Metropolitan Bank - New York, NY

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: d119065e

Response Measures

None

Description

Articles reference the 'failure' or 'collapse' of the Metropolitan Bank in New York (no explicit contemporaneous description of a depositor run). Evidence indicates the bank failed/closed rather than a mere temporary run or suspension with reopening. Date of failure not specified in the provided clippings.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Article(s) describe the Metropolitan Bank as having 'failed' or 'collapsed', implying insolvency/bank-specific failure rather than only rumor-driven withdrawals.
Newspaper Excerpt: was swamped by the failure of the Metropolitan Bank in this city
Source: newspapers

Newspaper Articles (2)

1. September 28, 1886 New-York Tribune New York, NY

Article from New-York Tribune, September 28, 1886

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Article Text

GEORGE SHELFORD PUFFER. George Shelford Puffer died on Sunday at his home No. 178 Livingston st., Brooklyn. He was president of the Atlantic State Bank of Brooklyn, until it was swamped by the failure of the Metropolitan Bank in this city and of George I. Seney. He was born in England in 1800, and came to this country when a young man. He was for a time in the drug business, and served in the Union Army in the war. He was afterward the teller and the cashier in the Atlantic National Bank, which became the Atlantic State Bank, and he was its president for several years. He never recovered from the blow caused by the suspension of the institution. His death was caused by a complication of diseases. He left a wife and three children. The funeral will take place to-morrow.

2. March 21, 1887 National Republican Washington, DC

Article from National Republican, March 21, 1887

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Article Text

# THE FINANCIAL SITUATION. Views of Mr. John Thompson, of the Chase National Bank - No Money Panic This Spring. NEW YORK, March 19.-"Are we to have a money pinch and panic this spring?" This question is answered by that experienced observer, John Thompson, of the Chase National Bank, New York. The turning of trade dollars, which were so much merchandise and requiring money to carry them, into available currency, lessens the demand-say $8,000,000-and increases the supply-say $10,000,000-thus giving $18,000,000 of relief to the money market. This, with the calling in of 3 per cent. bonds, is all that is needed to carry us throngh this spring. There is, however, one contingency hanging over the money market all the time, and that hangs over us every week in the year. Some startling features, like the collapse of the Marine and Metropolitan Banks, may destroy confidence in "token money" (checks, drafts, letters of credit, &c), thus causing a drawing of deposits in currency and hoarding it for safety. This kind of contraction is our continuous danger, and when once inaugurated is sure to be a financial blizzard. We should have more sound currency and less "token money." Since ingrafting silver certificates on our financial currency tree, and since obtaining the conversion of trade dollars into available currency, my hobby is now the perpetuating and perfecting of the national bank system with a currency arrangement ingrafted on it. A skeleton of the graft I beg to hand you, as follows: 1. Amend the national bank law, retaining all its restrictions, ramifications, powers, and privileges, so as to legalize the issue of circulating notes to the amount of 50 per cent. of capital without the deposit of bonds as security. 2. In case of failure the currency to be preferred before any other liability. 3. One per cent. per annum on this currency to be deposited in the treasury as a guarantee fund for the redemption of the notes of any broken bank whose assets may be inadequate to redeem its issue of currency. This I believe will give permanency and elasticity to our diversified financial fabric.