16155. Matthew Morgan & Sons (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: June 24, 1884
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 14ebe12c

Response Measures

None

Description

Multiple contemporaneous newspapers (dated June 24–25, 1884) report Matthew Morgan & Sons suspended on June 24, 1884. Reports attribute the suspension to shrinkage in railroad bond values (Denver & Rio Grande) and inability to realize on large real-estate holdings. No articles mention a reopening; an assignment was made to protect creditors, which suggests a permanent suspension/closure. Therefore I classify this as suspension_closure.

Events (1)

1. June 24, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure/suspension attributed to shrinkage in values of railroad bonds (principally Denver & Rio Grande) and inability to realize on large real-estate holdings such as the New York Hotel; assignment made to protect creditors was reported by papers on June 24–25, 1884. Liabilities ~ $1,000,000 reported in some accounts and assets/liabilities uncertain in others. Sources: multiple June 24–25, 1884 newspaper dispatches included above (Sacramento Daily Record-Union; Wheeling Daily Intelligencer; Wheeling Register; etc.). Note: OCR variations corrected (e.g., some articles abbreviate names). No evidence of depositor run or later reopening found in provided articles. (Trimmed cause details to be concise.)
Newspaper Excerpt: Matthew Morgan & Sons, bankers, have suspended.
Source: newspapers

Newspaper Articles (10)

1. June 25, 1884 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, June 25, 1884

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TELEGRAPHIC BREVITIES. The Dallas (Texas) Grand Jury has returned twelve new bills against J. Baum and eleven against Lohnstein, in the cotton-swindling cases. Morrison has so far been unable to get the Ways and Means Committee to consider Henley's resolution to investigate the Alaska Commercial Company. As the steamer Lavonia. from Boston, was entering the dock at Liverpool yesterday the cylinder burst. The engineer was killed and many others injured. J.W. Burnham, of Hotchkiss, Burnham & Co., shot himself dead in New York yesterday morning, in consequence of depression because of recent failures. The Philadelphin cricketers won the game in England with the gentlemen of Leicester, who made 132 runs in two innings, to 260 by the Philadelphias in one inning. Representative Cassidy has secured an appropriation of $1,000 to remove the remains of soldiers buried at Fort Churchill, Nevada, to the Grand Army Cemetery at Carson. Matthew Morgan & Sons, bankers, in New York, have suspended. The announcement of the failure caused a depression in the stock market, but it recovered and became steadier. Joseph Johnson, President of the Newark (Delaware) Brick Company, has absconded with $50,000. The company made an assignment to the Newark National Bank. Johnson left the laborers unpaid. The Senate Committee on Finance have postponed further consideration of the trade dollar bill until next December, for the reason that the House bill required amendment, and a conference with the House could not be obtained this session. A portion of the tunnel of the Panhandle Railroad (west line), which was nearly completed, caved in near Steubenville, O., yesterday morning, burying eight men and one boy. Four of the party are thought to be fatally injured, and others badly but not seriously hurt. They are mostly Italians.

2. June 25, 1884 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 25, 1884

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ANOTHER BANK GONE WRONG. The Failure of the Old Banking Firm of Morgan & Bons, New York. NEW YORK, June 24.Matthew Morgan & Sons, bankers, have suspended. The announcement of the failure caused a depression in the stock market, but recovered and became steadier. The firm was an old one. The suspension of Morgan & Sons is at tributed to the shrinking of values of railroad bonds, principally Denver & Rio Grande, of which they were large holders at a high price. Eiward Morgan is expected from Europe in a few days. Their liabilities are mainly due on Exchange, but they have no liabilities on the Stock Fx change. Members of the firm are large real estate owners, the New York Hotel being one of their holdings, and it is believed their inability to realiza on real estate is the immediate cause of the suapension. The house of M. Morgan & Sons has been in business in this city thirty-five years. They came originally from New Orleans. They always have been the correspondents of several London houses. They rated at one million dollars. Henry Morgan, formerly a director in the Denver & Rio Grande, gained considerable notoriety for opposition to the Pennsylvania company some years ago in the B O., C. & I. C. litigation. Eventually if the firm sold their holdings in the C., C. & a I.O. bonds amounting to $400,000 at 129 after they had offered them at 109. This transaction was the talk of the street. At that time the house dealt extensively on, 'Change. The social connections of members of the firm are very high, the daughter of Edward Morgan being the wife of August Belmont, Jr., and Henry Morgan is connected with the family of Mr. Brown, of Brown Bros. & Co., by marriage.

3. June 25, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 25, 1884

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A NEW YORK FAILURE. Matthew Morgan & Sons' Banking House Swamped. NEW YORK, June 24.-The banking firm of Matthew Morgan & Sons suspended today. The announcement caused considerable flurry on'change, but the market soon recovered. The firm was an old one and was not a member of the stock exchange, but were merchant bankers. They drew exchange and dealt in securities on the stock list. The failure is attributed to the shrinkage of values of railroad bonds, principally Denver and Rio Grande, of which they were holders at high price. The bank owned the New York hotel and other large landed interests. The failure to realize on these is believed to be the cause of the failure. A daughter of the senior member of the firm is the wife of Perry Belmont.

4. June 25, 1884 The Daily Cairo Bulletin Cairo, IL

Article from The Daily Cairo Bulletin, June 25, 1884

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Suspended, NEW YORK, June 24.-The well-known banking firm of Matthew Morgan & Sons, has suspended. Liabilities and assets unknown.

5. June 25, 1884 Sacramento Daily Record-Union Sacramento, CA

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THIS MORNING'S NEWS. In New York yesterday Government bonds were quoted at 118½ for 4s of 1907, 110 for 41/28 sterling, $4 84½/2@4 861/2; 100 for 3s : silver bars, 110. Silver in Lendon, 50 11-16d consols, 15-16d; 5 per cent. United States -bonds, extended, 105; 4s, 1213/4 4½, 1133/4. In San Francisco Mexican dollars are quoted at 88@881/2 cents. As if exhausted by Monday's effort, the San Francisco mining share market relapsed into its old, dull and drooping condition yesterday, and there was a slightly weaker feeling in the general list. Contradictory statements in regard to the cholera outbreak come from France. A vigorous warfare against socialism has been commenced in Alsace-Lorraine. Many mercantile houses have failed recently in the City of Mexico. Locusts are committing havoc in the States of Oaxacaand Chiapas, Mexico. At Deposit, N. Y., Sunday night, James Wilsey killed Allen McClure with one blow of his fist. The President of the Newark (Del.) Brick Company has absconded with $50,000. Matthew Morgan & Sons, bankers of New York, suspended yesterday. The Philadelphia ericketers won the game at Leicester, England, easily. By the bursting of a cylinder on a steamer at Liverpool yesterday, one man was killed and many others hurt. J. W. Burnham shot and killed himself in New York yesterday. A tunnel caved on the Pan Handle Railroad yesterday, near Steubenville, O., burying eight men and one boy. The railroads leading into Chicago will carry people to the Democratic National Convention for one fare for the round trip. The Missouri Democratic State Convention met yesterday in St. Louis. All efforts to stop the breaks in the levees on Union and Roberts' Islands have been abandoned, and immense damage is inevitable. A bold but unsuccessful attempt was made by two men to rob the Solano County Treasury Monday night. Joseph Carter and D. L. Clatfelter narrowly escaped death by drowning, near Visalia, Sunday. In a runaway accident near Visalia, Monday evening, a woman was shockingly injured and a child killed. Oliver Canfield, a murderer, was taken from jail at Vincennes, Ind., Monday night, by a mob, and hanged. A carload of Columbia river salmon reached New York Monday in an unmarketable condition, and was condemned by the health authorities. Ocean steamship "racing is now the order of the day from New York to Europe. Mrs. Singer, first wife of the sewing machine inventor, died in Brooklyn, N. Y., Monday. Senator Logan was formally notified in Washington yesterday of his nomination for the VicePresidency. Frank Carman committed suicide in Oakland yesterday morning. Forest fires are raging in New Hampshire. The obsequies of Bishop Simpson took place in Philadelphia yesterday. Letter-carriers are to be granted fifteen days, leave of absence each year. Allan Pinkerton, of the detective agency, is dying in Chicago. An immense meeting of Orangemen is to be held at Newry, Ireland, July 12th. Five horse-thieves were quieted by citizens in Dakota Sunday. A man dived from the Brooklyn bridge yesterday, and as soon as his body is found a funeral will take place.

6. June 25, 1884 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, June 25, 1884

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A Bull Day-Buying in All the Offerings At the Opening-An Old Banking Firm Goes Under-Prices Close At an Advance. NEW YORK, June 24. The mark et to-day was very unsettled, prices fluctuating frequently under the influence of all sorts of unfavorable remors which were circulated with as much vim as on the preceding day. At the opening the bulls made a from stand and bought in all offerings, thereby succeeding in not only supporting prices, but causing a fractional advance. The buying continued during the first fifteen minutes of tusiness, but in the next half hour the output of stock was so heavy that the supporting cliques were compelled to give way and prices dropped back 1/2 to 2 per cent. for all the active stocks. Subsequently Lackswanna was trotted out by the buils as a leader and rapidly bid up, the stock advancing within fifteen minutes 43/4 per cent. The rapid rise in the stock caused consternation among the shorts, who, fearing that they were about to be subjected to another squeeze in the stock, rushed to corner. They bought vigorously Of all the leading shares. The buying movement was under full sway when the announcement reached the street about 11.30 a. m of the suspension of Matthew Morgan & Sons, an old and respected firm of bankers doing business at 39 William street. This announcement was followed by a scene of wild excite_ ment. Brokers rushed to and fro in mad efforts to market their holdings, fearing for the time that the flood of rumors current yesterday and this morning of impending failures were about to be verified Under the firet outpour of stock prices gave way sharply, but strong hands came to the support of the list, buying up all offerings as rapidly as possible By this means the market was once more steadied and prices again began to recover. During the af ternoon the course of prices was gradually upward and when the delivery hour passed without the announcement of further trouble, there was an active covering which caused prices to advance to the highest point of the day in most cases. Early in the day extracts from a letter recovered by Cyrus W. Field from William H. Vanderbilt, in which the Jat. ter denied selling his holding and offered $1,000 for every share of stock which it could be proved he had sold, was used with good effect in steadying prices. The closing prices to-night show an improvement in most cases over those of the preceding evening of 1/4 to 43/3 per cent., the latter in Lackawanna. The specialties were dull and there were but few changes of importance. The sales to-day aggregated over 450,000 shares. Money loaned as high as 6 per cent. to-day. The ruling rates were 2a3. Exchange closed weak. [Closing prices reported over the private wires of BUNNELL & BORANTON, Bankers and Brokers.]

7. June 25, 1884 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 25, 1884

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Logan Learns of His Nomination---He Accepts. Pacific Points---The Chicago Races---Foreign Notes. A Lynching Matinee at Vincennes, Ind. The Missouri Democrats in Convention. Business Failures. New York, 24.-Matthew Morgan & Sons, bankers, have suspended. The announcement of the failure caused depression in the stock market, but it recovered and became steadier. The firm was an old one. The house of Morgan & Sons has been in this city thirty-five years. It came originally from New Orleansand.they have always been core respondents of several London houses. They were rated at one million dollars. The suspension was due to theshrinkage of values at the stock exchange. The firm was identified with the Denver and Rio Grande and the C. C and T. C. railroad company. Henry Morgan was formerly a director of the Denver and Rio Grande. Morgan & Sons are not member of the Stock Exchange. They are known as merchant bankers. They 1 drew exchange and dealt in securi1 ties on the list. no The suspension of Morgan & Sons 18 attributed to the shrinkage of I values. of railroad bonds, principally r Denver & Rio Grande, of which they F S. !A large holders at high prices. Tt liabilities were mainly due on the t rchange, but they have liabili ties on the Stock Exchange. Iembers of the firm are large real estate I owners. It is believed their inaC bility to realize on real estate was t the immediate cause of the suspen( sion. b The assignment was made to pron tect all creditors equally. Corre. N spondents of the firm are the Union t and City Banks in London, and A. b & M. Heine, Marcuard Andre and S Hottenger & Co. in Paris. They a have correspondents also in all parts p of Europe. The secial conditions of C members of the firm are very higb, a daughter of Edward Morgan being the wife of August Beimont, jr, and Henry Morgan is connected with the family of Mr. Brown, of Brown Bros. & Co., by marriage. r

8. June 26, 1884 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, June 26, 1884

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ANOTHER NEW YORK FIRM RATED AT A MILLION GONE UNDER. Causes of the Suspension of the f House of Morgan and Sons. Stocks Tumble Till it was found They Belonged Not to The Exchange. Opinion of a Commercial Man on Gould and Wall Street. BUSINESS TROUBLES. Another New York Suspension. NEW YORK, June 24.-Matthew Morgan & Sons, bankers, suspended. The suspension is attributed to the shrinkage values of railroad bonds, principally Denver and Rio Grande, of which they are large holders, at high prices. Edward Morgan is expected from Europe in a few days. Their liabilities are mainly due on exchange, but have no liabilities on the stock exchange. Members of the firm are large real estate owners; the New u York hotel being one of their holdfi ings, and it is believed their inability t to realize on real estate is the immeh diate cause of the suspension. fi Friends of Morgan & Sons say the W suspension is a good deal like Garriu son's assignment; that is, their assets V exceed their liabilities and that the o suspension was mainly !due to a deu cline in securities. The firm was a t large subscriber to the Mexican Nat tional Construction company. It is T understood they held quite a number in of Mexican National bonds, Denver & n Rio Grande issues, Kansas Pacific t consols and various New England securities. th The assignment was made to prob tect all creditors equally. The corto respondents of the firm are the Union tl and City banks in London, and A. M. li Heine, Marcard, Andre & Co., and S Hattenger & Co., in Paris. Also corst respondents in all parts of Europe. ed The social connections of members of the firm are very high and a daughter u ot Edward Morgan is the wife of Auti gust Belmont Jr., and Henry Morgan is connected with the family of Mr. Brown, of SU Brown, Bros & Co., by marriage.

9. June 26, 1884 Brenham Weekly Banner Brenham, TX

Article from Brenham Weekly Banner, June 26, 1884

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BY TELEGRAPH Special to the Banner. The Mi-souri Democratic Convention. ST. Louis, June 24-The State Democratic convention met at the Standard theatre at noon to-day and elected delegates to Chicago. Tilden's name was loudly greeted. At the mention of Cleveland's name there was the wildest demonstration. Judge Lynch in Indiana. VINCENNES, Ind., June 24-At midnight last night a mob of fifty men attacked the jail, overpowered the sheriff and took out Oliver Caufield, who murdered Mrs. Gherkm, and hanged him to a telegraph pole where his body hung till daylight. The mob was quiet and orderly, but determined. Suicide and Failure, NEW YORK, June 24-J. W. Burnham of the firm of Hotchkiss, Burnham & Co., shot and kill himself this morning in consequence of depression over the recent failure of his house. Matthew Morgan & Sons, bankers, suspended to-day; liabilities estimated at one million. The firm was closely identified with the Denver and R10 Grande and C. C., and I. C. railroads. A Tunnel Caves In: STEUBENVILLE, 0., June 24.-A portion of Gould's tunnel on the Panhandle railway, west of here, caved in this morning burying eight men and one boy. Four of them are thought to be fatally injured. Reduced Fares. CHICAGO, June 24.--Members of the local reception committee for the National convention, announce that railways leading here agree to carry persons attending the convention for one fare for round trip. Tickets good from July 5th to 14th. r Menth

10. June 29, 1884 Mohave County Miner Mineral Park, AZ

Article from Mohave County Miner, June 29, 1884

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Thomas Williams. Robert Cork and a colored man. One of Mrs Williams childred died yesterday and to night one of the men died. Cork and Mrs. Conlin are not expected to live, and the children are very low, It is supposed the cream was poisoned by vanilla flavoring. There 18 great excitsment. Coal Bluff is a little min ing town situated on the Monongahela river about sixteen miles from Pittsburg. Toulon, June 25.-Ten new cases of cholera were taken to the hospitals yesterday. Too Alarm is abating and the government physician confirms the sporadie character of the disease. Paris, June 25.-De Lesseps declares that the rnmors of the failure of the Panama exenvation works are false. The latest advices he had from the works are to the effect that there were less obstacles to avercome than expected. The enterprise IS making rapid progress and the canal will be finished at the latest in '88. Pittsburg, June 26, An Oil City Pa., Dispitch special says: An attempt was made last night to wreck the express from Buffalo for Dunkirk by piling ties on the track. Charlestown, W. Va., June 26.One of the receivers of the State Bank of West Virginia reported to day that ten cents on the dollar will be paid on deposits from the assets of the bank, which are nominally $180,000, all of which except about $40,000 is e nsidered worthless. Mrs. Wright had a barrow escape from death in a ronaway near Visa ha; one of her children was killed. Trains are delayed by the overflow of the New river on the Colorado desert. J. Bradford, ferryman on the Snake river at Riparia, W. T.. was drowned by the upsetting of his noat. Baldwin's Gano was beaten by Ascen ler at the Chicago races Tuesday. Matthew M organ & Sons, bankers of New York, have suspended. Two men were seriously injured by the fall of a derrick used in re...