16044. John Thompson (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: August 25, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 8c7efdd1

Response Measures

None

Description

Multiple contemporary dispatches (New York papers reprinted nationally) report that John Thompson, a Wall Street broker/banker, suspended payment on about August 25, 1857. The suspension is reported as following the failure of the Ohio Life Insurance & Trust Company and broader panic. No article describes a depositor run on Thompson or a reopening; subsequent legal actions (replevin suit, arrest, creditor suits) indicate permanent failure/closure.

Events (1)

1. August 25, 1857 Suspension

Cause: Correspondent
Cause Details: Suspension followed the failure of the Ohio Life Insurance and Trust Company and attachments issued against that trust, precipitating panic and failures among correspondent/broker houses.
Newspaper Excerpt: The telegraph has announced the suspension of the banking houses of Messrs. DeLauney, Iselin & Co., of Mr. John Thompson, and of E S. Munroe, all of New York.
Source: newspapers

Newspaper Articles (11)

1. August 26, 1857 Evening Star Washington, DC

Article from Evening Star, August 26, 1857

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THE NEW YORK FAILURES.-The telegraph has announced the suspension of the banking houses of Messrs. DeLauney, Iselin & Co., of Mr. John Thompson, and of E S. Munroe, all of New York. These suspensions have followed from the failure of the Ohio Life Insurance and Trust Company, against which, the telegraph also states, attachments to the amount of nearly $2,000,000 had already been issued. With regard to the failure of this company the New York Journal of Commerce, of Monday evening, says: "The Ohio Life Insurance and Trust Company, known throughout the Union, whose chief office and corporate home was in Cincinnati, but whose principal business office was in this city, where it had a resident cashier, has been in trouble for several days, and this morning its checks were sent back from the American Exchange Bank, and it has therefore failed. Its capital stock was $2,000,000; its liabilities are stated at between $6,000,000 and $7,000,000, and it is supposed that a portion of the securities it holds have so far depreciated that the capital will be swallowed up in liquidation."

2. August 26, 1857 Nashville Union and American Nashville, TN

Article from Nashville Union and American, August 26, 1857

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BY TELEGRAPH. NEW YORK, August 24.-The City of Washington has arrived, with Liverpool dates to the 12th. The news she brings is unimportant. Murdoch, the tragedian, came a passenger in her. Nothing further had been heard about the telegraph cable. Queen Victoria was expected to visit the French camp at Chalons. Advices from Spain say the wine crop is insignificant. NEW ORLEANS, August 24.Sales of cotton today 350 bales-no receipts; prices 15a15}; flour declining, $5,871a$6,00; mixed lots of wheat $1,00; oats 43; pork 251. Number of deaths last week 97. ST. JOHNS, N. B., August 25.-Noon-No intelligence yet of the submarine telegraph fleet. The weather is clear. NEW YORK, August 25.-The Tribune estimates the liabilities of the Ohio Trust Company at from five to seven millions. Capital two million. Mortimer Livingston, an eminent merchant of New York, is dead. The schooner John W. Gandy, was wrecked at Fire Island yesterday. The crew were saved. It is reported that John Thompson, and Delaney, Joseylyn & Co., heavy bankers on Wall street, have suspended. The North Star, from Southampton, with dates of the 12th, arrived last night. PHILADELPHIA, Aust 25.-Wm. Magill, formerly publisher of the Pennsylvanian, died this morning. Per Steamer North Star. NEW YORK, August 25.-The American horse Prioress ran for the Sussex Cup on the 11th. Came in fourth. Funds are depressed in consequence of the prospect of a new loan of ten millions, which will be required to prosecute the Indian war. The panic in Wall street is increasing. T. S. S. Monroe, banker, has suspended, and other suspensions are whispered. Two millions of attachments have already been issued against the Ohio Trust Company. ST. LOUIS, August 25-Seven feet water to Cairo, NEW ORLEANS, August 25-Sales of cotton today 300 bales; firm. Sales for three days 800 bales; recipts 80 bales; stock 9,900 bales; receipts of new 11 bales, against 850 bales last year, and 10,000 the year before; other articles unchanged. CINCINNATI, August 25.-Flour $5,05 a $5,10; wheat unchanged; whiskey 23; corn 60 a 65. A general dismay pervades the community in consequence of the Trust Company failure. NEW YORK, August 25.-Sales of cotton to-day 300 bales; Orleans 16g; upland 157; flour $6,35 a $6,75; wheat and lard dull; white corn 85, yellow 05; provisions and bacon unchanged. ST. LOUIS, August 25.-Red wheat $1,12a$1,18; white $1,20 a $1,25: corn 60 & 55.

3. August 26, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, August 26, 1857

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SUSPENDED. NEW YORK, August 25.-It is reported that two heavy banking firms in Wall street, John Thompson, and De Laney & Co., have suspended. CISCINNATI, August 25.-The Ohio Life and Trust Company suspended to-day. Great excitement prevails. [SECOND DISPATCH.] CINCINNATI Aug. 25.-The Bank excitement is subsiding. Not mneh of a crowd on Third street. Matters now look quiet.

4. August 26, 1857 The New York Herald New York, NY

Article from The New York Herald, August 26, 1857

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The steamship America. now due at Halifax with European news to the 15th inst., three days later than previous advices, had not made her appear. ance up to nine o'clock last evening. The financial panic in Wall street was increased yesterday by the announcement of the failure of De Launay, Iselin & Clarke John Thompson and E. S. Monroe, bankers and stock brokers, and the reported failure of a Hartford bank; the Rhode Island Central Bank of East Greenwich: the Tiverton Bank, of Rhode Island: the Farmers' Bank, of Wickford: the Warren Bank, of Pennsylvania; the Bank of Kanawha, Virginia, and the Hancock Bank, of Maine. The semi annual meeting of the American State Council was held at Gothic Hall, Brooklyn, yesterday, about one hundred and twenty delegates being present. The President, J. C. Dann. of Buffalo, delivered an address on the state of the Order, from which it would appear tnst the party in the State are in a living condition, notwith standing their overwhelming defeat last fall. He also advises the adjournment of the State Council sine die, after the manner of the National Council at Louisville ; and thinks it would be well for the Order in this State to throw open their doors and abolish all secrecy. The President prophesies the atter downfall of the republican party in the country at no distant day, and in proof of it cites the recent disastrous defeats experienced throughout the portions of country in which elections have recently been held; also their eagerness to hold fast to the ekirts of the candidates of other parties. The Council fixed the time for holding the State Nominating Convention at Syracuse on the 15th of September, and resolved that any change in the organization of the American party of this State it the present time was inexpedient. Several important amendments were made to the constitution also; one of which was to hold but one yearly ses sion of State Council hereafter, instead of two; and others regulating the order for the working of councils During the day several rather spicy debates occurred on the several questions before the Council, a sketch of which may be found in another column. The Council finally, at twenty minutes at ter SIXO clock, acjourned, to meet at Albany on the fourth Tuesday of August, 1858. The Board of Excise Commissioners met yesterday, and after receiving several applications for 11. cense. adjourned till Tuesday next. when they will continue their sessions for thirty-six consecutive days. It is understood that the Temperance Alliance will at the same time commence prosecutions against Liquor dealers, selecting those who are able to pay whatever penalty may be imposed. The Excise Board have nothing to do with these prosecutions, although the suits are brought in their name. The question as to the disposition of the books of the Street Commissioner's Department was to have been argued yesterday before Judge Peabody, of the Supreme Court, but after some conversation be tween counsel the case was postponed un September 1. The argument with regard to the Conover contempt was also postponed till the 1st of September. The Board of Ten Governors met yesterday, and indulged in a little genteel plug aglyism, all about the discharge of one of the deputy superintendents of the workhouse, named Reynolds, who, it is al leged, offered resolutions at a republican meeting condempatory of Simeon Draper's course when Po lice Commissioner. The matter was finally referred to a select committee, who will investigate the facts. There are now 6,526 persons in the public institutions-an increase of 116 since last week. The first Regiment New York Volunteers met last evening and had a stormy session. Provision was made for the reception of the Pennsylvania Volun teers on their coming visit by the appointment of a Committee of A rrangements. A series of resolutions were adopted, after a stormy debate, disapproving of the action of the committee of the Common Council in awarding the Jackson gold box to Garrett W. Dyckman, and recommending General Ward B. Burnett as most entitled to it. Major Dyckman made B epeech in his own behalf occasioning considerable excitement. At the meeting of the Health Commissioners yes. terday, Mr. O. A. Ferris made some interesting remarks, showing the unfitness and inconvenience of the quarantine regulations this year. The Central Park Commissioners yesterday pass ed a resolution offering four thousand five hundred dollars for four plans for laying out the Central Park. as follows:- For the best plan, $2,000: for the second best, $1,000; for the third best, $750: for the fourth beet, $500. The General Superintendent of Police yesterday issued orders for the stoppage of organ music after ten Velock and for the policemen to report the names of all junk dealers and pawnbrokers. It appears that the investigations as to the means of saving life on the various steamboats originated with Mayor Wood about two years since, and the blame for the neglect to remedy the evils rests with the District Attorney. A special committee of five was appointed in the Board of Councilmen on Monday, to report upon the expediency of establishing a ferry to run from Jackson street to Hudson avenue, Brooklyn. There was a large amount of business transacted n the Court of Special Bessions yesterday, but the cases were of the usual unimportant character. The despatch from Washington in Monday pa per should have read: "Mr. Meek, of Pennsylvania. declines the appointment of Superintendent of in dian Affairs in Utah. The sales of coston yesterday were confined to about 300 a 400 bales, the marketciosing Arm. Flour was in good supply, with A light demand and more pressure to sell and the market closed at a decline of about 15c. a 20c. per bbl, chiefly on the common and lower grades Wheat also namier with more doing in new Red Tennessee sold at $1 10 $1 42 a $1 45, and common white Southern at $1 65, and prime do at $1 70. Corn was in light sup ply, and, with a good Eastern demand, was Armer with sales of Western mized at 86c. a 85%c., and Southern yellow at 86,400 a 90c. Pork was in moderate req :est at $26 18 & $26 for meas, and 821 75 & $22 for prime. Su gara closed at about ye decline on the lower grades. The saies embraced about 700 a 800 abds. Cuba muscovados, nearly all reasing grades, with 50 bhis. Porto Rico at prices given is another column. Freights were inactive and eacharged Among the engagements were 1,000

5. August 27, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, August 27, 1857

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LA W INTELLIGENCE SUPERIOR COURT-SPECIAL TERM-Aug. 26.-Before Judge HOFFMAN. MR. JOHN THOMPSON UNDER ARREST. The Metropolitan Bank agt. John Thompson. Yesterday afternoon a replevin suit was commenced in the Superior Court, by the Metropolitan Bank, demanding the delivery of $12,500, or property to that amount. Mr. Thompson had yesterday morning, as usual, redeemed the county bank notes held by the Metropolitan Bank, by drawing his check for the amount ($12,500) upon another bank, which refused to certify it. A return of the bille having been refused, the writ of replevin was sued out. The Sheriff proceeded to execute the writ, and served the papers on Mr. Thompson, but could not obtain the money and made bis return accordingly. Thereupon an order of arrest, upon the claim of delivery of personal property, was granted by Judge Hoffman, at his residence, holding the defendant to bail in the sum of $15,000. This morning Mr. Thompson was arrested by Deputy Sheriff Stern, and is now in custody, not having obtained the required bail. The affidavits on which the order of arrest was granted set forth the above facts. Judge Duer granted a stay of proceedings in the above matter this afternoon, and an order to show cause why the order of arrest should not be set aside and vacated, returnable to-morrow morning at 10 o'clock. Mr. Thompson meantime remains in the charge of the Sheriff, but not in close custody. THE LAW OF LANDLORD AND TENANT. Erhard Richter against Benj. Van Raden. The defendant, as owner in fee, leased the premises Nos. 55 and 57 Forsyth street to the plaintiff's wife. The rent being unpaid, proceedings to dispossess have been taken before a Justice. The defendant admits that the lease was intended to be for the use and benefit of the plaintiff. There were long accounts between the parties, and claims, some admitted, some disputed. It is a question whether the defendant, after having made the plaintiff's wife his lessee, can go against him and get possession. Held, That the decisions of the Superior Court warrant an interference upon proper terms, and that & case within the rule is here made: but that the course of the Court in Forrested agt. Wilson, 1 Duer, 024, should be followed. The order, therefore, is that the injunction (prohibiting the defendant from dispossessing the plaintiff) continue, upon the plaintiff paying into the Life and Trust Company the sum of $909 28, assumed to be the balance of the rent due on the 28th of July last, without prejudice to that question, and with a provision that as the rent becomes hereafter due, application may be made for its payment, or that the injunction be dissolved. SUPREME COURT-SPECIAL TERM-AUGUST 26.-Before Judge PEABODY. MORE PROCEEDINGS AGAINST MR. THOMPSON. Charles A. Holdship and Henry Holdship agt. John Thompson. The plaintiffs are creditors of Mr. John Thompson, the Wall street broker and banker. who suspended payment yesterday. Their deposite with him amounted to $7,000, for which they bring suit. Judge Peabody refused to grant an order of arrest against the defendant, upon the ground that this was acase in which the defendant had simply failed to make good his engagement as 8 depositary, and not one in which he had improperly used or withheld the funds of the deposifor while acting as his agent. He, however, subsequently allowed an order to show cause, on the 1st of September, why such order of arrest should not be granted. The following are the papers in the case: THE COMPLAINT. City and County of New-York, Charles A. Holdship and Henry Holdship. the plaintiffs in the above entitled action, by John H. Anthor. their attorDey, complain of John Thompson, defendant therein, and show to the Court as follows, namely: That at all the times hereinafter mentioned the said plaintiffs were, and they still are, partners in business, under the firm name and style of " Holdship & Co.," and the defendant was and is a broker or banker, doing business in the city and county aforesaid. That at divers times and on divers days, at the City of NewYork aforesaid, the said defendant received for the plaintiffs, as their broker and confidential agent in that behalf, divers sums of money, the property of the plaintiffs, amounting in the aggregate to the sum of $7,000 or thereabouts, to be by him, the said defendant, paid to the said plaintiffs, or their order, whenever 80 requested to do. The plaintiffs further show, that though repuested, the said defendant has not paid the said sums of money or any part thereof, but has converted the same to his own use and utterly refuses to pay the same. These plaintiffs further show, that by reason of the premises the defendant is justly indebted to them in the said sum of $7,000, together with their costs and exJ. H. ANTHON, plaintiff's attorney. penses. The usual jural is sworn to before Wm. H. Dusenbury Commissioner of Deeds, on the 20th of August, by Charles A. Holdship.

6. August 28, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, August 28, 1857

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BANKS DISCREDITED.-The New York papers state that the bills of the Rhode Island Central Bank, the Tiverton Bank, and the Farmers' Bank are thrown out. These banks redeemed with John Thompson, and his suspension has left their circulation temporarily without credit in New York ; but we do not suppose that they lose anything by him of sufficient amount to affect their ability. These banks have not redeemed at the Suffolk. They belong to a class of banks which we have steadily opposed, because they are made up of foreign capital, and are managed for the interests of foreign business; but we do not think that there is anything in the discredit of their bills in New York that should necessarily destroy confidence in them.-Providence Journal.

7. August 28, 1857 Wilmington Journal Wilmington, NC

Article from Wilmington Journal, August 28, 1857

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From New York City. NEW YORK, Aug. 25.-The American State Council met at Brooklyn to-day. Delegates from many of the Western councils announced their determination to refuse all alliance to any other party, and that they would nominate a straight American ticket. The President's address recommended the abandonment of the council organization, and the adoption of a Committee on Organization. The President of the Ohio Trust Company says, in a card, that the capital of the company is two millions; that it is sound and reliable, exclusive of losses from insufficient securities. The Tribune says, that the liabilities are estimated at from five to seven millions. LATER.-Attachments have been issued, amounting to nearly two millions, against the Company. It is reported here that John Thompson, Delauny, Icelin & Co., and E. S. Monroe, bankers. have suspended. Mortimer Livingston, an eminent merchant, died to-day.

8. August 28, 1857 American Union Morgantown, WV

Article from American Union, August 28, 1857

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Failure of Banking Houses. NEW YORK. August 25.-The President of the Ohio Life and Trust Company has published a card in which he states that the capital of the company is two million dollars, is sound and reliable, exclusive of the anticipated losses from insufficient securities. The Tribune, hovever states that the liabilities of the company are estimated at from five to seven millions. [Second Dispatch.] New York, Aug. 23.-It is reported that two heavy banking firms in Wall street, viz : John Thompson and DeLaney & Co., have suspended. [Third Dispatch.] NEW YORK, August 25 - -The panie on Wall street is increasing. Besides those named, the failure of our promi nent house is whispered. Legal proceedings against the Ohio Life and Trust Company have already commenced by the Agent of a foreign house who are the chief creditors. The failure is believed to be disastrous. T.S. Monroe Banker, has suspended, and an attachment issued for nearly two millions a' gainst the Ohio Life and Trust Cumpa ny.

9. August 29, 1857 Delaware Democrat Wilmington, DE

Article from Delaware Democrat, August 29, 1857

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and hail, accompanied by thunder and lightning, came on, causing a great deal of consternation to the nervous, and quite an excitement ameng all classes of our citizens. Some of the hail stones were as large as hen eggs, and many windows have suffered in consequence. Several accidents happened in the bay, during the progress of the squall, and it is feared lives have been lost. THE FAILURE OF THE OHIO LIFE INSURANCE AND TRUST COMPANY The failure of the Ohio Life Insurance and Trust Company on Monday, began to produce its effects yesterday in Wall street. There was quite a financial panic there, and was further increased by the announcement of the failure of De Launcy, Iselin & Clark, John Thompson and E. S. Monroe, bankers and stock brokers, and the reported failure of the Hartford bank; the Rhode Island Central Bank, of East Greenwich; the Tiverton Bank, of Rhode Island; the Farmers' Bank, of Wickford; the Warren Bank, of Pennsylvania; the Bank of Kanawha, Virginia, and the Hancock Bank, of Maine; and this afternoon there is a bulletin out, of four other banks having gone down. In fact Eastern bank bills will not be taken in New York to-day at all. That blessed baby! is still en exhibition at Barnum's Museum; its real mother has often to retire behind the scene, from an old Kentuckian, who is noted for his droll and very inquisitive questions to her. If Mrs. Cunningham could manufacture another now, while she is in the Tombs, and set it on exhibition too, the proceeds would assist not a little; now that her finances are exhausted and her exchequer in a tottering condition. No news of the telegraph fleet here yet. T. M. G.

10. September 3, 1857 The Cadiz Democratic Sentinel Cadiz, OH

Article from The Cadiz Democratic Sentinel, September 3, 1857

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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.

11. September 8, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, September 8, 1857

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# HARD LUCK. The New York Times says a merchant of that city received a remittance from one of his correspondents, in the shape of a draft on the Ohio Life and Trust Company for $3000, on the very day on which that institution 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 a few days another draft on Atwood & Co., just as that firm suspended.