Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 1, 1884*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 43e6fce7

Response Measures

None

Description

Article (Iowa County Democrat, 1884-05-23) reports the Savings Bank of New York had suspended and attributes losses to malfeasance by speculating bank officers. The text does not explicitly state a receiver was appointed or that the bank never reopened; however the reference to losses and distress from suspension and misuse of depositor funds implies a failure rather than a temporary stoppage. I selected suspension_closure but there is some uncertainty due to limited detail.

Events (1)

1. May 1, 1884* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Malfeasance by speculating bank officers using depositors' money to dabble in stocks; misuse of funds caused suspension.
Newspaper Excerpt: PITIFUL stories come from New York of the losses and distress caused to the poor depositors in the Savings bank by its suspension.
Source: newspapers

Newspaper Articles (1)

1. May 23, 1884 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, May 23, 1884

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Article Text

PITIFUL stories come from New York of the losses and distress caused to the poor depositors in the Savings bank by its suspension. The story of the wretchedness inflicted upon these trusting poor by the malfeasance of the speculating bank officers, almost makes one wish that Judge Lynch would extend his jurisdiction to take in the case of bank officials who use the money of their depositors to dabble in stocks.