16448. Oriental Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 26, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
9bfdcca7

Response Measures

None

Description

Newspaper items from Dec 26–27, 1877 report the Oriental Bank of New York as 'suspended' and that receivers were appointed. A later 1878 letter from a depositor indicates the bank remained in receivership and had not resumed normal operations or paid dividends. No explicit run is described in the articles, so this is a suspension followed by receivership/closure.

Events (3)

1. December 26, 1877 Receivership
Newspaper Excerpt
Robert Hoe, Stephen D. Tucker and George G. Hallock have been appointed joint receivers of the Oriental Bank, by Judge Ossorn.
Source
newspapers
2. December 26, 1877 Suspension
Cause Details
Article states the bank was suspended but gives no cause (no run or bank-specific failure described).
Newspaper Excerpt
Receivers have been appointed for the suspended New Rochelle Savings Bank and Oriental Bank of New York.
Source
newspapers
3. August 28, 1878 Other
Newspaper Excerpt
I would like to ask why the Oriental Bank, at No. 430 Grand street, does not let the depositors know when they will pay the first dividend. ... The receiver seems to think that as long as he has good times the poor people at home don't need them. DEPOSITOR.
Source
newspapers

Newspaper Articles (4)

Article from The Portland Daily Press, December 27, 1877

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Article Text

MINOR TELE GRAMS. Internal revenue receipts yesterday were $398,499; customs $287,711. The strike at Montreal is settled. The men resumed work at ten cents per hour. Gen. Grant left Palermo, yesterday for Malta. Miss Bertie Le Franc successfully accomplished the feat of walking 50 miles in 12 hours yesterday at Rutland. Chas. O. Reynolds of New Haven was fined $100 and costs yesterday for conspiring to put a young girl into a house of prostitution. D. W. Ross, a well known railroad man of Springfield, III, died at Denver yesterd'ay morning. Receivers have been appointed for the suspended New Rochelle savings bank and the Oriertal Bank of New York. The defunct Mechanics' & Traders' savings institution and the Clairmont savings bank of New York are dissolved. The Montreal, Ottawa & Occidental railway is advertised to be leased by the Quebec government. It is reported in New York that two officials will be arrested on charge of complicity with the Muphy excise frauds. A boy named Joseph McKenna was drowned Tuesday night in the canal at Lowell, Mass. Foul play is suspected. The body of Mrs. Lynch was found in the canal at Lowell, Mass., yesterday morning. She had probably committed suicide. Chas. Heilman, one of the injured in the New York explosion, died yesterday. This makes the fourth known victim. More bodies are supposed to be in the ruins. Senator Patterson is still in a feeble condition. He had another severe attack of vertigo Tuesday evening, which was only relieved by opiates. A motion has been made for a new trial of Dr. Lambert, the President of the American Popular Life Insurance Company, lately convicted of perjury. The residence of Thos. Terrill at Central City, Col., was destroyed by fire yest erday. Four persons perished in the flames. Incendiary. Hon. W. W. Heaton of Dixon, Ill., and chief justice of the new appelate court of the Chicago district, died very suddenly yesterday of heart disease. Lts. Ricker and Bowie, with the Sixth cavalry, lately surprised some marauding Indians in Arizona, killed 15,and took a number of horses and saddles, and the mail which the Indiana had stolen. A rumor of a deficiency in the pension agency in New York, was stated yesterday to have been unfounded. Owing to the system of payments it is impossible for any defalcation to take place. A San Francisco special says that much rascality is being exposed by the investigation of the justice of the Woodville and Modoc mining companies. The Idaho mine has paid its 100th dividend. Mrs. Brophy and her young daughter were burned to death in a tenement, which was also burned, in Roundout N. Y., yesterday. Six families had a narrow escape. The cause of the fire was a kerosene lamp explosion. A daring attempt at robbery was made in Wall street, New York, yesterday afternoon. A man giving the name of James Sweeney of Sacramento, Cal., threw a large stone through the plate glass window of the broker's office of Gregory & Ballou, and grabbed $200. He was arrested.


Article from Daily Kennebec Journal, December 27, 1877

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Article Text

NEW YORK. Rumor. NEW YORK, December 26. There is no found. ation whatever for the rumored deficiency in the pension agency. Owing to the system of payments, it is impossible for any defalcation to take place. Failure. Nutter & Co., stock brokers and bankers, have failed. tock speculations are the cause. There is considerable talk of severe legal meas ures against the firm of Nutter & Co., the suspended Wall street brokers. It is stated they sold a large quantity of collaterals held as securities for loans. The counsel for the bankrupt firm of Nutter & Co., said this afternoon that their liabilities were about $150,000. New Trial Asked. A motion is made for a new trial of Dr. Lambert. Arrested. It is reported that two officials were arrested on charges of complicity with Murphy in the excise frauds. The Explosion. Charles Heilman, one of the injured in the Barclay street explosion, died to-day. This makes the fourth known victim. More bodies are supposed to be in the ruins, not recovered. killed. John Desmond died at Albany to-day, from a blow with a pitcher yesterday. Dissolved. The defunct Mechanic and Traders Savings Institution and the Claimant Savings Bank of New York are dissolved. Receivers Appointed. Receivers have been appointed for the suspended New Rochelle Savings Bank and Oriental Bank of New York.


Article from The New York Herald, December 27, 1877

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Article Text

SAVINGS BANK MATTERS. ALBANY, N. Y., Dec. 26, 1877. Justice Ingalls has issued an order on the application of the Attorney General dissolving the Mechanics and Traders' Savings Institution and the Clairmont Savings Bank, both of New York. Judge Landon has appointed E. M. Tompkins receiver of the Rochelle Savings Bank. Robert Hoe, Stephen D. Tucker and George G. Hallock have been appointed joint receivers of the Oriental Bank, by Judge Ossorn. The receiver or the Clinton Savings Bank, of New York city, has made his report to the Supreme Cours, and Judge Landon has issued an order thereon. direct. ing the receiver to pay a dividend of twenty-five per tent.


Article from The New York Herald, August 28, 1878

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Article Text

THE OREINTAL SAVINGS BANK. To THE EDITOR OF THE HERALD:I would like to ask why the Oriental Bank, at No. 430 Grand street, does not let the depositors know when they will pay the first dividend. It is a shame that the receiver does not say anything about it. I am out of work and in need of money. The receiver seems to think that as long as he has good times the poor people at home don't need them. DEPOSITOR.