Article Text
Suspension of Bankers. Newark, N.J., Nov. 10.-A. M. Reynol is & Co., private bankers, suspended yesterday. It is believed the assets largely exceed tue liabilities.
14155. A. M. Reynolds & Co. (Newark, NJ)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- November 10, 1875
- Location
- Newark, New Jersey (40.736, -74.172)
Metadata
- Model
- gpt-5-mini
- Short Digest
ee4153f0
Response Measures
None
Description
Multiple contemporaneous articles report the private banking firm A. M. Reynolds & Co. suspended payment on Nov. 9–10, 1875. While several brief dispatches claimed assets exceeded liabilities and the firm hoped to resume, a detailed New-York Tribune piece states the firm made an assignment to Thomas W. Dawson and lists liabilities exceeding assets, indicating insolvency and an assignment/receiver. I therefore classify this as a suspension that resulted in closure/assignment rather than a temporary suspension with reopening.
Events (2)
1.
November 10, 1875
Receivership
- Newspaper Excerpt
- the banking house of A. M. Reynolds & Co., in Broad-st., Newark, N.J., suspended payment, and yesterday morning the firm made an assignment to Thomas W. Dawson.
- Source
- newspapers
2.
November 10, 1875
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Firm suspended payment due to insolvency/financial difficulties; detailed report lists assets about $100,000 and liabilities about $300,000 indicating deficient capital.
- Newspaper Excerpt
- The private banking firm of A. M. Reynolds & Co., of this city, suspended yesterday.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
Bank Suspension. Newark, N. J., November 10.-The private banking firm of A. M. Reynolds & Co., of this city, suspended yesterday. It is believed the assets exceed the liabilities. The senior member of the firm has valuable property in the city. The firm hopes to resume at an early date.
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A. M. REYNOLDS & CO. OF NEWARK SUSPEND. NEWARK, N.J., Nov. 9.-The banking firm of A. M. Re ynolds & Co. of Newark have suspended. Their assets will probably exceed their liabilities, and it is thought the firm will ROOD resume business.
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The Pressure in New Jersey. A. M. Reynolds & Co., private bankers in Newark, have suspended. Boys of the World, No. 4.
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Newark, N. J., Nov. 10. - The private banking firm of A. M. Reynolds & Co., of this city, suspended yesterday. It is believed that the assets exceed the liabilities. The senior member of the firm has valuable property in this city. The firm hope to resume at an early date.
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Suspension of a Banking House. NEWARK, N. J., November 10.-The private banking house of A. M. Reynolds & Co. suspended yesterday. The firm hope to resume at an early day.
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SUSPENSION OF A NEWARK BANKING HOUSE. On Tuesday evening the banking house of A. M. Reynolds & Co., in Broad-st., Newark, N.J., suspended payment, and yesterday morning the firm made an assignment to Thomas W. Dawson. Mr. Reynolds, the senior member of the firm, has delivered overall his personal property for the creditors. A statement of the affairs is in course of preparation. The assets amount to about $100,000, with Habilities in the neighborhood of $300,000. The assets include valuable real estate in Broad-st., valued at $300,000, of which property worth $50,000 is unineumbered. The remainder of the assets account is made up by stocks, notes, personal property, etc., aggregating over $100,000. The liabilities include bonds and mortgages, call-loans on deposit, etc. The suspended house had its origin in the brokerage firm of Reynolds & Beach, in 1837. Subsequently the stvie of the firm was changed to Reynolds & Sureve, and during the war Mr. Reynolds established the present banking house in his own name. Henry Hansling, the junior partner, entered the firm about two years ago, The partners are hopeful of being able to resume business in a short time.
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SUMMARY OF THIS MORNING DISPATCHES. The schooner Dreadnaught, tons, was sold by auction yesterday afternoon for $8,000, at San Francisco. The Northern Belle Mill and Mining Company have declared a dividend of one dollar per share, amounting to $50,000, payable Thursday. The Hale & Norcross Mining Company has levied an assessment of five dollars per share, amounting to $80,000; and the Imperial Mining Company an assessment of one dollar per share, amounting to $100,000, delinquent December 1st and 14th, respectively. A further account of the disaster of the steamer Pacific, establishes the fact that she was run into by another vessel under full sail, the quartermaster has been picked up since Jelly was saved. Four or five bodies have also been recovered. The factory of Cook & Sons, at Tamworth, Staffordshire, England, has been destroyed by fire, and six hundred operatives are thrown out of work. The Directors of the Michigan Central Rrailroad have approved the proposed freight arrangements between that road and the Lake Shore and Fort Wayne roads. The New York Central, Pennsylvania Central, Erie, Baltimore and Ohio railroad companies concur in the agreement. It is stated that several vessels from Galveston are hunting the City of Waco's boats, with the hope that they escaped from the burning vessel. Thomas A Doyle (Republican) was yesterday elected Mayor of Providence for the tenth time. Vice-President Wilson was comfortable at midnight, though he has been very restless, and has slept but little during the night. His physicians are still hopeful and think this morning there is a change for the better. The private banking firm of A. M. Reynolds & Co; Newark, New Jersey, suspended yesterday. It is thought the assets exceed the liabilities. George E. May, tea jobber, New York, failed yesterday. James Wickham & Son, commission merchants and jobbers, New York, have made an assignment. The failure is an important one. The Boston Herald announces the failure of F. Geedowsky, who is one of the extensive furniture makers of that city, and places the liabilities at $350,000, and the assetts at $150,000. W. K. Lewis, pickle dealer, is also involved, having endorsed to the amount of $100,000. It is said that the offer to pay fifty cents on the dollar will be accepted.
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Another Suspension. A BANKING FIRM IN NEWARK GO UNDER. NEWARK, N. J., Nov. 10. A. M. Reynolds & Co., private bankers, suspended, yesterday. It is believed theireassets largely exceed their liabilities.
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Failures and Suspensions. BOSTON, November 10.-F. Gildowski, furniture manufacturer, has failed. Liabilities, $350,000; assets, $150,000. W. K. Lewis & Co., pickle dealers, will pay fifty cents on the dollar. NEWARK. N.J., November 10.-A. M. Reynolds & Co., private bankers, suspended yesterday. It is believed their assets largely exced their liabilities. NEW YORK, November 10.-George E. Way, tea-jobber, and James Wickham & Son, butter dealers, have suspended. Godspard & Co., N. W. Clinton, and Henry Fleming, bat manufacturers, have failed.