 32.672,and the purchasing 112, which will from 109 to the money banks and the of legal tenders. that market about $8,000,000 so few bonds stock in the market bonds are offered, the generally not small and distressed for held by those who are ularly at such a present cling money and who, partici to their boude the nothing can seriously relief step towards further the banks and theotheers of debanks, Associ tion have the Clearing House 1-t of November the Clearing House have any bank in the privilege of shall good asset as may be taking such of its of the Clearing issue to a committee to that bank House, to the shall amount of seventy assets, five of the cash value of shall such be acsettlement that uch certificates Clearing cepted the place of legal The iiii in extent to which this is is used present at be to to They resolved further and notes. tender their legal any attempt of these extent to the necesof banks the issue the of use legal the taking certificates was much the failure day except that were Banking Company Union Banks passed con. the excitement day the but were failures bank private to there excitement reported ington, Richard in Avenue Hotel, Sunand night, ausultation at the :ference nford, Sena it. in to them on to thus preto failure his under the circumof the of the Secrethe that at bonds the par to be bought was relief of the exnight last plan the far by CORD restore public financial the thing past. to make certain The with meddles special grate. not for his losing his Adwhich things bring the busi pass. to he commit the brokers. of Govthe the about hold to violate stocks is was ever in Reds wildest the For resisting the owe people of the

3. October 8, 1874 New-York Tribune New York, NY
Article from New-York Tribune, October 8, 1874

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NEW-YORK CITY. The Receiver of the National of the Commonwealth has ordered the sale of the banking building at Nassau and Pine-sts., to take place next Tuesday. A gas explosion occurred yesterday afternoon under the sidewalk in front of Nos. 52 and 54 Murray-st., tearing up the flagstones and doing other damage, but without injuring any one. Thomas Kiernan, age 33 years, of No. 773 Seventh-ave., while at work yesterday afternoon cutting hay at the Eighth Railroad Depot at Fortyninth-st., was instantly killed by being eaught in the machinery. Owen Hammill, age 33 of No. 130 Bridge-st., Brooklyn, attempted suicide yesterday by jumping from the pier at the foot of Dover-st., East River, but be was rescued by Officer Kelly of the Fourth Precinct, and taken home. Prof. P. H. Vander Weyde will lecture this evening before the Polytechnic Association in Hall No. 24, Cooper Union, on the quadruplex system of telegraphy, by which four messages may be sent at once over the same wire. John Maloney, age 12 years, of No. 14 Vandewater-st., while flying a kite last evening from the roof of No. 3 Vandewater-st., a six-story building, fell to the sidewalk and was fatally injured. He was taken to the Park Hospital for treatment. In the Doric Room of the new Masonic Temple last evening a District Deputy Grand Master's jewel was presented by Ivanhoe Lodge No. 610 to District Deputy Mortimer C. Addoms. The presentation was made by Alfred A. Valentine, the First Master of the Lodge. The anniversary of the proclamation of the Cuban Republic, which occurred in 1868, occurs on Saturday, but the occasion will not be celebrated until Sunday, on which day there will be a grand musical celebration in the Church of Santiago, in Twenty-second-st., between Fifth and Sixth-aves. Detective Tilley arrested yesterday Louis Auzat, proprietor of a loan office at No. 761 Broadway, on a charge of fraudulent dealing. It is stated that he lends money on property and disposes of the same without waiting for the owners to reclaim it. When arrested yesterday no one appeared against him, and he is held to await a complainant. Weston completed his 182d mile at 3:05:45 yesterday morning, and went to bed. He slept until nearly 7 o'clock, when he resumed walking. At 10:13:03 he stopped for breakfast, having completed 192 miles. At 11:17:47 he finished his 195th mile, and at 11:51:12, the 197th. He walked steadily during a greater portion of the afternoon and evening, and said that be would accomplish 80 miles before he slept. He still appears to be in good condition. It is proposed by St. John's Guild to build next season a hospital barge expressly for the excursions of sick children. This barge is to be kept constantly employed, and will accommodate 2,500 persons. The upper deck is to be surrounded by wire screens, breast high. The lower deck will be fitted with sliding windows, heating apparatus, and hospital furniture. This deck can be occupied in rainy weather. The proposed cost of the barge is $20,000. The daily expense of running it will range from $150 to $200. In Winter this barge could be made available as a temporary hospital in the event of an epidemic among the poor. The Guild appeals for contributions to enable them to carry out this benevolent project. The tenth annual Convention of Wire Manufacturers of the United States was held at the St. Nicholas Hotel yesterday, the President, the Hon. J. W. Edmands of Massachusetts in the Chair. The Secretary gave in bis report a resume of the work of the Association since its organization, and the Treasurer reported that the condition of the Association Was very prosperous. A resolution presented by the Executive Committee strongly opposing the ratification of the proposed reciprocity treaty between the United States and Canada was unanimously adopted. Officers were elected as follows President, the Hon. Wiley Edmands; Vice-Presidents, John W. Stitt of New York, and Geo. D. Roberts of Hartford, Conn.: Secretary, John L. Hayes of Boston Treasurer, Samuel Fay of Boston. Committees on finance, statistics, machinery, and raw material were appointed, and a Board of Directors, consisting of representatives from each of the States, was chosen. BROOKLYN, The schools of the Brooklyn Art Association will open on Nov. and the sessions will be continued on Monday and Friday evenings until May 1. At a meeting of the Supply Committee of the Board of Supervisors yesterday sub-committees were appointed to attend to the ont-door relief in the different districts of the city and of the county towns. A Special Committee of the Board of Aldermen was engaged yesterday in examining the pay-rolls of the different city departments with a view to redueing salaries. It is understood that a large reduction has been decided upon. It was decided by Judge Pratt yesterday that the Board of Supervisors must pay the claims of the employés of the Charity Commissioners, inasmuch as the action of the Board was regular and in accordance with the law which went into operation on May 2, 1874. The Aldermanic Committee on the Budget met last night and reduced the amount previously appropriated for street cleaning purposes from $150,000 to $125,000, and transferred $25 000 to the Board of Health, also $5,500 for ambulance services to cover a deficiency. A sad case of destitution was brought to the notice of the Commissioners of Charity yesterday. A woman applied for admission to the Almshouse,whose husband, a shoemaker, has been out of employment during the entire Summer. She has striven to clothe and feed her family of six children, and has, with her husband, visited New- York and Philadelphia fruitlessly in search of employment. Returning to Brooklyn she exchanged all her furniture for bread. Finally, everything was gone, and the Almshouse only remained. She is woman of culture and more than ordinary intelligence. While Mr. Distrow, the cashier of the Manufacturers' National Bank, was engaged yesterday afternoon in counting some money, a man who gave his name as John Rooke entered the bank, and watching his opportunity, when the cashier's back was turned, suddenly reached over the cashier's desk, and seizing a pile of bills, amounting to $480. which had just been counted, ran out of the bank and down the street. He was pursued by Mr. Distrow, who overtook him at Broadway and Third-st., where a violent struggle oc. curred. Officer Longridge went to the rescue, and the man was secured and taken to the Fifth Precinet Station. The Investigating Committee of the Brooklyn Board of Supervisors, appointed to inquire into the affairs at the county buildings, resumed its sessions yesterday, and took a. large amount of testimony. The principal evidence was furnished by Dr. Ordronaux, State Commissioner of Lunacy, who testified that when he visited the asylum a few months ago the patients were in a deplorable condition. There was a great scarcity of bed-clothing, some of the beds having only a single sheet. There was a lack of seats for the patients to sit upon, and in consequence many were compelled to sit upon the floor. Meat was not supplied in proper quantities, and nearly one-halfofa "portion" (800 pounds) of corn beef was bone. The cooking was very bad, the patients actually suffered from want of good food. Dr. Ordronaux thought, however, that on the whole the Kings County Asylum was no worse than other lums in the State. LONG ISLAND. MINEOLA.-The Fall exhibition of the Queens County Agricultural Society opened yesterday complete in all its departments, and it will continue to-day and to-morrow. The display of cattle is very fine, and the

4. April 21, 1878 The New York Herald New York, NY
Article from The New York Herald, April 21, 1878

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amount of $0 building was so heavily mortgaged that the rent only defrayed the interest on the mortgage. Suits, how. ever, are pending against the president and trustees, and may yet result in yielding something. Clinton Baok collapsed July 5, 1877, with a roll of 1,300 depositors, calling for $88,000. Mr. Edward L. Paris was appointed receiver by Judge Landon July 17. 1877. The panie of 1873 caused such a shrinkage in the securities of this bank that It was reduced to 118 last legs, and was only kept alive by the personal sacrifices of 118 trustees, Who struggled on, making up the deficiency from year 10 year until they grew tired. From the sale of real estate owned by the bank and available assets the depositors may yet realize a dividend of thirty-five per cent, out toey must have patience. Clairmont Bank closed September, 1877, on 1,000 Repositors, representi $100,000. Judge Westbrook appointed General Henry V. Smalley receiver. but though the available assets are rated at sixty cents no dividend bus yet been declared, and the late recelver is enjoying himself in Canada. His successor as receiver is Mr. Clark Brooks, no is expected to do thing possible for the depositors GERMAN UPTOWN BANK. This institution closed on December 6, 1875, with a roll of 4,399 depositors, claiming $229,436. Mr. Herman Uni was appointed receiver by Judge Davis, and the depositors received eighty cents on the dollar, the last dividend being declared September 4, 1876, while another is expected about this time of teu per cent. The trouble with this bank was that its assistant Secretary, Schwartz, who is now in Sing Sing, stole liberally of its lunds, and a consi erable amount of its securities were in depreciat Southern bonds. The German Bank, of Morrisauia, failed March, 1877, having 2,200 depositors, 10 whom 11 owed $230,000. Mr. William J. Best was made receiver by Judge Landon, and he expects when all the available assets are realized and the trustees made to pay on account of illegal investments that the depositors will be reimbursed to the extent of seventy five cents on the dollar, but they have had nething yet. Mr. Best says that when he took possession of the bank last July its cash amounted to only $351 95 and it owed $54 000 to sundry secured creditors. including two of its own trustees The sum named had been borrowed at different times by the officers LO meet current disbursements, its payment being guaranteed by the pledge of 10wn bonds and bonds and mortgages. Mr. Best says he holds railroad bonds and other securities to the amount of $167,000, and this amount he shall endeavor to recover from those trustees who voted in favor of the purchase of the bonds and of making the loan on railroad securities, both acts being in direct violation of the charter of the bank and of the laws in relation to savings banks. If he only succeeds in this it will be a well taught lesson to all trustees in future. GUARDIAN BANK. This bank had 1,000 depositors, to whom it owed $560,000 on the day it closed, November 17, 1871# Among its directors were well known members of the Ring. Its first receiver was Mr. Jeremiah Quinlan, appointed by Judge Barnard November 17, 1871. Mr. Mr. Walter S. Roche, one of the directors, who held himself responsible for the failure of the bank. turned over to Quinlan his entire property, to make good the losses. This property realized enough to pay the depositors in full and leave a surplus of about $150,000; but Roche WMS cheated of his last dollar. Quintan resigned and Peter J. O'Donohue was ap. pointed his successor by Judge Donohue; but no Was removed by Judge Lawrence and Mr. John T. McGowan, a lawyer of good repute, WILL substituted in his place. Suits against Quiolan for the recovery of the moneys were promptly started by Mr. McGowan, but nothing has come of them yet. The depositors, however, ought to be thankful to get so much as ninety live cents OD the dollar, though it Was secured by the beggary of Roche. MECHANICS AND TRADERS' BANK. This closed June 10, 1876, having 3, 300 depositors, to whom it owed $1,454,000. On July 13 Mr. William J. Best was appointed receiver by Judge Osborne. The depositors were paid seventy one cents on the dollar, the last dividend having been declared December, 1877, and one more of ten or filteen per cent 18 expected to be declared within a few months. Snrinkage of values, along with culpable mismanagement, brought about the tate of the Mechanics and Traders'. MUTUAL BENEFIT BANK. This yielded up the ghost November 27. 1875, after being seven years in existence. It bad 4,000 depositors, to whom It owed $450,000. Judge Donohue appointed William F. Addried receiver. The depositors were paid fifty cents on the dollar up to May, 1876. Another dividend of ten per cent, and though a (orther one of ten 18 hoped for there 18 not much faith in its being realized. Fall in real estate and stupid management brought this concern to its inglorious end. MARKET BANK. This institution went under in January, 1872. through the rasculities of ring composed of its officers and one or two outsiders. The number of its depositors was 1,900, to whom $1,000,000 were due. Mr. James Dennis was appointed receiver January 20, 1872, by Judge Barnard, but the appointment, owing to the character of the Judge, excited the suspicion of the depositors, which culminated 12A such action being taken as resulted in the rejection 01 Dennis and the throwing of the bank into bankruptcy. Mr. Francis W. Worth, who died the following year, was elected assignee by the creditors, and about the same time the secretary of the bank, Conklin, departed for Canada with as much of the funds as he could conveniently lay hold OI. On Worth's death, in September, 1873, John S. Platt was appointed his successor by Judge Blatchford, but he succeeded to little more than a legacy of barassing litigation about real estate and squabbles with lawyers about fees. The bank paid thirty-eight cents on the dollar up to March 12. 1873, and another dividend is hoped for some day in the future. NEW AMSTERDAM BANK. This concern expired September 27, 1876, with a roll of 2,100 depositors, representing $510,000. It had been in existence eight years and was lodged in a large and most expensive building, that proved a fatal drag upon its resources. Mr. Richard M. Bent was appointed receiver December, 1876, by Judge Landon, and up to October 1877, bad paid the depositors sixty-five cents our the dollar. with a promised forthcoming dividend of twelve per cent. NATIONAL BANK This was a savings institution of no great consequence, and was more or less identified with the Ring, along with which It collapsed. "Hank" Smith was president. The trustees made up the deficiency and the depositors, to whom $190,000 were due, were paid in falls The receiver was appointed by Judge Barnard, but as be neid the office only ball a day, was offered $6,000 for his services, which he indignantly declined and felt ashamed o: the whole business, his name never transpired. PROPLE'S BANK. This was rather a weak institution and collapsed immediately when the hard times set in November 26, 1875. It had 1,296 depositors, to whom it owed $195,000. Isaac V. French Was appointed receiver by Judge Landon and succeeded in paying 33 1-3 cents on the dollar to the depositors up to April 4, 1876. Within the past SIX months 10 per cent additional has been paid, making 10 all 431-3 cents on the dollar, an amount which the depositors when the crash OCcurred hardly ever expected to get. SECURITY BANK. This bank failed November 26, 1875, after an existonce of seven years, which appears to be about the average longevity of a New York savings bank. It had 2,600 depositors, entitled to the gross sum of $390,000. Mr. William M. Banks was appointed receiver January 28, 1876, by Judge Landon, and up to May 1877, paid the depositors ty-seven and a half cents on the dollar. A delalcation on the part of the secretary, John L. Sen, who was subsequently sent to the Pemtentiary, and also the tall 10 the value of real estate, were the causes of the collepse. Mr. Banks expects within two months more to pay an additional live per cent THIRD AVENUE BANK. This bank closed with a deep. resounding crash September 30, 1875, and produced more w despread distress than hall the other banks put together. It bad the immense roll of 8,000 depositors, to whom was due $1,400,000. Mr. William S. Carman was first appointed receiver by Judge Osborne October, 1875, but was subsequently removed and Mr. Samuel H. Hurd, the present receiver, appointed in bis place by Judge Westbrook. Everybody has heard the history of this bank and its disgraceful and. corrupt management A loop in the law permited the escape of the president and trustees. Fifteen cents on the dollar, what they have got already is nearly all the depositors are ever likely LO see. The management of this concern was illustrated in the matter of the trustees bond suit, ID which " was shown that when the bank ran behind 80 that it could not pay a dividend the trusiees held a meeting and drew up a bond by which they became individually liable to the amount of