16485. Phoenix Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 16, 1865
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8c802510

Response Measures

None

Description

Newspaper items (Aug–Sep 1865) report a receiving teller at Phoenix Bank in New York was a defaulter (~$50,000) and that several New York banks had suspended specie payments. There is no explicit mention of depositor runs or of a permanent failure/receivership, nor of a formal government closure. I therefore classify this as a suspension (suspension of specie payments) with adverse bank-specific information (embezzlement/defalcation) and presume the institution was not permanently closed. Dates are taken from the articles' publication dates; no explicit reopening date is provided so reopening is inferred from lack of closure details and typical outcomes but not directly stated in the text.

Events (2)

1. August 16, 1865 Other
Newspaper Excerpt
The receiving teller of the Phoenix Bank, New York, is a defaulter to the amount of $50,000.
Source
newspapers
2. August 25, 1865 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension of specie payment following discovered frauds/defalcations (receiving teller defaulter and large forgeries at related NY banks).
Newspaper Excerpt
They all have suspended specie payment without the authority of law.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Clarion, August 16, 1865

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Article Text

ITEMS The frigate Congress has not yet been raised as has been reported. The ram Stonewall is fully at the dispo sal of the Government, but owing to the prevalence of the yellow feverat Havana, will not immediately be brought to this country. No more clerkships are to be filled in the Treasury Department, except vacancies permit. The Government will sell at Fortress Monroe, on the third of the month, one hundred and seventy cannon, several brass pieces and some muskets taken from Confederate fortifications. Mr. Elon A. Galusha, of Rochester, was discovered lying in one of the upper surrounding the Central Railroad bridge in that city, Thursday morning last. The head had two bruises upon it, not sufficient to fracture the skull but sufficient to stun and cause a suspension of consciousness. Wm. J. Pickerson, of Winsted, a soldier, is now confined at Fortress Monroe, sentenced to six months imprisonment and forfeiture of ten dollars per month, for calling his superior officer an unmit tigated puppy. As he has passed through twenty battles, with honor, his townsmen are petitioning for his release. The Confederate Gens. Marcus J. Wright, Vaughan, J. A. Smith and Rucker are in Memphis. Drafts of the Memphis Commercial Bank have been dishonored in New York. The work of reconstructing the Mobile and Ohio Railroad is rapidly progressing, and it IS supposed, in a few wee it will be running Total Columbus to Mobile. The rend is now running from Columbus across Great Obion to near Trenton But little delay is necessary to complete the work. Hon, Emerson Ethridge, now confined at Columbus, Kentucky, is suffering from an attack of fever. Rev. C. K. Marshall, of Mississippi, is at Washington to protest against the confiscation of his property, says the Mem phis Balletin. is thought he will not be able to save it. Gov Sharkey, of Mississippi, says the Augu/sta, Ga., Chronicle, has been the long opponent of Jefferson Davis, and missass ciates. He is a fore-minded and hightoned statesman who merits remotion beyond what he has ever tamed. General Meagher made a speech to the Irish imigration society, at St. Paul, on Wednesday evening, in which he took ground in favor of negro suffrage, and warbed bis countrymen to beware oi pperheads. The general has been appointed secretary of Montana territory. The receiving teller of the Phoenix Bank, New York, is a defaulter to the :mount of $50,000. Five million dollars was to be sent to New Orleans this week to pay the troops. A fire in Troy on the 5th destro yed one housand cords of wood belonging to the HudsGn River Railroad Company. 1 e The Republican Convention of Maine 0 Davis. the speedy trial and punishment of n e It IS "eported that a civil war is about t ommencing in Japan. t 8 The organization of the civil govern 0 nent of Richmond has been postponed 0 ptilithe meeting of Congress. th It is again asserted on good authority hat Palmerston will retire before Parlia 16nt meets, and that Glandstone will soline the premiership in favor of Lord Panville. All the colored schools in Richmond re closed. per


Article from Daily State Sentinel, August 25, 1865

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Article Text

The Profits of Banking One feature of the recent frauds and defalcations in New York is worthy of notice. When it was ascertained that Jenkins and his accomplices had taken $350,000 from the Phoenix Bank, the Cashier bastened to assure the public that this amount was more than covered by the surplus profits on hand. W hen Ketchum by bis forgeries drew $350,000 from the Importers' and Traders' Bank, and $255,000 from the Fourth National, the Cashiers of these institutions hastened to assure the publie that these sums fell short of the surplus earnings of the respective Banks on hand! All these institutions, we believe, have paid large dividends. They all have suspended specie payment without the authority of law. Yet they all demand exemption from taxation! And & partisan press denounces, with extreme bitter. ness, all who advocate a system of equal taxation that shall include in its operation those ag. gregated capitals, as well as the property of private eitizens - Albany Argus


Article from North Branch Democrat, September 13, 1865

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Article Text

THE PROFITS OF BANKING.-One feature of the recent frauds and defalcations in New York is worthy of notice. When it was a:certained that Jenkins and his accomplices had taken $350,000 from the Phoenix Bank, he cashier hastened to assure the public hat the amount was more than covered by he surplus pr. firs of the bank on hand. When Ketchum by his forzeries drew $350,000 from the Importers and Trader's Bank, and $255.000 from the Fourth Na . tional, the ca-hiers of these institutions h: tened to assure the public that these sumfell short of the surplus earnings of the re >pective banks, on hand. All of these institutions we believe, have large dividends. They all have suspended payment without the authority of lav. Ye: they all .emand explanations from taxation A . d a partisan press denounced, with ex. !reme bitterness, a.l who advocate a system of equal taxation that shall include in its operation those aggregated capitals, as well as the property of private citizens.- Albany Argus.