Article Text
Boston, May 21.-F. M. Tucker & Co., bankers and brokers, have suspended. Slow collateral on cotton transactions is said to be the cause.
7881. F. M. Tucker & Co. (Boston, MA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- May 21, 1903
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini
- Short Digest
6c5b0210
Response Measures
None
Description
Multiple contemporaneous newspaper reports (May 21–22, 1903) announce that F. M. Tucker & Co., bankers and brokers of Boston, have suspended; an assignee was named (Hollis R. Bailey) and the firm is described as having 'failed' with liabilities ~ $200,000–$250,000. Suspension is presented as a failure rather than a temporary liquidity pause, so classification is suspension_closure.
Events (2)
1.
May 21, 1903
Receivership
- Newspaper Excerpt
- The assignee, Hollis R. Bailey, ... The firm of F. M. Tucker & Co., bankers and brokers at 60 State street, have assigned to Hollis R. Bailey ... in order to prevent attachments and secure an equal distribution of their assets.
- Source
- newspapers
2.
May 21, 1903
Suspension
- Cause
- Local Shock
- Cause Details
- Slow liquidation (poor responsiveness) of collateral in cotton transactions due to wide fluctuations in the cotton market, producing inability to convert pledged securities to cash and forcing suspension.
- Newspaper Excerpt
- F. M. Tucker & Co., bankers and brokers, have suspended. Slow collateral on cotton transactions is said to be the cause.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
Cotton Brokers Suspend. BOSTON, May 21.-F. M. Tucker & Co., bankers and brokers of this city, have announced their suspension. Slow collateral in cotton transactions is said to be the cause.
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Their Failure Announced ou Floor Stock Exchange in the Hab-Liabilities of a Quarter of a Million-Large Dividend May be Paid-Wide Fluctuations in Cotton Caused the Trouble. Boston, May 21.-At the close of business in the speculative markets today the situation indicated that the flurry of the past two days on the Boston stock exchange was at an end. Following yesterday's tremendous decline in Canadian securities there was heavy selling in them when the market opened to-day, but after the first violent plunge, stocks steadied and at the close to-day's losses had been regained. The interest in the excited cotton market was great all day. Partly as a result of the wide fluctuation in cotton, the failure of F. M. Tucker & Co., bankers and brokers of 60 State street, this city, was announced on the floor of the stock exchange this afternoon. It is understood the concern has liabilities approaching a quarter of a million. The firm is a member of the exchange and also holds membership with the New York cotton exchange. It has been doing a large commission business, having devoted most of its attention to it. The firm is composed of Frederic M. Tucker and Tracey H. Tucker, and has been in business since January, 1398. The assignee, Hollis R. Bailey, a State street attorney, made the following statement to-night: "The firm of F. M. Tucker & Co., bankers and brokers at 60 State street, have assigned to Hollis R. Bailey of Cambridge, Mass., their attorney, in order to prevent attachments and secure an equal distribution of their assets. The failure is unexpected and is due to their having loaned money on securities which, while very valuable, are not readily convertible into cash. It is impossible to make any definite statement at present until the books have been examined, but it is believed that the assets will pay a large dividend and possibly may amount to enough to pay creditors in full. As is usual a Jarge amount of assets are pledged to various banking institutions as collateral for loans. The assignee expects to be able to make a careful report to the creditors at an early day. The total liabilities secured and unsecured amount to considerably over $200,000. (Signed) "Hollis R. Bailey." When the hammer fell on the Boston Stock Exchange at 10 o'clock liquidation was renewed. The Canadians were again the leaders, Dominion Iron & Steel opening at 17, a loss of 6 per cent. in twenty-four hours. The stock crumbled to 13 in less than twenty minutes, no less than 5,000 shares coming out. At 13, the stock steadied, and gradually recovered, closing at 17 1-4. Dominion Coal was not as active after its sensational clump of 15 points yesterday. This morning it opened here at 90 and touched 86 1-2, rallying and closing at 91. In the forenoon 1,250 shares changed hands. Both Coal and Iron were quieter after noon. At the close a much better feeling prevailed. Dominion Coal rose from 54 in January, 1902, to 146 1-2 in September, and it sold as high as 131 7-8 in January this year; Dominion Ore rose from 25 in January last year to 79 7-8 in August and it began in 1902 at 62 1-4. From highest of last year to the low figures to-day, Coal has fallen 59 1-2 and Iron 66 7-8, of which amounts 44 7-8 and 49 1-4 respectively have been lost this year. In financial circles here the following statement was made: "Dominion Coal and Dominion Iron & Steel are at present time capitalized for $53,000,000. These securities at one time sold in the market for $54,000,000. The present selling price is $26,500,000, representing a shrinkage of $27,500,000."
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Boston Brokers Suspend. Boston, May 22.-F. M. Tucker & Co., bankers and brokers of this city, have announced their suspension. Slow collateral in cotton transactions is said to be the cause.
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TUCKERS GO TO WALL. The Failure of a Boston Firm is Announced. Boston, May 21.-At the close of business in the speculative markets today the situation indicated that the flurry of the last two days on the Boston Stock Exchange was at an end. Following yesterday's tremendous decline in Canadian securities, there was a heavy selling in them when the market opened today, but after the first violent plunge, stocks steadied and at the close today's losses had been regained. The interest in the excited cotton market was great all day. Partly as a result of the wide fluctuations in cotton the failure of F. M. Tucker & Co., bankers and brokers, of this city, was announced on the floor of the Stock Exchange this afternoon. It is understood that the concern has liabilities approaching a quarter of a million. The firm is a member of the Exchange and also holds membershiu with the New York Cotton Exchange. It has been doing a large commission business. The firm is composed of Frederick M. Tucker and Tracey H. Tucker and has been in business since January, 1898. The assignee. Hollis R. Bailey, an attorney, made the statement that he firm has assigned in order to prevent attachments and to secure an equal distribution of their assets. The failure is due to their having lent money on securities, which, while valuable, are not readily convertible into cash.
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FORCED TO SUSPEND. Cotton Drove F. M. Tucker & Co. of Boston to the Wall. Boston. May 21.-The suspension of F. M. Tucker & Co., bankers and brokers, 60 State street. was announced on the Stock Exchange. today. The firm has been doing a commission business in cotton and slow responses to calls for the liquidation of collateral are given as the cause of the failure. The firm includes Frederic M. Tucker and Tracy H. Tucker. They hold two seats in the Boston Stock Exchange and have connection with the New York Stock and Cotton Exchanges, and the Chicago Board of Trade. The members of the firm can make no statement of the financial condition at present except to express confidence that the assets are in excess of the liabilities and that the suspension will be only temporary.
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Securities Which Once Sold on the Boston Exchange for $54,000,000 Now Worth Only $26,500,000. FAILURE OF F. M. TUCKER & CO. BANKERS AND BROKERS WHOSE LIABILITIES ARE ABOUT $250,000. Another Lively Day on the New York Cotton Exchange-Decline of $2 # Bale in Price. BOSTON, May 21.-At the close of business in the speculative markets to-day the situation indicated that the flurry of the last two days on the Boston Stock Exchange was at an end. Following yesterday's tremendous decline in Canadian securities there was a heavy selling in them when the market opened to-day, but after the first violent plunge stocks steadied, and at the close to-day's losses had been regained. The interest in the excited cotton market was great all day. Partly as a result of the wide fluctuations in cotton the failure of F. M. Tucker & Co., bankers and brokers of this city, was announced on the floor of the Stock Exchange this afternoon. It is understood that the concern has liabilities approaching a quarter of a million. The firm is a member of the Exchange, and also holds membership with the New York Cotton Exchange. It has been doing a large commission business. The firm is composed of Frederick M. Tucker and Tracey H. Tucker, and has been in business since 1898. The assignee, Hollis R. Bailey, an attorney, made the statement that the firm had assigned in order to prevent attachments and to secure an equal distribution of their assets. The failure is due to their having lent money on securities which, while valuable, are not readily convertible into cash. When the hammer fell on the Boston Stock Exchange liquidation was renewed. The Canadians were again the leaders, Dominion Iron and Steel opening at 17, a loss of 6 points in twenty-four hours. The stock crumbled to 13 in less than twenty minutes, no less than 5,000 shares coming out. At 13 the stock steadied and gradually recovered, closing at 17½. Dominion Coal was not SO active after its startling slump of 15 points yesterday. This morning it opened at 90 and touched 86½, rallying and closing at 91. Both Coal and Iron were quieter after noon. At the close a much better feeling prevailed. Dominion Coal rose from 54 in January, 1902. to 1461/2 in September, and it sold as high as 1317/3 in January this year. Dominion Iron and Steel rose from 25 in January last year to 797/8 in August, and it began in 1902 at 621/4. From the highest of last year to the low figure to-day, Coal has fallen 591/2 and Iron 667/8, of which amounts 447/s and 491/4, respectively, have been lost this year. In financial circles here the following statement was made: "Dominion Coal and Dominion Iron and Steel are at the present time capitalized at $53,000,000. These securities at one time sold in the market for $54,000,000. The present selling price is $26,500,000, representing a shrinkage of $27,500,000."
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BOSTON FIRM STRIKES A FINANCIAL ROCK Boston, May 21.-F. M. Tucker & Co, bankers and brokers, of this city, have announced their suspension. Slow collateral in cotton transactions is said to be the cause. The firm includes Frederick M. Tucker and Tracey Tucker. They hold seats on the Boston stock exchange and have connection with the New York stock and cotton exchanges and the Chicago board of trade. The members of the firm can make no statements of its financial condition at present, except to express confidence that the assets are in excess of the liabilities and that the suspension will be only temporary.
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SPAKKS FROM THE WIRES. F. M. Tucker & Co., bankers and brokers, of Boston, have suspended Slow collateral in cotton transactions said to be the cause. Twelve thousand schoolchildren took part in the welcome to President Roosevelt at Portland, Ore. Mrs. Thomas Countess, of Meridianville. Ala., and a servant were struck by lightning and killed. The tinplate scale was signed by representatives of the Amalgamated Association and the mills. The commercial community of San Francisco was startled by the information received from Chicago that the Porter Brothers Company, which handles a great part of the fruit crop of California, had been placed in the hands of a receiver. Serious outbreaks are feared in St. Petersburg on the occasion of the bicentenary of the city. The recent burning of a factory in St. Petersburg, causing a loss of about $300,000, is attributed to the workmen. Testimony was taken in Paterson, N. J., in the suit of Frank Tice, who wants $10,000 from Rev. A. S. Thompson for alienating the affections of Mrs. Tice.
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BEARS GET A CHANCE. Was Favorable to Them on the Cotton Market, Which Was Nervous and Much Excited. New York, May 23.-The cotton market is again today active, excited and nervous, but bears had best of it. Closing cables indicated an utterly demoralized condition at Liverpool. Prices showing a decline of 19@23 points, which brought about a rush of realizing in the local market seldom witnessed. In ten minutes prices were 18 to 44 points lower than last night's close. Later there was some slight recovery, followed by an equally slight reaction, but prices ruled 2 or 3 points within the bottom. At noon prices had recovered 9@11 points from the bottom and the excitement had somewhat abated. Boston, Mass., May 21.-F. M. Tucker & Co., bank brokers, have suspended. Slow collateral in cotton transactions is said to be the cause.