St. Nicholas - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 21, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b5ed2945

Response Measures

None

Description

Articles report the St. Nicholas (New York) closed in late December 1893 and was placed in the hands of Receiver Hugh J. Grant (Jan 1894) to wind up affairs. No article describes a depositor run triggering the closure; failure appears due to insolvency/defalcation and bad assets.

Events (2)

1. December 21, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Impaired capital due to bad investments, defalcation of a receiving teller, and inability to realize on discounted loans and stock investments (insolvency).
Newspaper Excerpt: Five banks closed last week, including the St. Nicholas, of New York City;
Source: newspapers

2. January 4, 1894 Receivership

Newspaper Excerpt: Receiver Hugh J. Grant ... wind up the affairs of the St. Nicholas as cheaply and quickly as possible. Mr. Grant proposes to take a single room ... and there wind up the affairs of the St. Nicholas (Jan 4, 1894).
Source: newspapers

Newspaper Articles (2)

1. December 29, 1893 The Great West Saint Paul, MN

Article from The Great West, December 29, 1893

Click image to open full size in new tab

Article Text

# Business Matters. The past week has been one of the most disastrous, in the commercial world, since the heat of the crash in July. Five banks closed last week, including the St. Nicholas, of New York City; the officials of three banks have been arrested for criminal actions; Frank Hoskins has been put out of the way by a Commission of Lunacy, for declaring the banks of Fergus Falls insolvent; the great Santa Fe Railway system has failed and been put under a receivership; 365 firms of $5,000 and over have failed, and the stock market has been going down, down, down.! The fear for Jan. 1st is intense. Stocks held by the great insurance companies, used as collateral, are no longer security for loans.

2. January 4, 1894 The Sun New York, NY

Click image to open full size in new tab

Article Text

ASSETS. Stocks $200,921 26 U. S. Government 48 1,175 Bonds and mortgages 9,848 14 Bills discounted 496,519 H3 Demand loans 1,006,592 36 Real estate 21,753 08 Madison Square Bank 256,427 31 Exchange account 1.077 77 Expense account 21,818 12 Due from banks 162,960 12 Exchanges for the Clearing House 444.319 70 Cash 413.657 20 Total $3,035,992 25 LIABILITIES. Capital stock $500,000 00 Unpaid dividends 774 00 Certified checks 278,994 02 Due depositors 1,903,607 74 Surplus 105,000 00 Pront and loss 18790 10 Discounts received 11.423 86 Interest account 10,513 42 Due to banks 104,368 88 Loan account to National Bank of the 100,000 00 Republic Taxes 2,520 73 Total $3,085,992 25 The Superintendent concludes from the foregoing statement that the amount Receiver Hugh J. Grant will be unable to realize from the stock investments, demand loans and bills discounted. and the amount due from the Madison Square Bank, added to the defaleation of Receiving Teller Hill. will be more than enough to wipe out the apparent surplus and a part of the capital stock. The apparent surplus on the morning of Dec. 21 was about $124,000. The capital stock of $500,000 is impaired about $250,000. Receiver Grant is now endeavoring to dispose of the bank's lease for its apartments in the Mills building. This would save $35,000 or $40,000. Mr. Grant proposes to take A single room in the Central Trust Company's building. 60 Wall street, and there wind up the affairs of the St. Nicholas as cheaply and quickly as possible.