E. Court Houseodges & Company

Episode Information

Episode UID: 3820584691166
Episode Type: Suspension → Closure
Bank Type: private
Bank ID: 382058469 hash
Start Date: February 2, 1897
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 2a1173d953e446ee

Response Measures

None

Description

The bank name was corrected from 'E. Court Houseodges & Company' to 'E. C. Hodges & Co.' based on the article text.

Events (1)

1. February 2, 1897 Suspension

Cause Details: The article announces the failure without specifying the immediate cause.
Newspaper Excerpt: The failure of E. C. Hodges & Co., bankers and brokers, was announced to-day.
Source: newspapers

Newspaper Articles (1)

1. February 3, 1897 Wheeling Register Wheeling, WV

Article from Wheeling Register, February 3, 1897

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Article Text

RECEIVERS Appointed for the Pennsylvania Lead Lead Company, of Pittsburg. Liabilities Stated at $1,400,000. PITTSBURG, February 2.-The Pennsylvania Lead Company went into the hands of a receiver to-day. Liabilities, $1,400,000. The application for a receiver was made by George S. Griscom, as trustee, and H. E. Anderson, who set forth in the bill that the defendant company is indebted to Griscom to the amount of $968,000, and that Anderson had one hundred shares of its capital stock at open value of $100. The liabilities of the concern are placed in the bill at $1,400,000 in the form of commercial paper. Of this $550,000 mature in February, 1897. A large part of this has been indorsed by President Schwartz, who was recently stricken with paralysis. These obligations and indorsements are held in Salt Lake, Utah, Pittsburg, New York and London. Over $50,000 worth of paper went to protest on February 1 for non-acceptance and non-payment. The company, it is stated, is in its present condition unable to meet or renew its obligations, and suits would be brought by its creditors causing levies to be made upon $800,000 worth of valuable property. The concern employs clerks in its offices and skilled men in its works to the number of 160, many of whom will have rights and preferences in its assets. President Schwartz is also the sole owner of the Pennsylvania Smelting Company, at Salt Lake, Utah. As the head of these two companies he is compelled to buy lead, silver and gold ores in all parts of the West and throughout Mexico. These ores are smelted in Utah and refined at Lead Works Station, on the Pan-Handle railroad. All these consignments of ore must be bought for SO much spot cash, and this necessitates at all times the signature of the president to the notes with which the business of the two companies is carried on. As it was impossible for the company to go ahead with its work with Mr. Schwartz in his present condition and with no head to the concern, the courts ordered that two receivers be appointed and transact the necessary business. The court names Messrs. Griscom and Anderson as receivers and directed them to give bonds in the sum of $100,000. Just previous to filing the bill the company conferred judgments to Griscom as trustee for its creditors to the amount of $949,248.63, which, with the attorney's commission added, makes, $968,233.60. BOSTON, February 2.-The failure of E. C. Hodges & Co., bankers and brokers, was announced to-day. No statement was obtained.