Ocean Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 7, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 34d74323

Response Measures

None

Description

Article (Chicago Daily Tribune, 1873-11-08) references a suit against the Receiver of the Ocean Bank of New York and recovery of fees, indicating the bank was in receivership (closed). No mention of a depositor run in the provided text, so classify as a suspension leading to closure/receivership.

Events (1)

1. November 7, 1873 Receivership

Newspaper Excerpt: In the case of the Ocean Bank of New York, it is charged that Knox subjected the Government to damages ... Nathaniel Wilson, who brought suit against the Receiver and recovered the full amount of his fee, with interest and drawback.
Source: newspapers

Newspaper Articles (1)

1. November 8, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 8, 1873

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Article Text

WASHINGTON. POLITICIANS INVOLVED IN SCOTT'S SCHEMES. Special Dispatch to The Chicago Tribune. WASHINGTON, D. C., Nov. 7.—Tom Scott's mis- fortunes have fallen with equal weight upon very many of the moneyed politicians. Amongst the sufferers are Henry S. M'Comb, author of the Credit Mobilier suits, who had $150,000 in Scott's Construction Company, and Edward S. McCook, who had $40,000 in the same concern. Discreet critics now say that NO NEW RAILROAD TO THE PACIFIC will be built for ten or twenty years. GEN. SHERMAN'S VIEWS OF THE PANIC. Gen. Sherman has been surprising his auditors, high and low, by saying that the run of failures in railway, mercantile, and speculative life is of no real consequence, and that it ought to go on until the conscienceless element is eliminated from banking and commerce. He thinks that if sufficient of these failures occur, we shall have an easy money market in a few months. CHANGES IN THE TREASURY BUREAUS DESIRED. Considerable resolution has been shown since the State elections as to compelling changes in same of the potential bureaus of the Treasury. The opposition is directed against Secretary Richardson, and his Solicitor, Mr. Bonfield, and also against Mr. Knox, the Comptroller of the Currency. Bonfield is one of Boutwell's ap- pointments, and his advice as Solicitor has, it is said, brought the Treasury into the present snarl with the canal companies. CHARGES AGAINST COMPTROLLER KNOX. Knox is denounced as incompetent by the creditors of the banks which have recently failed. Amongst the charges brought against him is one by Gov. Shepherd, of the District of Colum- bia, to the effect that he has been pursuing the National Metropolitan Bank vindictively, because his brother-in-law was refused a place on the Board of Directors. Shepherd told Knox that if he had shown common sense in looking after the First National Bank the remaining banks of the District of Columbia would not now be com- pelled to carry all the business of this region over this period of stringency. In the case of the Ocean Bank of New York, it is charged that Knox subjected the Govern- ment to damages before the metropolitan courts by his ignorance of the law of contracts as af- fecting one entered into by the said bank with its attorney, Nathaniel Wilson, who brought suit against the Receiver and recovered the full amount of his fee, with interest and drawback.