Windsor Trust Company - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust
Start Date: March 1, 1912*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c4ad8f82126b5d06

Response Measures

None

Description

Article (New-York Tribune, 1912-08-24) describes investigations into Windsor Trust Company's real-estate and bond transactions, alleged overvaluation of assets and improper use of company funds, and references a receiver being appointed. There is no mention of a depositor run; instead the company appears to have been placed in receivership/bankruptcy. OCR errors in the text made some phrases unclear (e.g., fragmented lines), but references to 'receiver' and alleged misvaluation/mismanagement are clear. Date of receivership is hinted as 'last March' in the article; exact day not provided.

Events (2)

1. March 1, 1912* Receivership

Newspaper Excerpt: the receiver. Accord... Windsor Trust Com- pany had ... the receiver. ... bankruptcy ... the receiver was appointed; Windsor Trust Company ... on deposit ... aggregating ... (OCR fragmented).
Source: newspapers

2. March 1, 1912* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged misvaluation of real-estate assets, speculative bond/real-estate transactions, diversion of company profits to subsidiaries and improper management leading to insolvency.
Newspaper Excerpt: the receiver. Accord... Windsor Trust Company ... the receiver.
Source: newspapers

Newspaper Articles (1)

1. August 24, 1912 New-York Tribune New York, NY

Article from New-York Tribune, August 24, 1912

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Article Text

in $5 and pany had $4 in bonded assets, indebtedness. for each $1 in company owned, worth said that the $1,000,000 was and clear. more conservatively than estate appraised. were of property, mortgages on real Windsor Trust the The with the certified to deposited which on deposit with Company. in face value as trustee, amount stipulated that it. for the validit, but not be responsible mortgages or other should bonds or or for the the or amount the total face trustees sum nature security ity of the delivered value of of to the of it, security. mortgages it pur- The is ported in the to hands be the $2,400,000. federal investigators but in charged by was far of cess that this the appraisement actual value of the real tate represented. inspectors who According have investigated to a the special postoffice the attempt methods people who was were ambitious made the company for Investments to send from their sons to college. ran." 80 their promises "when said years "If Inspector the son. Barber vesterday, would !ay aside investthe age of six money in the he sum of the ment at a certain of their to go bonds. to college by assured." he time would have was ready all of it his was expenses advertised were that serving the officers Although of the company charges further com- alwithout pay, the of conducting of the its exlege, the for the cost last three years year. Cooper. of pany was $92,000 receiving a a salary istence it is alleged. was until January 31, 1910. Van $1,000 a month as president: Slyke he $10,000. when received he retired succeeded $4,500 in to commissions, the prest- while and dency after drew a an salary income of of $6,000, later Robinson got of $7,500. salary of subsidiary drawing There were a it is a number alleged, the controlled main com- by companies. The profits of used to deCooper. is alleged, were subsidiary pany, it property of these had diffiinterest. velop the These companies on bonds. and culty companies. finally in meeting in October, the 1911, defaulted entirely. Property Was Valued. put upon puran How example of company. the value the AS the "Ryesdale property of a tract The propby it by is cited. called $10,000 I chase near Rye, $15,000, purchased $5,000 in being The erty in Acres." cash was paid and for property money bonds was company. purchase taken of taken the subject $150,000. to a Title was Lime of and mortgage name of the Tuckahoe one of the comin the Company. and was imLumber by Cooper, the New York panies owned taken over by Upon this the Central mediately Realty Company. William H. Cooper and company $200,000 voted to on the purchase. an asset profit of then carried as the company this was the assets $1,000,000. of They also appraising of in the Hackpurchased at a value tax titles which over stood them were Meadows. alleged. and ensack mortgaged about $1,500. to it the is company for bank- probably $350,000. company was by put Bloomingdale into The last March had invested Brothers. ruptcy to the which amount firm of of $67,000. the receiver. Accordbonds to a statement Windsor Trust Com- only then ing had in the a mortgage property, for in on deposit Woodfern security this land $35,000 Northwesten, pany aggregating on the N. J., $498,000. as According for bonds investigators. purchase, but the postoffice by Buccathrough for to was not a acquired trade of the yacht Van neer. William A. vesterday Moore. counsel that transactions his client's Slyke. said the bond although with innocent, association of the strict company legal was sense he might be with in measure in a was responsible. not actually said connected Mr. Moore "He bond department," was a real estate sales- Mr. vesterday, the He "but became president The upon circulars Cooper's bearing man. the retirement. alleged and so false forth statements and were were preas to values he came in, knowledge, pared before his actual The apas a of issued, without of office routine. were a matter difpraisements matter and property do not necessarily Under inopinion culpable. the of dicate real anything estate market them conditions might have were ferent placed upon They values as which suburban expected to developed tracts expected. enhance." development GIRL was FALLS ON ELEVATOR