R. Gardner Chase & Company (Boston, MA)

Episode Information

Episode UID
9536044291089
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
953604429 hash
Start Date
September 17, 1890
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b5ad7dfa3ec92c91

Response Measures

None

Events (2)
1. September 17, 1890 Receivership
Newspaper Excerpt
The firm has assigned to James T. Phelps, the general manager of the National Life Insurance company.
Source
newspapers
2. September 17, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm suspended/assigned after heavy calls, collateral shrinkage and being caught short of the market during tight money conditions; liabilities reported about $2,000,000.
Newspaper Excerpt
R. Gardner Chase & Co., bankers and brokers, have failed. The firm has assigned to James T. Phelps...
Source
newspapers

Newspaper Articles (15)
1. September 18, 1890 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, September 18, 1890

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Article Text

A Big Boston Banking House Fails for Two Millions. BOSTON, Mass., Sept. 17.-R. Gardner. Chase & Company, bankers and brokers at 148 Devonshire street, in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance company, 159 Devonshirestreet. He says the liabilities are likely to amount to $2,000,000 and may go over that. What there IS in the way of assets can only be determined by examination. He declined to make any further statement at the present time. Mr. George R. Chase, son of the senior member of the house and the chief clerk, said this afternoon: "The trouble is due wholly to the tight money. The calls upon us have been greater than we could withstand; our collateral have shrunk in value beyond all expectation, and much as we endeavored to avert a suspension we have been forced to it. No outside transactions or speculations have led to this trouble. It is tight money and nothing else." The impression is strong that the trouble will not be far reaching, and that its effect on the market will be only temporary.

2. September 18, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 18, 1890

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Another Boston Firm Fails. BOSTON, Mass., September 17.-R. Gardner Chase & Co., a prominent Boston firm of bankers and brokers, announced their suspension in the Stock Board this afternoon, with liabilities of $280,000. It is understood

3. September 18, 1890 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 18, 1890

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Big Boston Failure. BOSTON, Sept. 17.-R. Gardner Chase & Co., bankers and brokers at 148 Devonsbire street, in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance Company, 150 Devonshire street. Assignee Phelps will at once make a thorough investigation. He says that the liabilities are likely to amount to $2,000,000 and may go over that. What the assets are can be determined only by examination.

4. September 18, 1890 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, September 18, 1890

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Article Text

Failed for $2,000,000. BOSTON, Sept. 17.-R. Gardner Chase & Co., bankers and brokers, to-day assigned to James T. Phelps, general manager of the National Life Insurance company. The firm has lately been doing a large business in western railroad stocks and on the street. The general cause given for the failure is that they were caught short of the market. The news was a surprise to almost everybody, although rumors of trouble have been floating about a day or two. Both members of the house have a most excellent standing on the street, and both have have hosts of friends. Assignee Phelps says the liabilities will likely amount to $2,000,000 and may go over that. What there is of assets can only be determined by an examination. He declines to make any further statement at present. George, son of the senior member of the house, and chief clerk said this afternoon: "The trouble is due wholly to tight money. The calls upon us have been greater than we could stand. Our collaterals shrunk tn value beyond all expectation, and much as we endeavored to avert suspension, we have been forced to it. No outside transactions or speculations led to the trouble. It is tight money and nothing else. We have done no business of a speculative character as a house, and such as we have done for our customers has been done on a conservative basis. I do not feel warranted now in giving the circumstances that were the immediate cause of the failure." The impression is strong that the trouble will not be far reaching and that its effect on the market will be only temporary.

5. September 18, 1890 The Times Richmond, VA
Article from The Times, September 18, 1890

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BOSTON BANKERS SUSPEND. 1 heir Liabilities Placed at About Two Million Dollars. BOSTON, MASS., Sept. 17.-The suspension of R. Gardner, Chase & Co., bankers and brokers, is announced on the Stock Exchange. Mr. James T. Phelps, the assignee, says: "The concern has assigned to me, I and its liabilities are about $2,000,000. shall make a statement as soon as possible." A bank president said: "I don't think any banks will be affected. I think it an honorable failure."

6. September 18, 1890 Evening Journal Wilmington, DE
Article from Evening Journal, September 18, 1890

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Article Text

TIGHT MONEY CAUSED IT. R. Gardner Chase & Co., of Boston, Fall for $2,000,000. BOSTON, Sept. 18.-R. Gardner Chase & Co., bankers and brokers at 148 Devon shire street, in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance company, 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. The members are R. Gardner Chase and Charles E. Legg, of Chelsea. It is stated that lately they have been doing a large business in western railroad stock, and on the street the general cause given for the failure is that they were caught short of the market. The "street" feels a deep sympathy with the unfortunate house, Assignee Phelps says that the liabilities are likely to amount to $2,000,000, and may go over that. What there is in the way of assets can only be determined by examination. He declines to make any further statement at the present time Mr. George R. Chase, son of the senior member of the house and the chief clerk, said: "The troub le is due wholly to the tight money. The calls upon us have been greater than we could withstand; our collaterals have shrunk in value beyond all expectation, and much as we endeavored to avert a suspension we have been forced to it. No outside transactions or speculations have led to this trouble. It is tight money and nothing else. We have done no business of a speculative character as a house, and such as we have done for our customers has been done on a conservative basis. I do not feel warranted now in giving the circumstances that were the immediate cause of the failure."

7. September 18, 1890 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, September 18, 1890

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Article Text

An "Honorable" Failure. BOSTON. Sept. 17.-The suspension of R, Gardner Chase & Co., bankers and brokers. is announced. No official state. ment was made. James T. Phelps, the assignee, says the liabilities are $2.000,000. A bank president said "I don't think any banks will be affected. I think it is an honorable failure."

8. September 18, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 18, 1890

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A $2,000,000 FAILURE. The Banking and Broking Firm of Gardner. Chase & Co. Go Under. BOSTON, September 17.-R. Gardner, Chase & Co., bankers and brokers at 148 Dovenshire street. in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance Company, 159 Dovenshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. The members are R. Chase and Chas. E. Legg of Chelsea. It is stated that lately they have been doing a large business in western railroad stock, and on the street the general cause given for the failure is that they were caught short of the market. The news was a surprise to almost everybody, although quiet rumors of trouble have been floating about for a day or two. Both members of the house have a most excellent standing on the street, and both have hosts of friends. Assignee Phelps will at once make a thor> ough examination. He says that the liabilities are likely to amount to $2,000,000. and may go over that. What the assests are can be determined only by an examination. Mr. George R. Chase, son of the senior member and chief clerk, said this afternoon: "The trouble is due wholly to tight money. The calls upon us have been greater than we could withstand; our collaterals have shrunk in value beyond all expectation, and much as we endeavored to avert a suspension, we have been forced to it. No outside transactions or speculations have led to this trouble. It is tight money and nothing else. We have done no business of a speculative character as a house, and such as we have done for our customers has been done on a conservative basis. I do not feel warranted now in giving the circumstances that were the immediate cause of the failure. Mr. Chase (my father) and Mr. Legg, his partner, have both gone home for the day, but both will be here to-morrow morning and they will be able to make further explanations. The impression is strong that the trouble will not be far-reaching and its effect on the market will be only temporary.

9. September 18, 1890 The Daily State Chronicle Raleigh, NC
Article from The Daily State Chronicle, September 18, 1890

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A Banking House Breaks. [By United P1 less.] BOSTON, Sept. 17.-The suspension of R. Gardner Chase & Co., bankers and brokers, is announced on the stock exexhange. Mr. James T. Phelps, the assignee, says: "The concern has assigned to me and the liabilities are about $2,000,000. I shall make a statement as soon as possible." A bank president said: "I don't think any banks will be affected. I think it an honorable failure."

10. September 18, 1890 The Morning News Savannah, GA
Article from The Morning News, September 18, 1890

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RUINED BY TIGHT MONEY. A Firm of Boston Bankers and Brokers Go to the Wall. BOSTON, Sept. 17.-R. Gardner, Chase & Co., bankers and brokers at No. 148 Devonshire street, in the Equitable building, have failed. The firm has assigned to James L. Phelps, general manager of the Mutual Life Insurance at Company No. 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. Its members are R. Gardner Chase and Charles B. Legg of Chelsea. It is stated that lately they have been doing a large business in western railroad stock, and on the street the general cause given for the failure is that they were caught short on the market. THE ASSIGNEE IN CHARGE. Assignee Phelps immediately took charge of their affairs. He says that the liabilities are likely to amount to $200,000, and may go over that. What there is in the way of assets can only be determined by examination. He declines to make a further statement at present. CAUSED BY TIGHT MONEY. George R. Chase,* son of the senior member of the house and chief clerk, said this afternoon: "The trouble is due wholly to the tight money, the calls upon us having been greater than we could withstand. Our collaterals have shrunk in value beyond all expectation, and much as we endeavored to avert a suspension, we have been forced to. No outside transactions or speculations have led to this trouble. It is tight money and nothing else."

11. September 18, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, September 18, 1890

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BUSINESS. A BOSTON FAILURE. BOSTON, Mass., Sept. 17.-The suspension of R. Gardner, Chase & Co., bankers and brokers, as announced in the stock exchange and at the office of the concern, is confirmed, but no official statement can be made, as all members of the firm have left the office for the day. James, T. Phelps, assignee for Gardner, Chase & Co., says: The concern was assigned to me, and the liabilities are about $2,000,000. - I shall make statement as soon as possible.'

12. September 18, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, September 18, 1890

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Broken Boston Bank. BOSTON, Sept. 17.-The suspension of R. Gardner, Chase & Company, bankers and brokers, is announced. No official statement is made. James T. Phelps, assignee, says the liabilities are are $2,000,000. A bank president said: "I don't think any banks will be affected. I think it an honorable failure."

13. September 18, 1890 Evening Star Washington, DC
Article from Evening Star, September 18, 1890

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A FAILURE IN BOSTON. A Firm of Brokers Said to Have Liabilities of Over $2,000,000. R. Gardner Chase & Co., bankers and brokers at 148 Devonshire street, in the Equitable building, at Boston, have failed The firm has assigned to James L. Phelps, the general manager of the National Life Insurance Company, 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co. of New York. The members are R. Gardner Chase and Charles E. Legg of Chelsea. It is stated that lately they have been doing a large business in western railroad stock and on the street. The general cause given for the failure is that they were caught short of the market. The news was a surprise to almost everybody, although quiet rumors of trouble had been floating about for a day or two. Assignee Phelps immediately took charge of their affairs and will at once make a thorough investigation. He says that the Labilities are likely to amount to $2,000,000 and may go over that. What there is in the way of assets can only be determined by examination. Mr. George R. Chase, son of the senior member of the house and the chief clerk, said last night the trouble was duewholly to the tight money.

14. September 18, 1890 Spokane Falls Review Spokane, Spokane Falls, WA
Article from Spokane Falls Review, September 18, 1890

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Boston Bankers suspend. BOSTON, Sept. 17.-The suspension of R. Gardner Chase & Co., bankers and brokers, is announced. James T. Phelps, the assignee, says that the liabilities are $2, $2,000,000. A bank president said: "I don't think any of the banks will be RFlected. I think it an honorable failure."

15. September 24, 1890 The Enterprise Wellington, OH
Article from The Enterprise, September 24, 1890

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DOMESTIC. THE Pinkerton men were on the 16th withdrawn from patrol duty on the Central road at Albany, N. Y., but there are still 200 at West Albany and 100 at East Albany. R. GARDNER CHASE & Co., brokers and bankers of Boston, have made an assignment. The firm is one of the most prominent in Boston and the failure is a surprise. The assignee states that the liabilities will amount to $2,000,000. THE total offers of 4½ per cent. bonds to the Treasury on the 17th for the entire country amounted to $1,057,500, making a total so far of $12,050,300. OWING to recent heavy rains an iron ore mine at Rittenhouse Gap, Pa., sprung aleak on the 17th and 10,000 tons of ore disappeared in a sink hole 200 feet deep, carrying with it two engines and all the machinery. The mine is supposed to have been situated over a subterranean cavern. THE veteran soldiers of six counties of Pennsylvania and Broome County, N. Y., held their annual reunion at Susquehanna, Pa, on the 17th. Three thousand soldiers were fed in the Erie shops by the citizens. THE Fleming building in Jersey City, N. J., occupied by the New York & New Jersey Telephone Company, was struck by lightning on the 17th and set on fire. Damage to the amount of $20,000 was done, and all telephonic communication interrupted. THE population of the State of Colorado, according to the count of the Census Bureau, is 410,975. This is a net increase during the decade of 216,648, or 111.49 per cent THE lumber schooner Ben Brink, reported wrecked on the rocks near Eagle Harbor, Lake Superior, was picked up on the 17th while drifting past Houghton, waterlogged, and the captain and crew of five men rescued. The First National Bank at The Dalles, Ore., was burglarized on the night of the 16th. The concrete pier on which the vault stands was tunneled through and a hole drilled into the safe. The amount secured was $9,500. The job was evidently done by experienced hands, and must have been three weeks in its accomplishment. There is no tlue to the robbers. DECISIONS were recently rendered in the United States District Court at New York in the famous suit of the Webster Loom Company against the carpet firm of Elias S. Higgins & Co. for the recovery of nearly $30,000,000 damages for infringment of patent for the "wire motion" used in forming the "pile" in tapestry carpets. The suit has been pending since 1874. The decisions are practically in favor of the Higgins company although the demand of the plaintiffs is nominally sustained. JOHN D. ROCKEFELLEE has just given $1,000,000 more to the new Chicago Baptist University. in addition to the $600,000 which he had previously contributed. THE L R. Salter Silk Company, of Boston, Mass, assigned on the 18th, with liabilities estimated at $25,000.