Chase National Bank (New York, NY)

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Episode Information

Episode UID
237001376
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
23700 national
Charter Number
2370
Start Date
August 3, 1914
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e903c5834223ec69

Response Measures

None

Events (2)
1. September 14, 1877 Chartered
Source
historical_nic
2. August 3, 1914 Suspension
Cause
Macro News
Cause Details
Outbreak of World War I and Bank of England stopping cash payments prompted New York banks to suspend specie payments and issue clearing house certificates.
Newspaper Excerpt
In order to conserve the American supply of gold ... decided to suspend the payment of specie and issue clearing house certificates instead. ... A. Barton Hepburn, chairman the Chase National bank.
Source
newspapers

Newspaper Articles (11)
1. January 9, 1912 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 9, 1912

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on whether the vaults on the third and fourth floors of the building have been destroyed. The records referred to include those of the comptroller's department, the treasurer's office and the transfer department. President Day, of the Equitable, called a meeting of the executive committee at the company's new building in Greenwich street to consider the matter of securing temporary quarters. Of the 1,300 clerks employed by the society about 600 were in the main building while the others were engaged at work in the Greenwich street building. The offices of the Equitable Trust company luckily escaped the flames, but were damaged by Belmont. water, as were the offices of August Four Known Dead. Four men are known to be dead and five injured in the fire and several persons are missing, including Battalion Chief Walsh. The fire was still burning in the debris in the basement of the building this afternoon. Conservative estimates of the damage this afternoon placed the loss in the neighborhood of $10,000,000 while others say the loss will run as high as $15,000,000. According to an officer of the Equitable. the great safety deposit vaults in the building contained last night securities aggregating between $250,000,000 and $300,000,000. The vaults are believed to be intact. President Day, of the Equitable, said this afternoon: "The burning of the home office at 120 Broadway will cause but tmporary inconvenience. Securities and important records are protected by fire proof vaults which are intact. "Most of the office force and records were removed some time ago to the society's new building, -10. 2 Albany street. "The executive offices of the society and the cashiers' department have been established in the City Investment building. This will, for the time being, be the home office of the society." G. A. Tarbel, a former vice president of the Equitable, said that the company carried its own insurance. Many of the large New York banks announced today that owing to the fire they would not exercise their prerogative of calling loans today. The money market was practically at a standstill. Transfers Suspended. Banking and brokerage business was halted for a time by the fire and the governors of the Stock Exchange met to determine what action should be taken with respect to deliveries of securities purchased yesterday. The decision reached was that transfers may be suspended for a day by mutual consent. The clearing house in the Chase National bank was closed and temporary quarters were opened at the Chamber of Commerce. Depositors and bank customers of the burned out trust companies as well as those of financial institutions located in the neighborhood on of the burned building were unable to reach their banks, being held back by the police lines. An officer of the Equitable Life AsTO surance society said that the society TO had duplicates of every record, which were stored in a building several blocks away from the burned structure. The fire he said, would not affect the company's business with its policyholders throughout the country. TO Officials of the Mercantile Safe Deposit company said the vaults were in( tact and not a cent would be lost. o

2. January 9, 1912 Evening Star Washington, DC
Article from Evening Star, January 9, 1912

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IS RUINED BYFIRE : from First page.) (Continued COUR LIVES LOST The has vault out keys to the started we and door were both The wful. it but and we both though was poor fellow but just he Painted by faithis "dead to the takewas very danger lines, which being moved had been decords legal Harr that these dewere Safe lines and were the kept that moneto be loss the would small. of Mr. said that InconLovett of of loss the will, upon course depended the the and third vaults of been have floors to inThe of the clude departthe and ment, transcalled the the Green matter 300 of the 600 the about clerks the while were in the work The ComTrust but the were by offices water. his that by to Halt. Business was business the fire, halted to should taken OR to with securities The decision be was susthat may for by day pended consent. in NaThe the house and tional Chase Bank tempora the Chamb and cusbank commerce. the trust companies, instithose of financhood tutions teach unable their the by held poback lice lines. An of AS the Life said had Societ society were which duplicates in away stored blocks the The from fire, business throughout Safe Deposit intact and by Day issued the this at office home 120 but Broadway of our and important vaults, the Most office which and some force ago new building, and the offices society been estabCity humding. the The third society will This floors fourth building... of for the be office time being all business be public the lished will the occupy of that the home with the when sacted of vice Gage the the presidence company own to be and dead five perseveral sons Fire Deputy been Chief body Walsh The fire found. burning ried Four its men in are the including has not in the in of the debris building of the the estimate the while as run high Equitable, in the the last night building securities and $300, between to are be inThe vaults believed of the anYork banks large to the fire, that, today owing tive not they preros exercise of The marloans money today. to the the exof ket, action owing stock change, standstill. Are Says Kept. Duplicates of the George Life C. office Jordan, of the stated this

3. January 10, 1912 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 10, 1912

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I was carried out he fainted and I think he must be dead by this time. Mr. Giblin was then taken to the Hudson Street hospital. He was very weak, but in no immediate danger. The offices of the Harriman lines, which were in the building were being moved to 165 Broadway. Everything had been moved save the papers in the legal department. Many valuable records, Including the autobiography of E. H. Harriman, was there, and it was believed that these and other valuable records were destroyed. Business Halted for Time. Banking and brokerage business was halted for a time by the fire and the governors of the Stock exchange met to determine what action should be taken with respect to delivertes of securities purchased yesterday. The decision reached was that transfers may be suspended for a day by mutual consent. The clearing house in the Chase National bank was closed and temporary quarters were opened at the Chamber of Commerce. Depositors and bank customers of the burned out trust companies, as well as those of financial institutions located in the neighborhood of the burned building, were unable to reach their banks, being held back by the police lines. An officer of the Equitable Life Assurance society said that the society had duplicates of every record, which were stored in a building several blocks away from the burned structure. The fire, he said, would not affect the company's business with its policy holders throughout the country. Officers of the Mercantile Safe Deposit company said the vaults were intact and not a cent would be lost. Harriman Loss Small. President Lovett of the Harriman lines says that all of the Union and Southern Pacific securities held In the treasurey were kept outside the city; that the monetary loss to the railroads was small. Mr. Lovett said that the extent of inconventence suffered because of the loss O1 records will, of course, depend on whethe. the vaults have been destroyed. The records referred to include those of the comptroller S department, the treasurer's office and the transfer department. The offices of the Equitable Trust company escaped the flames, but were damaged by water, as were the offices o. August Belmont, whose offices were practically untouched by the flames. Four men are known to be dead and sons are missing. including Battalior Chief Walsh whose body has not yea been found. Conservative estimates of the damage place the loss in the neighbor hood of $10,000,000. while others says the lóss will run as high as $15,000,000. According to an officer of the Equitable the great safety deposit vaults in th. building contained last night securities aggregating between $250,000,000 and $300.000,000. Statement by President Day. President Day of the Equitable issued the following statement. "The burning of the home office at 120 Broadway will cause but temporary inconvenience. Securities and important records are protected by fire proof vaults which are intact." Gage Tarbell, a former vice presiden. of the Equitable, said that the company carried its own Insurance. Many of the large New York banks announced today that owing to the fire they would not exercise their prerogative 01 calling loans today. The money market was practically at a standstill.

4. January 19, 1912 The Hawaiian Star Honolulu, HI
Article from The Hawaiian Star, January 19, 1912

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administered. After a brief rest Mr. Giblin said: Trapped By a Spring Lock. "I was sitting up last night with my wife, who has been very ill, when an employe of the hotel informed me that the Equitable building was on fire. When I arrived at the building there were no flames, but plenty of smoke. I hurried into one of the vaults to get some valuable papers, followed by one of the night watchmen. The vault has a spring lock and I left my keys outside. "When the man and I started to leave the door swung shut and we were both prisoners. The smoke was awful. We shouted, but it seemed we were doomed. The other man was alive up to half an hour ago, but just before I was carried out he fainted and I think he must be dead." Mr. Giblin was taken to the Hudson street hospital. He was very weak, but in no immediate danger. The offices of the Harriman lines, which were in the building, were being moved to 165 Broadway. Everything had been moved save the papers in the legal department. Many valuable records, including the autobiography of E. H. Harriman, were there, and it was believed that these and other valuable records were destroyed. Business Halted by Fire. Banking and brokerage business was halted for a time by the fire and the governors of the Stock Exchange met to determine what action should be taken with respect to deliveries of securities purchased yesterday. The decision reached was that transfers may be suspended for a day by mutual consent. The clearing-house in the Chase National Bank was closed and temporary quarters were opened at the chamber of commerce. Depositors and bank customers of the burned-out trust companies, as well as those of financial institutions located in the neighborhood of burned buildings, were unable to reach their banks, being held back by the police lines. An officer of the Equitable Life Assurance Society said that the society had duplicates of every record which were stored in a building several blocks away from the burned structure. The fire, he said, would not affect the company's business with its policy-holders throughout the country. Vaults Are Intact. Officials of the Mercantile Safe Deposit Company said the vaults were intact, and not a cent would be last. President Lovett, of the Harriman lines, said that, as all of the Union and Southern Pacific securities held in the treasury were kept outside the city, the monetary loss to the railroads would be small. Mr. Lovett said that the extent of inconvenience suffered because of the loss of records will, of course, depend on whether the vaults on the third and fourth floors have been destroyed. The records referred to include those of the comptroller's department, the treasurer's office and the transfer department. President Day of the Equitable called a meeting of the executive committee at the company's new building in Greenwich street to consider the matter of securing temporary quarters. Of the 1300 clerks employed by the society, about 600 were in the main building, while the others were engaged at work in the Greenwich street building. The offices of the Equitable Trust Company luckily escaped the flames, but were damaged by water, as were the offices of August Belmont

5. December 9, 1913 New-York Tribune New York, NY
Article from New-York Tribune, December 9, 1913

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# Senator Weeks Enters Lists. Senator O'Gorman said that the New York banks had lent to the country banks more than $410,000,000. Mr. Swanson insisted that the condition was exactly the reverse. Senator Weeks then called attention to the law which required that the New York banks keep 25 per cent of their reserves in their vaults, asserting that they had fallen below this limit when they suspended payments. Senator Root then took a hand in the discussion and elicited from Senator Swanson the admission that the country banks deposited their money with New York reserve agents with the understanding that it was to be loaned on call. "They knew," he said, "when the money was loaned that if there came a sudden demand from all parts of the country they would be subject to the difficulties and embarrassments arising from a defective system." For this reason, Senator Root intimated, there was no occasion whatever to blame the New York bankers for lending the money as they did. Senator O'Gorman quoted from the testimony given by country bankers before the Banking and Currency Committee to show that they had received more aid

6. August 3, 1914 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 3, 1914

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there developments the confirmation unforeseen the Senate to the consent will not of be long withheld. tonight that Secretary Mc- the might decide to house asAdoo of the clearing cities, in the central in New sociations representatives It was said confer reserve Louis with New York, Chicago and St. treasury Heads York in stead Louis of at and the Chicago commit- be of the were St. understood here tonight to tees their way to Washington. decided on Wilson tonight with ap- to President all engagements dealing days and cancel for the next few weeks pointments for the next few fito make do none not concern the war or the nancial which situation of the country. Harding Discusses Relief William Measures G. New York, secretary August of the treasury from department, McAdoo, instructions came to New interests York President to- to night on to assist financial McAdoo were Wilson crisis. With Mr. of the avert Skelton a Williams, comptroller William John Charles S. Hamlin and federal currency, members of the night P. G. Harding, Until far into the reserve discussed board. relief measures with a they of leading bankers. group York Clearing house comThe New called a meeting of the bemittee today association to be held Clearing banking House hours tomorrow to arrange for fore the immediate issuance of clearing house certificates. of New York city and other to Banks cities completed arrangements emerlarge take many millions of dollars of currency tomorrow. gency Recommendations were made that of this the banks and private banks savings the 60-day clause, empowstate them enforce to decline to pay out money The ering that period to depositors. assowithin York State Savings Bank hours New will meet before banking tonight ciation and it was understood efthat tomorrow, the 60-day clause would go into fect. of New I k's foremust finan- They Many attended tonight's nference. partner, included J. P. Morgan and his VanderP. Davidson, Frank A. bank, Henry president of the National City of and lip, A. Barton Hepburn, chairman the Chase National bank. The present situation, it was explained, of brought about by a number been was For months business has backward causes. and capital timid. Then whose came the short of the European crisis the finaneffect was to demoralize first markets of Europe, esulting in stock the cial of the world's leading exchanges, suspending including the New York cause exchange. An important and added enordisturbance here was Europe's Last of demand for American gold. mous exports were well up to $50,there would 000,000 week these The probability that, with be the a reaction old world in a frenzy, upon commerce and insevere here as well as a troubled state still worse. dustry of public sentiment made the outlook Special Wire Installed was the situation today and crash when This received of the final news Europe, was with all of the principal realiza- nain war or on the verge of it, must tions came at that energetic measures finaninterests tion be taken to safeguard American Bankers cial were in conference through- the the day. During the morning use alwires out to Washington were kept in President most constantly and after the of McAdoo had been informed and Mr. of the New York bankers it the views decided that the situation was Wash- such was demand the presence of the center. as to officials at the financial special ington Before they wire left was the installed capital in a the subtreasury telegraph with direct connections with the treasury department. At the same time a meeting of cur- the executive committee of the national house commission and the clearing rency committee was in session The proposal met issue clearing house certificates that to opposition both on the ground with unnecessary and for the reason oppoit was it might create alarm The howthat to the plan were won over, nents when news came of the commenceRussia. ever, ment of hostilities by Germany, France and considered it highly improbPankers that the outpouring of gold other to rea- Euable would continue of for no impossible rope than it would be almost safety. son with any degree of to ship it rates last week were almost Insurance and it was assumed that the prohibitive companies would refuse con- to aitions. take insurance on further risks under present McAdoo Issues Statement conference between the WashThe oficials and the bankers close was in ington session until midnight. At its Secretary McAdoo said for prefected "Arrangements by New were York banks of if the $100,000,000 issuance of additional currency, to to enable them to respond required. of correspondent banks for moving. money calls the demands for crop simito meet to permit the issuance sections of I intend to banks in other lar currency upon their application of the country department and their compliance to the treasury with the provisions of the act. The secretary prefaced his New statement York saying he had come to leading by a conference with the emergency for the issue of the bankers about and for a discussion of supply. measures currency for protection of the country's gold added that the country was proper in He shape and that with possible to spiendid it should be present situation. overcome precautions the dificulties of the the Clearing House Certificates The committee to recommendation to be made the associa- by clearing issue house clearing house certificates virtually tion to here tonight as of certain were was regarded adoption. These certificates, accepted during transactions while not the legal panic currenc of 1907 by among the banks them- in settlement in of some cities were circulated selves in Heu and of legal tender. were emphatic in New York bankers there need be no their statements that developments. The a whole strong. position fear of of it disastrous was the banks said, was of the fundamentally country as RI MORED EMPEROR

7. August 6, 1914 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, August 6, 1914

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MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. Depositors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.

8. August 6, 1914 The Tabor Independent Tabor, SD
Article from The Tabor Independent, August 6, 1914

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MEASURES TAKEN TO CONSERFE READY CASH This Action Believed Best In Order to Assure Stability of Business. In order to conserve the American supply of gold and to maintain the credit of the national banks of New York, Chicago and Boston Monday decided to suspend the payment of specie and issue clearing house certificates instead. Other cities throughout the country are expected to follow the lead of these big financial centers. DeposItors also will be required to give 60 days notice to banks before withdrawing funds on time deposit. The situation is not regarded as grave by any means and reassuring statements have been issued in every quarter. The measures being taken are purely of a precautionary nature.

9. August 7, 1914 Evening Star Washington, DC
Article from Evening Star, August 7, 1914

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be prevented, or, at least, its effects minimized can by the proper organization sysand control of a country's banking tem. No such premium upon money or taken such collapse of credit has of in of the leading that the last 100 years as Noplace general Europe during any States countries in in the United in December of 1907, war and social witnessed vember periods and of condition revolution. except of similar disastrous for a and credits in England one must Namoney back to the time of the wars of go while in Germany no such foun- ocpoleon, has taken place since the shown currence of the empire. France has the dation such a banking condition but once that in was several generations, and last defeat at the hands of Prussia, war after her payment of her billion-dollar troubles. indemity the and bitter internal There have been suspensions of banks and great failures of business and banking houses in Failures Abroad Not these countries just the same as as Heavy as Here. in the United States, yet these disasters have not (as so offen has been the case here) been alIowed to paralyze the credit of the country. In Great Britain, the powerful firm of Overend Gurney failed in 1866, the Bank of Glasgow in 1878 and the house of Baring Bros. in 1890. Yet, on each occasion, the trouble was confined and no national financial convulsion followed. In France the same ability to avert financial panic was shown upon the failof such great banking institutions as ure the Union Generale in 1882 and the Comptoir d' Escompte in 1899; while in Germany the failure of the famous Leipziger Bank in 1901 is another example. in the United States, the suspension of Yet, payments by the New York banks has been followed by distress from Maine to California. Although banking reform had been demanded for a number of years, it took the panic of 1907 to insure a thorough prosecution of the task. Minor changes in our banking laws had been made from time to time, but the great prosperity of the country caused Congress to shrink from the responsibility of undertaking extensive reconstruction of the laws to under any which business had attained such mighty proportions. * * In 1000 Congress pased a currency act for the better support of the greenbacks, the Treasury notes of 1890 Better Support of and the silver Greenbacks by Law. dollars. After the panic of 1007 the Aldrich-Vreeland act was promulgated, which provided that the national banks might organize themselves into national currency assoclations, and that a member bank, with outstanding note circulation secured by States bonds equal to 40 per cent of might extend its United its capital, note issues upon other classes of securities until the total was equal to the sum of its capital and surplus. This act was intended only to be an emergency measure, and was enacted to expire by limitation June 30, 1914. The provision for increasing their note issue up to the present has not been taken advantage of by the banks The act has been extended to June 30. 1915. Further, following the panic, the national monetary commission was established, for the purpose of investigating means for improving credit arrangements in this country. Members of this commission visited England, France and Germany, and made thorough studies of the banking systems in vogue in these coun- of tries. The banking arrangements Canada, Scotland, Belgium, Sweden. Switzerland, Italy, Russia, Mexico and Japan were also investigated. The findings of the commission were published in reforty volumes, which form a good view of the world's banking business. Out of these studies grew proposals for the establishment of a National Reserve Association, a representative association the banks, the units of which were of to all be the clearing house associations which the banks of each city now mainThe democratic Congress rejected this tain. plan in favor of the federal reserve whose provisions, wisely enforced. act, will probably be found better suited to needs of the country than would have been the any one among the numberless plans which have been proposed.

10. August 7, 1914 The Kenna Record Kenna, NM
Article from The Kenna Record, August 7, 1914

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BANKS SOSPEND CASH PAYMENTS war TIGHTENS REAL MONEY ALL OVER THE WORLD. Large Cities of United States Go On Bank Paper Basis Following Action by London. Wichita, Kan., Aug. 3.-Effect of the European war flashed to Wichita during the night. Despite the most beautiful crop prospect in the history of Kansas, and despite the fact that the last bank statements showed millions of dollars deposited in Kansas banks, Wichita bankers soon after midnight received news which has forced them to suspend cash payments. All business has been put upon a paper basis. Bank checks until further notice will be exchanged on a clearing house basis, with no cash paid over the counter to depositors. The action was caused in the United States by the announcement that the Bank of England has stopped cash payments. New York and Chicago immediately followed suit, followed by Kansas City, and then by Wichita. There is no need for alarm among bank depositors, since the system merely forces a practice whereby the largest volume of business is customarily transacted. Most of the business exchanges are conducted by an exchange of paper. The action today simply forces all exchanges to be made in that manner. This is the same method which was adopted by Wichita banks Oct. 28, 1907, and to which Wichita easily adjusted her financ New York, Aug. 3.-The New York clearing house committee called a meeting of the clearing association before banking hours today to arrange immediate issuance of clearing house certificates. The New York Savings Bank association will meet this morning and issue the sixty day clause empowering banks to refuse to pay depositors in that period would go into effect. Kansas City, Aug. 3.-The Kansas City Clearing House association is meeting now to decide whether it will go on a certificate basis. These moves have been considered ever since the war scare started account of the heavy movement of gold. Is not considered sensational.

11. May 22, 1915 The Sun New York, NY
Article from The Sun, May 22, 1915

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GREENHUT PUTS ALL BLAME ON BANKERS Tells How Seven Institutions Refused to Renew Notes for $350,000. DEAL MADE SIEGEL CRY Capt. J. B. Greenhut ascribes the fallare of his department store primarily to the "freemasonry that exists between banks" and which within twenty-four hours caused seven banks to refuse to renew notes amounting to $350,000. He testified to that effect yesterday afternoon in the assembly room at the Merchants Association before Peter B. Olney, referee in bankruptcy, who asked him at the opening of the creditors examination what had caused the bankruptcy. The general denial of credit by the Greenhut bankers began, he said, with the Guaranty Trust Company, which held a note of the J. B. Greenhut Company. indorsed by Capt. Greenhut, amounting to $200,000 and due on Monday, April 5. 1915. Capt. Greenhut made out a renewal note on that day and sent it to the bank with a letter. On Tuesday Wice-President Potter asked to see Mr. Greenhut or his son at the bank. Mr. Potter told Benedict J. Greenhut that he wanted a lien on another note of the Monmouth Security Company, indorsed by the Greenhut banking firm and held as collateral by the bank. The Greenhuts decided that to give such a-lien would mix up the store business with the banking firm's business, but in lleu of the lien Capt. Greenhut offered for the renewal of the $200,000 note other Monmouth Security Company securities owned by Capt. Greenhut, which the bank refused to accept. Mr. Potter then told Capt. Greenhut on Wednesday that the bank wanted payment of the note due two days earlier. Had No Misgivings. "We had enjoyed ample credit." said the department store head, "and never had any doubt that a note would be reI newed when renewal was asked. thought somebody was working there to undermine our credit. We had $350,000 in notes due at seven other banks on Thursday, April 8. We knew the freemasonry that exists among banks and understood that If the news of the Guaranty Trust Company's refusal got out the others would follow suit. By noon on Thursday six of the seven, all except the National City Bank. notified us that the notes they held would not be renewed. It looked to me like concerted action." The banks Capt. Greenhut mentioned were the Mechanics and Metals National, Garfield National. American Exchange National, Chase National, Chemical National and National Park. Capt. Greenhut said the general refusal of the banks was remarkable because he had deposits amounting to $390,000, against a total debt of $550,000 at the banks. When he asked for the renewal of the $200,000 note at the Guaranty Trust, he said, he had $184,000 on deposit there at 3 per cent. Questioned by James N. Rosenberg. counsel for the trustee in bankruptcy. Capt. Greenhut testified that he thought perhaps the merchandise creditors whom he had been slow in paying in order to strengthen his bank credit, had talked about the store's slowness. He considered the bank credit most important, the mercantile credit secondary and emphatically denied that he had any intention in his method of relieving his own obligations at the banks, his name having indorsed the store's notes He had heard of "the talk," he said, but discounted it as a risk. "It is common knowledge in this town." he said, "that a number of large stores do not intend to pay on due dates. very important stores, too." Banking Debts Reduced. Capt. Greenhut admitted the store's banking debts had been reduced $900.000 in the first four months of this year. but he could not recall how much of its merchandise debts had been paid off. A total of $660,000 was due in April. but he had hoped to raise this amount on notes at the banks as well as perhaps $400,000 more without any difficulty He pointed out in justification of that hope that last August, in distressful times, he had raised more than $600,000 in two days on the company's paper without collateral, except his own indorsement. The witness admitted the store had lost $500,000 last year, but he said conditions never were so unusual. The year previous-1913-had been abnormally "off" in business, he said: people did not spend money and business fell off. But his troubles began with the Siegel failure. The mail order business after that crash fell off 50 per cent., $800,000. Orders did not come in. largely because It was thought all over the country that Greenhut's was in the Siegel failure. Then came the necessity of changing the firm's name. After the war began business had been practically paralyzed. he said. while expenses went on. Capt. Greenhut insisted that at the end of 1914, however, he felt that bustness would revive from the "greatest depression ever known.' Everybody felt that way. he said: the general financlal condition was improved and he hoped to turn a 1914 loss into a 1915 profit. He had no idea of receivership. he said, until two days before it came, when he sent the notes down for renewal. He knew, he said. that other stores were letting their merchandise creditors wait. on a larger scale than his store, and he added, "they are still living." Made Siegel Cry. The real property on the west side of Sixth avenue, he said. was worth upward of $2,000,000. on which he put a mortgage of $1,200,000 with Henry Morgenthau. He could not place a value on the east side property, but he told rather