Harriman & Company - New York, NY

Episode Information

Episode UID: 643369191591
Episode Type: Suspension → Closure
Bank Type: broker
Bank ID: 64336919 hash
Start Date: July 25, 1932
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: d51223ec7008d153

Response Measures

None

Description

The bank remained open despite internal irregularities until the March 1933 federal holiday, after which it failed to reopen and was placed in receivership.

Events (2)

1. July 25, 1932 Other

Newspaper Excerpt: The alleged irregularities first report not submitted the currency Roberts: national bank examiner, until Only informal letter for filing was sent comptroller by Robon contained action. time, but he resigned on Sept. 20.
Source: newspapers

2. March 6, 1933 Suspension

Cause: Government Action
Cause Details: The bank closed during the March 1933 national banking holiday and did not reopen.
Newspaper Excerpt: remained open until the national holiday, but now closed.
Source: newspapers

Newspaper Articles (1)

1. March 25, 1933 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, March 25, 1933

Click image to open full size in new tab

Article Text

NEW LIGHT IS CAST ON BANK Delay of Nine Months in Prosecution of Harriman Case Revealed. EXPLANATION IS GIVEN Fear That Run Would Be Made on Institution Brought Delay. Alliance March demand for congressional investigation the the comptroller justice disclosthat officials delayed for nine months the prosecution Joseph Harriman, president closed Harriman and Company for alleged falsification The alleged irregularities first report not submitted the currency Roberts: national bank examiner, until Only informal letter for filing was sent comptroller by Robon contained action. time, but he resigned on Sept. 20. Confer Investigator The senate banking and currency through chairman, Senator Duncan Fletcher (Dem., now long-distance telephone connection Ferdinand Pecora, counsel committee market investigation. in New York. on the Harriman matter. may come Washington Tuesday for the committee's schedmeeting. which event Harriman probably be The committee is charged with investigating transactions, those participated affiliates, will look the Harriman affair this that the Harriman bank funds went security When Roberts' report reached Acting Controller Awalt Dec. he immediately forwarded copies the department justice here and George Medalie, United States New York. Under instructions the department here, Medalie held taken against until after the Roosevelt came Reason Given for Delay The reason for the delay in both Awalt and was the situation. and that an indictlead run the Harriman bank. and others. Roberts in his July 25 letter was holding his report in the hope that funds could ered disquieting situation remained open until the national holiday, but now closed. When asked if bank examiners had this authority. answered that justified by the situaHe still constant munication with York Clearing House asked delay report the of tice When the moment for initial day reports the authorities. he was visited Henry Cooper bank. the for the York clearing house, and another bank official. Asked No Publicity They urged publicity while they the delicate and this course department justice. Treasury officials asked that started without notifying them first with officials of the department same spokesmen asked for "temporary said they simply want"fortify Harriman bank against run might follow publicity attending the Though produced no and condition the run might follow indictment of Harriman