Boro Bank (New York, NY)

Episode Information

Episode UID
5151176591324
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
515117659 hash
Start Date
April 7, 1910
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
073574fc5e6dad7f

Response Measures

None

Description

Articles refer to the 'Borough Bank of Brooklyn' (likely OCR variant of 'Boro Bank'); receiver was appointed after its 1910 closing.

Events (4)
1. April 7, 1910 Suspension
Cause Details
Bank closed its doors April 7, 1910 and remained defunct; specific trigger not stated in provided articles.
Newspaper Excerpt
the defunct Borough Bank of Brooklyn ... closed its doors April 7, 1910
Source
newspapers
2. June 6, 1916 Other
Newspaper Excerpt
Prospects of an early dividend to depositors in the defunct Borough Bank of Brooklyn were brightened ... auditors' statement shows ... the bank closed its doors April 7, 1910.
Source
newspapers
3. April 21, 1919 Other
Newspaper Excerpt
would allow depositors of the failed Union and Borough Banks of Brooklyn to go before the State Court of Claims in an effort to collect for their losses
Source
newspapers
4. * Other
Newspaper Excerpt
He acted as receiver for the Borough Bank of Brooklyn during its difficulties.
Source
newspapers

Newspaper Articles (4)
1. December 12, 1915 New-York Tribune New York, NY
Article from New-York Tribune, December 12, 1915

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Article Text

Show Big Increase in Assets During Week Just Ended. HOLD $8,000,000 LESS IN GOLD COIN Heavy Withdrawals by New York Institutions Cause Decrease in Deposits. [From The Tribune Bureau.] Washington, Dec. 11.-The earning assets of the twelve Federal Reserve banks shows an increase during the week just ended of more than $2,000,000, and now exceed the total capital by 55 per cent, as against 51.4 per cent 8. week ago. The largest gain is shown for bankers' acceptances, which represent at present more than 36 per cent of all bills held. More than 75 per cent of the total is held by the three Eastern seaboard banks, Boston reporting the largest amount of acceptances on hand. The amount of Federal Reserve notes outstanding now is $200,300,000, according to reports of Federal Reserve agents, an increase for the week of $9,300,000, distributed among seven banks. Against the notes issued the agents hold $182,900,000 of gold, and $18,800,000 of paper. During the week, to cover the large issuance of Reserve notes, the banks transferred to the Reserve agents about $8,800,000 of gold. As a result, the combined gold reserves of the system show a decrease for the week of about $4,000,000 and the total Reserves a decline of $8,200,000. The total amount of gold held by both the banks and the Federal Reserve agents stands at present at $504,100,000, as against $499,300,000 at the end of last week, and $307,700,000 about six months ago. Reserve deposits decreased during the week a total of about $2,700,000, the New York Bank causing the net decline by showing new withdrawals of $4,500,000. The statement shows the following condition:

2. June 6, 1916 New-York Tribune New York, NY
Article from New-York Tribune, June 6, 1916

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Article Text

BOROUGH BANK DIVIDEND Richards's Statement Leads Depositors to Expect Early Payment. Prospects of an early dividend to depositors in the defunct Borough Bank of Brooklyn were brightened yesterday with the appearance of a statement of the affairs of the bank, completed by auditors working under Eugene Lamb Richards, State Superintendent of Banks. The bank superintendent had announced that he expected to make such payments to depositors within three months, but it is now expected they will be made sooner. The auditors' statement shows that the bank's receipts since it closed its doors April 7, 1910, total $818,749. Of this sum $762,833 was consumed in liquidating pressing obligations, thus leaving a total of $55,915 on hand. In addition to this sum the bank has a claim of several hundred thousand dollars pending against William Gow, and the receiver expects to recover large sums from the stockholders because of their liability for the bank's affairs under the law. Both claims are being pushed in the courts.

3. September 29, 1916 Evening Public Ledger Philadelphia, PA
Article from Evening Public Ledger, September 29, 1916

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Article Text

# Banker and Former Congressman Dead ELLENVILLE, N. Y., Sept. 29.—Isaac N. Cox, president of the Home National Bank of Ellenville, is dead here in his seventieth year. He also was a trustee of the Ellenville Savings Bank and a director of the Orange County Trust Company. He acted as receiver for the Borough Bank of Brooklyn during its difficulties. In 1886 Cox was appointed a commissioner by President Cleveland to examine the condition of the Northern Pacific Railroad. Two years later he was elected to Congress.

4. April 21, 1919 The Sun New York, NY
Article from The Sun, April 21, 1919

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Article Text

Bill for Aircraft Insurance. Other measures before the Governor would permit fire, marine and casualty insurance companies to take risks on airplanes, fiying boats and dirigible balloons and their operators: would allow depositors of the failed Union and Borough Banks of Brooklyn to go before the State Court of Claims in an effort to collect for their losses and would provide for an investigation of the State right to develop water power at Niagara and Long Sault Rapids, St. Lawrence, and to figure on the cost of this development. Included in the list are the Lockwood conductorette bill and the Sammis measure regulating service of women elevator operators. Both prohibit the employment of women for more than nine hours a day, or after 10 o'clock at night and before 6 o'clock in the morning. The Lockwood bill provides that no woman under 21 shall be employed in the operation of surface, elevated or underground railways, and the Sammis bill prohibits the employment of females under 18 to run elevators. Three bills carrying out the recommendations of the Governor, and which he undoubtedly will sign, are: Providing for reorganization of the New York city five man Public Service Commission under a single commissioner. creating a rapid transit commissioner to build the rest of the city's subways, and providing that the Industrial Commission must conduct a review of every workman's compensation case in which direct settlements are made. Awalting signature also is the bill of Senator Clayton R. Lusk of Cortland which permits cities and villages to create industrial aid commissions. to remedy unemployment conditions, and to furnish food, shelter and clothing to persons unemployed until they find jobs and begin receiving wages.