Hatch & Foote (New York, NY)

Episode Information

Episode UID
5447419291013
Episode Type
Suspension β†’ Closure
Bank Type
private
Bank ID
544741929 hash
Start Date
May 14, 1884
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
e2a5d15f6085e5f4

Response Measures

None

Description

Suspension at Stock Exchange May 14 followed by assignment/receivership filings in August.

Events (3)
1. May 14, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Exhaustion of margins and heavy shrinkage of securities; Phoenix Bank refused to certify their checks, precipitating suspension.
Newspaper Excerpt
Hatch & Foote announce their suspension at the Stock Exchange.
Source
newspapers
2. June 11, 1884 Other
Newspaper Excerpt
Hatch & Foote ... suspended during the recent panic, are negotiating for a quiet settlement with their creditors (terms discussed).
Source
newspapers
3. August 8, 1884 Receivership
Newspaper Excerpt
Schedules in assignment of Hatch & Foote were filed Aug. 8 ... Application made for the appointment of a receiver; liabilities and assets published later.
Source
newspapers

Newspaper Articles (14)
1. May 15, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 15, 1884

Click image to open full size in new tab

Article Text

CARD The following notice was posted on the door this evening fairs the of (Signed) SCRIBA, Tational This caused notice a good number turn All away those their eposits draw them of the Folger Treasur came bank this Mr. new and En the the bank M Phelps, of the the they that morning The than appeared their withd All order was great many around the bank and not was much there OF FIRM THE CO. ROBINSON The of Nelson & firm Co. Robinson Nelson Robin Senev I. and Senev George Mr. son Mr and Robinson that all Robinson traded terday find stocks Those ha ving stocks in loans their Mr account The when that Hatch Foote had The cause large the firm for calls The margins. the stood high B world. Hatch was him the was suspension final OWE ox ER WARD $14,000,000. & W the Grant ard that that and the firm Bank, and Marine Bank this estithe Bank rush mated $100,000 at had been paid out during the A DEFICIT OF $4,000,000. A now rumor that prevails the defi to $4 1000,000, and mos while paid the The The NEW YORK. May credit commo tion follow May Randal The first and Many before RES. RELIEF PROPOSED The Mr. Indiana and the Banking Monday discuss for method Pherson been Only small Philade named Charles M Bayard, who The of the Currency has ordere bank other officials assist after affairs the B. them Lucian iner ntic for the Southern States. the tion cot the of banks tne that they them are that the from different that entirely and that he does not think that general panic similar to that of 1873 The W ASHINGTON, May 14. 10 M. Wall from here. able The local are sound and there the but runs. and were stocks were These reports New York banks had failed In the reports the Mr. Belford improv the worst dicting the panic seen and the within Veller to Mr would ford Mr title he kept M attempted Dingle of author the invest to Treasury bank fund note tion amounting of in three upwards per telegrams urging its immed passage having been pouring all day lamity Weller objected and defeated tion LONDON EJ CITED BY THE NEWS ONDON. May

2. May 15, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, May 15, 1884

Click image to open full size in new tab

Article Text

FROM ALL QUARTERS. A FINANCIAL CRASH. Disasters Falling Thick and Fast. WALL STREET IN A PANIC. Many Firms Caught in the Whirl. A RAPID ROUND OF FAILURES. The Day a Second Black Friday. A WALL STREET CRASH. A Paule on Change- Failures Fellow Each Other in Rapid Succession-Old Houses Caught 1a the Whirl-Philanthropist Seney Among the NumberBank Closes its Doors The Story of a Day That Was Another Black Friday NEW YORK, May 14.-The financial complications of the past week resulted to-day in a succession of disasters that made the wildest havoc in Wall street. The announcement of failures began with the opening of the Stock Exchange and succeeded each other rapidly, each new disaster adding to the panicky feeling which manifested itself in all directions. The first failures published were those of Nelson Rebinson & Co. and Goffe & Randle. Soen afterward it was known that O. M. Bogart & Co. had suspended. This announcement was soon followed by the suspersion of J. C. Williams. The excitement was greatly intensified when it was first whis pered that Hatch & Foote had been compelled to cease business, and almost immediately afterwards it was rumored that the Metropolitan bank had closed its doors. This Fumor was premature, but it was not long before it became fact and the doors of the bank were actually shuf. The street was wild with excitement and it seemed that another black Friday had cast its bale ful light upon the financial horizon. Men and boys were rushing about, forcing their ways through the crewds that stood wedged in the streets about the Exchange. The news of the disasters seemed to have spread with wonderful rapidity. Private carriages, with liveried servants, from the up-town districts WERE SEEN FLYING THROUGH THE STREETS, and many stood outside the doors of the various banks and banking-houses The directors of nearly all the banks were either in session or present in their buildings ready for any emergency. The doors of the Stock Exchange were guarded by policemen and the visitors' galleries were cleared. No one was admitted to the building except members, clerks, and messengers. This was done because the crowd endeavoring to get admits tance grew too large for the capacity of the building. THE FIRST FAILURE OF THE DAY, that of Nelson Robinson & Ce., wascaused, according to the statement of Mr. Robinson, by the general shrinkage of securities, the disturbed condition of the times, and the circulation of disquieting rumors. He was unable to furnish any statement of liabilities and assets. Most of their loans, he said, were well protected, if the holders did not lose their heads and want to get their money in day. Mr. Randall, of Goffe & Randall, said their failure was due mainly to the troubles of Dyett & Co. Orlando M. Bogart, of O. M. Bogart & Co., said their suspension was due to the indirect influence of the Grant & Ward failure, the shrinkage in 80curities, the many calls on the firm for mon losses through outside parties. The firm simply unable to withstand the general pressure upon it. He could not make any statement of assets and liabilities, but he knew that the present condition of affairs was bad. The firm had been established, he said, for at least twenty five years Tb assignee, Mr. Wheeler, said that he had unex pectedly been called to his position, which he bad accepted reluctantly, and that he was un able to give any information as yet in regard to the firm's affairs. Bogart & Co. give preferences for $55,000. THE SUSPENSION OF JOSEPH C. WILLIAMS was announced early in the day. He bad not been large speculator and the number of his creditors is probably small. THE FAILURE OF HATCH FOOTE caused great excitement, as the firm has long been prominent on the street Mr. Foote said the failure was due to the embarrassment caused by the shrinkage of securities, some of which belonged to the firm, while others were carried for customers. The firm made an assignment to Henry W. Reighley, and the liabilities are thought to amount to half million. But the greatest sensation of the day came when the news was announced that THE METROPOLITAN BANK HAD SUSPENDED. The first news came that the suspension had been ordered by Mr. Seney, the president, in order to prevent run for which the bank might not be prepared. The failure is generally supposed to be due to the railroad speculations of President Seney. The bank owes the clearing house $500,000. AT THE MEETING OF BANK PRESIDENTS this afternoon a committee was appointed to examine the assets of the Metropolitan The bank and ascertain its actual position. committee was instructed to assure the bank tust if the examination proved satisfactory the associated banks would do all in their power to allow the Metropolitan to resume business The committee at once proceeded to the bank and began its nvestigation. The committee also adopted the following Resolved, That in view of the present crisis the banks of the Clearing House assooi ation, for the parpose of sustaining each other, do appoint committee of five to receive from the banks members of the association bills receivable or other securities to be appropriated by said committee, who shall be authorized to issue therefor to such depositing banks loan certificates bearing interest at six per cent. per annum, not in excess of seventy -five per cent. of seou: rities or bills receivable 80 deposited except in the case of United States bonds, and said certificates shall be rece in settlement of balances at the clearing house THIS ACTION HAD GOOD EFFECT on the street. perintendent Camp, of the clearing house, said to reporter: "In 1878 we made the fatal mistake of not appointing a committee on the first day. Deferring action was disastrous. hope this trouble will be over to-morrow and we are doing our best to end it." It is agreed by all that the scenes of excitement in and around the Exchange to day equalled those of 1873. In the midst of the panic, however, few cool headed "old stagers" were observed to be buying large amounts of stock at around the lowest figures touched. BRADSTREET'S SAYS HATCH FOOTE had been in business eighteen years and had never before been seriously embarrassed. They were supposed to be worth $500,000 They were great bulls in the market and have lost heavily. One of their Washington customers who sold out his long stock last week and went short is said to have made $100,000 profit by the turn, but this is swept away with the rest of the firm's losses. The firm had large patronage in Washington including judges, senators, representa tives and politicians. Donnell, Lawson & Simpson's failure was due large deposit being looked up in the Metropolitan bank. They did large business in State, county and municipal bonds and were the financial agents of Missouri, Kansas, Nebraska and other western States. The senior partner, Robert Donnell, is of the firm of Donnell, Clark & Larabee, bankers at Butte City, Mentana, and part owner of the First NaLodge. Montana The

3. May 15, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 15, 1884

Click image to open full size in new tab

Article Text

PANIC y AD Exciting Street. Day on Wall B pus May 14.-The financial of the past week. suppleeq: Pervider Nation puoces eqf 10 resulted in the resignation 8 qoes thout 1480019 ag: ut 10 at 10 the opening of basi urom *191 Brownerg SHM HIBLID 8 the ing was long. and failure after failure sorry every Incon before 109 on pay peonnous pepuedsus Preat 81] '$100 P 811 pesole page peq Bank George Seney, has been one of *4* ut speciaters is rated high. " Foote y Hater 10 WB "sming Insul involve jo require 8 JO 81000008 eq: 01 APR 10 SR 11em 88 0148 siq: u! show pion pus eq: m st Rechtage 80048 aq: 18 aucos The intense excitement. This mornstooke 1198 01 rash B SEM 10 on brokers 10 1000000 no there 91:01 Before P DOD puw of p Homenson them # Nelson, aanounced their suspension, 0100 88 1000 100 1/24 04 10 desp Imparg pow 1001 P Persond USIM sning pay ΠΌΠΈΠΌΠΎΡ€ pand by rumors that several bull expirate 01 100000 eq proom '98 05 1/28 broke 01114 P spond Louisville Union 3Β½ to 51%, Union Pa end Pasiti Northern 18" 04 UNITED 68 01 1/18 new PROCED "LV 01 % ages 01 1/21 '12 01 nonaro 11/1901 01 1/21 18 01 7 Patient 'II 04 * III and Canada Southern 1% to 38 08:01 before red x nell 'MIT the market declined again. Dyett & Co. announced that Wm & Co. will settle for stocks bought, -ead them 49 I 10 the Plus date smi 01 FREE 11 a. The stock market is ragged, pue draws Julmoqs stools Avp. our jo security 190MO1 eq: $8 adidas our eq: 101 peddoss at reques Horth 81 210 eq: 109 of ment, further suspensions. Few know prevoits eqs puv state Seq: areque easely 14 strained. The National Bank puopes eq1 swq security get National Bank solvent. J.N. Bogart & Co., bankers, have sus Nelson, Robinson & Co. an sq persod 820018 11" 1491 pepased seemed pus plos exem 90 you peeu [ ut meth mem shooo Lien moys 11145 seys SB proving the money obtained for them. -00 IIIM by BARD at day. eqt 01 [ater uoisuedsns and soused our repun of 0.00M shools Several $1000000 siq uo sign Takes Hatch & Foete announce their sus Rechanger 20018 eq: 18 sqor 04 assident of P Board 'N'I 'If Wheelar, placing their preference at $66,000. Their oil stocks, guaranteed poor B 928 "oo p Rebinson *dosteN is delivery. Secretary of the Treasury Folger is 01 and pus ington ordering the immediate pay" 'spuoq 101 1180 41621 eq: 10 100m Joj II" autober repro IIIM eq STAM Roote y Hatel jo Injury 000'000'11$ 99% precipitated by the Phoenix Bank refuscertify checks. Begert & Co.'s failure is considered " departs are seqs we commercial paper and dealers to some puv Brond TIME a) ** Stook em $100.00 noN 'sessem Juid ns 4114 petty are eduase pust eq1 Relleries em pas eqj 24 pepmone are moos 301 un allowe SI septs 11Β° uo X0 ey: jo roop eq: "0 SI $hore thoubh #1 β‘ˆ little or no business done. Sales on aomous B exem swing pepuedsus of business. The situation is decidedly panicky, and further failures are looked for. Distrast is the most eminent test are, and banks are carefully serutiniz the accounts The Phoenix Bank re28 401"H 10 cheeks Officer 01 "he pesned stys puw 10 V may quest 10 understand has Checks em struction eq: asnosip 04 Pelled and perill areat 10 euo SV $1 quita que eq: IP useq suq Rolarr government -SIA useq svq puw more IIV usag 18000 the 118 44 pay eH $100.00 II"M 10 save 10 remod eq: 118 esn 01 the government to prevent a panic, and je Hall isourn etis 04 speciment you 1114 lis antiority. efdood jo ssvin SUM 100.00 IIVM Trinty Church to the custom house. AVM carries pus up eqs jo septs queg sus en: JO swoop em IV as si jo -sew the seenoq pepued ezer seovs pus Jasuap pmore eq: Nuomy "shoop pesole *pn Indian posserp 11em Date as Home present from motives other than euriosity. The news of the disasters require quite peaids 04 pames 4114 prevated pus 4 throadh Buily are UMO4 du most ESTIMATE existe pusts MOU suve equal the doors of banks and banking houses squar eq: IIV 10 discotors eqs per eqs nj present 10 uorses us 20030 4a eqj uu 101 Apues intrances to the Stock Exchange are A eqs puw democred 4q pepases calleries are clear, none being admitted to the building except members, clerks ue em estities pm ] 001 of und 01 the capacity of the building. no poor '$000 red , collateral: prime mercantile paper about 01 personded 001 ere settil % - current information. Bar silver :peravyoun puv quest exchange Km governments lower: States dull: rail atooks tower: queo jed & of % size Number subject pay afforts to obtain cash for stocks AVM sigs 11 are on 10 Ninge greatest decline. 10 per cent., was P quanos which Pacific % There is slightly better feeling 3102 01 du 81 Pacide Northero pus of 000'009$ SUM rung -usom sith esnoq elearing em 19 2010mg Gel. Seney, president of the ug . SEAL bank usigodory st uos OF nones kisp partner. On Inst week's stateMettro- eqs esnoy orgs 100m [swvo] BY pensy 1899 united least *eloeds repow, 5 1

4. May 15, 1884 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, May 15, 1884

Click image to open full size in new tab

Article Text

Crank in New York Banks. NEW YORK, May 14.-The National Bank Examiner has announced the Sec ond National Bank solvent. A. M. Bogart & Co., bankers, have suspended. Nelson, Robinson & Co. announce that all active stocks carried by them were sold yesterday and people who are car. rying them in loans need not be alarmed as they will show their books proving money obtained for them safe. J. C. Williams, broker, says he will announce his suspension later 11 the day. LATER-Hatch & Foote announce their suspension at the Stock Exchange. More at the the

5. May 15, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 15, 1884

Click image to open full size in new tab

Article Text

Some Banks Suspend Payment. And the People Go Wild. Full Particulars of the Scare and Its Results. New York, 14.-The Tribune states that Jay Gould, and President Sidney Dillon, of theexecutive committee, deny there is any move ment to put the Wabash temporarily in the hands of a receiver. Senator Sabin left last night for Paul. He says with assets three times St. the liabilities nobody will suffer from the Northwestern Car Co's, failure, The loss from the suspension will belight, if anything. Telegrams from St. Paul advised that the affairs were even better than anticipated. The national bank examiner has announced that the second Second National Bank is solvent. A. M. Bogart & Co., bankers,have suspended. Nelson, Robinson & Co. announce that all active stocks carried by them were sold yesterday, and people carrying them on Joans need not be alarmed, as they will show their books, proving the money, was obtained before them. J. Williams, Broker, as he will announce his supension later in the day. Several stocks were ought in under the rules this morning for his account. Hatch and Post announce their suspension at the Str ck Exchange. The Metropolitan Bank bas suspended, and its doors are closed. George I. Seney is president. 0. M. Bogart and Co. have as. signed to John Wheeler; preferences, $86,000. On Sto ks guarant el by Nelson, in inson and Co. are a good delivery. Secretary of the Treasury Folger is in town, and telegraphed to /ashington ordering the immediate pay- If ment of the 127th call for bonds. 0 necessary he will order another call call for $11,000, The failure of Ha'ch & Foote was precipitated by the Phoenix Bank refusing to certify checks. A meeting of the clearing house is called for 1.30 m., to-day, to cons n sider the financial situation. Banks N are crowded by anxious depositors. li It is impossible to get near anyone is in authority. The financial comM plications of the past week, supplet mented by the revelations regarding li the management of the Second Na. c tional Bank, which resulted in the E resignation of the President, brought C about such feeling of uncertainty in P the financial situation that at the le opening of business in the stock exc change this morning, it was felt SI that disaster was imminent. Before long one failure after another was u announced, until five stock firms b suspended, and the Metropolitan to Bank closed its doors. Its presiB dent, George I. Seney, has been one 0 of the most prominent speculators E the exchange, and was rated o on high. The failure of Hatch & Foote a is likely to involve country firms, e as they held accounts of many pri vate bankers outside of New York, b ti as well as individuals west and m south. The Metropolitan Bank was $500,000 debtor to the clearing house SU this morning. George 1. Seney, 01 president of the Metropolitan Bank, A was a partner in Nelson, Robinson u & Co. Seney's sons are also partb ners. In last week's statement to a the clearing house the Metropolitan h Bank figured following: Loans, $10,ru 977,000; specie, $1,779,000; legal fi tender, $491,000; deposits, $8,425,5 a g = 000. Bogart & Co.'s falure is consilto ered important, as they were large bi dealers in commercial paper and tb dealt somewhat in privileges. They Se were considered solid. W Wall, Broad and New streets, p surrounding the Stock Exchange, th are filled with surging masses, and no the galleries overlooking the trading fu room are crowded to repletion. The T excitement on all sides isalmost un. gr precedented. On the fusion floor though of the fo

6. May 16, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1884

Click image to open full size in new tab

Article Text

AFFAIRS OF O. M. BOGART & CO. The banking offices of O. M. Bogart & Co., at No 108 Broadway, remained closed yesterday with the exception of a small opening through each of the iron doors. Ex-Tax Commissioner Wheeler, the assignee, began his e xamination into the con. dition of the firm's affairs, but late in the after noon he was not able to give any information as to the resources or liabilities. He said I have been busy In looking over the books, collecting the securities and collaterals of the customers deposited with the firm. and locking them up in the safe. I have not yet had time to begin an inventory, but I hope to be able to give some definite information within two or three days. Alanson M. Wilcox, the Stock Exchange member of the firm, was in consultation with their counsel, William Allen Butler, for some time, explaining the business of the firm as it had been conducted lately. Orlando M. Bogart, the senior member, was at the office throughout the day. His conntenance betokened no uneasiness, and he greeted everybody with much cheerfuluess. He said to a reporter of THE TRIBUNE: The assignee and myself have been busy to-day getting the returns from our customers and the banks, and in straightening things out generally. Everything is going along quietly and smoothly, and Mr. Wheeler is busily at work in preparing a statement. I think we will come out about square, and pay everybody his legitimate claims in full. I wish to congratulate THE TRIBUNE upon having a better, fuller and more correct story of our affairs than any other paper. The absence of Charles W. Townsend. the eashier of the firm, who is a member of the Stock Exchange, was explained by Mr. Bogart, who said that Mr. Townsend went home sick on Monday, and sent word yesterday that he would be at his office today. It was learned that O. M. Bogart & Co. held $400,000 in trust funds of the estate of H. L. Horton, who died in Kalamazoo, Mich., about a year ago. Mr. Horton was a retired merchant of this city, and about ten years ago he deposited these securities and opened an account with Bogart & Co. It was rumored that some of these had been used by the firm to bridge over their difficulties, but it was learned that such was not the case, and that the firm still hold them intact. HOTCHKISS, BURNHAM & CO. TO RESUME. Mr. Hotehkiss, of the firm of Hotehkiss, Barnham & Co., said yesterday that they hoped to resume to-day, although he could not say positively that they would be able to do so at so early a date. That they would resume was only a question of time. They were hard at work straightening out their affairs, and had got sufficiently far to know that they could pay every dollar they owed Mr Hotehkiss added that many of their customers had. taken up their stocks or largely added to their margins, while others were yet to be heard from. Previous to Wednesday the firm had reduced their indebtedness more than a million of dollars. The trouble was that they could not borrow on certain securities. The banks had suddenly become extremely careful and cautious in scrutinizing 88curities and stocks offered for loans, and had compelled the taking up of others. The result was that money could not be had except at the most ruinous sacrifices. Hence they, with others, were compelled tosuspend. NOTHING NEW ABOUT HATCH & FOOTE. There were few visitors at the office of Hatch & Foote, at No. 12 Wall-st., those that dropped in being friends who called to express their sympathy or customers who wished to lend what assistance they could in arranging matters. Daniel B. Hatch, the senior member of the firm, said to a TRIBUNE reporter: There is nothing to add to the facts published this morning. It is impossible for us to make a statement as to our condition, but I do not think that the liabilities will prove to be as large as the public supposes. We have made many personal sacrifices to earry our customers, and we are prepared to make more in arranging settlement. The progress of the settlement will necessarily be slow on account of the dilatory processes of the law. CONDITION OF NELSON ROBINSON & CO. Nelson Robinson, of Nelson Robinson & Co., the Seney brokers, stated that the condition of the firm was the same as on Wednesday. The ultimate result of the arrangement with creditors would depend largely on the future course of financial affairs. Mr. Robinson declined to discuss the relations of his firm with the Metropolitan Bank. W. H. SWEENEY MAKES AN ASIGNMENT. W. H. Sweeney, banker and broker, at No. 104 Nassau-st,, made an assignment yesterday to A. C, Aubrey. Mr. AubrΓͺy said to a TRIBUNE reporter It is a general assignment without preferences; the liabilities are small, I think not over $10,000. Mr. Sweeney did his brokerage business through Fisk & Hatch, and their failure was partly the cause of Mr. Sweeney's. Mr. Sweeney failed a year and a half ago. THE MINOR SUSPENDED FIRMS

7. May 17, 1884 The Dillon Tribune Dillon, MT
Article from The Dillon Tribune, May 17, 1884

Click image to open full size in new tab

Article Text

Great Money Panic. On Wednesday a financial panic swept over Wall street, New York. Banks and brokers went where the woodbine twineth. The reported failure of Donnell, Lawson & Simpson created a flurry in Montana. The following is a summary of the reported failures on Wednesday; Neison, Robinson & Co. Goff & Randall. Metropolitan National Bank. 1. C. Williams. Hatch & Foote. Donnell, Lawson & Simpson. Hotchkiss & Burnham. Atlantic States National Bank. On Wednesday dispatches were received at Butte announcing that Donnell, Lawson & Sunpson had resumed payment and that so far as that bank was concerned it was all right. This dispatch allayed the excitement at Butte and elsewhere in Montana.

8. May 22, 1884 Weekly Phoenix Herald Phoenix, AZ
Article from Weekly Phoenix Herald, May 22, 1884

Click image to open full size in new tab

Article Text

continental, 4 10 11. RAGGED MARKET NEW YORK, May 14-11 a. The stock market ragged; failures for a but the rumors air is stopped thick with moment, of further suspension. There are few who know precisely where they stand, and the situation is strained. ANOTHER BANK FAILURE. NEW YORK, May 14.-The national bank examiner has pronounced the Second National bank insolvent. M. Bogart & Co. bankers, SUS= Robinson & announce pended. all Nelson, active stock carried Co. by them were sold yesterday, and people carrying them in loans need not be alarmed, as they will show the obs them. J. their tained books, for proving G. money Williams, broker, says he will announce his suspension later in the day. Hatch & Foote have announced their suspension at the Stock Exchange. MUST BE COLOR BLIND. BOSTON, May 14.-The Governor has signed the bill to prevent life insurance companies from dis rim, inating against colored people. GALA DAY FOR ODD FELLOWS. SAN FRANCISCO, May 14.-The Odd Fellows are blessed with splen> that sun could did weather, be desired, the day the being shining all not too day been a all holiday brightly, having by but Governor proclaimed Stoneman, warm. legal The streets were seers, on amusement. business early with sight hour is the suspended. bent From thronged an A large number of visitors from neighboring towns and cities are present. Buildings are gaily decorated, and flags are floating from houses all over the city. Two hundred and ninety-fours lodges are rep. resented. The procession will be the most imposing Odd Fellows' demonstration ever held on this coast Punctually al the appointed hour, 11:45 this morning, the procession started on its line of march. Both sides of the streets, windows, balconies, and roofs were crowded with spectators. Every lodge in the State had a representative in the procession. It is estimated that 6,000 people were in the parade. They arrived at the corner of Seventh and Market streets, when the corner 11 stone ceremonies were performed. The different divisions took up a position around the point of interest. John Wright. architect, preL sented a jeweled trowel to Grand P Master W. W. Morrow, with an aple propriate speech. Grand Master Morrow's response and acceptance of the trowel was couched in short, g but expressive, language. He said: ti "I shall take great pleasure in prea serving this splendidly jeweled em fa blem of toil, as a souvenir of this delightful occasion, and I doubt not that it will always serve as a generous reminder that nothing of consequence in this world can be accomM plished without labor." In closing, N he continued: "Permit me to again S thank you and wish you every sucL cess in the work that is before you. M I will now proceed, as best I may, to pl execute your command." At the a conclusion of the ceremonies the of entire body of participants proceed~ a ed to the pavilion where the oration in and poem of the day were delivered. W Hon. John B. Harmon delivered III the oration An original poem for W the occasion, composed by Clarence g T. Urmy, of San Jose, was read by be W. E. Sheridan, the tragedian The procession was an hour and fifteen minutes in passing a given point. p CLOSED THEIR DOORS. in T NEW YORK, May 14.-The Metro, politan bank suspended and their pt o doers are closed: George I. Seney is SI president. O. M. Bogart & Co. ass ga signed to John Wheeler; preference of $86,000. ON THE BOUND. CHICAGO, May 15 -11 a. m -The ye markets opened with a strong upW ward bound this morning and the 1C starting prices were 1 at 11/2 over the bl best figures yesterday. SUSPENDED-RESUMING. NEW YORK, May 5.-Wall street th 11:30 a. m.-A dispatch from Boston ha reports the suspension of F. A. Hawley & Co., a firm which although not heavy dealers, were regarded in good standing Hotelkies n & Burnham are balancing accounts a and expect to resume to-morrow. gi At 11:45 a. m.-Comparative quiet h reigns at the stock exchange. It is th more apparent every moment that the crists is past. The suspension cf Hawley & Co., Boston, was caused

9. May 22, 1884 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, May 22, 1884

Click image to open full size in new tab

Article Text

PANIC IN WALL STREET. A Black Day for Stock Speculators-Suspension of Several Banks in New York City-The Effect Elsewhere. Wednesday, May 14th, will be one of the days long to be remembered by financiers in New York, and probably in all parts of the country. The financial complication of the week before, the failure of Grant and Ward, and the suspension of the Marine National Bank, supplemented by revelations concerning the management of the Second National, which resulted in the resignation of the President, brought about such a feeling of uncertainty in the financial situation that in opening the business of the Stock Exchange it was felt that a disaster was imminent before long. One failure after another was reported until five stock firms had suspended and the Metropolitan National Bank closed. Its President, George F. Seney, has been one of the most prominent speculators at the Exchange. The failure of Hatch & Foote is likely to country firms, as they hold the accounts of many private bankers outside of New York, as well as individuals South and West. Secretary Folger, who was in this city, telegraphed to Washington to take up the bonds of the 127th call, on presentation. The bonds are not due until June 20th. The Secretary further promised to take such steps as will relieve the present situation. Among other failures announced are J. C. Williams, a broker on the Stock Exchange; O. M. Bogart & Co., who gave preferences for $86,000, and Hatch & Foote. The last named say their suspension was caused by the exhaustion of margins and the refusal of customers to renew them, and their inability to sell stocks without undue sacrifice. The Metropolitan National says tclosed to prevent a run, for which it was unprepared. The firm of Nelson, Robinson & Co., a firm composed of relatives of Seney, also closed its doors, but Robinson says all loans are well protected, and holders will get their money. From the announcement of the close of the Metropolitan the wildest excitement prevailed in the street. A mass of people extended from Trinity Church to the Custom House, and both sidewalks and carriageways were impassable. At the doors of the suspended houses there were masses of humanity more dense than those in the streets. Many disconsolate faces gazed at the closed doors. Among the crowd were seen several well dressed ladies, some present from motives other than curiosity. The news of the disasters seemed to spread with lightning rapidity, and private carriages with liveried servants, from up town, were seen flying through the streets. Many stood on the outside of the doors of the banks and banking houses. The directors of nearly all the banks were either in session or present in the buildings, ready for any emergency The doors of the Stock Exchange were guarded by a squad of policemen. A run was made on the Second National, three lines of depositors having been formed at the doors. Among depositors in the Metropolitan who appeared to know anything about the suspension it is said the immediate cause was the demand for more than half a million by the clearing house to make good its account in railroad speculations of President Seney, which is generally supposed to be the real cause of the suspension. Mr. Seney is President of the East Tennessee & Virginia railroad, the stock of which is selling to-day at 5 for common and 9 for preferred. Large blocks of this stock were bought less than a year ago, it is supposed for account of Seney, at 11 or 12 for,common and 24 for preferred. The stock has been sinking ever since, notwithstanding the constant support of what is known as the Seney syndicate. Ohio Central is supposed to be another of Seney's favorite stocks, upon which large sums were lost in sustaining the stock. A director of the bank stated that the depositors would be paid in full. Hotchkiss & Burnham also suspended. Drexel, Morgan & Co. received word from a Philadelphia house that they could have all the money they wanted. Donnell, Lawson &Simpson, who are the fiscal agentsin New York City for the State of Kansas, closed their doors. This firm has more correspondents in Kansas than any other Eastern bank. The firm said it suspended in order to see how it stood. The amount that the State of Kansas had with this firm was unusually small, amounting to only $14,783.27 Treasurer Howe was about to send $200,000 more to pay bonds, which will be due in June and July. Interviews with members of the Executive Council result in the information that they have long felt dubious about Donnell, Lawson & Simpson, and have endeavored to remove the Fiscal Agency to some other bank, but several have declined to take it, owing to the bond of ahalf-million,required by the State. The Clearing Houseassociation held a meeting during the day and adopted resolutions to stand together and prevent a panic. The Atlantic State Bank of Brooklyn closed its doors. Haggerty & Son of St. Louis, made an assignment. Chas. M. Bayard, of Philadelphia, also suspended. In Chicago the feeling is not panicky, the general belief being that the country is in good condition, and Black Friday" of 1873 cannot be repeated. In Boston the brokers claim to have anticipated some such condition of affairs and were prepared to meet it. Large blocks of Mexican and A., T. & S. FeR. R. stocks were thrown on the market, the Mexicans dropping from 47 to 40 and rallying to 42. Atchison fell off five per cent. Cincinnati is not seriously disturbed. Kansas City is not seriously affected. The State Savings Bank of St. Joe, closed on account of the failure of Donnell, Lawson & Simpson. In London there was great excitement and American stocks dropped heavily. The New York papers say the panic was emphatically a panic of stock gamblers and nothing else, and business will soon resume its natural course. In Washington, an effort was made in the House to pass the Dingly bill, which authorized the Secretary of the Treasury to invest in bonds the lawful money deposited by banks for retirement circulation, but there was objection and the matter.went over

10. May 22, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, May 22, 1884

Click image to open full size in new tab

Article Text

The Crisis Believed to b) Passed. New YORK May 14.-The scenes in the stock exchange was one of intense (X citement this morning. There was rush to sell stock, partly on account of brokers being unable to meet engage. men's Before 10:15 Nelson Robirson Co. and Geoff & Randall announced suspension. There was A drop of to 34 percent. compared with yesterday from closing down. The movement being no. orderated by the rumors of several bull pools being forced to liquidate. J. J.O. C. Williams, broker, says he will announce his suspension later in the day. Several tocks were bought in under the rule this morning The account of the clearing house has been received as follows from the N ati nal bank examiner. Scriboer: "After investigation of the Second National bank find it absolutely eate." Hatch & Foote announce CA their suspension at the stock exchange. Thestock market isragged. Some SLOCKS are show showing ing sharp recovery and others at the lowest price for the day Failures have stopped for the moment but the air is thick with rumors of further suspensions. Few know precisely where ney stand and the situation is strained. The Metropol tan bank has suspended and their doors are closed. George Isney is president. G M Bogart and Co. have are ed to J no Wheeler; preferences $86. 000 Secretary of the treasury Folger is in town and telegraphed 10 Washington, or. dering the immediate payment of the 127 b call for bonds. It necessary he orders $1,000,000, for another The failure of Hatch & & Foote was precipitated by he Pace iix bank refusing to certify their checks A meeting at the clearing house was called for 1:30 p. m. to-day to consider the financial situation. The banks are crowded with anxious depositors. is im. poss ble to get near one in authority The financ al comp ica ion feation for the past weck, supplemented by the revelations regarding the management of the Second Nat National bank, which resulted in the resignation of the president, br ught about such faeling of uncertainty in the financial sit. nation that at the opening of the business wes it this morning exchange stock the felt that felt that disaster was imminent before long. announced was another after tailure One until five stock fi ms suspended and the Metropol tan National bank closed its doors. Its president. George F. Seney, has been one of the most prominent speculatore on the xeb inge, and rated high. Tbe failure of Hatch & Foote will likely nv involve live many country firms. as they held the accor of many private bankers out. side of New York as well RS individuals west and south Secretary Fo Folger, ger, who is in the city, telegraphed to Washington to take Union Pacific bonds the 127th call on presentation of the bonds notdue until June 20th. The secretary further promises such steps as to relieve the present situation on all Wall street. Bogart & Co.'s failure is considered important as they are large dealers in commercial paper. They dealt somewhat in privileges and were considered solid on Wall all boards The streets surrounding the stock exchange were filled with surging masses, and the galleries overlooking the trading room were crowded to repletion. The excilement on all sides was almost unprecedented, and on the floor of the ex. change all was confusion. There is litile business being done. The sale accounts are suspended, firms making but little show of business The situation is decidedly pan icky, icky, and further failures are looked for. Distrust is the most prominent feature, and banks banks carefully scrutinize accounts. The Phoenix bank refused to certify the checks of Hatch & Foote, and this this was was the immediate diste cause of the suspension. A meeting of the clearing house has been called to discuss the situation, which is regarded as Secretar Folger has been at great peril ahe sub treasury all the morning. and was wished b: most all prominent financiers not all Wallstreet. street. He expresses determinapower of the governthe Rill nae 2 and will act are & panic H pay 10 tue unmost limit of his authorQty. 1 1:15 all Wall street was a mass of people from are Trini church to the customhouse CD both sides of the walks and the carriage way was impassable. At the doors of the suspended houses masses of humanity, with many disconsolate faces, gaz ed'on gazedion the closed doors. Among the crowd are seen several well dressed ladies, some present from motives News of disasters the curiosity than other meemed to spread with lightning rapidity. Private carriages with liverted servants from up-town are flying through the streets and many now stand outside the doors of the bank and banking houses. Directors of or in session either banks the all nearly present in the buildings ready for an n emergency. The doors of the stock exchange are guarded by policemen, the visitor's galleries being cleared and no one is admitted to the building except members, clerks and messengers, because the crowd endeavoring to gain admittance was too large for the capacity of the building on Wall street. 12:30 p. m -Sensational rumors are af fecting the safety of several banks, but investigation has proved them false, except in instances of he Metropolitan At 1:30 At 1:30 the excitement in Wall street subsided to a great extent and better feeling prevailed. but the situation is by no means mettled The general impression is the end is not yet. It is stated the largest dealer in privileges on the street was obliged to receive 200,000 shares of "puts. This large block must have called for a heavy drain even on his immense resources. Wall street, 2:50, p. -Hotchkiss & Burnham have just announced their euspension at the stock exchange. Wall street, 2:50 p. m. The m.-The clearing house association has just adjourned, after adopting the following: Resolved, that in view of the present crisis, the banks of this association, for the purpose of sustaining each other and the business community, appointed a committee of five to receive associathis of members banks, from tion, bills receivable or other securities to be approved by said committee who are authorized, therefor, to such deposing banks to loan certificates bearing interest of 6 per cent. per annum, not in excess of 75 per percent. cent. of securities or bills receivable 80 deposited, except in case of United States bonds, and said certificates shall be received in settlement of balance at the clearing house. The The following gentlemen comprise the commitiee: T. T.D. D. Tappen, George S. Coe, J. D. Vermilyes, George G. Williams, W. Π”. Wall and Ed ward H. Perkins Wall street, 12.20 p. p. A representative of the Associated Presshas just interviewed a prominent director of the Metropolitan bank, who says emphatically the depositors will be paid in full. The directors have gone through all the securities, and throwing out all lassed doubtiul, have more'than The suspen depositors. to pay enough sion is solely due to the fact that depositors become having the country throughout scarce through the attacks on the president of the bank. Mr. Seney had insugurated general withdrawel of their deposits. This fact, coupled with the general distrust engendered from the in circles, speculative signation critical

11. May 23, 1884 The Times Owosso, MI
Article from The Times, May 23, 1884

Click image to open full size in new tab

Article Text

WALL STREET PANIC. A TUMBLE IN STOCKS, AND FIRM AFTER FIRM FORCED TO SUSPEND. The announcement Wednesday morning that John C. Eno, president of the Second National bank of New York, was a defaulter for nearly $2,000,000 was sufficient to pave the way for a serious panic in Wall street. In the wild rush to sell securities prices opened from one to five points lower, and dropped at a frightful rate of speed. Within a few minutes the suspensions were announced on the stock-exchange of Hatch & Foote and O. M. Bogert & Co., heavy banking-houses, and of J. C. Williams, Goff & Randall, and N. Robinson & Co., brokers. Next came the failure of the Metropolitan National bank, with a capital of $3,000,000, whose president is George I. Seney, the promoter of the Nickel-Plate road, whose losses in the Ohio Central and East Tennessee roads are believed to have been very heavy. A run commenced on the Second National bank, where depositors soon found that James A. Trowbridge had been elected president; that the defalcation of J. C. Eno had been promptly paid up by his father, and that the bank examiner pronounced the institution sound. By noon every foot of room in Wall street for ten blocks was occupied by an excited crowd, among them being many ladies. Secretary Folger happened to be in New York and ordered the immediate payment of the last call for bonds, in the hope of easing the momentary stringency produced by the panic, as currency commanded 1 per cent. per diem. Before the stock-exchange closed the suspensions were announced of Hotchkiss & Burnham and of Donnell. Lawson & Simpson. Later in the afternoon the Atlantic State bank of Brooklyn, with a capital of $2,000,000 closed its doors. The events of the morning drove St. Paul preferred, Northwestern common, and Pullman stock to par, knocking Michizan Central 12 points, forced Union Pacific to 39 and Western Union to 49. The total transactions were 630,000 shares. The petroleum markets in the Pennsylvania cities were driven down ten points, with but little recovery. July wheat in Chicago at one time showed a decline of 41 cents from Tuesday's highest figures, but most of the loss was regained. Charles M. Bayard, a stock-broker in Philadelphia, suspended payment. In Boston large blocks of Mexican Central bonds and Atchison stock were flung on the market, causing a drop of from five to seven points. On Thursday the resumption of business by the Metropolitan National bank of New York, under the presidency of Henry L. Jacques, gave a strong impetus to the stock market. There was no wild enthusiasm over Wabash or Denver, but such properies as ordinarily do something for their owners were in brisk demand at better orices. The announcement of the failare of A. W. Dimock & Co., promoters of the Bankers' and Merchants' Telegraph company had but little effect on the howling crowd of brokers on the stock-exchange. Parties deeply interested scattered over the country the statement that foreign bankers were hungry for American securities, and quotations were marked up rapidly unil the famine was appeased. Money ruled firm at 12 per cent. per annum. A sharp decline in government bonds out the speculative fraternity on their guard, and just before the close of business prices were smashed from one o five points by the collapse of Fisk & Hatch, the heaviest dealers in federal securities.

12. June 12, 1884 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 12, 1884

Click image to open full size in new tab

Article Text

Hatch & Foote Trying to Settle. NEW YORK, June 11.-Hatch & Foote, bankers and brokers of No. 12 Wall street, who suspended during the recent panic, are negotiating for a quiet settlement with their creditors. Several of the latter said to day that the terms are twenty-five cents cash and twenty-five cents in five years if the business can make it; the assets which were not liquidated to be placed in the hands of a trustee to dispose of them when the market im. proves and times get better. The members of the firm decline to give any particulars for publication until they have heard from all their creditors as to their acceptance of the settlement.

13. June 14, 1884 Morning Appeal Carson City, NV
Article from Morning Appeal, June 14, 1884

Click image to open full size in new tab

Article Text

Hatch & Foote. NEW YORK, June 12-Hatch & Foote, bankers and brokers of No. 10 Wall street, who suspended during the recent panic, are negotiating for a settlement with their creditors. Several of the latter said yesterday that the terms are twenty-five cents cash and twenty-five cents in five years if the business can make it, the assets which were not liquidated to be placed in the hands of a trustee to dispose of them when the market improves and times get better. It was learned that a number of creditors had accepted the firm's offer.

14. August 26, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, August 26, 1884

Click image to open full size in new tab

Article Text

NOT A PENNY IN THE SAFE WARNER MAKES A CLEAN SWEEP OF ALBION'S BANK. Application Made for the Appointment of a Receiver-A Statement of Hatch & Foote's Affairs Made Public At Last-A Philadelphia Bank Goes to the Wall. NEW YORK, Aug. 25.-Schedules in assignment of Hatch & Foote were filed Aug. 8, but they were to-day made public for the first time. They state the total lia. bilities at $4.497,315, of which debts to the amount of $3,548,900 are secured. The nominal assets $1,132,299, and the actual assets $298,871. Included in the liabilities are cash deposits in various amounts, principally in sums less than $50,000, to the amount or $465,000. THE ALBION CBOOKEDNESS. ROCHESTER, N. Y., Aug. 25.-The Union and Advertiser to-day publishes a schedule of the Burrows estate at Albion as it existed in 1879, before Mr. Burrows' death. It says that the estate was worth $1,750,000 at the lowest estimate of real estate. The bank safe was opened to-day. The bank examiner refuses to make any statement, but it is learned that the surety box was empty. Eliza Glen has begun suit in the Supreme Court for the appointment of a receiver for the bank. A petition has been in circulation in the village, which was numerously signed, asking for the appointment of Hon. J. G. Sawyer, ex-county Judge of Orleans county, as receiver of the bank. Mrs. Eliza Glenn has begun an action against Louis C. and Wm. R. Burrows, each individaaby, as surviving executors of the will of Roswell Burrows, deceased, upon a note for $2,150, given by Warner as executor of the estate. She also asks for the appointment of a receiver pending a final determination of the action. Bank Examiner Williams is still at work in the bank with closed doors, and refuses to enlighten depositors as to its affairs. It is believed that as the examination proceeds the outlook for the depositors becomes disheartening, and all there appears to be left of the great Burrows estate is some land in the West and Southwest, the value of which is indefinite and can hardly be est dated. The District Attorney of Originals county states that no warrant Iras been issued for Warner's arrest, and he shall issue none until officially notified of Warner's crimmality or embezzlement by the proper authority. RICHMOND BONDS DISPOSED OF. NEW YORK, Aug. 25.-An Albion, New York, special says it has been discovered that $60,000 in bonds of the First National Bank of Richmond, Va. have been disposed of by Mr. Warner for his private purposes. PHILADELPHIA BANKERS ASSIGN. PHILADELPHIA, Aug. 26.-Ladner Bros., bankers doing business at No. 30 South Third street in this city, made an assignment to William F. Harrity to-day. The assignment is made by the firm and individual members without preferences. The liabilities are estimated at $15,000. The assets are unknown. The firm was composed of Wm. T. Ladner and Louis J. Ladner, and they have been in business for many years. Their transactions were mainly with Germans. The liabilities are $150,000, are unsecured, and there are other deots, but they are secured by collateral. The exact amount of these could not be learned. The assets are composed of real estate in Philadelphia and Atlantic City, New Jersey. BLANEY BROS.' FAILURE. BOSTON, Aug. 25.-The liabilities of Blaney Bros., manufacturers of morocco at Lynn, who failed last Friday, are between $75,000 and $100,000. It is'expected that the firm will pay 50 cents on the dollar.