16442. Opdyke & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 9, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
392dcb18

Response Measures

None

Description

Opdyke & Co., a private banking firm in New York, made a general assignment and suspended payment in early December 1884 after customers failed to meet margin calls and loans on securities could not be renewed. The firm assigned for benefit of creditors (trustee William Peet) and did not continue normal operations; later reports describe distributions to creditors rather than a resumption of banking, so this is classified as suspension leading to closure (assignment/liquidation).

Events (1)

1. December 9, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Customers failed to respond to calls for margins and inability to renew loans on securities; losses by customers on stocks left the firm insolvent or unable to continue operations.
Newspaper Excerpt
Opdyke & Co., bankers, announced their suspension to the Stock Exchange just before 3 p. m. The members of the firm ... made a general assignment for the benefit of creditors to William Peet
Source
newspapers

Newspaper Articles (16)

Article from Grand Rapids Morning Telegram, December 9, 1884

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Opdyke & Co. Suspend. New YORK, Dec. -Opdyke & Co., bankers, announced their suspension to the Stock Exchange just before 3 p. m. The members of the firm, George F. Opdyke and Edward M. F. Miller, made a general assignment for the benefit of creditors to William Peet, of the law firm of Bristow, Peet & Opdyke. The failure is attributed to losses by customers on stocks and failure to keep up margins. The unsecured liabilities are from $200,000 to $250,000, and it is thought that the assets will be nearly equal to that amount, but being largely in real estate, which are not immediatly convertible.


Article from The Portland Daily Press, December 9, 1884

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Loring Short & Harmon 474 CONGRESS STREET. dec2 d4w FINANCIAL A Failure in Which Eastern Parties are Interested. WORCESTER, Dec. 8.-The failure of Raymond, Seagrave & Co., of Toledo, Ohio, is of interest here as one of the firm has resided in Uxbridge and large sums from the Blackstone Valley have gone west for investment. Unbridge and Douglass have each over $100,000 invested and the Rhode Island savings banks are said to have made large loans through them. The firm has also had a Boston office doing a large business. O. B. Seagrave, the Eastern partner, says the firm has $3,000,000 of loans on its books for eastern parties. He has spent five hundred thousand dollars West within a year. He says all these loans are secured by first class mortgages and are entirely safe The firm has no connection with the loans except it has been guaranteed the interest on about $10,000. Mr. Seagrave says the firm suspended voluntarily as a cautionary measure and it is stated will probably show a surplus of over $100,000 as settlement. Failure of a Widely Known Banking Firm. NEW YORK, Dec. 8.-The - widely known firm of Opdyke & Co., bankers at 12 Pine street, made an assignment today without preferences. A member of the firm said that the failure surprised him owing to the suddenness, and was due to the failure of customers to respond to calle for margins. Behind that the assets will yield nearly if not quita enough to meet the liabilities. The major portion of the liabilities are secured, there being about $200,000 unsecured. The firm was founded 16 years ago by ex-Mayor G orge Opdyke, who died in 1880. The firm suffered a loss of $1,000,0000 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 in the Stock Exchange will exceed 500 shares, and that neither individually nor 88 a firm have they speculated to the extent of one share. It was regarded as a strong concern and maintained a high grade of credit.


Article from New-York Tribune, December 9, 1884

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FAILURE OF OPDYKE & CO. A SURPRISE IN WALL STREET. THE LIABILITIES SAID TO BE LESS THAN $200,000 -CAUSES OF THE FAILURE. The failure of Opdyke & Co., bankers, whose offices have been in the Equitable Building for many years, was announced at the Stock Exchange just before the close of business yesterday. It caused universal surprise, although the firm has not recently been prominent in Wall Street affairs. The effect of the failure on the stock market was not large. The lateness of the hour at which the announcement was made, and the fact that the liabilities of the firm at the Stock Exchange were small, prevented any serious consequences. The firm, which was established by the late ex-Mayor Opdyke in 1868, consisted of George F. Opdyke, a son of the founder. and E. M. F. Miller, who was the Stock Exchange member. The original style of the firm was George Opdyke & Co., but on the death of the senior partner in June, 1880, it was changed to Opdyke & Co. Mr. Miller, who had been connected with the was elected a member of the Exin 1879, and soon change house since October, 1872, afterward was admitted to the firm. The business was continued by the junior partners after the death of Mr. Opdyke. THE LIABILITIES AND CREDITORS. The liabilities of the firm have not been definitely ancertained, but they were estimated at the office at less than $200,000. The cause of the failure was waid to be the inability of one of two large eustomers to DAY their indebtedness to the firm. The names of the delinquent customers were withheld, but it was intimated in Wall Street that the principal one was a near relative of the present head of the house, His inrumored to be not much below The liabilities of the firm are debtedness $100,000. is to depos- in itors, who are chiefly private banks and bankers various sections of the country, but particularly in the Western States. The differences at the Stock Exchange will not amount to over a few thousand dollars. The business of the house has always been general banking. The management has been considered careful and conservative, and although the firm has had a Stock Exchange member for the last five years, it has never done a large speculative business. One of the partners said yesterday We have had a half-dozen speculative accounts which we prized highly, because we thought them perfectly safe. Allthat can be said is that in one or two instances we have been holding a wrong opinion. We expect to pay our debts in full, but may take some time to reach that result, which depends a good deal on the amount realized from our customers." THE MEMBERS OF THE FIRM SURPRISED. It is understood that the danger of failing was a surprise to the members of the firm, who, until within a few days, had supposed their business secure. On consultation with their counsel on Sundav and yesterday morning they were advised that their safest course under the circumstances was to make an assignment for the benefit of their creditors. They followed this advice yesterday, assigning te William Peet, of the law firm of Bristow, Peet & Opdyke, without preferences. White the failure was not announced at the Stock Exchange until received drafts and checks late from depositors hour, in the course of business during the the day were collected and the money placed in hands of trustee for the benefit of the depositors. of The firm kept accounts at the National Bank Commerce and the Fourth National Bank. At one of these it was said yesterday that the firm had always kept a good account, and never wished hint to borrow money; that the account gave no that the firm speculated in stocks or was at any time in pecunitary distross, The firm was supposed to be doing a small, safe business with has neither large trains nor losses, The house been rated am having a capital of from $200,000 to $800,000 with high credit, Arm In the panic of 1873 the the of George Opdyke is Co. lost heavily by depreciation of securities, especially in thom of the New-York and Oswego Midland Railroad, which 11 beenengaged inplacing, The estateof Mr.Opdyko after his death was estimated at from one to two millions, 11 was largely in real property and has not been fully nettled. In addition to is wife he left children, of whom four were NOTES, The six present firm has not been specially prominent in financial enterprines, but it was interested in the the Ohio Central Railroad and Mr. Opdyko was a member of the Bondholders' Committee. The losace of the firm on thesaccount are said, however, not to have been large.


Article from The Wheeling Daily Intelligencer, December 9, 1884

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A Banking House Broken. NEW York, Dec. 18. - The widely known firm of Opdyke & Co., bankers, made an assignment to-day without prefcrences. A member of the firm said the failure of the firm surprised even him, owing to its suddenness, 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 for the major portion of the liabilities secured, and about $200,000 unsecured. The firm was founded 16 years ago by ex-Mayor George Opdyke, who died in ISSO. 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 their contracts on the Stock Exchange will not exceed 5,000 shares, and that nel: ther individually nor ns a firm have they speculated to the extent of one share. The firm was regarded as a strong concern and maintained high grades of credit.,


Article from Wheeling Register, December 9, 1884

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A GOOD BANK GONE WRONG, And Its Doors Closed to a Confiding Public. OPDYKE & CO., BANKERS, SUSPEND. One of the Best Known and the Most Responsible Banks of New York Assigns FOR THE BENEFIT OF CREDITORS. NEW York, December 8.-The widelyknown firm of Opdyke & Co., bankers, made an assignment to-day without preferences. A member of the firm said the failure surprised even him, owing to its suddenness, 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 is unsecured. The firm was founded sixteen years ago by ExMayer George Opdyke, who died in 1880. The firm suffered a loss of one million dolhas 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 one million. They state their contracts on the Stock Exchange will not exceed 5,000 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 n high grade of credit.


Article from The Democratic Leader, December 9, 1884

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A Notable Failure. NEW YORK, December 8.-The widely known firm of Opdyke & Co., bankers, made an assignment to-day without preferance. A member of the firm said the failure surprised even him, owing to its suddenness, and was due to customers who failed to respond to calls for margins. The assets will ultimately yield nearly, if not quite, enough to meet the liabilities. The major portion of the liabilities are secured, about two hundred thousand dollars being 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 founded in 1881, with an invested capital of $250,000 and deposits of about one million dollars. They state their contracts on the Stock Exchange will not exceed five thousand shares and that neither individually nor as a firm. have they speculated to the extent of one share. The firm is regarded as a strong concern and maintained a high grade of credit.


Article from The Indianapolis Journal, December 9, 1884

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BUSINESS AND WAGES. Failure of the Widely-Known Banking House of Opdyke & Co. NEW YORK, Dec. 8.-The widely-known firm of Opdyke & Co., bankers, made an assignment to-day, without preferences. A member of the firm said the failure surprised even him, owing to its suddennesss, 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 is secured, but about $200.000 is 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 a high grade of credit.


Article from St. Paul Daily Globe, December 9, 1884

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Failure of Opdyke & Co. NEW YORK, Dec. 8.-The widely known firm of Opdyke & Co., bankers, made an assignment to-day, without preferences. A member of the firm said the failure surprised even him, owing to its suddenness, and was due to the customers who failed to respond to the call 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 is secured and 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 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 a high grade of credits.


Article from The Wheeling Daily Intelligencer, December 10, 1884

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NEWS IN BRIEF. Fitagibbons & Crispi's carriage factory at Trenton, N. J., burned yesterday morning. Loss $20,000. The wooden tobacco warehouse of Albert W. Allen, at Thompsonville, Conn., with 600 cases of tobacco, burned yesterday. Loss $50,000. Mrs. C. E.Geisendorff, wife of a former wealthy manufacturer of Indianapolis, drowned herself in a cistern yesterday. She had been an invalid for years, and before daylight cluded the yigilance of the nurse with the above result. Opdyke & Co.'s liabilities, the New York suspended bankers, are stated to be a little over $100,000, Only about 500 shares of stock are involved in their failure on the Stock Exchange, The failure is said to have resulted froin inability to renew loans on securities which previously had been accepted. General Dumont, Supervising Inspector General of steam vessels in his annual report says the total loss of life is 271 persons, 13 less than the previous year. But for the unfortunate accident to the steamer City of Columbus the number of lives lost during the year would have been less than for many years past, Pierre Prefaux, an old blind beggar, who for years has been a familiar figure on Pittsburgh streets, died a few days ago while on his way to the hospital. Investigation into his affairs disclosed the fact that he had n deposit in the Dollar Savings Bank at the time of his death of over five thousand dollars. He died intestate and left no clue to his heirs. It is stated that Miss Mary D. Caldwell, a young lady of New York City, who was in Baltimore during the session of the Plenary Council, offered to give $300,000 as the foundation of a Catholic University, the university to be established and con: trolled by the Council. Her offer was ACI, cepted and a hoard of incorporators will be named during the ensuing year. The plan of the University is for the higher education of the Catholic ministry.


Article from The Salt Lake Herald, December 10, 1884

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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.


Article from Seattle Daily Post-Intelligencer, December 10, 1884

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The @pdyke New York, Dec. 9.-Opdyke & Co.'s liabilities are stated to be a little over a hundred thousand. Only about 5000 shares of stock are involved in the failOn the stock exchange the failure is osid to have resulted from inability renew losus on securities which had proviously been accepted. Assignee of the suspended banking firm, today that it was not soob a failshould cause any great degree of = measiners, and that, aside-from the old the house would command comparatively little attention. G.F. Mitter, a member of the firm, stated his belief that the total liabilities would not exceed $400,000, of which nearly $100,000 was secured.


Article from The Clarion, December 17, 1884

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THE suspension of the well known banking firm of Opdyke & Co., New York, is announced.


Article from The Kimball Graphic, December 19, 1884

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Miscellaneous News Notes. Harvard's new catalogue shows the total enrollment for 1884 to be 1,586. Opdyke & Co., New York bankers, have assigned. Assets are thought to be ample. Anna Lewis, a Cleveland female wrestler, accepts the "unknown" challenge of Adon Butler of Minneapolia Mrs. Mary Caldwell of Baltimore presented the plenary council with $300,000 as the neucleus of a university fund. To whom it may concern: A Quaker City judge has just given a woman six months in the city prison for being a common scold. Clinton E. Brush & Co., wholesale dealers in buttons and dress trimmings, Toronto, have suspended. Liabilities, $65,000; assets, $30,000. Work on the Mormon temple, in Salt Lake City, has been suspended for the winter. The main structure is up to the square, but the central spires have yet to be reared a distance of ninety feet. Col. George W. Thompson, of Trinidad has just sold his Chicuacqua ranch in Las Animas county, Cal., to the New Yord and Boston Cattle company for $650,000. He started in 1867 with twenty-six cows and a branding iron. John C. Baker and J. W. Shaul, leading business men of Mechanicsburg, Ohio, have assigned in consequence of their endorsements for the Mechanicsburg Machine company, which has assigned, with liabilities probably reaching $150,000 and assets $100,000. At Chicago Mrs. Eureka C. Storey took an appeal from the decision of Judge Knickerbocker, of the probate court, refusing to probate the last will made by her husband, the late Wilbur F. Storey, and filed the transcript of the proceedings in the circuit court The attorneys in the appeal suit are Trumbuil, Washburn & Robbins, who have been Mrs. Storey's legal advisers for years.


Article from The Times, December 19, 1884

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governor of Illinois for a pardon for John F. Burrell, the embezzling Masonicofficial, now undergoing five years' imprisonment in the Chester penitentiary. The books of the postoffice department for the last fiscal year show that mail service in Illinois paid a profit of $347,400, while the government contributed $845, to maintain postal facilities in Ohio. Pierre Prefaux, blind beggar, whose face was familiar to nearly everybody in Pittsburg, and who recently died while on his way to the hospital, is found to have over $5,000 in a savings bank. "Mother" Mandelbaum, the famous receiver of stolen goods in New York, forfeited her bail Thursday. It was subsequently learned that she is in Toronto, where she executed deeds to her real estate. Drilling in the natural gas-wells at Findlay, Ohio, has stopped at a depth of 1,650 feet, for fear of striking a vein of salt water. The supply of lightand. heat is ample for the fullest demands of the city. The senate of Alabama adopted a resolution favoring large appropriations for the schools of the state, and solemly expressing the purpose of the white people to aid in the education of colored children. J. B. Johnson, now in the penitentiary at Jefferson City, who cost the state of Missouri $200,000 by firing the prison shops last year, has been sentenced to ten additional years' confinement for arson. President Arthur finds himself unable to be present at the opening of the New Orleans exposition. Secretary Teller and Postmaster-General Hatton have gone forward in a special car, with their families. At a conference of republican politicians in New York, it was decided to send James D. Warren to Washington to learn whether President Arthur desires to make the race for senator openly or by proxy. Twenty citizens of Daggett, California, surrounded the officers in charge of William Pitts, suspected of murder, and hanged him on a telegraph-pole. He was a deserter from the 2d cavalry, stationed at Fort Ellis. H. W. Sanford, one of the earliest settlers of Dubuque, who accumulated a fortune of $250,000, died at Sherburne, New York, in his 73d year. He made the circuit of the globe, crossing the Atlantic seven times. It is stated that a representative of the Canadian Pacific syndicate has gone to Manitoba to purchase wheat with $4,000,000 advanced by the Bank of Montreal. The grain will be stored at Port Arthur until spring. There are twelve hundred men at work in the Eau Claire and Chippewa pineries, in Wisconsin, and three hundred in the woods on Black river. The heavier lumber corporations propose to largely curtail their product. Miss 1mm, of Cincinnati, caused the arrest of a distateful beau, named Leo Heller, for making threats. When arreigned for trial he attempted to shoot her, and when others interfered he killed himself in the court-room. A coach on the Grand Trunk road was set on fire near Kingston by the explosion of a mysterious box carried by Professor Dawson, of Belleville. Some of the passengers were nearly suffocated before the train could be stopped. The banking-house of Raymer, Seagrave & Co., of Toledo, Ohio, has been compelled to suspend business, with liabilities of $400,000. Its assets include the Erie street railway. a cotton-mill, and a large number of new buildings. The iron firm of Zug & Co., of Pittsburg, has thrown twelve hundred men out of employment. The Keystone Bridge company will next month reduce wages 15 per cent., and a planing mill is about to cut its employes 10 per cent. It is rumored that The London Telegraph has purchased a large tract of land in the Mojave desert, on the Pacific coast, to use the yucca plant in the manufacture of paper, the pulp to be shipped to New Orieans for Liverpool. The banking house of Opdyke & Co., of New York, which was founded by a former mayor of that city, susended payment Monday, with liabilities of $200,000. A speculative customer is charged with wrecking the house. Judge Baxter, of Cincinnati, has ordered the vice president of the Hocking Valley road to show cause why he should not be punished for contempt in discriminating against W. P. Rend & Co., as to facilities and charges for carrying coal. The cap-stone of the Washington monument was on Saturday noon lowered into place, 555 feet from the ground. The corner-stone was laid in 1848 by Robert C. Winthrop, who has been selected to deliver the oration next February. George Snyder, of Darrtown, Ohio, killed bis aged mother with a shovel and buried her in a ravine, to obtain $100 which he had paid her as interest on a mortgage. The deed was perpetrated last month, but was only discovered on Friday. The manufacturers of Youngstown, Ohio, are considering the practicability of a pipe line to force natural gas from Butler county, Pennsylvania, for light and fuel. The distance is twentysix miles, and the estimated cost of the scheme is $156,000. Lucy Maclem, the daughter of & hero of the Revolution, once well


Article from Wessington Springs Herald, January 2, 1885

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New York Banking Firm Fails. NEW YORK, December 9.-Opdyke & Co., bankers, announced their suspension to the Stock Exchange just before three o'clock yesterday. The members of the firm, George Francis Opdyke and Edward M. F. Miller, made a general assignment for the benefit of their creditors to William Peet, of the law firm of Bristow, Peet & Opdyke. The failure is attributed to losses by customers on stocks and failure to keep up their margins. The unsecured liabilities are from $200,000 to $250,000, and it is thought that the assets will be nearly equal, but being largely in real estate, are not immediately convertible.


Article from The Rock Island Argus, January 9, 1885

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Opdyke & Co. Will Pay Up. NEW YORK, Jan. 9.-Opdyke & Co., the suspende. bankers, having realized on some real estate and other p roperty, will pay 75 per cent. almost immediately and 25 per cent. within a short time.