Article Text
FAILED. NEW Your, Aug. 29.-Atwood & Co., Bank. ers, with large Western connections have failed. BUFFALO, N, Y., Aug. 29.-The Reciprocity Bank, has suspended and Williams, Tanner & Co., forwarders, have failed.
15320. Atwood & Company (New York, NY)
Bank Information
- Episode Type
- Run → Suspension → Unsure
- Bank Type
- private
- Start Date
- August 29, 1857
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
169515fb
Response Measures
Full suspension
Description
Contemporary papers (Aug 29, 1857) report Atwood & Co., bankers, 'failed' or 'suspended' after heavy withdrawals following the failure/suspension of the Ohio Life and Trust Company. Articles describe depositor runs and that remittances/collections were turned over to the Continental Bank; no clear evidence in these clippings of a permanent receivership or final closure, nor of a subsequent reopening, so the outcome is uncertain.
Events (2)
1.
August 29, 1857
Run
- Cause
- Correspondent
- Cause Details
- Heavy withdrawals and runs by depositors triggered by the failure/suspension of the Ohio Life and Trust Company, a correspondent with western connections.
- Measures
- Deposits/remittances and collections were deposited with the Continental Bank to the credit of correspondents/owners; collections turned over.
- Newspaper Excerpt
- they were subjected to run from their depositors, to which they could not respond in the present condition of the money market.
- Source
- newspapers
2.
August 29, 1857
Suspension
- Cause
- Correspondent
- Cause Details
- Suspension of payment caused by heavy withdrawals tied to the failure of the Ohio Life Insurance and Trust Company and resulting liquidity pressure.
- Newspaper Excerpt
- Messrs. Atwood & Co., bankers, Nassau street, have suspended payment today.
- Source
- newspapers
Newspaper Articles (16)
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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, August 28.-The ship Roswell Sprague, from Cardiff, and another, name unknown, went ashore in the gale this morning, at Squam beach. Augusta, August 29.-Handbills are in circulation in upper Georgia and Tennessee for volunteers for Nicaragua. Promising $25 per month and 125 acres of land, New YORK, August 29.-Atwood & Co., Bankers have failed. WASHINGTON, Aug. 29.-Commodore Cassin died at Georgetown. Lieutenant Cheever died aboard the St. Lawrence in Brazil. SANDY Hook -The ship "Charles Albert Stelian" from Genoa, went ashore at Cranberry Inlet. One passenger lost. The "Thomas H. Smith" went ashore at North Barnegat-the crew was saved. Buffalo, Aug. 29.-The Reciprocity bank has suspended. Williams, Tanner & Co, have failed. NEW YORK, Aug. 29.-Endlow, Cashier of the Ohio Trust Company, has been arrested. Cotton quiet. Wheat firm. Corn 30. Sugar heavy. Rice declined to Whisky deelined 1.
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FINANCIAL AND COMMERCIAL The New York Journal of Commerce of Saturday afternoon says: There was a fair promise, early in the day, of a more cheerful market, but the failure of Mesars. Atwood & Co., bankers, was announced, and this increased the general excitement. Messrs. Atwood & Co., were agents, correspondents and bankers for many business firms and banks at the West, and as soon as the failure of the Ohio Life and Trust Company became known, they were subjected to run from their depositors, to which they could not respond in the present condition of the money market. They hold a large amount of securities, but these are unavailable at any price, or rate of interest. Messrs. A. & Co., have acted very honorably, having deposited all the funds in to-day's remittances, in the Continental Bank, to the credit of their correspondents, freely giving up all collection paper and property to the rightful owners, and made good all their checks. The depression in the Stock market still continues, and nearly every stock on the list has farther declined. At the First Board, Pennsylvania coal advanced 2 per cent; New York Central declined %; Erie opened at a decline of ½, but this was afterwards recovered, closing at 22. Reading and Michigan Cen. each declined 14: Michigan Southern advanced 1%; Le Crosse lost : Michigan Southern preferred, stock fell off 2 per cent; Illinois Central 2%; Pittsburg 1@ 14; Galena 1; Toledo 1; Rock Island 3, and Milwaukie and Mississippi 5%. In Stat Stocks there were sales of $24,000 Virginia 6's at 87@87%, a decline of 1%@2; $16,000 Missouri 6's at 71, a decline of 1 per cent, and $4,000 Louisiana 6's at 75. EFFECT OF THE FAILURE OF THE OHIO LIPE AND TRUST COMPANY IN THE WEST.-The New York Express says: "The suspension of the Ohio Life and Trust Company, thus far, has not the bad effect upon its Western connections anticipated. A house in Cleveland says, under date of the 25th: "We do not anticipate any trouble here, as there were no accounts kept with the Trust Company, except one bank, the Merchants' Bank and it will not affect them. A large number of the banks in Northern Ohio had removed their accounts from the Trust Company, and but few private bankers kept their accounts there. "We think our Ohio banks are sound, and this failure will only inconvenience them for a few days.' An extended inquiry among banking houses having Western correspondents, makes it apparent that the financial troubles here, thus far, have fallen quite lightly. The effect, however, will not be seen at once, and those who do not preserve a prudent policy, may at any time find themselves in the midst of embarrassments." JACOB LITTLE. -The New York Express says: "Mr. Jacob Little, it is understood, has no stock obligations other than his recent contracts, which are largely in his favor upon settlement. All his old obligations have been paid in advance of maturity long since." The imports of foreign dry goods at New York, for the week, are nearly one million dollars less in value than for the corresponding week of last year, as will be seen by the annexed comparative statement: ``` 1855. 1856. 1857. Ent. at the port.... $2,012,931 $3,236,526 $2,309,570 Thrown on mk't. 2,221,793 3,123,190 2,578,793 Since Jan. 1st. 1855. 1856. 1857. Ent. at the port... $40,997,802 $70,295,080 $74,864,580 Thrown on mk't.... 42,944,234 69,715,172 72,252,685 ``` RICHMOND MARKETS, AUG. 29. FLOUR. We hear of no sales except of some 50 tbls. superfine at $7. The market is passive. WHEAT.-The market remains as yesterday.-$1.30@1.40; the extremes for Red and White. Arrivals large. CORN. We still quote 95@$1. Stock light with an active inquiry. EW YORK, Aug. 29.-Flour-The market to-day was heavy; bales of 3,000 barrels at a decline of 5 cents on State and 15 cents on Southern; Ohio un-changed-$5.85@6.10 for common to good State; Ohio $6.50@6.75; and Southern $6.25@6.60. Wheat-The market to-day was unsettled; sales of 12,000 bushels-white Southern 165 cents, and red 145 cents. Corn-The market to-day was firm-sales of 40,000 bushels; mixed 85½ cents. Pork-The market was quiet; sales of Mess at $25 75 Beef The market is unchanged-repacked Chicago at $17@18. BALTIMORE, Aug. 29. Flour is lower; sales of 2,500 bbis.; City Mills 36; Howard street $6.12½. Wheat is firmer; red $1.25@1.35; white $1.35@1.45. Corn is easier; white and yellow 78@80c. Whisky is heavy; Ohio 28; City 27c.
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Telegraph News. WASHINGTON, Aug. 29. Commodore Cassim, who was on the Navy retired list, died this morning at Georgetown. The navy department has received intelligence of the death of Lieut. Cheever, of Me., on board the St. Lawrence, off the Brazil station. SANDY Hook. Aug. 29.-The ship ashore at Cranberry Inlet is the Charles Albert Stelian. One passenger and two sailors were lost; the others were saved by life boats. The pilot boat Thomas H. Smith is now ashore north of Barnegat. Her crew were saved. BUFFALO, Aug. 29.-Reciprocity Bank has suspended, and Williams, Tanner & Co.,forwarders, failed. Philadelphia,Aug. 29.-David P. Brown, who was recently tendered the nomination of Judge of the Court of Common Pleas by the straight Americans of this city, has declined, and it has been given to ex-Mayor Conrad, who now holds the position and is also the candidate of the Union party. NEW YORK, Aug. 29.-Mr. Ludlow, the Cashier of the Ohio Trust Company, has been arrested at the instance of the Merchants' Bank of-Wheeling and the Farmers' Bank of Virginia. The ship Clars Brookman went ashore at Squam Beach, at 12 o'clook last, night. Her passengers and crew were saved, but the ship is a total loss. N. Y. Markets.-Flour heavy. Wheat firm. Corn firm; 42,000 bushels of white were sold at 90c. Rice t lower and quoted at 54c. Stocks closed dull. L. & M. 19, G. & C. 801, C. & T. 40, M. & M. 37. CINCINNATI, Aug. 29.-The failure of Atwood & Co., of N. Y., produced some sensation here, but it was confined to business men. No further developements concerning the Trust Co. The Direc tore aretaking the Kanawha Bank's notes i.n payment of debts and the price has consequently advanced to 70@ 75 P cent. on the dollar-the same price ILH checks. Exchange very scarce at 1 & cent prem., with strong upwa tendency. River rising slowly. Weather clear. Mercury 76. NORFOLK, Aug. 29.-Sloop-of-war Falmouth has beer, ordered here to be docked. and return imprediately to Rio. DUBUQUE, Aug. 29.-River falling, with 4 65. feet on the bar. Weather clear. Mercury AUGUSTA, Ga., Aug. 29.-Handbills are in circulation in upper Georgia and Tennessee for volunteers for Nicaragua, promising $25 per month and a grant of one hundred and twenty-five acres of land. NEW YORK, August 29th.Atwood & Co., bankers, with large western connections, have failed. The steamer Vanderbilt, which will furnishlater intelligence from Europe, will not be due at this port till Tuesday next, the time of departure from Havre having been altered. LOUISVILLE, Aug. 29.-Five feet 2 inches water in canal and falling. Weather clear. Mercury 77. Oswego, Aug. 31.-The schooner Iceberg, from Cleveland for Kingston, loaded with coal, is supposed to be lost on Lake Ontario with all on board. She was built at Kingston, by Dr. Rea, who intended to go with her in the spring in search of Sir John Franklin. WASHINGTON, Aug. 29.-Don Francisco, a representative from Nicaragua: now inWashington, has got a charter for the transit route, signed by the two dictators, Martinze and Jerese, of Nicaragua. He has full powor to act on the subject. There was nothing of importance done at the convention of the seceders from the Presbyterian General Assembly which met at Richmond yesterday. BUFFALO, Aug. 31.-The Holister Bank clesed its doors this morning. There has been a heavy run on some other city banks, but it has resulted in no damage to them as yet. The excitement has been intense during theafternoon, but has now almos & entirely subsided. The boats of the M. S. R. R. li ne between here and Toledo have resumed their regular trips. NEW YORK, Aug. 31.-The Collins steamship Atlantic arrived at 6 1-4 o'clock Sunday morning from Liverpool, 11.30 A. M., the 29th inst., she signalled the Persia on g the 24th, and saw the Fulton off Cape Race on the 26th. The Asia agrived out at 8 A. M. on the 18th. The news by this arrival is unimportant. The Directors of the Atlantic Telegraph Company were to hold a special meeting in y London the day the Atlentic sailed to cona sider whether the attemptshould be renewed in October or deferred until another summer. The London Star says it is estimated that the outside loss the Company will sustain will be about £25,000. It is fully expected e that at least one half of the sunken cable n will be recovered-all that within 400 fathoms will be got up, but that portion in deep sea will in all probability never be recovered. A writ of Habens Corpus was granted to-day by Judge Peabody of the Supreme
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NEW YORK, Aug. 29.-Mr. Ludlow, Cashier of the Ohio Lite Insurance and Trust Co., was arrested to-day on the suits of the Mechanics' and Merchants' Bank, of Wheeling, and the Manufacturers' and Farmers' Bank, of Virginia.-Messrs. Atwood & Co., Bankers, Nassau S reet, have suspended payment today. Their failure was probably caused by that of the Ohio Life Insurance and Trust Co.
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Failures in New York. NEW YORK, Aug. 29. Messrs. Atwood & Co., Bankers, Nassau street, have suspended payment to day. Their failure was probably caused by that of the Ohio Life Insu rance & Trust Co. JOHN THOMPSON, publisherof Thomp son's Counterfeit Detecter," and one of the heaviest private bankers on Wall st; Messrs. DELANEY, ISELAN & Clark, and E. S. MONROE, bankers, are reported to have failed.
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or Atwood & Co., of New York, have suspended in consequence of heavy deposits with the Ohio Trust Company.
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Bank Failures. The past has been a great week for bank failures. The Ohio Life Insurance Trnst Company, John Thompson, Atwood & Co., Jacob Little, and other bankers and brokers have suspended payment in New York; while a number of other broker shops, and small banks throughout the country have given up the ghost.
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From the Cleveland Herald. Money Matters--Skics Brightening. The week, we are glad to note, opens upon shorter faces and with a prospect decidedly of brighter hue than has rested upon financial matters for the past six days. The Board of control for the State Bank of Ohio, has effected an arrangement with the Ohio Life Insurance and Trust Company by which all claims against that Company in favor of the Branches of the State Bank, will be secured or paid by assignment of bonds and mortgages upon property in the counties immediately adjoining. Although general disaster would not have followed, even the absolute loss of what is due the State Bank Branches from the Life and Trust Company, still this arrangement perfected Saturday, has restored a confidence and a nerve to community, and business cicles, which completely counteracts any symptoms of panie, or any forebodings as to the future. The failure of Atwood & Co., Bankers of New York, is sincerely to be regretted. That house had a well deserved reputation for integrity and honesty, which will create unbounded sympathy, and all conversant with the house, are confident that this reverse is but temporary. Unfortunately, Messrs. Atwood & Co. hod correspondents and customers from the same sections with the Ohio Life & Trust and many Ohio and Western Banks had accounts at both places. Consequently, on the failure of the O. L. & T. Co., these banks were forced immediately to draw largely from Atwood & Co. to meet previous drafts made upon the O. L. & T. Co. Messrs. Atwood & Co. could not, on the spur of the moment, gather themselves, and yielded to presure. A business house in this city sends us the following: We noticed in your last evening edition as well as in this morning papers, an allusion to the Messrs. Atwood & Co.Messrs. Atwood & Co. have enjoyed the confidence of their correspondents in the West, to an unlimited extent, and we have no doubt they will speedily resume. The following despatch received from them, Saturday, indicates only a suspension: "Messrs. Cleveland, Ohio, We have been compelled to suspend.Remittances and collections turned over to Continental Bank for the credit of owners. ATWOOD & Co." Signed, Although at the first news of the failure of the Ohio Life and Trust Company seemed to be a blow which would more severely injure Ohio than any other section, we are satisfied that such failure will bring less real disaster here than elsewhere. Our Banks are so strong, their circulation -and this is the great secret of Ohio's present ability to meet this trial-is so secure that fear does not reach the masses. Advices, to-day, announce the closing of the Hollister Bank in Buffalo, but causes, no doubt entirely outside of the New York failures have produced this result. The Cincinnati Times of Saturday says that the feeling there is improving. The sales of the checks on the Trust Company are few, bringing 75@80 and 90 cents on the dollar, and that the large creditors of the Company seem to have no desire to dispose of their debts. The New York Tribune of Saturday says: No Receivership of the Ohio Trust has 3 yet been made, but the matter will be be1 fore the Court to-morrow, and if no opposiL tion is made by the creditors, Mr. Lane
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Bankers and brokers, since the failure of the Ohio Life and Trust Co., are tumbling down like loose bricks. Messrs. Atwood & Co., N. York, have failed; the Reciprocity Bank, Buffalo, and the Kanawha Bank, Va., have suspended. There is an immense amount of paper on the Kanawha Bank circulated in this region, and it is mostly in the hands of honest, hard-working men!
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NEW YORK, Aug. 29. Mr. Ludlow, Cashier of the Ohio Life Insurance and Trust Co., was arrested today on the suits of the Merchants, and Mechanics' Bank of Wheeling, and the Manufacturers' and Farmers' Bank of Virginia. Messrs. Atwood & Co., bankers, have suspended payment to-day. Their failure was probably caused by that of the Ohio Life and Trust Co.
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Bank Matters-Failare of Atwood & Co. New York. Aug. 29th-Messrs. Atwood & Co., bankers, having a large Western connection, have failed. Ludlow, cashier of the Ohio Trust Company, has been arrested on suits of the Merchant's bank of Wheeling and the Farmer's Bank of Virginia. BUFFALO, Aug., 29th-The Reciproeity Bank has suspended. William Tanner & Co., forwarders, have failed.
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acres for $446,654 68, at an average of $14.30 P acre. The Independent gives the annexed list of failures, &c., for the week, Crawford & Danforth. Concord, N. H., suspended. Jefferson Knowles, Manchester, N. H., failed. Benjamin A. Smith, Boston, Mass, suspended. Mechanics' Bank Asso., New-York, suspended. Beebe & Co., "Bankers," New-York, suspended. Atwood & Co, Bankers," New-York, suspended. J. H. Prentice, "Hats," New-York, suspended; liabilities large, buts surplus of about $500,000, and will undoubtedly soon resume. Adams & Buckingbam, Flour," New-York, suspended; have large surplus, and will probably soon resume. Williams, Stevens & Williams, New-York, failed. Ja. & J. O. Secor, "Founders," New-York, suspended; llabilities large-offer 40 cents secured. John Thompson, "Broker," New-York, before reported, his assigned to Platt Adams. Thompson's Bank Note Reporter has been published for five years past by Platt Adams, and its publication is continued without interruption. Goldsmith & Gutman, "Cloths" New-York City, suspended; liabilities said about $100,000. Chambers & Heiser, New-York, assigned. Henry Antler, "Clothing," New-York, failed. Louis Wasterman, "Furs," New-York, failed. John Allen, New York, failed. J.L. Wyckoff, Williamsburgh, N. Y., failed. John W, Bates, "Broker," Troy, N. Y., suspended
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SUSPENSIONS, FAILURES, ASSIGNMENTS [From the Independent, Sept. 3.] The following are the reported failures, assignments, &c., for the week:Crawford & Darforth, Concord, N И., suspended. Jefferson Ktowler, Man chester, N. H, filled. Benjamin A. Smith, Boston, Mass, suspended. Mechanics' Banking Association, New York city, waspended. Beebe & Co, bankers, New York city, suspended. Atwood & Co., bankers, New York city, suspended. J. H. Prentice, hats, New York city, suspensed; liabilities large, but a surplas of about $600,000, and will undoubtedly soon resume. Adams & Buckingham, flour, New York city, suspend. ed; have large surplus, and will probably BOOD resume. Williams, Stevens & Williams, New York city, failed. Ja. & J. O. Secor, founders, New York city, suspended; liabilities large-offer forty cents secured. John Thompson, brower, New York city, before reported, has assigned to Platt Adams. Goldsmith & Gutman, cloths, New York city, suspended; liabilities said about $100,000. Chambers & Heiser, New York city, fatted and Msigned. Henry Antler, clothing, New York city failed. Louis Wusterman, furs, New York city, failed. John Allen, New York city, falled. J. L Wycoff, Williamsburg, N. Y., failed. John W. Bates, broker, Troy, N. Y., suspended. Reciprocity Bank, Baffalo, N. Y., suspended tempora. rily. Hollister Bank, Buffalo. N. Y., suspended. Swartz Iron Works, Buifalo, N Y., assigned. Wm Flanagan, Buffalo, N. failed. John C. Crosby, Buffaio, N. X., assigned. Drury & Monell, Delphi, N. Y., falled. W. & H. Dollman, Salima, N. Y., failed. W. I. Coyler, Ouylersville, N. Y., suspended; Habilities said about $90,000. Shephen Childs, New Hartford, N. Y, assigned. Harvey Pierce, Essex county, N. Y., assigned. B ceze, Kneeland & Co., locometives, Jersey any, N. 3., suspended. Relph Lee, Camden, N. J., failed. Noam & Gaddis, Hightstown, NJ, alled Jacob Sline, "D G.,' Philadelphia, Penn., fail d. chark & Do, Trement, Penn., failed. Flatas & Lohman, fancy goods, Bakinrore, Maryland, failed B. Wallack, Baltimore, Md., assigned. Thereton & Ely, Louisville, Kg, assigned H. Harmon, Marion, Ohio, assigned. Robert & Moffait, Cincinnati, Oalo, assigned. Casper Bess, Dayton, Ohio, failed. Wm. Ward Easton, Obicago, III.. suspended. signed. Adams & Herrick, New Bedford, III., falled and m. J. B. Smith, Urbana, IH., sold out. James I. Lyell, banker, Detroit, Mich, suspended. Burne & Wheeler, Signaw City, Mich, failed. Reibschilds & Bro, Muscatine, Iowa, failed. S. T. & R. Largley, Gallipolis, Ohio, reported some time since as suspended and assigned, have obtained an exten-
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UNLUCKY DEPOSITOR.-It is stated in the New York Times that a down town merchant received a remittance from one of his correspondents in the shape of a draft on the Ohio Life and Trust Company for $3,000 on the very day on which that in stitution closed its doors. He immediately telegraphed the fact to his debtor, who sent him another draft on John Thompson, which arrived the day after the failure of that broker. The merchant again telegraphed the failure, and received in n few days another draft on Atwood & Co., just as that firm suspended.
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FAILURES, ASSIGNMENTS, &c.-The following are among the reported failures, assignments, &c., for the week ending on the 3d, which we copy from the N.Y. Independent: New York-Mechanics' Banking Association, city, suspended. Beebe & Co., Bankers, city, suspended. Atwood & Co., Bankers, city, suspended. J. H. Prentice, Hats, city, suspended; liabilities large, but surplus of about $500,000. and will undoubtedly soon resume. Adams & Buckingham, Flour, city, suspended. Williams, Stevens & Williams, city, failed. J. & J. 0. Secor, Founders, city, suspended; liabilities large-offer forty cents secured. John Thompson, Broker, city, before reported, has assigned. Goldsmith & Gutman, Cloths, city, suspended; liabilities about $100,000. Chambers & Heiser, city, failed and assigned. Henry Antler, Clothing, city, failed. Louis Wusterman, Furs, city, failed. John Allen, city, failed. J. L. Wyckoff, Williamsburg, failed. Reciprocity Bank, Buffalo, suspended temporarily. Hollister Bank. Buffalo, suspended. Swartz Iron Works, Buffalo, assigned. Baltimore.-Flatan & Lehman, Fancy Goods, failed. S. Wallack, assigned. Louisville, Ky.-Thurston & Ely, assigned. Ohio.-H. Harmon, Marion, assigned. Robert & Moffat, Cincinnati, assigned. Casper Bess, Dayton, failed. Philadelphia, Pa.-Jacob Stine, D.G., failed.