15958. H. B. Hollins & Co. (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: November 13, 1913
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: bd469dca

Response Measures

Full suspension

Other: Firm entered involuntary bankruptcy; receiver appointed; later composition plan aided by Vanderbilt and Morgan estate (June 1914).

Description

Multiple contemporary articles (Nov 13–15, 1913) report that H. B. Hollins & Co., a New York banking and brokerage house, suspended after withdrawal of large deposits and an involuntary bankruptcy petition; a receiver (A. Leo Everett) was appointed. The immediate trigger is described as heavy withdrawals aggravated by losses in Mexican ventures and illiquid securities. Later (June 1914) a composition plan supported by Vanderbilt and the Morgan estate was approved, but the initial sequence is a depositor withdrawal (run) leading to suspension and receivership (closure). I classify the cause as bank_specific_adverse_info (losses/illiquid assets) with withdrawals precipitating the run. Random_run is False because the articles do not describe a discrete misinformation event.

Events (3)

1. November 13, 1913 Receivership

Newspaper Excerpt: An involuntary petition in bankruptcy was filed ... A. Leo Everett was appointed receiver under a bond of $75,000.
Source: newspapers

2. November 13, 1913 Run

Cause: Bank Specific Adverse Info
Cause Details: Withdrawal of large deposits precipitated by heavy losses/illiquid securities (troubles in Mexico and earlier weak ventures) that reduced working capital.
Measures: None reported as preventive measures; withdrawals led to suspension and receiver appointment.
Newspaper Excerpt: The petition stated that the failure was due to the withdrawal of large deposits, which impaired the firm's capital.
Source: newspapers

3. November 13, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Firm suspended after heavy withdrawals depleted working capital and assets were largely illiquid; involuntary bankruptcy petition filed by creditors and receiver appointed (A. Leo Everett).
Newspaper Excerpt: The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the Stock Exchange this afternoon.
Source: newspapers

Newspaper Articles (20)

1. November 13, 1913 The Calumet News Calumet, MI

Article from The Calumet News, November 13, 1913

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WELL KNOWN WALL STREET FIRM FAILS Involuntary Petition Against H. B. Hollins & Co. Is Filed New York, Nov. 13.-The suspension of H. B. Hollins & Co. a banking and brokerage firm, was announced on the stock exchange this afternoon. The from was organized more than twenty years ago, and was one of the best known in the financial district. It had large interests in Mexico and represented in this city several of the largest financial institutions in that country. Harry B. Hollins, senior member of the firm was for many years a close social and business intimate of the late J. P. Morgan. Among his other business intimates was William K. Vanderbilt. An involuntary petition in bankruptcy was filed against the firm in the United states district court after its suspension by three creditors, with claims aggregating the nominal sums of $661. The petition set forth that the firm's liabilities were five millions, and assets fifty thousand dollars. The petition stated that the failure was due to the withdrawal of large deposits. A Lee Everett was appointed receiver.

2. November 13, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, November 13, 1913

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$5,000,000 FAILURE ANNOUNCED ONN. Y STOCK EXCHANGE H. B. Hollins & Co. in Hands of a Receiver-Assets Only $50,000. NEW YORK, Nov. 13.-The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the Stock Exchange this afternoon. The firm was organized more than twenty years ago and was one of the best-known in the financial district. It had large interests in Mexico, and represented in this city several of the largest financial institutions of that country. Harry B. Hollins, senior member of the firm, was for many years a close social and business intimate of the late J. P. Morgan. Among his other business intimates was William K. Vanderbilt, who was associated with the Hollins firm for some time in its Mexican enterprises. Liabilities Are $5,000,000. An involuntary petition in bankruptcy was filed against the firm in the United States District Court shortly after the suspension was announced by three creditors with claims aggregating the nominal zum of $661. The petition sets forth that the assets are more than $50,000. Creditors and counsel "estimated the liabilities at about $5,000,000. The petition stated that the failure was due to the withdrawal of large deposits, which impaired the firm's capital. A. Leo Everett was appointed receiver, with a bond of $75,000. A revised list of the firm's members, made public this afternoon, reads as follows: Harry B. Hollins, Bernard J. Burke, Briton N. Bush, Anthony H. Walkburg, John A. Aull and Walter Kutzleb. Mr. Kutzleb was for years the American representative of the Russo-Chinese Bank. Mr. Aull is a brother of Mrs. Paul Sorg and Mr. Walkburg is her nephew. Harry B. Hollins is a director in the following corporations: Northern Union Gas Company, Corporation Trust Company, Equitable Trust Company, Havana Tobacco Company, International Steam Pump Company, Publishers' Paper Company, Vacuum Cleaner Company and the Long Island Motor Parkway Mr. Hollins is prominent socially and a member of many clubs. Recently he leased his Fifth avenue house to Mrs. John Astor. Beekman, Henken & Griscom. attorneys for the suspended firm, issued the following statement: The failure was due to the withdrawal of large deposits, thus greatly reducing the firm's working capital, which is largely invested in securities which could not readily be sold in the present market." The firm was at one time heavily interested in the Cincinnati, Hamilton and Dayton and the Pere Marquette Railroad companies, both of which reorganized several years ago. It was understood that the Hollins firm's obligations in these two properties were taken over by J. P. Morgan & Co. The firm's Mexican interests, it was said, contributed, but were not necessarily responsible for the failure. According to Wall Street gossip, the firm was hard hit by the panic of 1907. Rumors were current at that time that J. P. Morgan, Mr. Hollins's close friend, came to its aid and prevented its suspension then. It has been frequently reported since that William K. Vanderbilt gave the firm financial help from time to time.

3. November 13, 1913 Atlanta Georgian Atlanta, GA

Article from Atlanta Georgian, November 13, 1913

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PIONEER BROKER FIRM'S FAILURE STIRS STREET Receiver Named for H. B. Hollins & Co. Following Severe Losses in Mexico. NEW YORK, Nov. 13.-Announcement of the suspension of the firm of H. B. Hollins & Co., one of the oldest firms of bankers and brokers in Wall street, was made on the Stock Exchange to-day. At the same time an involuntary petition in bankruptcy was filed in the United States District Court against the head of the firm, Harry B. Hollins. The failure of Hollins & Co. is the most important that has been recorded in financial circles in several. years. The petition was filed by C. W. Sweet and H. E. Long, both of New York, the petitioners alleging that $662 was due them on account. Did Big Western Business. In addition to Mr. Hollins, the following members of the firm were named in the petition: Britton W. Busch, Walter K. Utzleb, Anthony H. Walkburg and John Aull. The firm was also a member of the Chicago Stock Exchange and did an extensive Western business. During the formation of the New York Central system the banking company represented the Vanderbilt group and purchased the Omaha Road and other lines, which were amalgamated into the New York Central's system. The company also dealt extensively in Central American and Mexican securities. The troubles in Mexico are said to have cost the firm a vast amount of money, and this was one

4. November 14, 1913 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, November 14, 1913

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WELL KNOWN BANKING FIRM OF NEW YORK FAILS H. B. Hollins & Co. in BankWithruptey - Heavy drawals Believed Responsible New York, November 13.-The failure of H. B. Hollins & Co., an old established banking and brokerage house with international connections, was announced simultaneously today on the stock exchange and in the United States district court. An involuntary petition in bankruptcy against the firm had been filed in the court. Liabilities are estimated at $5,000,000 with assets, mostly bank loans, of from $2,500,000 to $3,000,000 The firm was established over 20 years ago, but recently underwent several changes in personnel. Harry B. Hollins, the senior member, was a business associate of the late J. P. Morgan. William K. Vanderbilt was also at one time identified with the firm in its outside enterprises. Mr. Hollins' partners include N. Bush, the board member, and Walter Kutzleb, for some years the manager in this country of the RussoChinese bank. Heavy Withdrawals Responsible According to the firm's lawyers, the failure was precipitated by the withdrawal of some large deposits, which seriously reduced its working capital. At one time Hollins & Co. had extensive interests in Mexico and represented in this country the National Bank of Mexico and the International Mortgage Bank of Mexico City. These connections were severed some years ago. The firm also was interested in some of the former subsidiaries of the American Tobacco company, including the Havana Tobacco company. Hollins &' Co. participated in the preliminary negotiations of the socalled six-power group of bankers which contemplated the issuance of a large loan to the Chinese government. This project was abandoned after the advent of the Wilson administration, which announced its opposition to the plan. The difficulties of the firm are believed to date back to the panic of 1907, at which time they were burdened with a number of unportitable properties, including the Cincinnati, Hamilton and Dayton and Pere Marquette railroads and the Chicago Railways company. The railroad properties were later taken over by J. P. Morgan Co. On the stock exchange it was understood that the firm had closed out its few remaining contracts or commitments a few days ago. In fact, some (Continued on Page Eight)

5. November 14, 1913 The Times Dispatch Richmond, VA

Article from The Times Dispatch, November 14, 1913

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H. B. Hollins & Co., New York Banking House, in Bankruptcy. PETITION FILED IN FEDERAL COURT Liabilities Estimated at $5,000,000, With Assets, Mostly Bank Loans, of From $2,500,000 to $3,000,000-Morgan and Vanderbilt Once Identified With Concern. New York, November 13.-The failure of H. B. Hollins & Co., an old established banking and brokerage house, with international connections, was announced simultaneously to-day on the Stock Exchange and in the United States District Court. An involuntary petition in bankruptcy against the firm had been filed In the court. Liabilities are estimated at $5,000,000. with assets. mostly bank loans, of from $2,500,000 to $3,000,000. The firm was established over twenty years ago, but recently underwent several changes in personnel. Harry B. Hollins, the senior member. was a business associate of the late J. P. Morgan. William K. Vanderbilt also was at one time Identified with the firm In outside enterprises. Mr. Hollins's partners include Briton N. Busch, the board member. and Walter Kutzleb, for several years the manager in this country of the Russo-Chinese Bank. According to the firm's lawyers. the failure was precipitated by the withdrawal of some large deposits, which seriously reduced its working capital. At one time Hollins & Co. had extensive Interests in Mexico, and represented in this country the National Bank of Mexico, and the International Mortgage Bank, of Mexico City. These connections were severed several years ago. The firm also was interested in some of the former subsidiaries of the American Tobacco Company, including the Havana Tobacco Company. Hollins & Co. participated in the preliminary negotiations of the socalled six-power group of bankers which several months ago contemplated the issuance of a large loan to the Chinese government. Beginning of Difficulties. The difficulties of the firm are believed to date back to the panic of 1907, at which time it was burdened with a number of unprofitable properties, including the Cincinnati, Hamilton and Dayton and Pere Marquette Rallroads and the Chicago Railways Company. The railroad properties were atter taken over by J. P. Morgan & Co. On the Stock Exchange it was understood that the firm had closed out its few remaining contracts or commitments a few days ago. Some of the recent liquidation in certain highclass securities is believed to have been for the firm's account. Its principal banks were the Hanover National and the Bank of the Manhattan Company. These Institutions are said to be fully secured, as also are some other banks which are supposed to have made loans to the insolvent firm. All told, the firm's bank loans are said to aggregate between $3,000,000 and $4,000,000. Harry B. Hollins is a director in numerous financial and industrial institutions, including the Equitable Trust Company and the International Steam Pump Company, and is prominent in social circles.

6. November 14, 1913 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, November 14, 1913

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OLD LINE BANK CRUSHED IN RUIN New York, Nov. 13.-The failure of H. B. Hollins & Co., an old established banking and brokerage house. with international connections, was announced simultaneously on the stock exchange and in the United States district court. An involuntary petition in bankruptcy against the firm was filed in the court. Liabilities were estimated at $5,000,000, with assets mostly bank loans from $2,500,000 to $3,000,000. According to the firm's lawyers, the failure was precipitated by the withdrawal of some large deposits which reduced its working capital. The firm was established over 20 years ago, and recently underwent a change in its personnel. Harry B. Hollins, senior member of the firm, was a business associate of the late J. Pierpont Morgan.

7. November 14, 1913 The Pensacola Journal Pensacola, FL

Article from The Pensacola Journal, November 14, 1913

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BY ASSOCIATED PRESS. New York, Nov. 13.-The E spension of H. B. Hollins & Co., the banking and brokerage firm was announced on the stock exchange this afternoon. The firm organized more than twenty years ago, was one of the best known in the financial district. It had large interests in Mexico and represented in this city several of the largest financial interests of that country. The petition stated that the failure was due to the withdrawal of large deposits which impaired the firm's capital. A. Leo Everett was appointed receiver. The petition sets forth that the assets are more than $50,000. Creditors and counsel, estimated the liabilities at about $5,000,000. The firm of H. B. Hollins & Co. was composed of Harry B. Hollins, Bernard J. Burke and Briton N. Busch, Mr. Busch was the board member of the firm. Mr. Hollins is prominent socially and a member of many clubs. Beekman, Henken & Griscom, attorneys for the suspended firm, issued the following statement: "The failure was due to the withdrawal of large deposits, thus greatly reducing the firm's working capital which is largely invested in secur ities which could not be readily sold in the present market." According to Wall street gossip the firm was hard hit by the 1907 panic. Rumors were current that J. P. Morgan prevented its suspension then. It has been frequently reported since that William K. Vanderbilt gave the firm financial help from time to time. A revised list of the firm's members reads as follows: Harry B. Hollins, Bernard J. Burke, Briton N. Busch. Anthony H. Walkburg, John A. Aull, Walter Kutzleb. Mr. Kutzleb was for years the American representative of the RussoChinese bank. Mr. Aull is a brother of Mrs. Paul Sorg. Harry B. Hollins is a director in the following corporations according to the Directory of Directors: Central Union Gas Company, North ern Union Gas Company, Corporation Trust Company, Equitable Trust Com(Continued on Page Two)

8. November 14, 1913 The Pensacola Journal Pensacola, FL

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SUSPENSION OF BANKING FIRM IS ANNOUNCED H. B. Hollins & Co. Went to Wall, Giving as Reasons Therefor "Withdrawal of Large Deposits, Thus Greatly Reducing Bank's Working Capital."

9. November 14, 1913 The Daily Banner Cambridge, MD

Article from The Daily Banner, November 14, 1913

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BIG WALL STREET FIRM SUSPENDED Petition in Bankruple/ Filid Against H. B. Holla E Co. LIABILITIES ARE $5,000,000 Failure, It Is Said, Was Due to Withdrawal of Large Deposits and Trouble In Mexico. New York, Nov. 14.-The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the Stock Exchange. An involuntary petition in bankruptcy was filed against the firm in the United States district court shortly after the suspension was announced, by three creditors with claims aggregating the nominal sum of $661. The petition sets forth that the firm's liabilities amount to $5,000,000, with assets of some $50,000. The failure of the firm caused a flurry in Wall street, and it was feared that the result of the collapse would be reflected. Strong financial interests rallied to the support of the market, however, and declines in the security list were checked. The petition stated that the failure was due to the withdrawal of large deposits, which impaired the firm's cap ital. A. Leo Everett was appointed receiver, under a bond of $75,000. According to an announcement made shortly after the suspension, R. R. Gavin retired from the firm on Sept. 6. Although Mr. Gavin's name is included in the list of members published in the latest Stock Exchange directory, it was announced that his retirement was published at the time. H. B. Hollins & Co. was one of the oldest firms in Wall street, being reorganized in 1892 from the first firm of Hollins & Co., which came into being in 1878. During the formation of the New York Central system the banking company represented the Vanderbilt group and purchased the Omaha road and other lines which were amalgamated into the New York Central railroad' system. After the Spanish-American war the banking house purchased a number of tobacco industries, which were subse quently sold to the American Tobacco company, the "tobacco trust," at a big profit. H. B. Hollins & Co. also dealt extensively in Central American and Mexican securities. The troubles Mexico are said to have cost the fi a vast amount of money, and this one of the causes contributing to failure H. B. Hollins is a capitalist of note and power. He is listed as a director in the following corporations: Central Union Gas company, the Corporation Trust company, the Equitable Trust company, the Havana Tobacco company, the International Steam Pump company, the Long Island Motor Parkway, the Northern Union Gas company, the Publishers' Paper company and the Vacuum Cleaner company. According to Wall street gossip the firm was hard hit by the panic of 1907. Rumors were current at that time that J. P. Morgan, Mr. Hollins' close friend, came to its aid and prevented its suspension then. It has been frequently reported since that William K. Vanderbilt gave the firm financial help from time to time.

10. November 14, 1913 The Richmond Virginian Richmond, VA

Article from The Richmond Virginian, November 14, 1913

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BANK FAILURE RUNS FAR INTO MILLIONS H, B. Hollins and Company Suspends Business but Street is Unconcerned. NEW YORK, Nov. 13.-H. B. Hollins & Co., one of the oldest banking houses in Wall Street, failed today without causing a ripple of excitement in the stock market, or the general financial community. The liabilities of the house are between $4,000,000 and $5,000,000. Free assets of $50,000 are known. How much the assets amount to that are pledged as collateral for loans the receiver for the firm is unaware. So far as the effect upon the general financial situation is concerned, the failure was entirely disregarded. Though the firm was a member of the stock exchange, not another stock exchange house in the street was affected. Prices on the exchange paid not the least attention to the failure, in fact gaining on the announcement of the suspension. The reason for this unconcern was the fact that for the past veral years, the failed bankers had done practically nothing in stock exchange business. They had been promoters. Their promotion schemes were with companies entirely outside of the exchange. Many of them were weak affairs that turned out poorly, or at least were Southern productive in immediate results that the firm could not carry them over a long period on its own resources. It was the sentimental side of the failure that interested Wall Street. Harry B. Hollins, head of the firm, now nearly sixty years old, and exceedingly popular in Wall Street, the close friend of the late J. P. Morgan. of the Vanderbilt family, and prominent in New York society, received the sympathy and regret of numbers of Wall Street men today in the misfortune of the firm. He was very active for J. P. Morgan and was one of the very intimate friends of the financier. He is said to be the man that Mr. Morgan had in mind when he told the Pujo committee investigators last year that he had loaned $1,000 to a friend that he had loaned $1,000,000 to a friend that he trusted without any security. The Mexican ventures of the firm, it is thought, figured to an extent in dragging it down.

11. November 14, 1913 The Barre Daily Times Barre, VT

Article from The Barre Daily Times, November 14, 1913

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LARGE BANKERS FAIL. Receiver for H. B. Hollins & Co. of New New York-Liabilities, $5,000,000. New York, Nov. 14.-The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the stock exchange yesterday afternoon. The firm organized more than twenty years ago, was one of the best known in the financial district. It had large interests in Mexico and represented in this city several of the largest financial institutions of that country. Harry B. Hollins, senior member of the firm; was for many years a close social and business intimate of the late J. P. Morgan. Among his other business intimates was William K. Vanderbilt, who was associated with the Hollins firm for some time in its Mexican enterprises. The firm was organized on Oct. 1, 1892, and maintains a branch office at Berlin. An involuntary petition in bankruptcy was filed against the firm in the United States district court shortly after the suspension was announced, by three creditors with claims aggregating the nominal sum of $661. The petition set forth that the firm's liabilities amounted to $5,000,000 with assets of some $50,000. The petition further set forth that the failure was due to the withdrawal of large deposits which impaired the firm's capital. A. Leo Everett was appointed receiver under a bond of $75,000.

12. November 14, 1913 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, November 14, 1913

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Vanderbilt, who was associated with the Hollins firm for some time in its Mexican erterprise. An involuntary petition in bankruptcy was filed against the firm in the United States district court shortly after the suspension was announced by three creditors with claims ag. gregating the nominal sum of $661. The petition set forth that the firm's liabilities amounted to $5,000,000, with assets of $50,000. The petition stated that the failure was due to the withdrawal of large deposits which impaired the firm's capital. A. Loo Everett was appointed received urder a bond of $75,000. The firm of H. B. Hollins & Co. was composed of Harry B. Hollins, Bernard J. Burke, Briton N. Busch and Rafael R. Govin. Mr. Busch was the board member of the firm. The firm was organized on Oct. 1, 1892, and maintains a branch office at Berlin. Mr. Hollins is prominent socially and a member of many clubs. Recently he leased his Fifth avenue house to Mrs. John Astor.

13. November 14, 1913 The Washington Herald Washington, DC

Article from The Washington Herald, November 14, 1913

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BIG BROKERAGE HOUSE SUSPENDS Receivers Appointed for H. B. Hollins & Co.-Liabilities Estimated at $6,000,000. New York, Nov. 13.-Announcement of the suspension of the firm of H. B. Hollins & Co., bankers and brokers, was made today. At the same time today a petition in bankruptcy was filed in United States District Court against the head of the firm, Harry B. Hollins. The failure of Hollins & Co. is the most important that has been recorded in financial circles in several years. The assets of the firm were placed nominally at $50,000. The liabilities are about $4,500,000. A. Leo Everett was appointed receiver.

14. November 15, 1913 Imperial Valley Press El Centro, CA

Article from Imperial Valley Press, November 15, 1913

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Brokerage Firm Suspends New York, Nov. 15.-The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the stock exchange. The firm, organized more than 20 years ago, was one of the best known in the financial district. It had large interests in Mexico and represented in this city several of the largest financial institutions of that country. Henry B. Hollins, senior member of the firm, for many years was a close social and business intimate of the late J. P. Morgan. An involuntary petition in bankruptcy was filed against the firm in the United States district court shortly after the suspension was announced by creditors with claims aggregating the nominal sum of $661. The petition set forth that the firm's assets are more than $50,000. Creditors and counsel estimated the liabilities at about $5,000,000. The firm of H. B. Hollins & Co. was composed of H. B. Hollins, Bernard J. Burke, Briton N. Busch and Rafael R. Goven. Mr. Busch was the board member of the firm. The firm was organized on October 1, 1892, and maintains a branch office at Berlin.

15. November 19, 1913 Keowee Courier Walhalla, Pickens, SC

Article from Keowee Courier, November 19, 1913

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STOCK EXCHANGE FIRM FAILS. Assets of Hollins & Co. $50,000, with Liabilities of $5,000,000. New York, Nov. 13.-The suspension of H. B. Hollins & Co., the banking and brokerage firm, was announced on the stock exchange this afternoon. The firm, organized more than 20 years ago, was one of the best known in the financial district. It had large interests in Mexico and represented in this city several of the largest financial institutions of that country. Harry B. Hollins, senior member of the firm, was for many years a close social business intimate of the late J. P. Morgan. Assets Only $50,000. An involuntary petition in bankruptey was filed against the firm after the suspension was announced, by three creditors with claims aggregating $661. The petition set forth that the firm's liabilities amounted to $5,000,000, with assets of some $50,000. The petition stated that the failure was due to the withdrawal of large deposits which impaired the firm's capital.

16. November 21, 1913 The Detroit Times Detroit, MI

Article from The Detroit Times, November 21, 1913

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We're in Midst of Great Changes, Which Will Eventually Mean Prosperity," Declares N. Y. Financier INDUSTRIES GETTING USED TO NEW TARIFF Big Trust Company Official Visits Detroit to Attend State Y. M. C. A. Meeting No serious financial troubles can be seen by William M. Kingsley, vicepresident of the United States Trust Co., of New York, and chairman of the New York state committee of the Y. M. C. A., who was the guest of the Michigan Y. M. C. A. executive committee, Thursday. "Our troubles in New York are largely concerned with a slump in the real estate market-you can't even give real estate away, nowadays-and with unsettled conditions on Wall-st. In Y. M. C. A. work, we're bothered with an attempt to raise $4,000,000. I dan see $3,000,000 of it, but hanged If can figure where we're going to get the extra million." Mr. Kingsley didn't a- oar excited about it. He smiled quietly and talked quietly. He didn't bluster about a dark outlook, and on the other hand he didn't talk in large terms about a utopian era of prosperity. "We've come through many situations that were harder than this," he said "The country can be trusted to face the emergency. "The eastern situation does not seem to have spread into the west, and I hope it will not. I should say that the depression in New England is due primarily to the tariff. and next to the unsettled condition due to the currency bill. with the president's contemplated action against the trusts as a third factor. The tariff has unsettled a great many industries, which are gradually getting used to the new schedules. Of course, the tariff action was foreseen, and the companies concerned had a good deal of time to prepare for the new situation: and this was a good thing. "The general effect of the depression has been to remove from the market a great many securities with which the market was overloaded. forchants and manufacturers are paying closer attention to their finances: here are fewer short-time loans: there a general contraction of credit. "his, in the long run, will be good the country. "I look for the currency bill, in tever form it passes, to cause a porary contraction of circulation alle the reserves of the regional are being built up. That. at is the fear generally expressed, congress and bankers are at work rying to safeguard matters until the banks are established, and situation may not become very are in the midst of many great far-reaching changes. and we are very well. under the circumWe cannot be said to have in the midst of great prosperity these changes have been conlate! and planned, but when they once established, they certainly are tht to pave the way for a very prosous era. The failure of H. B. Hollins & Co. lid not cause much excitement, be. it was not unexpected. The had interests in Cuba and which were not rezarded as promising. It did very little busithe street. so the stock mar-

17. December 26, 1913 Cresco Plain Dealer Cresco, IA

Article from Cresco Plain Dealer, December 26, 1913

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of the Panama canal opened by explosion of dynamite, letting the waters of the ocean into the Miraflores locks. SEPTEMBER. 2 Roland Garros, French aviator, flew across the Mediterranean sea from St. Raphael, France, to Bizerta, north Africa, 468 miles, in 8 hours; average speed about 58 miles. 2 21 persons killed and over 40 injured in a collision on the New York, New Haven and Hartford near New Haven. Conn. 9. Zeppelin airship L No. 1 wrecked by a hurricane over the North sea; 15 drowned. 10 Monument commemorating Commodore Oliver Hazard Perry's naval victory over the British fleet Sept. 10, 1813, unveiled on Put-in-Bay island, Lake Erie. Harry K. Thaw deported from Canada across the Vermont border near Norton Mills. OCTOBER. 12. 18 balloons, including the Uncle Sam and the Goodyear from the United States, started from Paris in a race for the Gordon Bennett cup. Eight countries represented. 14. The first vessels lifted into the Pacific entrance of the Panama canal. The American balloon Goodyear landed at Bridlington, England, winning the Gordon Bennett cup: distance traveled from the starting point, Paris, 550 miles: time 44 hours. 17. A Zeppelin dirigible balloon exploded when 3,000 feet in the air at Johannisthal, Prussia, killing 28 passengers, including 5 members of the admiralty commission. 19. In a wreck on the Mobile and Ohio railroad at Bucatunna, Miss., 45 soldiers of the coast artillery were killed and 100 Injured. 22. 263 miners killed by explosion in the Stag Canyon mines, New Mexico. NOVEMBER. 14. H. B. Hollins & Co., noted banking house, New York, failed: liabilities estimated at $5,000,000: assets $50,000. 17. Steam tug Louise carried an official party through the Panama canal from ocean to ocean. 28. New York Real Estate Securities company failed, having liabilities of about $16,000,000. DECEMBER. 6. Gatun dam completed in the Panama canal. 8. Centenary of Holland's revolt against Napoleon Bonaparte celebrated. 10. New York, New Haven and Hartford railroad suspended payment of dividends. 12. The "Mona Lisa," celebrated Da Vinci painting that was stolen from the Louvre, Paris, in 1911. reported found in Florence, Italy. 31. United States commerce court ended by congressional enactment.

18. December 26, 1913 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 26, 1913

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of the Panama canal opened by explosion of dynamite, letting the waters of the ocean into the Miraflores locks. SEPTEMBER. 2 Roland Garros, French aviator, flew across the Mediterranean sea from St. Raphael, France, to Bizerta, north Africa, 468 miles, in 8 hours; average speed about 58 miles. 2 21 persons killed and over 40 injured in a collision on the New York, New Haven and Hartford near New Haven, Conn. 9. Zeppelin airship L No. 1 wrecked by a hurricane over the North sea; 15 drowned. 10. Monument commemorating Commodore Oliver Hazard Perry's naval victory over the British fleet Sept. 10, 1813, unveiled on Put-in-Bay island, Lake Erie. Harry K. Thaw deported from Canada across the Vermont border near Norton Mills. OCTOBER. 12. 18 balloons, including the Uncle Sam and the Goodyear from the United States, started from Paris in a race for the Gordon Bennett cup. Eight countries represented. 14. The first vessels lifted into the Pacific entrance of the Panama canal. The American balloon Goodyear landed at Bridlington, England, winning the Gordon Bennett cup; distance traveled from the starting point, Paris, 550 miles; time 44 hours. 17. A Zeppelin dirigible balloon exploded when 3,000 feet in the air at Johannisthal, Prussia, killing 28 passengers, including 5 members of the admiralty commission. 19. In a wreck on the Mobile and Ohio railroad at Bucatunna, Miss., 45 soldiers of the coast artillery were killed and 100 injured. 22. 263 miners killed by explosion in the Stag Canyon mines, New Mexico. NOVEMBER. 14. H. B. Hollins & Co., noted banking house, New York, failed; liabilities estimated at $5,000,000; assets $50,000. 17. Steam tug Louise carried an official party through the Panama canal from ocean to ocean. 28. New York Real Estate Securities company failed, having liabilities of about $16,000,000. DECEMBER. 6. Gatun dam completed in the Panama canal. 8. Centenary of Holland's revolt against Napoleon Bonaparte celebrated. 10. New York, New Haven and Hartford railroad suspended payment of dividends. 12. The "Mona Lisa," celebrated Da Vinci painting that was stolen from the Louvre, Paris, in 1911, reported found in Florence, Italy. 31. United States commerce court ended by congressional enactment.

19. January 1, 1914 The Newport Plain Talk Newport, TN

Article from The Newport Plain Talk, January 1, 1914

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in the streets. H. K. Thaw. 31. The Pacific end of the Panama canal opened by explosion of dynamite, letting the waters of the ocean into the Miraflores locks. SEPTEMBER. 2. Roland Garros, French aviator, flew across the Mediterranean sea from St. Raphael, France, to Bizerta, north Africa, 468 miles, in 8 hours; average speed about 58 miles. 2. 21 persons killed and over 40 injured in a collision on the New York, New Haven and Hartford near New Haven, Conn. 9. Zeppelin airship L No. 1 wrecked by a hurricane over the North sea; 15 drowned. 10. Monument commemorating Commodore Oliver Hazard Perry's naval victory over the British fleet Sept. 10, 1813, unveiled on Put-in-Bay island, Lake Erie. Harry K. Thaw deported from Canada across the Vermont border near Norton Mills. OCTOBER. 12. 18 balloons, including the Uncle Sam and the Goodyear from the United States, started from Paris in a race for the Gordon Bennett cup. Eight countries represented. 14. The first vessels lifted into the Pacific entrance of the Panama canal. The American balloon Goodyear landed at Bridlington, England, winning the Gordon Bennett cup; distance traveled from the starting point, Paris, 550 miles; time 44 hours. 17. A Zeppelin dirigible balloon exploded when 3,000 feet in the air at Johannisthal, Prussia, killing 28 passengers, including 5 members of the admiralty commission. 19. In a wreck on the Mobile and Ohio railroad at Bucatunna, Miss., 45 soldiers of the coast artillery were killed and 100 injured. 22. 263 miners killed by explosion in the Stag Canyon mines, New Mexico. NOVEMBER. 14. H. B. Hollins & Co., noted banking house, New York, failed; liabilities estimated at $5,000,000; assets $50,000. 17. Steam tug Louise carried an official party through the Panama canal from ocean to ocean. 28. New York Real Estate Securities company failed, having liabilities of about $16,000,000. DECEMBER. 6. Gatun dam completed in the Panama canal. 8. Centenary of Holland's revolt against Napoleon Bonaparte celebrated. 10. New York, New Haven and Hartford railroad suspended payment of dividends. 12. The "Mona Lisa," celebrated Da Vinci painting that was stolen from the Louvre, Paris, in 1911, reported found in Florence. Italy. 31. United States commerce court ended by congressional enactment.

20. June 23, 1914 The Sun New York, NY

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# H. B. HOLLINS TO PAY # $6,500,000 IN DEBTS W. H. Vanderbilt and the Es- tate of J. P. Morgan Come to His Aid. # DUCHESS TO GET $253,041 Consuelo of Manchester Among Society Creditors Who Will Lose Nothing. A composition plan, which contemplates wiping off the $6,500,000 indebtedness of the banking and brokerage house of H. B. Hollins & Co., was approved by Judge Hand in the United States Circuit Court yesterday. Upon its fulfilment the firm automatically will be discharged from bankruptcy. The plan, which was submitted by the Equities Realization Corporation, or-ganized to handle the Hollins affairs, is made possible by the action of William K. Vanderbilt and the estate of J. P. Morgan. Mr. Vanderbilt and the Morgan executors gave the corporation an opportunity to get at the $6,829,128 of assets of the Hollins firm by releasing securities hypothecated with them for loans aggregating $856,446. Mr. Vanderbilt is a creditor for $545,596 and the Morgan estate for $309,850. As approved by the court yesterday the corporation will give notes for 100 per cent. of the claims to the creditors. Ten per cent. of this amount, or $650,000, will be paid in five days and the remaining 90 per cent. will be paid as the collateral is sold. In the beginning the Vanderbilt and Morgan collateral is to be sold on the market and the proceeds used to pay off other claims, which will release more collateral. This will be sold and the process will be repeated until not only all the secured claims are liquidated, but the unsecured claims, amounting to $738,375.58, are paid as well. The operation will depend on the state of the stock market. It may be cleaned up in a very short time or may take some months. There appeared to be general appreciation in the financial district yesterday that a way out had been found for the Hollins firm. H. B. Hollins, the head of the firm, had been a warm friend of the late J. P. Morgan, and is a close friend of Mr. Vanderbilt. His customers were generally from wealthy families and persons whose names are printed in the social register. In the schedules of bankruptcy appeared as creditors Consuelo, Dowager Duchess of Manchester, $253,041; Ada Sorg Druillard, Jennie Sorg and Grayce Aull Sorg. Eugene Zimmerman, father of the present Duchess of Manchester, was down for $34,000 and Emilo Yznaga for $8,000. Morris Hillquit, the Socialist leader, was a creditor to the extent of $8,743. Among the millions of assets are $1,630, realized by the receiver through the sale of thirty-five cases of champagne and 4,150 cigars. Coincident with the first action yesterday Mr. Hollins, Briton N. Busch and Walter Kutzlieb, the partners of the firm, all filed personal schedules in bankruptcy. Their assets and liabilities are so interwoven in those of the firm that if the firm is discharged the partners will be cleared of indebtedness. It is understood that Mr. Hollins himself will reenter business. He sets forth that he owes $1,111,053 and has assets of $980,025. In his personal indebtedness he sets forth the claims of Mr. Vanderbilt, the Morgan estate and the Dowager Duchess of Manchester, which is given as $253,541. If the firm pays those he will be released. Mr. Busch says he owes $839,729 and has $758,186 of assets. His indebtedness is that of the firm except $23,223 he owes to Taylor, Smith & Evans, for which he has deposited as collateral 100 shares of Overman Tire Company preferred. He has two more sets of loans. One is a group of nine loans amounting to $11,633, for which he has pledged his seat on the Stock Exchange, which he values at $40,000. It was not explained yesterday how this was done in the face of the rules of the Exchange. Mr. Kutzlieb owes $10,000 to the Montauk Bank as an indorser on a note of the Hollins firm. He has no assets.