16976. Wilkinson & Co. (Syracuse, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 10, 1884
Location
Syracuse, New York (43.048, -76.147)

Metadata

Model
gpt-5-mini
Short Digest
808b8c65

Response Measures

None

Description

Wilkinson & Co., a private banking house in Syracuse, assigned (suspended) in early December 1884 and an assignee/receiver was appointed. Coverage attributes the failure to bad investments, losses in the iron trade, and weakened discounted paper. No newspaper describes a depositor run prior to suspension; therefore this is a suspension leading to closure/receivership.

Events (2)
1. December 10, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bad investments over about 1.5 years, heavy losses from iron trade depression and failed iron mills; discounted paper and doubtful assets insufficient to cover deposits; liabilities far exceed assets.
Newspaper Excerpt
The private banking house of Wilkinson & Co. assigned to-day.
Source
newspapers
2. December 20, 1884 Receivership
Newspaper Excerpt
Charles E. Hubbell, Assignee of Wilkinson & Co., bankers, has filed his bond. the schedule of their assets and liabilities is as follows: ... Liabilities ... $528,071.08 ... Good Assets ... $324,304.28.
Source
newspapers

Newspaper Articles (11)
1. December 11, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, December 11, 1884

Click image to open full size in new tab

Article Text

Money and Stock Market NEW YORK, December 10.-Money, 14@2 per cent; Exchange quiet; Governments strong; currency 68, 126 bid; 48, coupon, 123 % bid; 4368, do., 113% bid. Stocks opened firm and so continued during the first half hour, prices recording a fractional advance. About the first call there were rumors on the street of the impending failure of LA large banking firm in Syracuse. This caused considerable excitement on the board which was followed by a pressure to sell some leading speculative stocks, especially Lacka. wanna, St. Paul and Lake Shore. The report had hardly reached the street when it was verified by a dispatch from Syracuse announcing the assignment of Wilkinson & Co. This increased the selling, and together with the bear hammering caused prices to break ½ to nearly 3 per cent., the lowest quotations being touched shortly after mid-day. Since noon there has been a fractional recovery, but the feeting is.sthl weak and unstttled.,

2. December 11, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, December 11, 1884

Click image to open full size in new tab

Article Text

GONE DOWN IN THE WHIRL. A Private Banking House At Syracuse Goes Under. SYRACUSE, N. Y., Dec. 10.-The private banking house of Wilkinson & Co. assigned to-day. Rumors affecting the stability of the firm have been in circulation for some days and have had the effect to prepare the community for the announcement. Notwithstanding this the closing of their doors created a deep feeling of anxiety which was continued by the inability to ascertain the exact state of the firm's affairs. The preferences are over $98,000, of which the city of Syracuse is credited with $21,228.63, Onandaga county $45,520.79, the American Co-operatiue Relief association $5,176.28, the New York State asylum for idiots and the custodian asylum at Newark $12,704.94, the Syra cuse water company $9,952.26. The amount on deposit belonging to the city is covered by the preferences, as is also the amount due the county of Onondoga. The preferences cover all amounts due charitable institutions and all trusts. The liabilities of the firm will aggregate from $400,000 to $500,000. This includes $345,000 which is due to depositors, of which amount $297,000 is on individual deposits. The assets, which consist mainly of discounted paper, amount to $74,023.80, of which $20,000 is considered worthless. It is probable that the total assets will not aggregate over $140,000. If this be the case the depositors will stand a slim show of getting their money. Among the number of Syracuse firms interested are Loos, Kauffman & Co., Stearns & Co., Hawkins & Goodrich, M. Briton & Co. and Andrews Brothers. None of these deposits exceed $8,000. The embarrassment of the Wilkinsons dates back about a year and a half when bad investments began to trouble them. This weakness has continued and was intensified by the depression in the iron trade and the failure of iron mills some weeks ago. The losses in stock are said to have been $60,000 and the liability on account of iron mills is $58,000. The Metropolitan bank was their New York correspondent upto the time of that bank's failure, then th Chemical bank and E. K. William became correspondents and have so remained. nothing could be ascertained in regard to tiese relations. At the clearing house it was aid the Wilkinsons cleared satisfactorily 1st night and as far as known nothing is o ed the Syracuse banks by them.

3. December 11, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 11, 1884

Click image to open full size in new tab

Article Text

Failure of Wilkinson & Co. SYRACUSE, N. Y., Dec. 10.-The firm of Wilkinson & Co., bankers, which assigned to-day, was composed of J. Forman Wilkinson and Alfred Wilkinson. They had been established over twenty-five years, and were generally regarded as successful. They owned some of the most valuable and productive real estate in Syracuse, and although the elder brother is understood to have speculated heavily in Wall street the past two years, confidence in the firm was unshaken, and they were considered worth from $300,000 to $400,000. The firm also owns the dry goods stock of S. D. Richardson, of Syracuse. Alfred Wilkinson was a member of the wholesale iron and steel firm of Parkhurst & Wilkinson, of Chicago. The failure, is thought to involve about $400,000. The assignment prefers $98,600, including city and county deposits and trust funds. The depositors embrace many farmers, attracted by the offer of four per cent. interest. But few business firms are involved. The assets will a little more than pay the preferences.

4. December 12, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 12, 1884

Click image to open full size in new tab

Article Text

One Brick Knocks Another. STRACUSE, N. Y., Dec. 11.-Wescott & Co., brokers, made a general assignment. The Buffalo branch of the same firm is included. The Utica branch dissolved partnership yesterday. Alfred Wilkinson, of Wilkinson & Co., bankers, who suspended yesterday, was aspecial partner of Wescott. Wescott & Co.'s preferences amount to $52,000, $30,000 being to R. P: Flower, of New York, for (promissory notes and moneys loaned. Their assets are estimated at $15,000. SYRACUSE, N. Y., Dec. 11.-Spencer D. Richardson, dry goods, assigned this afternoon. Liabilities $60,000, of which $50,000 is dne to Wilkinson & Co., the failed bankers. Preferences$52,000.

5. December 12, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, December 12, 1884

Click image to open full size in new tab

Article Text

Another Fatture at Syraense. SYRACUSE (N. Y.), Dao. 11.-Westoott & Co., brokers. Have made a general sssignment. The Baffalo branch of the same firm is included ; the Ution branch dissolved partnership yesterday. Alfred Wilkinson, of Wilkinson & Co., bankers, who suspended yesterdav. was & special partner. Westcott & Co.'s preferences amount to $52,000-$31,000 to Roswell P. Flower of New York on a promissory note for money loans. The liabilities are estimate d at $100,000. in fews

6. December 12, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 12, 1884

Click image to open full size in new tab

Article Text

Another Failure at Syracuse. SYRACUSE, N. Y., Dec. 11.-Westeott & Co., brokers, have made a general assignment. The Buffaio branch of the same firm is included; the Utica branch dissolved partnership yesterday. Alfred Wilkinson, of Wilkinson & Co., bankers, who suspended yesterday, was a special partner of Westcott's. Westcott & Co.'s preferences amount to $52,000. $30,000 of which is due to Roswell P. Flower on a promissory note for money loaned. The liabilities are estimated at $60,000. Spencer D. Richardson, dealer in dry goods, assigned this afternoon. Liabilities $600,000, of which $50,000 is due to Wilkinson & Co., the failed bankers; preferences $52,000.

7. December 12, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 12, 1884

Click image to open full size in new tab

Article Text

# Down They Go. SYRACUSE, N. Y., December 11.—Wescott & Co., brokers, have made a general assignment. The Buffalo branch of the same firm is included. The Utica branch dissolved partnership yesterday. Alfred Wilkinson, of Wilkinson & Co., bankers, who suspended yesterday, was a special partner of Wescott. Wescott & Co's preferences amount to $52,000-$30,000 to Roswell P. Flower, of New York, and a promissory note, moneys and loans. The liabilities are estimated at $100,000.

8. December 18, 1884 The Bad Lands Cow Boy Little Missouri, Medora, ND
Article from The Bad Lands Cow Boy, December 18, 1884

Click image to open full size in new tab

Article Text

Miscellaneous News Notes. The week's failures numbered 316 against 296 the week previous. An artesian well at White Plains, Nev., has reached a depth of 2,100 feet, or more than one-third of a mile. Senator Hill of Colorado says if Secretary Teller is the author of the stories against him, he is an infamous liar. The "Mrs. Mary Arch," wife of a wealthy farmer of Quogue, N. Y., who eloped with a negro, was an Indian squaw and her husband is a half-breed. Hon. John M. Glover, member-elect from Missouri, has been notified that his seat in the house will be contested by Dr. John McLean, his Republican opponent. The St. Louis Globe-Democrat news editor who has just fallen heir to $100,000, was the fellow who headlined a brace of negro executions, "Chocolate Drops." In a breach of promise case at Streator, Ill., the other day, the fair plaintiff testified that "kissing always began at 9 in the evening and lasted until 3 o'clock next morning." Spencer D. Richardson, dry goods at Syracuse assigned recently. Liabilities $60,000, of which $50,000 is due Wilkinson & Co., the failed bankers. Preferences, $52,000, Chauncey Pulsefer, formerly manager of

9. December 20, 1884 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, December 20, 1884

Click image to open full size in new tab

Article Text

Miscellaneous News Notes. The week's failures numbered 316 against 296 the week previous. An artesian well at White Plains, Nev., has reached a depth of 2,100 feet, or more than one-third of a mile. Senator Hill of Colorado says if Secretary Teller is the author of the stories against him, he is an infamous liar. The "Mrs. Mary Arch," wife of a wealthy farmer of Quogue, N. Y., who eloped with a negro, was an Indian squaw and her husband is a half-breed. Hon. John M. Glover, member-elect from Missouri, has been notified that his seat in the house will be contested by Dr. John McLean, his Republican opponent. The St. Louis Globe-Democrat news editor who has just fallen heir to $100,000, was the fellow who headlined a brace of negro executions, "Chocolate Drops." In a breach of promise case at Streator, Ill., the other day, the fair plaintiff testified that "kissing always began at 9 in the evening and lasted until 3 o'clock next morning." Spencer D. Richardson, dry goods at Syracuse assigned recently. Liabilities $60,000, of which $50,000 is due Wilkinson & Co., the failed bankers. Preferences, $52,000. Chauncey Pulsefer, formerly manager of

10. December 21, 1884 The Sun New York, NY
Article from The Sun, December 21, 1884

Click image to open full size in new tab

Article Text

THE SYRACUSE BANK FAILURE. Warrants for the Arrest of the WilkinsoneTheir Assets and Liabilities. SYRACUSE, Dec. 20.-To-day the police magistrate issued a warrant for the arrest of Alfred Wilkinson and J. Forman Wilkinson. the bankers who recently suspended. in which they are charged with larceny in the second degree. The warrant is returnable on Monday. and the defendants have been notified to appear. Albertus C. Johnson. the complainant. alleges that on the day before their assignment. he bought of Wilkinson & Co. a draft on the Chemical Bank of New York, which has been returned unpaid. Charles E. Hubbell, ASsignee of Wilkinson & Co., bankers, has flied his bond. and the schedule of their assets and liabilities is as follows: Liabiltties-Preferred creditors. preferred creditors other than depositors, $248,557.11 depositors, $182,817.68; total, $528,071.08 Good Assets-Real estate. $42,970: land contracts, $20,083.92 bonds and mortgages. $12,000 office furniture, $595: rents, $7,005: collateral held by Willard & Co., $101,034.95: other securities, $73,870; discount. ed notes, $21,056.93: county and town orders, $1,026.27: overdrafts, $1,686.30: collection accounts. $5,228.03; due from other banks, $930.36 past due notes, $12.037.93; Iron Works Company bonds. $1,800: Richardson estate, $24,000; E. B. Van Dusen estate, $1,732 John Dunn. Jr., $4,174.22: total. $324,304.28. To these assets are to be added such amounts as may be good of the doubtful overdrafts, amounting to $21,851.67. and the doubtful discounts. amounting to $25,124.41. To the liabilities will be added such rediscounted bills as may be unpaid, and there also are claims by individuals growing out of stock transactions, the amount of which is not ascertained. Alfred Wilkinson. Jr., has also qualified as assignee of Richardson & Co., merchants, whose total liabilities are $55,051.96, and the assets, $39,994.92.

11. March 7, 1885 New-York Tribune New York, NY
Article from New-York Tribune, March 7, 1885

Click image to open full size in new tab

Article Text

SYRACUSE. A POSSIBLE DEADLOCK-MURDERS DUE TO INTOLERANCE-TROTTERS SOLD. [BY TELEGRAPH TO THE TRIBUNE. 1 SYRACUSE, March 6.-The organization of the new city government under the revised charter, and with the Common Council tied, is attended with some frie tion. The Mayor has the power to appoint and council approves the bonds of appointees. A majority of the count cil cannot be obtained without a compromise on patronage. A lively contest is expected, perhaps a deadlock. The annual report of the Shelter for Homeless Women shows that sixteen girls have been cared for at the expense of $15 50. Albert Sparks and wife narrowly escaped suffocation from coal on gas Monday. The recent murders of Italians in this vicinity are be lieved to be due to religious intolerance. The mystert ous double murder at Savannah, Wayne County, the OM at Baldwinsville, Onondaga County, and others along the Hudson River are all believed to have the sand origin. A reunion of Veterans of the "Old Twelfth" New York Volunteers was held on Wednesday and a perms nent organization made. There are only 127 survivors It was the first regiment to go to the war from this see tion in 1861. The school moneys appropriated to Opondage County for common schools amounted to $73,607 of which $29,597 goes to the city, Ata meeting of citizens in the interest of the new Young Men's Christian Asso clation Building, measures were adopted to raise funds to complete the building without debt. The school children have been enjoying sleigh rides for R fortnight by the generosity of Alderman Listman Half a dozen ice wagons filled with children made things lively. New judgments'against the suspended banking firm of Wilkinson & Co.. are entered daily. The examination of R. N. Gero continues to interest the public, A w ceiver has been appointed for the bankrupt American Chemical Company. The affairs of Richardson still under investigation. A large sale of blooded horses was made to Now-York parties Wednesday, among them the famous trottas Billy Gray. record 2:25; Jimmy B. record 2:22: John Signer, record 2:30 and half a dozen others, all fant trotters. At last the Syracuse, Phonnix and Oswego Railway was promises to become a reality. The new company organized on Monday. The road will be built and eeg pied as soon as possible. It is hoped to have treis running in July. Six Byracusans have recently secured letters patent inventions. Among them are a dentist's tool rac wagon body support, seven patente for shoe and clasps, two for dessicating apparatus and linings furnace grooves. Several others were granted neighboring planes. The salary of the Chief of Police has been increased $150 a month. numberly Death has been busy in the last week, venem among bia victime the Rev, E. a. Brown. Benedict Methodist elergyman, James