17750. C. H. Coy & Co. (Toledo, OH)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: April 2, 1883
Location: Toledo, Ohio (41.664, -83.555)

Metadata

Model: gpt-5-mini
Short Digest: 33937714

Response Measures

None

Description

C. H. Coy & Co. (Toledo) suspended in early April 1883 after its New York correspondent (Chase National) declined to honor drafts tied to advances to the Toledo & Indianapolis Railway. An assignee (L. K. Parks) was appointed and the firm's liabilities exceeded assets, so the suspension led to failure/closure. The institution had formerly been a national bank but at the time was operating as a private banking house.

Events (2)

1. April 2, 1883 Suspension

Cause: Correspondent
Cause Details: The firm advanced large sums to the Toledo & Indianapolis railway expecting a New York bank (Chase National), its correspondent, to honor drafts; the correspondent declined to honor drafts which precipitated the suspension.
Newspaper Excerpt: The banking house of C. H.COY&CO., of Toledo, suspended Monday. To a reporter Mr. Coy said: It is true that we have suspended and made an assignment to Mr. L. K. Parks, of this city.
Source: newspapers

2. April 5, 1883 Receivership

Newspaper Excerpt: The assignee of the suspended banking firm of C. H. Coy & Co., which failed Monday, states their assets to be $123,000, and liabilities $291,000. ... Mr. Coy said: we have suspended and made an assignment to Mr. L. K. Parks.
Source: newspapers

Newspaper Articles (8)

1. April 4, 1883 Daily Globe Saint Paul, MN

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A BURSTED BANK. Trying to Run a Railroad and Banking Business Didn't Work. NEW York, April 3.-The Commercial Advertiser says the failure of the banking house of C. H. Coy & Co., Toledo, caused a great amount of excitement in banking circles here, especially when the failure was ascribed to the declination of a New York bank to honor drafts as agreed. Thompson, president of the Chase National bank, which was the New York correspondent of Coy & Co., said this morning he did not think it judicious for a banking house to have a railroad telescoped with it and therefore he gave orders for the accounts of Coy & Co. to be kept within proper banking bounds. Consequently the balance on the books of the Chase National bank are on the right side. This bank would have nothing to do with Toledo & Indianapolis railroad lands at Park bank. The reporter was informed that Coy & Co. endeavored to draw more than was consid-" ered judicious and that bank informed them this could not be done and drafts were not honored. How far this has led to the failure, officers refuse to say, or what amounts they had of them, but it is believed the Park bank did not hold all bonds of railroad.

2. April 5, 1883 Democratic Northwest Napoleon, OH

Article from Democratic Northwest, April 5, 1883

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The banking house of C. H.COY&CO., of Toledo, suspended Monday. To a reporter Mr. Coy said: "It is true that we have suspended and made an assignment to Mr. L. K. Parks, of this city. The cause, or causes, of the suspension are due to our advancing a large sum of money to the Toledo and Indianapolis railway, on the promise of a New York bank to honor our draft, and their failure to do as they agreed to do. There is no reason why the bank should not pay dollar for dollar of its indebtedness as soon as the collections from the Toledo and Indianapolis railway are all in. Not a depositor, Mr. Coy says, can loose a dollar, as the assets are fully equal to the liabilities, which are less than $100,000. The suspension can in way affect any other bank, and there is not the slightest reason for any alarm or apprehension in regara to the full payment of every claim.".

3. April 7, 1883 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, April 7, 1883

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Their Liabilities, TOLEDO, O., April 6.-The assignee of the suspended banking firm of C. H. Coy & Co., which failed Monday. states their assets to be $123,000, and liabilities $291,000.

4. April 12, 1883 Democratic Northwest Napoleon, OH

Article from Democratic Northwest, April 12, 1883

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C. H. COY & CO., TOLEDO. Assets $128,000-Liabilities $291,000 -Excess of Liabilities $168,000. TOLEDO O., April 6.-Great surprise was caused this evening by the statement of the condition of the suspended banking-house of C. H. Coy & Co. as made by the assignee. It is as follows: Assets-Real estate, as appraised, $98.000; notes discounted, estimated good. $25,000; total assets. $123,000. Liabilities- -Mortgages on real estate, $95,000; taxes unpaid. $2.000; indebtedness to depositors, $93.000; liabilities of the private bank of C. H. Coy prior to organization of the Commercial National Bank, $9000; contingent liabilities of bank as indorser and guarantor. $46,000; liabilities partly secured by stock and other collaterals. $46,000; total liabilities, $291,000. Liabilities over assets, $168,000. Mr. Coy has repeatedly stated through the papers that he would pay his indebtedness dollar for dollar. and because of this there has not been much excitement over the failure. It will be seen that the real estate is mortgaged for nearly its full value, so that the assets will amount to only about $25,000. It is believed now that the bank will not pay more than fifteen cents on the dollar. This condition of the affairs causes great dissatisfaction among depositors, to whom Mr. Coy will find it difficult to make an explanation. This bank was originally a private institution. then changed to the Commercial National Bank. About a year ago it gave up its charter, banking men here say it was because it had to. and continued a private bank. None of the depositors lose large amounts. and it is believed the failure will not cause any others here, though some small business houses may be slightly embarrassed.

5. April 12, 1883 The Eaton Democrat Eaton, OH

Article from The Eaton Democrat, April 12, 1883

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gate $98,000. In the case of the suspended Toledo banking-house (C. H. Coy & Co.) the assets have been ascertained to amount to $123,000, and the liabilities to $291,000. From El Paso, III., the failure is reported of the private bank of P. H. Tompkins. Liabilities, $200,000; assets, $15,000. Isaac Sippelli, dry goods agent, New York, has suspended with liabilities amounting to. $100,000.

6. April 14, 1883 The Desmet Leader Desmet, SD

Article from The Desmet Leader, April 14, 1883

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Summary of General News. The Northwestern Miller says it is doubtful whether there was ever a duller time in the history of milling in' Minneapolis than now. A similar condition of affairs exists in the country mills that are dependent on any trade save a local one. Only five mills are running, and two of these are making one-half their usual amount. The daily product is therefore about 5,000. and during last week it was no moretban 2,000 or 3,000 barrels. The prospect is that this condition of affairs will continue for the next three weeks. The amount of wheat in store in the elevators has diminished from 1,728,000 bushels to 1,587,000 bushels. At Austin, Tex., George Whitfort cowhided S.S. Smith, an aged minister, because he had written a criticism against a political article Whitfort wrote to a Northern journal to the effect that Texans outraged women and killed their husbands or male relatives for interfering and no jury would convict. Smith had Whitfort arrested. Whitfort is an employe of the American Tract society. The claimants to property found on the premises where William Haverstice and Mrs. Uhler lived in New York have concluded to settle their differences without litigation. Mr. Havestick's heirs take half the $550 in money and Mrs. Uhler takes the other halt, with the furniture. The famous Porter Rides of Nashville, who have barely kept together since their defeat at Indianapolis last July, are about to disband. Should they do so the celebrated Chickasaw Guards will have but one rival in the South, the Crescent Rifles of New Orleans. The assignee of the suspended banking firm of C. H. Coy & Col, Toledo. which failed Monday, states the assets to be $123.000, liabilities $291,000; liabilities over assets $1 8,000. In San Francisco the triennial conclave committee OR hotels reported every assurance that all visiting knights will be properly accommodated. The Cape Ccd ship canal is assured by the pledge of $8,000,000 capital to construct it. The future'cost of the Albany capitol will be $4,730,000; according to last estimates. The ice went out of the Misssissippi at La Crossé on the 4th inst.

7. April 14, 1883 New-York Tribune New York, NY

Article from New-York Tribune, April 14, 1883

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BUSINESS TROUBLES. R. & C. Degener, shipping and commission merchants at No. 50 Wall-st., who recently suspended, have submitted a statemont of their affairs to their creditors. Their assets are $904,496 46, and their liabilities are placed at $779,671 82, showing a surplus of $124,824 64. The firm owes $60,000 for merchandise, less $20,000 secured. Its indebtedness for acceptances is $74,000, some of which it is thought will probably be retired by the drawers. The balance of the indebtedness is for paper sold and for loans made upon merchandise consigned to the firm. The firm purposes to organize the business into a limited company to be known as R. & C. Degener, Limited," with a capital stock of $250,000. SAN FRANCISCO, April 13.-Julius Abenheimer, dealer in calf skins, has made an assignment to John Rosseter. His liabilities to firms in New-York are about $25,000 and his assets are only $13,000. TOLEDO, Ohio, April 13.-L. K. Parks, the assignee of C. H. Coy & Co., bankers, has submitted a statement of the firm's affairs which show total liabilities of $291,000 The assets are $123,000. BOSTON, April 13.-The Civil Service Co-operative Sociciety, general store, has failed and made an assignment. The society was organized on December 13, 1880, with a paid-in capital of $10,000. It ran behind $2,000 last year, and an attempt to increase the capital stock to $25,000 fell through.

8. April 14, 1883 Wessington Springs Herald Wessington Springs, SD

Article from Wessington Springs Herald, April 14, 1883

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THE liabilities of C. H. Coy & Co., bankers, of Toledo, Ohio, who suspended a few days ago, are $168,000 in excess of the assets. THE verdict of the coroner's jury in the case of the Braidwood mine disaster exonerates the managers of the mine from blame, and asserts that the accident was such as 'might happen at any mine under similar circumstances." INFLUENTIAL grain dealers of California met at San Francisco the other day, formed the California Grain Trade Association, and appointed committees to draw up uniform grain charters and cargo contracts. THE suit of Herman Barwich against Miss McLain, for breach of promise, is being tried in a New York City court. A physician testified on the 5th that Barwich became nearly insane by being jilted, and had lost twenty pounds in weight since the engagement was broken. THE closing games of the international balk-line billiard tournament were played in Chicago on the 6th. Daly and Dion were matched in the afternoon, Daly winning with an average of 5-35, his highest run being 85; Dion's score, 540; best run, 101. Shaefer and Vignaux met in the evening, the former winning by 91 points, his highest runs being 220, 108 and 95; average, 28 1. Vignaux's best runs, 139, 109 and 77. The honors of the tournament are with Schaefer. Vignaux and Daly, in the order of mention. THE report of the Pool Commissioner of the Southwestern Railway Association makes a striking exhibit of the growth of the carrying-trade in the territory of the association. The first year of the existence of the association, 1876, the business done aggregated $4,000,000, while in 1882 the revenues amounted to $10,000,000.