New-York Building-Loan Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 20, 1906
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d6a9bd97

Response Measures

None

Description

Article (Jan 20, 1906) reports the company is in receivership and a referee's decision on priority of claims; no mention of a depositor run. Therefore classified as a suspension leading to permanent closure/receivership.

Events (2)

1. January 20, 1906 Other

Newspaper Excerpt: the referee has not yet passed on all the claims, but his decision yesterday placed the preferred stockholders in the list of preferred creditors.
Source: newspapers

2. January 20, 1906 Receivership

Newspaper Excerpt: By a decision given yesterday by Walter S. Logan, referee in the case of the New-York Building-Loan Banking Company, it is made plain that the receiver of the company will be able to pay to -no ordinary stockholders only a small percentage of the $2,000,000 of the company's assets which have been turned into cash.
Source: newspapers

Newspaper Articles (1)

1. January 20, 1906 New-York Tribune New York, NY

Article from New-York Tribune, January 20, 1906

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Article Text

BUILDING-LOAN BANK AFFAIRS. Only Small Percentage of Assets Available for Ordinary Stockholders. By a decision given yesterday by Walter S. Logan, referee in the case of the New-York Building-Loan Banking Company, it is made plain that the receiver of the company will be able to pay to -no ordinary stockholders only a small percentage of the $2,000,000 of the company's assets which have been turned into cash. Many claims of creditors will have to be paid before the stockholders can receive anything, and the referee has not yet passed on all the claims, but his decision yesterday placed the preferred stockholders in the list of preferred creditors. Stockholders who paid cash for the entire amount of their stock in advance, under an agreement that they were to receive 6 per cent annually as dividends, and with the right to withdraw the principal on sixty days' notice, are to be considered as creditors who must be paid in advance of the ordinary stockholders.