Article Text
This Date in History. 1807-Count de Roohambeau died. Born July 1, 1725. 1818-Montgomery Blair, postma. ter general under Linoolu. born. Died July 28. 1883. 1887-New York banks suspended spejie payment. 1841-James Gordon Bennett born.
Fourth National Bank (New York, NY)
Episode Information
- Episode UID
29001057- Episode Type
- Run Only
- Bank Type
- national
- Bank ID
-
2900national - Charter Number
- 290
- Start Date
- January 1, 1888*
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
4b4b9d7ee7ebec29
Response Measures
Capital injected
Other: The article mentions J. Edward Simmons was called to the presidency to cope with a financial crisis in 1888 that threatened to destroy the bank, implying a change in leadership/management as a corrective measure.
Description
Article 2 describes a financial crisis in 1888 that threatened to destroy the bank, which the president successfully managed; this is classified as a run given the context of a 'financial crisis' threatening destruction.
Events (3)
1.
February 27, 1864
Chartered
- Source
- historical_nic
2.
January 1, 1888*
Run
- Cause Details
- Financial crisis in the bank that threatened to destroy it.
- Measures
- J. Edward Simmons assumed the presidency to manage the crisis.
- Newspaper Excerpt
- In 1888 he was called upon to cope with a financial crisis in the Fourth National Bank, which threatened to destroy it.
- Source
- newspapers
3.
June 18, 1914
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (2)
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Article Text
Simmons, being a well-to-do merchant of that city. He was educated at the old Troy Academy and at Williams College, being graduated from that institution in 1862. He then studied law at the Albany Law School and was admitted to the bar in 1863. For four years he practised his profession in Troy and then moved to New York City, where he entered the banking business In 1884, as the result of the failure of some prominent banking institutions, a panic broke out in Wall Street, and the Stock Exchange became disorganized. Those in charge agreed that there was only one man who could bring order out of chaos, and Mr. Simmons was called to the presidency. He succeeded in making the institution stronger than ever before in its history, and brought its membership up to eleven hundred. He was twice re-elected president of the exchange. and was urged to accept the office a third time, but refused. Saved Fourth National Bank. In 1888 he was called upon to cope with a financial crisis in the Fourth National Bank, which threatened to destroy it. He assumed the presidency and held the place until his death. In 1881 Mayor Grace appointed him a member of the Board of Education, and for several terms he served as president of the board. He paid special attention to advancing the city's higher educational interests, obtaining collegiate standing for the Normal College and broadening the scope of the College of the City of New York. In politics Mr. Simmons was a Democrat and a warm friend of Samuel J. Tilden. He took an active part in bringing about the election of Grover Cleveland to the Presidency in 1884 and 1892. On several occasions his name was favorably considered for the mayoralty nomination, but he did not regard the idea with favor. Mr. Simmons was one of the old-fashioned conservative bankers. He looked upon his business as one of trust, and avoided reckless promotion and the misuse of banking facilities. He took the chairmanship of the Board of Water Supply in 1905 at the urgent request of Mayor McClellan as a personal favor. with the full understanding that he would not be able to give the work his undivided attention Later an attempt was made to discredit him for lack of proper attention to the duties of this office, and an investigation was made by the Commissioners of Accounts by order of Mayor McClellan. Mr. Simmons promptly resigned from the board, stating that as a member of it he was unable properly to attend to his duties in the Fourth National Bank. For ten years Mr. Simmons was president of the Panama Railroad Company. He also served as president of the Columbia Steamship Company, trustee of the Metropolitan Trust Company, director of the Bank for Savings, the Ann Arbor Railroad Company, the National Surety Company, the United States Casualty Compny and the Standard Milling Company. He was president of the New York Infant Asylum, governor and treasurer of the New York Hospital and a life trustee of Williams College. Mr. Simmons was an active Free Mason, and in 1883 was Grand Master of the State of New York. He was a member of the University, the Metropolitan. the New York Athletic, the Lawyers', the Tuxedo and the Democratic clubs. In 1886 Mr. Simmons married Miss Julia Greer. daughter of George Greer, who sur. vives him. His son, Joseph F. Simmons, is treasurer of the Trow Printing and Directory Company.