Mercantile National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1067
Charter Number: 1067
Start Date: November 9, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e092f8c1

Response Measures

None

Description

Article (Nov 9, 1873 report) headlines 'Another Suspended Bank' and describes discovery that the president advanced the bank's $300,000 surplus to his private Domestic Sewing Machine Company; this is bank-specific malfeasance. The report states the bank suspended; it does not describe a depositor run or reopening. No explicit receiver or formal closure is mentioned in the excerpt, but the account of suspension from malfeasance implies ultimate failure; I classify as suspension_closure while noting closure is not explicitly documented in the provided text.

Events (3)

1. April 27, 1865 Chartered

Source: historical_nic

2. November 9, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President Ely J. Blake advanced the bank's $300,000 surplus to his Domestic Sewing Machine Company; collateral and notes found are practically worthless (embezzlement/misapplication of funds).
Newspaper Excerpt: Suspecting something wrong, the directors of the Mercantile National Bank instituted an investigation ... discovered that the president, Ely J. Blake, had advanced the $300,000 surplus supposed to be on hand in relieving the embarrassment of the Domestic Sewing Machine company ... The only security for these sums advanced, found in the vaults, were collaterals and notes of the Sewing Machine company, which are practically worthless.
Source: newspapers

3. June 19, 1912 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. November 19, 1873 Evening Star Washington, DC

Article from Evening Star, November 19, 1873

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Article Text

Another Suspended Bank. HOW THE PRESIDENT OF THE CONCERN USED ITS SURPLUS OF $300,000. NEW YORK, November 9.-Suspecting something wrong, the directors of the Mercantile National Bank instituted an investigation a few days since, and discovered that the president, Ely J. Blake, had advanced the $300,000 surplus supposed to be on hand in relieving the embarrassment of the Domestic Sewing Machine company, incorporated by Blake and three brothers in 1870. The only security for these sums advanced, found in the vaults, were collaterals and notes of the Sewing Machine company, which are practically worthless. The bank directors are wealthy men. Death of the Founder of the Baring Brothers Banking House. LONDON, November 19, 4:30 p. m.-It is reported on the stock exchange that Thomas Baring. founder of the banking house of the Baring Bro's, is dead. ....