Henry Clews & Company (New York, NY)

Episode Information

Episode UID
9125090890885
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
private
Bank ID
912509089 hash
Start Date
September 24, 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
3a81b4220f2b62b5

Response Measures

None

Description

Firm suspended on 1873-09-24, resumed operations in January 1874, but was later adjudicated bankrupt in Dec 1874.

Events (4)
1. September 24, 1873 Run
Cause
Macro News
Cause Details
Run triggered by the broader financial panic following Jay Cooke & Co. and related market turmoil; massive country demands and loss of confidence led to heavy withdrawals.
Measures
Paid out large sums in greenbacks (reported about $1,000,000โ€“$1,250,000), sought Treasury remittances and loans, offered securities and mercantile paper to raise funds.
Newspaper Excerpt
Toward noon it was whispered that a run was making upon Henry Clews & Co.
Source
newspapers
2. September 24, 1873 Suspension
Cause
Macro News
Cause Details
Unable to meet extraordinary withdrawal demands during the panic despite holding first-class securities and attempts to obtain funds; suspension followed the run.
Newspaper Excerpt
at 2:45-the doors were closed, and it was known that Henry Clews & Co. had suspended payment.
Source
newspapers
3. January 5, 1874 Reopening
Newspaper Excerpt
Henry Clews & Co., bankers, of New York, ... resumed payment on Jan. 5 and announced to-day their ability to pay all demands against them in full.
Source
newspapers
4. December 1, 1874 Receivership
Newspaper Excerpt
Messrs. Henry Clews & Co., having failed to answer in bankruptcy proceedings, were adjudicated bankrupt, on petition ... were adjudicated bankrupt.
Source
newspapers

Newspaper Articles (25)
1. January 20, 1873 New-York Tribune New York, NY
Article from New-York Tribune, January 20, 1873

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JAY COOKE SUING HENRY CLEWS. A deputy sheriff called upon Henry Clews on Friday evening, in pursuance of an order by Judge Tappen of Brooklyn, with an order of arrest in case he refused to surrender into the Sheriff's hands $7,500 at the suit of Jay Cooke & Co. Mr. Clews paid the money under protest, and announced that he would contest the matter in the courts. The circumstances of the case, as stated by Mr. Cooke, are as follows: Gill Brothers bankers, of Philadelphia, deposited against their account with Henry Clews $16,100. Soon after Jay Cooke & Co. began an action against Henry Clews & Co. for the recovery of $7,500 of the $16,100 deposited with Clews & Co., on the ground that $7,500 of that sum had been obtained from them by Gill Brothers and deposited with Clews & Co. The latter claim that no part of the $16,100 deposited by Gill Brothers had been obtained by that firm from Jay Cooke & Co. Judge Tappen, at the suit of Jay Cooke & Co., appointed J. B. Haskin receiver, and Henry Clews refused to put the money in his hands. Judge Tappen then issued a peremptory order, with the above result.

2. January 21, 1873 Evening Star Washington, DC
Article from Evening Star, January 21, 1873

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JAY COOKE SUING HENRY CLEWS.-A deputy sheriff called upon Henry Clews on Friday evening, in pursuance of an order by Judge Tappen of Brooklyn, with an order of arrest in case he refused to surrender into the sheriff's hands $7 ,500 at the suit of Jay Cooke & Co. Mr. Clews paid the money under protest, and annourced that he would contest the matter in the courts. The circumstances of the case, as stated ns. 2- by MAY. Cooke, are as follows: Gill Brothers, bankers. of Philadelphia, deposited against their account with Henry Clews $16.100. Soon after Jay Cooke & Co. began an action against Henry Clews & Co. for the recovery of $7,500 of the $16, 100 deposited with Clews & Co., on the ground that $7,500 of that sum had been obtained from them by Gill Brothers and deposited with Clews & Co. The latter claim that no part of the $16,100 deposited by Gill Brothers had been obtained by that firm from Jay Cooke & Co. Judge Tappen, at the suit of Jay Cooke & Co., appointed J. B. Haskin receiver, and Henry Clews refused to put the money in his hands. Judge Tappen then issued a peremptory order, with the above result.-N. Y. Tribune, 20th.

3. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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a e SUSPENSION OF HENRY CLEWS & CO.-THEIR CHECKS THROWN OUT BY THE FOURTH NATIONAL BANK -TREASURY ACCOMMODATIONS UNAVAILING. A few minutes after p. m., a TRIBUNE reporter was informed by a bank president that Henry Clews & Co. had had a large amount of securities thrown back upon their hands, and would be compelled to suspend. The reporter at once visited the Fourth National Bank. which has acted for Henry Clews & Co. in the Clearing-House to learn the truth of the report. He was there informed that the bank had carried $160,000 in checks on Clews & Co., through Monday, but yesterday additional checks came in to the amount of $137,000. The firm bad no funds in bank to take up these checks, and though they offered securities of various kinds the bank officers did not feel justified in accepting them and taking up the checks. Mr. Clews had been closeted with Mr. Calhoun, the President, during the greater part of the day. using every means of persuasion in his power to prevail upon the President to take up his checks. This was without avail, and about 2 m. the checks were thrown back upon Clews & Co., and their suspension became inevitable. The reporter then went to the office of Clews & Co., expecting to find it closed. but it was still open and business was apparently proceeding as usual: but while the reporter was standing in the countingroom a check was presented to the paying teller which was returned by him to the person presenting it. Soon afterward another check was presented and met the same fate. At this moment Mr. Clews passed from his private office into the countingroom, and the reporter accosted him: Reporter-I hear the statement made that you about to suspend. Is it correct Mr. Clews-It not. Reporter- What is the meaning of the return of checks unpaid Mr. Clews-I can't tell you what it means. Mr. Clews then went out and walked up Wall-st. It was supposed by some that he had gone to make another effort to obtain funds; by others that he was simply getting out of the way before the announcement of his failure should be made public. In a few moments-at 2:45-the doors were closed, and it was known that Henry Clews & Co. had suspended payment. The house was formerly known as Livermore, Clews & Co., and in 1865 became Henry Clews & Co. L. S. Fowler is the second member of the firm. CHAOS IN THE HOUSE. In an instant a crowd collected. The news seemed to spread like the wind. A number of dapper young messengers bounced into the doorways, unmindful of the crowd and seemingly intent only on reaching the teller's desk before the windows were closed at 3 p.m. Quite a crowd," said one to a bystander. What's the matter 9" "Matter? Clews has suspended!" Each messenger blew a long whistle and took from his pocket a heavily laden deposit book. Wanted to deposit these," said one, "but I guess we can wait." In and through the rooms and doorways, the crowd thronged, lounging on the handsomely-cushioned sofas, and stretching their legs across the black walnut desks. One old gentleman became the center of an interested group in the reception room by his lively denunciation of the banker. "I had Government said and Clews me to them Railway bonds. bonds," newly-broken for Alabama he, persuaded He has change been dabbling too much in these rotten carpet-bag securities, and so I am in for it." He was somewhat violent in his gesticulations and loud in his language, and an affable friend of the firm soon persuaded him to withdraw. Henry Clews appeared at the bank soon after his walk, flushed and excited. He made no reply to the reporter who accosted him, but strode rapidly through the outer rooms to his room in the rear of the glass-cased counting-room. Here he remained for some time, and then again plunged into the crowd and was seen pushing through the busy groups in Wall-st., intent apparently on his own thoughts. In the mean time the business, such as it was, of the banking house of Henry Clews & Co. was left to the bewildered clerks, who peered through the closed windows upon the curious crowd in seeming doubt as to whether they should open the windows and resume on their own account or not. Mr. Greenough, the managing clerk, busied himself as far as he could, in settling the accounts of the day, but even he had the bewildered air common to them all. " Do you think you will pay to-morrow 9" asked one of the check-holders, who had come in half an hour late. Pay to-morrow ?" repeated the wretched clerk with an abstracted air; 'pay Oh, yes, we are expecting remittances every moment." Among the substantial men who came in to condole with the firm were Henry G. John and but they were to Hoey afflicted others, withdrew. unable Stebbins, At about afford much consolation, and BOOD o'clock policemen cleared the halls and took up their positions at the front door. My GOVERNMENT FAVORS RECEIVED. On Saturday morning when it was announced of that the Treasury would purchase 10,000,000 bonds the Union Trust Company could not obtain any greenbacks until 12 o'clock, but it is stated that at 10 o'clock Henry Clews & Co. received large packages of greenbacks from the Sub-Treasury, which were being opened in their office at that hour. of Whether this was for money, paid for purchases bonds of Henry Clews & Co. 'OVERBORNE BY A SCARCITY OF GREENBACKS." The managing clerk, Mr. Greenough, who has been familiar with the books and details of, the business infor several years, made the following formal statement to a TRIBUNE reporter: a "There has been, Sir, for four days steady, uninterrupted run upon us. We have paid out all our available currency and find ourselves We to-day at the end of all our available money. could simply pay no more, and we closed our doors." Q. What amount do you think you paid out in that time A. A million and a.quarter in greenbacks. We had no banks to back us, although we have all the duties and responsibities of a national bank, and we could not stand it. Q. Was the suspension occasioned at all by railway investment or speculation A. Not at all we had made none we were simply overborne by the of we have ample to scarcity greenbacks; securities not availmeet every liability, but the securities are able.

4. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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EXECUTIVE INTERFERENCE. SENATOR MORTON'S VIEWS IN REGARD TO THE PRESIDENT'S FUTURE COURSE. Senator Morton is still in town, watching the financial situation with great interest. A TRIBUNE reporter called upon him last evening, at the Fifth Avenue Hotel, to inquire whether he had received any intimation of further action by the President. The Senator said that he was not authorized to speak for the President or to say that he was prepared to do more than he had done. He had thought, when he left town on Sunday night, that the remedy adopted would prove sufficient. If he should become convinced that it was not enough, and that the panic was increasing, the Senator thought he would do whatever he could. within the law, to restore confidence. Senator Reverdy Johnson was of the opinion that the President was not authorized to take the money from the Treasury and deposit it in the National banks; there were also doubts about the legality of purchasing bonds not yet due. It was therefore difficult to devise a way of relieving Wall Street with money from the Treasury. The President would do all that he could, but was very desirous of keeping within the letter of the law. Reporter-What effect do you think the excitement of to-day, and particularly the failure of Henry Clews & Co., will have on Gen. Grant? Senator Morton-The failure of Henry Clews will hit him the hardest of anything. Poor Henry! I'm very sorry for him. Reporter-I see that the President has returned to Long Branch to-day. Do you expect him to come over to-morrow and look after matters for himself 1 Senator Morton-No, I doubt if he will come. As soon as he gets here he is at once surrounded by a crowd of self-constituted advisers, and I think he can decide what to do as well away as here. Senator Morton expressed the earnest hope that the outlook might not be so discouraging as was thought, and that things would open much better in the morning than they had closed in the afternoon.

5. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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WALL-ST. SHROUDED IN GLOOM. CONFIDENCE GIVES PLACE TO DISTRUST-FINANCIERS AFRAID TO OPEN THE STOCK EXCHANGE-IRREGULAR SALES-THE CLEARING-HOUSE CERTIFICATES ALL TAKEN. Wall-st. was quet yesterday morning; but it proved before night to be the calm that invariably precedes the storm. There were no crowds in the street, at least none such as Saturday witnessed; nothing of the confusion which has served in the two or three days just past to accelerate and increase the panic. But underneath this apparent security there was lurking a great danger, which may yet precipitate a universal disaster. Men went to bed Monday night confident that the worst was over; they rose yesterday morning still assured of the stability of the banks. The latest foreign advices helped to increase this confidence, for they spoke of no failures, though of some distrust. The confidence of the Clearing-house Committee had inspired confidence everywhere. Men felt that only the rotten concerns which had dealt in railway securities and the parasites who had fed on the Government favors must go by the board. It was known early that the $10,000,000 loan scrip issued by the Clearing-house had been quickly absorbed; but it was also known that the Committee, still strong and confident, was ready to issue larger amountsi if required. Still the impracticability of the $10,000,000 loan, which soon became apparent, served at first to depress the street and influence the banks disastrously. The knowledge, too, that $9,271,350 of bonds had been bought, and that the greenbacks paid for them had been quickly absorbed, as well as the futile effort to throw the Union Trust Company into bankruptcy, was in greater degree depressing. The stock quotations in the street were better in every instance than they had been at the close of Saturday's operations on Exchange, and indeed better than they were when the great break began on Friday morning. But still they were not 80 high as people had anticipated and the "bulls" had hoped. The savings banks officials were in good spirits, and few runs were reported on these institutions. The largest savings banks had paid out only insignificant amounts. Several of the stronger had even declined to take advantage of the clause in their charters which allows them to refuse payment of drafts on their institutions except after the 30 or 60 days' notice. In the Gold Room the price of gold was placed at 112, a rate much lower than was expected to be established, and settlements were easy. But everywhere all securities went begging, and there was little comfort to be had from the fact that the stock gamblers were quiet. The Stock Exchange remained closed, and this indication of common sense on the part of the brokers was encouraging, and there were many other circumstances that tended to make yesterday morning bright and cheerful, and the prospect for the future encouraging. The reports from the Union Trust Company direct were much more favorable. It was declared that the suspension had been needless, and the directors were denounced as senseless. But the receiver stated, wherever he could be heard and heeded, that everything good could be said of the Trust Company and that all that was favorably said of it would befulfilled. The stock brokers were much relieved by Jay Gould's settlements through his brokers of a large number of shares of stock at reasonable rates, which bankrupted nobody and relieved everybody. But while all this cheerful outside appearance of the crisis which had seemed to be impending encouraged people to hope that the panic was over, there were events occurring that showed how futile wasth hope. Early in the morning reports of the suspension of banks began to come in from all parts of the country. This news did not reach the general publie until the afternoon, but the bankers and brokers were early advised of it and warned by the telegrams. The aggregate of country demands on the banks of this city is said to have been $200,000,000. Such a demand was unprecedented, and could not be met. Upon many of the bankers a run was secretly begun. The crowds in the street knew nothing of the impending disastersaw nothing of that which was undermining and destroying. Toward noon it was whispered that a run was making upon Henry Clews & Co. The run on the company was not made known to the public until about 2:38 p. m., when the doors of the bank were suddenly closed in the faces of the crowd without. It is asserted that the firm paid out during the morning nearly $1,000,000 on demand, and then went about the street with mercantile paper endes oring to raise more funds: but his offer. or

6. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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THE SITUATION. Though the panic broke out afresh, yesterday afternoon, we are far better off than the panie-mongers can believe. On careful examination, the wild alarm into which the Street was thrown is found to have little larger occasion than the failure of Henry Clews & Co., and a few out-oftown failures and runs. Clews & Co. made a gallant fight, and, all things considered, held out better than could have been expected. The country failures everybody should have anticipated. Four such banking houses as those of Jay Cooke & Co., in New-York, Philadelphia, and Washington cannot suspend at the outset of a New-York panic, when nobody is prepared for it, without gravely embarrassing scores of small banks all over the country. But the situation out of town proves far better than the alarmed brokers and private bankers believed last night. The Petersburg suspension is not alarming; the report of great trouble in Chicago is false; in Philadelphia and Pittsburgh the prospects are better; Senator Palmer denounces the story of a run on his bank at Amenia as unfounded; the runs are over in Albany, Trenton, and Washington. Courage, then ! The scare is far worse than the hurt. But we have no purpose to deceive our readers by underrating the gravity of the crisis. There is no reason for further panic and no sense in it. But we would be unreasonable if we expected, after what has happened, that no brokers with worthless stocks, no private bankers with wild-cat securities, should yet suspend. We must learn not to get into a fresh panic over every one -that is all. Our leading banks are sound. Practically they have stopped paying out legal tenders, and are thus nursing their reserves, while continuing to afford facilities for business. A great deal of liquidation is going on. The reports about serious trouble among dry goods men prove unfounded. Capitalists and that large class who keep small sums at hand watching for chances to invest legitimately at low prices, have now their opportunity, and we urge them to come forward. They can make large profits for themselves and greatly relieve the Street, by buying freely at the low rates now ruling. If you have money to invest, go to Wall Street and buy stocks that represent solid property today. If you have not, keep away, and do n't add to a foolish panic by your needless presence.

7. September 25, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 25, 1873

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ANOTHER COLLAPSE. NEW YORK, September 24.-Hawes & Macy have suspended. This is the first effect of the suspension yesterday of Henry Clews & Co. It was one of the houses mentioned in the rumor as not likely to weather the present storm, and its suspension now makes the public watch more closely other houses, as the reported embarrassed rumor having been right this time. Mr. Macy stated yesterday that the house of Howes & Macy was not in the slightest danger of suspension. This is an old fogy bank, added Mr. Macy, and is not at all embarrassed by the panic.

8. September 25, 1873 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, September 25, 1873

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NEWS OF THE WEEK FOREIGN.-Victor Emmanuel is in Berlin. The rest of the Polaris crew were picked up by a British whaler. Mr. Stornes, the English traveller, reports seeing Dr. Livingstone alive and well last July. DOMESTIC.- / It turns out that over $800,000 of Air Line bonds have been stolen from the Brooklyn Trust Co. and pledged for loans outside. A large fire in Chicago, last week, destroyed property to the amount of $256,000. Latest.-Henry - Clews & Co., Government bankers, have failed, and Wednesday's news indicates a renewal of the panic in Wall St.

9. September 25, 1873 The Pulaski Citizen Pulaski, TN
Article from The Pulaski Citizen, September 25, 1873

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The Wall Street Failures. The recent financial failures in New York created an unprecedented panic. For several days the dispatches contained nothing scarcely but the details of the great disaster. The country has never before witnessed such a spectacle. There were several small failures a week or ten days before the great crash, which were only rain-drops preceding the great storm which followed the fall of Jay Cooke & Co., the great millionaire bankers, whose financial operations during and since the war have been unprecedented. The government has negotiated loans amounting to millions upon millions through this firm, and it has also been the financial agent of numerous banking institutions throughout the country, Including many of the freedmen's saving Banks in the South. No banking house in America could have wide-spread alarm and failure or as disaster produced'sue by suspension this house has done. The immediate effect on Wall Street was appalling. Such wild excitement was never seen before. Banks and Bankers who felt confident and secure in the morning were closed and crushed by evening. in Undue speculation fancy and the stocks failures and bonds was the cause, produced a tumble in all kinds of stocks. The Government came in and took millions up thirty of bonds to better ease the pressure, and the feeling was afterwards. Prominent among the list of failures, after Jay Cooke & Co., came Richar Schell, Vermilye & Co., Fisk & Hatch, N. Y. Warehouse and Security Co., Kenyon, Cox & Co., &e., &c., New York, the First National Bank, Washington, &c., &c. Many others are in the list, but they are mostly small fry. The house of Jay Cooke & Co. was one of National reputation, and its failure, as before stated, will have a widespread influence upon other banking init was or stitutions agent correspondent, of which of the which financial there were thirty in the South, as follows: Alabama, 4; Arkansas, 2; Georgia, 6; Keutucky, 2; Louisiana, 1; N. Carolina, 1; S. Carolina, 5; Texas, 2: Tennessee, 3; Virginia, 3; West Virginia, 1. These are nearly all Freedmen's Savings and Trust Companies, and the probability is that the freedmen have lost considerably by the failure of their agent. On Saturday Commodore Vanderbilt proposed to come to the rescue with ten millions if the government would place thirty millions at the disposal of the New York banks. The President declined. Still the Secretary of the Treascontinued to up ury take bonds to be- the amount named above, and it was lieved on Monday that the breakers had been passed and confidence would soon be restored. LATER. The failure of Henry Clews & Co. at 3 o'clock on Tuesday created another panic. A dispatch says that confidence had been restored and the banks were doing business as usual, and just as the street was beginning to feel that all was safe, the painful rumor spread like wild-fire that Henry Clews & Co. had failed. This created as much excitement as the failure of Jay Cooke & Co., and at the close of business Tuesday evening the panic was as great as ever.

10. September 26, 1873 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phล“nix, September 26, 1873

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was resumed on Sunday. It was finally decided to purchase an unlimited amount of government bonds, but not to trench upon the legal reserve of $44,000,000-a decision which the most prominent financiers fully concurred in, as by this means a large amount of greenbacks was made available for the use of bankers and institutions of trust in meeting the demands of depositors. The week opened on Monday with a more confident feeling; the purchase of government bonds at the sub-treasury reached the sum of $3,500,000, and everybody believed that the worst was over. All went well until Tuesday afternoon, when Wall street was again stunned and the old excitement was renewed by the announcement of the suspension of the well known house of Henry Clews & Co. The brighter prospect that had prevailed, and the expectation that the Stock Exchange would be speedily re-opened and business resume its wonted channels, was of course overthrown by this untoward event, and dark forebodings again prevailed. On Wednesday a continued uneasy feeling prevailed, but as no more failures of $ pecial importance were announced, matters assumed a more encouraging aspect, and the outlook as the day closed was on the whole a hopeful one. Such, in brief, is the history of this extraordinary convulsion up to the time of our going to press. The failure of Clews & Co. was not owing to any weakness or recklessness on the part of the firm, but was simply the result of the unprecedented run which had been made upon them from the commencement of the panic-in the four days preceding their suspension they having paid out to depositors the large sum of a million and a quarter dollars! Their safes are filled with firstclass securities which they only need time to realize upon, and they confidently expect to resume in few days. Jay Cooke & Co. and Fisk & Hatch also announce themselves perfectly solvent and hope to resume business as soon as the excitement is over. The failures up to Tuesday night numbered forty-one in New York, thirteen in Philadelphia, two in Washington, and one each in several of the larger cities, not including Boston. Runs have been made to a greater or less extent on the savings banks in New York, as well as in several other cities, but the press has counselled coolness and moderation, and so far these institutions have stood firm. It is a fact which should be borne in mind that the legitimate business of the country has not suffered by this panic. That class of trade which is devoted to supplying the real wants of the people goes on as usual, and the disasters have been almost wholly confined to those houses engaged in speculative railroad enterprises. In this panic the system which we have grown into of building Western railroads with the proceeds of ) the sales of bonds whose sole value consists $ in the prospective business of a raitroad ) not yet built, has worked out its inevitable result. In the past four years more than ) $600,000,000 have been spent in building e railroads mainly on promises to pay, and I 6000 miles of railroads have been built $ where less than 600 miles were really needed. The lesson which the last week has taught ought not to be forgotten by this generation at least.

11. September 29, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 29, 1873

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THE SUSPENDED BANKERS. Nothing of special interest is noticeable in the offices of the suspended bankers. Jay Cooke & Co. feel satisfied with the financial showing they are able to make, and now propose to issue a circular to their correspondents and customers proposing several plans of liquidation and settlement. Messrs. Fisk & Hatch are opposed to the adoption of any plan by which they will be obliged to take any new accounts or enter into any fresh obligations before having completely settled up their old business. They propose to get entirely out of debt. and then, after having liquidated everything, start fresh at the old stand. They will issue no circular and make no propositions to their creditors. Henry Clews & Co. now hope to be able to resume business before their statement, which is now making, shall have been finished. Ho wes & Macy announce that they are constantly receiving letters from their correspondents and customers 10 all parts of the country commending the method of gradual liquidation proposed by them, and heartily approving of their course in the matter.

12. September 30, 1873 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, September 30, 1873

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The financial panic in New York has resulted disastrously to banks and brokers in many towns and cities. In New York, the banking houses of JAY COOKE & Co., HENRY CLEWS & Co., Un. ion Trust Company, HOWES & MACEY and many other influential houses have suspended. A number of banks in Philadelphia, Richmond,Petersburg, Biltimore, Washington City, and other places, have been closed.

13. September 30, 1873 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, September 30, 1873

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Failure of Henry Clews & Co, NEW YORK, September 23.-The excitement is certainly less intense, and had not Henry Clews & Co. suspended the day would have closed with a decidedly more hopeful feeling This firm did not close its doors until over $1,500,000 had been paid out in response to to-day's demands of its cred itors. To-morrow there will be devised further measures of relief, and the banks are doing all in their power to allay the excitement.

14. October 3, 1873 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, October 3, 1873

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curring that showed how futile was the wieh. Early in the morning, reports of the suspension of banks again began to come in from all parts of the country This news did not reach the general public until the afternoon, but bankers and brokers were early advised and warned by it. It is known that every country bank with a balance to its credit in New York made drafts for it, 80 that the total aggregate country demand was $200,000,000. Such a demand was unprecedented, and not to be met. Upon many bankers the run was instantly and secretly beguli. The crowds in the streets were doing nothing to avert the impetiding disaster. saying nothing of that which was undermining and destroying many of the largest and best-known banks in the city. Toward noon it became whispered that a ritn was being made upon Henry Clews & Co. It is asserted that Clews paid out during the morning nearly $1,000,000 on demand. and then went about the "street" with mercantile paper endeavoring to raiec more funds. But no man knows how his fellow-merchant stands, and the offer to pay 2 per cent. a day-780 per cent. a year-for loans upon good mercantile paper were laughed at. Clews could realize nothing ou doubtful railway securities which he held, not anything upon worthless Georgia bonds, which he has led others into taking, and for which he was stnck about $1,000,000. He failed in every legitmate effort to raise money, and, being without hope of further aid from the Government, he closed his doors at half-past 2 o'clock. The fact of the suspension created as much excitement as the suspension of Jay Cooke & Co. The news left the street, at the close of business, in a condition of great excitement, and the headway made in restoring confidence was in a great measure lost. The run on the savings banks continued today, but. as most of them adopted the time rule for paying depositors, the excitement soon subsided. There is endless confusion, wild speculation, absurd proposals, loud threatenings, ominous prophecies. These indicate the clamor at the Fifth Avenue Hotel this evening, where the whole city seems congregated in condensed, compressed, confused agitation. The prospects for the morning are gloomy enough. There is depression everywhere : and yet it cannot be said that the actual financial situation in New York warrants this depression of the public, After the failure of Clews was announced, the city was flooded with a great many rumors, involving the credit of such men as Opdyke, Vermilye, Howe. and Macv. and others who are believed to be substantial and round. THE SITUATION IN PHILADELPHIA. PHILADELPHIA, Sept. 23. -The financial crisis here is over, and bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed. except the Union and Citizens'. The latter will soon resume. All the National Banks stood firm, and no doubts were entertained of their etability. Neither Jay Cooke & Co. nor De Haven & Bro. have as vet issued any statement of their affairs. The invariable reply to inquiries as to the probable date of euch issue is, We cannot say; our clerks are busily engaged on it." Some few unfeeling persons are parading around caricatures of Jay Cooke after his failure. representing him with head cast down, knees almost drawn up to his chin, and seated on an old box, in evidently a very abject state.

15. December 12, 1873 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, December 12, 1873

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FINANCIAL AND INDUSTRIAL. A NUMBER of mills at Troy, N. Y., employing in the aggregate 5,000 men, have resumed work within a few days. HENRY CLEWS & Co., the suspended Now York brokers. are about to resume. JAY COKE & Co. have been declared bankrupts, and a receiver appointed. CONGRESSMAN HAWLEY, of Illinois, will introduce a bill in Congress authorizing free banking. A WASHINGTON dispatch says the Western and Southern Congressmen are almost unanimously in favor of the passage of a bill increasing the volume of the currency $100,000,000 to $150,000,000. SENATOR FERRY, of Michigan, member of the Senate Committee on Finance, proposes, as a remedy for our monetary illa, to issue eight hundred millions currency, convertible into bonds bearing 3 65-100 interest and to be exempt from taxation. THERE was an increase in the public debt during November of $9,028,576.

16. January 9, 1874 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, January 9, 1874

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THE banking house of Henry Clews & Co., one of the first in New York to cease operations during the recent panic, resumed their banking business on Monday.

17. January 16, 1874 Sunbury American Sunbury, PA
Article from Sunbury American, January 16, 1874

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During the past year American timber. in various forms. to the amount of titteen million of dollars, was exported to Eng. laud. It costs two thousand dollars to bury a Congressman at Washington. Just now, however, the country would make a good speculation by getting several of them decently interred at that figure. The State Grange of Patrons of Husban dry closed its session at Harrisburg Friday last, to m et at Williamsporta year hence. In the business transacted was the adoption of a new constitution. in which was defined those eligible to membership. A number of additional deputies were appointed to constitute subordinate granges, and re 8 lutions a.lopted calculated to organize them in every community in the Common wealth. The banking house of Henry Clews & Co. has resumed, and in a circular an nounces that it is ready to meet all its ob ligations in full. The house made a hereic stand at the outset, and suspended only at ter the most extraordinary exertions to avert the catastrophe. Gov. Hartranft has officially proclaimed the adoption of the new Constitution. The California Legislature has passed a bill authorizing the Governor to offer a re ward of of $15,000 for the capture of the notorious bandit Vasquez and his band. It is reported that Vasquez is in San Franeisco at the present time. The aggregate amount of the late sales of pews at Plymouth Church was $59.430, against $59.306 50 last year, making an in crease of $123 50. Mr. Beecher has, there fore, been vindicated under the hammer.

18. January 24, 1874 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, January 24, 1874

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A Wide-Awake Home Newspaper-Subscription Price, Three Dollars per Annum. DONALDSONVILLE, LA., SATURDAY, JANUARY 24, 1874. the First National Bank of Kansas City, both d on this continent priPresident's Message in Reference to NEWS SUMMARY. man-about three times of which suspended during the panic, have the Virginius. resumed payment. V found living throughPERSONAL AND POLITICAL. Among the carnivores Henry Clews & Co., bankers, of New York, W ASHINGTON, Jan. 5.-The President The municipal election in Memphis, on Jan. 1 species of foxes and resumed payment on Jan. 5, and announced to-day. sent the following message to the 1, resulted in the election of John Logue S of the cat family, and Senate and House of Representatives: their ability to pay all demands against them ena. Some of the skulls (Rep.) for Mayor, by 800 majority, and the in full. In my inaugural message of December last, I animals exhibited the that when the fill and 00 antire Republican ticket.

19. October 6, 1874 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 6, 1874

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expenses. Messrs. Henry Clews & Co., of New York, have decided, in fairness to their customers, to suspend for a day or two the receiving of deposits, and have transferred remittances received during the past few days to the custody of the Continental Bank and credit of those who remitted them. The firm does this as a prudential matter, though a much larger loan than the $100,000 already negotiated in London is expected in a few days.

20. October 7, 1874 Smyrna Times Smyrna, DE
Article from Smyrna Times, October 7, 1874

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Concerning the embarrassments of Henry Ciews & Co., the New York bankers, the facts are that they have, for the present, suspended the receiving of deposits, and have transferred to the custody of the Continental Bank their latest received remittances. This has been done as a prudential.matter. It is stated that the firm have negotiated a loan in London, and that in a few days more they will be out of trouble.

21. December 2, 1874 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, December 2, 1874

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MISCELLANEOUS. MANCHESTER, N. H., Dec. 1.-The various manufacturing companies of this city, which, with the exception of the Manchester Mills, have been running but five days per week for some time past, will, it is understood, begin running on full time this week. BOSTON, Dec. 1.-To-day is the coldest of the season throughout the East. Thermometer ranging from three degrees below zero to seven above. COLUMBUS, O., Dec. 1.-The Legislature met to-day. HENRY CLEWS & CO.-MECHANICS DISCHARGED. NEW York, Dec. 1.-In the United States Court to-day, before Judge Blatchford, Messrs. Henry Clews & Co., having failed to answer in bankruptcy proceedings, were adjudicated bankrupt, on petition of Arthur Cooper, trustee of their London firm, and fifteen creditors in this country, who state that they represent one-quarter of the number, and a tuird in amount, of the creditors. Between three and four hundred men have been suspended at the Brooklyn Navy Yard.

22. January 15, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 15, 1875

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who shared with Henry Clows & Co. the banking office next the Sub-Treasury office. and who failed at the same time during the panic of 1873, have completed their schedule and sworn to it before Isaac Dayton, Register in Bankruptoy, The report shows that there are no secured creditors. as in the Clews case, and that the assets are of a more substantial character than in that of their late neighbors. The following statement gives the list of the principal creditors and the assets:

23. March 19, 1875 New-York Tribune New York, NY
Article from New-York Tribune, March 19, 1875

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MEETING OF HENRY CLEWS'S CREDITORS. A meeting of the creditors of Henry Clews & Co. was held yesterday at the office of Edgar Ketcham, Register of Bankruptcy, corner of Ann and Nassau-sts. Mr. Cornelius F. Timpson, cashier of the Continental Bank, was elected trustee without any opposition. One of the gentlemen present made the following statement to a TRIBUNE reporter: The new firm of Clews & Co. has made a loan to the old firm that suspended in 1873 of about $160,000, and has received for collateral security a large amount of rai road and other securities. If the trustee of the old firm, Mr. Tappen, comes forward and pays the loan and redeems the securities, then the creditors of the new firm will realize dividends nearly in full. The actual value of the securities has not been determined yet.

24. October 9, 1903 Eagle River Review Eagle River, WI
Article from Eagle River Review, October 9, 1903

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Thirty Years Ago. Nearly $5,000,000 in currency reached Chicago by express and was distributed to various banks to help avert further Senate committee on disturbances transportation was in session in Chicago looking into charges of discrimination The old on part of the railroads Union National Bank of Chicago went into liquidation as a result of the Black The trial of the great Friday panic Credit Mobilier case began at Hartford, Conn La Salle, Ill., celebrated 200th anniversary of founding of Fort St. Louis at that point by the French explorer La Financial panic and bank Salle failures were added to woes of Memphis, which was already fighting epiFifteen thoudemic of yellow fever sand people attended opening of interstate exposition in Chicago; Senaters FailLogan and Oglesby attended ure of Henry Clews & Co. in Wall street was followed by suspension of banking house of Howe & Macey, one of the strongest private concerns in New York

25. October 13, 1903 Wausau Pilot Wausau, WI
Article from Wausau Pilot, October 13, 1903

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Thirty Years Ago. Nearly $5,000,000 in currency reached Chicago by express and was distributed to various banks to help avert further Senate committee on disturbances transportation was in session in Chicago looking into charges of discrimination The old on part of the railroads Union National Bank of Chicago went into liquidation as a result of the Black The trial of the great Friday panic Credit Mobilier case began at Hartford, Conn La Salle, Ill., celebrated 200th anniversary of founding of Fort St. Louis at that point by the French explorer La Salle Financial panic and bank failures were added to woes of Memphis, which was already fighting epiFifteen thoudemic of yellow fever sand people attended opening of interstate exposition in Chicago: Senators FailLogan and Oglesby attended ure of Henry Clews & Co. in Wall street was followed by suspension of banking house of Howe & Macey, one of the strongest private concerns in New York The panic in Wall street took a fresh start, and the banking house of Henry Clews & Co. failed; $10,000,000 in clearing house certificates absorbed, with no apparent benefit; 2 per cent a day offered for loans