16549. Sherman Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 14, 1897
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
4b33e922

Response Measures

None

Description

Newspaper reports (June 11, 1897) state the court granted an order dissolving the Sherman Bank and appointed Jacob D. Butler permanent receiver. No run or depositor panic is described. A temporary receiver (Jacob A. Cantor) had been appointed May 14. Cause not stated in articles; appears to be closure by court/stockholders request.

Events (2)
1. May 14, 1897 Other
Newspaper Excerpt
Senator Jacob A. Cantor was appointed temporary receiver on May 14.
Source
newspapers
2. June 11, 1897 Receivership
Newspaper Excerpt
Judge Andrews of the Supreme Court granted yesterday an order dissolving the Sherman Bank, and appointed Jacob D. Butler permanent receiver.
Source
newspapers

Newspaper Articles (2)
1. June 11, 1897 The Sun New York, NY
Article from The Sun, June 11, 1897

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Article Text

BUSINESS TROUBLES. Samuel W. Richards Assigus-Judgment for $83,178 Against J. W. Sands. Samuel W. Richards, dealer in dry goods at 58 West Twenty-third street and 47 West Twenty-second street, made an assignment yesterday to George M. Leventritt, giving preferences to the Garfield National Bank for $2,500 and to Valentine Gumprecht for $4,146. Mr. Richards was President of the Richards Company which went into the hands of a receiver in September last with liabilities of $120,000. Henry Barna, who says that he is a stockbroker at 216 Second street. made an assignment yesterday to Bernard Weiss. He formerly dealt in Hungarian bonds. Transcript of a judgment from Westchester county was docketed in the County Clerk's office yesterday against James W. Sands, lately Secretary of the E. S. Greeley Company. The judgment was for $83,178 in favor of Edward S. Greeley as ancillary receiver of the company. Jules Stine and Joseph K. Stone (Jules Stine & Co.), merchant tailors at 36 East Ninth street, made an assignment vesterday to Leo Levy. Emil F. Corsari, dealer in twines and cordage at 46 Beekman street, made an assignment yesterday to Louis O. Ivey. Judge Andrews of the Supreme Court granted yesterday an order dissolving the Sherman Bank, and appointed Jacob D. Butler permanent receiver. Deputy Sheriff Lipsky has received an execution against Herman Zweig, doing business as H. Zweig & Co., wholesale dealer in leaf tobacco at 125 Maiden lane, for $510 in favor of Emmanuel Rubenstein. Mr. Zweig is out of town.

2. June 11, 1897 New-York Tribune New York, NY
Article from New-York Tribune, June 11, 1897

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Article Text

# LOCAL BUSINESS COMPLICATIONS. Samuel W. Richards, dealer in drygoods at No. 58 West Twenty-third-st., extending through to No. 47 West Twenty-second-st., made an assignment yesterday to George M. Leventritt, giving preferences to the Garfield National Bank for $2,500 and to Valentine Gumprecht for $4,146. Mr. Richards has been in the drygoods business for the last twelve years. He is president of the Richards Company which went into the hands of a receiver in September last, with liabilities of $120,000. The stock, fixtures, etc., were sold by the receiver for $25,000 cash, and Mr. Richards bought them from the purchaser, and continued the business in his own name. His inventory of last January showed assets of $80,000 and liabilities of $17,000. Business has been dull for some time, especially for the last few weeks, on account of the unseasonable weather, while the expenses of the store were heavy. Transcript of a judgment from Westchester County was filed in the County Clerk's office yesterday against James W. Sands, late secretary of the E. S. Greeley Company, of No. 7 Dey-st., for $33,178, in favor of Edward S. Greeley, as auxiliary receiver of the E. S. Greeley Company. Henry Barna, who says he is a stock broker at No. 216 Second-st., made an assignment yesterday to Bernard Weiss. He formerly dealt in Hungarian bonds, but gave up the practice some time ago. A year ago he had a plan for selling mining stocks in connection with United States bonds. His liabilities are small. Schedules of Horton & Greer, wholesale coal dealers at No. 11 Broadway, show liabilities of $19,527; nominal assets, $14,816; actual assets, $3,307. Justice Andrews, of the Supreme Court, yesterday granted an order dissolving the Sherman Bank, and appointed Jacob D. Butler permanent receiver, with a bond of $15,000. He was appointed at the request of some of the stockholders, because he will act without compensation. Senator Jacob A. Cantor was appointed temporary receiver on May 14.