15746. E. D. Randolph & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 19, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
0a4f80f3

Response Measures

None

Description

E. D. Randolph & Co. (described in later articles as private bankers) suspended during the financial panic triggered by Jay Cooke & Co.'s failure (reported 1873-09-19) and subsequently resumed (reported 1873-11-27). The articles do not describe a depositor run on Randolph itself; suspension appears driven by the broader panic (macro news).

Events (2)
1. September 19, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the broad financial panic precipitated by the failure/suspension of Jay Cooke & Co. and widespread market turmoil on Sept. 19, 1873.
Newspaper Excerpt
E. D. Randolph & Co., bankers of the Pennsylvania Central railroad, and Wm. H. Connor have announced their suspensions.
Source
newspapers
2. November 27, 1873 Reopening
Newspaper Excerpt
The New York banking house of E. D. Randolph & Co., suspended during the panic, resumed on Monday.
Source
newspapers

Newspaper Articles (9)
1. September 19, 1873 Evening Star Washington, DC
Article from Evening Star, September 19, 1873

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STOCKS. The following shows the decline In the leading stocks: Opening. 10:30 A. M. 96 Central 91 Harlem 120 114 Erie 54 52 1/2 Lake Shore 83 87 % Wabash 46 39 Rock Island 89 97 39 33 Milwaukie and St. Paul 32 Ohio and Mississippi, 27 % 22 17 Union Pacific 23 C.C. & I. C 19 ¥ 78 W. U. Telegraph 68% 38 Pacific Mail 32% ADDITIONAL FAILURES. NEW YORK, Sept. 19. Day & Morse and Hay & Warner have suspended. THE TRUST COMPANY STILL HOLDING OUT. NEW YORK, Sept. 19. The run on the Trust Company continues. The company is still paying. A GENEROUS OFFER. Munroe & Co., of Paris, notify their New Yoork house by cable that they will protect all bills of Jay Cooke & Co. upon them. They offered this morning to discount Cooke's immatured bills at the bank rate. WILL SECRETARY RICHARDSON "REMOVE THE PRESSURE?" It is stated on good authority that Secretary Richardson will come to the relief of the New York banks to-day. but in what manner cannot be ascertained. The Treasury officials refuse any information. CONTINUED EXCITEMENT IN WALL STREET. NEW YORK, Sept. 19, 2. P. M.-The Stock Exchange has been a scene of the wildest excitement throughout the morning, the volume of business having been so large, and the fluctuations of such proportions, as to make it well nigh impossible to keep a record of the business. As each failure was announced on the exchange, the excitement increased, and everybody seemed wild with fright. Coolness and confidence departed for a time, and it is many years since such scenes have been witnessed on the exchange. The decline has ranged from 1 1/2 to 30 per cent. STILL ANOTHER FIRM GONE UNDER. NFW YORK, Sept., 19.-Fitch & Co., have suspended. A GENERAL SUSPENSION PREDICTED. NEW YORK, Sept., The office of Fisk & Hatch is strongly guarded by police. Jay Cooke & Co., are hard at work preparing a statement of their affairs. A prominent Wall streer banker says if the movement now making to get the secretary of the treasury to come to relief with $10,000,000 should fail there will bea general suspension of banks and others. A meeting of bank presidents is now being held at the clearing-house. Vernon & Heyhave suspended. THE STOCK MARKET is not quite so irregular, the excitement still continuing. The crowds at the stock exchage are so large that the police have been called to prevent the entrance of any but members. MORE IMPORTANT SUSPENSIONS. NEW YORK, Sept., 19.-E. D. Randolph & Co., bankers of the Pennsylvania Central railroad and Wm. H. Connor have announced their suspensions. THE MONEY MARKET 8 so unsettled that it is difficult to name a rate. Foreignexchange is nominal. Gold is active and excited, and after frequent and violent fluctua. tions advanced to 113 it is now 12. The rates paid for carrying were 1.32 to 7 per eent. gold. Southern state securities are neglected. Government bonds are unsettled; quotations are nominal. LATFR--There is a better feeling in the market. The following are the quotations up to this hour: Central, 95; Erie, 53%; Lake Shore, 88; Wabash, 45. The Panic in Philadelphia. COOKE'S LONDON HOUSE ALL RIGHT.

2. September 19, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 19, 1873

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State securities are neglected. Government bonds are unsettled. Quotations are nominal. PHILADELPHIA, Sept. 19.-The run on the Fidelity Trust Co. continues among small depositors, but confidence is being restored. One depositor with five thousand dollars in the company applied for it, and the ten day notice was waived; after receiving the cash he deposited it again. This company has four thousand depositors and President Brown says is able to meet all demands. NEW YORK, Sept. 19.-E. D. Randolph & Co., bankers of the Penosylvania Central Railroad, and Wm. II. Connor have announced their suspension. WASHINGTON, Sept. 19.-There are no new developments in the failure of Jay Coooke & Co. this morning. No statement of the liabilities and assets can be obtained for several days yet. The failure caused a run on different banks of this city to-day. As early as six o'clock a line was formed in front of the Washington City Savings Bank waiting for that institution to open, the majority of those in line being women, who had small amounts on deposit. The President of the institution was on the ground and addressed the crowd, stating that the bank was perfectly able to pay all demands which is now being done. Later in the day several prominent depositors left the line, feeling perfect security in the institution. There was also a slight ruu on the Bank of Washington, immediately adjoining the Savings Bank, but it has entirely ceased. There is also a run on the Freedmens Bank. There is very little excitement. WASHINGTON, Sept. 19.--Elward L. Stanton, son of the late Secretary of War, has been appointed receiver of the First National Bank of this city.

3. September 20, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 20, 1873

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JENKINS & ATKINSON. Publisher. WILMER ATKINSON, w For Terms, Etc., See Second Page. Latest General News. Very little remains to be added to the telegrams in last evening's COMMERCIAL, in reference to yesterday's development, in the finanwere no in or cial either flurry. Philadelphia There New further York, suspensions, of any important houses, except that of E. D. Randolph & Co., in the latter city. Quite a number of brokers, and small "operators," squeezed in the stock decline. The run on the Fidelity Trust Company, in Philadelphia, was fairly met, and the bank remained open an hour after time, to meet it. In New York, the Union Trust Co,, and the 4th National Bank were now open. but both declared their soundness and met all demand. At a meeting of Na tional Bank Presidents in New York last night, it was decided to units in support of each other, and disregard the reserved restrictions into-day's dealings. This is expected to relieve the financial community and assist in restoring confidence. A despatch from Washington, received after midnight. announces that the Secretary of the Treasury has directed the Assistant Treasurer at New York to buy $10,000,000 of bonds to day. A dinner in honor of the Army of the Cumberland was at on given Pittsburg, Thursday night. General Sheridan presided, and among those present were President Grant, Generals Sherman, McDowell, Hooker, and other distinguished persons. The President on entering the room Was received with great enthusiasm. President Grant and family will return to Washington in the latter part of next week, to remain for the season. Prof. King's Buffalo bailoon landed. on Thursday evening. near Oxford, in Chenango county, N.Y. The Grand Treasurer of the Grand Lodge of O d Fellows yesterday transferred, through the Western Union Telegraph, a gift of $400 from the Grand Lodge for the suffering of Odd Fellows of Shreveport. The engineers are at length at work, surveying the proposed route of the Breakwater & Frankford R. R. Mr. Jno. B. Wingate and assistant are to run three separate lines and submit estimates of cost of construction before either line is decided upon. The yellow fever continues its ravages in Memphis. and all the trains leaving that city are filled with fugitives. New CASES of fever are reported in all parts of the city, and the Life Associations have forty to fifty persons engaged in attending the sick. The house of William Crouch, near Williamstown. Ky., was burned, on Tuesday night, and hie wife, two children and an orphan, named Dann, were burned to death. At Saxonville, Mass., on Thursday evening, Josiah Bigelow plunged a knife into his wife's throat. inflicting a wound that will probably prove fatal. He then gave himself up to the police. Pierrepont Thayer, a well-known actor. committed suicide at Pioche, Cal., on Thursday, by taking poison. The Terre Haute Iron and Nail Works, at Terre Haute, Ind. was burned yesterday morning. Loss. $175,000. Insurance. $73,000. including $5000 in the Franklin, of Philadelphia.

4. September 20, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 20, 1873

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ALEXANDRIA, VA. SATURDAY, SEPTEMBER 20, 1873. # THE GREAT FINANCIAL CRASH. The financial panic caused by the suspension of the Banking firm of Jay Cooke & Co. culminated yesterday most distreusly, and a long list of failures of prominent firms in New York and Philadelphia is announced. The list of suspensions, commencing with that of Jay Cooke & Co. on Thursday, followed by those of the First National Bank at Washington, Richard Schell and Robinson & Suydam, of New York, and E. W. Clark & Co., of Philadelphia, was yesterday augmented by the following: New York-Fisk & Hatch; White, Defreets & Rathbone; Beers & Edwards; Eugene Jackson; Thomas Reed & Co.; W. H. Warren; Greenleaf & Norris; George B. Alley; Theodore Bedell; A. M, Kedder; Day & Morse; Hay & Warner; Fitch & Co.; E. D. Randolph & Co., (baukers of the Pennsylvania Railroad Company;) Wm. H. Conner, Vernon & Hay; Jacob Little; and in Philadelphia by the failures of De Haven & Co.; H. H. Douglass; Bayard; J. H. Yerkes; John Lloyd; Gilborough & Co. Bond, De Haven & Co. and Gilborough & Co. are the principal firms in the Philadelphia houses named; all, however, are stock houses. A prominent subject of discussion has been the extent of the liabilities ot Jay Cooke & Co. The firm has given no indication of the amount, but the most reliable reports place it at ten millions of dollars, It is not thought, however, that this will "swamp" the house, and it is confidently anticipated that they will settle up and resume business. It is said that capitalists with ready money have offered seventy-five cents on the dollar for their paper. Richard Schell is one of the heaviest failures. He owes a million of dollas, if not more. He says he can meet his liabilities if he is given time to work. High financial authority gives as the cause of the panic that during the last four years it has been undertaken to construct and equip twenty-five thousand miles of railroads, involving an outlay of nearly $6,000,000,000, of which a considerable part cannot for years bring in any return. So long as money owners were willing to buy bonds and stocks, these enterprises sailed on a smooth sea. The expenditures were met by receipts, but when the uprising of the farmers of the West, and other signs of dissatisfaction with the management of corporations begot a little distrust, the receipts of the more doubtful schemes failed to come in; their treasuries were depleted, and their bankers, who have gone outside of their legitimate business to endorse their securities, have gone by the board. Telegraphic correspondence has been kept up between President Grant and Secretary Richardson ever since the first news of the failure of Jay Cooke & Co. was known, and last night, at half past eleven o'clock, the Secretary sent a telegram to the Sub-Treasurer at New York, directing him to purchase ten million dollars' worth of bonds to-day, a course, says the Washington Republican, which will have the effect to instantly relieve all apprehensions of further disturbance in the money market. It is observable that, wild as the panic was, it has as yet had no appreciably influence on the general course of business. No reason for general distrust exists. A special dispatch to the Baltimore American gives an account of the scenes at the New York Stock and Gold Exchange: "There was a whirl like a mælstrom all day long at the Stock Exchange. Desperate earnestness, not unmixed with a slight element of joviality, pervaded the whole day's business. Yesterday it was like a fight among madmen. The members had all congregated before the hour of opening, and the time and hour of business had began regardless of the stated hours. The spectators galleries, and the area way for the gutter-snipes were filled from an early hour. A large number of women were seated in the spectators' gallery,, enjoying the spectacle as a bit of rude fun. Groups were planted about the room, with hands and voices raised, screaming into the ears of their neighbors, and shaking two, three or four fingers in the faces of their next friends without cessation, except during the seconds required to jot a sale or an item in their books. Above this uproar the President of the Exchange sat in immovable serenity, rising only occasionally to read the telegrams fluttering in upon him. "As he hammered on his desk the operators surged like a flock of sheep to his neighborhood and listened to the first few words of the dispatch, and then impatiently were away again to the ceaseless squabble. When the names of falling firms were read, there was some times a prolonged whistle and a lengthened mutter, and when the names of Greenleaf, Norris & Co. and Jacob Little & Co. were announced, there was something like a wail, for they were old and well beloved firms on Wall street. But this ebulition of feeling was exceedingly transient, and the mob were in the mæelstraum again before the wail ceased. "In fact," said an operator in one of his lucid moments, "there's a good deal of brotherly consideration displayed; we feel charitable about this thing because it is not like Black Friday; you know this is a square bust." Stocks continued to jump and tumble, and dealers fought desperately. "The publication of failures continued from the President's desk, telling of brothers failing in the strife, but the warfare went on the same, and even the gong at 3 o'clock failed to disperse the crowd. A loud hurrah hailed it, and hats were thrown in the air, and cheers were given as if the speculators were glad the day was over, but nevertheless they continued to make bids and offers until the officials of the Exchange had gone and a few watchmen hurled them out in the rain. The gold room represented to some extent the upper end of the see-saw, but the solid metal fluctuated with almost the mercurial frivolity of paper stocks. The gallaries contained a number of inter-

5. September 20, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 20, 1873

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NEW YORK, September 19.-Fisk & Hatch say their suspension is temporary. Their advances are upon Chesapeake and Ohio Road and Central Pacifio. They expect to resume as soon as the panic ceases. Fitch & Co. have suspended. The office of Fisk & Hatch is strongly guarded by police. A prominent Wall street banker says if the movement now making, to get the Secretary of the Treasury to come to their relief, with $10,000,000, should fail, there will be a general suspension of banks and others. A meeting of bank presidents is now being held at the clearing house. Vernon & Hoy have suspended. The police prevent any but members to enter the Stock Exchange. E. D. Randolph & Co., bankers of the Pennsylvania Central Railroad, and Wm. H. Anner, announce their suspension. The clearing house appointed a committee of five for the purpose of adopting a plan to relieve the present difficulties. At 2 o'clock, there was a better feeling. Western Union stock at 72. The run on the Union Trust Company is subsiding. There is more or less of a crowd around every paying teller's desk. Geo. B. Alley, whose suspension is already announced, is widely known in connection with fast horses, having raised Dexter. He says his suspension is caused by the general decline in stocks; especially Vanderbilt stocks. His liabilities are not large, and he expects to resume soon. Greenleaf, Norris & Co. is an old and wealthy stock firm. President Calhoun, of the Fourth National Bank, says: "We have no reason to fear anything." President Tappan, of the Gallatin National Bank, says he believes the better banking institutions will weather the storm. Secretary Carlton, of the Union Trust Company, says the company is perfectly solvent, and will meet all demands. It is reported that the company had $700,000 on deposit last night. Mr. Fahnestock, of Jay Cooke & Co., said, in an interview, this afternoon, that the firm hoped to pay all liabilities. Mr. Garland, another member of the firm, says the London house will have a large surplus after payment of all its debts, unless there is a great shrinking in the value of their securities. The latest rumor on the street is, that the Government will come to the rescue to-morrow, by buying $5,000,000 of bonds. The grain and provision markets are all unsettled by the Wall street panic. State and railroad bonds and city bank shares have been practically neglected, while dealings in railroad stocks continued on au enormous scale. This afternoon, the principal transactions have been Pacific Mail, Central and Hudson, Western Union, Rock Island, Wabash and St. Paul, Western Lake Shore, and Erie. Outside purchasers continue in considerable numbers on the declining market, for investment, which aided in strengthening the market this afternoon. Assistant Treasurer Hillhouse says it is in the power of the national banks to avert further disaster, and they will undoubtedly do so. The Evening Post is informed that Secretary Richardson will offer to buy from $5,000,000 to $10,000,000 of five-twenties to-morrow. This will throw into the banks legal tender notes, for the large currency balance in the Treasury is nearly all composed of legal tenders. With the panic thus checked, a calm, with low rates for money, will soon follow. Jacobs, Little & Co. have failed. PHILADELPHIA, September 19.-The following have suspended: H. H. Douglass, Bayard, J. H. Yerkes, John Lloyd, Gilbaugh & Co., and Bond; all smali, except Gilbaugh. WASHINGTON, September 19.-The Committee of the Bar Association of the District of Columbia, appointed at the request of R. T. Merrick, Esq., to investigate certain charges made against him, by Ben. E. Green, son of General Duff Green, and formerly of this city, made their report to-day. The report contains copious extracts from the evidence, and sets forth that the charges have been shown to be without the slightest foundation, and that Green knew them to be false when he published them; and that the committee are forced to this conclusion by Green's own testimony, taken under oath, before the committee. A series of resolutions were unanimously adopted by the association, endorsing the views of the report, condemning Green in dignified but severe language, and declaring that the conduct of Mr. Merrick, in the transactions referred to, was not only irreproachable, but was highly honorable, efficient, faithful and magnanimous.

6. September 25, 1873 The Democratic Press Ravenna, OH
Article from The Democratic Press, September 25, 1873

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The Financial Crash ! Failture of Jay Cooke & Co., ANOTHER BLACK FRIDAY. The suspension of Jay Cooke& Co., which occurred on Thursday last has been the all absorbing topic in financial circles during the past week. There are three American houses belonging to this firm, one in New York one in Philadelphia, and one in Washington, all of which suspended. Mr. Cooke also connected with London House, which, is claimed will not be affected by the disaster. As may well supposed, the failure of this firm, which was supposed to possess abundant resources for all emergencies, produces a panic in financial circles throughout the country. In reference to the great excitement eccasioned by this great financial crash, we copy the following from the New York Sun, of Saturday Yesterday was the most disastrous day known in Wall street since 1857. Firms considered'among the soundest on the street suspended early in the day, and the panic consequent thereupon compelled the suspension of many smaller houses. The failure of the heavy concerns have nearly all, If not all, resulted from endorsements of new railway enterprises. The expansion of enterprise in this direction has been enormous within the past few years, more miles of railroad hav ing been constructed in the past six years than were built altogether before the war. Nearly all of this construction has been done on credit, houses in every other respect conservative having shouldered the enterprises, relying wholly upon the sale of railroad bonds to meet accruing obligations. Dull times must come occasionally, and such have been experionced by these houses in the past few months. The deposits of Western firms in New York banks and banking houses have of late been less than usual, and this, added to the fact that some currency has been locked up by speculators, has made money tight, and rendered the negotiations of all kinds of securities difficult, even when backed by the best houses. Prominent firms carrying railroad en terprises have consequently been forced to shoulder their load alone, and the drains upon them for interest and cost of construction have been enormous. Shrewd operators like Daniel Drew and Jay Gould foresaw the necessary result, and went short of stocksto a large amoun throwing all their influence to hasten the gener at catastrophe. The result is that they are said to have reaped a golden harvest amid extensive disaster Most of the smaller firms which have failed are mere stock brokersand speculators, who happened to be long of stocks and were unable to cover in time to save themselves from ruin.4 Many larger operators are believed to be seriously injured, and important suspentions to-day are expected. Nineteen concern suspended yesterday, of which the most important Fisk & Hatch, Greenleaf, Norris & Co. A M. Kidder & Uo., White, Defreitas & Rathborne, Hay & Warner, Jacob Little, and E. D. Randolph & Co. A run was made upon the Union Trust Company which continued up to 4 o'clock, the hour of closing. It how. ever, met all its obligations, paying out about a million of dollars, and claims to be able to do as well to-day and hereafter, until alibits creditors are entirely satisfied. One of the di rectors says that about noon some United States bonds were sent to the Manhattan Bank, where the Union Trust Company deposits, as collateral for a greenback loan, but the bank nefused to advance any money upon them. Possibly the Manhattan was not in a condition to lend on the best security, as the soundest institutions are just now earefully guarding against large withdrawals of funds by their depositors, bute such extreme caution justifiable only on the ground of absolute necessity. The failure of Fisk & Hatch surprised the best informed men of the street, as they were considered among the safestiof/tirms. Their trouble was however, owing to their interest in a railroad enterprise, viz: the Chesapeake and Ohio. It is understood that large amounta/of money are due them from the Central Pacific/Railroad and other responsible companies, and the general impression is that their suspension is merely temporary. Greenleaf, Norris & Conhave also been a considered eminently sound, and Mr. Norris was one of the ice-Presidents of the Stock Exchange. with WHO IS SAFE? AZ One of the worst features of this panic is that the suspension of firms heretofore believed to be pre-eminent ly safe and conservative impairs confidence in all firms. Jay Cooke has been looked upon as the Rothchild of America. He was the exponent of the national credit. Bonds which passed through his hands were held in every town and county throughout the Union. Fisk & Hatch were also large dealers in Government securities and people say, "When Jay Cooke, Fiske & Hatch, the New York Warehouse Company, and such firms fail, who is safe There is, however, no reason why this should extend beyond the immediate neighborhood of the Stock Exchange. With the exception of Jay Cooke & Co., the firms which have suspended did not hold large deposits from outside houses. Neither have the larger firms falled disastrously. Most of them are said to require only time to enable them to meet their obligations in full. Very few, If any, New England, Southern, or Western concerns will fail because of losses sustained by the failure of any New York institutions which have yet been reported, Besides, the present condition of the country at large is more

7. November 27, 1873 Delaware Republican Wilmington, DE
Article from Delaware Republican, November 27, 1873

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e The New York banking house of E. D. Rang dolph & Co., suspended during the panic, TE0 sumed on Monday. n It is stated that over 1000 skilled English V and French silk workers nave returned their 9 own countries since the suspension of the silk factories of Patterson, N. J. a 0 About one fifth of the men employed at the Baltimore and Ohio Railroad station, In Washington, have been discharged. Hon. Alexander H. Stephens, of Georgia, arrived in Washington on Monday night, to take his seat in Congress this week. The Charity Commissioners of Blooklyn, say they cannot meet a fourth of the demand for assistance made upon them by the poor of that city. I The steam-tug Rescue took fire near Sandy Hook on Sunday, and was run ashore. She burned to the Water's edge. No lives were lost. The steamer Probasco, from Cairo, for Cincinnati, was suck by striking the rocks off Grand Chain on Friday night. Her passengers and crew were saved. It is now thought that all the boats caught by the ice jam in the Erie Canal will be released, an ice breaker being at work trying to get them out. These boats have 5,000.000 busbels of wheat on board All despatches from points along the St. Lawrence river "bring reports of ice and snow." Navigation is over for the season, and alive els are leaving port or laying up. The steamers between Quebec and Montreal "have not stopped 30 early in the season for fitteen years. A severe earthquake. lasting 15 seconds, was felt at Yreka, California, at nine o'clockon Saturday night. The shocks were also felt at Grove Creek, Oregon, and were "the most senowever known in that region." One freight train IAD into the rear of another on the Kentucky Central Railroad last Friday night. demolishing the caboose, killing a man named William Cook and Injuring several others. The Harmony Mills, at Cohoes, N. Y., employing nearly 5000 persons, resumed on full time on Monday. The Gilbert, Bush & Co., car factory, on Green Island, employing 300 men, resumed on three quarter time. Mrs. Moriarty and a colored wood sawyer quarrelied in Washington, on Saturday morning, about the payment of some wood sawing, when the sawyer drew a pistol and shot her fatally in the head. The murderer escaped. A prairie tire in the neighborhood of Osage City, Kansas, last Tuesday, destroyed considerable farm property and all the town of Olivet except two or three houses. No lives are known to have been lost. Tom Allen, Arthur Chambers and Tom Kelly, were arreated in St. Louis, on Friday night, on a requisition from the Governor of in a Illinois, for engaging prize tight last September. They were taken to Illinois on Saturday. Alien and Kelly were released on $5000 bail e eh, and Chambers was committed In default of bail. It IS belleved in Washington that the Speaker, Clerk and of the House ef without sentative will Doorkeeper be elected opposition. RepreFor the Postmastership there is more of a contest. Among the latest candidates is Colonel W. D. Mann, present Revenue Supervisor for Illinois, Wisconsin and Michigan, who 13 now in Washington.

8. December 29, 1874 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, December 29, 1874

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U. S. Circuit Court. DECISION OF JUDGE BRADFORD IN THE CASE OF E. D. RANDOLPH & CO. vs. JOHN M'LEAR & SON. In the United States Circuit Court, to-day, Judge Bradford rendered a decision in the case of Edmund D. Randolph & Co. of New York, VB. William Canby,assignee of John McLear & Son, baukrupts, and the National Bank of Wilmington & Brandywine. The facts of the case are briefly as follows : E. D. Randolph & Co. are private bankers and brokers in New York city, and were such in Sept., 1873. The firm of John McLear & Son had an account with Randolph & Co., and through them were accustomed to buy and sell stocks. Just prior to the suspension of McLear & Son, they received advices from Randolph & Co. of the sale of certain securities at a price which would have made their balance some $1,400; but, shortly after, and on the same day, McLear & Son received further advices that owing to the failure of Greenleaf, Norris & Co., the purchase of the stocks referred to and their consequent inability to comply with the purchase, the stock had been resold at less than the amount first advised. Between the receipt of the first and second letter, McLear & Son had drawn upon Randolph & Co. for $1,000, and their draft was negotiated by the National Bank of Wilmington & Brandywine; and before the draft was presented for acceptance in New York, Randolph & Co. had temporarily suspended iu the height of the panic, and the draft was, therefore, returned protested for non-acceptance, coming again into the hands of the bank after the suspension of McLear & Son., After the resumption of Randolph & Co., which occurred soon after, the fund in their hands,amounting to about $900 to the crea & was claimed by the Bauk of & 1 dit Wilmington of McLear Brandywine Son, and by the Assignee of McLear & Son ; and Randolph & Co. being e embarrassed by the conflicting claims, they, with r the concurrence of all parties interested, filed in the Circuit Court of this District a bill of interpleader, praying that the defendants-the , Assignee and the Bank respectively-should in3 terplead and obtain a settlement by the Court of their respective rights in the premises SO that the complainants should be protected in paying over the fund under the decree of a Court of competent jurisdiction. The bill was filed in April of the present year and shortly afterwards the case was argued ) before Judge Bradford, sitting in equity in the Circuit Court. The Judge, to-day, rendered : briefly his decision in favor of the right of the ) Assignee to the fund in question, and directing that a decree be entered, ordering the , complainants to pay to the Assignee the entire balance remaining on their books to the credit of McLear & Son, with interest. The Judge stated he had no difficulty in coming to this conclusion, the law applicable to the case being entirely clear ; and further, that in the course of a few days he would file in the case an opinion giving his views t more at length. S. A. Macallister, Esq., appeared as solicitor for E. D. Raudoipls & Co., the complainants : Charles B. Lore, Esq., for the bank ; George H. Bates and E. G. Bradford, Jr., Esqs., for the assignee. f

9. December 30, 1874 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, December 30, 1874

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U. S. Circuit Court. DECISION OF JUDGE BRADFORD IN THE CABE OF E. D. RANDOLPH & CO. VS. JOHN M'LEAR & SON. In the United States Circuit Court, to-day, Judge Bradford rendered a decision in the case of Edmund D. Randolph & Co. of New York, VS. William Canby,assignee of John McLear & Son, bankrupts, and the National Bank of Wilmington & Brandywine. The facts of the case are briefly as follows: D. Randolph & Co. are private bankers and brokers in New York city, and were such in Sept., 1873. The firm of John McLear & Son had an account with Randolph & Co., and through them were accustomed to buy and sell stocks. Just prior to the suspension of McLear Son, they received advices from Randolph & Co. of the sale of certain securities at a price which would have made their balance some $1,400; but, shortly after, and on the same day, McLear & Son received further advices that owing to the failure of Greenleaf, Norris & Co., the purchase of the stocks referred to and their consequent inability to comply with the purchase, the stock had been resold at less than the amount first advised. Between the receipt of the first and second letter, McLear & Son had drawn upon Randolph & Co. for $1,000, and their draft was negotiated by the National Bank of Wilmington & Brandywine; and before the draft was presented for acceptance in New York, Randolph & Co. had temporarily suspended in the height of the panic, and the draft was, therefore, returned protested for non-acceptance, coming again into the hands of the bank after the suspension of McLear & Son. After the resumption of Randolph Co., which occurred soon after, the fund in their hands,amounting to about $900 to the credit of McLear & Son, was claimed by the Bank of Wilmington & Brandywine and by the Assignee of McLear & Son and Randolph & Co. being embarrassed by the conflicting claims, they, with the concurrence of all parties interested, filed in the Circuit Court of this District a bill of interpleader, praying that the defendants-the Assignee and the Bank respectively-should interplead and obtain a settlement by the Court of their respective rights in the premises 80 that the complainants should be protected in paying over the fund under the decree of a Court of competent jurisdiction. The bill was filed in April of the present year and shortly afterwards the case was argued before Judge Bradford. sitting in equity in the Circuit Court. The Judge, to-day, rendered briefly his decision in favor of the right of the Assignee to the fund in question, and directing that a decree be entered, ordering the complainants to pay to the Assign00 the entire balance remaining on their books to the credit of McLear & Son, with interest. The Judge stated he had no difficulty in coming to this conclusion, the law applicable to the case being entirely clear and further, that in the course of a few days he would file in the case an opinion giving his views more at length. S. A. Macallister, Esq., appeared as solicitor for E. D. Randolph & Co., the complainants : Charles B. Lore, Esq., for the bank George H. Bates and E. G. Bradford, Jr., Esqs., for the assignee.