14018. First National Bank (Hoboken, NJ)

View Charter #1444 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1444
Charter Number
1444
Start Date
September 20, 1873
Location
Hoboken, New Jersey (40.744, -74.032)

Metadata

Model
gpt-5-mini
Short Digest
7fa75040

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple Sept 1873 newspapers report a run on the First National Bank of Hoboken triggered by the Fisk & Hatch suspension and related rumors/links to the Hoboken Savings Bank. The bank paid all demands, much of withdrawn funds were redeposited, and confidence was restored — no suspension or failure of the First National is reported.

Events (3)
1. July 15, 1865 Chartered
Source
historical_nic
2. September 20, 1873 Run
Cause
Local Banks
Cause Details
Panic triggered by the suspension/failure of Fisk & Hatch and the resulting impairment of Hoboken Savings' resources (large deposits with Fisk & Hatch) plus circulating rumors about the savings bank and shared directors/funds.
Measures
Paid out demands promptly; tellers closed accounts rapidly; officers and examiners investigated and reassured depositors; many withdrawn funds were redeposited.
Newspaper Excerpt
The run on the First national bank of Hoboken... one hundred and thirtyseven thousand dollars were drawn out, but the promptness with which all demands were met tended to restore confidence in the institution
Source
newspapers
3. March 19, 1935 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (11)
1. September 20, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1873

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AN IMPENDING CRASH IN HOBOKEN. TWO BANKS embarrassed BY THE FISK & HATCH FAILURE. The following facts in reference to the Hoboken Bank for Savings are furnished by a reporter on the authority of ex-Recorder Pope of Hoboken, who is a director of the bank: Up to yesterday afternoon the efforts to raise by subscription the $67,000 deficiency caused by the late defalcation in the bank had not reached $10,000. The directors, seeing the doubtful success of this movement, have been circulating a petition to have Chancellor Runyon appoint Charles Clinton, the present President of the bank, its receiver if it goes into bankruptcy. Meanwhile, the events of yesterday will probably induce the depositors to take immediate steps to throw the institution into bankruptcy. The failure of Fisk & Hatch impairs the resources of the bank by about $100,000. Deeming it possible that the bank would resume, the directors sent over to New-York a good part of their convertible securities, for the purpose of getting them cashed. Of the amount thus realized they deposited for safe keeping with Fisk & Hatch, $94,000. Immediately upon the announcement in yesterday morning's papers of the crash in Wall-st., the treasurer of the bank went to New-York for the purpose of taking this money out of the hands of the suspected bankers. He reached their office only to learn of their suspension and came back empty-handed. If this money cannot be recovered the bank is in a hopeless state. The directors of it hope that Fisk & Hatch may resume soon, and repay the amount deposited with them. The ruin of the bank will involve the ruin of the First National Bank of Hoboken. No two banks were ever more completely united than these two. They are both controlled by the same Board of Directors, and the funds of the two are common property. Neither bank can be crippled without crippling the other. Owing to these facts several of the depositors in the First National Bank have withdrawn their deposits, and a run upon the bank is dreaded. The sole reason of the strong effort made to save the Hoboken Savings Bank was the desirability of covering the insolvency of the First National Bank It is thought that in the event of the latter

2. September 21, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 21, 1873

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: two or three different hotels in town, and over in Jersey City, from whence be took the train of the New Jersey Central railroad last evening. The directors have made no efforts to secure him. The efforts to trace his whereabouts have been made by private individuals A member of the governing committee of the stock exchange, gave his opinion with reference to the question of public confidence returning this morning, and said the excitement would have died away without further serious disaster but for the suspension of the Union trust. By the time that the doors of the First National bank of Hoboken had opened this morning, about 50 depositors had assembled to demand their money. The tellers went to work and closed accounts as rapidly as possible. The crowd meanwhile increased in size, until not less than 150 depositors were awaiting their turn. The depositors are making arrangements to hold a meeting early in the week. It is said that of the $207,600 which the bank has on deposit in Now York, a large share is in the hands of the bank Commonwealth." COULD NOT SEE IT. New YORK, September 20.-A number of telegrams were received at the post office requesting the postmaster to with-hold from delivery letters bearing the stamp of persons sending messages, and which were addressed to Jay Cooke & Co. The postmaster could not comply with the request. as the postal regulations requirethat after & letter had passed from the mailing office the delivery of it cannot be delayed or prevented by the alleged writer. ADJOURNED The court of general sessions was adjourned early yesterday, to give jurors and court officers an opportunity to look after their bank accounts and securities UNCLE SAM HELPS. The sub-treasurer has posted a notice stating that he has been instruct d by the secretary of the treasury to purchase ten millions of dollars worth of bonds to-day. This prompt response of the government to the request made for the relief of bankers yesterday, gives apparently additional strength to the strong, and encouragement to the weak. A better feeling prevails and it looks now as if the Worst was over GOING UP. Stocks are going up lively and several sales have been made under the rules. The only failure made known yet is that of A. G. White & Co. THE OUTLOOK Western Union has touched 60 Suspensions of the Union Trust company it is likely, will make unavailable balances of smaller brokers, and perhaps force them from active business this day. MORE NEWS. Saxe & Rogers have suspended. A meeting of the creditors of Jay Cooke & Co. has been called to meet on Monday Rumors are circulating lively, and one attributes the suspension of the Trust Co. to the defalcation of Edward Height & Co., just announced as suspended. NEW SUSPENSIONS The new suspensions are Tausig & Fisher, P. M. Meyers, Miller & Walsh, Larens Josephus, Williams & Bostwick. RANDEVBUILT was closeted with August Schnell in the Union Trust Co's office immediately after the suspension of that institution CLOSED The Stock Exchange closed at ten minutes to twelve. ANOTHER SUSPENSION The Union Trust Co. suspended at half past ten o'clock. AT PHILADELPHIA.

3. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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IN HOBOKEN. NEW YORK, September 20.-The run on the First national bank of Hoboken, New Jersey, was continued throughout the day, and one hundred and thirtyseven thousand dollars were drawn out, but the promptness with which all demands were met tended to restore confidence in the institution, and much of the amount withdrawn was re-deposited. The resources and liabilities of the bank are each placed at seven hundred and forty thousand dollars. The managers of the Hoboken bank for savings assert that the bank is entirely solvent, notwithstanding the defalcation of the absconding officer, and that no trouble would have occurred but for the facility some persons have to secure the publication of rumors calculated to excite a feeling of distrust.

4. September 22, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 22, 1873

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summary Saturday Evening's Report. THE VIENNA PLAN-ISSUE OF ASSOCIATED CERTIFICATES New YORK, Sept, 20.-Shortly before noon, in the midst of the panic, the governing committee of Stock Exchange determined to close the Exchange. Imme diately afterwards the committee of the associated banks met at the New York Clearing House, and it was voted by all the associated banks that they would isare certificates pledging the association as whole. These certificates to be issued by the managers of the Clearing House any associated bank, against the deof bank securities or assets. TIME TO CONVERT ASSETS The effect of this action is to enable all solvent concerns in the financial community, to convert their assets into money temporarily and without any sacrifice to themselves. The Stock Exchange or dinarily is simply a medium for converting securities into cash In the prevailing panic the scarcity of money prevented this from being accomplished, securities being offered for sale at con stantly decreasing prices without flading buyers, unless to the enormousloss of the sellers. By the issue of the bank certific cates any bank can realize money upon its assets, and will be thus able to extend to its customers all the accommodation for which they can find security, without compelling the sale or sacrifice of the assets. The whole machinery, therefore, ol conversion is once more set in operation, and is likely to run smoothly and all concerns which have assets will find no difft culty in converting them into money A FEELING OF CONRIDENCE RESTORED This action of the banks at the clearing house meeting gave rise to a feeling of confidence on the street that no addition al failures will be likely to occur, and the impression obtained that the panic was over. la FORKION EXCHANGE FIRMS SOUND The leading foreign exchange firms such as Brown Bros., August Belmont, Henry Clews & Co. and Drexel, Morgan & Co. do not give any sign of feeling the pressure of the past three days' crash. HOW THE ASS'T TREAS R MIGHT HAVE SAVED THE UNION TRUST.CO To too close adherence to the strict letter of the law by Assistant treasurer Hillhouse, may be partly traceable the early suspension of the Union Trust Co. It is understood that the Trust Co. made a last offer to the Department of one million of 5-20 bonds, desiring therefor $1,000,000 greenbacks, to meet the fierce drain upon their deposits. The company assured the Department that the official hour, noon, for the offering of bonds this million should be offered at such figures satwould Insure the accept by the Treasury This private offer was not accepted, and the doors of the Trust. Co. were closed. Other disasters quickly followed. AFFAIRS OF THAT CO. WORSE THAN SUPPOSED The affairs of the Trust Company are worse than most people will be prepared to hear. The amount of Carleton's de y, falcation is larger than at first supposed. It is said it will exceed $500,000 The directors this afternoon considered the is question of appointing a receiver. Carleton has been traced to two or three dif ferent hotels in town, and even to Jersey e 00 City, from whence he took the train of the New Jersey Central Railroad last t. in evening. The directors have made no ef be sorts to secure him. The efforts made to trace his whereabouts have been made by private individuals A member of the Governing Committee of the Stock Exto change gave it as his opinion when questioned that public confidence was returning this morning, and the excitement de would have died away without further serious disaster, but for the suspension of the Union Trust-Company RUN ON THE 1st NATIONAL OF HOROKEN By the time that the doors of the First be National Bank of Hoboken had opened d, this morning about fifty depositors had no assembled to demand their money The g tellers went to work and closed the ac to counts as rapidly as possible. The crowd meanwhile increased in size until not less than one hundred and fifty depositors were awaiting their turn. The depositors are making arrangements to hold a meet ing early in the week. It is said that of n $207,000 which the bank has on deposit re in New York a large share was in the hands of the Bank of Commonwealth n, CONFERENCE BETWEEN THE PRESIDENT in ANDERCY OF THE TREASURY. a WASHINGTON, Sept. 20-It is under g stood that the President and Secretary of the Treasury will hold a conference in New York to-morrow. CITY AND COUNTY PUNDS IN SUSPENDED p. BANKS. NEW YORK, Sept.20.-It was rumored this afternoon that a large amount of city d funds is deposited inone of the suspended at banks, and that some of the county funds were with the Union Trust Company THE RUN ON THE 1ST NATIONAL OF KEN. ts' The run on the First Niational Bank at in Hoboken, N. J. was continued through out the day, and one hundred and thirty y, seven thousand dollars were drawn. out, but the promptness with which all de K. mands were met, tended to restore confion dence in the institution, and much of the amount withdrawn was re-deposited. The A resources and liabilities of the bank are each placed at $747,000. The managers ne of the Hoboken bank for assets say that the bank is solvent, notwithstanding the he defalcation of the absconding officer, and that no trouble would have occurred re but for the facility some persons have to us secure the publication of rumors calcuey latek to excite feeling of distrust ARRIVAL OF THE PRESIDENT-ACONPER ENCE NEW YORK Sent -The President

5. September 22, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, September 22, 1873

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It is stated that there are fifty thousand members of the International Society in Spain. The report that a civil war had broken out in Morocco between the son and the brother of the deceased Emperor is not true. A despatch from Calcutta announces the at sea of the ship loss and Indus, eighteen Coolie laden. Four hundred Coolies perished. strange and fatal disease is preUtah. in a after are valent few A hours at Kelton, they Persons attacked. die The disease resembles fever. denies $100,000 was Gen. Spinner transferred the statement to the Bank of that First National Washington just before its suspension. after the of the the Government Immediately Cortes porogation will proclaim Spain to be in a state of seige. The Spanish press complains bitterly of the detention of the insurgent ironclads by the British navy. Captain Markham, of the British navy, has given an account in detail of the voyage made by Captain Hall in the Polaris. Two detachments of the Rusian force in Khiva have been withdrawn. A very strange and fatal disease is prevalent in Kelton, T., of which the victims die in a few hours after they are attacked. Gen. Judson Kilpatrick, ranking as master, is organizing Granges in New Jersey. account of the voyage of the Polaris before the ciation Bradford. It was An was at given British stated Asso- that to the ever civilized man was the reached nearest by point North pole attained by the expedition. The funeral of Gen. Andrew H. Hoptook place yesterday at Paramus. The deceased was years per eighty-eight colonel old, and was for many years of 4th New Jersey state militla, and subsequently brigadier general of state militia. The president of the Hoboken Savbank has written a letter emphatically the upon ings denying statements the directors made of one of of the the authority bank, said, who also, it is now pronounces them exaggerated. of James mutiThe and body lifeless, Drummond, found lated was on the track of the Morris and Essex railroad It is supposed yesterday. that temper Mr. Drummond, who was strictly a ance was surprised and a passing man, bewildered by train, which ran over and He resided in East Newhe leaves a wife ark, killed where him. and large family. A telegram received from Paris last announced that Auguste Nelaton, the French illness had night eminent previously physician, been reported, whose suffered a and, hour the same died at a late relapse sinking night. rapidly, He was in and a under the surgeon to born Dupuytren, 1807, became first made student Louis XVIII. Nelaton was a Doctor of Medicine in 1836. Yesterday morning Sergeant Lee of the unconscious of a man on Jersey body City police found the the sidewalk in front of 48 Railroad avenue. Blood oozed from a wound in the back of his head. hour afterward he died in the that the wound was decided hospital. An County physician caused Buck by a instrument or a had been drinking comDeceased blunt paving in stone. and with a man named are entertained suspicions pany that Moore, he is the murderer. He was arrested. there was a run on the On Saturday but First National bank in Hoboken, the handed out as as it was called and many seecash was for, sound depositors returned fast ing that the bank was their About money. $137,000 was render paid out. The laws of New Jersey the of the refor all money by sponsible directors bank personally received them, and most of them are very wealthy. Charles S. Clinton, President pro of the Hoboken Savings bank, says to the a been tition that tem. the had rumors circulated effect requesting that peto rethat he acceiver Chancellor is false Runyon if it appoint would tendered him not cept such a position was that there was no him the hands necessity of for the bank in a reand that it was not ceiver, that placing the institution would lose the probable nine- with ty-four thousand dollars placed Fisk an 1 Hatch.

6. September 22, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 22, 1873

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ADDITIONAL SUSPENSIONS. The Effect in London, Washington and Philadelphia. THE PROSPECTS. NEW YORK, Sept. 20. Bankers and brokers, who generally do not come to business till ten o'clock, are again hastening to Wall street on the early trains and boats. The feeling of solicitude is less, however, than yesterday morning. Notwithstanding the temper of the last throng who swayed in and around Fifth avenue hotel last night was far from buoyant, a feeling of confidence prevails this morning based on the determination of the banks to stand by each other and the order of Secretary Richardson to buy ten millions in bonds to-day. The Hoboken, N. J., bank it is thought will have to go under after the reorganization following the recent defalcation of $67,000. Ninety-four thousand dollars, realized from convertible securities were deposited for safe-keeping with Fisk & Hatch. On the announcement of the crash yesterday morning the treasurer came over for this money only to learn that Fisk & Hatch had suspended. Unless it is recovered the bank is in a hopeless condition, and will also carry down with it the First National bank of Hoboken, the funds of the two being common property and both being controlled by the same board of directors. Fisk & Hatch state that having been engaged in no speculations they are confident of recovering themselves when the storm has spent itself. Randolph & Co. say if money goes down to reasonable figures they will soon resume; that their suspension was precipitated by the fact that the Fourth National bank did not certify their checks in time. They deny all connection with Thomas Scott and say the report of their being associated with him arose from the fact that one of the partners is his (Scott's) son-in-law. White, De Freitas & Rathbone expect to resume soon. President Calhoun of the Fourth National bank said last evening that the bank had paid out three hundred thousand dollars during the day and is abundantly able to meet all further demands. COURT ADJOURNED ON ACCOUNT OF THE PANIC. The court of general sessions was adjourned early yesterday, to give the jurors and court officers an opportunity to look after their bank accounts and securities. ATTEMPT TO STOP LETTERS IN THE MAIL. A number of telegrams were received at the post office yesterday, requesting the postmaster to withhold the delivery of

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

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THE SUSPECTED HOBOKEN BANKS. THE FIRST NATIONAL SURVIVES A RUN-HOPEFUL OUTLOOK FOR THE BANK FOR SAVINGS. Early on Saturday a large crowd gathered around the First National Bank, at Hudson and Newarksts., Hoboken. In the same building are the offices of the Hoboken Land and Improvement Company. and the Hoboken Bank for Savings. At 10 o'clock the First National Bank opened, and the depositors speedily formed in line to reach the paying teller. As fast as the books were presented the cash was handed out, much to the surprise of many of the depositors, until by noon over $75,000 were withdrawn. As the day wore on the depositors learned that the bank was in, no danger, and though the total amount withdrawn during the day was over $137,000, many of those who had received their money returned and deposited it again. The First National Bank 18 considered to be one of the most secure in the State, and numbers some of the wealthiest men in the city among its directors, who are by the laws of New-Jersey personally responsible for all the money received by them in trust in any way. No further trouble is anticipated, and the bank officers state that they have sufficient money to pay every depositor in full and leave a balance. Wm. H. Hankins, director of the First Na tional Bank, denies the reports circulated regarding the institution. The capital stock is $110,000, and according to the State laws the stockholders are bound in double the amount of their subscription to make any discrepancy good. Aside from the legal responsibility of the stockholders, and their ability in their private resources to save the institution from ruin, they had, he said, a cash surplus of $70,000 and Governments and other 80curities available for immediate negotiation, sufficient in amount to pay every dollar placed with them on deposit. The Hoboken Savings Bank has $94,000, in Government bonds, on deposit with Fisk & Hatch. Those whose property 18 mortgaged by the bank have subscribed over $10,000, and others have, it is said, promised to advance enough to cover the liabilities. The Hoboken Land and Improvement Company have offered to save he citizens any trouble by taking the mortgages off the hands of the directors. W. W. Shippen, President of the Hoboken Land and Improvement Company and managing executor of the Stevens estate, has written a letter to the directors of the Hoboken Savings Bank, stating that his company will subscribe $10,000 toward making up its deficiency, provided other subscriptions sufficient to cover the deficiency are received, and that, in case the deficiency is made good, the company will take the book of any depositor at par, giving in return the Company's obligation to pay on 60 days' notice, with six per cent per annum, payable in January and July if the amount is left, and the bonde and mortgages from the bank in payment for the amount advanced. If the deficiency is not made good, the company will probably take the books at what they are worth, and take mortgages at par for the claim. It is thought that this announcement will help restore public confidence in the bank.

8. September 23, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1873

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THE BROOKLYN BANKS. NO RUNS, AND A GENERAL FEELING OF CONFIDENCE. There were no signs of a run upon any of the Brooklyn banks yesterday. All of them paid out their money as usual, with the exception of the Long Island Savings Bank, which, according to a determination arrived at by the Finance Committee of that institution, took advantage of the 30 days clause. The Nassan Bank was visited, yesterday, and nothing about it indicated that a financial panie had occurred. President Smith stated that in hisopinson the worst was over. He thought that the Brooklyn banks would not be affected as they did a strictly domestic business, and they were not interested in Wall-st. speculation. Bustness was going OIF as usual, and he had no fears. He thought that the panic was entirely useless. Daniel Chauncey, President of the Mechanics' Bank, said that his bank had not been affected by the panie. There had been no crawd or excitement whatever. and he thought there was no reason for any uneasiness. He thought that the impression prevailed in Brooklyn that the action of the United States Treasurer in issuing greenbacks for Government bonds will relieve the pressure and restore confidence throughout the country. The City Bank was visited, and J. J. Studwell, the President, said that be did not anticipate any serious trouble unless people should get unnecessarily excited. He thought in such a case that the savings banks would be the first to feel the pressure. Arrangements, he said, had been made by the savings banks to sell Government bonds in order to meet any ordinary demand that might be made. He stated that no unusual demands had been made on the City Bank, and he did not expect any. The Brooklyn Savings Bank opened its doors at 10 a. m., as usual, and at noon several depositors drew their money, but there was no exeitement and no prospect of a scare. The South Brooklyn Savings Bank paid out a little more money yesterday than usual, but there was nothing approaching a Fun. Those that called were promptly paid. The Long Island Savings Bank alone took advantage of the provision of itscharter, which permits it to withhold funds for 0 days after it has received notice to pay, but there was no extraordinary demand made upon it for payment. The officials stated that they had not the slightest fear of any panic. The following letter in regard to the condition of the Fulton Bank was yesterday received at the Brooklyn branch office of THE TRIBUNE: To the Editor of The Tribune. SIR: Your article in this morning's paper: regarding our bank is doing this bank great injustice. We have not sunk our capital in Georgia bonds, nor 18 Judge Alexander McCue a director, nor are Mr. and Mrs. WilFowler in liam A stockholders this bank. solvent The bank and upon them as a loss. The bank is perfectly holds$35,000 worth of Georgia bonds, but our surplus covarsthem provided they are a loss, though we do not look fully able to pay every dollar it owes and hold its capital unimpaired. We hope you will make proper correction. Respectfully, A. G. JOHNS, President. Fulton Bank of Brooklyn, Sept. 22, 1873. The article in yesterday's TRIBUNE stated that the bank was controlled by Judge McCue, Kingsley, and others. Further investigation made yesterday shows that the fact is as stated. Mr. McCabe, a friend of Judge McCue. is Vice-President, and obtained his position as attorney for the bank through Judge McCue, who lobbied the charter creating the bank through the Legislature. Judge McCue and the other persons named owned stock in the bank, with the exception of Mrs. Wm. A. Fowler, who owned some until a short time ago. when it was sold. That anxiety was stated to exist as to the standing of the institution was stated only as a rumor, while the statement made on Saturday by the bank officials, was duly credited in yesterday's TRIBUNE. There was no run upon the bank yesterday, and the statement of the President was to the effect that the bank was in perfectly sound condition. RESULTS IN JERSEY CITY AND HOBOKEN. THE FIRST NATIONAL BANK OF HOBOKEN SECURE The deposits received yesterday by the First National Bank of Hoboken were $4,000 in excess of the payments. At an early hour in the morning a number of depositors who had remained away on account of the run upon the bank on Saturday appeared and hand in money. By tea a. III., the regular time for opening the institution, upwards of a score of depositors had left considerable sums in care of the institution. When the doors were opened and the business of the day was fairly begun, it soon became evident that there would be no continuation of the run of Saturday. The transactions during the day were numerous, and the drafts and deposits were paid and received with, perthan the usual speed, yet were at time more than ten dealers windows were closed at p. ID., announcement was made any haps, when gratifying one more the in there that the 3 the bank, receipts of not and the were $4,000 in excess of the payments. One the dealers during the day drew out $9,000, with which he paid a debt, and the person who received the money subsequently deposited the same with the bank. A New-York merchant called on H. W. Kimbail, the acting President, yesterday, and tendered to him a loan of $50,000. cash, in case of an emergency. This was, of course, promptly declined for tue present, as the bank has no need of it. United States National Bank Examiner Adams visited the institution yesterday morning, and passed the day in investigating the accounts. At the close of the investigation he expressed himself fully satisfied with the soundness of the institution, and remarked that there was not a stronger little bank in the State. Mr. Adams submitted the following statement of affairs at the beginning of business yesterday : RESOURCES. and 456 46

9. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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$5,386,380 08 Total LIABILITIES. $4,292,029 53 Due depositors We the undersigned, a Committee on the part of the trustees of the National Trust Company, certify that we have made a careful examination of the securities of the Company, and find them to be accurate and correct. THOMAS W. SHANNON. ROBERT H. BERDELL, GEORGE G. LAKE. GEORGE A. FELLOWS, The difficulty in obtaining payment of the loans which have been called in prevents a speedy resumption of business. The officers expect in a few days to name a time for resumption. INCIDENTS OF THE DAY. A. D. Williams of No. 40 Wall-st., who was reported to have overdrawn checks on the Bank of North America to the amount of $150,0004 reappeared at his office, yesterday, very much distressed over the additional report of his flight. He had been at bome sick during Monday, and looked very little improved in health yesterday. A short conversation with him elicited the following statement: On Saturday a report prevailed that the Bank of North America wouldielose on Monday, and he became 80 far frightened as to withhold depositing alarge amount of securities with which he had intended to make good his overdraft. On Monday the bank proved to be thoroughly sound. and he hastened, as 800m as they were available, be deposit with them $250,000 in marketable securities. Yesterday he secured and deposited with them, $159,000 additional in equally marketable securities. These consisted of St. Paul, Preferred, Western Union, Lake Shore, Pacific Mail, Delaware and Lackawanna, and various other stocks, which aggregated, counting them at SatSurday's prices upon which basis they were taken, $340,000, leaving a margin of $110,000 yet due. He showed securities ample to make up that sum, and it is understood will hand them over this morning. Mr. Donaldson, President of the Bank, stated that Mr. Williams has manifested a desire to correct the matter, and that no doubt remains of his ability and intention to make the remainder good. With that paád in, the Bank of North America will have so-far lost only a Low dollars here and there, throughout the crists. The banking-house of Messrs. Howes & Macy, in the same building with that of Henry Clews & Co., was the subject of unpleasant rumors, yesterday afternoon. and a reporter of THE TRIBUNS called as the bank to learn the truth or falsity of the reports. Mr. Macy stated that their house was not in the slightest danger of suspension. The rumors were pronounced idle, and caused probably by the crowd surrounding Mr. Clews's office. "This is an old fogy bank," pleasantly added Mr. Macy, "and is not at all embarrassed by the panic." The Rogers Locomotive Works at Paterson, N.J.-the largest in that city-discharged 700 men yesterday. This number 18 about one-half of the employés. The order to discharge was based on the countermanding of a contract for 60 locomotives which had been awarded to the company. It is well known that the Company had received orders from the Missouri, Kansas, and Pacific, Mississippi Central, and the Louisville and Nashville Railroads, but the Rogers Company refuse to make public the name of the Company which has countermanded the order. The men who were discharged earned $10,000 per week on the average. and it is expected that much suffering will be felt among them on account of the 1 movement, which' will also effect business throughout the whole city. The employés of other shops are still retained, and it is said that they have enough work to occupy them through the Winter. 0 It was rumored yesterday that a run had been started on a savings institution down town. but investigation 1 proved that it was untrue. The run on the Fifth Ward r Savings Bank, which was begun on Monday. was not resumed yesterday. The confidence in the institution is completely restored. Business at the First National Bank of Hoboken yes0 terday was dull in the extreme, and it is now certain that the run upon this institution is at an end. Nearly a all of the deposits that were withdrawn during the ex8 eitement of Saturday have been returned, and could t dence in the bank and its managers is completely re d stored.

10. September 26, 1873 Staunton Vindicator Staunton, VA
Article from Staunton Vindicator, September 26, 1873

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OF DBFA CATION in is the much There reported difference of of the Sec defal falcation Carlton, the of the Trust Union retary Company the all from given ranging figures to The institution to the 000 day and week, which places it bas also 000 has which be also and this been called, been have next week. Efforts available of to the Carl made hunt City, ton. tracked Jersey he the the took New Jersey whence to Efforts Central by made private trace biendividuals. A OD side run slight savings the was First banks W reported of com Bank which National Hoboken, was contains inued Saturday morniag the were 000 day, the but which condemands the of much fidence The amount and each placed resources liabilities $747,000. OF in Fisk York failed New on with been last. have Friday io the Jay mind, Cooke popular strength breaking with clerks Originally in banking embarked prominent on and a safe banking business Their business and and when comparatives rapidly, comporations for the loans made oplication government the with house large orders, In the well well. they which very were and known the and and with Jay Cooke with Co. Still later, of the the and and construction sub Pacific Central railroad powerful rail with the Ohio sequently it the was road. road. of very their failure. and when Fisk became favorably, its and were credit success believed beyond peradvente in and the The money it dif the of made enterprises to the the firm and bonds ficult ad to the unable obtain found themse to the had they which made compa & of Co. preCook This ny failure to the were crisis unable which the meet, their suspension. Fisk Hatch reputation it was for and When honor liberality that they nounced of eral gympathy THE AND CONSULRichard President son were Vanderbilt and and other leading bankers Sat Hotel urday previously parlors tang! at tbi ble in conference Hen terests H Geo the ry Soligman Clews, Isaac Orton Bailey, Opdyke, of the Union Western president Wm Telegraph H Jas. Sharp Company. L. the Wm Erie (Pa) Burke Bank, Horace Robert Lennox Kennedy Ex Adams Chaplin, the Vail, Bank and Louisiana, Commerce, John Adams Hoey, Expresi Company at this The to as which time ob the effect would Richard the of SOD commit tee and subject and after of several the and President Richardson could the nothing informed been had until precise done of The submitted. the verbally the legal whole should, in of the New this sug he issuing any reserve for Richard President on and to their them embodying present on the what done VIOWS ought the the that part be ap each must the pended Vander About the the room bilt entered the and the occupied became adjoining with waiting thronged ly the and ner exit for king, the faintest vously of his of visit idea is to the The stated at on President reliable the Vanderbird Grant made to the the Treasury authorize in place reserve of the that he 000 adxicul President the to relieve desired to prepresent must, vest the impending conform however, to Mr and Opdyke and Rich rdson of but action, they

11. October 3, 1873 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, October 3, 1873

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Monday was carried through with a ritsh Government had purchased $10,000,000 in bonds, but this had not relieved the street. Everybody had bonds, and everybody wanted the cash for them. A run had been made on the First National Bank of Hoboken, but up to the hour of closing it had paid all demands. One reason for therun was the fact that it had $207,0 of its funds locked up in the Bank of the Commonwealth, which had suspended. The President had reached New York and had arranged for conference with the Secretary of the Treasury and leading New York financiers on the following day. The President had expressed full determination to use the power of the Treasury to the etc. tent of $16,000,000 balance and $44,000,000 reserves. Among others the following addid tional firms had failed Ketchum & Belknap E. C. Brodhead; Saxe & Rogers; Taussig & Fisher; P. M. Meyers; Miller & Walsh Lorenz Josephs; Fearing & Dillinger; Wil liams & Bostwick. The extent of the shrinkage in stock values for the week ending the 20th had been, on some of the leading lines, as follows: Harlem, 393 per cent.; Western Union, 35; Panama, 32: Wa bash, 23; Northwestern 19: Rock Island, 191/2 total shrinkage, according to the best authorities, of over $100,000,000. Telegrams from Philadelphia, of the 20th, state that since the preceding day a better feeling had prevailed in financial circles. It was thought that the crisis had been passed. The run upon the Fidelity Deposit had continued up to the time of closing the institution on the 20th, and every claim had been met. Dur ing the day over $950,000 had been paid out over the paying teller's desk. The Union Banking Company had suspended. The failure was said to have been bad one, and that it would not be able to settle up at over 50 cents on the dollar. San Francisco dispatches of the 20th say that, so far, the Pacific coast interests had not been compromised by the embarrassments in the East. No trouble was apprehenped to general business, except the increased degree of caution Incident to such state of things. A St. Louis dispatch of the 20th announced that the banking firm of Taussig, Gemp & Co. had suspended, in consequence of the suspension of Taussig, Fisher & Co. of New York, of which house it was branch. According to a dispatch from San Francisco of the 20th, fire had broken out in the Yellow Jacket Mine, In Nevada, In the 1,300 foot level. Six lives had been lost. At last accounts the fire had been got under control. A Memphis dispateh of the 20th says the ravages of the yellow fever in that city had been stayed somewhat. The disease had ap peared in New Orleans, and the dengue or break bone fever raged also as an epidemic, In Shreveport the fever exhibited no abate ment. New cases were not so numerous, but the ratio of deaths had been fully as great as at any time since the appearance of the scourge. A telegram from Burlington, Iowa, dated September 20, says that a destructive fire had broken out in the heart of the city at one o'clock in the morning of that day, which swept over two squares before it could be checked. The estimated loss reached $200,000. The Grand Lodge of the I. O. of O.F., in session at Baltimore, Md., adjourned on the 20th, having first voted to hold the next annual Communication at Atlanta, Ga. to News from Washington on the 21st was the effect that the Comptroller of the Currency had directed the collection paper of the First National Bank of Washington to be deposited with the National Metropolitan Bank for collection. The result of the conference held in New York on the 21st, between the President and Secretary of the Treasury and leading financiers, had been the issuance of an order directing the purchase of all five-twenties offered at private sale. It was thought that this measure would release $20,000,000 to $25,000,000 greenbacks, without touching the reserves. The bank statement for New York appeared on the evening of the 20th. From that it appeared that they had sustained loss of $1,579,700 specie and $2,409,300 legal tenders, contraction of $6,114,500 in loans and $9,277, 400 in deposits, during the week ending on that date. In anticipation of a run upon their institutions, the Inter-Occan of the 22d says that the Presidents of the fourteen savings banks of Chicago had conference on the 21st, and mutually agreed to hereafter insist upon requiring thirty days' notice for the with drawal of deposits, according to their respective rules. An Augusta, Ga., dispatch of the 22d says that on the 19th a terrific storm passed over Florida in the vicinity of Tallahassee. A large number of dwellings had been blown down, and the crops in all that section ruined. Three or four lives had been lost, several persons persons injured and large number of cattle killed. The town of St. Marks had been completely washed away, only two houses being left standing, and twenty families had been made homeless. The town of Newport had also been swept out of existence. A telegram from Philadelphia, of the the 22d, says that the financial horizon had better and clearer outlook, and that by the following day matters would resume their normal condition. The Citizens', the Iron, the State and the Keystone banks had temporarily suspended, but arrangements had been made to enable them to resume immediately. A New York dispatch of the 22d says that the financial atmosphere had become much clearer. The business of the day had developed remarkable strength in the banks, only two of them finding it necessary to call for loan certificates at the Clearing House. The Stock Exchange had not been opened, though set tlements were making on generally satisfacin tory terms. It was thought that business the stock line would speedily be resumed. A Washington dispatch of the 22d says that the President and Secretary of the Treasury had reached that city. The President felt confident that the right method had been hit upon to afford help from the Treasury, and the general conclusion reached by the informal interchange of views was, that if further help appeared to be needed it should be given 80 far as it was possible for the Treasury to act. It had been decided to send $20,000,000 to New York, to enable the Assistant Treasurer in that city to buy all the bonds that may be offered. In Chicago, on the 22d, the impression prevailed that the worst had been reached. Money was very tight, but no further failures had been announced. For the first time in the commercial history of that city the usual order of things was reversed in prices. There was scarcely any dealing in "options' in the Board of Trade. Cash wheat sold at $1.05, while seller October ran as high as $1.07 to $1.071/4. "Had it not been for the panie, remarked a leading dealer to reporter, "before the month closed the difference would have been greater the other way.' Ou the 22d, the President appointed Oscar