Fitch & Company (New York, NY)

Episode Information

Episode UID
6733017390885
Episode Type
Suspension → Reopening
Bank Type
private
Bank ID
673301739 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
f5b442c4c795ba8d

Response Measures

None

Description

Contemporary articles report suspension during the Panic of 1873 but do not state final disposition; further items could confirm reopening or failure.

Events (1)
1. September 19, 1873 Suspension
Cause
Macro News
Cause Details
Part of the widespread financial panic of September 1873 with multiple contemporaneous failures and runs on other institutions.
Newspaper Excerpt
Fitch & Co., have suspended.
Source
newspapers

Newspaper Articles (4)
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 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 19, 1873

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Article Text

TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] THE CRASH. Excitement in London--A Panic in New York and Philadelphia--Large Number of Failures, &c., &c. LONDON, Sept. -12:30 p. m.-Financial the news from New York causes excitement in market. A large business is doing with wide fluctuations. Rumors of impending failures cause depression. There is considerable excitement in Eric, which is now 43A. NEW YORK, Scpt. 10. George Opsdyke publishes a card saying any loss sustained from financial complications of the Midland railroad will not effect his financial position. He added that it was deemed best to have a receiver ap pointed for the road. Fisk & Hatch have failed NEW YORK, Sept 19. The Times this morn & mentions the failure of George Opsdyke itself deing Co. This is an error and the Times sires this contradiction, to be circulated. POILADELPHIA, Sept. 19 -Jay Cooke & Co. a dispatch from London this morning solvent declaring received that their London house is Jay and that the feeling in London towards It Cooke, McCulloch & Co., is very friendly. of must be remembered that the liabilities American the London house, unlike those of the regbranches,are not all due on demand but at ex ular well-known dates, SO that they know week. actly how much money is 19.-The needed each stock market NEW lower, YORK, reacted Sept. little, but went lower opened White, Defrees & Rathbone, gold and again. stock brokers, 17 Broad street, was the first suspension announced Being small firm the not much excitement ensued. Soon after announcement was made that Fisk & Hatch had up, the wildest excitement followed gone Brokers rushed out of the Board and for several minutes a steady stream of operators running towards their offices was kept up. There is a heavy run on the Union Trust Company Fisk & Hatch's failure has been announced the Stock Baard. Stocks fell 10 per cent. in There is tremendous excitement on the street and stocks are still declining The failure of Beers & Edwards and Eagene Jackson, brokers, is announced in the Stock Board. Gold bid. NEW YORK Sept. ..The llowing addi failures were announced ID the Stock tional Board this morning homas Reed & Co. W. B. 11. Warner, Greenteal & N rris an George Alley. PHILADELPHIA, Sept 19 The pasiceaused a run on the Fidelity Saf and Trust Company and there is long line of depositors drawing ou checks. The directors feel confident meeting every demand. Distrust with regard & to the Fidelity was caused by Messrs. Clark officers Co's. suspension, they being prominent Co. PHILADELPHIA, Sept. 19 --Jay cook & issue the following notice to their depositors ac"Some little time is quired to Ajust our counts and to hear from our diff. rent officers when statement will be prepared showing the condition of our affairs, which will be forward- then ed to you through the ostoffice. Until we beg your kind indulgence. assuring that every effort will be made to liquidate our entire indebtedness with the least possible delay NEW YORK, Sept. 19 Robiason and Suy than dam say their liabilities are not more $50,000 and they expect to resuine soon Com. Vauderbilt said in an interview last night there was DO reason why Richard Schell should have failed, NEW YORK, Sept. 19. Fisk and Hatch state that their suspension can only be tem- on and was caused by loans cailed in good porary securities which could not be realized upou at the present crisis. They say the securi ties on which they have made advances are and on railroads--t Chesapeake and Ohio Central two Pacific-both of which are completed. They expect to be able to resume business again soon as the panic ceases. Wall street has never as experienced such storm and the panic of Black Friday, in 1869, is by far exceeded by it. In the stock market the first failure was announced. The entire list dropped, recovera little in the interim but falling lower Two as ing each successive failure was announced. Kidother failures. Theodore Bidell & A. M. der-are announced. Gold is now 113. and NEW YORK Sept. 19.-Day & Morse & Warner have suspended. Hay PHILADELPHIA, Sept. 19.-Do Haven & Bro. have failed. New YORK, Sept. 19.--The run on the is Trust Company continues. The company still paying. Munroe & Co., of Paris, notify their New York house by cable that they will proteet bills of Jay Cooke & Co. upon them. They offered this morning to discount Couke's im matured bills at the bank rate. It stated on good authority that Secretary New Richardson will come to the relief of the York banks to-day, but in what manner cannot be ascertained. The Treasury officials refuse any information. LONDON, Sept. 19.-4:50 p. m.-Financial in the afternoon papers indicate an reports uneasy feeling occasioned by the news from New York. The close of the market, however, finds confi dence partiallyrestored and at thishour There Loodon's financial condition is sound. DO failures. Eric 411. are NEW YORK, Sept. -Fitch & Co. have suspended. PHILADELPHIA Sept. 19. DeHaven & Bro. have suspended temporarily but hope to follow- meet their liabilities, which are small. The Douglass, brokers have suspended II. H. ing J. H Yerkes, John Lloyd, Gilbough Bayard, & Co. and Bond, All of the above except Gilbough & Co. are small concerns NEW YORK. Sept. -The office of Fisk & Hatch is strongly guarded by police. Jay a Cooke & Co., are hard at work preparing statement of their affairs. A prominent Wall street 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 be a general suspension of A banks meeting and others. of bank Presidents is now being held at the clearing house. Vernon & Hoyhane have suspended. The stock market is not quite so irregular, at excitement still continuing. The crowds the the Stock Exchange are so large that the police of have been called to prevent the entrance any but members. NEW YORK, Sept. 19--2 p. m - The Stock Exchange has been a scene of the wildest ex

3. September 20, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 20, 1873

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[Associated Press telegrams. NEW YORK, September 19. - Fisk & Hatch have suspended, also Robinson & Suydam, Richard Schell; White, Defrees & Rathbone, Bouis & Edwards, and Eugene Jackson. George Opdyke & Co. have not suspended. The wildest excitement followed the announcement of the failure of Fisk & Hatch. Wall street was in its shirt-sleeves and bareheaded. Stocks fell ten per cent., and are still sinking. De Haven & Co., of Philadelphia, have failed. NEW YORK, September .-The followingadditional failures are reported: Thomas Reed & Co., W. H. Warren, Greenleaf & Norris, George B. Alley, Thomas Biddle, A. M. Kidder. Western Union Telegraph stock opened at 78; it is now 68}. Like fluctuations in the whole list. WASHINGTON, September 19. 1 Dispatches from all cities report long lines of depositors crowding the bank doors. In this city there is no exceptior. NEW YORK, September 19.-Jay Cooke & Co. have assurances from their London house and correspondents in other cities that their bills will be protected. WASHINGTON, September -There is quite a rush on the Washington City Savings Bank and a slight demonstration on the Freedmen's Bank. Both give assurance of their ability to meet all demands. The Freedmen's Savings Bank report they had this morning $80,000, of which only $20,000 had been drawn. There are about seventytive persons in the line at this bank. There is no excitement about other banks. NEW YORK, September 19.-Fi-k & Hatch say their suspension is but temporary. Their advances are upon the Chesapeake and Ohio railroad and the Central Pacific. They expect to resume as soon as the panic ceases. Their office is strongly guarded by the police. Fitch & Co. and Versou & Hoy have suspended. A prominent Street broker says if

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

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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