14095. Madison Square Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 9, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
2308de39ba0c68e7

Response Measures

None

Description

Articles describe a refusal by the St. Nicholas Bank (the clearing agent) to clear Madison Square's checks, a crowd of depositors and heavy withdrawals on Aug 8–9, 1893, the bank's posting that it would not open (suspension), appointment of receivers later in August, criminal charges against officers, and subsequent liquidation/receivers' actions. Sequence: run → suspension → receivership/closure.

Events (3)
1. August 9, 1893 Run
Cause
Correspondent
Cause Details
St. Nicholas Bank refused to clear Madison Square Bank's checks, precipitating crowds and withdrawals.
Measures
Harry Goldstein agreed to bond himself for $300,000 to pay depositors; examiners investigated.
Newspaper Excerpt
The reports that the Madison Square Bank ... would not open to-day, sent a great crowd of depositors to the institution to day to get their money
Source
newspapers
2. August 9, 1893 Suspension
Cause
Correspondent
Cause Details
The St. Nicholas Bank, acting as clearing agent, refused to clear checks for Madison Square after learning capital was impaired.
Newspaper Excerpt
a notice was posted to the effect that the bank was closed. The suspension was due to the refusal of the St. Nicholas Bank to clear the bank's checks
Source
newspapers
3. August 24, 1893 Receivership
Newspaper Excerpt
the examiners have finished their work and it is probable that the receivers will take charge to-day. Charles M. Preston, State Superintendent of Banks, was at the bank nearly all day yesterday... Receivers O'Brien and Connor went to the bank yesterday and had a conference with Mr. Preston.
Source
newspapers

Newspaper Articles (25)
1. August 9, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, August 9, 1893

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CLOSED. BANK MADISON SQUARE Failure of the Big New York Bank Due to the Refusal of St. Nicholas Bank to Clear Checks, NEW YORK, Aug. -The reports that the Madison Square Bank on Twentyfifth street, would not openjto-day, sent a great crowd of depositors to the institution to day to get their money, if possible. They were disappointed as a notice was posted to the effect that the bank was closed. The suspension was due to the refusal of the St. Nicholas Bank, the bank's clearing agent, to clear the bank's checks any longer, it having been learned that the capital of $500,000 had been impaired about $80,000. The St. Nicholas at once sent word to all clearing-house banks of the action taken. An examination by clearing house officials showed an impairment of the amount stated. This was caused by the steady drain of deposits amounting to $1,000,000 in two months. The bank still owes depositors about $1,000,000. The bank's assets are said to be perfectly good and sufficient to pay depositors in full.

2. August 10, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 10, 1893

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A MILLIONAIRE'S GUARANTEE Saves a New York Bank from a Dangerous Run. NEW YORK, August 9.-The, action of the St. Nicholas Bank yesterday in refusing to clear with the Madison Square Bank and the posting at midnight of a notice that the latter institution was tempororily closed, had the effect this morning of bringing a crowd before its doors. The crowd was composed mainly of small depositors who anxiously inquired as to the safety of their money. The large depositors, it was stated, had full confidence in the bank and were not on hand, but those who had come exhibited the liveliest interest in the affairs of the institution. No information could be obtained. At 9 o'clock Examiner Judson and two assistants put in an appearance and proceeded to examine the affairs of the bank. About 11 the fears of the depositors were somewhat allayed by the appearance of Harry Goldstein, the millionaire coal dealer, who agreed to bond himself in $300,000 to pay all depositors. At noon all the anxious depositors had disappeared.

3. August 22, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 22, 1893

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ANFORTH WAS WARNED. KNEW THE PLIGHT OF THE MADISON SQUARE BANK. PRESENCE AT THE MEETING OF DIRECTORS JUST BEFORE THE SUSPENSION-THE EAST RIVER BRIDGE COMPANY A LUCKY DEPOSITOR. vidence is accumulating that the State TreasElliot Danforth. knew a great deal more of affairs of the Madison Square Bank before its pension than he has been willing to admit. A appeared yesterday which resulted in secura statement from one of the directors of the which shows how close Mr. Danforth was to management of the institution. It was charged this article that Frederic T. Uhlmann, one of directors of the bank, had received information dvance that the bank was in difficulty and had out $53,000 on the day that it was decided the bank should suspend. It was said that he this information from R. T. McDonald president of the Fort Wayne Electric Company is a director in the bank. Uhlmann hastened to deny this report yes immediately after it had secured circulation Wall Street. He declared that he kept only his account there. and that the last check he drew upon the bank had been to pay a bill at the Hotel Savoy. Mr. Uhimann further that he knew almost nothing of the bank's as he took no part in the management. I from Mr. McDonald that the information was which shows that Mr. Danforth was fully of the bank's condition and that he had time to withdraw the State's deposit long behe did, if he had cared to do so. McDonald was seen by a reporter yesterday at his office in the Edison Building, in Regarding the story relating to Mr. he said to a reporter: Uhlmann did not have a large personal ac in the bank, but as a director in the East Bridge Company he was instrumental in see that the amount named, $53,000, was drawn out the morning previous to the day when the notice posted saying that the bank had suspended Danforth called upon me and asked me about bank. I told him that I thought that it was all This was the second time that I had met I met him once before that in the Hoffman when he was introduced to me. After Dan had talked with me he went over to see sident Graves, of the St. Nicholas Bank. I do know what, was talked about there. but about clock on the same afternoon I received a telemessage from Cashier Thompson, of the Square Bank. He said that the members he Clearing House Committee were then at the and were examining its affairs. telephoned immediately to Mr. Uhlmann, and took a carriage a few moments later for the We reached there about 4:30 o'clock. 1 cansay whether or not Mr. Danforth was there but of this I am sure: I saw him there a minutes after our arrival. The Clearing House mittee was in session in a room at the left the entrance, and the directors were in sesin another room. Mr. Danforth constantly going in and out of the room where the were meeting." you tell Mr. Danforth that the bank was to close, and that he would better draw out State deposit?" was asked. cannot say whether or not I did. My imis that I did. He would have been a fool the circumstances. knowing what he did, to have been aware that there was trouble, and have failed to withdraw the State's funds. I that he did a very sensible thing to draw money out as he did. At 6 o'clock in the evenMr. Danforth picked up his satchel and shook with me at the Broadway entrance to the I presume that he went to Albany. I do not The officials of the bank did not know that St. Nicholas Bank had refused to clear for it a reporter informed them of it. There were notes of Danforth's in the bank. making a of about 53,000. All of them were discounted the last six weeks. I think that the State had been in the bank for the last two

4. August 24, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 24, 1893

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NOW FOR THE LONG DELAYED STATEMENT. THE CONDITION OF THE MADISON SQUARE BANK WILL PROBABLY BE KNOWN THIS AFTERNOON. The long delayed statement of the condition of the Madison Square Bank will be given out this afternoon. After two weeks the examiners have finished their work and it is probable that the receivers will take charge to-day. Charles M. Preston, State Superintendent of Banks, was at the bank nearly all day yesterday. He talked to a Tribune reporter as he was leaving the bank at 5 o'clock yesterday afternoon. "How soon will the statement be made?" was asked. "Probably to-morrow. We have practically finished our work. I will give the statement to the press at 4 o'clock to-morrow afternoon." "Will the receivers then take charge?" "I don't know positively; presumably they will. If it is the desire of those interested in the bank that we keep possession for a day or two more, perhaps we may do so. The officers of the bank are making vigorous efforts to resume." "What has delayed the statement so long?" "Well, the bank's affairs were in a badly tangled condition. Many of the loans butstanding. both small and large, had to be investigated carefully before judgment could be passed upon them. The security was in some cases not easy to estimate, and many of the names on the paper were unknown. The failure of the Commercial Bank, in Brooklyn, diverted the attention of the examiners. Then the bank officials made a great deal of bother. running in and out, in their efforts to put the bank on its feet." "Has the bank been found to be in a bad condition?" "That depends upon what you call bad. Our statement will show, I think, that the depositors will be paid in full." "Do the unsecured loans amount to a large figure?" "Well, I should call them large figures. I should call a loan of $25,000 a large one. Mr. Blaut has large liabilities, some of which are secured. A man of excellent financial standing has guaranteed that President Blaut's obligations to the bank shall be met in full. We have thrown out all doubtful paper in our reckoning of the amount to cover deposits. Not counting the money due from Mr. Blaut, there is sufficient to pay depositors." Receivers O'Brien and Connor went to the bank yesterday and had a conference with Mr. Preston. It is said that the amount due depositors is about $700,000.

5. August 27, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 27, 1893

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RAISING MONEY FOR THE MADISON SQUARE. The receivers who are in charge of the Madison Square Bank were not at the bank yesterday. President Blaut was there engaged In his struggle to raise funds in order that the bank may resume. It was said that the receivers were inclined to give the officials of the bank as much time as possible, that they may make up the amount of the impairment of the bank's capital.

6. September 23, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 23, 1893

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A New York Bank to Resume. NEW YORK, Sept 23.-It is probable that the Madison Square bank, which suspended during the recent stringency in the money market, will resume business shortly. A meeting of the stockholders was held yesterday, and it was announced that more than half the money necessary to supply the bank's deficiency had been subscribed, and that the remainder was practically guaranteed. The sentiment of the stockholders is in favor of resumption and a final vote will be taken at the next meeting.

7. October 11, 1893 Morris Tribune Morris, MN
Article from Morris Tribune, October 11, 1893

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Tuesday, Oct. 10. Count Ferdinand De Lesseps is dangerously ill. Paid admissions at the world's fair Chicago day were 713,646. Louis James will contest Marie Wainwright's suit for divorce. Three billion cigarettes were smoked in this country in the fiscal year just ended. Thirty-three new cases of yellow fever were reported at Brunswick, Ga., Monday. There is a probability that the suspended Madison Square bank, New York, will resume. Edward Hanlan offers to back Dunnan to row Gaudaur 1 1-2 miles straighaway race for $1,000. The boundary line controversy between Illinois and Iowa will come up before the United States supreme court at Washington in a few days. The Countess of Clancarty gave birth to a daughter Monday. The countess was formerly Belle Bilton, a music hall singer. She married the present Earl of Clancarty in 1889 when he was Lord Dunlo. He sued her for divorce in 1890 but the jury decided against him. After the verdict he became reconciled to her.

8. October 11, 1893 New Ulm Review New Ulm, MN
Article from New Ulm Review, October 11, 1893

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TELEGRAPHIC BREVITIES. I Louis James will contest Marie Wainwright's suit for divorce. Three billion cigarettes were smoked in this country in the fiscal year just ended. There is a probability that the suspended Madison Square bank, New York, will resume. Edward Hanlan offers to back Dunnan to row Gaudaur 1 1-2 miles straighaway race for $1,000. The Countess of Clancarty gave birtb to a daughter Monday. The countess was formerly Belle Bilton, a music hall singer. She married the present Earl of Clancarty in 1889 when he was Lord Dunlo. He sued her for divorce in 189) but the jury decided against him. After the verdict he became reconciled to her.

9. October 24, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, October 24, 1893

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up the stone stairs. This was at 10 o'clock. McDonald was brought down from headquarters in a cab by Detective Crowley. Justice Grady, who had heard of his plight. and who is a personal friend, was on hand to cheer him up. Judge Martine held court in his private room. No one was present but the Judge, Assistant District-Attorney Weeks, Judge Grady, Mr. Stokes, the detective, 'the prisoner, and the reporters. The judge was shown the warrant. Mr. Stokes said he wanted to go ball, and qualified in $20,000. Judge Martine set the ball at $10,060. Stokes and McDonald then left the court-room quickly. BLAUT ALSO ARRESTED. Late to-night Lawyer Untermeyer. counsel for the receivers, was seen. He stated positively that President Blaut had been arrested. He said that Blaut'and Cashier Thompson were charged with forgery. Mr. Untermeyer made a statement regarding the bank's affairs. He also said that other directors would be arrested charged with fraudulent insolvency. Mr. Untermeyer said: "The receivers have found that the whole system by which the Madison-Square Bank was operated was rotten."

10. October 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, October 26, 1893

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IR. SELOVER FREED ON E IS THE EIGHTH MADISON SQUARE DIRECTOR ARRAIGNED. HE ATTORNEY GENERAL TO MOVE THAT RECEIVERS BE MADE 'IS 3111 OL SVIOHOIN Charles E. Selover. the director of the on Square Bank who was arrested in Ionday night. came to this city yesterday is counsel. Franklin Pierce, and Detective eant Vallely. District Attorney Nicoll had en to Justice Ross. who committed Selover, ig that the director be allowed to come to ity. Daniel D. Lawson. a builder. was Si the defendant's bondsman. being owner of ; West One-hundred-and-fifth-st. which is 25,000. Frederick A. Kursheedt. the only ho has not yet appeared in court, is still is hotel. A dispatch was received from Albany hat the Attorney-General would make applica ere to-morrow in the Supreme Court for ointment of permanent receivers for the nd for judgment for the dissolution of the ation, the time for the defendants to answer g expired on Saturday last. The work of the receivers of the Madison ank in examining the character of the assets ecurities of the bank was pushed as rapidly ossible yesterday. James G. Cannon, one of eceivers, said late in the afternoon: "Ther ttle to say. We are hard at work, and et things in such a condition soon that we now pretty nearly what value there is MIXED WITH DEMOCRATIC POLITICIANS To what extent Democratic politicians ivors at the Madison Square Bank simply ause they were Democratic politicians may - known until the cases of the arrested ome to a trial. It is known why Elliot Danfe ie State Treasurer. obtained a loan of le got it because he put $250,000 of the State to the bank. and a portion of this money ot put In until after the State Bank ad found that the capital of the bank was aired. But how ex-State Treasurer Lawrenc itzgerald, Judge Miles Beach. Edward S. nd other Democrats obtained favors on the les given by them is known only to the zers of the bank. The Madison Square Bank convenient institution for the Democratic ommittee, and it was used by the members , a considerable extent. Some of the friend loswell P. Flower, who has been looked pretty shrewd financier. although he is ) be an exceedingly weak Governor, are g what the influence was that impelled at money into the bank and become one tockholders. It never has been known that lower purposely squandered money, but he beral political contributor. and when he its stock it probably was done because he tho at it would help him with certain politic ho were running the bank. How much his as traded upon and used by those who nown to have received favors is not clear. The development yesterday in connection e bank was the announcement that the icholas Bank was a creditor to it to the amount Nachols as am JO omerates PULL *000.09 owever, said that the loss would not E becomes Rung Nations as 94.1 1000'8 :..U.M sign DEBT TO THE ST. NICHOLAS BANK The St. Nicholas Bank was the Clearing ink for the Madison Square. and as such out $150,000 of gilt-edged securities to cover assible claim which It might have against adison Square for checks that it cleared eqp uo 100418 HEALT us umoux SEM ugust 8 last that the Madison Square Bank 1008 MURR 18 an woul notice that it would not clear any further e Madison Square. This notice sent the urenbs nosipant and 01 dn Committee asno ake an investigation. with the idea of ***** E 1811 punoj SBM 11 DRBD up stance would straighten out its affairs The gured 10113 peq aq 01 punoj area suop e State Treasurer. who had been running ith R T. McDonald, one of the directors, at afternoon to get money with which to Si own loan of $50,000. became frightened, an 8,91818 am 100 supply uo pais hen Frederick Chimann the treasurer of the Iver Bridge Company insisted on taking out posit of his company, $00,000 These checks ive to go through the Clearing House the y The Clearing House Committee. seeing

11. November 2, 1893 New-York Tribune New York, NY
Article from New-York Tribune, November 2, 1893

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FOUR PER CENT REALIZED. MADISON SQUARE BANK SECURITIES SELL FOR A SONG. PRESIDENT BLAUT LOOKS ON IN DISMAY-LEWIS THOMPSON, THE CASHIER, WILL PROBABLY TURN STATE'S EVIDENCE-HIS IMPORTANT TESTIMONY. The securities of the Madison Square Bank were sold at auction yesterday afternoon by Adrian H. Muller & Son., at the New-York Real Estate Salesroom, in Broadway. Seldom has so worthless a lot of securities been put up for sale. Although the exchange rooms were filled with people who were there to buy good stock, if it came up, out of a face value of $1,500,000, only about $65,000 was realized. For $408,000 worth of Prescott and Arizona second mortgage income bonds only $400 was obtained, and the bank officials bid them in at this price. For thirty shares of Madison Square Bank stock only $7 was paid, and for 750 shares of Transit Improvement Company stock $5 was bid. As a rule, the shares of the Madison Square Bank sold for about $1 a share. Frederick Uhlmann, the treasurer of the East River Bridge Company, bid in 167 shares of the East River Bridge Company stock at par. President Blaut, of the bank, attended the sale, and he made a sorry spectacle. Every time a stock was sold he groaned aloud, and declared that the price paid was simply robbery. There seems good reason to believe that Lewis Thompson, cashier of the Madison Square Bank, will turn State's witness against President Blaut and the other directors. The cashier has insisted, since the bank suspended, that he received none of the money ostensibly loaned to him, but that it went to Blaut. Thompson spent all of yesterday with Assistant District-Attorney Vernon M. Davis, to whom the District-Attorney has intrusted the examination of the bank's affairs. The two men went over part of the books in detail, the cashier explaining all the suspicious transactions. It was understood that Thompson would go before the Grand Jury to-day or to-morrow to testify against Blaut. Mr. Davis would not say whether Thompson would give State's evidence. "Mr. Thompson," Mr. Davis went on, "will be here again to-morrow to help me continue my examination of the books. If he would testify for the People, we should have a strong case against the others. He has not yet told me half of what he knows, and when he finishes the evidence will be strong indeed."

12. February 1, 1894 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, February 1, 1894

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Waters was unanimously re-elected cap-tain of the Harvard 'varsity eleven-Burned-out Congregationalists at Brockton, Mass., will build a new church-Duncan W. Bartlett has disappeared from Manchester, N. H., leaving creditors and several disconsolate young women-The new St. Paul's church, Brockton, Mass., was formally opened by Bishop Lawrence-Station Master Toland of Millville, Mass., was an embezzler-Three persons were drowned at Meriden, Conn-There is another tie-up on the street railroad at Bridgeport, Conn-Austin A. Moulton was arrested at Springfield, Mass., for bigamy-Distinguished people were present at the dinner at Rome given by the American minister in honor of John Hay-Sir Gerald Herbert Portal, the African official and explorer, is dead. He was born in 1858 and was British consul general for German East Africa. He had returned from Uganda to Zanzibar in bad health, and was on his way to England to report on affairs in Africa. Saturday, Jan. 27. The judge compelled a jury to change its verdict in a criminal case at New Haven-Father Tierney is to be consecrated bishop of Hartford on Feb. 22-A north-easter is holding a big fleet of vessels in New London (Conn.) harbor-Public sympathy is with the striking street car men at Bridgeport, Conn-Henry K. Flagg, a pioneer Adventist, died at Springfield, Mass-A Bridgton (Me.) woman seeks a divorce from her husband, who made fun of her cooking-Gloucester's (Mass.) thanks were extended to officers and crews of steamers Amsterdam, La Bretagne and Pavonia-Robert Reynolds was arrested at East Norwalk, Conn., for using the mails for fraudulent purposes-A sister of the murdered Mrs. Borden of Fall River died at Hartford-Senator Hill is satisfied, if promises are kept, that Peckham's nomination will be rejected-Congressman O'Neil introduced a bill appropriating $600,000 to establish a Simpson drydock at the Charles-town (Mass.) navy yard-The net treasury balance is the lowest in recent years-Terrible suffering and many deaths are reported from exposure to the blizzard in Oklahoma-Two passengers were killed in a railroad collision at Henderson, S. C-The court will not interfere with the action of the receiver of the Toledo, St. Louis and Kansas City road-Sharp fighting is reported near the capital of Honduras-An amendment to the senate Hawaiian resolution providing for the recall of Minister Willis was presented-Reading railroad receivers are said to be considering foreclosure of the property-Publisher George W. Childs of Philadelphia is lying at the point of death-An attempt to burn in effigy Congressman Baldwin nearly resulted in a riot in Duluth, Minn-Prince Bismarck received a popular reception to Berlin and a warm welcome by the emperor-Lynn, Mass., is to have a new railroad station-Hotel St. Thomas, Chicago, was burned. Loss $27,000-Boston's relief fund subscriptions now amount to $73,689-The Khedive of Egypt has apologized for his criticism of the British forces-A split in the Democratic party over the income tax question is not an impossibility-France voluntarily paid $80,000 indemnity to Italy for the Aigues-Mortes massacre-France is uneasy over the political significance of Bismarck's reconciliation with the German emperor-Rumors of chances in some of the offices of the Boston and Maine road are denied at the offices of the company. Sunday, Jan. 28. Ex-Receiver Hobbs of the Stockbridge (Mass.) Savings bank has filed a petition in insolvency-Connecticut tobacco growers fear they will not realize much from their crops-Inhuman treatment of an 8-year-old by a woman at Candia, N. H., is alleged to have caused his death-The prevalence of scarlet fever is ascribed to the use of river water at Lowell, Mass-Joseph C. Story of Plymouth, N. H., one of Murderer Aimy's counsel, is dead-The Hatch element of the Nicaragua Canal Construction company want to see the company's books-A man in East St. Louis tried to attach a dead child for overdue rent-Two men were killed and others mortally wounded in an encounter between secret service officers and counterfeiters in Kentucky-Cora Tanner was granted an absolute divorce from Colonel Sinn-John S. Coxey of Ohio is in earnest about raising an army and marching to Washington to demand an issue of $500,000,000 of treasury notes-Radicals protest against King Milan's presence in Servia. Monday, Jan. 29. The Sagadahoc House and several business block at Bath, Me., were burned; loss is nearly $500,000-The Opera House and several stores were burned at Palmer, Mass.; loss, $60,000-Dr. J. S. Sanborn of Nantucket, Mass., hanged himself-Six Danbury shops opened today as union and 12 as independent-The United States will not renew participation in an international monetary conference-J. J. Hahn of Natchez, Miss., who fled to Gautemala with $71,000 in bonds and $5000 worth of diamonds he had stolen, is being brought back a prisoner-Baron d'Almeirim, Portuguese consul general, is dead-The civil suit against the directors of the defunct Madison Square bank of New York has begun-Gen. Manigat is about to descend upon Hayti with an armed expedition-The reported arbitration agreement between Peixoto and the insurgents is denied-No hope of Mr. Childs' recovery-Officials of two insurance companies at Cleveland were arrested for using the mails to defraud-The petition for a reduction in wages on the Union Pacific

13. May 5, 1894 New-York Tribune New York, NY
Article from New-York Tribune, May 5, 1894

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# DIRECTORS' DEMURRERS OVERRULED. Justice Patterson, of the Supreme Court, yesterday overruled the demurrers interposed by the directors of the Madison Square Bank impleaded with Frederick A. Kursheedt in the suit brought against them by the receivers of the bank to recover $750,000 for alleged negligence in conducting the affairs of the bank. The demurrers were interposed on a plea that the issues were improperly joined, and that the complaint was deficient in that it did not give facts sufficient to constitute a cause of action. The main contention was that separate suits should have been begun, stating the several separate grounds against each of the directors.

14. June 23, 1894 New-York Tribune New York, NY
Article from New-York Tribune, June 23, 1894

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THE MADISON SQUARE BANK CASE CLOSED THE SUIT AGAINST THE ST. NICHOLAS BANK NOW TO GO TO THE REFEREE-SIMON UHLMANN, AN IMPORTANT WITNESS, NOT TO BE FOUND. The battle royal between the receivers of the Madison Square Bank and the receiver of the St. Nicholas Bank was resumed yesterday before William G. Choate, the referee, at No. 35 Williamst. The evidence closed on Thursday with the exception of that to be given by one witness, Simon Uhlmann, whose presence could not be secured. Mr. Uhimann is president of the Glen Ridge Quarrying and Mining Company, and on the morning of August 9 a check for $4,700 was deposited in the Hanover National Bank, drawn on the Madison Square bank. Uhlmann never had an account there before. His brother, Frederick Uhlmann, was a director in the Madison Square Bank, and had fore. sight enough to draw out $50,000 from that concern the day before it closed its doors. The hour for the hearing yesterday passed without Simon Uhlmann's appearance, nor does it seem likely that the strenuous exertions of the counsel for the Madison Square Bank will be able to secure his evidence. It is not yet known when the referee will give his decision in the case. The counsel for the Madison Square Bank made a statement yesterday and set forth their side of the case. They declare that although the St. Nicholas Bank knew well that the Madison Square Bank would not open its doors on August 9, yet on that morning the St. Nicholas Bank cleared $372,000 in checks on the wrecked institution. These checks were in part, two drawn by State Treasurer Elliott F. Danforth for $250,000, one by Frederick Uhlmann for $50,000, and one by Simon Uhimann, his brother, for $4,700. The plaintiffs declare that these persons made wrong use of their knowledge, and that the amount of the checks was wrongfully taken from the assets due the Madison Square bank depositors.

15. July 14, 1894 The Evening World New York, NY
Article from The Evening World, July 14, 1894

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DECIDES IN KING'S FAVOR. Madison Square Bank Must Pay His Percentage of Deposit. The report of William H. Willis, referee in the suit of Henry C. King against the defunct Madison Square Bank, was filed in the Supreme Court to-day. The referee finds that the Madison Square Bank shall pay to Mr. King a dividend of 25 per cent. upon # claim which he holds. which was assigned to him by the Prescott and Arizona Central Railroad Company, now in the hands of .. receiver. The Company had a deposit if $5,278 in the bank when it failed. The bank also held $100,000 in mortgage bonds of the Company, on which $3,000 interest was due. The bank refused to pay King the assigned claim, on the ground that it was entitled to a credit of the $3,000. Hence King's sult for the 25 per cent. which the other depositors have received.

16. July 14, 1894 The Evening World New York, NY
Article from The Evening World, July 14, 1894

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# DECIDES IN KING'S FAVOR. Madison Square Bank Must Pay His Percentage of Deposit. The report of William H. Willis, referee in the suit of Henry C. King against the defunct Madison Square Bank, was filed in the Supreme Court to-day. The referee finds that the Madison Square Bank shall pay to Mr. King a dividend of 25 per cent, upon a claim which he holds, which was assigned to him by the Prescott and Arizona Central Railroad Company, now in the hands of a receiver. The Company had a deposit of $5,278 in the bank when it failed. The bank also held $100,000 in mortgage bonds of the Company, on which $3,000 interest was due. The bank refused to pay King the assigned claim, on the ground that it was entitled to a credit of the $3,000. Hence King's suit for the 25 per cent. which the other depositors have received.

17. July 15, 1894 New-York Tribune New York, NY
Article from New-York Tribune, July 15, 1894

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# THE BANK MUST PAY THE DIVIDEND. William H. Willis, as referee, has filed with the Supreme Court a report holding that the Madison Square Bank shall pay to Henry C. King a dividend of 25 per cent upon a claim which he holds against the bank, and which was assigned to him by the Prescott and Arizona Central Railroad Company. The company is now in the hands of a receiver. It was a depositor in the bank, and had there $5.278 when the bank failed. The claim was assigned to King. The bank also held $100,000 of mortgage bonds of the railroad company, upon which there fell due in January last $3,000. When King presented his claim to the bank, payment of the deposit was refused upon the ground that the bank was entitled to set off against his claim the $3,000 which was due it upon the mortgage coupons. The bank declined to pay King the 25 per cent dividend, and King took proceedings to recover his share. William H. Willis was appointed referee to investigate the case, and he holds that King was a purchaser of this claim from the railroad company in good faith, and that he is entitled to the payment of a dividend on that deposit, being $1,319.

18. October 30, 1894 New-York Tribune New York, NY
Article from New-York Tribune, October 30, 1894

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MADISON SQUARE BANK AFFAIRS. The report of WEllam J. Lardner, passing upon the accounts of Miles M. O' Srien and Jamies G. Cannon, as the receivers of the Madison Square Bank, which was submitted to Justice Barrett, of the Supreme Court, has been sent by that Justice to the Justice who passed upon the report of the referee who examined the first accounts of the receiver. This second report deals with the accounts of the recelvers from March to August of this year. and at the latter period showed that they had In their hands $320,068.76 Of this they had $215,399 since the previous report was made. During the period mentioned they paid out $43,822.20. so that there is still a balance in their hands of $286,246.76 The referee found that the accounts of the receivers were correct and recommended that $11,901 should be paid to their counsel, and that each of the receivers should be awarded $2,000 on account of his commissions.

19. September 4, 1895 The Evening World New York, NY
Article from The Evening World, September 4, 1895

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BANK TROUBLES END. St. Nicholas and Madison Square Agree on Settlement. William G. Choate, as referee, submitted a report to the Supreme Court to-day recommending the terms of settlement of accounts between the St. Nicholas and Madison Square Banks. The St. Nicholas Bank was ClearingHouse agent of the Madison Square Bank and held $350,000 in collaterals after the failure of both banks. Hugh J. Grant. as receiver of the St. Nicholas, claimed the Madison Square was indebted to the St. Nicholas in $501,000.47. The referee says that after the sale of the collateral held by the St. Nicholas Bank the Madison Square Bank's indebtedness still amounts to $198,095.45. or unsold collateral the St. Nicholas still holds $9,000, reducing the indebtedness to $189,095.45. On paying $140,000 dividends due on the $350,000 collateral the Madison Square Bank will then owe $49,095.46. As a compromise Mr. Choate recommends that $25,000 be acepted, making the total present indebtedness of the Madison Square to the St. Nicholas $165,000 He also awards Smith & White, counsel for the St. Nicholas Bank, $8,700 for prosecuting the claim.

20. December 19, 1896 New-York Tribune New York, NY
Article from New-York Tribune, December 19, 1896

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# LOCAL BUSINESS COMPLICATIONS. Justice Pryor, of the Supreme Court, yesterday appointed William G. E. See receiver for the Fulton Construction Company, of this city, on the application of Valentine P. Snyder and James H. Post, stockholders. The company was organized under New-Jersey laws several years ago, and constructed the Twenty-eighth and Twenty-ninth st. railroad, which the company never operated. The original capital was $100,000, but was subsequently increased to $400.000. The assets remaining consist of railroad franchises and consents of adjoining prop-erty-owners relating to the Thirty-fourth Street Ferry and Eleventh Avenue Railroad Company and the Wall Street Railroad Company, which are believed to be of great value, and can be sold for a considerable sum. In order to sell them it was necessary to have a receiver appointed. Bagot's Sons, dealers in drygoods, fancy goods and mourning goods at Sixth-ave. and Eighteenth-st., who made an assignment on Saturday, are offering to compromise with their creditors at 33 1-3 cents on the dollar, cash in forty-five days. A majority of the committee of creditors recommend its acceptance, but the minority are in favor of 40 cents. Judgments are being entered against the firm daily, and Deputy-Sheriff Whoriskey has taken considerable stock under writs of replevin. The books and papers of the late firm of J. Lichtenstein & Sons, dealers in drygoods, formerly at Nos. 64 and 66 West Twenty-third-st., who failed two years ago, have recently become an interesting subject to the creditors. When Carl Callman was appointed receiver for the firm they were turned over to him, and he placed them in a storage warehouse for safe keeping. The storage charges on them now amount to $208. Herman Joseph, on behalf of the receiver, recently applied to Judge Conlan, of the City Court, for permission to sell the books and papers to pay the storage charges. It was feared that a combination might be formed to buy the books to prevent them from getting into the hands of creditors who have suits against the firm in the Supreme Court, and an arrangement was made on Thursday between the various interests not to have the sale. The books will be placed in charge of the Southern National Bank, to be kept for the benefit of the creditors who have suits pending against Lichtenstein & Sons. Justice Truax, of the Supreme Court, yesterday formally dissolved the Recamier Manufacturing Company, dealers in ladies' toilet preparations, formerly at No. 121 West Thirty-first-st., and made the temporary receiver, Charles M. Sprague, permanent receiver. The liabilities were reported as $73,900 and the assets $6,412. Rudolph Aronson. the theatrical manager, yesterday confessed judgment for $2,706 in favor of the receivers of the Madison Square Bank upon a note made by the New-York Casino Company and dated December 17, 1892, to secure the payment of $7,000 and interest, upon which $4,749 has been paid.

21. May 13, 1897 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, May 13, 1897

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It was more than seven months from his inauguration as President in 1893 before his Congress met to consider any of the propositions to which his party was pledged and within a few days of eighteen months before the leading promise of its platform was fulfilled in the enactment of a new tariff law. The business uncertainties, the long months of suspense in which manufacturers and dealers of all classes were unable to proceed intelligently with business enterprises, and the stoppage of business and loss of employment consequent thereon, make the eighteen months of masterly inactivity in which President Cleveland and his party neglected to fulfill with "hot haste" their promises of legislation, the most disastrous in the history of the business of the country. A brief review of these eighteen months of delay in legislation by his party may indicate whether the Republicans of today ought to be deterred by his complaint of their "hot haste" in carrying out their promises. The latest number of the statistical abstract shows the number of failures of commercial and business concerns in the United States in the first year of President Cleveland's administration (1893) to be 15,242, with total liabilities amounting to $346,749,889. This covers only about one-half of the period between the inauguration of President Cleveland and the enactment of the legislation which his party promised. The record of 1893, however, is the most disastrous the country has ever experienced, the number of failures being 50 per cent. greater than in the panic of 1878 and the losses also 50 per cent. greater. In addition to these failures no less than 613 banks failed during that year. This great number of failures threw out of employment such large numbers of persons and reduced wages in so many cases as to cause an unusual number of strikes and lockouts, resulting in great losses of wages of workingmen and losses to employers. Over 250,000 employes were involved in the strikes occurring between March 4, 1893, and August 28, 1894, the date of the enactment of the Wilson law. The loss in wages to the persons thrown out of employment by the strikes and lockouts in those eighteen months, as shown by the report of the United States Commissioner of Labor, is over $45,000,000, while the business loss to employers aggregated about half that sum. Reports of the Interstate Commerce covering this period also afford interesting comment upon the effect of the business troubles which existed during the pendency of the promised legislation during the year 1893. Many of the most important railroads of the country were placed in the hands of receivers. The mileage of thirty railroads so treated in the first half of the period between President Cleveland's inauguration and the completion of the legislation promised in his platform was 25,375 miles, or nearly one-seventh of all the railroad lines of the United States. Their indebtedness was $1,212,217,033. The following record of prominent events during the eighteen months in which President Cleveland and his party held the country in suspense prior to the enactment of the legislation promised by them will indicate to some extent whether he was justified in complaining of the "hot haste" with which the Republican party is carrying out its own pledges on this occasion. March, 1893. General strike began among the clothing cutters in New York; strike of employes on Toledo and Ann Arbor road. April, 1893. Strike of 4,000 workers on fair grounds at Chicago. May, 1893. Strike of 20,000 coal miners in Ohio; failure of a large number of Western banks following the failure of the Columbia National Bank at Chicago. June, 1893. Runs on savings banks in Chicago and failures of numerous banks in various parts of the country. July, 1893. Announcement of suspension of work in 300 silver mines in the United States; numerous bank failures; four bank failures in Denver; runs on other financial institutions; numerous business failures; many bank failures in the West and all other sections of the country. August, 1893. Failure of numerous commission houses in Chicago; failure of Madison Square Bank in New York; riots in New York and encounters between anarchists and socialists only prevented by police; close of long and unsuccessful coal miners' strike in Kansas. September, 1893. Strike of "Big Four" employes. October, 1893. Troops called out in Alabama to suppress riots of railroad strikers. November, 1893. Riots in Pennsylvania mining region. January, 1894. Strike of many thousand potters in New Jersey against reduction of wages; Secretary Carlisle offers a $50,000,000 loan for public subscription; striking miners in Pennsylvania destroy property at Brantville and elsewhere. February, 1894. Sale of $50,000,000 of bonds by Secretary Carlisle; many large silk factories in New York close on account of strike; all the mines of the Massillon district closed by strikes; riotous assemblages of unemployed workmen in Boston dispersed by police.

22. May 28, 1897 The Corvallis Gazette Corvallis, OR
Article from The Corvallis Gazette, May 28, 1897

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Replying to Mr. Cleveland. Ex President Cleveland's recent criticism of the fact that the Republicans are pushing for prompt action on the tariff has led to a review of the first 18 months of his second administration in which the business of the country was paralyzed by failure to act on the promised tariff measure. This review places in rather bad light the criticisms of Mr. Cleveland upon what he terms the "hot haste" of the Republicans in carrying out their tariff pledges. It is as follows: March, 1893-General strike began among the clothing cutters in New York; strike of employes on Toledo & Ann Arbor road. April, 1893-Strike of 4,000 workers on Fair grounds at Chicago. May, 1893-Strike of 20,000 coal miners in Ohio; failure of a large number of Western banks, following the failure of the Columbia National bank at Chicago. June, 1893-Runs on savings banks in Chicago and failures of numerous banks in various parts of the country. July, 1893-Announcement of suspension of work in 300 silver mines in the United States; numerous bank failures; four bank failures in Denver; runs on other financial institutions; numerous business failures; many bank failures in the West and all other sections of the country. August, 1893-Failure of numerous commission houses in Chicago; failure of Madison Square bank in New York; riots in New York and encounters between anarchists and socialists only prevented by police; close of long and unsuccessful coal miners' strike in Kansas. September, 1893-Strike of "Big Four" employes. October, 1893-Troops called out in Alabama to suppress riots of railroad strikers. November, 1893-Strike of railroad hands in Lehigh Valley, numbering several thousand; strike of 20,000 hat makers at Danbury, Conn. December, 1893-Riots in Pennsylvania mining regions. January, 1894-Strike of many thousand potters in New Jersey against reduction of wages; Secretary Carlisle offers a $50,000,000 loan for public subscription; striking miners in Penneylvania destroy property at Brantsville and elsewhere. February, 1894-Sale of $50,000,000 of bonds by Secretary Carlisle; many large silk factories in New York close on account of strike; all the mines of the Massillon district closed by strikes; assemblages of riotous unemployed workmen in Boston dispersed by police. March, 1894-General strike among silk weavers at Paterson, N. J.; West Virginia striking miners burn railroad bridges; riots at Paterson, N. J., among striking silk weavers; United States troops called upon to quell a riot at Denver; state troops ordered to Cripple creek for the suppression of mining troubles; Coxey's organization marches towards Washington. May, 1894-Further bloodshed in the coke regions of Pennsylvania. August, 1894-Woolen mill employees strike in Utica, N. Y.; employes of 40 mills strike at Fall River,

23. June 3, 1897 The Islander Friday Harbor, WA
Article from The Islander, June 3, 1897

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Replying to Mr. Cleveland. Ex President Cleveland's recent criticism of the fact that the Republicans are pushing for prompt action on the tariff has led to a review of the first 18 months of his second administration in which the business of the country was paralyzed by failure to act on the promised tariff measure. This review places in rather bad light the criticisms of Mr. Cleveland upon what he terms the "hot haste" of the Republicans in carrying out their tariff pledges. It is as follows: March, 1893-General strike began among the clothing cutters in New York; strike of employes on Toledo & Ann Arbor road. April, 1893-Strike of 4,000 workers on Fair grounds at Chicago. May, 1893-Strike of 20,000 coal miners in Ohio; failure of a large number of Western banks, following the failure of the Columbia National bank at Chicago. June, 1893-Runs on savings banks in Chicago and failures of numerous banks in various parts of the country. July, 1893-Announcement of suspension of work in 300 silver mines in the United States; numerous bank failures; four bank failures in Denver; runs on other financial institutions; numerous business failures; many bank failures in the West and all other sections of the country. August, 1893-Failure of numerous commission houses in Chicago; failure of Madison Square bank in New York; riots in New York and encounters between anarchists and socialists only prevented by police; close of long and unsuccessful coal miners' strike in Kansas. September, 1893-Strike of "Big Four" employes. October, 1893-Troops called out in Alabama to suppress riots of railroad strikers. November, 1893-Strike of railroad hands in Lehigh Valley, numbering several thousand; strike of 20,000 hat makers at Danbury, Conn. December, 1893-Riots in Pennsylvania mining regions. January, 1894-Strike of many thousand potters in New Jersey against reduction of wages; Secretary Carlisle offers a $50,000,000 loan for public subscription; striking miners in Pennsylvania destroy property at Brantsville and elsewhere. February, 1894-Sale of $50,000,000 of bonds by Secretary Carlisle; many large silk factories in New York close on account of strike; all the mines of the Massillon district closed by strikes; assemblages of riotous unemployed workmen in Boston dispersed by police. March, 1894-General strike among silk weavers at Paterson, N. J.; West Virginia striking miners burn railroad bridges; riots at Paterson, N. J., among striking silk weavers; United States troops called upon to quell a riot at Denver; state troops ordered to Cripple creek for the suppression of mining troubles; Coxey's organization marches towards Washington. May, 1894-Further bloodshed in the coke regions of Pennsylvania. August, 1894-Woolen mill employees strike in Utica, N. Y.; employes of 40 mills strike at Fall River.

24. February 6, 1899 The Sun New York, NY
Article from The Sun, February 6, 1899

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By order of Court. Claim of Receiver of Hoffman House of New Jer-sey against the Receivers of the Madison Square Bank; balance remaining due, $3,566.96, and interest. (For account of whom it may concern.) 250 shares Produce Exchange Trust Co., $100 each. 50 shares Bowery National Bank, $100 each. 1 share New York Society Library. 55 shares Quee Drug Co., $10 each (hypothecated). 51 shares American Exchange National Bank, $100 each. 8 Certificates of Wells, Fargo & Co. for interest in surplus assets (particulars at Auctioneers'). 72 shares National Bank of Commerce, $100 each. $12,000 Lakeside Street Railway 1st Mortgage 5 p. c. Bonds (hypothecated). $137,000 Louisiana Electric Light Co. 1st Mortgages 6 p. c. Bonds (hypothecated). $36,000 Detroit Electric Light and Power Co. 1st Mortgage 6 p. c. Bonds (hypothecated). $249,000 Ironton Electric Light and Railway Co. 1st Mortgage 5 p. c. Bonds (hypothecated). 1,994 shares Ironton Electric Light and Railway Co. (hypothecated). Note The Detroit Electric Light and Power Co. for $2,100 (hypothecated). Note Indianapolis and Broad Ripple Rapid Transit Co. for $800 (hypothecated). Note Indianapolis and Broad Ripple Rapid Transit Co. for $2,500 (hypothecated). Note Hartford City Paper Co. for $1,415.99 (hypothecated). Note Hartford City Paper Co. for $1,415.99 (hypothecated). Note People's Electric Light and Power Co. (of Evansville) for $3,600 (hypothecated). Draft on Fort Wayne Electric Corporation for $3,-724.77, attached to which is note of People's Electric Light and Power Co. (of Evansville) for $3,629.83 (hypothecated). Continental Trust Co. receipt for 925 shares common stock New Orleans Traction Co. (hypothecated). Continental Trust Co. receipt for 155 shares preferred stock New Orleans Traction Co. (hypothecated). 100 shares Edison Illuminating Co. of St. Louis (hypothecated). 27 shares Corn Exchange Bank, $100 each. $1,500 Bonds of the Edgemont Land and Improve-ment Co. of Omaha, Neb., due Jan. 1, 1901 (3 Bonds of $500 each; each has 8 interest coupons attached). $500 Bond of the Drury Land and Canal Co. of New Jersey, due Dec., 1906; 9 interest coupons attached. 20 shares the First National Bank of Mankato, Minn. 10 shares Redlands Orange Grove and Water Co. of Redlands, California. Lists at Auctioneers', 71 and 73 Liberty St.

25. November 5, 1900 El Paso Daily Herald El Paso, TX
Article from El Paso Daily Herald, November 5, 1900

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ed from that generally accepted and always accurate authority, the American Cyclopedia, on the conditions which existed during the democratic period 1893-1896, in which the actual experiment of free trade was made, and coupled with its closing years the threat of free silver. # 1893 July 18, 1893: Denver, Colo.: four banks close thir doors and there are runs on other financial institutions. July 19: More banks close their doors. July 20: Kansas City: fight between strikers and non union miners at Weir City. July 22: Two bank failures in Milwaukee and runs on banks in many other places. July 24: More bank failures in the west. July 26: New York: two stock exchange firms fail. July 27: Ten banks suspend, most of them northwestern. Other business failures reported. July 28: More failures and suspensions, including nine banks in the west and one in Kentucky. August 1: Collapse of the Chicago provision deal. Many failures of commission houses. Great excitement in the board of trade. August 8: The Chemical bank, one of the strongest in the country, is unable to fill its weekly orders for small currency. August: Madison Square bank suspends. August 17: Much excitement on the east side of New York among Hebrew laborers. Police called out. August 22: Encounter between anarchists and socialists averted by the police in New York. August 23: Meeting of anarchists broken up by the police. August 30: Kansas coal miners strike ended with nothing gained. # 1894 January 15. 1894: Secretary of the Treasury Carlisle announces his intention to issue bonds. January 17: The Secretary of the Treasury offers a $50,000,000 loan for public subscription according to his announced intentions. January 24: Strike in Ohio of 10,000 miners. January 27: A mob of foreign miners destroy property at Brantville, Pa., and other places. February 16: Many New York silk factories close on account of strike. February 18: In Ohio all the mines of the Massillon district closed by strike. February 20: In Boston a riotous assemblage of unemployed workmen dispersed by police. March 2: Six thousand miners in Jackson County, Ohio, out of employment. Paterson. N. J.: General strike among the silk weavers. March 3: In West Virginia striking miners burn the railroad bridges and commit other lawless acts. March 13: At Paterson New Jersey: riotous proceeding on the part of the striking silk weavers. March 17: In Colorado Governor Waite orders state troops to Cripple Creek to suppress mining trouble. March 20: In Boston a large body of unemployed workmen march to the state house and demand employment. March 24: A movement is inaugurated in various parts of the northern states, known as the Army of the Commonwealth. Coxeyites, etc., proposing marching to Washington and demanding help at the hands of congress. March 31: Coxeyites are a source of terror to certain western towns upon which they quarter themselves. April 1: In South Carolina a large force of state militia is dispached to the scene of the whiskey war in Darlington and Florence. In Ohio a mob of strikers at East Liverpool becomes riotous and several persons injured. April 2: In Chicago 5,000 plumbers, painters, etc., go on a strike. April In South Carolina the governor assumes control of the police and declares martial law in all the cities of the state. At Connelsville Pa.. 5,000 coke workers strike. April 4: In Pennsylvania 6 men killed and one wounded in coke riots. April 13: General strike for higher wages on Great Northern Railway. In Alabama: The general council of United Mine Workers orders a strike affecting 8,000 men. April 16: Strike on the Great Northern spreads to the Northern Pacific. April 20: In Omaha a mob seizes a train of box cars and attempts to deport Kelley's industrial army, but the army refuses to go. April 21: About 150.000 miners stop work in sympathy with the coke strikers of Pennsylvania. April 28: Arrival of a division of the Coxey army at Washington. A division of the Coxeyites arrested at Mount Sterling for holding up a railway train. United States troops ordered to assist the civil authorities in the far west. On the Great Northern railroad system the Knights of Labor are called out on strike. April 29: Kelly's army, 1,200 strong