1095. Hickox & Spear (San Francisco, CA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: January 2, 1878
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 2ba77eb9

Response Measures

None

Description

Multiple contemporary dispatches report Hickox & Spear suspended on Jan 2, 1878 due to a call from New York correspondents (Laidlaw & Co.). Creditors initially expected a resumption, but by Jan 7 the firm made a voluntary assignment of assets for the benefit of creditors (appointing signees), effectively closing the firm. Classified as suspension → closure (voluntary assignment/receivership).

Events (3)

1. January 2, 1878 Suspension

Cause: Correspondent
Cause Details: Demand by New York correspondents Laidlaw & Co. to make good an overdraft triggered the suspension.
Newspaper Excerpt: Hickox & Spear, bankers, suspended this morning. ... Laidlaw & Co., their New York correspondents, called upon them to make good their over-drafts, which they found unable to do.
Source: newspapers

2. January 3, 1878 Other

Newspaper Excerpt: A meeting of the creditors will be held this evening. The firm express the belief that they can pay dollar for dollar with time to avoid sacrificing assets; a statement of assets and liabilities is not yet obtainable.
Source: newspapers

3. January 7, 1878 Receivership

Newspaper Excerpt: A voluntary assignment was made of all the bank assets for the benefit of the creditors, and Wm. Alvord, Wm. H. Tillinghast and N. B. Stone were appointed as signees. They will employ Hickox & Spear to aid in closing up the business of the bank.
Source: newspapers

Newspaper Articles (13)

1. January 3, 1878 New-York Tribune New York, NY

Article from New-York Tribune, January 3, 1878

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BANK TROUBLES. FAILURE OF SAN FRANCISCO BANKERS. SAN FRANCISCO, Jan. 2.-Hickox & Spear, bankers, suspended payment to-day. A statement of assets and liabilities is not yet obtainable. The firm express the belief that they can pay dollar for dollar, with time to avoid sacrificing their assets. The immediate cause of the failure was a demand made by their NewYork correspondents, Laidlaw & Co., to make good an overdraft. The failure will not affect other banks. Mr. Hickox, the senior partner, 1s Treasurer of the Pacific Stock Exchange, but the Exchange is amply secured by bonds. A meeting of creditors will be held this evening.

2. January 3, 1878 Evening Star Washington, DC

Article from Evening Star, January 3, 1878

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FAILURE OF FRISCO BANKERS.-Hickox & Spear. bankers, of San Francisco, suspended yesterday. No statement has been made of assets and liabilities yet. The firm express a belief they can pay dollar for dollar with time to avoid sacrificing assets. The immediate cause of the failure was a demand by their New York correspondents, Laidlaw & Co., to make good an overdraft. The failure will not affect the other banks. Hickox, the senior partner. is treasurer of the Pacific Stock Exchange. but the Exchange is amply secured by bonds. FAILURE OF THE COAL COMBNATION.-The Pennsylvania coal operators met in Philadelphia yesterday, and after considerable discussion a basis of allotment of production was drawn up which was acceptable to all except the Lehigh Valley company. The vote. therefore. not being unanimous. the meeting adjourned sine die. but with the understanding that another meeting will be called if the Lehigh Valley operators request it within forty eight hours. Their failure to agree with III the time specified means no combination. A Boy WITH HALF A HEAD.-A Philadelphia Times special from Auburn. January 1st. says: A son of Abraham Mayer, proprietor of the Delmonico hotel, of this place, while celebrating the last of the old year last night, shot part of his face and head away by the aecidental discharge of a gun. Strange to say. the boy still lives, though suffering terrible agony. The case baffles scientific ability. and the spectacle is presented of a human being living with half a head. GONE DOWN AT SEA.-The steamer Clyde, which arrived at New York from Havana, Tuesday, reports having had very severe weather the entire passage. December 30th, Cape Henry bearing northwest. distant about 25 miles, sighted a dismasted schooner. but on arriving at about a mile distant she suddenly sank, leaving spars and other rigging floating about. From the appearance of these she was about 300 tons burden. BANKING HOUSE ASSIGNMENT.- The extensive banking house of Jacob Bunn. of Springfield, Ills., made an assignment yesterday. His wife joins him in the assignment. It is said the liabilities will reach $800,000, and that the assets will be sufficient to pay every thing if time be allowed and the property not sacrificed. The immediate cause of the failure was the large amount of unproductive real estate held by the bank. A TRAIN WRECKER'S SENTENCE-The jury in the case of De Witt Ettinger, who has been on trial for several days in the county court of Rockingham county, Va., charged with wrecking a train on the Baltimore and Ohio railroad, causing the death of an engineer and fireman, yesterday returned a verdict of murder in the second degree, and ascertained the term of his imprisonment in the penitentiary at 18 years A FICTITIOUS PARTY IN AN IMAGINARY CARRIAGE.-The office of J.H. Young, 49 Nassau street. New York, was robbed of $100,000 in bonds yesterday by a stranger who sent the bookeeper out to answer a pretended summons from riage. a fictitious party in an imaginary carA DISASTROUS FIRE occurred at Salem, N. J., last night. burning out a number of business and private houses. Forty thousand dollars' worth of business property was destroyed at Ypsilanti, Mich.. yesterday. The Paducah, Ky., News says the blue ribbon is worn by more than 2,100 citizens of that place. The Somerset, Ky., Reporter mentions Hon. M.J. Durham as the dark horse for the United States Senate. At Leipzig a "General Anti-Adulteration Society" has been formed, and branches will be established in some fifty towns. Women and negroes, it is proposed by a bill now before the California legislature, shall hereafter be permitted to practice as lawvers in that state

3. January 3, 1878 Evening Star Washington, DC

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FAILURE OF FRISCO BANKERS.-Hickox & Spear, bankers, of San Francisco, suspended yesterday. No statement has been made of assets and liabilities yet. The firm express a belief they can pay dollar for dollar with time to avoid sacrificing assets. The immediate cause of the failure was a demand by their New York correspondents, Laidlaw & Co., to make good an overdraft. The failure will not affect the other banks. Hickox, the senior partner. is treasurer of the Pacific Stock Exchange. but the Exchange is amply secured by bonds.

4. January 3, 1878 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, January 3, 1878

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PACIFIC COAST. THE NEW MINT SUPERINTENDENT. Failure of Hickox & Spear. Yellow Jacket Assessment. -ORIGINAL WOODVILLE VS. JUSTICE. SAN FRANCISCO, Jan. 2. H. L. Dodge, the new Superintendent of the Mint in this city, signalized his entry upon the duties of the position this morning, by discharging 26 women and two or three men. It has not yet been ascertained whether this means a reduction of force or merely a change of employes. Later intelligence is to the effect that the changes noted at the mint are for the purpose of effecting a reduction of the force in accordance with the new rules of the Civil Service. T. H. G. Robertson is made Chief Clerk, vice Frank Gross, removed, Gross taking the position of Assistant Bookkeeper, vice Gibson, resigned. Hickox & Spear, bankers, suspended this morning. They state that they expect the suspension to be only temporary; that the assets of the firm are more than sufficient to cover the lia bilities. For some little time past they have been subjected to a considerable drain on their resources, but ex pected to go on as usual. This morning. however, Laidlaw & Co., their New York correspondents, called upon them to make good their over-drafts, which they found unable to do. A statement of the condition of the firm will be given the creditors as soon as it can be made up. A meeting of the creditors of the suspended banking firm of Hickox & Spear will be held this evening. Mr. Hickox was treasurer of the Pacific Stock Exchange, and a number of the members of that Board were depositors in the bank, though none of them are recognized as heavy defaulters. The Exchange will not suffer by the suspension, being amply secured by the bond. A rumor got about that the bank was involved to the extent of $90,000, growing out of bullion business with the Martin White Mining Company, but inquiry at the office of the company does not establish the truth of the report. The secretary of the company says they had bullion transactions with the bank, but theadvances were about equal to the deposits. Bankers seemed to be surprised over the news of the suspension. The failure was not anticipated. The bank always bore the reputation of doing a small and safe business. It had very few large depositors. Mr. Hickox announces that he will mortgage everything, if necessary, to pay dollar for dollar. It is generally considered a square failure, and the firm have the sympathy of the business community. The Yellow Jacket Mining Company levied an assessment of $2 per share. Papers have been filed by the Orig inal Woodville Company, who have commenced suit against the Justice Company for the recovery of five million dollars in bullion, which the complainants allege have been extracted from their location.

5. January 3, 1878 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, January 3, 1878

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felegraphic Briefs. A meeting of the Lehigh Valley miners and shippers will be held at Bethlehem, Pa, to. morrow, Jan. 4th, to decide whether to accept or decline the proposition for a combination, submitted at the meeting of coal operators in Philadelphia, yesterday. John A. Grow, a Washington lawyer. has been arrested in New York, charged with frauds on the Treasury. Thomas G. Douglass, n clerk in the Treasury, has also been arrested as an accessory to the same offence. Grow claims to be the victim of a conspiracy. A special dispatch from Franklin, Pa, states that Bailey's block, at that place, was burned yesterday. The loss is estimated at $30,000; partial insurance. James McMullen, of West Osgood, Ontario, killed his wife last night with a club. McMullen is said to be partially insane. H. Hirsch & Co., whiskey dealers at Cincinnati, suspended yesterday. Liabilities unknown, but supposed to be heavy. Hickox & Spear, suspended bankers of San Francisco, have made an arrangement with their creditors.

6. January 3, 1878 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, January 3, 1878

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Pacific Coast News. Battion Shipments from Arizona Yuma, Arizona, Jan. 2d.-Forty thousand pounds of concentrated ore from the Silver King mine went forward per Southern Pacific Railroad to-night. Estimated value, $40,000. The Colorado Steam Navigation Company's steamer Gila arrived this evening with seven passengers and four bars of fine bullion from the McCracken, and five bars of base bullion from the Signal, valued at $10,000. D. Neahr also shipped 3,000 pounds of rich ore from the old Silver King dump. Auother Back Inspension, SAN FRANCISCO, January 2d.Hickox & Spear, bankers, suspended. They state that they expect their suspension to be only temporary, and that the assets of the firm are more than sufficient to cover its liabilities. For some time past they have been subject to a considerable drain upon their resources, but expected to go on as usual. This morning, however, Laidlow & Co., their New York correspondents, called upon them to make good overdrafts, which they find themselves unable E do. A statement of the condition of the firm will be given to the creditors as soon as it can be made up, The New Broom at Work. SAN FRANCISCO, Jan. 2d.-H. L Dodge, the new Superintendent of the Mint in this city, sigmalized his uptry upon the duties of the Dosition this morning by surging twenty-siz women and

7. January 3, 1878 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, January 3, 1878

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FIFTH EDITION. A CRASH ON THE PACIFIC COAST SAN FRANCISCO, Jan. 2.-Hickox & Spear, bankers, suspended to-day. No statement has been made of the assets and liabilities yet, The firm expresses a belief that they can pay dollar for dollar with time to avoid sacrificing the assets. The immediate cause of the failure was a demand made by their New York correspondents, Laidlaw & Co., to make good an overdraft. The failure will not effect other banks. Hickox, senior partner, is treasurer of the Pacific Stock Exchange, but the Exchange is amply secured by bonds. A meeting of the creditors will be held this evening.

8. January 4, 1878 The Daily Intelligencer Seattle, WA

Article from The Daily Intelligencer, January 4, 1878

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TELEGRAPHIC. Exclusively to the DAILY INTELLIGENCER. THE ONLY NEWSPAPER Receiving Dispatches IN WASHINGTON TERRITORY. CALIFORNIA. SAN FRANCISCO, Jan. 3-A large crowd of unemployed workmen assembled in front of the City Hall to-day to demand that the Mayor should provide them with work or bread. The Mayor addressed them, explaining that be had not the power to accede to their wishes. The crowd dispersed in no very good humor. SAN FRANCISCO, Jan. 3-.Wheatshipping, $2.30@2.35; milling, $2.321/2 @2.374. Barley-teed, $1.60@1.674: brewing, $1.70@1.73. Oats - feed, $1.75@1.95; milling, $2@2.12j. Corn-large yellow and white, $1.55 @1,60; small round, $1.75$1.80. Spuds-$1@1.80 all grades. LIVERPOOL Jan. 3.-Breadstuffe steady. Wheat-11. 2d; 11s 7d for red winter. Corn-28s 9d for new mixed western; 19a 3d for old flour: 27s@28s for western. SAN FRANCISCO, Jan. 2.-New Year's was observed in the usual manner, but more quietly than has generally been the case heretofore. Very few disturbances followed the almost universal indulgence in convivialty. At half-past five o'clock yesterday morning an elderly man named James Lyons was assaulted and murdered by hoodlums on the corner of Fifth and Tehama streets. The crime was committed at a time when there were but few persons on the streets. Who it was that committed the crime, or what motive prompted it, have not been ascertained. SAN FRANCISCO, Jan. 2-Hickox & s Spear, bankers, suspended this morning. They state that they expect the suspension to be only temporary; that the assets of the firm are more than sufficient to cover liabilities. For some little time past they have been subjected to a considerable drain on their a resources, but expected to go on as usu$ al. This morning, however, Laidlaw f & Co., their New York correspondents

9. January 4, 1878 Morning Appeal Carson City, NV

Article from Morning Appeal, January 4, 1878

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NEWS ITEMS. General George B. McClellan, in anticipation of his inauguration on the 15th of the present month as Governor of New Jersey, has taken up his residence in that state. Cyrus H. McCormick has won a suit against the Pennsylvania Railroad, which will be of considerable interest to travelers The ground of the suit twas, in brief, that, after Mr. McCormic's baggage had been placed on a train at Philadelphia and his demand for its return had been refused, on the ground that its removal would prevent the starting of the train at the proper time, the baggage was carried to Chicago, stored, and destroyed by fire. Mr. McCormic recovers its value, with interest-in all more than $15,000-the Court holding that the road, having taken his baggage without his consent, was responsible for it. Omaha, January 2.-The Union Pacific has reduced the wages of certain classes of its employes, the order having gone into effect yesterday. All the section men along the line, as well as at Omaha, and all warehousemen are reduced ten cents a day, while freight conductors and brakemen are cut down $2 50 per month. There has been no reduction in the Union Pacific shops where the employes work by the hour. The Union Pacific employes are holding a meeting to-night to take some action regarding the matter. New York, January 2.-A Herald Washington special says: A rumor has been circulating here for some days that when Congress reassembles the Republican Senators, or, rather the anti-Hayes part of them, intend to ask the President formally to reconstruct his Cabinet. This is not likely to succeed. It is pretty well underatood in administration circles that if Evarts or Schurz should resign, the President would nominate Bristow in his place. Silver bars 119! in greenbacks and 116 in gold; silver coin, 1@3 per cent. discount; gold closed at 23; money, 1 per cent. interest; Government bonds, steady. Stocks, dull. Chicago, January 2.-A Journal Washington special says: Advices received from South Carolina represent that the Republicans throughout the State as determined to revive their party organization and not let the State pass hopelessly into the hands of the Democrats. In two or three counties last week they turned out at local elections and elected their tickets. Their success has edcouraged Republicans in other counties and meetings have been called to perfect organizations. San Francisco, Jan. 2.-Hickox & Spear, bankers, suspended this morning. They state they expect the suspension to be only temporary, and that the assets are more than sufficient to cover the liabilities. A statement of the condition of the firm will be given to the creditors as soon as it can be made. Bankers seem to be surprised over the news of the suspension. The failure was not anticipated. The bank always bore a reputation for doing a small but safe business, and had but few large depositors. A meeting of the creditors was held this evening. The proceedings were private, but as the result, the firm will publish in to-morrow's newspapers a statement that after a presentation of their affairs to the creditors they feel warranted in expressing the belief that they will be enabled to resume next Monday.

10. January 4, 1878 The New York Herald New York, NY

Article from The New York Herald, January 4, 1878

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HEIP FOR A STRANDED BANKING FIRM. SAN FRANCISCO, Cal., Jan. 3, 1878. At a meeting last night of the creditors of Messrs. Hickox & Spear, bankers, who suspended payment yesterday, arrangements were consummated, by virtue of which the firm announced in the morning journais that they expect to resume business on Monday next.

11. January 8, 1878 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, January 8, 1878

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PACIFIC COAST. HICKOX & SPEAR'S FAILURE. Talk About a Coast Syndicate. A WEEK OF PRAYER. Three Dividends and One Assessment. Central Pacific Bailroad Stock to be Thrown on the Market. SAN FRANCISCO. Jan. 7. The creditors of Hickox & Spear held a meeting this afternoon in the room of the Chamber of Commerce. Some 40 creditors were present. It was stated the liabilities wereabout $355,000. Minimum assets, $358,000. A voluntary assignment was made of all the bank assets for the benefit of the creditors, and Wm. Alvord, Wm. H. Tillinghast and N. B. Stone were appointed as. signees. They will employ Hickox & Spear to aid in closing up the business of the bank. Wm. Hickox also turned over all his real estate and per sonal property valued at $100,000. and Mr. Spear has real estate in Alameda county valued at $40,000. The evening dispatches contain a statement professing to come from some San Francisco broker now in the East, which represents that a San Francisco sy ndicate is about to be organized to purchase the four per cent. bonds which Secretary Sherman was unable to dispose of to the syndica e now existing in the East. The same person is represented to have said that a hundred million of the proposed new silver dollars will be required on the Pacific coast, enough to keep all the mints running for the next 3 years. The President of the Nevada Bank of San Francisco, who has beer interviewed on the subject, characterizes both statements as being preposterous. He states that the Nevada Bank would readily join in a sy ndicate of American bankers, both Pacific and Atlantic States, but not in a syndicate confined to the Pacific coast. To-day begins a week of prayer. All Protestant churches in the city will hold prayer meetings every evening in the week excepting Saturday evening. in accordance with the programme 01 the Evangelical Alliance. This alternoon the Consolidated Virginia and California declared the usual dividends of $2 per share. payable on the 14th and 15th respectively. The Grand Prize Mining Company has declared a dividend of $1 pershare. The Chollar Potosi Mining Company has levied an assessment of $3 per share. Application was made to dav to have the stock of the Central Pacific Railroad Company listed on the San Fianeiseo Stock and Exchange Board.

12. January 8, 1878 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, January 8, 1878

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GENERAL NEWS. Ice cutting began at Mauch Chunk yesterday. The Legislature of Ohio met yester day and both Houses organized by electing Democratic officers. The New Orleans Chamber of Commerce yesterday passed resolutions protesting against the passage of the Bland Silver bill. Rev. R. W. Leroy B. Gaston, a prom inent Presbyterian minister of Memphis, fell dead in the street at Little Rock, Ark:, yesterday. Hickox & Spear, the suspended bankers of San Francisco, made an assignment yesterday. Liabilities, $355,400, assets, $358,180. The case of ex-Governor Bullock, of Georgia, on trial at Atlanta will probably be submitted to the jury to-day. An acquittal is expected. Sadie Sharp and Ella Hazeltine, aged respectively 11 and 15 years, drowned by break in through the ice on a pond near Hyannis, Mass., on Sunday. Dennis Donnelly, a notorious Molly Maguire, convicted of the murder of William Sanger, in September, 1875, was sentenced at Pottsville yesterday to be hanged. The New York Board of Aldermen organized yesterday by electing Ex. Congressman Robeits their Presiden The debt of the City of New York it reported at $117,741,050. The Mayor andCouncilment of Memphis were before the U. S. District Court in that city yesterday on the charge of contempt in not levying a tax ordered by the Court. The Pottsville Bank, at Pottsville, closed its doors yesterday and will probably go into liquidation. It is a small concern, the deposits being reported at less than $15,000. Kellogg's block in Ripon, Wis. was burned on Sunday. Loss, $30.000. A fire in Nashua, N. H., on Sunday night, damaged Berry's block and adjoining buildings to the extent of $25,000. Two sons of Gilbert A. Horton, of Rehoboth, Mass., aged respectively 9 and 11 years, are missing, and supposed to be drowned in the reservoir, at that place. The water was being drawn from the reservoir yesterday.

13. January 10, 1878 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, January 10, 1878

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THE WEST. HICKOX & SPEAR, suspended bankers of San Francisco, made an assignment to creditors on the 7th inst. Assets $358,180; liabilities $355,400. FROM statistics compiled from the best possible source, it is believed that Colorado's product of gold and silver for the year 1877 reaches the sum of $7,897,432. SEDDECORD & BURROWS, bankers, Decatur, Ill., failed on the 5th inst. It was an old and trusted firm. GOOD coal discoveries are reported two miles southeast of Rapid, D. T. The newly discovered oil regions of the Black Hills are beginning to attract considerable attention and many parties are locating claims. THE number of deaths in Chicago in 1876 were 8,026, or 546 less than in 1875. FRANK J. BOWMAN, a St. Louis lawyer of high standing is to be tried by the Bar Association for mal-practice and unprofessional conduct. The case excites universal interest. A special jury, embracing such men as ex-Lieut.-Gov. Stanard, W. N. Senter, Gen. Gray and J. K. Kunimings, will sit on the trial. The fight will be bitter. SAN FRANCISCO dispatches say that Latham has retired from the London and San Francisco Bank, on account of ill health and a pressure of private business. SPRINGFIELD, III., was startled on the 2d inst., by the announcement that the well known banking house of Jacob Bunn, had failed and made an assignment. Throughout Illinois Mr. Bunn has long been known as one of the heaviest and strongest bankers in the state, and in whom everybody had unlimited confidence. The assignment was made to Hon. C. C. Brown, of Springfield, to whom Bunn gives up'everything he has, his wife joining him in the assignment. The liabilities, it is said, will reach about $800,000. THE amount of precious metals produced in the states and territories west of the Missouri river, including British Columbia and the west coast of Mexico, during 1877, was $98,500,000; an excess of $7,500, 000 ever 1876.