Gattman & Company (Aberdeen, MS)

Episode Information

Episode UID
8820677891059
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
882067789 hash
Start Date
March 20, 1888
Location
Aberdeen, Mississippi (33.825, -88.544)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b5ec0bc5781ed673

Response Measures

None

Description

Failure blamed on Meyer Gattman's heavy cotton-futures losses; receivership proceedings reported.

Events (2)
1. March 20, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large losses from Meyer Gattman's cotton futures speculation and alleged manipulations leading to insolvency
Newspaper Excerpt
The excitement over the failure of the bank of Gattman & Co. is unabated. ... The bank vault was opened to-day and was found to contain only $10,000 in cash
Source
newspapers
2. March 21, 1888 Receivership
Newspaper Excerpt
There are many applications ... who have worked for the appointment of a receiver. The matter will now go into court for settlement.
Source
newspapers

Newspaper Articles (2)
1. March 21, 1888 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 21, 1888

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Article Text

Business Embarrasments. NEW YORK, March 20.-Jnseph D. McKee and Cornelius C. Widdis, composing the firm of Joseph D. McKee, of this city and Philadelphia, made an assignment to-day. No preferences are stated. Walter T. Miller & Co., prominent members of the Cotton Exchange, were posted to-day as unable to meet their contracts. The head of the firm has been treasurer of the exchange for many years. The liabilities are not known, but are believed to be rather large. They were reported to be carrying a large amount of "long" cotton. and the depression. lately proved too much for them. ABERDEEN, Miss., March 20.-Theexcitement over the failure of the bank of Gattman & Co. is unabated. Everything belonging to the Gattmans, even their silverware, has been attached. It is now believed that the liabilities of the firm will reach $300,000 The bank vault was opened to-day and was found to contain only $10,000 in cash, including a lot of mutilated currency. Meyer Gattman is blamed for the failure. He is known to have been a heavy operator in cotton futures. The belief now is that the Gattmans will not pay 20 cents on the dollar. ST. LOUIS, March 20.-An application was made in the Circuit Court at Bellville, IiI., today, for the appointment of a receiver for the Western nail mill. The application was made by the Continental Bank, of St. Louis, the Missouri Furnace Company, the Sligo Furnace Company, the Briar Hill Iron Company, of Ohio. H. E. Scraderas, trustee. The ground on which a receiver is asked is that the interest on certain bonds issued by the company is unpaid. The case was taken under advisement.

2. March 22, 1888 The Memphis Appeal Memphis, TN
Article from The Memphis Appeal, March 22, 1888

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Article Text

Creditors Continue to Levy Attach ments on the Firm. Silverware and Jewelry Taken to Help Fill the Break. Meyer Gattman's Deals in Futures Show Him to be a Loser. The Affair the Result of a Desire to Make Money at the Expense of Depositors-Jacob Gattman Improving. Special Dispatch to The Appeal. ABERDEEN, Miss., March 21.-Creditors continue to levy attachments on the property of the individual members of the firm of Gattman & Co. Silverware jewelry and plate of any value, will be taken to fill in the great break. Where once wealth and luxury existed, poverty now stares the luckless members of the firm and their patrons in the face, all is gone. The accumulation of years, the wealth of the rich, the mite of the widow, disappears through manipulations of a trusted member of the firm of bankers. The failure is a bad one without the shadow of a doubt. Attachments have been issued in New York and New Orleans and throughout this and adjoining counties, and yet there remains $75,000 which is represented by attorneys who have worked for the appointment of a receiver. The matter will now go into court for settlement. Those attaching must protect their interests by making efforts to prevent the receiver from taking possession of the property and assets. The situation is still more dismal, and the poor people, who have been the losers, are almost without heart. It is reported that an attempt was made last night to arrest Jake Gattman, but for some reason it was abandoned. B. C. Sims, who made an assignment yesterday, will pay out in full. His liabilities are said to be $15,000, with property sufficient to cover if judiciously disposed of. Judge Acker, the assignee, is one of the best financiers in the county. It is reported that the First National bank will increase its capital to $1,000,000, in order to meet the demands of the commercial interests. Representatives of various insurance companies are here in the interest of the t companies formerly represented by Meyer Gattman. There are many applications 0 h for the positions Gattman held, who represented the Liverpool, London & Globe, of the Home, Columbus Banking and Insury; ance and New York Life. e Jake Gattman continues to improve. e il Experts are working on Gattman & Co's. e books and are preparing a statement to be presented to the court. Court meets on f the fourth Monday in April, when all the h proceedings against Gattman & Co. will t be returned. It is said that Peet & Co., of New Orleans, closed out 25,000 bales of fut, ures for Meyer Gattman on Monday with a loss of $13,000, in addition to the mar, gins then exhausted.