National Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1901*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 9483463f

Response Measures

None

Description

Article (The Montgomery Advertiser, 1901-06-29) reports the 'failure of the National Bank of New York' and references suspension/closure by the Comptroller and Clearing House refusal to assist. No explicit run (large depositor withdrawals) is described in the excerpt; the action is described as an official suspension/failure. OCR errors in the text were corrected when interpreting phrases like 'failure of the National Bank of New York', 'suspension by the Comptroller', and 'refusal to assist'.

Events (3)

1. June 1, 1901* Receivership

Newspaper Excerpt: failure of the National Bank of New York ... failure and suspension ... (article implies permanent failure likely requiring receiver assignment)
Source: newspapers

2. June 28, 1901 Suspension

Cause: Government Action
Cause Details: Suspended/closed by the Comptroller; Clearing House/Comptroller refused assistance leading to failure/closure
Newspaper Excerpt: This is Regarded as Peculiar, Seventh Owing to the Failure of the National Bank of New York. YORK, June 28.-A strong day ... the failure and suspension of a Wall Street Clearing House bank ... the condemnation of the Clearing House and implied by refusal to assist ... the bank's suspension by the Comptroller
Source: newspapers

3. June 29, 1901 Other

Newspaper Excerpt: failure of the National Bank of New York ... the bank's suspension by the Comptroller of Currency ... implied by refusal to assist by the Clearing House Committee
Source: newspapers

Newspaper Articles (1)

1. June 29, 1901 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, June 29, 1901

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Article Text

WALL STREET REVIEW STOCKS. STRONG ADVANCE IN PRICES OF This is Regarded as Peculiar, Seventh Owing to the Failure of the National Bank of New York. YORK, June 28.-A strong day ad- of NEW in prices of stocks on the Exchange vance of an important Stock the falla failure and on the day following anomhouse Clearing House bank is an of the ure of a Wall Street. The action aly on is more notable as for the market the last day dividends practically available coming and on preparations for the on the first money disbursements due next. interest month. which is Monday on Friday of Stock the market until borrowing Monday. made This undoubtedly anomaly carries movement over of prices that is the bears in due the in part to the fact their anticipations over-confident in factors. were of these market of the effect strength in the adverse explanation was The early due to the tecnnical failed firm largely that the accounts closed of out the under the rule of which almost were wholly on the short stocks side had were market. That is to say, to close the the bought under the rule forced demand to be thus creating a firm's kept up a prices. fair assortment of stocks about the principal number of of exchange and the their account bought together with the contract, shares on fifteen counts which the covered in for speculative total The $11,000 only par acamounted of bonds. to Apparently account was gas The and stock sold for of Bergen County. had been electric company this enterprise value promotion of 21,200 their the common sup- as- seby the firm Street and was that of its curities position figured in by in the the Seventh cause National of $1,600,000 loan was the direct severe sisted which Wall collateral The con- the that Bank. bank's suspension. by the Comptroller of that demnation of the Clearing of the and implied by refusal to assist for loan Currency expressed their the collateral House this ex- the Committee in little demand on the bank left very it was offered of H. stock for the of this week it & Co. On Monday at 101 1/4. at The 30 cents on the exchange 300 shares was at 32 cash change when of account Marquand first regu- sold sale and a today The next sale was sold at 46%, of share. stock subsequently the settlement was lar way. While Exchange was almost at the firm's Stock other business expectation contracts conclusion among the of in standstill. that with the sag away traders was prices sales under the again, but to make their began to a the progress settlement ceased after The the rate would appearance funds. yield rule on in had the tape the offerings money of the loanable relaxation under significant was the sharp Berlin the money situation exchange and course ery in sterling their attributed to Equally large downward of recov- need the ex- of change This was anticipated a that persons who end of this week a and with of yesterday. fact ver-supplied money from caution at the themselves of the from period the they expira- when had too let this afternoon would be required supply go part The of covering most active during a money. last hour was the in funds tion abundant in hand resulted their available establishingenerally movement quite in final the the of day and of prices which is last night. point or stocks which most a and St. Paul, of 2 points or were Atchison were gains first level conspicuous There more above of Erie the advance gained Louis- pre- The 2% over each. also by Louisville, Indianapolis and and Chicago, Denver Central. Among points Rio to the ville. Grande ferred, Lackawan and preferred and Terre Haute Illinois rose bid. of 6 21/3 Evansville over the recent there prevalle gaine were Colorado Fuel, 3% by Electric and bank professed General was preferred. specialties Tennessee Tomorrow's Coal, Americantatement Linseed to not to a accurately factor. as forecast disbursement no one its showing The the easing that week the by large to expectation in be view able of of the the next week's money rate money a guid today market disburse- report- senti- will ments be relieved were A more looked cheerful a factor for situation in the strength ed of today's in bond market. market was with dull, stocks. United States Total ment. Berlin Sympathy was but prices call. sales advanced The (par in valuence $2,800,000 on the last and bonds were Money all Exchange. 28.-Money on and call NEW YORK, 51/210 per June cent.; last loan firm ling at rate. 8.