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Another Boston Firm Fails. BOSTON, Mass., September 17.-R. Gardner Chase & Co., a prominent Boston firm of bankers and brokers, announced their suspension in the Stock Board this afternoon, with liabilities of $280,000. It is understood
8000. R. Gardner Chase & Co. (Boston, MA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- private
- Start Date
- September 17, 1890
- Location
- Boston, Massachusetts (42.358, -71.060)
Metadata
- Model
- gpt-5-mini
- Short Digest
dd7f73be
Response Measures
None
Description
Contemporary reports (Sept 17–18, 1890) uniformly state the firm assigned and suspended and an assignee (James T. Phelps) was appointed; liabilities reported about $2,000,000. No newspaper describes a depositor run; cause repeatedly given as tight money and being caught short of the market. Assignment implies receivership/closure rather than later reopening.
Events (2)
1.
September 17, 1890
Receivership
- Newspaper Excerpt
- The firm has assigned to James T. Phelps, the general manager of the National Life Insurance Company. Assignee Phelps will at once make a thorough investigation. Liabilities likely to amount to $2,000,000.
- Source
- newspapers
2.
September 17, 1890
Suspension
- Cause
- Macro News
- Cause Details
- Reported cause: tight money — calls greater than they could stand; collaterals shrank in value and they were caught short of the market. Liquidity/market conditions forced suspension.
- Newspaper Excerpt
- R. Gardner Chase & Co., bankers and brokers, announced their suspension ... assigned to James T. Phelps
- Source
- newspapers
Newspaper Articles (12)
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Big Boston Failure. BOSTON, Sept. 17.-R. Gardner Chase & Co., bankers and brokers at 148 Devonsbire street, in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance Company, 150 Devonshire street. Assignee Phelps will at once make a thorough investigation. He says that the liabilities are likely to amount to $2,000,000 and may go over that. What the assets are can be determined only by examination.
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Failed for $2,000,000. BOSTON, Sept. 17.-R. Gardner Chase & Co., bankers and brokers, to-day assigned to James T. Phelps, general manager of the National Life Insurance company. The firm has lately been doing a large business in western railroad stocks and on the street. The general cause given for the failure is that they were caught short of the market. The news was a surprise to almost everybody, although rumors of trouble have been floating about a day or two. Both members of the house have a most excellent standing on the street, and both have have hosts of friends. Assignee Phelps says the liabilities will likely amount to $2,000,000 and may go over that. What there is of assets can only be determined by an examination. He declines to make any further statement at present. George, son of the senior member of the house, and chief clerk said this afternoon: "The trouble is due wholly to tight money. The calls upon us have been greater than we could stand. Our collaterals shrunk tn value beyond all expectation, and much as we endeavored to avert suspension, we have been forced to it. No outside transactions or speculations led to the trouble. It is tight money and nothing else. We have done no business of a speculative character as a house, and such as we have done for our customers has been done on a conservative basis. I do not feel warranted now in giving the circumstances that were the immediate cause of the failure." The impression is strong that the trouble will not be far reaching and that its effect on the market will be only temporary.
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TIGHT MONEY CAUSED IT. R. Gardner Chase & Co., of Boston, Fall for $2,000,000. BOSTON, Sept. 18.-R. Gardner Chase & Co., bankers and brokers at 148 Devon shire street, in the Equitable building, have failed. The firm has assigned to James T. Phelps, the general manager of the National Life Insurance company, 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. The members are R. Gardner Chase and Charles E. Legg, of Chelsea. It is stated that lately they have been doing a large business in western railroad stock, and on the street the general cause given for the failure is that they were caught short of the market. The "street" feels a deep sympathy with the unfortunate house, Assignee Phelps says that the liabilities are likely to amount to $2,000,000, and may go over that. What there is in the way of assets can only be determined by examination. He declines to make any further statement at the present time Mr. George R. Chase, son of the senior member of the house and the chief clerk, said: "The troub le is due wholly to the tight money. The calls upon us have been greater than we could withstand; our collaterals have shrunk in value beyond all expectation, and much as we endeavored to avert a suspension we have been forced to it. No outside transactions or speculations have led to this trouble. It is tight money and nothing else. We have done no business of a speculative character as a house, and such as we have done for our customers has been done on a conservative basis. I do not feel warranted now in giving the circumstances that were the immediate cause of the failure."
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An "Honorable" Failure. BOSTON. Sept. 17.-The suspension of R, Gardner Chase & Co., bankers and brokers. is announced. No official state. ment was made. James T. Phelps, the assignee, says the liabilities are $2.000,000. A bank president said "I don't think any banks will be affected. I think it is an honorable failure."
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A Banking House Breaks. [By United P1 less.] BOSTON, Sept. 17.-The suspension of R. Gardner Chase & Co., bankers and brokers, is announced on the stock exexhange. Mr. James T. Phelps, the assignee, says: "The concern has assigned to me and the liabilities are about $2,000,000. I shall make a statement as soon as possible." A bank president said: "I don't think any banks will be affected. I think it an honorable failure."
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A FAILURE IN BOSTON. A Firm of Brokers Said to Have Liabilities of Over $2,000,000. R. Gardner Chase & Co., bankers and brokers at 148 Devonshire street, in the Equitable building, at Boston, have failed The firm has assigned to James L. Phelps, the general manager of the National Life Insurance Company, 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co. of New York. The members are R. Gardner Chase and Charles E. Legg of Chelsea. It is stated that lately they have been doing a large business in western railroad stock and on the street. The general cause given for the failure is that they were caught short of the market. The news was a surprise to almost everybody, although quiet rumors of trouble had been floating about for a day or two. Assignee Phelps immediately took charge of their affairs and will at once make a thorough investigation. He says that the Labilities are likely to amount to $2,000,000 and may go over that. What there is in the way of assets can only be determined by examination. Mr. George R. Chase, son of the senior member of the house and the chief clerk, said last night the trouble was duewholly to the tight money.
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Boston Bankers suspend. BOSTON, Sept. 17.-The suspension of R. Gardner Chase & Co., bankers and brokers, is announced. James T. Phelps, the assignee, says that the liabilities are $2, $2,000,000. A bank president said: "I don't think any of the banks will be RFlected. I think it an honorable failure."
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uer arrest at Kankakee, III., for circucounterfeit lating money. of Port over and killed by the was Miss run Hattie Sylvesler, cars on Clinton, the Lake Shore road at Sandusky, 0. got two the for pleading penitentiary William Edwards guilty years to in the charge of.burglary at Wabash, Ind. Elder Hiram Ford, of Georgetown, Ky. a Prohibitionist. is opposing Congressman Breckinridge in the Seventh district. Josiah D. Nottingham and wife, residing at Kankakee, III., have been arrested for shoving counterfeit silver of Dunlap The Cable Montreal correspondent dollars, the News agency has been arrested on a of libeling Prince and store of David was robbed of at The Treaty, charge postoffice Ind., George. stamps Cobb, quantity of goods Canada to trade between British unrestricted and a It is proposed in Tuesday arrange the night. for Canada and club, of New are offer of a of has West The made Iodies, Metropolitan purse Newfoundland, Orleans, Dempsey and Burke, an aged Nickel-Plate fight John between employe Fitzsimmons, $3,000 of or the road, was horribly mangled at Bellevue, O., by having an engine run him Republicans of First and Second Ohio and John A. relamy, congressional Storer districts nominated Caldwell Belspectively. citizens are because Connersville, the postoffice Ind., department happy has rranted them free delivery to commence Jan. 1891. The Puritan club, of Long Island City, has offered a purse of $10,000 for a figut between the middle-weights Dempsey and l'itzsimmons. Harvey S. Nye, claiming to be a teleoperator at Ada, O., 18 under arrest it Waybe, Ind., for countergraph Fort passing feit $20 notes. Ky., William the murder of colored, At Hopkinsville, is held for Joseph Callis, Vaughn, the man found on the railroad track at Casky The house committee on judiciary has decided to report in favor of scriking Kenedy's speech attacking Senator Qaay from The Record. The boiler at a gin house exploded at Charlotte, N. C., killing William Boyce, on of the owner, and severely injuring several other people. R. Gardner Chase & Co., Boston banksand brokersassigned Wednesday. They we over $2,000,000. They giva "tight money" the cause. William Edwards pleaded guilty to a charge of burglary at Wabash, Ind., Wednesday and was sentenced to two years in the penitentiary Mangie Edgar was burned to death in Cleveland by a gazoline explosion, cause.I by her stepping on a parlor match while carrying a can of the fluid. Louisville Perry S. Heath, Washingon correspondent of The Indianapolis Journal, was married Wednesday night o Miss Mary Ella Conway. Miss Georgin Smith, daughter of Col. Dwight Smith, manager of the Consolilated Tank line, was fatally injured in a runaway at Dubuque, Iowa. A young man in whose pocket was found a card bearing the name Anthony a Ryan, Savannah, Ga., was killed by train on th. Peunsylvania railroad President Harfison paid a visit to Johnstown, Pa., where he was officially received and shown, among other things, the graves of the 1,700 unknown dead. Two men and thirteen horse perished 11 a fire in New York, Thursday, caused by the explosion of a piten kettle. Several other men were injured, but will recover. The boiler at the gin house of Hugh Boyse, a few miles from Charlotte, N.C., exploited. killing Will. Boyce, son of the owner, and severely injuring several peole. When the Farmers' Alliance and the Democrats both attempted to run the convention at Columbus, Ind., an explosion occurred which will take some time to heal over. The iron steamship Vigilancia, built at Roache's yard for the Brazilian line, was successfully launched. The Vigilancia is 20 feet long, 45 feet beam and 27 feet depth of hold. The passenger train on the Louisville, New Orleans and Texas railroad was wrecked near Vicksburg by A misplaced switch, supposed to have been turned for the purpose of wrecking the train. L. Headly, superintendent of telegraph of the St. Louis and San Francisco railway company, and the Western Union telegraph company, is a defaulter, and is held at North Springfield, O., for proseenion. The indications are that the conferces n the tariff bill will settle the differences between the senate and house by sustaining the senate sugar clause and restoring the internal revenue clause of the house bill. Dr. Ennis, of Martinsville, Ind., has received a White Cap warning that if he nd his daughter do not leave within tea lays they will be given 100 lashes each. The doctor will remain and defend himself and family. James Martin, of Green Spring, O., aged 50 years, with a large family, was arrested Wednesday on a criminal charge preferred by Miss Blanch Myers, who had been employed at his house. He was released on $200 ball Indianapolis police are loo ing for a fashionably dressed woman about 40 years of age who has lured no less than seventeen Hoosier maidens to distant points in the west and southwest for immoral purposes. She will go over the road if caught. L. Headly, superintendent of telegraph of the St. Louis and San Francisco Railcompany and the Western Union TelO., is a graph way North Sringfield, company, with headquarters defaulter. of New The at Fidelity and Casualty company, York, will prosecute him.
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DOMESTIC. THE Pinkerton men were on the 16th withdrawn from patrol duty on the Central road at Albany, N. Y., but there are still 200 at West Albany and 100 at East Albany. R. GARDNER CHASE & Co., brokers and bankers of Boston, have made an assignment. The firm is one of the most prominent in Boston and the failure is a surprise. The assignee states that the liabilities will amount to $2,000,000. THE total offers of 4½ per cent. bonds to the Treasury on the 17th for the entire country amounted to $1,057,500, making a total so far of $12,050,300. OWING to recent heavy rains an iron ore mine at Rittenhouse Gap, Pa., sprung aleak on the 17th and 10,000 tons of ore disappeared in a sink hole 200 feet deep, carrying with it two engines and all the machinery. The mine is supposed to have been situated over a subterranean cavern. THE veteran soldiers of six counties of Pennsylvania and Broome County, N. Y., held their annual reunion at Susquehanna, Pa, on the 17th. Three thousand soldiers were fed in the Erie shops by the citizens. THE Fleming building in Jersey City, N. J., occupied by the New York & New Jersey Telephone Company, was struck by lightning on the 17th and set on fire. Damage to the amount of $20,000 was done, and all telephonic communication interrupted. THE population of the State of Colorado, according to the count of the Census Bureau, is 410,975. This is a net increase during the decade of 216,648, or 111.49 per cent THE lumber schooner Ben Brink, reported wrecked on the rocks near Eagle Harbor, Lake Superior, was picked up on the 17th while drifting past Houghton, waterlogged, and the captain and crew of five men rescued. The First National Bank at The Dalles, Ore., was burglarized on the night of the 16th. The concrete pier on which the vault stands was tunneled through and a hole drilled into the safe. The amount secured was $9,500. The job was evidently done by experienced hands, and must have been three weeks in its accomplishment. There is no tlue to the robbers. DECISIONS were recently rendered in the United States District Court at New York in the famous suit of the Webster Loom Company against the carpet firm of Elias S. Higgins & Co. for the recovery of nearly $30,000,000 damages for infringment of patent for the "wire motion" used in forming the "pile" in tapestry carpets. The suit has been pending since 1874. The decisions are practically in favor of the Higgins company although the demand of the plaintiffs is nominally sustained. JOHN D. ROCKEFELLEE has just given $1,000,000 more to the new Chicago Baptist University. in addition to the $600,000 which he had previously contributed. THE L R. Salter Silk Company, of Boston, Mass, assigned on the 18th, with liabilities estimated at $25,000.
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HAPPENINGS OF THE WEEK. THURSDAY'S NEWS. All the Representatives now in Congress from Alabama have been renominated. The House Committee on Judiciary decided to report in favor of striking Kennedy's speech attacking Senator Quay from the Record. Maggie Edgar was burned to death in Cleveland by a gasoline explosion, caused by her stepping on a parlor match while carrying a can of the fluid. R. Gardner Chase & Co., Boston bankers and brokers, assigned yesterday. They owe over two million dollars. They give "tight money" as the cause. In spite of Governor Foster's declarations against accepting a nomination for Congress, the Republicans of the Eighth District unanimously nominated him. The passenger train on the Louisville, New Orleans and Texas Railroad was wrecked, near Vicksburgh, by a misplaced switch. supposed to have been turned for the purpose of wrecking the train. FRIDAY'S NEWS. Dr. Harper, of Yale College, has been elected President of the new University of Chicago. Dion Boucicault, the well-known playwright and actor, died at his home, in New York, Thursday afternoon. At Long Prairie," Minn., Frederick Paul killed Mrs. Louis Buelow, a neighbor, and then committed suicide. Charles Drumm, a saloon-keeper of Springfield, O., killed his wife Thursday evening, and then committed suicide. The Nashville Times is being boycotted by the Federation of Trades on account of the paper's unfriendly utterances against workingmen. The Cookson Iron Works, located near Kansas City, made an assignment yesterday for the benefit of their creditors. Liabilities and assets unknown. The strike of gold-beaters in Boston, Philadelphia, New York and Chicago, has been settled in favor of the men, they having obtained their demand. The Commissioner for Utah has applied for ten acres of space for the display of that Territory at the World's Fair. It is proposed to construct a palace 100 feet square of minerals. The capital of Portugal is now the scene of rioting. This is announced as the beginning of a movement to proclaim a republic. All classes are said to be eager to welcome the new government. Millionaire residents of Spokane Falls, Wash., take the place of striking carpenters, who quit work on the Exposition building because the Directors purchased lumber from a boycotted merchant. In the effort to secure a quorum in the House of Representatives yesterday, the Speaker ordered the doors locked, but the Democrats kicked them down and went out, and the House was obliged to adjourn. SATURDAY'S NEWS. The official count of the population of Cincinnati makes it 296,300, The President has signed the antilottery and river and harbor bills. An incendiary fire at Whltehall, Mich., caused a loss of $100,000. Thirty buildings were destroyed. Governor Campbell complains that the press treats him unfairly, and he refers particularly to the Democratic press. Mrs. Allen Wrichter, of Whitehall, Pa., has not tasted food or drink for over 172 day.s She has a cancer of the pharynx. The Democratic employes at the Statehouse, Columbus, have been assessed five per cent. of one year's salary for campaign purposes. Prof. Peter J. Fox, Principal of the Seventeenth District School, Cincinnati, had an attack of apoplexy while in his school-room and died there. An express on the Reading Railroad ran into a freight wreck near Reading, Pa., and went down an embankment. Forty people were killed and many injured. Wm. W. Harford and Miss Alice Huery, each aged twenty-six, were married at Grassy Creek, Ind., at an old settlers' meeting, in the presence of four thousand people. Henry Burris, a wealthy Quaker farmer, near Smithfield, O., was swindled out of $5,000 by a couple of sharpers who borrowed that amount, giving as security a satchel said by them to contain about $18,000.
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and will do all in their power to averta panic. The strikers at the Standard Coke Works, Scottdale, return to work at the old rates. The Western window glass men form a trust to keep up prices, each plant to retain its individuality and sell all its products to the central organization. for $16,call issues a Windom 16-Secretary 000,000 worth of 4s. Prince Bismarck fast being relegated into obscurity. Imposing ceremonies held over Ericsson's body at Stockholm. General D. H. Hastings a candidate for Director General of the World's Fair. Colored men debarred from the Maryland Law School. Oregon wants her population recounted. 16-Amos Lewis, a wealthy sailmaker, of Somers Point. N J., marries Annie Ripley. of Atlantic City, after a courtship of two minutes. Grand Lodge I. O. O. F., meets at Topeka, Kan. Statistics show a decrease of Irish recruits in the British army. The Southampton dock strike followed by a lockout. The tariff bill rushed through the House in two hours, all the Senate amendments being lost, and a conference committee ordered. 17-The actual effort for the completion of the tariff bill really just begun in conference committee. Cincinnati and Louisville tobacco warehouses propose to combine. Effort being made to save the Nicely brothers through the confession of John Beach, one of the alleged murderers of Umberger. Jimmy Carroll knocks out Andy Bowen in 21 roands at New Orleans. The Senate passes the anti-lottery bill without a dissenting vote. 18-R. Gardner Chase & Co., bankers and brokers, of Boston. fail for $2,000,000, caused by tight money. In 30 days the Treasury pays out $65,000,000 more than the receipts. Louis James and Marie Wainwright, the actor and actress, said to have parted forever. President Harrison visits Johnstown and Greensburg. 19-An armor plate test at Annapolis proves satisfactory to Secretary Tracy. Mayor Grant will have the police to recount New York City. Rioting in Portugal by those who want to have a republic formed. Dillon and O'Brien arrested to prevent their proposed American tour. Gompers says the strike on the New York Central was badly conducted. United States Secret Service agents are in Canada looking for HarChurch,near counterfeiters. Paxtang risburg, celebrates its one hundred and fiftieth anniversary. Trustees for the bondholders of the Chesapeake and Ohio canal attempt to save the property by taking the case into court. 20-Preparations being made for the trial of J. Reginald Birchall at Woodstock. Ont., for the murder of Fred C. Benwell. Many ar*rests of Irish leaders under the coercion act. New Orleans authorities decline to allow any more prize fights there. General George R. Davis chosen Director General of the World's Fair. 21-Senate and House conferees still apart on the tariff bill. Troubles over the Chicago fair prompt the appointment of a ConA gressional investigating commission. movement in Austria to bring concerted action against the McKinley bill. Stories of mortgage-ridden farms deserted in Kansas. Harrison greeted by thousands on his trip through several Pennsylvania mining towns. 22-Startling stories about the slave trade in the South Sea Islands The Presbyterian Church at. Poke Run, Pa., celebrates its centennial. 23-Twenty-eighth anniversary of negro emancipation celebrated in Boston by the old Abolitionists. Stated that three new Cardinals are to be created, one each for England, Scotland and America. English police arrest Slavin and McAuliffe and stop the fight. The Fair Commission finally secure Washington and Jackson Parks for the Exposition. The trial of Birchall for the murder of Benwell begun at Woodstock, Ont. 24-Three men try to rob the People's Bank at Lebanon, but are thwarted by a young woman. Mr. Morley examining destitution in Ireland to prepare arguments that will influence legislation for relief. President Harrison and family leave Cresson for Washington. The National Council of the Irish National League denounces the arrest of O'Brien and Dillon. Three-fourths of Colon destroyed by fire. 25-Michael Davitt charges a Government conspiracy to crush Parnell and the cause of Ireland with one blow. A suit for $816,345 under the anti-discrimination law of 1885 brought in Philadelphia against the Pennsylvania Raitroad Company. 26-Hitch in the tariff the only thing preventing the immediate close of the session. The trial of Dillon and O'Brien began at Tipperary, where the police made an attack on the crowd. Delegates to the meeting of the American Iron and Steel Institute meeting arrive at New York from Europe. Another unsuccessful attempt to open the burning Hill Farm mine. A plot against President Diaz culminates in au attempt to assassinate him. A county-seat fight between the towns of Boston and Springfield, Baca county, Col., results in riot and bloodshe 1. 27-Stated that the local Board of Inquiry at Johnstown has decided to publish the names of the beneficiaries as a private speculation. against which the Flood Commission protests. Samuel J. Randall left property valued at only $5,000. Slavin knocks out McAuliffe at London in two rounds, lasting six minutes. Suits brought against oil men to compel them to stop polluting river water. No signs of a break in the Irwin strike and newcomers are induced to leave. The tariff conference committee completes the bill and it is reported to the House and passed. Governor Campbell asked to remove the Cincinnati