14702. Commercial Bank (Saratoga Springs, NY)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
December 13, 1878
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini
Short Digest
9e5e47c4e67372c5

Response Measures

None

Description

Depositors ran on the Commercial Bank after runs on the First National Bank following publicity of the defalcation of County Treasurer James H. Wright. The Commercial Bank suspended on Dec 13, 1878 and was later placed in receivership by order of the Comptroller (receiver L. M. Price) in Feb 1879, indicating permanent closure/receivership.

Events (3)

1. December 13, 1878 Run
Cause
Bank Specific Adverse Info
Cause Details
Run precipitated by public revelation of the defalcation of County Treasurer James H. Wright and reports of losses/complications involving banks and Wright (rumored losses tied to his defalcation).
Measures
Directors closed the bank's doors; returned incoming telegram funds and stopped business.
Newspaper Excerpt
A run began on the Commercial Bank as soon as the First National stopped, and now that has also stopped.
Source
newspapers
2. December 13, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals caused by the Wright defalcation scandal and resulting loss rumors; directors stopped business and closed doors after incoming funds were returned due to rising excitement.
Newspaper Excerpt
Both closed their doors to-day. ... The First National Bank suspended to-day owing to a run growing out of the defalcation of County Treasurer Wright The run was then precipitated on the Commercial bank and its doors were closed.
Source
newspapers
3. February 15, 1879 Receivership
Newspaper Excerpt
The Commercial bank is in charge of L. M. Price, as receiver, by order of the comptroller of the currency.
Source
newspapers

Newspaper Articles (16)

Article from Evening Star, December 13, 1878

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Defalcation of a County Treasurer and Consequent Run on Banks. SARATOGA. N. Y.. Dec. 3.-The suspension and defaleation of Jame H. Wright, county treasurer, was made public last Monday. There have been serious reports of loss on the part or the banks and others growing out of complications with Mr. Wright as his bondsmen and endorsers. A run began on the First National Bank on Friday, and continued until $50,000 had been drawn out. After an examination of the assets by the directors, they decided them more than sufficient to meet all liabilities and leave a surplus. Telegrams were sent and funds came this morning in response thereto, bat as the excitement was increasing the directors concluded to return them and stop basiness. It is possible the bank may now go into liquidation. The shrinkage in the value or real estate hereduring the past five years has left a proportion of overdue paper, which has rendered this course advisable, A run began on the Commerclal Bank as soon as the First Nath II il stopped, and now that has also stopped.


Article from New-York Tribune, December 14, 1878

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TWO BANK SUSPENSIONS AT SARATOGA. SARATOGA, N.Y., Dec. 13. -The defalcation of James H. Wright, County Treasurer, was made public last Monday. There have been various reports of losses on the part of the banks. and others, growing out of complication with Mr. Wright. A run began on the First National Bank on Tuesday by the depositors, who drew out $10,000. On Wednesday they drew out $40,000 more. It was decided that the assets of the bank were more than sufficient to meet all liabilities. Telegrams were sent out and funds came this morning in response thereto, but, as the excirement was increasing, the directors concluded to return the funds and stop business. It 18 possible the bank may nov go into liquidation. The B rinkage in the value of real estate be Le during the past five years has left n proportion of overdue paper, which has rendered this course advisable. A run began on the Commercial Bank as soon as the First National stopped, and now that has also sropped.


Article from Memphis Daily Appeal, December 14, 1878

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TELEGRAPHIC BREVITY. Sydney, December 13: The ministry of NewSouth Wales has resigned. Robertson will form another cabinet. London, December 13: The nail masters of St ffordshire have resolved to resist the demands of the men. even if a general strike should be the resu t. New Orleans, December 13: The bank Aprodie, hence December 5th for Rouen, with a cargo of co ton and grain, returned In distress, having sprung a leak. Madrid, December 13: The council of min. isters decided to oreate cadres for one hundred In. fantry battalions and twenty squaarons of cavalry for half-pay officers. Quebec. December 18: All the conservative members of the legislature of Queqee have signed 8 petition praying for the removal of Lieutenant Governor Lelliilter. London. December 13: It is understood that John Ruskin will decline a re-election to the Stade professors Ip of fine art in Oxford university, on account of 111-health Rome, December 13: Premier Caroli has announced that the present ministers will continue in the administration pending the king's decision on their proposed resignations. London, December 13: A correspondent at Vienna states that a majority of the committee of eighteen, appointed by the Mchreth on the teath Instart. to consider the treaty of Berlth, are fevorable to the treaty. Pittsburg. December 13: An unknown man, about fifty years of age, was instantly killed this morning by falling into the cellar of the Fort Wayne depot in Alieghany, His name is supposed to be William Burnison, Saratega, December 13: The First national bank suspended to-day owing to a run growing out of the defalcation of County Treasurer Wright The run was then precipitated on the Commercial bank and its doors were closed. London, December 13: The chancellor-ofexchequer, in the house of commons to day, announced that he would shortly moye for a grant of money by parl ament, in aid of the distressed people in the Rhodope mountains. London, December 13: A man named Madden was arraigned at the Bow street po Ice court, yesterday. charged with threatening the life of Queen Victoria. Madden. it appears, is a harmi-ss tunatic, and has been known as such for twenty years. Wheeling. W. Va., December 18. In a letter received to-day by a prominent cigar manufacturer from Senator Davis, the impression prevalls in Washington that there will be no change made on tobacco and cigars this seasion of congress San Francisco, December 13: A heavy gale from the north has prevailed for several days. Some nor damage to the woping at the wherves is three Italian fishreported. A sailboat, contain Two of them ermen. was swamped last night. were drowned Indianapolis. December 13: The trial of Wm. Merrick, for the murder of his wife, commenced on Monday, the second instant, was ended this evening. The jury, after being absent thirty minutes ret irned a verdict of guilty of murder in the first degree. He was sentenced to death. Pittsburg. December 13: AR a freight train was entering the city, about four o'clock this morning, a brakesman named Edward Sisson. living at Cameron, attempted to leap from a car to the tender, missed his footing and fell underneath the wheels and the remainder of the train passed over his body,


Article from Daily Kennebec Journal, December 14, 1878

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NEW YORK Death. NEW YORK, December 13. George W. H. Hopkinson, formerly superintendent of the first horse railway in Boston died yesterday. Gordon Grant, acting United States consul at Basle, Swizerland, died Tuesday, suddenly. Court Matters. General Butler announced the close of the plaintiff's case to-day in the suit of Whalen against General Sheridan. Butler objected to the admission of defendant's amendment to answer a complaint, having been amended two days after the trial commenced, but Judge Waliace, after a long argument between Butler and Beckworth, United States district attorney of Louisiana, decided to admit. Sentenced. In the court room previous to sentencing Dr. Bradford on charge of performing an illegal oper ation on Sarah Victoria Connors, a woman sprang to her feet and confessed she was the guilty party. The Judge paid no attention to this confession and sentenced Bradford to 14 1-2 years in State prison. Bank Matters. Owing to runs on the First National and Com mercial banks of Saratoga, caused by the alarm consequent upon the complications arising from the defalcation of county treasurer Wright, both closed their doors to-day. Personal. Stokes, Jim Fisk's murderer, is in New York, looking hale and hearty. He is interested in a patent pavement that is being laid in St. Louis, but is chiefly interested in a mine at Columbia, Nevada, and is going out there in January to live. Crops. A correspondent gives a gloomy picture of the condition of the Southern planter. He says that the cotton crop will not realize the cost of produc. tion, and that many of the large planters who purchased provisions, etc., to supply their colored laborers are unable to meet the demands for payment, and will be compelled to go into bankruptcy. Financial. It is reported that Representative Felton of Georgia wants the Mexican dollar made a legal tender equal with the dollars of the fothers. Mexice would rejoice in consequence, because it would then have an opportunity to pass off a bad ly stamped piece of silver, worth only eighty five cents for a hundred cents.


Article from The New York Herald, December 14, 1878

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MORE CRIPPLED BANKS. SARATOGA, N. Y., Dec. 13, 1878. The suspension and defalcation of James H. Wright, County Treasurer, was made public last Monday. There have been various reports of loss on the part of the banks and others growing out of complications with Mr. Wright as his bondsmen and indorsers. A run began on the First National Bank on Tuesday and $10,000 were drawn out. On Wednesday it continued until altogether $50,000 had been drawn out. In the meantime Cashier Leake sent for his brother, for many years cashier of a bank in Troy, and had him make n thorough examination of the assets with the directors. They decided that the assets of the bank were more than sufficient to meet all liabilities and leave a surplus. Telegrams were sent and funds came this morning in response thereto, but as the excitement was increasing the directors concluded to return them and stop business. It is possible the bank may now go into liquidation. The shrinkage in the value of real estate here during the past five years has left a proportion of overdue paper, which has rendered this course advisable. A run began on the Commercial Bank as soon as the First National stopped, and now that bank has also stopped.


Article from The New Orleans Daily Democrat, December 15, 1878

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Suspension of Saratora Banks. ALBANY. N. Y., Dec. 14.-The 1 First National Bank of Saratoga, although it claims to be solvent. suspended after a two days' run on it, caused, it is said, by rumored losses by the defalcation and flight of County Treasurer Wright, with whom the bank had dealings. The Commercial Bank, of the same place, has also suspended,


Article from The Sun, December 18, 1878

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Saratoga's Suspended Banks. SARATOGA, Dec. 17.-Bank Examiner Williams is here to-day making an investigation of the Saratoga banks. A committee from the Commercial Bank has gone to New York to advise with bankers as to the nd. visability of going on as a national bank or under the State banking S.Y stem.


Article from The Democratic Press, December 19, 1878

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HE DEMOCRATIC PRESS. SAMUEL D. HARRIS EDITOR AND PUBLISHER. RAVENNA, THURSDAY, DEC. 19, 1878, The Press for $1.50 a Year, in advance. THE Blaine resolution with the Thurman amendment, passed the Senate. The First National Bank and the Commercial Bank of Saratoga, New York suspended on the 13th inst. SOME of the Republican papers notice the absence of any remarks about Civil Service Reform in Hayes' message. THE Republican party is in a minority in every State in the Union except three, and, yet they boast that the financial policy of the Administration has been approved by the people. GILBERT O. SHOVE, the Greenback candidate in the Cuyahoga District has backed out of the contest of the seat of Amos Townsend and withdrawn his charges and specifications. THE Stark County Democrat suggests Major McKinley as a suitable candidate for King of Bulgaria in case Grant declines the honor. Why not? Isn't he a bigger man than old Grant? THE name of Hon. E. B. Eshelman, of the Wayne County Democratic, is mentioned as a candidate for State Auditor in the contest next fall. No more capable man could be selected for the place. A MAINE Republican Congressman now in Washington, says Ladd and Murch, the two Greenback Congressmen elected in that State in September, will act with the Democrats in the next Congress. GOVERNOR Wade Hampton had his leg amputated below the knee on the 10th inst.; and on the same day the Legislature of South Carolina elected him U. S. Senator from that State. The vote for him at the Senate was unanimous and only two against him in the House. CONGRESS will adjourn on Friday till the 6th of January to enable the members to enjoy the holidays. What a pity it is the people can not all take a recess, abandon all wordly care and enjoy themselves for a couple of weeks about this season, as well as their "servants."


Article from Weekly Chillicothe Crisis, December 19, 1878

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THE WOMAN WINS. A one hundred mile walking match for $400, between Miss Mary Marshall, of Chicago, and Dan Carroll, of Warren, Pa., was won by the former at Jamestown, N. Y., she being one lap ahead, having held that position since the fifty-third mile. A BIG BUSINESS. The records of the Toledo Produce Exchange show that during the past season just closed 225,000 barrels of flour, 11,000,000 bushels of wheat, 6,500,000 bushels of corn, and 245,000 bushels of oats were shipped from this port. PRIZE FIGHT. All the arrangements are made for a prize fight for the middle weight championship of America and a purse of $2,000. between McClellan and Donovan, the fight to take place January 23, at San Francisco. SARATOGA BEND. The First National bank of Saratoga suspended owing to a run growing out of the defalcation of County Treasurer Wright. A run was then precipitated on the Commercial bank, and its doors closed. DIPHTHERIA. Diphtheria in a very malignant form is prevailing in the vicinity of Springfield, III. Several fatal cases have been reported within the past twenty-four hours. IN THE ICEBERGS. A ship, supposed to belong to the Swedish polar expedition. was seen by whalers just returned from the arctic region, blocked in ice near East cape. PENSION FORGERY. John 0 "Connor, of Cincinnati, has been sentenced to prison for forging certain pension papers. He must pay the costs of prosecution. SITE SELECTED. The commission to select a site for the new Na servatory has reported in favor of Geo rgetown Heights.


Article from The Emporia News, December 20, 1878

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The First National and the Commercial banks of Saratoga, N. Y., will not have to resume. They suspended on the 13th, after a lively run.


Article from Daily Press and Dakotaian, February 15, 1879

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AGAINST JONES' BILL. Washington, Feb. 15.-The senate committee on railways to-day heard the conclusion of argument of the counsel for the Western Union Telegraph company against Jones' telegraph bill. TELEGRAPHIC BREVITIES. IN THE HANDS OF A RECEIVER. Saratoga, Feb. 15.-The Commercial bank is in charge of L. M. Price, as receiner, by order of the comptroller of the currency. WEEKLY STATEMENT. New York, Feb. 15.-Bank statement: Reserve deorease, $2,081,375. CHICAGO CONTRADICTS A.RUMOR. Chicago, Feb. 15-A dispatch to the Tribune this morning from Washington says private information there is to the effect that pleuro pneumonia has appeared among the cattle in Chicago. The American Stockman to-day denies the rumor in most positive terms; and BayH Delmark has inspected thousand of cattle here and has not found a trace of the disease. ABOUT CATTLE. New York. Feb. 15.-The - state commis, sioner directs owners and vetrinary surgeons to report promptly all cases of cattle disease, and forbids persons in charge of well cattle entering upon premises where disease exist, and that infected cartle must be quarentined or slaughtered. The steamship Huron today for Liverpool takes out 88 head of cale tle six hundred tons of dead beef, and the Germanic carries one hundred tons of dead beef. Shipowners say the restrictions placed upon trade; by the : English privy council would soon be removed when it was fonnd that no pluro pneumonia exists among western cattle.


Article from The New York Herald, February 16, 1879

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TELEGRAPHIC NOTES. The fourth annual State fair of Florida opens on Tuesday next at Gainesville. A fire Friday night at Enterprise, Miss., caused a loss of $60,000; insurance, $40,000. Ira Stewart, living near Hermon, N. Y., was shot and killed Friday night by George Stewart, his insane son. Six dwelling houses on King and Niagara streets, Toronto, were burned yesterday morning. Loss, $15,000. Aaron Arnold, while chopping wood near Forest, Ohio, Friday, was instantly killed by a tree falling upon him. Governor Fremont is to represent Arizona at Washington to resist the creation of an Indian reservation on Salt River. The oil refinery or J. R. Timmons, at Smith's Ferry, Ohio, was burned yesterday. Loss, $10,000; no insurance. Baxter's block. at Lima, Ohio, was destroyed by fire on Friday. The loss is estimated at $10,000; insured for $2,000. The Licking county, Ohio, Commissioners are investigating the charges against County Clerk S. S. Wells, of overcharging in his cost bills. A fire at Bedford, Ohio, yesterday, destroyed Mar le's grocery, Hine's hardware store and the Post Office. Loss, $10.200; insurance, $4,300. The total loss caused by the sinking of the sixteen houses belonging to the Reading Coal and Iron Company will be between $30,000 and $40,000. The Commercial Bank of Saratoga is in charge of L. M. Price as receiver. The First National Bank will probably resume business with new capital this week. Albany county bonds for $87,000 sold yesterday at prices ranging from 104% to 106 9-16. Comptroller Olcott bought $30,000 worth on account of New York State. A youth named Charles Boyer was detected yesterday at Fredericksburg, Va., taking mail matter from the Post office lock boxes. He was sent before the Grand Jury. The jury in the case of Charlie Woods (colored), on trial at Memphis for the murder of Mrs. W. C. C. Foster. yesterday found a verdict of murder in the first degree. The business portion of Bedford, a suburb of Cleveland, Ohio, was almost entirely destroyed by fire yesterday morning. The loss is from $10,000 to $12,000; insurance, $4,300. The Virginia House of Delegates has made the bill providing for a settlement of the State debt a special and continuing order for Thursday next. The Senate begins the consideration of the same bill on Monday. A mass meeting at Prescott, Arizona, Friday night, denounced the bill just signed by the Governor requiring Maricopa and Varupai counties to furnish money to build a railroad as a job and as ruinoua to those counties. Patrick Smith, one of the four negroes charged with the murder of John C. Lacy, in New Kent county. Va., last month, has been convicted and sentenced to be hung on the 15th of March. Julius Christian, enother of the gang. is being tried, and the two others will be tried next week.


Article from New-York Tribune, February 17, 1879

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BARATOGA BANKS. SARATOGA, N. Y., Feb. 16.-The Commercial Bank 18 in charge of L. M. Price, as receiver. The First National Bank will probably resume business with new capital next week.


Article from Wheeling Register, February 17, 1879

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CREAM OF THE NEWS. Gathered from Our Dispatches. George C. Codd is Detroit's new Postmaster. Subscriptions to the four per cent. loan, $5,623,200. Governor Fremont iscoming to Washington on a special mission from Arizona. Thousands of cattle have been inspected at Chicago, and no trace of pleuro-pneumonia found. The Tennessee Senate rejected the propositions of the bondholders by a vote of 12 to 9. Ira Stewart, living near Watertown, N. Y., was shot and killed, Thursday, by his crazy son George. Joseph A. Englenard, Secretary of State of North Carolina, died Saturday afternoon. Age forty-seven. The Commercial Bank of Saratoga is in charge of L. M. Price, as Receiver, by order of the Comptroller of Currency. R. M. Valentine, of the well-known firm of R. H. Macv & Co., New York, and the last of the original members, died Saturday. Charles Woods, (colored), on trial at Memphis, for the killing of Mrs. W. C. C. Foster, has been convicted of murder in the first degree. The President approved the act to allow women to practice before the Supreme Court; also, the Navy Appropriation Bill. Careful microscopie investigation fails to detect any trace of trichina in the body of Mrs. Horn, who died in Brooklyn, as reported of that disease. The drawing room reception of Mr. and Mrs. Lorne, at Ottawa, on Friday evening, is said to have been the most brilliant affair of the kind ever seen there. The officers of the Lucas Bank, of St. Louis, will announce this morning that the stockholders of that institution have decided to wind up its business. At Charleston, this State, Saturday, a daughter of Richard Hardwick was burned to death. There is great rejoicing in San Francisco over the passage of the Chinese restriction bill. Pastors of Catholic churches in Pennsylvania have given notice that the Church will excommunicate members of the Knights of Labor society. The Licking (Ohio) County Commissioners are investigating charges against Clerk S. S. Wells of overcharging in his last year's bills. It is stated in one bill, against the State, of eight hundred dollars, three hundred dollars overcharge has been discovered. A meeting of policy holders representing over $2,000,800 of insurance, held in Boston, resolved that the mass of the policy holders urge the committee and trustees to use their best efforts toinduce officersand trustees to relinquish the rebate plan and return to the old practice.


Article from Chicago Daily Tribune, February 17, 1879

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FINANCIAL. SABATOGA, Feb. 15.-The Commercial Bank is in charge of L. M. Prince, as Receiver, by order of the Comptroller of the Currency. Sr. LOUIS, Mo., Feb. 15.-The afticers of the Lucas Bank, this city, will announce to-morrow morning that the stockholders of that in. stitution have decided to wind up its business. The reason given is that the profits on business do not pay a fair interest on the capital invested. The business of the pank has heen transforred to the Mechanics' Bank of St. Louis, where the desposits will be paid in full on do mand, and all liabilities at maturier.


Article from Perrysburg Journal, February 21, 1879

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of the United States Navy, died at Philadelphia on the 12th. 1 meeting in the rooms of the Chamber of at New York. on the 12th, urged the necessity a thorough of the investigation Commerce upon Congress alcoholic liquor of traffic. Kiernan's news agency had a dispatch on e the 12th that the Erie and Great Western Railways had been consolidated, President 1 Jewett's proposition having been accepted by the latter company. The annual meeting of the Iron and Steel 1 Association was held at Philadelphia on the 12th. Resolutions.were adopted congratulating the iron trade of the country upon the reeumption of specie payments and the gold basis values; Congress for reto in $300,000,000 solving for maintain notes, commending and circulation attributing to legal tender protection on that A Boston the present dispatch, favorable the balance 12th, will of stated trade. the Fire Underwriters committee recommend an average increase in rates of about twenty five per cent. They divide the risks into three classes. Forty cents, which includes a very limited number of lines of goods in bulk not inflammable in themselves or liable to combustion in an ordinary fire: fifty cents, including bulk of risks on mercantile property, and sixty centsยฎ to one dollar and fifty cents to include light goods, broken stocks and open lots of goods of an extra hazardous nature. The Legislature of New York has voted $10,000 to aid in detecting and stamping out pleuro-pneumonia. A stable at New York, containing over eighty horses,burned on the night of the 13th, and aboutsixty horses perished in the flames, among them some valuable roadsters. Two firemen were severely injured by a falling roof. Between sixty and eighty rioting strikers were arrested by the Sheriff of Washington County, Pa., on the 18th The rate of toll on the New York canals has been fixed as follows by the Canal Board: per West-bound pounds per mile: freight, east-bound one-fourth freight, mill one-half 1,000 mill;or coal, iron are and petroleum, east or west, one-fourth mill; the free list to be continued. President Hayes has written a letter to the Collector of Customs at New York in which he says that it is his desire that the office be conducted on strictly business principles, and that no man should be put out of place because he is a friend of Mr. Arthur, or put because he is a friend of the Administration; that no recommendation from himself, Secretary Sherman, any member of Congress, or other influential person, must be specially regarded. The good of the service should be the sole end in view. Mrs. Adolph DeBarry of New York City, while on avenue on was from approached walking Fifth snatched behind by ather agentlemanly the earrings, 14th, appearing man, who a valuable pair of diamonds, and succeeded in tearing one of them out of her ear. He escaped. A new secret organization among the miners of Schuylkill County, Pa., has been exposed by President Gowen of the Philadelphia & Reading Railroad. A general strike was ordered but was 20th. of a strike coal other for In case Feb. 16, postponed committee banks and until havproperty was to be burned, a ing been appointed to carry out this part of the programme. The larger portion of the Roger locomotive works, the Barbour flax mills and dye house and some smaller buildings at Paterson, N. J., were destroyed by fire on the 13th. The total loss is estimated at $300,000; insurance about $75,000. The New York State Commissioner has directed owners and veterinary surgeons to report all cases of and forbids in charge enpromptly persons cattle of well disease, the cattle disease tering upon the premises where exists. Three children of Ephraim Hysler were burned to death at Somerville, Me., on the 15th. The children were left alone, and by some means the house caught fire. About a year ago another child of the same person burned to death. The weekly bank statement shows that the New York City banks now hold $12,076,500 in excess of legal requirements. The Groeco-Roman wrestling match, tripping allowed, between J. H. McLaughlin, of Detroit, and Wm. Miller, of Baltimore, was won by the former, in Boston. Ira Stewart, living near Watertown, N. Y., was shot and killed, on the 15th, by his crazy son George. An investigation of the accounts of the late County Treasurer Conklin, of Oswego County, N. Y., shows a defalcation of $133,000. Commercial Bank of Saratoga, N. Y., has in the a by order the The been of placed Comptroller hands of Currency. of receiver, The pastors of the Catholic Churches in Pottsville, Pa., and vicinity, have given notice that they will excommunicate all members of the Knights of Labor, a society which succeeded the " Mollie Maguires. Union Pacific stock, which in the past few ruled between 66, 57 opened on of the 17th at weeks the has morning 6914 and 69, and sudto 78. It then to and advanced to 771/2 again denly jumped Jay Gould fell sold 75 % 100, 000 shares at 70.