gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c26a137c19b30b56
Response Measures
None
Description
Multiple contemporaneous reports describe large long-running defalcations and the bank 'broke down' in early March 1867.
Events (4)
1.June 24, 1865Chartered
Source
historical_nic
2.March 4, 1867Other
Newspaper Excerpt
The frauds run through a period of 27 years. Samuel J. Wentz, book-keeper ... and John H. Rogers paying-teller ... were arrested (bail given).
Source
newspapers
3.March 4, 1867Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large, long-running embezzlements/defalcations by officers (book-keeper Wentz and paying-teller Rogers) discovered, undermining bank solvency.
Newspaper Excerpt
A defalcation of $300,000 has been discovered in the Merchants' National Bank of this city ... The Bank will meet its liabilities
Source
newspapers
4.December 31, 1912Voluntary Liquidation
Source
historical_nic
Newspaper Articles (24)
1.May 10, 1866The Daily DispatchRichmond, VA
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Elvans, bought the stock, and gave a draft on the Merchants National Bank of Baltimore, where he had no deposits, for $5,000; but when presented, the draft was paid. Mr. Snow then signed over the $5,000 worth of stock to Mr. Huyck, which transfer was never entered on the books of the bank; and now Mr. Snow is responsible for $5,000, when he has no real interest, and has paid no money at all. He thought that a proper sifting of the matter would throw light on a great deal that was mysterious. Other national banks declare an annual profit of $50,000 to $80,000, but this bank declared a profit of only about $30,000, and was doing as good a business as most others. He did not believe that a single statement had been made to the directors by that bank that had not been falsified, and he thought that this might account for the means which enabled Mr. Huyck to board with his family and servants at an expensive hotel, at a cost of at least $10,000 a year, and keep a carriage and horses, which he confessed cost $3,000, on a salary of $2,000 a year. He hoped the Board would take some action in the matter. When banks fail through the dishonesty of its officers, nothing should be left undone to bring the authors of the calamity to punishment, and he had no hesitation in saying that the suspension of the Merchants National Bank was one of the most astounding frauds ever committed on any community.
After some little discussion on the subject, without taking any further action, the Board adjourned.
2.July 16, 1866New Orleans Daily CrescentNew Orleans, LA
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Foreign Exchange-The movement in Sterling and Francs has been partially suspended since our last. Offerings of commercial bills were much smaller than had been anticipated, in view of recent heavy shipments of cotton to Europe, and the inquiry at bank was, if anything, still further restricted. Sales were exceedingly light throughout, and the market closed languid at 165@166 for bank Sterling 161@163 for clear bills 154@157 for bill of lading bills ; 3.35f@3.30f. for bank Francs, 3.45£@3.40£ for outdoor Francs. Domestic Exchange-Increased weakness and inactivity are the most prominent features of the movement in Domestic Exchange. The market on Saturday was but very poorly supplied with out door offerings, and the demand at bank for remittance purposes disclosed a material and rather general diminution at somewhat easier rates. The closing figures on Saturday evening were 1@4 F cent. premium at bank, and par@1 For cent. discount out of doors for sight checks on New York, Philadelphia and Boston. Uncurrent Notes and Securities-Transactions in the former have been of a very limited character since our last, but the movement in the latter was active both at the Brokers' Board and upon the street Most of the leading stocks and bonds are still very firmly held, and the tendency of the market is unmistakably to higher figures all round. Cotton-The market was almost at a standstill on Saturday, and sales were restricted to 600 bales, at irregular but not quotably lower prices. In fact no reliable quotations can be obtained for any classification in the present unsettled state of the market, and we can only refer to the rates in our commercial article as approximating figures. Sugar and Molasses-There is a fair supply of imported Sugar and Molasses on hand, but the stock of Louisiana is almost wholly exin hausted. The demand, however, is but little I better than nominit for any description, and to prices for the time being are subjected to considerable fluctuations. h en Western Produce-Flour is still in very limre ited supply and demand at unsteady rates. The stock of Corn in first hands on the landtr ing is entirely exhausted, and the retailers W are demanding higher figures from store. to Oats are in fair supply, but the quality is mostly inferior and the demand continues to SO very light. Bran is dull and drooping at nomithal rates. th da Provisions-Pork is in good supply and th very firmly held at our quotations in the comst mercial column, but the demand for it, except en at retail, is still quite restricted. Bacon, also, wa is dull, but prices disclose an upward tenM deney, influenced by advices from the West and from Europe, and all other articles tio an enumerated under the head of provisions th rule precisely as at the date of our previous summary. th att Strenuous efforts are being made in Washth ngton to secure a pardon for Col. Paulding, in who lost nearly $600,000 of government funds wi y the failure of the Merchants' National Bank, nd who is now in Fort McHenry
3.July 19, 1866Chicago TribuneChicago, IL
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Total time of the failure of the Merchante tional Bank for some time previously the house of Payne s Co., in Haltimore was Indebt the bank for an amount nearly equal amount of poolie money deposited In the bank This house was the principal debtor and had al must all the available fund of the bank. without having given, or been required to give, any secarity whatever for their dent The remaining facts stated by the report are al ready familier to the publicand need not be repeat ed here. The commiteee remark in regard to the character of the officere of the banks Noming could be safe in the banas of men to reckless add superupulous and the failure of THIS bar Involving a loss nablic moniy. mu+1 be autibated wholly to the dishonest and criminal conduct of the men controlled The committee have reported a bill, which has become a last, to lake from diebnrang officers all control in the selection of bank in which to keep the public funds Intru-ted 10 them The Treasury Department has given construction to the law. appears by recent circular, which was not contempla. the committee, and seems to take a-ay much of Ite efficiency be report proceeds to review the frauds and mis management discovered in several other banks, and various swindles that are being perpetrated Some of the Michigan canke are discovered to be regular wild CS* concerns. as follows (The only other love of public money deposited in a national bank that has come to the o viedre of the committee in the care of the Veuan.ro National pahk Franklin which fatled on or about the of Marco. It depository bank with $50,000 honds and Treasury the rily depo-Its for amount of public money ID that nank the credit of the unr. and 12.58L93 to the credit of Mr. touch. the collector. There that bank on ulv.r. for $03,000 which on the 26th of January la to transfer that amount of from the nango National Hank 10 the in York never been paid 1b bar claims that leased from any re+ponsining the diaft was curved at the reasury in payment ot that amount. and was not prote ted for There levald be sufficient security for this draft posite ion of the Government the Venango National Bank was (310 000 Inscrone to bare been managed for the bench of Lulter. Penn & Co. of who bad nearly funde the bank their debt the has 1 being over $600.000 Under such cir coms'aros be Jahire of Culver, Penn +arily involved the talture of this bank The huming the waximum of the aggregate loan of any party to centum of the capital of the hank wholly in this care the Co. by Bsyne Merchant National Bank This excused in both CAREN the specions these Here not loans, but talas CC due from the parte It honta ba elated hat $400,000 of Univer. Penn & for Government bonds, which as appeared by the timony before the committee the bank deposited by them for eafe-kerpine. but were used them without e authority of the bank Many of the national banks which were converted from State bank do not make proper exertion to withdraw their old circulation. and in many stances pay out and take measures to continue in circulation. thereby receiving the benefit of the old circulation and of the national conency notes It receivid nom the bureau of the Comptroller. was stated to the committee that there were In elance of barks having It ported to the Comutrol 1bat the Sta's circulation had been withdrawn again paying it ont. lu Justice to the very lance majority of national bauk that are hote-il con ancied If Ferms right to give in this n-port all the Icelinony the committee bad on tbis subject though it Is not PO definite as they instruct One of the National banks ID Springfield. Mass represented 10 have an arrangement with all officer in a bank in Bo-ton to receive their State bank currency and nut It again in circulation by lostlog it some of the National banks in Provi derce. continue make loans of their State hank notes for circulation the chequeg Canal Bank of Eimira. N. continues to Issue State DO'CH and quite common practice of N. tions) banks in New Jer cy and in the Interior of the State of New York, to pay out their Stitchank notes. Some National banks do no legitimate banking business. but apbrar have been organized for the benefit of the circulation Banks of this character are mont owned by broker or private banke. and are carried on in conjunction wut burefice bu IDEAS. It was stated to the commit tee that rank of this clasp. the First National Bank of Fenton Sitch with capital of $30,000 was cepository for public money: and on the 25th of May law. when It was examined. the only account on lie books was that of E Spinner Treasurer of the United State* credited $17,063.13 for which the Governia nt held $30,000 of U. bond-as fecunty The National Bank of Michigan, at Marshail. and another National Bank Lan-ing both in Michiran. are represented to be simular character to the bank a Fenton, but neither of incm are deposItones. The committee satisfied that the ext ting law does not corfer correct and prevent many of tho'e objectionable practices and abuse of the halking privilege conferred by the law. to which their attention has been called by the tests mony before them The bill which the committee have reported to awerd the ta lonal currency act. contains many provisions to remedy the of the existing and to to the Comptroller of the Currency more power to restrict banks which be knows to be improperly managed The committee addressed circular to the Treas any of the United gnd Sub-Treasury even authorized Depository of public mopey ask. log for a return to them the amount of public moley in charge on the 1st of May to the child ot the Treasurer of the United States or the credit of any disburring office or sent of the to United States stating separately whether in coln or in currency and the bame of each ficer or agent. with the amount to his credit Those returns have all been received except one from the Georgia National Bank at Atlan's The amount of money under control of disbarring off cere appears by the returns to be larger than is neCERTIFY The will to regulre the deposits of public off CCTF, which has been reported and passed and the amendme: reported to the national currency act embrace the which the committee deem Decemsry in recard national banks, to protect the public and the Government. In regard 10 the grose abuse of their trust depository of pubuc coney by the Merchants tional list. the committee are of opinion that legal process dinre should be had for 1b punishment of tno-e of its mnagers who are responsible for the breach of true). and 8160 >uch proceeding as may be tecessary to recover any portion of the money and, as mostly money intrasteil disbursing officers of the War Department. the daty of inst be tunne and conducting these proceedings should committed to the War Department Tbe committee clo c this report by rubmitting the ALCEX relation Resolved, That the Secretary of War be directed to inti nte such legal procerdings as may be deemed necessary for the panisment of the man acer of the ercoal National Bank and otneta whom sy have aloud and abetted them in commit breach trust by misapplying the public money intracted to them for safe-seeping and also such proceeding as may be necessary to recover any portion of said money Buffalo and Chicago Banking. the
4.March 4, 1867Public LedgerMemphis, TN
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BY TELEGRAPH. THE NOON DISPATCHES SAN FRANCISCO, March 4.-The sever est storm of the season is prevailing along the entire Pacific coast. There have been no stages across the Sierra Nevada for two weeks. WASHINGTON, March 4.-In the Senate, Sunday evening, the Indian Bureau Con ference reported that they were unable to agree. The Conference report of the Fertifi cation Appropriation bill was agreed to. The joint resolution relative to the water power for the Rock Island arsenal was passed. The House reassembled at 8 o'clock last evening. Stevens made a personal explanation, denying that there was any truth in the recent publication regarding the conversation between Ashley, Bingham and himself, wherein Gen. Grant's name had been involved. The Judiciary Committee has reported the impeachment preamble and resolutions under which impeachment was had even the ordered, saying approached if the final completeness, investigations Committee would not feel authorized to present the result to the House at this late period of the session unless the charges had been so entirely negative as to admit of no discussion, which the committee think not the case. Noaffirmative report could be properly considered in the expiring hours of this Congress All charges not having been fairly investigated against the President, it deemed inexpedient to submit beyond the statement, sufficient testimony not being adduced to justify the demand for further prosecution. The Investiga tion Committee regret the inability to definitely dispose of the subject. The House Committee on Public Lands reported adversely on the memorial of the Kansas Legislature for a grant of land for a freedmen's university, and also on a memorial of the Governor and Legislative Assembly of Utah foradonation to aid the common school fund. The Senate amendments to the Defi ciency bill were not concurred in. A conference is asked. Rogers, on a minority impeachment report, says there is not a particle of evidence before the Committee to sustain any of the charges which the House charged the Committee to investigate and the case is wholly without a particle of evidence whereupon the impeachment could be founded. Rogers says that most of the evidence taken is of a se condary character, such as would not be admitted in any court of justice, and he sees no good in continuing the investigastion. The Judiciary Committee, in regard to the Surratt case, says that due deliber ance in his pursuit and arrest was not exercised by the Executive Department The Senate confirmed a large number of appointments-names uot given. HOUSE-Mr Washburn, from the For tification Appropriation Conference made a report and agreed to the Presi dent's message received relative to the removal of the Protestant Church from Rome. A joint resolution was passed refund ing certain National Banks taxes ille gally collected. BALTIMORE, March 4.-A defaication of $300,000 has been discovered in the Merchants' National Bank of this city Samuel J. Weatz, book-keeper, aged 3 and John H. Rogers paying teller, 25 years of age were arrested, but were re. leased on giving bail for $10,000 each The frauds run through a period of 27 years. The Bank will meet its liabilities BOSTON, March 4.-Miller, Ward & Co.'s failure amounts to nearly one million dollars The First National Bank of Newton ville has suspended; loss, two hundred thousand dollars. Nearly double its capital money was lost in stocks. Ju lius T. Hartwell, cashier of the sub treasury,concerned in these transactions has resigned. The Government losse are nothing Smith, cashier of the State Bank, has resigned.
LATEST BY TELEGRAPH [WESTERN ASSOCIATED PRESS REPORTS.] Noon Dispatches. SAN FRANCISCO, March 4 The se verest storm of the season is prevailing along the entire Pacific coast. There have been no stages across the Sierra Nevada for two weeks. W WASHINGTON, March 4. -In the senate, Sunday evening, the Indian bureau conference reported that they were unable to agree. The conference report of the fortification appropriation bill was agreed to. The joint resplution relative to the water power for the Rock Island arsenal, was passed. The house reassembled at eight o'clock last evening. Stevens made a personal explanation, denying that there was any truth in the recent publication regarding the conversation between Ashley, Bingham and himself, wherein Gen. Grant' s name had been involved. The judiciary committee has reported the impeachment preamble and resolutions under which impeachment was ordered, saying if the final in investigations had even approached completeness, the committee would not feel authorized to present the result to the house at this late period of the session unless the charges had been so entirely negative as to admit of no discussion, which the committee think is not the case. No affirmative report could be properly con sidered in the expiring hours of this congress. All charges not having been fairly investigated ngainst the president, it is deemed expedient to submit beyond the statement; sufficient testimony not being adduced to justify the demand for further prosecution The investigation committee regret the inability to defi nitely dispose of the subject. The house committee on public lands reported adversely on the memorial of the Kansas legislature for a grant of land for a freedmen's university, and also on a memorial of the governor dona- and legislative assembl of Utah for tion to aid the common school fund. The senate amendments to the defiA ciency bill were not concurred in. conference is asked Rogers, on a minority impeachment report, says there is not a particle of evidence before the committee to sustain of the charges which the house any charged the committee to investigate and the case is wholly without a particle of evidence whereupon the impeachment could be founded Rogers says that most of the evidence taken is of a secondary character, such as would not be admitted in any court of justice, and he sees no good in continuing the investigation, The judiciary committee, in regard to the Surratt case, says that due deliberance in his pursuit and arrest was not exercised by the executive department. number The senate confirmed a large of appointments -names notgiven. House. Mr. Washburn, from the fortification appropriation conference, presimade a report and agreed to the dent's message received relative to the removal of the Protestant church from Rome. A joint resolution was passed refunding certain national bank taxes illegally collected. BALTIMORE, March 4.-A defalcation the $300,000 has been discovered in of Merchants' national bank of this city Samuel J. Wentz, book -keeper, aged thirty five, and John H. Rogers, arrested, paying teller, aged twenty five, were were released on giving bail for $10,000 each. The frauds run through a period of twenty- seven years. The Lank ita liabilities. will meet March 4 Miller, Ward & dollars. Co.'s BOSTON, failure amounts to nearly one milThe First national bank of Newton has suspended loss, two hundred its ville dollars. Nearly double capital money thousand was lost in stocks. Julius T. Hartwell, cashier of the sub-treasury re concerned in these transactions, has are The government losses State nothing. signed. Smith, cashier of the bank, Minister has resigned. King deniesthat an American papal chapel had been removed by the and that outside of the walls, holdauthorities the minister had hired the villa for ing their the services. senate, a communication was In stating that the total abandoned amount presented from captured and $25, received was $34,000,000, whereof Agents 100.000 remain property as net proceeds. to resuch have been ordered store any holding unlawfully taken private prop erty upon due proof thereof. 4 Cowans' WASHINGTON March Austria was nomination as minister to tabled. A bill to prevent the perversion Senate. of the mails to fraudulent purposes passed. A joint resolution of thanks to Cyrus W. Field was resolution passed. was passed for the paying com A senators from the conof mencement Tennessee of the thirty-ninth gress. resolution was passed directing what Gen report to the senate desti amount Howard is to necessary to relieve the tute in The khe south senate bill establishing States House service between the United passed mail the Hiawauir islands was for the and senate's joint resolution of an inter The and construction isthmus of oceanic survey canal through the s Darien, was passed report on southern railroads to Maynard's incomplete, and it was proposed refer it to NEW YORK, the says nextcongress March 4. that Miramon A Mexican told Confede- some eorventlement respondent that the Southern in hand with the Fates were yet hand Gen. Hindman and that that the was might work fully together. March 4. Imperialists, establishments corresponding with them, The success- presdent minister WASHINGTON, will sign the bankrupt bill. to France Dix's nomination as two thirds of the was confirmed by over but Cowan's was was so iercely enators assailed present, that Buckalew foreed to have it tabled.
6.March 16, 1867Prescott JournalPrescott, WI
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MISCELLANEOUS. Several streets in Memphis are to be paved with the Nicholson pavement. The Maine legislature adjourned sine die on the 2d. The receipts of Internal Revenue for the week ending the 2d were $4,661,222. The tow boat Columbus, at Hudson, New York, was burned on the 2d, involving a loss of $20,000. The Minnesota legislature failed to pass the brohibitory liquor law. which it had under consideration for some time. A Fenian meeting was held in Albany, N. Y., on Wednesday evening, and & collection taken up as usual. Snow fell in Toledo, on the night of the 6th, to the depth of three inches. On the same night snow fell in Cairo. The levees twelve miles below Mem. phis broke Wednesday night, and the whole country below there is inundated, The levee at Helena, Arkausas, broke on Tuesday night at ten o'clock, washing away the lower part of the town and inundating the whole town. The Minnesota Legislature has passed a bill providing for a sinking fund for the payment of the two and a half million dollars of state railroad bonds of 1857. The Merchants' National Bank of Baltimore will not suspend business. The directors and stockholders are wealthy and will pay up the amounts of defalcation. The First National Bank of Hudson, N. Y., closed its doors on Saturday. Th cause of the failure was the defalcation of the cashier to & large amount. The banking house of Miller, Ward & Co., of Boston, failed on the 2ad. The loss involved in the failure will reach nearly $1,000,000. A heavy defalcation in the Merchants' Bank of Baltimore has been discovered The parties implicated are Wentz, the book-keeper. and Rogers, the paying-teller. The defaication amounts to $300,000. The bill which passed the House Monday morning, appropriating $50,000 additional for the Paris Expositions was not engrossed in time to be presented to the Presieent for his signature.
7.August 5, 1867Daily Ohio StatesmanColumbus, OH
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Failures and Suspensions of National Banks. The following list embraces some of the suspensions and failures of National Banks in the Northern States since March 1, 1867: March 2.-The National Bank of Newton, Mass failed with liabilities amounting to $110,000. March 2.-The National Bank, of Hudson, N. Y), discovered an embezzlement by the cashier to the amount of $50,000. The concern revived after several weeks suspenson, and resumed business. March 4-First National Bank of Medina, Mo.. failed with liabilities of $82,000. March 40-The Merchants National Bank of Baltimore, broke down from the effects of a series of defalcations, carried on for a long time by two officers of the institution. July 25.-The Weedsport Bank (Cayuga county) National Bank closed doors, its liabilities being $125,000. July 26.-The National Bank of Unandilla, Otsego county, failed, its liabilities being $200,000.
8.September 24, 1873Public LedgerMemphis, TN
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# FINANCIAL AND COMMERCIAL.
PUBLIC LEDGER OFFICE,
MEMPHIS, TENN., September 24, 1873.
NEW YORK, September 24.-The Baltimore banks have suspended currency payments.
Howes & Macy have suspended.
The banks have decided to issue $10,000,000 additional loan certificates.
There was an important sale of stocks and bonds at the Merchants' Exchange at 12:30.
The associated banks resolved at a meeting to-day to certify all large checks payable through clearing only, and not pay in currency.
The stock exchange will remain closed until further orders.
The sub-treasury purchased $1,000,000 bonds up to 12:30.
LOMDON, September 24.-The house of Clement & Co. has decided to suspend.
A dispatch from Berlin annonnces the failure of a bank in that city.
£500,000 were withdrawn from the Bank of England to-day for shipment to New York.
9.September 25, 1873Chicago Daily TribuneChicago, IL
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MONEY AND COMMERCE. MONETARY. WEDNESDAY EVENING, Sept. 24. The tolographic report of the suspension of the Baltimore banks, and the implied suspons ion of the Now York banks, la liable to bo misunce stood, and the gravity of the situation greatly exaggerated. The New York banks have not entir ly suspended payments, noither have those in Baltimore. In both citios, the banks have simply made n formal announcement of what Ins boon the caso for the last two or three days, viz: that currency is BO scarce that it is impos= sible to got it by the ordinary means of calling in loans. Therefore the banks in thoso citics simply say they cannot pay largo checks in curroncy for a few days, until the currency oxcitoment blows over, which it most unquestionably will. It should, howover, be distinctly undorstood that the banks in thoso cition do nct close their doors; on the contrary, they will oven pay all small checks in currency. It is, of oourso, understood that tho positivo refusal to pay a check for any sum drawn against funds cn doposit to the crodit of the drawer is an act of bankruptcy. But it is not probable that the banks in thoso citios would absolutely and PCEsitively refuse to pay even a check for A largo amount in currency, if the holder of the chock WAS dotormined to prolost it if not paid. With any depositor who was deaf to reason there would be no courso but to pay. It is well known that to pay all deposilors in currency would be utterly impossible, and if they were all HO unreasonable as to dcmaud payment in currency there would be DO sourse but for the banks to suspond entirely,that is, refuse the payment of all checks, This, of course, would be an unfortunate altornative, and the worst possiblo way for doporitors to get their monoy. But the depositors of the banks hold the issuo of this question iu their own hands. It rests entirely with them whether the Now York banks shall go on or not. The case between the Chicago banks and their dopositora is procisoly the same AB in New York, only that the Chicago banks are in a Bounder condition than thoso in Now York. It is the firm conviction of every one who has any intimato knowledge of the Chicago banks that there is nono of the Nationals that would not, if wound up, pay, not only overy dollar of deposits, but the full par valuo of the stock. The doniand for currency arises from the sudden desiro of overy man to convert not only his bank balance, but other marketable property into currency. Each man knowing that it will be impossible for all to this, ondenvors to bo ahead of his neighbors, and get currency out of his bank to the dieadvantage of other depositors. This is just what the savings banks prevent by the requirement of the thirty or sixty days' notico. The commercial banks, however, would have no recourse in such cases but suspension. It would be difficult to say positively whether the aggregato amount of currency in this city is inincreasing largely or not. Wo are clined to think it 18. Thore were undoubtedly somo liberal amounts received from New York. We also hear of a number of instances of currency being sent in from the country to buy wheat at the present ridiculously low prices. In theso cases, however, it is not sent to bauks but to merchauts, and by them paid to other merchants. Many persons, without thinking, are ready to censure the banks for having large balances in New York, and others equally thoughtless are ready to consuro tho New York banks for not remitting currency here more freely. It must be remembered that when the panic broke out the movement of Western products to the East was the largest ever known. All this made exchange on Now York, which it was the ,legitimate business of the banks to buy, and which it was necessary they should buy in order to keep the produce in motion. The banks here had ordered currency from Now York against this oxchange just as fast as they could get it, but it is well known that currency had been extromely scarce for several weeks before the panic and it was impossible for the New York banks to And currency for all the exchange from the West sovoral weeks ago. Thus, the very magnitude of the crops, and the abundance of our real wealth, was the cause of a great relative scarcity of currency before the panic. There is, of course, DO stated price for the loan of money in this market now, but the difference in the prices of whoat yesterday and and to-day for uoller the month soller October," showed that practically the prico of money to carry wheat into October is at the rate of about 20 per cont per month, or tico hundred and forty per cent per annum. Everything was quiet at the banks here today. The clearings were made without any trouble. The amount of checks sent in was smaller than for Home time past-in favorable feature, indicating a quietor condition. The balances also were lighter than usual, and were promptly paid in currency.
10.September 25, 1873Chicago Daily TribuneChicago, IL
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PHILADELPHIA. Special Dispatch to The Chicago Tribune. CALMING DOWN. PHILADELPHIA, Sept. 24.-The excitement has almost entirely disappeared. A slight sonsation was caused to-day on receipt of the following telegram WILKESBARRE, Pa., Sept. 24.-Brown & Gray. bankers, suspended this morning. A card posted on their doors given the failure of Henry Clows & Co., of New York, as the cause, but states that the firm will be all right in A few days. Much excitement exists. Also the following : BALTIMORE, Sept. 24.-The associated banks of this city, to prevent a run, have agreed to suspend curronoy payments. The stock market is utterly demoralized and a general panic pervades commercial circice. [This was subsequently contradicted.] Also the following : PATERSON, N. J., Sept. 24.-Four hundred and nfteen more mon are to be discharged from the Rodgers' Locomotivo Works to-morrow, making 1,000 men Inid off this week, or two-thirds of the whole force of the establishment, Leading bankers assured mo to-day of their belief that THE WORST 18 NOW OVER. Confidence is restored, and depositors are returning their hastily-clutched money to their respective banks. Inquiries throughout the interior of the State show that no failures have occurred at Allontown, Bethlohom, Harrisburg, or Reading. The Union Banking Company issued the following tardy circular this morning: PHILADELPHIA, Sept. 22, 1873.-I is our painful duty to announce to you that wo have been compelled to suspend payment. This result was wholly unoxpected to ourselves, but it became necessary in view of the condition of the money market, which immedintaly ensued on the failure of Mesars. Jay Cooko & Co. With an abundance of the best assets, it proved to be impossible to ralso money to meet the immediate demanda of depositors upon any securities. We will submit to you without dolay, and BB speedily as it can be prepared, a statement of our assets and liabilities, together with a proposition which will Insure such an administration of our assets, under the supervision of our creditors, as will insure the very best result for all who are interested. Meanwhile, we nak a brief indulgence, and express the hope that our creditors will ultimately suffer little or no loss. Respectfully yours, N. O. MUSSELMAN, President. JAMES A. HILL, Cashier. [To the Associated Press.] REPORT CONTRADIOTED. PHILADELPHIA, Sept. 24.-The reported suspension of the Juniata Valley Bank at Miflin, Pa., is contradicted.
11.September 26, 1873The Rock Island Daily ArgusRock Island, IL
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TELEGRAPHIC Suspension Everywhere Waiting to get a New Start. The British Rushing in with Cash to get Bargains. Opening of the Chicago Ex position. Another Fatal Experiment with a Balloon. The U. P. Quarrel About Termini. Other Items of Interest. transpires CHICAGO Sept. It that excited meeting of the Clearing House lasting Association was held last evening. which it made National Henry The point declar the Bank would morning yards and the railroad have issued orders points the On street full. of the country e extremely light being supplying the wants the retail trade Transactions now made only for cur rency feature of the day the arrival several Canadians loaded with United States to buy grain. There trace of panic here Ithough busi in grain and live stock is interfered with SPRINGFIELD III. Sept. 25 There little among but the men and more among bankers, The usual Presidents holding but learn the question the bankers nivided feeling local regarding serious stand come banks Chicago way to speedy PEORIA Ill Sept. 25 Our banks have resolved suspension of such payments would legitimate feeling The general that the banks the right taken LOUIS. run slight been Kansas in bankers payment of checks drafts, either until the dopted this evening New practiced Clearing House issued DESMOINES. The Sept. deal interest. The the people the the Des the dent without tional One the savings owned private banks the President Bank Public has Chicago confidence not in single one but for the temporary stagn and stock trade. nothin usual course of trade would noticed here COUNCIL BLUFFS, Sept There little but here distu ef the bance of business beyond stoppage Our banks the and course the the Chicago and will adopt should measures the occasion seem en quire it. un INDIANAPOLIS Sept. -Considerable caused here this by the of able the adopted by the Chicago and einnati banks, and this pension of the vate banking house of W ooden. Webb Co. ohn MEMPHIS. Sept 25 There is great citement in this city on account of the L pension of banks caused by their inabili realize on securities in New York following named banks have closed day First National Bank. DeSoto Bar Savir and it is reported the Freedman's and Trust Company. There is heavy: on the others NASHVILLE Tenn. Sept. 25 -The tional Banks have suspended payment all checks exceeding $200 SALMA, Ala. Sept. 25 The SelmaS: TH. ing Banks suspended o-day ATLANTA Ga. Sept 25 The Doll Saving Bank this city, suspended day It has securities g't Nation AUGUSTA Ga Sept. 25 The Exchange Bank Merchants' and Plante: National Bank Augusta and the Pla ers Loan and Savings Bank havesusper ban the NEW ORLEANS ,Sept 25 All have suspended currency ments ent. ba A meeting this morning of all the Presidents in the city except two resolv to pay no checks for more than $100 the larger checks be certified the rangement to continue for thirty days The generally approve of per ! course the banks have determined upon BALTIMORE Sept. 25 -The officers the Associated Banks of Baltimore this afternoon and resolved in view present financial panic, not pay money on checks except what may be quired for legitimate business purposes
12.September 26, 1873New-York TribuneNew York, NY
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IN MARYLAND.
# PARTIAL BANK SUSPENSION IN BALTIMORE-THE SITUATION IMPROVING
BALTIMORE, Sept. 25.-Officers of the Associated Banks of Baltimore met this afternoon and resolved, in view of the present financial situation, not to pay out money on checks except what may be required for legitimate business purposes, the banks to certify all good checks which can be used in business transactions.
It is confidently believed here that the banks in the city were never in a sounder condition than at present, and their action this afternoon is recognized as a prudent precaution against any panic. The President of the German Savings Bank states that deposits are in excess of the amounts drawn from the bank.
Mercantile and commercial interests of the city, while experiencing to some degree the general pressure and tightness in money, are regarded as being on a safe and sound basis, no failures being at present anticipated.
As elsewhere, trade is very limited, no heavy transactions taking place. The feeling to-day, sympathizing with the favorable dispatches from New-York, is much better than for several days previous, and it is confidently expected that business will soon revive.
13.September 26, 1873Chicago Daily TribuneChicago, IL
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# BALTIMORE.
BALTIMORE, Sept. 25.—The officers of the associ-sted banks of Baltimore met this afternoon and re-solved, in view of the present financial situation, not to pay out money on checks except what may be re-quired for legitimate business purposes, banks to cer-tify all good checks which may be used in business transactions. It is confidently believed here that the banks in this city were never in a more sound condition than at present, and their action this afternoon is recognized as a prudent precaution against any panic. The mercantile and commercial interests of the city, while ex-periencing to some degree the general pressure and tightness in money, are regarded as being on a safe and sound basis. Trade is very limited. The feeling to-day, sympathizing with the favorable dispatches from New York, is much better than for several days previous, and it is confidently expected that business will soon revive.
The Action of the Banks. The New York banks, in order to prevent further drain of greenbacks, and new lock-ups of currency, already in too scanty supply, found it necessary to refuse payments of large checks and drafts, while still holding themselves prepared to cash small checks, drawn in the ordinary course of business. Similar action at once became necessary in other monetary centres. Thus the Boston banks found that New Yorkers were picking up Boston checks, and that large sums of greenbacks, were being sent from Boston to New York. They at once held a meeting for concerted action and adopted the same measure of partial saspension. The same causes led to the same precautionary measure] on the part of the banks in Philadelphia, Baltimore, Chicago, Cineinnati, Indianapolis, and other large cities. Probably a majority of the banks of the principal cities of the Union have by this time followed the example of New York. The country banks are not in equal danger of drains of currency, and probably do not in many cases find it necessary to give formalinotice of similar precautions. Yet their attitude, in the nature of things, must be substantially the same. While all goes on quietly and on the usual course of business, they will make no difference in their mode of doing business; but they would unquestionably meet any concerted or unusual demand for currency, by a refusal to pay greenbacks and a tender of some other form of payment, as certified checks, or drafts. Our Burlington banks are sound and strong ; and as long as our business men and community generally keep their heads, and make no unnecessary or unusual demands. they will unquestionably keep right on in the ever. tenor of their way, responding as usual to all ordinary demands. While the banks tbus do their duty, it is for the community to remember that a duty also rests with them. No one should hoard greenbacks, or needlessly withdraw them from circulation. Let every one that has cash use what he needs, and thus keep it moving; and deposit what he does not need in the banks, to help keep up their supply of currency. With such wise action, there need not be, and we suppose there will not be, any disturbance of the usual course of business among us.
15.December 28, 1900Daily Inter MountainButte, MT
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Baltimore, Dec. 28.-Because of the appointment of a receiver for the Old Town bank. a general run was made on all of the city banks. It was soon stopped.
16.December 28, 1900Daily Inter MountainButte, MT
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CONDENSED TELEGRAMS San Francisco, Dec. 28.-Many ships are overdue at the port here, and much anxiety is shown in the shipping interests. Helena, Dec. 28.--The postmaster of East Helena was held up by footpads, Christmas night, and robbed of 65 cents, all he had. Chicago, Dec. 28.-The police claim to have evidence that Crowe, the Omaha kidnaper, spent some days here, masquerading as a woman. Helena, Dec. 28.-A coroner's jury decided that the death of Nicholas Kohr, who fell from the state capitol building was due to his own carelessness. Baltimore, Dec. 28.-Because of the appointment of a receiver for the Old Town bank. a general run was made on all of the city banks. It was soon stopped. Washington, Dec. 28.-The war department has purchased the large transport Samoa, now in the Pacific, for transporting the volunteer army home from Manila. Barre, Vt., Dec. 28.-The chief of police here, after quelling a row at an Italian ball, was shot by two or three assailants, as he left the hall, and will probably die. Washington, Dec. 28.-Reports say that the rebels are being steadily defeated in Colombia, South America, and that the governmen t is steadily gaining strength. San Francisco, Dec. 28.-The new Oceanic steamer Sonoma, made a record breaking run of 38 days and 9 hours around the Horn from Philadelphia, where she was built. Fargo, N. D., Dec. 28.-The Russian settlers in McHenry county are suffering severely from hunger. They came too late in the year to raise crops to feed themselves through the winter. Phoenix, Ariz., Dec. 28.-A lone highwayman held up the stage near Hot Springs, yesterday, getting $50 from the private express box, and it is reported a large quantity of gold dust. Washington, Dec. 28.-Nothing is known at the White House of the reported invitations to the Kaiser and the Prince of Wales to attend the yacht races next fall, the guests of the nation. Pittsburg, Dec 28.-A strike in the Barnesboro district, because of the introduction of machines in the mines, bids fair to spread over the whole of the anthracite country. Washington, Dec. 28.-It is expected that the Hawaiian legislature will take action to pay the claims of the Chinese and Japanese who lost property in the
NO FURTHER FAILURES. Baltimore Financial Institutions Continue Business. Baltimore, Oct. 21.-All the banks and other financial institutions in Baltimore were opened promptly at the customary hour of 10 o'clock and those who may have had any fears that the beginning of the monetary day would be signalized by the announcement of other trust companies following in the wake of the Maryland and Union companies were agreeably disappointed. Not only did every institution open but among local financiers generally there was a uniform expression of confidence that no other suspensions are now probable and that what ever of panicky feeling was manifested the previous day has practically disappeared. It is true, however, that while the financiers themselves and the brokers and bankers around South and German streets maintain an air of serene confidence, there is a degree uneasiness in the popular mind expected that this feeling may a more voluminous withdrawal of ieposits during the day than usual. But there is no reason for anticipating that there will be anything like a run on any of the banks.
# Council Will Meet To-night to
# Consider This and Other
# Matters.
# Banks Resumed Business This
# Morning and Paid All Checks
# Presented.
# Insurance Companies Have Now
# Paid $10,000,000 in Losses
# -More Ready.
Baltimore, Feb. 12.—Baltimore is gradually resuming its normal condi-
tion. All the banks opened to-day in their temporary quarters, at the usual
banking hours, well supplied with funds to meet the demands for weekly
pay rolls and for all ordinary needs of those who have money on deposit.
Hundreds of depositors presented checks, and all were promptly cashed.
Monday the regular clearings will begin, and general banking operations
will be resumed. The vaults of all the national banks in Baltimore have
now been opened, the last one having been inspected to-day, and in each
the contents were found to be safe.
To minimize the hardships under which the inhabitants now suffer,
Mayor McLane and his municipal associates have decided temporarily to
suspend the collection of taxes and water rents, it having been discovered
that the city has enough money on hand, the result of large collections in
January, to meet all requirements for some time to come.
The mayor has called a special session of the city council to-night to
consider legislation as to a realignment of public thorofares in the
burned district and the reconstruction of public buildings.
# Insurance Claims Paid.
Several insurance claims were paid to-day and leading agents here say
that at least $10,000,000 has already been paid out and that many millions
in checks have been received here and are now on deposit ready to be paid
out after some partial adjustments have been made. The big companies
have deposited a much larger amount in New York subject to the order of
agents.
Squads from the street cleaning department started into the burned dis-
trict this morning and the work of pulling down walls, removing debris
and digging out safes was resumed.
Marshal of Police Farnam reports that there have been fewer cases of
robbery or lawlessness in the city since the fire than before, so well is the city
patrolled.
# Message From the Pope.
Among the messages of sympathy received was a communication from
Mgr. Falconi, the apostolic delegate at Washington, containing the following
from the pope:
His holiness, deeply moved by the news of the great calamity which has recently
visited the city of Baltimore, desires your excellency to convey to the honorable
mayor and the people of Baltimore his sincere sympathy. He prays that they can
stand the severe loss their city has suffered, and that it will continue to pro-
gress.
-Cardinal Merry del Val.
# No Outside Aid Needed.
At a conference held to-day between the mayor and the citizens'
committee it was decided that no call would be made for outside as-
sistance. If it is found necessary later on the municipality will float a loan to
meet all needs.
19.February 16, 1904The Savannah Morning NewsSavannah, GA
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BALTIMORE BUSINESS IS GROWING STRONGER. A. Cheerful View Is Taken of the Situation There. Baltimore, Feb. 15.-The business situation was given a most cheerful aspect to-day by the resumption of operations by the Clearing House Association. the first since Feb. 6, and was materially strengthened by the fact that the banks showed up in splendid condition, the clearings being about three times the normal daily amount. Another incident which gave emphatic stimulus to public confidence was the opening of all the savings banks, there having been a run on none of them and all receiving substantial deposits. One of them has 25,000 depositors, with total deposits of $25,000,000 and the withdrawals from this institution were normal. The decision of the Stock Exchange to postpone resumption of trading until Feb. 24 is also an action which is generally approved, as the postponement will give ample time for determining values of securities. That conditions have become much less critical than they were a day or
20.February 17, 1904Mower County TranscriptAustin, Lansing, MN
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CONDITIONS BECOMING NORMAL. Business at Baltimore Assuming a More Hopeful Aspect. Baltimore, Feb. 16.-The business situation was given a cheerful aspect Monday by the resumption of operations by the Clearing House association, the first since Feb. 6, and was materially strengthened by the fact that the clearings were about three times the normal daily amount. Another incident which gave an emphatic stimulus to public confidence was the opening of all the savings banks, there having been a run on none of them, and all receiving substantial deposits. The decision of the Stock Exchange to postpone resumption of trading until Feb. 24 is generally approved, as the postponement will give ample time for determining values of securities. There is an abundance of money in Baltimore. Since Saturday morning more than $3,000,000 in small notes and silver coin has been received at the United States sub-treasury. Fifteen companies of militiamen were ordered home Monday, it having been decided by Mayor McLane that there was an excess of soldiers around the fire district.
# BIG FIRM FAILS.
Baltimore Insurance Comp-- Coulu
Not Recover From Effects of Fire.
Baltimore, Md., Feb. 17. Richard F.
Post was appointed receiver for the
Peabody Fire Insurance company of
Baltimore. The company lost $700,000
by reason of the fire. It had assets of
only $300,000.
The authorities have decided the fif-
teen companies of troops now policing
the fire district are no longer needed
and the guards have left for their
homes.
All the savings banks opened for
business today. Deposits were made at
all of them.
The clearing house resumed opera-
tions today. Business will be conducted
as usual by the banks during the per-
iod of the holiday, with the exception
of forced payment of notes. All banks
are well supplied with money.
22.February 23, 1904Alexandria GazetteAlexandria, VA
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# News of the Day.
President John F. Smith and seven of the 12 Mormon apostles have been summoned as witnesses in the Smoot case.
Mr. Frank Ehlen has been appointed receiver by Judge Morris in the United States District Court, of Baltimore, for the Queen Anne, Maryland, Railroad Company.
The holiday period for Baltimore as fixed by Governor Warfield has expired and the local banks will resume business today in all branches for the first time since the conflagration.
The blowing up of a Pennsylvania Railroad locomotive at Ehrenfeld, Pa., last night, caused the death of three men and the probable fatal injury of two others. All were railroad employes.
A telegram from Tsienan-Fu, capital of the province of Shantung, China, states that hundreds of lives were lost by the bursting of a dam in the Huangho river and that several villages have been destroyed.
Six men, including Capt. Harvey McClelean, and Mate John McCumber, were lost yesterday in the wreck of the three-masted schooner Benjamin C. Cromwell, off Bellport, L. I. Two men of the eight on board came ashore on bits of wreckage and were taken to the Bellport life-saving station exhausted.
Anna T. French, who for several months was the maid of Mrs. Payne, wife of Postmaster General Payne, in Washington, was arrested yesterday afternoon at the home of friends in the Park Slope district, Brooklyn. It was announced at the Brooklyn detective bureau that she turned over the jewelry worth $1,800 and $55 of the $150 in cash that was stolen from the Payne apartments in Washington last Thursday.
Having lost $600,000 by the fall in steel, Mrs. Maria T. Kunzman committed suicide in New York yesterday.
23.February 26, 1904The Forrest City TimesForrest City, AR
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BALTIMORE BANKS RESUME. All Branches of Business In the Bal. timore Banks Were Resumed Tuesday. / Baltimore, Feb. 24.-The banks in this city resumed business Tuesday, in all their branches for the first time since the fire. Under Gov. Warfield's proclamation, the enforced payment of protestable paper has been suspended from February 6, thus making it necessary for all who have matured obligations to take care of them before the close of banking hours Tuesday.
24.February 26, 1904Twice-A-Week Plain DealerCresco, IA
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# Banks Resume Business.
Baltimore, Md., Feb. 24.-The banks in this city resumed business Tuesday in all their branches for the first time since the fire. Under Gov. Warefield's proclamation the enforced payment of protestable paper has been suspended from February 6, thus making it necessary for all who have matured obligations to take care of them before the close of banking hours. The Baltimore stock exchange will not resume until Wednesday.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
