Tracy & Company (New York, NY)

Episode Information

Episode UID
5020349891313
Episode Type
Suspension → Closure
Bank Type
investment
Bank ID
502034989 hash
Start Date
May 18, 1909
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
73276adcacb823ed

Response Measures

None

Description

Receiver appointed after involuntary bankruptcy petition; articles mention crowds but no run.

Events (2)
1. May 18, 1909 Other
Newspaper Excerpt
A large crowd gathered at the office after news of the filing of the petition had become known, but the clerks for a while apparently continued their work.
Source
newspapers
2. May 18, 1909 Suspension
Cause
Government Action
Cause Details
Involuntary bankruptcy petition filed in U.S. district court and receiver E. A. Benedict appointed
Newspaper Excerpt
In the appointment of a receiver for Tracy & Co... filing of an involuntary petition in bankruptcy in the United States district court
Source
newspapers

Newspaper Articles (5)
1. May 18, 1909 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, May 18, 1909

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Article Text

Not Stock Manipulation but Outside Ventures Responsible for the Trouble RECEIVER FOR TRACY AND COMPANY, Members of New York Stock Exchange and the Chicago Board of Trade-Money Lost in Such Ventures as the Local Taxicab Business-One of the Firm Now Cruising in the Mediterranean. with Chicago connections the embarNew York, May 17.-In the appointrassment of the firm caused little surment of a receiver for Tracy and Comprise. The situation is regarded by pany, members of the New York stock friends of Mr. Tracy, as a result, at exchange and the Chicage board of least in part, of proposed taxicab legtrade today, Wall Street had a million islation pending before the local board dollar failure with an interesting vaof aldermen. When a hearing was held riation from the ordinary. with regard to proposed legislation, Assets Half a Million. some weeks ago an attorney for taxiTaxicabs, and not stock manipulacab interests announced to the cimtion or market conditions, are said to mitteemen of the board who were conbe indirectly responsible for the firm's zidering the matter that any reduction troubles. While no announcement as in the rate of fare might mean bankto the exact cause has been made, E. ruptcy for some persons interested. A. Benedict, the receiver, said tonight But the proposed bill was reported afthat he understood that money lost in ter some revision at a subsequent backing a local taxicab concern figured meeting of the board. Further conin the outside ventures. The firm has sideration, however, was postponed. no stock exchange o'bligations. The Firm Had Branch in New Haven. total liabilities are estimated at $1,000,000; the assets at half that amount. At the office of Tracy and Company, Both these sums, however, are only 410 Wall Street, after the news of the approximated and may be increased. filing of the petition had become Three Petitioning Creditors. known a large crowd gathered but the clerks for a while apparently continNews of the firm's failure came out ued their work. As no official notice with the filing of an involuntary pewas received the firm was not sustition in bankruptcy in the United pended from the stock exchange this States district court this afternoon afternoon and it was also too late for but as it was rather late in the day the receiver to take active charge of no afficial notice was received at the affairs. He will do so tomorrow. Bestock exchange. Mr. Benedict was sides the main New York office in Wall quickly named as receiver and gave Street, the firm maintained local Lond for $50.000. There were but three branches in West Thirty Third Street. petitioning creditors and their claims and at the Hotel Gotham. It had othas stated were quite inconsiderableer offices in Chicago, St. Louis, Louis. Henry F. Woodward and William G.ville. Ky., Milwaukee, and New Haven, Austin, both of New York, $3,500, and Conn. $100 respectively; William A. Scott, a Statement by Receiver. resident of Long Island, $307. One of Firm on Fooreign Tour. In unofficially summing up the situation Receiver Benedict said: Tracy and Company is not an old "I have just taken hold and have no firm, having been organized in 1905 idea of the firm's condition. I am and consisting of William W. Tracy, assured that there are no stock exR.D. Covington, and Frederick W. Parker. Mr. Parker was the board change obligations. I have been told that some money was lost in outside member. Messrs. Tracy and Covingventures, such as the local taxicab ton were in conference with the rebusiness and in a similar venture in ceiver during the afternoon but they Chicago, but have heard nothing to declined to make any statement. Mr. confirm this." Parker has been abroad for several It is understood, however, that the months, according to a statement banking firm of Tracy and Company made at the office, cruising in the acted as bankers for a taxicab comMeditterranean. pany of this city when it was organResult of Proposed Taxicab Legislaized and that heavy losses were intion. curred, during the recent strike of taxicab chauffeurs. Among those stock exchange houses

2. May 18, 1909 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, May 18, 1909

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Article Text

FIRM FAILED FOR A MILLION Receiver Appointed For Tracy & Co., Members of New York Stock Exchange and Chica Board of Trade. HAD BACKED TAXICABS Concern's Money Lost In Backing Public Vehicle Organization-Liabilities $1,000,000; Assets $500,000. NEW YORK, May 18.-In the appointment yesterday of a receiver for Tracy & Co., members of a New and Wall street a with an the usual. York lion Board variation dollar stock of Trade, from failure exchange the interesting had Taxicabs, Chicago milnot the stock manipulation or market are said to be indirectly for the firm's responsible conditions, troubles. While no announcement as to the exact cause of the failure has been E. A. Benedict, the receiver said he to-night made, understood that money lost in backing a local taxicab concern in the outside figured ventures. The firm has no stock to exchange for obligations. The total liabilities are estimated at $1,000,000; the assets half that amount. Both of these sums, e however are approximated. 6 News of the firm's failure came with y the filing of an involuntary petition in 1. bankruptcy in the United States district court this afternoon but as it was rather late in the day no official notice was received at the Stock ext change. There were but three petitioning r, creditors and these claims as stated are quite inconsiderable. They are Henry F. Woodward, $3,500; William ; G. Austin, $100; William A. Scott, $307. Surprise Caused by Failure. Among stock exchange houses with 1, Chicago connections, the embarrassr ment of the firm caused a little surd prise. The situation is regarded by n friends of Tracy as the result, at e in of the least part, proposed taxicab legislation pending before the local board of aldermen. When the hearing was held with regard to the proposed attorney for the taxicab interests announced to the committee of the board, who were considering the matter that any reduction in the rate of fare might mean bankruptcy for some of the persons interested. But the proposed bill was reported, though further consideration of it was postponed. As no official notice was red cleved the firm was not suspended from the stock exchange this afternoon. Besides the main New York office in Wall street, the firm maintained two local branches here. It had other offices in Chicago, St. Louis, Louisville, Ky, Milwaukee and New Haven, E Conn. It is understood that the banking firm of Tracy & Co., acted as bankers for a Taxicab company of this city he when it was organized, and heavy losses were incurred, it is said, during the recent strike of chauffeurs.

3. May 18, 1909 The Evening Times Grand Forks, ND
Article from The Evening Times, May 18, 1909

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Article Text

Tracy and Company Have Petition in Involuntary Bankruptcy Filed TAXICAB CONCERN IS CAUSE OF THE GIGANTIC FAILURE While They Were Members of the New York Stock Exchange and the Chicago Board of Trade There Are No Stock Obligations. New York, May 18.-In the appointment today of a receiver for Tracy & Co., members of the New York stock exchange and the Chicago board of trade, Wall street had a million dollar failure with an interesting variation from the usual. Taxicabs, not stock manipulation or market conditions, are said to be indirectly responsible for the firm's troubles. While no announcement as to the exact cause of the failure has been made, E. A. Benedict, receiver, said last night that he understood that money lost in backing a local taxicab concern figured in the outside ventures. The firm has no stock exchange obligations. The total liabilities are estimated at $1,000,000, the assets at half that amount. Both these sums are approximated. News of the firm's failure came out with the filing of an involuntary petition in bankruptcy in the United States district court yesterday afternoon. but as it was rather late in the day no official notice was received at the stock exchange. Mr. Benedict was quickly named as receiver and gave bond for $50,000. There were only three petitioning creditors. They are Henry F. Woodward. $3,500; William G. Austin, $100, and William A. Scott, $307. The firm of Tracy & Co., was organized in 1905. It consists of William W. Tracy, R. D Covington and Frederick W. Parker. Mr. Parker was the board member. Tracy and Covington were in conference with the receiver in the afternoon but they declined to make any statement. Mr. Parker has been abroad for several months. Among stock exchange houses with Chicago connections, the embarrassment of the firm caused little surprise. The situation is regarded by friends of Mr. Tracy as a result, at least in part, of proposed taxicab legislation pending before the local board of aldermen. When a hearing was held with regard to proposed legislation some weeks ago, an attorney for taxicab interests announced to the committeemen of the board that any reduction in the rate of fare might mean bankruptcy for some persons interested. But the proposed bill was reported, though further consideration was postponed. As no official notice was received, the firm was not suspended from the stock exchange yesterday afteinoon. Besides the main New York office in Wall street, the firm maintained local branches in West Thirty-third street and at the Hotel Gotham. It had other offices in Chicago, St. Louis, Louisville, Ky., Milwaukee and New Haven, Conn. 'In summing up the situation, Receiver Benedict said: "I have just taken hold and have no idea of the firm's condition. I am assured that there are no stock exchange obligations. I have been told that some money was lost in outside ventures, such as the local taxicab business and in a similar venture in Chicago, but have heard nothing to confirm this." It is understood, however, that the banking firm of Tracy & Co. acted as bankers for a taxicab company of this city when it was organized and heavy losses were incurred, it is said, in the recent strike of chauffeurs.

4. May 18, 1909 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, May 18, 1909

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Article Text

TRACY AND COMPANY, MEMBER OF EXCHANGE, LOSES ON TAJICAB DEAL. VERY LITTLE SURPRISE Caused By Appointment of Receiver Yesterday-Only Three Petitioning Creditors and Claims Are Small. New York, May 17.-In the appoint ment today of a receiver for Tracy and Company, member of the New York Stock Exchange and the Chicago Board of Trade, Wall Street had a million dollar failure with an interesting variation mrm the usual Taxicabs, net stock manipulation or market conditions are said to be indirectly responsible for the firm's troubles. While no announcement as to the exact cause of the failure has been made, E. A. Benedict, the receiver, said`tonight that he undera stood that money lost in backing local taxicab concern ingured in the outside ventures. The firm has no stock exchange obligations. Total liabilities are estimated at $1,000,000; assets half that amount. Foth these sums, however, are approximated. News of the firm's fatiure came with the filing of an involuntary petition in bankrutey in the United States district court this afternoon, but as it was rather late in the day no official notice was received at the stock exchange. There were but three petitioning creditors and these claims as stated are quite inconsiderable. They are Henry F. Woodward $3,500, William G. Austin $100. William A. Scott $307. Among the stock exchange ouses with Chicago connections, the em barrassment of the firm coused little surprise. The situation IS regarded by friends of Tracy as the result, at least in part, of proposed taxicab legislation pending before the local board of aldermen. When a hearing was held with regard to the proposed legislation some weeks ago, an attorney for the taxicab interests announced to the committee of the board who were considering the mat ter. that any reduction in the rate of fare might mean bankruptcy for some persons interested. But the proposed bill was reported. though further consideration of it was postponed. As no official notice was received the firm was not suspended from the stock exchange this afternoon. Besides the main New York office in Wall street the firm maintained two local branches here. It had other offices in Chicago, St. Lou's Louisville, Ky.; Milwaukea and New Haven, Conn. It is understood that the banking firm of Tracy and Company ceted as bankers for a taxicab company of this city when it was organized an heavy losses were incurred, it is said, during the recent strike of chauffeurs.

5. May 19, 1909 The Citizen Honesdale, PA
Article from The Citizen, May 19, 1909

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FAILS FOR MILLION Receiver For Tracy & Co., Wall St. Exchange Firm. TAXIGAB VENTURE THE CAUSE Company Had Offices In Chicago, Detroit, St. Louis and Other Cities and Did a Big Grain Trade. New York, May 18.-In the appointment of a receiver for Tracy & Co., members of the New York Stock Exchange and the Chicago board of trade, Wall street had a $1,000,000 failure with an interesting variation from the usual. Taxicabs, not stock manipulation or market conditions, are said to be indirectly responsible for the firm's troubles. While no announcement as to the exact cause was made, E. A. Benedict, the receiver, said that he understood that money lost in backing a local taxicab concern figured in the outside ventures. The firm has no Stock Exchange obligations. The total liabilities are estimated at more than $1,000,000, the assets at less than half that amount. News of the firm's failure came out with the filing of an involuntary petition in bankruptcy in the United States district court. Mr. Benedict was quickly named as receiver and gave bond for $50,000. Tracy & Co. is not an old firm, having been organized in 1905 and consisting of William W. Tracy, R. D. Covington and Frederick W. Parker. Mr. Parker was the board member. Mr. Parker had been abroad for several months, according to a statement made at the office, cruising in the Mediterranean. Among those Stock Exchange houses with Chicago connections the embarrassment of the firm caused little surprise. The situation is regarded by friends of Mr. Tracy as a result, at least in part. of proposed taxicab legislation pending before the board of aldermen. When a hearing was held with regard to proposed legislation some weeks ago an attorney for taxicab interests announced to the committeemen of the board who were considering the matter that any reduction in the rate of fare might mean bankruptey for some persons interested. But the proposed bill was reported after some revision at a subsequent meeting of the board. At the office of Tracy & Co, 40 Wall street, after the news of the filing of the petition had become known a large crowd was gathered. Besides the main New York office in Wall street the firm maintained local branches in West Thirty-third street and at the Hotel Gotham. It had other offices in Chicago, Detroit. St. Louis, Louisville, Milwaukee and New Haven. In unofficially summing up the situation Receiver Benedict said: "I have just taken hold and have no idea of the firm's condition. I am assured that there are no Stock Exchange obI have some was lost in money ligations. been outside told that ventures. such as the local taxicab business and I in a similar venture in Chicago, but have heard nothing to confirm this." It is understood, however, that the banking firm of Tracy & Co. acted as bankers for a taxicab company of this city when it was organized, and heavy losses were incurred, it is said, during the recent strike of the chauffeurs.