Security Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 6, 1872
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 6ebc7936

Response Measures

None

Description

Article (New-York Tribune, 1872-02-06) describes the bank in bankruptcy with a receiver appointed and creditor meeting called; no explicit run is mentioned. This indicates suspension/failure and receivership (permanent closure). OCR errors in article were corrected (minor).

Events (2)

1. February 6, 1872 Other

Newspaper Excerpt: condition of their debt be in full. paid said he had at one time loaned the bank without Mr. Archer interest. $150,000, and regarded the Security Bank claim as a blackmailing operation.
Source: newspapers

2. February 6, 1872 Receivership

Newspaper Excerpt: a Committee consisting of Richard Kelly, President of Fifth National Bank, ... the receiver, was appointed to look after the bankruptcy proceedings, and protect the interests of the depositors. Mr. Archer has issued a call for a general meeting of the creditors of the bank on Feb. 12, when all accounts, demands, and contracts will be ascertained and adjusted as far as possible, and the amount of money in the hands of the receiver declared. THE EIGHTH NATIONAL BANK. The depositors of the Eighth National Bank met ... (mentions Security Bank claim as a blackmailing operation earlier).
Source: newspapers

Newspaper Articles (1)

1. February 6, 1872 New-York Tribune New York, NY

Article from New-York Tribune, February 6, 1872

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Article Text

condition of their debt be in full. paid said he had at one time loaned the bank without Mr. Archer interest. $150,000, and regarded the Security Bank claim as a blackmailing operation. Field, Mr. Archer's attorney, advised the deposiMr. to the Register in Bankruptcy (Mr. Dwight), tors to go their claims, and remarked that Mr. Dwight and would prove call upon such of the depositors as could not conveniently call upon him. A Committee consisting of Richard Kelly, President of Fifth National Bank, the Rev. John Orcutt and Mr. Archer, the the receiver, was appointed to look after the bankruptcy proceedings, and protect the interests of the depositors. Mr. Archer has issued a call for a general meeting of the creditors of the bank on Feb. 12, when all accounts, demands, and contracts will be ascertained and adjusted as far as possible, and the amount of money in the hands of the receiver declared. THE EIGHTH NATIONAL BANK. The depositors of the Eighth National Bank met at Broadway and Eighth-st. last evening, to hear the report of the Committee which they had appointed to look after their intereste. Archibald Johnston presided. The Committee reported that the charges of the Receiver would poobably amount to about $4,000 per annum, and that, as he expected to close matters within the year, the total expense might be estimated at from $6,000 to $8,000. The Receiver expected to pay a dividend of about twenty-five or thirty per cent. early in March. The President urged that steps should be taken to punish the officers ef the bank who had robbed the depositors. and that their bondsmen should be held responsible for the amount of the losses. He further recommended that application should be made for a commission to investigate the affairs of the bank and prosecute the guilly officers. Another depositor said that the stockholders of the bank held a meeting last week and appointed a committee of three to wait upon the Controller of the Currency and obtain an investigation in the manner suggested. It was finally recommended that a committee be authorized to ascertain what criminal proceedings, if any, could be taken against such of the bank officials as had defrauded the depositors. Throughout the meeting disapproval of bankruptcy proceedings was expressed. THE BOWLING-GREEN SAVINGS BANK. At the request of the committees of depositors, the Receiver of the Bowling-green Savings Bank, Sheppard Knapp, is preparing a statement of its condition. One of the former officers of the bank informed a TRIBUNE reporter yesterday that, as a result of his own investigation, he was satisfied that the exhibit of the Receiver would show a deficit of at least $175,000, notwithstanding the recent statements of the President. Of this amount $69,000, he said, was loaned on fictitious names, such as John Hall, John E. Hall, A. L. Hart, and J. L. Harrison, and no such persons are to be found. He further asserted that the real estate conveyed by Mr. Selmes to the bank is worth only $36,000, although President Smith in his letter estimates it at $92,000. The same gentleman claims that the trustees of the bank never met more than two or three times, and that the whole business was transacted by Messrs. Smith, Rocke, and Selmes. One of the committees of depositors has retained John E. Devlin as counsel, intending to bring suits, both civil and criminal, against the officers of the bank if deemed advisable. THE UNION SQUARE NATIONAL BANK. The Receiver of the Union Square National Bank, Mr. Beekman, has issued a notice that all creditors and depositors having claims against the bank must prove them before Saturday next, on which date the first dividend of 50 per cent will be paid. The second dividend of 50 per cent will be paid early in March, and the bank officials hope to pay all depositors in full by April 1. THE THIRD AVENUE SAVINGS BANK. There was a slight increase in the number of depositors at the Third Avenue Savings Bank yesterday, but the officials still express confidence in their ability to meet the run. Theodore Tuthill, the Actuary of the bank, died on Sunday night of congestion of the lungs. An application was made yesterday in the Supreme Court, Chambers, for a receiver for the bank, by Mr. Flynn, assignee of Michael Hart, a depositor. who makes affidavit that he was unable to gain admission to : the bank for his money. Counter affidavits were made on the part of the bank that it was solvent, and that they tendered him his money. They also tendered it to him in court, and gave $255 to the Clerk, being the full amount with costs of the action. Judge Barnard denied the application. THE GUARDIAN SAVINGS BANK. , Jeremiah Quinlan, the Receiver of the Guardian Savings Bauk, has obtained from Judge Barnard leave to sue as follows: John T. Barnard. notes and drafts and indorsements for $71,829; Donne, War & Cushing. $16,500; Joseph W. Durvee $13,787 John K. Fellows, $300; A. S. Hope, $5,300: John T. Satteriee $5,500; Leonard B. Wing. $6,300. Cash Loans-Susan J. Curtiss, Glen Cove, $76.60; Levi E. Curties Glen Cove. $14 26: E S. Hendrickson, Glen Cove. $229 61: Phillip Tobias. 564 Broadway, $186 79: Eugene Durmer. $22 18: The Bowling Green Savings Bank. $58,125; Sheridan Shook. check on Second National Bank. $433. Mortgages-John T. Barnard, $15.000; R. K. Selmes. $11,490 50; Jacon Pecare and Simon Ehrich, $2,800; Augustus Irens, $2,500.