Atlantic National Bank (New York, NY)

View Charter #1491 on SPMC View balance sheet

Episode Information

Episode UID
149100833
Episode Type
Run Only
Bank Type
national
Bank ID
14910 national
Charter Number
1491
Start Date
May 25, 1869
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
8e5c499fa19b8348

Response Measures

Accommodated withdrawals, Capital injected

Description

Articles refer to the Brooklyn branch/location of the Atlantic National Bank and report a modest run checked by directors' pledges.

Events (3)
1. July 26, 1865 Chartered
Source
historical_nic
2. May 25, 1869 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a large deficit/mismanagement in the accounts of the late president (Rushmore/Bushmore) after his death.
Measures
Directors pledged personal support and assurances to carry on the business; directors pledged assets to reassure depositors.
Newspaper Excerpt
A slight run was made on the bank by uneasy depositors, but later in the day their fears were allayed by the directors, who pledged themselves to carry on the business of the bank.
Source
newspapers
3. July 15, 1872 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. May 29, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, May 29, 1869

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Article Text

LARGE BANK DEFICIT IN BROOKLYN, NEW YORK-EXCITEMENT AND INVESTIGATION.-The New York papers contain full accounts of another bank sensation, from which we take the following: It was stated on Tuesday that the accounts of Wm. O. Bushmore, President of the Atlantic National Bank, of Brooklyn, who was killed by the recent Long Island Railroad slaughter, showed a deficit of nearly two hundred and fifty thousand dollars. A slight run was made on the bank by uneasy depositors, but later in the day their fears were allayed by the directors, who pledged themselves to carry on the business of the bank. The deficit proceeds from advances made to a contractor on securities whose account is largely overdrawn, and also from the purchase of real estate by Rushmore in his own name. The deeds for the purchase of this property were put away in the vaults of the bank, and were marked "To secure the bank." The New York Tribune says that Mr. Rushmore may have intended to preserve the bank unharmed by these purchases, but as the facts stand, the property belongs to the Rushmore estate, and the money that paid for it is suspected to have belonged to the bank. The Tribune also says: "On Tuesday after the death of Mr. Rushmore Mr. George S. Puffer, the acting president, discovered that certain discrepancies existed in the accounts, and found that there was a deficiency of the securities of from $100,000 to $500,000. Up to that time it was believed that the bank was in a highly prosperous condition; that the capital of $500,000 was secure; that a surplus of $78,000 was on hand, and that $85,000 of the earned money was available for the July dividend. When the discovery was made that the capital was reduced from a quarter to half the original amount, the fact could scarcely be realized. The more diligent and constant the scrutiny, however, the more certain it became that the bank had sustained a serious loss through the mismanagement of the ex-president."

2. June 2, 1869 The South-Western Shreveport, LA
Article from The South-Western, June 2, 1869

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Article Text

MISCELLANEOUS. MONTGOMERY, ALA., May 25.-Busteed in town, holding a term of the United States Court here. The , Congressional committee to investigate his conduct are expected here to-night. Judge Busteed has been here d two weeks, and was here when it was stated from 0 Washington that he desired the investigation to proceed at Washington, because it would be unsafe for him to come to Alabama. NEW YORK, May 25.-Steam tug William Parks exh ploded at the foot of Dock street. Four killed. Fire at Hunter's Point progressing. Over four acres burning. Eight propellers and other vessels burned so far. f Oil tanks on docks now burning and an explosion expected. Loss will certainly exceed $1,000,000. i H.B. Varmaker, President of the Durango Silver Mining Company, cut his throat fatally. Nocause given. Steamer Russia, from Liverpool, run down Austrian ship Figlia, anchored off Peblose Island, which sank in 15 minutes. None lost. NEW YORK, May 25.-Spanish Consul in this city, this afternoon, filed libel in United States District Court against Quaker City, now called Columbia, on ground of intended violation of neutrality laws, by aiding Cuban insurgents. Necessary order granted, and United States Marshal seized vessel. Sub-Treasury receipts $2,842,500; payments $1,649,000; balance $85,897,000. MOBILE, May 26,-Fire occurred on Commerce, between St. Michael and St. Louis streets, last night, by which Childers & Davis. grocery dealers, Foster & Gardner, F. E Srollenwerck & Bro., commission merchants, Ober & Anderson's feed store, and Baker & Co., forwarding merchants, were burnt out. Col. L. T. Woodruff, one of the most prominent business men and President of the Board of Trade, lost his life and two others were seriously injured by falling walls. Loss estimated between forty and fifty thousand dollars. NEW YORK, May 26.-Wm. C. Rushman, President of the Atlantic National Bank, Brooklyn, killed by the recent Long Island railroad disaster, short a quarter of million Run on bank checked by personal pledges from directors. NEW YORK, May 26.-The Qoaker City, seized yesterday for contemplated violation of neutrality laws, claims British protection. Presbyterian committees to which the basis of reunion was referred meet at Pittsburg in August. The Herald's account of the fight in Nipe Bay, savs filibusters, while fortifying, were surprised by a large foree of Spaniards, who carried unfished works, capturing a flag and five guns. Filibusters rallied, recapturi g work and guns. Fired on Spanish steamer Mar cella, which escaped with two shots through her bull. NEW YORK, May 26.-Sub-Treasury balance $79,500 060. NEW YORK, May 27.-Committees of Old and New School Presbyterians have reported a plan for union. RICHMOND, VA., May 27.-State convention of colored men, to consider exclusion of colored men from posts of trusts and profit and the jury box, met to-day. One hundred delegates present. All parts of the State represented. Dr. Thos. Bayne, of Norfolk, was chosen President, and adjourned. AUGUSTA, GA., May 27.-Accounts from the cotton crop discouraging. The cold nights and the unseasonable weather caused plants to die in many localities Weather for the last two days has been very warm, indicating rain this evening. NEW YORK, May 27.-The Columbia took a quarter of a million in specie. NEW YORK, May 28.-Old and New School Presbyterians adopted plan of union proposed by the com mittees, the New School unanimously and the Old School dissenting. Plan of re-union involves acceptance of church standards pure and simple. Rev. Dr. Howard, New School, opposing baste, hoped judicious delay would secure union with Southern Presbyterian Church. This action of the assemblies requires endorsement by the Presbytery before consummation. NEW YORK, May 28.-A number of influential gentlemen of this city have organised themselves into a Southern land company, under a charter from the Nortb Carolina Legislature, with a capital of a quarter million. LOUISVILLE, May 28.-Col. W. C. Breckinridge delivered an oration at Battle Grove Cemetery, Cincinwati, Ky., on the occasion of the unveiling of the monument to the Confederate dead.