16046. Kenyon, Cox & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 13, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
d526b5bb

Response Measures

None

Description

Contemporary articles report Kenyon, Cox & Co. suspended to-day (Sept 13, 1873) due to heavy indorsements/advances to the Canada Southern Railway. No article describes a depositor run or heavy withdrawals; later coverage (Jan 1874) states the firm was again in operation within a few months, so classify as suspension followed by reopening. OCR errors corrected (e.g., suspended to-day).

Events (3)
1. September 13, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large indorsements and advances on Canada Southern Railway paper; inability to negotiate bonds in London left the firm unable to meet matured notes/indorsements leading to suspension.
Newspaper Excerpt
Kenyon, Cox & Co., bankers and brokers, Wall street, suspended to-day.
Source
newspapers
2. January 22, 1874 Reopening
Newspaper Excerpt
Barely three months have gone, and the prominent bankers who suspended are again in operation. ... Kenyon, Cox & Co. ... are once more sailing on unruffled and prosperous seas.
Source
newspapers
3. * Other
Newspaper Excerpt
Specie shipments to-day were $114,340 in silver bars. Daniel Drew was special partner in this house, it is said, and rumor has it that the difficulties of the firm were caused by operations in the interest of Drew.
Source
newspapers

Newspaper Articles (12)
1. September 13, 1873 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 13, 1873

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EASTERN DISPATCHES. [SPECIAL TO THE GOLD HILL DAILY NEWS.] DOMESTIC INTELLICENCE Failure of a Banking House-Specie Shipments. NEW YORK, Sept. 13.-Kenyon, Cox & Co., bankers and brokers, Wall street, suspended to-day. Daniel Drew was special partner in this house, it is said, and rumor has it that the difliculties of the firm were caused by operations in the interest of Drew. The specie shipments to-day were $114,340 in silver bars. Fearful Suffering on a Slaver-Cap ture of the Vessel. A London dispatch has been received at the Admiralty office from the commander of the British steam sloop Daphne, announcing the capture in the Indian Ocean, near the Seychette Islands, of a slave ship, upon which there had been horrible suffering. The small pox had raged on the ship, and out of 300 slaves taken on board, 250 died, and the remaining 50 were terribly emaciated from disease and want. Fall of the City of Mexico-Anniversary Festivities. The President and other high dignitaries are expected to be present at Monday's celebration here of the anniversary of the fall of the City of Mexico. Delegations from New Enggland, New Jersey, Pennsylvania, the Western and Southern States have promised to attend. The festivities of the day will be closed by a parade and grand dinner. Suit Against the Pacific Mail Steamship Company. NEW YORK, Sept. 13.-Aaron Freeman, who failed to get the Pacific Mail Steamship Company to bring a suit in his interest against Alden B. Stockwell, late President, has begun proceedings himself, and made the old Board of Directors of the company defendants. Freeman in his complaint charges that In January or February Stockwell, while acting as President of the Pacific Company, unlawfully appropriated to his own use 9,500 shares of Panama Railroad Company, which were the property of the Pacific Company, and that he loaned $565,000 of the company's money to Frank C. Markham on securities which proved to be nearly if not utterly worthless, with the intention that Markham should use it for their common advantage.

2. September 14, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 14, 1873

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EASTERN DISPATCHES. By Overland Telegraph. (SPECIAL TO THE DAILY SENTINEL.} NEW YORK. NEW YORK, September 13. Kenyon, Cox & Co., bankers and brokers, Wall street, suspended today. Daniel Drew was a special partner in the house, it is said, and the I'lmor has it that the difficulties of the firm were caused by operations in the interest of Drew. The specie shipments to-day were $114,340 in silver bars. An immense crowd visited the Capitoline ground at Brookl, this afternoon, to witness the departure of the big balloon for Europe. The inflation commenced early this morning, and continued until ten minutes past four. when the balloon suddenly swayed to the north, and ripped half way around, with a great learing sound, and fell flat upon the ground. The immense volume of gas which had been pumped into it, nearly four hundred thousand feet, escaped at the same moment, nearly suffocating those who stood on the inside. Inspector Folk, Mr. Goodsell, and Police Commissioner Briggs had but an instant before shifted their position to the eastward. and thus escaped being buried in the netting and canvas. The crowd made a general rush over the rop S, with the intention of tearing up the canvas into small pieces and carrying them off as mementoes; but a strong force of police on the ground charged, and drove them back. Mr. Steiner, who had contracted to fill the balloon, said that it would be folly to attempt another inflation, as the bag was not made of proper material. So the enterprise is abandored for the present. Aaron Freeman, who failed to get the Pacific Mail Steamship Co. to bring suit in his interest against Alden B. Stockwell, late its President. has begun proceedings himself, and made the old Board of Directors of the company the defendants. Freeman, in his own complaint, charges that, in January and February, Stockwell, while acting as President of the Pacitic Company, unlawfully appropriated to his own use 9,500 shares of the Panama R. R. Co., which were the property of the Pacific Co.; and that he loaned $565,000 of the Company's money to Frank C. Markham, who is alleged to be nearly if not utterly worthless, with the intention that Markham should use it for their common advantage. The President and other high dignitaries are expected to be present at Monday's celebration here of the anniversary of the fall of the City of Mexico. Delegations from New England, New Jersey, Pennsylvania, the Western and Southern States, have promised to attend. The festivities of the day will be closed by a parade and grand dinner. Gen. McMahon has reported to the Executive Committee of the Cuban League that Vice-President Wilson has been informed of his election as President of the League, but has not yet made an answer. The League is now preparing an adress to the people of the United States.

3. September 14, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 14, 1873

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NEW YORK. Daniel Drew Comes to Grief. Pushing Premature Raliways. NEW YORK, Sept. 13.-Kenyon, Cox & Co., bankers and brokers, Wall street, suspended to-day. Daniel Drew was a special partner in the house. The real trouble has been large advances to the Canada and Southern r ilroad, some of which are now beginning to fall due. Messrs. Kenyon, Cox, Daniel Drew and others, it is understood, loaned their paper to assist in completing the road, trusting to further negotiation of bonds at London. Last Monday advices were received from London stating that it was impossible at present to negotiate more bonds. Mr. Cox, when questioned this evening, said the Canada Southern railway owes $2,250,000, and has $3,250,000 of the first mortgage bonds of its own and connecting roads. As late as last Monday favorable advices were received by cable in regard to placing bonds abroad. Cox said notes of the railroad to the amount of $1,500,000, bearing the indorsement of himself and Drew, will mature within thirty days. One Wall street writer says Daniel Drew is the general partner in the house; that he has frequently quibbled and compromised when caught by some of the cornering operators of Wall street, but this is the first time he has actually suspended. It is stated that he took this course by urgent advice of his counsel, who advised him to stop immediately, so as to learn the exact condition of affairs. Uncle Sam's Naughty Nephews. Counterfeits of the new fifty cents currency are in circulation, and aresaid to have made their appearance two days after the issue of the genuine. The Corruption of Big Corporations. Aaron Freeman in a suit against the Old Board of the Pacific Steamship Company, charges that in January or February, Stockwell while acting as Presid nt of the company, unlawfully appropriated to his own use were pany, 9,500 which shares of the Panama property railroad of the Pacif- Comic Company, and that he loaned $565,000 ham, of the known company's to be money nearly to Frank if not C. utterly Mark worthless, with the intention that Markham should use it for their common advantage. A Forgotten Anniversary. The President and other high dignitaries are expected to be present at Monday's celebration here of the anniversary of the !all of the City of Mexico. Delegations from New Eogland, New Jersey, Peunsylvania, the Western and Southern States have promised to attend. The festivities of the day will be closed by a parade and a grand dinner.

4. September 14, 1873 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 14, 1873

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Eastern Dispatches. The Balloon Vanishes into Thin Air-Aavon Freeman and the Pacific Mail S. S. Co.--Anniversary Observances-The Cuban League--Suspension-Specie Shipment. NEW YORK, September 12. An immense crowd visited the Capitoline ground, Brooklyn, this afternoon, to witness the departure of the big balloon for Europe. Inflation commenced in the morning, and continued until 4:10 m., when the early p. balloon suddenly swayed to the north, and ripped half round with a great tearing sound, and fell flat upon the ground. An immense volume of gas, which had been pumped into it, nearly four hundred thousand feet, escaped at the same moment, nearly suffocating those who stood on the inside. Inspector Folk, Mr. Goodselland Police Commissoner Briggs, had but the instant before shifted their position to the eastward, and thus escaped being buried in the netting and canvass. The crowd made a general e rush over the ropes, with the intention e of tearing up the canvass into small h pieces and carrying them off as memen1 toes, but a strong force of police on the t ground charged and drove them back. Mr. Stiner, who had contracted to fill it the balloon, said that it would be folly to attempt another infiation as the bag was e not made of the proper material, so the 5 enterprise is abandoned for the present. S NEW York, September 13. n Kenyon, Cox & Co., bankers and brokers in Wall street, suspended to-day. Daniel Drew was a special partner in the of house, it is said, and rumor has it that of the difficulties of the firm were caused rby operations in the interest of Drew. a Specie shipment $114,340, in silver e. bars. W NEW YORK, Sept. 13. y Aaron Freeman, who failed to get the in Pacific Mail Steamship Company to be bring suit in his interest against Alden he B. Stockwell, late President, has begun of proceedings himself, and made the old board of directors of the company defenUNIT de charges that in January or February, el, Stockwell, while acting as President of et the Pacific Company, unlawfully approepriated to his own use 9,500 shares of he the Panama Railroad Company, which ut were the property of the Pacific CompaVO ny, and that he loaned $565,000 of the VO company's money to Frank C. Markham with the intention that Markham should use it for their common advantage. ed The President and other high dignitaill ries are expected to be present at Monnday's celebration here of the anniversary or of the fall of the City of Mexico. Deleng gations from New England, New Jersey en Pennsylvania, the Western and Southern 1st States, have promised to attend. The as festivities of the day will be closed by a es parade and grand dinner. General McMahon has reported to the Executive Committee of the Cubar he League, that Vice President Wilson has been informed of his election as Presi int dent of the League, but has not ye rt. made an answer. The League is now a preparing an address to the people o on the United States. re-

5. September 15, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 15, 1873

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NEW YORK. Obituary. NEW YORK, Sept. 13.-John A Parker, exPresident of the Great Western Insurance Co., and for a long time a prominent member of the New York Board of Underwriters and very conspicuous in the prosecution of the Alabama claims, died at his home to-day from an attack of paralysis. He left in manuscript a volume entitled "The Origin, Progress and Consummation of the Treaty of Washington." The Wall Street Failure-Daniel Drew's House in Ruins, Considerable surprise was occasioned in the Stock Board this forenoon by the announcement of the suspension of Kenyon, Cox & Co., one of the oldest and most respectable firms on the street. They give as explanation their large indorsements of railroad paper, which they are unable to meet. They were promoters and heavily interested in the Canada Southern road. It was believed at first that the failure was due to heavy dealings in Wabash on Daniel Drew's account, and that stock accordingly dropped four percent just before the announcement was formally made. It has since been ascertained, however, that the Wabash pool was not in their office. The firm consists of Kenyon, Cox (a brother of Governor Cox of Ohio), Horace Mannel, W. H. Hutchinson and Daniel Drew. For a year past the firm has been known on the street as Daniel Drew's house. The amount of liabilities has not yet been stated, but it is believed there are sufficient assets to fully meet them. The whole market declined from one to four per cent. before the announcement, the failure being known to a few. The market has since, however, steadily improved. LATER-The excitement over the snspension of Kenyon, Cox & Co., has abated. Mr. Kenyou went to the Stock Exchange and paid up on all contracts. :The suspension is temporary. Daniel Drew has been telegraphed for to Europe. There is no foundation for the sensational statements being telegraphed over the country. in interest of the Bear speculation, that the failure was due to Wabash dealings. The effort to create a panic has failed. Kenyon, Cox, Daniel Drew and others loaned their paper to assist in completing the Canada Southern road, trusting to a further negotiation of bonds at London. Last Monday advices were received from London stating that it was impossible to negotiate more bonds, and a consultation was held of the parties in the interest of the Canada Southern. Some were willing to contribute their quota and others were absent from the city, consequently no unity of action could be had, and Kenyon, Cox & Co., finally resolved to suspend, The parties connected with the Canada Southern Railway are among some of the richest and most influential railroad men of the country. In regard to the immediate effect in Wall street many suppose that the suspension of the firm would cause large amounts of stock to be precipitated on the market, and acting on this theory there was a rush to sell, which caused a decline of about 1 and 2 per cent. in the general list. This heavy decline in Wabash was based on the supposition that the firm and its friends were large holders, but it appears that they have been relieving themselves for some time past, and hence there was comparatively little stock sold. Various Matters. The total imports for the week are $6,676,605, of which $41,117,887 was merchandise and $2,503,718 dry goods. The specie shipments to Europe to-day were $114,340 in solid bars. General McMahon has reported to the Exec utive Committee of the Cuban League, that Vice-President Wilson has been informed of his election as President of the League, but has not yet made an answer. The League is now preparing an address to the people of the United States. C. A. Keep & Co., bankers and brokers, who were a fortnight ago robbed of $30,000 in gold notes, bonds and currency by a young man in their employ, have had nearly the whole amount returned through the feiends of the embezzler. The small amount withheld was spent in travelling expenses.

6. September 15, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 15, 1873

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cline. The WORD - 0WO Lowest. Highest. Highest. Lowest 111 1114 112 Thursday 113 Monday 111'4 Friday 111% 111% 11214 Tuesday 112 111 Saturday 1107g 1121a Wadnesday The cotton market has been fairly active during the week, closing on the basis of 191c. for Low Middlings. The receipts at all the ports for the week reached 13,005, as against 8,856 bales last week, 8,237 the previous week, and 10,541 for the week ending Aug. 16. The total receipts for the expired portion of the cotton year, Sept.1 are 21,531 bales, against 42,944 bales the same time previous year, a decrease of 21,413 bales. The exports for the week were 7,073 bales, against 5,737 a year ago-an increase of 1,336 bales. The total stocks on hands are 65,968 bales, against 68,239 bales a year ago-a decrease of 2,271 bales. The total stocks in the interior towns are 9,374 bales, against 8,095 bales same time last year, an increase of 1,279 bales. The total quantity of cotton in sight amounts to 1,860,092 bales, against 2,045,334 bales last year at the same time-a decrease of 185,242 bales. The weekly exports from the port of New-York amount to 7,073 bales. against 3,603 bales last week, an increase of 3,470 bales. Government bonds have been active but unsettled, while State bonds have been nominal, and railroad bonds in moderate demand. The stock market was irregular most of the time, with no settled tone to dealings, and scarcely any half hour corresponding with any other in the tendency of prices. The street was filled with rumors of dire calamity, and good and bad houses alike were ranked in the list of failures. The great sensation of the day in Wall Street was the failure of the well-known banking house of Kenyon, Cox & Co. The announcement was borne with tolerable equanimity SO long as it was supposed that Mr. Daniel Drew was merely a special partner in the house, but when it became known that his partnership was of a general character, and that, with all his wealth he, was unable to prevent a failure, the fabric of confidence was shaken to its very foundations. The firm's chief liabilities are believed to be in the shape of indorsements upon loans obtained for the Canada Southern Railroad upon pledge of $1,000,000 to $2,000,000 of its mortgage bonds. Mr. Drew is supposed to be a large holder of various stocks, which it is supposed will come upon the market, unless an extension be obtained. The suspension and the accompanying disclosures will doubtless give rise to much overhanling of collateral securities held by our banks and trust companies, and create an unpleasant state of things in Wall Street circles on Monday, and it will require the most delicate and careful management on the part of the officers of our financial institutions to avert a panic. The announcement of the failure was made in due form at the First Board, when some 3,600 shares of Lake Shore were sold for their account, under the rule," as it is termed. It seems apparent that this failure, as well as that of the Warehouse Company, a few days ago, was anticipated by certain prominent operators, who put off all their stocks upon the innocents severals days before the public knew what was in the wind. In nearly the whole list there was a decline from the opening to the close from 1/2 to 21 per cent, Toledo and Wabash suffering most, Rock Island declining 1, North-West 2 per cent, Lake Shore 1, Pacific Mail 1, Union Pacifie 1. Ohio and Mississippi and Western Union / each, and St. Paul and Central and Hudson t. The actual figures as to opening, highest. lowest, and closing prices were as follows: Closing

7. September 15, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 15, 1873

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NEW YORK. NEW York, Sept. 13. Kenyon, Cox & Co., bankers and brokers in Wall street, auspended to-day. Daniel Drow was n special partner in the house, It is said, and rumor has it that the dificultion of the firm were caused by the operations in the interest of Drow. Tho business of Konyon, Cox & Co. was not the cause of their suspension, as they wore carrying very fow stocks compared 16 their usual complement. Only 3.000 shares were sold out under the rulo to-day, and of this Lake Shoro sold at 91@01X. The real troublo has been large advances to the Caunda Southern Railway, Boine of which are now beginning to fall due. Messra. Kenyon, Cox, and Daniel Drow, and others, it is understood, loaned their paper to assist in completing the road, trusting to the further negotiation of bonds at London. Last Monday advices were received from London, stating that it was Impossible, at present, to ncgotiate more bonds, and a consultation WAR held of partion in the interest of the Canada Southern. Kenyou, Cox & Co. resolved to suspond. A docilne of 43/5 cente in Wabash this morning was based ou the Rupholders position that the firm and their frienda wore large holders: but it nppears that they had been relloving themselves for some time past, and hence there WAH comparatively littlo stock Bold. In regard to the auspenelon of Mr. Cox, when questioned this afternoon, ho said the Canada Southern Hallway owes $2,250,000, and has $3,230,000 of Arat mortgago bonds of its own and connecting roads. AH late as last Monday favorable advices were received by cable in regard to the placing of bonds abroad. A difficulty had occurred very suddenly, and occasioned AA much surprise to Mr. Drow AB to any one. Cox donted that there was any foundation for the Wall street runior that Drow permitted the BURponsion of tho firm for some ulterior object. 110 said Drow had, thus far, acted fairly and honorably in the matter, and would, could he have foresoon the complications three weeks ago, have prevented the suspension by converting somo of his assets into cash. Cox said the notes of the Canada Southern Railway to the amount of $1,500,000, (boaring fudorament of himself and Drew, will mature within thirty days, beginning today. Although they could not be met immodiately, he bolieved that every creditor would obtain one hundred conte on the dollar. Wealthy men who are Interested in the railway, although they might at first be unwill. lug to make sacrifices for the benefit of the poorer stockholders, would eventually lift it up and make the project successful. He instated especially that it would be an act of folly for holders of bonds to soll them at n sacrifice because of the present excitement, Partios connocted with tho Caunda Southern Railway are among the richest and most influential railroad men of the country, including John F. Tracy, Milton Courtright, Hadley Dillon, and Wm. L. Beott. One Wall street writer anys Daniel Drew is a general partner in the house; that he has frequently quibbled and compromised when caught by some of the cornering operations of Wall street, but this in the first time he has actually suspended. It is stated he took this course by urgent advice of his counsel, who advised him to stop inimodiately 60 as to learn the exact position of affairs. The troubles of Kenyon, Cox & Co. are supposed by many to date back to the ancient transactions of Danifel Drew in the famous Northwest coruer of last year, in which Drew was worsted. He 18 said to have permitted Kenyon, Cox & Co. to pay up the difference on stocks. and as the firm, according to runior, have not been able to get settlement with Drew, a contributivo cause of suspension therefore oxisted.

8. September 16, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 16, 1873

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MONETARY. MONDAY EVENING, Sept. 15. Local finances word n little more quiet to-day than during last week. The country orders for burrency were considerably lighter, but the supply of currency in this markot in BO extremely scanty that the banks find it very difficult to moot oven the diminished domanda of their country customors. No considerable amounts of currency coino back from the country yet, and though the Chicago banks keep bringing currenby hore from Now York, all thoy get la in $100, 0500, and $1,000 bills, which are of but little uso In the country. Money is evidently becoming scarcer in this market AB the grain accumulates horo. It le estimated that the aggregate deposits of the Chicago banks havo fallen off between $2,000,000 and $3,000,000 in the last ten days. Now York exchange was much depressed again 10-day, owing to the pressure for currency, and was freely offored at $1.25 por $1,000 discount, with no buyers at that. EMBABRABSMENTS OF THE CANADA SOUTHERN. It is surmised in some quarters that the financial difficultion of the Canada Southorn Railroad, which were the cause of the susponsion of Kenyon, Cox & Co., of Now York, will intorforo with the construction of the Chicago oxtonlon of the road called the Chicago & Canada Bouthern." boing the line from Amherstburg, Canada (Detroit Rivor) to Chicago, in which case the main line and branches of the Canada Southorn already completed would have to dopend on the Michigan Southern and Tolodo, Wabash & Wostern for any connection with the great grain region of the West, instead of connecting at Chicago with the Rook Island and the Northwestern, as was intended by the projectors of the Canada Southern. It is oven not impossiblo that the confliot of intercete between the Michigan Southern and the Tolodo & Wabash on the one hand, and of the Rock Island and the Northwestern on the other, may have exercised wome influence to bring about the present financial difficulties. By Oct. 1 it is expected that the Canada Sonthorn will be operating 405 milos of road, viz. : The main lino and St. Thomas Branch in Canada, 292 miles; the Toledo, Canada Southorn & Detroit, which makes the connection with the Michigan Southorn, and also with the Tolodo, Wabash & Westorn, the Dayton & Michigan, the Pennsylvania Railroad branch leading to Pittsburgh, as well as with roads centering at Detroit, 58 miles; the Erie & Niagara, 31 miles: and the Michigan Midland and Canada, 14 miles. The Chicago & Canada Southern is finished 70 milos of the distance from opposite Amboratburg (Dotroit Rivor) toward this city. The noncompletion of this latter road would leave the main lino, Canada Southorn, with us principal Western connections at Tolodo instead of Chlcago. The opening of the Canada Southorn was delayed for some time by the non-completion of the International Bridgo over the Niagara River, a work over which tho Canada Southern had no control. In the menutime, arrangements have been made for the use of the Suspension Bridge, 15 miles bolow the International, and reached by the Erio & Niagara Railway, which is owned by the Canada Southorn. This routo has been, and will bo, used for freight business, but no through passenger trains will be put on until tho International Bridge is done. THE GAUGE OF THE GRAND TRUNK Railway will be changed to 4 foot 81/4 inches botween Toronto and Montreal, on Saturday, 4th of October next. IMPORTS AT NEW YORK AND BOSTON continuo light compared to previous years. At New York the imports for the wook ending Sept. 12 were: For the week. 1871. 1872. 1873, Entered at port $ 3,467,827 $ 3,492,058 $ 2,503,718 Thrown on market. 3,670,665 3,814,767 2,853,374 Since Jan. 1. 1871. 1873. 1873. Entered At port $101,134,535 $110,425,322 $90,487,529 Thrownon market. 99,070,410 104,345,101 92,910,729 At Boston, for the week ending Sept. 5, they were: 1873, 1872. $ 1,617,897 For the week ending Sept. 5 $ 1,288,197 Previously reported 43,867,776 50,456,133 845 156 079 Total

9. September 18, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 18, 1873

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NEW YORK. An Exciting Day on the Stock Exchange. Special Dispatch to The Chicago Tribune, NEW YORK, Sept. 17.-The bears held high carnival in Wall street to-day. With the opening of business on exchanges, they began the circulation of doleful runiors of more than ordinary calamities throughout the street. Impending failures of extraordinary magnitude were mysteriansly hinted at early in the morning, but no positivo details could be gleaned. As the day wore on, however, names of several railroad companies becaine linked with the evil runors, and reports of the failure of their promoters were freely circulated where they could do most harm. New railroad companies, with incomplete or freshly completed roads, were fiercely assaulted, and with great effect in the stock market. The rumors of the previous day in relation to the negotiations of the Chicago, Rock Island & Pacific Railroad with the Canada Southern Railroad were revived, and it was freely asserted that the former had loaned large amounts of money to the latter In order to enable It to pursue the work of construction. This rumor, however, was officially denied by the officers of both companics. Each rumor seemed to grow na it proceeded from mouth to mouth, and the general result was a feeling of depression and distrust, evon in the minds of the most Banguine. The more conservativo were at first disposed to disbellove, but oft-told stories of dishonesty and disaster proved too much for their logic. Whenever a public spirited bull vontured to speak of the glorious future of the great Ropublic, he was met with the familiar details of the ruin of the Brooklyn Trust Company, city defalcations, arrent of City Treasurer Sprague and his accomplice, Rodman, the failure of the New York Warehouse & Security Company embarassment of Mesare. Skiddy and Goudy, entanglement of the Minsourl, Kausan & Texas Railroad, suspension of Kenyon, Cox & Co., and the troubles of the Canada Southern Railway. If the bull, in an enthusiastic and prophetio outburst dwelt upon the good tiruo coming, he was silenced by the hard logic of facts of the domoralization prevailing. At about noon it becamo generally known that the Now York & Oswego Milland Railroad Company was in trouble, It was asserted that George Opdyko & Co., who were its financial agents, had suspended, or were about to do 80. Inquiry developed the fact that the construction and equipment paper of the Company had gone to protest, but that George Opdyko & Co. had not suspended, and were doing business as usual, though greatly annoyed by the rumors in circulation about them. On the strength of the alleged embarrassments of Geo, Opdyko & Co., and formal protesting of New York & Oawego Midland Railroad, there was a general rush to sell stocks by frightened holders. The depression was vigorously assisted by the persistent hammering of the bears, who fairly jumpod upon the market. Amid the most intense excitement prices declined from 1 to 7% per cent. Erio declined from 57 5516 ; Harlem from 128 to 127% New York Central from 1001 to 99 61. div. Lake Shore from 01 to 0016 Northwest from 571/5 to 50; R. I. from 102% to 100% St. Paul, from 451/ to 4132 ; Western Union, from 89 to 87 % Pacific Mail, from 43M to 41% As usual, Jay Gould WAH supposed to be the instigator of the whole movement. He is supposed to be short of the general stock market, with perhaps the exception of Northwestern and St. Paul. It will be observed that the heaviest doclino has been in those stocks, which he is supposed to be carrying. It is believed, however, that Mr. Gould hns largoly profited by the decline in stocks, and that if he lost money by bulling gold, ho has retrieved his losses by skillful manipulation of the stock market. To the Associated Press. NEW YORK, Sept. 17.-The wifo of the Rev. Mr. Wiswell, of St John's Chapel, in this city, has aued her husband for the portion of her property which he has converted to his own use. Sheris the daughter of the late Bishop Borrian, of Trinity Church; was worth $70,000 when alio was married, and charges Wiswell with robbery and infidelity,

10. September 20, 1873 The Superior Times Superior, WI
Article from The Superior Times, September 20, 1873

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THE FINANCIAL CRASH. By telegrains in the St. Paul p:1pers of yesterday, we learn that the suspension of Jay Cooke & Co., on the 18th at Philadelphia, New York and Washington, was followed by that of E. W. Clark & Co, of Phil adelphia, Kenyon, Cox & Co., Fisk & Hatch, R. Schell and other prominent banking houses of New York. Fears are entertained of a general financial crash, and we await further news with anxiety.

11. January 22, 1874 The Vinton Record McArthur, OH
Article from The Vinton Record, January 22, 1874

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The Calm After The Storm. A New York correspondent of the Cincinnati Gazette thus describes the present financial situation: "Never has so great a crisis been 60 speedily and satisfac torily passed. Barely three months have gone, and the prominent bankers who suspended are again in operation. The National Trust, the Union Trust, Kenyon, Cox & Co., Geo. B. Grinnell & Co., Fisk & Hatch, and others are once more sailing on unruffled and prosperous seas."

12. July 24, 1893 The Providence News Providence, RI
Article from The Providence News, July 24, 1893

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PANIC- 1873, CRISIS 1893 Two Periods Compared---Prices of Stocks and Causes. A $1,000,000,000 SHRINKAGE. Great Failures in 1873-Biggest Houses Sunk in a Few Days Time-Millions Went Up-Stock Exchange ClosedHeavy Gold Exports-Tremendos Decrease-Bank Business in New York. The values of stocks have shrunk in the past eight months over $1,000,000,000. Such a shrinkage has never been known even in the great panies of the last thirty years. The only available comparisons can be made with the panic of 1873. when riespair was the watchwor I when the Ne V Y rk Stock exch nge el sed and the strongest finan ial hous S in the country succu bed to the pressure Tot convulsion reached is beight in September, and at 11 a m. on the 20th of t e month. the president of he New York exc ange announced its b 1 ess' suspe det and forbade brokers 10 trade in stocks on argins or to carry on any dealings until further notice. 0; the 8th of the month the first warnir is came when tie Ne York Security & Warehouse Co. sank under is load of Missouri, Kansas and Texas. On the 13.h Kenyon, Cox & Co. were buried by the decline of Canadian Souther On the 18th, the firm of Jay Cooke & Co., which had been the greatest assistance to the government during the war, was enguifed with its load of Northern Pacific. The next day Fisk & Ha e. suspended, ov reome with Cherpeake and Ohio. On the 20th the Union Trust Co. closed its doors and on the 23d Henry Clews & Co. failed. Wreck alter wreck was reported. Prices of securities dropped. Rascality in the banks was discovered. Emb ZZ ement for sums as high as $500,000 were brought to light and generai demoralization prev tiled. Gold at Premium. Gold was then a commodity. It was at a premium and had been si: ce 1862. July 11, 1864, the price of gold was $2.85. But it had decilued until 1873 when the average price WAS $1 12. During the panicky months of 1873 the value of regbacks dropped from 89 to 84 cent. The general caus 8 of tue panic of 1873 were inflated and fluctuating currency, excessive railway building speculation in real estate in the west, and heavy gold exports. La 1873 the net exports were $63000,000. The tollowing are quotations of some of the stocks on the exchange, the first being the highest in the year 1873. the next the price immediately preceding the panie, and the last the prices tue d y the exchange closed.