14285. National Trust Company (New York, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust
Start Date: September 20, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e086c046176e94f0

Response Measures

None

Description

The National Trust Company (NY) closed its doors during the panic of Sept 20, 1873 because it could not realize its government securities at market (no buyers) and found itself unable to obtain cash. Multiple articles report the suspension on/around 1873-09-20 and later report resumption of business in early October (articles dated Oct 9–14). The evidence points to a suspension for liquidity reasons during the broader panic rather than a discrete depositor misinformation-driven run.

Events (2)

1. September 20, 1873 Suspension

Cause: Macro News
Cause Details: Could not negotiate/convert government securities into cash during the Sept. 1873 panic; no buyers for its securities and inability to raise greenbacks forced it to close temporarily.
Newspaper Excerpt: The National Trust Company have just closed their doors.
Source: newspapers

2. October 9, 1873 Reopening

Newspaper Excerpt: The National Trust company, it is understood, has resumed business and is paying obligations.
Source: newspapers

Newspaper Articles (25)

1. September 20, 1873 Evening Star Washington, DC

Article from Evening Star, September 20, 1873

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THE STATUS OF FISK AND HATCH. NEW YORK, Sept., 29.-The suspension or Fisk & Hatch is said to make probable, theem be resment of the Hoboken bark or savings. A defalcation of nearly $70.00 , was discover in the bank lately and the d'rectors d'spc of some securieties to make up the deficiency, depositing with Fisk & Hatch for keeping $94,000 of the amount realized. The suspension of that firm makes this sum unavailable at present. A REQUEST WRICH COULD NOT BE COMPLIED WITH. NEW YORK, Sept., 20.-A number of telegrams were receiv 1 at the post office yesterday reque: ting the pc +tmaster+1 withhold the delivery of let ers bearing the stamps of the firms. endJay ing sages, and which were addres cod to Cooke Co. The postmaster could not comply with the request as the postal regula Com provide that after a letter has passed from the mailing office the delivery of it can not be pre ven d or delay d by the alleg i writer. A BETTER FEELING IN WALL STREET. NEW YORK, Sept. Bankers and brokers who generally do rot come to business till ten e'clock are again hastening to Wall street. The feeling of olicitude is, however, less than yesterday morning. Confidence prevails this morning, based on the determination of the banks to stand by each other and Secretary Richard on's order buy ten IN Illion bonds today. A MISTAKE CORRECTED. The report telegraphed here yesterday that the su. pended brokers E. P. R indolph & Co. were binkers of the Pennsylvania Central rail rosi is incorrect. SUSPENSION UNTIL MONDAY. The following notice is posted for the Union Tip Company: "In con. equence of the large amount due the company on call loans not having been paid this morning the company have been obliged to suspend payment nntil Monday morning, at 9'olcck. NEW YORK, Sept., 20. 10:00 a. -The Union Trust company has suspended P-J .nent. They announce that they will r sure evement on Monday. Crowds have been a.o.ind the door since morring. THE STOCK MAPKET opened little better, but went of again. Some failpres are announced. ANOTHER FAILURE. NEW Yo: K, Sept., The failure of S. G. White & Co., is announced. COURT ADJOURNED IN CONSEQUENCE OF THE PANIC. NEW YORK. Sept., 20.-The court of general tessiors was adjourn 1 early yesterday to give the jurors and court officers an orcanity ities. look after their bank accounts and 3CD A. G., NOT B. WHITE. NEW YORK, Sept., 20. A. Waite has failed not S. B. White, as before announce d. The failure of E. C. Brodhead, & Ketchem & Belknapare announeed. STOCKS ARE FEVERISH. Most of the sales are for cash which 'stwo or three cents below the regular transaction Governments very weak; nothing doing. WHAT SECRETARY RICHARDSON WILL DO. New York, Sept. 20, 12.35 special from Wasington says it may be stat don the highest authority that should the order to purchase ten milliors of bonds fail to check the financial excitement, it has been decided on by Secretary Richardson to issue any part of the forty million reserve neceseary to restore confidence. FAILURE IN BOSTON AND DISAPPEARANCE OF THE SENIOR PARTNER. BOSTON, Sept. On Wednesday the firm of Horace Conn & Co., of Woburn, Mass., extensive leather manufacturers, suspended payment. Their liabilities amount $100,0 and it is Smated their assets are $150,0 J. Since the suspension Conn, the senior partner, has disappeared, causing great excitement to his family and friends. Search has been made in all directions for him. MEETING POSTPONED TILL MONDAY. NEW YORK, Sept. 20,11:30 a. --The meeting of Jay Cooke & Co.'s creditors announced ior to-day does not take place until Monday. THE STOCK EXCHANGE CLOSED. NEW YORK, Sept. -The stock exch nge is closed, subject to the call of the president, is enable members to settle accounts, &c. VANDERBILT was closeted with Augustus Schell in the office of the Union Trust company immediately 8 er its suspension. STILL ANOTHER FIRM GONE. NEW YORK, Sept. 20, noon.-Brown, Wais worth & Co. have failed. THE STOCK MARKET DEMORALIZED. NEW YORK, Sept. 20, 12.20.-It is impossible to give any quotations for stocks, as they have been thrown in blocks upon the market to realize whatever they could fetch, as they are sold out under the rule. PRESIDENT CHAPMAN, of the stock exhange, has issued an order forbidding all outside operatins of members under the peralty of expulsion. The exchange will not be convened except on his order. PROPOSALS TO SELL BONDS TO THE GOVERNMENT. There were thirteen proposals to sell bonds to the government at the b-treasury, aggregating $2,672,650, atfrom 109 + 5 112. tis stated by the clearing house that the bank statement will not be ready before 4 o'clock, and possibly not then. THE NATIONAL TRUST COMPANY GONE NEW YORK, Sept. 20.-12.45p.m.-The Na. tional Trust Company have just clc ed their doors. The certifications of the Mechanics Banking Association and Continental Bank have just been thrown out of the clearing house. WHY THE STOCK EXCHANGE CLOSED. NEW YORK, Sept, 20,12.50 Stock

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

Article from The Daily State Journal, September 20, 1873

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

3. September 21, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 21, 1873

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MEASURES FOR RELIEF. NEW YORK. # UNPRECEDENTED PANIC AT THE OPENING OF THE STOCK EXCHANGE-GREAT TUMBLE IN VALUES-GENERAL DISASTER IMMINENT-THE EXCHANGE CLOSED -A STARTLING DEFALCATION-BETTER FEELING IN THE EVENING. [Special telegram to the Dispatch.] NEW YORK, September 20.-To-day has witnessed one of the greatest panics that ever occurred on the Stock Exchange. At the opening there was an improvement of two to six per cent. in values, and great hopes were entertained that the end had been reached. But these hopes were soon destroyed when it was announced that the Union Trust Company had decided to stop until Monday. The suspension of the Trust Company was followed by that of the Bank of the Commonwealth, which closed its doors at an early hour. The excitement and panic which followed the suspension of these institutions were beyond description. The Stock Exchange RESEMBLED A MAD-HOUSE, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. Amid the surging of an excited crowd in the Stock Exchange and continued destruction of values there were some few cool and level heads. These men conceived the idea of imitating the Vienna plan of CLOSING THE EXCHANGE, and immediately the Governing Committee was convened to take action thereon. In a few moments the Board was called to order, and from the rostrum the announcement was made that the Exchange would be closed until further orders from the President. This was received with great joy, and the Exchange resounded with cheers. The gong was sounded, and in less time than it takes to record the fact the wild excitement was over, the surging crowd of frantic brokers disappeared, and the Stock Exchange was nothing but a deserted hall. All this happened in so short a time that it seems almost impossible, and only those on the spot can realize the remarkable change. All dealings on the street are strictly prohibited under penalty of expulsion, and therefore no business can be transacted. MORE SUSPENSIONS. Soon after the suspension of the Union Trust Company was reported the suspension of the National Trust Company was announced, and this served, if possible, to intensify the excitement. The failures of brokers then began to be announced, and in a short time the following names were read out: C. G. White & Co.; Ketchumn & Belknap; W. G. Broadhead & Co.; Saxton & Rogers; Williams & Bostwick; Miller & Walsh; E. Haight & Co.; Laurens & Joseph; P. M. Myers & Co.; Taussig, Fisher & Co.; Feasing & Bellinger; S. B. White. It is impossible to say where the list would have ended had not the Governing Committee of the Exchange decided to close the institution until the panic was over. About this time UGLY RUMORS BEGUN TO GAIN CURRENC. on the street of irregularities in the Union Trust Company, and it is found that Carleton, the secretary, son of Rev. Dr. Carleton, of the Methodist Book House, was a defaulter, some fixing the amount at $250,000, others at $500,000. It was not known that Carleton was a defaulter until some time yesterday afternoon, when his absence begun to give rise to suspicions. He remained at his desk until 12 o'clock yesterday, conversing freely but exhibiting signs of excitement and trepidation. He left the Trust Company saying he was too unwell to remain, and desired some rest. When it was necessary to consult him in regard to certain matters, he was not to be found, and then it was that the trustees began to SUSPECT HE WAS A DEFAULTER. Under a hurried examination into his affairs it soon became quite certain that he had

4. September 21, 1873 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, September 21, 1873

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ae Carlicton, 18 reported to be 8 defaulter. it is also said he has not been seen since yesterday afternoon THE NATIONAL TRUST COMPANY say they could have to. came on the street this day. They kept up payment morning with their securities but could find NO buyers, except at A DISCOUNT OF 30 TO 40 PER CENT. to sell at such N and for a better of them. suspended They refused protection sacrifice, selves and customers BONDS ACCEPTED Two millions four hundred and eighty three thousand dollars in bonds Were sc. cepted, at from 109 to 111-25 All offers of bonds under 111-27 are accepted by the government A BIG MISTAKE 20-3 Another NEW YORK, September p.m.story in connection with the sus. Trust is 80 unnerved that the pension the of excitement the Union yesterday company, secretary that instead of of dollars he made three millions calling a big mistake, and only called for three hunthus the without Ired thousand, funds, leaving company and causing its suspension. the they no The re positive friends of he has secretary participation say in any defalcation that may have occurred in the institution It is understood the company has called in two millions its numbers of of Co. visited the Man. loans. Union Trust Large paper holders of but as no to the credit of the been hattan deposited bank to-day, funds com- had pany, they were compelled to return with. out money. Mr. Haiburger cashier of the bank, could not positively say how much money had been paid out yesterday to those holding checks of the Trust Co., but be thought haf a million He considered largely exceeded the dollars. amount that the directors of the pany taken a sensible course pending had until by com- sus. Monday; and said they were making extraordinary efforts now to convert their securities into money, although he thought the difficulties of the Institution could be overcome when their securities were converted into greenbacks In the office of FISK & HATCH the following notice is by Kean & Co., "Drafts Cbicago, drawn Preston, posted f on Fisk & Hatch will be honred by Mesars. Stephens & Allen, No. 25 Pine street. HE COMMITTEE OF BANK PRESIDENTS. September 20. 4 committee NEW YORK, of p.m.-The bank presidente, appointed o a plan of relief in the condition perfect of present affairs, is composed of Fredrick D. Tappan, C. B. Levery, Geo. S. Cole and C.F. Henter RICHARDSON COMING. A special dispatch fror Washington 98 Washays Secretary Richards rk. A gton this evening onference will be he mora. what g at the sub-treasur ction he will take in of the Shortly before noon of the anic, the governing took Exchange determined to close the & Exchange. Immediately afterwards ommittee of associated banks met at the and it was association that ted ew York by the clearing house, they would sue certificates, pledging themselves for e to be issued the whole. These certificates, y manager of the clearing house, and I bank the or assets. The of onds, y associated securities against deposits, effect is action would enable all the to their sets rna in into community convert solvent conmoney temporarily, and withit any sacrifice to themselves. The 1 tock Exchange, ordinarily, is a t converting 8 edium sh. In for securities simply into the prevailing panic the arcity of money this I securities offer. ing accomplished, prevente 1 being from for sale at constantly decreasing prices ( thout finding buyers, unless to the enor1 ous loss of sellers. By the issue of the , nk certificate, any bank can realize I oney upon its assets, and will thus be d le to extend to its customers all b for which ( immodations n find the they acsecurity, without com. lling the sale or any sacrifice assets offered. The whole machinery T erefore of conversion is once set P is likely to run operation, all and smoothly more t d concerns which have will I no in them into a difficulty This converting assets, e oney. action of the banks at the r meeting, gave to a feelearing confidence house t : of on the street that no ad. ional failures are likely to occur, and C , impression obtained that the panic is over. 80 g LEADING FOREIGN EXCHANGE FIRMS, S: h as Brown & Brothers, August Bel. fo & Co., and do not give organ nt, Henry & Co., Clews any Drexel, sign of ling the pressure of the past three days

5. September 21, 1873 The New York Herald New York, NY

Article from The New York Herald, September 21, 1873

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day Cooke, - ee OR London, Collapsed. Failures Throughout the Country Consequent Upon the Great Crash. Yesterday was another day of intense commotion in Wall street. More important failures startled the street, and between the fast recurring announcements of suspensions came a rumor of a heavy defalcation in the Union Trust Company. Fraud and lailure went hand in hand. The news that the Clearing House threw out the certifications of the North American Bank, the Mechanics' Association and Bank of the Commonwealth, in other words declined to be responsible for the credit of these institutions, had a very alarming effect at first, but a much quieter feeling eventually succeeded. There were the same large crowds as on the day before, perhapseven larger, for the weather was every way desirable, and everybody who had time to spare made it a point to look in at Wall street for a moment or two. The phrase, "The bottom has fallen out of the street," suffered nothing from repetition yesterday. It seemed to be in every man's mouth who had any opinion to give. It would be an improvement on the idea conveyed by this expression to say, "The false bottom has fallen out of the street," and the solid one remains for all good and practical purposes. The best experienced men who can control their thoughts at this juncture and look a little before and behind, have no apprehensions of the future. Frothy speculation will disappear after this crisis is over. Honest and legitimate banking business will be more honored and regarded. Wildcat railroad bonds will be relegated to the sawdust operators. The street will be swept of the decoy ducks who have made our financial practices the reproach of the world. It will do no good for people to cherish unnecessary alarm over what has happened, and the truth is every way the eye glances something is to be met of assurance that the collapse of a few banking firms does not imperil the prospects of the community. The country was never so rich, and the present flurry will be soon ended if there is patience and moderation in an average degree. In the succeeding columns will be found the fullest particulars of the day's doings, the trouble with the Union Trust Company, the continued run on the Fourth National Bank, the suspension of the National Trust Company, of the Bank of the Commonwealth and the embarrassment of the Mechanics' Association. The principals of the suspended firms and the presidents of the most prominent Wall street banking firms and the management of the Stock Exchange, as will be seen, have been interviewed and their opinions and statements given. Mr. Vanderbilt, as may be observed, is not disposed to be too communicative. He is satisfied that the Union Trust Company. unless a defalcation has happened in its accounts, is able to meet its engagements. The following are the names of firms that have failed or suspended:NEW YORK FAILURES. Jay Cooke & Co., No. 5 Nassau street. Fisk & Hatch. White, Defreitas & Rathborne. Beers & Edwards. Eugene J. Jackson. Thomas Reed & Co. W. H. Warren. George Bolton, Alley & Co. Greenleaf, Norr 8.& Co. Theodore Berdell. Amos M. Kidder, S. H. Smith & Seaver. Day & Morse. Hay & Warner. Vernam & Hoy. Fitch & Co. W. E. Conner. Whittemore & Anderson. Jacob Little & Co. E. D. Randolph & Co. C. G. White & Co. Ketchum & Beiknap. W. Moorehead & Co. Saxton & Rogers. Williams & Bostwick. Miller & Walsh. E. Height & Co. Lawrence Joseph. P. M. Myers & Co. Tansig, Fisher & Co. Fearing & Dunning. C. G. White. Marvin & Brothers. Union Trust Company. National Trust Company. Bank of The Common&ealth Bank of North America. LONDON FAILURE. Jay Cooke, McCulloch & Co. PHILADELPHIA FAILURES, E. W. Clarke & Co. De Haven & Bro. Gelbough, Bond & Bro. George H. North. J. S. & H. E. Yerkes. Charles P. Bayard.

6. September 22, 1873 Evening Star Washington, DC

Article from Evening Star, September 22, 1873

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Lished action of the national banks ot New York to draw on their reserve if necessary and stand by each other in meeting any "run" that might be made on a particular bank, contributed to satisfy the public mind. # THE NORTHERN PACIFIC RAILROAD. General Nettleton, the agent of the Northern Pacific raiload, gives this information in regard to the condition of that company: "The rail- road company loses nothing by the suspension of the banking-house of Jay Cooke & Co., as it is largely indebted to the latter. The railroad company has no floating debt of any conse- quence aside from what it owes Jay Cooke & Co,, and has few liabilities falling due before January next, when a year's interest is to be met. As this is three months off it is expected that the stockholders of the company will by that time have completed other financial ar- rangements which will provide for future needs." # LIST OF SUSPENDED FIRMS. The following is a complete list of the names of firms that failed or suspended: New York Failures. Jay Cooke & Co., No. 5 Nassau street; Fisk & Hatch, White, Defreita & Rathborne. Beers & Edwards, Eugene J Jackson, Thomas Roed & Co., W. H. Warren. George Bolton, Alley & Co., Greenleaf, Norris & Co., Theodore Berdell, Amos M. Kidder, S. H. Smith & Seaver, Day Morse, Hay & War- ner, Vernam & Hoy, Fitch & Co., W. E. Con ner, Whittemore & Anderson, Jacob Little Co., E. D. Randolph & Co., C. G. White & Co., Ketchum & Belknap, W. G. Moorehead & Co., Saxton & Rogers, Williams & Bostwick, Miller & Walsh, E. Haight & Co., Lawrence Joseph, P. M. Myers & Co., Tansig, Fisher & Co., Fear- ing & Dunning, C. G. White, Marvin & Bros., Union Trust Company, National Trust Com pany, Bank of The Commonwealth, Bank of North America. Philadelphia Fatures.-E. W. Clarke & Co.. De Haven & Bro., Gelbongh, Bond & Bro.. George H. North, J. S. & H. E. Yerkes, Charles P. Bayard, John P. Loyd, Henry H. Douglase H. H. Bull, T. C. Knight, Henry L. Fell, Union Bank Company. Albany Failure. T. Squire & Co., bankers. Chicago Failure. Franklin Bank Company. Woburn, Mass., Failure.-Horace Conn, leather manufacturer. Toronto, Canada.-H. J. Morse & Co., bankers Williamsport, Pa.--Powell & Co., bankers. St. Louis. Taussig, Gemp & 00. # Causes and Effects of the Crisis, HOPEFUL VIEWS OF THE NEW YORK HERALD. In its money article of yesterday, the New York Herald says the panic started with the failure of one or two parties identified with incomplete railroads. "The stock market at the time was in a feverish condition, responsive to slight causes and tremulous in the extreme. Its strength consisted in two or three stocks, firmly upheld by great operators. They had come to be regarded as the key-note of the market. Even these, however, could not at last resist the pressure. They "broke," and in doing so naturally carried with them the entire list of speculative securities. Thus the weakness of a few railroads has extended through the entire network of our local finance. The pulling down of one or two great houses produced distrust Money, always timid, retreated into private re- cesses. Depositors commenced to run upon banks; the banks have been unable to afford their usual accommodations, have refused each other's checks, though certified, and at last, as a consequence of universal doubt, have been com- pelled in self defence to arrange with the clearing house for the issue by the latter of certain loan certificates based on acceptable assets, which are to be received in the settlement of all clear- ing house differences in the place of legal-ton- der notes. Practically this action means the expansion of the bank credits and the sens mixing of legal tenders. It aids the banks, but it is yet to be seen what facilities are thus ex- tended to depositors and business men. As re- gards the savings banks, there is no good rea- son why, if the officers of the same have rigidly done their duty, there should be any cause of alarm. Their investments are regulated by law, and they are not such as ordinarily fluctuate in value. Hence a run on them is both injudicious and unwarranted by events. The depositors should understand that thus far our financial troubles result only from local speculation. Crops are good; business is first-rate; our mer- chants have rarely done better than they are doing this season. They are not suffering from this temporary disturbance, and we can safely count on a large fall trade and handsome re- turns."

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

Article from New-York Tribune, September 22, 1873

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THE SATURDAY PANIC. EFFECTS OF FRAUD, SPECULATION, AND DISTRUST. HEAVY DEFALCATION IN THE UNION TRUST COMPANY FORCES IT TO SUSPEND-THE NATIONAL TRUST COMPANY UNABLE TO NEGOTIATE ITS SECURITIES-OVERDRAFTS ON THE BANK OF THE COMMONWEALTH COMPEL IT TO CLOSE - THE STOCK EXCHANGE ADJOURNED--SPECULATION AT ANEND-THE CLEARING-HOUSE ISSUES $10,000,000 LOAN CERTIFICATES-THE GOVERNMENT THROWS $10,000,000 IN CURRENCY ON THE STREET. Failures Officially Announced on Saturday. KETCHAM & BELKNAP, TAUSSIG, FISHER & Co., C.G. WHITE, WILLIAMS & BOSTWICK. PETER M. MYERS & Co., LAWRENCE JOSEPHS, FEARING & DILLINGER, SAXTON & ROGERS, BROWN, WADSWORTH & Co., MILLER & WALSH, EDWARD HAIGHT & Co. Banks Suspended. UNION TRUST COMPANY, NATIONAL TRUST COMPANY, BANK OF THE COMMONWEALTH. New-York GOLD EXCHANGE BANK. Exchange Closed. NEW-YORK STOCK EXCHANGE, Failures on Thursday and Friday. THEODORE BERDELL, JAY COOKE & Co., AMOS M. KIDDER. ROBINSON & SUYDAM, 8. H. SMITH & SEAVER, RICHARD SCHELL," DAY & MORSE. FISK & HATCH, HAY & WARNER, WHITE, DEFREITAS & RATHVERNAM & HOY, BORNE, FITCH & Co., BEERS & EDWARDS, W. E. CONNER, EUGENE J. JACKSON, WHITTEMORE & ANDERSON, THOMAS REED & Co., JACOB LITTLE & Co., W. H. WARREN, E. D. RANDOLPH & Co. GEO. BOLTON ALLEY & Co., GREENLEAF, NORRIS & Co., The result of the financial panic may be summed up in a brief paragraph. It is a thunder-storm morely which will serve to clear the atmosphere. "The street is clean broke." Few brokers know where they stand. On Saturday the best securities went begging at the lowest rates; there was no fixing values on any stocks, and the Stock Exchange was wisely closed to give men time to recover from their distrust and gather their scattered senses. Eleven additional houses failed, and their suspension was announced in the Exchange before it was closed. A few more of the weakest will go down when the settlements are made; some of those who have been announced from the Board will recover and o n. Not a single mercantile house, savingsba or other institution doing a legitimate trade has fallen. The excitement and distrust caused by the wild speculations extended the panic beyond the Stock Exchange, and three banks suffered from severe runsupon them. The Union Trust Company was weakened by the discovery of a large defalcation, aggregating $600,000, and the impossibility of realiz.ing on heavy call loans to the Lake Shore Railroad Company. and it suspended. The Bank of the Commonwealth was weakened by the payment of an overdraft of $225,000 of a house which had suspended. The National Trust, with $800,000 Governments on hand, could not realize a dollar on them and wisely closed its doors until it could dispose of them. Runs on the Fourth National and Manhattan were laughed to scorn by those institutions. During the morning the banks went on the principle of Fisk-"Each man to drag out his own corpse"-and refused one another's checks, but later a meeting was held and concerted action agreed on, and subsequently there was no further trouble. The purchase of bonds by the Government also aided to break the force of the storm.

8. September 22, 1873 Delaware Republican Wilmington, DE

Article from Delaware Republican, September 22, 1873

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PANIC IN THE MONEY MARKET.-The failure of Jay Cooke & Co., on Thursday last, to meet their liabilities, produced quite a panic in Palladelphia, New York and Washington.The flurry produced the suspension of sixteen brokers firms, including Fitch & Hatch, in New York; and in Philadelphia, DeHaven & Bro., and Clark & Co. There were runs on several of the Savings Banks, but the demands were generally met. At the meeting of the Presidents of the yarious Banks of New York on Friday it was resolved to disregard the law requiring the keeping of a reserve of twenty five per cent. in their vaults, so that they might be able to relieve the wants of their customers. The excitement continued in New York on Saturday, and several more failures were reported.Among the suspensions are the Union Trust Co., White & Co., Edward Haight & Co., E.C. Moorehead, Ketchum & Belnap, Saxe & Rogers, and others. The National Bank of the the Commouwealth suspended, and the Clearing House threw out the certified checks of the Continental Bank and the Merchants Banking Association. The Bank of North America at Albany also suspended, and a defalcation of half a million is reported in the National Trust Co., New York. The extensive leather firm of Horace Carr & Son, of Woodbury, Mass. also suspended with liabilities of $100,000, and assets $15.000. The senior partner has disappeared.

9. September 22, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 22, 1873

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President Grant, Secrotary Richardson, and Gen. Babcock were in consultation in Now York yesterday with the leading bankers and business men of that city to devise some means of rolleving the financial condition. The propositions of the Now Yorkers, which were submitted in writing to the President, all urged very strongly the issuing of the so-called greenback reserve to the amount of forty millions of dollars. Reverdy Johnson reinforced their appeals by a written opinion, in which he said that, although the action proposed was unconstitutional, it was demanded by public policy, and if he were President he would not hositate to take the stop. Secretary Richardson's opposition to this movement was very strong, and the President stoutly supported him. The Secretary said, in very vigorous slang, that he would nover consont to it, as this was none of his funeral. The result of the conference was an order from the President that the Assistant Treasurer at Now York buy bonds on Monday to any amount offered. How much relief this will afford doos not appear. Government bonds were a drug in the market on Saturday ; the National Trust Company, which had nearly a million of thom in its possession, being unable to raise a dollar therewith to BAYO itself from suspension.

10. September 24, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 24, 1873

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

11. September 25, 1873 The Toledo Chronicle Toledo, IA

Article from The Toledo Chronicle, September 25, 1873

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Panic in Wall Street. The financial world was shocked last Thursday by the announcement that the heavy firm of Jay Cook & Co,, of New York, had suspended payment This firm, as is well known was one of the heaviest banking houses in the world, having advanced immense sums of money w the gov erument during the war when the national credit was gone, and being now one of the leading members o! the syndicate, besides having advance ed millions of dollars to Railroad companies. Th bank suffere a run on Thursday morning. an was com pelled quate early 1a the day to clust The phuosophy of this future, which led to many other suspensions, must be sought in the fact that, instead of attending to a. legitim t banking bu-mess, speculative enterprises were entered into. Immense loads of railroad bonds, in which capitalists are now slow to invest, were taken and the result we see in a financial crisis, whose extent will never 1, known, because of the heavy loss on tailed upon holders of railroad stock responded of at a she " after 1. panic occurred. Among the new vailures we notice the following: Fish & Hatch, N " Y ik; the Fax National Bank of Washington, the New Your Unen Trust Company; he National Bank of in Common wealth, N.W York the National Trust Company. New York; the Bank of America, Non York; the Union Banking Company. 01 Philadelphia. These froms," of them at least. were intimatey associated with Couke & Co 111 their business trans actions, and the financial distress will be more of less wile-spread in proportion to the permanency of the failures. If the alone soff l' ed from the panic, the financial dis turbance would excite little sympto thy, but as it entailed losses upon many who had their all invested in radroal securities, which they sold at he ay loss, the panic is J. plorable. The effect produced upon the floor 01 the Stock Exchange may be intere red from the fact that last Saturday the extreme factuations on some clocks were as follows: Harlem 30 per cam; Panama, 18; Rook Island 91; Western Union. 9; Hammbal & St. Joseph, 9, with other stocks flue tuating from 2 to 8 points. The government came to the relief of the money market by purchasing U. Bonds. By this meaus, togeth. er with the action of Bank Presi dems, through the Clearing House loan certificates, many millions of greerbacks were released, with III touching any portion of the $44,000. 000 reserve now In the National Treasury.

12. September 25, 1873 The New York Herald New York, NY

Article from The New York Herald, September 25, 1873

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Condition of the Banks. The feeling among the banks yesterday was almost unchanged from that of the day before. All the officers or the various banking institutions say that as far as they are concerned there is no trouble to be apprehended. With the sole exception of not having enough greenbacks to carry on business as in ordinary times every prospect was excellent. The loan certificate plan had worked admirably and had cleared up all trouble. BANK OF NORTH AMERICA. The President of this bank stated that though the remaining $60,000 of the overdraft of A. D. Williams had not been paid, all apprehension that would not be paid had passed. It was necessary to look over the books before any final action was taken. and then the final payment would be made. "Mr. Williams" said the President, "was perfectly good for all the money which had been overdrawn. It was only the critical position of all financial institutions a few days since that had made immediate action to recover necessary. Money was pouring in from the country." BANK OF THE COMMONWEALTH. There were no further developments at this bank yesterday. Everybody was working at getting ready the statement, which is not, however, yet ready. The receiver, Mr. isaac G. Bailey, was very busy, but had no new facts to make public. NATIONAL TRUST COMPANY. Affairs here remain about the same as previously reported. The secretary of the institution, Mr. Merrill, said yesterday to a HERALD reporter that, while the company hoped ultimately to resume, the feeling of general confidence which had been gaining ground had again given way to distrust in consequence of the suspension of two more banking firms. He thereiore thought the resumption 01 business would be somewhat delayed. Under the present circumstances, however, it is just a well to keep closed, the officers think, for the very safety of the depositors. UNION TRUST COMPANY. The same scene of inactivity prevailed outside the doors o the Union Trust Company yesterday. Inside the committee was still at the examination of the securities, which have not been all got through with yet. The officers still say that they know nothing of the whereabouts of Carleton, the alleged defaulter. Whether ne is in the city or has fled to parts unknown seems to be equally past the finding of those interested in him. Detective Sampson has been put upon his track and is doing all he can to discover his whereabouts. Tous far the detective is not believed to have had any success. Parties constantly offer themselves who for certain sums of money offer to tell where Carleton is, but in the cases where any trust has been placed in the statements of these persons it has been found that the information was false. It is not supposed that Carleton has leit the country, and those who pretend to be best acquainted with him say that he is simply hiding, through fear, but that in case he were guaranteed immunity from punishment he would return. The receiver states that his return would greatly facilitate the work of the examining committee, and that at present his co operation would be invaluable. The statement has been made, but the full details cannot yet be obtained. It is, however, said that the defalcation amounts to $400,000. Alderman Jenkins Van Schaick offered yesterday, in the hearing of the reporter, to buy all claims against the Union Trust Company with good securities. He said they were as good as gold, and that there was no question of the concern resuming very shortly. THE PARK BANK. This bank. it is stated, yesterday refused to receive the checks of some out of town banks on deposit from mercantile houses. It is said that the effect of this policy, if persisted in, will be to cause business houses to send back such checks to where they came from and then country banks would insist upon getting all the money they have deposited or engaged in this city. Such a step would produce, according to commercial opinions, widespread distress.

13. September 26, 1873 Sunbury American Sunbury, PA

Article from Sunbury American, September 26, 1873

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New Jersey. PATTERSON, Sept. 25.-In consequence of the financial crisis in New York and the general depreciation in new railroad securities, orders for locomotives for three months ahead, at the Rogers locomotive works, in this city have been cancelled, and 585 of the workmen were discharged today. It is feared that 500 more may be discharged at the same works, several hundred a Danforth and at the Grant works. SUSPENSION IN WILKESCARNE.- - Wilkesbarre, Sept. 24.-Brown & Gray, bankers. suspended this morning. A card posted on their doors gives the failure of Henry Clews & Co., of New York, as the cause, but states that the firm will be all right in a few days. The mining classes are large depositors with them, but they have not yet learned of the suspension. It is the great topic of conversation among bankers and business men, and much excitement exists. They were considered good, reliable men. The bank doors are locked, and no further information can be obtained. The following is the afficial list of failures in New York since Thursday last. It is a long one, and represents much of what was a little ago esteemed the financial strength of New Yord:Jay Cooke & Co., No. 5 Nassau street. New York; Fisk & Hatch; White, Defreitas & Rathbone; Beers & Edwards Eugene J. Jackson; Thomas Reed & Co W. H. Warren; George Bolton Alley & Co; Greenleaf, Norris & Co; Theodore Berdell ; Amos M. Kidder; S. II. Smith & Seaver; Day & Morse; Hay & Warner; Vernam & Hoy; Fitch & Co : W. E. Conner; Whittemore & Anderson; Jacob Little & Co E. D. Randolph & Co ; George B. Alley; Robinson & Suydam ; Richard Schell; William Bend ; C. G. White & Co; Ketcham & Belknap; Saxton & Rogers ; Williams & Bostwick; Miller & Walsh : ; E. Haight & Co; Lawrence Joseph P. M. Myers & Co ; Tausig. Fisher & Co; Fearing & Dunning; C. G. White; Marvin & Brothers ; Union Trust Company; National Trust Company; Bank of the Commonwealth Bank of North America.

14. September 26, 1873 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, September 26, 1873

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The N. Y. Herald thus sums up the financial situation in New York City : So far the banks are not affected, except one or two, which were closely connected with the operations of the speculative brokers. The trust companies which have failed owe their downfall to similar causes, and in one case, partially at least, to defalcation. Outside of these there have been no failures. The mercantile interest is as safe as in the best of times. The railroads, except the wild-cat affairs which were made the basis of reckless speculation. are uninjured. Credit generally is unimpaired. Nothing more serious has happened than the overthrow of a few houses which were doing a notoriously unsafe business. It was a mere financial thunderstorm, passing through Wall street and toppling over some unsafe buildings, but leaving the substantial houses in as good condition as before. Already the storm is almost past, and the sky will soon be serene and fair and the atmosphere purer and better, if wise counsels prevail. There is no occasion whatever for a general panic. The real business interests of the country cannot suffer while the embarrassment is confined to the speculators in worthless railroad bonds and the gamblers in valueless stocks. It will be a wholesome lesson to all classes of business men if the storm is confined to those who courted it, and when it is over no one will regret that they who sowed the wind were compelled to reap the whirlwind. Few of the New York brokers know where they stand. On Saturday the best securities went begging at the lowest rates. There was no fixing values on any stocks, and the stock exchange was wisely closed to give men time to recover from their distrust and gather their scattered senses. A. few more of the weakest houses will go down when settlements are made. Some of these whose failures have been announced from the board will recover and go on. Not a single mercantile house, savings bank or other institution doing legitimate trade, has fallen. Excitement and distrust, caused by wild speculators, extended the panic beyond the stock exchange and three banks suffered from severe runs upon them. The Union Trust Company was weakened by the discovery of a large defalcation aggregating $800,000 and the impossibility of realizing on heavy call loans to the Lake Shore Railroad Company, and it suspended. The Bank of the Commonwealth was weakened by the payment of an overdraft of $220,000 of a house which has suspendad. The National Trust Company, with $800,000 in governments on hand, could not realize a dollar on them, and wisely closed its doors until it could dispose of them. Runs on the Fourth National and Manhattan banks laughed to scorn by those institutions. the the went on During were morning banks the principle of Fisk "Each man to drag out his own corpse. and refused each other's checks, but later a meeting was held, and concerted action agreed on. and subsequentt ly there was no further trouble. The purchase of bonds by the government also aided to break the force of the storm.-N. Y. Special.

15. October 5, 1873 Los Angeles Daily Herald Los Angeles, CA

Article from Los Angeles Daily Herald, October 5, 1873

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EASTERN DISPATCHES NEW YORK. NEW YORK, Oct. 2.-The match game of billiards between Garnier and Daly, for the championship and the diamond cue, was won by Garnier in 47 innings. NEW YORK, Oct. 3.-A very destructive condition of affairs exists in Central Asia. Civil war is raging in Kohakan. It is believed that the Emperor of Russia will be obliged, in selfdefence, to occupy the territory and reduce it to condition as a Russian province. The sentence of the Modoes Slolux and Branacho is commuted to imprisonment for life at Alcatraz. The National Trust Company will resume Monday next. Kidder & Co. settled for 50 cents on the dollar and resumed. A Grand Evangelical Conference assembled to-day. Steinway Hall was filled to overflowing. Several Oriental delegates appeared wearing turbans. W. E. Dodge called the Convention to order and extended a cordial welcome to the delegates. Rev. M. Prochet, from Italy, said that the Pope is conscious of his diminished power, and that priests don't generally believe in his assumption of authority. Affairs in financial circles continue to improve. The closing day of the three days of grace, which have been allowed to brokers making up private settlements, brings with it no new disaster beyond the suspensión of the small broker house of Albert Cole, which exercised no influence on the market. Only 1,000 shares of various stocks were sold out under the rule for delinquent parties. There were considerable purchases to-day, divided between paying securities Eu opean accounts. The savings banks and investors were free buyers of Government bonds. All mercantile obligations are being met with promptness. NEW YORK, Oct. 4.-Peake & Opdyke have suspended. Their liabilities are $2,500,000.

16. October 9, 1873 Evening Star Washington, DC

Article from Evening Star, October 9, 1873

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TELEGRAMS TO THE STAR This Afternoon's Dispatches Associated Press Reports. THE FINANCIAL SITUATION. Good and Bad Signs. Progress of Resumption in New York and Chicago. NEW YORK, October 9.-Some of the downtown banks have virtually resumed payment of greenbacks. The managers of the clearing house says that since the issue of loan certificates there has not been seen so many greenbacks as were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought green backs had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back on the plan which has been followed during the past two weeks as a measure of safety. There seemed no reason, he said, why the payment of legal-tenders should not go on; trade was prosperous. The National Trust company, it is understood, has resumed business and payment of obligations. THE UNION TRUST COMPANY TO RESUME. It is understood that measures have been taken by the managers of the Union Trust company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. Later-Depression in Wall Street. GENERAL DECLINE IN THE STOCK LIST-GOLD DOWN TO 109. NEW YORK, October 9.-There was a marked depression in Wall street to-day resulting in heavy depreciation of values. There were rumors of mercantile failures none of which however could be fully authenticated, and the banks were pressing brokers to take up loans Money was close at 1-16 and % per diem. Greenbacks were quoted at 1/2 and 1 per cent premium. Foreign exchange heavy, and prime bills were offered at 106 1/2. Gold has declined to 109. The rates paid for carrying range from 4 per cent to 1-32 per diem. Government bonds weak and lower. Southern state securities lower throughout the list. Stocks opened weak and declined 1/2 to 2 per cent. up to first board. At the call there was recovery of 1/2 to 1 per cent., and later a general decline, the prices current at midday being 1/2 to 634 per cent lower than at the opening. Western Union fell from 68 1/2 to 61%, Lake Shore from 73 to 70%, New York Central from 92 /4 to 90 Rock Island from 92 to 88 1/2. Wabash from 45% to 43 1/2, Pacific Mail from 33 1/4 to 32, Union Pacific from 19% to 19, St. Paul common from 33 to 321/2 Northwest common from 43 1/4 to 42 Erie from 49 1/4 to 48 X/, and Panama from 95 to 90. In som cases there was a slight recovery after noon. NEW YORK, October 9, -Gold, 91/2. FORTY THOUSAND POUNDS STERLING were received at the assay office to-day. Total amount since Monday, £644,000. Resumption in Chicago. CHICAGO, October 9.-The Third National Bank, which suspended September 27, resumed business yesterday with/gratifying results to its officers. Suspension in Reading, Pa. READING, PA., October 9.-Bushong & Bros., bankers, suspended this morning. They will keep their bank open for the adjustment of accounts. Their assets will meet (ii) their liabilities. Temporarily Susp nded. PHILADELPHIA, October 9.-It is rumored here that the Bushong Brog., of Reading, have temporarily suspended.

17. October 9, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 9, 1873

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Financial Affairs. LONDON, Oct. 9-12.30 p. in.-At -- 12.15 o'clock the Bank of England Directors posted their card announcing that the expected change in the rate of discount had not been made. The rate for money at the Stock Exchange on Government securities is 24 per cent. NEW YORK, Oct --The National Trust Company, it is understood, has resumed business and is paying obligations. NEW YORK, Oct. .-Gold opened at 109. Some of the down town banks have virtually resumed payment of greenbacks. The manager of the Clearing House says that since the issue of loan certificates there has not bee 11 seen SO many greenbacksas were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought greenbacks had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back to the plan which has been followed during the past two weeks as a measure of safety. There seemed 00 reason, he said, why the payment of legal tenders should not go on; trade was prosperous. CHICAGO, Oct. 9.-The Third National Bauk, which suspended September 27th. resumed business yesterday with gratifying results to its officers. LONDON, Oct. 9.--Three thousand pounds of bullion were shipped from Liverpool to day per steamer Celtic. LONDON, Oct. 9--3.30 p. m. - -The bullion in the Bank of England has decreased 617,000 pounds during the past week. The amount gone into the Bank on balance to-day is 13,000 pounds. NEW YORK, Oct. 9.-It is understood that measures have been taken by the managers of the Umon Trust Company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. NEW YORK, Oct. 9. - Forty thousand pounds sterling were received at assay office to-day total amount since Monday, 644,000 pounds. LOWELL, MASS., Oct. - -Pierce's defalcation is DOW stated by the Merchants' Bank officials at $63,000.

18. October 9, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 9, 1873

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THE FINANCIAL NEWS. A comparison of the reports from other citics with the monotary and commercial nows collected in Chicago yestorday cannot fail to afford mattor for congratulation to all who are intorcated in Chicago's welfare. From every point of view, Chicago ocoupios a better position with referonce to the recont panic and its effects than any prominent city in America. It is the only city of great population and commercial importance in which the banks are pursuing anything like their ordinary business. From St. Louis it is reported that the Union National Bank has gone into liquidation, that currency is scarce, and business dull. In Detroit, the railroads, which pay employes on the 10th inst., will only pay about one-half the wages in currency, giving certified checks for the other half. In Pittsburgh, there has been a failure in the dry goods trade, the prominent firm of McElroy, Dixon & Co. having susponded. In New York, greenbacks are still at a promium, ranging from Mito 18/4 por cout, In Chicago, we have no nows of this kind, and there are no present indications of the financial distress which must be incident to those announcements from elsowhere. The bank deposits are increasing, and there seems to be ample currency to transact the business. The Third National Bank, which reopened its doors yesterday, was not at all bard-pressed. The banks in liquidation are settling rapidly with their creditore, and will without doubt pay dollar for dollar. A movement is also reported having for its object the resuscitation of the Union National Bank. The Stock Exchange in Now York was in the same flurry yesterday that it has suffered for two or three days past, with wide fluctuations. The Vanderbilt securities were particularly ununsettled, and a still greater fall is predicted New York had a report yesterday that Senator Camoron had been in consultation with President Graut about the $44,000,000 "reserve," and that both coincided in opposing its issue or any part of it. It is suspected that the report was intended to "bear" the market; but oven the fact that somebody is drawing on the "reserve" every day does not seem to have the effect of " bulling" the market. The amount of outstanding legal-tender has been still further increased, and is now stated to be $358,966,488. The most favorable nows from New York is that the National Trust Company has resumed (which probably means that it is doing business on the same basis with the other Now York banks), and that the Union Trust Company is making preparations to resumo on the 15th inst.

19. October 10, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 10, 1873

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New York Stock and Money Market. NEW YORK. Oct. Morning.-Money 7 per cent. gold bid. Gold at 1091. Sterling Exchange at 107 @ 108. NEW YORK. Oct. 9-Evening.-The - day opened in Wall street with a feeling of depression, under which there was a decline in gold, foreign exchange, gov. ernment bonds and railway and miscellaneous shares. Soon after the inauguration of business there were rumors of mercautile failures. Mon y became close and the banks pressed brokers to take up loans which had been standing since the panic, which started a selling movement on the exchange, chiefly for cash, and the general share list dropped from 1 @ 10 per cent. The greatest decline was in Western Union, which was pressed on the market for cash by the difficulty in making new loaus. This decline dragged down the entire list. Late in the day the mercantile failures were denied. the Rock Island dividend was declared, and Washington advices stated that the government would encroach on the $44,000,000 reserve this month to the extent of $9,000,000.On these things the feeling changed somewhat and matters improved, the Stock Exchange speculation rising from @ 41 per cent., while the foreign exchanges were steadier and gold advanced cities per cent. from the lowest point. In bank circles an increased supply of legal tenders was reported again, but notwithstanding this the premiums remains at & @ per cent., and there is still considerable business doing over the counters on Wall street. Some of the banks are pursuing a more liberal policy in regard to paying out currency, and are cashing larger checks than of late. It is reported that the National Trust Company will resume on Monday next and the Union Trust Co between October 15th and November 1st. The directors of both companies were in session to-day. In regard to the Union the Lake Shore loan has been satisfactorily arranged or soon will be. Money was difficult to obtain on call and the rate advanced to 1 per cent. per diem. The general dealings were at 1-16; some loans are quoted at 1) per cent., and legal tenders, 30 days discounts are uoted at 12 to 24 per cent. per annum. Gold loans are 3/2 @ 1 per cent. for carryi g for the balance of the year. Foreign exchange was lower, the demand being limited and the supply of tills large. The closing quotations were 1064 @ 106 for prime bankers sixty days sterling and 1071 @ 107) for sight. Commercial bills sold at 105 @ 106. Gold declined from 1098 @ 109; from this point the price advanced to 109 closing at 1091. The rates paid for carrying were 6, 5, 4, 7, 1-32 and 7 per cent gold. The final rate was 7 per cent. The Asst. Treasurer to-day paid out $47,000 for account and $100.000 in redemption of 5-20 bonds. Custom receipts to-day were $336,000. State stocks steady and quiet. Governments had a heavy decline to-day, closing at the lowest point-1881 registered fell off from 115 to 115, 1881 coupon from 115} to 114}, old from 111 to 1091, new from 113} to 112, 73's from 1141 to 112g, and new 5's from 107g to 1071. The decline was greatly in sympathy with the lower range of gold and the depression in other departments of finance. In the Stock Exchange to-day railway and miscellaneous speculation was exoeedingly errario.There were spasms of strength and weakness but the latter predominated," At 10'cl ck the market showed a decline of 1 to 104 per cent, from the opening prices. After th t time a recovery of A to 42 per cent. was noted. This improvement was subsequently lost in most cases, but at the close there was a recovery. The fluctnations were as follows: Western Union, 68}. 66}, 671, 58, 62g. 60, and 61); Lake Shore, 73g, 70g, 71}, 72, 76g; New York Central, 921, 90. 901, 91, 90, 92, 914, 90g; Pacific Mail, 331, 32, 32}; Union Pacific, 19, 19g, 19, 191; Erie, 491, 47g, 47 The day's business at the Gold Exchange Bank was as follows:-Gold cleared, $22,689,000; gold balances, $1,225,132; currency balances, $1,400,000. The following is the Clearing House statement Currency exchanges, $56,831,916.32; currency balances, $2,189,125.32; gold exchanges, $3,557,707.73 ;gold balances, $756,575.70.

20. October 10, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 10, 1873

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THE FINANCIAL NEWS. Decline of Stocks in New York Yesterday from 1 to 10 Cents. Failure of a Bank in New York and Another in Reading, Pa. Prospect of the Carly Resumption of Currency Payments in New York. Conflicting Statements in Regard to the $44,000,000 "Reserve" Further Information Concerning the Affairs of Jay Cooke & Co. The Monetary Situation Throughout the West Unchanged. NEW YORK. Special Dispatch to The Chicago Tribune. NEW YORK, Oct. 9.-Rumors of an unfavorablo character, reflecting upon the stability of several mercantile houses, were circulated at the opening of business in Wall street. Notwithstanding that they were proved false, they had a depressing effect upon the market. This depression was accelerated by the announcement that special banks had CALLED IN THEIR LOANS, and caused a heavy sacrifico of stocks by the operation. Among those whose stocks were said to have been forced to sale was Honry N Smith, who wont largely long of Western Union with a view to twisting Jay Gould, who was originally short, and thus revenging himself for his treatment in the Northwestern corner. Later in the day, the FAILURE OF GIBBON, CASANOVA & CO., bankers, No. 50 Exchange Place, who had became embarrassedby reason of the withdrawal of Western deposits and advances made to the Jacksonville, Northwestern & Southeastern Railway of Illinois. Another and small dealer, named S. B. Hard was announced to the Exchange as suspended. The stock market was very much depressed, declining from 1 to 10 per cont in the entire list. Western Union declined 101/4 per cent, the annual report being regarded as unfavorable. GREENBACKS are selling at from % to 1 1/4 por cent premium. It is in contemplation to hold a meeting of the Clearing-Houeo on Saturday, and, if possible, to resume the payment of legal-tenders, which action, it 18 thought, will restore matters to their normal condition. THE NATIONAL TRUST COMPANY will resume on Monday. [To the Associated Press.] GIBBON, CASANOVO & CO. NEW YORK, Oct. 9.-Gibson, Casanovo & Co., stock brokers, say their suspension 18 our of the results of the recent panic. The depositors drew out their funds, and securities became unavailable. People indebted to the house were unable to pay, and in some cases failed. Added to this, a large amount of capital was locked up in a new railroad. They express the bolief of their inability to pay in full. NEW YORK, Oct. 0.-A Washington special eays Owing to the small receipts from the revenue, Treasury officials say that it will be necessary to issue 88,000,000 or $9,000,000 of the $44,000,000 reserve, to meet the current expenses of the Government for the present month."

21. October 14, 1873 The New York Herald New York, NY

Article from The New York Herald, October 14, 1873

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AFTER THE STORM. The National Trust Company Resume Payment-Action of the Clearing House in Regard to the Bank of the Commonwealth-The Union Trust Company to Resume. The National Trust Company, at the corner of Broadway and Warren streets, resumed payment yesterday. The rush at ten o'clock, when the doors were opened, was very great, but when the depositors saw that all checks were promptly paid, many of them went away without drawing their money. During the day about $300,000 was paid out. Fifty deposits were also received. Mr. D. P. Mangen, the President of the company, said in conversation with a reporter of the HERALD, "We have paid out only comparatively small amounts, and not more than one-third of what we expected to pay out today. You see how many people there are outside waiting for their money, but you must remember that we have about 2,800 depositors, so that it is but a small line after all. Our company is as safe and as sound as when we first stopped. We are able to pay every dollar deposited with us, and have neither sacrificed any stock nor sold any securities at a loss. The majority of checks drawn have thus far been only for a portion of the accounts of the respective depositors. This is proof that we still have the confidence of the public." The Bank of Commonwealth, which is in the hands of a receiver-Mr. Isaac N. Barley-was expelled from the Clearing House Association yesterday. A meeting of the association was held at the Merchants' Bank, and the report of the Special Committee on the Bank of Commonwealth was read confirming the statement of the receiver and refuting the charges of Mr. Ellis, the former President, who had denounced the receiver's report as an ex parte statement. The report was adopted, so that the bank will go into liquidation. There was a rumor yeaterday that the Union Trust Company intended to resume business. The only foundation for this rumor was that the Examining Committee was to have held a meeting yesterday afternoon. The committee 18 composed of Augustus Schell, Freeman Clark, S. D. Fairchild, J. B. Johnston and J. M. McLane. There was no quorum, and nothing could therefore be done. Both Mr. Schell and Mr. McLane assured the reporter that the company would resume payment at an early day. Mr. McLane thought they would probably be able to resume before the 1st of December, as the affairs of the company were in a very good condition.

22. October 14, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, October 14, 1873

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NEW YORK CITY. New YORK, Oct. -The trial of EdS. Stokes was resumed this morning, but up to noon no additional jurors had been obtained. Mrs. Charles Backus, formerly Kate Newton, a well known actress, died here yesterday. Her funeral will take place Wednesday. The Federal Council of the International Workingmen's Association had a meeting yesterday, when the Committee on Cheap Transportation recommended as the best meaus of facilitating transportation, the opening of a large water way under the control of the Government, at rates covering running charges and repairs. A committee was appointed to wait on Mayor Havemeyer, to see what could be done about modifying the contract system, so as to give 5,000 persons, who were last year depending on the Commissioners of Charities, some means of earning their own bread. The committee reported that he would do nothing, and that he said he did not care if one million of people were without a chance of earning a livelihood this winter. The steamship George W. Clyde, at Key West, October 8, from Galveston for New York, reports that during the severe hurricane of the 6th, Capt. Cole, the second officer, chief engineer and one 3eaman, were washed overboard and drown. ed. The failure of P. H. Stevens has been announced this morning at the Stock Exchange. A Washington special says that the German Minister has just received intelligence.from Berlin, stating authoritively that Mme. Von Bismarck is not only not dead, but is not sick. The story was probably invented by the Ultramontainists to coincide with the arrival of Victor Emanuel at Berlin, SO it will appear that Bismarck had suffered this affliction for the King of Italy. The National Trust Company resumed business to-day, paying the depositors in certified checks on the Central National Bank, their Clearing House Bank. The Union Trust Company has not yet begun to pay depositors. The Delegates of the Evangelical Alhance Conference left this morning for Philadelphia. A short stay will be made at Princeton where the delegates will be received by President McCosh and laculty of Princeton College, and distinguished residents of the place. Judge Blatchford to day modified an injunction sufficiently to permit Blaker Bro's. & Co., to sell securities held as collateral for money loaned to G. Bird, Grinnell & Co. This decision may throw on the market 10,000 registered Lake Shore & Michigan Southern registered sinking fund bonds. Nine jurors have been obtained in the Stokes case. The Grinnell injunction case was modified on condition that Blake, Bros. & Co. file a sworn. statement of sales in the Clerk's office of the U. S. District Court in Bankruptcy, to await such action as an assignee in bankruptcy may take, providing such assignee be appointed to collect and distribute the assets of Grinnell & Co. In the case of the colored men against Wallack, for the refusal of admission to the Orchestra circle of his theater, Jodge Barrett to-day allowed the defendant to put in an unverified answer. It is reported that ex Governor Hoffman will be nominated by the Democrats for Congress as a successor to James Brooks. The leading houses in the piano trade to-day deny any intention of reducing the wages. A few of the small houses have ceased operations for a short time, owing to their inability at present of making collections. Two thousand three hundred emigrants arrived to day.

23. October 14, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 14, 1873

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FINANCIAL DEPRESSION. A DECLINE IN STOCKS. THE EXPECTED REACTION AGAIN DEFERRED-RUMORS OF SECRETARY RICHARDSON'S RESIGNATION-A SINGLE FAILURE. I Depression was the feature of business in ) Wall-st. yesterday. From the opening of the stock market , to the close there appeared to be a steady tendency downward. This excited considerable uneasiness, for it bad been generally hoped that the course of the market had been changed for the better, and that prices having reached their lowest point, would react and enable some of the sufferers who were carrying stocks at high prices to unload at something like saving figures. These hopes. however, appeared to be untimely, and apprehensions were felt that if the decline continued serious results would ensue. The failure of a small house (P. H. Stevens) was announced. Various theories were expressed in regard to the cause of the decline, but few seemed satisfied with them. It was believed that, Judge Blatchford having modified the Grinnell injunction 80 far as it related to Blake Bros., bankers, who had loaned money to Grinnell & Co. on Lake Shore, a large quantity of the stock had been thrown on the market and the price declining in consequence had brought down the rest of the list. It was further asserted that the Grinnell injunction, which temporarily kept out of the street so large a quantity of Western Union and Lake Shore, might be dissolved at any moment, and the result would be the throwing of stock upon the market. The bankruptcy proceedings instituted against Daniel Drew in the case of the failure of Kenyon Cox & Co., were also regarded with an apprehension which contributed to the depression. Again rumors were in circulation to the effect that Secretary Richardson had either resigned or been requested to do so, his successor being the Hon. Columbus Delano. These rumors were based upon the reports of an interview between an. agent of the Associated Pressand President Grant, In Washington, wherein the latter expressed VIOWS at variance with those of the Secretary. These rumors, however, were unfounded. Subjected to 80 many influences of a disturbing character. prices fluctuated as follows: Lake Shore declined from 691 to 65, rallied to 68, and closed at 65 Western Union advanced from 61 to 623, fell off to 592, recovered to 61h. and closed at 58. NewYork Central advanced from 90g to 91, and stopped at 881, the lowest price of the day. Harlem declined from 112 to 109; St. Paul Common, 31 to 29 North-West Common, 421 to 401 Wabash, 448 to 423; and Pacific Mail, 331 to 313. The remainder of the list declined about from to 1 per cent, the general market closing at the lowest quotations made. Money ruled as high as 3-16 per cent and interest, but the greater part of the business was transacted at from 1-16 to g. Greenbacks are still coming this way, although not as fast as could be desired, and the premium rules from 1/4 to 1 per cent. The rate of discount ranges between 12 and 24 per cent. Gold was active and strong, despite the reported shipments from abroad-the price opening at 1081, advancing to 108 and closing at 108 Among the more cheerful signs of the day was the resumption of business by the National Trust Company. The officers of the establishment reported a fair business, and were cheerful over the prospect. The committee of five appointed on behalf of the trustees of the Union Trust Company were to have held their first meeting yesterday, but did not do so, owing to the lack of a quorum, several of the members being out of town. The Committee consists of Augustus Schell, Chairman; Freeman Clark, S. E. Fairchild, J. B. Johnston, and J.M. McLean. Mr. McLean said that the Committee intend to make an investigation of the affairs of the Company, which are now regarded as in good condition, and to take steps for the resumption of business as soon as expedient. This movement was not at all in opposition to the receiver, Mr. Wesley, who is himself a trustee, and all of whose actions have received the approval of the Board. The Clearing-house Committee appointed on the application of President Ellis of the Bank of the Commonwealth to investigate the condition of that institution, with a view to refuting the statements of Receiver Bailey, reported yesterday to the Clearing-house, fully sustaining the charges of Mr. Bailey. The President of the Missouri, Kansas, and Texas Railway has notified to the Stock Exchange that the company has increased its stock $4,460,000 for a newly acquired road, The company DOW controls 785 miles of road. The total amount of stock is increased to $21,400,000, the amount of bonds being $17,900,000.

24. October 17, 1873 The Fremont Weekly Journal Fremont, OH

Article from The Fremont Weekly Journal, October 17, 1873

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NEWS ITEMS. Horses are scarce in Europe. The Canadian crops are reported good. The colored population of Washington is 8,532. The Azores Islands are styled a paradise in mid ocean. The estimate of the corn crop this year is 177,000,000 bushels. The prices of products will ad vance fifty per cent this fall. The tobacco crop of Ohio this year is estimated at 30,000 hogsheads. John Johnston considers the old worm fence the cheapest for the farmers. An Iowa preacher at a donation lately got beans enough to last him 30 years. Yellow fever of a very malignant type is still making fearful ravages at Memphis. New York sheep men are abandoning the Merinos for the Cots. wolds and Downs. One thousand emigrants settled in Georgia last year, but 20,000 of her citizens left the State. Complaints of a stagnation of business come from the lumbering regions of the far North-west. A "honeymoon car" is now run on the Pacific Railroad for the accommodation of bridal parties. In boring an artesian well at Rives, Mich., recently, a solid oak log was struck 146 feet below the surface. The difference in value between gold and greenbacks since the panic is less than at any time since the war. A Peoria man claims to have a stone that Washington threw at a wood-pecker on his father's cherry tree. The National Trust Company of New York has resumed business. The Union Trust Company will soon follow. Eight million feet of white birch lumber is annually cut in Maine and sold to manufacturers of spools and shoe pegs.

25. May 7, 1882 New-York Tribune New York, NY

Article from New-York Tribune, May 7, 1882

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District-Attorney Bergen and Police Captain Dobbs, of Plainfield, yesterday had a consultation with Superintendent Walling. The Superintendent detailed two detectives to assist the Captain in tracing the sus- pected man in this city, while Mr. Bergen went to Trenton, N. J., on an afternoon train. The detectives and Captain Dobbs were engaged yesterday in visiting dealers who sell perforated chair bottoms, in the hope of getting a trace of the supposed murderer. Eirsch's brother-in-law, Jacob Cohen, and his cousin went to Plainfield yesterday to identify the body. It is believed that Eirsch had about $30 in his pockets when he was murdered. # WAITING FOR COMPLAINTS. It was announced that the Senate committee which is inquiring into insurance receiverships, would hold a meeting at the office of Senator Koch, No. 320 Broadway, at 11 o'clock yesterday morning, for the purpose of hearing complaints. Senators Koch and Lord were present and waited for two hours for com- plaints to come in. Incidentally, while waiting, Senator Koch received a number of friends and transacted per- sonal business, but it was evidently a bad day for com- plaints. The only two cases brought to the attention of the Senators, in their capacity as committeemen, were those of the National Trust Company, of which William J. Best is receiver, and the Bowling Green Savings Bank, of which Shepherd Knapp is receiver. In connection with the former institution, which went into the hands of a receiver in 1873, the opinion was expressed that whereas there should be a large dividend, there had been none at all so far to the stockholders. The Bowling Green Savings Bank, which was put into the hands of a receiver in 1871, has only paid a dividend of 15 per cent, and it is alleged that this dividend was only paid to a part of those who were entitled to receive it.

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