15271. A. C. Wilcox & Co. (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: May 13, 1905
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4199d7d3

Response Measures

None

Description

A. C. Wilcox & Co., a private banking house in New York, made an assignment for the benefit of creditors (voluntary receivership), closed its branch offices and a receiver was appointed. Articles describe refusal of payment on checks and closing of branches but do not describe a depositor run causing the failure; therefore classified as a suspension leading to closure/receivership. Dates: assignment reported May 13, 1905; receiver named May 17, 1905.

Events (2)

1. May 13, 1905 Suspension

Cause: Voluntary Liquidation
Cause Details: Firm made a voluntary assignment/receiver for benefit of creditors after failing to make clearances and lacking sufficient cash to meet demands; ordered branches closed and assets sent to New York.
Newspaper Excerpt: A. C. Wilcox, doing a private banking business under the firm name of A. C. Wilcox & Co., at No. 55 Liberty-st., yesterday afternoon made an assignment to Marcus A. Alexander for the benefit of his creditors.
Source: newspapers

2. May 17, 1905 Receivership

Newspaper Excerpt: Judge Holt has named A. R. Conkling of this city as receiver for the private banking firm of A. C. Wilcox & Co., which assigned a few days ago. The receiver will take possession of the branch banks located in the farming villages in this state and acquire whatever assets the branches had; ... $50,000 in bonds had been issued ... value not yet ascertained. (May 17, 1905).
Source: newspapers

Newspaper Articles (10)

1. May 13, 1905 New-York Tribune New York, NY

Article from New-York Tribune, May 13, 1905

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PRIVATE BANKING HOUSE ASSIGNS. A. C. Wilcox & Co. Goes Into Voluntary Receivership. A. C. Wilcox, doing a private banking business under the firm name of A. C. Wilcox & Co., at No. 55 Liberty-st., yesterday afternoon made an assignment to Marcus A. Alexander for the benefit of his creditors. At the office of Wilcox & Co. Mr. Alexander, who described himself as the executive manager of the firm and its branches, said that the assignment was brought about by the failure of the firm to make its clearances, and that he hoped the obligations would be met to-day, SO that the firm' could resume business. He would not say how much was involved in the assignment, explaining that he did not want to alarm the firm's creditors.

2. May 13, 1905 The Sun New York, NY

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WILCOX BANKS CLOSE TO-DAY. COMPANY RUNNING THE STRING MAKES ASSIGNMENT. Most of Them Are in Orange and Sullivan Counties, but There Is One at Rouse Point and Another at Painted Post -Depositors at Highland Falls Excited. A. C. Wilcox & Co., a private banking concern at 65 Liberty street, made an assignment yesterday to Marcus A. Alexander. The assignment was made by Albert C. Wilcox, who seems to be the whole thing in A. C. Wilcox & Co. The concern had a string of small banks in this State, mostly in Orange and Sullivan counties, and they will all be closed to-day. It had another bank at Windsor Locks, Conn. Altogether, it is said to control about ten branch banks. One is at Montgomery, Orange county, and Laird E. Wilcox, a son of A. C. Wilcox, is the cashier. He lives in Montgomery. He was seen there last night and said to a SUN reporter: "I know nothing whatever of the trouble further than that I have just received a telegram directing me to close the bank here to-morrow. It is a great surprise to me, as I had no idea of any trouble." In addition to this branch there are two others in Orange county. There is one at Highlands Falls and another at Central Valley. There is another one at Rouse Point, Clinton county, and still another at Painted Post, Steuben county. Wiloox began business in this city in February, 1900, and since then he has established the branch banks. He lives in New Rochelle. A man who answered his house telephone last night said Wilcox had gone out and it wasn't known when he would return home. Wilcox never had any rating in Bradst eet's. In his statement of Feb. 1, 1904, he asserted that he had resources of $554,244, liabilities of $193,905, capital $300,000, surplus $50,000 and undivided profits of $10,283. Wilcox was interested in a. bank at Cornwall, N. Y., which was chartered on July 25, 1904, as the First National Bank of Cornwall, with an authorized capital of $25,000, of which it was said $15,000 had been paid in. He became the president and Marcus A. Alexander, the assignee of A. C. Wilcox & Co., the vice-president. Alexander could not be found last night. His last address in the city directory is 1860 Eighty-fifth street, Brooklyn, where he does not live now. He and Wilcox are inferested in other business deals besides that of the bank at Cornwall. At 55 Liberty street, where the Wilcox banking concern had its main office, is the office of the North American Underwriting Company. Alexander is the secretary and a director of the underwriting company. Wilcox is also a director. The president of this company is Marsenus H. Briggs, a lawyer, who lives in a flat at 1973 Seventh avenue. Briggs wasn't at home last night. A member of his family said that he had sent word that he wouldn't be home as he had been called out of town. George Wilcox is the treasurer of the underwriting company. He is said to be a cousin of A. C. Wilcox. Dr. Augustin Goelet of 2030 Broadway was a director of the underwriting company for a time, but he said last night that he was no longer a member of the board. "I know A. C. Wilcox very well," said Dr. Goelet. "In fact, he is one of my customers. He is a very reputable man and I am sorry he had to make an assignment. I heard of it this afternoon-in fact, I had a telephone message from Mr. Wilcox. It is only a temporary embarassment, I am sure, and everything will come out all right." A despatch from Highland Falls last night said that the closing of the Wilcox branch bank there had created considerable excitement among the business men of the town. This branch bank had about 250 depositors and was increasing its business daily. Some of the merchants of the town will be heavy losers. The depositors were holding a meeting last night to see what could be done.

3. May 14, 1905 New-York Tribune New York, NY

Article from New-York Tribune, May 14, 1905

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MAY RESUME BUSINESS. Receiver Thinks Wilcox & Co. Will Meet Obligations. Marcus A. Alexander, to whom the private bankng concern of A. C. Wilcox & Co., of No. 55 Librty-st., made an assignment on Friday, said to a Tribune reporter yesterday: "The firm has not esumed business. The published statement that he firm is interested in branch banks at Windsor Locks, Conn., and Highland Falls, Rouse's Point, Central Valley, Montgomery and Painted Post is substantially correct, although not accurate. M. H. Briggs, of No. 25 Broad-st., is one of my attorneys, but he's out of town to-day." The following statement from Mr. Alexander was published yesterday by one of the Wall-st. news bureaus: I have been employed by the firm selling stocks nd bonds on the road, and am not in a position to alk definitely on the situation. I have wired the ut-of-town branches to do no business this mornng, and to tell the depositors to be patient, as I m preparing a statement for them. I think that the firm will be able to resume next week some time. The cause of the assignment yesterday was due to our not having enough cash to pay the demands of the depositors. For some time there have been more calls for deposits than usual. I don't mean that there has been any run or any stories in circulation reflecting upon our credit. It simply eems that the depositors wanted their money and asked for it at a time that we were not prepared for such an unexpected number of calls. I expect that the firm will be able to obtain the needed cash to meet its obligations and resume business through the sale of assets on hand, bonds and ecurities. The North American Underwriting Company, which had its office with us, is unaffected in this matter. Mr. Wilcox is the vice-president of the company. M. H. Briggs, president. while I am secretary. Its business is to guarantee stocks and first mortgages of various companies, including industrials and tractions. Mr. Alexander declined to give figures as to assets or liabilities, saying he had not gone over the books. Elmira, N. Y., May 13.-Banks conducted in Painted Post and Cohocton, small towns in Steuben County, are among those interested in the failure of A. C. Wilcox & Co. John L. Kavin, treasurer of both banks, in a statement to-day, said that he had a contract with the New-York banking firm giving him the privilege of using the name of A. C. Wilcox & Co. for the purpose of obtaining credit, but that it specifically states that these two banks will not be held responsible for any debts contracted by the Wilcox firm. Mr. Kavin says he is the sole owner of the two banks. There was no run on either institution when news of the failure reached the two towns to day. Utica, N. Y., May 13.-Depositors in the branch bank of A. C. Wilcox & Co., of New-York, at Tupper Lake, are much disturbed to-day by a notice which is posted on the door to the effect that all cash, stock, bonds and books have been sent to New-York and that the branch office is closed. Windsor Locks, Conn., May 13.-The firm of A. C. Wilcox & Co. formerly had a branch banking establishment here, but it was closed last fall, after an existence of about six months. Failure to secure business enough to make the branch profitable led to its closing.

4. May 14, 1905 The Sun New York, NY

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SOME "WILCOX BANKS" OPEN. ONE. OUT OF FOUR IN ORANGE COUNTY, ISA NATIONAL BANK. Two in Steuben Co. Are Owned by John L. Caven, Who Is Solvent-At Central Valley and Highland Falls Depositors Invoke the District Attorney. Information concerning the affairs of A. C. Wilcox & Co., the private banking concern at 55 Liberty street which is in financial difficulties, was refused yesterday by the receiver, Marcus A. Alexander. He confirmed the report, however, that payment on checks had been refused by the company and that the chain of small banks operated by it in various counties of the State had closed their doors. Mr. Alexander is a boyish looking person with dark eyes and a clean sha ven face. He seemed to resent being questioned about the affairs of the company. He said he was too busy to talk about the matter but that he would have a statement ready for the public either Monday or Tuesday. When asked about the cause of the failure he said that it was the lack of a very small amount of cash on Friday. Adjoining the offices of A. C Wilcox is the office of the North American Underwriting Company. Mr. Alexander is the secretary of this concern and A. C. Wilcox is one of its directors. Mr. Alexander said that he had been employed by A. C. Wilcox & Co., selling stocks and bonds on the road. NEW ROCHELLE. May 13.-A. C. Wilcox was seen to-day at his home, 17 Prospect street. "Fourteen banks are included in the assignment,' said Mr. Wilcox. "The total deposits aggregate $100,000. The depositors are mostly farmers and small business men. I expect to pay 100 cents on the dollar if I can have a little time. It will take some time to get straightened out, but if the creditors will be patient nobody will lose a cent. "I have not speculated and nobody connected with the banks has speculated. The trouble was caused by our being dra wa on heavily when we were not expectin it. We were unable to realize on our securities in time to stave off the assignment. The securities are all right, even if they are not listed. If I have enough time to dispose of them I'expect to realize twice my indebtedness." MIDDLSTOWN, N. Y., May 13.-The banking house Wilcox started at Cornwall was turned into a national bank July 25 last with Wilcox as president and Marcus A. Alexander as vice-presiderit. It opened for business to-day, and while many of the smaller deposits were withdrawn, there was no serious run. At Highland Falls. A. C. Wilcox & Co. held a considerable savings account for retired soldiers and others and issued savings banks to children, among whom it had hundreds of customers. After closing hours last night Cashier George Engels received a telegram from A. C. Wilcox & Co. ordering him to send immediately to New York by express all cash, bonds, &c. Engels notified the depositors, who applied to the District Attorney for a restraining order. The deposits were about $9,500. About $600 cash was found, with $22,000 in bonds of uncertain value. At Central Valley, where the deposits were bet ween $20,000 and $24,000, and where It is stated there was but $1,000 in the safe, a committee of depositors was chosen to call on the District Attorney. The public school moneys were on deposit here. J. M. Barnes, merchant, and Frank J. Nearn of the Central Valley Hotel had each about $1,000 in bank. At Montgomery the Wilcox concern had the village money on deposit. The cashier, Laird E. Wilcox, son of A. C., says he believes matters will be adjusted. All the Orange county banks had farmers' money, and their closing caused much inconvenience. CORNING, N. Y., May 13.-The banking houses of A. C. Wilcox & Co., at Painted Post and Cohocton in Steuben county were opened for business as usual to-day. There was practically no run, the depositors being assured by John L. Caven that he alone owned the two banks in this county and that his only connection with the New York house was as a correspondent. He states that he has arranged to do business in New York hereafter with the Hanover National Bank and that he is able to pay depositors every cent and then have $50,000 left. Caven was a former New York newspaper man and this is his first venture in banking. The two banks will hereafter be run by John L Caven & Co. UTICA, May 13.-The branch bank at Tupper Lake Junction, in the A..irondacks of A. C. Wilcox & Co. of New York closed its doors to-day. An order from the head office, posted on the door of the local office, says: Send all cash, stock, bonds and books to New York immediately; close the branch office."

5. May 17, 1905 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, May 17, 1905

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WILCOX & CO., BANKERS. Judge Holt Names A. R. Conkling as Receiver. New York, May 17-Judge Holt has named A. R. Conkling of this city as receiver for the private banking firm of A. C. Wilcox & Co,, which assigned a few days ago, The receiver will take possession of the-branch banks located in the farming villages in this state and acquire whatever assets the branches had: Papers discovered at the main office by the receiver indicated that the branch banks had been utilized as banks of deposit for the little up-state communties, and at the same time they provided n. means of selling securities the value of which has not yet been ascertained. Some of the litern. ture found in the offices indicated that $50,000 in bonds had been issued by one Wilcox concern on a. tract of land in North Carolina of 5,000 acres. which was "gently rolling. sandy soil and adapted for fruit raising or for a health resort." Besides the health resort the company purposed to "creet a sawmill on the land and cut the timber off a portion of the same and make it into fruit farms." Counsel for the receiver said he would try to discover wnether there had been any procedes from converting "the timber into fruit farms."

6. May 18, 1905 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, May 18, 1905

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RECEIVER NAMED FOR GET-RICH-QUICK CONCERN. By Associated Press. New York, May 17.-Judge Holt has named A. R. Conkling, of this city, as receiver for the private banking firm of A. C. Wilcox & Co., which assigned a few days ago. Papers discovered at the main office by the receiver indicated that the branch banks have been utilized as banks of deposit for the little up-state communities and at the same time they provided a means of selling securities, the value of which has not yet been ascertained. Some of the literature found in the offices indicated that $50,000 in bond's had been issued by one Wilcox concern on a tract of land in North Carolina of five thousand acres, which was "gently rolling, sandy soil, and adapted for fruit raising or for a health resort." Besides the health resort, the company proposed to "erect a saw mill on the land' and cut the timber off a portion of the same and make it into fruit farms." Counse] for the receiver said he would try to discover whether there had been any proceeds from converting the "timber into fruit farms."

7. May 18, 1905 The Morning Astorian Astoria, OR

Article from The Morning Astorian, May 18, 1905

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# Will Take Charge of Defunct Banks of Wilcox & Co. # DEPOSITORS WILL SUFFER Bank Invested Money in North Carolina Farming Lands Said to Be Fertile, Gently Rolling and Adapted to Fruit Raising and Health Resort. New York, May 17.-Judge Holt has named A. B. Conkling of this city as received for the private banking firm of A. C. Wilcox & Co., which assigned a few days ago. The receiver will take possession of the four branch banks located in the farming village in this state and acquire whatever assets the branches had. Papers found at the main office by the receiver indicated that the branch banks had been utilized as banks of deposit for the little up-state communities and at the same time they provided a means of selling securities the value of which has not yet been ascertained. Some of the literature discovered in the office indicates that $50,000 in bonds had been issued by one Wilcox concern on a tract of land in North Carolina of 5000 acres which was "gently rolling, sandy soil and adapted for fruit raising or for a health resort." Besides the health resort the company purposed to "erect a sawmill on the land and cut the timber off a portion of the same and make it into fruit farms. Counsel for the receiver said he would try to discover whether there had been any proceeds from "cutting the timber and making it into fruit farms."

8. May 18, 1905 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 18, 1905

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RECEIVER APPOINTED By Judge Holt for Banking Firm of Wilcox & Co., New York. New York. May 17.-Judge Holt has named A. R. Conkling of this city as receiver for the private banking firm Of A. C. Wilcox & Co., which assigned a few days ago. The receiver will take possession of the 14 branch banks located in the farming villages in this state.

9. May 18, 1905 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, May 18, 1905

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RECEIVER NAMED FOR CHAIN OF NEW YORK STATE BANKS Branch Institutions of A. C. Wilcox & Co. Are Used for Purpose of Selling Securities. NEW YORK, May 17.-Judge Holt has named A. R. Conkling of this city as receiver for the private banking firm of A. C. Wilcox & Co., which assigned a few days ago. The receiver will take possession of the fourteen branch banks located in the farming villages in this State. Papers discovered at the main office by the receiver indicate that the branch banks were utilized as banks of deposit for the little up State communities and at the same time they provided a means of selling securities, the value of which has not yet been ascertained. Some of the literature found in the offices indicated that $50,000 in bonds had been issued by one Wilcox concern on a tract of land in North Carolina of 5000 acres, which was "gently rolling, sandy soil and adapted for fruit raising or for a health resort." Besides the health resort the company purposed to "erect a saw min on the land and cut the timber off a portion of the same and make it into fruit farms." Counsel for the receiver said he would try to discover whether there had been any proceeds from converting the timber into fruit farms.

10. May 25, 1905 The Rich Hill Tribune Rich Hill, MO

Article from The Rich Hill Tribune, May 25, 1905

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BRIEF BITS OF NEWS. President Roosevelt may ignore protest against his programme to buy foreign supplies for the Panama canal. April foreign trade makes a record in the value of exports, the biggest end of the gain being on the side of manufactered shipements. Mrs. Oliver J. Morton of Indianapolis, widow of Indiana's famous war governor, has celebrated her 80th birthday anniversary. In fixing Aug. 8 for the execution of Edward Gottschaik self-confessed murdered, Governor Johnson of Minnesota declares he is opposed to capital punishment. George D. Richardson, for twelve years cashier in the Internal revenue office at Milwaukee, shot himself. An investigation of his books is now in progress. He was 46 years old and left a family. United States may ask powers to join in international conference to regulate emigration: Austria demands recall of Emigration Agent Braun for his activity in exposing emigrant traffic. Important papers in the BowenLoomis Venezuelan controversy are reported mysteriously missing. Justic Harlan, in address at Presbyterian gathering at Winona lake, says America will regart becoming a world power. Judge Holt has named A. R. Conkling of New York as receiver for the private banking firm of A. C. Wilcox & Co. which assigned a few days ago. The receiver will take possession of the fourteen branch banks located in the farming villages in New York state