16569. Soutter & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 29, 1885
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8be23913

Response Measures

None

Description

Multiple contemporary wire reports (Sept 29–30, 1885) state Soutter & Co., a banking and brokerage house in New York, made an assignment (suspension) to Morris S. Miller. Reports attribute the assignment to customers' failure to meet margin calls and the firm issued a statement saying it would 'undoubtedly resume.' No run is reported; suspension is described as probably temporary.

Events (1)

1. September 29, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assignment caused by failure of customers to deposit margins as called (liquidity problem from client defaults/shortfalls).
Newspaper Excerpt
The well-known banking and brokerage house of Soutter & Co., has made an assignment to Morris S. Miller, with preferences amounting to $69,000.
Source
newspapers

Newspaper Articles (14)

Article from Evening Star, September 29, 1885

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New York Bankers Assign. THE FIRM OF SOUTTER & co., BANKERS AND BROKERS, IN TROUBLE. NEW YORK, Sept. 29.-The well-known banking and brokerage house of Soutter & Co., has made an assignment to Morris S. Miller, with preferences amounting to $69.000. Mr. W. K. Soutter also makes a personal assignment. The general impression is that the assignment grows out of the legal contest over the will of Mr. Soutter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on the exchange. A statement is now being prepared, and will be given for publication in a short time. It is probable that the suspension will be only temporary. The following is the statement given out by Soutter & Co., who made an assignment this morning: "Our assignment is simply caused by the failue of customers to deposit margins as cafled. Our business has been a large one, and the amount due us in the aggregate is large. When collected we shall have a large surplus. We have no unsettled accounts and none of our stocks will be closed under the rule. We shall undoubtedly resume."


Article from The Asheville Citizen, September 29, 1885

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Banking House Failure. NEW YORK Sept. 29 The well-known banking and brokerage house of Soutter & Co., has made an assignment to Morris S. Miller, with preferences amounting to $69,000. Mr. We K. Scoutler also makes personal assignment. The general impression is that the assignment grows out of Legal contest over the will of Mr. Scoutler's father but this is denied at office of the firm where it is stated that the firm has no outstanding contracts on exchange. A statement is now being prepared and will be given for publication in a short time: It IS probable that the suspension will be only temporary


Article from Sacramento Daily Record-Union, September 30, 1885

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TELEGRAPHIC BREVITIES. President Harris, of the Northern Pacific Railway, who has been seriously ill in New York for several days past of pneumonia, is reported a little better. The well-known banking firm of Soutter & Co., New York, has made an assignment, preference of $69,000. Probably the suspension will be only temporary. The Chicago, Burlington and Quincy Railroad publicly repudiates any intention of extending their road from Denver to San Francisco, as reported in the San Francisco papers. Ferdinand Ward threatens to make damaging exposures of prominent persons concerned with him in his rascality. He claims that Mayor Grace made $100,000 out of the firm. Carr has formally accepted the Republican candidacy for the Lieutenant-Governorship of New York, declaring that he is too good a soldier to refuse the unanimous compliment of 700 delegates. The President has appointed Edward A. Stevenson. of Boise City, Idaho, to be Governor of the Territory of Idaho, and Wm. B. Webb. of Billings, Montana, to be Secretary of the Territory of Montana. A statement was made in New York yesterday morning that no more Oregon salmon would be shipped there, owing to the fact that the United States Express Company had raised the rates from Portland to New York. At Austin, Texas, Monday night, four negroes were brutally murdered by having their skulls crushed in with an ax. in the hands of persons unknown. They were servants in the family of W. B. Bunham, editor of the Texas Court Reporter. Four negroes-Jerry Finch, his wife, Lee Tyson and John Pattishall-were lynched about one mile from the town of Pittsboro, Chatham county, N. C., on Monday night. They were believed to have murdered the French and Gunter families some months ago. Eighty-two yachts are entered for the annual fall regatta of the Knickerbocker Club, to be sailed to-day, and one catamaran. The list includes one catamaran, seventy-seven cabin sloops, open sloops, catboats and canoes, divided into eight classes. Professor Doremus, who had been requested to make an examination of the condition of Cleopatra's Needle in Central Park, New York, made a report to President Crimmins, in which he urges that the surface of the obelisk be treated with melted paraffine, in order to protect it from the disintegration which is rapidly taking place. At a meeting of the Park Commissioners Monday, a letter from General Hancock was read, which said the military guard at Riverside Park would be continued until January 15th. The Park Commissioners will cause the erection of a suitable guardhouse at the tomb of Grant, and the War Department will erect winter quarters on the bluff for a company assigned to that duty. In connection with the expenditures on account of the recent rebellion in the Northwest, some ugly stories have got affoat in Canada Sir Adolph Caton, Minister of Militia, has found it advisable to put off his visit to British Columbia, and clear up certain reflections which has been cast upon him in associating his nar with those who have reaped fortunes manipulating their accounts with Government. The formal answer of the Knights of bor to the recent manifesto of Mana Calloway of the Union Pacific has been received at headquarters in Omaha from Denver. The Knights emphatically state that they abhor the action taken by the outraged miners as much as anyone. They inform the Union Pacific Company that it can get all the white labor it requires from the citizens of this country, and that there is no excuse for retaining the Chinese. We are law-abiding citizens.' say they, "and mean to remain SO until our rights and liberties are jeopardized. Then the first law of nature will guide us.


Article from Savannah Morning News, September 30, 1885

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FAILURES OF THE YEAR. Dun & Co.'s Good Showing for the Three Quarters. NEW YORK, Sept. 29. - The well-known banking and brokerage house of Soutter & Co. has made an assignment to Morris S. Miller, with preferences amounting to $69,000. W. K. Soutter also makes a personal assignment. The general impression is that the assignment grows out of a legal contest over the will of Mr. Sout. ter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on exchange. A statement has been prepared and given for publication. It is probable that the suspension will be only temporary. THE FIRM'S STATEMENT. The following is the statement given out by Soutter & Co.: "Our assignment is simply caused by the failure of our customers to deposit margins as called. Our business has been a large one, and the amount due us in the aggregate is large. When collected we shall have a large surplus. We have no unsettled accounts and none of our stocks will be closed under the rules. We shall undoubtedly resume." THE FRAMINGHAM MUDDLE. BOSTON, Sept. 29.-The Supreme Judicial Court has ordered that an injunction be issued restraining the Framingham savings bank from further proceeding with the business of the corporation, except so far as may be necessary to maintain and continue the organization of the savings bank, and collecting and receiving money due until after a full hearing has been given. The question of a permanent injunction will be considered Tuesday, Oct. 27. THE RECORD FOR 1885. The mercantile failures in the United States for the quarter ending Sept. 30, being the third quarter of the year, as reported by R.G. Dun & Co.'s mercantile agency, number 2,173, as against 2,346 in the corresponding quarter of 1884. The liabilities show a remarkable decline, amounting during the last quarter to $23,800,000. as compared with $56,600,000 in the third quarter of 1884. For the nine months ending with September the failures show a slight increase in number over those of last year. but a very marked decline in the liabilities. For the nine months of 1885 the failures toot in number 8,167, as compared with 7.856 for the first nine months of 1884 increase of 311. The liabilities. however, for the first nine months of 1885 were only $97,000,000, as compared with $181.000,000 of liabilities in the first nine months of 1884. THE RECORD IN CANADA. The failures throughout the dominion of Canada, for the quarter ending Sept. 30, amount in number to 254, as compared with 227 for the corresponding quarter of 1884. The liabilities, however, show a marked decline. For the third quarter of 1885 the liabilities are $1,911,000, while the liabilities for the corresponding quarter in 1884 were $4,112,000. For the first nine months of 1885 the total failures number 944, as compared with 979 for the first nine months in 1884, but the liabilities show a remarkable decline, amounting for the first niae months of 1885 to a trifle over $7,000,000, while in 1884 for the first nine months the liabilities amounted to $14,855,000. A GLASS COMPANY BROKEN. LOUISVILLE, KY., Sept. 29.-Tee Jeffersignment sonville Plate to-day, Glass and Works 150 employes made an were asnotified that the works would be shut down immediately. The liabilities are said to be largely in excess of the assets. The failure is said to be due to inability to compete with manufacturers who use gas instead of coal for fuel for manufaoturing purposes.


Article from The Indianapolis Journal, September 30, 1885

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Assignment of a Banking Firm. NEW YORK, Sept. 29.-The well-known banking and brokerage house of Soutter & Co. has made an assignment to Morris S. Miller, with preferences of $69,000. Mr. W. R. Soutter also makes a personal assignment. The general impression is that the assignment grows out of the legal contest of the will of Mr. Soutter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on the Exchange. It is probable that the suspension will be only temporary. The firm makes the following statement: "Our assignment is simply caused by the failure of customers to deposit margins as called. Our business has been a large one, and the amount due us in the aggregate is large. When collected we shall have a large surplus. We have no unsettled accounts, and none of our stocks will be closed out under the rule. We shall undoubtedly resume."


Article from The Waco Daily Examiner, September 30, 1885

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Suspension of R New York Banker NEW YORK, September 29.- - The well-known banking and brokerage house of Soutter & Co., made an assignment with preferences of $69,000. W.K. . Soutter also makes personal assignment. The general -impression is that the assignment grows out of a legal contest over the will of Mr. Soutter's father, but this is denied at the office of the firm. A statement is now being prepared and it is probable the suspension will be only temporary.


Article from Richmond Dispatch, September 30, 1885

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Assigned. [By telegraph to the Dispatch.] NEW YORK. September 29.-The well-known banking and brokerage house of Soutter & Co. has made an assignment to Morris S. Miller, with preferences amounting to $69,000. Mr. W. K. Soutter also makes a personal assignment. The general impression is that the assignment grows out of the legal contest over the will of Mr. Soutter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on Exchange. A statement is now being prepared and will be given for publication in a short time. It is probable that the suspension will be only temporary. Later.-The following is & statement given out by Soutter & Co. : .. Our assignment is simply caused by the failure of our customers to deposit margins as called. Our business has been a large one, and the amount due us in the aggregate is large. When collected we shall have a large surplus. We have no unsettled accounts, and none of our stocks will be closed under the rule. We shall undoubtedly resume."


Article from The Rock Island Argus, September 30, 1885

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WILL UNDOUBTEDLY RESUME But Just Now They are in Financial Breakers-The Charter Oak Trouble. NEW YORK, Sept. 30.- - The well-known banking and brokerage house of Soutter & Co. has madean assignment to Morris S. Miller, with preferences of $69,000. Mr. W. K. Soutter also makes a personal assignment. The general impression is that the assignment grows out of the legal contest over the will of Mr. Soutter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on the exchange. A statement is new being prepared and will be given for publication in a short time. It is probable that the suspension will be only temporary. LATER-The following is the statement given outby Soutter & Co.: Our assignment is sumply caused by the failure of customers to deposit margins as called. Our business has been a large one and the amount due 114 in the aggregate is large. When collected we shall have a large surplus. We hav 0 no unsettled accounts and none of our own stocks will be clo-ed out under the rule. We shall undoubtedly resume.


Article from The Dallas Daily Herald, September 30, 1885

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NEW YORK, Sept. 29.-The wellknown banking and brokerage house of Soutter & Co. made an assignment with preferences of $69,000. W. K. Souther also makes a personal assignmen-. The general impression is that the assignment grows out of & legal contest over the will of Mr. Souther's father, but this is denied at the office of the firm. A statement is now being prepared. It is probable that the suspension will be only temporary.


Article from Eureka Daily Sentinel, October 1, 1885

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had been previo usly tendered to General H. W. Slocum but he declined. Jones was born in UK ica, N. Y., in 1828. He was reared in y .assachusetts, and his home unti there was the close of the war. Den' Locratic Civil Service. Wash INGTON, Sept. 30.-The President sent or Dr. Hamilton, Surgeon General of the Marine Hospital Service, this mornif g. and informed him he thought the best interests of the service would be served by making no changes in the chief, and therefore he had decided not to accept his resignation, which had been tendered to take effect October 31. Indians on a Thieving Expedition. OMAHA, Sept. 30.-Information has been received at military headquarters that 200 Peigan Indians have left their reservation in the Far Northwest, and are now on a thieving expedition in Southern Montana, about 20 miles from Fort Smith. A Bad Loss All Around. CINCINNATI, Sept. 30.-A six-story brick building at Race and Commerce streets, used as a trunk and box factory by Mendel & Rosenberger, was burned this morning. The loss is $45,000, One hundred and twenty employes are out of work. A Banking House Suspends. NEW YORK, Sept. 30.-The well-known banking house of Soutter & Co. has made an assignment with & preferred claim of $69,000. It is probable the suspension will be only temporary. Postmasters Appointed. WASHINGTON, Sept. 30.-The President has appointed the following Postmasters: W. M. McGrew, at Eureka, Kansas; John C. Friend. at Rawling. Wyoming


Article from Watertown Republican, October 7, 1885

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BANK FAILURE. The Firm of Soutter & Co., New York, Make an Assignment. NEW YORK, Sept. 29.-The wellknown banking and brokerage house of Soutter & Co. has made an assignment to Morris S. Miller, with preferences of $69,000. W. K. Soutter also makes a personal assignment. The general impression is that the assignment grows out of the legal contest over the will of Mr. Soutter's father, but this is denied at the office of the firm, where it is stated that the firm has no outstanding contracts on the exchange. A statement is now being prepared and will be given for publication in a short time. It is probable that the suspension will be only temporary. The following statement has been given out by Soutter & Co.: "Our as. signment is simply caused by the failure of customers to deposit margins as called. Our business has been a large one, and the amount due us in the aggregate is large. When collected we shall have a large surplus. We have no unsettled accounts, and none of our stocks will be closed under the rule. We shall undoubtedly resume."


Article from The Laurens Advertiser, October 7, 1885

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-The Howe Sewing Machine Company, of Bridgeport, Conn., has been put in the hands of a receiver. -The well-known banking and brokerage house of Soutter & Co., of New York, has made an assignment to Morris S. Miller, with preferences amounting to $69,000. -Spartanburg is to have a municipal election in three weeks and the Herald earnestly calls for democratic nominations and the absence of the whiskey issue. -A gentleman of this place will prepare a bill to be intronuced in the Legislature providing that all legal hangings in South Carolina shall be done within the walls of the Penitentiary by a regular executioner, to be elected or appointed. Such a law is in force in Ohio and has been found to work well thus far. There is no reason why it should not be given a trial in this State, Columbia Register.


Article from The Pioneer Express, October 9, 1885

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Miscellaneous News Items. J. H. Rowe, who sued the Detroit Free Press for $25,000 for libel, gets a verdict of six cents, Rosenfeld & Kaufman, Cincinnati clothiers, fail for $100,000, with masets of $60,000. The semi-annual interest on the $350,000 Grant fund has not been paid since February. The liabilities of the Jeffersonville, Ind., plate glass works, which assigned recently, will reach $160,000. The will of the late William F. Babcock, who died in San Francisco, Sept. 22, has been filed. The estate is valued at $600,000. There is much excitement in Royalling Valley, Wash. Ter., over the discovery of natural gas on the farm of Hon. T. Thompson, near the town of Sumner. Pennsylvania ministers are hard at work marrying couples who want to escape the stringent provisions of the new marriage law which shortly goes into effect. The well-known banking and brokerage house of Soutter & Co., New York, has made an assignment to Morris S. Miller, with preferences of $90,600. W.A. Soutter also makes a personal assignment. Northern Pacific land sales for September show a handsome increase, compared with sales made during the corresponding month of last year. Throughout the month there was considerable movement of settlers and landseekers into Dakota. Hon. Lyman A. Cook of Woonsocket, R. I,, has made an assignment. He had ondorsed heavily for persons who had allowed their paper to go to protest. His assets are unknown. At one time he was worth half a million dollars. Miss Alice B. Jordon of Coldwater, Mich., a graduate of the academic and law departments of the university of Michigan, has entered the Yale law school. She is the first lady ever entered in any department of Yale, outside of the art school. The time for the Chinese to leave Butte, Mont,, as per notice of the Knights of Labor, expired and was marked by an immense mass meeting held in front of the court house. Fully 5,000 people attended. Many speeches were made denunciatory of the Chinese, and resolutions were adopted declaring that the "Chinese must be made to go by lawful means." 4 vistory, and such a victory as Chicago base ball lovers have seldom seen, was witnessed by 10,000 people at the base ball park recently. The Chicagos defeated the New Yorksby as carefully a played gamou has ever been played in Chicago. It seemed as if the home team were giants and the New Yorks were pygmies. The old days of '76, when Chicago had the Invincible nine were brought to mind, and the thrill of enthusjasm that ran through that great throug was something remarkable. New York was greatly cast down by the news and loss of money. A farmer from the Black Bobland, Johnson county, Kan., after negotiating with Frank James through a friend of the latter, went to Independence, Mo., to perfect arrangements with James to get him to kill a neighbor. The price had been agreed upon as $100, and was placed in the intermediary's hands. The exact location of the farm on which the victim lived With mapped out, with the relative position of hiding places, and all arrangements seemed perfected, when James and his friends told the fellow that they were working a game on him, and unicss he would go home and be quiet they would "give him away." He went immediatel


Article from Little Falls Transcript, October 9, 1885

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Miscellaneous News Items. J. H. Rowe, who sued the Detroit Free Press for $25,000 for libel, gets a verdict of six cents. Rosenfeld & Kaufman, Cincinnati clothiers, 000. fail for $100,000, with assets of $60,The semi-annual interest on the $350,February. 000 Grant fund has not been paid since The liabilities of the Jeffersonville, Ind.: plate glass works, which assigned recently, will reach $160,000. The will of the late William F. Babcock, who died in San Francisco, Sept. 22, has been 000. filed. The estate is valued at $600,There is much excitement in Royalling Valley, Wash. Ter., over the discovery of naturalgas on the farm of Hon. T. Thompson, near the town of Sumner. Pennsylvania ministers are hard atwork marrying couples who want to escape the stringent provisions of the new marriage law which shortly goes into effect. The well-known banking and brokerage house of Soutter & Co., New York, has made an assignment to Morris S. Miller, with preferences of $90,600. W. A. Soutter also makes a personal assignment. Northern Pacificland sales for September show a handsome increase, compared with sales made during the corresponding month of last year. Throughout the month there was considerable movement of settlers and landseekers into Dakota. Hon. Lyman A. Cook of Woonsocket, R. I., has made an assignment. He had endorsed heavily for persons who had allowed their paper to go to protest. His assets are unknown. At one time he was worth half a million dollars. Miss Alice B. Jordon of Coldwater, Mich., a graduate of the academic and law departments of the university of Michigan, has entered the Yale law school. She is the first lady ever entered in any department of Yale, outside of the art school. The time for the Chinese to leave Butte, Mont., as per notice of the Knights of Labor, expired and was marked by an immense mass meeting held in front of the court house. Fully 5,000 people attended. Many speeches were made denunciatory of the Chinese, and resolutions were adopted declaring that the "Chinese must be made to go by lawful means." A victory, and such a victory as Chicago base ball lovers have seldom seen, was witnessed by 10,000 people at the base ball park recently. The Chicagos defeated the New Yorks by as carefully a played game as has ever been played in Chicago. It seemed as if the home team were giants and the New Yorks were pygmies. The old days of '76, when Chicago had the Invincible nine were brought to mind, and the thrill of enthusissm that ran through that great throng was something remarkable. New York was greatly cast down by the news and loss of money. A farmer from the Black Bobland, Johnson county, Kan., after negotiating with Frank James through a friend of the latter, went to Independence, Mo., to perfect arrangements with James to get him to kill a neighbor. The price had been agreed up. on as $100, and was placed in the intermediary's hands. The exact location of the farm on which the victim lived was mapped out, with the relative position of hiding places, and all arrangements seemed perlected, when James and his friends told the fellow that they were working. game OF