Fifth National Bank (New York, NY)

Episode Information

Episode UID
34100879
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
3410 national
Charter Number
341
Start Date
March 22, 1873
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
daa56b62d8379f91

Response Measures

None

Description

Contemporary articles report mutilated ledgers, a deficiency and an application for a receiver.

Events (5)

1. March 26, 1864 Chartered
Source
historical_nic
2. March 22, 1873 Other
Newspaper Excerpt
APPLICATION FOR A RECEIVER. was made Yesterday morning in the Supreme Court ... for the appointment ... on behalf of creditors asking for the appointment of a receiver for the Fifth National Bank.
Source
newspapers
3. March 22, 1873 Receivership
Newspaper Excerpt
application ... for the appointment ... of a receiver ... for the Fifth National Bank; sureties offered themselves.
Source
newspapers
4. March 22, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Mutilated ledgers and an apparent deficiency in the bank's accounts led to closure and investigation.
Newspaper Excerpt
Bank remained closed ... none but depositors admitted.
Source
newspapers
5. May 28, 1925 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)

Article from The New York Herald, March 22, 1873

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Article Text

THE BULL'S HEAD BANK. Interview with Mr. Williamson-The Mysteryof the Deficiency Yet a Made to Cause for a Receiver Stephenson, Application Fancher-Mr. Edward ProbJustice of the Fifth National Bank, ably Bull's the Head Man. Bank remained closed those all hav- day The and none but depositors admitted. and Mr. yesterday, business with the officers were was ing Mead, the lately elected President, letErastus all day answering in person and regarding by kept busy numerous inquiries made of him losses and ter the of the bank, its probable receive. the condition of money the depositors would the bank the amount street entrance of from the The Twenty-fish by two policemen refused was guarded precinct, who bluntly minus Eighteenth admittance who was a deal a every book. one After much delay and to allow the bank they were prevailed upon and see the of coaxing representative to pass in was very HERALD Mead. At first Mr. Mead slightly President, but Mr. after a little while he became there had reticent, and said that. as yet, of the communicative, new developments in the affairs hard in- at been no He continued "The clerks are anything stitution. but it will be several days before be made. work, correct estimate of the losses can be prelike a books of depositors will have to what our All the before we will be able to state will not be sented and even then our figures If he would losses are, told the HERALD man that him call exact." later He in the day he would be happy to give ADDITIONAL INFORMATION anything that might directors have transpired. was to be regarding that a meeting of the bank until Knowing party addressed waited in the went to held the arrived, and, when the gentlemen over the bank, to they president's room, on the floor admission, but the meeting, he requested meeting was hold their the ground that the suspenwas refused and on nothing in reference to in the this quarinformal done. Failing of success president, sion would Richard Williamson, the mutilated late books ter, Mr. resigned shortly before the upon at his who discovered, was called Mr. Richard were 133 Fifth avenue. professed house, No. Jr., saw the reporter and that was Williamson, to impart any information was engaged himself willing He said his father him disin his possession. and he did not care to of have the suspenat dinner reviewing the story Williamson turbed. told After in yesterday's HERALD, Mr. and was about sion, as nothing further to say, from the said he had when Mr. Williamson, Sr., manner, came said The he to retire, room and, in an excited to the reporter. the wanted to say to make himeremain person, son tried who is a very his opinion. dining old gentleman, hard right something to speak nervous turkey silΓ©nt, and but intel- cran- His insisted on being his full of unmastigated unable to make himself berry mouth sauce, but after he was a strenuous answered effort the the following mouthful questions: it has been to said what of information the bank?" ligible, was possession "Mr. swallowed Williamson, and he of as that disposition you money are in was made not of know the funds anything regarding in the bank, the and as a of that "I do it is claimed is deficient books. am as ignorant tampered with. for I have babe the mutilation unborn. of I know the seen they them; have but been beyond that I a were know "You nothing.' have heard in real the estate report while that in you the office of heavy any President, "I more have, operator interested and I presume?" most was emphatically in before real estate it. My deny during real son that and estate." my myself I pres- was idency have always than been I heavy to holders resign of by the directors?!! of ill "Were you requested I resigned on account some time, health. "No, I doctors My was health not. advised has been me to failing take Mr. for a vacation." Williamson, and was "In my there reference was any not. division to the on among the directors, contrary them?" a rupture they between were indi- in unison, "There them and either there as never directors was or as private the viduals." any of as a body do anything way to disorganize hamper its workings "Did they of the bank or in any did." workings "No. Williamson I never heard said it that said he that would to they have like the to have affairs his it are known cleared Mr. that up among as he any is the one as heaviest anxious else, inasmuch losers, as they he and upon. being stockholders. son o'clock Mr. Mead was had again been called taken by At five he knew what action would tell nothing furBoard of Mr. Willett, the cashier, were closely He the ther said than that Directors, but which amount had been ex- to Mr. called up with deficiency the ledgers, is not likely mere to speculation, his Mead although more amined. than The $100,00 but is this rather is dogmatic in statements. APPLICATION FOR application A RECEIVER. was made to Yesterday morning in the Supreme Court of a receiver Chambers, for Justice Fancher, for the appointment made on behalf of an order The application was other creditors of de- of bank, in the the appointment of Bank, the asking for the Fifth National for the Florence positors, bank. K. Kew, and of presence several of and Thompson a number Mr. Ed- W. as ward Stephenson, Ex-Senator Laimbeer sureties in $100,000 The receiver. offered themselves twice as that amount. each, were taken was by the informed by the made for reWhen Mr. had been he stared papers Decker and that justified Mead application in Mr. Court. Stephenson assertion HERALD re- reporter ceiver in the person and asked of to have ears the had deceived peated very curiously in order gentlemen to discover connected if his time, with expressed the bank. him. who were Several in the and room all at fell the to same said, whispering. in answer When to a Mr. their Mead surprise that was disengaged the bank had he been closed at the suggestion question, of counsel.


Article from The New York Herald, March 22, 1873

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Article Text

THE BULL'S HEAD BANK. Williamson-The Interview with Mr. Yet a Mysterythe Deficiency Made to Cause of for a Receiver Application Fancher-Mr. Edward Stephen- ProbJustice son, of the Fifth National Bank, ably Bull's the Head Man. Bank remained closed those all hav- day The and none but depositors admitted. and Mr. yesterday, with the officers were President, was ing business Mead, the lately elected and by letErastus all day answering in person regarding kept busy numerous inquiries made of him losses and ter the of the bank, its probable would receive. the condition of money the depositors of the bank the amount street entrance from the The Twenty-filsh by two policemen bluntly refused a was guarded precinct, who minus every Eighteenth one admittance much who delay was and a deal the bank coaxing book. they After were prevailed upon in and to allow see the HERALD of representative At to first pass Mr. Mead was very President, but Mr. after Mead. a little while he became there slightly had reticent, and said that. as yet, of the in-communicative, new developments in the affairs are hard at been no continued :- "The clerks anything stitution. He several days before made. work, but correct it will estimate be of the losses have can to be be prelike All the a books we of depositors will be able will to state will what not our be sented before and even then our figures if he would losses exact." are, He the told day the he HERALD would be man happy that to give him call later in ADPITIONAL INFORMATION regarding anything meeting that of might the directors have bank transpired. was until to be Knowing party that a addressed waited gentlemen in the went to held the and, when the over the bank, on the admission, he requested meeting the they president's room, arrived, meeting, floor the was but to informal hold was refused their and on nothing the ground in reference of that success to in the this suspen- quarRichard the mutilated ter, Mr. shortly before upon at sion would resigned done. Williamson, Failing called the late president, books his who discovered, was Mr. Richard were 133 Fifth avenue. professed house, No. the reporter and that was Williamson, willing Jr., to saw impart any information father was engaged himself He said his him disin his possession. and he did not care to of have the suspenat dinner After reviewing the story Mr. Williamson turbed. sion, as told had nothing in yesterday's further HERALD, to say, Sr., and came was from about the he said to retire, he room when and, Mr. in Williamson, an excited to the manner, reporter. said but The the tried to hard say to make is a him remain very nervous opinion. person, dining old son wanted gentleman. right who something to speak his turkey silent, and intel- cran- His insisted on being his full of unmastigated unable to make himself berry mouth sauce, after he was a strenuous effort the the following mouthful ligible, but and he answered it has been what disposition of of the bank?" was questions: possession "Mr. swallowed Williamson, information as said to that the you money are in was made not of know the funds anything regarding in the bank, and of a "I do it is claimed is deficient books. am as ignorant as tampered babe that the mutiation unborn. of I know the seen they them; have but been beyond that I with, nothing." for I have report that you office were of a know "You have neard in real the estate while in the was heavy operator I presume?" deny that I " and most real estate during and my President, have, emphatically myself presmore interested in before it. My son estate." any idency have always than been I was heavy to holders resign of by real the account directors? of ill "Were I you was requested not. I resigned been failing on for some health. My health advised me to take Mr. a and "No, my doctors has the directors, vacation." Williamson, time, was "In there reference was any not. division to on among the was contrary them? a rupture they between were indi- in unison, "There them and either there as never directors or as private hamper the any viduals.' "Did of they as the a bank body or do in anything any way to disorganize its workings-fi workings "No. I never of heard it that said he that would they like did." the to have affairs it are Mr. that he is as else, inasmuch as they cleared up as any the one heaviest losers, known Williamson among said anxious to have he and upon. being his stockholders. son o'clock Mr. Mead action was had again been called taken fur- by At five he knew what but would tell nothing had Board of Mr. Willett, the were closely the ther He said than that Directors, ledgers, which cashier, amount been ex- to Mr. called up with the deficiency is not likely mere to specniation, his although more than amined. The $100,000; Mead but is this rather is dogmatic in to FOR A RECEIVER. was made Yesterday morning in the application Supreme Court of a receiver Chambers, for of Justice order Fancher, for the appointment was made creditors on behalf of for an bank. The application and several other a number of Florence K. the presence of of Mr. Edthe asking for the Fifth National the positors, bank, in Kew, of the appointment and Thompson Bank, de- W. as Ex-Senator sureties in receiver. offered themselves in twice that Decker ward Stephenson, justified Laimbeer Court. as amount. $100,000 The repapers each, and were Mead taken was by the informed been by the made HERALD for stared a reWhen that Mr. application person of Mr. had have Stephenson the assertion he reporter ceiver curiously in the and asked to if his ears had the deceived bank, very peated in order gentlemen to discover connected same time, with expressed When him. were Several in the room all at fell the to whispering. in answer to a Mr. Mead that was the bank had their who surprise disengaged and he been said, closed at the sugquestion gestion of counsel.


Article from Wilmington Daily Commercial, September 22, 1873

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BANKS SUSPENDED β€” At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.


Article from Wilmington Daily Gazette, September 22, 1873

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BANKS SUSPENDED.β€”At 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, Sept. 27th, 1873, at Reynolds & Co.'s sale.


Article from National Republican, October 4, 1873

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SHALL THE BANK SUSPENSION CONTINUE? It is very much to be feared that the banks will over-do the "financial business" in maintaining themselves in a state of siege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the consequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feeling is now rapidly gaining ground that no real necessity exists for the banks maintaining closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not arrived when the banks should manifest a disposition to return to the normal condition of affairs. In a case of this kind a mere doubt in the public mind becomes a positive and threatening danger, a danger as pregnant with direful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institutions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some relaxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a magnanimous public indulgence to speculate upon the people. Every day this suspension is maintained adds to the danger of the situation. Mechanical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings institutions for their savings against an emergency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to permit this state of affairs to continue. If the banks fail to meet the emergency the emergency may overwhelm the banks in the common disaster that is threatened. In connection with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely: "Resumption is the sure refuge of the banks; it will save them from the disasters of the wholesale depreciation of securities and products which a protracted suspension would almost certainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may overwhelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplaster inundation. We say nothing here about the bankruptcy act further than this; that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."


Article from Daily Kennebec Journal, October 16, 1873

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GENERAL NEWS. Frederick Chase Hutchinson, one of the family of singers, is dead. Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics. It is expected that the New York banks will resume currency payments next week. Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts. The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome. Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church. T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70. The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day." Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance. The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out. The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week. They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders. Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor. "You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on. In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia. The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-