16647. Turner Bros. (New York, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: private
Start Date: June 16, 1874
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 88b7389a

Response Measures

None

Description

Turner Bros., a private banking firm in New York, announced a suspension on 1874-06-16 caused by heavy advances/endorsements to the Indianapolis, Bloomington & Western Railroad (bank-specific adverse exposures). Newspapers report the firm hoped to resume and did resume operations at a later date, but subsequently (1875-06-11) announced inability to meet obligations and failed again. No article describes a depositor run or a receivership being immediately assigned in 1874. Classification chosen: suspension_reopening because the 1874 suspension appears followed by a resumption of business (later failure in 1875 noted).

Events (3)

1. June 16, 1874 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension attributed to heavy advances, endorsements and identification with the Indianapolis, Bloomington & Western Railroad; large advances (reported ~ $1,500,000) that the railroad could not meet led to suspension.
Newspaper Excerpt: The suspension of the banking house of Turner Bros. was announced at 12 o'clock ... the suspension now is caused by commitments to the Western railroad ... made for the purpose of protecting the general creditors and depositors.
Source: newspapers

2. June 11, 1875 Other

Newspaper Excerpt: Turner Bros., the bankers ... who failed shortly after the panic of 1873 ... and resumed business again, yesterday announced their inability to meet their extended paper. They had paid 40 per cent of their indebtedness, but another installment of the remaining 60 per cent falling due they were unable to meet it.
Source: newspapers

3. * Other

Newspaper Excerpt: We hope to resume payment in a short time, and in the meantime beg the indulgence of our creditors until a complete examination of our affairs can be made. TURNER BROS. ... hoped to be able to resume in a short time (newspaper accounts).
Source: newspapers

Newspaper Articles (10)

1. June 16, 1874 Evening Star Washington, DC

Article from Evening Star, June 16, 1874

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Sensation in Wall Street. SUSPENSION OF AN OLD BANKING HOUSE. NEW YORK, June 16.-The Post's financial article says:-An important event to-day in dinancial circles has been the suspension of the banking house of Turner Bros. and marking up of the rates of sterling exchange by leading drawers. The suspension of Turner Bros. was announced at 12 o'clock, and created surprise, as the firm has been in business since 1844, and has bad the reputation of being not only strong, but very conservative. The suspension now is caused by commitments to the Western railroad, with which they have been identified, and is made for the purpose of protecting the general creditors and depositors.

2. June 17, 1874 New-York Tribune New York, NY

Article from New-York Tribune, June 17, 1874

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THE DAY'S FAILURES. RECORD OF TURNER BROTHERS-THEIR DEALINGS WITH THE INDIANAPOLIS BLOOMINGTON AND WESTERN RAILROAD-FAILURE OF A GOLD BROKERAGE HOUSE. The Stock Exchange was very much surprised yesterday at the receipt of a notice from Turner Bros., bankers, at Pine and Nassau-sts. The notice, sent early in the day, created considerable excitement, but as is usual in such cases, gave no clue as to the causes of the suspension. It was as follows: To the President of the New-York Stock Exchange. SIR: We regret that we are compelled, in justice to our creditors, to announce the suspension of our house. We hope to resume payment in a short time, and in the meantime beg the indulgence of our creditors until a complete examination of our affairs can be made. TURNER BROS. Yours respectfully, New-York, June 16. 1874, Application to the members of the firm elicited the statement that their failure was attributable to heavy advances in aid of railroads. They were engaged in making up their accounts, and were not prepared to present any statement, but hoped to do 80 soon. It was generally understood, however, that the failure of the firm was due to advances to and indorsements of the paper of the Indianapolis, Bloomington and Western Railroad. The firm had taken an extensive interest in it, furnishing money and credit to aid in its construction, and other payments, until it is supposed they had advanced nearly $1,500,000. The road "could not respond, and hence the necessity for the suspension. The history of the house, as related by its friends, is good. Several brothers began business in 1844, making a specialty of cordials, liquors, and fruit sirups, shipping large quantities of the latter to the West Indies, and they were very successful; and as their resources increased, they expanded their bnsiness, taking a large interest in petroleum, which amply repaid them for their ventures. The firm increased in prosperity and numbers until there were eight brothers in it. They had begun a banking business, and from shabby little offices they entered into the large marble building in Nassan-st., between Pine and Cedar, which they had erected themselves, and which it was understood they had afterward sold at a handsome profit to the Fourth National Bank and a Life Insurance Company, now occupying it. They dealt largely with railroads, and generally successfully, until the coming of the panic, which they succeeded in withstanding up to this time, when they felt the necessity of suspending. The firm failed with propriety, for while they had money wherewith to have continued for some time longer. they did not see their way out of their troubles, and they concluded that in justice to themselves and their general creditors they would better close immediately and find out their true position. They were known to be large holders of real estate. and the present disturbed state of that market precluded the negotiation of their property. The Indianapolis Bloomington and Western Railroad, to which the failure of Turner Bros. is attributed, is a consolidation of the Indianapolis, Crawfordsville and Danville, and the Danville, Urbana, Bloomington and Pekin Railroads. It extends from Indianapolis, Ind., via Danville to Pekin, III., a distance of 202 miles. The capital stock is $5,000,000; the funded debt consists of $5,000,000 first mortgage 7 per cent gold bonds and $1,500,000 second mortgage 8 per cent currency bonds. On the Gold Exchange there was some excitement, and a emall brokerage house of no consequence failed for a limited amount.

3. June 17, 1874 New-York Tribune New York, NY

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A FINANCIAL FLURRY. TWO FAILURES AND MANY RUMORS. SUSPENSION OF TURNER BROS. ON ACCOUNT OF ADVANCES TO A RAILROAD-FORGED COUPONS ON THE CENTRAL PACIFIC-DISMAL REPORTS IN RAILROAD CIRCLES -FORECLOSURE OF THE ROCKFORD, ROCK ISLAND AND ST. LOUIS RAILROAD-A SHARP DECLINE IN THE STOCK MARKET. A series of sensations agitated Wall-st. yesterday, disturbing the sluggish course of events which have characterized operations there for several weeks. First came the failure of Turner Bros. of Nassau-st., an old and conservative business house. latterly engaged in banking: then the discovery of forged coupons on the Central Pacific Railway; talk of an opposition line on the Pacific: a small failure on the Gold Exchange; apprehensions of trouble in several railroads, and dismal reports generally. The tendency of the events of the day was to drive stocks downward from one to four per cent, and canse a temporary revival of the excitement which has been unknown on the Exchange during the last month. Among other events of general interest was the announcement of the foreclosure of the Rockford, Rock Island and St. Louis Railroad.

4. June 17, 1874 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, June 17, 1874

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There was considerable surprise created in Wall street yesterday by the announcement of the suspension of the banking house of Turner Bros., long regarded as a conservative and substantial concern. The liabilities of the house are not stated, but the suspension is said to have been caused by their having been identified with a Western Railroad, and this course is adopted for the protection of their depositors and general creditors.

5. June 17, 1874 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, June 17, 1874

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FINANCIAL & COMMERCIAL. New York Money Market. New York, June 16, 1874. EVENING REPORT. This has been an eventful day in Wall Street. A the opening the suspension of the benking firm of Turner Bros. was announced, which eaused an unsettled and weak feeling on the Stock Exchange, notwithstanding the fact that the operations of the concern were not linked with speculations. After this failure came the announcement that counterfeit coupons on the Central Pacific Railroad bonds were afloat, and the following notification from Flsk & Hatch was sent to the Stock ExcLange: "Counterfeit coupons from the Central Pacific gold bonds, series 'G' of various numbers between 9111 and 9800 have been discovered. No counterfeit bonds of this series have come to the knowledge of the Company, but it is presumed that the bonds from which the above coupons were cut are in circulation." This added to the unsettled feeling and was followed by a telegrom from Washington that the Senate had passed the House bill compelling the Union Pacific Railroad to give equal terms to all connecting lines. Then came unfavorable rumors about some railroad corporations, and finally a story that a block of railroad stock was being sold out on account of the suspended banking firm. Under this combination of facts and rumors the Stock Exchange speculation broke down,and there was a sharp decline in priees. Total export of produce for the week, 6,888,587 mixed velues. Money easy at 2a3 per cent on call. Sterling quiet and firm at 487%a488 for 60 days, 49046 for demand. Specie engagements for to-merrow $957,000. Gold firm and advanced from 10%all%, and closed at 11½. Carrying rates 1 per cent., and flat 12 and 3 for borrowing. Customs receipts $246,000. The Assistant Treasurer paid out to-day $64,000 on account of interest and $82,000 in payment of bonds. Business of the gold exchange bank: Gold balances $1,187,349 19,487,000 Gross clearances 1,336,024 Currency balances Governments firm. State bonds nominal. Stocks more active than laterly, and declined 1a4 per cent. Clearing House Statement:$61,303,198 Currency Exchange, 3,752,664 Currency Balances, 4,832,677 Gold Exchange, 743,531 Gold Balances,

6. June 17, 1874 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 17, 1874

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New York Stock and Money Market. NEW YORK. June 16-Evenina.-This has been an eventful day in Wall street. At the opening the suspension of the banking firm of Turner Bros. was announced, which caused an unsettled and weak feeling on the Stock Exchange, notwithstanding the fact that the operations of the concern were not linked with speculation. After this failure came the announcement that counterfeit coupons on the Central Pacific Railroad bonds were afloat and the following notification from Fisk & Hatch was sent to the Stock Exchange: "Counterteit coupons from the Central Pacific gold bond series "G" of various numbers between 9111 and 9800 have been discovered. No counterfeit bonds of this series have come to the knowl edge of the company, but it is presumed that the bonds from which the above coupons were cut are in circulation. This added to the unsettled feeling and was followed by a telegram from Washington that the Senate had passed the House bill compelling the Union Pacific Railroad to give equal terms to all connecting lines. Then came unfavorable rumors about some railroad corporations, and finally a story that a block of railroad stock was being sold out on account of a suspended bankimg firm under this combination of facts and rumors that the Stock Exchane speculation broke down, and there was a sharp decline in prices. The total export of produce for the week were $6,888,587 mixed value. Money was easy at 2 @ 3 per cent. on call. Foreign Exchange was quiet and firm at 4874 @ 488 for prime sixty days and 490} for demand. The specie engagements for to-morrow aggregate $950,000. Gold tirm and advanced from 110g @ 111] and closed at 1111. The rates for carrying were 1 per cent. and flat and 1 @ 2, and 3 per cent. for borrowing. The custom receipts to-day were $246,000. The Assistant Treasurer paid out to-day $60,000 on account of interest and $82,000 in redemption of bonds. Govments firm. State bonds nominal. Stocks more active than latterly and declined 1 @ 4 per cent., Wabash leading the list and falling under the pressure to

7. June 17, 1874 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, June 17, 1874

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WALL STREET. Failure of an Old Counterfeit Bonds Afout-Exciting Day in the Stock Exchange. Special Dispatch to The Chicago Tribune. NEW Your, Juno 16.-Wall street has been 0Xtromely dull for several weeks, and it was bolieved that it had sottled down for its summer siesta, but to-day there were a sories of Bensations. Soon after the opening of the Stock Exchange, Turner Bros., of Nassau street, an old and conservative banking-firm, sent in notico that they were compelled to announce their suspension, but hoped to be ablo to resumo in a short time. Members of the firm say their failure Wall due to the largo advances which they have made in aid of railroads. It Bis generally understood that the specific cause is their large advancement on, and endorsement of, the paper of the Indianapolis, Bloomington & Western Railroad. The firm furnished money to help on the road's construction, until, it is supposed, they had advanced nearly 31,500,000. The road could not respond, and houce the failuro. The history of the firm is good Several brothers began business in 1814, trading cautiously in foreign prints and liquors. They prospered, and at length thoro were eight brothers in the firm, which was then morged into the banking business. They dealt largely with railroads, and invaribly with success until this Inst unfortunate vonture. A counterfeit of series "G" of the Contral Pacific Railrond Company's bonds wait presented at the office on Nussibu street to-day. Fisk & Hatch, fiscal agente of the road, were informed, and they sent notice NO the Stock Exchange, relating the affair, and suggesting that holdors of bonds of Heries G" present them for inspection at the Company's office. Only a few of the counterfuits have been discovored. but it in belioved there are more in existence. Tho forgeries are supposed to have come from Gormany. Thoso occurrences croated intouse excitement on the Stock Exchange, which, combined with the attack of the board. sont pricos down from 1 to 4 por cont. Wabash foll from 331/6 to 2016 Northwestern from 80 to 071/1: Lake Shore from 71% to 6054 and the rest dropped a fraction.

8. June 11, 1875 New-York Tribune New York, NY

Article from New-York Tribune, June 11, 1875

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SECOND FAILURE OF A BANKING FIRM. Turner Bros., the bankers at Pine and Nassau-sts., who failed shortly after the panic of 1873, in consequence of being overloaded with railroad contracts and paper--principally that of the Indianapolis, Bloomington and Western Railroad-and resumed business again, yesterday announced their inability to meet their extended paper. They had paid 40 per cent of their indebtedness, but another installment of the remaining 60 per cent falling due they were unable to meet it. In addition to their railroad ventures the firm were involved in heavy real estate operations in this city and Brooklyn. They made several attempts to sell their real estate but were not successful. The firm built the large white marble building on Nassau-st., between Pine and Cedar-sts., and sold it to the Fourth National Bank for $600,000. They hope to pay all their obligations in time.

9. June 17, 1875 The Weekly Democratic Statesman Austin, TX

Article from The Weekly Democratic Statesman, June 17, 1875

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Official Copy. BROWNSVILLE, June 13.-To Governo This morning I came up with a band twelve raiders, after a forced match o enty-five miles. They attacked me, when vertook them. It was a running fight that seven men into the fight and the whole party. They fought des I lost one man, Berry Smith, two killed and two wounded. I tool beeves. I shall be in the saddle to after another party. My men are al L. A. MCNELLY. Washington City. ASHINGTON, June 9.-There is no truth the report of an additional $20,000 irreg in the Treasury. Mr. Spinner still to the hope that the $47,000 pack will be recovered, unless the notes be stroyed, and he does not credit the the that a visitor stole the package. Treasurer New is expected to reach here morrow, and it is intimated that he will some changes in the treasury office 01 of first July. Several important changes are also ex in the internal revenue office on the proximo. The President proclaimed the treaty for extradition of criminals and fugitives justice between the United States and Ottoman Empire. The treaty does not to any crime or offense of a political aracter, and neither of the contracting is bound to deliver up its own citiASHINGTON, June 10.-Gen. Young prethe Secretary of War with a memofrom the citizens of Rome, Georgia, juesting that ordnance officers be detailed examine that locality with the view of ablishing an armory. The Secretary Gen. Bennett to instruct the hoard ordnance officers now in the South to Rome and report as to the appropriof that locality for the purposes posed. ASHINGTON, June 14.-The St. DominNew Catholic Church was dedicated A vast crowd was addressed by chbishop Bailey. Bishops Gibbons and attended by a large number of officiated. Bishop Gibbons, of Richpreached. ASHINGTON, June 14.-There was a frost in New York and Pennsylvania night. ASHINGTON, June 15.-The Department Agriculture, in its cotton report for states that the threatened reduction has not taken place, nor has the rearea of last year been much enlarged. reported increase is between one and per cent. The comparison with last is as follows: North Carolina, 102 Carolina, 106; Georgia, 96; Florida, Alabama, 104; Mississippi, 102; Louis101; Texas, 108; Arkansas, 101 anessee, 92. The report of the condiis the most favorable in the past five with the exception of that of The order of procedure in this reis 1872, 1875, 1872, 1875, 1873, 1871, The comparison with a crop of full and normal growth in all respects, for the present month, is as follows Carolina, 92; South Carolina, 97 91; Florida, 94; Alabama, 101 ssissippi, 100; Louisiana, 95; Texas, 96 kansas, 90; Tennessee, 99. ASHINGTON, June 12. -Among the comssioners selected to treat with the Sioux the alienation of the Black Hills, is Havens, of Georgia. He has not accepted. New York. NEW York, June 0.-Commodore Van for the New York Central; Mr. for the Erie, and Tom Scott, f. Pennsylvania Central, had a long confor the purpose of making an argement for the mutual benefit of their No arrangement was made. Jewett, expressed the hope that ere long rything would be satisfactorily arranged the three trunk lines. NEW YORK, June 9.-Mr. Evarts closed argument at 6:45 yesterday evening. was particularly severe upon Tilton, and the jury for their patience, and nplimented them upon having done their faithfully as citizens. NEW YORK, June 9.-An immense crowd in the court room to witness the tinuation of the Beecher-Tilton trial. judge cautioned the audience to pre the utmost silence. Beach then rose said "that last Theo. an portunity to be heard in a court of comjurisdiction, having been overcome calumnies at the church investigation. one saw that Tilton and his witnesses shut off from a hearing, and it was no wonder that the public clamored justice to be done him. At this point and his wife came into the room, took their usual place in Plymouth YORK, June 10.-The representain this city of the Direct United States Company announces that the laying cable has been completed and comnication thereby established between and the New Hampshire coast. NEW YORK, June 10.-Capt. Cooper, of State of Georgia, says that on June 0 picked up five men in a boat of the one of whom states that on May the ship was surrounded by a field of After several ineffectual attempts to a hole was knocked in the ship by 8 and the fires extinguished. Two got off full of passengers, but the one up has been the only one heard of. sailor thinks about forty persons, with captain, went down with the wreck. NEW YORK, June 11.-Arthur Dye, late editor of the Financier, has committed Turner Bros., bankers, who suspended in but resumed business, have again pended. YORK, June 11.-The following is full card of H. B. Claflin & Co. with to the indictments found against firm by the United States grand jury The United States grand jury have in our firm for alleged complicity in empts to defraud the customs revenue at port. We simply ask our fellow-citi to withhold all judgment on the case. have conducted our business honorably honestly. We expect to demonstrate integrity and innocence. As there has no dishonor on our past, so we intend protect our future from stain by an un mpromising defense against any accusa that have been or may be brought us. H. B. CLAFLIN & Co." Yesterday afternoon a bench warrant was upon Feld Morris, Fenner & Co., ctioneers, 465 Broome street, requiring give bail to-day extent

10. August 14, 1875 Yankton Daily Press and Dakotaian Yankton, SD

Article from Yankton Daily Press and Dakotaian, August 14, 1875

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NEW YORK -NEW YORK, Aug. 11.-F. S. Jeffray & Co., dry goods dealers, have lost $40,000 by the defalcation of C. A. Church, the head of their ribbon department. Church has left the city. A member of the board of underwriters says the chief consideration which influenced the executive committee to recommend a reduction of 20 per cent. in rates on mercantile risks was the growing tendency of board companies to either openly practice bad faith or to withdraw entirely from the board and begin business, producing a hazardous competition, and cutting under schedule rate. The board now regards its action in making the reduction as foolish, because the tendency of this com petition was to cut down the surplus of companies. SO that property was really covered only-for ordinary casunlies, and not for a great disaster, which miglit-visit the city at any time. The creditors of the banking firm of Turner Bros., recently failed, have elected Jno. Castree, president of the Irving National. Bank, trustee, and appointed a committee to act in concert. Claims amounting to $225,000 were represented at the meeting. Five Percheron or Normand stallions have arrived here from France for Jno. Virgin, of Illinois. They are pronounced the best stock ever brought to this city. A severe storm prevailed about this city to-day, especially at Hackensack, where floods have already occurred. Several bridges are washed away, and the track of the New Jerse, & New York railway inundated for a long distance.