16602. Tenth National Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
307
Charter Number
307
Start Date
November 22, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8c1dd57b

Response Measures

None

Description

Contemporary reports (Nov–Dec 1877) describe the Tenth National Bank of New York as having 'suspended' and 'going into liquidation' / 'winding up its affairs' due to the general depression in business. No article describes a depositor run or specific misinformation trigger; the cause is attributed to the business depression (macroeconomic).

Events (3)

1. November 22, 1877 Suspension
Cause
Macro News
Cause Details
Described as unprofitable due to the present depression in business; contemporaneous lists also state the bank 'suspended'.
Newspaper Excerpt
THE Tenth National Bank of New York is winding up its affairs. President Ackerman states that the present depression in. business has made the bank unprofitable.
Source
newspapers
2. November 30, 1877 Other
Newspaper Excerpt
The Tenth National Bank of New York city goes into liquidation.
Source
newspapers
3. December 1, 1877 Other
Newspaper Excerpt
Central and Third National Banks of Chicago and Tenth National Bank of New York have suspended.
Source
newspapers

Newspaper Articles (5)

Article from The Manitowoc Pilot, November 22, 1877

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Article Text

THE EASTTHE report of the outbreak of leprosy in the Chinese qualter on paster street, New York, is officially contradicted by the board of health. It is believed the report was started by striking cigar-makers to prevent Chinamen being sent there from San Francisco. FIFTY-EIGHT vessels took 978,064 ushels of wheat from New York for Europ during the week ending on the 17th. THE Vanderbilt contested will case has been adjourned until December 4th. THE Reading, Pa., Savings Bank, the leading banking institution of the county, suspended on the 16th inst., also at the same time the Dime Savings Bank and the banking house of Bushong & Bros. AN injunction has been granted by Judge Royce, of New York, restraining the Passumpsit, railroad from interfering with the Southeastern railroad in any way. Superintendent Folsom, of the Passumpsit, was arrested on the 15th inst., and put under $10,000 bail in a civil suit for trespass on the southeastern. IN the case of The People vs. Wm. M. Tweed, to recover $933,646 paid by New York city on fraudulent bills, judgment against the plaintiff was entered by confession in the Supreme Court on the 15th inst. DENNY F. CANNING, the Mollie Maguire under sentence of seven years for conspiracy to murder, has obtained a recommendation for pardon. He is to testify against others concerned in the murder of Sanger and Wren. THE Tenth National Bank of New York is winding up its affairs. President Ackerman states that the present depression in. business has made the bank unprofitable. The bank will pay all its indebtedness. AN agent of the Russian government is at Philadelphia, endeavoring to make a contract for an iron bridge across the Danube.


Article from The Lake County Star, November 22, 1877

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Article Text

GENERAL NEWS. A Downington, Pa'. dispatch says: band of tramps, Saturday night, stole quantity of property from railroad cars at Westchester Junction. The railroad employes made a raid upon the tramps and recovered the property, but until two railroad men and four tramps were injured. Two trains were stopped near Lewiston by them, and it was only after a deperate resistance upon the part of the conductors and assistants that they were driven off. It is estimated that there are 1,000 to 1,500 tramps wandering between here and Pittsburg. A Galveston News, special says that report reaches Fort Clark that Lieut. Bullis, with a small party of scouts, crossed the Rio Grande near the mouth of Pecos River, and were attacked by a body of 500 Indians and compelled to retreat. Loss not stated. Col. Young has left Ft. Clark with 200 cavalry to reinforce Bullis. Gen. Clay Dean, the post trader for the route half military to to their Ponca, with destination the reports Spotted them when Tail about Indians en he left, way and everything working as well as could be expected. Red Cloud's column had reached White River, near Wounded Knee Creek, Dakota, on November 10. The North Point warehouse at San Francisco burned, involving a loss of $450,000. Insurance $310,000, mostly in foreign companies. Field & Lieter's retail dry goods store in Chicago burned Wednesday evening. Loss nearly $2,000,000. The building is owned by the Singer Sewing Machine Co. The stock and building are heavily insured. The wholesale department of the firm, being in another building, was not disturbed. Toronto was slightly stirred up by an earthquake Wednesday morning. An Augusta dispatch says that Senator Blaine is rapidly convalescing. The Tenth National Bank of New York City is winding up its affairs, the general depression in business making it unprofitable; it will pay all its indebtedness. The subscriptions for the unemployed and destitute people of San Francisco now aggregate about $25,000. W. F. Coolbaugh, late President of the Union National Bank, of Chicago, committed suicide Wednesday morning. The act was not caused by financial trouble, either of his own or the bank. A company has been organized at San Francisco for laying a submarine telegraph from that point to Japan. An effort is being made to break Commodore Vanderbilt's will. A Memorial Hall, in honor of Senator Morton, is proposed. to be built in Governor's square, Indianapolis. An explosion of fire damp occurred at the Jermina mine, near Seranton, by which several men and boys were killed. A revolution to reinstate Villagrous, is in progress in Lower California. Judge Moore has decided that the stockholders of failing Chicago savings banks are liable to depositors. The Murphy temperance movement advances with immensestrides in Kentucky, and in some of the towns of that State more than half the population wear the red ribbon. The trial of Congressmen Robert Smalls of South Carolina, on a charge of bribery has resulted in conviction. The Reading, Pa., Savings Bank, with deposits of $1,000,000, has suspended. Depositors will probably be paid in full. The Collateral Loan and Savings Bank of San Francisco has been placed in the hands of a receiver. The deposits,amount ing to $24,000, had been absorbed by the manager. The News San Antonio special says information has been received at headquarters from the border that several large parties of Indians, one of them composed of thirty five bucks, have crossed into Texas to raid. Gen. Ord has notified the frontier people at various points where the raiders are expected to be on their guard. This is the most formidable invasion that has been attempted yet. The Indians were seen near Fredericksburg, and have stolen a lot of horses in this neighborhood. Citizens are in pursuit. The military have been notified. This is supposed 10 be one of the large parties reported on araid and is going westward. The latest from El Paso is that the entire region is under control of a Mexiean mob, backed by Mexicans south of the river defying the United States authorities and claiming allegiance to the Mexican flag. Gen. Ord declines to interfere in a matter that concerns the State of Texas. Maj. Jones, commanding the Texas frontier battalion, is at El Paso, bnt has not force enough to put down the revolt. Fivesteamers sailed from New York Saturday taking full cargoes, including 10,000 boxes of cheese, 6,000 cases of canned goods, 100 tons and 800 quarters of fresh meats 100,000 bushels of grain, 190 cases of sewing machines, etc. Certain Pacific coast capitalists have just taken hold of the Black Hills for the purpose of a thorough development of the mines. Four hundred and twenty stamps are now at work, and it is believed there is room for 1,500 stamps. The American Bible Society has just issued an edition of the Bible, from new plates, and well printed and bound, for 25 cents-probably the cheapest book ever printed.


Article from Perrysburg Journal, November 30, 1877

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Article Text

THE EAST. William S. Taylor, a produce merchant of Albany, N. Y., who had been indicted for forgery, pleaded guilty on the 20th and was sentenced to five years' hard labor in the Penitentiary. The official returns of the late election in New Jersey show the following vote for Governor: McClellan, Dem., 97,830; Newell, Rep., 85,120; Hoxey, Greenback, 4,588; Bingham, Temperance, 1,385. Col. Henry R. Sibley, convicted at Boston of forgery, has been sentenced to four years' imprisonment and one day's solitary confinement. Brotherton, who was convicted at Auburn, N. Y., of the murder of Moon, will be hung Jan. 17, 1878. Barr, the convict who killed Keeper Coster, has been sentenced to imprisonment for life. James R. Hawkins (colored) was hanged at Towsontown, Md., on the 23d for an atrocious assault on Ida Schafler, a school-girl, last April. The Tenth National Bank of New York city goes into liquidation. The examination of Deacon Ezra P. Smith and Mrs. Champlin, at Middlebury, Vt., for poisoning the deacon's wife, resulted in their being held for trial. On the 23d Huntzinger, former President of the Miners' Trust Company Bank, of Pottsville, Pa., and Albert, hisson, cashier, charged with conspiracy to defraud the Prothonotary of Schuylkill County, a depositor, out of $24,000, were found guilty, after a trial of fifteen weeks. The Permanent Exhibition at Phflade Iphia will be closed hereafter on Sundays. Mrs. G. H. Thompson, sister of Senator Sar. gent, of California, committed suicide at Lowell, Mass., on the 24th. Gen. Duryea, former Colonel of the New York Seventh Regiment, was arrested on the 24th for obtaining money under false pretenses. Moses Grinnell, formerly Collector of the Port of New York, died on the 24th. Buck Donnelly, tried at Pottsville, Pa., for complicity in the murder of Thomas Sanger at Raven Run in 1875, was found guilty on the 24th of murder in the first degree.


Article from The Donaldsonville Chief, December 1, 1877

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Domestic. Deaths in New Orleans last week, 113. Sontag & Co., Chieago importers. failed. South Carolina Legislature met on Tuesday. The eigar makers at Springfield. Mass., have struck. The National Grange met at Ciucinuati last week. Bishop Marvin of Episcopal Church South died at St. Lonis. Four striking rioters have been convicted at Sumbury, Pa At Hammond, Miss., Geo. Carroll, colored, strangled his wife. Michael Tarbine killed John Riggle in a New York beer saloon. Speer's cotton gin, with 50 bales of cotton, burned at Memphis. Mr. Andrew Schmidt of New Orleans died from apoplexy while out hunting. Two colored men will be hanged at Wilmington, Del., for outraging Mrs, Totramp. A colored youth was hanged at Townsonton, Md., for outraging it white girl. George Dell, aged 17, murdered Jacob Massorth, aged 65, with a razor, at New York. Two notorious stage robbers who recently escaped were recaptured near Cheyenne. Golley Bond, who murdered L. S. Hill near Memphis, was ;captured in DeSoto parish, La. The city treasurer of Covington, Ky., Wm. Stone. is reported a defaulter for $10,000. =The schooner Clements wrecked off Horn island The crew reached land after much suffering. The jury in the Bob Drury murder case, at Memphis, were discharged, being unable to agree. Central and Third National Banks of Chicago and Tenth National Bank of New York have suspended. Frank Berlin, a Memphis butcher, was dangerously wounded by letting t his pistol fall from his pocket. Mrs. George H.Thompson, sister of 9 I Senator Sargent of California, committed suicide at Lowell, Mass. t e Martin McDervitt, a steamboatI man, fell overboard from the Bastrop, e near Bayou Sara, and drowned. t Charles Dommett, deputy auditor at Batavia, O., is under arrest for embezzling $24,000 of county funds. 0 Nelson Arden, colored, convicted of the murder of a storekeeper in Bertie county, N. B., was sentenced to haug. 8 The Attorney General refuses to e recommend the pardon of Eph Hall, convicted of election frauds in Cincinuati. Orlando Abbott and his wife were e killed at South Andover, Mass., while t crossing a railroad track in front of n locomotive. t A construction train was thrown d from the Long Branch railroad near South Amboy, N.J., killing three men and injuring four others.


Article from The Eaton Democrat, December 6, 1877

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The bank failures, under the pressure of Sherman's efforts to reach specie resumption, are getting to be as numerous, in proportion to their number, as are the assignments of business firms. Last week the Central National Bank of Chicago and Tenth National of New York went under. On the same day Caster & Brother of Mansfield, 0, assigned; Walter A. Holmes of Grand Rapids, Mich. ditto; H. 0. Babcock & Co., of Evansville, Ind., ditto; Eli D. Whitnker, a heavy farmer, of Morgan county, Ind,, ditto and W. R. McElroy of Bellville, Ind., ditto. All of this bankruptcy, ffnancial ruin and consequent suffering is directly traced to the class legislation which has been forced upon the country by the Republican party.