Holland Trust Company (New York, NY)

Episode Information

Episode UID
8804767791129
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
880476779 hash
Start Date
January 3, 1894
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9732c27b37146011

Response Measures

None

Events (1)
1. January 3, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Executive committee and trustees decided the company should go into voluntary liquidation and retire from the banking business, ceasing to receive deposits.
Newspaper Excerpt
The Holland Trust company of New York, will go out of business.
Source
newspapers

Newspaper Articles (6)
1. January 3, 1894 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 3, 1894

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Article Text

Rt. Rev. Francis McNeirny, bishop of Albany, . Y., died of pneumonia last night. The Holland Trust company of New York as gone into voluntary liquidation. Prompt action at Cross, Okl., by the authories of that town averted a train robbery. Between 1 and 2 o'clock yesterday morn12 fire burned one entire block at Red Key, 'pu Robbers made an unsuccessful attempt to ob Wells-Fargo & Co.'s express office at Union, Io., Monday night. The trial of Matthew Ashton of Janesville, Vis., charged with the murder of Mrs. Daniel tone of that place began yesterday. Orlando B. Potter, the well known financier nd ex-congressman, died suddenly last night t New York. Mr. Potter was 64 years of age. Advices from Independence, Kan., state hat nothing new has developed in the myserious deaths in the Wilson family of that lace. The ingrain weavers of the Lowell, Mass., arpet company decided yesterday to go to ork Monday under the proposed reduction of ages. Nearly all the iron and steel plants in and bout Pittsburg, Pa., resumed operations 10 spunsnoqi 01 SUINTS 'Ampany's 'uaw All The assignment of the Montgomery Iron ompany of Port Kennedy, Pa., to the Guarnty Trust company of Harrisburg, Pa., has use A New York firm yesterday refused $400,000 enver city bonds they had contracted for. he reason given was the extra session of the olorado legislature. The unemployed of Cleveland, O., made a emonstration yesterday, and for a time viont scenes were feared. Everything, howver, passed off quietly. Florence Mulaby, aged 2 years, and Myrtle oore, aged 60 years, were suffocated by noke duringa fire that broke out at 74 Pearl reet, New York, yesterd ty. The Indiana Wool Growers association pened its eighth annual session yesterday at adianapolis with sixty members present, all rominent wool growers and sheep raisers. Cashier Myron Campbell of the South Bend, id., National bank has agreed to make good 1 sixteen payments the $15,000 stelen from e bank by the robbers on December 7. Mrs. Augustus Schmidt, indicted for murder 1 the first degree for the killingof her tenant, "put 'omoror 18 07 October uo ands -oad corpus habbas no ling been su Appel & Co., the oldest clothiers in the state ( Colorado, went out of business as a firm esterday, having incorporated as the Appel lothing company of Denver with a paid up '000'000'18 ao The Elgin, III., watch factory, which tive onths ago reduced its force from 3,000 to 500 and put the men on five days a week, esterday further reduced the days of labor three days a week. This is labor week in Columbus, O. The Ohio ate Trades and Labor assembly met there esterday with about sixty delegates. A marity of them represent the populist idea, the ange having a large majority. It was announced that the Moquette mills Yonkers, N. Y., will resume today and the wer mills next week. The Moquette works, come- suog y Alexander eme SR UMO! any, employ about 4,000 hands. Ex-Secretary Foster of Ohio will probably unable to settle by paying his creditors 50 r cent as he agreed. Errors in calculation "00 y Roster Jo STOSSE our possession OA -pR 020000 10 Sujsica am Ρ–ΠΏΠ»ΠΎΠ³ΠΎ queh tional. In the case of McAfee and Parker, the two groes under sentence to hang Friday next Indianapolis for the murder of Charles -04 say court our 7847 111 1918 puu court thin our JO deciston the poste 18141 Mau 1: peture The auditor of the Cherokee Nation is auority for the statement that the money to -PM 01 spucq 0117 JO elus our pu ard Chaddick, representative of the Ernger syndicate, has been received and that peansse up MOU SI sale 0 For nearly 11. week Bill Dalton and members Indian Poner our Inside been DARY Sung SIT servation in the Cherokee Strip near the nta Fe station of Ponca. It is feared that ey intend robbing the Santa Fe train and ery train through the Strip carries a heavily med guard of deputy marshals. The richest stockmen of western Texas are dly discouraged. A dispatch from Fort ockton says conservative men estimate that THE section shat up deays am JO ques and e the present winter, for there is nothing for amos SI Lique 'SSUIN peep ideoxo 100 01 ша but are fencing and guard-

2. January 3, 1894 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 3, 1894

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# BRIEFLY TOLD. Two cases of small pox have been discovered at Hamilton, Ont. In accordance with his expressed wish, the body of Sir Samuel White Baker, the African explorer, who died Saturday last in London, will be cremated. Abdur Rahman Khan, G. C. S. I., Ameer of Afghanistan, has been created a knight of the Grand Cross of the Bath by Queen Victoria. The Holland Trust company of New York, will go out of business. The concern is solvent, but never cut much of a figure in the financial world. Collis P. Huntington of New York, has applied to the courts for the appointment of a receiver for the Chesapeake, Ohio and Southwestern railroad. Twenty-four miles of electric railway were rendered useless by the burning of the power house at Attlerboro, Mass., yesterday. Loss $65,000, insurance, $40,000. A new phase has been introduced into the labor war at Danbury, Conn., by the announcement that some of the hat manufacturers may remove to other places. The New York legislature organized yesterday, the offices being filled by Republicans. Gov. Flower called attention in his address to the fact that the state is out of debt for the first time in 75 years. Harvey L. Williams of New York and Lenox, has brought suit against the Boston & Albany railroad company for $15,000 for injuries received in the Chester disaster last August. Mr. Williams was badly cut about the head and sustained a bad shock. He was in the drawing room car St. Elmo, which was literally smashed to pieces.

3. January 3, 1894 The Times Richmond, VA
Article from The Times, January 3, 1894

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FINANCEANDCOMMERCE THE CLOSING QUOTATIONS OF MONEY. Offerings and Sales att . Richmond Tobacco Exchange....Internal Revenue Collections-Foreign Advices. NEW YORK, Jan 2-The year opened with a low market for stocks. American Sugar, Louisville and Nashville, and New England, Missouri Pacific, New York Centrai, and the Grangers were particularly weak. Sugar was pressed for sale and broke from 81 to 76% and closed at 76Β½. The stock was affected by a further reduction in the price of refined and the demoralization in the market for raw sugars. New England declined from 10% to 7Β½ the bwest price in years. No new reasons were assigned for the break. Atchison also sold below 10. The recelvers expect to issue a statement shortly, in view of the attacks made on the company by the English press. New York Contral sold down from 98% to 96%. reguter, and from 97 to 95, sellers GU. Missouri Pacific fell 1% to 19% and lacked support. The Grangers were weakened by reports that the fortheoming statements of the St. Paul and Rock Island will show large losses, as compared with the previous year. St. Paul fell off. 1%. Rock Island 1% Baltimore and Quincy 1%. and Northwestern 1Β½. The Erie securities were unchanged for the common and preferred and 1 point higher for the 28, The proposed reorganization scheme was favorably received. The report that the Holland Trust was to go out of the business had but little effect, for it has been well known for eighteen months that the concern has been struggling in vain against its old established competitors. The numerous changes in the management did not serve to strengthen confidence in the company. and it was generally agreed that its demise was only a matter of a short time. In the last hour of business Sugar sold at its lowest point, and Western Union, Union Pacific, and Atchison were also heavy. The market closed weak and feverish. with net deelines ranging from " in Lackawanna 10 4Β½ per cent. in American Sugar. The total sales were 247,000 shares. Railway and miscellaneous bonds closed firmer. Money on call has been easy, ranging from 1@1Β½ per cent., last loan at 1Β½ per cent., and closing offered at 1Β½ per cent.: prime mercantile paper, 4@4Β½ per cent.; bar silver, 67%: Mexican dollars, 55. Sterling exchange weak, with actual business in bankers' bills at 48314@4833 for sixty days and 485444854 for demand: posted rates. 484@486%; commercial bills, 1820 484 for sixty days and for demand. Government bonds steady. State bonds dull. Railroad bonds weak. Silver at the board was neglected. Treasury Balances-Coin, $60,642,000; currency, $29,296,000.

4. January 4, 1894 The Morning Call San Francisco, CA
Article from The Morning Call, January 4, 1894

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CUTTING OUT WILDCATS. New York Bankers to Go Upon Conservative Lines. NEW YORK, Jan. 3.-The first month of 1894 is likely to be marked here by a good deal of clearing out, cutting and pruning in many financial and commercial institutions. With the advent and continuance of an easy money market following last year's distress, they are being required CO take in sail and put themselves in sound financial conditions for further business, and this is notably so with certain financial institutions. The State banking department is doing all in its power, by insisting that all financial institutions under its supervision shall put their affairs in good shape with all their assets marked down to "rock bottom" valuations. The case of the Holland Trust Company, which is going into liquidation, is an illustration. And the State institutions are not the only ones engaged in the pruning and clearing up process. The National Bank Examiner has just completed an examination of the Southern National Bank. This bank has a capital of $1,000,000, and has a reported surplus of $115,000. The directors of the bank, however, have agreed to recommend to the stockholders at their aunual meeting next week that the capital be reduced to $500,000 and the balance carried as a surplus. This would give the bank more leeway. TheWestern National Bank is much praised by conservative bankers for announcing its plan for suspending the payment of dividends until it has accumulated a surplus sufficiently large to put it on an equal footing with banks of similar capital. Brayton Ives, the president, has already received proxies from a majority of the stockholders in favor of the plan.

5. January 6, 1894 New-York Tribune New York, NY
Article from New-York Tribune, January 6, 1894

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IN THE BUSINESS WORLD. THE HOLLAND TRUST LIQUIDATION. TRUSTEES INDORSE THE ACTION-THE COMPANY TO RETAIN ITS CHARTER AND DO MUSINESS OUTSIDE OF BANKING. The decision reached by the Executive Committee of the Holland Trust Company last Tuesday, to the effect that the company should go into voluntary liquidation, was practically indorsed yesterday by the trustees of the company at a meeting held in their offices at No. 33 Nassau-st. While the company will retire from the banking business, It will still retain its charter and continue for the present to act as trustee for different concerns. The depositors will get the full amount of their deposits, and the shareholders will receive more money than they originally put into the institution. The following resolution was passed by the trustees: "Resolved, That the officers of the company are hereby directed to receive no further deposits, and to pay on demand all amounts now to the credit of depositors." A resolution was also passed thanking the Executive Committee for its successful efforts in the work of liquidation, which has been going on for the last two years. The capital of the company is $500,000. and its deposits amount to $700,000. The examination of the company made by Bank Superintendent Preston in December showed that there was a surplus of $16,000. The surplus claimed by the trustees at the time of the examination was much larger than this, as the company carried as assets many securities which the Bank Superintendent threw out. The announcement made last Wednesday that the company would go into voluntary liquidation has caused no heavy withdrawal of deposits, and there has been no apprehension on the part of depositors concerning their deposits. One of the officers of the company said yesterday that they had recelved a large offer for their charter, but that they would not give It up.

6. January 30, 1894 The Providence News Providence, RI
Article from The Providence News, January 30, 1894

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Gray's Commission Extended. NEW YORK, Jan. 30.-Henry W. Gray has been continued as receiver of the Thomson-Houston Electric company, on the application of the Holland Trust companv.