16004. Howes & Macy (New York, NY)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: e8925b26

Response Measures

Full suspension, Books examined

Description

Contemporary reports state a heavy run (precipitated by false reports of failure) forced Howes & Macy to suspend payments on 1873-09-24. The firm briefly resumed operations in late September 1873 but was later adjudicated bankrupt and petitioned in bankruptcy in December 1873, so the sequence is run → suspension → permanent closure/bankruptcy.

Events (4)

1. September 24, 1873 Run

Cause: Rumor Or Misinformation
Cause Details: False reports/circulated rumors of the firm's failure on the street precipitated heavy withdrawals exhausting the firm's cash.
Random Run: Yes
Random Run Snippet: false reports of the firm's failure circulated on the street; precipitated run
Measures: Paid out between $50,000 and $100,000 a day until cash exhausted; ceased paying checks and posted notice refusing to pay further checks.
Newspaper Excerpt: Mr. Macy ... the false reports of the firm's failure ... had precipitated a run upon them, yesterday morning, for which they were not prepared.
Source: newspapers

2. September 24, 1873 Suspension

Cause: Rumor Or Misinformation
Cause Details: Suspension followed immediate heavy run and exhaustion of cash balances amid a tight money market and inability to liquidate securities without sacrificing value.
Newspaper Excerpt: Howes & Macy have just suspended. ... they decided to suspend, and a notice was pasted ... announcing that they had concluded to pay no more checks at present.
Source: newspapers

3. September 28, 1873 Reopening

Newspaper Excerpt: Howes & Macy have practically resumed already. ... Messrs. Howes & Macy are adjusting matters as rapidly as possible, and hope to resume business in a few days. They have notified depositors ... intention to continue operations as usual, by receiving special deposits in trust to new accounts ... as fast as the firm can collect and realize from their loans and securities they will pay pro rata installments ...
Source: newspapers

4. December 20, 1873 Receivership

Newspaper Excerpt: Howes & Macy, bankers, were adjudicated bankrupts to-day by default, they failing to make any answers to the proceeding ... A petition was filed ... that Howes & Macy ... be declared bankrupt (Dec. 8); adjudicated bankrupts by default Dec. 20, 1873.
Source: newspapers

Newspaper Articles (24)

1. September 24, 1873 Evening Star Washington, DC

Article from Evening Star, September 24, 1873

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The Defaulter Cariton Taras Up. His Defalcation Not so Bad as Feared. CARLTON, THE DEFAULTER, SURRENDERS. NEW YORK, Sept. 21. Carlton is in consulta tion with his friends, and making arrangements to turn over to the Union Trust company all he has. He is in a friend's house in New Jersey, and could be arrested at any time. A large trunk belonging to him has been discovered in the vault of the Union Trust company building containing a considerable amount of securities on which he has loaned funds or the company. CLEWES AND CO. SAY that their securities would be far more than ample to set them right in ordinary times. When the money market improves they may resume. A published list of their correspondents embraces 24 national and state banks, and 158 private bankers. The firm consisted of Henry Clews and L.S. Fowler. A DENIAL. The president of the Canada Southern railway company denies the rumor that they have been obliged to cancel all contracts for the present, owing to the financial crisis. He says the road was entirely finished, and it could not, therefore, be true. CARLTON'S DEFALCATION NOT so BAD AS SUPPOSED. It is asserted on the authority of one of the examining committee of the Union Trust company that Carlton's defalcation will be much less than at first supposed. Up to noon yesterday the defalcations discovered aggregated but $75,000. Many of the securities on which he loaned the funds of the company are believed to be of a better character than at first supposed. NO MONEY TO PAY FOR GRAIN. It is said a number of New York dealers have telegraphed western shippers to stop sending grain east, owing to the difficulty of procuring money with which to meet sight drafts. THE STOCK EXCHANGE will remain closed until further orders. Gold opened at 112 Renewed Excitement, NEW YORK, Sept. 24, 10:30 a. m. No bonds were offered at the sub-treasury this morning The feeling on the street is rather nervous. Brokers are congregated in front of the stock exchange, but are doing little or no business. The following are the OPENING STREET QUOTATIONS: Central, 91 offered; Rock Island, 86 offered; Central Pacific, 21 bid; Western Union, 62 bid, 61 offered; Pacific Mail, 32 bid, 35 offered; Lake Shore, 80 bid. A MEETING OF THE BANK PRESIDENTS is DOW in session, to take action in regard to proper measures in the present emergency. HENRY CLEWS & CO. say they will remain closed until the tightness in the money market gives way, and affairs become more settled. Important Suspension. NEW YORK, Sept. 24, 10:40 a. m.-Howes & Macy have just suspended. Wall and Broad streets already present an unusual lively aspect, for, in addition to the presence of regular dealers, hundreds of the general public have been drawn there by curiosity. WHY THEY FAILED. Mr. Macy, of Howes & Macy, in reply to a request for a statement of the affairs of the firm, said the only explanation of their suspension was that which applied under the existing circumstances to all firms having a large num. ber of depositors. Such houses must suspend. His firm had yielded to the inevitable result of the present financial crisis, and would resume when the crisis should be over. BUYING BONDS. NEW YORK, Sept. 24, 10:50 a. m.-The subtreasurer up to this hour has bought a half million of bonds. Action of the Bank Presidents. TEN MILLIONS OF CLEARING HOUSE CERTIFICATES TO BE ISSUED. NEW YORK, Sept. 24, 11:10 a. m.-Atthe meeting of bank presidents another issue of ten millions in clearing house certificates was authorized. PROGRESS OF THE BOND PURCHASES. The sub-treasury have purchased $700,000 in bonds up to this hour. Gold, 11%all% PRECAUTIONARY. NEW YORK, Sept. 24, 11:45 a. -The clearing house banks, at a meeting to-day, resolved not to pay out any more currency, but certify all checks payable at the clearing house only. This is intended to prevent any lock up of greenbacks. It is understood, however, that small checks will be paid as usual, the rule to apply only to checks for large amounts. EFFECTS OF THE PANIC ON BREADSTUFFS. NEW YORK, Sept. 24.-The money panic has completely blocked business in breadstuffs. There is nothing doing, and consequently no prices have been established. THE SAVINGS BANKS. There is nothing new in relation to the run on the savings banks this morning. The larger ones are paying out small sums as on yesterday, and will continue to do so until indications of a run presents itself, when they have resolved to insist on notice from depositors.

2. September 24, 1873 The Daily State Journal Richmond, Alexandria, VA

Article from The Daily State Journal, September 24, 1873

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[Special to The State Journal.] ol d LYNCHBURG, September 24.-Messrs d Hughes and Ramsdell addressed a large of crowd at Grayson C. H. Monday. Great d enthusiasm prevailed, and the Republican In n candidates received much encouragement to hope for the best results in the coming contest. n Lewis II. Bryant, a member of the house r of delegates, and many other old Conserva0 tives are with us, and all unite in this state h ment that Grayson is ours in November. We had a grand success at Liberty yesterday. The Conservatives tried to impose on us in the discussion and refused fair terms. We held a separate meeting and drew the crowd to us. Fultz, Ramsdell and Rives spoke, and we triumphed gloriously. Bedford rallies to our standard. B. THE CRISIS. More Suspensions-The $10,000,000 Loan Certificates Exhansted-$10,000,000 More Authorized to be Issued To-Day. NEW YORK, September 24.-The ton millions of loan certificates are exhausted. The associated banks will issueten millions more to-day. The bank of the Commonwealth are sued for collateral which they cannot produce upon tender of the amount loaned. Carlton, the secretary of the Union Trust company, has friends who are in treaty with the bank for a settlement of his defalcation. Henry Clews claims that his securities are far more than ample in ordinary times. He may resume when the money market improves. The published list of their correspondents include twenty-four national and state banks and one hundred and fiftyeight private bankers. The stock exchange remains closed until further orders. The feeling is excited. Western Union bid, 64 asked. Howes & Macy have suspended. The sub-treasury have bought half a million in bonds. The bank presidents have authorized another issue of 10,000,000 loan certificates. Mr. Macy of Howes & Macy, says all houses like theirs, having a large number of depositors, must suspend. LONDON, September 24.-Clews, Habitch & Co., have decided to suspend. They are liable to the account of Henry Clews & Co., for £240,000. Their own liabilities are £640,000, which they can meet, but not those of Henry Clews & Co. A Berlin dispatch announces the failure of a bank in that city. Consols 92Ja92g new 5s. 91ja91g Eric 44 WILKESBARRE, PA., September 24.Brown and Gray have suspended. They attribute their failure to Henry Clews & Co. The miners here were large depositors with them. WASHINGTON, September 24.-The Freedmans savings bank are enforcing the thirty days, notice from depositors.

3. September 24, 1873 Public Ledger Memphis, TN

Article from Public Ledger, September 24, 1873

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# FINANCIAL AND COMMERCIAL. PUBLIC LEDGER OFFICE, MEMPHIS, TENN., September 24, 1873. NEW YORK, September 24.-The Baltimore banks have suspended currency payments. Howes & Macy have suspended. The banks have decided to issue $10,000,000 additional loan certificates. There was an important sale of stocks and bonds at the Merchants' Exchange at 12:30. The associated banks resolved at a meeting to-day to certify all large checks payable through clearing only, and not pay in currency. The stock exchange will remain closed until further orders. The sub-treasury purchased $1,000,000 bonds up to 12:30. LOMDON, September 24.-The house of Clement & Co. has decided to suspend. A dispatch from Berlin annonnces the failure of a bank in that city. £500,000 were withdrawn from the Bank of England to-day for shipment to New York.

4. September 25, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 25, 1873

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SUSPENSION OF HOWES & MACY. THE STRINGENCY OF THE MONEY MARKET AND AN UNWILLINGNESS TO SACRIFICE SECURITIES THE CAUSES-AN EARLY RESUMPTION PROMISED. On Tuesday afternoon Mr. Howes, of Howes & Macy, assured a TRIBUNE reporter that the house was an "old fogy" concern, and could not by any possibility fail. Yet the business day was not an hour old yesterday before the news flew from mouth to mouth that Howes & Macy had suspended. Idle brokers who had been standing listlessly about with their hands in their pockets hurried toward the offices of the firm to seek a confirmation of the report, but their interest in its truth or falsity seemed to be limited to mere curiosity. In the language of the street, the suspension had been discounted" since Tuesday afternoon, and, beyond increasing the general feverishness, was productive of no excitement whatever. The concern carried on business as usual under a very heavy run until 11 o'clock, when, having exhausted their cash balance at the Leather Manufacturers' Bank, through which they cleared, they decided to suspend, and a notice was pasted upon the glass fronting the cashier's desk announcing that they had "concluded to pay no more checks at present." =A TRIBUNE reporter immediately sought out Mr. Macy, and asked him the reasons for the suspension. He answered that the tightness of the money market had made such a step advisable. He added: "We have unlimited securities. but we can't turn them into cash at present. Our suspension 18 only temporary. As soon as matters on the street take their course we shall resume business. We can pay dollar for dollar, and more if necessary. None of our depositors will lose a cent. In fact, we have been compelled to do this to secure their interests." The reporter expressed his surprise that the suspension should have followed so quickly upon the heels of Mr. Howes's assurances of the firm's soundness. Mr. Macy answered sharply that at the time of the interview alluded to he had no anticipation that they would be compelled to resort to extreme measures, but that the false reports of the firm's failure. circulated on the street, on Tuesday afternoon, had precipitated a run upon them, yesterday morning, for which they were not prepared. This run was the immediate cause of the suspension. In answer to a question as to the amount they had paid out during the panic, Mr. Macy said that he could not tell just then; nor could he furnish any statement regarding the standing of the firm until the books should have undergone a thorough examination, which was then in progress. Later in the day, the reporter had a more satisfactory interview with Mr. Howes, in which the fact was elicited that the firm had been paying out between $50,000 and $100,000 a day since Jay Cooke & Co.'s failure. They continued to pay out funds as fast as called for until their cash balance became exhausted, and then they stopped. Mr. Howes said that they had not borrowed a dollar, and did not intend to borrow one. "We have plenty of the very best of securities," he added, "but we do not purpose to sacrifice them at the prices now current. The fact of the matter 18 that a general suspension of the large banking institutions has become a necessity, and the sooner it takes place the better. The small houses can afford to hold out, perhaps, but the larger ones must suspend or go under. People who bring their money to us, and expect to get 3 per cent interest, must not think that we put it into a corner to look at. No, weinvest it, and we cannot convert our investments on the jump without great damage to ourselves. At any rate, we don't purpose to be the authors of our own ruin; so our depositors will have to wait." Mr. Howes said that the depositors of the firm were about equally divided between tbe city and the country. He could not say positively that the suspension would not affect one or two ont-of-town houses. While the reporter was conversing with Mr. Howes several persons entered to make deposits, notably Deputy Sheriff Judson Jarvis, who handed in a certified check for $5,000. Mr. Jarvis expressed the utmost confidence in the stability of the firm

5. September 25, 1873 Evening Star Washington, DC

Article from Evening Star, September 25, 1873

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TELEGRAMS TO THE STAR This Afternoon's Dispatches. Associated Press Reports. LIGHT AT LAST! THE PANIC OVER THE FUTURE COURSE OF JAY COOKE & CO. What Howes & Macy Say. The New York Stock Market Still Closed END OF THE PANIC. NEW YORK. Sept. 25.-The morning journals take a very hopeful view of the financial situaLion this morning, and it is the general impression that the panic is over. WHAT JAY COOKE AND CO. W LL DO. NEW YORK, Sept. 23.-The members of the Jay Cooke firm meet daily, and have decided not to sacrifice their securities in order to meet obligations, but wait the restoration of public confidence. WHAT HOWES AND MACY SAY. NEW YORK, Sept. 25.-Mr. Howes, of Howes & Macy, said yesterday that they had been paying out between $50,000 and $100,000 a day since the suspension of Jay Cooke & Co. They continued to pay out funds as fast as called for, until their cash balance was exhausted, and they stopped. They had not borrowed a dollar and did not intend to borrow Wehave the best of securities, but do not propose to sacrifice them at current rates. The depositors of the firm are about evenly divided between the city and country. The cashier of the bank through which Howes & Macy cleared says they have not attempted to overdraw their account, but, on the contrary, have a balance there. The list of their correspondents embraces eleven national and state bankers and 140 private tinancial institutions. THE STOCK EXCHANGE STILL CLOSED. NEW YORK, Sept. 25, 10.30.-The governing committee of the stock exchange decided not to open the board to-day. NO MORE BOND PURCHASES. Notice is posted at the sub-treasury "that purchases of bonds at this office are for the present suspended." In answer to inquiries, the sub-treasurer states that he cannot say whether any purchases will be made to-day until ladvised from Washington. WALL STREET IN ITS NORMAL STATE. NEW YOKK, Sept. 25, 11a m. Wall street has resumed FOR ething like its normal appearance. The panic is rapidly subsiding. There have been rumors of suspensions this morning, but there is ne truth in them. The stock exchange being closed, a pretty active business for cash is being transacted in the street. A W SHINGTON SPECIAL says Secretary Richardsondeclines to anticipate the 1874 bonds which come due in December and January, THE STOCK MARKET. NEW YORK, Sep. 25. 11.15 a. m -Affairs on the street continue quiet. The market mostly confines itself to bids and offers, transactions being few and far between, 80 far this morning that no sales are reported. The quotations are Central bid, 89; offered, 90% Union Pacific, 19a 19% Lake Shore, 74a76; Ohio and Mississippi, 27a29; Pacific Mail, 28a30; North Western, 39a 40: Rock Island, 86 blank: Western Union, 58a 59: Harlem. 102%a105; Wabash. 39all: Hannibal & St. Joseph, 21 blank; C.C. I. C., 29 blank. THE GOVERNMENT GOLD SALES advertised by the government will not take place to-day. THE BANKS AND BROKERS keenly complain of unfounded statements, and often malicious, sent out from the city by irresponsible parties, which not only do great personal injury, but add fuel to the excitement. ALL STOCKS ADVERTISED FOR SALE at auction to-day have been withdrawn. Three thousand of prime sterling sold at 105. THE GOLD MARKET. NEW YORK, Sept. 25, 12:25 opened firm at 111% owing to the advance in the Bank of England rate to 4 per cent., but afterwards declined to 11%, and still later rallied to 11 1/2. The rates paid for carrying ranged from 4 to per cent. Foreign exchange has been fixed at 106 for 60 day bills, and 107 for sight, by leading bankers, but the actual business is at lower prices.

6. September 25, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 25, 1873

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MARKETS BY TELEGRAPH. New York Money and Stock Market. NEW YORK, Sept. 24-In Wall street the day opened with an unsettled feeling in consequence of the suspension of Howes & Macy, bankers, and Brown & Watson, gold brokers; but there was very little excitement. Later an improved feeling prevailed when the clearing house meeting adjourned. MONEY-About 1 per cent per diem. STERLING EXCHANGE - Foreign exchange dull and nominal; prime bankers' rates were marked down to 107 for sixty days, and 1074 for short sight. Good bills could be bought for much less. Commercial bills sold at 104. GOLD-Has been active, fluctuating during the day between 111 and 1121, and closed at 111g. The carrying rates have been 6a7 per cent and flat for borrowing. Clearings, $23,000,000. The Assistant Treasurer disbursed $321,000. GOVERNMENT BONDS-The offerings of U.S bonds to the Taeasury have been slow and lagging, on $2,611,750 having been received: On the street a strong demand for all classes of U. S. bonds for cash has been noted, though of course, the offerings were slim. The quotations were: U.S. 6's 1881, registered, 115 bid; 5-20s, 1865, coupons, 114 bid; U. 8. 5 203, 1867, coupons, 115 bid; U. S. sixes 5 20, 1868, coupons 115 bid. The clearing house committee issued $2,500,000 in loan certificates to-day, making total thus far since Monday morning of $12,500,000. The assurances given by leading dry goods houses than those in terested in the other branches of commerce that no trouble exists in those departments, despite the various reports, have been much in alleviating the condition of Wall street, and in a measure ac. counts for the quieter state of affairs. The exports of produce for the week ending yesterday amounted to $6,501,818, currency values being on the increase Ie over last week of $114,930. The exports a, for a corresponding period last year were is, $5,283,128, and $4,228,364 in 1871. The on total exports since January 1st, this year, are $208,673,287 against $161,787,682 last is year, and $168,030,955 in 1871. its The Cable dispatch announcing the susan pension of the firm of Clews, Habicht & nt Co. had no effect on the street. The feelrs, ing on the street continues strongly in faite vor of keeping the Stock Exchange closed. he In fact this measure is absolutely necesI sary to allay any fresh excitement. re STOCKS-There was the usual crowd leon Broad street, to-day, and irregular is dealings in stocks continued. It is utterly est impossible to give even an approximate aidea of the course of prices, as dealings cs, Ira were in no way ficticious. Stocks were eroffered at all sorts of prices, and bid for

7. September 25, 1873 New-York Tribune New York, NY

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New-York Daily Tribune. FOUNDED BY HORACE GREELEY. THURSDAY, SEPTEMBER 25, 1873. The banking-house of Clews, Habicht & Co. of Lon_ don suspended payment. ==== Divisions among the Bonapartists in France are anticipated by the Royalists. ==== It is reported that Mr. Bright will leave the British Ministry if the Ashantee war is continued. === Francesco Guerrazzi, the Dictator of Tuscany in 1849, is dead. The management of the First National Bank of Washington is declared bad. Two suspensions occurred at Richmond, two at Petersburg, Va., one at Baltimore, and one at Wilkesbarre, Penn. There is no panic at Chicago. The Milwaukee Chamber of Commerce continues === The Republican State Convention readjourned. nominated Controller Hopkins and State Engineer Taylor; F. S. Thayer was nominated for Secretary of State, D. G. Fort for Treasurer, M. K. Platt for Prison Inspector, B. D. Silhman for Attorney-General, and Sidney Mead for Canal Commissioner; the platform praises the State and National Administration, favors cheap transportation, and denounces the increase of Congressional salaries. === The Minnesota Democratic Convention nominated the Farmers' State ticket and adopted a platform in favor of a "revenue tariff." The Democrats and Liberals of Wisconsin nominated a State ticket at Milwaukee. === In a collision between a schooner and an iron steamer off the Grand Banks, T. Sept. 13, the former was sunk and 12 lives lost. = B. Parker, a rich Philadelphian, shot his wife through jealousy, inflicting a severe wound. and then shot himself, dying instantly. ==== Two lives were lost in a shooting affray at Bardsville, Ky., arising from jealousy. - The American Board of Foreign Missions began its annual session at Minneapolis, Minn. The prospect in Wall-st. brightens, notwithstanding the temporary suspension of Howes & Macy. The bank presidents agreed to sustain one another, to double. the issue of Clearing-house certificates, and to ease the money market by making heavy purchases of bonds. Gen Hillhouse stated that he could not purchase more bonds without receiving orders from Washington. The tone among business men was much more cheerful. 'An auction sale of stocks took place. The injunction against the Union Trust Company was modified 80 as to permit the registering of certificates of stock, and a special deposit with it was returned. - Rodman testified against Sprague before the Grand Jury, who probably found an indictment; Sheriff Williams proposed to prepare a statement on his own behalf, and promised reform at the Raymond-st.Jail; the Committee of Fifty, in an address to the people, favored an independent ticket; the greater part of the Brooklyn budget was approved. There 1 was a decline of rates at the Seranton coal sale. The Crispins' strike partly succeeded. Tammany

8. September 25, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 25, 1873

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over e cash basis. (To the Associated Press.] A BETTER FEELING. New YORK, Sept. 24.-The feeling in monetary circles this morning was slightly better than last evening, after the suspension of Henry Clows & Co. was announced. The closing of this eminent house to some extent destroyed the feeling of confidence observable yesterday morning, and when the announcement of the suspension of HOWES & MACY was made the uneasy feeling was intensified. Mr. Macy said the firm had suspended because of heavy drafts made upon it within the last few days, but declined to state the amount which had been withdrawn. The securities held by the house were ample, he belioved, to protect all depositors, but he declined to say anything else in regard to their character. He also declined to make any statement in regard to assota and liabilities. When questioned aa to the probability of resumption, he said that he was unable to speak of that at present. Mr. Howes was almost equally reticont. He said that the house had UNDERGONE A HEAVY RUN, and its demand loans could not be collected fast enough to furnish it with sufficient cash to meet such a drain. All their securities were good and negotiable when there was a market, but be would say nothing further in regard to their character, He thought that no depositors would lose. The firm had had no trouble with any bank, and had not borrowed a cent. He declined to say how large an amount of deposits had recently been withdrawn, No banking institution, in his opinion, could possibly contique business: at present, if there was & run upon it. A meeting of the OLEARING-NOURE ASSOCIATION was held at the Merchants' National Bank to-day. Mr. Vermilye, President of the Merchants' Bank, preaided. The Chairman of the Loan Committee reported that $10,000,000 of loan certificates, authorized to be issued to the associated banks, had been all taken out, whereupon 11 WAS resolved that an addi-

9. September 25, 1873 Chicago Daily Tribune Chicago, IL

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MARKETS BY TELEGRAPH. New York Financial News. NEW YORK, Sept. 24.-In Wall street the day oponed with an unsettled feeling, in consequence of the susponsion of Howes & Macy, bankers, and Brown & Watson, gold-brokers: but there was very little excitemeut. Later an improved feeling provailed, when the Clearing-House meeting adjourned. Money about 1 per cent per diem. Foreign exchange dull and nominal. Prime bankers' rates were marked down to 107 for 60 days, aud 1071/2014 for short sight. Good bills could be bought for much less. Commercial bills sold at 104. Gold has been active, fluctuating during the day botween 111 and 1121, and closed at 111 Carrying rates have been 6 and 7 per cent, and flat for borrowing. Clearings, $23,000,000. The Assistant Treasurer disbursed $321,000. The offerings of United States bonds to the Treasury have been slow and lagging, only $2,611,750 baying been received. In the street, a strong demand for all classes of United States bonds, for cash, has been noted. though, of course, the offerings were slim. The quotations were: 115 bid United States 6s of 1881, registered 114 bid United States 5-20s of 1865, coupons 115 bid United States 5-20a of 1867, coupons 115 bid United States 6s, 5-20a of 1868, coupons The Clearing-House Committee issued $2,500,000 in loan-certificates to-day, making a total thus far since Monday morning of $12,500,000. The assurances given by leading dry goods houses, and those intercated in other branches of commerce, that no trouble exists in those departments despite the various reports, have done much lu alleviating the condition of Wall street, and in a measure account for the quieter state of affairs. The exports of produce for the week ending yesterday amounted to $0,501,318 (currency values), being an increase over last week of $114,930. The exports for the corresponding period last year were $5,283,128, and $4,228,360 in 1871. The total exports since Jan. 1, this year, are $203,673,287 against $161,780,682 last year, and $168,030,955 in 1871. The cable dispatch announcing the suspension of the firm of Clews, Halbecht & Co. hind no effect on the street. The feeling on the street continues strongly in favor of keeping the Stock Exchange closed in fact, this mensure is absolutely necessary to save any fresh excitement, There was the usual crowd on Broad street to-day, and irregular dealings in stocks continued. It is utterly impossible to give even an approximate Idea of the course of prices, as denlings were in no email degree fictitious. Stocks were offered at all Borth of prices, and bid for in the same manner, simply for effect. At the close the following prices were current on the street:

10. September 27, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 27, 1873

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THE FALLEN HOUSES. THE BANK OF THE COMMONWEALTH. The Directors of the Bank of the Commonwealth have held a meeting to take into consideration the condition of the bank and the possibility of resumption. It was resolved to employ counsel to represent the bank and look after its interests in the courts. Edward Haight & Co. have paid up one half of their overdraft on the bank, and have promised to make good the remainder. The Directors say that no one of their number is indebted to the bank, but, on the contrary, the bank is largely indebted to them. The following letter is written by an extensive importer, and one of the Directors: The Bank of the Commonwealth has been unwisely and precipitately put into the hands of a receiver, without any knowledge of or consultation with the Directors, and before the Bank Examiner could possibly know whether it was insolvent or not. It is now believed that the overdrafts of Edward Haight & Co., which was the principal cause of its suspension, will be paid in full, one-half of the amount having already been secured. If so, then the bank, if judiciously managed. can pay all its liabilities, and have its stock nearly if not quite intact; but if wound up by a receiver, both may be jeopardized. The Directors have taken steps to bring the matter before the Court, and it will be for the interest of the depositors and stockholders at once to see that their interest is protected. Henry Clews & Co. have issuedia circular to their depositors and correspondents, in which they announce that they purpose to continue their business by receiving special deposits in trust for new accounts, pledged only to payments drawn against such accounts, and that they will collect and realize upon loans, securities, and other assets, as fast as possible. Messrs. Howes & Macy are adjusting matters as rapidly as possible, and hope to resume business in a few days. They have notified to their depositors that it is their intention to continue operations as usual, by receiving special deposits in trust to new accounts, pledging themselves to use those deposits only in payment of their customers' respective checks against new accounts; and as fast as the firm can collect and realize from their loans and securities they will pay pro rata installments on their present indebtedness to their depositors until the whole shall be liquidated, the same drawing the usual rate of interest until paid. The banking-house of Jay Cooke & Co. is still busily engaged upon the statement of its condition, but will probably have nothing to report before Monday. Fisk & Hatch say that their books are perfectly kept, and all accounts can be quickly and readily understood, and as soon as there is anything of general interest to communicate it will be presented to the public, and this information is promised at an early date. and may possibly occur simultaneously with or be preceded by a resumption of payment. Everything is represented as in good condition, the assets 80 greatly exceeding the liabilities as to promise a large surplus at the final settlement.

11. September 27, 1873 New-York Tribune New York, NY

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THE FINANCIAL SITUATION. IN WASHINGTON. NO CHANGE IN THE GOVERNMENT'S INTENTIONS-RECENT FAILURES REVIEWED-THE LEGAL TENDER RESERVE TO BE DRAWN AGAINST IF NECESSARY. (BY TELEGRAPH TO THE TRIBUNE.I WASHINGTON, Sept. 26.-There was no Cabinet meeting to-day, and no change of policy on the part of the Treasury Department has been announced. A statement of the affairs of the First National is promised to-morrow., Its liabilities are said, by the officers of the Treasury, to be about $1,250,000, of which about $800,000 is due other national banks. No estimate of its assets is ventured upon at the Department. The failure of Fant, Washington & Co. caused very little surprise. They had a small number of depositors compared with other city banks. One member of this firm has been prominent for a number of years in various great lobby schemes about Congress, and was an active. operator in transactions attending the failure of the Merchants' National Bank in this District, in 1866. The bank, however, sustained the heavy runs of 1857 and 1861, and met every demand upon it. The Washington City Savings Bank, which had a run upon it for several days, resulting in a notice of the 60 days' rule to depositors, was today closed by proceedings in bankruptcy, at the instance of several merchants who used the bank for the purposes of their daily business, and who have been prevented by the rule requiring 60 days' notice from checking against their deposits. The offer of conditional resumption by Howes & Macy was accepted here as evidence of returning confidence in New-York, and the belief at the Treasury during the latter part of the day seemed to be that the week would close with a greatly improved feeling throughout the country. The Treasury Department is taking measures to save its currency by cutting down all requisitions made for expenses by officers in the Civil Service throughout the country. Instead of forwarding the amount estimated as necessary for an entire quarter, only enough for part of the quarter will be sent, leaving the remainder in the Treasury until it is actually needed. The legal tender reserve will be drawn against next week, if need be, to pay current expenses. AN INFORMAL CABINET MEETING-THE DECISION TO BUY NO MORE BONDS UNCHANGED. WASHINGTON, Sept. 26.-There was no regular meeting of the Cabinet to-day, only three members being in town-Secretaries Delano and Richardson and Attorney-General Williams. The two latter gentlemen called about noon, and were in consultation with the President nearly an hour in regard to the financial troubles now disturbing the country. After a full discussion, it was determined that the policy of the Government could not be changed, and will, therefore, remain as announced last evening. Over $12,000,000 worth of bonds having been purchased by the Treasury Department since the commencement of the panic, the annual saving of interest to the Government will be about $750,000 in gold. ANOTHER SUSPENSION. WASHINGTON, Sept. 26.-Fant, Washington & Co., posted a notice on the closed door of their banking house, to-day, saying: "We are compelled to suspend payment for the payment."

12. September 29, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 29, 1873

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# A Few Facts. The New York Bulletin, which is good financial authority, calls on the public to recover their reason and look at the financial situation as it actually exists. It shows that with the exception of an undue expansion in the railroad interest, on which the panic has already done its worst, the crisis has found everything sound. Of the important bank failures that have occurred, not one firm or institution has proved insolvent. The Union Trust Company, allowing for the defalcation, will be abundantly able to liquidate its deposits. The National Trust Company shows a good surplus of $1,100,000. Fisk & Hatch have a magnificent surplus over their liabilities, and can resume immediately on the recovery of confidence. Jay Cooke & Co., though seriously embarrassed by advances to the Northern Pacific, have large wealth, and claim that they can pay everything in full even if their Northern Pacific assets have to be thrown overboard. Henry Clews & Co. showed remarkable strength in not suspending until they had paid $1,250,000 of deposits; and their remaining assets will far more than provide for their remaining liabilities. The Bank of the Commonwealth will be able to pay every dollar to its depositors, and return to its stockholders most of their invest-ments. Howes & Macy suspended because they could afford to suspend and refused to allow their securities to be forced on the market to the injury of their depositors. They are well known to be sound and they will resume business as soon as the public recover their senses. The suspended firms, holding deposits to the amount of over twenty-two million dollars, have been compelled to close their doors entirely from a senseless run, and in face of the fact that they were abun-dantly able to pay every dollar of indebtedness. There has not been one banking or commercial failure caused by insolvency. The worst panic known for sixteen years tested the banking and mercantile interests in the severest manner, and has proved their exceptionally strong condition. Weak railroad enterprises have been suppressed, but beyond that no damage has been caused save the injury to sound and legitimate business caused by an utterly senseless panic. The moment the public recover their reason the mis-chief will stop. The Bulletin calls on merchants and bankers to confront the senseless raid with an inflexible resolution to stand by each other to the last extremity. It asks those who are able to draw out deposits or to compel payments, to consider wheth-er this timid self-protection is at all necessary, and whether by encouraging runs they are not inviting needless ruin? The question is proper, and is being practically answered in this city, as in most others in the west, by just such action for the common support as the Bulletin suggests.

13. September 29, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 29, 1873

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NEW YORK. Special Disvatch to The Chicago Tribune, NEW YORK, Sept 28.-The bright prospects with which the wook closed for Wall street continuo to-day, and there is visible nothing of the intense excitement which characterized last Sunday. The street yesterday, and the hotels today, have been dull in fact, business on tho street le 80 far suspended that the excitement thore, on Saturday, was less than on ordinary days at this time of the year. The prospects for tho week are that BUSINESS WILL RESUME WITHOUT DELAY or much excitement, unless in the Stock Exchango. Tho difficulty in selling foreign exchange Becms to have been overcomo in a large measure, and heavy shipments of allsorts of grain were made yesterday. The demand for freight room WAS unusually heavy at generally advanced rates. The suspended firms are rapidly reorganizing, and promise a resumption of business before the end of the week. Howes & Macy have practically resumed already. Clows & Co. say they will bo ready to begin anow before the statement of their affairs is ready for publication. Fisko & Hatch, more conservativo, declino to begin again until all their past indebtedness is cleared off. Jay Cooke & Co. promise n favorable showing soon, but it is believed they will be kept down by the Northorn Paciflo Railroad. The Union Trust Company will get on italegengain. It is naturally a strong concern, each sharoholder being hold liablo for the amount of his stock; but the Bank of the Commonwoulth is probably a hopeless wreck. The opening of the Stock Exchange on Tuesday, BB resolved on, creates great unoasinoss, both in stock and commercial circles, particularly in the latter, whose members anticipate renowal of excitement, which may again extend to the commoreial exchanges and produce great distross to morcantilo houses. The Produce and Gold Exchanges RESUMED WITHOUT DISARTROUS RESULTA, and this fact encourages the hope that 110 bad effects will follow the roopening of stock gambling. The announcement that business will be resumed at the Stock Exchange implies that the conflicting and confused nocounts of the brokers have boon straightened out and settled. Otherwise, the opening would be only a signal for & renewal of the pauio, and of a fierce light between bulls and boars. Now, it is hold, there is little cause for controversy on the Bourne, and EVERYTHING PROMISES PEACE and quietness, at loast until the futuro shall divido the members into distinct parties again. It in claimod by dealers that business, for some time, at least, will be conducted with more modoration than formerly. Dr. Thomas Carlton. on being asked if he

14. September 30, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, September 30, 1873

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# THE STOCK PANIC. # The Horizon Lighting Up. Suspended Firms Resuming. GETTING OUT OF THE WOODS. The Scare Believed to be Over. Clearer Skies. NEW YORK, Sept. 29.—Both Clews & Co., and Howes & Macy have done a good business today, a large number of depositors having resumed business with them. There is nothing new relative to Fisk & Hatch or Jay Cooke & Co. It is stated that several heavy business men of this city on Saturday last paid high as 4 and 5 per cent. a month to obtain money to meet the pressing engagements. One large dry goods house issued a circular to its customers offering 2 per cent. a month discount on all paper due them for cash. The Glenham woolen manufacturing company of Glenham, N. Y., suspended today. Its President is not prepared to make any statement. Its capital is estimated at over $1,000,000. The company owns 200 acres of land at Glenham, with large factories and dwellings for 500 operatives. The company was over 50 years old. The suspension of B. Bullock & Sons, wool dealers, in Philadelphia today, was caused by the suspension of the Glenham company, which owes the firm about $600,000. At the produce exchange today there was a decidedly improved feeling and the business is working back into the old channels. The apprehensions as to difficulties in obtaining exchange is gradually being dispelled. Resolutions of the Stock Exchange. The Governing Committee of the Stock Exchange met at 1:30 p. m. to-day and passed the following resolutions: Resolved, That nothing in the action of the Governing Committee of the Stock Exchange shall be construed as absolving any member from obligation to the rules. Resolved, That all parties to the existing and unsettled contracts who were solvent at the close of the Stock Exchange, but who shall refuse to surrender satisfactory principal or furnish a margin in cash or securities, shall be regarded as insolvent. Resolved, That so much of article 22 of the by-laws as authorizes an officer of the Board to close the contracts of parties in default be suspended. As to existing contracts, during three days after the opening of the Exchange the President shall appoint a committee of three, which shall be in session from 2:15 to 2:45 o'clock, to determine on an equitable market price to which margins shall be made to conform, and also to determine the market price at which the contracts of defaulting parties shall be settled. Resolved, That all contracts shall be settled by a check certified as good through the Clearing House, but where a check is tendered upon a bank which is not satisfactory, the people must agree upon what shall be satisfactory, but no demand for greenbacks or currency shall be allowed. Bank Presidents in Council. At the bank presidents' meeting this afternoon, one plan was discussed which was referred to a loan committee. The committee has issued at different times loan certificates as the emergency required. It was rumored this evening that the committee has been authorized to employ loan certificates to any amount. It is certain that the committee was entrusted with additional powers, but of what nature Mr. Camp preemptorily refuses to make known. Another Suspension. ALBANY, Sept. 29.—The banks here are working under the New York plan. Ford & Fuller, brokers, have suspended. The Financial Outlook at Pittsburg. PITTSBURG, Sept. 29.—The financial outlook in Pittsburg was brighter today than it has been any time during the panic. Confidence seems fully restored, and business is being transacted as usual. At a meeting of the clearing house association this morning to consult on the present monetary situation it was resolved in view of the brightening prospects to make no change in the manner of conducting the business of the banks and clearing house. The Lawrence Saving Bank commenced paying its checks today. Embarrassing the Money Order Officers. WASHINGTON, Sept. 29.—The refusal of the National banks in Philadelphia to pay drafts upon them in currency having threatened to deprive the postal money order office in that city of resources on which it largely depends for remittances from country offices, the postmaster was today authorized to draw for a limited amount on the department's reserve deposited in the sub-Treasury at New York. Similar embarrassments were foreshadowed by numerous telegrams from western postmasters on the situation but their generally report today is that the banks have resumed currency payments. Favorable Signs. This city is free from financial excitement. The recent statements received from the North of the improved condition of affairs have had a tranquilizing effect in Washington to such an extent that several gentlemen connected with the banking combination say that in the course of a few days checks for small amounts will be cashed at the counters of their institutions instead of being as now, merely certified. Another favorable sign is that many large depositors in the Washington Savings' Bank are concerting with a view to the resumption of its business. Extensive Conflagration. CINCINNATI, Sept. 29.—A despatch from Brenham, Texas, Sept. 29th, says that a fire last night consumed two and a half squares of buildings in the business portion of that city. The loss is not yet ascertained. CINCINNATI, Sept. 29.—There is an improved feeling here today. In several banks the deposits of currency equalled the demand for it. The general markets are still quiet with a modified tone. A Fortunate City. CHICAGO, Sept. 29.—The financial prospects in this city this morning were brighter. The Union National, the York County National and the National Bank of Commerce resumed business at the usual hour. There has been no run upon either of them, while there have been considerable deposits made. Influx of currency from New York and from the country continues large, not less than $3,000,000 being received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks, and the rest into the hands of commission merchants for the purchase of grain by outside parties, but all tends to relieve present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence is returning. This view of the situation is based on an interview with a number of prominent bankers and business men. More Dismissals. JEFFERSONVILLE, Ind., Sept. 29.—It is reported the Ohio Falls Car Company will suspend work, throwing 700 men out of employment. More Bank Suspensions. ST. LOUIS, Sept. 29.—The express lines centring here are bringing to this city a much larger amount of currency than they are taking away. The banking house of Curry & Kirby at Jefferson City, and two at Chillicothe suspended on Saturday. They are all regarded as solvent. Money Wanted. CHARLESTON, S. C., Sept. 29.—The Chamber of Commerce have adopted a resolution asking for the deposit of $500,000 with the Assistant Treasurer, to be used in the purchase of Exchange. Following the General Example. LOUISVILLE, Ky., Sept. 29.—A majority of the banks formed a Clearing House Association yesterday, and resolved to suspend paying currency in large amounts Seven German and two other banks have been received into the clearing house, making 21 in all.

15. October 1, 1873 The Fairfield Herald Winnsboro, SC

Article from The Fairfield Herald, October 1, 1873

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News Items. CAIRO, September 28.-An unand two on by known reaching woman Columbus, drowned Kentucky, children, while the Mobile road, were attempting to jump aboard the doparting steamer. PHICADELPHIA, September 28.The bank presidents assured the stook brokers that they will do nothing to cause a decline of sceuriti at the st. ok board, until the bondholders are earing for themselves. Meanwhile the products of the country will rotat the depots. Washington, September 28. United States Coupons, maturing Novembr 1st, will be paid on and af ter Monday, September 29th, upon a rebate of interest at the rate of six per cent. per annum. a The banks and bankers held meeting to-night aud confirmed the action of last night. A committee of six was appointed, who will certify the checks of each. The bank holding aloof are the Bank of Washington, Bank of the Republic, Farmers' & Mechanics' Bank, of Georgetown, and Riggs." The members of the com. bination are confident that the above banks will be forced into a compromise before Monday night. CHARLESTON, September 28.-A better feeling prevailed at the close of business Saturday. The national banks having received a larger amount of greenbacks on deposit than they paid out in checks, no suspension has occurred beyond those announced on Friday. NEW YORK, Sept. 25.-The panic is the But the seriously affooting aggregate dry goods sales for are far in those of last are now business, the season only purchasing year. Country advance what bayers they of for actual the any require trade, depressing necessities purchase becomes of of their stocks until money more The mer determined to by large chants plenty. have Dry Goods stand eachother during the crisis. The day in Wall Street and in business circles generally, closed quiet. The Loan Committee Clearing House issued to-day 4,000,000 more certificates, making 17,000,000 thus for issued. Howes & Macy will resume busi. ndas immediately. The feeling on Wall Street is generally improved less excitement than any day since the panio commeneed. Richardson's action in stopping the purchase of bonds and refusing to anticipate the 5 per cent due January 1st 1874, meets with little approval. The Stock Exchange will probably remain closed until Monday. The foreign news is more discour aging than it has been since the panie began. Foreign banks which do heavy exchange business are seriously affeeted. The gold loan was very quiet today. The banks are cashing small checks, and certifying large oues. The bankers invited Secreary Rich ardson to visit the city and examine into the condition of affairs. He declined. Did not have time to go. The banking h uses are quiet, but apprehensions of suspensions are still felt. The deadlock in foreign exchange continues, and may be productive of serious trouble. The banks are gaining in deposits, which is an encouaging sign. RICHMOND, Sept. 25.-Messrs. Lancaster & bankers, and stock bankis the are feel that as far as ers, Many satisfied persons Co., only suspension depositing. National to-day All and State Banks are concerned, the erisis is over. To-day the Presidents of the several banks hold a meeting and determined to adopt the plan of the Baltimore banks, and issue clearance certificates, as the most effective means of sustaining each other in the present crisis. DANVILLE, Sept. 25.--All the barks suspended to-day as a precautionary measure. Very little excitement exists here. LYNCHBURG, Sept. 25.-Tho - banks hereare still undistubed. There is no run as in other places. The great. est confidence is manifested by do positors in the safety of their funds. NORLOLK, Sept. 25.-Financial matters still remain quiet. No citcment. PETERSBURG, Sept. 25.-No suspensions. Matters look much brighter. The excitement has subsided. NEW YORK, Sept. 23.-The rumorwa started at 2:30 this evening hat Henry Clews & Co., had suspended payment. This rumor was too soon verified. A large crowd collect. their banking house. had on almost since ed house immense before run continued the beginning their An of the panic, but had increased rather

16. October 2, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 2, 1873

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rities, they must eventually run short of greenbacks. There had been, on Tuesday, an indication of a panicky run on this house, consequent on the fact that it is in the same building with Clews & Co., who had just failed. Of course the suspension to-day had a very depressing effect. but it was nothing like that which ensued yesterday on the closing of Clews & Co. It started a run on Vermilye & Co., renewed that on George Opdyke & Co., and there was a shower of depositors clamorous for their money at the windows of Belmont & Co., but none of these houses showed the slightest indications of weakness. Howes & Macy's failure, if indeed it may be called so, is not looked upon as serious. The chief fear is that the temporary suspensian will affect the company's correspondents in other cities, and so help to keep up the excitement which all are anxious to allay. Upon the heels of this suspension came the news that Clews & Co. had swamped their London house of Clews, Habicht & Co. The over-drafts on the London house are estimated at $1,200,000, or about the amount which Clews & Co. paid out previous to their suspension. The information to-day leads to the supposition that Clews & Co.'s failure is complete-certainly as complete as that of Jay Cooke & Co. Howes & Macy may resume shortly, when matters are quieted down, but few hope for such good luck for Clews & Co. Southern securities and railway bonds have finally been their ruin. The next event to influence the street was the announcement that resolutions had been passed by the Clearing-House Committee representing the various banks. The first resolution, issuing an additional $10,000,000 for loan certificates, had been undisputed, and caused good feeling, and was encouraging. This proposition to obtain $10,000,000 of Govern ment bonds, to be sold to the Treasury by the banks, was also accepted as an indication that the banks were laboring wisely and well; but the last proposition, resolving that banks should not cash heavy checks for currency, but should certify such checks as good only when passed through the Clearing-House, was at once translated to be a practical suspension of the banks of the Clearing-House Association. There was a good deal of feeling on the announcement of the adoption of this resolution. But the discussions which followed have proved that the resolution was a wise provision. In the first place, it prevents panie-stricken depositors from drawing out their money and hoarding it, thus taking greenbacks out of the street and from business. In the next place it facilitates business by making more liberal the certification of checks through the banks, thus balancing accounts without the employment of much money. The savings banks have been perfectly quiet. In fact there has been no time during the panic when the officers of these institutions were doubtful of their ability to meet all demande made upon them, and the confidence of depositors has been most remarkably displayed. The panic has not apparently seriously affected mercantile houses and the principal trades. The principal dry goods men report no lack of conf dence among buyers. no marked decline in prices, and little excessive apprehension for the future. The reports from Boston, Philadelphia, Baltimore, Chicago, St. Louis, Richmond, New Orleans and Hartford are very encouraging. It is believed the worst has passed.

17. October 9, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, October 9, 1873

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The Financial Crash. NEW YORK, Oct. 1.-Wall street is as quiet as usual, and matters are beginning to assume their normal condition. The crisis is over, although the scarcity of currency is seriously felt, and will be for some time to come. The feasibility of resuming specie payment is exciting attention among our leading financiers and business men, and especially those bankers who issue bills of foreign exchange. An argument heretofore set forth, that to resume specie payment would depreciate values, can hardly be advanced, now that stocks and securities are flat. The suspended firms are rapidly reorganizing, and promise a resumption of business before the end of the week. Howes & Macy have practically resumed already. Clews & Co. and Fisk & Hatch will resume within a few days. The following table shows the prices current for leading stocks on Wednesday, Sept. 17, the day before Jay Cooke & Co. failed, and those current on the street to-day

18. November 29, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 29, 1873

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NEW YORK. Special Dispatch to The Chicago Tribune. THE BUIT AGAINST DANIEL DREW. NEW YORK, Nov. 28.-Counsel for Ernst H. Biedermann and Jacob Rubino, who, as I tolgraphed you on Sunday last, have begun suit against Daniel Drow, Stophen H. Alden, and Eugeno N. Robinson for the recovery of $1,000,000, which the plaintiffs claim they were swindled out of by defondants, have served a demand on Robinson and Alden that they must make affidavit covering Canton stock transactions. Robinson and Aldon have refused through their counsel to comply with this domand. It is understood that an order will soon be obtained from the Court for their examination regarding the matter. THE UNION TRUST COMPANY. In the case of Augustus W. Kelley against the Union Trust Company, Judge Fancher appointed to-day W. P. Dixon reforce, to state and pass the accounts of Edward B. Wesley, Receiver of the Trust Company, and ordered him speedily to report thereon. The Court also appointed A. R. Lawrence referee, to report to the Court what amount should be allowed Wesley for services as Receiver of the Company. The Trust Company will resume business next Monday, as was docided by the Directors at their last meeting. One of the officers of the Company said to-day that ample preparations had been made to meet any demands which might be made by depositors, and that the institution was in a thoroughly safe condition. HOWES & MACY. A meeting of the creditors of Howes & Macy, one of the banking firms which failed during the panic, was held hero this evening. Thore were about fifty of the 1,100 creditors present, representing $500,000. Many plans by which it was hoped the firm might be able to resumo business were proposed, but only to be rejected. After more or less discussion. it was finally agreed by those present that the firm should resume business at once, and pay 40 por cent on their debts on the 1st of January 10 por cont on the 1st of March, 1874; and 15 por cent on the 1st of January, 1875, making a total of 65 por cont, without interest. Before this plan can be carried out. however, the consent of the remaining 1,000 creditors must be obtained, and this is thought to be impossible. Therefore, it seems inovitable that they must eventually go into bankruptoy. THE SECRETARY OF THE TREASURY spent a fow hours in this city to-day. It is rumored that he came to and did consult with prominent New York bankers regarding the finan088 of the nation, in order to be better able to make a comprehensive report on the subject to the President, for the latter's use in his mossage to Congress. [To the Associated Press.] REGULAR MONETARY REPORT. NEW YORK, Nov. 28.-Money in active demand at 7 per cont currency to 7 gold. Storling work at 7% for GO-day. and 8% for eight. Customs receipts, $304,000. GOLD closed at 109%, after selling at 1003/@109% LOANS were at 6@7, 7 gold, and 1-82 for carrying, and flat for borrowing. The Assistant Treasurer disbursed $227,000. The clearings were $45,000,000. Governments W010 firm.; State bonds quiet. STOCKS were generally strong from the opening until about midday, with all advance in prices ranging from 14 to 14/1 por cent. The improvement WAS afterwards lost in many cases, but, after the BOCond call, buoyancy was again the foature of the market. During the last hour of business depression prevailed, andsome stocks declined to the lowest point of the day, the market leaving off feverlsh in tono. The volume of business was large, and dealings excited throughout the day. The advance in gold and dapression in stocks late in the day was caused by reports that Minintor Sickles had left Madrid, that there was increased activity in the uavy-yards, and vague runiors of failures which could not be authentiented. The stock salos between 10 and 3 o'clock amounted to 101,000 shares. of which 44,000 were Western Uhion, 27,000 Union Pacific, 12, 100 Wabash, 10,000 Ohios, 15,000 New York Contral, 8,800 St. Paul, 15,800 Lake Shore, 12,400 Northwestern, 8,500 Rock Island, and 8,500 Columbus, Chicago & Indiana Contral.

19. December 9, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 9, 1873

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# Bankruptcy Proceedings in New York. Special Dispatch to The Chicago Tribune. NEW YORK, Dec. 8.-The bankruptcy proceed- ings against George Bird Grinnell & Co. were ordered discontinued to-day by Judge Blatch- ford, sitting in the United States District Court, in view of the fact that the firm has made ar- rangements to settle with their creditors. HOWER & MACY. A petition was filed to-day in the Court of Bankruptcy, that Howes & Macy, the banking firm which failed during the early part of the panic, be declared bankrupt.

20. December 22, 1873 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, December 22, 1873

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Woodward, ex-county auditor under the ring, has consented to turn states, evidence and has given himself to the authorities. He is now custody. His first appearance will atex-Mayor Hall's trial Monday. all said he is prepared to furnish acis missing links against his accused Sale complices. of e Pacific and Adlantic egraph. NEW YORK, December 20-The statement published to the effect that the Western Union Telegraph Company had purchased the property of the At and Pacific Telegraph Company, to the former a lantic thus giving business company in monopoly of the telegraph this country, is totally without founda- and tion. The property of the Pacific Atlantic Telegraph Company. whose run from New York to New Orleans wires and throughout the southweat, been purchased and will shortly be over to the Western This fact probahas turned graph Company. Union has Tele- that given rise to the misstatement the bly Atlantic and Pacific Company was the the one in question. The officials of latter company announce that its affairs or were never in a more prosperous flouriehing condition than at present. The western service of the American Press Association, hitherto transmitted the Pacific and Atlantic Company, by will be transferred to the Western Union line after January 1st. Protests Against Williams. A HeraldWashington special says it is stated that strong protests have against the confirmathe Chief Justiceship tion been to received from of At- the General Williems the leading torney lawyers in all parts of the country, and it is expected nomination will be withdrawn. NavalNews Items The authorities at Washington have ordered all extra work at the Brooklyn Navy Yard stopped. The Dictator, Roanoke, Florida and Minnesota, it is said, will go into commission in about ten days. The work of removing the sunken barge which shuts in the Spanish The frigate Arapiles, has begun. contractors have stipulated to save the barge from all possible injury in and expect to complete the work twelve days. The Spaniards on board the imprisoned vessel are of highly elated at the prospect speedy relief. The Virginius A Tribune special from Key West that when the Virginius left says Dry Tortugas, Thursday night, she in had three or four feet of water her hold and was leaking so badly that the steam pumps were obliged to be kept going continually to keep the water down. She had twentytons of coal on board. She will two taken to New York and probably be towed by the Ossipee until nearat her destination, when she may into ly make a spurt for the entrance the harbor without assistance. A Mysterious Arrest. The police to-day arrested a perwho is said to be connected with for son gigantic robberies and swindles, whom they have been looking for a long time. All information concernhis identity is refused for ends the ing present, as it would defeat the ofjustice. The police say his case will come up next week. Samana Bay Company - DeathsHowes & Macy Failed The officers of Smana Bay Company give most unqualified denial the report published in the morning in reference to their suspenpapers sion. They declare the report one of malicious misrepresentation. The total number of deaths in this city for the past week was four hundred and four. Howes & Macy, bankers, wereadjudicated bankrupts to-day by, default, they failing to make any ans. wers to the proceeding commenced by A. R. Morgan, in the U.S.District Court.

21. February 12, 1874 Helena Weekly Herald Helena, MT

Article from Helena Weekly Herald, February 12, 1874

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Small Capital-arge Prefits. The bankers who failed in New York during the panic are now recovering as rapidly and as easily as their hopeful announcements, a few weeks ago, predicted. It is interesting to know that in the Jav Cooke bankruptcy case the Presiding Judge instructed the Receiver that if the bankrupts have paid out money or transferred property for cost of living or family expenses," it shall be held to strict account against them. The case of Howes & Macy also proved that it is by no means as trifling a thing to fail, and so slight an acrobatic feat to recover, as Wall street brokers once thought it to be. At a meeting of their creditors, a few days ago, it was ascertained that the firm liabilities were $287,000 in excess of their assets, and the previous business of the firm was so closely examined as to reveal that, instead of a banking house, with capital proportioned to its line of deposits, Mr. Macy had furnished $50,000, and that had constituted the whole capital of the concern. From that amount of capital their books showed that Mr. Howes had drawn out of the concern $40,000 a year for ten years, and that Mr. Macy had drawn, during the same time $257,000, making $467,000 drawn by the firm, and with $700,000 paid as interest to depositors, $1,167,000 drawn in ten years out of a busines done upon $50,000 capital.

22. July 23, 1875 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, July 23, 1875

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NEW YORK ITEMS. Tweed's Case-Cowardly Attack on a Woman-Death - of Charles A. Macy -Gold Sales-Six Months Losses by Fire, Etc. New York, July 22 - -Notice of ap* peal by the people to the general term of the supreme court from the decision of Justice Donohoe, in favor of William M. Tweed, in :the six million dollars civil suit, was served upon the defendant's lawyers yesterday and was duly acknowledged by them. A Carbondale (Penn) dispatch states that on Monday night John Jordon, a rejected lover of Miss Coyne, with some drunken roughs, attacked the cottage of her mother. Mrs. Coyne fired into the crowd, fatally wounding Jordon. Then handing the revolver to her son, it was accidentally discbarged, fatally wounding her daughter. Charles A. Macy, of the banking firm of Howes & Macy, which failed during the paniext 1873, died yesterday at his residence in this city. The assistant-treasurer to-day awarded one million of gold, at from 112.25 to 112.80 The entire amount bid for was $36,665,000, the lowest being 112.25, and the highest 112 80. A summary of the losses of fire insurance companies for the first six months of this year, shows that they aggregate more than the entire losses for 1874. The losses this year have fallen, not upon great cities, but chiefly upon country towns. On property destroyed, in which insurance companies have paid about twenty-six million dollars. The French musical societies of this city, contemplate holding a grand concert for the benefit of the sufferers of the floods in France. Tammany hall will be offered free for the purpose. The French committee of relief have six thousand and fifty dollars on hand, which will be immediately forwarded.

23. July 23, 1875 New-York Tribune New York, NY

Article from New-York Tribune, July 23, 1875

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OBITUARY. CHARLES A. MACY. Charles A. Macy, of the banking house of Corlies, Macy & Co., died Wednesday afternoon at his late residence, at No. 122 West Seventeenth-st. Mr. Macy was the son of Josiah Macy, the founder of the old commission house of Josiah Macy's Sons, and was born in Nantucket in 1807, his grandfather having been the first settler on the island. At the time the New-York County Bank was established, Mr. Macy was elected its first president, which position he held until the organization of the Park Bank, when he resigned, to take the position of cashier of the latter institution. In 1863 he left the Park Bank to join Mr. Howes in the private banking business, under the firm name of Howes & Macy, which firm failed ten years later, during the panic of 1873. This seems to have weighed heavily upon his mind, and, it is thought contributed toward hastening his death. During the past two years he had been acting as manager of the banking department of Corlies, Macy & Co. Throughout a long business life, he was well known for great executive ability and quick, shrewd judgment in all matters of finance. He was a firm friend of the Government during the late war, and lent misterial aid in the distribution of several war loans. His funeral will take place from the Friends' Meeting-house, in Katherfurd-place. The day has not yet been announced. The body will be buried at Woodlawn.

24. February 29, 1884 New-York Tribune New York, NY

Article from New-York Tribune, February 29, 1884

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SUSPENSION OF HOWES & CO. The suspension of Howes & Co., bankers and stock brokers at No. 11 Wall-st., was announced yesterday. The outstanding contracts at the Stock Exchange had been settled, and H. H Landon, who represented the firm at the board, had given notice of his withdrawal from the copartnership. The failure was not generally known until late in the afternoon. It was said at the firm's office that no statement of the liabilities and assets could be made yesterday. It is believed that the liabilities are small and due mainly to customers who had deposited money with the house. Reuben W. Howes, the senior partner, began the wholesale shoe business in this city about forty years ago. In 1863 he started in the banking business as one of the firm of Howes & Macy, and in January, 1871, he retired from the shoe business. The panic of 1873 caused such large losses to Howes & Macy that they were compelled to suspend, with liabilities of $1,213,939. Their efforts to effect a settlement with their creditors were unsuccessful, and in December, 1873, an involuntary petition in bankruptoy was filed against them. Pending a settlement of the affairs of the firm, a new concern was started by Mrs. Melissa Howes, wife of R. W. Howes, and their son, L. T. Howes, under the firm name of Howes & Co. Mrs. Howes retired from the firm in May, 1877, and her husband, who had received a discharge in bankruptcy, became a member of it.