L. H. Taylor & Company (Philadelphia, PA)

Episode Information

Episode UID
8452239191152
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
845223919 hash
Start Date
December 21, 1895
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
654b4bae700f4ca1

Response Measures

None

Events (1)
1. December 21, 1895 Suspension
Cause
Macro News
Cause Details
Failure was a direct result of the New York stock panic and heavy margin calls exhausting customers and the firm's liquidity.
Newspaper Excerpt
The banking and brokerage firm of L. H. Taylor & Co., doing an extensive business, failed today.
Source
newspapers

Newspaper Articles (7)
1. December 21, 1895 Evening Star Washington, DC
Article from Evening Star, December 21, 1895

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Better Feeling Prevails in the Stock Market. LONDON CEASED SELLING AND EOUGHT What Is Shown By the Weekly Bank Statement. WHAT CONGRESS MAY DO Special Dispatch to The Evening Star. NEW YORK, December 21.-Declines varying from 1 to 8 per cent marked the opening of today's stock market, and the demoralized liquidation of weak accounts was immediately resumed. The volume of business during the first hour was enormous, and was attended by all the Incidents of a financial panic. Several suspensions were announced, and sales "under the rule" were frequent. London ceased selling at the close of the first half of the session, and bought moderately. This fact, coupled with the extremely low prices then prevailing, attracted some purchases for local account. The involuntary reaction of the last twenty-four hours, while appailing in its immediate results, has been instrumental in placing stocks in remarkably strong hands. It is hoped that calmer reasoning will prevail during the coming week, and that the uncalled for foreign excitement will not fead to further sacrifices of private fortunes on both sides of the Atlantic. The crisis of the present situation is generally regarded as having been passed, but the usual after results are still dreaded. Rumors that Messrs. Edmunds, Phelps and White were to compose the commission on which devolves the duty of ascertaining our liability in Venezuela's dispute were received with much favor. Yesterday's Message. As to what Congress will do with yesterday's message, opinion differs widely. The best view seems to be that a long-time lowinterest-bearing bond will be issued, and that the duty on wool and crockery will be increased. It is important that the bonds should contain a gold clause at this time of distrust. but concessions must be made to secure this result. There is no longer any doubt that Congress will be forced into speedy action, notwithstanding the selfish, personal considerations of the politicians. If the messages to Congress had been presented in the reverse order the patriotic influences of the treatise on international law would have had a more substantial basis and values would not have descende to an almost unrecognizable level. The Bank Statement. The bank statement reflects a large contraction in loans and the loss of $2,750,000 on account of gold shipments. The reduction of nearly six millions in deposits is directly due to the changes in the two items quoted. The flurry in money is shown to have been due to a lack of confidence and not to any scarcity of funds, the banks having practically $20,000,000 of surplus reserve at the close of the week. All the banks in the clearing house association while attaching all due importance to the seriousness of the situation, are reported as being absolutely sure of their ability to provide for any emergency. The foreign exchange market is completely demoralized owing to the wide fluetuations in money rates, but as time loans are being made under the legal rate it is likely that natural conditions will soon prevail. Gold shipments will be announced as soon as the money market will justify the proCESS. The market continues to be one of extreme uncertainty and offers no inducement to those who have no losses to protect. A disinterested position is the only one surely profitable at the moment. NEW YORK, December 21.-Hatch Bros. of 66 Broadway have announced their suspersion, and H. K Burras & Company announced their suspension. It is not believed their failure is very serious. Rally in Prices at Boston. BOSTON, Mass., December 21.-The excitement on the stock exchange here was greater today than at any time since the wild panic of Black Friday. Large orders to sell were in the brokers' hands long before 'change opened, and values melted at an alarming rate as a consequence. The firm or T. H. Price & Company of 35 Congress street was unable to stand the strain and their suspension was announced early, and large blocks of Atchison, Sugar, Gas and Montana were sold under the rule for their account. This helped to bring about a further drop, and the lowest prices of the year were reached in many instances. At 11:30 the market seemed to gain a little strength and the figures were more firm. After 11.30 a.m. a gradual rally set in, and when the gong sounded at the close of business it was being well maintained. The transactions have been tremendous with Atchison Sugar and Montana and other coppers leading in the tumble. The special meeting of the Boston stock exchange, held at the close of today's market, adjourned without action of any kind being taken. L. H. Taylor & Co. Assign. PHILADELPHIA, Pa., December 21.-The banking and brokerage firm of L. H. Taylor & Co., doing an extensive business, failed today. Mr. Taylor makes the following

2. December 21, 1895 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 21, 1895

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Fatiures Announced. PHILADELPHIA, Doc. 21.-The old banking and brokerage firm of L. H. Taglor & Co., doing extensive buslness, failed today. Taylor made the following statement: "The sudden drop on the New York stock market caused unusually heavy calls upon us, and owing to our inability to get money from our customers quick enough, we were obliged to make an mesignment." NEW YORK, Dec. 21.-H. K. Burras & Co., traders in stocks, have just announced their suspension. It is not believed the failure is very serious. BOSTON, Dac. 21.-T. H. Price & Co., bankers and brokers, suspended. The firm 19 not a large one. NEW YORK, Dec. 21,-Harch Broz. have assounced their suspension on the stock exchange. The firm has been dealing in government and railroad securities.

3. December 22, 1895 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 22, 1895

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A PANICKY MARKET. Failures Reported in Eastern Financial Centers. NEW YORK, Dec. 21.-The market opened very heavy and panicky. Serious losses from yesterday's closing figures were shown in the first sale. At 10:30 the market rallied and advances extended to five per cent. Leading foreign representative houses reiterate the opinion that gold will now be steadily shipped to Europe. H. K. Burras & Co., traders in stocks, have suspended. Harch & Bros. have announced their suspension. PHILADELPHIA, Dec. 21.-The old banking and brokerage firm of L. H. Taylor & Co., doing an extensive busimess, failed today because of the drop in stocks. BOSTON, Dec. 21.-T. H. Price & Co., bankers and brokers, have suspended.

4. December 22, 1895 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 22, 1895

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CAUSED BY THE PANIC. Failure of a Prominent Firm in Philadelphia. PHILADELPHIA, PA., Dec. 21.-L. H. Taylor & Co., bankers and brokers, failed this morning. It is one of the oldest firms on the street. The firm, which has been in business since 1878, is composed of Lewis H. Taylor Jr. and Frederick J. Chandler, both of whom are members of the Philadelphia Stock Exchange, Mr. Taylor being also a member of the New York Stock Exchange. The concern did a large business, particularly in New York stocks. The liabilities and assets are believed to be very large, but no figures are obtainable. The failure is the direct result of yesterday's panic in New York, which exhausted the margins of many of the firm's customers, who were unable to respond when additional margins were called for.

5. December 22, 1895 New-York Tribune New York, NY
Article from New-York Tribune, December 22, 1895

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FAILURE IN PHILADELPHIA. L. H. TAYLOR & CO., BROKERS, CARRIED DOWN BY THE FALL IN STOCKS. Philadelphia, Dec. 21.-L. H. Taylor & Co., bankers and brokers, failed this morning. The firm, which has been in business since 1878, is composed of Lewis H. Taylor, jr., and Frederick J. Chandler, both of whom are members of the Philadelphia Stock Exchange, Mr. Taylor being also a member of the New-York Stock Exchange. The concern did a large business, particularly in New-York stocks. The liabilities and assets are believed to be large, but no figures are obtainable. The failure is a direct result of yesterday's panic in New-York, which exhausted the margins of many of the firm's customers, who were unable to respond when additional margins were called for. Ernst Thalmann, of Ladenburg, Thalmann & Co., No. 44 Wall Street, the New-York correspondents of L. H. Taylor & Co., of Philadelphia, said yesterday: "A remittance was received from Taylor & Co. this morning in the regular course, and it is sufficient to cover their obligations in New-York. The failure of Taylor & Co. appears to have been due to the depreciation in securities."

6. December 24, 1895 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, December 24, 1895

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MORE EXCITEMENT. Wall Street Experiences Another Lively Day. Price of Stocks Goes Down Several Points More-Markets Steadier in England. New York, Dec. 21.-Wall street witnessed another exciting scene Saturday morning when the stock exchange opened for business. Long before the hour for beginning business large crowds had massed themselves in the circular galleries, standing in rows two or three deep. An unusual number of Indies were present, and the CXchange presented a lively spectacle. The operating brokers, looking grim and worried, were about early, discussing with much animation the critical situation. Hopes for a brighter outlook Saturday were numerously expressed. It was generally believed that President Cleveland's message to congress Friday on the financial question would have a tendency to revive confidence. The bulls and bears were common in their declaration to try and steady the market. Repetition of Wild Scenes of Friday. All sides seemed better prepared Saturday, however, for existing conditionsthan they were Friday when the sudden onslaught of English holdings swept so many off their feet here. Immediately after the chairman's gavel announced the opening of the market there was a repetition of Friday's wild scenes. The various posts were at once surrounded by tumultuDUS crowds, and operations began with an exciting scramble. The confidence anticipated did not manifest itself. The receipt of heavy selling orders from London, the result of the senate's unanimous action in the Venezuelan commission matter, late Friday, coupled with further liquidation for home accounts, led to a break of one to five per cent. at the New York stock exchange Saturday morning. Burlington led the early decline, the stock selling at 71 and 70, against 75 Friday night. St. Paul, and, in fact, all the stocks with an international market were under the hammer and declined rapidly. More Failures Reported. The failure of Hatch Brothers was announced at the New York stock exchange at 11:15 a. m. The firm conducted its business at No. 66 Broadway. At 11:30 a. m. the failure of H. K. Burras & Company was announced on the stock exchange. Mr. Burras has been a member since December, 1870. Boston, Dec. 21.-The Boston stock market opened very weak Saturday morning. The failure was announced on the board of Price & Company, the Congress street brokers. Nostatement of their indebtedness can be given at present. Fisk & Goff, clothiers, Boston and Portland, Me., have assigned. Philadelphia, Dec. 21.-The firm of L. H. Taylor & Company, bankers and brokers, failed Saturday morning. This is one of the oldest firms on the street. Confidence Returns at Denver. Denver, Col., Dec. 21.-Confidence in the value of gold unining stocks returned before the Colorado people retired Friday night. The brokers were all buoyant and declared that they could take care of all the stocks unloaded on the exchange Saturday morning. They asserted that they had received many orders to buy if there should occur a slump in the morning. The women investors have shown their timidity. The prospect stocks may be hammered down, but the high-priced investment stocks, such as Anaconda, Portland, Isabella, Union and Golden Fleece, will not be injured by the flurry, and all alike will quickly rebound. No Panic Feared at San Francisco. San Francisco, Dec. 21.-Local bankers and capitalists fear no panic on the San Francisco exchange as a result of the Venezuelan controversy. Money is very easy in San Francisco, and the banks of this city have large balances with their correspondents in the east. The possibility of shares coming back from the east and elsewhere renders prudence necessary, but not the slightest depression is feared. In Interviews local bank presidents expressed the greatest confidence, and no concern whatever is being manifested. London Stock Exchange Panicky. London, Dec. 21.-The stock exchange market opened panicky. American railroad stocks were demoralized, notwithstanding the fact that in the first hours of the session the prices were better than they were at the close of the market Friday afternoon. The fluctuations were rapid, sometimes violent. Many stocks were unsalable. The stock exchange brokers profess to be wholly uncertain as to the outcome of events, and are very cautious. At 1:15 p. m. the stock market was very unsettled, and dealings in American railroad securities were entirely nominal. Glasgow and Manchester Onlet

7. December 28, 1895 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, December 28, 1895

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defeated; yeas 24; nays 36. Silver men voted no. REFERRING to the tariff Congressman Grow is a late speech said: The present administration seems to have begun business where Buchanon's administration left off. ST. PETERSBURG, Dec. 20-Russi newspapers generally discuss the Venezuelan question and express the belief that it will have a pacific issue. The Nvosit considers the position assumed by the United States to be in conflict with the interests of the whole of Europe. OTTAWA, Dec. 20-Officials of the goveroment claim that in case of war between Great Britain and the United States, Canada could in twenty-four hours put 30,000 fully equipped men into the field and hold any force the United States is likely to bring against this country in check for & couple of months at least. The situation is generally viewed as one of the greatest gravity and calling for prompt preparations for defense, but not for any alarm. In the event of hostilities General Montgomery Moore, commander of the imperial forces at Halifax, would take charge of the defense as senior imperial officer in the country. The Journal says: "The Dominion government ebould take time by the forelock and take all reasonable steps for making as good showing as we can if an invasion comes. NEW YORK, Dec. 20-A special to the Werld from San Salvador dated December 19 says that the government there is greatly alarmed about reports of the movements of Ezeta. It is known that he secured 8 small steamer with which it is expected an effort will be made to land a body of insurgents equipped with a large amount of ammunition. SOLOMONVILLE, Ariz., Dec. 19-Word reached here today of a tragedy at Morenci mining camp, in the eastern part of this country, Wednesday morning. Paul Becker, who sleeps in Becker & McCormick's store, was awakened shortly after midnight and discovered four Mexicans in the store. They commanded him to open the safe, but he rushed to the window and while trying to get out was stabbed in the back. The alarm was given and & deputy sheriff and posse tracked the robbers to the house of Santiago Dado, where a hot battle ensued, in which Pablo Salcido, a prominent citizen who was assisting the sheriff, was instantly killed. The Mexicans were finally captured. Yuma, Ariz., Dec. 19-Jesus Daniel, of Ehrenberg, Ariz., accused of the murder of his wife five years ago, has been found guilty as charged. He will be sentenced on the 30th instant. WASHINGTON, Dec. 21-Gen. Miles says that our country is entirely unprepared on any coast and it would take two years and $50,000,000 to protect us. There are only three modern guns in position, two in|New York and one in San Francisco and the enemy could easily destroy the wealth of three hundred years stored in our large coast cities and cause untold distress. A million men could be had at once but it would not save cities on the coast. PHILADELPHIA, Pa. Dec. 21-The old banking and brokerage firm of L. H. Taylor & Co. doing extensive business failed today. Cause drop in stocks. BOSTON, Dec. 21-T. H. Price & Co., bankers and brokers have suspended. NEW YORK, Dec. 21-H. K. Burras & Co., traders in stocks have suspended. NEW YORK, Dec. 21-Harch Brothers have announced their suspension. PHILADELPHIA, Dec. 21-The local northbound train on the Reading railway left thesuburban of Frankford at 6:14 a. m. without waiting AS is customary for the down train which arrives at 6:30. The result was a head end collision at Sellers street, two blocks north of Frankford station. Two persons were killed and several injured. Three fatally. CONSTANTINEPLE, Dec. 21-An official dispatch from Zeitoun says the Armenians there Sunday last massacred all the Turkish soldiers imprisoned in the town. This, probably refers to 400 Turkish troops captured when the uprising first occurred. Word has been received from Arabekir that Rev. Sir Agenian a missionary widely known to Baptists in the United States has been murdered and bis church burned. RALEIGH, N.C., Dec. 20-At o'clock yesterday me roing shortly after the day force, numbering 57 meo, had gone on duty at the Cummock coal mines, SIX miles west of here, a terrible tire damp explosion occurred, with fatal effects. Upon hearing the report people of the village and relatives of the entombed miners hastened to the scene, but for some time were unable to gain any tiding from below. After pumping fresh air into the shafts several miners ventured down. They found and brought out 25 men from shafts No. 2 and 3. Five or six are badly wounded and some will probably die. Two men were killed in stope No. 2. After considerable delay a searching party entered stope No. 1, where they were greeted by a horrible sight. Dead men fearfully mutilated were found. It is believed 41 men were killed. Several had families living at Cummock. A quantity of dynamite was in the mine and exploded, wrecking coal care and splitting the massive pieces of timbers into kindling wood. Twenty-four bodies taken from the Egypt mine at Cummock Eight more lie the foot of the shaft, two being dug out now. The theory is that the