7874. E. C. Hodges & Co. (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 27, 1899
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
89b715a0

Response Measures

None

Description

Multiple contemporary newspaper dispatches (Dec 27–28, 1899) report E. C. Hodges & Co. 'suspended business' and 'assigned' to G. C. Dickson for benefit of creditors after being refused bank credit on large holdings of United States Mining shares. This is a suspension followed by an assignment (closure); no run is described in the articles. Cause interpreted as a local asset/shock (collapse of a mining-stock pool) that made collateral unacceptable to banks.

Events (2)
1. December 27, 1899 Receivership
Newspaper Excerpt
G. C. Dickson ... has been named as assignee (assigned for the benefit of creditors).
Source
newspapers
2. December 27, 1899 Suspension
Cause
Local Shock
Cause Details
Refusal of Boston banks to give the firm credit on large holdings (about 5,000 shares) of United States Mining Company stock after collapse of mining-stock pool; forced the firm to suspend and assign.
Newspaper Excerpt
E. C. Hodges & Co., bankers and brokers, suspended business today.
Source
newspapers

Newspaper Articles (17)
1. December 27, 1899 Daily Inter Mountain Butte, MT
Article from Daily Inter Mountain, December 27, 1899

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edit They Could Not Get On Mining Stoc. WAS LARGE BOSTON RM Shares in the United States Mining Company Had Been Margined Down to a Point Where No Money Could be Loaned on Them. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers, suspended business today. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. It is a member of the Boston and New York stock exchanges and the Chicago board of trade. Hodges said today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. The Boston News Bureau, in its issue of the 19th inst., save the United States mining situation as follows: "Now the problem is the sale of the United States Mining company, which is largely held by brokerage houses and Boston banks. Thousands of shares have been taken up and put in the boxes of brokers, and thousands of shares will remain in the banks with other collateral, but it is not so large a matter as it first looked. It is simply 174,000 shares of the United States Mining company's stock that was supposed to have had something of a legitimate market at $20 to $40 per share, but is now found to be in 27 brokerage accounts. "It has been margined down to below $20 per share, and if it is sold for Utah mining stock on any reasonable terms. there will not be any great skrinkage or loss ultimately, but if the bankers and brokers, as now agreed, all remain quiet, whatever loss there is will gradually readjust itself and be widely distributed. "With a full knowledge of the situation. all brokers' clearances went through on Monday when the stock clearings were three times what they will be today, as Monday's sheet has to be cleared for both Friday's and Saturday's transactions. There cannot be a million dollars loaned upon United States mining by all the banks in Boston. for there cannot be in Boston banks 100,000 shares, and what there is has been margined down for the most part to $12.50 per share." C

2. December 27, 1899 Evening Star Washington, DC
Article from Evening Star, December 27, 1899

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E. C. HODGES & CO. FAIL. One of Boston's Largest Broker Firms Goes Under. BOSTON, December 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, suspended business today, The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. The firm is a member of the Boston and New York stock exchange and the Chicago board of trade. IT Mr. Hodges sald today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. "We have 5,000 shares of that stock on hand." said Mr. Hodges, "and when the banks refused to accept It as a collateral there was no course for us but to protect our creditors." G. C Dickson of the law firm of Dickson & Knowles has been named as assignee. Those interested say no statement of assets or liabilities can be made today. The firm was composed of Edward C. Hodges, E. F. Lowry and Frederick Swift.

3. December 27, 1899 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 27, 1899

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TELEGRAPHIC BREVITIES. An apartment house, in Brooklyn, was gutted by fire this morning. Henry Oppenheimer, aged 19, leaped from a fourth story window and was killed. His parents stood below and saw him make the fatal jump. The new Harvard boathouse, located on the Alleton side of the Charles river, near Boston, was burned this morning. Loss $23,000 The steam launch Frank Thomson, which was presented to the club by Mr. Thomson, of Philadeiphia, a graduate of Harvard, was also destroyed. The launch cost $10,000. This morning Walter Urkin, aged 21 years, an employe of the new 42 inch plate mill at the Homestead, Pe., steel works, had bis right leg caught in the cog wheels of the rolling table and is was ground off. Harry Switzer, aged 19 years, a co-worker with Urkin, who had witnessed the accident, died from shock a few minutes later. The appointment of William L. Backley, & negro, as teacher in 8 public school at Cenareie will be opposed st the next meting of the Broos lyn School Board. The pupils in the school are all white and the introduction of negro teacher is objected to by them. They will leave the school, it j8 said, if the appointment is confirmed. Hilda Blake, a domestic, who mordered her mistress, Mrs. John Lane, of Brander, Manitoba, last July, was hanged for the crime this morning. The girl, who WAS only 22 years of age, confessed having committed the murder and attributed the cause of her act to 8 fit of insane jealousy. It is rumored in Detroit that Gov. Pingree is to revive the scheme of mov ng the State capital to Detroit. It is reported he will ask he ature to pass a bill enabling Detriot to issue boads for the erection of a capitol. Capt. J.J. Vandegr ft died suddenly at his home in Pitt burg, Pa., last night, aged 73 years. He was worth $10,000,000 and began life as 8 deck hand on a river steamer. E. C. Hodges & Co., bankers and brokers of Boston, have snspended. The failure is said to have grown out of the collapse of the U.S. mining stock pool in that city, Alfred A. Borlini, teller of the American Bank and Trust Co. of San Francisco, has orsappeare', 1 avi ga shortage of over $S,000. dis arrest is expected hourly. Roland Reed, the actor, is seriously ill at St. Luke's Hospital, New York with cancer of the stomach. The physicians hold out no hope o: his ult mate recovery. William Boytto Gale, for 45 years one of the most prominent lawyers of Massachusetts, died last night at his home in Boston. Tom Chandler, the old time pugilist, i: dead at his home in Chicago of pleurisy of the heart.

4. December 27, 1899 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 27, 1899

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Hodges & Co., Bankers and Brokers, Go to the Wall. U. S. MINING SHARES DO IT. Other Banks Would Not Accept These as Security-Firm One of the Largest In Boston. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers, of 53 State street, suspended business today. The firm is one of the largest in the city. Its dealings have been principally In municipal bonds. It is a member of the Boston and New York stock exchanges and the Chicago Board of Trade. Mr. Hodges said today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States Mining shares. "We have five thousand shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as a collateral, there was no course for us but to protect our creditors." G. C. Dickson, of the firm of Dickson and Knowles, has been named as assignee. Those interested say no statement of assets or liabilities can be made today. The firm was composed of Edward C. Hodges, E. F. Lowrey and Frederick Swift.

5. December 28, 1899 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 28, 1899

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Total Liabilities of Boston Institutions That Have Failed in Two Weeks Put at Seventeen Millions. VIEWS OF CONTROLLER DAWES SPECULATION THE SOLE CAUSE OF RECENT FINANCIAL FLURRIES. Stock Exchange Manipulators Hurt by Bursting of Inflated ValuesBrooklyn Rapid-Transit Case. BOSTON, Dec. 27.-E. C. Hodges & Co., bankers and brokers, of No. 53 State street, suspended business to-day. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. The firm is a member of the Boston and New York stock exchanges and Chicago Board of Trade. Mr. Hodges said the trouble was caused by the refusal of the Boston banks to give the firm credit on United States Mining shares. "We have five thousand shares of that stock on hand," said Mr. Hodges, and when the banks refused to accept it as a collateral, there was no course for us but to protect our creditors." G. C. Dickson, of the law firm of Dickson & Knowles, has been named as assignee. Those interested say no statement of assets or liabilities can be made at present. The firm was composed of Edward C. Hodges, E. F. Lowrey and Frederick Swift. The announcement on the Boston Stock Exchange, a few minutes after the opening to-day, of the embarrassment of the firm was not altogether unexpected by some of the larger financial interests. The suspension of this well-known house, it is estimated, will carry the total of liabilities of concerns here which have failed within the past two weeks close to $17,000,000.

6. December 28, 1899 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 28, 1899

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ANOTHER BOSTON FIRM Suspends Operations for Lack of Necessary Credit. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, suspended business today. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. It is a member of the Boston and New York stock exchange and the Chicago board of trade. Mr. Hodges said today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares.

7. December 28, 1899 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 28, 1899

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BOSTON BANKERS FAIL, Messrs. E. C. Hodges & Co. Suspend Business, BOSTON, December 27.-Messrs. E. C. Hodges & Co., bankers and brokers, of 53 State street, suspended business today, The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. No statement of assets and liabilities has been made.

8. December 28, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 28, 1899

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(By Associated Press.) Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, suspended business today. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. It is a member of the Boston and New York stock exchange and the Chicago board of trade. Mr. Hodges said today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. "We have 5,000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as collateral, there was no course for us but to protect our creditors." G. C. Dickson of the firm of Dickson & Knowles, has been named as assignee. Those interested say no statement of assets or liabilities can be on

9. December 28, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 28, 1899

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E. C. HODGES & CO. ASSIGN Firm Refused Credit on Mining Stock Securities Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, suspended business today. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. The firm is a member of the Boston and New York stock exchange, and the Chicago board of trade. Mr. Houges said, today, that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States Mining shares. "We have 5000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as collateral there was no course for us but to protect our creditors." G. C. Dickson of the law firm of Dickson and Knowles, has been named assignee.

10. December 28, 1899 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 28, 1899

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ANOTHER BOSTON FIRM FAILS E. C. Hodges & Co. Suspend--Boston's Total Close to $17,000,000. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers, of 53 State street, suspended business today. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. The firm is a member of the Boston and New York exchanges and Chicago board of trade. G. C. Dickson, of the law firm of Dickson & Knowles, has been named as assignee. Those interested said no statement of assets or diaibilities could be made today. The firm was composed of Edward C. Hodges, E. F. Lowrey and Frederick Swift. Mr. Hodges today said that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. "We have 5,000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as collateral, there was no course for us but to protect our creditors." The announcement on the Boston stock exchange, a few minutes after the openIng today of the embarrassment of E. C. Hodges & Co., bankers and brokers, was not altogether unexpected by some of the larger financial interests. The suspension of this well known house, It is estimated, will carry the total of liabilities of concerns here which have failed within the past two weeks close to $17,000,,000.

11. December 28, 1899 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 28, 1899

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ANOTHER BOSTON FAILURE. E. C. Hodges & Co. Suspended Business Yesterday. Boston, December 27.-Edward C. Hodges and Co., 53 State street, bankers and brokers, suspended business today. The firm is one of the largest in the city. They have been large dealers in municipal bonds. The firm is a member of the Boston and New York stock exchanges and the Chicago board of trade. The firm, which is composed of E. C. Hodges, E. F. Lowery and Frederick Swift, assigned to G. C. Dickson of the firm of Dickson and Knowles of this city. The assignment was caused by the refusal of banks to receive United States mining company shares of which the firm had A large quantity There will be no statement of assets and liabilities issued today. The suspension of this well-known house. It is estimated, will bring the total liabilities of concerns here which have failed within the past two weeks, close to $17,000,000. A few months ago such widespread troubles in the financial section of the city were not considered possible, as general business has bean in better con dition than for several years. A great part of the difficulty is attributed to unfortunate speculation by men who, before the crash, were wealthy, and the embarrassment of the Globe National bank. This failure, it has appsared. was due partially at least, to a tremendous fall in United States copper, United States oil and other securities.

12. December 28, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 28, 1899

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DECIDED TO ASSIGN. Boston Firm Carrying Heavy Load of United States Mining. (Special to The Herald.) Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers, assigned today, as a result of the United States mining troubles. They were carrying 5,000 shares of stock margined to 20, and though offered assistance decided to assign. There is no news in regard to the United States pool, and no definite knowledge as to the number of shares so far pooled. There is good authority for stating that the shares will not be sold for less that $13.00, and the chances are that the price may be very near $15.00.

13. December 28, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 28, 1899

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ANOTHER FAILURE IN BOSTON. E. C. HODGES & CO., BROKERS, ASSIGN FOR THE BENEFIT OF CREDITORS. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers, of No. 53 State-st., suspended business to-day. The firm is one of the largest in the city, and is a member of the Boston and New-York Stock exchanges and the Chicago Board of Trade. Mr. Hodges said to-day that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States Mining shares. "We have five thousand shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as collateral there was no course for us but to protect our creditors." G. C. Dickson, of the law firm of Dickson & Knowles, has been named as assignee. The only thing Mr. Dickson cared to say was practically a repetition of Mr. Hodges's statement and was to the effect that the assignment had been made by the firm for the best interests and protection of all creditors. "The firm," he said, "held some $100,000 worth of United States Mining stock, and certain banks refused to credit the firm on that account." Besides Edward C. Hodges, E. F. Lowry and Frederick Swift were members of the firm. The announcement on the Boston Stock Exchange a few minutes after the opening this morning of the embarrassment of E. C. Hodges & Co. was a surprise to many, although it was not altogether unexpected by some of the larger financial interests. The suspension of this well known house, It is estimated, will carry the total of liabilities of concerns here which have failed within the last two weeks close to $17,000,000. A few months ago such widespread troubles in the financial section of the city were not considered possible, as general business has been in better condition than for several years past. A greater part of the difficulty is attributed to unfortunate speculation by men who before the crash were wealthy. and to the embarrassment of the Globe National Bank. This failure, It has appeared, was due partly at least to a tremendous fall in United States Copper and other securities. W. A. Flagg, of the Stock Exchange firm of Post & Flagg. said yesterday in regard to the failure of E. C. Hodges & Co., of Boston: "We have been the New-York correspondents of E. C. Hodges & Co. for some time, and their business with us has been done in a thoroughly satisfactory manner. Since the excitement in mining stocks in Boston their business in New-York has dropped off, and It has in the last few months been very small. They have always kept their margins with us exactly as agreed, and to-day, when their account was closed, there remained with us a small balance to their credit. We personally feel a deep sympathy with Mr. Hodges and Mr. Swift, and consider them men of the highest integrity." Amory G. Hodges, of the Stock Exchange firm of Halsted & Hodges, No. 31 Broad-st., is a brother of E. C. Hodges. He is at present in Lakewood, but at his office It was said that the firm has no relations or direct connection with the Boston firm.

14. December 28, 1899 The Morning News Savannah, GA
Article from The Morning News, December 28, 1899

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Boston Firm Suspends. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, suspended business to-day. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. No statement of assets and liabilities has been made.

15. December 28, 1899 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, December 28, 1899

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ANOTHER BOSTON FAILURE E. C. Hodges & Co., Bankers and Brokers, Suspended Business Today. THE TROUBLE CAUSED BY BANKS Refusing to Give Firm Credit on Mining Shares. ONE OF BOSTON'S LARGEST HOUSES Associated Press Dispatches by Special Wires. Boston. Mass, Dec. 27. - E. C. Hodges & Co., bankers and brokers at No. 53 State street, suspended business today. The firm is one of the largest in the city, and a member of the Boston and New York Stock Ex. changes and the Chicago Board of Trade. Mr. Hodges said today that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States,mining shares. "We have 50,000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as collateral, there was no course for us but to protect our creditors." G. C. Dickson of the law firm of Dickson & Knowles has been named as assignee. Those interested say that no statements of assets or liabilities can be made today. The firm was composed of Edward C. Hodges, E. F. Lowry and Frederick Swift.

16. December 29, 1899 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 29, 1899

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BIG BOSTON FIRM SUSPENDS. E. C. Hodges & Co., Bankers, and Brokers, Forced to Close. Boston, Mass., Dec. 28.-Edward C. Hodges & Co., bankers and brokers, of 53 State street, has suspended business. 1 he firm is one of the largest in the city. Its dealings have been principally in municipal bonds. Mr. hodges said the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. "We have 5,000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as a collateral there was no course for us but to protect our creditors." G. C. Dickson of the law firm of Dickson & Knowles has been named as assignee. The firm was composed of Edward C. Hodges, E. F. Lowrey and Frederick Swift. The suspension, it is estimated, will carry the total of liabilities of concerns here which have failed within the last two weeks close to $17,000,000.

17. December 29, 1899 The Owosso Times Owosso, MI
Article from The Owosso Times, December 29, 1899

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ANOTHER EOSTON AILURE. The House of E. C. Hedges Porced to Suspend Business. Boston, Dec. 27.-E. C. Hodges & Co., bankers and brokers of 53 State street, have suspended business. The firm is one of the largest in the city. Its dealings have been principally in municipal bonds. The firm is a member of the Boston and New York stock exchanges and Chicago beard of trade. Mr. Hodges said that the trouble was caused by the refusal of the Boston banks to give the firm credit on United States mining shares. "We have 5,000 shares of that stock on hand," said Mr. Hodges, "and when the banks refused to accept it as a collateral there was no course for us but to protect our creditors." G. C. Diskson of the law firm of Dickson & Knowles has been named as assignee. Those interested say no statement of assets or liabilities can be made at present. The firm was composed of Edward C. Hodges, E. F. Lowrey and Frederick Swift.