New York Bank of the United States
- New York Bank of the United States
The New York Bank of United States was a bank in the Bronx, New York City which was founded in 1913. The institution had hundreds of thousands of depositors. While it survived the turmoil of Black Tuesday, it ended up collapsing and being unable to make whole on its deposits; it was one of the first large banks to collapse during the Great Depression.
In 1930 Wall Street refused to help a bank it could have saved. That touched off a wildfire of failure throughout the American banking system. The Bank of United States wasn't well-run. Some of its managers later went to jail. But it was a very large bank, the fourth-largest depository bank in New York, with 450,000 depositors, most of them middle- and working-class Jews from the Garment District. That's why it was known, sneeringly, as the "pants pressers' bank."
When the Bank of United States failed, on December 11th, 1930, the public panicked and the American banking system shuddered. People flocked to withdraw their money from other banks. In turn, the banks called in loans and sold assets in order to stay liquid. In that month alone, over 300 banks around the country failed. [http://marketplace.publicradio.org/display/web/2008/09/15/pm_gordon_commentary/]
References
*Gray, Christopher. "Streetscapes: The Bank of United States in the Bronx; The First Domino In the Depression," "The New York Times", August 18, 1991
*"High-titled Bank can hold its name; Its Rivals Argued East Side Would Think "Bank of United States" Was Government's." "The New York Times", June 24, 1913
Wikimedia Foundation.
2010.
Look at other dictionaries:
Bank of the United States — There were two organizations known as the Bank of the United States:* First Bank of the United States (1791 ndash;1811) * Second Bank of the United States (1816 ndash;1841)It can also refer to:* New York Bank of the United States (1913… … Wikipedia
New York Times Co. v. United States — Supreme Court of the United States Argued June 26, 1971 Decided … Wikipedia
Bank of the United States — Bank chartered in 1791 by the U.S. Congress. It was conceived by Alexander Hamilton to pay off the country s debts from the American Revolution and to provide a stable currency. Its establishment, opposed by Thomas Jefferson, was marked by… … Universalium
The United States of America — The United States of America † Catholic Encyclopedia ► The United States of America BOUNDARIES AND AREA On the east the boundary is formed by the St. Croix River and an arbitrary line to the St. John, and on the north by the… … Catholic encyclopedia
First Bank of the United States — Infobox nrhp nrhp type = nhl name =First Bank of United States caption = The First Bank of the United States east facade. location = Philadelphia, Pennsylvania lat degrees = 39 | lat minutes = 56 | lat seconds = 53.25 | lat direction = N long… … Wikipedia
Vehicle registration plates of the United States — License plates of the 50 U.S. states and the District of Columbia phonetically spelling the Preamble to the United States Constitution, displayed in the Smithsonian Institution. In the United States, license plates[1] are issued by an … Wikipedia
History of the United States Democratic Party — The History of the United States Democratic Party is an account of the oldest political party in the United States and arguably the oldest democratic party in the world. [citation | last=Witcover | first=Jules | year=2003 | chapter=1 | page=3.… … Wikipedia
History of the United States Congress — The Continental CongressesAlthough one can trace the history of the Congress of the United States to the First Continental Congress, which met in the autumn of 1774, the true antecedent of the United States Congress was the Second Continental… … Wikipedia
Economic history of the United States — The economic history of the United States has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies progressed from marginally successful colonial economies to a small, independent farming economy, which… … Wikipedia
Bank of New York Company, Inc., The — ▪ American company major American bank holding company, headquartered in New York City. The original Bank of New York was founded in 1784 by Alexander Hamilton (Hamilton, Alexander) and chartered in 1791. It was instrumental in… … Universalium
