Henry Clews & Company - New York, NY

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: private
Start Date: July 19, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 361901e3

Response Measures

Full suspension

Other: Paid out large sums to depositors prior to suspension (cash disbursements). OCR of article is poor; corrected bank name to Henry Clews & Co.

Description

Article (The Opelousas Courier, 1884-07-19) reports Henry Clews & Co. paid out large sums (>$1,200,000) in a few days and then suspended. The piece is part of the 1884 New York financial panic with circulating rumors of Wall Street frauds. There is no information in the provided article about a subsequent reopening or permanent closure, so outcome is unsure.

Events (2)

1. July 19, 1884 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals amid panic and circulating rumors of stupendous Wall Street frauds; firm paid out over $1,200,000 in a few days.
Measures: Paid out large sums to depositors/creditors prior to suspension; banks prepared to require thirty days for payment (general precaution).
Newspaper Excerpt: announcement Clews was made that ... Clews & Co. had suspended ... paid out within the few days more than $1,200,000.
Source: newspapers

2. July 19, 1884 Suspension

Cause: Local Banks
Cause Details: Suspension occurred during a wider New York panic with multiple bank failures and runs; triggered by heavy withdrawals and loss of confidence tied to Wall Street rumors and other firms' failures in the local financial center.
Newspaper Excerpt: announcement Clews was made that ... Clews & Co. had suspended
Source: newspapers

Newspaper Articles (1)

1. July 19, 1884 The Opelousas Courier Opelousas, LA

Article from The Opelousas Courier, July 19, 1884

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Article Text

had worst News had come, passed. meantime, of th pension but it of six heavy Philadelphia security that was announced from Wash h the the fail the the day. that he Richardson A row by would afford relief on anno the The buying $10,000,000 of a following Sunday was bon but Secretary day of rest. President Grant an officials Richardson and ference of the government, were other i morning, at the Fifth Avenue hotel suggestions and at noon were ready t who called. from prominent fina offered Various propositions one that by these gentlemen, essary, the government should. among il n $44,000,000 place the whole legal Secretary in the New York city reser "This, Richardson laconically 1 After gentlemen, is not re posed a time Commodore Vanderbi my fur 000,000 that the government banks, of the reserve in the place New e 000,000. to which he agreed to e the But neither the Preside add commodore secretary was disposed to hav d enter into business wi e government, were declined. and all the propo S 5. As afloat, the day passed, ugly rumors V set importance but nothing of new and e Savings could be positively le y decided banks prepared for previous to require the thirty days a ru vised the to payment. Jay Gou as the general suspension of the munity only safety for the mercantil few and the public. News can er but suspensions in the West and e they were not of special signifi n Monday was a day of go calmness, of the and the governing compa com stock exchange decided y open keep on the following day, in of down prices and reduce all or d transactions, to the thus permitting furthe it the banks. The bonds bought seeretary of the treasury d. seemed $3,500,000 for the day, and coni foot h The to be greatly improved. 'a next day, Tuesday, the k brought a set-back. Soon after no 1e announcement Clews was made that oy having & Co. had suspended 1ceding paid out within the few pay da S. more than $1,200,000. TI ks pension, ment creating almost as much he followed as that of Jay Cooke and in houses, by the collapse of several Co nd of the while news from the other rUp country was far from reass as to date, the bonds purchased secretary ing the amounted to $12,000,000 se next two days rumors of te stupendous frauds in Wall street circulated. and Howes and Macy, of houses Watson Brothers, and Several went under, an extra ed nies Congress and was urged, steamship sess ( and railroads suffered for f ern news came that Western and nwas merchants were seriously affec he the thought, however, that the f ks York storm was passed. and that ed Matters banks would be able to th an the were at a complete standst bre its bonds, government decided to buy le 000,000. the purchase having reache n nd sumption The following day saw aHowes of Henry Clews and o d. that and Macy, and it was de Mwithin Fisk, Hatch and Co. would for continued a short time. Rank susp of word in the West and Sout was came that the Bank of at of about to shut down on the E ( of United specie by raising its rate, decline States government contin ai granting further aid lit The aded its decision however, S ed ly on the fol mthousands Sunday, being pressed by appeal es, after of business men, and de hgold for a cabinet conference, to cs, market the relief of the foreign ey with by anticipating the ex fe of the rebate at the rate, of six pa of November interest on per in suring twenty bonds. The 29th broug) th d, assistant news from all quarters, a treasurer at New York graphed to Washington that th.