Coffin & Stanton (New York, NY)

Episode Information

Episode UID
1113707291138
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
111370729 hash
Start Date
October 5, 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
ce4573bde8e9fae2

Response Measures

None

Description

Partners sought dissolution and voluntarily placed the firm in receivership.

Events (3)
1. October 5, 1894 Receivership
Newspaper Excerpt
Receiver Erb filed his bond ... One of Receiver Erb's first official acts was to discharge all the clerks in the employ of the banking-house. The firm ... went into voluntary liquidation today, ... went into voluntary liquidation today, is well known in Indiana. (Evening World, Oct 5, 1894).
Source
newspapers
2. October 5, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Partners applied for receivership as part of a dissolution of the copartnership and voluntary liquidation.
Newspaper Excerpt
United States Circuit Court Judge Lacombe to-day appointed Newman Erb ... receiver of the banking firm of Coffin & Stanton, of 72 Broadway.
Source
newspapers
3. June 23, 1895 Other
Newspaper Excerpt
Erb was relieved of the receivership ... Thomas P. Wicker was appointed in his place; creditors of the defunct firm ... will not get a cent, according to testimony of Newman Erb, who recently resigned as receiver. (San Francisco Call, June 24, 1895).
Source
newspapers

Newspaper Articles (10)
1. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ASKED FOR. Coffin & Stanton, Bankers, to Dissolve Partnership. The Assets and Liabilities Both Estimated at $3,60,000. Lawyer Newman Erb to Take Charge of Their Affairs. The banking house of Coffin & Stanton, at 72 Broadway, applied before Judge Lacombe, of the United States Circuit Court, yesterday for the appointment of a receiver for their affairs. After hearing their application, Judge Lacombe appointed, at their request, Newman Erb, an attorney in the same building. as receiver. rM. Erb has not yet been served with notification of his appointment, and up to noon had not assumed charge of the banker's affairs. Mr. Erb's bond is $25,000, and his sureties will be the Lawyers' Surety Company, of 32 Liberty street. The assets of the bank are $3,600,000, and the liabilities are said to be about the same. The only stated cause for the step taken is that a dissolution of partnership is contemplated, but it is said that there are other contingent causes that inspire the move. The firm is composed of William E. Coffin and Walter Stanton, and is one of the oldest and best known banking houses in the city. It has always been thought to be secure.

2. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ASKED FOR. Coffin & Stanton, Bankers, to Dissolve Partnership. The Assets and Liabilities Both Estimated at $3,600,000. Lawyer Newman Erb to Take Charge of Their Affairs. United States Circuit Court Judge Lacombe to-day appointed Newman Erb, of 24 East Seventy-fourth street, receiver of the banking firm of Coffin & Stanton, of 72 Broadway Mr. Erb has not yet been served with notification of his appointment, and up to noon had not assumed charge of the banker's affairs. Mr. Erb's bond is $25,000, and his sureties will be the Lawyers' Surety Company, of 32 Liberty street The assets of the bank are $8,600,000 and the liabilities are said to be about the same. The firm is composed of William E. Coffin and Walter Stanton, and IS one of the oldest and best known banking houses in hte city. Mr. Stanton made application for the receivership yesterday afternoon. He asks for a dissolution of the copartnership, and also that an accounting be made of all the partnership dealings between the two partners, and further. that W. E. Coffin be adjudged to pay the complainant what, if anything, shall upon the taking of the accounts, appear due to him: the applicant being at all times ready to pay the respondent whatever may be declared due him. Mr. Erb was seen at noon to-day. He said he expected Norwood & Coggeshall, and Gen. Tracy, attorneys for the firm, at any moment, to deliver the papers to him. As soon as he received these documents. he said, he would take charge of the firm's affairs. He stated that he was asked last night by both partners if he would accept the receivership, and that he consented. Coffin & Stanton, he said, had been in business about ten years. They dealt in municipal, water and railway bonds and other securities, to the extent of millions. They carried and floated the bonds of many Western cities. Differences had recently arisen between the partners and they had agreed to dissolve partnership. This step, Mr. Erb declares. has no semblance of an assignment, a the concern is sound and one or the other of the partners will continue the business.

3. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ASKED FOR. Coffin & Stanton, Bankers, to Dissolve Partnership. The Assets and Liabilities Both Estimated at $3,600,000. Lawyer Newman Erb to Take Charge of Their Affairs. United States Circuit Court Judge Lacombe to-day appointed Newman Erb, of 24 East Seventy-fourth street, receiver of the banking firm of Coffin & Stanton, of 72 Broadway. Mr. Erb has not yet been served with notification of his appointment, and up to noon had not assumed charge of the banker's affairs. Mr. Erb's bond is $25,000, and his sureties will be the Lawyers' Surety Company, of 32 Liberty street. The assets of the bank are $8,600,000 and the liabilities are said to be about the same. The firm is composed of William E. Coffin and Walter Stanton, and IS one of the oldest and best known banking houses in hte city. Mr. Stanton made application for the receivership yesterday afternoon. He asks for a dissolution of the copartnership, and also that an accounting be made of all the partnership dealings between the two partners, and further, that W. E. Coffin be adjudged to pay the complainant what, if anything, shall upon the taking of the accounts, appear due to him; the applicant being at all times ready to pay the respondent whatever may be declared due him. Mr. Erb was seen at noon to-day. He said he expected Norwood & Coggeshall, and Gen. Tracy. attorneys for the firm, at any moment, to deliver the papers to him. As soon as he received these documents. he said, he would take charge of the firm's affairs. He stated that he was asked last night by both partners if he would accept the receivership, and that he consented. Coffin & Stanton, he said, had been in business about ten years. They dealt in municipal, water and railway bonds and other securities, to the extent of millions. They carried and floated the bonds of many Western cities. Differences had recently arisen between the partners and they had agreed to dissolve partnership. This step, Mr. Erb declares, has no semblance of an assignment, a the concern is sound and one or the other of the partners will continue the business.

4. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ASKED FOR. Coffin & Stanton, Bankers, to Dissolve Partnership. The Assets and Liabilities Both Estimated at $3,600,000. Lawyer Newman Erb to Take Charge of Their Affairs. United States Circuit Court Judge Lacombe to-day appointed Newman Erb, of 24 East Seventy-fourth street, recelver of the banking firm of Coffin & Stanton, of 72 Broadway. Mr. Erb has not yet been served with notification of his appointment, and up to noon had not assumed charge of the banker's affairs. Mr. Erb's bond is $25,000, and his sureties will be the Lawyers' Surety Company, of 32 Liberty street. The assets of the bank are $8,600,000 and the liabilities are said to be about the same. The firm is composed of William E. Coffin and Walter Stanton, and IS one of the oldest and best known banking houses in hte city. Mr. Stanton made application for the receivership yesterday afternoon. He asks for a dissolution of the copartnership, and also that an accounting be made of all the partnership dealings between the two partners, and further, that W. E. Coffin be adjudged to pay the complainant what, if anything, shall upon the taking of the accounts, appear due to him; the applicant being at all times ready to pay the respondent whatever may be declared due him. Mr. Erb was seen at noon to-day. He said he expected Norwood & Coggeshall, and Gen. Tracy, attorneys for the firm, at any moment, to deliver the papers to him. As soon as he received these documents. he said, he would take charge of the firm's affairs. He stated that he was asked last night by both partners if he would accept the receivership, and that he consented. Coffin & Stanton, he said, had been in business about ten years. They dealt in municipal, water and railway bonds and other securities, to the extent of millions. They carried and floated the bonds of many Western cities. Differences had recently arisen between the partners and they had agreed to dissolve partnership. This step, Mr. Erb declares, has no semblance of an assignment, a the concern is sound and one or the other of the partners will continue the business.

5. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ERB QUALIFIES. All the Clerks Employed by Coffin & Stanton Discharged. Receiver Erb. who was appointed receiver for Coffin & Stanton, as told on page 2, filed his bond in the United States Circuit Court this afternoon, and it was duly approved by Judge Lacombe. One of Receiver Erb's first official acts was to discharge all the clerks in the employ of the banking-house. INDIANAPOLIS, Ind., Oct. 5.-The firm of Coffin & Stanton, of New York, which went into voluntary liquidation today, is well known in Indiana. Coffin and Stanton are both Indiana men. William E. Coffin is a brother of Francis A. Coffin and Percival B. Coffin, formerly connected with the Indianapolis Cabinet Co. The firm has handled many bonds from Indiana. During a former municipal administration here the firm bid on city bonds and the bid was accepted. Afterwards the firm maintained that there was a flaw in the bonds and refused to accept them. It had deposited in bank here $51,000 as an evidence of good faith. The court decided that the firm was entitled to the deposit. William E. Coffin, who was on the bonds of his brothers pending the trial of the bank cases, made affidavit that he was worth $400,000.

6. October 5, 1894 The Evening World New York, NY
Article from The Evening World, October 5, 1894

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Article Text

RECEIVER ERB QUALIFIES. All the Clerks Employed by Coffin & Stanton Discharged. Receiver Erb. who was appointed receiver for Coffin & Stanton, as told on page 2, filed his bond in the United States Circuit Court this afternoon, and It was duly approved by Judge Lacombe. One of Receiver Erb's first official acts was to discharge all the clerks in the employ of the banking-house. INDIANAPOLIS. Ind., Oct. 5.-The firm of Coffin & Stanton, of New York, which went into voluntary liquidation today, is well known in Indiana. Coffin and Stanton are both Indiana men. William E. Coffin is a brother of Francis A. Coffin and Percival B. Coffin, formerly connected with the Indianapolis Cabinet Co. The firm has handled many bonds from Indiana. During a former municipal administration here the firm bid on city bonds and the bid was accepted. Afterwards the firm maintained that there was a flaw in the bonds and refused to accept them. It had deposited in bank here $51,000 as an evidence of good faith. The court decided that the firm was entitled to the deposit. William E. Coffin, who was on the bonds of his brothers pending the trial of the bank cases, made affidavit that he was worth $400,000.

7. October 6, 1894 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 6, 1894

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Article Text

Many Will Mourn. New York, October 5.-It turns out that straitened finances Thad as much as anything to do with the receivership for Coffin and Stanton, bankers. Today, the Manhattan bank refused to certify checks for them because their account, formerly a large one, had drawn down to a small sum. For some time past they have been securing loans from country banks on notes. Their paper is said to be scattered all over New England and placed to some extent in the West.

8. November 3, 1894 The Providence News Providence, RI
Article from The Providence News, November 3, 1894

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Article Text

Assets of Nearly Ten Millions. NEW YORK, Nov. 3.-Newman Erb, receiver of Coffin & Stanton, bankers and brokers, gives the liabilities at $3,584,824.01. The nominal assests are $9,919,420.65.

9. June 24, 1895 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, June 24, 1895

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Article Text

NO COIN FOR CREDITORS. Coffin & Stanton's Failure Assumes Immense Proportions. NEW YORK, N. Y., June 2.3-The creditors of the defunct firm of Coffin & Stanton, bankers and brokers, to the extent of more than $4,000,000 will not get a cent, according to the testimony of Newman Erb, who recently resigned as receiver. Erb was relieved of the receivership by Judge Lacomb of the United States court several days ago and Thomas P. Wicker was appointed in his place. Erb was ordered to file his accounts and give testimony before Arthur H. Masten,

10. April 13, 1901 The Age-Herald Birmingham, AL
Article from The Age-Herald, April 13, 1901

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Article Text

FORMER BANKER BECOMES BANKRUPT W. E. Coffin Filed Petition Yesterday-Liabilities Scheduled at Four Millions New York, April 12.-William E. Coffin of this city, who was a former partner in the banking house of Coffin & Stanton, which made a general assignment in 1894, filed a petition in bankruptcy in the United States District Court today. He schedules his liabilities at $4,150,907 and assets at $25, which is cash in bank. The secured claims amount to $2,986,172. The debts are all old ones, having been contracted by the firm in its usual transactions of a banking house prior to the assignment in 1894. Mr. Coffin, the petitioner, is liable on all claims named in the petition under the laws governing partnership liabilities. In October, 1894, the house made a general assignment for the benefit of its creditors to Erb. Later, by an order of court, Thomas P. Lake was made receiver of all of the assets of the firm. The petition names hundreds of creditors, whose claims range in amount from hundreds of thousands to a few dollars. The largest creditors who hold JS security are the city of Santa Cruz. 332,000, and the city of Ironwood, Mini, $115,000, these sums being due the respective municipalities on contractstor bonds purchased.