Hay & Warner (New York, NY)

Episode Information

Episode UID
3192758990885
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
319275899 hash
Start Date
September 19, 1873
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
73d985262896b82e

Response Measures

None

Description

Sources report Hay & Warner suspended on Sept. 19, 1873 amid the broader panic; no reopening or receivership details provided in these articles.

Events (1)
1. September 19, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the nationwide financial panic triggered by the failure of Jay Cooke & Co. and widespread market runs and failures.
Newspaper Excerpt
Day & Morse and Hay & Warner have suspended.
Source
newspapers

Newspaper Articles (5)
1. September 19, 1873 Evening Star Washington, DC
Article from Evening Star, September 19, 1873

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Article Text

STOCKS. The following shows the decline In the leading stocks: Opening. 10:30 A. M. 96 Central 91 Harlem 120 114 Erie 54 52 1/2 Lake Shore 83 87 % Wabash 46 39 Rock Island 89 97 39 33 Milwaukie and St. Paul 32 Ohio and Mississippi, 27 % 22 17 Union Pacific 23 C.C. & I. C 19 ¥ 78 W. U. Telegraph 68% 38 Pacific Mail 32% ADDITIONAL FAILURES. NEW YORK, Sept. 19. Day & Morse and Hay & Warner have suspended. THE TRUST COMPANY STILL HOLDING OUT. NEW YORK, Sept. 19. The run on the Trust Company continues. The company is still paying. A GENEROUS OFFER. Munroe & Co., of Paris, notify their New Yoork house by cable that they will protect all bills of Jay Cooke & Co. upon them. They offered this morning to discount Cooke's immatured bills at the bank rate. WILL SECRETARY RICHARDSON "REMOVE THE PRESSURE?" It is stated on good authority that Secretary Richardson will come to the relief of the New York banks to-day. but in what manner cannot be ascertained. The Treasury officials refuse any information. CONTINUED EXCITEMENT IN WALL STREET. NEW YORK, Sept. 19, 2. P. M.-The Stock Exchange has been a scene of the wildest excitement throughout the morning, the volume of business having been so large, and the fluctuations of such proportions, as to make it well nigh impossible to keep a record of the business. As each failure was announced on the exchange, the excitement increased, and everybody seemed wild with fright. Coolness and confidence departed for a time, and it is many years since such scenes have been witnessed on the exchange. The decline has ranged from 1 1/2 to 30 per cent. STILL ANOTHER FIRM GONE UNDER. NFW YORK, Sept., 19.-Fitch & Co., have suspended. A GENERAL SUSPENSION PREDICTED. NEW YORK, Sept., The office of Fisk & Hatch is strongly guarded by police. Jay Cooke & Co., are hard at work preparing a statement of their affairs. A prominent Wall streer banker says if the movement now making to get the secretary of the treasury to come to relief with $10,000,000 should fail there will bea general suspension of banks and others. A meeting of bank presidents is now being held at the clearing-house. Vernon & Heyhave suspended. THE STOCK MARKET is not quite so irregular, the excitement still continuing. The crowds at the stock exchage are so large that the police have been called to prevent the entrance of any but members. MORE IMPORTANT SUSPENSIONS. NEW YORK, Sept., 19.-E. D. Randolph & Co., bankers of the Pennsylvania Central railroad and Wm. H. Connor have announced their suspensions. THE MONEY MARKET 8 so unsettled that it is difficult to name a rate. Foreignexchange is nominal. Gold is active and excited, and after frequent and violent fluctua. tions advanced to 113 it is now 12. The rates paid for carrying were 1.32 to 7 per eent. gold. Southern state securities are neglected. Government bonds are unsettled; quotations are nominal. LATFR--There is a better feeling in the market. The following are the quotations up to this hour: Central, 95; Erie, 53%; Lake Shore, 88; Wabash, 45. The Panic in Philadelphia. COOKE'S LONDON HOUSE ALL RIGHT.

2. September 19, 1873 Evening Star Washington, DC
Article from Evening Star, September 19, 1873

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Article Text

ADDITIONAL FAILURES. NEW YORK, Sept. 19.-Day & Morse and Hay & Warner have suspended. THE TRUST COMPANY STILL HOLDING OUT. NEW YORK, Sept. 19.-The - run on the Trust Company continues. The company is still paying. . OPERP

3. September 20, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 20, 1873

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Article Text

NEW YORK, September 19. - -Day & Morse and Hay & Warner have sus(1a pended. Everybody now on the streets seems to have their own story, and the unscrupulous have no hesitation in proclaiming firms in trouble that are now stauding up nobly. Vermilie & Co. were thus alluded to, but W. R. Vermylie pronounced the story baseless. He adds, however, that if the movement now making to get the secretary of the treasury to come to the relief of the market with about ten million dollars should fail, it would not surprise him If there would be a general suspension of banks and all.

4. September 20, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 20, 1873

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Article Text

e London house unlike those of the American branches are not all due on demand, but at regular well known dates, so that they know exactly how much money is needed each week. MORE NATLURES AND RUNS. NEW YORK, Sept. 19.-Day & Morse and Hay & Warner have suspended. PHILADELPHIA, Sept. 10.-Dehaven & Bro. have failed. NEW YORR, Sept. 19.-Everbody now on the street seems to have his own story and the unscrupulous have no hesitation in proclaiming in trouble firms that are standing up nobly. V. Vermilye & Co. were thus alluded to, but W. R. Ver0 milye pronounced the story baseless. He e adds, however, that if the movement now making to get the Secretary of the Treasury to come to the relief of the market with about ten million should fail, it of would not surprise him if there would be ir a general suspension of banks. RELIEF FROM THE TREASURY. The firm of Fitch & Co. is added to the d 11st of suspensions, and this was soon folst lowed by the announcement that Hay & Warner, Day & Morse, A. M. Kidder, George B. Allen, Greenleaf & Norris, W. h H. Warren, Thomas Reed & Co. and E. to J. Jackson & Co. had failed. e The run upon the Union Trust Comt. pany continues, but up to this hour (1:80 P. M.) the bank met all demands. y A rumor was in circulation that a run y

5. September 25, 1873 The Democratic Press Ravenna, OH
Article from The Democratic Press, September 25, 1873

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Article Text

The Financial Crash ! Failture of Jay Cooke & Co., ANOTHER BLACK FRIDAY. The suspension of Jay Cooke& Co., which occurred on Thursday last has been the all absorbing topic in financial circles during the past week. There are three American houses belonging to this firm, one in New York one in Philadelphia, and one in Washington, all of which suspended. Mr. Cooke also connected with London House, which, is claimed will not be affected by the disaster. As may well supposed, the failure of this firm, which was supposed to possess abundant resources for all emergencies, produces a panic in financial circles throughout the country. In reference to the great excitement eccasioned by this great financial crash, we copy the following from the New York Sun, of Saturday Yesterday was the most disastrous day known in Wall street since 1857. Firms considered'among the soundest on the street suspended early in the day, and the panic consequent thereupon compelled the suspension of many smaller houses. The failure of the heavy concerns have nearly all, If not all, resulted from endorsements of new railway enterprises. The expansion of enterprise in this direction has been enormous within the past few years, more miles of railroad hav ing been constructed in the past six years than were built altogether before the war. Nearly all of this construction has been done on credit, houses in every other respect conservative having shouldered the enterprises, relying wholly upon the sale of railroad bonds to meet accruing obligations. Dull times must come occasionally, and such have been experionced by these houses in the past few months. The deposits of Western firms in New York banks and banking houses have of late been less than usual, and this, added to the fact that some currency has been locked up by speculators, has made money tight, and rendered the negotiations of all kinds of securities difficult, even when backed by the best houses. Prominent firms carrying railroad en terprises have consequently been forced to shoulder their load alone, and the drains upon them for interest and cost of construction have been enormous. Shrewd operators like Daniel Drew and Jay Gould foresaw the necessary result, and went short of stocksto a large amoun throwing all their influence to hasten the gener at catastrophe. The result is that they are said to have reaped a golden harvest amid extensive disaster Most of the smaller firms which have failed are mere stock brokersand speculators, who happened to be long of stocks and were unable to cover in time to save themselves from ruin.4 Many larger operators are believed to be seriously injured, and important suspentions to-day are expected. Nineteen concern suspended yesterday, of which the most important Fisk & Hatch, Greenleaf, Norris & Co. A M. Kidder & Uo., White, Defreitas & Rathborne, Hay & Warner, Jacob Little, and E. D. Randolph & Co. A run was made upon the Union Trust Company which continued up to 4 o'clock, the hour of closing. It how. ever, met all its obligations, paying out about a million of dollars, and claims to be able to do as well to-day and hereafter, until alibits creditors are entirely satisfied. One of the di rectors says that about noon some United States bonds were sent to the Manhattan Bank, where the Union Trust Company deposits, as collateral for a greenback loan, but the bank nefused to advance any money upon them. Possibly the Manhattan was not in a condition to lend on the best security, as the soundest institutions are just now earefully guarding against large withdrawals of funds by their depositors, bute such extreme caution justifiable only on the ground of absolute necessity. The failure of Fisk & Hatch surprised the best informed men of the street, as they were considered among the safestiof/tirms. Their trouble was however, owing to their interest in a railroad enterprise, viz: the Chesapeake and Ohio. It is understood that large amounta/of money are due them from the Central Pacific/Railroad and other responsible companies, and the general impression is that their suspension is merely temporary. Greenleaf, Norris & Conhave also been a considered eminently sound, and Mr. Norris was one of the ice-Presidents of the Stock Exchange. with WHO IS SAFE? AZ One of the worst features of this panic is that the suspension of firms heretofore believed to be pre-eminent ly safe and conservative impairs confidence in all firms. Jay Cooke has been looked upon as the Rothchild of America. He was the exponent of the national credit. Bonds which passed through his hands were held in every town and county throughout the Union. Fisk & Hatch were also large dealers in Government securities and people say, "When Jay Cooke, Fiske & Hatch, the New York Warehouse Company, and such firms fail, who is safe There is, however, no reason why this should extend beyond the immediate neighborhood of the Stock Exchange. With the exception of Jay Cooke & Co., the firms which have suspended did not hold large deposits from outside houses. Neither have the larger firms falled disastrously. Most of them are said to require only time to enable them to meet their obligations in full. Very few, If any, New England, Southern, or Western concerns will fail because of losses sustained by the failure of any New York institutions which have yet been reported, Besides, the present condition of the country at large is more