15989. Henry Clews & Company (New York, NY)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: acd2214c

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension

Description

Newspaper accounts describe a heavy run on Clews & Co. culminating in suspension on 23–24 Sep 1873 (checks returned by Fourth National, scarcity of greenbacks). The house later resumed business in early January 1874. Subsequent items (1874–1875) show later voluntary assignment/bankruptcy and receivership; here the immediate episode is run → suspension → resumption.

Events (3)

1. September 24, 1873 Run

Cause: Macro News
Cause Details: Part of the wider 1873 financial panic: heavy country demands, scarcity of greenbacks, and weakened confidence after other failures (Jay Cooke & Co.) led depositors to withdraw large sums.
Measures: Paid out large sums in greenbacks (~$1,000,000+ over days); sought loans and tried to negotiate/realize securities; officers traveled the street seeking funds; offered securities to banks.
Newspaper Excerpt: Toward noon it was whispered that a run was making upon Henry Clews & Co. ... the firm paid out during the morning nearly $1,000,000 on demand
Source: newspapers

2. September 24, 1873 Suspension

Cause: Macro News
Cause Details: Immediate trigger: Fourth National Bank returned checks (refused to take up $160k–$300k in checks) and firm exhausted available greenbacks; inability to negotiate securities amid panic forced suspension.
Newspaper Excerpt: At 2:45 ... the doors were closed, and it was known that Henry Clews & Co. had suspended payment.
Source: newspapers

3. January 5, 1874 Reopening

Newspaper Excerpt: Henry Clews & Co. resumed business to-day. (Newspaper report dated Jan. 5, 1874.)
Source: newspapers

Newspaper Articles (25)

1. September 24, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 24, 1873

Click image to open full size in new tab

Article Text

a e SUSPENSION OF HENRY CLEWS & CO.-THEIR CHECKS THROWN OUT BY THE FOURTH NATIONAL BANK -TREASURY ACCOMMODATIONS UNAVAILING. A few minutes after p. m., a TRIBUNE reporter was informed by a bank president that Henry Clews & Co. had had a large amount of securities thrown back upon their hands, and would be compelled to suspend. The reporter at once visited the Fourth National Bank. which has acted for Henry Clews & Co. in the Clearing-House to learn the truth of the report. He was there informed that the bank had carried $160,000 in checks on Clews & Co., through Monday, but yesterday additional checks came in to the amount of $137,000. The firm bad no funds in bank to take up these checks, and though they offered securities of various kinds the bank officers did not feel justified in accepting them and taking up the checks. Mr. Clews had been closeted with Mr. Calhoun, the President, during the greater part of the day. using every means of persuasion in his power to prevail upon the President to take up his checks. This was without avail, and about 2 m. the checks were thrown back upon Clews & Co., and their suspension became inevitable. The reporter then went to the office of Clews & Co., expecting to find it closed. but it was still open and business was apparently proceeding as usual: but while the reporter was standing in the countingroom a check was presented to the paying teller which was returned by him to the person presenting it. Soon afterward another check was presented and met the same fate. At this moment Mr. Clews passed from his private office into the countingroom, and the reporter accosted him: Reporter-I hear the statement made that you about to suspend. Is it correct Mr. Clews-It not. Reporter- What is the meaning of the return of checks unpaid Mr. Clews-I can't tell you what it means. Mr. Clews then went out and walked up Wall-st. It was supposed by some that he had gone to make another effort to obtain funds; by others that he was simply getting out of the way before the announcement of his failure should be made public. In a few moments-at 2:45-the doors were closed, and it was known that Henry Clews & Co. had suspended payment. The house was formerly known as Livermore, Clews & Co., and in 1865 became Henry Clews & Co. L. S. Fowler is the second member of the firm. CHAOS IN THE HOUSE. In an instant a crowd collected. The news seemed to spread like the wind. A number of dapper young messengers bounced into the doorways, unmindful of the crowd and seemingly intent only on reaching the teller's desk before the windows were closed at 3 p.m. Quite a crowd," said one to a bystander. What's the matter 9" "Matter? Clews has suspended!" Each messenger blew a long whistle and took from his pocket a heavily laden deposit book. Wanted to deposit these," said one, "but I guess we can wait." In and through the rooms and doorways, the crowd thronged, lounging on the handsomely-cushioned sofas, and stretching their legs across the black walnut desks. One old gentleman became the center of an interested group in the reception room by his lively denunciation of the banker. "I had Government said and Clews me to them Railway bonds. bonds," newly-broken for Alabama he, persuaded He has change been dabbling too much in these rotten carpet-bag securities, and so I am in for it." He was somewhat violent in his gesticulations and loud in his language, and an affable friend of the firm soon persuaded him to withdraw. Henry Clews appeared at the bank soon after his walk, flushed and excited. He made no reply to the reporter who accosted him, but strode rapidly through the outer rooms to his room in the rear of the glass-cased counting-room. Here he remained for some time, and then again plunged into the crowd and was seen pushing through the busy groups in Wall-st., intent apparently on his own thoughts. In the mean time the business, such as it was, of the banking house of Henry Clews & Co. was left to the bewildered clerks, who peered through the closed windows upon the curious crowd in seeming doubt as to whether they should open the windows and resume on their own account or not. Mr. Greenough, the managing clerk, busied himself as far as he could, in settling the accounts of the day, but even he had the bewildered air common to them all. " Do you think you will pay to-morrow 9" asked one of the check-holders, who had come in half an hour late. Pay to-morrow ?" repeated the wretched clerk with an abstracted air; 'pay Oh, yes, we are expecting remittances every moment." Among the substantial men who came in to condole with the firm were Henry G. John and but they were to Hoey afflicted others, withdrew. unable Stebbins, At about afford much consolation, and BOOD o'clock policemen cleared the halls and took up their positions at the front door. My GOVERNMENT FAVORS RECEIVED. On Saturday morning when it was announced of that the Treasury would purchase 10,000,000 bonds the Union Trust Company could not obtain any greenbacks until 12 o'clock, but it is stated that at 10 o'clock Henry Clews & Co. received large packages of greenbacks from the Sub-Treasury, which were being opened in their office at that hour. of Whether this was for money, paid for purchases bonds of Henry Clews & Co. 'OVERBORNE BY A SCARCITY OF GREENBACKS." The managing clerk, Mr. Greenough, who has been familiar with the books and details of, the business infor several years, made the following formal statement to a TRIBUNE reporter: a "There has been, Sir, for four days steady, uninterrupted run upon us. We have paid out all our available currency and find ourselves We to-day at the end of all our available money. could simply pay no more, and we closed our doors." Q. What amount do you think you paid out in that time A. A million and a.quarter in greenbacks. We had no banks to back us, although we have all the duties and responsibities of a national bank, and we could not stand it. Q. Was the suspension occasioned at all by railway investment or speculation A. Not at all we had made none we were simply overborne by the of we have ample to scarcity greenbacks; securities not availmeet every liability, but the securities are able.

2. September 24, 1873 New-York Tribune New York, NY

Click image to open full size in new tab

Article Text

WALL-ST. SHROUDED IN GLOOM. CONFIDENCE GIVES PLACE TO DISTRUST-FINANCIERS AFRAID TO OPEN THE STOCK EXCHANGE-IRREGULAR SALES-THE CLEARING-HOUSE CERTIFICATES ALL TAKEN. Wall-st. was quet yesterday morning; but it proved before night to be the calm that invariably precedes the storm. There were no crowds in the street, at least none such as Saturday witnessed; nothing of the confusion which has served in the two or three days just past to accelerate and increase the panic. But underneath this apparent security there was lurking a great danger, which may yet precipitate a universal disaster. Men went to bed Monday night confident that the worst was over; they rose yesterday morning still assured of the stability of the banks. The latest foreign advices helped to increase this confidence, for they spoke of no failures, though of some distrust. The confidence of the Clearing-house Committee had inspired confidence everywhere. Men felt that only the rotten concerns which had dealt in railway securities and the parasites who had fed on the Government favors must go by the board. It was known early that the $10,000,000 loan scrip issued by the Clearing-house had been quickly absorbed; but it was also known that the Committee, still strong and confident, was ready to issue larger amountsi if required. Still the impracticability of the $10,000,000 loan, which soon became apparent, served at first to depress the street and influence the banks disastrously. The knowledge, too, that $9,271,350 of bonds had been bought, and that the greenbacks paid for them had been quickly absorbed, as well as the futile effort to throw the Union Trust Company into bankruptcy, was in greater degree depressing. The stock quotations in the street were better in every instance than they had been at the close of Saturday's operations on Exchange, and indeed better than they were when the great break began on Friday morning. But still they were not 80 high as people had anticipated and the "bulls" had hoped. The savings banks officials were in good spirits, and few runs were reported on these institutions. The largest savings banks had paid out only insignificant amounts. Several of the stronger had even declined to take advantage of the clause in their charters which allows them to refuse payment of drafts on their institutions except after the 30 or 60 days' notice. In the Gold Room the price of gold was placed at 112, a rate much lower than was expected to be established, and settlements were easy. But everywhere all securities went begging, and there was little comfort to be had from the fact that the stock gamblers were quiet. The Stock Exchange remained closed, and this indication of common sense on the part of the brokers was encouraging, and there were many other circumstances that tended to make yesterday morning bright and cheerful, and the prospect for the future encouraging. The reports from the Union Trust Company direct were much more favorable. It was declared that the suspension had been needless, and the directors were denounced as senseless. But the receiver stated, wherever he could be heard and heeded, that everything good could be said of the Trust Company and that all that was favorably said of it would befulfilled. The stock brokers were much relieved by Jay Gould's settlements through his brokers of a large number of shares of stock at reasonable rates, which bankrupted nobody and relieved everybody. But while all this cheerful outside appearance of the crisis which had seemed to be impending encouraged people to hope that the panic was over, there were events occurring that showed how futile wasth hope. Early in the morning reports of the suspension of banks began to come in from all parts of the country. This news did not reach the general publie until the afternoon, but the bankers and brokers were early advised of it and warned by the telegrams. The aggregate of country demands on the banks of this city is said to have been $200,000,000. Such a demand was unprecedented, and could not be met. Upon many of the bankers a run was secretly begun. The crowds in the street knew nothing of the impending disastersaw nothing of that which was undermining and destroying. Toward noon it was whispered that a run was making upon Henry Clews & Co. The run on the company was not made known to the public until about 2:38 p. m., when the doors of the bank were suddenly closed in the faces of the crowd without. It is asserted that the firm paid out during the morning nearly $1,000,000 on demand, and then went about the street with mercantile paper endes oring to raise more funds: but his offer. or

3. September 24, 1873 Wilmington Daily Gazette Wilmington, DE

Article from Wilmington Daily Gazette, September 24, 1873

Click image to open full size in new tab

Article Text

The Excitement Renewed In New York. NEW YORK, Sept. 23.-The failure of Henry Clews & Co., left the street at the closs of business in a state of wild excitement, and the headway made in restoring conficence up to ten o'clock to-day has been lost. Many damaging rumors are again current. A report was in circulation that Jay Cooke, McCulloch & Co., of London are throwing out drafts drawn by Jay Cooke & Co. Two per cent per day was offered for money this afternoon. No regular price was established to-day, lenders making their own terms. The cashier of the Fourth National Bank, which threw out Clews & Co's. check to the amount of $200,000, says the bank did so simply because their account was not good. There was no overdraft, but would have been had the bank allowed it. The firm'paid until no greenbacks remained on hand, and, as they could negoeiate no securities, of which they hold large amounts, nothing remained but suspension. Clews & Co. say they had $800,000 in securities in the Fourth National Bank, against which checks to the amount of $300,000 only had been drawn.

4. September 24, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 24, 1873

Click image to open full size in new tab

Article Text

AND FINANCIAL MARKETS BY TELEGRAPH. New York Money and Stock Market NEW YORK Sept. openin Wall street with at least all of yes- tened terday's improvements and with a dency still in favor of further improveMoney-Is not yet quotable on Stock are loans, the banks however, Exchange accommodating merchanists far as possible at 7 per cent. STERLING EXCHANGE-There was a break in foreign exchange to-day, sold and heavy prime bankers 60 day's sterling as 107 106 and good bankers done at from low as 105; cable transfers were exThere is very little demand or age and a pressure to sell broke the Custom receipts $404,000. GOLD - The gold room was opened business this morning, and no unusua prevailed ther vas advance to 112t, and a decline to 111 loans 1111, closing at 112ja1121. On gold cent erates have been from per for use. The carrying, Assistant and Treasur flat disbursed 1-64 $59 000. Clearings were regularly made. GOVERNMENTS-There was no transac tions in government bonds, except been bought since Saturday. clearings have of the New York associated banks were all regularly made to-day. STOCKS-There was not much excitethis morning regarding stocks. front ment Small knots of brokers assembled in and the Exchange on Broad street, sale of market for the purchase and made of.stocks a for greenbacks. The following of prices made New York Central & Hudson 92 tions: Harlem 105 and 110, Lake Shore Milwau- 82g, bid, Wabash 50, Rock Island 88 bid, 30 & St. Paul 35, Ohio & Mississippi Chicakee Union Pacific 21a22. Columbus, & St. bid, Indiana Central21 bid, Hanibal Joe 20 bid, Western Union 66a70, Pacific the Mail 1 841a36. In regard to the loan Shore of Union Trust Company to the Lake Michigan Southern Railroad Company deal which has been the basis of a good the of misrepresentation) it now appears 1874. not due until January 1st loan total of $1,700,000 represented on The advance made at different times the the of the $6,000,000 bonds which The account Company was negotiating. dividend Trust was not borrowed for with money at all. but in connection purposes loan which to this creasing the equipment of the road came ento do all the business which able it it Just before the close the announce- wn to was made that the well house ment of Henry Clews & Co. had suspend- the This had a tendency to destroy improved ed. feeling existing and also to open out the excitement. Thefirm paid afresh in legal tenders to the deposthe past few itors the general $1,250,000 was during impression days, main that and difit would pull through. The in they was that of rendering available of ficulty present condition of the market their the securities. The firmare understood their have $800,000 in securities at which bank to (the Fourth National,) against refuhad drawn but $300,000. The their they the bank to certify or clear tosal of was the immediate cause of exchecks disaster. Much sympathy was of the day's for Mr. Clews. Mr. Camp, of pressed house, states that $10,000,000 to clearing certificates have been issued of up the loan to-night. There will bera meeting at 10 Associated Bankers to-morrow o'clock at the Merchants Bank. were weak and lower at the Stocks in consequence of renewed exciteclose The following are the closing 63a ment. on the street: Western Union Central prices Pacific 11 84a35; New York 64; Erie 51a53; Rock Island 88a90; 89a90; Southern 77fa79; Northwestern Indiana Michigan Cleveland, Columbus & Ohio 42a43); 20a22; Wabash 43a45; 19ja20; Mississippi Central 29a30; Union Pacific Harlem 102a104.

5. September 24, 1873 New-York Tribune New York, NY

Click image to open full size in new tab

Article Text

THE MONEY MARKET. TUESDAY, Sept.23-P.M. The day opened with an apparently cheerful feeling in every direction, and as the day advanced the prospects of a return to the normal condition of the street become more hopeful. There was no heavy run upon any of the banks or banking-houses, while the banks were transacting business with regularity, certifying checks for large sums and paying currency for small ones, and their seemed to be no fears of their ability to weather the storm-at least all save two or three. They all went through the Clearing-house without difficulty, and this, with the payment of over $3,000,000 of greenbacks from the Treasury for bonds purchased, added to the hopeful feeling of the street. Later in the day. however, mutterings of a financial storm brewing in the West were heard, accompanied by rumors of failures and bank suspensions in some of the Middle, Southern, and Western States, and of failures of certain dry goods houses in this city. This being supplemented by the announcement of the failure of Henry Clews & Co., and the rumored failure of other banking-houses. changed the buoyant feeling which had prevailed earlier in the day to one of gloom and doubt as to what the morrow may bring forth. The announcement of the failure of Henry Clews & Co., however, need excite no fears as to the stability of our strictly first-class banking-houses. Their capital was never a large one; but they were extended over a great deal of surface, and their fame. such as it was. had not been derived from sources likely to inspire more than ordinary confidence here in NewYork, however it may have induced non-residents to deposit with the house. They must have had several hundred thousand dollars of deposits, and their failare is doubtless immediately due to the fact that they were called upon to pay. Having been recently made our Government Agents in London in place of the Barings, no doubt their credit received some enhancement from this fact; and many new parties were perhaps induced to open accounts with a house which our Government had seemed to recognize as stronger and safer than that of Messrs. Baring Brothers. What the Government may lose by this failure we may perhaps know at some day in the distant future. It IS a hopeful sign of the times that the stock brokers are making, as fast as possible, amicable settlements with each other, and are thus gradually approaching asolution of the greatest of our immediate difficulties. While there are 80 many outstanding differences between them, it would seem to be folly to open the Exchange Board, since those who have stocks to receive and those who have stocks to deliver would necessarily be ranged on opposite sides, and there would be perfectly distinct and decidedly fierce bull and bear parties immediately on the reopening of the board. Therefore, as the immediate reopening of the Exchange would, in the opinion of the clearest heads in the street, result in the failure of a very large number of stock houses, it is presumed that the Governing Committee will delay the opening till such time as the great mass of stock contracts shall have been adjusted by private arrangement. A small knot of outside brokers extemporized a veritable open board" in the street in front of the Stock Exchange, where a few transactions were made at the following prices :

6. September 25, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, September 25, 1873

Click image to open full size in new tab

Article Text

SENATOR MORTON INTERVIEWED. YORK, September 23. Senator the NEW is still in town, watching financial Morton situation with great interest. him at Tribune reporter called upon whethA Fifth Avenue hotel to inquire of the be had received any intimation Senser action by the President. said he was not tor for the President, or than further speak Morton authorized to say to he was prepared to do more when he that done. He had thought he had town, on Sunday, that the remedy if he left would prove sufficient; it was adopted become convinced that was inshould enough, and that the panic he would not the senator thought law to creasing, whatever he could within the that do confidence. The senatorsaid restore Johnson was of the authorized opinion Reveerdy President was not and that the money from the treasury There to take it in the national banks. deposit also doubts about the legality It was, of were bonds not yet due. of reI difficult to devise a way from Wall street with purchasing herefore, money would do lieving The President the he could, but was very all within the letter of of keeping that treasury. the desirous think law. Reporter-What effect do you particuexcitement of to-day, and & Co., the the failure of Henry Clews larly, will have on General Grant? Morton- The failure of Henry Senator Co. will hit him the hardest for of all. Clews Poor & Henry, I am very sorry him. Reporter-I bee that the President do you has to Long Branch to-day; and returned him to come over to-morrow expect look after matters himself? Morton-No; I doubt there if he he Senator As soon be gets self-constiwill surrounded come. by a crowd of can deis advisers, and I think be here. tuted what to do as well away as earnest cide Morton expressed be Senator that the outlook might not and that so discouraging hope as it was thought, better this would open much afternoon. morning things than they had closed yesterday EX-SECRETARY M'CULLOCH'S OPINION. NEW YORK, September 23.-The ex- Meof the treasury, London Hugh firm secretary a member of the Co., was Culloch, Jay Cook, McCulloch & of the called of on yesterday by a reporter inquiries and in response to house or not the he as to much affected by the Tribune, whether London panie, cheerful was advices were of a most there said When he left London revoluwasno suspielon character. that a financial seemwas imminent there. There practice sion be no disposition to q ed to on the part of Americans. and there economy crops are abundant, abroad The demand for them is good & prices, and trade is prosperous. there was at these circumstances disUnder ground whatever for existing had no in financial matters; likelihood he of turbance there was any have resupposed contingency he would the busisuch a in London to attend to first mained of the house. He received when his the ness of any disturbance on intimation reached the quarantine asked f steamer Monday evening. He was panic whether he thought the present seriousbecome wide-spread and as the would affect the mercantile 28 well McCulloch ly community. Mr. why financial that he could see no reason conreplied should the country was in a good prices for it if good crops and good criterion; dition, could be taken as a senseless; them panics were always mainfinancial depended upon the that tainali ev crything ee of confidence; in the great times like trouble the was present held on to men all available became and In the present funds they posse. was frightened commu sed. nity alarmed & Co., instance the n, Cox the failure of Warehouse and and have become and by the Keny Se distic arity usifal com- ICE of pany, those houses and banks whose reso are ample to meet the ordinof business, Each ary a considerable run. and to withstand requirements credit and the com- even to prepare for one and in this way the which was now ing storm, panie, endeavored precipitated taxing of financiers. reason for its emergencies the no extending He to could the see and disturbing the commerce in and mercantile disarranging community, confidence of the He counselled of the country in the greater part of ability country. the resources liabilities the and mer the to pay its and suspicion extend a calamity, which Distrust cantile and community would aggravate could sensi- be avoided if the community acted bly and discreetly.

7. September 25, 1873 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, September 25, 1873

Click image to open full size in new tab

Article Text

P By Overland Telegraph. |SPECIAL TO THE DAILY SENTINEL.] NEW YORK. NEW YORK, September 24. A Herald special from St. Domingo, Sept. 18. says: The Insurgents have been totally defeated. Marcia has regained. and Davis Montecristo has been retaken. A schooner containing the following communication has been captured: Luperon has fled to Havti. The strike progresses among the Crispins in the various shops on Warren. Murray and Chambers streets and College place. where ladies' shoes are principally marufactured. About 200 men are thus far on the strike. It is rumored that three or four shops have acceded to the demands of the workmen. The menallege that during the past eighteen months the employers have from time to time cut down the prices until there has been a reduction of 5 to 11 cents per pair. The employers promised to resume at old rates, but now refuse. Senator Marton is still in town watching the financial situation with great interest. A Tribune reporter called upon him at the Fifth Avenue Hotel to inquire whether he had received any furtheraction by the President. The Senator said he was not authorized to speak for the President, but believed the President was prepared to do more than he had done. He had thought when he left town Sunday night that the remedy adopted would prove sufficient. If he should become convinced that it was not enough. and that the panic was increasing. the S nator thought he would do whatever he could within the law to restore confidence. Beverly Johnson was of the opinion that the President was not authorized to take money from the Treasury and deposit it in the National Banks. There were also doubts about the legality of purchasing bonds not vet due. It was therefore difficult to devise a way of relieving Wall street with monev from the Treasurv. The President would do all he could, but was very desirous of keeping the letter of the law. Reporter-What effect do you think the excitement of to-day. and partienlarly the failure of Henry Clews & Co.. will have on General Grant? Senator Morton - The failure of Henry Clews & Co. will hit him the hardest of anything. Poor Henry; I'm very sorry for him. Reporter-I see the President has returned to Long Branch to-day. Do you expect him to come over to-morrow and look after the matter for himself? Senator Morton-No. I doubt if he will come. As soon as he gets here he is at once surrounded by : crowd of self-constituted advisers, and I think he can decide what to do as well away as here. There will be a meeting of the associated bankers to-morrow at 10 o'clock. at the Merchants' Bank. Stocks were weak and lower at the close, in consequence of renewed exeitement. Following are the clos ng prices on the street : Western Union. 63@64; Pacific Mail. 31@35: New York Central. 89@ 90 : Erie, 51@53 Rock Island, 88@30 Northwestern. 42@43 : Union Pacitic, 19 1 @20 Harlem, 102@104. MISSOURI,

8. September 25, 1873 The Pulaski Citizen Pulaski, TN

Article from The Pulaski Citizen, September 25, 1873

Click image to open full size in new tab

Article Text

The Wall Street Failures. The recent financial failures in New York created an unprecedented panic. For several days the dispatches contained nothing scarcely but the details of the great disaster. The country has never before witnessed such a spectacle. There were several small failures a week or ten days before the great crash, which were only rain-drops preceding the great storm which followed the fall of Jay Cooke & Co., the great millionaire bankers, whose financial operations during and since the war have been unprecedented. The government has negotiated loans amounting to millions upon millions through this firm, and it has also been the financial agent of numerous banking institutions throughout the country, Including many of the freedmen's saving Banks in the South. No banking house in America could have wide-spread alarm and failure or as disaster produced'sue by suspension this house has done. The immediate effect on Wall Street was appalling. Such wild excitement was never seen before. Banks and Bankers who felt confident and secure in the morning were closed and crushed by evening. in Undue speculation fancy and the stocks failures and bonds was the cause, produced a tumble in all kinds of stocks. The Government came in and took millions up thirty of bonds to better ease the pressure, and the feeling was afterwards. Prominent among the list of failures, after Jay Cooke & Co., came Richar Schell, Vermilye & Co., Fisk & Hatch, N. Y. Warehouse and Security Co., Kenyon, Cox & Co., &e., &c., New York, the First National Bank, Washington, &c., &c. Many others are in the list, but they are mostly small fry. The house of Jay Cooke & Co. was one of National reputation, and its failure, as before stated, will have a widespread influence upon other banking init was or stitutions agent correspondent, of which of the which financial there were thirty in the South, as follows: Alabama, 4; Arkansas, 2; Georgia, 6; Keutucky, 2; Louisiana, 1; N. Carolina, 1; S. Carolina, 5; Texas, 2: Tennessee, 3; Virginia, 3; West Virginia, 1. These are nearly all Freedmen's Savings and Trust Companies, and the probability is that the freedmen have lost considerably by the failure of their agent. On Saturday Commodore Vanderbilt proposed to come to the rescue with ten millions if the government would place thirty millions at the disposal of the New York banks. The President declined. Still the Secretary of the Treascontinued to up ury take bonds to be- the amount named above, and it was lieved on Monday that the breakers had been passed and confidence would soon be restored. LATER. The failure of Henry Clews & Co. at 3 o'clock on Tuesday created another panic. A dispatch says that confidence had been restored and the banks were doing business as usual, and just as the street was beginning to feel that all was safe, the painful rumor spread like wild-fire that Henry Clews & Co. had failed. This created as much excitement as the failure of Jay Cooke & Co., and at the close of business Tuesday evening the panic was as great as ever.

9. September 25, 1873 Carson Daily Appeal Carson City, NV

Article from Carson Daily Appeal, September 25, 1873

Click image to open full size in new tab

Article Text

CORBETT HOTSE-CORBETI BROS., PROPRIETORS, J Morgan W M Recse F Beckett T J Shullman C H Chapinan J T Porteet P Murphy M Boyd A Stacey B D Thresher T A Little D Cole LATEST TELEGRAMS. New York, Sept. 24.-A Herald special from St. Domingo, on the 18th, says the insurgents have been totally defeated. Marcia has regained Dais, and Monte Cristo has been retaken. A schooner containing communications has been captured. Luperon has fied to Hayti. The strike progresses among the Crispins in the various shops on Warren. Murray and Chambers streets and College Place, where ladies shoes are principally manufactured. About two hundred men thus far are on a strike. It is ramored that three or four shops have acceded to the demands of the workmen. The men allege that during the past eighteen months the employers have from time to time cut down prices, until there has been a reduction of from five to eleven cents per pair. Employers promised to resume old rates, but now refuse. Senator Morton is still in town, watching the financial situation with great interest. A Tribune reporter called upon him at the Fifth Avenue Hotel to inquire whether he had received any intimation of further action by the President. The Senator said he was not authorized to for the President, or say he was to do more than speak prepared he had done. He had thought when he left town on that the remedy adopted would sufficient. Sunday prove night If he should become convinced that it was not enough, and that the panic was increasing, the Senator thought he would de whatever he could within the law to restore confidence. Reverdy Johnson was of the opinion that the President was not authorized to take money from the Treasury to deposit it in national banks. There were also doubts about the legality of purchasing bonds not yet due. It was therefore difficult to devise a way of relieving Wall street with money from the Treasury. The President would do all he could, but was very desirous of keeping within the letter of the law. Reporter-What effect do you think the excitement of to-day, and particularly the failure of Henry Clews & Co. will have on General Grant? Senator Morton-The failure of Henry Clews will hit him the hardest of anything. Poor Henry, I am sorry for him. Reporter-I see the President has returned to Long Branch to-day. Do you expect him to come over to-morrow and look after matters for himself? Senator M.-No. I doubt if he will come. As soon as he gets here he is at once surrounded by a crowd of selfconstituted advisers, and I think he can decide what to do as well away as here,

10. September 26, 1873 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, September 26, 1873

Click image to open full size in new tab

Article Text

borrowing one. securities. but do prices the very to best sacritice them of at the the matter now is. a general suspension has become of a necessi the propose institutions current. The fact large place afford banking and the sooner it takes can ty. The small houses the to must suspend their or go money to better. hold out, perhaps, but under. interest larger The us. ones I people who to bring get a per cent. it into must corner and wecannote expect not to look convert think at. that our No: great investments we we put damage invest and on to a jump without rate we don't proourselves. the be At the any authors will of wait. our own the pose to our depositors of ruin : so McCelloch ex-Secretary of the only course to one, tion say now is a bold The alike Treasury Mr. safety in the course excitement. conversa- be pur- free sued for from fear or & Co. I very unfortunate. have regard as understood to suspension firm I have of Henry Clews and doing That been a successful judgment large business have been wise an of occurrence its have prevented failure of to a would very hazards. The In such one, my mealety friends one it at all prominence does sense of in the house harm of its by weakening the Men Table security stage public of mind. uncertainty ar- we in rive at that To whom dare Department of lend which Navigation they say, has Com- remander The the official report Tigress deceived Greer, of the Polaris scribing the confirms the crew. previously The report search published. for the press At a mee ing of the Chairman to day, announced accounts Association Loan Committee the Clearing-House authorized that of the the $10 000.000 certificates the associate tanks to be issued taken to out. whereupon been all that the addition sum was was $10.000.000 be to of had resolved authorized. order supply It it also resolved t at in for legal tender the and renew impaired notes be $10.0 0.000 the Clearing-House ta public demand the confidence authorized to purchase any part bonds, and to cure of same by the Secretary cost of the United the the States loss on of the of pro+ the the Treasury. to be divided among transaction associated banks, pro rethe amount of the of as shown committee spectively. New York that their by the deposits returns rata of last week : and the share of to assess usual be bank by drafts, in the each manner authorized foreign now a number of exchange Government have the purchase of relief as a measure Washington There surgested are bankers to the in this city. of foreign They for at of the currency be now the The surgestion is said to Tr exchange. stringency the asury mar- is under ket. consideration The following by suggestion explanation officers. terms of the of The foreign loan coin made: of the offer theseterms bankers To New we York Association of our sixty-day bills London or we take purpose in to take these to our bank and titicates will Cleving-houses sell you payment then loan place buy cer. on certificat S credit; we will them to our on Europe, drawn draw the of produce, the therefor on your our shipment bills checks the clearing-house; and against banks. payable obviate the necessity of we thus in forwarding market; ing now filling ur this way greenbacks produce through grain havand can be given in for the increasing the members of the greenbacks without relief hundred joined demand the Cham- in for a mee ing ber One of Commerce have of the Chamber this condition of tive request to afternoon the for consultation financial as may rela- at- be fidence deemed fairs, and advisable such action to re-established

11. September 26, 1873 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, September 26, 1873

Click image to open full size in new tab

Article Text

was resumed on Sunday. It was finally decided to purchase an unlimited amount of government bonds, but not to trench upon the legal reserve of $44,000,000-a decision which the most prominent financiers fully concurred in, as by this means a large amount of greenbacks was made available for the use of bankers and institutions of trust in meeting the demands of depositors. The week opened on Monday with a more confident feeling; the purchase of government bonds at the sub-treasury reached the sum of $3,500,000, and everybody believed that the worst was over. All went well until Tuesday afternoon, when Wall street was again stunned and the old excitement was renewed by the announcement of the suspension of the well known house of Henry Clews & Co. The brighter prospect that had prevailed, and the expectation that the Stock Exchange would be speedily re-opened and business resume its wonted channels, was of course overthrown by this untoward event, and dark forebodings again prevailed. On Wednesday a continued uneasy feeling prevailed, but as no more failures of $ pecial importance were announced, matters assumed a more encouraging aspect, and the outlook as the day closed was on the whole a hopeful one. Such, in brief, is the history of this extraordinary convulsion up to the time of our going to press. The failure of Clews & Co. was not owing to any weakness or recklessness on the part of the firm, but was simply the result of the unprecedented run which had been made upon them from the commencement of the panic-in the four days preceding their suspension they having paid out to depositors the large sum of a million and a quarter dollars! Their safes are filled with firstclass securities which they only need time to realize upon, and they confidently expect to resume in few days. Jay Cooke & Co. and Fisk & Hatch also announce themselves perfectly solvent and hope to resume business as soon as the excitement is over. The failures up to Tuesday night numbered forty-one in New York, thirteen in Philadelphia, two in Washington, and one each in several of the larger cities, not including Boston. Runs have been made to a greater or less extent on the savings banks in New York, as well as in several other cities, but the press has counselled coolness and moderation, and so far these institutions have stood firm. It is a fact which should be borne in mind that the legitimate business of the country has not suffered by this panic. That class of trade which is devoted to supplying the real wants of the people goes on as usual, and the disasters have been almost wholly confined to those houses engaged in speculative railroad enterprises. In this panic the system which we have grown into of building Western railroads with the proceeds of ) the sales of bonds whose sole value consists $ in the prospective business of a raitroad ) not yet built, has worked out its inevitable result. In the past four years more than ) $600,000,000 have been spent in building e railroads mainly on promises to pay, and I 6000 miles of railroads have been built $ where less than 600 miles were really needed. The lesson which the last week has taught ought not to be forgotten by this generation at least.

12. September 27, 1873 Washington Standard Olympia, WA

Article from Washington Standard, September 27, 1873

Click image to open full size in new tab

Article Text

Mr. Redick and others represented to President Grant and Secretary Richard-son the necessity of immediate action, but they were informed that the Constitution could not be violated. It was agreed by the President and Secretary to instruct the Assistant Treasurer at New York to buy all Government bonds offered for sale to any amount. The savings banks hold many millions of Government bonds, and it is probable that they will sell them, and deposit the proceeds in National banks, which will give them relief. ### Savings Banks take Precautions against a Run. Officers of savings banks have taken prompt action to prevent an immediate run on their several institutions. A number of them met to-day and adopted a resolution that that portion of the rules governing savings institutions requiring notice to be given previous to payment be rigidly enforced. ### Suspension of the Clews Banking House in London. LONDON, Sept. 24.--Clews, Habith & Co. were informed yesterday that Henry Clews & Co. were safe, and the first they knew of the suspension of the New York house they learned to-day. They immediately called in their solicitors, and after consideration decided to suspend payment. PATERSON, N. J., Sept. 24.-Four hundred and fifteen more men to be discharged from Rogers' locomotive works, making 1,000 men this week, or two-thirds of the force. The Danforth

13. September 28, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, September 28, 1873

Click image to open full size in new tab

Article Text

BUSINESS ON WALL STREET. THE PAST TEN DAYS. NEW YORK, September 27.-The ten days, closing this afternoon, have been the most eventful in financial circles for the past fifteen years. The excitement has raged without Cimit, and at times there seemed to be no end to the calamities possible. On Thursday the fire died out for want of fuel, so far as Wall bethen street was concerned. They gan their work in financial circles, and there is now a reasonable hope that they may be checked, and that the worst has been seen. The day closed with a decidedly better feeling in all directions. FOREIGN EXCHANGE closed with an improved tone. The last quotable rates having been 104@1041 for prime bankers' sixty-day sterling; 105 for bankers' demand; 1051@105 for cable transfers, and 102@103 for sixtyday commercial, and 104 for three days sight. MONEY. There were no regular rates for money, loans having ranged from one-fourth per cent. per day to seven per cent. per aunum. As a remarkable instance of the restoration of confidence now going on, it is mentioned that money which has been extremely scarce at one-half to two per cent. per diem, was acceptable at seven per cent. on approved collaterals. In this connection, it may be stated, that the resumption of Henry Clews & Co. has received general indorsement, and most of their old customers have acquiesced in transferring their accounts to the new special accounts on their books. Numerous new accounts have also been opened. Messrs. Howes & Macey make an almost similar repert, all of which goes to show that the lately suspended firms retain the confidence of their customers and sympathy of business men generally. GOLD was unusually active, and at times the room presented an animated appearance. The price opened at 114}, advanced to 1151, declined to 1131, rallied to 113g, and late-dealing sales were made at 1131. At the opening of the room loans in gold were made at costs per cent., but soon fell to flat, followed by an advance to e, and a final reaction to flat. The bank statement will not be ready before Monday. The assistant-treasurer paid out to-day nine thousand dollars on account of interest and the redemption of 5-20 bonds. Customs receipts to-day, $277,000; for the week, $1,908,887. IMPORTS. The total imports of the week were $10,902,468, of which $7,464,702 were merchandise, and $3,437,766 were drygoods. Amount of dry-goods marketed, $3,803,835. Total exports of specie since January 1st, $40,851,151, against $57,973,861 last year. STOCKS AND BONDS. Street dealings were small and devoid of any new feature early in the day, except that prices were lower in consequence of the pressure to sell stocks for cash, but in the afternoon improved feeling pre-ailed, the change being sudden and very marked. Prices advanced rapidly on small offerings. Large business would have been done in buying stocks, but street dealers did not appear to have money. The greatest advance was in Lake Shore, which rose from 62 to 76. New York Central sold up to 92, Western Union, 62: Rock Island, 88; Harlem, 110; Pacific Mail, 32, and Union Pacific, 21. At the close the market was very irregular, from the fact that so few stocks were offered. The following are the latest PRICES CURRENT among the crowd of miscellaneous operators on the street: New York Central and Hudson, 90 bid, 93 asked; Erie, 50 @55, Lake Shore, 73@76; Northwestern, 40@45: Rhode Island, 87@90; Pacific Mail, 31@32; St. Paul, 29@30; Ohio, 30@32; Western Union, 61@65; Wabash, 42@44; Union Pacific, 20@22; Cincinnati, Cleveland and Indianapolis Central, 21@22; Harlem, 106@110. It was rumored late in the day that one individual had borrowed from five to ten million dollars on New York Central and Lake Shore bonds, and also that other large loans had been made on various stocks.

14. September 28, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 28, 1873

Click image to open full size in new tab

Article Text

FRANKFORT, Sept. 27 5-20's, 1862, PARIS, Sept. 27.-Rentes 57f 271c. ANTWERP, Sept. 27.-Refined petroleum 41f. New York Money Market. NEW YORK, Sept. 27.-The ten days elos ing this afternoon have been the most eventful in financial circles for fifteen years. The excitement raged without limit, and at times there seemed no end to the calamities possible. On Thursday the fires died out for want of fuel, so far as Wall street was concerned. They then began their work in mercantile circles, but there is now a reasonable hope that they may be checked, and what has often been said, the worst has been seen. The day closed with a decidedly better feeling in all directions. Foreign exchange closed with an improved tone, the last quotable rates having been 104@1041 for prime bankers' 60 days; sterling 105 for bankers' demand, 1051@1054 for cable transfers, and 102@103 for 60 days' commercial, and 104 for three days'sight. There were no regular rates for money, loans having ranged from per day to 7 per cent per annum. As a remarkable instance of the restoration of confidence now going on, it may be mentioned that money, which had been extremely scarce at 1/4 to 2 per cent per diem, was accessible at 7 per cent.on approved collaterals. In this connection it may be stated that that the resumption arrangement of Henry Clewes & Co. has received general endorsement, and most of their old customers have acquiesced in transferring their accounts to new special accounts on their books. Numerous new accounts have also been opened. Messrs. Howes & Macey make an almost similar report, all of which goes to show that the lately suspended firms retain the confidence of their customers and the sympathy of business men generally. Gold was unusually active and at times the room presented an animated appearance. The price opened at 1141, advanced to 1151, declined to 1131, rallied to 113g, and in late dealings sales made at 1131. At opening of the room loans in gold were made at register per cent, but the rate soon fell to flat, followed to sn advance of elleg per cent, and finally a reaction to flat. The bank statement will not be ready bsfore Monday. The Assistant Treasurer paid out to-day $9,000 on account of interest and the redemption of 5-20 bonds. The castoms receipts to-day were $277,000. For the week $1,908,887. Total imports for the week $10,902,468, of which $7,464,702 were merchandise and $3,437,766 dry goods. The amount of dry goods marketed were, $3,833,835. Total export of specie since Jan. 1, $40,851,151, against $57,973,861 last year. The street dealing was small and devoid of any new feature early in the day except that prices were lower in cons quence of the pressure to sell stocks for cash, but in the afternoon an improved feeling prevailed, the chapge being sudden and very marked. Prices advanced rapidly on the small offerings. A large business would have been done if they could buy stocks, but street dealers did not appear to have the money. The greatest advance was in Lake Shore which rose from 62 to 76. New York Central sold up to 92, West Union 62, Rock Island 88, Harlem 110, Pacific Mail 32 and Union Pacific 21. At the close the market was very irregular from the fact that so few stocks were offered. The following are the latest prices current among the crowd of miscellaneous operators on the street: New York Central and Hudson, 90 bid and 93 asked; Erie, 50056; Lake Shore, 73@76. Northwestern, 40@45; Rock Island, 87@90; Pacific Mail, 31@32; St. Paul, 29@30; Ohio, 30@32; Western Union, 61@65; Wabash, 42@45; Union Pacific, 20 22; C. C. and I.C., 21@22; Harlem, 106@110. It was rumered late in the day that one individual had borrowed from five to ten millions on New York Central and Lake Shore bonds and also that other large loan had been made on various stocks. New York Dry Goods Market.

15. October 3, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, October 3, 1873

Click image to open full size in new tab

Article Text

curring that showed how futile was the wieh. Early in the morning, reports of the suspension of banks again began to come in from all parts of the country This news did not reach the general public until the afternoon, but bankers and brokers were early advised and warned by it. It is known that every country bank with a balance to its credit in New York made drafts for it, 80 that the total aggregate country demand was $200,000,000. Such a demand was unprecedented, and not to be met. Upon many bankers the run was instantly and secretly beguli. The crowds in the streets were doing nothing to avert the impetiding disaster. saying nothing of that which was undermining and destroying many of the largest and best-known banks in the city. Toward noon it became whispered that a ritn was being made upon Henry Clews & Co. It is asserted that Clews paid out during the morning nearly $1,000,000 on demand. and then went about the "street" with mercantile paper endeavoring to raiec more funds. But no man knows how his fellow-merchant stands, and the offer to pay 2 per cent. a day-780 per cent. a year-for loans upon good mercantile paper were laughed at. Clews could realize nothing ou doubtful railway securities which he held, not anything upon worthless Georgia bonds, which he has led others into taking, and for which he was stnck about $1,000,000. He failed in every legitmate effort to raise money, and, being without hope of further aid from the Government, he closed his doors at half-past 2 o'clock. The fact of the suspension created as much excitement as the suspension of Jay Cooke & Co. The news left the street, at the close of business, in a condition of great excitement, and the headway made in restoring confidence was in a great measure lost. The run on the savings banks continued today, but. as most of them adopted the time rule for paying depositors, the excitement soon subsided. There is endless confusion, wild speculation, absurd proposals, loud threatenings, ominous prophecies. These indicate the clamor at the Fifth Avenue Hotel this evening, where the whole city seems congregated in condensed, compressed, confused agitation. The prospects for the morning are gloomy enough. There is depression everywhere : and yet it cannot be said that the actual financial situation in New York warrants this depression of the public, After the failure of Clews was announced, the city was flooded with a great many rumors, involving the credit of such men as Opdyke, Vermilye, Howe. and Macv. and others who are believed to be substantial and round. THE SITUATION IN PHILADELPHIA. PHILADELPHIA, Sept. 23. -The financial crisis here is over, and bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed. except the Union and Citizens'. The latter will soon resume. All the National Banks stood firm, and no doubts were entertained of their etability. Neither Jay Cooke & Co. nor De Haven & Bro. have as vet issued any statement of their affairs. The invariable reply to inquiries as to the probable date of euch issue is, We cannot say; our clerks are busily engaged on it." Some few unfeeling persons are parading around caricatures of Jay Cooke after his failure. representing him with head cast down, knees almost drawn up to his chin, and seated on an old box, in evidently a very abject state.

16. January 6, 1874 The Daily Argus Rock Island, IL

Article from The Daily Argus, January 6, 1874

Click image to open full size in new tab

Article Text

Changes Proposed in the Bankrupt Law. I Precedents for Back Pay and Salary Grabbing. The N. Y. Bar will consider Mr. Williams's Case. Henry Clews Resumes. The Unemployed in N. Y. Meeting of the Ohio Legislature. WSHINGTON, Jan. 5. -The substitute for House ey a Committee, act, the reported provides bill by repealing the for Senate the number bankrupt- Judiciary of amendments to the present law, the most important of which are the following That it shall require the action of onefourth of an insolvent's creditorsi in number or one-third of the amount of the debts to force him into bankruptcy, instead of a single creditor or debts to the amount of $250, as now the protested paper may run sixty days instead of 30 days, as now. Whenever a majority of the creditors agree to take the case out of bankruptcy they may do so. The courts are empowered to a r permit any number of creditors to make e composition of their claims in the case of involuntary bankruptcy. The term of four months mentioned in section 35 of the e old law shall e changed to two months,and e the period of six months therein changed ic to three months. The first of these provision is not to take effect until two months, d and the second until three months after R. the adoption of this act. The bill provides for the reduction of fees, compositions, y n charges, and all allowances, excepting the IS actual and necessarv disbursements of and or to be made by officers, agents, marshals, ly messengers, assignees and registers. The ot bill also provides that this section shall be e, and remain in force until the Justices of pthe Supreme Court of the United States ut shall make and promulgate new rules in reup spect to these matters. The House Committee on appropriations to-day finally disposed of the Army Appre priation bill and reduced the estimates oyer . four millions, The message sent by the President to the House to-day, transmitting the corres pondence and other papers relating to the Virginius matter, gives a plain, succinct history of the case with all the features of which the public are already familiar. The correspondance, &c is exceedingly voluminous, but really adds nothing to the facts already made public. The statement submitted to the Senate to-day by the Secretary of the Senate relative to past legislation concerning the salaries of Congress, shows the various rates 1ph of compensation fixed for Congress at vadies rious times, and shows that of the acts increasing the salaries, the following were retroactive Act of March 10th, 1796, retroactive for six days of March, 1816, for one year and 15 days of January,1 for 53 days of August, 1856, for one year, DAY e of five months and twelve days; of September, 1869, for six months and eighteen days; of March 3d, 1873, for two The average compensation and allowances of all kinds to Senators under the act of July, 1866, was $6,625. and under ng the same act where the Senators drew mileage for special session, $6,922. The herit average total compensation under the ac of March, 1873, is estimated at $7,600 estimated traveling expenses included Ea CR. There is no record in the Secretary's offic ES. showing that any Senator returned hi back pay to the treasury under any of th above acts except that of March. 1873. HAVANA,Ja 5. -The overthrow of th Castelar ministry is favorably received i Havana. The Casino Espanel is especial CO. ly jubilant. The volunteers are evidentl in favor of a monarchy. Crowns on th sterns of the Spanish vessels in the harbor which were painted over when the Repub lic was in vogue, are now being regilded The imperial Spanish coat of arms ha again been placed on the palace of th ch Captain-General. NEW York, Jan. 5. -The Bar Associa tion will, in a special session to-morro night, consider the nomination of Mr.Wi liams for Chief Justice. Henry Clews & Co. resumed busines day. Etc. The procession of workingmen, wl J. gathered in Union Square this mornin marched to the City Hall, where, after se eral ineffectual attempts of their commi tee to see the Mayor or the heads of the PUBpartments, they finally dispersed after solving to hold a grand demonstration Thursday next, papers COLUMBUS, Jan. 5.-The General A erned, sembly convened this morning. Geo. Converse, of Franklin, was chosen Speak f! of the House, Thomas Coughlin, of Cra which ford, Chief Clerk. As soon as the organization was comp ted a resolution was offered asking Congre to $1.50 to repeal the salary bill. Referred .75 special committee with instructions mbug. amend SO as to censure the President Rock signing the bill. ACH. The Senate elected S. K. Donovan, Delaware, Chief Clerk. CINCINNATI, Jan. 5.-An Enquirer 'S ial to night from Mansfield reports the covery to-day of a deficit in the accounts County Treasurer R. H. Rowland,of $1 000. on.

17. January 7, 1874 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, January 7, 1874

Click image to open full size in new tab

Article Text

NEWS OF THE DAY To show the very age and body of the Times." The Signal Office reports that the Alleghany, Monongabela and Great Kauawha rivers will rise rapidly during Wednesday, and freshets are anticipated at Oil City, Freeport. Confluence, Morgantowo, New Geneva and Brownsville. The Ohio river will rise decidedly at Pittsburg, Marietta and Ciocinnati. Mrs. Clark, the unfortunate woman in North Severn District, Anne Arundel county, Md., who was SO terribly burned on last Wednesday evening by the explosion of a coal oil lamp, has since died from the effects of the accident. A dispatch from Mobile says that it is rumored that the Mobile Register has changed hands, John L. Rapier, a well known citizeu, becoming the sole proprietor. Colonel John Forsyth will remain as editor-in-chief. A New York dispatch says that Rev. Drs. Storrs and Buddington and Mr. Beecher have settled their differences growing out of the Plymouth Church proceedings in the case of the Tilton-Beecher scandal. The report of the Special Commissioners to the Pennsylvania State Legislature recommends an appropriation of one million dollars in aid of the Philadelphia Centennial. The Providence (R. I) Board of Trade has unanimously resolved that a national Bankrupt law is necessary, but that the present law should be amended in sundry particulars. The banking firm of Henry Clews & Co., of New York, which suspended during the height and fury of the panic, has resumed business under the most favorable circumstances. The Annapolis Gazette, with its issue of this week. commences its one hundred and twentyseventh volume.

18. January 16, 1874 Sunbury American Sunbury, PA

Article from Sunbury American, January 16, 1874

Click image to open full size in new tab

Article Text

During the past year American timber. in various forms. to the amount of titteen million of dollars, was exported to Eng. laud. It costs two thousand dollars to bury a Congressman at Washington. Just now, however, the country would make a good speculation by getting several of them decently interred at that figure. The State Grange of Patrons of Husban dry closed its session at Harrisburg Friday last, to m et at Williamsporta year hence. In the business transacted was the adoption of a new constitution. in which was defined those eligible to membership. A number of additional deputies were appointed to constitute subordinate granges, and re 8 lutions a.lopted calculated to organize them in every community in the Common wealth. The banking house of Henry Clews & Co. has resumed, and in a circular an nounces that it is ready to meet all its ob ligations in full. The house made a hereic stand at the outset, and suspended only at ter the most extraordinary exertions to avert the catastrophe. Gov. Hartranft has officially proclaimed the adoption of the new Constitution. The California Legislature has passed a bill authorizing the Governor to offer a re ward of of $15,000 for the capture of the notorious bandit Vasquez and his band. It is reported that Vasquez is in San Franeisco at the present time. The aggregate amount of the late sales of pews at Plymouth Church was $59.430, against $59.306 50 last year, making an in crease of $123 50. Mr. Beecher has, there fore, been vindicated under the hammer.

19. October 6, 1874 New Orleans Republican New Orleans, LA

Article from New Orleans Republican, October 6, 1874

Click image to open full size in new tab

Article Text

NEW YORK. Fled. NEW YORK, October 5.-The Times pub lishes the following from New Orleans last evening: "Governor Kellogg received information this evening that upon the arrival of the United States troops at Coushatta, some fifteen White Leagues who were engaged in the recent murder of Republican officeholders, leit town and fied to Arkansas and Texas." The New Daily. The new Republican journal, The Republic, appeared to-day. Henry Clews & Co. Henry Clews & Co. have decided, in fairness to their customers, to suspend for a day or two the receiving of deposits, and have transferred the remittances received during the past few days to the custody of the Continental Bank to the credit of those who remitted them. The firm do this as a prudential matter. though a much larger loan than £100,000, already negotiated in London, is expected in a few days. The Indicted. Theodore Tilton and Francis D. Moulton were officially notified this morning of the indictment found against them by the grand jury for libel and slander against Mr. Beecher. Bail in each case has been fixed at $3000, which they will be required to furnish by to-morrow.

20. October 6, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 6, 1874

Click image to open full size in new tab

Article Text

New York Items. NEW YORK, October 5.-The new Republican journal- The Republic"-appeared to-day. Weston begun at five minutes past 12 o'clock last night another attempt to walk 500 miles in six consecutive days. Henry Clews & Co. have decided, in fairness to their customers, to suspend for a day or two the receiving of drafts, and have transferred remittances received during the past few days to the custody of the Continental Bank and to the credit of those who remitted them. Theodore Tilton and Frank D. Moulton were officially notified this morning of the indictments found against them for libel and slander against Mr. Beecher. Bail in each case was fixed at $3,000, which they will be required to give by to-morrow.

21. October 25, 1874 Los Angeles Daily Herald Los Angeles, CA

Article from Los Angeles Daily Herald, October 25, 1874

Click image to open full size in new tab

Article Text

Latest Telegrams CASTERN Crop. Meetinz of Knights Templar sugar NEW ORLEANS, October 22d.-Ac- ade for tive,preparations are being nights entertainment of the from all the who are expected zattod the Templar, of the U Aono 100 nz Tues sections Grand Convention, commen estimate December 1st. It is and soven day there will be between six hundred present. Latest section advices/frout show an the uncommonly care and ing yield, of cane per acre matlarge proportion of saccharine are greater than usual. The prospects the lairter good for a production of made now crop of sugar that has been gest in Louisiana since 1862 The Highest Mountain. Washington special says who Mr. acA the photographer to Jackson, Hayden's expedition here companied Great Well, has returned suc. the He reports remarkable Several to-day. in taking negatives. were ces ruived cities, hitherto unknown, One discovered and photographed. measured, atain was scaled and higher me proved, to be sowewhat measured and than any other heretofore North America. Trouble. in Patterson. N.J., Locomotive Works in NEW YORK, October 22.4-It is unthat the Grant Locomotive are derstood at Patterson; New Jersey, Works, some troublerg contract Govery- (fifty in locomotives for the Russian as had conditions attached to Grant it, ment time of delivery, which the to comto found it impossible the Company with, and work thereon in The meantime ply has been suspended over Iishow a large surplus unavailable abilities, company but in a every affairs is and the future of its lenishape, dependent altogether upon the of the Russian Governmental The interpretation ency of the contract. creditors of the company will probably anexasked, in the meantime, for be of time, until communication Governtension had with the Russian can be It is said the company have discharged ment. a large number of men, and will probably close their shops altogether for the present. Insurance Company Secretary of the State of New of The has warned the Secretary JerJersey Oriental Insurance Company of of City to discontinue the business in a sey most the company, unsatisfectory and its state: affairs are, biH 100 appriant Mail service. WASHINGTON October 23d. - The Postoffice Department has established on a branch tri-weekly mail service route from Havilah to Lone Pine, to the California, to run from Lagunita Panamint, Distance, 90 miles, Bank in the Hands of a Sherid. NEW YORK, October 23d. - The of Henry Clews & Co.'s banking doors are closed, the office and effects It house in the hands of the Sheriff. that the difficulty and its creditors is the being stated firm will between shortly to-day be arranged. Customers calling motold to call to-morrow. A the were tion to vacate the order by which Sheriff retains possession was denied. China Steamer. NEW YORK, October 23d. - The of teamship China sailed on the 14th Franfrom Yokohama for San with 900 tons cisco, October measurement New York of and 125 tons of silk for for Teas via Panama; 1,000 tons of freight San Francisco and 280 passengers-30 arcabin. The steamship Vancouver 11th rived at Yokohama on October from San Francisco. She sailed the for Hongkong Oct. 14th, arriving on 21st. still Better for the Democrats. CHICAGO, October 24th!-The Democratic majority in Ohio is 17,202. Fourteen Democrats and six Republicans are elected to Congress. Moses Issues a Proclamation. CHICAGO, October 23d. - Governor Moses of South Carolina has issued a proclamation changing the Commisof Registration in every county that each sioners in the States so Republican, Board shall one be composed of one Independent Republican and one Conservative.

22. October 29, 1874 The Democratic Press Ravenna, OH

Article from The Democratic Press, October 29, 1874

Click image to open full size in new tab

Article Text

THE DEMOCRATIC PRESS! SAMUEL D. HARRIS EDITOR AND PUBLISHER. RAVENNA, THURSDAY, OCT. 29, 1874. SNOW fell at Laramie and Cheyenne on Tuesday. NINETY thousand people are out of employment in New York City.. THERE are 150,000 acres of timber leveled annually for railroad purposes alone. THE Seashore Seminary at Handsboro, Mississippi, was burned on Thursday. GENERAL Dix has yielded to the pressure, and declared against a third term. THE Ogden House, at Council Bluffs was destroyed by fire on the 21st inst. Loss $80,000. THE Presidents home organ declares against any declaration by him that he will not run for a third term. THE Souhegan National Bank, at Milford, N. H., was robbed a few days ago of $120,000. IT is reported that the Government of Uraguay is about to issue $4,000,000 of paper money. THE majority of Garfield in this District is 2530. A slight falling off from 10,934 is 1872. THE Banking firm of Henry Clews & Co., of New York, is said to have made an assignment for the benefit of its creditors. THE Maijie, from Pundee for Rangoou, was wrecked in the Hebrides during the late gale on the coast of England, and twenty-four persons on board drowned. THE Phonix Woolen Mills, at Seneca Falls, New York, were burned on Friday morning; Loss $50,000; partially insured. THE propeller Brooklyn, bound from Cleveland for Chicago, exploded her boiler at Detroit, Friday morning, by which ten persons are supposed to have been lost, and eleven others seriously injured. COMMODORE William Inman died at Philadelphia, on Friday. He entered the navy in 1812, and at the time of his deach was at the head of the Commodores on the retired list. COMMODORE Austin Pendergrast, commanding the receiving ship Potomac, died at Philadelphia, on Friday night, of pneumonia, after a brief illness. He was a nephew of Commodore G. J. Pendergrast, born in Kentucky, and appointed from that State in 1848. A ST. PAUL dispatch dated the 23d, says: A special to-night savs the town of Marshal, situated at the Red River crosssing of the Northern Pacitic Railroad, is in imminent danger from prairie fires near by. Attempts to check the fire prove futile, as the wind is too high. -

23. November 5, 1874 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, November 5, 1874

Click image to open full size in new tab

Article Text

PERSONAL. The Missouri State Grange, in session at Kansas City on the 22d, elected the following officers for the ensuing year: T. R. Allen, Master; John M. Oldham, Overseer; W. Jackson, Lecturer; W. Cochrane, Steward; Dr. T. B. Turnbaugh, Assistant Steward; G. T. Brayton, Chaplain; C. T. Quiesberry, Treasurer; A. M. Coffee, Secretary; A. J. McCraynor, Gatekeeper. The firm of Henry Clews & Co., bankers and brokers of New York, which was seriously affected by last year's panic, have finally had to succumb, and have made an assignment for the benefit of their creditors. Other failures have been recently announced which are thought to have also grown out of the panic of a year ago. The Grangers' Executive Committee of California are reported to have determined to ship wheat on their own account without reference to Morgan's Sons-their former agents-whose failure was recently reported. Gov. Dix addressed a meeting in New York on the night of the 26th, and in answer to a question said he was opposed to a third term. The committee appointed by the National Executive Committee of the Union League of America, which met in Baltimore on the 20th, visited the President, Secretary Bristow and Postmaster-Gen. Jewell on the 27th, for the purpose of presenting the resolutions adopted at that meeting. The Washington Republican of the 28th contains an editorial stating that the thirdterm question had been discussed in the Cabinet, and that the President had said he regarded the agitation of the question as due tolely to the newspaper men, who had started it for the purpose of creating a sensation. As for his making any statement on the subject, he had never thought of such a thing. nor had he ever talked on the subject with any. one. He did not think it comported with his dignity as President of the United States to make a statement on this question in response to the clamors of the newspapers. The Episcopal General Convention, at its recent session in New York, adopted a canon against ritualistic practices by a vote of 72 to 5. A private letter has been received at Washington from Dockray, the American who was arrested by the Spanish authorities in Cuba. He gives an account of his sufferings on shipboard, and states that he has been sentenced to a penal colony in Africa for a term of ten years, but that he hopes to be released before long through the intervention of the United States Government. A report that Oliver Dalrymple, the great wheat farmer of Minnesota, had failed is pro-

24. March 31, 1875 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, March 31, 1875

Click image to open full size in new tab

Article Text

From New York. New YORK, March 30. HENRY CLEWES &-co. A special to the Troy Times says: The property of the first firm of Henry Clews & Co., was transferred to the keeping of the city chamberlain, who has been appointed receiver. A large amount of securities were given into his possession by the state assignee. The assets included a trunk filled with presents made to Mr. Clews on his marriage to Secretary Belknap's sister. The property of the new firm of Henry Clews & Co., which was formed after the September panic, and which was declared in voluntary bankruptcy, is to be taken out of the vault to-day by Mr. Timpson of the Continental bank, who is the assignee. Their securities are said to be worth about $2,500,000 on their face. STOCKS AND GOLD. The stock market to-day does not present the excitement of yesterday. At noon, Union Pacific, Western Union and Pacide Mail were strong. Gold also is quiet thus far to-day. It is weaker than yesterday. DEATH OF A BANKER. Lazarus Hallgarten, whose death is announced, was the head of one of the oldest banking houses in the city. HENRY WARD BEECHER TO THE STAND. Last night, after a consultation by Messrs. Evarts, Porter and Shearman at the residence of Mr. Beecher, it was decided to put Mr. Beecher on the witness stand without further delay. This was decided upon on account of the absence of other witnesses. A NEW CABLE. President Orton of the Western Union telegraph company, who has gone to Europe, has for his errand the making of contracts for the laying ot a new sub-marine telegraph cable between Key West and Ponta Rosa, Florida. The line will be about one hundred and twenty miles long.

25. September 28, 1875 The Daily Argus Rock Island, IL

Article from The Daily Argus, September 28, 1875

Click image to open full size in new tab

Article Text

A Very Serious Matter, From the New York Herald. In the year 1870 Henry Clews & Co., bankers, of New York and London, were appointed financial agents of the United States in London, the deposits of the government being taken from the house of the Barings. who had held this confidential and responsible position almost ever since the foundation of our government. The change, made suddenly, and, SO far as the public knew, without cause, attracted unpleasant comments at the time. It was commonly said that the appointment of Clews & Co. was the reward of political service, and during the panic of 1873, when the house failed, Mr. Clews was conspicuously spoken of as the personal friend of the president and the secretary of the treasury. On Thursday, on a hearing of creditors who opposed the discharge of the firm of Clews & Co, under bankruptcy proceedings, appeared Benjamin H. Cheever of Washington, and on his own account and that of James Van Buren presented an unsatisfied claim for one hundred and forty thousand five hundred dollars for each as their share of the profits made by the house of Clews & Co. through being financial agents of the government, and as a voucher for this claim exhibited thefollowing agreement:Should we be appointed by the United States government its financial agents in London, Paris or Frankfort, we hereby agree to divide the profits of the same with B. II Cheever and James Van Buren, one quarter each, they being partners HENRY CLEWS & 00. in such proportion. WASHINGTON, D. C., March 27, 1869. It is not pretended, we believe, that Cheever and Van Buren were partners in the house of Clews & Co. What, then, is the nature of their claim? For what reason should Clews & Co. promise them onehalf their profits from their dealings with the government? Mr. Boutwell was secretary of the treasury when Clews & Co. were made floancial agents in the place of the Barings. If the document shown to the creditors is genuine will it not be necessary for Mr. Boutwell to explain ? The selection of Clews & Co. in place of the Barings excited astonishment when it was made. Now, in view of these agreements, if they shall prove authentic, it will excite even less agreeable feelings.