15526. Brewers & Grocers Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 20, 1878
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
b77f48d0

Response Measures

None

Description

Contemporary reports state the Brewers & Grocers' Bank 'will wind up its affairs and go out of business' (Mar 20, 1878) and it appears among state banks that closed. A receiver (Thomas B. Musgrave) was later appointed (Jan 29, 1879) and the bank's fixtures were auctioned in Feb 1879. No run is reported in the articles; this is a voluntary closure/winding up resulting in receivership and asset sale.

Events (3)
1. March 20, 1878 Suspension
Cause
Voluntary Liquidation
Cause Details
Reported decision to wind up affairs and go out of business; loss of customer confidence and $3,200 impairment of capital partly from cashier defalcation noted in the same report.
Newspaper Excerpt
NEW YORK, March 20.-Brewers & Grocers' bank will wind up its affairs and go out of business.
Source
newspapers
2. January 29, 1879 Receivership
Newspaper Excerpt
J. B. Musgrave for the Brewers' and Grocers' Bank. ... An order will be entered granting the motion and appointing Thomas B. Musgrave receiver.
Source
newspapers
3. February 24, 1879 Other
Newspaper Excerpt
Pursuant to an order of the Supreme Court, I will sell on MONDAY, February 24, 1879 ... all the chattels and fixtures of the Brewers and Grocers' Bank ... THOS. B. MUSGRAVE, Receiver.
Source
newspapers

Newspaper Articles (10)
1. March 21, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, March 21, 1878

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Article Text

DE-SHERMON-ETIZED Savings Bank in Trouble at Lawrence, Mass.-A New York Bank Winds Up Its Affairs-Failures, etc. BLOOMSBURG, Pa., March 20.-The Danville, Hazleton & Wilkesbarre railroad, sold here under foreclosure to-day, was bought by the bondholders for four hundred thousand dollars. LAWRENCE, Mass., March 20.--Some excitement was occasioned among mill operatives to-day by rumors of the suspension of the Broadway Savings bank, which has deposits of $1,068,987, mostly belonging to operatives. The bank has not suspended, but requires two weeks notice before withdrawal. Its financial condition is said to be perfectly sound. NEW YORK, March 20.-Brewers & Grocers' bank will wind up its affairs and go out of business. Cause, loss of confidence of customers, and $3,200 impairment of capital, owing in part to defalcation of the former cashier. WORCESTER, Mass., March 20.-The failure of Wm. H. Morse, president of the Security National bank, has raised questions as to the solvency of the bank. The United States examiner is making an investigation. LONDON, March 20.-The cotton masters of North and Northeast Lancashire will reduce wages 10 per cent. MONTREAL, March 20.-McMullen & Co., lumber merchants, have failed. Liabilities $100,000; assets unknown.

2. January 16, 1879 New-York Tribune New York, NY
Article from New-York Tribune, January 16, 1879

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Article Text

THE STATE BANKS. SUPERINTENDENT LAMB'S REPORT. COMPARATIVE CONDITION OF THE BANKS-THEIR TAXATION-INVESTMENTS AND CIRCULATION. FROM THE REGULAR CORRESPONDENT OF THE TRIBUNE.) ALBANY, Jan. 15.-Superintendent Lamb, of the Banking Department. transmitted to the Legislature to-day his annual report. on the State banks, of which the important parts are included in the following abstract : ABSTRACT OF THE REPORT. The number of banks and banking associations organized under laws of the State, and reporting to the Bank Department on the 30th of September. 1878, was seventy-five. The total number which reported at the close of the previous fiscal year was eighty-one. During the last fiscal year one new banking association, to wit. the New-York State Banking Company. Syracuse, was formed. Seven banking associations were closed during the year, viz.: Brewers and Grocers' Bank. New-York; Bull's Head Bank, New-York; Bank of Caenango, Norwich; Commercial Bank, New-York: Commercial Bank, Rochester; State Bank. Olean : Bank of Wappingers' Falls. Five of these voluntarily closed their business, and two closed as State banks and reorganized as National banks. In compliance with the requirements of chapter 324. Laws of 1874. eleven trust, loan and mortgage companies reported to the Superintendent on June 30, 1878. During the fiscal year one company, the National Trust Company. New-York, failed, and is now in the hands of a receiver. During the same period the Equitable Trust Company, organized under the laws of the State of Connecticut and doing business in this State, and the United States Mortgage Company of New-York, first reported to this Department, as required by chapter 324, Laws of 1874. THE COMPARATIVE CONDITION OF THE BANKS. Below are presented the tabulations of the two quarterly reports of all the reporting banks and banking associations for the dates respectively stated, which were near the close of the last two fiscal years:

3. January 30, 1879 New-York Tribune New York, NY
Article from New-York Tribune, January 30, 1879

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DECISIONS-JAN 29. Supreme Court-Chambere-By Chief-Justice Davis. --Thalmessinger agt. the Brewers' and Grocers' Bank.-An order will be entered granting the motion and appointing Thomas B. Musgrave receiver. Bv Judge Barrett.-MeCarthy agt. the Committee on Fel. lowship, Ordination and Discioline of the New-York State Convention of Universalists. -Motion for an extra allowance denied. Bampton agt. Worden Motion granted. Cook agt. Jenkins.-Order settled. In the matter of Muller, etc.-Mr. Langbein may take an order to show cause why the petition should not be granted. Special Term- By Judge Lawrence.-The People ex rel. Campbell agt. Campbell, etc.-Granted. By Judge Van Worst.-Clark - agt. the Mutual Life Insurance Company.-Order staying proceedings granted. Superior Court-Special Term-Bv Judge Sedgwick. -Sewell agt. Ives.-See - memorandum Siegel et al. agt. the Lake Shore, etc., Railroad Company.-Order amending order of January 13. Davis agt. the Christopher and Tenth Street Railroad Company.-Order of discontinuance. Mattaews et al. agt. Salter; Maxson agt. Schuefllin et al.-Orders granted. Hirsch agt. the Lake Shore, etc., Railroad Com. pany : same agt. same: Boebm agt. Morch.-Commission ordered. Rose agt. Minor.-Order of discontinuance. Hin. richsagt. Holberton et 11.-Order of discontinuance. Robinson agt. Lawless: Watkins agt. Weller: Thyer agt. Thyer; Wettig agt. Moltz: Harris agt. Burdett: Dougherty agt. St. John: Cock agt. Platt: Robinson agt. Lawless Cook agt. Platt: Wells act. Speneer.-Orders granted. Grandy agt. 1cKenzie.-Seememorandum added to copy of amendment. Common Pleas-Special Term-By Judge F. DalyConnor agt. Belden.-Motion granted, no cost: see opinion. Fisher agt. Raab and others.-Injunction dissolved with $10 costs; motion to set aside report and for new hearing denied with $10 costs: see opinion on file. By Judge Van runt.-Ruckert agt. Peast. - Motion granted and order dismissed without costs. Smith and another agt. Mandeville et al.-Reference ordered to Stephen H. Olin. Marine Court-Chambers-By Judge Sheridan.Patrick agt. Solinger. - Motion granted. order settled. Barnes agt. Leslie : Bathgate agt Robbins: Isaaca agt. Bernhard.Motions granted. Gardelli agt. Gardelli.-Motion granted, default opened. Schmidt agt. Dusseldorf. Motion granted, amendment allowed. Peck agt. Stone.- R. B. Bach, esq. ap. pointed receiver. Blina agt. O'Donnell.-Bonds approved. Eleventh Ward Bank act. Van Horn: Cuming agi. Hoffman; Hohls agt. Lederer: Pfuller agt. Willich: Wicks agt. Grant: Hunter agt. Henrahan: Barnes agt. Clark: Murphy agt. Cassidy; O'Raundy agt. Lavery Glantz agt. Hamburg American Packet Company.-Onders entered and filed Murphy agt. Cassidy.-Motion granted, plaintiff directed to file security.

4. January 30, 1879 New-York Tribune New York, NY
Article from New-York Tribune, January 30, 1879

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THE NEWS THIS MORNING. FOREIGN.-President MacMahon remains firm in his refusal to submit to a reorganization of the military commands, and his resignation is expected to-day. - No new cases of the plague are reported; stringent measures have been adopted in Russia to prevent its spread, and the precautionary measures adopted by Germany will be promulgated immediately. By the destruction of Hincks & Son's lamp works at Birmingham, Eng., 300 workmen have been thrown out of employment. DOMESTIC.-There were 1,500 people at the last The stock of reception at the White House. gold coin is increasing in the Treasury, in spite of A Gloucester the late heavy payments. === delegation called on Secretary Evarts yesterday, to urge an immediate abrogation of the fishery treaty. == The Potter Committee took the testimony of W.T. McLennan, General Brady and Judge Tyner yesterday; the Republican cipher telegrams were produced, and shown to be perfectly proper and devoid of harm. The New-Jersey Legislature reèlected George M. Wright State Treasurer, and elected Charles A. Butts Director of State Railroads. A fire at St. Joseph, Mo., destroyed Charges have property valued at $235,000. been presented to the Governor against County Clerk Gumbleton. CONGRESS.-In the Senate. yesterday, a number of pension bills were passed; the Edmunds resolations were taken up, but laid aside; the Senate then went into executive session, during which Mr. Thurman withdrew his motion for an open session, where the New-York nominations ,should be discussed: Mr. Conkling desired that action be taken on the nominations at once, but at the suggestion of Mr. Matthews action was delayed until Mr. Sherman should be heard from; Senator Christiancy, who was nominated yesterday as Minister to Peru, In the House, there was some was confirmed. excitement over a vote to go into Committee of the Whole; the House went into Committee of the Whole and considered the Post Office bill all day. but did not take final action. CITY AND SUBURBAN.-At the Bayard Taylo memorial meeting at the Goethe Club, addresses were made by Parke Godwin, E. C. Stedman. O.B. Frothingbam and others. The Committee of Fire Insurance Companies have agreed on a plan for a Tariff Association. At a sale of Seranton coal there was a heavy decline The Davenport Committee conin prices. tinued its sessions. The steamship City of Para brought 100 destitute workmen from Brazil. William J. Best was appointed a receiver for Belden & Co., and J. B. Musgrave for the Brewers' and Grocers' Bank. There was a large and brilliant company at the Morton Commandery ball at Gilmore's Garden. Gold value of the legal-tender silver dollar (41212 grains). 84.35 cents. Stocks opened weak and feverish, and afterward recovered sharply, closing buoyant. THE WEATHER.-TRIBUNE local observations indicate partly cloudy or clear weather, with slight changes in temperature. Thermometer yesterday, 370, 410,33°.

5. February 17, 1879 New-York Tribune New York, NY
Article from New-York Tribune, February 17, 1879

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Sales by Auction. JACOB BOGART, Auctioneer. - Pursuant to an order of the Supreme Court, I will sell on MONDAY, February 24, 1879, at 9:30 a. m., at the banking house corner 26th-st. and 3d-ave., ali the chattels and fixtures of the Brewers and Grocers' Bank, consisting of carpets, furniture, office partitions, stationery, &c., to the highest bidder, for cash. THOS. B. MUSGRAVE, Receiver.

6. February 18, 1879 New-York Tribune New York, NY
Article from New-York Tribune, February 18, 1879

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Sales by Anotion. ACOB BOGART, Auctioneer.-Pursuant to J an order of the Supreme Court, I will sell on MONDAY, February 24, 1879. at 9:30 a. m., at the banking house corner 26th-st. and 3d-ave., all the chattels and fixtures of the Brew. ers and Grocers' Bank, consisting of carpets, furniture. office partitions, stationery, &c., to the highest bidder for eash. THOS. B. MUSGRAVE, Receiver.

7. February 19, 1879 New-York Tribune New York, NY
Article from New-York Tribune, February 19, 1879

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Sales bn Anction. MEDICAL PURVEYING DEPOT. U.S.A., } NEW-YORK, February 17. 1879. UCTION SALE of U. S. Army Medical and A Hospital Property.-Will be offered at public sale, March 19, 1879, at half-past 10 o'clock a. m., under the direction of Captain F. O'Donsoghue, Medical Storekeeper, U. - Army, at the Old Post Office" salesroom, Cedar-st, corner of Nassau, Richter & Fufts, Auctioneers, a quantity of Medical and Hospital Property. embracing Medicines, Dreasings, Instruments, Books, Bedding, Clothing, Furniture and Miscellaneous Articles. Terms 01 the sale cash. All goods purchased to be removed within 24 hours. Catalogues to be ready by the 1st of March EBENEZER SWIFT, Asst. Med. Purvevor. ACOB BOGART, Auctioneer.-Pursuant to J an order of the Supreme Court, I will sell on MONDAY, February 24, 1879. at 9:30 a. ID., at the banking house corner 26th-st. and Sd-ave, ali the chattels and fixtures of the Brew. ers and Grocers' Bank. consisting of carpets, furniture, office partitions, stationery, &c,, to the highest bidder. for cash. THOS. B. MUSGRAVE, Receiver.

8. February 21, 1879 New-York Tribune New York, NY
Article from New-York Tribune, February 21, 1879

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Sales by Anotion. MEDICAL PURVEYING DEPOT. U.S. A., } NEW-YORK, February 17, 1879. UCTION SALE of U. S. Army Medical and A Hospital Property.-Will be offered at public sale, March 19, 1879, at balf past 10 o'clock a. m., under the direction of Captain F. O'Donnoghue, Medical Storekeeper, U. -. Army, at the "Old Post Office" salesroom, Cedar-st., corner of Nassau, Richter & Fufts, Auctioneers, a quantity of Medical and Hospital Property. embracing Medicines. Dressings, Instruments, Books, Bedding, Clothing. Furniture and Miscellaneous Articles. Terms 01 the sale cash. All goods purchased to be removed within 24 hours. Catalogues to be ready by the 1st of March EBENEZER SWIFT, Asst. Med. Purvevor. BY JOHN H. DRAPER & CO., Auctioneers. The DELAWARE, LACKAWANNA AND WESTERN RAILROAD COMPANY wilsell 100,000 TONS SCRANTON COAL At Public Anction on WEDNESDAY, February 26, at 12 o'clock noon, at 26 Exchange-place. SAMUEL SLOAN, President. ACOB BOGART, Auctioneer.-Pursuant to J an order of the Supreme Court, I will sell on MONDAY, February 24, 1879. at 9:50 2. m., at the banking house corner 26th st. and 3d-ave., all the chattels and fixtures of the Brew. ers and Grocers' Bank. consisting of carpets, furniture. office partitions, stationery, &e., to the highest bidder for cash. THOS. B. MUSGRAVE, Receiver.

9. February 24, 1879 New-York Tribune New York, NY
Article from New-York Tribune, February 24, 1879

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Sales by Anotion. MEDICAL PURVEYING DEPOT. U.S. A., } NEW-YORK, February 17, 1879. UCTION SALE of U.S. Army Medical and A Hospital Property.-Will! be offered at public sale, March 19, 1879, at half-past 10 o'clock a. m., under the direction of Captain F. O'Donuoghue, Medical Storekeeper, U. , Army, at the "Old Post Office" salesroom, Cedar-st., corner of Nas. san, Richter & Fuffs, Auctioneers, a quantity of Medical and Hospital Property. embracing Medicines. Dressings, Instruments, Books, Bedding, Clothing. Furniture and Miscellaneous Articles. Terms 01 the sale cash. All goods purchased to be removed within 24 hours. Catalogues to be ready by the lat of March EBENEZER SWIFT, Asst. Med. Purvevor. BY JOHN H. DRAPER & CO., Auctioneers. The DELAWARE, LACKAWANNA AND WESTERN RAILROAD COMPANY will sell 100,000 TONS SCRANTON COAL At Public Auction on WEDNESDAY, February 26, at 12 o'clock noon, at 26 Exchange place, SAMUEL SLOAN, President. ACOB BOGART, Auctioneer.-Pursuant to J an order of the Supreme Court. I will sell on MONDAY, February 24, 1879. at 9:30 8. m.. at the banking house corner 26th st. and 3d ave., all the chattels and hxtures of the Brew. PT8 and Grocers' Bank, consisting of carpets, furniture. office partitions, stationery, &c., to the highest binder for cash. THOS. B. MUSGRAVE, Receiver.

10. June 20, 1879 New-York Tribune New York, NY
Article from New-York Tribune, June 20, 1879

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CIVIL NOTES. Judge Donohue, in Supreme Court, Chambers, yesterday, decided to send to a referee the questions raised by the stockholders of the Brewers' and Grocers' Bank, who petitioned for the removal of Thomas B. Musgrave, the receiver, and the appointment of James Everard, Owen W. Brennan and David Jones as trustees, to settle up the affairs of the bank. The petitioners allege that the receiver has failed to proceed with the dissolution of the bank corporation and the distribution of its assets, and that he has incurred unnecessary expenses. Argument was heard yesterday in the United States Circuit Court, Chief Justice Waite presiding, on appeal in the case of Hebbard Youngs against the steamboat Fidelity. The canal boat Herbert Phelps, owned by the appellant, was wrecked in April, 1876, in the East River, while being towed from the Penitentiary dock, at Blackwell's Island, by the Fidelity, through carelessness on the part of the tug's crew. A libel against the Fidelity was dismissed, on the ground that she was not liable to maritime law because she was the property of the Department of Charities and Correction. The case is still on.