Metropolitan Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 1, 1881*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 6144f078

Response Measures

None

Description

Article 1 (New-York Tribune, 1892-12-16) states the Metropolitan Bank suspended payment in 1881, but retained his place until long after payments were resumed, indicating a suspension in 1881 and subsequent reopening. No explicit run is described in the provided excerpts and no clear cause for the suspension is given in the text, so I classify the cause as 'other/unknown'. OCR errors in Article 2 made parts unreadable; nothing in the excerpts supplied contradicts the 1881 suspension-and-resumption statement.

Events (1)

1. January 1, 1881* Suspension

Cause Details: Article notes a suspension of payments in 1881 but gives no reason or trigger for the suspension.
Newspaper Excerpt: he was cashier when the bank suspended payment in 1881, but retained his place until long after payments were resumed.
Source: newspapers

Newspaper Articles (2)

1. December 16, 1892 New-York Tribune New York, NY

Article from New-York Tribune, December 16, 1892

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Article Text

OBITUARY. GEORGE J. McGOURKEY. George J. McGourkey, fifty-nine years old, died at his home, No. 6 East Sixty-ninth-st., on Thursday last. Last winter he was attacked by the grip and never recovered from its effects. The direct cause of his death was heart failure. Mr. McGourkey was born In Albany. His father was William G. McGourkey, who was for fifty years associated with the Canal Department of this State and was once Deputy Auditor. George J. McGourkey came to this city when he was about sixteen years old and got employment with Wesley & Co., brokers, in Wall Street. He afterward entered the Metropolitan Bank, starting as an assistant note-teller. and was promoted until he became cashier. He was cashier when the bank suspended payment in 1881, but retained his place until long after payments were resumed. He resigned in 1887, and shortly afterward was elected president of the American Meter Company, No. 512 West Twenty-second-st. This place he held until the early part of this year, when he resigned, owing to ill-health. He was a RepubMcan and a member of the Union League Club, but was never prominent in politics. He leaves a widow, two sons and a daughter. The funeral will take place to-morrow, and the burial will be in Tarrytown.

2. June 16, 1893 The Sun New York, NY

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Article Text

LOAN CERTIFICATES READY. CLEARING HOUSE BANKS PUT A LOAN COMMITTEE IN CHARGE. They Came Within an Ace of Asking Prest. dent Cleveland to Convene Congress Im. medintely-Man Bankers Strongly Favor Suehn Course Philadelphia Follows New York's Lead-The Situation a Bit Easter. Banks At a special meeting of the Associated of this city. hold at noon yesterday. the unanimous report of the Clearing House Committee agreed upon on Wodnesday was accepted and the following resolution was adoptod: Resolved. That a commitee of five be appointed by the Chair. with the President. to receive from banks, members of the association. bills receivable and other securities to be approves by said committee. who shall be authorize to issue therefor. to such depositing banks, loan certificate bearing interest Oper cent. er annum and such loan certificates shall not be in excess of 75 per cent of the market value of the secu. rities or bille receivible RO deposited. and such certificates shall be received and paid in settlement of balances at the Clearak House. and all the rules and regnlations heretofor adopted in the issue of such certificates shall be in are on the present issue. The Loan Committee appointed is AS follows: F. D. Tapper. Chairman: E. H. Perkins. Jr., J. Edward Simmons. H. W. Cannon, W. A. Nash, and G.G. Williams. The meeting was unusually well attended. nearly every bank in the Clearing House being represented by its President. There was no special discussion, and. of course. no opposition to the policy which the Clearing House Committee had deemed to be expedient. The Loan Committee is identical with the Clearing House Committee. but differs in its organization. in that Mr. Tappen is the Chairman. It was the intention of the Clearing House Committee that its action on Wednesday should not become public until after the meeting of the Associated Banks yesterday. Fortunately for them and for the business community generally. their intentions were thwarted: for it is almost n certainty that if public had obtained its information of what the the banks contemplated doing in is fragmentary way during business hours yesterday it would have become unnecessarily alarmed. Besides. it would have been impossible to convey to the public immediately after yesterday's meeting the motives and reasons that lod the banks to resort to an issue of loan certificates. As it was. the public was well informed through THE SUN of the proposed action by the banks and their reasons for taking it. The situation was presented in a way that removed Any possible cause for alarm. and even the Stock Exchange. where the bears endeavored on to create the impression that the of the banks was an evidence of weakcourse a more confident feeling was reflected. ness. Wall street saw at once that the banks had determined to protect themselves and advance best interests of their customers. instead the waiting until they should bo compelled to take of concerted action by a more trying situation than exists at present. The hope was generally expressed that other business centres would immediately follow prominent the example set by the banks of this city. Before the close of banking hours word came from Philadelphia that the Clearing House had decided to issue loan certificates. the there Advices from Boston were. however, that This is there did not favor the scheme. banks credible. since the money market Chi- at hardly Boston is working closer than at this city. action heard from. commending the be cago was New York banks. but it, remains to of the whether the vainglorious financiers of the shown Windy City will see the desirability of unity of action. that the banks have decided to coNow the publication of a detailed will state- be operate. of their condition on Saturday discontinued ment until the last of the certificates retired. may be issued shall have been one which situation generally was an improving reported The The number of failures past yesterday. smaller than for a number of days other flwas runs upon savings banks or A reducand no institutions were reported. discount nancial the Bank of England rate of market tion in cent. helped to depress the the way. to 2% sterling per exchange here. which. by to sell for demoralized under the pressure of WAS and it also encouraged some buying stocks bills. here for London account. Stock Ex change prices were as a mar- rule On maintained. the though the call money may well active throughout. This activity several ket was due in part to the fact that to have been dollars were called in yesterday Island million account of the Long make payments Company's on purchase of the Brooklyn Traction Railroad. This money. however. will find day or City back to Wall street within from a the its way The amount of currency taken smaller two. for shipment was much There Sub-Treasury day of late. being $400,000. the banks than was also on any n little less pressure upon from the interior. of Clearing House certificates extending The amount 1873 was $26,655,000. Jan. 14. issued over a period in from Sept. 22,1873. to 1874. issued in 1884 was $24,915,000. 6. 1884: The amount May 15. 1884. to June kept extending failure from of the Metropolitan Bank the latter and the of the certificates out beyond of certificates some 1890 the amount 1890. to date. issued was In $10,645,000. the from failure Nov. of 12. the North a Feb. River 7. Bank 1891. kept and some of the certificates out little beyond that date.