15648. Clews & Co. (New York, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: private
Start Date: September 24, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 0a369f23

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

Contemporary articles (late Sept. 1873) describe heavy withdrawals and a run on Clews & Co., inability to obtain legal-tender currency, and the firm's suspension (Sept. 24, 1873). Within days reports indicate depositors returning and the house resuming business (reports Sept. 29–Oct. 1, 1873). Later material in 1874 shows further stoppage/legal proceedings, but the clustered articles supplied describe an initial run → suspension → reopening in Sept–Oct 1873.

Events (3)

1. September 24, 1873 Run

Cause: Bank Specific Adverse Info
Cause Details: Large cash withdrawals (run) and inability to obtain legal-tender currency; also a $250,000 non-cash draft from a correspondent worsened liquidity.
Measures: Public statements of solvency by management; awaited relief from clearing-house measures and hoped-for ability to sell securities; later used special trust to resume business.
Newspaper Excerpt: the sum paid out in greenbacks over the counter of the firm during Thursday, Friday, Saturday and Monday amounted to the large sum of $1,250,000.
Source: newspapers

2. September 24, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Refusal/certification refusal by a correspondent bank and exhausted cash due to large withdrawals and an uncashed $250,000 draft; firm forced to suspend payments for want of legal tenders/cash liquidity during the panic conditions of Sept. 1873.
Newspaper Excerpt: the suspension of Clews & Co., had a startling effect on the street...the Fourth National Bank had refused to certify the checks of Clews & Co., and ... the firm would be added ... to the list of ... suspension.
Source: newspapers

3. September 29, 1873 Reopening

Newspaper Excerpt: Both Clews & Co., and Howes & Macy have done a good business today, a large number of depositors having resumed business with them. ... Clews & Co. will resume within a few days. ... announces that it is now, under a special trust, enabled to execute any business which the friends of the house may confide to it.
Source: newspapers

Newspaper Articles (16)

1. September 24, 1873 Evening Star Washington, DC

Article from Evening Star, September 24, 1873

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good, but I won't. You may state, however, that I have abiding confidence in the integrity of ex-Governor Cooke, and the firm of Jay Cooke & Co., and I believe that all moneys held by him in trust in a fiduciary capacity will be paid, even if he has to sacrifice his property. Reporter.-Does his appointment by the board make him a government officer? Mr. Sargent.-Certainly; and as such he bonds under the law governing such officers, and gives bonds for the faithful performance of the duties. ### OTHER DISTRICT CHARITIES AFFECTED BY THE CRASH. It is stated that there was deposited in the First National bank $20,000 to the credit of the St. John's Sisterhood, a charity connected with the Fpiscopal church of St. John's; $10,000 o the uninvested funds of the Smithsonian Institution; $11,000 belonging to the Soldiers' and Sailors' Orphan Home, of which ex-Governor Cooke acted as trustee and treasurer-from the sum set apart for its appropriation by Congress a warrant for $15,000 had been drawn, of which vouchers for $4,000 have been audited, leaving an unexpended balance of $11,000. ### OTHER HEAVY DEPOSITORS. It is said that ex-President Andrew Johnson had $60,000 to his credit in the First National bank, on which he was receiving six per cent. interest; Senator Patterson, of South Carolina, $14,000 in one of the suspended banks; Admiral Rowan, $6,000. Mrs. Wm. H. Scott, widow of a former navy agent, had $17,000, the proceeds of the sale of all the property she had. Gen. Hunter had a handsome credit in Jay Cooke & Co.'s. Col. Webster, register of wills, had all his savings deposited there. ### THE STOCK OF THE FIRST NATIONAL. Of the five thousand shares of the First National bank, about thirty-five hundred shares are owned either by Jay Cooke & Co. or individual members of the firm. ### OUR BANKS TO-DAY. Matters financial are in their normal condition throughout the city to-day, and the banks are transacting business as usual. Many depositors who drew their money under the prevailing excitement have returned their funds and express the fullest confidence in the security of the banks. The general conviction is that a portion of the community here became unduly and unnecessarily frightened. ### MR. STICKNEY, OF THE FREEDMAN'S SAVINGS BANK, says the reason that institution deemed it expedient to require the legal notice of sixty days for those desiring to withdraw their deposits was because all the books which had not such notice posted therein were now paid, and that the failure of Clews & Co., announced yesterday, left bank officers in the dark as to where the trouble would end. He deemed it a matter of prudence to require the full legal notice. Payment, however, in special cases, are being made.

2. September 24, 1873 The New York Herald New York, NY

Article from The New York Herald, September 24, 1873

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Return of Confidence Among Depositors. AFFAIRS OF THE TRUST COMPANIES Untrue Rumors of Commercial Failures. INTERVIEW WITH MR. HUGH M'CULLOCH. in the Troubles Financial Country. still easter and more confident state of feeling ushered in the morning of yesterday in Wall street. The improvement noticed on Monday was more marked and reassuring through the foremoon of Tuesday. The triumphs of the banks in the masterly proceeding they resolved on of making $10,000,000 in loan cercificates do duty as legal tenders was most decided. it is now conceded that but for the prompt and peculiar action of the banks the panic might have spread to incalculable bounds. THE CASE OF CLEWS, who was unable to use the loan certificates of the Clearing House, because of not being a member, and had to suspend for want of legal tenders, shows how eminently wise the device was which the rest of the banks adopted. The suspension of Clews & Co. had a startling effect on the street, which had begun to look around with the assurance that the storm had spent its strength and that no more failures of consequence were to be apprehended. The details of this suspension will be Yound in another column. In the afternoon AN INFLAMATORY DESPATCH from Chicago, announcing that a panic was in progress there. and a universal suspension of the banks imminent, aroused great alarm. The monetary connection between Chicago and New York is so intimate that there was good ground for anxfety If the news had any bottom to it, but it was subsequently found that the despatch was a scare, and that the Chicago banks were subjected to no unusual pressure, and were meeting all the demands made upon them. In the meantime the street was filled with THE WILDEST RUMORS concerning the suspension of other houses besides Clews & Co., whose names need not be mentioned as a matter of justice to all concerned. These rumors, on further examination, proved to be without other foundation than that which existed in the minds of the panic-stricken people who idled about Wall street and found occupation in giving currency to whatever gossip might tan the expiring name into renewed life. It was believed at one time that the financial crisis was extending into the commercial centres, but up to the present writing no well verified account of any failure by our merchants has been received. THE STOCK EXCHANGE remained closed during the day. It has been suggested that when it IS reopened the government Board should be opened first for one day, and then that the lower hall for dealings in speculative shares should be opened on the following day. There was some business done in stocks by THE CURBSTONE BROKERS, who started an independent board, with its office at No. 48 Broad street. The purchase of bonds began at the Sub-Treasury with more animation than on the day previous. THE GOLD ROOM was regularly opened for business, which, however wasianguid. The convenience of the opening was appreciated by the merchants. No bank belonging to the association found itself in trouble, and all clearings were regularly made. Should it be necessary to extend the amount of LOAN CERTIFICATES beyond the ten millions first agreed upon authority will be given to the Clearing House Committee. The Board of Trustees of the NATIONAL TRUST COMPANY metaton but no conclusion in regard to the time for resuming business was reached. By the report of the examining committee it will be seen that the assets of the company in government bonds and other securities exceed by over a million the amount of their liabilities. The petition to have the UNION TRUST COMPANY declared an involuntary bankrupt was made by Kendrick & Co., brokers, of Wall street, in order that its affairs might be placed in the hands of an assignee. The run on, or rather to, THE SAVINGS BANKS will cease altogether in a day or two. Depositors who withdrew their money on Saturday have, in many instances, returned with The banks, having in most cases availed themselves of their privillege of requiring from thirty to sixty days notice from depositors, will save themselves and their depositors from loss and inconvenience. AN INTERVIEW Sirth Mr. McCulloch, which will be found subjoined, shows that the ex-Secretary was as much bewildered by the crash that occurred as anybody else. He is satisfied the enterprise which submerged the house of Jay Cooke & Co. will yet be the pride and profit of the country. AFFAIRS OF JAY COOKE & CO

3. September 25, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, September 25, 1873

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banks this morning. President Haines of bank out by them amount the Union paid Dime Savings yesterday says was the one-quarter less than the average. The banks here. stopped. Clews & their lieved. run on securities the has savings Co., it is be. say would be far right in When ample to the set them ordinary more times. than money market improves they may resume. four days there was an run upon them. The uninterrupted lished list of For pub. their correspondence national one hundred and braces banks and twenty-four and fifty-eight state cmprivate bankers. The firm consisted of Henry Clews and LS Fowler. It is reported that several financial friends have offered to come to their relief. THE STOCK EXCHANGE TO REMAIN CLOSED 10:10a. m. The Stock Exchange will remain closed until further orders. Gold opened at 1198 10:20 a. m. .-The following are street prices: Central, 90 to 91 Lake Shore, 80 bid Pacific Mail. 32 to 35 : Western Union, 61 : Gold, 1113. 111} bid. 10:30 a. bonds have been offered at the sub treasury this morning. The feeling on the street is rather nervous. Brokers are congregated in front of the stock exchange, but doing little or no business. Openting 91 86 offered Union, Rock Island, quotations: offered: offered : Pacific Central, Western 62 bid. 61 Mail : Union 21 80 bid A of the 22 Lake bid, Shore, 35 offered Pacific, meeting bid : bank presidents is now in take to measures the emergency. Clews & Co., action present in regard proper Henry session to in say closed until the money market and ness they in the will remain gives way tightaffairs become more settled. 10.40 a. -Hawes if Macy have just suspended. Wall and Broad streets al. an unusually lively to the of for, ready in present addition presence aspect regular of the drawn by clerks are busily have Clews dealers, been & hundreds Co.'s curiosity. general engaged public Henry up the books of the On account of the closing of ex. business for cash is be. change fixing considerable establishment. the stock ing transacted by brokers in the streets. 10.45 a. III. The bank presidents are in session in the Merchants' bank. A report is expected about 11 o'clock. 10.50 a. 111. The sub-treasury up to this hour a half million a. m. it the of 11.10 has bought meeting bonds. bank sidents another issue of in house loan has purchased rized. clearing The sub-treasury certificates $10,000,000 was authoup to this Macy in to 11 8700,000 @ 11 3. in Mr. bonds reply hour. arequest Gold for a statement of the affairs explanations of their sion was under said the only that which applied of the existing suspen- firm to ali forms a such circumstances number of depositors. having houses large must suspend. His firm had yieided to the inevitable result of the present financial crisis, would resume when the crisis should be over. A GOOD PRECAUTION 11.15 a. m. The clearing house thanks. at a resolved not to pay any more currency. to all checks meeting to-day, but certify payable at the clearing house only. This is intended to prevent any lock-up of greenbanks. SALE OF BONDS. 12 m. Up to this hour the sub-treasury has purchased twelve hundred thousand bonds, and numerous sellers are still in line. THE SAVINGS BANKS. 12.85 D. m.-There is nothing new in relation to the run on the savings banks this morning. 1.45 P. Eil, -At a meeting of bank presidents to day it was resolved in addition to the issuing of $10,000,000 loan certificates and the suspension of currency payments in large amounts to stand by each other with all the assets, and any member falling so will be expelled. Each member was appointed a committee to ascertain where the ten million government bonds or any part thereof can be purchased. Said bonds are to be purchased on account of sold to the thereby to be sustained each loss banks occurring bank and treasury, and the by according to their the The committee and of the clearing the president house. secretary deposits treasury request in to anticipate the payment of bonds due January, 1874. AUCTION SALE OF STOCKS. Adrian II. Miller & Son. 100: Delaware. Lackawana & Western. 871 to 100 New Jersey Central, 881 to 20: U. S. 16.40's. regular, 105 to 100. 2.10 p.m.-The following are the latest cash prices on the street for stocks New York Central 88 to 91 Harlem 103 to 105: Eric 50 to 52 : Lake Shore 78 to 89 Wa. bash 43 to 45 N. Western 46 to 49 Mil. and St Paul 30 to 23: Ohio and Wis 27 29 Union Pacific 20 to 21. 2.25 1.-Judge Fancher this afternoon. on modified the Union injunction application against of counsel, Trust com- the pany so as to permit it to issue, register certificates of whom terms and for countersign parties with stock, were etc., ogreed upon for such services trien

4. September 30, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, September 30, 1873

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# THE STOCK PANIC. # The Horizon Lighting Up. Suspended Firms Resuming. GETTING OUT OF THE WOODS. The Scare Believed to be Over. Clearer Skies. NEW YORK, Sept. 29.—Both Clews & Co., and Howes & Macy have done a good business today, a large number of depositors having resumed business with them. There is nothing new relative to Fisk & Hatch or Jay Cooke & Co. It is stated that several heavy business men of this city on Saturday last paid high as 4 and 5 per cent. a month to obtain money to meet the pressing engagements. One large dry goods house issued a circular to its customers offering 2 per cent. a month discount on all paper due them for cash. The Glenham woolen manufacturing company of Glenham, N. Y., suspended today. Its President is not prepared to make any statement. Its capital is estimated at over $1,000,000. The company owns 200 acres of land at Glenham, with large factories and dwellings for 500 operatives. The company was over 50 years old. The suspension of B. Bullock & Sons, wool dealers, in Philadelphia today, was caused by the suspension of the Glenham company, which owes the firm about $600,000. At the produce exchange today there was a decidedly improved feeling and the business is working back into the old channels. The apprehensions as to difficulties in obtaining exchange is gradually being dispelled. Resolutions of the Stock Exchange. The Governing Committee of the Stock Exchange met at 1:30 p. m. to-day and passed the following resolutions: Resolved, That nothing in the action of the Governing Committee of the Stock Exchange shall be construed as absolving any member from obligation to the rules. Resolved, That all parties to the existing and unsettled contracts who were solvent at the close of the Stock Exchange, but who shall refuse to surrender satisfactory principal or furnish a margin in cash or securities, shall be regarded as insolvent. Resolved, That so much of article 22 of the by-laws as authorizes an officer of the Board to close the contracts of parties in default be suspended. As to existing contracts, during three days after the opening of the Exchange the President shall appoint a committee of three, which shall be in session from 2:15 to 2:45 o'clock, to determine on an equitable market price to which margins shall be made to conform, and also to determine the market price at which the contracts of defaulting parties shall be settled. Resolved, That all contracts shall be settled by a check certified as good through the Clearing House, but where a check is tendered upon a bank which is not satisfactory, the people must agree upon what shall be satisfactory, but no demand for greenbacks or currency shall be allowed. Bank Presidents in Council. At the bank presidents' meeting this afternoon, one plan was discussed which was referred to a loan committee. The committee has issued at different times loan certificates as the emergency required. It was rumored this evening that the committee has been authorized to employ loan certificates to any amount. It is certain that the committee was entrusted with additional powers, but of what nature Mr. Camp preemptorily refuses to make known. Another Suspension. ALBANY, Sept. 29.—The banks here are working under the New York plan. Ford & Fuller, brokers, have suspended. The Financial Outlook at Pittsburg. PITTSBURG, Sept. 29.—The financial outlook in Pittsburg was brighter today than it has been any time during the panic. Confidence seems fully restored, and business is being transacted as usual. At a meeting of the clearing house association this morning to consult on the present monetary situation it was resolved in view of the brightening prospects to make no change in the manner of conducting the business of the banks and clearing house. The Lawrence Saving Bank commenced paying its checks today. Embarrassing the Money Order Officers. WASHINGTON, Sept. 29.—The refusal of the National banks in Philadelphia to pay drafts upon them in currency having threatened to deprive the postal money order office in that city of resources on which it largely depends for remittances from country offices, the postmaster was today authorized to draw for a limited amount on the department's reserve deposited in the sub-Treasury at New York. Similar embarrassments were foreshadowed by numerous telegrams from western postmasters on the situation but their generally report today is that the banks have resumed currency payments. Favorable Signs. This city is free from financial excitement. The recent statements received from the North of the improved condition of affairs have had a tranquilizing effect in Washington to such an extent that several gentlemen connected with the banking combination say that in the course of a few days checks for small amounts will be cashed at the counters of their institutions instead of being as now, merely certified. Another favorable sign is that many large depositors in the Washington Savings' Bank are concerting with a view to the resumption of its business. Extensive Conflagration. CINCINNATI, Sept. 29.—A despatch from Brenham, Texas, Sept. 29th, says that a fire last night consumed two and a half squares of buildings in the business portion of that city. The loss is not yet ascertained. CINCINNATI, Sept. 29.—There is an improved feeling here today. In several banks the deposits of currency equalled the demand for it. The general markets are still quiet with a modified tone. A Fortunate City. CHICAGO, Sept. 29.—The financial prospects in this city this morning were brighter. The Union National, the York County National and the National Bank of Commerce resumed business at the usual hour. There has been no run upon either of them, while there have been considerable deposits made. Influx of currency from New York and from the country continues large, not less than $3,000,000 being received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks, and the rest into the hands of commission merchants for the purchase of grain by outside parties, but all tends to relieve present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence is returning. This view of the situation is based on an interview with a number of prominent bankers and business men. More Dismissals. JEFFERSONVILLE, Ind., Sept. 29.—It is reported the Ohio Falls Car Company will suspend work, throwing 700 men out of employment. More Bank Suspensions. ST. LOUIS, Sept. 29.—The express lines centring here are bringing to this city a much larger amount of currency than they are taking away. The banking house of Curry & Kirby at Jefferson City, and two at Chillicothe suspended on Saturday. They are all regarded as solvent. Money Wanted. CHARLESTON, S. C., Sept. 29.—The Chamber of Commerce have adopted a resolution asking for the deposit of $500,000 with the Assistant Treasurer, to be used in the purchase of Exchange. Following the General Example. LOUISVILLE, Ky., Sept. 29.—A majority of the banks formed a Clearing House Association yesterday, and resolved to suspend paying currency in large amounts Seven German and two other banks have been received into the clearing house, making 21 in all.

5. October 2, 1873 Huntington Independent Huntington, WV

Article from Huntington Independent, October 2, 1873

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Suspension of the Sold House of 'Poor Henry" Clews & Co. About half-past two o'clock it was publicly announced that the FourthNational Bank had refused to certify the checks of Clews & Co., and every body knew that it was a mere question of a few minutes before the firm would be added to the list of so many houses who have gose into suspea sion Io another column will be found the statement of the President of the Fourth National Band with reference to this matter. Upon entering the offices of the firm small kno's of people were seen talking in subdued tones, and with anxious faces, of the state of matters In the back office the clerks, with pens behind their ears, would occa sionally look through the glass partitions separating the private from the public office at the unusual meeting in Mr. Clews' reception-room Many beguiled the time in waiting for the appearance of Mr. Clews by studying the various oil paintings in the rooms, not forgetting a photograph of the London house of Clews, [bicht & Co., in which Mr. Clews, of this city, has the controlling interest. The other partner is a Mr. Taylor. WHY THE FIRM SUSPENDED. It was ascertained yestereay, on the best authority, that the reason of the suspension was the non-payment in cash, of $250,000 by a well-known institution, which, instead, paid it with a draft that can not be cashed for some time yet. It was also reported that the sum paid out in greenbacks over the counter of the firm during Thursday, Friday, Saturday and Mouday amounted to the large sum of $1,250,000. STATEMENT OF MR. CLEWS MANAG ING MAN. "The firm is in a perfectly solvent condition," said Mr. Greenough, the managing man of Clews & Co., to dozen reporters who surrounded him, "and hold upward of a million and half of good dividend paying bonds In addition to this we hold a large quantity of Burlington, Cedar ids and Minnesota railroad Company bonds; large amounts of merchandise and good commercial paper f much of which will shortly mature. We have had nobody to cash our ase sets. and (emphatically) the run upOD us would have broken any bank e in the city. As soon as the money market returns to its normal condi} tion, and stocks can be sold at the II reopening of the Exchange we shall be able to meet our obligations, but t while the city is still in this state of excitement DO private banking house f can hope to live, provided a run made upon it. If we had been able d to obtait sixty days' credit. which the bau LS are now taking, our doors b could not be closed. Currency to o pay our customers could not be ob tained at any price. and our best securities, which we would willingly II have slaughtered to a certain exten e. in exchange for greenbacks, are un

6. October 2, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 2, 1873

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rities, they must eventually run short of greenbacks. There had been, on Tuesday, an indication of a panicky run on this house, consequent on the fact that it is in the same building with Clews & Co., who had just failed. Of course the suspension to-day had a very depressing effect. but it was nothing like that which ensued yesterday on the closing of Clews & Co. It started a run on Vermilye & Co., renewed that on George Opdyke & Co., and there was a shower of depositors clamorous for their money at the windows of Belmont & Co., but none of these houses showed the slightest indications of weakness. Howes & Macy's failure, if indeed it may be called so, is not looked upon as serious. The chief fear is that the temporary suspensian will affect the company's correspondents in other cities, and so help to keep up the excitement which all are anxious to allay. Upon the heels of this suspension came the news that Clews & Co. had swamped their London house of Clews, Habicht & Co. The over-drafts on the London house are estimated at $1,200,000, or about the amount which Clews & Co. paid out previous to their suspension. The information to-day leads to the supposition that Clews & Co.'s failure is complete-certainly as complete as that of Jay Cooke & Co. Howes & Macy may resume shortly, when matters are quieted down, but few hope for such good luck for Clews & Co. Southern securities and railway bonds have finally been their ruin. The next event to influence the street was the announcement that resolutions had been passed by the Clearing-House Committee representing the various banks. The first resolution, issuing an additional $10,000,000 for loan certificates, had been undisputed, and caused good feeling, and was encouraging. This proposition to obtain $10,000,000 of Govern ment bonds, to be sold to the Treasury by the banks, was also accepted as an indication that the banks were laboring wisely and well; but the last proposition, resolving that banks should not cash heavy checks for currency, but should certify such checks as good only when passed through the Clearing-House, was at once translated to be a practical suspension of the banks of the Clearing-House Association. There was a good deal of feeling on the announcement of the adoption of this resolution. But the discussions which followed have proved that the resolution was a wise provision. In the first place, it prevents panie-stricken depositors from drawing out their money and hoarding it, thus taking greenbacks out of the street and from business. In the next place it facilitates business by making more liberal the certification of checks through the banks, thus balancing accounts without the employment of much money. The savings banks have been perfectly quiet. In fact there has been no time during the panic when the officers of these institutions were doubtful of their ability to meet all demande made upon them, and the confidence of depositors has been most remarkably displayed. The panic has not apparently seriously affected mercantile houses and the principal trades. The principal dry goods men report no lack of conf dence among buyers. no marked decline in prices, and little excessive apprehension for the future. The reports from Boston, Philadelphia, Baltimore, Chicago, St. Louis, Richmond, New Orleans and Hartford are very encouraging. It is believed the worst has passed.

7. October 9, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 9, 1873

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The Financial Crash. NEW YORK, Oct. 1.-Wall street is as quiet as usual, and matters are beginning to assume their normal condition. The crisis is over, although the scarcity of currency is seriously felt, and will be for some time to come. The feasibility of resuming specie payment is exciting attention among our leading financiers and business men, and especially those bankers who issue bills of foreign exchange. An argument heretofore set forth, that to resume specie payment would depreciate values, can hardly be advanced, now that stocks and securities are flat. The suspended firms are rapidly reorganizing, and promise a resumption of business before the end of the week. Howes & Macy have practically resumed already. Clews & Co. and Fisk & Hatch will resume within a few days. The following table shows the prices current for leading stocks on Wednesday, Sept. 17, the day before Jay Cooke & Co. failed, and those current on the street to-day

8. October 10, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, October 10, 1873

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Texas railroad has been laid, and through trains now run from Cairo to Texarkana, on the eastern border of Texas. # WASHINGTON A WASHINGTON dispatch says: The Mixed Commission on British and American claims, sitting at Newport, R. I., made final awards and concluded its business one day in advance of the time fixed by the treaty. In brief, the result of the inquiry is, that the United States Government pays to the English sufferers by our late war two per cent. of their claims, amounting to $1,929,819, while American claims against England are all disallowed.... The President has signed a postal convention between the United States and the Government of New-foundland for the exchange of postal cards, by the addition of one cent postage.....A Washington telegram says the President has tendered the office of Chief Justice to Senator Conkling, and that the Senator will accept.... President Grant asserts most positively that he does not intend to make any change in the Government Agency at London, adding that the suspension of Clews & Co., which involved the suspension of the London house of Clews, Habicht & Co., was the result of unavoidable misfortune; and that no dishonorable taint attaches to them on account of it. The news since received that Clews & Co. will soon resume shows that the President's confidence in the house has not been misplaced....Over $2,000,000 worth of bonds having been purchased by the Treasury Department since the commencement of the panic, the annual saving of interest to the Government will be about $750,000 in gold. THE September report of the Department of Agriculture indicates that the yield of maize will be somewhat lower than that of last year. .... In response to an inquiry whether a person who sells brandy peaches, brandy cherries, etc., is liable to a special tax as a liquor dealer, the Commissioner of Internal Revenue replies that unless said articles are bona fide sold as such, and contain only the necessary quantity of brandy to preserve the fruit, the dealer must pay a special tax for selling brandy.... ■ Two roughs who, while partially drunk, called out to President Grant in a rude and boisterous manner as he was riding to church with his family last Sunday, were arrested and fined $5 for disorderly conduct. MRS. BELLA LOCKWOOD has been admitted to practice as an attorney in the Supreme Court of the District of Columbia.... The financial troubles have caused a large falling off of internal revenue receipts.... The Comptroller of the Currency states that he cannot legally appoint a receiver for a national bank on account of refusals by a national bank to pay money, which gives certified checks in lieu therefor, as is now the general practice in nearly all of the large cities.... A Washington dispatch says a printed circular will be sent to the creditors of Jay Cooke & Co., stating the terms of compromise which they have decided to offer, and that nothing further will likely be done until replies have been received from all the creditors.... The official statement shows that the United States currency of all kinds outstanding at this date is $402,923,039.

9. October 11, 1873 The Daily State Journal Richmond, Alexandria, VA

Article from The Daily State Journal, October 11, 1873

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RELIGIOUS SERVICES To-MORROW The usual religious services will be held in all of the city churches to-morrow except the following special appointments: Seventh Street Christian.-Prenching at g 11 a m, and p. m. by Rev. Joseph Z. Tyler Grace (Episcopal) Rev. F. M. Baker at I 11 a.m. and 8 p. m. Night services resumed E United States ourt-Room Rev. Dr. T Phelps will preach at 11 a. m. Christadelphian Synagogue (Covenant Hall). A discourse upon God's great salvation at St. Mark's English Lutheran. Divine worship.at.l m. and 73 p. m., at Virginia Hall Grace-Street Baptist. Rev. Dr. Wilson, having returned city will preach at 11 a. m. and 71 p. m. Union Station Methodist.- pastor, 1 Rev. I.I.C. Cheatham, having returned to the city, will preach at 11 a m. and 71 m. Grace Street Presbyterian. The pastor having returned to the city, there will be preaching at 11 a. m. and 4 p.m. Second Presbyterian. -Preaching in the lecture-room at 11 a. m. by Rev. Baird. Third Presbyterian Rev. C. R. Vaughan p. Leigh-Street Baptist Church Preaching by the pastor at 11 a. m. and 71 p. m. Lord's Supper at 4 p. m. Subject in the morning, The Unity of Christ' Flock and some account will be given of the 'Evangelical Alliance.' Sidney Baptist Church.- The quarterly meeting of the Baptist Sunday-scho association, will be held in the above church to-morrow afternoon at 3 0 clock. MONTES PATURIUNT NASCITUR R1 DICULUS MUS.-These cheerful words: uttered by the prophet Samuel severa thousand years ago, on witnessing a natural phenomena in the suburbs of Jerusalem, could well have been applied to the results of the action of the city Conservative nominating convention at the principal Franklin-street restaurant last night. After a deal of log-rolling. finesse and counter-marching (neces sary to squelch out all but the ring candidates), and which kept the mountain in a constant state of purturbation, the following five little mice were evolved and crept out, viz: Robert Ould, James H. Dooley, William S. Gilman, Joseph R. Anderson, and William Lovenstein The Republicans will, next week, make their nominations for the house of delegates, and if they cannot beat this hotchpotch ticket sky-high, we shall be lost in wonder, that's all. During the course of the proceedings last night, Captain George C. Wedderburn, of The Enquirer, was nominated for the honorable position of candidate for the house, when a seedy delegate was heard to observe quite audibly, Why, we have already got one Dutchman on the ticket, what do we want with another one.' On another occasion the enthusiastic and exuberant Major Richard F Walker, of Monroe ward, in seconding the nomination of Gilman for a re-election, said, in a burst of genuine enthusiasm, Why, Mr. President, the gifted Gilman is now doing yeo man's service in behalf of the Conservative cause and candidates, while the gallant and intrepid Kemper is trotting around the commonwealth after him. " At the conclusion of the Major's effort the invincible Gilman was endorsed by a unanimous nomination. On motion, the convention then ad journed, having most harmoniously and happily acomplished its work.' THEATRE-The performance of Spald ing's theatrical combination at this place Monday night, bids fair to lift the histrionic ghwich has for some time enveloped it. The initial drama, "Olive : or, the Mysterious Murder, " is a modern play, but said to be one of unsual excellence, both in plot, incident and dialogue. assured that Manager Spalding has a company capable of doing full justice to its merits. After the recent dearth of legitimate theatrical amusement here the appearance of Spalding's veterans will be warmly welcomed by our best citizens, THE BANKING HOUSE OF CLEWS Co.-Thi banking firm, doing business in the United States treasury buildings, No. 32 Wall street, New York, who were forced to a temporary suspension during the recent financial panic, announces that it is now, under a special trust, enabled to exccute any business which the friends of the house may confide to it. The house of Clews & Co. is too old and well established to need any certificate of character. Their simple announcement of their ability to do business now will be hailed with pleasure by pebublic. VIRGINIA OPERA-HOUSF.-Professon Young, who nightly deals in the mystic art at the Virginia Opera-house to full houses, not only mystified the host of little folks at his matinee this afternoon, but stamped himself a hero among them by presenting each one with a present. Hegives another performance -night, after which he will, as usual, dispense presents to the lucky holders of prize tickets His presents are the best we have ever seen distributed at an entertainment of this nature. PERSONAL We bad the pleasure of a call to-day from George TV Swann, esq. c'erk of the United States district court ot Mississippi, and a resident of Jackson in that state Mr. Swann was formerly of Virginia, and does not forget the Old Dominion even amid the busy scenes and incidents of his stirring southwestern home. NEWSPAPER ADVERTISING AGENTS. Messrs. Thos. Taylor and Philip H. Walker have established themselves in business in Baltimore as newspaper advertising agents, under the firm name of Walker, Taylor & Co. They solict business from the newspaper fraternity and the public at large. Address 134, west Baltimore street. PATENTS. The United States patent office at Washington has granted the

10. October 11, 1873 The Daily State Journal Richmond, Alexandria, VA

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THE BANKING HOUSE OF CLEWS & Co.-This banking firm, doing business in the United States treasury buildings, No. 32 Wall street, New York, who were forced to a temporary suspension during the recent financial panic, announces that it is now, under a special trust, enabled to execute any business which the friends of the house may confide to it. The house of Clews & Co. is too old and well established to need any certificate of character. Their simple announcement of their ability to do business now will be hailed with pleasure by the public.

11. October 17, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, October 17, 1873

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WASHINGTON SECRETARY RICHARDSON says that the Government will lose nothing by the suspension of Clews & Co., in New York, or Ciewe, Habicht & Co., in London; also, that if Jay Cooke & Co. pay 33 per cent., the Government will be no loser by the failure of the First Nationa Bank. He thinks that the country will be gratified to find in the public debt statement that the "reserve" has not yet been touched, though he reiterates his purpose of using it whenever he judges it to be necessary The public debt statement for September shows a reduction of $1,901,467. The following are the figures: Six per cent. bonds $1,235,000,200 Five per cent. bonds 488.567 500

12. November 6, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, November 6, 1873

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SALT LAKE CITY. SALT LAKE, Nov. 5.-A discouraging outlook this coming winter, financially. But little bullion moved since the Eastern panic. A private bank suspended this morning, the result of which money is tighter than ever. The stoppage of Clews & Co., of New York, affected a party here seriously. Col. Fred. Grant returned from a tour of inspection at Post Beaver, and this morning witnessed with a large number of citizens, a special review of all the troops at Camp Douglass. Brigham Young the last few days has been engaged in the affairs of Secons Cooperative Mercantile Institution, and the Desert National Bank. The latter concern yesterday declared ten per cent dividend.

13. November 6, 1873 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, November 6, 1873

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FROM SALT LAKE FINANCIAL MATTERS. SALT LAKE November 5.--There is a discouraging outlook for the winter libancialy. But little bullion has moved since the eastern panic. A private bank suspended this morning, the result of which is that money is tighter than ever. The stoppage of Clews & Co., of New York, affected parties here seriously

14. October 8, 1874 The St. Cloud Journal Saint Cloud, MN

Article from The St. Cloud Journal, October 8, 1874

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SEVERAL failures in business in New York have been announced during the week. David Valentine & Co., silk importers, have liabilities of half a million. Kupfer & Silverman, dealers in woolen goods, have suspended temporarily; liabilities not known. Clews & Co., Government bankers, have also stopped payment, but expect to resume shortly. J. K. Kaufman & Co., dealers in cotton and grain, have large liabilities. This house had branches at Savannah, Ga., and Liverpool.

15. October 8, 1874 The Valley Virginian Clifton Forge, Staunton, VA

Article from The Valley Virginian, October 8, 1874

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Clews & Co., extensive bankers and brokers, in New York City, have suspended and great apprehension is entertained of another panic.

16. October 28, 1874 The New York Herald New York, NY

Article from The New York Herald, October 28, 1874

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EXAMINATION OF HENRY CLEWS. a deal after good length, Mr. with made Henry Clews bas a strong infasion of legal of legal quibbling, argument. the property, recently transferred a statement in court of his yesterday in the examination too place term benefit room. of and creditors. Supreme The to an Court, assignee for Judge Lawrence, was pursuant to Special tain judgment debtors. granted on application an order of of follows:- Q. Hls examination was cer- as Where House Q. in New York City. partnership do you A. At the Grosvenor dore were S. or Fowier are your partners! or alone If the former. & Co. comprise the A. firm Myself of and Theo- who It ceased business. A. Q. October Your firm Please was state actually when engaged Heury in banking Clews Q. 1874. Was ment to Taylor? that the date when you made business? copy What 01 the assignment which the the assign. pied by your place firm or piaces of business my firm gave printed street, York at that date? were occuterested Q. Were City: either no other place. A. No. 32 Wall any other in firm any named other business member than of your firm member at the date, was October than th 1874 one you banking, have or in Henry London and interested no in Clews, We were given each Clews Co. other except the Habicht new Co. any either 0 Rad you been other member your interested-you firm, yourself. from or named since business you than that the firm itsell-in or fully. A. My answer to suspended the in the which autumn have persons, 18 Henry In 1873 Clews our old firm last question covers of 1674 this that Fowler the one in 1873, which myself and Theodore S. up the the same same n namebeen dissolved: suspended 1873; 1873, and the new firm it suspended was out optember has never members and was composed formed January same firm: Ernest Zeidler of the two former has been ganization. no change this IS in the old firm except the since there pension up continued assignment in above 20, or business from named: any Did the purpose or the liquidation." assignment. October (its sus. the geognound property that from, firm use or, or receive property. property and that It seeking for Objected as Q. he question discovery is what A. About now and have handed to the day was question. Objected to and was it four Q. dated o'clock October the 1874, Court executed market toe paper J.L. II you Where & Boardman was at Boardman Q. the No. law office who of Messrs. were present? A. It who Whose was 1 execute man. the notary public. belore as witnesses Q. assignment Who was Mr. Zeidier did A. not E. c. Board. there? your new business from in while charge of the place up or business of charge, clerks lor t Obtheir names. and Q. doubtless Zeidler that were time, in but the fected Q. Where time? arm's banking of the old firm at Can you tell at the that not suppose. consisted street O. Way not books: books i cannot Not without of A. canhave never enjoined without reference access to to the to. A. have our firm Who office. the DO Q. Have you knowledge has Objected upon enjoining me. since the immaterial irrelevant order Objected Conversed and to as with Fowler lected you and to, your old firm a general had way what and witness tangiole deviable it does October not specify 20, 1874 F property Oh property withd that be and cannot also because whether tell accurately (subject books. answer as to A.As Q. Please the books. very difficult railroad bonds, say as the Without to the covers it Had all, believe. stocks. notes, property books, consisted or your that part to to Farms busineshave Why not A. Because charge cash? of have That no debts: knowledge that speak Who did? old firm. What brancn of and Answer taken Objected to of business did you have or the business out care of in in the firm were occupied tendance Q. time were was constantly ng any on house Objected have banks to. deposit A. It was for with in habit your of banking keep ao knowledge you kept business in moneys hours order usually deposited In the banks of Q. Please your busi. A. ness, Q. 4. We Posits Then in you the mainiy, in the would would draw given it morning. by checks would money you from not your de. not draw almost every. banks thing Q. In for place inoney which We checks would 1still kept 33 No. Bank, as indennite. street, speak A. the the funds or the firm at an 4. Dia account the Fourth our account kept any account alled with the old the [ think during we the we had City H. A. yet ? Bailey, Q. Has the receiver Bank. though when bonds What not any or your collaterala bank, Isaac 1874 curately A. had your old from think Q. them you October tell: quite la rge Rapids. as you them can. or those October 29,1974 value, their market 1 have shink l had litigation intrinsic bonds bong State State numGeorgia bongs bonds: could quan. large or tity were here and others. many satisiy Claims your from mean signee had 20th October or stock than more tion. summent the only claims question of the assignment the shall property among It the conceded but don't there. how know money to on In answer Mr. Clews the tion, the after immediately it www.sellvered to Samuel proceeded, together rederick assizament with Tavior his counsel, was assignee.