15968. Harlem Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 4, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e16bf961

Response Measures

None

Description

The articles consistently report that the Harlem Bank suspended operations by order of stockholders and went into voluntary liquidation (depositors to be paid in full). No run is described. Date of suspension reported Sept. 4, 1877 in multiple papers. Articles note losses dating from the Panic of 1873 and mention voluntary liquidation; one piece mentions an effort to convert to a national bank, but the institution is described as suspended/closed.

Events (1)
1. September 4, 1877 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to suspend operations and go into voluntary liquidation because the bank had suffered losses in the Panic of 1873 and business had not improved; decision made at stockholders' meeting to pay depositors in full.
Newspaper Excerpt
The Harlem Bank suspended operations to-day and went into voluntary liquidation. This action was decided on at a meeting of the stockholders. It was also resolved to pay off depositors in full.
Source
newspapers

Newspaper Articles (8)
1. September 5, 1877 New-York Tribune New York, NY
Article from New-York Tribune, September 5, 1877

Click image to open full size in new tab

Article Text

THE HARLEM BANK CLOSED. DEPOSITORS TO BE PAID IN FULL-THE SUSPENSION ORDERED BY THE STOCKHOLDERS. T he Harlem Bank suspended operations yesterday, and went into voluntary liquidation. William T. Ryerson, the President, said to a TRIBUNE reporter yes. terday that on Thursday a meeting of the directors was held, at which it was decided to hold a meeting of the stockholders, to consult upon the advisability of closing the bank, and if a majority should conclude that such a course would be expedient, then to close at once, and pay off the depositors. This meeting was held vesterday, and a very large majority was in favor of suspending business and of paying off the depositors in full. Business was therefore at once stopped, and further deposits were refused. The depositors were informed of the decision of the stockhold. ers, and invited to withdraw their deposits. At the same time a communication was sent to the Banking Depart meat at Albany, giving the information that the bank had gone into voluntary liquidation. The Harlem Bank is a State Bank, and was organized in 1870, with a capital stock of $100,000. For three years its business was successfully carried on. During the panie of 1873 it suffered losses,'along with other institutions. Since then its business has not improved, and last year the stockholders and directors contributed money to meet the deffeiencies in the assets, with the sole purpose, Mr. Ryerson states, of protecting the depositors. The liabilities of the bank were $200,000 last year, and at the close of the stockholders' meeting yesterday, they were $150,000, consisting of amounts due the depositors. The stockholders had, ,however, fully fortified themselves, and had in the bank the amount of the deposits, 80 that the depositors will not suffer any loss. Mr. Ryerson ad. ded that as there is no deficiency in the assets of the bank, no demand has been made for the appointment of a receiver, and be did not see any reason for publishing any other than the usual weekly statement to the department at Albany. An effort is being made to convert the institution into a National bank.

2. September 5, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, September 5, 1877

Click image to open full size in new tab

Article Text

NEW YORK. Bank Suspension. New York, Sept. 4.-The Harlem bank suspended operations to-day and went into voluntary liquidation. This action was decided on at a meeting of the stockholders. It was also resolved to pay off depositors in full. The bank suffered losses in the panic of 1873, and its business has not improved since.

3. September 5, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 5, 1877

Click image to open full size in new tab

Article Text

Business Embarrassments. NEWPORT, R. I., September 4.-The Penny cotton mills suspended operations, owing to the financial difficulties of the New port Manufacturing Company. Bay Finch, who endorses the latter's paper, is a principal owner. A large number of hands were thrownout of employment. Several banks will immediately act in the matter, and their representatives will be present at the meeting of the creditors this afternoon. NEW YORK, September 4.-The Harlem Bank suspended operations to-day, and went into voluntary liquidation. This action was decided on at a meeting of the stockholders. It was also resolved to pay off their depositors in full. Business was therefore stopped and further deposits refused. The bank suffered losses in the panic of 1873, and its business has not improved since, which was the cause of the suspension.

4. September 5, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 5, 1877

Click image to open full size in new tab

Article Text

Bank Saspension NEW YORK, September 4.-The Harlem Bank suspended operations today, and went into voluntary liquidation. This action was decided on at a meeting of the stockholders. It was also resolved to pay off depositors in full, Business was therefore stopped and further deposits refused. The bank autfered some losses in the panic ol 1873, and its business has not improved since, which was the cause of the suspension.

5. September 5, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 5, 1877

Click image to open full size in new tab

Article Text

FINANCIAL. NEWPORT, R. I., Sept. I.-The Perry cottonmill has suspended operations, owing to financial difficulties. The Newport Manufacturing Company-Benjamin Finch, Indorser of the latter's paper-is the principal owner. A large number of hands were thrown out of employment. Several banks will Immediately net in the matter, and their representatives will be present at a meeting of the creditors this afternoon. NEW YORK. Sept. 4.-The Hariem Bank suspended operations to-day and went into voluutary liquidation. This action was decided on at a meeting of the stockholders. It was also resolved to par off depositors In full. Business was therefore stopped, and further deposits refueed. The bauk suffered losses in the panic of 1977, and its business has not improved since. which was the cause of the suspension.

6. September 6, 1877 The New York Herald New York, NY
Article from The New York Herald, September 6, 1877

Click image to open full size in new tab

Article Text

THE HARLEM BANK. All was quiet yesterday in the Harlom Bank, Third avenue, near 124th street, comparatively few of the depositors appearing to claim the 100 per cent dividend allotted by the Board of Direction. The suspension of the institution causes much inconvenience to storekeepers in Harlem and the new wards, many of whom, instead of withdrawing their funds, yesterday appeared at the bank and asked permission. to add to their deposits. It is understood the bank will be reorganized, with a larger capital, on the national plan.

7. September 13, 1877 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, September 13, 1877

Click image to open full size in new tab

Article Text

LATE NEWS. The Harlem Bank of New York suspended last week. Chicago, Sept. 6,-The Catholic church at Rogers Park was burned last night. Loss from $10,000 to $12,000. Insurance $7,000. London, Sept. 6.-Of the gold withdrawn from the Bank of England yesterday, eagles to the amount of £100,000 were for the United States. Lucan, Ont., Sept. 9.-Mrs. Regan and her stepson, James Hogan, have been arre sted for poisoning Mr. Regan, a farmer, and husband to the woman. New Haven, Sept. 10.-Samuel Humphrey, alias John Leary, locomotive fireman, has been arrested bere on a charge of firing the railroad bridge at Reading, Pa., during the recent strikes. Chicago, Sept. 6.-Colonel Bradley, commanding at Camp Robison, telegraphs to-day to Military Headquarters : Crazy Horse died about midnight from wounds received in trying to escape. Indianapolis, Sep. 9.-The Indianapolis Soldiers' Orphan's Home, at Knightstown was destroyed by fire last night. The children were removed without loss of life. Damage $100,000, insurance $20,000. Dispatches from Wilkesbarre leave little hope of an immediate satisfactory solution of the troubles between the coal companies and their workmen. The latter refuse to listen to any offer that does not concede the twenty-five per cent. advance which has been demanded. Patterson, Sept. 9 -Silk circles here have been startled by the reported failure of Soleliac & Sons of this city. They employed about 360 hands. Their liabilities are said to be $200,000, mostly due to importers. The firm has done a large business here since the panic.

8. September 14, 1877 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, September 14, 1877

Click image to open full size in new tab

Article Text

THE EAST. The Harlem (N.Y.) Bank has suspended operations and gone into voluntary liquidation. Depositors will be paid in full. The annual session of the American Social Science Association commenced at Saratoga on the 4th. David A. Wells, President, delivered an address. One fatal case of yellow fever was reported at New York on the 4th. Gold sold in New York on the 5th at 1031-the lowest rate since May, 1862. The Governor of Pennsylvania has reprieved Allen C. Laros, the Northampton County poisoner, sentenced to be hanged on the 10th, for thirty days, to allow an examination into the prisoner's sanity. The funeral services of E. L. Davemport the actor, at New York on the 5th were largely attended. Rev. Dr. Chapin preached the funeral sermon and Mayor Ely was one of the pall-bearers. The streets through which the procession passed were crowded with people. Base-ball on the 6th: Boston 11, St. Louis 2; Cincinnati 1, Louisville 0. The President of the D., L. & W. Company refuses to negotiate with the striking miners until they resume work. Then, when the price of coal warrants it, the company will increase wages or pay the sliding scale. Nine men were burned, three fatally, by an explosion of gas in the Phonix Park Mine, near Minersville, Pa., on the 6th. The Wilkesbarre (Pa.) coal companies have decided to advance the price twenty cents per ton for the Northern and Western markets. Two steamships arrived at New York from Europe on the 8th with about $1,300,000 in gold coin. The outgoing steamers were heavily laden with grain, canned goods, butter, cheese and beef. Base-ball on the 8th: Chicago 1, Boston 0; Hartford 15, St. Louis 6; Cincinnati 6, Louisville 2. Frank Leslie, the well-known newspaper publisher of New York, has failed. Liabilities $320,000. An arrangement has been made whereby his publications will be continued. Rt. Rev. Amadeus Rappe, Catholic Bishop of the Diocese of Cleveland from 1847 to 1870, died on the 8th at St. Albans, Vt., aged seventy-four. The Bishop was well known throughout the United States and Canada as a missionary and temperance reformer. Three bodies were found on the 9th in the ruins of the burned piano factory at New York. Thomas F. Curley was hanged at Norris. town, Pa., on the 10th for the murder of Miss Mary A. Whitby, May 18, 1875. The shock of an earthquake was expe. rienced in New Jersey on the 10th. AtMount Holly houses were shaken and crockery broken. The miners of Neshquehoning, Pa., resumed work on the 10th. They have been out since July.