16500. Richard H. Allen & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
November 25, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
930101e8

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches report Richard H. Allen & Co. 'made an assignment' (bankruptcy/ suspension) to Frank K. Walter on Nov 25, 1890, liabilities about $1,000,000. No article describes depositor runs; the firm assigned assets (trustee) and did not reopen in coverage here, so classified as suspension leading to closure. 'Assignment' taken as insolvency/closure rather than brief suspension or reopening.

Events (1)
1. November 25, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm made an assignment (bankruptcy) with liabilities estimated at $1,000,000; insolvency of the New York house precipitated related Memphis firm's collapse and prompted trustee appointment; indicates firm-specific failure rather than rumor or broader run or government action.
Newspaper Excerpt
The firm of Richard H. Allen & Co., bankers and commission merchants, at Nos. 31 and 33 Broad street, made an assignment to-day to Frank K. Walter. Richard H. Allen also made an individual assignment to the same person.
Source
newspapers

Newspaper Articles (12)
1. November 25, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 25, 1890

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TELEGRAPHIC BREVITIES. Diphtberia 18 prevalent in Aylmer, bec, and 26 houses have been placarded. The suspension of J. C. Waldron, was tcday announced on the New York Stock Ex. change. About twelve million feet of lumber at Cheboygan, Mich., were destroyed this morning by fire, entailing a loas of $200,000. The lady managers of the World's Fair last evening elected Mrs. Trautman, of New York, first vice-president. The ffrm of Richard H. Allen & Co., bankers and commission marchants,of New York, made an assignment to-day ; liabilities $1,000,000 President Charles Francis Adams, of Boeton, openly stated to-day that he will resign the Union Pacific presidency at to morrow's meeting of the stockholders. Thos. H Allen & Co., cotton factors and commission merchants of Memphis, Tenn., made an assignment this morning. The fi:m was considered one of the most subgiontial in the south. Christian Simon has been arrested in Chicago on a charge of bigamy. Simon was first married in Belgium in 1870, and deserted his wife about a year since, and about six weeks ago married a Chicago woman. A running fight took place yesterday near Anton Chio, New Mexico, between 15 or 20 cowboys and double 88 many more Mexicans in which over 500 shots were exchanged resulting in death and wounding several on both sides. A lot of drunken men were roystering in Brooklyn last night. Mrs. Hattie Allabach remonstarted with them when Wm. Roberts, shot her in the side inflicting what will probably prove & fatal wound. Roberts was arrested. Charles Counselman, a Chicago merchant, yesterday refused to make answer whether be bad received rebates on consignments of grain. Judge Blodgett holds that Mr. Consalman must answer, and the maiter will be taken to the U S. Supreme Court. Ex-State Senator P. J. Murphy, of Callfornin, who was defeated as the democratic candidate for the State Senate from San Francisco, has obtained an order citing Senator Stanford to appear before the court commission, and abswer to the charge of bribery in the recent election. Mrs. Bonjamin C. Howard, widow of Gen. Benjamin C. Howard, died at her home in Baltimore this morning, aged 90 years. Her busband inherited "Belvidere," the beautiful home of his father, situated at the head of Calvert street, and known in ante war times as an establishment which rank el among the first in the country for elegance and hospitality. Mrs. Howard was a daughter of Mr. William Gilmor. Charles Webster, or Crumley, theold actor, who shot and killed young Robert McNeill in New York July 19th because he thought McNeill W&8 too attentive to his wife, and who was convicted of manslaughter in the first degree, was to-day sentenced to State prison for seven years. For the last eight years the murder of H. C. Mead, 8 Waupaca, Wis.,banker,has been enveloped in mystery. The tectives now claim that enough evidence has developed to insure the conviction of Tod P,yor, who was night watchman at the bank. Lyman G. Clark, son-in-law of Mrs. Miriam Marston, who was murdered on Sunday at White River Junet on, Vt., was arreeted early this morning charged with the crime. Peter Mueller, an old man reputed to be worth three-quarters of & millton of dollars, was yester. day sentenced to jail in Chicago for 60 days for begging on the streets.

2. November 26, 1890 The Morning News Savannah, GA
Article from The Morning News, November 26, 1890

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COTTON FACTORS COLLAPSE. The Firm One of the Largest and Most Substantial in the South, MEMPHIS, TENN., Nov. 25.-Thomas H. Allen & Co., cotton factora and commission merchants at No. 8 Madison street, made an assignment this morning. The firm is one of the oldest in the south and has a branch office in New York. The firm is composed of Thomas H. Allen, Sr., Teomas H. Allen, Jr., Harry Allen and R H. Allen, Jr. The special assignment made this morning was precipitated by the suspension of Richard H. Allen & Co., the New York branch. The announcement has caused a profound sensation. The firm was one of the largest in Memphis, and was considered one of the most substantial in the south. Harry Allen, one of the members of the firm, said: "Our assets are largely in excess of our liabilities, and with time the firm can pay dollar for dollar in settlement of all its indebtedness and have a large surplus left." THE ASSETS AND LIABILITIES. A conservative estimate of the firm's liabilities, as made by one of its members, is about $750,000, with assets at $1,500,000. In their assignment each individual member includes all his real estate. M. B. Trezevant is named as trustee. The assets of the firm consist largely of plantations in the Mississippi valiey to the south of Memphis. Offers of assistance were tendered the firm yester day by & bank, but declined. None of the moneyed institutions of Memphis suffer by the suspension, as they are amply secured. The firm handled annually about 30,000 bales of cotton. THE CRASH AT NEW YORK. NEW YORK, Nov. -The firm of Richard H. Allen & Co., bankers and commission merchants, at Nos. 31 and 33 Broad street, made an assignment to-day to Frank K. Walter. Richard H. Alien also made an individual assignment to the same person. Neither assignment gives any preferences, The liabilities are estimated at $1,000,000. AN EXTENSIVE BUSINESS. The firm did a banking business here and also traded in cotton and futures on margin. On Oct. 2 last R. H. Allen stated that their actual means exceeded $500,000, and that his father was one of the largest owners of plantation property in the south. Thomas H. Alien, the senior partner, is said to own thirty-five plantations in the south, located in Mississippi, Arkansas and Tennessee. He was looked upon as a man of large resources and excellent business qualifications.

3. November 26, 1890 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, November 26, 1890

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ALLEN & CO. FAIL. Large Commission Merchants at Memphis Go Under. MEMPHIS, Nov. 25.-[Special]-Thos. II. Allen & Co., cotton factors and commission merchants at No. S Madison street, made assignment this morning. The firm is one of the oldest in the South and has a branch office in New York. The firm is composed of Thomas H. Allen, Sr., Thomas II. Allen, Jr., Harry Allen and R. 11. Allen, Jr. The special assignment made this morning was precipitated by the suspension of Richard II. Allen & Co., the New Hork branch. The announcement has caused a profound sensation. The firm was one of the largest in Memphis, and was considered one of the most substantial in the South. Harry Allen, one of the firm, said: "Our assets are largely in excess of our liabilities, and with time the firm can pay dollar for dollar in settlement of all its left." indebtedness and have a large sum A conservative estimate of the firm's liabilities, as made by one of its members, is about $750,000, with assets at $1,500,000. In their assignment each individual member includes all his real estate. M. B. Trelevant is named as trustee. The assets of the firm consist largely of plantations in the Mississippi Valley, to the south of Memphis. Offers of assistance were tendered the firm yesterday by a bank, but declined. None of the monied institutions of Memphis suffer by the suspension, as they are amply secured. The firm handled annually about 30.000 bales of cotton. NEW YORK, Nov. 25.-[Special]-The firm of Richard il. Allen & Co., bankers and commission merchants at Nos. 31 and 33 Broad street, made an assignment to-day to Frank K. Walter. Richard II. Allen, also made an individual assignment to the same person. Neither of the assignments gives any preferences. The liabilities are estimated at $1,000,000. The firm of Richard П. Allen & Co., did a banking businessand also traded in cotton and futures on margin. On October 2nd last, R. H. Allen stated that there actual means exceeded $500,000 and that his father was one of the largest owners of planation property in the South. Thomas 11. Allen is said to own thirtyfive plantations in the South, located in Mississippi, Arkansas and Tennessee. He was looked upon as a man of large resources ties. and excellent business quali.

4. November 26, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 26, 1890

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ECHOES OF THE PANIC Heavy Operators and Brokers Go Hand in Hand to the Wall. A Memphis Firm Lies Down for Over One Million Dollars. The J. E. Potts Salt and Lumber Company Heavily Mortgaged. One Hundred and Fifty Creditors of Prettyman Buzz Around Him. MEMPHIS, Tenn. Nov. 25.-The firm of Richard H. Allen & Co., bankers and commission merchants at Nos. 31 and 33 Broad street, New York, made an assignment to-day to Frank K. Walter. Richard H. Allen also made an individual assignment to the same person. Neither assignment gives any preferences. Liabilities are estimated at $1,000,000. This assignment carries down with it the main firm in this city, of which the New York house was a branch. The firm is composed of Thomas H. Allen Sr., Thomas H. Allen Jr., Harry Allen and R. H. Allen Jr. The style of the New York branch is Richard H. Allen & Co. The special assignment made this morning was precipitated by the suspension of Richard H. Allen & Co. in New York. A schedule of assets and liabilities is being prepared. The announcement has caused a profound sensation. The firm was one of the largest in Memphis, and was considered one of the most substantial in the South. Harry Allen. one of the members of the firm, in an interview with the Associated Press reporter, said: "Our assets are largely in excess of our liabilities, and, with time. the firm can pay dollar for dollar in settlement of all its indebtedness and have a large surplus left." A conservative estimate of the firm's liabilities. as made by one of its members, is about $750,000, with assets at $1,500,000. In their assignment each individual member includes all his real estate. M. B. Tresevant is named as trustee. The assets of the firm consist largely of plantations in the Mississippi valley to the south of Memphis. Offers of as sistance were tendered the firm vesterday by a bank. but declined. None of the moneyed institutions of Memphis suffer by the suspension, as they are amply secured. The firm handled annually about 30,000 bales of catton.

5. November 26, 1890 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 26, 1890

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A DOUBLE FAILURE. Related Memphis and New York Cotton Firms Involved. MEMPHIS, Tenn., Nov. 25.-Thomas S. Allen & Co., one of the oldest cotton factory firms, have failed. The announcement caused a sensation. The firm claims to be able to pay dollar for dollar. The liabilities are $750,000; assets, $1,500,000. The assets consist largely of plantations in the Mississippi valley. Offers of assistance were tendered the firm yesterday by a bank, but declined. No moneyed institutions in Memphis suffer by the suspension, as they are amply secured. NEW YORK, Nov. 25.-Richard H. Allen & Co., bankers and commission merchants, 31 and 33 Broad street, have made an assignment. Their liabilities are $1,000,000. The firm is composed of Thomas and Henry Allen, of Memphis, Tenn., and Richard Allen, of New York.

6. November 26, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 26, 1890

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by the bank but declined. No moneyed institutions in Memphis will suffer by the suspension as they are amply secured. The New York House Fails. NEW YORK, Nov. 25.-Richard H. Allen & Co., bankers and commission merchants 21 and 33 Broad street, have made an assignment. Liabilities, $1,000,000. The firm is composed of Thomas and Henry Allen, of Memphis, Tenn., and Richard Allen, of New York.

7. November 26, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, November 26, 1890

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BUSINESS MEMPHIS COTTON FACTORS FAIL. MEMPHIS, TENN., Nov. 25.-Thomas H. Allen & Co., cotton factors and commission brokers of this city, made an assignment this morning. The firm is one of the oldest in the south and has a branch office in New York. The special assignment made this morning was precipitated by the suspension of Richard H. Allen & Co. in New York. The schedule of assets and liabilities is being prepared. The announcement has causeda profound sensation. The firm was considered one of the most substantial in the South. Harry Allen of the firm in 8 brief interview with an Associated Press reporter said: "Our assets are largely in excess of our liabilities, and with the the firm can pay dollar for dollar on the settlement ot all its indebtedness and have a large surplus left. Conservative estimates of the firm's liabilities as made by one of its members are $750,000, with assets of $1,500,000. In their assignment each individual member includes all his real estate. M. B. Trezevant is named as trustee. The assets of the firm consists largely of plantations in the Mississippi valley to the south of Memphis Offers of assistance was tendered the firm yesterday by a bank, but was declined. None of the moneyed institutions suffer by the suapension. as they are amply secured. The firm handled annually about 30,000 bales of cotton. RECEIVER APPOINTED. Special to the Gazette. MCKINNEY, TEX., Nov. 25.-It is learned late th S evening that at the suit of one of the McKinney banks, and of the B. and O. bank of Dallas against the North Texas mill and elevator company, Judge Muse appointed J. W. Waddell receiver and fixed his bond at $50,000. A NEW YORK BANK ASSIGNMENT. NEW YORK, Nov. 25.-The firm of Richard H. Allen & Co., bankers and commission merchants on Broad street, assigned to-day to Frank K. Walter. R. H. Allen also made individual assignment to the same person. No preference. Liabilities estimated $1,000,000. MUST GIVE UP THE KEYS. CHICAGO, ILL., Nov. 25.-In response to questions, Mr. Johnson.of the Prettiman bank, said there were in the bank about $500,000 in bills receivable, $50,000 in mortgage notes and other securities, and $10,000 in checks and $10,000 in stock of Prettiman's lumber company. He said that the assets and liabilities were about $138,000 each, and it anything the assets were larger. Johnson refused to turn over the keys of the bank or reveal the combination of the bank lock. Counsel for creditors then made argument for the key, and Judge Pendegast decided that it must De given up. CHATTEL MORTGAGES FILED. AUSABLE, MICH., Nov. 25.-Two chattel morgages to the amount of $622,000 were filed with the city clerk against the personal property of J. F. Potts, of the salt and lumber company, including the roling stook of A. S. and N. W. railroad, in favor of several banks in Ontario. The Joseo Saving bank, Oscoda and Mrs. D. Tisdale of Simeol, Ontario. This is reported as part of the liabilities, which amount to $1,500,000, for which mortgages chattel and real estate have been filed by the company in)favor of creditors in different counties of the state. ARDMORE FAILURE. Special to the Gazette. GAINESVILLE, TEX., Nov. 25.-Flow & Foster, dealers in general merchandise at Ardmore, 1. T., yesterday assigned to Polk Anderson of the Ardmore bank for the benefit of creditors. Gainesville merchants are the largest creditors. The extentof the failure is as yet unknown.

8. November 26, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 26, 1890

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FINANCIAL CRASH AT MEMPHIS. One of the Oldest and Largest Houses in the South Goes Down. [By telegraph to the Dispatch.] MEMPHIS, TENN., November 25.Thomas H. Allen & Co., cotton factors and commission-merchants, at No. 8 Madison street, made an assignment this morning. The firm is one of the oldest in the South and has a branch office in New York. It is composed of Thomas H. Allen, Sr.. Thomas H. Allen, Jr., Harry Allen, and R. H. Allen, Jr. The special assignment made this morning was precipitated by the suspension of Richard H. Allen & Co., the New York branch. The announcement has caused a profound sensation. The firm was one of the largest in Memphis and considered one of the most substantial in the South. Harry Allen, one of the members of the firm, said : " Our assets are largely in excess of our liabilities, and in time the firm can pay dollar for dollar in settlement of all its indebtedness and have a large surplus left." THE FIRM'S LIABILITIES AND ASSETS. A conservative estimate of the firm's liabilities as made by one of its members is about $750,000, with assets at $1,500,000. In their assignment each individual member includes all his real estate. M. B. Trezevant is named as trustee. The assets of the firm consist largely of plantations in the Mississippi Valley to the south of Memphis. Offers of assistance were tendered the firm yesterday by a bank, but were declined. None of the moneyed institutions of Memphis suffer by the suspension as they are amply secured. The firm handled annually about 30,000 bales of cotton. ASSIGNMENT OF THE NEW YORK HOUSE. NEW YORK, November 25.-The firm of Richard H. Allen & Co., bankers and commission-merchants at Nos. 31 and 33 Broad street, made an assignment to-day to Frank K. Walker. Richard H. Allen also made an individual assignment to the same person. Neither assignment gives any preferences. The liabilities are estimated at one million dollars.

9. November 28, 1890 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, November 28, 1890

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Heavy New York Failures. NEW YORK, Nov. 25.-1 he suspension of J. C. Waldron has been announced on the stock exchange. The firm of Richard H. Allen & Co., bankers and commission merchants, made an assignment to-day to Frank K. Walter. Richard H. Allen also made an individual assignment to the same person. Neitherassignmentgives any preferences. Liabilities are estlmated at $1,000,000.

10. November 28, 1890 The Big Stone Post Big Stone Gap, VA
Article from The Big Stone Post, November 28, 1890

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FINANCIAL CRASH AT MEMPHIS. One of the Oldest and Largest Houses in the South Goes Down. MEMPHIS, TENN., Nov. 27.-Thomas H. Allen & Co., cotton factors and commission-merchants, at No. S Madison street, made an assignment this morning. The firm is one of the oldest in the South and has a branch office in New York. It is composed of Thomas H. Allen, Sr., and Thomas H. Allen, Jr., Harry Allen. and R. H. Allen, Jr. The special assignment made this morning was precipitated by the suspension of Richard H. Allen & Co., the New York branch. The announcement has caused a profound sensation. The firm was one of the largest in Memphis and considered one of the most substantial in the South. Harry Allen, one of the members of the firm, said: "Our assets are largely in excess of our liabilities, and in time the firm can pay dollar for dollar in settlement of all its indebtedness and have a large surplus left." A conservative estimate of the firm's liabilities as made by one of its members is about $750,000, with assets at $1,500,000. In their assignment each individual member includes all his real estate. M. B. Trezevant is named as trustee. The assets of the firm consist largely of plantations in the Mississippi Valley to south of Memphis. Offers of assistance were tendered the firm yesterday by a bank, but were declined. None of the moneyed institutions of Memphis suffer by the suspension as they are amply secured. The firm handled annually about 30,000 bales of cotton. ASSIGNMENT OF THE NEW YORK HOUSE. NEW YORK, Nov. 27.-The firm of Richard H. Allen & Co., bankers and commission-merchants at Nos. 31 and 33 Broad street, made an assignment to-day to Frank K. Walker. Richard H. Allen also made an individual assignment to the same person. Neither assignment gives any preferences. The liabilities are estitimated at one million dollars.

11. November 29, 1890 The Semi-Weekly Tribune Great Falls, MT
Article from The Semi-Weekly Tribune, November 29, 1890

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CONDENSED TELEGRAMS. The Oregon Improvement company has been re-organized. Peter Mueller,a Chicago ex-millionaire, was sent to jail for street begging yesterday. Washington will suffer severely on account of the lack of transportation for wheat. The English parliament assembled yesterday. Irish home-rulers unanimously requested Parnell to retain the leadership of the party. J.C. Waldron, a New York broker, has failed. The Cheboygan Lumber company's docks with a large amount of lumber was burned. Loss, $200,000. Richard H. Allen & Co., New York bankers, failed for a million. Lead-Dull; - shade easier; Domestic .80. At Portland a decree has been entered appointing Joseph Simon receiver of the Oregon Improvement Co. President Adams of the Union Pacific says he will resign. Bar silver $1.021/2. The story of Indian troubles at Keshena agency is a canard. Wire barbering goods at Driver's Drug Store. That is we cut prices close and shave our profits.

12. December 3, 1890 The Manning Times Manning, SC
Article from The Manning Times, December 3, 1890

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Big Cotton Firms Fail. NEW YORK, Nov. 27.-The firm of Richard H. Allen & Co., bankers and commission merchants, at Nos. 31 and 33 Broad street, have made an assignment to Frank K. Walker. Richard H. Allen also made an individual assignment to the same person. Neither assignment gives any preference. The liabilities are estimated at $1,000,000. MEMPHIS Nov. 27.-Thomas II. Allen & Co., cotton factors and commission merchants, at No. S Madison street have made an assignment. The firm was composed of Thomas H. Allen, Sr., Thomas H. Allen, Jr., Harry Allen and R. H. Allen, Jr. The special assignment was precipitated by the suspension of Richard H. Allen & Co., the New York branch. The announcment has caused a profound sensation. The firm was one of the largest in Memphis. and considered one of the most substantial in the south.