Seventh Ward Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 6, 1864
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c0c66d3f

Response Measures

None

Description

Article (1864-09-06) states the Seventh-Ward Bank has retired from 'business' and describes settlement with stockholders (payments in gold and U.S. funds) and distribution of surplus. No run is mentioned; the bank appears to have voluntarily ceased operations and is being wound up, so classify as a suspension leading to permanent closure (voluntary liquidation).

Events (1)

1. September 6, 1864 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank retired from business and is settling with stockholders, distributing gold and U.S. funds; indicates voluntary winding up rather than failure or run.
Newspaper Excerpt: The Seventh-Ward Bank has retired from \business.\ ... In settling with the stockholders, 40 per cent has been paid in gold... Also 60 per cent in U. S. funds. A large surplus still remains to be divided among the stockholders.
Source: newspapers

Newspaper Articles (1)

1. September 6, 1864 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, September 6, 1864

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Article Text

$20,136,548 Loans and Disc' $189,414,631 Specie 151,068,566 4,200,950 Deposits Circulation $406,296,866.17 Clearings for week ending Aug. 27 436,381,918 82 Clearings for week ending Sept. 3 16,553,715 Balances for week ending Aug. 27 15,177,339 Balances for week ending Sept. 3 Simeon Draper sold to-day, at the Exchange Sales Room. by order of the Treasurer of the State of New-Jersey, $17,000 Jersey City Six Per Cent Bonds due 1884. Legal tender five per cent. coupon Treasury Notes. it is said. will be received, and accrued interest allowed in payment of the subscriptions to the loan of 1881. The whole number of National Banks to this timei five hundred and eight, with a total capital of eighty-three millions three hundred and sixty-four thousand dollars. The issue of currency to the National Banks for the week ending Saturday, September 3, was two millions eighteen thousand two hundred dollars. The total to date amounts to forty-five millions four hundred and seventy-seven thousand seven hundred and fifty dollars. The 9th National Bank will receive 5 P cent. coupon legal tender notes on deposit. and on the bids for the new loan, coupons of 1881, at Ipar and interest Sept. 24th. The Seventh-Ward Bank has retired from "business." An evening paper giving it a parting notice, says: "The Seventh-Ward Bank has always had the reputa tion of being one of the very stamoliest of our city banks. It has always paid the largest dividends. In the month of April, a special dividend was paid of $100,000, besides the usual dividend of 5 cent. in the months of January and July. In settling with the stock. holders, 40 P cent has been paid in gold. worth in U. S. money more than the whole capital. Also 60 V cent. in U. S. funds. A large surplus sitil remains to be divided among the stockholders. In justice to the directors, it should be known that the usual plan in such cases of donating a handsome sum to the very efficient officers and clerks of the Bank will be followed." Many other city banks, equally sharp," could do as well by their stockholders, at the expense of their depositors. The bank, about the time of the suspension of specie payments, bad an average of $500,000 in coin, 110 COID 1118 the projus of the depositurs. sold at a profit, and pocketed it. Out of these honest profits it can afford to give a handsome sum to the officers who performed this crowning act of strategy for an expiring Democratic" bank, which pays its creditors in what it stigmatizes as worthless paper, while it puts the gold into the stockholders pockets. The following will show the exports of Specie from the port of New.York: