Mayer & Company (New York, NY)

Episode Information

Episode UID
1231305791294
Episode Type
Suspension → Reopening
Bank Type
broker
Bank ID
123130579 hash
Start Date
October 22, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7175bc1cd727fbf0

Response Measures

None

Description

The firm is described as bankers and brokers; it failed during the Panic of 1907 and resumed business in May 1908 after settling with creditors.

Events (3)
1. October 22, 1907 Suspension
Cause
Macro News
Cause Details
The firm failed during the general financial demoralization and panic in New York (Panic of 1907).
Newspaper Excerpt
the banking firm of Mayer & Co., 11 Wall street, had failed for $6,000,000
Source
newspapers
2. October 23, 1907 Receivership
Newspaper Excerpt
Justice Holt of the United States district court, has appointed Edward G. Benedict receiver of Mayer & Co., who failed yesterday.
Source
newspapers
3. May 11, 1908 Reopening
Newspaper Excerpt
The firm of Mayer & Co., for many years in business as bankers and brokers at No. 11 Wall street, which failed in the panicky period last fall, will resume business this morning.
Source
newspapers

Newspaper Articles (6)
1. October 23, 1907 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, October 23, 1907

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Article Text

NEW YORK, Oct. 23. -President Thorne of the Trust company of North America says that the bank will meet all demands, having $11,000,000 in all offices with thousands drawing deposits and thousands more in line. When the stock market opened, demoralization set in. Sou'hern Pacific fell off four points and Delaware & Hudson, 11 points. Justice Holt of the United States Jistrict court, has appointed Edward G. Benedict receiver of Mayer & Co., who failed yesterday. Their liabilities are six million.

2. October 23, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 23, 1907

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Article Text

CORTELYOU GIVES AID Secretary Hastens to the Rescue of New York Banks. WALL STREET DEMORALIZED. Knickerbocker Trust Company, After Paying Out $8,000,000, Suspends, and Call Money Jumps to Panic Prices. May Go Into Hands of Receiver. New York, Oct. 23.-Credit, the under the surface foundation of all business, trembled for a time, and before confidence could be restored New York's second largest financial institution had emptied its cash vaults under pressure of t'e biggest run experienced here in a generation, the banking firm of May er & Co., 11 Wall street, had failed for $6,000,000, Wall street's principal securities had settled from $5 to $8 a share, call money had risen to 70 per cent and local bankers, unable to stem the tide of distrust, had been forced to appeal for relief to the secretary of the treasury at Washington. The Knickerbocker Trust company, the storm center, paid out can to depositors at the rate of $44.4.4 a minute for three hours and then closed its doors. The directors had, as they thought, fully prepared for a run and caused to be announced that $8,000,000 in cash was on hand to meet all eventualities.

3. October 24, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 24, 1907

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Article Text

CORTELYOU AIDING THE NEW YORK FINANCIERS act mi ust Company of America Withstood a Run h All Day and Situation Is Much Brighter. State Bank Examiner Has Taken Charge of Knickerbocker Affairs-Receiver for Mayer & Co. ed in the situation. At the meeting were J. P. Morgan, E. H. Harriman, T. F. Albany, N. Y., Oct. 23.-Governor Ryan, H. C. Frick, Paul Morton, George Hughes tonight appointed Clark WilF. Baker, Hamilton Fish, Assistant Unitliams, heretofore vice president of ed States Treasurer Judge E. H. Garey the Columbia Trust company of New and Norman B. Ream. York, to be superintendent of banks. Oakleigh Thorne, president of the Trust Mr. Williams will take office tomorCompany of America, was there for a row. time. When the meeting finally broke up toward 6 o'clock in the evening, it was felt that the most influential and most New York, Oct. 23.-The crisis in New powerful men in the financial world had York financial circles was safely passed assumed command, and the confidence of tonight. After prolonged conferences at the business community in its banks' seJ. Pierpont Morgan's offices, an organcurities and money condition generally was to be speedily restored. ization of the presidents of New York The announcement at Albany tonight trust companies was effected, not differof the appointment by Governor Hughes ent in principle from the Clearing House of Clark Williams of this city as state association. It is in the nature of a prosuperintendent of banks was received tective combination. All of the leading with favor and viewed as a timely act by and admittedly conservative trust comthe governor. panies participated. John A. Stewart, chairman of the board of the United Midnight Conference. States Trust company, presided and was Late in the evening there was confielected chairman of a committee whose dence at the house of J. P. Morgan. It duties are to be analogous to those of was reported that Mr. Cortelyou was the clearing house committee. A resopresent. President Babcock of the Bank lution was unanimously adopted providof North America, speaking of the run ing for an examination of the various on his bank, said: trust companies and a report of their "After one of the most remarkable runs findings to the association. in the history of American banking, we Following this organization, which was will open our doors tomorrow. We paid regarded as one of the most important all checks today as fast as they were adjustments ever successfully carried presented. The Trust Company of Amerthrough in New York financial circles, ica is perfectly solvent." a report was made to the committee toFrank W. Kinsman. jr., president of the night respecting the investigation into the New Amsterdam National bank, tonight affairs of the Trust Company of Amersaid: ica. "Louis Stern of Stern Bros., merchants, Ample Securities. has practically accepted the vice presiThis report was carefully considered in dency of the New Amsterdam National a prolonged conference of the committee bank and will bring into the directorate and it was apparent that the trust comstrong downtown business men." panv had ample securities to warrant

4. October 29, 1907 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, October 29, 1907

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Article Text

HALTS MONEY PANI Great Bank Pool Is Formed t Aid Solvent Institutions. CORTELYOU GIVES $25,000,00 Secretary of Treasury Helps New Yor Financial Situation by Ordering De posits There to Meet Emergencies Rockefeller Would Help. New York, Oct. 29.-Credit, the unde the surface foundation of all business trembled for a time, and before confi dence could be restored New York' second largest financial institution ha emptied its cash vaults under pressur of t e biggest run experienced here it a generation, the banking firm of May er & Co., 11 Wall street, had failed fo $6,000,000, Wall street's principal secu rities had settled from $5 to $8 share, call money had risen to 70 pe cent and local bankers, unable to steu the tide of distrust, had been forced t appeal for relief to the secretary of the treasury at Washington. The Knickerbocker Trust company the storm center, paid out cash to de positors at the rate of $44,444 a min ute for three hours and then closed it doors. The directors had, as the: thought, fully prepared for a run and caused to be announced that $8,000,00 in cash was on hand to meet all event ualities. Fail to Stop Run. At an early hour a few depositor withdrew their accounts, and an hour later hundreds were in line to take ou their deposits at the main offices a Thirty-fourth street and Fifth avenue and at the Harlem, the Bronx and the down town branches. The $8,000.00 lasted only a short time. Then Vice President Joseph.T. Brown announce that the bank had no more cash avail able. and payments were suspended

5. May 11, 1908 New-York Tribune New York, NY
Article from New-York Tribune, May 11, 1908

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Article Text

WALL STREET BROKERS TO RESUME. The firm of Mayer & Co., for many years in business as bankers and brokers at No. 11 Wall street, which failed in the panicky period last fall, will resume business this morning. The firm made an assignment to William F. Goldbeck, of Colby & Goldbeck, lawyers, on October 22. and the members of the firm were afterward placed in bankruptcy upon the petition of their creditors. At the time of the failure the liabilities of the firm amounted to nearly $7,000,000, and it was carrying upward of 25,000 shares of Delaware & Hudson stock. This stock and other valuable collateral were widely held by the local banks and trust companies, and an injunction was Issued restraining the banks from disposing of their securities except with the court's permission. William F. Goldbeck, counsel for the firm, said last night: "Mayer & Co. have paid their Stock Exchange creditors in full, with interest, and have settled all their indebtedness, the bankruptcy proceedings having been dismissed several days ago. Their Stock Exchange members, Abraham B. Baylis and George R. Leslie, have been formally reinstated."

6. May 11, 1908 The Star and Newark Advertiser Newark, NJ
Article from The Star and Newark Advertiser, May 11, 1908

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Article Text

MAYER & co. RESUME. NEW YORK, May 11.-Mayer & Co., Wall Street bankers and brokers, who suspended last fall, resumed business today. At the time of suspension the firm had liabilities of $7,000,000.