Article Text
NEW YORK BANKING FIRM ASSIGNS FOR CREDITORS New York, Oct. 17.--Gilman, Son & Co., bankers and brokers, whose failure was announced late yesterday. assigned today for the benefit of creditors.
15916. Gilman, Son & Co. (New York, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- October 16, 1902
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
bf1b44b8
Response Measures
None
Description
Gilman, Son & Co., a private banking firm at 62/63 Cedar St., suspended payment on Oct 16, 1902 and made an assignment to Bainbridge Colby on Oct 17, 1902. Articles report no depositor run; the immediate trigger was the Western National Bank refusing to honor the firm's checks. The assignment indicates permanent closure/insolvency rather than a temporary suspension and reopening.
Events (3)
1.
October 16, 1902
Suspension
- Cause
- Correspondent
- Cause Details
- The Western National Bank refused to honor checks drawn by Gilman, Son & Co., returning their checks as 'no good,' precipitating the suspension of payments.
- Newspaper Excerpt
- The firm of Gilman, Son & Co. has suspended payment this afternoon. ... Gilman, Son & Co. suspended payment on October 16, 1873, in the panic year, and received a year's extension, but paid off all obligations and resumed business within a few months.
- Source
- newspapers
2.
October 17, 1902
Other
- Newspaper Excerpt
- Gilman, Son & Co., bankers and brokers, whose failure was announced late yesterday, assigned today for the benefit of creditors. ... made an assignment yesterday to Bainbridge Colby for the benefit of its creditors.
- Source
- newspapers
3.
October 17, 1902
Receivership
- Newspaper Excerpt
- Gilman, Son & Co. Makes an Assignment NEW YORK, Oct. 17.-Gilman. Son & Co., one of the oldest private banking concerns in New York, followed the suspension of payment they made yesterday afternoon with an assignment this morning to Bainbridge Colby.
- Source
- newspapers
Newspaper Articles (12)
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Article Text
OLD FIRM EMBARRASSED GILMAN, SON & CO., PRIVATE BANKERS, UNABLE TO HONOR THEIR CHECKS. The old firm of Gilman, Son & Co., private bankers, at No. 63 Cedar-st. has become financially embarrassed. it was learned late yesterday afternoon. The trouble was precipitated. it is understood, by the recent severe stringency of the money market. and the erisis came just before the close of business yesterday, when the firm found itself unable to honor its checks. It was a customer of the Western National Bank, an officer of which said yesterday afternoon We returned their checks to-day as "no good" because they had no money to meet them. I think when it is straightened out It will be a small thing. Neither member of the firm could be seen, but Bainbridge Colby, of Alexander & Colby, No. 120 Broadway, their counsel, was found at the banking house, and said in answer to questions: The firm of Gilman, Son & Co. has suspended payment this afternoon. An examination of its situation is now in progress. What conclusion will be reached is something that cannot now be stated. It is understood that the liabilities will not exceed $200,000. No estimate of the assets could be obtained. The firm has no Exchange connections. and its suspension will in all probability not involve any other local house. It is the New-York correspondent of about sixty State and private banks mainly Iowa institutions, and its specialty has been the purchase and sale of Western farm mortgages. The firm of Gilman, Son & Co. was established in 1860 by Winthrop S. Gilman, who invested in his business a comfortable fortune which he had accumulated as a wholesale grocer in St. Louis and at A.ton. III. Mr. Gilman S first partner was his son Arthur, who retired in 1865, his place being taken by his brother Theodore. The latter and another brother. Winthrop S. Gilman, at present constitute the firm. Gliman, Son & Co. suspended payment on October 16. 1873, in the pante year, and received a year's extension, but paid off all obligations and resumed business within a few months. The elder Gilman died in 1884. the year of the Grand & Ward failure, at which time the resources of Gilman. Son & Co. were tied up for a period. In the last ten years. it is said, the firm has been doing a gradually lessening business, and its name was scareely heard in Wall Street, although It maintained a balance of between $100.000 and $200.000 in the bank, with which it deposited Its funds. The news that the firm's checks had been thrown out caused considerable surprise in the Street. "I hadn't heard of the firm for years," said a prominent Stock Exchange broker. when told of the condition of the firm, and I didn't know that it was still in existence. It is a very old house. Its embarrassment will not affect the Street in the least." Gilman, Son & Co., It was said by some persons familiar with the firm's business. were bankers of the old school The firm. it is said, recently withdrew its deposit from one of the Wall Street banks because the bank would not make a loan on some securities deemed undestrable, with the standing of the house as a guarantee. Theodore Gilman, the senfor member of the firm, is the author of several essays on financial subjects, on which he is an authority. Des Moines, Iowa. Oct. 16.-D. F. Witter. a director of the Iowa Loan and Trust Company and formerly its president, who is connected with other financial institutions dealing largely in farm mortgages, in speaking of the failure of Gilman, Son & Co., said to-night "I am somewhat familiar with the business of the firm. It has no Des Moines connections which can be affected. and I do not think any Iowa interests will suffer."
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PAYMENT SUSPENDED BY OLD BANKING FIRM Gilman, Son & Co. Makes an Assignment NEW YORK, Oct. 17.-Gilman. Son & Co., one of the oldest private banking concerns in New York, followed the suspension of payment they made yesterday afternoon with an assignment this morning to Bainbridge Colby. The liabilities are reported to be about $250,000, although no schedule has been made public. Fifteen minutes might have saved the Gilman concern yesterday. The suspension of payment was due primarily to the fact that the company's checks were thrown out by the Western National Bank where the Gilmans had an account. Fifteen minutes before the close of business the checks were protested and Gilman suspended payment. The Gilman banking concern, with offices at 62 Cedar Street, was founded by Winthrop S. Gilman in Wall Street in 1860. He had formerly been in business in St. Louis and Alton, Ills. The GIImans at once became prominent in banking circles here and Winthrop Gilman was considered one of the powers on the Street and an exceedingly shrewd financier. In the panic of 1873, the firm was foreed to suspend, but the creditors granted a year's extension and Gilman paid everything in full. In 1884 the failure of Grant, Ward & Co. again entangled the Gilmans, who had large credits in the West. The firm weathered the storm, however. The elder Gilman died that year. and Theodore and Winthrop, jr., have since conducted the concern. Gilman, Son & Co. was New York correspondent for many Western houses, although its business in this line had fallen off recently. The assignee, Mr. Colby, is attorney for the concern.
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Gilmans Assign. New York. Oct. 17.-Theodore Gilman and Winthrop S. Gilman, composing the firm of Gilman, Son & Co., bankers and brokers, whose failure was announced yesterday, today assigned for the benefit of creditors to Bainbridge Colby.
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BANKING FIRM FAILS. Gilman, Son & Co., of New York, Forced to Suspend Business. NEW YORK, Oct. 16.-Failure of the banking house of Gilman, Son & Co., at No. 62 Cedar street, this city, was announced late to-day. The liabilities, it was said, are less than $200,000, and it was added that no other New York concern would be affected. The business of Gilman, Son & Co. was largely in Western farm mortgages. The house was founded in 1860 by Whithrop S. Gilman, who came here from St. Louis and Alton, Ill. W. S. Gilman died in 1884 and the business was taken up by his sons, Theodore and Winthrop Gilman, jr. The firm is the New York correspondent of some sixty Western state banks and private banking institutions, mostly in Iowa. For some time the bank has done little business in this city. It was said the bank's trouble was not due to any unfortunate speculations. None of the members of the firm could be seen to-day. All inquiries were referred to Mr. Bainbridge Colby, of the law firm of Alexander & Colby, who was called in for a consultation. "The firm appears to be at present, in a somewhat embarrassed position," said Mr. Colby, when seen at the bank. "I have just been called in consultation and I have nothing to say just at present. Later, if I can, I will be glad to give the details." DES MOINES, Ia., Oct. 16.-D. F. Witter, director of the Coma Loan and Trust Company, and formerly its president, who is connected with other financial institutions dealing largely in farm mortgages, in speaking of the failure of Gilman, Son & Co., said to-night: "I am somewhat familiar with the business of the firm. It has no Des Moines connections which can be affected, and I do not think any Coma interests will suffer."
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Make an Assignment New York, Oct. 17.-Theodore GIIman and Anthony Gilman, composing the firm of Gilman, Son & Co., bankers and brokers of this city, whose failure was announced Thursday afternoon, have assigned for the benefit of creditors to Bainbridge Colby.
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Gilman, Son & Co. Assign. New York, Oct. 17.-Theodore Gilman and Winthrop Gilman, composing the firm of Gilman, Son & Co., bankers and brokers of this city, whose failure was announced yesterday afternoon, today assigned for the benefit of creditons to Bainbridge Colby.
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ASSIGNMENT TO B. COLBY. ACTION OF GILMAN, SON & CO.-LIABILITIES ESTIMATED AT $230,000 AND ASSETS AT MORE THAN $200,000. The banking house of Gilman, Son & Co., at No. 62 Cedar-st. which suspended on Thursday afternoon, when the Western National Bank refused to honor checks drawn by the house. made an assignment yesterday to Bainbridge Colby for the benefit of its creditors. Mr. Colby is a member of the law firm of Alexander & Colby, at No 120 Broadway, counsel for the bankers. He was at the banking house yesterday, but said he was not ready to make any statement of the assets and liabilities. It was believed in Wall Street that the liabilities of the banking house would not exceed $250,000 and that Its assets would amount to more than $200,000. Notices were posted on the doors of the banking house yesterday directing presentation of drafts on the bank by Noyes Brothers & Cutler, by the Husbey State Bank, of Muscatine, Iowa: by the First National Bank of Winfield, Kan., and by the State Bank of Douglas, Kan., to be made at the Chase National Bank, and the presentation of checks by the National Bank of Neenah, Wis., to be made at the National City Bank.
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Assignment of Bankers. New York, Oct. 17.-Theo Gilman and Anthrop Gilman, composing the firm of Gilman, Son & Co , bankers and brokers of this city, whose failure was announced yesterday afternoon, today assigned for the benefit of creditors to Bainbridge Colby.
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THE GILMANS ASSIGN. New York. Oct. 17.-Theodore Gilman and Winthrop S. Gilman, composing the firm of Gilman, Son & Co., bankers and brokers, whose failure was announced yesterday, today assigned for the benefit of creditors to Bainbridge Colby.
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Gilman, Son & Co. Assign. New York, Oct. 18.-Theodore GII. man and Winthrop Gilman, composing the firm of Gilman, Son & Co., bankers and brokers of this city, whose failure was announced yesterday afternoon, today assigned for the benefit of cred. itors to Bainbridge Colby.
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IOWA BANKS ON EASY STREET. Bank Examiner Wheian Says Stringency is Past. Des Moines, Ia.. Oct. 23.-State Bank Examiner Joe Whelan has returned to Des Moines after a short trip over the state in pursuance of the duties of his office. He reports the money stringency to be practically over, and that the Iowa banks are now on "Eas street." About two weeks ago many of the Iowa banks were beginning to feel the closeness of the money market in New York city. They had loaned out all of their surplus funds up to the very limit and, feeling that a crash was coming, were closing up on all of the money that came in and were refusing to make loans. Although the situation did not continue critical long enough to alarm the depositors and cause any runs, any number of Iowa banks would have been in a poor position to have withstood demands of their depositors for funds. Now that Wall street has been supplied with money by Secretary Shaw, the Iowa banks are breathlag easier and everything is getting back into its normal position. The failure of the banking firm of Gilman, Son & Co. of New York city, announced through the dispatches, caught a number of Iowa banks, according to Mr. Whelan. He does not anticipate that any of the banks had large deposits in New York city and that any failures will result in Iowa.