15921. Gold Exchange Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 18, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
8f7bad9f

Response Measures

None

Description

Contemporary articles describe the Gold Exchange Bank as unable to clear on Sept 18-19, 1873 (listed among firms that 'suspended' on the 18th and 19th) but by Sept 23 and following days the Gold Exchange Bank had resumed clearances and 'will also resume its functions.' No explicit depositor run on this specific bank is reported; disruptions are described as part of the wider 1873 financial crisis (macro news). I mark bank type as unknown because the name does not explicitly indicate 'National/State/Trust' and sources do not specify charter.

Events (2)

1. September 18, 1873 Suspension
Cause
Macro News
Cause Details
Part of the widespread financial panic/market disorder in late September 1873 leading to suspensions of numerous firms and interruptions to clearings at the Gold Exchange; not attributed to a bank-specific scandal in these articles.
Newspaper Excerpt
The following is a list of the New York firms and individuals which suspended on the 18th and 19th: ... Gold Exchange Bank ...
Source
newspapers
2. September 23, 1873 Reopening
Newspaper Excerpt
The Gold Exchange opened at 10 o'clock as usual. ... The Gold Exchange Bank ... completed, yesterday, the clearances for the transactions in gold ... This bank will also resume its functions this morning.
Source
newspapers

Newspaper Articles (8)

Article from Worcester Daily Spy, April 11, 1872

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# The Corrupt Judges. Some of the evidence in regard to the misconduct of Judges Barnard and Cardozo of the New York supreme court, of which only hints have heretofore appeared, was disclosed in the report of the committee of the bar association, and published in the New York papers of yesterday. The catalogue of their offences is long and dark enough to warrant their immediate remova from the bench; but we suppose they are in nol more danger than the other exposed rascals there. Their reputations cannot be damaged by any disclosures, and their places are probably secure enough. To the narrative of their corrupt practices they may respond, like their patrons, Hall and Tweed, "What are you going to do about it?" The investigation has been made by a committee of the legislature with a view to their impeachment, if the evidence should warrant that measure. We do not learn that any one is hopeful of so much justice from the present assembly, which, though elected as a "reform legislature," conducts itself very much like its predecessors. If the majority of its members are reformers they are extremely cautious and conservative. They have neglected to do some things which were confidently expected of them, and have done some things which to most people have the aspect of anything but reforms. They were very considerate of Mr. Terwilliger, who exacted commissions on the public printing bills; they mildly declared that taking bribes from Tweed, as practiced by Senator James Wood, was "censurable," but was not cause for expulsion; they passed the Erie railroad directors bill, it is true, but only after the obnoxious directors had been ousted by other means, and they have not passed the reform charter for New York city, the chief purpose for which they were elected, although they have tinkered it with amend-ments until its own parents, the committee of seventy, cannot recognize it. But to return to Barnard and Cardozo. The report of the committee to the bar association relates numerous instances of the judicial usurpations of these corrupt magistrates, as specimens of those which were proved in the course of the inquiry. In one case, a plaintiff, with a judgment unsatisfied, had obtained an order to examine an alleged debtor of the defendant with a view to require the debt to be paid in satisfaction of his judgment, and to prevent its being paid to the defendant. Without notice to the plaintiff and without any proof that he ought to be deprived of this legal remedy, Judge Barnard not only vacated the original order, but made a new order ex parte in the interest of a personal friend, commanding the debtor to pay the debt forthwith to the defendant under pain of imprisonment, and this, although the person thus threatened owed no debt which had been judicially ascertained, and was not a party to any suit or proceeding in which the judge had any jurisdiction to make the order. Some of the cases where receivers were appointed were as transparent and outrageous instances of oppression as can be conceived, causing great loss to the corporations subjected to this tyranny, besides the exorbitant fees they were compelled to pay the receivers for the privilege of being robbed. In the case of the Gold Exchange bank the receiver was in possession forty days, and his fees were $15,000, besides $5000 paid to his partner for legal services. In another case the receiver had $5000 and his counsel $2500. These receiverships were often nothing more or less than blackmailing operations. A man named Owens bought ten shares of the stock of the Mercantile insurance company at noon, and at three o'clock of the same day, Mr. Gratz Nathan presented himself at the company's office to take possession of all its property by virtue of an order from Judge Cardozo, appointing him the receiver on a petition of Owens as a stockholder. The petition bore the marks of having been drawn up in anticipation of the purchase, but was so hastily done as to contain no allegation which could afford a color of justification for the order, which was vacated as soon as an application for that purpose could be made and heard. The object was accomplished, however; the receiver had been in possession, and, of course, exacted his fees. This man is a nephew of Cardozo and his favorite receiver and referee. A series of remarkable coincidences between the sums of money drawn by Nathan on his own checks, and deposits of equal amounts in similar bank bills made at corresponding dates by Cardozo, tend to prove that the favorite shared the plunder of his victims with his judicial patron. From the frequency with which Cardozo found easy and profitable craployment of this kind for this beloved nephew, "Gratz" came to be the slang term in the judicial ring for the receiver of such patronage. Each of these accused judges had his "Gratz," and for a young lawyer not over scrupulous, nor particularly learned, who likes ease and luxury, and is not fond of work, no more fascinating prospect would be likely to open than the favor of a ring judge. The report contains plenty of other instances of venality, partisanship, favoritism, and judicial insolence. As an example of the latter, Judge Cardozo once said to a lawyer who applied for a writ of habeas corpus in behalf of two women then in prison, charged with no crime. "Do not touch this case. If you do you will displease me. If you take this case you need never expect any favors from me while I am on the bench." Judge Barnard appeared.


Article from New-York Tribune, April 13, 1872

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The firm of Smith, Gould, Martin & Co., having the bank virtually under their control, were now able to force settlements at their own rates. They made their bargains with the dealers with whom they had unsettled accounts, and thereupon Judge Cardozo issued an ex-parte order to the receiver to pay out money to certain favored firms, one $75,000, to another $210,000 in gold and $33,300 in currency,-all being the brokers of Gould and Fisk. At the same time Brown was ordered to pay out of the assets of the bank $15,000 to himself as compensation for his trouble, $5,000 to his "counsel," Vanderpoel, (this counsel being his own partner), $5,000 to the attorneys of the plaintiff, Field & Shearman, $5,000 to the counsel of the bank, and $7,500 to a Mr. Smith who had some connection with the bank. It is gratifying to know that Mr. David Dudley Field refused his assent to this shameful arrangement, and though Mr. Shearman had no scruples in accepting it, the firm withdrew from the suit and left the business to be carried out by others. On the 9th of October an arrangement was made by which Brown turned over the receivership to Conrad N. Jordan, and Judge Cardozo signed a final order instructing the new receiver to pay all claims against the bank. There was no provision to prevent the payment of unjust claims or to protect all the creditors equally, and Jordan, in accordance with a previous understanding, gave the preference to firms indicated by Fisk and Gould. How much individual brokers lost by this outrage the testimony does not show but Mr. Benedict, the President of the Gold Exchange Bank, swears that the losses of the Bank through Judge Cardozo's action amounted to about $400,000, one-half of which was due to the improper appointment of the receiver. The court fees and receiver's fees alone came to $60,000.


Article from The Athens Post, November 15, 1872

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From New York. Smith & Wesson's pistol agency was robbed of $3,000. The suspensions of R. P. Herrick and A. E. Long, are announced on Wall street, in addition to those of Treat & Co.. Stewart & Matteson. II. C. Cross, M. G. Ricck. E. D. Dibble, and M. T. Henderson, last evening. None of them are large firms. One of Adam's Express Co.'s cars was burned at Newark, N.J., this morning. The contents, consisting of forty thousand dollars' worth of silks, furs, &c., were totally destroyed. The cashier of the Gold Exchange Bank, is a defaulter to the amount of fifteen thousand dollars.


Article from New-York Tribune, September 23, 1873

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A RETURN OF SANITY. CONFIDENCE RESTORED IN WALL-ST.-THE STOCK EXCHANGE STILL CLOSED-THE GOLD EXCHANGE AND BANK TO BE OPENED TO-DAY. Although considerable excitement prevailed in Wall-st., yesterday, at the opening of business. yet it was evident that the feverishness of the past few days had passed, and that reason was gradually resuming its sway. Men formed in groups on the street and discussed the situation earnestly, but dispassionately. Whatever demonstrations were made proceeded from 'outsiders," and not from actual dealers OF frequenters of the street. The streets were crowded, and locomotion was uncomfortable, and even difficult, but the great bulk of the people had no business there and came only to witness the anticipated excitement, and the breaking" of the banks. They were very much disappointed, however, as the banks did not break, and with the exception of the savings or smaller banks there were no dangerous runs of any kind reported upon any institution of prominence. The closing of the Stock Exchange, the tacit abandonment of business by the Gold Exchange, and the conservative tone of all who had any interests at stake, seemed to allay theapprehensions of all, and by 3 o'clock a cheerful feeling had actually returned. Nearly all seemed to concur in the belief that the worst had been seen and that a brighter day was about to dawn. The Stock Exchange was not opened yesterday, the Governing Committee having deemed it advisable to keep it closed for at least another day. As a consequence, there were no official quotations, although there were a number of private transactions in the offices and a few on the street. A number of capitalists, with ready money in the shape of legal tenders, spent their time in endeavoring to effect bargains by purchasing good securities at low or panic figures. In this they were slightly successful, as they succeeded in getting good securities at considerably less than their real value. Among these were several hundred shares of NewYork Central at 90, 96, and 91 ; Rock Island at 88, 92, and 90 ; Western Union Telegraph at 65, 72, and 69: Wabash, 47, 50, 48, and 50 rth-Western Common, 45 and 50: Union Pacific, 20, 211. and 21:C. C. and I. C., 20. 23. and 22: Harlem, 105 and 110; Ohios, 28; Lake Shore, 80, 85, and 81; Pacific Mail, 36 and 38. All these were cash sales. The Governing Committee of the Stock Exchange appointed, yesterday. a committee to confer with the Clearing-house Committee for the purpose of deciding upon the Best measures to be pursued. It is understood, however, that the conference had no decided results. A meeting of the Governing Committee will be held at 9:30 a. m. to-day, at which it will be decided whether the Exchange shall be opened or not. The Gold Exchange opened at 10 o'clock as usual. The President. Mr. Morris, called the Board to order, and on motion of Robert L. Cutting, jr., it was unanimously resolved that the room should be kept open for the arranging of loans and the settlement of Friday and Saturday's business through the Clearing-house, and that member offering to buy or sell gold in the Exchange any or on the streets should be expelled. The best of feeling prevailed. It was also resolved that the price of gold be fixed at 112 for settlement between the members of the Clearing-house transactions, and the carrying rate for gold was fixed at 7 per cent per annum. It is expected that the Exchange will reopen again to-day for the transaction of business. The Gold Exchange Bank, the clearing-house of the Gold Room, completed, yesterday. the clearances for the transactions in gold on Friday and Saturday, involving an amount of $92,075,000. This bank will also resume its functions this morning. The Loan Committee of the Clearing-house was established yesterday in apartments on the second floor of the Bank of New-York building. F. D. Tappen and Manager Camp were in attendance. They stated that the scheme was moving smoothly. and the Clearing-house had come to the conclusion that if the $10,000,000 of certificates were not suflicient they would issue more. There were nearly $6,000,000 of the new loan certificates received yesterday at the Clearing-house THE GOVERNMENT'S HELPING HAND. PURCHASES OF FIVE-TWENTIES-SAVING8 BANKS SEEKING TO CONVERT THEIR SECURITIES. The following notice was suspended near the cashier's window in the United States Sub-Treasury yesterday: UNITED STATES SUB-TREASURY, NEW YORK, Sept, 1873. The purchase of bonds to-day will include all the difof 5-20s. Payment will be made in currency ferent series in coin. at the rate of 110 72-404 and accrued interest By 11 a. m. a large crowd had assembled in the corridor awaiting their turn to dispose of their bonds; but the clerical force was sufficient to attend to them with great rapidity, and by noon all the bonds offered up to that time had been purchused. From that hour until 3 p. m. there were occasional offers. one small lot coming in just before


Article from The Wheeling Daily Intelligencer, September 27, 1873

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cent was for the use or gold, and one time 1 per cent. Then came the news that there would be trouble clearing gold at the Gold Exchange Bank. On inquiry it was found that two dealers were behind hand with their statements, and did not care about paying the high loan rate for the use of the coin with which to clear. The temper of the market at this time was such that if a clearance had not been made a new panic would have resulted. The officers of the Gold Exchange Bank did their best to secure clearing and finally succeeded. Then the shorts began to cover, and in the confusion the market was very excited. The price moved up to 114), against 111) at the opening. The first failure at the Produce Ex change is reported. A very respectable houses, though not one of the largest whose credit has been first class has, it is said, been forced to succumb in consequence of the trouble in the export trade. The name is not given. The announcement of the suspension of four Chicago banks created a temporary depression, but the press dispatches were reassuring in tone, and soon restored confidence. Leading members of the Produce Ex change were interviewed to day, with the following result No very bad effect has as yet extended to the flour trade, and dealers have every codfidence that their business is to suffer no serious injury. They are running carefully, and are taking wise precautions against disaster. Fortunately, the stocks are moderate for the season, and receivers are not pressing sales. Shipping grades have declined 50 cente. and family grades 25 cents on the barrel The heaviest consignees have advised the withholding of drafts by Western pa ties as a precautionary measure only Provision dealers have expressed very similar views The shipping movement is has been checked, and unless the block shortly relieved there will be sacrifices. The only relief is free exchange. There was small business in lard on the part of speculators in the general packing and shipping trade. Things are tightening, but exchange can yet be sold at some price The feeling of grain men is like wise reassuring There are croakers, of course, and there are a few who have more reason than others to apprehend the difficulty because they have more on their hands than they can carry along, but the common sentiment 18 that notwithstanding grain has got to stand the brunt of trouble in the commer. cial world, it is yet the most solid and substantial interest in the whole country. Considerable grain was purchased to day for steamers sailing to-morrow. There was considerable excitement at the Cotton Exchange to-day, and a great many sales were made for October prices which varied little from those on Thursday The arrivals of cotton to-day were from Galveston 1,559 bales, Charleston 225, Wilmington 71, Norfolk 313 and Rich mond 129. THE GOVERNMENT GETTING MONEY OUT OF THE PANIC. WASHINGTON, Sept. 26.-Over $12,000, 000 worth of bonds having been purchas ed by the the Treasury Department, the annual saving of interest to the Govern ment will be about $750,000 in gold. EVERYTHING CHEERFUL AT BUFFALO, BUFFALO, Sept. 20.-Everything in fi nancial and commercial circles wears a cheerful aspect here to-day Nobody Scared at Ft. Wayne. FT WAYNE, Sept. 26.-As yet neither the banks nor the people have been at all alarmed with the financial crisis in New York and other cities. Our banks are paying all depositors whatever they demand. and business is going on as if nothing had happened. The Presidents of the Ft Wayne National, Merchants' National and First National Banks say that they will continue paying as long as they have a dollar. No one shows the least symptoms of uneasiness. The re. ports from a parts of the country, whethfavorable or unfavorable, do not change the condition of affairs here in the least. The Feeling at Cincinnati. FEELING OF SATISFACTION OVER THE A ACTION OF THE BANKS-THE PEOPLE HOPEFUL AND RESOLUTE CINCINNATI, Sept. 26.-The second day under the new bank arrangement has passed satisfactorily. At a meeting of the Clearing House Association held this afternoon after bank hours, the general opinion appeared to bethat matters were working favorably The banks and bank ers also seem to be thoroughly in sympathy with the plan adopted, and there is a manitest and cheerful acquiescence in the expressed wish of the majority in relation to all the details of the movement The association at this meeting adopted a resolution, the nature of which was foreshadowed in last night's dispatches This provides that all currency deposits hereafter may be drawn upon at the will of the depositor. This makes for future deposits a new rule from that applying to the old ones, and will invite cu rency from many quarters where now lying unused. All the securities thus far demanded by the committee in charge of the matter have been forthcoming The general feeling here today is one of-satisfaction in relation to the action of the banks. The news from Chicago had a depressing effect on Change, but did not produce "panicky feeling There has been but little doing in the general market Things are largely at a stand still It almost impossible to negotiate drafts at present, and as a consequence the movement of the hog product is almost suspended. Buyers are ndisposed to makenew purchases, and holders have no inclination to throw stocks on a market which is unprepared to receive them. The business men are as rapidly as possible adapting themselves to the changed cumstances and the whole temper of t people is to grin and bear the pinch until confidence shall be restored and the blockade on commerce relieved EXPECTS TO RESUME. of WASHINGTON, Sept. 26.-Mr. Fant,


Article from The Portland Daily Press, September 27, 1873

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tinuing demoral's d. The last quotations were 103 for 60 days r bankers bills and 104 for denand with cable transfer- he way from 104 1051 commercial, 60. day bills, 101, @ 102. and 103 for 60 days Sight. If the business could be done at even these rates the situation would not be so hard as is. Custom receipts o-day 8358 000. There has been a more excited feeling in Wall street/this afterno in caused by reports soon. after 1 o'clock that be, Gold Exchange Bank could not effect its clearances be cause To members of tlie Gold Exchange were uuable to make settlements. Tlie delinquent parties were Rufus Hatch and James Kitchen. However the matter was finally adjusted by Drexel, Morgan & Co. The rouse of g old during the day, consequent on the above rumors, was advunced to 113 and als subsequently the shorts, in their attempte to cover fur her advanced the premium to 114 The day's business at the G old Exchange Bank was. gold.cleared. $25,21+,000 gold balances, $1.357.359; currency balances, $1,632,879. The rates plaid for borrowing have been & per cent. and flat ta 3 percent for carrying. At the opening gold loans were made flat and at 2. and 1 per cent. for carrying. but af terwards borrowers paid the following rates for use, 1-32, 16, 1. and & per cent. Late in the day the rate fell to 1/2 per e nt. and then to flat. At the very close 3 per cent. was paid for carrying. Gold closed at 114. As soon as the announcements were made of heavy shipments from abroad the speculation in gold began and heavy sales were made in expectation of securing the gold here for temporary use. It is supposed the disturbances were caused purposely by Canada people who own their gold and who, since the closing of the Stock Exchange, have brought money from Cana la for the purpose of bu inv stocks at pa ic prices. The London dispatches that there is a probability of a further advance in the Bank of England of at least 1 per cent. next week exere sed a depressing inflnence upon securities, and in that regard was condusive to higher gold. The movement in gold be nf robbed of is sensation the sransactions of the gold room this af ernoon sh W that the specula ive wheel is turning and that while the Stock Exchange is closed and the gold room open there is still a channel left in which specula ion may run, and it does not lose the opportunity of creating a légitimite price for old, although there may be none for stocks The following is the Gold Exchange Bank statement Gold cleared. $24,209,000; balance, 1,357,330.40; currency balance, $1,632,879.60. The foreign inchanges were decidedly lower, and some few loans were make in the morning at extravagant rates. The following are the latest quotations of stocks: New York Cen trala 87 bid, 88 asked Erie 18 bid, 49 asked Pacific Mail 29 bid. 30 asked; Western Union 55 bid, 55 asked; Uni n Pacific 18} bid, 19 asked. Domestic Markets. NEW YORK. Sept. 26-Evening- in little better request for export at irregular prices; sales 900 bales: Middling uplands 174c. Flour is dull and 10 25c lower: demand chiefly for local trade; shippers not in market to any extent; sales 7400 bbls: State at 525@ 00; Southern @ 10 75; also sales of 4509 bbls of extra mill Flour at 6 871 0 for good to choice brands. Wheat without decided change, with only a limited export inquiry, partly to fill pre vion freight engagements e little willing inquiry sales 136,000 bush No 1 Chicago Spring at 145 cash to-morrow; small lots of No 2 Milwaukee 1 46 No Spring 137; No 2 Chicago 140@ 42; also Winter Red and Amber Western sales of 75.000 of No 2 Chicago first half Oct at 141.Corn very scarce and a firmer, only a very moderate demand, closing rather qujet :sales 56,000 bush ;steamer Mixed Western at 60 @ 62c; sail at 63 64c Oats without decided change;sales 39,000 bush White Western 48 @ 51c; old and new Western mixed 48 @ 52c. Beet is quie+ new plain mess at 8 00 @ 1050 extra do 11 25 @ 12 50. Pork a shade lower and dull; Whiskey lower; Western free at 96 @ 97c; regular 98. Rice niet and nomina; arolina at 81 a 94c. Sugar is dull an declining; Claye. at 7} @ 83c; refining 73 @81: Cuba 89 Havana White 94 @ 11c. Coffee dull; Laguayra 22 @ 23c; Rio 21 23c; Mar acaibo 22 @ 23c; Java 21 @ 26c: St Doming 20 @ 201c, all Gold. Molasses quiet; Clayed 30 @ 36c; New Orleans 60 @ 90c; Porto Rico 30 @ 65c; Muscovado 30 @ 37c. Naval Stores-Spirits Turventine dull at 39 @ 40c Rosin is dull at 90 for strained. Petroleum dull and nominal; crude 5g @ 6; refined 19c. Tallow quiet. Freight to Liverpool more active; Grain per steamer at 104 @ 12d. CHICAGO, Sept. 26. The following is near as can be arrived at closing quotation cash: Wheat, No 2 Spring 94c; No 85c; rejected 75 Corn: Mixed No 2 34A @ 35. Oats-No22 Rice-No 2 at 63c. Whiskey at 90c. Lake Freights; Corn to Buffalo 8c. Receipts- 7,000 obls Hour, 168.000 bush wheat. 175. 000 bush corn, 50,000 busb oats, 5,000 bush rye, 29,000 bush barley, Shipments- 8000 obls floor, 103.000 bush wheat, 324, 000 bush corn, 46.000 bush oats, 4,000 busb rye, 00,000 bush barley, 0300 hogs. 101 COO. ept. 26.-Flout is dull and unchanged. Wheat dull nd lower; sales Amber Michiganor spot or seller Sept at 1 35; do Oct 1 37: No Red cash and seller Sept do Oct 135. Corn is dull and lower: high Mixed cash and seller Oct 46c;low Mixed cash 45c. Oats dull; sales No at 34 @ 35c. 8. Freights dull and nominal. Corn to Oswegn at Receipts- -2,000 bbls flour, 9,000 bush wheat, 25,000 bush corn, 7,000 bush oats. Shipments-1.000 bbis flour, bush wheat, 25,000 bush core. 1,000 bush oats. DETROIT. Sept. 26. -Flour is quiet and unchanged 775@ Wheat quiet and weaker; sales extra White 1 53; No White 1 48 @150. Corn is steady; Yellow at 48c. Oats are in good demand at 35c. Lake Freights-to Oswego at 11c. Receipts 3,000 bbls Hour, 22,000 bush wheat, 0,000 bush corn, 4.000 bash oats. Shipments-9000 bbls flour, 11,000 bush wheat. 2000 bush corn, 2000 bush oats. CHARLEST ON. Sept. -Cotion more active; Middling uplands 15}c. SAVANNAH, Sept. 26.-Cotton quiet; Middling uplands at 161 MOBILE, Sept. 26.-Cotton quiet; Middling uplands 16c. NEW ORLEANS, Sept. 26.-Cotton in better demand. Europeau Earkets. LONDON, Sept. 26-4 30 M.-Cousols 921 @ 92g for money and account.


Article from The Rutland Daily Globe, September 27, 1873

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New York Stock and Money Market. NEW YORK, Sept. 26. LATEST MONETARY. The feature of the day was gold speculation humediately on the announcement of the shipment from London of half a million sterling. A heavy demand for cash gold arose and commanded I'c to age per day. Clearings in the Gold Exchange bank was retarded by refusal. Short dealers pay extreme rates necessary to make their accounts good. Morgan & Co. advanced six hundred thousand in gold, the amount In deposit, to the Gold Exchange bank, enabling It to complete clearings and saving additional trouble to dealers. Greenbacks command a premium of four per cent over certified checks, Other than this there 18 no rate for money. The president of the clearing house to-day appointed a committee of nine to investigate the condition of banks and suggest such practical reforms as they deemed necessary. The report of the committee on clearance of stocks WSS referred back to the committee by the governing board of the Stock Exchange and the board adjourned till 10 a.m., to-morrow. It is stated that this was due to the fact that Vanderbilt and Gould are privately selling their contracts which will clear the market of large blocks of stocks and enable the Exchange to re open withont fear of a rush of sales under the rule. Foreigh Exchange is very weak. Bankers sight 104: Cummercial 102. Treasury disbursements to-day amounted to $89,000. The Customs receipts to-day amounted to $358,000. The clearings at the Gold Exchange to-tiay were $24,250,000. The clearing house has Issued 19 000,000 of certificates to date. Clews & Co are out in a card proposing to resume business in the same manner proposed by Howes & Macey yesterday, by opening new accounts and settling old ones as fast as securitiet on hand can be realized upon. The name or the produce firm reported suspended to-day is not made public.


Article from Spirit of the Age, October 2, 1873

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The following is a list of the New York firms and individuals which suspended on the 18th and 19th: Jay Cooke & Co., Fisk & Hatch, Union Trust Company, National Bank of the Commonwealth, National Trust Company, Gold Exchange Bank, Jacob Little & Co., E. D. Randolph & Co., George B. Alley & Co., W. H. Warren & Co., Greenleaf, Norris & Thomas Reed & Co., Whittemore & Anderson, Beers & Edwards, Eugene J. Jackson, White, De Freites & Rathborne, A. M. Kidder & Co., Smith & Seaver, Theodore Berdell, Hay & Warner, Day & Morse, Vernan & Hoy, Fitch & Co., W. E. Connor, Ketchum & Belknap, Taussig, Fisher & Co., C. G. White, Williams & Bostwick, Peter M. Myers & Co., Lawrence Josephs, Fearing & Dillinger, Saxe & Rogers, Brown, Wadsworth & Co., Miller & Walsh, Edward Haight & Co.