Grocers Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 27, 1881
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 6ca4ac4a

Response Measures

None

Description

Articles describe the bank in receivership with a receiver handling assets and dividends for creditors. No run is mentioned; the bank is closed and in receivership, consistent with suspension followed by closure.

Events (1)

1. October 27, 1881 Receivership

Newspaper Excerpt: There was a meeting of the creditors of the Grocers' Bank ... to get from the receiver of the bank, S. V. White, a statement ... He thinks he will be able to pay a final dividend of ten per cent in about six months; he could now pay a dividend of 5 per cent, but the cost would be too great to justify it.
Source: newspapers

Newspaper Articles (1)

1. October 27, 1881 New-York Tribune New York, NY

Article from New-York Tribune, October 27, 1881

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Article Text

SATISFIED WITH A RECEIVER'S WORK. There was a meeting of the creditors of the Grocers' Bank in a room of the Astor House yesterday afternoon. The committee appointed a week before to get from the receiver of the bank, 8. V. White, a statement of the reason why the final dividend had not been paid, reported that Mr. White had been seen on last Friday and had given a frank statement of the condition of his trust. He said that he had among the assets a judgment for $40,000 against the city of Rahway, and to secure it city bonds to the extent of $50,000. He thought he could sell the bonds for from $12,000 to $15,000. He also has a judgment for $40,000 against Richard Murphy who is a member of the Stock Exchange. Mr. White thinks that it will yield at least $15,000. There is also due to the receiver from the Iron Mill of Pittsburg $15,000, and from the Morosini Steamboat Company $4,000. He holds real estate on Jersey City Heights valued in the books of the bank at $15,000. "However," said the chairman of the committee, "we don't think any dividend will come out of it after the assessments. taxes, and Receiver's fees have been paid. It is in the hands of Receiver Corbin. Mr. White has also $20,000 in cash. He thinks he will be able to pay a final dividend of ten per cent in about six months; he could now pay a dividend of 5 per cent, but the cost would be too great to justify it. It would require $95,000 to pay the balance due on the principal, which is 20 per cent." The committee expressed entire satisfaction with the work done by Mr Whire and expressed the opinion that the creditors would get not only the principal of their claims but also the interest. The report was accepted and the committee continued.