Otto Heinze & Co. - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: October 1, 1907*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 16de7543

Response Measures

None

Description

Articles describe prior suspension (around Oct 1907), bankruptcy proceedings, and appointment of a receiver in Sept 1910. No contemporaneous deposit run is described; the firm appears to have suspended and later entered receivership/closure.

Events (3)

1. October 1, 1907* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Firm suspended amid large claims by Exchange members and insolvency/bankruptcy proceedings (petition filed Oct 21, 1907).
Newspaper Excerpt: It was reported at the time the firm suspended that the claims of members of the New York Stock Exchange against the firm were $300,000.
Source: newspapers

2. September 22, 1910 Receivership

Newspaper Excerpt: Justice Greenbaum on September 22, 1910, appointed Arthur F. Cosby receiver in supplementary proceedings for the firm and the three members, on application of the United States Express Company, a judgment creditor.
Source: newspapers

3. * Other

Newspaper Excerpt: A petition in bankruptcy was filed against the firm on October 21, 1907, which was dismissed on August 3, 1909. Justice Greenbaum on September 22, 1910, appointed Arthur F. Cosby receiver in supplementary proceedings for the firm and the three members, on application of the United States Express Company, a judgment creditor.
Source: newspapers

Newspaper Articles (1)

1. October 12, 1910 New-York Tribune New York, NY

Article from New-York Tribune, October 12, 1910

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Article Text

MAX H. SCHULTZE A BANKRUPT Files Petition Individually and as Member of Otto Heinze & Co. Max H. Schultze, a partner in the firm of Otto Heinze & Co., bankers and brokers. of No. 42 Broadway, filed a petition in bankruptcy yesterday, individually and as a partner in the firm. Schultze said he was unable to give the amount of his liabilities because the books of the firm have been in the hands of the District Attorney for a long time. The assets scheduled consist of the petitioner's interest in the proceeds of the sale of his seats in the New York and Boston stock exchanges and a share of stock in the Crescent Hosiery Mills. valued at $100. Schultze was the floor member of the firm on the New York Stock Exchange, and his seat was sold for $81,000. The Boston Stock Exchange seat, It is said, was sold for $43,000. It was reported at the time the firm suspended that the claims of members of the New York Stock Exchange against the firm were $300,000. A petition in bankruptcy was filed against the firm on October 21, 1907. which was dismissed on August 3, 1909. Justice Greenbaum on September 22, 1910. appointed Arthur F. Cosby receiver in supplementary proceedings for the firm and the three members, on application of the United States Express Company, a judgment creditor.