Merchants National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1370
Charter Number: 1370
Start Date: January 1, 1871*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4ca34a15

Response Measures

None

Description

OCR corrected: text reads 'tailed in 1871' which is 'failed in 1871'. Article describes the bank's failure in 1871, appointment of receivers, and final dividends — no contemporaneous run is reported. Cause appears to be bank-specific malfeasance/insolvency (owed the Government $750,000; president operated heavily in gold and was accused of wrongdoing).

Events (4)

1. June 30, 1865 Chartered

Source: historical_nic

2. January 1, 1871* Receivership

Newspaper Excerpt: When the bank broke, a man by the name of Kennedy was appointed receiver... He died, and Mr. McGruder was appointed in his place, who declared a dividend of 14 7-10 per cent. which was made final.
Source: newspapers

3. January 1, 1871* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed in 1871 owing the U.S. government $750,000; president Leonard Huyck accused of heavy gold speculation and alleged rascalities.
Newspaper Excerpt: Huyck was President of the Merchants' National Bank of this city, which failed in 1871, owing the Government $750,000.
Source: newspapers

4. February 29, 1920 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. July 30, 1878 The Sun New York, NY

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Article Text

One of Hayes's App are nts. From the Boston derald. WASHINGTON, July 28.-Old sto "tes about Leonard Huyck have been revived since his appointment as a notary public. Huyck was President of the Merchants' National Bank 01 this city, which tailed in 1871, owing the Government $750,000. A Congressional investigation followed. and it transpired that he had been operating in gold very heavily, and, whenever the bank got into a pinch for money, was in the habit of calling upon a naval paymaster for assistance. It is charged that he, as President of the bank. brought special influences to bear on the Treasury Department, which indueed them to make the bank a sort of Government de. pository. When the bank broke, a man by the name of Kennedy was appointed receiver. and declared a dividend of 10 per cent. He died, and Mr. McGruder was appointed in his place, who declared a dividend of 14 7-10 per cent. which was made final. Huyek was at one time imprisoned for his alleged rascalities.