17641. A. G. Bentley & Co. (Niles, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
July 27, 1883
Location
Niles, Ohio (41.183, -80.765)

Metadata

Model
gpt-5-mini
Short Digest
0c083230

Response Measures

Full suspension

Other: Bank made an assignment to H. T. Mason (receiver/assignee).

Description

Multiple contemporaneous articles (dated July 27–31, 1883) report a run by creditors/depositors on A. G. Bentley & Co. after the failure/assignment of the Ward Iron Company. The bank closed its doors, assigned to H. T. Mason, and a receiver was reported appointed. No articles describe a reopening; assignment/receiver indicates permanent closure.

Events (3)
1. July 27, 1883 Receivership
Newspaper Excerpt
The appointment of a receiver for the banking-house of A. G. Bentley & Co., caused much more surprise, and it was not until after the report had been confirmed that it was given any credence.
Source
newspapers
2. July 27, 1883 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors/creditors rushed the bank after the Ward Iron Company made an assignment; Bentley & Co. held about $40,000 of the company's protested paper.
Measures
Closed its doors to stem withdrawals; later made assignment to H. T. Mason (to protect itself).
Newspaper Excerpt
The banking house of A. G. Bentley & Co., of Niles, closed its doors yesterday on account of the run on it by the creditors of the Ward Iron Company
Source
newspapers
3. July 27, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payments/closed after the Ward Iron Company's collapse because it held large protested paper (about $40,000) of the failed company.
Newspaper Excerpt
The Rush was so great that the bank was obliged to close its doors about ten o'clock, and shortly afterward made an assignment to H.T. Mason.
Source
newspapers

Newspaper Articles (10)
1. July 28, 1883 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 28, 1883

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Article Text

BUSINESS DIFFICULTIES Second Heavy Failure of the Ward Iron Company, of Ohio. CLEVELAND, July 27. - -The Ward Iron Company, of Niles and New Philadelphia, has failed. The liabilities are estimated at $300,000; the available assets are said to be less than $5,000. The company consists of Mrs. Eliza Ward, mother of James Ward. The company employed about one hundred men, and operated the mills in Niles bought on contract from. and now reverting to, Cleveland, Brown & Co., of this city; also, a mill in New Philadelphia costing $150,000, which will be involved in litigation, as the site and $40,000 were given by the town of New Philadelphia, to be deeded to the company after completion, and whenever 250 men should be employed, which part of the contract the company has not fulfilled. The rolling-mill in Niles owned by Mrs. L. B. Ward, wife of James Ward, is said to be involved, but she is a daughter of the late George H. Brown, the Pittsburg millionaire, and has property to meet all liabilities. James Ward failed in 1873, and has been since managing the business for his mother and wife. The banking house of A. G. Bentley & Co., of Niles, closed its doors yesterday on account of the run on it by the creditors of the Ward Iron Company, but it is supposed to be able to meet all liabilities, having as collateral the personal checks of Mrs. L. B. Ward.

2. July 28, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 28, 1883

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FINANCIAL DISASTER Important Failure atlNiles, O.-Liabilities $500,000-500 Men Out of Work. NILES, O., July 27.-Eliza Ward, doing business as the Ward Iron Company, at this place and New Philadelphia, made an assignment to R. W. Ratliff and John W. Steele. A run followed on A. G. Bentley's bank, known to be holding Mrs. Ward's paper, and it made assignment also to H. T. Mason. It is estimated that the Ward Iron Company's liabilities are $500.000. The mill here closed yesterday. The mill at New Philadelphia has been closed some time." Over 500 men are thrown out of employment. James Ward, the husband of Eliza Ward, failed in 1873 for a large amount, and failed again four years ago, since which time the business has been in the name of his wife. CLEVELAND, O., July 27.-Later estimates place the liabilities of the Ward Iron Com. pany at $300,000, while the available assets are said to be less than $5000. The company consists of Mrs. Eliza Ward, the mother, not the wife of James Ward. The mills in Niles were bought on contract from and revert to Cleveland, Brown & Co., of Cleveland. The mil in New Philadelphia which cost $150,000 will be involved in litigation as the site and $40,000 were given by the town of New Philadelphia to be deeded to the company after completion and whenever 250 men should be employed, which part of the contract the company nas never falfilled. The rolling adilla in Niles, owned by L. B. Ward, wife of James Ward, are said to be involved, but she 18 the daughter of the late Geo. H. Brown, the Pittsburg millionaire, and has property to meet all liabilities. Since 1873 James Ward has been managing business for his mother and his wife. The banking house of A. G. Bently & Co., at Niles is supposed to be able to meet all its liabilities, having as collateral the personal checks of Mrs. L. B. Ward.

3. July 28, 1883 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 28, 1883

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ANOTHER CRASH Occasioned by the Failure of the Ward Iron Company nt Nitex, v. NILES, O., July 27.-Elisa Ward, doing bvsiness as the Ward Iron Company, with large works at this place and New Philadelphia, made an assignment to R. W. Ratliff and John Stull this morning. The liabilities are not yet known, but it is generally understood that they will be nearly as large as Ward's tailure in 1873. A.G. Bentley & Co., bankers, hold checks to the amount of $40,000, and were compelled to close their doors this morning on account of the depositors making a run on the bank as soon as the tailure was made known. AT WARREN. WARREN, July 27. --The - Ward Iron Company, of Niles, made an assignment this morning for the benefit of its creditors. The news spread like wildfire. A rush was made for Bentley's Bank by the depositors, and they ceased not their demands until over $16,000 in currency had passed over the counters into depositors' hands. The end is not yet; other business houses will suffer. Up to writing this we have been unable to learn the cause of the failure. It is reported that recent heavy investments in the New Philadelphia mill is the reason. R. W. Ratliff and John M. Stall were aupointed assignees of Eliea Ward, the owner of the works at Niles, butthey were unable to give any information as to assets and liabilities. The Ward Iron Works was Niles' leading industry. Merchants in this city will suffer by the failure, although not very extensively. WHO SUFFER AT YOUNGSTOWN. YOUNGSTOWN, July 27.-The failure of the Ward Iron Company at Niles to day did not cause much excitement here, as it was rather expected among the mill-owners and banks. His past business record was such as to make them very guarded, and nearly all dealings with the company were on a strict cash basis. A careful inquiry at the banks Here shows that they will lose nothing, and the same is true with the iron companies. The Nimrod Farnace Company have been selling them some pig, but the account is about squared, as is also that with Booth, Miller & Co., who have made the mill mechinery for them. The appointment of a receiver for the banking-house of A. G. Bentley & Co., caused much more surprise, and it was not until after the report had been confirmed that it was given any credence. There is but little of their paper held here, and Youngstown capitalists will not suffer much. A FEATURE OF THE FAILURE. CLEVELAND, 0, July 27.-As n sequence of the failure of the Ward Iron Company, Church & McFarland's store has been taken possession of by the creditors, and Dalzell & C. assigned to L. B. Ward. The Russia Sheet Iron Mill sbut down to:day at noon. Vicious threats were made against James Ward, who has not been found for some days, The opinion is divided whether he hasfled or is secreted. The cause of the failure was the running of the works at a loss rather than throw a large number of men out of employment. It is claimed that Mrs. L. B. Ward put into the concern the last six months fifty thousand dollars of the fortune she inherited.

4. July 28, 1883 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 28, 1883

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Article Text

A BIG FAILURE. The Ward Iron Company's CollapseHow 18 Was Brought About-A Great Eash at the Banks. NILES, 0., July 27:-Considerable excite ment was created yesterday morning, when it became known that the Ward Iron Company, proprietors of the large mill at this place and also of a new. mill at New Philadelphia, o, had made an assignment to R. M. Ratliff and John M. Stull. It is learned that the assignment was caused by the Ward Iron Company's paper going to protest here and at Pittsburgh. What the extent of the liabilities are it is yet impossible to learn. but it is estimated by competent authority that they will reach nearly a half million of dollars. It has been known in business circles for some time that the Ward Iron Company was greatly embarrassed, and a suspension of business was looked for at almost any time. Last Saturday they made a pay of $9,000, and it was then thought that they would pull through another month. The assets will probably be very small. When the failure was made known. depositors made a rush for the banking house of A. G. Bentley & Co., that was known to be handling considerable of the Ward Iron Co.'s paper The Rush was so great that the bank was obliged to close its doors about ten o'clock, and short. ly afterward made an assignment to H.T. Mason. Mr. Bentley states that they held the company's protested paper for $40,000, and will he ready to open again as.soon as these checks are paid. It is also learned that they are secured by property, and will probably resume business after the Ward Iron company's matters are more definitely arranged. Church & McFarland, who have been handling Ward Iron company's orders, considered it best to close their doors at noon until affairs are settled. They have made no assignment, and expect to close up in a few days. Mr. James Ward, who is manager and principal stockholder of the firm, made a bad failure in 1873, the amount of the Habilities being at that time $1,700,000. His assignees were John Stambaugh, J. R. Grist B.P. Jamison, the former of this city and the two latter of Warren, O. The estate, when settled up, did not pay three per cent of the liabilities. More Diffenity. CLEVELAND July 27.-As a sequence of the failure of the Ward Iron Company, Church & McFarland's store has been taken possession of by creditors, and Dalzell Co. have assigned. 1. B. Ward's Russia sheet iron mill shut down to day at noon. Vicious threats are made against James Ward, who has not been seen for some days. The opinion is divided as to whether he has ited or is secreted. The cause of the failure was running the works at a los rather than to throw A large number of men out of employment. It is claimed that Mrs 1. B Ward put into the concern in the last six months fifty thousand dol. lars of a fortune she inherited

5. July 28, 1883 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, July 28, 1883

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A 8800,000 Failure. CLEVELAND July 27. The Ward Iron company of Niles and New Philadelphia, has failed, liabilities estimated at $300,000. The available assets are said to be less than $5,000. The company consists of Mrs. Eltza Ward, mother of James Ward. The company employed about 400 men who operated mills in Niles, bought on contract from, and now reverting to, Cleveland, Brown & Co., this city. They also operated a mill in New Philadelphia, costing $150,000. which will be involved in litigation, as the site and $40,000 were given by the town of New Philadelphia to be deeded to the company after the completion and whenever 250 men should be employed, which part of contract the company has not fulfilled. The rolling mill in Niks owned by Mrs. L. R. Ward, the wife of James Ward, is said to be involved, but she is said to be the daughter of the late George H. Brown, the Pittsburg millionaire, and has property to meet all liabilities. James Ward failed in 1873. He has since been managing business for his mother and wife. The banking house of A. G. Bentley & Co., Niles, closed doors yesterday on account of a run on tt by the creditors of the Ward Iron company, but it is supposed to be able to meet all liabilities, having as collateral personal checks of Mrs. L. B. Ward.

6. July 31, 1883 New-York Tribune New York, NY
Article from New-York Tribune, July 31, 1883

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OTHER BUSINESS EMBARRASSMENTS NILES, Ohio, July 30.-A. G. Bentley & Co., bankers, who, it has been reported, held about $40,000 of the Ward Iron Company's paper, have assigned. A run was started on the bank, which, to protect itself, assigned to H. T. Mason, of Cleveland. SAN FRANCISCO. July 30.-Francis G. Edwards, car pets. has made an assignment for the benefit of his creditors. His liabilities will probably amount 10 $75,000, and his assets to $70,000. INDIANAPOLIS. July 30.-B. W. Cole, dry goods merchant. 18 reported to have assigned. The liabilities are reported at about $35,000. BOSTON, July 30.-F. Shaw & Brothers, hide and leather dealers, are reported to have assigned. No parHealars are given. but they have been regarded as worth from half a million dollars upward. They have been established over thirty years and had a branch at Montreal. PORTLAND, Me., July 30.-At smeeting of the creditors of the Stanton Steam Mills Company to-day the company's liabilities were stated to be $90,000, contingent liabilities $26,500 and assets between $50,000 and $60,000. The creditors voted to accept 25 per cent of their claims, payable in notes for two, four and six months, with good indorsers, with interest, and the re. maining 25 pe cent in notes of the company running one and two years. CHICAGO, July 30.-Joseph Pratt, of the Joseph Pratt Company. wholesale manufacturers of boots and shoes, of this city, has made air assignment. No schedule has been filed. The habities are estimated at from $75,000 to $100,000; assets estimated at from $30,000 to $50. 000. He operates a factory at Michigan City, Ind., with convict labor.

7. August 2, 1883 The Democratic Press Ravenna, OH
Article from The Democratic Press, August 2, 1883

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THE Ward Iron Company, doing business at Niles and New Philadelphia, it is reported have made an assignment on Thursday. Liabilities heavy. At the same time A. G. Bentley & Co., doing a banking business at Niles, and holding about $40,000 of the Iron Company's checks, assigned. Much excitement exists at Niles, Youngstown, Warren and other towns on account of the failure.

8. August 2, 1883 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, August 2, 1883

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A COLLAPSE Of an Iron Concern Run by Women. CLEVELAND, O., July 27. - The Ward Iron company, of Niles and New Philadelphia, has failed; liabilities estimated at $300,000, and available assets said to be less than $5000. The company consists of Mrs. Eliza Ward, mother of James Ward, and employed about 400 men, operating mills in Niles bought on contract from and now reverting to Cleveland, Brown & Co., of this city, and also a mill in New Philadelphia costing $150,000, which will be involved in litigation, as the site and $40,000 were given by the town of New Philadelphia to be deeded to the company after the completion, and when ever 250 men should be employed. Part of the contract the company has not fulfilled. The rolling mill in Niles, owned by Mrs. L. B. Ward, wife of James Ward, is said to be involved, but the daughter of the late George H. Brown, the Pittsburg millionaire, has property to meet all liabilities. Mr. Ward failed in 1873, and has since been managing the business for his mother and wife. The banking house of A, G. Bentley & Co., at Niles, closed its doors yesterday on account of the run on it by the creditors of the Ward Iron company, but it is supposed to be able to meet all liabilities, having as collateral personal stocks of Mrs. L. B. Ward. CLEVELAND, Q., July 27.-As a sequence of the failure of the Ward iron company, Church & McFarland's store has been taken possession of by creditors, and Dalzelle & Co. have assigned. L. B. Ward's Russia sheet iron mill shut down to-day. Various threats are madeagainst James Ward, who has not been found for some days. Opinion is divided as to whether he has fled or is secreted. The cause of the failure was running the works at a loss rather than throw a large number of men out of employment. It is claimed that Mrs. L. B. Ward put into the concern in the last six months $50,000 of a fortune she inherited.

9. August 8, 1883 Delta Chief Delta, CO
Article from Delta Chief, August 8, 1883

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There have been 11,000 deaths from cholera since the recent outbreak of that disease. The telephone line between Washington and Baltimore was opened on the 24th, and worked admirably. Hanlan was winner in the boat races at Minnetonka on the 2d against Teemer, Lee, Plaisted, Hosmer and Riley. Nine of the fourteen prisoners in the Berrien Mich., county jail, escaped on the 28th through a tunnel under the cells. Kansas dispatches state that nearly all kinds of crops in that state will be unusually heavy this year. The corn crop of last year was 160,000,000, and it will be exceeded this. O'Donnell, who killed Carey, the informer, was committed at Capetown for trial on the charge of willful murder. In the ordinary course of events he will be tried at the Port Elizabeth assizes in October. The long dead-lock in the New Hampshire legislature was broken on the 1st, and Austin J. Pike elected United States senator. Pike is sixty-three years old, a lawyer in active practice, and has been a representative in Congress. Uncle Sam is getting even with England by an order that all the neat cattle arriving in the United States from any part of the world except North and South America shall be subjected to a quarantine of ninety days, counting from date of shipment. The Democratic state convention at St. Paul, Minnesota, nominated the following ticket on the 2d: Governor-W. W. McNair: Lieutenant Governor-R. S. Fraze: Secretary of State-J. J. Green; Treasurer-John Ludwig; Attorney General-J. W. Willis; Railroad Commissioner-P. Lindholm. There has recently been transfered from the War Department to the Abandoned Property division of the Treasury Department a large quantity of Confederate scrip, bonds, etc., representing several millions of dollars, which it is said will be macerated and converted into pulp on the order of Secretary Folger. The Cologne Gazette reports two German artists killed in the Ischia disaster. The same paper estimates that 8,000 perished on the island. A Naples dispatch says that seven Englishmen were killed. It has been ascertained that Miss Van Allen, who was mentioned among the injured, is a resident of San Francisco. Charley Ford, one of the notorious Ford brothers, and the slayer of Jesse James, was arrested at Kansas City on the 2d, on an old indictment for the Blue Cut train robbery. It is generally believed that the state can bring strong proof against the prisoner in the testimony of Dick Liddel, member of the gang, and Express Messenger Fox, who was disabled during the attack upon the train. The Ward Iron Company, of Niles, and New Philadelphia, Ohio, has failed. Their liabilities are estimated at $300,000, and their available assets are said to be less than $5,000. They employed 400 men. The bank of A. G. Bentley & Co., of Niles, closed its doors on account of a run on it by the creditors of the Ward Iron Company, but it is supposed to be able to meet all its liabilities. An Atlanta, Ga., dispatch of August 3d says: A large and enthusiastic meeting of the best citizens of Banks and Jackson counties was held at Maysville last night to take action with regard to the raids of a lot of lawless persons upon negro houses and whipping and shooting the negroes. A strong tone condemning such violence was evident. For some weeks past th has been a gang of Kuklux in the vicinity of Mayeville, who have been committing outrages. Several negroes have abandoned their houses, and it is feared have been killed. Some murders have been reported, but the truth is not known, as many conflicting stories are told. Indiana Draduanm

10. August 15, 1883 Delta Chief Delta, CO
Article from Delta Chief, August 15, 1883

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etc., representing several millions of dollars, which it is said will be macerated and converted into pulp on the order of Secretary Folger. The Cologne Gazette reports two German artists killed in the Ischia disaster. The ) same paper estimates that 8,000 perished on the Island. A Naples dispatch says that seven Englishmen were killed. It has been ascertained that Miss Van Allen, who was mentioned among the injured, is a resident of San Francisco. The American Forestry Congress met at St. Paul on the 8th. Hon. Geo. B. Loring was elected president for the ensuing year, and resolutions were passed for the calling of a special meeting at Washington next winter of the representatives of all associations and institutions devoted to the interest of forestry. The Wichita, Kas., Eagle is in receipt of information from Red Fork, Indian Territory, the present headquarters of the Oklahoma invaders, under date of August 2d, which says that there are 600 people located at that point. The Eagle informer writes that the officer's at Fort Reno have orders to let the settlers remain, or at least that is the impression of the settlers. George Kellogg, a convict in the Joliet, Ill., penitentiary at work at a wire-drawing machine, committed suicide on the 8th by throwing a coil of wire round his neck, suffering himself to be drawn against the machine and the wire imbedded into his neck. Just before committing the deed he went to the boss and said: "I am the man who committed the double murder at Atlanta, Illinois." The Ward Iron Company, of Niles, and New Philadeiphia, Ohio, has failed. Their liabilities are estimated at $300,000, and their available assets are said to be less than $5,000. They employed 400 men. The bank of A. G. Bentley & Co., of Niles, closed its doors on account of a run on it by the creditors of the Ward Iron Company, but it is supposed to be able to meet all its liabilities. The Department of Agriculture has issued the following report for August 1st.:The August cotton returns are less favorable than for July. The general average of condition has fallen to 84 from 90 in July. Corn shows an improvement in condition from 88 to 89 per cent of a perfect crop average. The condition of spring wheat for August 1 is 97. the same as in 1882, but higher than at any previous August since 1877. It is certain a shortage exists which will require all the surplus of last year. The condition of oats is 100, barley 95, tobacco 58. An Atlanta, Ga., dispatch of August 3d says: A large and enthusiastic meeting of the best citizens of Banks and Jackson counties was held at Maysville last night to take action with regard to the raids of a lot of lawless persons upon negro houses and whipping and shooting the negroes. A strong tone condemning such violence was evident. For some weeks past there has been a gang of Kuklux in the vicinity of Maysville, who have been committing outrages. Several negroes have abandoned their houses, and it is feared have been killed. Some murders have been reported, but the truth is not known, as many conflicting stories are told.