Bank of the State - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 26, 1878
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 3c1d7a4d

Response Measures

None

Description

Article (Feb 26, 1878) describes the Bank of the State of New York as the largest failure since the panic of 1873. No run is mentioned; the bank is described as a failure (permanent closure). Date taken from newspaper publication.

Events (1)

1. February 26, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Described as a failure with entire capital lost; insolvency/closure following effects of the panic of 1873 and continued hard times led to bank's failure.
Newspaper Excerpt: the largest failure being the bank of the State of New York for $1,200,000.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, February 26, 1878

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Article Text

The shrinkage of bank capital in New York since the panic of 1873 amounts to over $16,600,000. Part of this has been lost outright and part withdrawn and returned to the shareholders. Ten banks have lost their entire capital, amounting altogether to $6,250,000, the largest failure being the bank of the State of New York for $1,200,000. Eight banks, with a capital of $10,850,000, have withdrawn from business and distributed their money among their stockholders. A number of other banks have reduced their capital some $500,000. Such a shrinkage of capital in SO short a time is alarming indeed. If the "hard times" continue much longer they will leave New York entirely without capital.