Tradesmens National Bank (New York, NY)

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Episode Information

Episode UID
90501186
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9050 national
Charter Number
905
Start Date
October 4, 1898
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
2a964fe7948b8a27

Response Measures

None

Description

Bank reopened only to conduct liquidation and pay depositors; suspension followed impaired capital from wool-exchange exposure.

Events (6)
1. March 17, 1865 Chartered
Source
historical_nic
2. October 4, 1898 Suspension
Cause
Local Shock
Cause Details
Capital impaired by heavy investments/loans to the Wool Exchange and New York wool warehouse and withdrawals related to wool trade controversy
Newspaper Excerpt
did not clear through the clearing house ... the bank is in serious trouble. the clearing house committee visited the bank
Source
newspapers
3. October 5, 1898 Receivership
Newspaper Excerpt
W. H. Kimball, bank examiner at New York, has been placed in charge of the Tradesmen's National bank.
Source
newspapers
4. November 22, 1898 Receivership
Newspaper Excerpt
Notice ... the Tradesmen's National Bank ... which was recently placed in the hands of a receiver, will go into liquidation instead of resuming business.
Source
newspapers
5. December 1, 1898 Other
Newspaper Excerpt
opened its doors today for liquidation. The bank has to its credit $1,600,000 ... depositors to whom $100 or less is due are being paid today.
Source
newspapers
6. January 13, 1899 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (21)
1. October 5, 1898 The Sun New York, NY
Article from The Sun, October 5, 1898

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Article Text

1808. 1897. Surplus and undivided profits $115,081 80 $182,984.78 Deposits 8,078,782.16 8,717,458 23 Dividend, & per cent. per annum. JAMES W. CLAWSON, Cashier. Comparine this with the statement of Sept. 20 It will be seen that there was in the intervening time a large falling off of deposits. Cashier Clawson said that this was due to a quarrel between the New York and Boston wool buyers and that during the last month $500,000 of deposits had been withdrawn. The Tradesmen's National Bank was organized as a State bank in 1823 and it was one of the original members of the Clearing House. It has correspondents in Chicago, Boston and Washington. On July 1 its officers and directors were as follows: James Macnaughtan. President: David H. Bates, Vice-President: A. Swan Brown. Jerome EL Bates, Augustus C. Bechstein. Charles R. Flint David Hunt. Julius Kaufmann, Thomas B. Kent, David M. Look. rederick E. Pitkin, James Rowland. John A. Tweedy. Clarence Whitman and William H. Woolverton. Mr. Brown and Mr. Whitman resigned some time ago. At the Clearing House it was said yesterday that the bank would probably not be able to resume business. but that no other bank or institution would be forced to the wall by its failure. During the day notices were posted in the bank that checks and drafts drawn by the following banks on the Tradesmen's National Bank will be paid through the Hanover National Bank: People's National Bank. Salem. N. Y.: First National Bank, Indiana, Pa.: Newport National Bank, Newport, Ky.: Cyrus AlIen. banker, Avon, N. Y.: Lattimer & Winton. bankers, Addison, N. Y. A number of private depositors also posted notices telling where their outstanding drafts and checks on the bank would be paid.

2. October 5, 1898 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, October 5, 1898

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Article Text

COULD NOT CLEAR. The Tradesmen's National Bank Has Closed Its Doors. New York, Oct. 4.-The Tradesmen's National bank of No. 260 West Broadway did not clear through the clearing house of which it is a member to-day. This fact led to an investigation and It developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday, and after a careful examination of its securities, found its capital impaired and advised an early liquidation. The bank was organized in the early part of this century, and while never a leader among the banks of this city, was always regarded as very sound and conservative in its business dealings. It occupied quarters in the Wool Exchange building. The wool exchange suspended business temporarily only a few days ago. At that time it was declared that the bank was in no degree concerned in the suspension of the exchange, although it was not denied that It had many wool accounts. The capital of the bank is $750,000. In the banking district the opinion is expressed that the troubles of the wool exchange are indirectly responsible for the Tradesmen's National bank troubles. Vice President Homer Bates promised the clamoring depositors today that the bank would pay its patrons 100 cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated. The controversy which for some time existed between the New York and Boston wool merchants who, it was said, drew on the bank recently to the extent of $500,000. was said to be the cause of suspension of business by the bank this morning. Washington, Oct. 4.-W. H. Kimball, bank examiner at New York, has been placed in charge of the Tradesmen's National bank. The latest statement of its condition sent to the treasury department in response to the call of the comptroller of currency of Sept. 20, shows as follows: Individual deposits, $2,054,611; due banks and bankers, $953.$71; surplus and undivided profits, $128.D83: loans and discounts. $2,091,842: cash on hand and with banks, $1,089,169.

3. October 5, 1898 The News & Observer Raleigh, NC
Article from The News & Observer, October 5, 1898

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Article Text

TRADESMEN'S BANK TOTTERS: Vice President Declares it Will Meet All Its Obligations. New York, Oct. 4.-The Tradesmen's National Bank, of No. 260 West Broadway, did not clear through the clearing house, of which it is a member, today. The fact led to investigation and it it's veloped that the bank is in serious tron ble. The clearing house committee visited the bank yesterday and after a careful examination of its securities, found its capital impaired and advised an early liquidation. The Tradesmen's National Bank is one of the best known institutions of its kind in this city. It was organized in the early part of this century. The bank occupies quarters in the Wool Exchange building. The Wool Exchange suspended business temporarily only a few days ago. The capital of the Tradesmen's National bank is $750,000. In the banking district the opinion is expressed that the troubles of the Wool Exchange are indirectly responsible for the Tradesmen's National Bank's troubles. Vice President Homer Bates promised the depositors who were clamoring for their money today that the bank would meet all its obligations and would pay its patrons a hundred cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated.

4. October 5, 1898 The Morning News Savannah, GA
Article from The Morning News, October 5, 1898

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Article Text

A NEW YORK BANK IN TROUBLE. Tradesmen's National Shows Up With Its Cash Impaired. New York, Oct. 4.-The Tradesmen's National Bank, of No. 260 West Broadway, did not clear through the clearing house, of which It is a member, to-day. This fact led to investigation and it developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday and after a careful examination of its securities, found its cash impaired and advised an early liquidation. The Tradesmen's National Bank is one of the oldest and one of the best known institutions of its kind in this city. It was organized in the early part of this century. The bank occupies quarters in the Wool Exchange building. The Wool Exchange suspended business temporarily only a few days ago. The capital of the Tradesmen's National Bank is $150,000. In the banking district, the opinion is expressed that the troubles of the Wool Exchange are indirectly responsible for the Tradesman's National's troubles. Vice President Homer Bates promised the depositors, who were clamoring for their money to-day, that the bank would meet all its obligations and would pay its patrons 100 cents on the dollar. He says further that the bank would resume as soon as all its claims were liquidated.

5. October 5, 1898 The Herald Los Angeles, CA
Article from The Herald, October 5, 1898

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Article Text

TRADESMEN'S NATIONAL PROMISES TO PAY DEPOSITORS DOLLAR FOR DOLLAR Just at Present the New York Bank Is in Trouble and Cannot Pay Anything NEW YORK, Oct. 4.-The Tradesmen's National bank of 260 West Broadway did not clear through the clearing house, of which it is a member, today. This fact led to an investigation, and it developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday, and, after a careful examinanon, found its capital impaired and advised an early liquidation. The bank was organized in the early part of this century, and, while never a leader among the banks of this city, was always regarded as very sound and conservative in its dealings. In the banking district the opinion is expressed that the troubles of the wool exchaange are indirectly responsible for the Tradesmen's National bank's troubles. Vice President Homer Bates promised the clamoring depositors today that the bank would pay its patrons 100 cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated. The controversy which for some time exlsted between the New York and Boston wool merchants, who it was said, drew on the bank recently to the extent of $500,000, was said to be the cause of suspension of business by the bank this morning. W. H. Kimball, bank examiner at New York, has been placed in charge of the Tradesmen's National bank. The latest statement of its condition sent to the treasury department, in response to the call of the comptroller of the currency of September 20th shows as follows: Individual deposits, $2054,11; due banks and bankers, $953,881; surplus and undivided profits, $128,083; loans and discounts, $2,091,842; cash on hand and with banks, $1,089,169.

6. October 6, 1898 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 6, 1898

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Article Text

Cause of the Embarrassment. WASHINGTON, Oct. 5.-Regarding the suspension of the Tradesmen's National Bank of New York city acting Controller Murray to-day said: "The embarrassment of the bank seems to arise from a recent investment of some $400,000 in stock of and loans to the Wool Exchange and New York wool warehouse, the former of which has lately suspended operations."

7. October 11, 1898 Evening Star Washington, DC
Article from Evening Star, October 11, 1898

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Article Text

TRADESMENS' BANK. Appointment of a Receiver to Be Postponed for n Week. Controller Dawes of the treasury has consented to postpone for a week the appointment of a receiver for the Tradesman's National Bank of New York, to give the officials a chance to show that the affairs of the institution are in such shape as to be put into voluntary liquidation. The officials of the bank are expected in the city some time this week and will endeavor to show that the bank is in condition for voluntary liquidation.

8. October 28, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 28, 1898

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Article Text

Wool Warehouse Failure. NEW YORK, Oct. 27.-The failure of the New York wool warehouse, which closed its doors today, is due to the liquidation of the Tradesman's National bank and the depression to the wook business by the wool auction exchange suspension. The company was organized in New Jersey on July 3, 1895, to

9. November 23, 1898 The Sun New York, NY
Article from The Sun, November 23, 1898

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Article Text

Tradesmen's Bank Will Not Resume. WASHINGTON. Nov. 22.-Notice has been received by Comptroller Dawes that the Tradesmen's National Bank of New York. which was recently placed in the hands of a receiver. will go into liquidation instead of resuming business, as was intended. It is probable that on or before Dec. 1 the bank will be opened for the purpose of paying its creditors.

10. November 27, 1898 New-York Tribune New York, NY
Article from New-York Tribune, November 27, 1898

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Article Text

President David H. Bates of the Tradesmen's National Bank, at Beach-st. and West Broadway. which suspended business on October 4. received the following communication from the Controller of the Currency yesterday: Controller of the Currency

11. November 29, 1898 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1898

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TRADESMEN'S BANK AFFAIRS. Washington, Nov. 28.-W. H. Kimball, receiver of the Tradesmen's National Bank, of New-York, has turned over its affairs to the liquidating committee appointed by the Controller of the Currency, and makes the following report of receipts and disbursements while he was in charge: Receipts--Interest, $847; rents, $1,001; sundry profits, $5,967; banks, $258,243 loans and discounts, $1,162,226 stocks and bonds, $5,641 cash, $622,257; total, $2,054,185. The amount of cash turned over to the liquidating committee was $1,591,935. The deposits to be paid by the committee aggregate $2,302.885, for which there is available $2,409,680.

12. December 1, 1898 Albuquerque Daily Citizen Albuquerque, NM
Article from Albuquerque Daily Citizen, December 1, 1898

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Article Text

Paying Depositors. New York, Dac. 1.--The Tradesmen's National bank, which suspended business Oct. 4th, opened to-day for liquidation. The bank has to its credit $1,600,000; in addition there is $618,000 due depositors who agreed to wait four months for their money. Fifty per cent of this was to be paid Jan. 1st. Depositors to whom $100 or less is due are being paid to-day.

13. December 1, 1898 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 1, 1898

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Bank Gone Into Liquidation. New York, Dec. -The tradesmen's national bank which suspended business, Oct. 4, opened today for liquidation. The bank has to its credit $1,600,000, and in addition on there is $618,000 due depositors who agreed to wait four months for their money. Fifty per cent of this will be paid in January, and depositors to whom $100 or less is due are being paid today.

14. December 1, 1898 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 1, 1898

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Bank Opens Again. New York, Dec. 1.-The Trademen National bank, which suspended business on Oct. 4. opened its doors today for Houldation The bank has to its credit $1,600,000 In addition there is $618 000 due deposit. OT# who have agreed to wait for four monips for their money. Fifty per cent of this will be paid In January. The depositors to whom $100 or less is due, are being paid today.

15. December 2, 1898 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 2, 1898

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OPENS ITS DOORS FOR LIQUIDATION. New York, Dec. 1.-The Tradesmen's National Bank, which suspended business Oct. 4, opened its doors today for liquidation. The bank has to its credit $1,600,000. In addition, there is $618,000 due depositors, who have agreed to wait four months for their money. Fifty per cent of this will be paid in January. The depositors to whom $100 or less is due are being paid today.

16. December 2, 1898 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 2, 1898

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Tradesman's National Liquidates. New York, Dec. 1-The Tradesmen's National bank. which suspended business on October 4. opened Its doors today for liquidation. The bank has to its credit $1,600,000. In addition, there is $618,000 due depositors who have agreed to wait four months for their money. Fifty per cent of this will be paid in January. The depositors to whom $100 or less is due were paid today.

17. December 2, 1898 The Herald Los Angeles, CA
Article from The Herald, December 2, 1898

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P Will Pay Up and Quit NEW YORK, Dec. 1.-The Tradesmen's National Bank, which suspended business on October 4th, opened its doors today for liquidation. The bank has to its credit $1,600,000. In addition there is $618,000 due depositors, who have agreed to wait for four months for their money. Fifty per cent of this will be paid in January. The depositors to whom $100 or less is due are being paid today.

18. December 16, 1898 Weekly Independent Elko, NV
Article from Weekly Independent, December 16, 1898

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"SOUND MONEY.' The New York Sun occasionally shines with its old time lustre, as witness the following: "News comes from Emporia, KanBas, that the president of the First National Bank of that city has committed suicide after wrecking the bank 80 badly that not only are its capital and surplus gone. but the depositors will get little or nothing of the $500,000 owing them. As a consequence of this failure, the neighboring Madison bank has been obliged to close its doors. "Only a few weeks ago the Trades. men's National Bank of this city, which the Controller of the Currency supposed was perfectly sound, was examined by a committee of the Clearing House and found to be in solvent. Its depositors have not yet been paid a cent. and its stockhold. ers will probably lose the greater part of the money they have invested in its stocks. "When the Chestnut Street Nation al Bank of Philadelphia failed, a year ago, the discovery was made that it had been insolvent for over a year, and the Comptroller of the Currency knew it. Still, the bank was permitted to continue doing business and to receive deposits, because, as the Comptroller declared, closing its doors might have caused runa on other Philadelphia banks and lead to a panic. "These are but specimens of occur. rences which happen every few days. The failures of national banks are so frequent that they excite no comment and interest nobody but the sufferers by them. As a protection to bank creditore the Government manage. ment of banks is A delusion, and 80 would be its protection of bank note holders, If the notes were not secured by bonds. "Yet, the bankers and the eo-called currency reformers want the govern. ment to 'go out of the banking busi. ness," by turning over the function of issuing circulating notes exclusively to the banks. and let the people look

19. January 3, 1899 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 3, 1899

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HAPPENINGS OF 1898. A Chronological Array of the Most Prominent Events. STORY OF SPANISH-AMERICAN WAR. Brief Mention of Financial Failures, Startling Catastrophes and Crimes-Necrology of Year - Politics and Sport. BANK FAILURES. Jan. 17-State, Elmwood, Ill., $60,000. 24-National, Paola, Kan., suspended. 81-First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170,000. Mar. 16-Home savings, Sioux City, Ia., $60,000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul.20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, Ia., $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N.Y., closed. 19-First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabilities, $7,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing., O., suspends. 16-First national, of Emporia, Kan., closed. President suicides an hour later. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

20. January 7, 1899 The Cape Girardeau Democrat Cape Girardeau, MO
Article from The Cape Girardeau Democrat, January 7, 1899

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BANK FAILURES. Jan. 17-State, Elmwood, III $60,000. 24-National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 21-Bank of Southern Baltimore, $170. 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. 20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, Ia. $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. -Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150, 000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich, $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing_2., suspends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30-Second national, of Teledo O., goesinto voluntary liquidation.

21. January 13, 1899 The Holly Chieftain Holly, CO
Article from The Holly Chieftain, January 13, 1899

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BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24 -National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170, 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. .20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, 1a., $59,474 Northern, Lexington, Ky. (suspended) 23-Tawas savings, Tawas City, Mich. (sus pended) Aug. 11-Bank of Waverly, III., $150,000. 27 -Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Aia., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., lia bilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon. O., capital 350,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, 0, goes into liquidation. Nov. 5-First national, of Flushing., O., suy. pends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doora with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.