14021. Hoboken Savings Bank (Hoboken, NJ)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
April 14, 1873
Location
Hoboken, New Jersey (40.744, -74.032)

Metadata

Model
gpt-5-mini
Short Digest
4a44b563

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Directors assessed themselves and solicited subscriptions to cover the deficit; correspondent firm Fisk & Hatch holding funds impeded resumption.

Description

A run began in April 1873 after the cashier (Klenen/Klonen) absconded with funds; additional runs/panics recurred in late July. The bank suspended Aug 1, 1873 citing a discovered defalcation and the suspension of correspondent Fisk & Hatch holding $94,000. Directors solicited subscriptions and planned to resume; the bank is reported resumed Jan 20, 1874. OCR variants of the cashier's name (Klenen/Klonen/Kleanan) appear in sources; I standardize as Klenen when quoting.

Events (5)
1. April 14, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
Reported defalcation by cashier (Fred. Klenen/Klonen) who absconded with funds (initial reports ~$30,000; later larger amounts discovered).
Measures
Officers paid many depositors and kept the bank open beyond usual hours; posted notice to remain open till 5 o'clock to pay depositors; efforts by prominent citizens to reassure depositors.
Newspaper Excerpt
A run commenced on the Hoboken Savings Bank this morning, consequent upon the reported defalcation. ... only $18,000 were drawn.
Source
newspapers
2. July 30, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
Rumor that larger extent of cashier Klenen's defalcation was known; departure of President Sheppard (Sheppard/Sheppard's leave) may have fueled rumor.
Measures
Officials promptly paid many depositors and kept the institution open beyond usual hour; directors called meeting and reassured depositors.
Newspaper Excerpt
a rumor ... that the full extent of the defalcation ... had become known and the bank was insolvent ... crowd ... put in an appearance ... the bank officials very prudently and promptly paid off the panic-stricken book-holders
Source
newspapers
3. August 1, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large defalcation by cashier (reported amounts range $55,000 to $150,000) and pressure of two days' run; additionally $94,000 of the bank's funds were held by suspended correspondent Fisk & Hatch worsening position (articles cite Fisk & Hatch as chief cause of inability to resume).
Newspaper Excerpt
The Hoboken Savings Bank has suspended. Deficit $55,000.
Source
newspapers
4. September 11, 1873 Other
Newspaper Excerpt
The directors agreed to assess themselves for the deficit of $61,757.14, and decided to resume business on Oct. 1; the crowd dispersed after President pro tem reassured depositors that they would be paid to the last dollar and would resume by Oct. 1 at the latest . . . subscriptions solicited to make up deficit.
Source
newspapers
5. January 20, 1874 Reopening
Newspaper Excerpt
The Hoboken Savings Bank has resumed.
Source
newspapers

Newspaper Articles (21)
1. April 15, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 15, 1873

Click image to open full size in new tab

Article Text

FROM NEW YORK. New York, 14. A fire this morning at 415 Fulton street Brooklyn, destroyed goods and damaged the building to the extent of $10,000. Fully insured. This is the second time the building has been fired by incendiaries within a few days. A run commenced on the Hoboken Savings Bank this morning, consequent upon the reported defalcation. The officers of the bank quieted the fears of the majority of the crowd, who left. and only $18,000 were drawn. The excitement is over. Klenen, the defaulter, is not yet arrested. The grand jury this morning proceeded to hear testimony in regard to the money dealers in Wall street. A large number of brokers were present. Mr. Paulding was the only witness examined, although he underwent a searching examination, he knew nothing of the slightest importance touching on the questien under investigation. Recorder Hackett to-day sentenced Mike Donovan for robbing a man in a horse car, to twenty years in the State prison. The boiler of the steamer Westfield blew out two rivets this morning, when nearing her slip at this city, causing a heavy escape of the steam, which produced quite a panic on board. Several passengers are reported as brused in the rush to escape from the illfated craft as soon as she reached her landing. This is the same boat which blew up on Sunday two years ago, killing a large number of person. John Tribb was garoted and robbed in the open street, in Brooklyn yesterday. Escher & Co., heavy silk importers with

2. April 15, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, April 15, 1873

Click image to open full size in new tab

Article Text

NEW YORK. Another Bank Defnicntion--Run Onn SavingsBank--UsuriousRates of Interest in Wall Street Under Investigation-Severe Sentence-eThe Unlucky Westfiold--George Francis Train--Church Squabble-+The Book Salcs--Mliscellancous Local News. NEW YORK, April 14.-A quarrol in a shanty on Fifty-soventh street, yesterday, between Michael Bowen and Patrick Woods,"resulted in the probably fatal wounding of the former. McDermott, who killed his wife yesterday, was driveu out of San Francisco by the Vigilance Committee. The announcement that Frodorick Klonor, Cashier of the Hoboken SavingH Bank, had abBconod with $30,000 of the funds, caused a run on the bank to-day, and at noon 818,000 had been withdrawn. Notico was posted that the bank would remain open till 5 clock to pay off depositors. This, together with the efforts of well-known and responsible citizens, reassured many depositors, and 86,000 of the monoy withdrawn was returned to the bank. The Grand Jury took testimony to-day in IOgard to money-denlers in Wall street. Large numbers of brokers woro present. Up to noon, Mr. Postding was the only witness examined, and although subjected to a searching cross-oxamination, nothing was elicited of the slightest importance touching the question under investigation. Recordor Hackott to-day sentenced Michael Mahoney, alias Michael Donovan, to 20 years' confinement in the State Prison, for stealing a wallet containing 950 from a passenger on a street-car. Eschor & Co., heavy silk importere, with connections in Zurich, Switzerland, are reported as having suspended. The Zurich branch Buspended first. Liabilities, $1,250,000. The boiler of the Staten Island forry-boat Westfield forced two rivete this morning, and tho escaped steam caused great commotion among tho passengers, and in the rush to the storn of the boat many were knocked down and badly bruised. The Westfield is tho boat that exploded two years ago, causing the death of over 100 passengers. The inquiry into the sanity of George Francis Train will be continued to-morrow. Train line summoned, as his witnosses, nearly everystatesman, financier, editor, and physician hereabouts. The Warren Street (Brooklyn) Methodist Episcopal Church was closed yesterday by the pastor appointed by the recent conference. The congregation insist upon having the pastor another year, according to the promise of the Presiding Elder of the district. The Coronor will hold an inquest on Wednesday in the case of Mrs. McDormott, who was 80 brutally murdered by hor husband yeaterday. McDermott is kept in a straight-jackot. His persistent attempts, yestorday, to commit suicide induce the belief that he is insano. The Circuit Court of Hoboken recently gave a verdict in favor of claimants who brought suit against the city for bounty for enlistment after Lee's surrender. The Court of Errors and Appeals has roversed this judgmont, and thus saved the city 850,000. At the somi-annual book trado salo here last week three million volumes were sold. Application was made to-day for a habens corpus in the case of Carl Vogt, hold for the murder of Chevalier do Bianco. Mrs. Lucetta Myors was finally discharged from custody to-day, and the Goodrich case remains as great a mystery as over.

3. July 31, 1873 The New York Herald New York, NY
Article from The New York Herald, July 31, 1873

Click image to open full size in new tab

Article Text

THE HOBOKEN SAVINGS BANK. Another Panic and Anticipated Run"We Only Want Our Money." Faster than the telegraph a rumor was circuculated through Hoboken yesterday that the full extent of the defalcation of Fred. Klenen, the absconding cashier, had become known and the bank was insolvent. Who or what gave rise to this report is yet undetermined, but in a very short time after it went abroad a crowd of anxious depositors, mostly servant girls and poor workmen. put in an appearance at the Savings Bank in Newark street and began to make lively demonstrations, intimating that all they wanted was their money. The bank officials very prudently and promptly paid off the panicstricken book-holders, and kept the institution open beyond the usual hour. It is stated on good authority that the DEPARTURE OF MR. SHEPPARD, the President, from the city was the foundation of the mischievous rumor. Mr. Sheppard has obtained leave of absence for three months, and he has gone to rusticate, not dreaming that his exit would be the occasion of a panic. It IS further asserted that the directors recently elevated to the Vice Presidency Mr. Hazen Kimball, which proceeding seemed to indicate that there had been a screw loose somewhere. While there is every ground for confidence in the management of the institution, it certainly would go far to strengthen that confidence if the directors were to publish a full and clear statement of the present condition of the bank. This would be the most effectual means of quieting the needless alarm that has once again been created by persons desirous of injuring the institution.

4. August 2, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, August 2, 1873

Click image to open full size in new tab

Article Text

A Fat Take for #am Bard. Governor Sam Bard has secured the goveroment patronage for his paper, the Atlanta Era. which resumes publication on the first of September. NEW YORK. Capture of Smuggled Goods. NEW YORK. August 1.-A special revenue inspector, while searching a Spanish brig lot from of choice Havana tobacco, for snuggled cigars, goods, oil cloth, found snuff. a brandy, gin and rum concealed under the coal used for ballast. Marine News. Arrived-Leo. Terry, New Orleans, City of New York and Castelia. Arrived outCity of Montreal and Leipsic. Suspension of in Hoboken Savings Bank. The Hoboken Savings Bank has suspended. Deficit $55,000. The banks holds $1,250,000 bonds and mortgage. Steamers Siezed for Taxes. Two steamers of the Pacific Mail Company have been seized for $126.000 taxes, due the city and county of New York. Slippery Dick in Dublin. It is stated that Dick Connelly, ring contractor. who fled when the snits began, has purchased valuable property in Dublin. Merchants Accused of Smuggling. The books of Dowing & Co. were seized to-day by the Customhouse authorities on a charge of snuggling. The firm state that the charges were only against the old members of the concern. it having passed into new hands since the alleged emuggling took place. Failure in Breeklyn. Joba A. Bette, a real estate, agent of Brooklyn, failed to-day. owing to his connection with the late Mr. Mills, of the Trust Company. Liabilities $700.000. Charge of Cruelty Against Officers of the Nipsic. A seaman of the gunboat Nipsic confirms the published statements of cruelty on that vesse!. None of the officers of the Nipsic could be found today. Suits Against Banks for Interest on Deo posits. The Broadway National Bank. Tenth National Bank and Tradesman Bank, having refused to comply with the demand of the chamberlain. for payment of accrued interest on the city's deposits, the chamberlain notified the corporation's counsel to commence suite for the recovery of all interest LOW due them. Cattle Disease in Mansas. Mail advice@from Cameron, Kansas, describe fearful ravages among cattle in that vicinity. Much excitement prevailed, itasmuch as nearly every family owning cows has lost one or more. The farmers and stock growers adjoining the village have been heavy loserv. Many cows are now $ sick and will die. The disease seems to be communicated by grass eaten, and causes terrible burning, fever, which dries up the acids of the stomach and deposits of the bowele; inflamb mation of stomach followe. No remedy yet discovered. Imports. Imports for the week: Dry goods $2,399. be 919: general merchandise estimated at $3,100,000.

5. August 2, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, August 2, 1873

Click image to open full size in new tab

Article Text

General News. Connolly, the late 'ring" controller of New York city, is reported to have purchased a valuable property in Dublin, Ireland, and settled there. John A. Betts, real estate agent of Brooklyn, is reported to have failed yesterday for $700,000.His troubles were caused by connection with Mills, deceased President of the Brooklyn Trust Company. A l'evenue officer, while searching a Spanish brig from Havana, at New York, for smuggled goods, found a quantity of choice cigars, oil cloth, snuff, brandy, gin and rum concealed under the coal used as ballast. A letter from Fort Black, Texas, dated July 19th, reports an alarming increase of Indian raids and murders on the Mexican border, notwithstunding tho pressace of our cavalry. The Mexicans aid the savages "in every manner possible." A New York despatch pays the Hoboken Sayings Bank suspended yesterday afternoon, the defalcation of its cashier being larger than at first reported. The officeis of the bank admits a defect of $55,000. It is stated that the bank holds about $1,250,000 of bonds and mortgages in trust.

6. August 2, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, August 2, 1873

Click image to open full size in new tab

Article Text

NEW YORK. Notable Lawsuits - Committed for Murder-sAnothor Alleged Revenue Fraud - Largo Failure - Steamers Seized for Taxes-Bank Failure-Miscellaneous Local News. NEW YORK, Aug. 1.-In the case of Mrs. Mary C. Leroy Goodrich, the administratrix of hor late husband, against F. A. Lane, counsel for the estate, Judge Pratt has given a decision that, if tho plaintiff consents to a reference, and procoods with the trial, Lane shall doposit, depending on the trial, $57,000 which he paid himself as percentage out of the estato. Judgo Fratt, of the Supremo Court, has deniod the application for an injunction, made on behalf of Stephen H. Aiden, to restrain his recently-divorced wife from recovering 850,000 in bonds, which Aldon says he was forced to surrender while undor arrest, and to be frood from the companionship of a Sheriff's officer. Caspar Schulo, who fatally stabbed his wife on Saturday night last, at their residence, No. 80 Rivingston street, has been hold by the Coronor to await the action of the Grand Jury. The books of A. C. Downing & Co. were seized by the Custom officers on the chargo of smuggling. The firm stato the charges are only against the old members of the concern, it having passed into now hands BINCO the alleged snuggling took place, over two years ago. John A. Botts, real estate agent in Brooklyn, failed to-day, owing to connections with tho Into President Mille, of the Brooklyn Trust Company. Liabilities, $700,000. The Broadway National Bauk, the Tenth National Bank, and the Tradesmen's Bank having refused to comply with the demands of the Chamberlain for the payment of accrued interest. on the city's deposits, the Chamberlain has notified the corporation counsel to commence suite for the recovery of all the interest now due by them. Late this afternoon the Shoriff soized two steamers of the Pacific Mail Company on suite began by the city to recover $126,000 delinquent taxes. The Hoboken Savings Bank suspended payment this afternoon under the pressure of two days' run. The defalcation of Klonen, the absconding cashier, is discovered to be e55,000.

7. September 10, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 10, 1873

Click image to open full size in new tab

Article Text

From New York. NEW YORK, Sept, 10.-An examination of tbirty-two hundred pass-books of the Hoboken Savings Bank has discovered a deficit of $113,000. There remains to be balanced 1,300 books and if the losses upon these shou'd be equally large the defalcation of Klennen, who absconded some time ago, will be nearly $150,000. The bank now owes its depositors $1,300,000 and will fall short of paying its debts, $63,000. The enormous balloon which has been on exhibition in Brooklyo since Saturday has been visited by thousands. Prof. Wise denies a rumor that he has refused to accompany the balloon on the proposed transatlantic voyage. If the weather will permit the balloon will be cut loose at 6 o'clock this eveuing. If a high wind prevails the car will be left behind and the life boat only used. If the balloon starts on time the acrouauts expect to land in Europe ou the second morning. The call for a public meeting this evening to discuss the subject of cheap transportation and the formation of a permanent organization, has already received hundreds of SI gna tures, embracing every branch of trade, doing business in this city. The board of directors of the Samana Bay Company have resolved to have no negotiations with and to make no propositions to holders of the so-called Hartmoot bonds, held 10 England and declared by the Dominion Government to be null and void. President Stockwell resigned and Wm. G. Fargo was chosen his successor. At the inquest over the remains of Charles G. Kelsey at Oyster Bay yesterday, A. J. Hurd, whose testimony it was thought would throw some light on the murder question, simply testified to witnessing the tarring and feathering of Kelsey. Arthur M. Prime, one of the wen believed to have been connected with the tragedy and a witness examined at the coroner's inquest, was arrested last night on a charge of perjury.

8. September 11, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 11, 1873

Click image to open full size in new tab

Article Text

THE DEFRAUDED HOBOKEN BANK. STATEMENT OF THE EXAMINING EXPERT-THE DIRECTORS TO MAKE UP THE DEFICIT AND RESUME BUSINESS. Yesterday's announcement that the Hoboken Savings Bank had lost $150,000 by its defaulting Secretary created intense excitement in that city. The additional statement that the bank would formally suspend to-day and request the appointment of a receiver increased the general alarm. Soon after 7 a. m. the crowd of depositors began to assemble in front of the bauk, and before 9 o'clock, the regular time for opening the institution, it was estimated that more than 1,000 excited men and women were congregated in the vicinity. When the doors were opened by the employés, and it was announced that a meeting of the directors would speedily follow, a number of the depositors made their way into the building, and angrily demanded to know the truth in relation to the affairs of the institution, and also requested a statement of the developments which had led to the newspaper reports. Charles S. Clinton, President pro tem., announced that the statements published were false from beginning to end, that the depositors would be paid to the last dollar, and that the bank would resume business by October 1 at the latest. The earnestness and evident sincerity of the President as he made these statements made such an impression upon the depositors that the crowd dispersed and only a few individuals lingered about the premi ses. The meeting of the Board, which had been called for 9 a. m., and which had been delayed by the appearance of the crowd, was then called, and the directors remained in session until 1 p. in., in order to receive the report of Mr. Warren, the expert who had been examining the books and accounts of the institution since the disappearance of Frederick Kleanan, the defaulting Secretary. Mr. Warren presented the following statement: 13,136 Number of accounts opened to June 30, 1873 8.442 Number closed to same date 4.694 Accounts remaining open June 30 3,679 Pass-books examined and balanced since June 30. 1873 1,015 Pass-books outstanding Amount of balances due depositors July 1, 1873, on the $1,143,516 80 3,679 pass-books presented and examined Amount apparently due depositors on 1,015 pass books 133,509 outstanding, but not exam bed 1.277.086 70 Total liabilities of the bank Total assets of the bank as per certificate of the present 1,215,329.50 Secretary not including overdrafts 61,757 14 Apparent deficiency Mr. Warren stated that until within the last two weeks he had expected that the assets of the bank would fully cover its liabilities, and had expressed that belief. His reasons for this were that, according to the statement book which was supposed to contain a correct exhibit of the condition of the institution at the end of each month. there was an apparent surplus of assets amount ing to $50,002 03 on hand on March 31, 1873, the last statement written up before Klennan's disappearance, Deducting from this $30,000. the amount of bonds and cash abstracted by Klennan previous to his departure. it was supposed there was still a margin of $20,000 to provide for deficiencies in the amount credited to depositors. On making a thorough examination of the monthly statements it was found that the amount due depositors had been understated for several months past. In this way the actual deficiency had been concealed from the directors and managers, who, it appeared, had accepted the monthly statements without question as to the amount due depositors. The directors agreed to assess themselves for the deficit of $61,757 14, and decided to resume business on Oct. 1.

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

Click image to open full size in new tab

Article Text

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.

10. October 2, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 2, 1873

Click image to open full size in new tab

Article Text

NEW-JERSEY. JERSEY CITY.-The Board of Finance has ordered a warrant drawn for $12,000 to return to water account the amount transferred to assessment account in July. HOBOKEN.-The Mayorand Common Council have been summoned to appear at Treuton ou the 29th inst.. to show cause why $56,000 of the Thirteenth-st. improve ment certificates held by T. Butts and G. F. Oakley should not be paid The North Hudson County Railroad Company has petitioned the Common Council for permission to lay a double track through Newark-st. to It was Paterson-ave. and thence to their incline plane rumored yesterday that John Kennedy, a depositor in the Hoboken Savings Bank had made an application for a receiver, and that notice to that effect had been served on the officers. President Clinton stated that Kennedy had called on him with his counsel yesterday, but that after discussing the matter in relation to Kennedy's deposit no definite conclusion was reached. Kennedy's counsel declined to state what action be would take in the matter, but Mr. Clinton

11. October 26, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 26, 1873

Click image to open full size in new tab

Article Text

FINANCIAL General Distrust in New York. Heavy Fall in Leading Stocks. -Vanderbilt Reported Hors du Combat. Largest Cotton Mills in the World Suspended indefinitely. NEW YORK, Oct. 25.-No bank statements to day. No specially new features were brought out this afternoon, but a general feeling of distrust took possession of the markets, and stocks were heavily pressed for sale at prices from 2 to 41 per cent. below the quotations current in the forenoon. The decline, it is said, was chiefly caused because several large time loans of money on which blocks of Vanderbilt stocks were carried had matured, and the lenders refused to renew them. Accordingly, the stocks had to be sold at the standing. A cause for the decline was also freely circulated, that Commodore Vanderbilt was sick. This rumor was quickly denied, only to give place to another to the effect that there was a hitch in the negotiations between the Trust Co. and Lake Shore, and that the Commodore could not put up the securities he agreed to. When this report had gone the rounds, it gave place to more mischievous rumors that some large stock firms were in trouble, but the day closed without anybody being re ported to the Stack Exchange, or any names being mentioned. The decline in Vanderbilt stocks brought out other long stocks, and the bears also sold freely, which assisted the downward movement. There are many operators on the bear side, for the reason that it is now easier to sell than to buy stocks, and this carries the stock down on every unfavorable rumor. Gold Movements at the Sub-Treasury. The Treasury operations for the week at the New York office, included the disbursement of $700,000 in gold for interest, and in the redemption of 5-20 bonds, and the receipt of $1,109,900 for customs in specie. The exports for the week were nearly four hundred thousand, principally silver bars, and the imports over fifteen hundred thousand pounds. The general merchandize imports, including dry goods, were $5,830,093; produce, exports $7,430,726. Peake, Opdyke & Co. In view of the depression in Wall street, the announcement is gratifying that the well known dry goods firm of Peak, Opdyke & Co., who suspended just three weeks ago, will resume Monday next. This event will doubtless contribute greatly to the restoration of business confidence. The Evening Mail says several Directors of Hoboken Savings Bank have, during the last three or four days, made extensive transfers of property. In view of their action, County Clerk Kennedy, who has $8,000 on deposit in the bauk, made a peremptory demand for his money. He didn't get it and well, it is said, throw the bank into liquidation. 500 More Employees to ibe Turned Loose. The Danforth Locomotion Works, in Patterson, employing 500 hands, will soon stop. Expansion of $125,000. WASHINGTON, Oct. 25.-The outstanding legal tenders are 360,284,888. New York Factotries Following New England. CAHOES, Oct. 25.-Harmony cotton mills, the largest of the kind in the world, will close to-night indefinitely. It is probable the woolen manufactories will soon follow. NEWBURGH, Oct. 25.-The Newburgh steam mills owned by Garnes & Co., of New York, have stopped, throwing four hundred persons out of employment.

12. October 26, 1873 The New York Herald New York, NY
Article from The New York Herald, October 26, 1873

Click image to open full size in new tab

Article Text

THE HOBOKEN SAVINGS BANK. The managers of the institution above named have prepared a report which is to be sent in pamphlet form to the depositors in a few days. It gives a history of the action taken by the managers from the day of Klenen's flight to the present; justifies the secrecy observed in endeavoring to have the thief arrested, and shows the excess of liabilities over resources to be $54,020. The suspension of Fisk & Hatch, with $94,000 of the funds of the savings bank in their possession, is declared to be the chief cause of the managers' inability to resume payment. Messrs. Ship pen & Kimbali, in a conference with Fisk & Hatch, learned that in all probability the $94,000 would be returned with interest after Ave or six months. Subscriptions to make good the deficit have been proffered to the extent of $32,285. The only courses open to the depositors are said to be: First, to wait patiently until Fisk & Hatch resume, and second, to obtain their money by legal procedure, and thus throw the concern into bankruptcy. Hence it will be seen that the managers themselves must have confidence in that which they wish to impress upon the minds of the depositors-viz., the prospective resumption or payment by Fisk & Hatch. If the directors be. lieve this it is very easy for them to perform a heroic work of charity by promising to hold themselves responsible for the resumption of Fisk & Hatch, and thus relieve an amount of distress and misery without parallel. Hundreds of poor laborers out of employment, with wives and helpless children, are lamishing in bleak hovels upon the meadows, and some persons are known to have died heart-broken in consequence of the failure of the bank. Other impoverished depositors are parting with their pass-books at, ruinous sacrifices. This could be remedied by the wealthy managers without ultimate loss to themselves. Some of them have accumulated princely fortunes, a small portion of which they can well afford to risk, now that they have seen the best periods of their lives. Such a work of magnanimous labor might not be accounted a "business" transaction, but it certainly could not fail to find yet some suitable return, and it would inscribe their names forever upon the hearts of the suffering poor.

13. October 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 27, 1873

Click image to open full size in new tab

Article Text

FINANCIAL. NEW YORK. WILL RESUME. NEW YORK. Oct. 25.-In view of the depression in Wall street to-day, the announcement in gratifying that the well-known dry goods firm of Poako, Opdyke & Co., W.J suspended just three weeks ago, nt the timo of.tho paute, will resumo busi11038 on Monday noxt. The event will doubtless contribute greatly to the restoration of business confidence. PROCEEDINGS SUSPENDED. Prosper P. Shaw, one of the Directors of the New Jersoy Southern Bailroad, who brought suit against the Company for $70,000, having made call loans to the road amounting to $100,000, says he intends to take no further steps in the proceeding, being convinced the road can be made to meet all liabilitice and become a profitable onterprise. THE KENYON COX & CO. BANKRUPTCY CASE bas been again postponed. It is said that private negotiations are going' on with a view to settlemont. HOBOKEN SAVINGS BANK. The Evening Mail says several Directors of the Hobokon Savings Bank have, during the last three or four days, made extensive transfers of property. In view of their action, County Clerk Kenody, who has $8,000 on deposit in the bank, made a peremptory demand for his money. Do did not get it, and will, it is said, throw the bank into liquidation. THE TRADES. The effects of the Into panio are very apparent in the dullness of soveral ornamental trades, some of the manufacturers employing their men but eight hours a day, and paying thom only a percentage of wages. The employers, however, are daily expecting an improved state of affairs, and will not discharge their mon unless business becomes really unprofitable. Builders assort that the outlook for abundance of work le not very promising, and say they are absolutely compelled to reduce wages in order to carry on their business and reap " decent profit. The master masous aunounce that aftor Nov. 1 next they will pay masons and bricklayers $3.50 a day, and laborers 82. The men have not yet taken any action on the proposed reduction. The Bricklayers and Masons' Union, of this city, is a vory powerful organization, whose members have time and again dictated laws to the master masons. The prevailing sentiment among mechanics of all classes seems to favor n settlement of all questions of wages by arbitration rather than by strikes and kindred agitations.

14. November 12, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, November 12, 1873

Click image to open full size in new tab

Article Text

gether null and void. It also indicts the major excommunication ippso facto on canom and dignataries of cathedrals if they vexture to give up the administration of any church to such nominee of the civil power, reserve absolution in such case, especially to the Roman pontiff, for the time being, and declares all acts of such instructors to be null and void. LAMAR VS. DANA. The suit of Gazzaway B. Lamar of Sn. vannah, Georgia, against Chas. A. Dana for alleged false imprisonment, while the was was argued latter in the assistant United secretary States District of war, court to-day, Dana's defense is that the arrest was made in good faith under the orders of President Lincoln. RAILROAD DIRECTORS At a meeting of the directors of the Hannibal and St. Joe railroad to-day, A. W. Lamb of Hannibal, was elected preident of the company. The officials of the Hoboken savings bank, which institution. has been aus. pended nearly ten weeks report Fisk & Hatch intend soon to resume payment. when the savings bank will again open for business. In response to appeals from the laborers of Brooklyn the Board of City Works to-day set 450 men to work on public improvements. The total amount contributed for the relief of the Memphis sufferers on election day was $7,836. TERRIBLE ACCIDENT A boiler exploded this evening at the used avenue corner Fourth by of Coyne Fifth & avenue improvements. Beener, and contractors Twelfth Seven street of persons were instantly killed, and several wounded. All of the killed had either the whole or a portion of their heads blown off. The following are the names of those killed : John Gibson, John Folley, Phillip Miller, George Beecher, Louis Baisford, aged 18, Wm. Breth, a choolboy who was passing over a temporary bridge to the track, aged 14, and Irwin Bitteriaine, aged 12. Along the upper portion of Fourth avenue the N. Y.C. and Hudson River street R. R. Co. for is the engaged purpose in of excavating sinking their the tracks below the present level. Numerf ous ) are on power hoisting from movable Riachinery engines worked by used steam I the work of excavation and it was the s one was boiler which exploded of to-day. of those The boiler engines an upright high pressure of tubular sort. was t to a age had It intrusted in charge it of boy John 13 years Barmer, of who who had been allowed to act as engineer to a score 8 a boiler the exploded peril of with terrible of lives. noise, The and an instant afterward. as the dirt and de, bris cleared away, the ground was seen to f be strewn with the bodies of dead and wounded, horribly torn and mutilated.

15. November 13, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, November 13, 1873

Click image to open full size in new tab

Article Text

NEW YORK. NEW YORK, Nov. 11-The general road and steamship ticket agents held a meeting to-day and formed a permanent organization for the purpose of maintaining passenger the railroad rates, and protection against managers to abolish the business of commission agencies. Every agent in the city was present, and steps were taken to unite the agents throughout the country. A committee was appointed to represent the association at a railroad meeting in Chicago on the 19th inst. At a meeting of the Directors of the Hannibal & St. Joeseph Railroad, A. W. Lamb, of Hannibal, was elected President of the company. By a boiler explosion on Fourth Avenue' this afternoon, seven persons were killed and several injured. The officials of the Hoboken Savings Bank, which has been suspended nearly ten weeks, report that Fisk & Hatch will soon resume payments, when the savings Bank will again open for business. NEW YORK, Nov. 12.--The failures in the tea trade yesterday are attributed rather to competition, which is growing up in the west, than to panic. The Great Western marts, it is said, are receiving their teas mainly by way of San Francisco, and many smaller firms here have been wound up owing to this withdrawal of trade. The decreasing trade is mentioned as the cause of one of the heaviest importing firms advertising two vessels of their fleet for sale. At a cabinet meeting yesterday a Washington correspondent makes the President say that he had read that eighty Cuban insurgents captured as prisoners of war had been shot on the field, and while the report lacked confirmation he was prepared to hear of its confirmation. After what had already occurred in Cuba, he was satisfied that the Spanish government did not and would not approve of such butchery. It was a matter, however, which an enlightened nation could not overlook, if indeed this warfare was necessary to the support of the Spanish republic. Individually he could not wish such a government prosperi If the Spanish people in their effort to establish a republican form of government could not control their possessions in Cuba, then in the interests of humanity he thought it time to inter: fere, not to encourage the struggling Cubans, nor embarass the Spanish re public in any way, but wholly in the interest of civilization and humanity. NEW YORK, Nov. 12.-The financial situation is improving and the money market has fairly settled down to seven per cent. with nothing doing above Some trouble is found in money many that rate. quarters in placing at this rate particularly for government bonds as security. I The banks have made a further gain of twelve thousand dollars in legal tenders to-day, making the total now f held by the Associated Banks at twenty-six million two hundred thousand dollars. : Relief, or loan certificates, issued to i banks during the heaviest panic presi sure upon them, are being liquidated gradually, so as not to bear too hoavily on merchants.

16. November 18, 1873 Alpena Weekly Argus Alpena, MI
Article from Alpena Weekly Argus, November 18, 1873

Click image to open full size in new tab

Article Text

Col. James Lupton, formerly paymaster in the United States army, who gave Capt. Hall the book on the eve of his departure, wished to obtain it if ever found, as he carried it through our civil war, she relinquished the wish. Mrs. Hall was visibly affected when she saw the deeply worn volume. The old inscriptions made by paymaster Lupton on the fly-leaf, "Lookout Mountain," "Stone river," "The Bloody Field of Chickamauga," "On the march to Atlanta," etc., etc., can still be easily read. The officials of the Hoboken Savings Bank, which institution has been suspended nearly ten weeks, reports that Fisk & Hatch intend soon to resume payment, when the Savings Bank will open for business. The loss of the Ismalia is fully credited at the Ship-news Exchange. She sailed for the Mediterranean on the 29th of September with a heavy load of freight, but carried no passengers. The last seen of her was on the 2d ult; when she was stopped off the coast of Nova Scotia by a sailing vessel short of provisions. The vessel and cargo were valued at nearly half a million.

17. November 26, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, November 26, 1873

Click image to open full size in new tab

Article Text

NEW JERSEY NOTES. A further deficit of $5,000 has been discovered in the accounts of ex Collector Broadwell, of Newark. The Morris and Essex railroad company will apply. to the legislature for authority to run a new ferry across the Hudson river. Thomas and William Munro were arrested in Jersey City yesterday on a charge of attempting to rob the Centenary M. E. church on Pavouia ave nue. They had entered the church, but were frightened away before they had secured anything. In the United States court at Tren ton yesterday, E. M. Miler was ap pointed assignee of the New Brunswick carpet company. The assignee was given permission to use up the piece material, and to run the machinery at stated times to prevent its deterioration. The hearing in the Hoboken savings bank bankruptcy case has been postponed for two weeks. Commissioners Farrier and Gillette, of the Jersey City Board of Public Works, indulged in some unbecoming personalities at a meeting of the Board yesterday. Mr. Farrier, as one of the committeee to whom the bills had been referred, had audited a bill of $246.20 for setting twelve drinking fourtains and a second bill of $369.49 for setting twelve horse troughs. Mr. Gillette objected to them as excessive. Mr. Farrier said that as Mr. Gill tte had shown SO decided a disposition for economy he had bet er "go down to the city treasury and pay back the money he had overdrawn last year." Mr. Farrier subsequently offered a resolu tion that Mr. Gillette be requested to refund to the city treasurer the amount of the overdraft. He said that Mr. Gil lette's salary was reduced in March last from two thousand and five hundred dollars to one thousand dollars per year, but that Mr. Gillette drew for March at the rate of two thousand and five hun dred dollars. Mr. Gillette explained that it was a mistake and seconded the motion, which was finally lost.

18. December 2, 1873 Elizabeth Daily Monitor Elizabeth, NJ
Article from Elizabeth Daily Monitor, December 2, 1873

Click image to open full size in new tab

Article Text

NEW JERSEY NOTES. The panic has seriously affected trade in Rahway. The largest firms have stopped work. Work has been suspended on the Easton and Amboy railroad. The supervision officers, except two, have been discharged. Stephen Rockwell, a mechanic, died in Paterson yesterday from poison by colchicum, taking the mixture internal ly instead of using it externally. Patrick Larkins, who was 80 terribly ent with a hatchet in Jersey City on Nov. 12, lies in a critical condition and cannot survive. He is sixty-five years old, and has eaten nothing since the assault. On November 22 a married woman named Brennan, suddenly died and was buried at Clinton. Suspicions of murder have been set afloat. and the body has been exhumed for post mortem examination. The depositors of the Hoboken Savings Bank held an exciting meeting last night in Odd Fellows hall, to take action concerning the recovery of their money. A committee was appointed to make a thorough investigation.

19. December 21, 1873 The New York Herald New York, NY
Article from The New York Herald, December 21, 1873

Click image to open full size in new tab

Article Text

THE HOBOKEN SAVINGS BANK. In the United States Court at Trenton yesterday the petitioning creditor withdrew his suit, it having been announced that the claim against Fisk & Hatch for $94,000 had been adjusted and the other difficulties overcome. The bank may consequently resume at an early day; otherwise another petition will be filed against it. The probability is that the directors will soon reopen the concern. The result will be an overwhelming run, which cannot cease until the last mortgage held by them is foreclosed. The reason is that the depositors have lost all confidence in the Board because of their action during the Klenen régime. The universal wonder is that the SIX or seven sterling men in the Board allow their names to be connected with the other directors. The only possible measure to avert the coming run and panic is for the directors to reorganize. They owe it to the thousands who suffer by the existing state of things. If the wirepullers stubbornly persist in keeping their places, the whitewash of local sycophants cannot conceal their real motives for so doing. The managers have repeatedly declared that they received no pay for their services, and hence it cannot be difficult for them to rest from their long and philanthropic labors. It should be remembered at the same time that a few outsiders have been airing themselves at depositors' meetings and elsewhere, with the sole desire of getting into the Board of Managers. Some of these men have already read the bankruptcy law to advantage, and would become elements of destruction rather than of recuperation. But there are many good and trusty men in Hoboken who ought to be put in the places of those that have lost caste in the Board of Directors.

20. January 21, 1874 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, January 21, 1874

Click image to open full size in new tab

Article Text

NEW YORK, (The Steamer City of Panama. NEW YORK. January 20.-The Pacific Mail Steamship Company say the City of Panama is one of the now fleet of iron steamers built by John Roach & Sons. She was delivered at our dock by the builders on the tenth instan%, but was not fully come pieted in the matter of 'her outfir. and Roace has had fifty men at work upon her since her arrival. and will not withdraw them until to night. No vrew has ever been II board of is other than those employed by Roach, 08 engineers, sailors a coal passers. It was not intended to take passengers 49. this her first trip, as the managers eleeired to make a trial trip of her machinery before sending her to the Pacific coast. There was no mail on board. and the post office department was notified on Thursday last that the ship would sail on Tuesday the twentieth instant, at twelve o'clock M. Death of the Siamese Twins. & dispatch from Richmond, Virginia, saye a dispatch from Greensboro, North Carolie na, gives the announcement of the sudden death of the Siamese twins on Saturday morning last, at their residence at Mount Airy, Surry county, North Carolina. There are no details further than the fac? that Chang was paralyzed last fall, since which time hehas been tretful, very much debilitated. and strongly addicted to drink ing liquor as a means of alleviating his and ferings. He had Seed quite feeble for several days indeed, so much as to confine both brothers to bed, but the illness was not so great as to cause any anticipation of the catastrophe that was to follow. On Friday night they retired to bed as usual, but during the night Chang became worse and expired suddenly about four o'clock Saturday morning. As soon as it was discovered that he was dead, Eng be. came so terribly shocked that he raved wildly for awhile, at times exhibiting signo of great mental aberration. This attack was followed by what seemed to be a deadly stupor. In two hours. it is supposed. from the death of Chang. sing breathed his last. Mexico. A Herrill special from the City of Mexico saye the grant to the Mexican Railroad Company has been approved by Congress. The grant to the Tehuantepec Company been suspended for a year. All Mexico is in peace. The Arapiles, The Spanish man-of-war Arapites good of the dry dock again to repair the damage caused is striking a reef in the East river. The Hoboken Savings Bank has resumed. Navy Yard Matters. A large number of men were discharged from the navy yard last night, and more will be discharged by Saturday. The work of repairing the Florida and Minne BOTA will be discontinued. The monitor Dictator is lying at the main dock taking. in coal: she will not leave the yard until next Thursday. The Roanoke will go down the bay in a couple of days. The sloop-of-war Frolic sailed for Key West to day, carrying out a draft of sailors COPOSE squadrors Dead. D The servant Eiri who was shockingly ino jured by jumping from the window of Mro Stiner's house, during the fire last weeko o has since died. Important Decision. a Judge Blatchford to-day decided $ case where certain banks claimed to be COR sidered special creditors that the bankrupt laws of the United States did away with all claims of banking institutions as prior to those of other creditors, and that banko should be ranked among general creditoreo s Tug at Secretary Richardsone At a meeting of steamboat and tug with are 10-day a committee was appointed to confer with Secretary Richardson 80% 0.0 kolds times

21. April 30, 1874 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 30, 1874

Click image to open full size in new tab

Article Text

NEW JERSEY. Hoboken, 59. Frederick Klenen, the fugitive ex-secretary of the Hoboken Savings Bank, who embezzled $140,000 of its funds, causing a suspension, and who was arrested after a long pursuit in Dover, England, March 31st, arrived yesterday in charge of detective McDonough.