14257. National Bank of the State (New York, NY)

View Charter #1476 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1476
Charter Number
1476
Start Date
March 14, 1876
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
d90fd93b0045db94

Response Measures

None

Description

Contemporary papers report the National Bank of the State of New York suspended mid-March 1876 because of heavy losses from bad loans and mismanagement (notably advances on cotton and speculative loans by a vice-president). Reports indicate clearing house suspension, expectation of receiver and voluntary liquidation; no clear contemporaneous account of a depositor run, only temporary market alarm and fears. Classified as suspension leading to closure/receivership.

Events (3)
1. July 21, 1865 Chartered
Source
historical_nic
2. March 14, 1876 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses from bad loans, mismanagement, speculative advances on cotton and large unsecured loans by the bank's vice-president; capital reportedly about half impaired; clearing house suspended bank and a receiver was expected or voluntary liquidation considered.
Newspaper Excerpt
The suspension of the National Bank of the State of New York caused great excitement in financial circles in New York this morning
Source
newspapers
3. December 6, 1882 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (11)
1. March 14, 1876 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, March 14, 1876

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FINANCIAL. CINCINNATI. March 14-1:30 P. M. The suspension of the National Bank of the State of New York caused great excitement in financial circles in New York this morning, and for awhile Wall street was feverish and panicky. The market is now quiet and steady and nothing serious is apprehended. Gold opened at 114% in Wall street and went up to 115, but soon declined again to 114 1/4 where it now stand's and is r eported steady. Here it is worth 114 1/6 buying, 114 4 selling for coin; and 114% for gold checks on New York. Exchange 18 quiet and steady. No change in rates. We quote Eastern 1-20 discount buying, and 1-20 premium selling. Sterling is quoted 4.90 sight draft, and 4.86 for 60 days, gold. Southern Railroad 7-30 bonds are worth 103 and interest. The money market is steady with a fair demand. Government bonds are quiet and steady, and quoted here as follows:

2. March 15, 1876 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, March 15, 1876

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General News. "The Select Castle of the Ancient Order of the Knights of the Mystic Chain of Pennsylvania," is now in session at Lebanon. 26 "Castles" are represented. Trains of railway carsalmost entirely loaded with plows, cultivators and other agricultural implements, it is stated, are now starting from Moline, Illinois, everyday, The ways and means committee yesterday agreed informally that on Thursday they would vote upon a motion of Mr. Morrison to fix a time for the consideration of the Tariff bill. The House commerce committee yesterday reconsidered its vote on Mr. Hale's bill for the partial aboliation of compulsory pilotage, and heard arguments of pilots in opposition to the bill. The Democrats of the Third District of Connecticut yesterday nominated David A. Welles for Congress, to fill the vacancy caused. by the death of Mr. Starkweather. The Republicans of the same district have nominated John T. Wait. The National Bank of the State of New York, in New York city, suspended yesterday. Its capital, $2,000,000, is said to have been impaired about one half. The cause of its failure is alleged to be "speculations by its Vice President with men on the Produce Exchange and giving loans without taking collaterals or accepting sufficient securities."

3. March 15, 1876 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, March 15, 1876

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MONETARY AND COMMERCIAL. MONETARY. NEW ORLEANS REPUBLICAN OFFICE, TUESDAY EVENING. March 14, 1876. There was some improvement in the demand for discounts at one or two of the banks to-day, but generally the market was without material change. The announcement of the suspension of the National Bank of the State of New York has had no perceptible effect upon this market. The bank had no correspondente here, and, so far as we can learn, notransactions of any character beyond a few bills sent here by it for collection. We have heard of but few private dispatches being received upon the subject, from which fact it seems fair to infer that the suspension IS regarded as of or ly local significance. So far as we can learn, no intimation that the bank was in difficulties had been received here. It is stated that its surplus was $400,000. The following is the statement of its condition, reported in the statement of the associated banks of New York city, for the week ending at the com mencement of business on March 4, 1876: $2 000,000 Capital 3921,000 Loans and discounts 292.800 Specie 1.120,100 Legal tenders 2,826 800 Net deposits. 247,900 Circulation According to the New York Financial Chronicle, it paid 8 P cent dividends in 1874 and 1875, paying a semi-annual dividend of 4 P cent November 10. 1875. The Cbronicle of the eleventh instant quotes the stock at 105@1061, on a par value of 100. We continue to quote exceptional commercial paper at-@8 P cent ₽ annum discount; Al do at 9@10, and second grade at 12@18; first class mortgage paper at , and second grade entirely nominal. Gold opened at 11434 @115, against 1144 at New York, and after a moderate business, closed at 1145, against 114% in that market, after touching 114% in the interim. The sales summed

4. March 15, 1876 New-York Tribune New York, NY
Article from New-York Tribune, March 15, 1876

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New-York Daily Tribune. FOUNDED BY HORACE GREELEY. WEDNESDAY, MARCH 15, 1876. THE NEWS THIS MORNING. FOREIGN.-The King of Abyssinia sued for peace The Due d'Audiffret-Pasquier with Egypt. was elected President of the French Senate; M. Grévy was chosen President of the Chamber; the ministerial statement was read to both the Senate and Chamber of Deputies. The report of war between Japan and Corea was deemed improbable. DomESTIC.-Now-Hampshire was carried by the Republicans by about 1,000 majority; both branches of the Legislature are largely Republican. there being a net Republican gain of about 15 mem= David A. Wells is nominated for bers. Richard Congress at Norwich, Conn. H. Dana, jr.'s, confirmation will be reported against. Mr. Pendleton gave the history of the KeiIn tucky Central war claim in Washington. === the Legislature, resolutions thanking Gov. Tilden and the Canal Commission for their efforts toward reform were debated in the Senate; the Governor vetood the Convict and Pauper Labor bill. CITY AND SUBURBAN.-The National Bank of the State of New-York suspended, having met with heavy losses by bad loans and mismanagement. Depositors will probably be paid in full, and stockholdMr. Bowen ers lose 50 per cent or more. made his defense before the Plymouth Church Committee, but presented no new facts of imporA committee of the Union League Club tance. recommended that a State commission be appointed George William to consider tax equalization. Curtis and other delegates to the Republican State Convention were elected in Richmond County. Mr. Moody preached on men's excuses for not accepting Christ. Gold 11434, 11434, 1143g. Gold value of the legal-tender dollar at the close, 87410 cents. Stocks extremely active and lower. closing firm. CONGRESS.-In the Senate, the bill to cut down the President's salary to $25,000 was passed, 26 to 20. == In the House, the bad ventilation of the Hall was discussed, and THE TRIBUNE'S revelations as to its causes read from the Clerk's desk; Hallet Kilbourn was arraigned for refusing to testify about the Real Estate pool, and still refusing was sent to jail. THE WEATHER-The Government report predicts In this city clear or partly cloudy weather. yesterday the day was clear and cold; thermometer, 22°, 29°, 24°.

5. March 15, 1876 The Morning Herald Wilmington, DE
Article from The Morning Herald, March 15, 1876

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NEW YORK'S LAST EXCITEMENT. A Heavy Bank Failure." By American Press Association. NEW YORK, March 14.-The failure of the National Bauk of the State of New York to-day, caused intense excitement on Wall street, and the prices of all securities at the stock exchange fell off with a feverish feeling prevailing. The prices however afterwards rallied. At one timethere were fears of a run on other banks, and that a calmer and quieter feeling prevailed subsequently. The capital of the bank is $2,000,000; this it is thought will be reduced to $1,000,000 by the classes sustained and stockholders assessed for the deficiencies. The troubles of the Bank, it is understood arose principally from bad management and unfortunate advances made upon cotton, the price of which has been gradually sinking here and in Liverpool for some time past. The Bank however holds some of this staple as secnrity for loans. The Bank examiner says the bank will probably pay 50 cents oh the dollar to shareholders but au officer of the institution says they will pay 75 cents. At a meeting of the Clearing House Association this P. M., it was decid ed to suspend the bank from further privileges. It is expected a receiver will be appointed SOOD. An evening paper says. suspension of bank is partly due to overdrafte the result of loaning on warehouse receipts that these overdrafts amount to $80,000 and that an officer of the Bank is rumored to be connected with them.

6. March 15, 1876 The New York Herald New York, NY
Article from The New York Herald, March 15, 1876

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of the National New York. Failure news State which of little began before to circulate noon The street a flutter of bein the caused a hours, excitement but under the ship" yesterday ensuing two wave passed closed still comparative an old fore for three the and o'clock the business "the water. of the The day sudden which had never institutionstorally a and shock gave alarm, excited of the suspension in of been 80 distrusted, but the refacts assuring developed character and the the day during allayed uneasiness, it is the that only serious believed sufferers be the of The the will bank. stockholders be will full, they paid although depositors by suffer some inability inconvenience of the while affairs in are But bank be will they paid ultimately will to use their the funds course of settlement. in full, and the of are, note course, holders secured against all as our note under national holdersare, of the large proportion in this up less, bank system. the bank A is swallowed falls on the suffer. stockon effect capital of but the loss will not slight holders, failure, and the general community business will be imperceptible. This consequences of so little of the and The almost event, whose immediate importance, deserves condian of our and tion of the merits indication We will first attention are happily as a national symptom banks, and defects look we which the system. of the picture, light than at the bright in a more with the pected cannot of present side this failure favorable house of unex- Dun& Co., den many by comparing failure of the banking which was equally victims sudits into vortex. the two When failures. can, and Sherman startling There and drew is a striking Duncan, contrast it was their found suspended fell assets several and that besides many between Sherman & short Co. of their liabilities the irretrievable individuals by the millions, of the banking house sufferers whereas State of York ruin firms were National severe Bank of the except the the bank. of one and failure of the drags nobody down This difference the illustrates bank national Duncan, system. stockholders New of of the best features Sherman & to do for Co. after years business continued it because became insolvent, of was any control authority empowered its and affairs condition. publish the free concern from the supervising by law to inquireintoi Nonational its its on can and thus bank trade reputation a if the credit, maintain national factitious or adlaw even fairly banking is rigorously It a is of the chief merit system ministered. of it in the can none go banks included on the for public imposing insolThe vent. that on deceiving and time after it has become Bank of the of has New State York a of that none early stage any length career of of the National been arrested will at be SO creditors in a loss, whereas serious involved banking the of kind same supera on vision false may it until reputation in the final crash. parties innocent house not subject continue to to engulfs do business a multitute Had of & Co. to been obliged Sherman Duncan, of to the their reports condition been they a to liable of make frequent of the Currency, affairs had under the that direction officer as it their Comptrollectratiny of their as he thought been have would career necessary, it cut unand than was, short much earlier have from been saved suspecting people would The these between difference a is failure strong great conspicuous losses. cases of the of national at bank so early sys- a argument two in detects favor insolvency bank cannot be tem, which that creditors reasonable of a vigilance on stage if there Comptroller is of the supervision Currency. ruined the part of the of government also furnishes The banking advantage institutions the wild crotchet who an the soft money the of argument against democrats, national banks and only If that currency. would of abolish tender notes the the busibe would make legal should be done into surrendered be no effiwould check private ness of banking hands, on such and abuses there Sherman were practised & Co. by cient the house of acquires Duncan, its right through of super- the government - omination with of by vision connection The and of the currency, national and banks the if gov- all the the currency issue and banking were issued were made would a lose priernment the community the abuses of a vate chief business, safeguard against banking firm which could its factitious credit. Any a high reputation it had had once enjoyed reputation long after an unsustrade on that and inveigle which become community insolvent, to make sham deposits was exposed, bank pecting lost when the creditors of the of the losses would security be of the as contrasted with private the house which banking a of the The which failed creditors yesterday, of the failed important last autumn, system superiority an suractive under and before veillance the have sunk part they greater demonstrates which keeps the forces banks them to suspend of their assets. account; This is the favorable side of is the not

7. March 16, 1876 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, March 16, 1876

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POST'S FINANCIAL ARTICLE. NEW YORK, March 15, Evening.-The Post's financial article says the excitement which followed the suspension of the National Bank of the State of New York has disappeared and Wall street markets are quiet. Gold opened at 114g, advanced at 10 o'olock to 1141, and all sales since have been at 114} @114g. Gold loan rates have been 4@7 for carrying, renewals having been at 4j. Exchange nominally 4.861@4.90 for prime bankers' bills, with actual rates at 4.86@4.861 and 4 891@489. The money market has not yet recovered from the violent disturbances of loans yesterday but is in process of recovery. The rates for call loans at the Stock Exchange are 5@7 F cent. Government bonds in the market are 1/2 lower for 65's and 67's, 1 higher for 68's and currency 6's. The stock market is quiet ; prices opened @1 F cent higher than yesterday's closing prices, except for Lake Shore, which is 180 lower and Union Pacific, Rock Island and Michigan Central, which are unchanged.

8. March 17, 1876 The New York Herald New York, NY
Article from The New York Herald, March 17, 1876

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THE BROKEN NATIONAL BANK. Very little additional light was shed on the affairs of the lately suspended National Bank of the State of New York yesterday. The new Board of Directors is busily engaged investigating the accounts, but the results of its examinations and deliberations are kept strictly secret. In the morning a meeting was held, at which Mr. Lawrence Turnure was elected Vice President, and a committee was appointed to examine the books and ascertain the value of the securities on which ex-Vice President Patrick made his loans. Mr. Patrick did not put in an appearance at all during the day. At present no one can surmise how he will come out of the mire into which his management of the bank has drawn him. The situation, however, though unpleasant, is not a novel one to him. It appears he failed at one time before for the sum of $2,000,000. Satirical people suggest that this was the circumstance which commended him to the friendly attention of the bank and ultimately procured his elevation to the management of the institution. In aadition to the report of his own failure for the large sum mentioned, a business concern in which he is said to have been interested also failed for a large amount. To the casual visitor the bank yesterday presented a rather dull appearance. The clerks and employés stood around in groups, waiting, Micsweer-like, "for something to turn un," except when called upon by the directors to explain certain accounts under examination. The morning meeting of the directors was adjourned at noon. An afternoon meeting was held also. It commenced at two o'clock and was to continue until ten P. M.-at least so a director stated to the writer at four o'clock. It was understood that telegraphic communication was kept up by the bank during the day with Comptroller Knox, but no definite results were arrived at. He has not yet given formal permission to the bank to go into a voluntary liquidation, although It is still stated that he is inclined to do so. It is equally certain that he had not appointed a receiver, according to the latest accounts yesterday alternoon. Possibly he is awaiting the result of the new directory's examination of the accounts. Before they can determine upon their course the new directors are naturally desirous of finding to what extent they are involved by Mr. Patrick's management. His dummies, Smith & Girvan, were as inaccessible as ever yesterday, so their large loans continue unexplained, and it is getting to be very generally believed that explanation would not help them much. A number of bank presidents and cashiers called at the bank in the morning and held consultations with the directors, possibly with a view to aid them in their intended resumption. It is announced that drafts crawn by the San Joaquin Valley Bank, of Stockton, Cal., on the Bank of the State of New York are ordered to be presented to Drexel, Morgan & Co. Drafts on the bank drawn by J. S. Lockwood & Manning, of San Antonio, Texas, are ordered to be presented to J. & W. Feligman. The coupons of the town of Paris, Oneida county, due on the 1st of April, will be paid at the Oneida Bank, of Utica, and not at the Bank of the State of New York,

9. March 23, 1876 The Kenosha Telegraph Kenosha, WI
Article from The Kenosha Telegraph, March 23, 1876

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DOMESTIC NEWS. East. Some excitement was produced in New York financial circles, the past week, by the failure of the National Bank of the State of New York, in New York city. It is stated that customers and depositors will lose nothing by the suspension of the bank. Ex-President Woolsev, of Yale College, has written a letter on the Beecher business, in which he expresses & belief in the Plymouth pastor's innocence, but thinks he has acted unwisely. The poorhouse at Norwich, Ct., was recently destroyed ty fire. About a dozen of the inmates perished in the flames. New York papers announce the death of Mrs. Schurz, wife of ex-Senator Carl Schurz. West. The Chicago papers state that indictment for conspiracy to defraud the government has been found by the United States grand jury against Jasper D. Ward, formerly a member of Congress, and latterly United States district attorney. Chicago elevators, as per official returns, contain 3,198,007 bushels of wheat, 2,091,745 bushels of corn, 718,641 bushels of oats, 142,315 bushels of rye, and 389,963 bushels of barley, making a total of €,540,071 bushels, against 6,894,885 bushels at this period last year. The people of Cincinnati have voted to issue $6,000,000 bonds to the Cincinnati Southern railway, in addition to the $10,000,000 already issued. A party of 200 gold-hunters left Chicago for the Black Hills a few days ago. In the United States District Court at Chieago, last week, A. C. Hesing, Jacob Rhem and several of the indicted distillers pleaded guilty to the charge of conspiracy to defraud the Government. News comes from the far West that Gen. Crook, the famous Indian fighter, is making it exceedingly warm for the red-skins. He had left Fort Reno with fifteen days' rations, and struck out after the Indians known to be north of that place. Springfield, Ill., has had a disastrous conflagration, involving the destruction of Hon. Jacob Bunn's Opera-House, and three adjoining business edifices. The total loss is about $170,000. Mr. Bunn had no insurance on the opera-house. which cost $130,000 when built, ten years ag Although a number of emigrants en route to the Black Hills are snowed in upon the plains, and grave apprehensions are expressed as to their fate, the tide of emigration sweeps on toward that supposed new El Dorado with undiminished volume. A special train of twelve cars had to be sent out from Omaha the other day to accommodate the number on the way. A suit has been brought in the United States Court in Ohio to eject ex-Gov. William Allen from his famous farm at Fruit Hill, on the ground that he became possessed of it by causing the will of his father-in-law. ex-Gov. Duncan MeArthur, of Ohio, to be set aside in fraud of the rights of minor heirs, whereby the property went to Allen's wife. There is in Chicago a rare dramatic phenomenon. It is a boy tragedian-Edwin Byron. aged seventeen years. This youthful prodigy appears upon the stage of Col. Wood's Museum in the most diffic.ll Shakespearian characters, and interprets them with a truthfulness and power unsurpassed by many tragedians of mature years and large pretensions. Hundreds of teams between Yankton and the Black Hills were caught out in the recent severe storms, and reports of great suffering to men and stock are anticipated. South. J. D. Bell, proprietor of the People's Defense newspaper, at Jackson, Miss., recently shot and killed & printer in his employ named Augnstus Carey. The difficulty originated in the settlement of Carey's account. The murderer was arrested. The city of Charleston, S. C., has been visited by a destructive conflagration. The loss is estimated at not less than half a million dollars, with very little insurance. Hundreds of persons are rendered homeless and penniless by the calamity, and much suffering is reported. During the progress of the fire bands of negro robbers roamed over the city, sacking every house to which they could gain access. The recent severe snow-storm extended as far south as Tennessee, and was the severest ever experienced in that region. There was a fall of ten inches at Memphis, and fourteen inches at Cairo.

10. March 24, 1876 The Marietta Journal Marietta, GA
Article from The Marietta Journal, March 24, 1876

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THE National Bank of the State of New York suspended last week. Its capital was $2,000,000. The de- positors in the bank will lose noth- ing, neither will the note-holders. The total loss will fall on the stock holders, who will realize only about 50 cents on the dollar of their stock.

11. April 8, 1876 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, April 8, 1876

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THE PACIFIC Commercial Adbertiscr. SATURDAY, APRIL 8. FOREIGN NEWS. LONDON, Mar. 14.-The Marquis of Hartington, of the League of Liberals. gave notice in the House of Commons this evening that he would oppose the assumption by the Queen of the title of Empress of India. PARIS, Feb 14.--A statement has been issued by the Ministerialists setting forth that a Republican form of government has been founded in France, and that there never was a government more legitimately established and that it will endeavor to secure external peace, regretting all warlike adventures, and asks the confidence and loyalty of the people toward the President. BELGRADE, Mar -The Turkish troops massed upon the Servian frontier having committed depredations, the Servian militia has been mobilized and ordered to march to the frontier. DISASTROUS INUNDATIONS IN CENTRAL ECROPE.LONDON Mar. 16 5 A. M. -A Paris dispatch in the Times reports that the inundations have stopped work in the tobacco factory and in the foundries of Alfortville. Two hundred houses are flooded at St. Maur. The gale of Sunday caused a frightful destruction of life and property. Eleven persons were killed in Cambray. At Lettiers the Rhone rose twenty or thirty feet. inundating the whole country. At Coblentz the Rhine rose below the railway bridge like a water-spout to the height of houses. Hamburg and Frankfort have also suffered. NEW YORK, Mar. 14.-The failure of the National Bank of the State of New York to-day caused intense excitement on Wall street, and the prices of securites fell off. with a feverish feeling prevailing Prices, however, afterward raised. At one time fears were entertained of a run on other banks, but a calmer feeing prevailed subsequently. The capital of the bank was two million. This, it is thought will be reduced to one million by the losses sustained, and the stock holders will be assessed for the deficiency arising from the troubles of the bank. It is understood the failure arose principally from bad management and upfortunate advances made upon cotton. the price of which has been gradually sinking here and at Liverpool for some time past. LONDON, Mar. 16.-A Times special from Berlin says a letter from Peko Paulovich, who commanded the insurgents at the battle of Muratovizza, asserts that a force of 1,550 insurgents attacked 3,200 Turks. Only 700 of the latter returned to Gatzchko. About 800 were killed, and the others were drowned or dispersed. The insurgents captured 675 rifles, and four rifled cannon. BOSTON, Mar. 16.-A dispatch to the Globe, from Concord, N. H., saysthat the nearly complete returns show that the Republicans have carried the State and have a majority of the council. and will have at least 28 majority on joint ballot. LONDON, March 17.-The Paris correspondent of the Times says the recent report of the probability of war between Japan and Corea attracts considerable attention here. It must have been circulated purposely to direct attention to the Corean question and to the Russian action in Asia. I learn that the Russian army, numbering 12.000 men, has entered Corean territory under pretext pursuing brigands. If war on the southern coast of Corea, Russia would be quite ready to co-operate in the north. The occupation of Corea or at least of Corean ports, may be presumed to have been not unforeseen. We shall perhaps hear more concerning Russian action in Corea. Meanwhile the Russian Government is taking measures to practically utilize the recent acquisition of Saghalein. A regular steamer service will soon be commenced between Saghalein and Shanghai. It is announced that the steamers of the new line will be gunboats. BOSTON, March 17.-In honor of the one hundredth anniversary of the evacuation of Boston by British troops, business was generally suspended to-day. Flags were displayed from the shipping and from the State and national buildings, and many private residences. NEW YORK, March 17.-A foot of snow has fallen to-day in the northern portion of the State. and in portions of Maine, New Hampshire and Vermont it is still snowing. LONDON, Mar. 17. A Vienna dispatch asserts that the Servian ministry seems to favour immediate war. The situation is aggravated by continued raids of Turkish troops on the frontier. The Turks are rendered utterly reckless by want. LONDON, Mar. 18--6 A. M.-A Vienna dispatch says it is stated that Servia has determined to rise a compulsory loan for military purpose. and to exact it immediately, with the utmost rigor. It is reported that Greece has offered to form an offensive alliance with Servia and Roumania. All the Servians are convinced that Russia, although temporarily co-operating with Austria, cannot, for her own interest, permit Austria to occupy Servia. The Servians, therefore, disregard Austria. They are preparing to take the consent to grant, though it would accept accomServian race. MADRID, March 16th.-Don Caldron Coolants, Foreign Minister, speaking in the Cortes relative to the religious question, said the Government trusted to the Pope and his affection for Spain. They hope Providence will prevent 80 eminently Catholic a nation from being divorced from the common head of the faithful. Later on, Senor Sagasta, in opposing the address in reply to the speech from the throne, defended religious toleration, which he declared the Vatican would never consent to grant, though it would accept accomplished facts.