15992. Henry Marquand & Co. (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: June 28, 1901
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 54d23cb6

Response Measures

None

Description

Henry Marquand & Co. was a banking-and-brokerage firm (not a national or state bank). The firm made a general assignment (suspension) and an assignee/receiver (Frank Sullivan Smith) was appointed; there is no article describing a depositor run on this firm. The immediate cause was distress tied to the failure/suspension of the Seventh National Bank (calling in of stocks, over-certification on a large check), so I classify the cause as distress of another local bank. Dates use newspaper reports: assignment announced June 28–29, 1901.

Events (2)

1. June 28, 1901 Receivership

Newspaper Excerpt: The firm made an assignment to Frank Sullivan Smith. Frank Sullivan Smith, the assignee, at once assumed charge and began a systematic investigation of its books and impaired finances.
Source: newspapers

2. June 28, 1901 Suspension

Cause: Local Banks
Cause Details: Assignment and suspension followed the closing/failure of the Seventh National Bank, which certified large checks and precipitated wholesale calling in of stocks loaned to Marquand & Co.; over-certification on a $300,000 check is also mentioned.
Newspaper Excerpt: The failure of the firm of Henry Marquand & Co., bankers and brokers, ... made an assignment to Frank Sullivan Smith.
Source: newspapers

Newspaper Articles (12)

1. June 28, 1901 The Butte Inter Mountain Butte, MT

Article from The Butte Inter Mountain, June 28, 1901

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BANKING-BROK AGE FIRM FORCED Tu MAKE ASSIGNMENT Henry Marquand & Co. of New York cial; "but they have the bonds and we have the railroad." in Trouble Because of the Failing of the Seventh National Bank, He added that Marquand & Co. had Which Materially Injured merely handled the bonds of the road, but did not control it. the Company. Henry W. Taft, of the law firm of (By Associated Press.) Strong & Caldwaller, attorneys for the New York, June 28.--The failure of assignee, made a statement this afternoon in behalf of the suspended house. the firm of Henry Marquand & Co., He said: bankers and brokers, was announced on "I cannot at this time give any figthe stock exchange today. ures on the liabilities and assets of The firm made an assignment to Marquand & Co. We have as yet had no Frank Sullivan Smith. The assignment time to look over the situation, and if will be several days before a clear was without preferences. No statement idea will be obtainable. of assets or liabilities was made. "A general view at this time gives a The failure was without appreciable favorable impression, but naturally the effect on the stock market. Frank Sulgreat question is as to collateral held livan Smith, assignee, reached the office by th house on its outstanding loans. of the firm shortly after 10 o'clock and "I believe the creditors of the firm will at once assumed charge. fare well, unless there is a slaughtering He conferred with the members of the of the firms securities. firm and began a systematic investiga"I cannot say at this time anything as tion of its books and impaired finances. to the resumption of the firm. That will Mr. Smith promised to make public a depend upon develpoments of. the next statement later in the day. few days." The suspension had been anticipated, The admitted embarassment of the for the events attendant upon the clos. firm in connection with the Seventh Naing of the Seventh National bank had tional bank failure yesterday resulted in the wholesale calling in of stocks let in strong light upon the affairs of the firm. loaned to them for delivery, and they were obliged in the open market to At 10:30 Manager Doherer of the clearcover. ing house said that all of the banks had At t th same time the actions of the cleared as usual, and that no further clearing house committee and the condifficulty was anticipated in banking troller of the currency put official disapcircles. proval on securities in which the firm Inquiry at the local office of the Pittshad large investments and which figured burg, Shawmut & Northern railroad as par of the collateral loan of $1,600,brought out an assurance that there 000 from the Seventh National which would be no disastrous consequence as caused the suspension of the bank. far as the railroad was concerned. The disturbance in the stock market "But did not Marquand & Co. finance caused by the embarassment and which the railroad?" was asked. depressed prices worked to the firm's "Oh, yes," was the reply of the offdisadvantage.

2. June 28, 1901 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, June 28, 1901

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Result of Bank Suspension in New York. FAILURE NO SURPRISE Wholesale Calling In of Stocks Loaned to the Firm. FATAL BLOW TO THEIR CREDIT Marquand & Co. Had to Buy Very Heavily in the Open Market to Cover. New York, June 28.-The failure of Henry Marquand & Co., bankers and brokers, the name of which has been connected with the embarrassment of the Seventh national bank, was anonunced on the stock exchange to-day. The firm made an assignment to Frank Sullivan Smith. The assignment was without preferences. No statement of assets or liabilities was made with the assignment. The failure was without appreciable effect on the stock market. Frank Sullivan Smith, the assignee, at once assumed charge. He conferred with the members of the firm and began a systematic investigation of its books and impaired finances. Mr. Smith promised to make public a statement later in the day. Frank B. Poor, partner in the house of Marquand & Co., said that Mr. Smith was in charge and that he would say nothing about the affairs of the firm. The formal suspension of the firm created scarcely a ripple of excitement. It had been anticipated, for the events attendant upon closing of the Seventh National bank had let in a strong light upon the affairs of the firm. During the first fifteen minutes of trading on the stock exchange the following transactions were made for the account of the suspended firm: Five hundred shares Pennsylvania, 400 Bergen County Gas, 300 American Car & Foundry and 100 shares each of La Clede Gas preferred, Atchison preferred and Kansas & Texas preferred, $7,000 par value of Missouri Pacific 5s of 1917 and 4,000 Iron Mountain 5 per cent bonds. Other Banks Unharmed. At 10:30 o'clock Manager Doherer of the clearing house said all of the banks had cleared as usual and that no further difficulty is anticipated in banking circles. Inquiry at the local office of the Pittsburg, Shawmut & Northern railway brought out an assurance that there would be no disastrous consequences as far as the railroad was concerned. 'But did not Marquand & Co. finance the railroad?" was asked. "Oh, yes," was the reply of the official, "but they have the bonds and we have the money. He added that Marquand & Co. had merely handled the bonds of the road but did not control it. Henry W. Taft, of the law firm of Strong & Cadawallader, attorneys for the asignee, made the first statement in behalf of the suspended house. He said: Speaks for the Suspended. I cannot at this time give any figures on the liabilities and assets of Marquand & Co. We have as yet had no time to look over the situation and it will be several days before a clear idea will be obtainable. Much depends upon disposal of the securities, and particularly the inactive securities, held by the firm. A general view at this time gives a very favorable impression, but, naturally, the great question is as to collateral held by the house on its outstanding loans. I believe the creditors of the firm will fare very well unless there is a slaughtering of some of the firm's securities. I cannot say at this time anything as to the resumption of the firm. That will depend upon developments of the next few days. We will prepare a careful statement as to the affairs of the firm, but I believe it will take a couple of days to do it. The firm of Henry Marquand & Co. consisted of Henry Marquand, who is the son of Henry G. Marquand, and Frank B.Poor. son of the former president of the National Park bank. Frank Smith, the assignee for Marquand & Co., is vice president and general counsel of the Pittsburg, Shawmut & Northern. Henry Marquand is first vice president of the company. Cause of Embarrassment. The admitted embarrassment of the firm in connection with the Seventh National bank failure resulted in the wholesale calling in of stocks loaned to them for delivery and they were obliged to buy heavily in the open market to cover. At the same time the actions of the clearing-house committee and the controller of the currency put official disapproval on securities in which the firm had large investments and which figured as part of the collateral in the loan of $1,600,000 from the Seventh National bank and which caused the suspension of the bank. The disturbance in the stock market caused by the embarrassment and which

3. June 29, 1901 Albuquerque Daily Citizen Albuquerque, NM

Article from Albuquerque Daily Citizen, June 29, 1901

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Figuring Out the Losses. New York, June 29.-An expert accountant is at work today on the books of Henry Marquand & Co. for the purpose of finding out the extent of their liabilities and assets. Frank Sullivan Smith, receiver, said probably no schedule could be filed or any statement made for several days yet. When asked in regard to the report that the liabilities would reach $8,000,000 he said he did not believe they would come anywhere near such a figure. The complaint on which the warrant was asked was overcertification. on check for $300,000 drawn on the Seventh National bank by Marquand & Co. to the order of the National Park bank.

4. June 29, 1901 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, June 29, 1901

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ON ACCOUNT OF MONEY TROUBLES The'Officers of the Seventh National Bank May be Prosecuted for Over--Certification. MARQUAND & CO'S FAILURE A Report That the Liabilities Will Reach Eight Million Dollars-A Leipzig Banker Commits Suicide on His Estate. New York, June 29.-U. S. Commissioner Shield, todov said that the evipersons, dence submitted looking to the prosecution of the off cers of the Seventh National bank was not sufficient to justify him issuing adi the at liwarrants. The attorneys cants for a warrant were given until next Monday to present additional evidence. The complaint on which the warrant was asked alleged over-certification on a check for $300,000 drawn on the Seventh National bank by Marquand & Co., to the order of the National Park bank. MAY REORGANIZE. New York, June 29.-The Times says: At a conference of the leading stockholders of the Seventh National bank last night it was decided to reorganize the bank, and to renew business provided such action meets the approval of the stockholders as a body. HEAVY LIABILITIES. New York, June 29.-An expert accountant is at work today on the books of Henry Marquand & Co., for the purpose of finding out the extent of their liabilities and assets. Frank Sullivan Smith, the receiver, said that probably no schedule could be filed or any statement made for several days yet. When asked in regard to the report that the liabilities would reach $8,000,000, he said he did not believe they would come anywhere near such figure. COMMITTED SUICIDE. Leipzig, June 29.-Eduard Krohmann, a banker, committed suicide this morning by shooting himself on his estate at Lindenau near here.

5. June 29, 1901 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, June 29, 1901

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Firm, of Henry Marquand & Co., of New York City, are in Financial Straits. Assignment Follows the Failure of the Seventh National Bank, Which Certified Checks. Stock Exchane Anticipated the Assignment and Was Not Affected by the News. New York, June 29.-The failure or the firm of Henry Marquand & Co., bankers and brokers, the name of which has been connected with the embarrassment of the Seventh Nation al bank, was announced on the Stock Exchange during the day. The firm made an assignment to Frank Sullivan Smith. The assignment was without preferences. No statement of assets or liabilities was made with the assignment. The failure was without appreciable effect on the stock market. Frank Sullivan Smith, the assignee, reached the office of the firm shortly after 10 o'clock and at once assumed charge. He conferred with the members of the firm and began a systematic investigation of its books and impaired finances. Mr. Smith promis ed to make public a statement later in the day. Frank B. Poor, partner in the house of Marquand & Co., said that Mr. Smith was in charge and that he would say nothing about the affairs of the firm. The formal suspension of the firm created scarcely a ripple of excitement. It had been anticipated, for the events attendant upon the closing of the Seventh National bank had let in strong light upon the affairs of the firm. At 10:30 o'clock Manager Dohrer of the clearinghouse said all of the banks had cleared as usual and that no further difficulty is anticipated in banking circles. Inquiry at the local office of the Pittsburg, Shawmut and Northern railway brought out an assurance that there would be no disastrous consequence as far as the railroad was concerned. "But did not Marquand & Co. finance the railroad," was asked. Marquand & Co. Have the Bonds. "Oh yes," was the reply of the official, "but they have the bonds and we have the money." He added that Marquand & Co. had merely handled the bonds of the road and did not control it. The firm of Henry Marquand & Co. consisted of Henry Marquand, who is the son of Henry G. Marquand, and Frank B. Poor, son of the former president of the National Park bank. The Railroad Guide shows that Frank S. Smith, the assignee for Marquand & Co. is vice president and general counsel of the Pittsburg, Shaw mut and Northern. Henry Marquand is first vice president of the company. The admitted embarrassment of the firm in connection with the Seventh National bank failure resulted in the wholesale calling in of stocks loaned to them for delivery and they were obliged to buy heavily in the open mar ket to cover. At the same time the actions of the clearinghouse committee and the comptroller of the currency put official disapproval on securities in which the firm had large in vestments and which figured as part of the collateral in the loan of $1,600, 000 from the Seventh National bank and which caused the suspension of the bank. The disturbance in the stock mar ket caused by the embarrassment and which depressed prices worked to the firm's advantage so far as it showed profits on their contracts, but the blow to their credit deprived them of resources to take advantage of these conditions.

6. June 29, 1901 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 29, 1901

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OF HENRY MARQUAND e CO. OF NEW YORK IN FI. NACIAL TROUBLE. FAILURE HAD BEEN EXPECTED Were Mentioned in Connection With the Suspension of the Seventh National Bank and the Value of Their Securities Questioned-Stock Ex change Anticipated the Assignment and Was Not Affected Thereby. New York, June 29.-The failure of the firm of Henry Marquand & Co., bankers and brokers, the name of which has been connected with the embarrassment of the Seventh Nation al bank, was announced on the Stock Exchange during the day. The firm made an assignment to Frank Sullivan Smith. The assignment was without preferences. No statement of assets or liabilities was made with the as Eignment. The failure was without appreciable effect on the stock market. Frank Sullivan Smith. the assignee, reached the office of the firm shortly after 10 o'clock and at once assumed charge. He conferred with the mem bers of the firm and began a systematic investigation of its books and impaired finances. Mr. Smith promis. ed to make public a statement later in the day. Frank B. Poor. partner in the house of Marquand & Co., said that Mr. Smith was in charge and that he would say nothing about the affairs of the firm. The formal suspension of the firm created scarcely a ripple of excitement. It had been anticipated. for the events attendant upon the closing of the Seventh National bank had let in strong light upon the affairs of the firm. At 10:30 o'clock Manager Dohrer of the clearinghouse said ail of the banks had cleared as usual and that no further difficulty is anticipated in banking circles. Inquiry at the local office of the Pittsburg, Shawmut and Northern railway brought out an assurance that there would be no disastrous conse quence as far as the railroad was concerned. But did not Marquand & Co. finance the railroad," was asked. Marquand & Co. Have the Bonds. "Oh yes," was the reply of the of ficial. "but they have the bonds and we have the money." He added that Marquand & Co. had merely handled the bonds of the road and did not control it. of The firm Henry Marquand who & Co. is consisted of Henry Marquand, of G. Poor. son of presthe Frank son B. Henry the Marquand, former and ident of the National Park bank. The Railroad Guide shows that the assignee for MarCo., is vice Frank quand & S. Smith. president and Shaw- genof the Pittsburg. Henry mut eral and counsel Northern. the Marquand company. is first vice president of The admitted embarrassment of the firm in connection with the Seventh National bank failure resulted in the wholesale calling in of stocks loaned to them for delivery and they were ob liged to buy heavily in the open mar At the same time the of the clearinghouse actions ket to cover. commit tee and the comptroller of the current CV put official disapproval on securiti ties in which the firm had large in vestments and which figured as part of the collateral in the loan of $1.600.000 from the Seventh National bank of and which caused the suspension I the bank. The disturbance in the stock mar ket caused by the embarrassment and I which depressed prices worked to the firm's advantage so far as it showed 1 profits on their contracts. but the blow b to their credit deprived them of re( sources to take advantage of these : conditions.

7. June 29, 1901 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, June 29, 1901

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MARQUAND & GO. FAIL BANKING HOUSE WHOSE PAPER SAUSED SUSPENSION OF SEVENTH NATIONAL BANK FAILURE HAD BEEN EXPECTED PRODUCED ONLY A RIPPLE OF EXCITEMENT ON FLOOR OF STOCK EXCHANGE FIRMS CONTRACTS ARE CLOSED NEW YORK, June 28.-The failure of the firm of Henry Marquand & Co., bankers and brokers, the name of which has been connected with the embarrassment of the Seventh National bank, was announced on the stock exchange today. The firm made an assignment to Frank Sullivan Smith. The assignment was without preferences. No statement of assets or liabilities was made with the assignment. The failure was without appreciable effect on the stock market. Frank Sullivan Smith, the assignee, reached the office of the firm shortly after 10 o'clock and at once assumed charge. He conferred with the members of the firm and began a systematic investigation of its books and impaired finances. Mr. Smith promised to make public a statement later in the day. Frank B. Poor, partner in the house of Marquand & Co., said that Mr. Smith was in charge and that he would say nothing about the affairs of the firm. The formal suspension of the firm created scarcely a ripple of excitement. It had been anticipated, for the events attendant upon the closing of the Seventh National bank had let in strong light upon the affairs of the firm. During the first fifteen minutes of trading on the stock exchange the following transactions were made for the account 0 fthe suspended firm. Five hundred shares Pennsylvania, 440 Bergen County Gas, 400 American Car and Foundry and 100 shares each of Laclede Gas preferred, Atchison pre. ferred and Kansas & Texas preferred. Seven thousand dollars par value of Missouri Pacific 5s of 1917 and $4,000 Iron Mountain 5 per cent bonds were also dealt in for their account. BANKS ALL CLEAR. At 10:30 o'clock, Manager Dohrer, of the clearing house, said all of the banks had cleared as usual and that no further difficulty is anticipated in banking circles. Inquiry at the local office of the Pittsburg. Shawmut & Northern railway brought out an assurance that there would be no disastrous consequence as far as he railroad was concerned. "But did not Marquand & Co. finance the railroad?" was asked. "Oh, yes," was the reply of the official, "but they have the bonds and we have the money." He added that Marquand & Co., had merely handled the bonds of the road and did not control it. Henry W. Taft, of the law firm of

8. June 29, 1901 The Sun New York, NY

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MARQUAND CO. GO UNDER. 000'000'8$ au OF aivs SMNVH OF DALMO 000'000'9$The Failure Was Expected and Had Only a Very Slight Effect on the Stock Market -Credit Had Been Weak for a Long Time and Closing of the Seventh National. Which Loaned the Firm $1,600,000. Was Last Straw-Tale of a $300,000 Kited Check. Henry Marquand & Co., bankers and brokers at 160 Broadway, made a general assignment for the benefit of creditors yesterday morning. Frank Sullivan Smith, a se nameu SUM street, IIV M 19 18 B the assignee, and Henry W. Taft of the firm of Strong & Cadwalader at 40 Wall street, a son of Judge Taft of Ohio, chairman of the Philippines Commission, was chosen as the assignee's attorney. No definite or official statement as to the assets and liabilities of the firm could be obtained yesterday. Unofficial information was to the effect that the liabilities will be not be far from $8,000,000, of which amount banks, 01 enp eq 01 plus 0.10A 000'000'9$ trust companies and other creditors and $2,000,000 to Henry G. Marquand, father of the senior member of the firm. Late yesterday afternoon the assignee made the following statement: "I have called upon all the local creditors with the exception of the National Park Bank. to request them not to sell the securities which they hold as collateral for loans to Henry Marquand & Co. A cursory examination of these securities shows them to be gilt-edged They include stocks like the Pennsylvania Railroad, the Iron Mountain Railroad, Consolidated Gas, New York Central and other stocks of the highest 01 able 09 01 use I chargeter, state that, without exception, our creditors agreed not to throw these securitieson the market. As to the out-of-town creditors I can say nothing Our accountant, Mr. Cuthbert, is at work on the books with a corps of assistants, and until his work is at least partially completed. I can say nothing about the out-of-town creditors. I can give no estimate of the assets and liabilities at present. I am. however, more than pleased with my examination of the securities held by the firm and those put out by them as security for loans. If these securities are not sacrificed, and I do not think they will be, there is no reason to believe that this will be a particularly disasterous failure." The statement of the assignee was supplemented by one from the assignee's attorney, who said: "I cannot say much at present. We have not had time to make anything like a satisfactory examination of the books. quesed 10 dn pezis eq UBO 11 as CS however, I conclude that the condition of the firm will depend largely upon the way its affairs can be worked out and how advantageously securities that are held for loans may be realized on. The general view of the situation seems to show a favorable condition of affairs. but the exact condition cannot be determined for several days. I cannot, of course, say at this time whether or not the firm will resume If the liabilities prove to be as great as the unofficial estimate makes them the failure will be one of the largest in Wall Street during the past four or five years. The last big failure was that of Price, McCormick & Co., whose liabilities figured up about $13,000,000. And yet the failure caused little surprise in Wall Street and had little effect upon the market. It has been expected since last Tuesday, and after the Comptroller of the Currency closed the Seventh National Bank Wall Street expected to hear of Marquand & Co.'s failure at any hour. It came when it did simply because the young members of the firm, particularly Frank P. Poor, the junior member, got tired of sparring with -un the dn 0118 01 pus Fortune equal fight. Ever since last Monday Mr. Poor had been standing in his front office meeting all callers with a smiling face and a pleasant greeting, and answering all questions courteously and as best he might. And between interviews he hustled about the Street with bundles of securities in the hope of exchanging them for cash. Mr. Marquand, the senior member of the firm. may have been just as busy and may have been putting up just as hard a fight to ward off disaster, but he was never in evidence. It was said at the office of the firm on Tuesday that Mr. Marquand was out of town. So far as anybody has been able to learn Mr. Marquand has been out of town ever since. In the meantime Mr. Poor remained at the office and took whatever hard knocks came his way. There were several causes for the failure;

9. July 2, 1901 Twice-A-Week Plain Dealer Cresco, IA

Article from Twice-A-Week Plain Dealer, July 2, 1901

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THE MARQUAND FAILURE. Expert Accountant Attempting to Ascertain Extent of Liabilities and Assets. New York, July 1.-An expert accountant was at work Saturday on the books of Henry Marquand & Co., for the purpose of finding out the extent of their liabilities and assets. Frank Sullivan Smith, the receiver, said that in all probability no schedule could be filed or any statement made for several days yet. Mr. Smith declined to make an estimate of the assets and liabilities of the firm, saying that he was not yet in a position to do:so. When asked in regard to a report to the effect that the liabilities would reach $8,000,000, he said that he did not believe they would come anywhere near such a figure, "As far as the loans of the firm are concerned," said Mr. Smith, "the creditors are protected by the best kind of securities. The securities of the firm on these accounts are much better than I expected. They could all be realized on without loss to-morrow, should the creditors desire." "Will the firm be able to pay dollar for dollar?" Mr. Smith was asked. "I cannot say that," was the reply. "While the securities of the firm are splendid, I do not yet know how the firm's account with the stock exchange stands. We have not come to that yet." New York, July 1.-United States Commissioner Shields said Saturday that the evidence submitted by certain persons looking to the prosecution of officers of the Seventh national bank was not sufficient to justify him in issuing a warrant. The attorneys for the applicants for the warrant were given until next Monday to present additional evidence. The complaint on which a warrant was asked alleged over certification on a check for $300,000 drawn on the Seventh national bank by Marquand & Co., to the order of the National Park bank. SUSPECTO

10. July 4, 1901 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, July 4, 1901

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# THE WEEK'S NEWS THURSDAY, JUNE 27. J. Pierpont Morgan offers a gift of $1,000,000 to Harvard university to help build medical school-Steamship Lusitania wrecked off Cape Ballard: 500 passengers on board, but no loss of life-Naval inquiry board's report recommends that contract for new dry dock at Boston be cancelled, unless work is rushed-Site selected for the St. Louis exposition-Railroad station at Framingham, Mass., robbed-Mrs. McKinley's condition so much improved that she takes a drive-Strikers clash with police at Rochester; more than 30 people injured-Very high wages paid window glass workers and bituminous coal miners in western Pennsylvania-Sixteen killed and 50 injured in a wreck on the Wabash railroad: the dead are all Italian immigrants-A. M. Moreland gets $50,000 settlement of suit against him to recover Carnegie company stock held in trust, and will give it up-Renewed trade rivalry from Great Britain is predicted-General board of the navy begins sessions at the war college-Count Cassini says the so-called tariff conflict is small and insignificant, and predicts an early and satisfactory settlement-Official statement that Italy pays no export bounty on sugar FRIDAY, JUNE 28. Yale wins 'varsity and freshman races from Harvard; Harvard won four-oared race-Jeremiah Blake of Newburyport, Mass., swindled out of $3000 by confidence men-Pope reported seriously sick again-Excessive heat in New England causes many prostrations; deaths of three men reported at Boston-Umilian, the Northampton, Mass., murderer granted a stay of sentence until Nov. 16-Break in a large main of the metropolitan water system at Everett, Mass., causes considerable damage-Case of Superintendent G. J. Reis of Weymouth, Mass., water department, continued until July 1, and his bail increased to $5000-General Ludlow at San Francisco-Compulsory vaccination ordered in Havana-Little change in the Maine Central strike situation-Fellowship established at Yale in honor of President Hadley-Canadian Pacific having trouble in running western trains-New tinplate wage scale, giving workmen 2 percent advance, agreed to-Smallpox scare at Clinton, Mass., leads to an investigation of crowded tenements-Lightning strikes Standard Oil tanks at Preble, Ind., and causes heavy damage-Thomas G. Barker of Arlington, N. J., sentenced to five years in the penitentiary for assaulting Rev. John Keller-New York is now watching Tammany moves; wigwam's plan to hold the labor vote-Many Montana land locators, alleged to have been Senator Clark's agents, indicted for perjury-Seventh National bank of New York city suspends payment in order to protect depositors and stockholders: receiver appointed-American Plough company incorporated in New Jersey the necleus of $100,000,000 combination of agricultural implement manufacturers in the United States-Survey of Cuba for naval stations completed-Government ceases buying horses for the Philippines, owing to cessation of active hostilities-Boers attack Richmond, but retire after an all-day fight-Explorer Baldwin expects to reach north pole and return-Bermudez Asphalt company wins its case in the Venezuelan courts-Liberal candidate for president of Chile wins by a large majority. SATURDAY, JUNE 29. Hot wave causes numerous prostrations and some deaths in New England-London weekly papers express deepest sympathy for Secretary Hay in his loss of his son, Adelbert S. Hay-Francis Cahill, charged with killing George W. Park, at Boston, held for examination-Carnegie's offer of a library rejected by Newcastle, Pa-Gorman's candidacy for the United States senate announced-Failure of Henry Marquand & Co., bankers and brokers, New York-Spanish claims commission has already on file $40,000,000 in claims-West Virginia flood story much exaggerated; loss of life, 30; property damage about $1,000,000-New York business men said to be willing to pay for pneumatic tubes rather than submit to wagon mail service-Battleship Massachusetts runs into the schooner Ella M. Doughty off Cape Ann, causing considerable damage to the latter-With the arrival at San Francisco of the Forty-third volunteer regiment, the last of the volunteer troops have returned from the Philippines-Work on imperial property in Pekin to begin at once, owing to the early return of the court-Netherlands cabinet resigns-De Giers, Russian minister to Pekin, transferred to Munich-Proclamation announcing that King Edward's coronation will take place next June. SUNDAY, JUNE 30. Death of four persons in Boston due to heat; 11 deaths at other New England points; 16 in New York city-Sheriff Pearson's deputies discover the best device for concealing liquor that has ever been known in Portland-Steamer Mohawk, with 700 passengers on board, sinks at Glen Island, Long Island sound; panic ensues-Comptroller Dawes closes the city National bank of Buffalo, and appoints a temporary receiver-Anchor Line steamer Armenian ashore seven miles from St. John: total loss; crew safe-Lightning wind and rain causes damage in several sections of New Hampshire-Planing mill of H. F. Ross, Newtonville, Mass. destroyed by fire: loss, $40,000-British transport Armenian brings 930 Boer

11. July 4, 1901 The Oskaloosa Herald Oskaloosa, IA

Article from The Oskaloosa Herald, July 4, 1901

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A B.G FIRM ASSIGNS. Marquand & Co., Brokers, of New York City, Go to the Wall. New York, June 29.-The failure of the firm of Henry Marquand & Co., bankers and brokers, the name of which has been connected with the embarrassment of the Seventh national bank, was announced on the stock exchange Friday. The firm made an assignment to Frank Sullivan Smith. The assignment was without preferences. No statement of assets or liabilities was made with the assignment. The failure was without appreciable effect on the stock market. Frank Sullivan Smith, the assignee, reached the office of the firm shortly after ten o'clock and at once assumed charge. He conferred with the members of the firm and began a systematic investigation of its books and impaired finances. Mr. Smith promised to make public a statement later in the day. Says Suspension Was Anticipated. Frank B. Poor, partner in the house of Marquand & Co., said that Mr. Smith was in charge, and that he could say nothing about the affairs of the firm. The formal suspension of the firm created scarcely a ripple of excitement. It had been anticipated, for the events attendant upon the closing of the Seventh national bank had let in strong light upon the affairs of the firm. No Further Trouble Feared. At 10:30 the manager of the clearing house said that all of the banks had cleared as usual and that no further difficulty was anticipated in banking circles. Inquiry at the local office of the Pittsburgh, Shawmut & Northern railway brought out an assurance that there would be no disastrous consequence as far as the railroad was concerned. "But did not Marquand & Co. finance the railroad?" was asked. "Oh, yes," was the reply of the official, "but they have the bonds and we have the money." He added that Marquand & Co. had merely handled the bonds of the road, but did not control it. Creditors Won't Suffer. Frank S. Smith, assignee of the firm of Marquand & Co., said Friday afternoon that he had been going over the books and lists of security for the firm. but that probably several days would elapse before a statement could be given. Mr. Smith said the firm had many excellent securities, and added that he had called personally upon the creditor interests requesting them not to sacrifice any of the firm's securities which they held as collateral for loans. Mr. Smith further said that under the circumstances he did not think any of the creditors would suffer. Statement of H. W. Taft. Henry W. Taft. of the law firm of Strong & Cadwallader, attorneys for the assignee, made the first statement in behalf of the suspended house. He said: "I cannot at this time give any figures on the liabilities and assets of Marquand & Co. We have as yet had no time to look over the situation and It will be several days before a clear idea will be obtainable. Much depends upon the disposal of the securities, and particularly the inactive securities, held by the firm. A general view at this time gives a very favorable impression, but naturally the great question is as to collateral held by the house on its outstanding loans. I believe the creditors of the firm will fare very well unless there is a slaughtering of some of the firm's securities. I cannot say at this time anything as to the resumption of the firm. That will depend upon the developments of the next few days. We will prepare a careful statement as to the affairs of the firm, but I believe it will take a couple of days to do it." The firm of Henry Marquand & Co. consisted of Henry Marquand, who is the son of Henry G. Marquand, and Frank B. Poor, son of the former president of the National Park bank. The railroad guide shows that Frank S. Smith, the assignee for Marquand & Co., is vice president and general counsel of the Pittsburgh, Shawmut & Northern. Henry Marquand is first vice president of the company. The admitted embarrassment of the firm in connection with the Seventh national bank failure resulted in the wholesale calling in of stocks loaned to them for delivery, and they were obliged to buy heavily in the open market to cover. At the same time the actions of the clearing house committee and the comptroller of the currency put official disapproval on securities in which the firm had large investments and which figured as part of the collateral in the loan of $1,600,000 from the Seventh national bank and which caused the suspension of the bank. The disturbance in the stock market caused by the embarrassment, and which depressed prices, worked to the firm's advantage so far as it showed profits on their contracts, but the blow to their credit deprived them of

12. July 5, 1901 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, July 5, 1901

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The old cup defender, Columbia, defeated the new defender, Constitution, by 48 seconds in a 30 mile run Monday. George W. Armstrong, 64, of Boston, head of the Armstrong Transfer company, died Sunday at his summer home in Centre Harbor, N, H. Claims aggregating over $400,000,000 have been filed with the Spanish claims commission, of which ex-Senator Chandler of New Hampshire is chairman. Lightning struck the animal tent of a circus at Eau Claire, Wis., Friuay, killing the trick elephant and stunning the entire menagerie. Many persons were severely shocked. "Bobble" Walthour of Atlanta broke the 25 mile paced bicycle record Friday at Philagelp. when he deleated Arthur Ross, making the distance in 38 minutes, 13 4-5 seconds. The last mile was covered in 1.25 1-5. The excursion steamer Mohawk with 700 pasengers on board struck on Ledger reef, just off Glen Island, in Long Island Sound, Saturday evening and sank within thirty minutes. Great excitement followed the crash, during which several persons were injured, but the passengers were finally safely removed to another boat. The passengers on the Mohawk were from Danbury, Conn. Cuba having accepted the Platt amendment Gen. Miles sees no necessity for the retention of American troops on the island, and he has recommended that onehalf the force of less than 5000 men now doing policing duty be withdrawn, and that the work be turned over to the Cubans, in order that they may accept full responsibility for preserving order when all the American soldiers are ordered home. Gen. Miles believes such a step would determine the capacity of the Cubans for self government. The Chinese minister, who was at the state department Friday, said he was not aware that the total inlemnity was less by 35,000,000 taels than the amount China had agreed to pay, and for the present he was not prepared to say whether China would ask to be allowed to retain this amount. It is believed the United States would decline to take any part of the excess, and that it would favor all the Powers remitting this amount to China. Henry Marquand & Co., New York bankers and brokers, made an assignment Saturday without preferences, their suspension following and being closely connected with that of the Seventh National bank. This bank held their securities, many of doubtful value, to a total amount of $1,600,000. No statement of the liabilities was made. On Tuesday a member of the firm told the Clearing House Committee that "they might be $7,000000 or $17,000,000."