R. Gardner Chase & Company (Boston, MA)

Episode Information

Episode UID
9536044291089
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
953604429 hash
Start Date
September 17, 1890
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6c53d1a5f4b5350a

Response Measures

None

Description

Firm assigned to an assignee (insolvent assignment); no articles describe a depositor run.

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
Source
newspapers
2. September 17, 1890 Suspension
Cause
Macro News
Cause Details
Described as caused by 'tight money' and being caught short in the market; collateral values shrank
Newspaper Excerpt
the suspension of R. Gardner Chase & Co., bankers and brokers, is announced
Source
newspapers

Newspaper Articles (16)
1. September 18, 1890 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, September 18, 1890

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A Big Boston Banking House Fails for Two Millions. BOSTON, Mass., Sept. 17.-R. Gardner. Chase & Company, bankers and brokers at 148 Devonshire 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 Devonshirestreet. He says 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 declined 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 this afternoon: "The trouble is due wholly to the tight money. The calls upon us have been greater than we could withstand; our collateral 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." The impression is strong that the trouble will not be far reaching, and that its effect on the market will be only temporary.

2. September 18, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 18, 1890

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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

3. September 18, 1890 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 18, 1890

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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.

4. September 18, 1890 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, September 18, 1890

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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.

5. September 18, 1890 Evening Journal Wilmington, DE
Article from Evening Journal, September 18, 1890

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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."

6. September 18, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 18, 1890

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A $2,000,000 FAILURE. The Banking and Broking Firm of Gardner. Chase & Co. Go Under. BOSTON, September 17.-R. Gardner, Chase & Co., bankers and brokers at 148 Dovenshire 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 Dovenshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. The members are R. Chase and Chas. 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 have been floating about for a day or two. Both members of the house have a most excellent standing on the street, and both have hosts of friends. Assignee Phelps will at once make a thor> ough examination. He says that the liabilities are likely to amount to $2,000,000. and may go over that. What the assests are can be determined only by an examination. Mr. George R. Chase, son of the senior member and chief clerk, said this afternoon: "The trouble is due wholly to 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. Mr. Chase (my father) and Mr. Legg, his partner, have both gone home for the day, but both will be here to-morrow morning and they will be able to make further explanations. The impression is strong that the trouble will not be far-reaching and its effect on the market will be only temporary.

7. September 18, 1890 The Daily State Chronicle Raleigh, NC
Article from The Daily State Chronicle, September 18, 1890

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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."

8. September 18, 1890 The Morning News Savannah, GA
Article from The Morning News, September 18, 1890

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RUINED BY TIGHT MONEY. A Firm of Boston Bankers and Brokers Go to the Wall. BOSTON, Sept. 17.-R. Gardner, Chase & Co., bankers and brokers at No. 148 Devonshire street, in the Equitable building, have failed. The firm has assigned to James L. Phelps, general manager of the Mutual Life Insurance at Company No. 159 Devonshire street. The firm is the Boston correspondent of S. V. White & Co., of New York. Its members are R. Gardner Chase and Charles B. 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 on the market. THE ASSIGNEE IN CHARGE. Assignee Phelps immediately took charge of their affairs. He says that the liabilities are likely to amount to $200,000, and may go over that. What there is in the way of assets can only be determined by examination. He declines to make a further statement at present. CAUSED BY TIGHT MONEY. George R. Chase,* son of the senior member of the house and chief clerk, said this afternoon: "The trouble is due wholly to the tight money, the calls upon us having 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. No outside transactions or speculations have led to this trouble. It is tight money and nothing else."

9. September 18, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, September 18, 1890

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BUSINESS. A BOSTON FAILURE. BOSTON, Mass., Sept. 17.-The suspension of R. Gardner, Chase & Co., bankers and brokers, as announced in the stock exchange and at the office of the concern, is confirmed, but no official statement can be made, as all members of the firm have left the office for the day. James, T. Phelps, assignee for Gardner, Chase & Co., says: The concern was assigned to me, and the liabilities are about $2,000,000. - I shall make statement as soon as possible.'

10. September 18, 1890 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, September 18, 1890

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ELECTRIC FLASHES. Condensed Telegraphic Dispatches from All Parts of the World. Ex-Governor Charles Foster was nominated by acclamation in the Eighth Republican Congressional District of Ohio yesterday. Richard Weber, driver of an El Dorado Brewery wagon, was arrested at Stockton yesterday for running over and killing a Chinaman. From Granada reports come that the fire in the Albambra Palace was the work of thieves to screen the theft of works of art in the palace. The damage amounted to $50,000. The two-story dwelling of W. S. Lowden of Weaverville was totally destroyed by fire Tuesday night. The origin is unknown. The loss is about $5,000; no insurance. The suspension of R. Gardner Chase & Company, bankers and brokers of Boston, is announced. Jas. T. Phelps, the assignee, says: "The liabilities are $2,000,000." A bank President said: "I don't think any bank will be affected. I think it is an honorable failure." Hot weather has increased the number of cholera victims in Toledo and Valencia, Spain, and caused the appearance of the disease in many villages in Albacete, Alicante, Castellon de La Plana, Taragona and Toledo. The epidemic is attacking the upper classes. Most of the victims are women and children. The stevedores and dock laborers of Melbourne. Australia, have struck. Loading the mail and other steamers has been suspended. Western colliers will obey the order to stop work, but do not approve of it. One hundred steamers have been fully manned. The employers assert that they can dispense with the labor of the unionists. The African slavery proclamation has been signed by the German commanders of the respective stations. The brokers' house is now full of slaves. The rule having been established under the German license permits them to recover runaways. This will lead to more kidnaping of free natives. News of the proclamation has spread over the whole coast. The traffic has revived to an extent unknown for thirty years. Warren Treat, a prominent fruit-grower on the Rio Bonito, four miles east of Biggs, took a dynamite stick, to which he had attached a fuse, and went to the Feather river, intending to kill fish. He lighted the fuse, intending to hold it until it burned within an inch of the cartridge. The fuse burned farther than he expected, and exploding, tore his right hand off at the wrist. His body was badly powderburned and his clothes were torn to shreds. The doctors amputated the mutilated stump at the wrist joint.

11. September 18, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, September 18, 1890

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Broken Boston Bank. BOSTON, Sept. 17.-The suspension of R. Gardner, Chase & Company, bankers and brokers, is announced. No official statement is made. James T. Phelps, assignee, says the liabilities are are $2,000,000. A bank president said: "I don't think any banks will be affected. I think it an honorable failure."

12. September 18, 1890 Evening Star Washington, DC
Article from Evening Star, September 18, 1890

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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.

13. September 18, 1890 Spokane Falls Review Spokane, Spokane Falls, WA
Article from Spokane Falls Review, September 18, 1890

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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."

14. September 23, 1890 Daily Independent Elko, NV
Article from Daily Independent, September 23, 1890

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SALMAGUNDI. Only one week till the circus. John McIntosh is on the sick list. No mail from the East this morning. At last Elko is to have a circus. Next Tuesday is the day. Ben Craighead left yesterday for Reno to attend the Nevada State Fair. For a choice Key West cigar, or anything in the smokers line, go to Muller's. J. B. Fitch, candidate for Assessor before the Democratic Convention, came down from Wells this morning. The easiest way to get rid of flies or insects, is to go to Muller's and get some Fly Paper or Insect Powder and * killem. Those two elegant preparations for the toilet, Violet' Water for ladies, Lavender Water for gentlemen, price $1 00 at Muller's. Carson Appeal:-A gentleman on the inside says that on election day the voters will find three candidates for State Senator in the field from Ormsby county. With Ben Craighead gone to the Fair, and John McIntosh on the sick list, the E.-T. M. Co. is short of help, and L. O. Henderson is taking a hand to help them out. Jno. M. Dorsey and J. D. Abel left for their homes near Fort Halleck today. It is rumored that Mr. Abel will be a candidate before the County Convention for Treasurer. Hugh Tate and Webster Patterson are passing an examination on their application for admission to the bar. Two young lawyers will thus be admitted to Elko's corps of attorneys. The Fifteenth session of the Nevada Legislature should be composed of men who will attend strictly to business, and who know what bills are introduced and whether they pass or not. Our thanks are due Mr. W. Crare, of Sonth Fork, for some immense specimens of vegetables grown on his anch. One radish measures 22, one rutabaga 22, and one beet 18½ inches in circumference. White Pine News:-A run of about forty tons of Chainman ore, worked at the Ely mill this week, netted over $2,000. If the mine was in Alaska, or in some other out-of-the-way part of the world, capital would rush for it at a million dollars. When your eyes get weak and pain you while reading, go to Muller and get a pair of good specs or eye glasses. A good fit guaranteed or no pay. A full assortment of colored * glasses for sun or snow. The Republicans indorse the commodity silver law because it, was passed by a "strict party vote," and because President Harrison said he would veto a free coinage bill, should one be passed by Congress. Charles S. Weiland won the Examiner's $1,500 badge as the most popular Native Son of the Golden West. Out of a total of 560,153 votes cast Mr. Weiland received 166,797. M. A. Dorn was a good second with 121,716 votes. President Palmer, of the World's Fair Commission, has appointed standing committees. George Russell is on the committee on Live Stock and also on Mines and Mining, and J. W Haines is on the committee on Thriffs and Transportation and on Agriculture. The suspension of R. Gardner Chase & Company, bankers and brokers of Boston, is announced. Jas. T.

15. September 25, 1890 Belmont Chronicle Saint Clairsville, OH
Article from Belmont Chronicle, September 25, 1890

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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.

16. September 28, 1890 Weekly Independent Elko, NV
Article from Weekly Independent, September 28, 1890

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[THIVI word] SALMAGUNDI. Only one week till the circus. John McIntosh is on the sick list No mail from the East this mornSuy At last Elko is to have a circus 3 Next Tuesday is the day. Ben Craighead left yesterday for Reno to attend the Nevada State Fair. J. B. Fitch, candidate for Assessor before the Democratic Convention, came down from Wells this morning. Carson Appeal:-A gentleman on the inside says that on election day the voters will find three candidates for State Senator in the field from Ormsby county. With Ben Craighead gone to the Fair, and John McIntosh on the sick list, the E.-T. M. Co. is short of help, and L. O. Henderson is taking a hand to help them out. Jno. M. Dorsey and J. D. Abel left for their homes near Fort Halleck today. It is rumored that Mr. Abel will be a candidate before the County Convention for Treasurer. Hugh Tate and Webster Patterson are passing an examination on their application for admission to the bar. Two young lawyers will thus be mitted to Elko's corps of attorneys. The Fifteenth session of the vada Legislature should be composed of men who will attend strictly to business, and who know what bills are introduced and whether they or not. Our thanksare due Mr. W.T. Crare, of South Fork, for some immense specimens of vegetables grown on ranch. One radish measures 22, one include 181 1009 ouo puu EGG returest in circumference. The Republicans indorse the commodity silver law because it. was passed by a "strict party vote," and because President Harrison said would veto a free coinage bill, should one be passed by Congress. Charles S. Weiland won the Exam-ndod 150m em SE eSprq 009'1$ increase lar Native Son of the Golden West Out of a total of 550,153 votes cast Mr. Weiland received 166,797. M. 01/1/17 puopes poor B SUM [10] votes. President Palmer, of the World's Fair Commission, has appointed standing committees. George Russell is on the committee on Live Stock and also on Mines and Mining, and W. Haines is on the committee Tariffs and Transportation and Agriculture. The suspension of R. Gardner Chase & Company, bankers and bro kers of Boston, is announced. Jas. Pholps, the assignee, says: "The liabilities are $2,000,000." A bank $ President said: "I don't think any bank will be affected. I think it is honorable failure." The Enterprise is very much exer cised over the subject of the Austral ian ballot systom. It can find good arguments on the question by an examination of the Novada Sonate Journal, Fourteenth session, 1889 pages 180, 202, 205 and 238, the latter