16089. Lockwood & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
April 18, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
26e17dac

Response Measures

None

Description

Contemporary papers (April 18, 1873) report Lockwood & Co. 'failed' or 'suspended' and announced inability to meet engagements. Articles attribute the stoppage to the money stringency and assets not immediately available; no explicit reopening or receivership is reported in the provided excerpts. No clear depositor run (people gathering/charged withdrawals) is described — rather a suspension/failure of the firm.

Events (1)
1. April 18, 1873 Suspension
Cause
Macro News
Cause Details
Failure attributed to the prevailing money stringency and lack of immediately available assets; withdrawal of deposits because of lightness of money and inability to meet engagements announced to the stock exchange.
Newspaper Excerpt
Lockwood & Co., bankers, successors to LeGrand, Lockwood & Co., have failed.
Source
newspapers

Newspaper Articles (6)
1. April 19, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, April 19, 1873

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States troops have been ordered to Colfax, Grant parish. The latest accounts report everything quiet. Laborers have resumed labor on the adjacent plantations, and no further trouble is apprehended. # EXECUTED SYRACUSE, April 18.-Henry Frolicks was hanged in this city this forenoon for the murder of Peter Schaffer. Frolicks marched firmly to the gallows, where he mada a speech denouncing the Judge and District Attorney in bitter language. He closed his remarks by saying, "in the name of God Almighty, I am ready, let me go." # FAILURE The firm of Lockwood is one of the oldest in Wall street, having been established in 1842 by Legrand Lockwood, Sr., who died a few years since, and was succeeded by his son and other parties. It is stated this firm was short one hundred thousand shares of stock liabilities. Borton & Allen, brokers, over quarter million. They expect to compromise and go on. # THE CONDITION OF THE POPE ROME, April 1.-The Pope is somewhat better. He arose from his bed to-day and remained up several hours, during which time he transacted business. # THE STORM OMAHA, April 18.-Trains are now running along the whole length of the road. The storm lasted three days. The people did not dare leave their houses. Fifty miles of telegraph lines down, # LOOSE SMALL-POX CHINAMAN SAN FRANCISCO, April 18.-Cortorado arrived with five Chinese with small pox. A Chinese small-pox patient escaped from the house and ran naked into a street railroad car filled with ladies and gentlemen. Passengers and conductor naturally fled. COLUMBIA, S. C. April 18.-The Court to-day decided that the Blue Ridge serip is unconstitutional. This settled a vexed question which has exercised the people and courts for more than a year. Secretary Cordoza has arrested several county treasurer's, charging them with fraud. Judge Carpenter decided to-day in chambers, that there was no just cause for the charge in the case of the Edgefield county treasurer, and he was released. # THE ATLANTIC INVESTIGATION HALIFAX, April 18:-F. McDonald, collector of customs here, gave judgment in the Atlantic inquiry to-day. He commended the conduct of the officers after the ship struck, but condemned her management from the time she hove up for Halifax at one o'clock P, M. March 31, and personally the Captain's conduct in leaving the deck at midnight. His certificate might be cancelled, but in consideration of his efforts to save life, it shall be revoked for two years. John Brown, the fourth officer, suspended for three years. # GEN. SCHOFIELD TO GEN. GILLEM SAN MARCUS, April 18.-Sen. Schofield concludes his dispatch to Gen. Gillem: "I suppose you have force enough to destroy the outlaws, unless they succeed in eluding you. Nothing short of their prompt and and sure destruction will satisfy the eads of justice or meet the expectations of the Government." # GEN. SCHOFIELD TO GEN. SHERMAN WASHINGTON, April 18-Gen. Sherman received the following dispatch from Gen. Schofield, dated 'April 18: "No news from Ger. Gillem since the twelfth, but I hope to hear of some decisive action this evening. If next reports make it necessary, I wili go to the front if my presence there seem desirable." The agricultural scrips for Florida, purchased by Lewis, of Ohio, has been paid for, and ex-Governor Bloxhom has deposited the funds-$81,000 to the order of the board trustees." # WANTED--FEDERAL TROOPS A dispatch from Marshal Packard of Louisiana to the Adjutant General, more than fully confirms the report of the Colfax troubles. Packard claims that processes cannot be made without Federal troops. # FIRE PHILADELPHIA, April 18.-Grant's soap works, Twenty-third and Hamilton streets burned this morning. Three men reported burned to death and others injured. NEW YORK, April 18,-Lockwood & Co., bankers, successors to LeGrand, Lockwood & Co., have failed. # Foreign PARIS, April 18.--Henri Rochfort's wife is dead. MADRID, April 18.-The Carlists have cut the road between Barcelona and Sarogossa. # REPORTED DEATH OF THE POPE LONDON, April 18.-A telegram from Berlin says the death of the Pope is reported in that city this morning. No information from Rome as to condition of His Holiness has reached London to-day, and no credit is placed in the report from Berlin. LONDON, April 18.-Consols 931; fine 90. LIVERPOOL, April 18.-Noon-Cotton opened dull, uplands 9 to 91; Orleans 91; sales 2000, for rhe week 63,000; special exports 2000. Stocks 64,000; American 322,000; receipts 68,000; American 23,000; aflont 52,400; American 208,000, Later Cotton dull; sales, special exchange 2000. Breadstufis dull. Corn 22 and 23 to26. Beef 8 and 6. Lard 39 aud

2. April 19, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 19, 1873

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f FINANCE AND TRADE. 1 I Money Market. NEW YORK, April 18. ) There was a marked improvement : in the financial situation to-day, and , more easy feeling prevailed in the dif. terent departments of Wall street. In : many quarters an opinion gained ground ) that the worst is over, and that we are rapidly nearing the end of the money , stringency. The enormous liquidations of stock exchange for a few davs past ) have had considerable to do with the I increasing ease in the money market, in connection with the steady influx of currency from the interior. The shrinkage in values has naturally fed the mand for money and the supply of capital at this point has been increased by out of town purchases of securities at reduced quotations. The advance in prices to-day was very decided the natural result of an improved feeling in financial circles. The change for the better will no doubt soon be telt in business circles and a return to steadiness in the money market must stimulate trade and greatly assist our merchants in carrying on spring trade. Before the close of bank hours money declined to 7 per cent gold and after wards to 7 currency. The day opened in Wall street with an improved feeling in various markets, but soon afterwards the banking and stock firm of Lockwood & Co. announced to the stock exchange their inability to meet their engagements, with a request that all parties having contracts with them close the same out under the rules, and fix a price or settlement This failure precipitated a decline in prices of 11 to 21c, but very soon an impression got abroad that it was a bear and not a bull failure, and the decline was recovered. The underlying CAUSE of this failure is the money stringency,although the immediate cause is attributed on the street to & change of front from bull to bear very recently. The firm sav they are carried down by having assets not immediately available, and a withdrawl of deposits in consequence of the lightness of money. The firm of Lockwood & Co., is one of the oldest on Wall street, having been established, we believe, in 1842, by Legrande Lockwood, Sr. who died & few years since and was succeed ed by his son and other parties. The oid firm was carried down in the Black Friday panic of September, 1869, and afterwards 'effected a settlement with their creditors and resumed business Tae Foreign exchanges were decidedly firmer in tone, although business was not large. The leading bankers advanced their rates to 107 for sixty days sterling and 108g for sight, but this advance checked the demand The highest rate at which long sterling actually sold was 107), but sight sold right up to asking rates, the tra sactions being reparted at 1081 to 1081 Gold was more active and higher. On purchases for the Bull account. the price advanced from 117) to 1181. and closed with a partial reaction. The Assistant Treasurer paid out to-day $10 000 on the ac count of interest and $54,000 in redemption of 5-20 bonds.

3. April 19, 1873 Evening Star Washington, DC
Article from Evening Star, April 19, 1873

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FINANCIAL AND COMMERCIAL The New York financial circles were thrown into a state of excitement early in the day yesterday by the announcement of the suspension of the banking and brokerage house of Lockwood & Co. The stock market, which had opened strong, suffered a marked decline, and for a short time a panic was feared. When it was discovered, however, that it was a "bear" failure, aided by an easier money market, confidence was restored and prices again advanced, and at the close of the day the markets generally were in favorable condition for the "bulls." The amount of the liabilities of Lockwood & Co. have not been ascertained, but the failure is not supposed to be a very disastrous one. Messrs. Barton & Allen, whose failure was announced on Wednesday, expect soon to make a satisfactory arrangement to resume business. The gold premium advanced from 17 1/2 to 18% and closed firm at 18% The rate for call loans was not above 14 and interest, and the market closed at interest to 7 per cent. gold.

4. April 19, 1873 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, April 19, 1873

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LATER. PHILADELPHIA, April 12.-Telegraphic communication has been resulted with New York. New York. PANIC IN THE STOCK MARKET. New YORK, April 17.--Panic continues in Wall street aud all faney stocks down. Money firm ; Gold $1.17 1/2. ANOTHER BANKING FIRM FAILS. NEW YORK, April 18th.-Lockwood & Co., bankers, falled to-day. ORATION ON BEWARD. Charles Francis Adams delivered a enlogy on the late Secretary Seward, before the Legislature at Albany, this mornlug.

5. April 19, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, April 19, 1873

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New York Stock and Money Market. NEW YORK, April. 18-Morning.-Gold 1174. Money 1 per cent. Sterling Exchange. long, 107; do short 108. State stocks heavy. Stocks firm and market excited. NEW YORK. April 18-Evenina.-Allapprehensions of further panic have passed away. With the exception of Lockwood & Co., no further failnres are reported, while Money has returned to 7 per cent.. and markets for securities are firm. A cheerful feeling pervaded all departments of business, the enormous liquidations on Stock Exchange for days past, the steady influx of currency from the interior and large out of town purchases of stock having had their natral effect. The Grand Jury failed to indict any one for usury, but on the contrary recommended a repeal of the usury law. The highest rate of Money for the day was 1 per cent. and interest, from which there was a fall to 1-16 at 1 o'clock, and 7 per cent. by half past two, the closing rate. Foreign Exchange firmer, with leading bankers asking 1072 for 60 days and 108g for sight, though the highest actual business in the former was at 1071, with sight at 1081 @ 108g. Gold active and higher; on purchases for the bull account it advanced from 1171 to 1181, closing ot 118 @ 1181. The are cable reports of £175,000 being shipped here from London, but the movement this way can hardly be more than temporary. Loans at 4 @ 7 per cent. per annum to 1-32 per day. The clearings were $83,000,000. Treasury disbursements $94,000. Customs receipts $329,000. Imports of dry goods for tlie wek $3,300,000, and those of merchandise are estimeted at $9,000,000. The payment of the May interest by the Treasury is expected to begin next week. Outstandinglegal tenders show a decrease of $52,000. Governments strong and 1 @ 1) per cent. higher, while foreign bankers made large purchases for shipment.State bonds neglected. Railroad mortgages dull and firm. The Stock market reflected an improved con dition of affairs generally, and has shown the same eagerness to buy as there was recently to sell. Early dealings were unsettled by the failure of Lockwood & Co., under which prices fell @2 per cent., but the market soon recovered its tone and became active and buoyant, the rise varying from the lowest point of the day to 1 per cent., with great strength at the close. The suspension of Lockwood & Co., and Brownell & Brother it is expected will be temporary. The following were the quotacions of Government

6. April 19, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, April 19, 1873

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exports to Liverpool 2.677 bales: coast wise 196 bales: stock 179,005 bales. Sales of the week 22,000 bales: net receipts 28, 990 bales; gross 80.263 bales: exports coast wise 1,080 bales; to Great Britain 15,507 bales; to Franco 6,644 bales: to other for eign ports 14.394 bales. MEMPHIS, April 18. Cotton dull but unchanged; good ordinary 16c; low mid dling 171c. Receipts 945 bales: shipments 975 bales; receipts of the week 6.525 bales; shipments 8,540 bales; sales 6,000 bales, stock 38,935 ST. LOUIS, April 18. -Cotton dull but unchanged. CINCINNATI, April 18. Cotton steady at 18tc. LOUISVILLE, April 18. Cotton steady low middling 171c. Foreign Markets, LONDON, April 18, M.- Consols, 931 U S. do '67, 93 10-40 891; new 5's 90: Erie 511 Spiritspetroleum 13s. Turpentine 4ls. FRANKFORT, April 18 5-20's of '62 954 LIVERPOOL. April 18 Breadstuffs dull. California white wheat average 11s 4d@8d Club 11s 9d@12s. Red winter 12s 2d. Flour27s 6d. Corn 21s 6d@5d. Beef 83s 6d. Cheese 68s. Cumberland middles short rib middles 40s 3d. Recepts of wheat for the past three days 2.000 bels. None American. Corn 18,000 ruels. American 14,000. ANTWERP, April 18 Refined petroleum 4011 F New York Money Market. NEW YORK, April 18.-All apprehen sions of further panic have pass away With the exception of Lockwood & Co. to day, no further failures are reported, while money has returned to 7 per cent. All markets for securities are firm. A cheer ful feeling pervaded all departments of business, the enormous liquidation on the Stock Exchange for days past, the steady influx of currency from the interior, and the large amount of town purchases of stock having had their natural effect. The Grand Jury failed to indict any one for usury, but on the contrary recommended the repeal of the usury law. The highest rate of money for the day was onequarter and interest. from which there was a fail to 1-16 at1 o'clock, and to 7 per cent by half past two, the closing rate. Foreign exchange is firmer. with leading bankers asking 72 for 60 days and 8 for sight though the highest actual business in the former was at 71, with sight at 81@8 Gold was active and higher; on purchases for bu account it advanced from 117 t 1181 closing at 118@1181. There are cable reports of £175.000 shipped London, but the movement this hardly be more than Loans at ranged 4@7 per cent per annum to 1-32 per day The clearings were $86,000,000. The Treasury disbursements were $94,000; customs receipts $329,000. Imports of dry goods for the week are $3,300 those of merchandise are estimated at $9,000,000. The prepayment of the May interest by the Treasury is expected to begin next week. The legal tenders outstanding show decrease of $52.000. Governments were strong and 1@th per cent. higher. while foreign bankers made large purchases for shipment. State bonds were neglected Railroad mortgages were dull but firm The stock market reflected the improved condition of affairs generally and there has been the same eagerness to buy, as there was recently to sell. The early dealings were unsettled by the failure of Lockwood & Co., under which prices fell 1@23 per cent, but the market soon recovered its tone and became active and buoyant, the rise varying from the lowest point of the day to five per cent, with great strength at the close. The suspensions of Lockwood & Co. and Brownell & Bro. are expected to be temporary The chief features of the day were Pacific Mail which fluctuated from 571 55 and 594 with purchases of fully eleven thousand shares in the last hour above 58; Western Union at 821@80@851 with a heavy busi ness; New York Central at 100@991@ 101}; Erie at 641@661; Lake Shore at 914, 90 921; Ohio's 43. 42. 44: Northwest common 77@791; Rhode Island 108, 108}; St Paul common 56, 4 and 74 riem 123@127; Indiana Centra 38 37 Panams 108. 107. 109; Union Pacific 311, 325; St. Joseph and Hartford and Erie 3&@31. Sterling Exchange Bank Bills 1075 U. S coupons, 1881, 1201; 5-20s of 1862 1171 do. 64, 117;; do '65, 1194 do. new 117 do. 1867, 1191: do 1868, 117; new 5's, 115; 10-40 113; currency 6's 113 Missouri bonds931. Tennessee, old, 771 do new, 77; Virginia, new. 40; do. old, 42; North Carolina, old, 30; new 16. New York Dry Goods Market NEW YORK, April 18 -Business conti yes quiet; with commission houses with and the jobbing movement is unsatisfactory. Domestic cottons are firm for the best makes, but low grades are irreg lar and in some cases lower. Atlantic L and L L brown sheeting are severally 121@10 Androscoggin Hill, Lonsdale, fruit of loom ond other fine bleached shirtings are sold ahead. Brilliant, woolens and shawls are inactive. Prints, shirting, stripes, percales are in fair request. Foreign goods are quiet. Baltimore Markets. BALTIMORE, April Flour unchanged. Wheat dull; red Western $1 1.80@$1.95; amber $1.90@$1 95. Corn quiet; mixed West ern 62@621c. Oats duil; Western mixed 46@47c; white 48@49c. Rve unchanged Provisions strong and buoyant, stock very light, Mess Pork 171@18c. Bacon firm and higher;shoulders 8c; rib sides 91-99-c clear rib sides 10c; sugar cured hams 131@ 15c. Lard firmer and higher 91@9c Butter Western steady choice roll 38@ 41c. Whisky firm at 91 . New Orleans Markets. NEW ORLEANS, April Flour quiet: treble $7.25@8 00; family $9.00@10.50 XX $6.65@6.75 Corn firm at 53@570 Oats quiet at 41@42c. Bran 72a75c Hay dull $23.00@26.00 Mess pork firm. $17.65@18.25. Bacon firm at 73 101@ 10% Hams 141@1c. Lard dull; tierce 9 keg 10c. Sugar firm, inferior 6c; good to fully fair Molasses dull; common fermented 40c Whisky firm at 90@94c Coffee quiet and firm at17@19c Sterling 26 ; sight 1/2 premium. Gold 1171 New York General Market NEW YORK, April 18 Flour heavy and a shade easier: receipts of 12,000 barrels; superfine Western and State $5.70@6.35 common to good $6 75@7 40; good to choice $7.60@8. white wheat extra $8.50@ extra Ohio $7 .00@$10 50: St. Louis $7.50 @$12.50. Rye flour rather more active, $4.10@$6.00. Corn meal unchanged. Whisky shade easier, 911c. Grain wheat opened heavy and lower but closed steady receipts 2,600 bushels: No. 3 Milwaukee afloat $1 1.62@$1.63; choice Northwestern $1.60@1.60}; white Western $1.97. Rye, barley and malt unchanged Clover seed quiet but steady, State and Western 81@9c; timothy quiet, $3.60@4.00. Corn active nd