New-York tribune., 1884-12-09
FAILURE or OPDYRE Dc CO.
A SURPRISE IN WALL STREET.

THE LIABILITIES SAID TO BE LESS THAN $2OO.OOO
CAUSES OF THE FAILURE.
Tho failure of Opdyke & Co.. bankers, whose
Offices have been in the Equitable Building for many
years, announced at the Stock Exchange Just
before the close of business yesterday IL caused uni
vcrsa SURPRISE although the firm has not recently
been prominent in Wall Street affairs. The effect
of the failure on the stock market was not large.
The ateness of tho hour at which the announce
ment was made and the fact that the liabilities of
the firm at the Stock Exchange were small, pre-
vented any serious consequences.
Tho firm, which was established by the
ato cI-Mayor Opdykc in 1868. consisted
Of George F. Opdyke, son of the founder.
and f. NJ. f. Miller who was the Stock Exchange
member Tho original style of the firm was George
Opdyke e. Co, but on the death of the senior part
ner in June 1880, IL was changed to Opdyke "
Co. Mr. Miller who had been connected with the
house succ 1872, was elected a member OF tho Ex-
change in October, 1870, aud soon sfterward was
admitted to tho firm. Tho business was continued
by the Junior partners after tho death OF Mr
Opdyke.
rur ttApiitrirs AND CREDITORS
The liabilities of tho firm have not been definitely
ascert aimed. but they we're estimated VI the oh'or
at less than #3OO.0oO, Tho cause Of tho failnr"
waa aaid 10 bo thu inability of QUO "r two large Gus
tomern to pay their indebtedness to tho iiim, The
names of the delinquent customers we're withheld,
but it was intimated In Wall Street that
tho principal ono was near
relative Of the present head Of the house His In
,lebtedness is rumorsd to bs not much below
400 OOO The liabilities OF the firm arc to dep0s-
iors, tho are chiefly private banks aud bankers In
various sections of the country but particularly IN
the Western States. The differences at the Stock
Exchange will not amount to over a lew Thousand
dollars.
The business of the house has a! ways been gen.
| eral bank ing The management has been consid-
| cred careful aud conservative ana a'though tne
| firm has had a Stock Exchange member Tor the
last five years. it has never done aarge speculative
| business. One of the partners SAID yesterday !:
We have had halfdozen specniatve tt accounts th
perfectly safe. All that can be sad that In one OF
| two instances we have been holding wrong
opinion We expect to pay our debts ~ tn Iud d IL
NAV take time to reach that result, whlch de-
pends a good deal Oh the amount realized from oui
customers"
. THE MEMBERS OF THE FIRM SURPRISED.
1t is understood that the danger of failing was
| surprise to the members of the firm who, until
| within few days, had supposed their
business secure On consultation with their
| counsel on SUNDAY and yesterday morning
| they were advised that their safest course under
| the circumstances was to make an assignment for
the benefit of their creditors. They followed TINS
advice yesterday, assigning to William rect. oi the
law firm of Bristow. Peet Il Opdyke, without
| preferences.
| While the failure was not announced
| at tho Stock Exchange until
| late hour checks and drafts received
from dep0sors IN the course OF business during ie
day were collected and the money placed III the
hands of trustee for the benefit OF the deposltors
| The firm kept accounts AZ the National banh ~
| Commerce aud tho Fourth National i'ank AZ ohn,
| of these 1t was said yesterday that the l,rm HAD
| always kept u uood account, aud never wished '.
! borrow mOneyj that the account gave no INV
| that the irm speculaled ~ stacks or whs ~ any
time ~ peouniary DISTRESS, Tho iru was ~,
| neither large gains nor losses The hol.se hns
been rated w having capital of from WOO 900 III
| HiOO 900 with bigh credit,
| IN tho panic ~ lh7H tho arm
| of tieorge Opdyke " 90, lost heavily nv l!,e
drprnon ,on Of securities enpo'nlly ~ tloH" ~ t'n
New YorL and Oswogo Mdnnd Railroad, which "
had boen rngug grd ~ placing The reH a"of Mropuyh"
after his death wna esi lmaied ~ from Quo 10 two
milons u waH largely ~ real propcfiy aud ha,..
moi been fully sciled IN addition Ia wife ho isft
| nis rhlren, NJ whom four were sons Ihr
present firm has not baon specially PROMINENT ~
nnnfini enterprises, but u WIS Interested ~ the
| tho Ohio uonirni railroad aud Mr., Opdyko waa
member Of the l.ondhodcr,' COMMITTEES. Tho losSes
| or the firm IN tina account ais aaid however not
| 10 have been large