National Bank of the Commonwealth (New York, NY)

View Charter #1372 on SPMC View balance sheet

Episode Information

Episode UID
137200885
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
13720 national
Charter Number
1372
Start Date
September 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b3fdb9ad5e2bcf11

Response Measures

Accommodated withdrawals, Clearinghouse loan, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1873-09-22
Date receivership terminated
1883-03-31
OCC cause of failure
Losses
Share of assets assessed as good
60.8%
Share of assets assessed as doubtful
20.0%
Share of assets assessed as worthless
19.2%

Description

Receiver appointed Sept 22, 1873; bank litigated to remove receiver but affairs were wound up.

Events (5)
1. July 1, 1865 Chartered
Source
historical_nic
2. September 20, 1873 Run
Cause
Local Banks
Cause Details
Run on other institutions (Jay Cooke & Co., Union Trust Company, and related panic) precipitated heavy withdrawals from the bank
Measures
Bank halted payments and declined to accept deposits; officers sought loans and support from clearing house and other banks
Newspaper Excerpt
The National Bank of the Commonwealth has suspended and there is a rumored defalcation
Source
newspapers
3. September 20, 1873 Suspension
Cause
Local Banks
Cause Details
Suspension amid broader panic following failures/suspensions (Jay Cooke & Co., Union Trust Company) and heavy withdrawals
Newspaper Excerpt
The National Bank of the Commonwealth has suspended
Source
newspapers
4. September 22, 1873 Receivership
Source
historical_nic
5. September 22, 1873 Receivership
Newspaper Excerpt
The Union Trust Company has gone into the hands of a Receiver... The National Bank of the Commonwealth held a meeting this afternoon but pending the investigations by the receiver no action was taken. On or about Sept. 22, 1873 ... appointed Isaac H. Bailey receiver of the bank.
Source
newspapers

Newspaper Articles (25)
1. September 20, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 20, 1873

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SECOND EDITION. THE FINANCIAL TROUBLES. Situation in Philadelphia. QUIET AGAIN RESTORED. More Suspensions in New York. PHILADEDPHIA, Sept. 20. Third street is comparatively quiet, this morn ing. The run on the Fidelity Trust Co. has almost entirely subsided. The Union Banking Company at Fourth and Chestnut, did not open, to-day, but placed a placard on the door which stated that, owing to heavy demands, a suspension of a few days had been It a run, yesout about terdsy, resolved on. paying suetained seven heavy hundred thousand dollars. It is a State Institution, issuing no notes, and the suspension only affects depositors At Jay Cooke & Oo.'s bank, (matters are progreasing quietly. The clerks are busy in preparing a statement which before a members but un of will the be firm, laid this cannot meeting take of place the til after the arrival of the steamer Russia on board of which two members of the firm are passengers. The Russia is expected to arrive on Monday. SECOND DISPATCH-MORE SUBPENSIONS IN NEW YORK. NEW YORK, Sept. 20. The Union Trust Company has suspended until Monday, on account of money out on call loans not having been paid in. White and Co., also suspended. Stocks opened a little better, but declined a gain on the announcement of above suspensions. THIRD DESPATCH. New York, Sept 20. Edward Haight & Co. have suspended. The extensive leather firm of Horace Carr & Son, of Woodbury, Mass.. has suspended with liabilities of $100,000, and assets $15,000. The senior partner has disappeared. FOURTH DISPATCH. New YORK. Sept 20. E. Moorhead and K atchu n and Balkaap have suspended, Nothing is doing in Government securities and stocks are feverish. Saxo and Rogers have suspended. The National Bank of the Commonwealth has suspended and there is a rumored dafalcation in the Union Trust Co. FIFTH DESPATCH-SALES OF STOCK FORBIDDEN. NEW YORK, Sept 20. The President of the Stock Exchange has forbidden outside sales by members of the Board on the penalty of expulsion. Proposals to sell bonds to the government aggreated two million, six hundred thousand dollars, at 109 to 112. It is impossible to give stock quotations. SIXTH DISPATUH-THE STOCK EXCHANGE CLOSEDMORE FAILURES. New YORK, Sept 20, The Stock Exchange, was closed at noon by order of the President of the Board to avoid any further panic. Six additional broker firms are announced as suspended. Stooks opened at an advance, but fell from 2 to 25 per cent, on bank failures baing announce ed, SEVENTH DISPATCH-PHILADELPHIA STOCKS EXCITED. PHILADELPHIA, Sept. 20. Philadelphia Stocks are excited. Penna. 6's are quoted at 105; Reading, 99; Penna. R. R. 97; gold, 111. EIGHTH DISPATCH-MORE BANKS AFFECTED. NEW YORK, Sept, 20. The National Trust Company is closed, and the clearing house have thrown out certified checks of the Continental Bank and,Merchants Banking Association. NINTH DISPATCH-THE UNION TRUST co.'s DEFALCATION. NEW YORK, Sept. 20. The run on the 4th National Bank continues, but the institution still holds out. Notice has been given that no general clearance can be exto to pected day, certified dealers in finding manner. it impossible get checks a proper The Bank of North America has suspended at Albany. The defalcation in the Union Trust Company amounts to half a million. At Albany, Squires & Sons' Banking house has failed. TENTH DISPATCH-NO MORE FAILURES IN PHILADELPHIA. PHILADELPHIA, Sept. 20. There have been LO futher failures here. ELEVENTH DISPATCH-OOCE'S LONDON HOUSE. LONDON, Sept. 20. Cook's banking house continues to meet all its demand. The Lutherans.

2. September 20, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 20, 1873

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THE FINANCIAL CRASH. More Failares-The Government Buys $10,000,000 Bonds. NEW YORK, September 20.-The presidents of the national banks held an informal meeting this morning, and resolved to support each other and disregard any restrictions in to-day's dealings. Wall street was crowded at an early hour, but, however, with less solicitude. The resolution of the banks to sustain each other and the purchase of ten millions of bonds by the treasury nerves matters. Two members from Jay Cooke & Co. are coming on the Russia, which is expected Monday, when a reliable statement of the affairs of the house will probably be presented to the public. WASHINGTON, September 20.-The following failures are reported this morning: Union banking company, of Philadelphia ; Union trust company, of New York ; A. B. White & Co., of New York; E. C. Broadhead, of New York, and Ketchum & Belknap, of New York. NEW YORK, September 20.-The stock exchange is closed, subject to the call of the president, to enable members to settle. The defalcation of the Union trust company is reported. Vanderbilt is closeted with the directors. Quotations of stocks are impossible. President Chapman, of the stock exchange, forbids outside operations by members, upon penalty of expulsion. WASHINGTON, Septemper 20.-A. G. Cottrell, agent of the syndicate at London, telegraphs to Secretary Richardson that their accounts are all in perfect order. ADDITIONALSUSPENSIONS. Saxe & Rogers, New York; National Bank of the Commonwealth, New York Quassig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Josephs, Fearing & Dillinger, Brown, Wadsworth & Co. The Freedmans' bank has paid out $65,000. The officers declare themselves well fortified. There is only the usual Saturday afternoon crowd about the bank. NEW YORK, September 20.-The National trust company has closed its doors. Certificates of the Mechanics banking association and the Continental bank, are thrown out from the clearing office. The bank of North America has suspended. PHILADELPHIA, September 20.-It rumored that the Union banking house has suspended. ALBANY, September 20.-Itis rumored that Squires & Sons have suspended. The Crisis in London-Jay Cooke's Firm Honor All Demands. LONDON, September 20.-The firm of Jay Cooke, McCulloch & Co., in this city, has paid cash over their counter yesterday notwithstanding the rush on the house. EFFECT OF THE NEWS FROM NEW YORK. LONDON, September 20.-Financial re ports in the afternoon papers indicate an uneasy feeling, occasioned by the news from New York. The close of the marS ket, however, finds confidence partially restored, and at this hour London's financal condition is sound. There are no failures. WHAT THE LONDON PAPERS SAY. LONDON, September 20, 6 a. m.-The London Times, commenting on the financial panic in New York, says : "In view of : the extraordinary prosperity of the United States, and high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says such local P troubles as suspensions in New York seem to be merely the rank outgrowth of exu3. berant prosperity and accessories to progress, which does not for a moment halt.

3. September 21, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 21, 1873

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THE MONEY PANIC. Continuation of the Excitement in Money Circles in New York, Philadelphia and Washington. Transactions in the Stock Ex change-Table of Comparative Fluctuations Et. erything Shaky. Additional Failures The Stock Exchange Closed, and Transactions Positively Prohibited. The Ten Million Sale of Bonds by the Government Fails Ut terly to Relieve the Panic. Secrefary-of-the-Treasury Richardson Coming Down with his Forty-Million Reserve. The Effect at Home and Abroad Business but Little Affected "Confidence" Coming, Etc., Etc. ADDITIONAL SUSPENSIONS NEW YORK, September 20. -The ded half at UnionTrust com pany past ten Ste are going up down and and lively, been made under the rules. which imply that failures taken place. though only one is known. that of firm of S. B. White & Co Western Union has touched sixty The suspension of the Union Trust likely, will make avoidable balances smaller brokers, and perhaps force them to relief from active business, for this day at least. Most of the sales of stocks are for cash and at two to three below cent regular G. White failed, not S. B. White as previously reported. The National bank of Commo wealth has ended. Saxe & Rogers have suspended, A meeting of the Jay Cooke & Co., will be held on Monday Rumors are circulating lively and one attributes the cause of the the Union Trust company to the defal cation. Edward Haight Co.,just ansuspended. Great crowds are in Wall and Broad and policemen are busy beeping free enti and exits the stock The failures of Ketchum & Belknap and E.C. Broadhead are the latest report New Louisig & Fisher, P M Myers, Miller Walsh. Lamens, Josephs, Fearing & Dellinger Williams & Bostwick. Rumor seems right this time, that defalcation exists the Union Trust company. The bank of Commonwealth run the the says National bank Fourth precipitated the run on that institution, and that Edward Haight Co their of two the account amount to hundred thousand dollars. which they did not make good to the extent one dred and eventy thousand dollars. Under the the bank thought it better to suspend. Stocks opened with an advance of from four to six per cent. but fell from two twenty-five cent the failthe Union Trust and the Bank of Com The eitement is so great that not possible the tly of the firms that have failed. Brodhead was the right name of the broker that failed not G Morehead and the proper name of White is now as White. The stock change closed subject the the president to enable the members to Vanderbilt accounts. their settle in with closeted Augustu Schell the Union Trust office immedi company ately after the suspension. More head has suspended, not Brodhead Brown Wadsworth & have failed The bank statement it said. will be ready before four o'clock then. give the usual quotations stocks possible to-day. The failures of brokers came in such quick that blocks of stock were thrown upon the market to realize PHILADELPHIA, September 20. The Union banking company has failed This company has a State charter. and bore heavy run yesterday. The bank did not open o-day and placard the stated that, owing mands suspension for few days had been resolved upon sustained run yeste heavy about out paying $700,000. State ing no notes, and the suspension only effects ST. LOUIS, September 19. Taussig this city closed their door the after ment of the failure their York house, Taussi Fischer & They confident of being able few days, and state that no lose a dollar by them. This in railroad pretty on their own account. BOSTON September 20 Wednesday last the firm of Horace Conn Wobourn, Massachus pay Their liabilities amount hundred thousand dollars, and mated their assets will reach one hundred and fifty thousand dollars. Since the suspension Horace Conn. senior partner, has disappeared, causing great saxiety to his family and friends Search has been made in all directions. ALBANY. September 20.-T. Squire & Co., bankers, have announced their temporary suspension until further ad vices from New York TORONTO. September 20.-H J Morse & Co. bankers and brokers in this city have suspended, owing to the failure Cooke & Co. and other prominent houses in New York. CHICAGO September 20. The Frank lin bank a private banking company situated on the corner of Madison and Dearborn streets, closed its doors to-day being unable to settle at the clearing house; the amount short was only nine dollars. Fernando thousand Jones is president the concern and A. Briggs The latter states that -president. their only temporary and as it is not known have been in any way connected with any of the suspended New York houses there would appear to be no reason why should not resume soon. It is stated that the majority of the teachers in the publicschools are depo sitors in the bank Its early resumption is, therefore, the more to be hoped for The suspen howement no or ever, creates feeling whatever in financial or cireles.

4. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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financial RE YOU INSURED ? A OFFICE OF THE RUTGERS FIRE INSURANCE Co., 180 Chatham-square, junction of Mott and Worth-st+., NEW-YORK, Sept. 20, 1873. The annual ELECTION for a Board of Directors of this Company will be held at this office on MONDAY, Oct. 6. 1873. Polls opened from 12 m. to 1 o'clock p. in. JOS. W. DUGLISS, Secretary. L OST.-CERTIFICATE OF DEPOSIT of the Union Trust Company of New-York, No. 4,533, dated May 21, 1873, for $4,740. Payment is stopped: application has been made for a now certificate in lieu thereof. JOHN MARKS, Detroit, Mich. WEST SIDE BANK, NEW-YORK, Sept. 20, 1873. THIS Bank having made its arrangements to clear through the Metropolitan National Bank its business will suffer no interruption by the suspension of the National Bank of the Commonwealth. J. W. B. DOBLER, Cashier. W E are instructed by the FIRST NATIONAL GOLD BANK OF SAN FRANCISCO to honor and pay all their drafts drawn on JAY COOKE & Co. EUGENE KELLY & Co., 45 Exchange-place. ILLIAM P. ELLERY, W STOCK AND BOXD BROKER, 30 Broad-st. UDOD the reopening of the Exchange my commission business will continue as heretofore.

5. September 22, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 22, 1873

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BANKS SUSPENDED -At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.

6. September 22, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 22, 1873

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THE UNION TRUST co. IN THE HANDS OF A RE" CEIVER - THE BANKS ABLE TO MEET ALL DE" MANDS. NEW YORK, Sept. 22. The Union Trust Company has gone into the hands of a Receiver. The Stock Exchange remains closed. A meeting of the Governing Committee will be held tomorrow. All the banks are said to be fully able to meet the demands likely to be made to-day. ONE MILLION IN BONDS PURCHASED. New York, Sept 22, 11 A. M. The Sub Treasury has bought one million in bonds. Large crowds are waiting to sell. SETTLEMENTS AT THE CLEARING HOUSE-RUN COMMENCED ON ALL SAVINGS BANKS. All the banks have settled their accounts at the Clearing House, except two, and those are now settling through a loan committee. A run has commenced on all the Savings Banks. One has paid out half & million. Much excitement prevails. The Government has purchased two millions in bonds, and the Clearing house has issued two millions in loan certificates. THE BANKS ALL RIGHT AND " CLEARED." New YORK, Sep. 22. The Clearing House statement is issued, and shows that all the banks made their clearing, satisfactorily, including the two heretofore reported in doubt. THE GOLD EXCHANGE CLOSED-U 6. BONDS IN GREAT DEMAND-RUN OPENED ON THE BEAMANS SAVINGS BANK. The Gold Exchange has been closed, and 12 has been established as a basis of settlement for gold. U.S. Bonds of all descriptions are being purchased at the Sub-Treasury at the rate of 101/3 with accrued interest in coin. Payments are being made in currency. A run has commenced on the Seamens' Saying Bank. The excitement in Wall St. is much less than on Saturday. THE RUN ON THE BANKS CEASED. There is no run on any of the Banks and a feeling of great relief prevails. All is quiet in Brooklyn, also.

7. September 22, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 22, 1873

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[SUNDAY NIGHT'S DISPATCHES.] NEW YORK, September 21, 8:10 P. M.-President Grant and Secretary Richardson, have been in consultation with Vanderbilt and other leading capitalists, bankers and merchants since noon. No action reported yet. LATER-RESULT OF THE CONFERENCE, NEW YORK, September 21.-The following is the result of the conference at Avenue hotel, between the and others, as to of the remeans President the Fifth overcoming difficulties the best from the recent financial President positively sulting The declines disasters action to interfere in the matter, as any be of his in connection therewith would unconstitutional. committee of bankers and mercome down to to the government, chants proposition The had the to issue final $80,000,000 of the legal reserve. Reverdy Johnson is said to have given his opinion to the effect that to use the legal reserve is unconstitutional. Secretary Richardson opposes the placing at any considerable sum of the reserve To of the disposal of the New York banks. use his own words, quoted on the authority of one of the committee 'This, gentlemen, is not my funeral." VANDERBILT PAYS $2,000,000 INTO THE UNION TRUST COMPANY-GI ERAL CAUSE OF THE SUSPENSIONS CONDITION OF HEVARIOUSTRADES NEW YORK, September 21.-At a late hour last (Saturday) night, it was stated in one the clubs that Commodore Vanderbilt into the Union the day $2,000,000, the during had of paid Trust amount company due the by the Lake Shore road thus enabling Trust company to restime business Monday morning. The general cause of suspension on the of the banks and bankers yesterday part inability to convert securities into Even government not of except at be cash. was disposed the bonds immense officers could yester- loss. action of the bank difficulty is done away by depositing in the day, By Any the bank, this hands obtain with. of committee good securities, can amount of can an be in the clearing business the used equal certificates, which instead into of legal tenders. The certificates will go effect to-morrow (to-day). The dry goods men believe that Jay Cooke & Co. will pay the last cent of their liabilities. The tea trade is in a healthy cendition, nearly all of that branch of business being done through foreign bankers. The wholesale druggists fear nothing, in unless the stress continues. Sales other branches of trade run along in the same old channels. [TO-DAY'S DISPATCHES.] September 22.-It is offiannounced that Secretary continue to buy bonds at cially NEW will YORK, Richardson Richard- Saturson quotations. Secretary the last he did not see to do more than buy said day's power night bonds, he without had and offered, will be bought or " The government," the all delay 5-20s red tape." secretary says, trust company or loan is doubtful if congress and "is not it a would institution, power." sancsuch construction of my alludes to the using of 000 of the tion [The any above reserves.] $40,000, Thirty savings banks have resolved to rigidlv enforce the previous notice clause. The Union trust company is in the hands of The a receiver. New York stock exchange remains closed to-day. The manager of the clearing house says check passed through clearing will no every paid. He says the banks are in danger, be and that they were never stronger. is The suspension of Marvin & Brothers announced. All banks have pulled through except loan the two settling through the two committee. All the savings banks are having a run on them. The clearing house loan committee have issued $2,500,000 certified checks. The government has bought a million to in bonds. Large crowds are waiting sell. Montreal and Europe are buying stocks at the shrinkage. The gold exchange is closed, 112 has been established as the basis of settlement. The rate of interest is fixed at 7 for carry70-100. ing. The sub-treasury is buying 5-20s at Arun on the Seaman's bank has commenced. They pay all sums of $100 law's and under. Larger sums must wait the delay* WASHINGTON, September 22.-In President the of the morning, the called at the treasury department course Richardson. and had conference with Secretary a of it may be the fact The result that subsequently inferred secretary Associated from stated the of the New York to the President will do bethe law, but in no go within Press the that agent particular will anything main+ clear legal authority. He tain yond the safety of the treasury department, States protect the credit of the United financial and from the influences of the present London house. embarrassment. Jay Cooke reassures the solvency of the PHILADELPHIA, September 22. The the savings uks has subsided. run on September 22. The savings of the banks CHICAGO, give notice of the enforcement sixty days' notice.

8. September 22, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, September 22, 1873

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BANKS SUSPENDED.-At 1 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, f Sept. 27th, 1873, at Reynolds & Co.'s sale. I

9. September 25, 1873 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, September 25, 1873

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MONEY PANIC IN NEW YORK. The extensive banking house of Jay Cooke & Co., failed to meet its engagements on the 18th instant. The immediate cause of the suspension is stated to be the large drawings on them by their Philadelphia house and their own depositors. During the two weeks preceeding the suspension, both houses had suffered a large drain upon their deposits in consequence of the uneasy feeling which has recently prevailed, and which has affected more or less all houses closely identified with new railroad enterprises. The Philadelphia house had been previously weakened by a large cash advance to the Northern Pacific Railroad Company of which they are financial agents. The next day after the suspension of Jay Cooke & Co., the following suspensions of New York banking houses were announced : Robinson & Snydam, Richard Schell, Fisk & Hatch, White, Dufrees & Rathbone, Burt & Edwards, Eugene Jackson, Thos. Reed & Co., W. H. Warren, Greenleaf & Norris, Geo. B. Alley, Theodore Biddle, A. M. Kidder, Whittemore & Anderson, Smith, Seaver & Co., Saxe & Rogers, National Bank of the Commonwealth, Quasig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Joseph, Fearing & Dillenger and Brown, Wadsworth the houses in the northern cities ing & Co. Besides above, several have other closed bankdoors or suspended, including banks in Philadelphia, Albany, Washington City and Toronto, Canada. The panic in the cities north of Baltimore is general, and a run has been made by the depositors upon nearly all of the banks. In New York, on Friday, there was a crowd around every paying teller's desk. The panic has not as yet reached the South, nor is there any reason why it should. The grain and provision markets of the North and West are all unsettled, though the price of the southern staple in the New York market has not been materially affected, the panic having come at the most favorable time for the cotton planters-just at the commencement of the season-and before much of the crop had been put in market. The calamities which are threatened by the of the general can prospect suspension purchasing be partially averted by the government five millions dollars worth of bonds, which will furnish the banks with a sufficient amount of legal tenders to enable them to resume business. The latest rumor is to the effect that this plan will be resorted to, and that the government will buy half a million of bonds. The Bank Presidents have determined to issue immediately $10,000,000 in loan certificates. The latest intelligence from New York indicates an easier feeling among all classes,

10. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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EVENING SCENES. The crowd at the Fifth Avenue Hotel, last evening, was even smaller than on the previous evening; and the loungers in the corridors were quiet and listless. There were no groups discussing with eager voice and gesture the prospects of a rise in stocks, and the half dozen returned delegates from the Utica Convention, gathered near the door, were listened to with more attention than the wisest prophet on Wall-st. matters. Few heavy operators were present, and the general attitude was that of weary waiting for whatever the future might develop. THE WEAKENED HOUSES. EXAMINATIONS SLOWLY PROCEEDING. At the office of Henry Clews & Co. there was little bustle or excitement yesterday. The visitors were not remarkably numerous, and the work of clearing up the position of the house went actively on. Mr. Greenough, representing Mr. Clews. stated to a TRIBUNE reporter that the statement of the assets and liabilities of the firm was not ready, nor could any definite date be assigned for its completion. Its preparation involved much time and labor. No steps had yet been taken toward calling a meeting of creditors, nor could hesay when such a call would be issued. They issued last evening the following circular: Henry Clews & Co. state that the liabilities which their London house describes as incurred for account of the New York house are mainly acceptances under commercial credits for accounts of various merchants in this city and elsewhere, to whom the dratts will be returned, and who will meet them, being prepared to do the in were given. The apparent acceptances 80 by having goods possession against liabilities to which the there- the London house will be fore of the these reduced credits extent proto which the acceptances under are vided for by the parties in whose account they were issued. Quiet reigned at the offices of Howes & Macy, across the hallway from Henry Clews & Co. The callers were neither many nor anxious, and the consultations with members of the firms seemed to bring hopeful looks to the faces of those who spoke with them. The son of the senior member of the firm told a TRIBUNE reporter that nostatement had yet been prepared. It required time and labor. No meeting of creditors had been called. The creditors of the National Bank of the Common wealth adopted yesterday, at No. 11 Wall-st., a resolution requesting the President and directors of the bank to use their best exertions to have the affairs of the bank again placed in the hands of the officers of the bank, either for liquidation or otherwise. There were about 30 creditors present. The managers of the Hoboken Savings Bank met yesterday to receive the report of the Committee who had been appointed to solicit subscriptions to make up the deficiency of $61,000, caused by the defalcation of Klennan, the absconding secretary. It was stated that more than half the amount had been raised, but the Committee reported back for further instructions, on the ground that if the bonds deposited with Fisk & Hatch should be lost. the collection of subscriptions to cover Klennan's defalcation of $61,000 would be insufficient to cover the whole deficiency. and the bank would still be unable to pay its deposit in full. President Clinton argued that Fisk & Hatch had only suspended temporarily, and that it was quite probable that most of the funds placed there would be recovered. He therefore advised that the Committee should continue to solicit subscriptions, and the Board concurred. Several prominent names and considerable sums were added yesterday. The deficiency of Klennan, reported at $61,000, has been reduced nearly $2,000 by the discovery that some accounts still open on the ledgers had been closed on the pass-books. The Board of Managers will meet again to-day to receive the report of a committee appointed to attend to some business, the particulars of which the directors preferred not to disclose yesterday.

11. September 26, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 26, 1873

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The Financial Crisis. Stock Exchange Still Closed. New York, 25. Henry Clews & Co. state that the liabilities which their London house e describe as incurred for the account of the f New York house are mainly acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom the drafts will be returned, and who will meet them, being prepared so to do by having the goods in possession against which e the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances render. Their credits are provided by parties on whose account they were issued. Washington, 25. Rumors have reached here that the Secretary of the Treasury advised a temporary suspension of all banks. Secretary Richardson asserts that further than helping the banks by bond purchase which have been made, he has nothing to advise and only to look to the interest of the Government. Other wild rumors were circulated to-day, a large number of which can be traced to no solid foundation. The situation, 80 far as the f Government is concerned, is unchanged since the close of business yesterday, when the purchases of bonds stopped. The arrival of the President to-night may possibly result in additional instructions, but this is merely problematical. There will be a Cabinet meeting to-morrow which will have the weight of financial matters for general consideration by the Heads of Government Departments, and considerable interest is felt in the result. No official here has any idea thnt there will be a called session of Congress, with a view to relieve the financial difficulties. Detroit, Mich., 25. The run on the Savings banks was quite extensive to-day. They all insist upon thirty days notice for large assets. David Preston & Co. and F. L. Seitz & Co. have suspended payment. New York, 25. A meeting of the governcommittee of the stock exchange was held at two P. M., at the call of H. G. Chapman, President. It was resolved to appoint a committee of seven from the body of the exchange to effect clearances of stock. Members will be required to send in a list of all I stocks they may have going in and going out the notice of the committee. It has been suggested that the stock exchange should open for general business, leaving the settlement of contracts growing out of Friday and Saturday's business, and sales under the rule in obeyance. This, it is claimed, would give investors a chance to buy stock and would bring money into the street. There was no meeting of the Erie Railroad Directors to-day, no quorum being present. It is said&that the bulk of street stock business is bogus. Yesterday_there were several purchasers of stock at cash, at the low prices, but the bogus sellers did not make their deliveries. The day closed without any further failures or any fresh outbreak of excitement. The banks to-day in the Clearing House association, pooled their legal tender notes as provided by yesterday's resolutions. The creditors of the National Bank of the Commonwealth had a meeting this afternoon, but pending the investigation by the receiver, no action was taken. h There was no meeting of the Chamber of Commerce this afternoon, the call therefor having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the Sub-Treasury since Saturday, was $13,300,000 The Dollar Savings Bank of Atlanta, Ga., and the State Bank of New Brunswick, N.J. suspended to-day. Baltimore, Md.. 25. The banks to-day voted not to pay out money on checks except those required for legitimate business. New Orleans, 25. At a meeting of the Bank officers to-day, it was voted partially to suspend payment owing to the action of the banks in New York and the refusal of western banks to receive checks on New York. Also that the demands upon currency here have been 80 large that all will be exhausted in a few days if the demand continue from the outside.

12. September 26, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 26, 1873

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LATEST FINANCIAL NEW York. Sept. 25. The gold carrying rates to-day were from 107. Clearings in the Gold Exchange to-day amounted to twenty-eight and a quarter million. Customs receipts to-day amounted to $245,000. Foreign exchange is unsettled. Prime bankers for sixty days at 105@ 105 Commercial bills at 102@104. It is estimated that two millions in gold have been shipped to New York from England since the panie began. The governing committee of the stock exchange this afternoon appointed a subcommittee of seven to arrange a plan for clearing stocks and bonds in the clearing house. The association are posting their greenbacks as agreed upon yesterday. One or two of which stood exceptionally strong, refused at first to put their legal tenders in but finally concluded to do so rather than be expelled from the association. Money still unquotable. Greenbacks have been exchanged to-day for certified checks all the way from one to three up to the half premium. The loan committee of the clearing house have issued up to tonight seventeen millions in certificates. The proposition was advanced to open the Stock Exchange for business, leaving the settlement until Friday and Saturday. Business and sales under rule, in obeyance claimed this would give investors a chance to buy stocks and bring money unto street creditors. The National Bank of Commonwealth held a meeting this afternoon but pending the investigations by the receiver no action was taken. There was no meeting of the Chamber of Commerce this afternoon. the call having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the sub-treas. ury since Saturday was $13,800,000.

13. October 1, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1873

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A BANK SEEKS RELIEF. THE NATIONAL BANK OF THE COMMONWEALTH ANXIOUS TO GET RID OF ITS RECEIVER. In the United States Circuit Court, yesterday, the National Bank of the Commonwealth in this city filed, through Hummond & Stickney, its attorneys, a petition to enjoin the Controller of the Currency. and Isaac II. Bailey, claiming to have been appointed Rerecever of the bank, from all further proceedings in such receivership. The petition, divested of its legal verbiage, contains the following allegations: Oa or about Sept. 22. 1873, while the bank was carrying on its legitimate busi1 888, the Controller of the Currency, assuming to act under the authority vested in him by Section 55 of the Act of June 3. 1804. appointed Isaac H. Balley receiver of the bank. Bailey, as such receiver and by the direction of the Controller of the Currency, took possession of the bank's books, records and assets, and collected various debts then are it. Ball y was appointed rereiver "on the pretended ground that the bank had, at same time prior to his appointment, refused to pay one of its circulating" 85 notes. The bank had, at no time prior to the aforesaid appointment at. "failed to redeem" any of its circulating notes; and no holder of any of such notes had. at any time prior to the said appointment, caused or allowed them to be protested. The Controller of the Currency made no examination of the facis in relation to any such alleged defant in the payment of any of the bank's notes. ** nor in relation to any failure to redeem" any of them; nor did he, prior to the appointment of Bailey as receiver, " receive any true notice that the bank had failed to redeem any of its notes. The petition concludes, in substance, as follows : The appointment of the said receives is null and void. No notice the appel of auy perial agent, as provided by section the June 3. 1861. was which the receiver, given to been had apponed policies." date 1873, but was first # Lib. ed to any officer of the bank on Sept. 23, 1873. The petition prays that a citation may be issued requiring the Controller of the Currency to show cause why further procee lings on his part concerning the redeivership should not 03 enjoried, and why the bank not have such other relief as may be deemed equitable. Judge Woodraft granted the petition, and made the citation returnable on the 7th inst. , STATEMENT OF PRESIDENT ELLIS. President Ellis O 180 Bank of the Commonwealth was called upon yesterday by a reporter of THE TRIBUNE, and questioned rela live to the history of the appointmost of is receiver of the bank. He stated that lie did not wish to fore stall the evidence to be presented in court. On Friday. the 19th lost., he said. there was a considerable crowd gathered on the street in front of the hank attracted by the run on the Fourth National Bank. Many supposed from this that there was also a THE ou the Bank of the Commonwealth. It was eviltent from various indications that there would be a run on the bank on the following day. There were drawn out by depositors sums aggregating about $100,000. Late in the afternoon Mr. Ellis 1 arned that checks of Edward Haight, to the amount of $250,000. had been certified to. Knowing that this would make their statement appear exceedingly weak its the following morning and fearing that the other banks would refase aid. His called at the of to recall the loan or obtain 111 place of it. Mr. Height had gone home, an those in office could do nothing in the mit Mr. Ellis too with him $300,000 worth o good securities and ei on several bana officers,and to obtain a loan on them. He failed do SO, nut severa of those on whom he eailed promised to weet birth at 93 R. 111. OIF the following morning at the Clearing-house They due not come until 15 minafte consultati III decided not to grant oned loan. He then called on President Williams or file Metropolitan Bank and stated the ease to him. President Williams advised him not to allow the bank to suspends payment until absolutely compelled to do 80. They state 103 th Clearing-botter There was a large crowd in the bank of the Commonwealth. President Einsecteted the bank and told the cashier hold off for time until could see what could be done. Then, acet impoined by President Williams, he went to the Cleftrig-1 and the Clearing house ComHig told the Committee that the bank would have to unless amount he wanted toraise ow the was furnisted soon. The matter was discussed and the conclusion reached was that the amount could not be raised. President Ellis returned to the Bank of the Commonwealth and told the cashier neither to accept deposits nor pay any. About half an hour later Mr. Motor the Bank Examiner. called at the bank, and s in formed of the condition of affairs. He washswown the bank statement for that morning. Some or the directors said to Mr. Meigs they supposed he would make au examination of the condition of affairs, and Deport within a short time. Pre ident Elite explai ed to Mr. Meigs the condition of annies, said that he did not see how the contri carry 80 heavy a load as had been ddidg upon them by Haight, and continue payment. Un. to this time the bank was doing extreme y well. Between 3 and 3:30 Mr. Melgs took one of their notes well had be is redeemed by the bank. and which could not therefore be said to be in circulation, and had it formally protested by a notary. This was forwarded to Controller Knox. On Monday a dispatch was received from the Controller information Mr. Meige that a receiver Mad been appointed, and about 3 p.m. on that day a letter was also eccive d from the Controller inclosing the necessary blanks and directing Mr. Meigs to insert the name of Isaac H. Bailey as receiver. and to demand the necessary bonds. This was done under the sape vision of U. S. Assistant District-Attorney Bilss. Presideut Ellis and the Directors hold that the appointment et a Receiver was lile ral and uncalled-for. Had no R Monday, the Bank of the ComNonwealth wou have been on the same footing as the ther blinks He thought the Bank of the Common ealth had been harshly and unfairly dealt with. Legal seelings had been already began. and they hoped to tov the appointment of a Receiver revoked, and to ave the bank resuine business. In reference to the st acument that several of the Directors owned small amounts of the stock of the bank, lie could say that they owned as much or more than the minimum allowed by Lew. In the gases of Haight, the certification of his the H was done by a teller. and would not have been allowed.us President Ellis had ne known of it.

14. October 3, 1873 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, October 3, 1873

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failures reported were the Union Trust Company (the cashier of which was said to be a defaulter to the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Secretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the savings banks hold many millions of these bonds, it was thought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedmen's and City Savings Banks, but both held out. In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks, it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the savings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds of depositors dispersed. The day closed with a general confidence that the crisis was entirely over. On Tuesday, 23d, the New York Stock Exchange continued closed, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been summed up in a sentence, "Confidence is restored, the banks are conducting business as usual," but just as the street was beginning to feel that the end of the panic had been reached, the painful rumor started that the house of Henry Clews & Co. had suspended payment. As soon as the announcement was made that the doors of this banking house had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co.'s failure. The run on the savings banks was continued moderately throughout the day, but the time rule allowing the banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London telegram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank, and First National Bank, all of that city, had suspended. The Citizens' Bank, although not suspended, declines payment. Rumors of heavy commercial failures were also rife in that city. It is stated that the Pennsylvania Railroad Company have reduced the hours of work for laborers and road men to eight hours per day, and the pay rolls will be reduced accordingly. The laborers, it is said, will strike against the new rule. Up to noon on Wednesday, the Government had purchased about $12,000,000 of bonds in New York City, but the financial crisis was apparently not yet over. The principal failures announced were the London house of Clews, Habecht & Co., and that of Howes & Macy, New York-both brought about by the suspension of Henry Clews & Co. on the previous day. At Philadelphia, Sept. 24, Thomas B. Parker, a wealthy retired iron merchant, shot his wife and then killed himself with

15. October 7, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 7, 1873

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Capital impaired 3812 per cent. A special dispatch from Washington says: It seems probable, from the present attitude of the Commonwealth National Bank of New-York, which failed during the late panic, that it will be allowed to resume its business after reducing its capital. It is still in the hands of the receiver, and the Solicitor of the Treasury has directed the District-Attorney to defend the receiver in the discharge of his duties. Mr. Ellis, the President of the Bank, is very much interested in the matter and has been here to urge that the receiver should be withdrawn. He said the action of the officers of the bank was hasty; that they asked for a receiver without due deliberation when the panic came on, and that the bank was and 18 in a solvent condition. Controller Knox, who went to New-York on Saturday, will have a consultation with the receiver and be ready to decide the question when he returns.

16. October 7, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 7, 1873

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A FINANCIAL CALM. DULLNESS IN WALL-ST.-THE NATIONAL BANK OF THE COMMONWEALTH CRIPPLED. Dullness has followed frenzy in Wall-st. Reuben Manley of the committee of three appointed to examine the over-drafts of the firms of A. D. William & Co. and John Bonner & Co. on the Bank of North America, and of E. L. Haight & Co. on the Bank of the Commonwealth, has been excused from serving, and Donald McKay has been appointed in his stead. The Committee examined, yesterday, a number of witnesses, and will probably report to-morrow to the Governing Committee. There were several rumors in circulation reflecting upon the stability of dry goods firms, but they were subsequently contradicted. They probably . arose from the suspension of Peake, Opdycke & Co., at Howard-st. and Broadway. George Opdyke, the banker of Nassau-st., who is a special partner in the firm, was reported to have been interested to the exent of $150,000. This the firm of Opdyke & Co. say is untrue. George Opdyke IS a special partner. but has not 80 large an amount at stake. The money was paid in, but Opdyke & Co. hold none of the obligations of the dry goods firm. The following statement of the affairs of the National Bank of the Commonwealth is made by the receiver, Isaac H. Bailey. It was submitted to the Controller of the Currency, application having been made on behalf of some of the former directors of the bank to revive it by either reducing or filling up the capital. The Controller directed the receiver to submit his report to the Loan Committee of the Clearing-house. That Committee accordingly met at noon on Monday last. There were present F. D. -Tappan, National Bank Moses Taylor, City Bank; J. D. Vermilye, Merchants' Bank; Charles P. Leverick, the Bank of New-York, and Charles F. Hunter, People' Bank. After due consideration of the condition of the bank, it was voted that its affairs ought to be wound up. The vote was unanimous. There are 300 stockholders. of whom 25 own from 1 to 5 shares each, and 100 who hold from 6 to 10 shares each; 50 have from 11 to 20 shares each. Only 275 shares are held by the 11 directors of the bank, one of them holding 100 shares; only 6 have over 25 shares each; two hold 15 shares, and six hold 10 shares. The aggregate indebtedness of the directors of the bank on the day of the failure was over $500,000. The following is the report: ASSETTS. and

17. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
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Saturday, the third day of the financial panie, was an intensely N exciting one in Wall street-so much SO that it was found necessary to close the Stock Exchange, and to pass a rule forbidding the members from making any transactions in stocks either on the street or elsewhere prior to the regular session of the Board on Monday. A large number of additional failures were reported, among them the Union Trust Company (the cashier of which was said to be a defaulter to 'the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Seeretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the

18. October 24, 1873 The Sun New York, NY
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the Me repolt no Bank Breaking no the Currency Equalization Pool. The second expulsion from the Stock Exchance during the present monetary troubles that of Edward Haight. Jr., was the subject of comment among financiers yesterday. It is regarded AR a case of the visitation of the sins of the father upon his children. The cause for the action was a charge of fraud against the Arm of Edward Haight & Co. by the Commonwealth National Bank. The senior partner of the firm vas formerly its President, and at the time of the alleged fraudulent action was A director of the Bank of the Commonwealth. On the second day of the panic he overdrew the firm's account by $226,000. Overdrawing is a matter of hourly occurrence during ordinary business times. and the firms making overdrafts are expected to make them good by either cash or collaterals at the end of each day. Mr. Halight was called upon to make his good but furnished only collaterals for $60,000. The day of the overdraft the bank had sustained a run that nearly exhausted Its resources. and next morning on ascertaining that Haight & Co.'s deficiency would not be fortheoming its doors were closed. Haleht & Co. themselves suspended the next day. Their dealings with the bank were investigated by the Governing Committee of the Stock Exchange. Rd ward Haight. Jr. was the only member of the firm that belonged to the Exchange. and after three weeks deliberation the committee prosented this resolution: Resolved That Edward Height Jr. the represe five in the stock Exchange of the firm of Enward Hat & Co.,hav ng. the judgment of the Govern Committee. oceanully of obvious fraud in " th the overdraft oy the Orin on the Bank of the Color to inwealth he expelled from this association n. The resolution WES read in the Exchange Yes. enday morning. It is said that the report upon which it is founded contains very damaging facts about the persons mentioned The action of the committee receives general commender tion. PRESIDENT GRANT'S LETTER. The topic next in interest was the letter upon the financial situation which Mr. John B. Will liams. President of the Metropolita an Bank save he received from President Grant. Mr. Williams accounts for the receipt of the letter thus : A few days ago one Mr. Anthony who awabout to go to Washington, asked Mr. Williams to make him bearer ofaletter to the President embody ing histWilliams) views of the best way to assist the merchants of the city during the money stringency. That, he thought. could best the be done by a weekly issue of a few millions of legal tender reserve. He at the sametimeurged upon the President the plan for the purchase of foreign exchange. which Mr. Anthony proposed to urge Some doubt was thrown upon the authenticity of the autograph letter said to have been re elved in reply by a despatch from Washing allezing that President Grant denies having full written any such letter Nevertheless a the associated bank Presidents asinbled In the Merchants' Bank r its consids eration. The letter which Mr. Williams read coversa pace and a half of note paper. After reading it he put it into his pocket and never took it out again. as far n° could be ascertained The d cument acknowledged the receipt of letter from Mr. Williams, The President had vivea its contents earnest consideration. and felt 1110 lined to make the issue of LEGAL TENDER RESERVE n amounts of two or three milli weekly. the merchants needed Hefelt in offined more time to pro exconcerning the pur base of foreign hange. It concluded But cannot the bank Presidents be brought together and esolve to canaid each other and the business 64 erally. The Government then will do all stion p wer. To-tuor consider the w h the view of doing all in my power for the relief new somach needed. Mr. Williams presented resolutions that were of speedily withdrawn under manifestations di satisfaction. The following was adopted Resolved That the communication of the President New York of the United States to the associated banks of respectfully d gratefully acknowie ged. an i that we be curutally reciprocate his kind wishes and will act in the spirit be recommends. The question of eeasing the .. pooling of tenders. which has been the salvation of legal some of the weaker banks. was discussed, and the following was adopted: Resolved, That from and after Nov. 1 next association the equal zation of legal teaders by the banks of this e discontinued. A proposition to use legal tender notes In settement of Clearing House balances was also The action discussed. but discontinuing without result pooling" had de that indi rued the market at the close fact yet sales that confidence 111 the banks has not been entirely reatored. COMMODORE VANDERBILT'S DIFFICULTIES Rumors about the relations of Commodore Vanderbilt and the Union Trust Company und- were throughout the day. and were all unit a life to a sensati onal story in ed and traceable defalcation in which a further morning journal, prominent feature. by Cashier Carlton was a debt of all alleged about the They the Lake Shore Railroad Company to the Union Trust Company. In fact no such controversy any exists now. nor has there been at The time an act al difference of opinion Clark's that In Mr. H race F. facts are of Lake Shore effected is deadministr of $1,750,000 of the Trust Company for Hand loan account of Lake Shore. and when Commothe Mr. Clark he found dore Vanderbilt succeeded comhis loan among the obligations of the What The debt has never been di puted. weeks bady occasioned the talk hastreet for past is another sum of $2,250,000 in the sh of ape the of like Shore bonds They were a part of 00,000 debenture Issue legallyfauthorized. I to only have already been issued. Comi any became the transfer The Union time vet re Mr. hewith Mark's decease, agents of the issue Some Augustus Schell James I Banker Tref of Lake Shore. and seve( of others formed a pool of $15,000,000 10 BULL LAKE SHORE I and other stocks G.I B. Grinnell & Co. made in which the the MI Clark visa special partner. were two and a millions of bonds were transferr Treasurer Grinne arter & Co. by the Union Trust Company. ab part of by order of James Banker as they can have no pos pool Hence an offset he ble reference to the $1,750,000 loan as Commootherwise It le said. however. that Executive Vanderbilt holds that the transfer ore had no power to direct the j immittee bonds without giving the stockholders if the to vote. Hence the Union Trust opport unity instructed not to transfer the ompany was most of them were hypothecated by L onds. As & Co., those that hold them are natural er moved. y ;rinnell very desir us of having the bar to legal transI What President Grant Says. I WASHINGTON, Oct. 23. -The President tolav. on heing asked by a friend as to the conents of his recent letter to Mr. John E. Wil-

19. February 14, 1874 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 14, 1874

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Suspected Firms. The Traveller says that for some time past there has been reasons for suspecting that the firm of Cutter, McLean & Co., have been implicated in irregularities concerning the U. S. revenue service. The firm do business as commission merchants and ship brokers at No. 17 State street, and have borne a good reputation. Government officers, however, believed that there had been some transactions of the firm which, to say the least, were slightly irregular in their character, and on representing the case to Judge Lowell were granted a warrant for the purpose of seizing such books and papers as might apply to those transactions. The firm received the officers courteously and interposed no objections to their examination of the books. The work will occupy all day. NEW YORK. Various Matters. T. B. Brockway, proprietor of the New York Hotel, died to-day. Two burglars were surprised while cracking the safe of E. R. Ware & Co., last night, and captured. Isaac H. Bailey, receiver of the Commonwealth National bank has paid the creditors one dividend of thirty per cent. and has now received permission from Judge Shipman to sell the building occupied by the bank. The holders of the first mortgage bonds of the Atlantic and Richmond Air Line Railroad resolved to foreclose them, the company having failed to pay the interest. It was stated before the Legislative Committee yesterday that one-third of the receipts from emigrant head money are expended by the Emigration Commissioners for salaries, while large amounts are also sunk in illegal expenditures, including forty thousand dollars illegally spent for a Catholic Church on Ward's Island. The job of purchasing a portion of the Battery for a Custom House is again being advocated. It is reported that a large portion of bonds and certificates of the city of Brooklyn have been privately sold on advantageous terms by Controller Schroeder to the Germania Bank of that city, of which the Controller is President. Four gentlemen yesterday went to Park Hospital, paid all the expenses of the undertaker. and had the body of John Thompson, the poor one legged soldier, who died of starvation in our streets, respectably buried in Cypress Hill Cemetery. They went to the funeral and per,

20. February 16, 1874 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, February 16, 1874

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NEW YORK. News Items. New YORK, February 15.-Jeese R. Clark, age fourteen, while toying with a piesol last evening, at his home, 117 Jones street, shot and killed Jesse Wicks, aged fifteen. Isaac H. Bailey, receiver of the Commonwealth National Bank, has been authorized by court to sell the banking house and real estate of the establishment for the benefit of its creditors. Peter and George Hashert, butchers. quarrelled to-day in the Washington market, over some family matter, and George wrs probably fatally stabbed by Peter. The Last of the Ring Suits. The suit of the Tenth National Bank for a mandamus to compel the Comptroller to pay back $243,000, balance of overdrafts to the Court House Commissioners in 1871, was continued to day, when affidavits were presented in answer to those of Henry T. Taintor attache of the Comptroller's office, the Comptroller and Michael Ex-Courthouse Com Norton, indictment. under missioner The affidavits of Walter B. Palmer, President of the bank, and William B Field, counsel, contradict point blank the material parts in the affidavits of Taintor, while the affidavits of the President and former President of the bank show that the bank had accounts with fifteen difierent city departments, and that Ingersol was sent to the bank as the Treasurer of the Court House Commissioner, duly accredited as such by the Secretary, of that Commission. This case is made more asperating to the citizens by the action of the present city officers. A communication appeared in the papers charging the Commissioner of Public Works with being anxious to pay the claim when before the Board of Audit, of which he was a member. a and that The Commissioner groundlees replies, malicious insinuating charge office, was inspired in the Comptroller's and trusts it will be the last effort of a well known public officer in this city to attempt through the guise of communications to the public press, to obtain 8 credit for his own actions by mierepresenting the actions of others. Bank Statement. Bank statlement loans increase, $979, 700; specie decrease, $2,533,500; legal tenders increase, $819,200; deposits decrease, $288,100; circulation decrease r $8,200. h Highly Commendable It is proposed to dispense with the St. Patrick's day parade this year, and to give the money for the relief of the & poor. d Chief Justice Walte. y Chief Justice Waite arrived in this city to-day and as BOOD as his presence t. in town was made known be was calld ed on by a number of distinguished citn izens. o

21. February 28, 1874 The New York Herald New York, NY
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the valuable Banking House and Lot on the northwest corner of Nassau and Pine streets, to be sold on Tuesday, March 3, at 12 o'clock, at the salesroom No. 111 Broadway. By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth.

22. March 2, 1874 The New York Herald New York, NY
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Attention is Called to the Sale of the valuable Banking House and Lot on the northwest corner of Nassau and Pine streets, to be sold on Tuesday. March 3, at 12 o'clock, at the salesroom No. 111 Broadway. By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth.

23. July 3, 1874 Evening Star Washington, DC
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ARREST OF A NEW YORK BANK PRESIDENT. George Ellis, formerly president of the National Bank of the Commonwealth, which failed in the panic of last fall, was arrested Tuesday evening at his residence, in Tarrytown, on an indictment in the United States circuit court for having misapplied $53,000 of its money in December, 1872, to buy stock of the bank, which he afterwards (as alleged) deposited with the Security National Bank to obtain credit on. drawing against the value of the stock 80 de posited. It is also charged that false entriewere made to cover these transactions. He was removed to the jail in Ludlow street, and was vesterday released on $20,000 bail, Lewis B Brown being his surety. The alleged malfeasance was discovered by Mr. Purdy, 'assistant district attorney, in his researches relative to the conduct of Callender, lately examiner of the national banks, now under indictment for fraud. N. Y. Jour. Com., 2d.

24. November 1, 1874 The New York Herald New York, NY
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A BANK IN A RECEIVER'S HANDS. The National Bank of the Common wealth in 1873 became insolvent, and, under the Currency act was passed into the hands of a receiver. Waile in the hands of such receiver process was served on the President of the bank in a suit brought by the Security Bank of the City of New York, to recover money claimed to be due the latter. No attention was paid by the President to the service of the process, nor did he give notice to any other officer of the bank or to the receiver, and the result was that judgment by default was rendered for $57,000. Motions were made to open the default and from the juagment denying such motions. Appeal was taken to the Supreme Court, General Term. In delivering the opinion 01 the Court Judge Daniels characterizes the action of George Ellis, the President of the Board, as foltows:-"Re, to use his own language concerning his singular and extraordinary conduct following the service, supposing that his connection with the Court ceased by the appointment of a receiver, took no notice of any paper that was served upon him as an officer thereof, and did not do 80 in regard to the summons herein, nor did he Inform said receiver of said service. This is the sworn statement of the detendants' President. And it 80 completely describes his utter want or moral as well as official sense of accountability as to dispense with all further attempts at characterizing his conduct." Strenuous opposition was made to the opening of the default on the ground that the order denying the motion at Chambers to open the judgment was not within the discretion of the Judge making it, and, therefore. not appealable. Judge Daniels holds on this point that while the order was a discretionary one, yet it was an order affecting a substantial right, and was, theretore, appealable. He concludes his opinion as follows: The bank continued to exist, notwithstanding the appointment of a receiver. The suit was, therefore, properly instituted against it, and the defence should accordingly be made by it. The order appealed from should be reversed, with $10 costs and disbursements on the appeal to the defendant and appellant and an order should be entered setting aside the judgment and allowing the defendant, within ten days alter notice of the Draer. to serve an answer to the complaint, or payment within that time of $10, costs of opposing the motion. and the disbursements made on the entry of the judgment."

25. July 29, 1893 The Sun New York, NY
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PRICE TWO CENTS. # SAVINGS BANKS CONFER. APPLICATION OF THE 30-DAY AND 60-DAY RULES ADVISED, It is Referred to the Trustees of Each Bank In New York and Kings, and May Not Be Approved-The Clearing House Banks Advised Against It-Great Picking Up of Bargains in Wall Street Yesterday-A Tremendous Bear Raid on General Elec- trie Followed by Recovery-The Company to Pay Its Dividend and Its Floating Debt in Cash-$2,150,000 More of Loan Certifi- cates Taken Out for the Benefit of the Mercantile Community by Strong Banks. During the last few days the withdrawal of deposits from the savings banks of this city and Brooklyn has been so large that the of- ficers of those institutions have been dis- turbed. Evidence is not wanting that a large part of the money withdrawn from the savings banks has been attracted to Wall street by the extraordinarily low prices for securities. It is possible, of course, that some of the money has been taken out because of the gen- eral reduction in wages and shutting down of mills, factories, and other industral establish- ments on account of the widespread contrac- tion of business. Laborers whose incomes have been reduced have doubtless been com- pelled to some extent to fall back on their savings. Whatever the causes may be the withdrawal of deposits has been upon a scale that brought the active managers of the savings banks to- gether yesterday afternoon to discuss the situation. Before the meeting was held sufficient infor- mal discussion had taken place between the Presidents of certain savings banks and the officers of some of the Clearing House banks to bring out the fact that the first named were in favor of taking advantage of the provisions in their charters authorizing them to require depositors to give thirty and sixty days' notice of the withdrawal of their deposits. It is to the credit of the Presidents of the Clearing House banks who were consulted that they unanimously advised the savings bank Presidents against taking such a step. They argued that the financial situation is gradually improving, and that one of the evi- dences was the appearance of a large number of small investment orders on the Stock Ex- change. It appears, however, that this advice was disregarded, and that at a meeting of the ma- jority of representatives of the various sav- ings banks held yesterday afternoon it was de- cided to recommend to the various Boards of Trustees that they should take advantage of the time limit regarding the withdrawal of de- posits. This was the most important financial news of the day, and it is evident from the manner In which officers of savings banks responded to inquiries about the matter last evening that they had intended to keep their action secret until each institution could act upon the recommendation of the meeting. The meeting was held in the Emigrant Sav- ings Bank building at 2 o'clock yesterday afternoon. It was a meeting of the Presi- dents of the savings banks of this county and of Kings. President J. Har- sen Rhoades of the Greenwich Savings Bank presided. The officials present after a long and full discussion of the financial situ- ation, decided unanimously to recommend to the trustees of the several banks that the banks should avail themselves of the pro- vision in their by-laws which allows them to require notice from depositors of an intention to withdraw their deposits. It was recommended, so it is understood, that thirty days' notice should be required on sums of $300 and under, and sixty days on sums over that amount. This applies to ap- plications to withdraw the total amount on deposit, and it is understood that the bank of- flicials will exercise their discretion in mak- ing payments on account in individual in- stances. The recommendation goes to the savings banks of New York city, Williams- burgh, and Brooklyn, which are represented In the association. None of the savings bank officials who were seen in this city last night was willing to dis- cuss the subject or to give any information about the meeting at which this decision was reached. For two or three weeks past there have been steady withdrawals of deposits from the various savings banks, though there has been at no time anything like a run. It was suggested that if this was continued it would result in calls on national banks, trust companies, and other depositories for the sav- ings bank funds on deposit with them and so bring about a further locking up of currency. President F. D. Tappen of the Gallatin Na- tional Bank said last night: "I think that the savings banks have taken a very wise step, and it should cause no alarm. It is only placing all deposi- tors on the same footing, and providing against a calling in of money now in use in the trades, manufactures, and commerce of the country. This would bring about evil far in access of the inconvenience to small de- positors arising from groundless alarm." President Edward Wood of the Bowery Sav- ings Bank declined to say what the action of the meeting had been, as did President Stur- giss of the Seamen's Savings Bank. The lat- ter said that President John Harsen Rhodes of the Greenwich Savings Bank, who had pre- sided at the meeting, must be its mouthpiece. He had gone out of the city for the night. Ap- plication in other quarters was unsuccessful. Although the Presidents have recommended that the banks avail themselves of the right to require notice it does not necessarily follow that the trustees of the individual banks will follow their advice. The same action was taken by the savings bank Presidents at a meeting held on Sunday afternoon, Sept. 22, 1873, but only three of the thirty-six savings institu- tions then in existence took advantage of the rule on Monday, and one of these continued payments on demand until 5 o'clock in the afternoon of Monday. On Tuesday, however, nearly all of the banks posted the ruler equiring notice, though in some it was applied only to sums of over $100. The savings banks of New York and Kings counties carry more than $400,000,000 of de- posits. Freeman A. Smith, President of the Provi- dent Institution for Savings, which is the largest of the Jersey City savings banks, said last night: Jersey City savings banks, so far as he knew, had not been consulted or invited to join in the movement. He said that he had taken some pains to find out the condition of all the banks, both in Jersey City and Newark, and none of them had been having any trouble, His own bank, he said, had been paying out