16623. Tradesman's Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 26, 1826
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
90026c93

Response Measures

None

Description

Articles (Jul–Aug 1826) report Tradesman's Bank of New York stopped payment and thereafter has receivers with losses reported. No explicit run is described; receivers' report (Aug 10) indicates substantial losses and overdrafts, implying failure and receivership rather than a mere temporary suspension and reopening.

Events (2)
1. July 26, 1826 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Stopped payment amid broader New York failures; institution had losses and damaging exposures leading to insolvency (reported later as about $100,000 lost and large overdrafts).
Newspaper Excerpt
the Tradesman's Bank in that city has stopped payment.
Source
newspapers
2. August 10, 1826 Receivership
Newspaper Excerpt
The report of the Receivers is on file t the Tradesman's Bank... About $100,000 have been lost to that institution. In one instance, it is said a minor has overib. drawn $20,000.
Source
newspapers

Newspaper Articles (2)
1. July 26, 1826 The Massachusetts Spy, and Worcester County Advertiser Worcester, MA
Article from The Massachusetts Spy, and Worcester County Advertiser, July 26, 1826

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Article Text

BANK AFFAIRS.-In addition to the fail. ures in New-York, mentioned in our last, the Tradesman's Bank in that city has stopped payment. Several others have been hard run, but it is thought they will weather the storm. The stock of the Fulton Bank is quoted at sixty per cent. discount. When the Eagle Bank in the City of New-Haven failed, 3 great outcry was made, particularly in New-York, against the country Banks, and they were denounced almost in toto as un. worthy of confidence. We have examined the late New-York papers with great care, but do not find any thing further on the subject of "the Country Banks." The Green County Bank, located at Catskill, N. Y. has failed-owing. 1 as it is said, to its unfortunate connexion with the Wall-street brokers.

2. August 10, 1826 The Wilmingtonian, and Delaware Advertiser Wilmington, DE
Article from The Wilmingtonian, and Delaware Advertiser, August 10, 1826

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Article Text

N. YORK MONEY AFFAIRS. Fulton and Morris Banks.-There is still some difficulty in coming to a settlement. $250,000 of Morris Canal Stock, it is said, has been loaned on Lite and Fire bonds.-N Y. Enq. Tradesman's Bank.-The report of the Receivers is on file-therefore, every person can see it, as a public document. About $100,000 have been lost to that institution. In one instance, it is said a minor has overib. drawn $20,000. Greenwich Fire Insurance.-An expose of the concerns of this Company is published. All that is left out of $250,000 is $24,000 to secure the Hon. Philip Hone for a loan of $22,000. This is really a flemish account, but still it is a statement, which is more than ib. can be obtained from some others. Mount Hope Loan Company. -Rather an unpleasant circumstance took place this afternoon, at the office of this company in Cedar street. Some of the gentlemen interested in the affairs of the concern thought that they had a right, by the charter, to examine the books, and repaired thither for that purpose. They were readily produced by the secretary, and after looking at them for a short time, one of the gentlemen insisted upon taking them away with him, but this was resisted by the President of the company, until at last a violent struggle ensued followed up by blows, which finally terminated in recapturing the books for the benefit of the institution. A large mob collected in the street before the office, but we understand no bones were broken. Reports are abroad that all is not exactly as it should be in the Mechanic's Fire Insurance Company. The president of that institution was dismissed from office yesterday by the Board of Directors.