1592. George P. Bissell & Co. (Hartford, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 23, 1896
Location
Hartford, Connecticut (41.764, -72.685)

Metadata

Model
gpt-5-mini
Short Digest
fd7ec8a0

Response Measures

None

Description

Private banking firm suspended and assigned to a receiver (Sept 23, 1896). Articles describe insolvency from depreciated investments and large personal overdrafts by partner Albert H. Olmstead; trustees/receiver appointed and receivership inventory filed. No contemporaneous run described; bank remained in receivership/insolvent (closure).

Events (3)

1. September 23, 1896 Receivership
Newspaper Excerpt
Judge S. O. Prentice ... granted the petition and appointed Henry E. Taintor receiver. The partnership has expired ... it is said ... the firm has been pressed to meet the demands of depositors on account of difficulty in realizing on investments, some of which have depreciated in value. (Article dated Sept. 23, 1896).
Source
newspapers
2. September 23, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Difficulty realizing on investments that had depreciated in value; partnership expired and could not continue; withdrawals by relatives of partner preceded suspension; later reports show large personal overdrafts by senior partner Olmstead.
Newspaper Excerpt
The private banking firm of George P. Bissell & Co. passed into the hands of a receiver today.
Source
newspapers
3. October 19, 1896 Other
Newspaper Excerpt
Judge Henry E. Taintor, receiver for the assigned banking firm of George P. Bissell & Co., to-day filed in the Superior Court a partial inventory, which shows eight hundred depositors, with total deposits of $290,000. All assets that could be found made a total of $307,236.33, but the receiver is unable to give any approximate statement of the liabilities, and aside from the fact that the failure is known, to be a heavy one, nothing further has as yet been ascertained. (Oct. 19, 1896).
Source
newspapers

Newspaper Articles (13)

Article from The Daily Morning Journal and Courier, September 24, 1896

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Article Text

BANK FAILURE IN HARTFORD. Private Firm of George P. Bissell & Co. in the Hands of a Receiver. Hartford, Sept. 23.-The private banking firm of George P. Bissell & Co. passed into the hands of a receiver today. The members of the firm are Albert H. Olmstead and Charles H. Coit. The latter brought a petition for a receiver to Judge S. O. Prentice of the superior court, who granted the petition and appointed Henry E. Taintor receiver. The partnership has expired and it is said in the petition that no arrangement could be made by the partners for continuing the business. It is understood, however, that the firm has been pressed to meet the demands of depositors on account of difficulty in realizing on investments, some of which have depreciated in value. The firm was founded in 1854. Mr. Olmstead entered the partnership in 1876 and Mr. Coit became a partner in May, 1891, after the death of the founder, Colonel George P. Bissell. No statement of assets and liabilities could be obtained to-night.


Article from The Portland Daily Press, September 24, 1896

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The private banking concern of George P. Bissell & Co., of Hartford, Conn., passed into the hands of a receiver Wednesday. The members of the firm are Albert H. Olmstead and Charles H. Coyt. It is understood that the firm has been pressed to meet the demands of the depositors on account of difficulty in realiz ing on investments.


Article from The Abbeville Press and Banner, October 14, 1896

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Domestic. Elizabeth S. Mead, President of Mount Holyoke College, South Hadley, Mass., issued an appeal for money with which to replace the buildings recently burned. Governor Morton, of New York. appointed a Board of Examiners for horseshoers. Miss Nellie Hannon was waylaid and robbed by a highwayman in a wood in the annexed district, New York City. Commissioner Waring, of the Street Cleaning Department, returned from Europe after a tour of inspection of leading cities, convinced that New York is one of the cleanest cities in the world. William Jennings Bryan made speeches in Harper's Ferry, Martinsburg and other cities in West Virginia, and arrived at Grafton. Major McKinley addressed delegations from Centre County, Pennsylvania, which called on him at Canton, Ohio. George H. Morrison, Treasurer of Rensselaer County, New York, was rearrested on the official declaration that the shortage in county funds would reach nearly $250,000. A Republican mass meeting at Carnegie Hall, New York City, was addressed by Frank S. Black, Republican candidate for Governor; Senator Lodge, of Massachusetts; Timothy L. Woodruff. Benjamin F. Tracy and Edward Lauterbach. Two delegations, one of old constituents in Ohio and one of colored clergymen and Conference delegates, called on Major McKinley at Canton. William J. Bryan arrived in New York City after making speeches at several places in New England; he spoke to large crowds in the evening at Paterson and Newark, New Jersey. Arthur Sewall accompanied him. William J. Bryan reached Arthur Sewall's home in Bath, Me., and received there a greeting as hearty as any given him during his campaign trips. Mrs. Eliza Griffin Johnson, the widow of General Albert Sydney Johnson, died in Los Angeles, Cal., at the home of her son-in-law, United States Attorney Denis. She was seventy-four years old. Her former home was in Kentucky. A building in Worcester, Mass., from which floated an anarchist flag with William J. Bryan's picture oh it, and which was seen by the candidate, was burned under mysterious circumstances. The big elephant on Coney Island was burned to the ground. Two robbers with pistols held up the cashier of the Western Foundry Company, in Chicago, forced him to hand over $1600 and escaped, in spite of a hot pursuit during which many shots were fired at them. The Clermont Avenue Rink in Brooklyn was packed with an enthusiastic audience which heard speeches by Chauncey M. Depew, J. Franklin Fort and others. James Smith, an engineer, fall on a revolving saw in New York City and was cut in halves. The faculty of Yale refused to say whether they will takeany official action on the antiBryan demonstration by the students. Sentiment in New Haven condemns the disturbers. Generals Palmer and Buckner spoke in Baltimore. J. E. and C. H. Brown, proprietors of the Mapleton (Minn.) Bank, made an assignment. Their assets are $141,000 and liabilities $100,000. The cause of the failure is said to be the advancing of large sums to erect a new building in Mapleton. David Cummings Sprague, a conspicuous resident of Rahway, N. J., and the father of Frank Sprague, the electrician, was killed instantly by the New York express near the Poplar street crossing of the Pennsylvania Railroad. The launching of the new steel steamer James Watt, the first of the Rockefeller fleet, and the largest ship on the lakes, was made a society event at Cleveland, Ohio. More than 3000 persons were present at the yards of the Cleveland Shipbuilding Company. The private banking firm of George P. Bissell & Co., of Hartford, Conn., which has been in existence since 1854. has suspended. Sherry's bathing pavilion at Narragansett Pier, R. L, considered the finest structure of its kind on the coast. was totally destroyed by a fire, supposed to be of incendiary origin. The loss will reach between $50,000 and $60,000. The resignation of Senator James Smith as Chairman of the Democratic State Committee of New Jersey, has been accepted and a new leader has taken his place in the per son of Colonel E. L. Price, of Newark, a silver man and a supporter of Bryan and Sewall. Eugene C. Gregory, aged twenty-four, a Yale College student, was found to have committed suicide by inhaling illuminating gas at his father's residence, New York City. He was the son of wealthy parents. A tendency to hypochondria, caused by overstudy, is given as the cause of the suicide.


Article from The Indianapolis Journal, October 20, 1896

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GEORGE P. BISSELL & CO. Affairs of the Hartford Banking Firm in Bad Shape. HARTFORD, Conn., Oct, 19.-Judge Henry E. Taintor, receiver for the assigned banking firm of of George P. Bissell & Co., to-day filed in the Superior Court a partial inventory, which shows eight hundred depositors, with total deposits of $290,000. All assets that could be found made a total of $307,236.33, but the receiver is unable to give any approximate statement of the liabilities, and aside from the fact that the failure is known, to be a heavy one, nothing further has as yet been ascertained.


Article from The Daily Morning Journal and Courier, October 20, 1896

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Article Text

FAILURE A HEAVY ONE. And the Bank Had Eight Hundred Depositors. Hartford, Oct. 19.-Judge Henry E. Taintor, receiver for the assigned banking firm of George P. Bissell & Co., today filed in the superior court a partial inventory, which shows eight hundred depositors with total deposits of $290,000. All assets that could be found made a total of $307,236.33. The failure is known to be a heavy one.


Article from The Herald, October 20, 1896

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NO DETAILS KNOWN. HARTFORD, Ct., Oct. 19.-Judge E. Taintor, receiver for the assigned banking firm of George P. Bissell & Co., today filed in the superior court a partial inventory which shows 800 depositors with total deposits of $290,000. All assets that could be found made a total of $307,236, but the receiver is unable to give any approximate statement of the liabilities, and aside from the fact that the failure is known to be a very heavy one, nothing further has as yet been ascertained.


Article from The Evening Tribune, January 1, 1897

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Banker Olmstead Filled His House With Them. And The Result Was a Crash at His Hartford Bank. Meeting of the Depositors of the Suspended Institution Held Yesterday Afternoon. Hartford, Jan. 19.-The depositors of the suspended banking firm of George P. Bissell & Co. met behind closed doors yesterday afternoon and listened to a report of the committee appointed by them some time ago to investigate the affairs of the company. The report showed that Albert H. Olmstead, the senior member of the firm, had overdrawn his personal account with the bank to the amount of nearly $30,000, or more than enough to wipe out his share of the capital stock. His salary was $3000 a year, but he was in the habit of drawing considerably in excess of this amount. The committee find that Mr. Oimstead's home is filled with art treasures, some being of the most costly description, evidencing a connoisseur. The committee also learned that shortly before the bank suspended Mr. Olmstead's relatives withdrew their deposits from the bank. It was orally recommended by the committee that the stockholders continue the insolvency proceedings against Mr. Olmstead, as of the best interest to the depositors. The committee also stated in their report they could not find anything in the proceedings of Charles H. Coit, the junior member of the firm, that was not absolutely straightforward. The committee consisted of John Hooker, Percy Bryant and J. Gilbert Calhoun, and it was decided by the stockholders that Messrs. Bryant and Calhoun be recommended to the probate court for appointment as trustees of the insolvent estate of A. H. Olmstead. The present firm, which consists of Albert H. Olmstead and Charles H. Coit, was formed May 13, 1891, succeeding to the business and good will of Colonel Bissell and A. H. Olmstead. The capital stock was $45,000, Coit contributing one-third in cash. Its deposits amounted to $480,000. and its assets, $541,000. The amount of deposits have averaged $377,000.


Article from The Evening Herald, January 19, 1897

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This Banker Was Kind to Himself. HARTFORD, Jan. 19.-The depositors of the suspended banking firm of George P. Bissell & Co. met behind closed doors yesterday afternoon and listaned to a report of the investigating committee. The report showed that Albert H. Olmsted, senior member of the firm, had overdrawn his personal account nearly $80,000, or more than enough to wipe out his share of the capital stock. His salary was $8,000 a year, but he was in the habit of drawing considerably in excess of this amount. Olmstead's home is filled with art treasures, some being of most costly description. Shortly before the bank suspended Mr. Olmstead's relatives withdrew their deposits.


Article from The Wilmington Daily Republican, January 19, 1897

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This Banker Was Kind to HI mself. HARTFORD, Jan. 19. -The depositors of the suspended banking firm of George P. Bissell & Co. met behind closed doors yesterday afternoon and listaned to a report of the investigating committee. The report showed that Albert H. Olmsted, senior member of the firm, had overdrawn his personal account nearly $30,000, or more than enough to wipe out his share of the capital stock. His salary was $3,000 a year, but he was in the habit of drawing considerably in excess of this amount. Olmstead's home is filled with art treasures, some being of most costly doscription. Shortly before the bank suspended Mr. Olmstead's relatives withdrew their deposits.


Article from The Providence News, January 19, 1897

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DEPOSITORS LOST MONEY But the Banker Lived In Luxurious Splendor, Hartford, Jan. 19.-The depositors of the suspended banking firm of George P. Bissell & Co. met behind closed doors yesterday afternoon and listened to a report of the committee appointed by them some time ago to investigate the affairs of the company. The report showed that Aibert H. Olmstead, the senior member of the firm, had overdrawn his personal account with the bank to the amount of nearly $30,000, or more than enough to wipe out his share of the capital stock. His salary was $3000 a year, but he was in the habit of drawing considerably in excess of this amount. The committee find that Mr. Olmstead's home is filled with art treasures, some being of the most costly description, evidencing a connoisseur. The committee also learned that shortly before the bank suspended Mr. Olmstead's relatives withdrew their deposits from the bank. It was orally recommended by the committee that the stockholders continue the insolvency proceedings against Mr. Olmstead, as of the best interest to the depositors. The committee also stated in their report they could not find anything in the proceedings of Charles H. Coit, the junior member of the firm, that was not absolutely straightforward. The committee consisted of John Hooker, Percy Bryant and J. Gilbert Calhoun, and it was decided by the stockholders that Messrs. Bryant and Calhoun be recommended to the probate court for appointment as trustees of the insolvent estate of A. H. Olmstead. The present firm, which consists of Albert H. Olmstead and Charles H. Coit, was formed May 13, 1891, succeeding to the business and good will of Colonel Bissell and A. H. Olmstead. The capital stock was $45,000, Coit contributing one-third in cash. Its deposits amounted to $480,000. and its assets, $541,000. The amount of deposits have averaged $377,000.


Article from The Evening Tribune, January 19, 1897

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# WORKS OF ART. Banker Olmstead Filled His House With Them. And The Result Was a Crash at His Hartford Bank. Meeting of the Depositors of the Suspended Institution Held Yesterday Afternoon. Hartford, Jan. 19. The depositors of the suspended banking firm of George P. Bissell & Co. met behind closed doors yesterday afternoon and listened to a report of the committee appointed by them some time ago to investigate the affairs of the company. The report showed that Albert H. Olmstead, the senior member of the firm, had overdrawn his personal account with the bank to the amount of nearly $30,000, or more than enough to wipe out his share of the capital stock. His salary was $3000 a year, but he was in the habit of drawing considerably in excess of this amount. The committee find that Mr. Olmstead's home is filled with art treasures, some being of the most costly description, evidencing a connoisseur. The committee also learned that shortly before the bank suspended Mr. Olmstead's relatives withdrew their deposits from the bank. It was orally recommended by the committee that the stockholders continue the insolvency proceedings against Mr. Olmstead, as of the best interest to the depositors. The committee also stated in their report they could not find anything in the proceedings of Charles H. Coit, the junior member of the firm, that was not absolutely straightforward. The committee consisted of John Hooker, Percy Bryant and J. Gilbert Calhoun, and it was decided by the stockholders that Messrs. Bryant and Calhoun be recommended to the probate court for appointment as trustees of the insolvent estate of A. H. Olmstead. The present firm, which consists of Albert H. Olmstead and Charles H. Coit, was formed May 13, 1891, succeeding to the business and good will of Colonel Bissell and A. H. Olmstead. The capital stock was $45,000, Coit contributing one-third in cash. Its deposits amounted to $480,000, and its assets, $541,000. The amount of deposits have averaged $377,000.


Article from The Daily Morning Journal and Courier, January 21, 1897

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TRUSTEES APPOINTED. Hartford, Jan. 20.-Henry E. Taintor and J. Gilbert Calhoun were to-day appointed trustees of the assigned estate of Albert H. Olmstead, the senior member of the banking firm of George P. Bissell & Co., by Judge Freeman of the probate court. Mr Taintor is already the receiver of the bank and was strongly opposed as trustee to-day by two hundred depositors.


Article from The United Opinion, January 22, 1897

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THE UNITED OPINION, FRIDAY MORNING, JANUARY 22, 1897. POSI MONAY Oks int the Banker Lived In Luxurious the TeachSplendor, Hartford, Jan. 19.-The depositors of but rpose, the suspended banking firm of George angerous. P. Bissell & Co. met behind closed then beloors yesterday afternoon and listened work a of :0 a report of the committee appointed COLUMBIAS rtist puts y them some time ago to investigate .he affairs of the company. Baptist, The report showed that Albert H. AT ONCE. Dimstead, the senior member of the irm, had overdrawn his personal acbackboneThe Columbia you want is ready for you. Not a day's delay, count with the bank to the amount of He early $30,000, or more than enough to if you choose regular equipment. We have been preparing for devil. wipe out his share of the capital stock. months to meet the present great demand. Dear His salary was $3000 a year, but he was back n the habit of drawing considerably in excess of this amount. The commitIeach, TO ALL Men's Columbias ee find that Mr. Olmstead's home is illed with art treasures, some being of ALIKE $100 he most costly description, evidencWomen's Columbias in arfare ng a connoisseur. The committee also ofearned that shortly before the bank Tandems Tandems, $150 Sin suspended Mr. Olmstead's relatives conwithdrew their deposits from the fight bank. the THE STOCK IS COMPLETE. It was orally recommended by the Chriscommittee that the stockholders con:Inue the insolvency proceedings against Mr. Olmstead, as of the best interest to HARTFORD BICYCLES to the depositors. The committee also stadening ted in their report they could not find ailure to nything in the proceedings of Charles pity $65, $50, $45 E. Coit, the junior member of the firm, com:hat was not absolutely straightforward. and Such quality at such prices is unheard of. But Hartfords are leadThe committee consisted of John Hookwas how ers in both price and goodness. Regular models ready for delivery. er, Percy Bryant and J. Gilbert Calilfinely noun, and it was decided by the stockChrist's olders that Messrs. Bryant and CalPOPE MFG. CO., Hartford, Conn. in unisoun be recommended to the probate Branch Stores and Agencies in almost every city and town. If Columbias are not properly represented in your vicinity, let us know. court for appointment as trustees of Presby:he insolvent estate of A. H. Olmstead. The present firm, which consists of Albert H. Olmstead and Charles H. that Coit, was formed May 13, 1891, succeedDOE BRO'S, Agents, BRADFORD, VT. and wed, ng to the business and good will of Polonel Bissell and A. H. Olmstead. and The capital stock was $45,000. Coit conapplied cributing one-third in cash. Its degreatest posits amounted to $480,000. and its asThe New York Weekly Tribune have ets, $541,000. The amount of deposits No large have averaged $377,000. FOR will em.