16909. Ward & Bro. (Rochester, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
April 3, 1866
Location
Rochester, New York (43.155, -77.616)

Metadata

Model
gpt-5-mini
Short Digest
9f30a93d

Response Measures

Full suspension

Other: Assignees were appointed and preparing to pay a percentage to depositors (receiver-like actions).

Description

Multiple reports state Ward & Bro. suspended April 5, 1866 after a three-day run. Articles cite the house held excessive real estate and illiquid assets. Assignees (receivers) were preparing to pay a percentage to depositors (April 7), indicating the house remained closed and in the hands of assignees -> permanent closure/receivership. Deposit totals vary across articles ($100,000 vs. $1,000,000 OCR/reporting discrepancy).

Events (3)

1. April 3, 1866 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals driven by illiquidity: house held too much real estate and other non-immediately-available property.
Measures
No remedial measures reported other than subsequent suspension; bank suspended after three days' run.
Newspaper Excerpt
suspended this morning after a run of three days.
Source
newspapers
2. April 5, 1866 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to excessive holdings in real estate and other assets not immediately available to meet deposits; inability to meet withdrawals led to suspension.
Newspaper Excerpt
The banking house of Ward & Bro., in this city, suspended this morning after a run of three days.
Source
newspapers
3. April 7, 1866 Receivership
Newspaper Excerpt
The assignees of Ward & Bro., are preparing to pay a percentage to depositors, and will continue to do so till all the effects are disposed of.
Source
newspapers

Newspaper Articles (10)

Article from Daily Davenport Democrat, April 5, 1866

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Article Text

From Rochester. ROCHESTER, N. Y. April 5. The banking house of Ward & Bro., in this city, suspended this morning after a run of three days. They held deposits to the amount of about $100,000. They express the hope that they can in the end pay all demands. The house held to most of the real. estate and other property not immediately available. There is consider able excitement here to-day, but it will probably subside. The other banks and bankers are considered sound.


Article from Baltimore Daily Commercial, April 6, 1866

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Article Text

Suspension of a Banking House. ROCHESTER, April -The banking house of Messrs. Ward & Bro., suspended this morning after a three day's run on them. They held deposits to the amount of $1,000,000. They express a belief that in the end they will be able to pay all demands. The house held too much real estate and other property not immediately available. There is considerable excitement in the city to-day in consequence of this suspension, but it will probably subside, The other banks and bankers are considered sound.


Article from The Daily Gate City, April 6, 1866

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Article Text

Bank Failure in Rocheste., New York. ROCEESTER, N. Y., April 5. The Banking House of Ward & Bro. in this city suspended this morning, after a run of three days. They had deposits to the amount of about $100,000. The impression is that they can in the end, pay all demands. The house held too much real estate, and other property not immediately available.There is considerable excitement here today but will probably subside. The other Banks and Bankers are considered sound.


Article from Evening Star, April 6, 1866

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Article Text

TELEGRAMS. &c. It is considered in New Orleans that the President's proclamation is equal to a general amnesty, and that Benjamin and Slidell will return to Louisiana. Havana dates to the 29th ult. and city of Mexico to the 18th ult. have been received. They reported that General Almonte had accepted the mission to France. A new campaign is to be organized in Sinaloa against Colono, who was besieging Massaton The affair between Mendiez and Regia was still in the fog, though it is believed they wer. both whipped. The destruction of the greate part of Commandant Byron's detachment has been confirmed. One hundred and thirty men were killed out of one hundred and sixty men. The dead, including Byron, were terribly mutilated. Cortinas joined General Gareteez at Cinalla Victord, acknowledging him as a superior officer. Tampico has been reinforced, and the garrison is soon to be attacked. The probabilities are very strong that there will be no joint meeting of the New Jersey Legislature and no Senator elected. A resoIntion to go into joint meeting failed in the Senate yesterday afternoon, by the same vote, Scovel voting against it. In the House, the resolution from the Senate to adjourn sine die to-day at 12 o'clock was concurred in. Both parties watch each other closely. No one of the majority dare leave his seat for fear a motion to go into joint session may be sprung upon them. It is generally conceded that nothing will be done this session. The feeling between the Scovel and Cattell men is intense. The lobbies are comparatively clear, the most of the operators have gone home and given up the contest. Beatty Bros. & Co., of New York, tea merchants, have suspended. Their liabilities are $900,000. The failure is attributed to a member of their firm having issued bills to the amount of $250,000 on forged documents. D. Schofield, a member of the Petroleum and Mining Board, has suspended. The banking house of Ward & Ero., Rochester, N. Y., suspended yesterday morning, after three days run upon themThey held deposits to the amount of a million dollars. They express the belief that they will in the end be able to pay all-demands. The house held too much real estate and other property not immediately available. There is considerable excitement, but it will probably subside. The other banks and bankers are considered sound. The General Convention of the Methodist Episcopal Church South commenced its session in New Orleans on Tuesday The attendance of representatives from the State is large, and includes some of the oldest patriarchs known in the denomination, as well as its most influential preachers. From a conversation with several of the leading members present many are satisfied that no proposition for a reunion with the Church North can be carried, though efforts will be madein the convention to secure a better state of feeling and fellowship, which, at a future day, might result in the establishment once more of a generai church. The bark Parsee has arrived from HongKong. Forty-two per cent. of the British garrison at Hong-Kong had died in nine months from some new and strange disease. The French brig Jean et Joseph had been captured by the pirates near Hong-Kong. Shanghai dates to January 25 report the market poorly supplied with black tea and the prices firm. Green tea was steady. The Rhode Island Senate stands twentyeight Republicans to five Democrats, and the House sixty-five Republicans to seven Democrats. M. D. Potter, senior proprietor of the Cincirnati Commercial, died at his residence in that city early Wednesday morning.


Article from The Wheeling Daily Register, April 6, 1866

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Article Text

Banking House Suspended ROCHESTER, April 5.-The banking house of Ward & Bro., in this city suspended today after a run of three days. They held deposits to the amount of about $100,000. They express the belief that they can in the end pay all demands The house held too much real estate and other property not immediately available There is considerable excitement here to-day, but it will probably subside. The other banks and bankers are considered sound.


Article from The National Republican, April 6, 1866

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Suspension of Banking House in Rochester, New York. ROCHESTER, April 5...The Banking House of Ward & Bro., suspended this morning, after three day's run upon them. They held deposits'to the amount of a million dollars. They express the belief that they will in the end be able to pay all demands. The house held too much real estate and other property not immediately available. There is considerable excitement in the city to-day, but will probably subside. The other banks and brokers are considered sound.


Article from The Wheeling Daily Intelligencer, April 9, 1866

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Article Text

ROCHESTER, N. Y., April 7.-The bank panic is over. The run upon Mr. Powers' bank has ceased. He paid out $80,000 and took in from depositors $40,000. He received $10,000 in currency from New York this morning. Mr. Kasses has resumed business, the assistance tendered him having enabled him to go on as before and to meet all demands which he now proposes to do. The assignees of Ward & Bro., are preparing to pay a per centage to depositors, and will continue to do so till all the effects are disposed of. They hope to pay nearly, if not quite the fully amount down.


Article from Daily Ohio Statesman, April 9, 1866

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Article Text

The Bank Panic Over. ROCHESTER, April 7.-The bank panic over, the run upon Mr. Power's bank has ceased. He paid out $80,000 and took in from depositors $40.000; he took in $10,000 in currency from New York this morning. Mr. Karnes has resumed business, the assistance tendered him having enabled him to go on as before and to meet what he now proposes to do. Theassignees of Ward & Bro. are preparing to pay a per centage to depositors, and will continue to do so till all the effects are disposed of. They hope to pay nearly if not quite the full amountdue.


Article from Chicago Tribune, April 9, 1866

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Article Text

The BankjPanic in Rochester, ROCHEPTER, April ?.-The bank panic is over, The rou upon Mr. Powers' bank has cca-ed. He paid out $80.000 and took in from depositors $10,000. lie received $10,000 in currency from New York this morning. Mr Karnes has resumed bnsi. nerr. the aspistance tendered him having enabled him to ro on as before, and 10 meet all demands, which be propores to do. The assignees of Ward & Bro. are preparing to pay a per centage to depositors and will COLUNUE to do so till all. the effects are disposed YS They hope to pay nearly, If not quite, the run amount Club


Article from Vermont Watchman and State Journal, April 13, 1866

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Domestic News. NEW York, April 4 A Galveston, Texas, letter of March 23. has a report that an iron safe belonging to one of the express companies was stolen at Brownsville a day or two before the steamer Crescent sailed. It contained between $80,000 and 8100, 000 in greenbacks. At last accounts o clue could be obtained to it. HARTFORD, CONN., April 4. The Hartford Evening Press makes the majority for Hawley 594 on the total vote of 873,32, full returns having been received from all the towns but four, of which we have the majorities. TRENTON, N. J., April The Senate, by a vote of 10 11, refused to go into joint session for the choice of U. Senator. TRENTON, N. J April 5. The probabilities every strong that there will be no joint meeting and no Senator. A resolution to go into joint assembly failed by the usual vote. In the House, the Senate resolution to adjourn sine die was concurred in. PHILADELPHIA, April 5. The Telegraph publishes the following Trenton, April 5th-In answer to your ed itorial unhesitatingly say never received letter from President Johnson in which he offered me any position under the Govern= ment. if I would defeat the election of radical from New Jersey. Do mejustice publishing this. JAMES M. SCOVEL. The Telegraph adds -The names of the parties who allege that Scovel told them he had received such a letter from the President, and who are willing to swear he did so state, are R. B. Leeds, of Atlantic City, and Dr. Horner of Philadelphia. NEW YORK, April Beatty Bros., tea merchants, have suspended. Liabilities, $3,600,000. The failure is attributed to a member ot the firm having sued bills to the amount of a quarter million, upon forged documents. D. G. Schofield, a member of the Petroleum and Mining Board, has also suspended. ROCHESTER, N.Y. April 5 The Banking-house of Ward & Bro. suspended this morning after three days' run. They held deposits to the amount of million. They express the belief that they will in the end be able pay all demands. The house held too much real estate and other property not immediately available CINCINNATI, April 5 Two heavy boilers in the iron works of Pomeroy Co., exploded this morning, killing two men and injuring eight others. Damage about $15,000. WASHINGTON, April A morning paper says: No one now to pects New Jersey Senator here in time take part in the action upon the veto, and from reliable information received in this city it is not probably that the Legislature of that State will be able to agree at all upon joint ballot, for the purpose of electing a Senator, until compromise shall be effected upon conservative Republican. Senator Wright it is said, proposes to resign if the Legislature will elect Mr. Stockton and a conservative, or Johnson Republican. [A poor bargain.] Senator Wright has been walking out, and is much improved in health, though neither he nor Dixon were in the Senate yesterday. WASHINGTON. April 5 A mass meeting of the friends and supporters of the adminis tration of Andrew Johnson was held this evening in front of the City Hall. Among the speakers were Senator Cowan, Representative Smith, of Kentucky, and Gen. Meigs. NEW YORK, April 6. A special Washington dispatch says there rumors to-day that the President will soon are issue # proclamation announcing general amnesty Mrs. Jeff Davis had an interview with Alexexander H. Stephens this forenoon. She pecta a speedy release NEW of her YORK, husband. April 7. Seven-thirties, 99 1-8. 5-20's of 62, 104. 10-40's, 90 3.4 May coupons, 126. Gold at Boston, April 6,1271.8. A special dispatch says the Upper House Parliament of New Brunswick, yesterday of adopted, 13 to 5, the resolutions urging.con- scheme, federation, accepting the Quebec that which, together with an address asking the question of the union of the North AmeriProvinces be submitted to the action to of can the Imperial Parliament, were forwarded the Queen. Port Au Prince was visited by & destructive fire on the 19th ult. he city was built principally of wood buildings, 1000 of rendered which were destroyed, and 7,000 persons homeless. The fire, from meagre accounts, appears to have been confined to residences. BosTON, April 7. The enthusiastic Republicans of this city fired 100 guns at noon to-day, on the Senate Common, in honor of the passage by the of the Civil Rights WASHINGTON, Bill. April 7. The Intelligencer says Capt. Raphael Semwas released on his original parole, un- an mes the Johnson-Sherman convention, under order issued by the President yeaterday. The excitement of yesterday has partly subeided. The President and his friends feel that they confibeaten in Congress, and have no other are dence that they will not be beaten on in the Senate. measures When the vote is taken in the House least on the Civil Rights bill, there will be at ten votes to spare, besides two-thirds. The only Republican member of the House who is known to propose to vote against it is Brigham of Ohio. Delano from the same state, who is for & warm Mr. friend of the President, will vote the bill. The day for the volein the House is not are yet but as a large number of members that fixed, absent from Washington, it is probable it will not be done before Tuesday. The Mobile Tribune says the small pox in that-city to an alarming extent. sick still The rages Mayor and Chief of Police are both with it. Gambling is said to prevail to the a frightful unfor+ at Albany, N. Y. Among Legislature extent ones in a member of the hate tunate from New York city, who is reported month. to lost $40,000 during the past One of the elerks which employed have been in arranging transferred from letter written the rebel archives, Richmond to Washington, in . 1861 few