Zimmermann & Forshay (New York, NY)

Episode Information

Episode UID
1063571482
Episode Type
Suspension → Reopening
Bank Type
broker
Bank ID
106357 routing
Routing Number
1-0635
Start Date
June 1, 1923*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
10d2f4664c390703

Response Measures

None

Description

The firm suspended in June 1923 due to the collapse of German currency and later resumed business under the same name.

Events (3)
1. June 1, 1923* Receivership
Newspaper Excerpt
forced into receivership last June
Source
newspapers
2. June 1, 1923* Suspension
Cause
Macro News
Cause Details
collapse of the old German currency
Newspaper Excerpt
Zimmermann & Forshay, was carried into receivership by the collapse of the old Gerran currency
Source
newspapers
3. * Reopening
Newspaper Excerpt
He was allowed to resume business. and voluntarily paid out substantial sums from his earnings from the new firm of the same name
Source
newspapers

Newspaper Articles (2)
1. December 28, 1923 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 28, 1923

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Article Text

BROKERAGE FAILURE SETTLEMENT PLANNED Proposal Sent To Creditors Of Zimmermann And Forshay NEW YORK, Dec. 27.-A plan of composition and settlement of claims against the bankrupt brokerage and banking house of Zimmermann and Forshay, which was forced into receivership last June, bearing the approval of the creditors' committee and the receiver. is outlined in a letter which has been forwarded to all creditors. The plan provides for the immediate liquidation of quick assets, which would allow a cash payment of approximately 40 per cent on claims and the formation of a corporation to handle the liquidation of slow assets over a period of years. The letter stated also that members of the firm have offered to pay the new corporation the sum of $100,000 a year over a period of years and beginning two years after this plan has been approved. MONTGOMERY MERCHANT DEAD MON'TGOMERY. Ala., Dec. 27.-R. W. Wilkes, merchant, died here today s the result of stomach poisoning, according to physicians.

2. September 17, 1931 Evening Star Washington, DC
Article from Evening Star, September 17, 1931

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Article Text

Banker Dies Happy With Last of Debts About to Be Paid Started After He Was 70 to Reimburse Creditors, Who Lost $6,000,000 By the Associated Press. NEW YORK, September 17.-Leopold Zimmermann, veteran Wall Street banker, who devoted his final years to strenuous labors to repay clients who had lost in his firm. died at his home in his 79th year Tuesday, and presumably died happy, for he could see the way clear to pay up the last dollar Although well past the threescoreand-ten mark when his firm. Zimmermann & Forshay, was carried into receivership by the collapse of the old Gerran currency. he was not content that his former clients should get merely a receiver's settlement. He was allowed to resume business. and voluntarily paid out substantial sums from his earnings from the new firm of the same name to redeem his pledges to old clients. Most of the losses had been paid off at his death, and final adjudication of a $500,000 claim now before the Mixed Claims Commission is expected to result in a complete settlement. When the firm suspended, losses exceeded $6,000,000. Mr. Zimmermann was born in OberSeemen, Germany, in 1853, Came to the United States at the age of 16, and founded Zimmermann & Forshay in 1872. In 1902 he was made an honorary citizen of Ober-Seeman because of his benefactions to the town.