National Bank of Commerce (New York, NY)

Episode Information

Episode UID
73300957
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
7330 national
Charter Number
733
Start Date
September 20, 1879
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
2381db69f0ca9ce2

Response Measures

None

Description

Articles state the bank had a receiver by Sept 20, 1879, but do not detail the suspension date or process.

Events (3)

1. January 19, 1865 Chartered
Source
historical_nic
2. September 20, 1879 Receivership
Newspaper Excerpt
Various parcels ... sold under execution to the New York National Bank of Commerce ... The receiver of the bank was the only bidder.
Source
newspapers
3. April 5, 1929 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)

Article from The Portland Daily Press, September 30, 1876

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NEW YORK. The Hell Gate Explosion. NEW YORK, Sept. 29.-Gen. Newton officially reports to the Pilot Commissioners the following deptbs of water over late Hallett's reef. Since the explosion, from 180 feet distan from the shore line to the line of buoys, the bottom slopes gradually from 8 feet depth at mean low water to 20 feet. Outside the line of buoys not less than 20 feet depth at mean low tide was observed. Divers have been examining the reef and report a thorough break-up. The Book Trade Fair. The fourth fair of the American Book Trade Association closed at 6 o'clock last night. The last day proved to be the most successful of the four in a business point of view, and there were as many books sold yesterday as there were during the three previous days. Full returns of sales will not be made for several days, but it is thought the aggregate amount will reach $100,000 Savings Bank Panic. The recent suspension of the New Amster dam and Bond street Savings Bank has produced quite an excitement among the smaller depositors in the different savings institutions, and this morning every savings bank in the city was crowded with depositors, demanding their money. The Express says that before the close of another week the probabilities are that others of the small banks will be compelled to close their doors. The depositors of the Bond street Savings Bank met to-night and received the report of the committee on investigation. The report showed that the amount due depositors is $1,286,688. The assets amount to $1,412,287. The assets are composed of U. S. bonds, real estate. cash on hand, call loans, bonds and mortgages. Gift to Charitable Institutions. The board of estimate and apportionment of aldermen to-day voted about $17,000 of excise money to charitable institutions. Yellow Fever Scare. A yellow fever scare was created in Jersey City to-day, where two cases and one death are said to have occurred, the latter a lady who nursed her sick husband in Savannah. The physicians, however. say her death was caused by intermittent fever. Deaths are announced of the wife of Commodore Garrison, and of Newton St. John, formerly a leaging banker of Mobile, all of this city. Child Murder. Catherine Stevens, who is endeavoring to prosecute her reputed husband, Robert Stevens, for bigamy, asserts that he in the past fourteen years has drowned her four children before they were a day old. Defranding Insurance Companies. Samuel Harlem, of the firm of Harlem & Co., manufacturers of clothing at 12 Sirpenpard street, was arrested to-day, charged by the Fire Marshal with attempting to defraud the following fire insurance companies: Williamsburgh City, Relief Insprance Co., Girard of Philadelphia, British American Assurance Co. of Toronto, Mechanics' Insurance Co of Brooklyn. His place of business was burned some time ago, and assisted by the merchant creditors of the firm, who furnished him with fraudulent invoices, he endeavored to extort $17,344 75 from these companies, while his actual loss was about $7000. The total amount for which he was insured was $22,000. Steps will be taken to punish the merchants who furnished him with fraudulent invoices. International College Race in Prospect. ITHICA, Sept. 29.-At a very large and enthusiastic meeting of the various classes of Cornell University, held to-night, it was decided to send a challenge to the winners in the Cambridge-Oxford race, which occurs in March next. The challenge will be fours or eights, with a coxswain, as the Englishmen may desire, and for a four-mile race over the regular course, from Putney to Mortlake.


Article from Essex County Herald, October 25, 1878

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On the failure of Jay Cooke & Co., a general feeling of distrust was engendered, and the consequence was the utter failure of many of the Nat onal Banks, and the total suspension of all the National Banks in the city of New York. Now this was not suspension of specie payments, but was a suspension of payments in legal tender Lotes or greenbacks. The promises of the government in the form of greenbacks rose to a premium of four per cent. above the value of National Bank notes, and who can tell the extent of the disaster to the whole country if we had been doing business upon a spe ie basis, as it is called? The ruin would have been general, but as it was, everybody knew that there was precisely the same amount of paper money in the country af'er as before the panic, and consequently it was of short duration, and there was comparative-ly very little derangement in the movements of the products of the country. If the banks could not pay in greenbacks when there was in the country more in amount of legal tenders tean the entire national bank circulation, how can it be expected hat they can maintain coin payments? The fact is, his talk about specie payments is simply absurd, whether uttered by Mr. Greeley or the Solons of Congress. Mr. Greeley's saying that the "way to resumption was to resume," is not a whit more absurd than the more elaborate proposition pending in Congress. To maintain coin payments in this count.y, commercial as it is, is simply impossible unti the Almighty has changed the character and habits of the people-until, as a nation and as individuals, we become a frugal and economical people, sp nding, as a whole, less than our incomes; and until our national, state, railroad and commercial debt abroad is paid or largely reduced, we cannot be secure from the effects of the vicissitudes that creditor nations are liable to, and consequently, if our banks are on a coin basis, we are liabl at all times to a foreign drain, which would compel suspension, Allowing the national ba ks to issue any currency is an unmitigated evil, and is the real obstacle to sound, wise a d wholesome legislation, and and they ought to be divested of that power as speedily as it can be done without disturbing values. This real or fanced -interests are antagonistic to wholesome financial legislation. Capital is timid and selfish, and at the same time is influential, and it has been said (by Senator Sprague) that nothing is meaner than one million of dollars except two millions. The circulation enjoyed by the banks is a valuable privilege, ard to protect it they will overlook every consideration of public good. The evils of such special favors do not end with the banks, for to secure and perpetuate favorable legislation for themselves hey must not oppose legislation for the benefi of other interests: so, legislation becomes a matter of special favor to various interests, and not for the general good. Therefore, the sooner Congress is relieved of this insidious and baneful influence the better. We have at this session of Congress ample evidence of the baneful work of men blinded by the supposed interests, r led by those who have se fish interests to uphold. The men outside of Congress who have tendered their advice, and whose suggestions will probably be followed, have intere ts in national banks, and wish to be protected in the privileges they now enjoy; and the mistake that many congressnen make, no doubt honestly, is in treating the interests of the banks as the public interests, while, in fact, the public has no interest in them other than to divest them, as soon as practicable, of the power or privilege of issuing money. But giving to congressmen full credit for honesty and the best intentions, it is, after all, pitiable to see how little comprehension they bring to the consideration of financial questions. They seem to be trying how not to do it. They appear to be in a muddle, or else they are determined to keep matters in a muddle, and we really cannot make up our mind which. It is hard to believe that they are so much at a loss as they appear to be, and yet. t is equally past belief that they desire to do wrong on questions of finance, for upon questions outside of t eir duties as congressmen, they are certainly equal to the average of business men in ability and honesty. We have come to the conclusion that in this matter of finance their appare..t want of foresight comes from the fact that in all uch matters they yield their convictions to the vews of supposed experts, such as the officers, stockholders and attorneys of the national banks in their several districts. Now the banks have a valuable privilege to maintain and protect, every one of them receiving an annual bonus from government of more than 4 per cent. on their entire capital, over and above all national taxation, for furnishing a circulating medium for the country, which is printed and renewed at the expense of government, and which is no better than greenback, and amounting in the aggregate to an annual net bonus to the stockholders of the national banks of over $15,000,000. At the same time government is obliged to maintain a more complicated and expensive system than would be required if the government is-sued the entire currency of the nation. Sensible and honest men out of Congress ask why this is done, when the nation so much needs the $15,000,000 annually to pay current expenses? Of ou senators and representatives, each proposes a different remedy for financial evils and an empty treasury. One wants more "greenbacks;" another national bank notes; another demands specie payments on a day to be fixed by Congress; an-


Article from Daily Globe, September 21, 1879

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THE SPRAGUE UNPLEASANTNESS. The Legal Proceedings Relative to the Appointment of Trustees. PROVIDENCE, Sept. 20.-In the supreme court this morning the hearing begun upon the application of Mrs. Katharine Sprague for appointment of a trustee of her property. The counsel for the petitioner stated ex-Gov. Sprague and wife were not living together and there is. no reasonable probability that they will live together in the future. This declaration he based on the sayings and acts of both persons. He nominated Robert Thompson as trustee. Counsel for ex-Gov. Sprague agreed with the other side as to the law in the case, that Mrs. Sprague had the right to a trustee, but he objected to the nomination of Thompson and moved its reference to a master. This motion the court overruled, when the counsel for Mrs. Sprague nominated Arthur Watson for trustee and asked postponement till Friday next to enable him to file the reason for his motion. The case went over to Friday. Various parcels of A. and W. Sprague's estate, recently sold under execution to the New York National Bank of Commerce for nominal sums, were struck off again, to again satisfy the judgment claims of the Franklin Institution for Saving. The receiver of the bank was the only bidder.


Article from The Cheyenne Daily Leader, September 21, 1879

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THE SPRAGUE ESTATE. The Case Before the Supreme Court. Providence, Sept. 20.-In the supreme court this morning a hearing was begun upon the application of Mrs. Kate Chase Sprague, for the appointment of a trustee on her property. The council for the petitioner stated that ex-Governor Sprague and wife were not living together and no reasonable probability that they will live together in the future. This declaration he based upon the sayings and acts of both persons. He then nominated Ross Thompson for trustee. The council for ex-Governor Sprague agreed with the other side as to the law in the case; that Mrs. Sprague has the right to a trustee, but he objected to the nomination of Thompson, and moved its reference to the master. This motion the court overruled; when council for Mrs. Sprague nominated Arthur Watson for trustee, and asked a postponement until Friday next, to enable him to file a reason for his motion. The case then went over until Friday next. Various parcels of A. and W Sprague's estate, sold under execution to the New York National bank of commerce, were struck off again today to satisfy the judgment claim of the Franklin institution for savings. The receiver of the bank was the only bidder. The judges, owing to the importance of the questions at issue, have ordered both sides to appear on Thursday next for a full hearing.


Article from Daily Globe, September 22, 1879

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THE SPRAGUE UNPLEASANTNESS. The Legal Proceedings Relative to the Appointment of Trustees. PROVIDENCE, Sept. 20.-In the supreme court this morning the hearing begun upon the application of Mrs. Katharine Sprague for appointment of a trustee of her property. The counsel for the petitioner stated ex-Gov. Sprague and wife were not living together and there is no reasonable probability that they will live together in the future. This declaration he based on the sayings and acts of both persons. He nominated Robert Thompson as trustee. Counsel for ex-Gov. Sprague agreed with the other side as to the law in the had that Mrs. Sprague case, the right to a trustee, but he objected to the nomination of Thompson and moved its reference to a master. This motion the court overruled, when the counsel for Mrs. Sprague nominated Arthur Watson for trustee and asked postponement till Friday next to enable him to file the reason for his motion. The case went over to Friday. Various parcels of A. and W. Sprague's estate, recently sold under execution to the New York National Bank of Commerce for nominal sums, were struck off again, to again satisfy the judgment claims of the Franklin Institution for Saving. The receiver of the bank was the only bidder.


Article from Daily Globe, September 8, 1881

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ALL AROUND THE GLOBE. The New York produce and cotton exchange, clearing house, and all banks will be closed to-day. The mayors of New York and Brooklyn have issued proclamations calling on all to close their places of business, and trade will be suspended in both cities. Robert Steep, of Manville, Kan., nine miles west of there, while crossing the railroad track in a wagon, was killed by railroad train No. 3. Alex. Grey, of Allegheny City, one of the wardens of the western penitentiary, received serious injuries on the Pennsylvania railroad, at Seaman Place, yesterday, dying several hours afterwards.