16648. Turner Brothers (New York, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
56ff2c50

Response Measures

None

Description

Turner Brothers (a private banking firm) first suspended June 16, 1874 due to heavy advances to western railroads and real-estate losses. They appear to have resumed at some point but suspended again in June 1875 and soon after were placed into bankruptcy/receivership (U.S. marshals took possession and a trustee/assignee was chosen). No newspaper describes a depositor run on the firm; the failures are attributed to bad railroad loans/real estate and the panic.

Events (4)
1. June 16, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large advances (~$1,500,000) to Western railroads on insufficient security and heavy real-estate holdings rendered the firm embarrassed during the panic; they chose to suspend to ascertain true position.
Newspaper Excerpt
To THE PRESIDENT OF THE NEW YORK STOCK ExCHANGE: SIR- We regret that we are compelled, to justice to our creditors, to announce the suspension of our house. ... The cause ... appears to be the advance made to Western railroads upon insufficient security.
Source
newspapers
2. June 10, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Second suspension noted in June 1875; contemporaneous reports link prior problems to railroad advances and real-estate losses (panic-related).
Newspaper Excerpt
Turner Brothers, bankers, who suspended in 1873, but resumed business, have again suspended.
Source
newspapers
3. July 16, 1875 Receivership
Newspaper Excerpt
Yesterday afternoon two United States marshals were placed in possession of Turner Brothers' banking house, No. 14 Nassau street, in pursuance of proceedings in bankruptcy instituted against the firm.
Source
newspapers
4. August 16, 1875 Other
Newspaper Excerpt
A meeting of the creditors of the suspended firm ... The total amount of claims presented was about $225,000. John Castree ... was elected trustee ... to settle up the affairs of the firm.
Source
newspapers

Newspaper Articles (11)
1. June 17, 1874 Public Ledger Memphis, TN
Article from Public Ledger, June 17, 1874

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NEW YORK. Bricklayers' Strike-Railroad Matters-Suspension of Turner Brothers. NEW YORK, June 17.-The bricklayers' strike has so far produced no result satisfactory either to the strikers or employers. Many who struck on Monday have resumed work at the old wages, while some did not cease work at all until yesterday. At a meeting of the employers yesterday, a resolution to the effect that the employers would agree to pay four dollars for a day of ten hours, but not more than $3.50 for a day of eight hours, was unanimously adopted. Agents of the corporation known as the New York Italian Labor Company offered to furnish Italian bricklayers in place of the strikers for from $3 00 to $3 50 a day. They say they have two or three hundred good bricklayers who are anxious to get work and for whose good eonduct they will be responsible. None of these men who were employed as contractors felt confident that they could get as many English-speaking bricklayers as they wanted. The disagreement among the employers continues, and several who have decided to pay four dollars a day do not attend meetings. At last night's session of the Bricklayers' Council several more of the bosses were reported as having agreed to an increase of wages. Sidney Dillen, President of the Union Pacific railroad, has returned from his tour of inspection over the road, and reports everything working satisfactorily. Among the results of his visit has been the settlement of the question of the junction of the Union and Central Pacific railroad. In Boston to-day the question of establishing rolling mills for the manufacture of the company's rails will be considered. The history of the house of Turner Brothers, which suspended yesterday, is good. As elicited by friends, several brokers doing business in 1844 made a specialty of cordials, liquors, fruits and syrups, shipping large quantities of the latter to the West Indies, and they were very successful, and as their resources increased they expanded their business, 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. They had begun the banking business, and from shabby little offices they entered into a large marble building in Nassau street, which they erected themselves, and which it was understood they had afterward sold at a handsome profit to the Fourth National Bank and Life Insurance Company, now occupying it. They dealt largely with railroads, and generally succesfully until the coming of the panic, which they succeeded in withstanding up to this time, when they suspended. 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 had 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 negotiations of their property.

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

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capital that can possibly be made out of a feigned attempt to pass a Civil Rights bill is to be secured. But it will not be passed. Mr. Butler has it in hand, and he manages such matters very deftly. The banking firm of Turner Brothers, which announced its suspension yesterday, has had an excellent reputation as a solid and respectable house, little given to speculation, and generally successful in its enterprises. There is perfect confidence in the integrity of its members, and a general hope that, with the removal of the embarrassments of the rail- road to which it has been making such heavy advances, it may be put upon its feet again. The flurry in the Street to which the sus- pension led was not unnatural, and shrewd stock operators made the most of it. The report of the Conference Committee on the Moiety bill is signed by all the members of the Committee except Senator Howe, who is chiefly remarkable for the extent of the in- formation he is lacking in. The reform effected by the bill agreed upon is not so thorough as might have been desired, but upon the whole the merchants will have reason to congratu- late themselves upon a very decided change for the better if the bill is passed. Positive opinions as to the measure of relief it actually affords may better be delayed, however, till there is opportunity for a careful study of its provisions. The Judiciary bill, in the folds of which Messrs. Carpenter and Conkling have tucked away their nice little scheme for "getting even" with the newspapers, by means of the provision that process against a publisher may be served anywhere upon an agent or correspondent, came up in the House Judiciary Committee yesterday and found a fitting champion in the gentleman who describes the power of the press as forty times larger than his own. On motion of Mr. Tremain the section upon which the two great statesmen had set their hearts was stricken out and the scheme came to grief. # REPUBLICAN STATE CONVENTIONS Republican State Conventions meet to-day in Indiana, Illinois, and Vermont, and a Temper- ance Convention at Springfield, Ohio. The question of greatest interest and importance in the Indiana and Illinois Conventions will be as to the position the party will take on the currency question. In Illinois, Senator Logan is said to be exerting himself to the utmost to secure the adoption of an inflation platform; but according to the dispatches, present appear- ances indicate that a majority of the delegates will be "hard-money" men, and that they will reaffirm the Philadelphia platform on the sub- ject of the currency. The Convention will have to choose between Logan and Grant. The action of the Conference Committee in increasing the salaries of the several officers of Customs whose income is affected by the abolition of moieties will be approved as well by the people as by the merchants and others who have been most active in promoting the reform aimed at. The movement against the system of moieties has not been with any view of cutting down the pay of Customs officers, but rather with a purpose of giving them ample and sufficent remuneration for their services, and at the same time correcting the gross and in- excusable abuses to which the moiety system has subjected all who have dealings with the Custom-house. The whole theory of perqui- sites is pernicious. Better be extravagant even in the payment of salaries than to continue such a system of abuses as this has been and is. The strange fluctuations in the political gauge at Versailles are again illustrated by the telegrams published to-day. There is no doubt that a portion of the Right Center large enough to give a majority to the Re- publicans can accept the moderate policy favored by the Left Center. It is the timid disposition of these men which is the chief obstacle to an organization of a permanent government in France. After having per- mitted a Republican success on Monday, they instantly became frightened at their own te- merity, and concluded to support another bill tending to perpetuate the state of disorganiza- tion. The proposition of the Left Center to declare a Republic under the Presidency of MacMahon would provide a solution at once tending to give solidity to the political insti- tutions. A provisional government during the seven years of MacMahon's term of office such as the Right Center favors is in no very important particular different from the plan of the Duke de Broglie. In the opinion of the ablest and most en- lightened of all who have visited Utah since the Pacific railroads opened the way to it, and of all who have given the Mormon ques- tion serious thought, the very wisest treatment to give the Mormon Church and the institu- tion of polygamy is to leave them just as they are, open to daylight and to the influences of civilization. All the signs of the time point to a gradual change in the condition of the Territory and the people which will remove existing evils and assimilate both to the other States and Territories of the Union. The dan- ger of such special legislation as the inter- ested parties in Washington are asking of Congress has already been pointed out. A hundred other things of vastly more im- portance than the Utah bill are pressing upon Congress for attention, and it is to be hoped, for this reason as well as to avoid the dangerous

3. June 17, 1874 The New York Herald New York, NY
Article from The New York Herald, June 17, 1874

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WALL STREET. Failures Yesterday-Turner Brothers, Bankers, Suspended-The Causes Assigned-Suspension of Berry & Co. There was much surprise in Wall street yesterday at the suspension of the old firm of Turner Brothers, bankers, at No. 14 Nassau street. The following notification was sent in to the President of the Stock Exchange:NEW YORK, June 16, 1874. To THE PRESIDENT OF THE NEW YORK STOCK ExCHANGE:SIR-We regret that we are compelled, to justice to our creditors, to announce the suspension of our house. We hope to resume paymentir a short time, and in the meantime beg the indulgence of our creditors until a complete examination of our affairs can be made. Very respectfully, TURNER BROTHERS. The cause of the unfortunate suspension appears to be the advance made to Western railroads upon insufficient security. This money was mainly advanced upon securities of the Bloomington and Western Raitroad, which was formed by a consolidation of the Indianapolis, Crawfordsville and Danville, and Danville, Bloomington and Pekin roads, which have been running as a single road since September, 1870. The sum total of these advances is stated to be $1,500,000. A member of the firm stated that he could not exactly estimate the amount, but it was in that neighborhood. He was certain, however, that the liabilities of the house would be paid in full. He could not say whetner there would be a resumption of business by the same firm or whether there would be a dissolution. The Turner Brothers have existed as a firm since 1844, and have always made a good record. Their suspension is in no wise attributable to stock operations or speculations on the street. The failure caused no excitement whatever in Wall street, and did not affect business. There was merely some surprise at it. R. W. Berry & Co., a gold brokerage firm, also suspended yesterday morning. It was not for a large amount.

4. June 18, 1874 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 18, 1874

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TURNER BROTHERS. A Favorable Past Record of a Recently Suspended Firm-Efeets of the Panic. NEW YORK, June 17.-The history of the house of Turner Brothers, which suspended yesterday is good. As elicited by friends, several brokers doing business in 1844 made a specialty of cordials, liquors, fruits and syrups, shipping large quantities of the latter to the West Indies. They were very successful, and as their resources increased they expanded their business, taking a large interest in petroleum, which amply paid them for their ventures. The firm increased in prosperity and numbers until there were eight brothers. They had begun the banking business, and from shabby little offices they entered into a large marble building in Nassau street, which they erected themselves, and which it was understood they had afterward sold at a handsome profit to the Fourth national bank and 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 suspended. While they had money wherewith to continue for some time longer, they did not see their way out of their troubles, and concluded that, in justice to themselve and their general creditors, they had better close immediately and find out their true position. They were known to be large holders of real estate, and the general disturbed state of the markets precluded negotiations of their property. A good many stories have been started in regard to the solvency of some of the prominent officials of the railroad directory, connected with the embarrassments of Turner Brothers; and to these stories, the Post says, is due in a great measure the bitter feeling which prevails at the stock exchange.

5. June 18, 1874 Nashville Union and American Nashville, TN
Article from Nashville Union and American, June 18, 1874

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NEW YORK. The Failure of the Turner Brothers. A Result of Last Fall's Panic. NEW YORK, June 17.-The history of the house of Turner Brothers which suspended yesterday is good as related by friends. They began business in 1844, making a specialty of cordials, liquors, fruits and latter sirups, to the shipping West Indies, large quantities and they of were the very successful, and as their resources ina creased ing they large expanded interest their in petroleum business, which takamply repaid them for their ventures. The firm increased in prosperity and numbers, until there were eight brothers in it. They had begun the banking business and from a shabby little office they entered into a large marble building in Nassau street, which they erected themselves and which it was understood they had afterwards sold at a handsome profit to the Fourth National Bank and Life Insurance Company now occupying it. They dealt largely with railroads, and generally successfully, until of the stood to the coming up this time, panic, when which they they felt with- the necessity of suspending. While they had the 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 had 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. Fears of More Failures. A great many stories have been started in regard to the solvency of some of the most prominent officials of the Railroad Directory connected with the embarrassments of Turner Brothers, and to these stories the Post says is due in a great measuse the unsettled feeling which prevails at the Stock Exchange. The Building Blockade. The bricklayers' strike has so far produced no result satisfactory to either strikers or employers. The agents of a corporation known as the New York Italian Labor Company, offered to furnish Italian bricklayers in the place of strikers for from $3 to $3.50 per day. They say they have 200 or 300 good bricklayers who are anxious to get work and for whose good conduct they will be responsible. None of these men were employed, as the contractors felt confident they could get as many English-speaking bricklayers as they wanted. A disagreement among the employers continues, and several, who have decided to pay $4 a day do not attend the meetings.

6. June 18, 1874 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, June 18, 1874

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MARKETS. Domestic Markets. NEW YORK, June 17.-The Post's financial article saye: The Wall street markets for securities are feverish, the suspension of Turner Brothers yesterday having been turned to the best account by the stock speculators. who have for months been using all influences known to speculators to depress prices. Money is easily accessible on call at 2@21/2, and prime mercantile paper. but comparatively little of which is offering, passes at 5@5% Gov. ernment bo: ds are firm at about yesterday's prices. State bonds at the Board were nominal. Gold opened at 1114, sold at 111 % and has since declined to 111. In gold loans the rates have been flat to 2 ₽ annum for use. Foreign exchange is at $4 873, $4.33 and $4.90 for prime bankers' ster. ling, with the market quiet and nominal. Rates are $4 85@4 91% Leather firm; hemlock sole, Buenos i res and Rio Grande light, middle and heavy weights 27 1/2 @30c; California do 26@281/2 Orinoco do 25 1/2 @27 1/2c. Wool firm; domestic fleece 43@53c; pulled 33@53c; unwashed 37c; Texas 18@36c. Gold closed at 111% Customs receipts $271,000. The sub-treasurer paid out $122,000 on account of interest and $5000 for bonde. Cotton closed nominal; uplands 17% Orleans 18 ke; net receipts 243 bales: gross 795; sales 279. Futures closed steady: sales 26.000 bales. as follows: For June 16%@17c; for July 17% @17 5 32c; for August 17 19-32c; for September 17 17-32@179-16c; for October for November 17 %c; for December 17c. Flour steady: demand moderate. Wheat-Fair home demand; $1 48@1 50 for winter red Western. Corn-In buyer's favor; good demand; 78@81c for Western mixed; 81@82c for Western yellow; 89@ 30c for white Western. Coffee quiet; nothing of moment doing; Rice quiet and unchanged. Tallow firm; 8 % C Resin firmer; 2 50. Turpentine firmer 36% c. Sugar-Moderate request; 7% @8c for fair to good refining; 8 1/2c for prime; 71/2 for molasses; @3 for muscavado. Molasses dull and unchanged. CINCINNATI, June 7.-Cotton quiet and weak; middling 17c. Flour quiet and unchanged in every respect. Wheat quiet and weak: nominally $1 30. Corn dull and drooping; mixed 65c. Oats quiet at 50@58c. Pork quiet and unchanged in every respect; no sales. Lard quiet; summer 1034C for packed; kettle-jobbing sales at Bulk meats dull and drooping: shoulders 65cc; clear rib 9c; clear 9143% Bacon quiet; jobbing sales of shoulders at 74c; clear rib clear 10%c, packed; also sales of clear at 10%e, loose. Whisky steady; demand moderate at 96c ST. Louis, June 17.-Cotton dull and unchanged. Flour dull and nominal. Wheat-Spring active, a fraction higher; No. 2 spring Chicago $1 09; winter dull. only small sample lots sold. Corn-demand good at full prices: No. 2 mixed 60@60%e in elevators. @ats dull; prices drooping; little done; No. 2 48c in elevators. Whisky steady; 96c. Pork $18. Dry salt meats nominal. Bacon weak: nothing doing. Lard dull; summer 10%c. Foreign Markets. LIVERPOOL, June 17, 4 P. M.-Cotton-Sales of uplands. nothing below low middling, shipped June and July, 8% d. 6P. L--Cotton-Sales of uplands. nothing below good ordinary, deliverable August and September, 87-16d; sales of shipments of new crop, on basis of middling uplands. nothing below good ordinary, 3 11-16d. Bacon 46s for long clear middles; 46s 9d for short clear middles. LONDON, June 17.-Tallow 42s 3d@42e 6d. Sugar 25e for No. 12, Dutch standard, afloat.

7. June 11, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 11, 1875

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NEWS OF THE DAY "To show the very age and body of the Times." A black brute visited the residence of a fartoer in De Kalb county, Ga., several nights ago, while only two young white women, sisters, and a little brother were in the house, locked the doors, and threatening them with a pistol, remained nearly all night, committing outrageous assaults upon both of the unfortunate females. The little boy made unsuccessful attempts to kill the wretch with an axe. A negro named Jordon Jones has been arrested in Atlanta charged with the crime, and carried back for identification. It is generally believed that the Judges of the Supreme Bench of Baltimore have recently been considering the unprofessional practices of certain members of that Bar with a view to settling upon some measures of reform. A secret conference of the Bench held yesterday gives color to the rumor that the Judges intend mak ing an example of some of the "shysters." The miners in the neighborhood of Pottsville and Shamokin held meetings yesterday at which it was resolved to submit a proposition to the operators on the basis of ten per cent. off contract work, and five per cent. off laborers', provided the operators reduce the price of powder and oil at the mines. The National Association of Manufacturers of Knit Underwear have resolved to stop their mills for two months, or longer if the circumstatees demand, to take effect from the present date. This will reduce the production 5,000 pieces per day, and throw a large num ber of working people out of employment. No official reply has yet been received from the Imperial Government to the appeal of the Dominion Government against infraction of claims in the Washington Treaty respecting free admission of Canadian fish in cans and otherwise to the United States. The Rev. S. D. Hinman, a missionary among the Sioux, is the only one yet appointed of the five Commissioners asked for by the Indians The Government interpreter at the late inter view, it is understood, will also be one of the Commissioners. The Commissioner of Pensions gives notice to Examining Surgeons that a non-compliabo with the regulations of the Pension Bureau it reference to certificates of examination will be followed by a prompt dismissal. Horace B Claffin, of the firm of H. B. Claf lin & Co., of New York, and Wm. H. Talcott the silk buyer of the house, were yesterday in dicted in the United States Circuit Court for complicity in the recent silk smuggling frauds A special dispatch to the London Standard says that arrangements have been made be tween the Carlists and Alfonzists, for the ex change of one thousand prisoners to-day a Vienna. Secretary Robeson left Washington yester day for Rye Beach, N. H., with his family Secretary Delano left Washington for Moun Vernon, Ohio, on the late train last Wednes day night. He will be absent several days. The French astronomer Leverrier announce the discovery of another planet. It will be numbered 146, the two planets lately discover ed by Dr. Peters, of Citchfield observatory, be ing numbered 144 and 145. At Santander, Spain, the customs authorities have embargoed a box containing Protestan books intended for a resident of the place. The case has been brought to the notice of Minister Cushing. Secretary Bristow is pushing the whiskey fraud investigation in the West, and is confi dent he can secure the conviction of members of the whiskey ring out there. A good many additional seizures will be made. A fire last night at 411 Broadway, N. Y. damaged Attwood's restaurant $10,000. and other occupants of the building $7,000. Samue Cochrane, aged seven years, Was run over and killed by one of the engines. In Wilmington, D.I., yesterday as a police man was pursuing au escaping offender, he fired at him as he ran. The bullet missed its mark and struck a young woman who happened to be in its path, killing her almost instantly. The vignette for the new five cent stamped envelope is a profile of Gen. Zachary Taylor. The vignette on the five cent adhesive stamp is a full faced picture of Gen. Taylor. A fire at Elizabethtown, Ky., yesterday destroyed fourteen houses there, and several per sons were injured by jumping from the windows. Total loss $25,000. Mr. Spurgeon's new hall at Camberwell, London, intended for revival meetings, was opend last night in the presence of twelve thousand people. Turner Brothers, New York bankers, who suspended in 1873, but resumed business, have again suspended. The Prince Bishop of Breslau, Dr. Foerster, has been fined 2,000 marks or 133 days' imprisonwent for illegally excommunicating a priest. Wm. M. Evarts argued a patent question before the Attorney General at Washington yesterday. Rev. Horace James, formerly superintendent of freedmen in North Carolina, died in Worcester. Mass. Wednesday night.

8. June 11, 1875 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, June 11, 1875

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FINANCIAL AND COMMERCIAL New York Stock and Money Market. LATEST MONETARY. NEW YORK, June 10. Customs receipts to-day amounted to $326,000. Treasury disbursements to-day amount to $1,091,000. Money at 2 per cent. Prime mercantile paper is quoted at 3½@5 per cent. Sterling exchange is quoted at 487@490 for sight and sixty days. Gold opened and closed at 116@ with sales in the interim at 116%@116%. Cash gold loaned flat and 1 and 2 per cent both for carrying and borrowing. Clearings at the Gold Exchange to-day, $49,000,000. The second suspension of Turner Brothers, bankess, was ennounced to-day. State bonds quiet and nominal. Governments bonds firm. Railroad bonds are quoted quiet. Stocks have been irregular. with frequent changes from firmness to depression. At the opening prices were generally % to % per cent below closing quotations of last evening but Atlantic and Pacific telegraph showed an advance of 13/2 per cent, first sales having been at 26, subsequently price fell off to 24. Market was heavy and lower during the last hour of business, the decline from highest point of the day ranging from 1/4 to 2½ per cent. Northwest and St. Paul were especially weak. the former declining from 39 to 3614 common, and from 53 to 51½ for the preferred, and the latter from 12½ to3036 for common. No particular reason was assigned for this decline beyond dullness and a raid. The transactions in stocks to-day aggregated 216,000 shares. The principal dealings were as follows: Erie, 14,000; Lake Shore, 59,000; Northwest. ern, 18,000; Pacific Mail, 8,000; St. Paul, 6,000; Western Union, 74,000, and 15,000 Union Pacific. Gold closed at 116%@116%. Money at 2@2½ per cent. Governments dull and steady. State bonds quiet and nominal. Stocks active and feverish. The following are the closing quotations: [Where blanks occur there were no olds] 120% Cleveland. ColumU.S. 68 '81 reg

9. June 11, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 11, 1875

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New York Items. NEW YORK, June 10.-Arthur Dyer, lately editor of the Financier, committed suicide to-day. Turner Brothers, bankers, who suspended in 1873 but resumed business, have again suspended.

10. July 17, 1875 The New York Herald New York, NY
Article from The New York Herald, July 17, 1875

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WALL STREET NOTES. [CONTINUED FROM EIGHTH PAGE.1 having suffered by the entthroat rivalry which prevailed 80 long between the Eastern trunk lines. GOLD SCALES FOR THE ASSAY OFFICE. There have recently been completed for the Assay Office in this city, a pair of scales to weigh gold, which are believed to be the largest ever made, having a capacity equal to 10,000 ounces or $1,000,000 worth 01 gold, and sensitive to one-tenth of a grain. The balance stands seven feet high, with a Deam five feet across. The frame and stand are 01 iron, the beam of gun metal and the plates of brass, one plate having a covering of steel bars to prevent wear in loading and unloading. The balance rests on hardened steel knie edges, which work on polisned agate plates. The whole machine weighs 100 pounds. and will stand on u solid granite pier bailt upon heavy deeply-iaid foundations. Some idea may be gained of the extreme delicacy of the scale's working, when it Is stated that 11 one end of the beam should be colder than the other the conseguent contraction would render the balance untrue. The beam is of gun metal, cast and then hammered to a unlform density. Five beams were made and rejected before one was produced that would bear the tests. The introduction of this instrument into the Assay omce will greatly facilitate the bandling of builton and coin. PROCEEDINGS IN BANKRUPTCY AGAINST TURNER BROTHERS. Yesterday afternoon two United States marshals were placed in possession of Turner Brothers' banking house. No. 14 Nassau street, inpursuance of proceedings in bankruptcy instituted against the firm. The circumstances attending the failure of this old estabilished house have been of so recent publisation as not to call for fresh recital here. They went down because of advances to a new railway enterprise West and heavy investments in real estate in this vicinity, the market for which was destroyed by the panic. They have the sympathy of almost the entire street in their difficulties.

11. August 16, 1875 New-York Tribune New York, NY
Article from New-York Tribune, August 16, 1875

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THE FAILURE OF TURNER BROTHERS. A meeting of the creditors of the suspended firm of Turner Brothers, bankers, at No. 14 Nassau-st., was recently held at the office of Isaac Dayton, at No. 322 Broadway, for the purpose of proving debts and choosing an assignee or trustee under the order of the United States District Court. The total amount of claims presented was about $225,000. John Castree, President of the Irving National Bank, was elected trustee and a committee was appointed, consisting of Philo C. Calhoun, II. K. Thurber, and Daniel Oakley, who are to act in connection with Mr. Castree in settling up the affairs of the tirm. Mr. Castree stated to a reporter of THE TRIBUNE on Saturday that the Court would probably confirm the action of the meeting to-day, when It would remain for him, with the Committee appointed, to take such course as they might deem proper and for the best interests of the creditors. The assets, he said, consist principally of railroad bonds and unimproved and unproductive real estate.