15892. George Opdyke & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 8, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8b2e1bcf

Response Measures

None

Description

Multiple contemporaneous articles (Dec 8–9, 1884) report George Opdyke & Co. notified the stock exchange of a suspension and made an assignment to Wm. (William) Peet. Suspension was attributed to customers' failure to meet margin calls / inability to renew loans on securities. No article describes a depositor run on this firm; assignee/assignment indicates receivership/closure rather than a simple temporary suspension with reopening.

Events (2)
1. December 8, 1884 Receivership
Newspaper Excerpt
The assignment was made late this afternoon to William Peet. Opdyke said the necessity of suspension was a surprise to them.
Source
newspapers
2. December 8, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension caused by customers' failure to put up fresh margins / inability to renew loans on securities (margin calls not met).
Newspaper Excerpt
George Opdyke & Co., bankers and brokers, have notified the stock exchange of their suspension.
Source
newspapers

Newspaper Articles (12)
1. December 9, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 9, 1884

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Article Text

Failed. NEW YORK, December 8.-George Opdyke & Co., bankers and brokers, have notified the stock exchange of their #uspension. It is one of the best known Urins in the city. Opdyke & Co. said the necessity for the suspension was a surprise to them. The assets, it is thought. will ultimately equal the liabilities. The suspension was caused by the failure of customers to put up fresh margins. The firm has not been prominent since the death of Ex-Mayor Opdyke, the founder of the house. It lost heavily in the panic of '78.

2. December 9, 1884 Evening Star Washington, DC
Article from Evening Star, December 9, 1884

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News Briefs. George Opdyke & Co., bankers and brokers, of New York, yesterday suspended. Opdyke & Co, had a capital invested of about $250,000, and deposits amounting to $1,000,000. M. Morth, who was shot by Mme. Clovis Hughes in Paris, died yesterday. Mother Mandelbaum, of New York, her son and Herman Stroude were arrested in Hamilton, Ontario, yesterday. Cook, the leader of the train robbers at Little Rock, Arkansas, made a full confession yesterday, and says his associates were Ciffford King and Adolphus Parker, a boy of 16 years. Ten watches and about $500 have been recovered. Last October the residence of Mr. R. Jones, at Raleigh, N. C., was destroyed by fire. Yesterday Sarah Ann Dennts, a servant girl, who had stolen some silverware, confessed that she had set it on fire. Two feet of snow fell in Montreal yesterday. A pearl weighing ninety carats, and valued at $17,000, was shipped from Guaymas to London Sun. day. It was purchased for $90 from an Indian, who found It in Lower California. Mr. James I. McLane, the treasurer of the Maryland Jockey club, has resigned. Jonas H. Powers, Way ne Powers and George Gib. son were yesterday sentenced in Scou county, Va, to be hanged February 6th, for the murder of a traveller for a small sum of money. Hugh Miller was stabbed and killed by Joe Roe, at Glasgow, Ky., yesterday for hurrahing for Cleve. land,and Hendricks. The wife of Deacon Ephraim Arch, of Quague, Long Island, eloped on Sunday with an unknow a negro, and It is thought they have gone to Florida, The board of United States commissioners of the New Orleans exposition yesterday adopted resolutions calling on Congress to adjourn la time to allow members to attend the opening. Among the deaths that occurred in New York last week were 127 from consumption, It from prieumonia, and 48 from bronchitis, the largest record known of diseases of that nature in the alstory of the health department. A delegation representing the woman's suffrage party called upon Sir John A. MacDonald, prime minister of Canada, yesterday, and thanked him for incorporating womann's suffrage in the pending Canadian franchise bill.

3. December 9, 1884 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 9, 1884

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Article Text

Failure of New York Bankers. [By telegraph to the Dispatch.) NEW YORK, December 8.-George Opdyke & Co., bankers and brokers, have suspended. This is one of the best-known firms in this city. The assignment was made late this afternoon to William Peet. Opdyke said the necessity of suspension was a surprise to them, He estimated that the assets would yield ultimately probably fully as much as the liabilities. The failure was caused by customers not paying up margins. The firm has not been prominent since the death of George Opdyke, Sr., and the failure of the New York and Oswego Midiand railroad, in which they were interested. The firm were also heavy losers in the panic of 1873.

4. December 9, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, December 9, 1884

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BUSINESS BRIEFS. THE STOCK MARKET SHATTERED By the Failure of George Opdyke & Co., of New York-The J. I. Case Manufacturing Company AssignsLabor and other Notes George Opdyke & Co. Fail NEW YORK, Dec. 8.-George Opdyke & Co., bankers and brokers, have notified the stock exchange of their suspension. It was one of the best known firms in the city. Opdyke & Co. assigne.i to Wm. C. Peet. Mr. Opdyke said the necessity for the suspension. was a surprise to them. The assets. it is thought, will equal the liabilities. The suspension was caused by the failure of customers to put up fresh margins. The firm has not been so prominent since the death of ex-Mayor Opdyke, the founder of the house. It lost heavily in the panic of 1873 There are no preferences. A member of the firm said the failure surprised even him, owing to its suddeness, and was due to customers who failed to respond to calls for margins. It is believed the assets will ultimately vield nearly, if not quite, enough to meet the liabilities. The major portion of the liabilities are secured. About $200,000 are unsecured. The firm was founded sixteen years ago by ex-Mayor George Opdyke, who died in 1880. The firm suffered a loss of $1.000,000 in the panic of 1873, $500,000 being drawn from it in one run. The present firm was formed in 1881, with an invested capital of $250,000, and deposits of about $1,000,000. They state that their contracts on the stock exchange will not exceed 500 shares and that neither individually nor as a firm have they speculated to the extent of one share. The firm was regarded as a strong concern, and maintained strong credit.

5. December 10, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, December 10, 1884

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The Opdyke Failure. NEW YORK, December 9.-The Opdyke Company's liabilities are stated to be a little over one hundred thousand dollars. Only about five hundred shares of stock are involved in the failure. On the Stock Exchange the failure is said to have resulted from inability to renew loans on securities which had previously been accepted. Assignee Peet, of the suspended banking firm of George Opdyke & Co., said to-day that it was not such a failure as should cause any great degree of uneasiness, and one that, aside from the old name of the house would command comparatively little attention. E. F. M. Miller, a Board member of the firm, stated his belief that the total liabilities would not exceed $400,000, of which nearly $200,000 is secured.

6. December 10, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, December 10, 1884

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The Opdyke Failure. NEW ORK, Dec. 10. - Oydyke & Co.'s lia. bilities are said to be a little over $100,000. Only about 500 shares of the stock are mvoived in the failure on the stock exchange. The failure is said to have resulted from inability to renew loans on securities which had previously been accepted. Assignee Peet, of the suspended banking firm of George Opdyke & Co., said that it was not such a failure as should cause any great degree of uneasiness, and one that, aside from the old name of the house, would command comparatively little attention. E. F. M. Miller, a board member of the firm, said his belief was that the total liabilities would not exceed $400.000, of which nearly $200,000 is secured.

7. December 10, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 10, 1884

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Article Text

The Opdyke Failure. NEW YORK, December 9.-Opdyke & Co.'s liabilities are stated to be a little over $100,000. Only about 500 shares of stock involved in the failure are on the stock exchange. The failure is said to have resulted from the inability to renew loans on securities, which had previously been accepted. Assignee Peet, of the-uspended banking firm of George Opdyke & Co., said to-day that it was not such a failure as should cause any great degree of uneasiness, and one that aside from the old name of the house would command comparatively little attention, E. F. M. Miller, board member of the firm stated his belief that the total liabilities would not exceed $400,000 of which nearly $200,000 is secured.

8. December 10, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, December 10, 1884

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Article Text

The Opdyke Failure. NEW YORK, Dec. 9.-George Opdyke & Co.'s liabilities are stated to be a little over $100,000. Only about 500 shares of stock are involved in the failure. On the stock exchange the failure is said to have resulted from inability to renew loans on securities which previously had been accepted. Assignee Peet, of the suspended banking firm of George Opdyke & Co., said to-day that it was not such a failure as should cause any great degree of 1111easiness, and one that, aside from the old name of the house, would command comparatively little attention. E. F. M. Miller, a board member of the firm, stated it as his opinion that the total liabilities would not exceed $400,000, of which nearly $200,000 is secured.

9. December 10, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, December 10, 1884

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THE SUSPENDED BANKERS. Liabilities of Opdyke & Co. $100,000. NEW YORK, Dec. 9.-Opdyke & Co.'s liabilities are said to be a little over $100,000. Only about five hundred shares of stock are involved in the failure on the stock exchange. The failure is said to have resulted from their inability to renew Joans on securities which had previously been accepted. THE LIABILITIES QUADRUPLED. NEW YORK, Dec. 9.-Assignee Peet of the suspended banking firm of George Opdyke & Co. said to-day that it was not such a failure as should cause any great degree of uneasiness, and one that, aside from the old name of the house, would command comparatively little attention. E. T. Miller, one of the members of the firm, stated his belief that the total liabilities would not exceed $450,000, of which nearly $200,000 is secured.

10. December 11, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, December 11, 1884

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Article Text

TheJOpdyke Failure. NEW YORK, Dec. 9.--George Opdyke & Co.'s liabilities are stated to be a little over $100,000. Only about 500 shares of stock are involved in the failure. On the stock exchange the failure is said to have resulted from inability to renew loans on securities which previously had been accepted. Assignee Peet, of the suspended banking firm of George Opdyke & Co., said to-day that it was not such a failure as should cause any great degree of uneasiness, and one that, aside from the old name of the house, would command comparatively little attention. E. F.M. Miller. a board member of the firm. stated it as his opinion that the total liabilities would not exceed $400,000, of which nearly $200,000 is secured.

11. December 11, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, December 11, 1884

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George Opdyke & Co. Fall. NEW YORK, Dec. 8.-George Opdyke & Co., bankers and brokers, have notified the stock exchange of their suspension. It was one of the best known firms in the city. Opdyke & Co. assigned to Wm. C. Peet. Mr. Opdyke said the necessity for the suspension was a surprise to them. The assets. it is thought, will equal the liabilities. The suspension was caused by the failure of customers to put up fresh margins. The firm has not been so prominent since the death of ex-Mayor Opdyke, the founder of the house. It lost heavily in the panic of 1878 There are no preferences. A. member of the firm said the failure surprised even him, owing to its suddeness, and was due to customers who failed to respond to calls for margins. It is believed the assets will ultimately yield nearly, if not quite, enough to meet the liabilities. The major portion of the liabilities are secured. About $200,000 are unsecured. The firm was founded sixteon years ago by ex-Mavor George Opdyke, who died in 1880. The firm suffered a loss of $1,000,000 in the panie of 1873, $500,000 being drawn from it in one run. The present firm was formed in 1881, with an invested capital of $250,000, and deposits of about $1,000,000. They state that their contracts on the stock exchange will not exceed 500 shares and that neither individually nor as a firm have they speculated to the extent of one share. The firm was regarded as a strong concern; and maintained strong credit.

12. December 17, 1884 Delta Chief Delta, CO
Article from Delta Chief, December 17, 1884

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TELEGRAPHIC BREVITIES. Seven stores burned at Decatur, Tex. loss, $250,000. Chauncey M. Depew declines to be a candidate in New York State for Senator. Seven prisoners in the Decatur, Texas, jail overpowered the jailer and escaped. Wade Hampton has been re-elected to the United States Senate by the South Carolina Legislature. The nail trade is reported dull, with light stocks. The Nail Association has reaffirmed the card rate. The National Association of Health Boards is in session at Washington studying the subject of cholera. A reduction of 15 to 20 per cent. in has been ordered at at wages Roach's shipyard Chester, Pennsylvania. The Hawaiian treaty has been signed by the President and the representative of the Hawaiian government. General Sheridan will be Marshal O the Day at the celebration of the completion of the Washington monument. The elevated railroads of New York paid $1,285,533 into the City Treasury for taxes, by order of the courts. There were $526,996 in standard dollars paid out last week against $521,498 for the corresponding week in last year. The long strike among the coal miners of the Ohio Hocking Valley in Southern end. is reported to be practically at an The Spanish treaty has been brought from Spain by United States Minater Foster and delivered to the Secretary of State. Wilkinson Brothers, bankers of Syracuse, New York, haye falled with $500,000 in liabilities and a small amount of assets. George Cook was hanged at Laramie City, Wyoming, on the 12th for the shooting of James B'ount on Thanksgiving evening, 1884. In answer to an inquiry Hon. Levi P. Morton says he stands fully committed to the policy and platform of the Republican party. Nearly all the cotton and woolen mills in the vicinity of Laconia, New Hampshire, are running on full time at the old wages. Some twenty-seven colored oystermen were caught in a storm in the Rappahannock River on Tuesday night and very few escaped. The liabilities of George Opdyke & Co., the snspended New York bankers, are estimated at $400,000, or which nearly $200,000 is secured. A Paris paper says that three torpedo boats that were built in England and sent to Australia, have found their way into the Chinese navy. Secretary Teller and Postmaster-General Hatton have gone to the New Orleans Exposition, stopping a few days in Florida while on the way. The carpet works of Alex Smith's Sons at Yonkers, New York, which were closed last month are preparing to resume. They employ 2,000 men. William Flynn died in Chicago from blood poisoning, and it is charged that his wound was inflicted by a policeman who threw his club at him. St. John has written a letter denying his sale to the Democracy in the recent election, and declaring that he is in the field for the campaign of 1888. All of the cotton factories at Columbus, Georgia, with one exception, are running on full time with plenty of orders. They have advanced their prices. The parties who were indicted for in the were and complicity brought before the Chicago United election States frauds Court released on $10,000 bail each. A pearl weighing ninety-three carats, and valued at $17,000, was found by an Indian at Muleje, Lower California, and he sold it for $90. It has been sent to London. Turkish atrocities are reported from Macedonia. Two hundred Christians have been murdered In the past few weeks and three villages have been burned. A slight fire in a candy factory at Detroit on the 12th smothered three girls who were working in the second story. The property loss was comparatively slight The Washington monument is finished and the American flag floats over it at a height of 600 feet from the ground. The cornerstone was laid thirty-six years ago. The International Monetary Conferenceat Rome has concluded its sittings. The proposed suspension of the coinage of silver in the United States was not discussed. Nicholas Foley and John Mittzug engaged in a prize fight at Pittsburg until they were exhausted, and at the end of the fourth