Article Text
Failure in Cincinnati By Associated Press. CINCINNATI, Ohio, May 25.-Holzman & Co., bankers and brokers, members of the New York stock exchange, assigned today. Assets and liabilities are about equal, $100,000.
17243. Holzman & Co. (Cincinnati, OH)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- private
- Start Date
- May 25, 1905
- Location
- Cincinnati, Ohio (39.103, -84.515)
Metadata
- Model
- gpt-5-mini
- Short Digest
781a52d3
Response Measures
None
Other: Assigned to Lepman & Levi; receiver appointed and later declared bankrupt.
Description
Holzman & Co., bankers and brokers, assigned May 25, 1905 after heavy withdrawals tied to rumors about the German National Bank and a run on the Union Trust Company. Receiver appointed May 27; later declared bankrupt in late June 1905. Sequence: deposit withdrawals/run → assignment/suspension → receivership and bankruptcy (permanent closure).
Events (4)
1.
May 25, 1905
Run
- Cause
- Local Banks
- Cause Details
- Withdrawals triggered by a run on the Union Trust Company and related rumors about the German National Bank; accounts withdrawn en masse.
- Measures
- None reported specific to stopping withdrawals; firm assigned to Lepman & Levi (assignment) following withdrawals.
- Newspaper Excerpt
- Our failure is caused by the rumors connected with the German National Bank affairs and the run on the Union Trust Company and the withdrawal of Mr. Feder... These causes produced the withdrawal of many accounts.
- Source
- newspapers
2.
May 25, 1905
Suspension
- Cause
- Local Banks
- Cause Details
- Assignment (effectively suspension of normal business) followed heavy withdrawals caused by run on Union Trust and related rumors.
- Newspaper Excerpt
- Holzman & Co., bankers and brokers, assigned today. ... assigned to Lepman & Levi.
- Source
- newspapers
3.
May 27, 1905
Other
- Newspaper Excerpt
- H. P. Boyden ... was appointed receiver for Holzman & Co., bankers and brokers, Friday, by United States Judge Thompson, bond being fixed at $200000. While no regular statement has yet been issued, Mr. Holzman says the firm's liabilities are about $190,000 ... the firm can eventually pay all claims in full. CINCINNATI, June -Holzman & Co., brokers and bankers, who recently assigned, were to-day declared bankrupt by the United States Court.
- Source
- newspapers
4.
June 26, 1905
Receivership
- Newspaper Excerpt
- CINCINNATI, June -Holzman & Co., brokers and bankers, who recently assigned, were to-day declared bankrupt by the United States Court.
- Source
- newspapers
Newspaper Articles (10)
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THE WORLD'S NEWS WASHINGTON. J. A. Brown, a fruit grower of North Carolina, said that the Armour Private Car Line had voluntarily assumed responsibility for damage done to the berry growers because of the failure to supply a sufficient number of cars, and had reduced the rate several times. PENNSYLVANIA. ExJudge John K. Ewing was run over and killed by a railroad train at Uniontown. Mayor William H. Berry, of Chester, indicated his intention to accept the Democratic nomination for State Treasurer, and to lead an aggressive campaign against the State political machine. FOREIGN. Reports from Canada of deportation of Americans in the service of the Pere Marquette were based on a report which declared there was discrimination against Canadian. The Judge named had no power to deport. The Hungarian Diet is considering a bill to restrict emigration. SPORTING. Dehlt, a Ben Brush colt, carrying Keene's colors, won the classic Brooklyn Handicap. A flood of wagers followed the favorite to the post. Muddy track caused the postponement of the Fireball Dishabille race at St. Louis. MISCELLANEOUS Bothwell Pulford, a wealthy citizen of Savannah, III., committed suicide when questoned concerning the whereabouts of his revolver, with which he was suspected of killing Daniel S. Berry. There was a chain of bank failures and suspensions yesterday, Burnett, Cummings & Co., of Boston, failed: the Oakdale Bank, of California, suspended indefinitely; the People's Deposit Bank, of Mineral City, O., suspended, and Holzman & Co., bankers and brokers, of Cincinnati, assigned. William Nelson Cromwell, who has been trying to bring the warring factions of the Equitable Life Assurance Society to terms, called on President Roosevelt to enlist his support for a self-perpetuating board of trustees, and urged Federal control of insurance. Charles G. Magoon took the oath of office as Governor of the Canal Zone. The breach of promise suit of Mrs. Katherine Paillon against W. Gould Brokaw, a millionaire yachtman, was settled out of court, the amount paid being reported at $30,000. although Mrs. Poillon sued for $250,000. The Ohio Republican convention nominated its candidates for the fall campaign by acclamation. In accepting the renomination Governor Herrick declared that the party stood squarely with Roosevelt. He inveighed against the professional lobby, which he declared he would endeavor to oust from Ohio. Reports from incoming steamers showed that on May 21 the American yacht Atlantic was probably leading the German yacht Hamburg by eight hours, in the International ocean race. The Chicago strike spread only a little, and there was a minimum of disorder. No new efforts for peace were inaugurated.
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Made an Assignment. Cincinnati, May 25.-Holzman & Co., bankers and brokers, and members of the New York stock exchange, assigned today. Assets and liabilities are about equal, $100,000.
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Cincinnati, May 25.-Holzman & Co. bankers and brokers and members of the New York stock exchange, assigned today. Assets and liabilities are about equal, $100,000.
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CINCINNATI BROKERS ASSIGN. 1 Holzman & Co., Members of Exchange, Hope to Resume Soon. Cincinnati, May 25.-Holzman & Co., bankers and brokers in the Union Trust Building and members of the New-York Stock Exchange, assigned to-day to Lepman & Levi. Alfred Holzman, a member of the firm, says: Our assets and liabilities are about $100,000 each. We hope to resume business, and will do so if we get a fair settlement. Our failure is caused by the rumors connected with the German National Bank affairs and the run on the Union Trust Company and the withdrawal of Mr. Feder. I should judge, at a rough estimate. that we are debtor of Cincinnati banks to about $70,000. These amounts, however, are fully secured by the best of stocks. The primary cause of our failure is the failure of a number of our patrons to make good their accounts. We have been carrying about $70,000 in such accounts, all of which we considered good. Among the assets which we have is the seat in the NewYork Stock Exchange, which is worth $80,000; a seat in the Chicago Board of Trade, worth $5,000, and a seat In the Chicago Stock Exchange, worth $2,000. Every cent I have is in the firm.
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At Cincinnati Holzman & Co., bankers and brokers and members of the New York Stock exchange, assigned to Lepman & Levi.
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Receiver Named. Cincinnati, May 27.-H. P. Boyden, former city auditor, was appointed receiver for Holzman & Co., bankers and brokers, Friday, by United States Judge Thompson, bond being fixed at $200000. While no regular statement has yet been issued, Mr. Holzman says the firm's liabilities are about $190,000 and that the firm can eventually pay all claims in full.
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# PANORAMA OF THE WORLD ABOUT THAT WHICH HAS BEEN AND IS TO BE. All Sides and Conditions of Things are Shown. Nothing Overlooked to make it Complete. Cincinnati Brokerage Firm Fails. Holzman & Co., bankers and brokers, in the Union Trust building, Cincinnati, Ohio, and members of the New York Stock Exchange, assigned to Lipman & Levi. Alfred Holzman, a member of the firm, says the assets and liabilities are about equal-$100,000. He attributes the embarrassment to rumors concerning the loss of $55,000 from the reserve fund of the German National bank, the recent run on the Union Trust Company bank and the withdrawal of a former partner. Their main indebtedness is to Cincinnati banks and is amply secured. The causes above mentioned produced the withdrawal of many accounts.
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Receiver Named. Cincinnati, May 27.-H. P. Boyden, former city auditor, was appointed receiver for Holzman & Co., bankers and brokers, Friday, by United States Judge Thompson, bond being fixed at $200000. While no regular statement has yet been issued, Mr. Holzman says the firm's liabilities are about $190,000 and that the firm can eventually pay all claims in full.
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Knight, Donnelly. & Co. Forced Into Bankruptcy. Closing Grain Prices Show Net Liabilities of $150,000. Belief That the Collapse Will Not Seriously Affect the Stock Markets. CHICAGO. June 26.-Knight, Donnelly & Co., one of the most widely known grain and stock brokerage firms in the West and of reputed financial standing throughout the business world, became involved in involutary bankruptcy proceedings in the United States District Court late this afternoon. The petitioning creditors, with claims amounting to $16,000 filed the petition before Judge Landis, and Edward C. Potter was appointed receiver, in bonds of $100,000. The bankruptcy proceedings are believed to be friendly because of the presence in court of Attorney Silas H. Strawn, representing R. H. Donnelly, one of the members of the firm. The case was carried through the court burriedly, and after the proceedings wel. completed but little information could be obtained from those interested. According to the petition of the receiver. there is $250,000 outstanding in va. rious kinds of grain, stock and bond transactions. Attorney Whitney, for the brokerage firm. declared to-night that the failure would cause little excitement on the Chicago Board of Trade or the New York Stock Exchange to-morrow morning. as the trades were so evenly balaficed that the transactions on the long side of the market would to a great extent offset the trades on the short side. "For every transaction made by the firm," said Whitney, "the Chicago banks hold collateral. and if the banks sell out at the present market price money will be gained instead of lost. The petition for the appointment of a receiver sets forth that if an attempt be not immediately made to realize on the $250,000 worth of transactions the deal will necessarily have to be closed out at a great sacrifice. R. H. Donnelly, senior member of the firm. declared to-night that no one would be harmed financially, but he refused to give any reason for the failure of the company. He said: "As newtly as I can estimate to-night, our liabilities are about $250,000 and our assets about $100,000. This estimate is made by taking as a basis the closing prices of stocks and grain to-day. As soon as Receiver Potter cleans up our affairs the firm of Knight, Donnelly & Co. will be dissolved. The firm had wires running to New York, St. Louis and other leauing financial centers of the country. TERRE HAUTE, Ind., June 26.-The Vigo County National Bank issued the statement -day that Cashier Conzmanthes has resigned and that a shortage of about $16,000 had been discovered in his accounts. Conzmanthes has turned over securities amounting to $60,000. Later a "run" upon the bank was started, but all demands for deposits were promptly met. PHILADELPHIA, June 26.-J. Hampton Moore was to-day appointed permanent receiver for the City Trust Safe Deposit and Surety Company of this city. Moore was formerly chief of the Bureau of Manufactures in Washington, and became president of the City Trust three weeks ago. CLINTON, Mo., June 26.-The Circuit Court to-day appointed John B. Egger, a banker of Appleton City, receiver of the closed Salmon Bank Cashier Thomas M. Caste who was arrested yesterday, charged with forgery, is ill at his home, under guard. CINCINNATI, June -Holzman & Co., brokers and bankers, who recently assigned, were to-day declared bankrupt by the United States Court.