14849. Commercial Bank (Brooklyn, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: August 12, 1893
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 84534619

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Description

Contemporary articles describe heavy withdrawals and clearing refusals in mid-August 1893 (general stringency) leading to suspension by end of August and appointment of a receiver (W. N. Dykman). The bank did not resume normal operations and was treated as defunct; receivership followed and directors later arranged to make depositors whole. OCR errors corrected where obvious.

Events (3)

1. August 12, 1893 Run

Cause: Macro News
Cause Details: Withdrawals and clearing refusal driven by the general financial stringency/market panic of August 1893, not a discrete false rumor about this bank.
Measures: None reported beyond attempts to secure clearing and raise additional security from directors and president; later proposals to have depositors accept stock to recapitalize.
Newspaper Excerpt: There had been a gradual withdrawal for some time, and the deposits were decreased about $200,000.
Source: newspapers

2. August 30, 1893 Receivership

Newspaper Excerpt: The appointment of a receiver for the suspended Commercial Bank of Brooklyn ... William N. Dykman ... was named upon the application of Deputy-Attorney General Hogan.
Source: newspapers

3. August 30, 1893 Suspension

Cause: Macro News
Cause Details: Suspension occurred in the context of heavy withdrawals and impaired liquidity amid the nationwide financial stringency; also asset quality problems noted, but immediate trigger was loss of clearing and withdrawal pressure tied to panic conditions and local deposit runs/withdrawals noted earlier in August 1893.
Newspaper Excerpt: The Commercial Bank of Brooklyn, N.Y., a State Institution, has suspended.
Source: newspapers

Newspaper Articles (22)

1. August 13, 1893 The Sun New York, NY

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President Keeney was for a long time the partner of the late W. C. Kingsley in the contracting business. and has extensive interests in Brooklyn. Ho is one of the heavlest stockholders in the Eagle, owns a big slice of Brooklyn Elevated road stock. and also stock in the Long Island Trust Company. and has hig contracts of various kinds. He was a Bridge Trustee under the old régime, and recently. on the reorganization of the Board. was made one of the Brooklyn representatives. His associates in the bank directorate are: Rufus Resseguie. lumber merchant: George Malcom. brewer: James Lock. retired merchant: Robinson Gill of Gill & Baird: George Wilson. Elbert Snedeker, and David W. Bierns. The Commercial Bank is one of the depositories of the city and county moneys. and yesterday it held of the former $31,877.93 of the Board of Education funds and $12,900.78 of the general fund. and of the latter $40,000. The city and county authorities are protected by bonds of $200,000. It was rumored that the bank had recently made large advances to the Brooklyn and Union Elevated Railrond Company and other corporations in which Mr. Keeney and some of the other directors are interested, and that the suspension was due mainly to that cause. This 18 denied by the directors, who say that the fortheoming statement of the Bank Examiner will show that there was no mismanagement of the tunis. and that the trouble is solelydue to the general which prevails. At the Bank of New York vesterday it was said that the notice refusing longer to clear for the Commercial Bank was sent out late on Friday afternoon. The Clearing House committee made no examination of the Commercial and was not asked to make any. We made our own examination." said the -President of the Bank of New York, We went through the ledger and found that the deposits three monthaago amounted to n million dollars. There had been a gradual withdrawal for some time, and the deposits were decreased about $200,000. We found that nearly all the assets were of a slow charactor. Many consisted of notes which the bank had discounted for builders and dealers in building material. That line of business is very slow. In most cases there are frequent renowals. and It takes at best a long time to realize. The securities were good and all that, but they were too slow." Will the bank resume business?" "I think very likely that it will later on," was the reply. but. in the course of a little further talk. the Vice-President remarked: "The assets I speak of are slow when the bank is open. They are a good deal slower when the bank is closed." The Bank of New York still clears for five Brooklyn banks. The Vice-President said that. without exception. these banks are very strong: as strong as the New York city banks. There are included among the heaviest depositors in the Commercial: David M. Stone, the retired editor of the Journal of Commerce: the Brooklyn Ragle, Ernest Nathan's Son, the Fulton Municipal Gas Light Company, Jeweller Moses Strauss. Milliner H. M. Baum. Mane

2. August 14, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, August 14, 1893

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STOCKSUPANDDOWN Decrease in Bank Reserve Had an Adverse Influence. NORTHERN PACIFIC WAS WEAK Decline in General Stock List--Wheat Opened Weak, But Closed Firm On an Advance New York, Aug. 12-Money on call is nominally steady at 3 per cent. Prime mercantile paper, 8@12 per cent. Posted rates, $4.82@4.87. Government bonds have been weak. The sales of stocks today aggregated only 51,681 shares. At the opening the market was irregular, a few stocks showing declines and other advance, but the changes either way outside of American Sugar and Lackawanna were elight. The failure of the Commercial bank of Brooklyn, a small state bank, had little or no effect. About 11 o'clock a fair demand set in for Chicago Gas, Lake Shore and Lackavanna. The market held* tolerably firm until the publication of the bank statement. The banks lost over two and half millions in cash, expanded their loans $3,078,000 and decreased their liabilities $741,700. This showing created hearish feeling and a general decline followed. Northern Pacifics were particularly weak. London and Berlin had selling orders in the stock. Northern Pacific preferred from 21% to 18% and the common from 73/2 to 6½, Union Pacific was heavy, declining about 2 points upon the application for a receiver for the Union Pacific, Denver & Gulf. The general list fell X to 1½ per cent. Among the specialties U. S. Robber preferred declined 7 to 70 and Nashville & Chattanooga 3 to 56, Northwestern preferred juriped 4% to $1.85. Just previous to the close the was a smaller of small proportions, but the tone of the market was rather weak.

3. August 14, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, August 14, 1893

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Bilver bars, per ounce. 74@74}/ga Mexican dollars, 61@61}{c. MINING STOCKS Helcher 5 Alpha Con Best & Beicher. a Alta 5 Cholier D Andes 15 Con. Cal. & Va 1 35 Bullion 15 Confidence. Caledonia 5 & 10 Challenge Con Could s Curry Hale & Noreross 50 Crown Point 30 Potost 6 5 Kentuck 5 Ophir 70 Lady Washington. 4 Mexican 40 cavage bierra Nevada 10 Union Con 5 35/Overman Yellow Jacket.. 5 do/Utah NEW YORK MARKETS. STOCK EXCHANGE. NEW YORK, Aug. 12-Stocks opened irregular. American Sugar rose 1 to 74. The changes were generally fractional, and business was moderate. The failure of the Commercial bank of Brooklyn had no influence. Sugar receded to 72% and rallied to 733/4. Grangers and Lake Shore were in moderate demand, advancing. Union Pacific was weakened by the application for a receiver for the Union Pacific, Denver & Gulf road, one of its branch lines, and declined 1%, to 18½. At 11 the market was dull and steady. After 11 stocks developed weakness. The loss in bank reserves had an adverse influence. Northern Pacific issues were particularly weak, preferred falling from 21½ to 18%. common from 7% to 6½. The market closed weak. Government bonds-Steady. A a

4. August 17, 1893 The Green Forest Tribune Green Forest, AR

Article from The Green Forest Tribune, August 17, 1893

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THE WEEK'S NEWS IN BRIEF. MANY INCIDENTS REDUCED FROM COLUMNS TO SHORT, SPICY PARAGRAPHS. Everything Eliminated But Facts For the Special Convenience of Readers of The Tribune. THE eastern roads have raised the World's Fair rates. MR. GLADSTONE has announced an autumn session of Parliament. SEVERAL cases of cholera have developed in quarantine at New York. THE Torrey bankruptcy bill has again made its appearance in congress. THE city clerk of Gutherie, Okla., is said to be $5,300 short in his accounts, THE First National Bank of Nashville, Tenn has been forced to suspend. THE Prairie City Bank, a State institution of Terra Haute, Ind., has assigned THE Commercial Bank of Brooklyn, N.Y., a State Institution, has suspended. THE Republicans of Kansas are anxiously figuring on the State campaign of next year. PRESIDENT CLEVELAND has left Washington for Gray Gables to spend the rest of the summer. LEAD and zinc miners of Missouri have combined to bring the smelters to terms or stop mining. DEMONSTRATIONS of pronounced hatred towards President Cleveland are being made in Colorado. THE total of last week's clearings for the United States were $709,905,224, a decrease of 20.2 per cent. DENVER ministers suggest a national fast and prayer day as one measure of relief from the.financial stringency THE Cherokee Strip will soon be openred. All the regular troops in the Territory are under marching orders. THE treasury has made arrangements by which the cotton crop of the South will be moved and threated distress relieved. THE Atlanta Constitution condemns severely the President's message and says that in it he entirely ignores Democratic policy THE currency famine in New York is as bad as ever, but measures have been set on foot which, it is hoped, will soon relieve it. THE brain of little Willie Finn, killed by his ineane father in St. Louis, weighed fiftytwoounces-the same as Daniel Webster's. RECORDER SMYTHE of New York City has refused to grant anew trial to Dr. Robert Buchanan, convicted of poisoning his wife. PENSION checks for this quarter to the extent of nearly half a million dollars are being paid in gold at the St. Louis sub-treasury. ITALIAN, Austrian, and Hungarian laborers are leaving Pueblo, Colo., for their old homes in Europe at the rate of 200 or 300 a week. THE Ohio Democratic convention Tuesday nominated Lawrence T. Neal to make the race for governor against William McKinley. Miss MADELINE Z. POILARD has brought suit against Congressman Breckinridge of Kentucky for $50,000 damage for breach of promise. STATISTICS show that the losses in the United States from fire during the first seven months of this year greatly exceeded those of 1891 or 1892. IT is reported that 11 men were killed and several others wounded in a battle between citizens and a gang of outlaws in Clarke county, Ala. THOUSANDS of persons camping along the southern border of Kansas awaiting for the opening of the Cherokee Strip are in destitute circumstances. COMMISSIONER PARKER of St. Louis vigorously denounced the selection of so many eastern men to the exclusion of westerners to World's Fair Judgeships. PREPARATIONS are being hastened for the opening of the Strip, and it is believed that the President's proclamation will be issued soon after the lat of September. THE silver men in the House caucussed Wednesday and adopted a resolution to support the repeal of the Sherman law concurrently with a bill for free coinage. JACK CHAMBERS, a negro. was lynched near Waresboro, Ga. His body was found hanging to a tree in a thicket, riddled with bullets. His crime was committed over a year ago. "MR. RODNEY," of Galveston, who, with wife, walked to the World's Fair. will have to explain away a resemblance between himself and one Bert Vincent, an Illinois wife deserter. EASTERN Boone Mo., is suffercounty, grasshoppers. Six ing from an invasion of acres of fine orchard in one case was left without leaves monut of their vioitatinna Other

5. August 31, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 31, 1893

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W. N. DYKMAN, RECEIVER POOR SHOWING BY THE COMMERCIAL BANK OF BROOKLYN. DEFICIENCY OF OVER $110,000-DEPOSITORS TO HOLD A meeting-money SUNK IN WORTHLESS NOTES AND MINING PROPERTIES. The appointment of a receiver for the suspended Commercial Bank of Brooklyn, as indicated in yesterday's Tribune, was made by Judge Barnard at Poughkeepsie yesterday. William N. Dykman of the law firm of Bergen & Dykman, was named upon the application of Deputy-Attorney General Hogan. He was placed under $100,000 bonds, and the Long Island Loan and Trust Company and the Hamilton Trust Company were made places of deposit. David A. Barnett, counsel for Seth L Keeney, the president of the bank. made a state ment in regard to the relations of the latter to the bank. He said that Mr. Keeney succeeded President Hudson in 1888, and found the bank with $108,000 capital and $166,624 surplus. At the present time the capital is the same, and the surplus, according to the books, $96,507. In the five years there had been written off to profit and loss $55,95 of bad debts, which had accrued under the former management. The losses from bad debts under the present management amounted to less than $10,000. Under Mr. Hudson, the cashier, John A. Vail, ran the business of the bank. He told Mr. Keeney, in regard to the accounts, that their condition was fully known to Mr. Hudson, and that they were all right. In 1889 Mr. Keeney found that the accounts of Mr. Grening and Mr. Hassell, and the mining company which the latter was interested in, had been heavily overdrawn, and their notes had been discounted to an unwarranted degree. This had been done before Mr. Keeney was made president. He sent for Mr. Grening, who gave bonds and mortgages which fully secured his overdrafts, and it was probable that the full amount would be made good from them. The bank took conveyances of the mining properties of Mr. Hassell in Colorado, and his other property. Three of the bank directors, Messrs. Keeney, Gill and Snedeker, advanced $105,000 to make the mining properties pay, and this money was spent before they came to the conclusion that the enterprise was hopeless. This money was their own, and they made no claim against the bank for it. When Mr. Keeney found out about the overdrafts he thought the capital of the bank too much impaired to go on with bustness, and called a meeting of the directors and told them that unless the capital was made good the bank must close. The eight directors each gave his note for $10,000, and the bank still holds them. This action was approved by the State Superintendent of Banking. Up to a year ago the bank did well, and the course adopted was justified, but after September, 1892, there were heavy withdrawals, and fully onethird of the deposits were taken out. The result was that in the recent financial stringency the strain was too great. Several days before the doors were closed the Bank of New-York called for additional security, and Cashier Vafl pledged twenty-five $1,000 bonds belonging to Mr. Keeney which were in the vaults for safekeeping. When Mr. Keeney learned that the Bank of New-York would no longer act for his bank, he made an effort to borrow upon his securities, but failed. His connection with the bank cost him about $80,000, including $35,000 advanced to work Hassell's mines, $10,000 given to make good the capital, $25,000 of his bonds sold by the Bank of New-York and applied to the debt of the Commercial Bank, and $10,000 in deposits. The State Superintendent of Banking would not let the bank resume unless the stockholders paid in $150,000 in cash, and this could

6. September 3, 1893 New-York Tribune New York, NY

Article from New-York Tribune, September 3, 1893

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TRYING TO START THE BANK AGAIN. A PLAN FOR THE RESUMPTION OF THE COMMERCIAL-HOPE OF ITS SUCCESS. A plan for resumption has been formulated for the Commercial Bank since Receiver W. N. Dykman took charge of it. He- deposited the notes of the eight directors for $10,000 each with the Fulton Bank for collection yesterday. These notes were given four years ago to make good the impairment of the bank's capital caused by overdrafts. President Seth L. Keeney Have his certified check for $10,000 to cash his note yesterday. David Barnett, counsel for the bank, said that it was proposed to increase the capital of the bank to $200,000 or $250,000, and 10 get the stockholders and depositors to take stocks for half the amount due them over $200. This will give them a chance to get half their money at once, and will give the depositors a voice in the management of the bank. If the receiver should wind up the bank's a:fairs the stockholders would not only lose their stock but would be called upon for an amount almost equal to its par value to pay off depositors. The latter would not get their money for a long time if the bank should now be wound up. Mr. Barnett thought that enough of the stockholders and depositors would accept the proposition to carry it into effect. Receiver Dykman said yesterday: "I am hearthy in sympathy with the efforts of the directors to reopen the bank, and anything 1. can do to further their efforts will be done. I am engaged in taking account of the securities of the bank, and collection." have sent out the notes of the directors for John J. Vall, the cashier of the bank, went to Saratoga for a rest as soon as the receiver was appointed. His friends say there is no foundation for the report that he had absconded, and that he will be back in a few days The following notice has been sent to depositors of the bank: "Depositors of the Commercial Bank (who are not also stockholders) are respectfully invited to attend a meeting to be held at Haviland Hall, No. 399 Classon-ave., near Greene-ave,, Monday evening, September 4, 1893, at 8 o'clock, to adopt measures

7. September 3, 1893 The Sun New York, NY

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DEPOSITORS ASKED TO CHIP IN. A Plan for Reopening the Commercial Bank of Brooklyn-The Directors' Notes. This is the proposed plan for the reopening of the Commercial Bank in Brooklyn. The stockholders are to surrender their present stock and take up new stock equal to the old. besides 25 or 50 per cent. as much more to provide a surplus. The depositors are to accept 50 per cent. of their deposits in cash and to take the remaining 50 per cent. in stock. In this way the bank would have a capital of from $200,000 to $250.000 and a surplus of from $25,000 to $50,000. Receiver Dykman said yesterday that he approved the plan. and that he would coöperate as far as possible to bring about a resumption. Yesterday Mr. Dykman deposited the eight notes of the directors of the bank. for $10,000 each, with the Fulton Bank for collection. The notes were given by the directors shortly after the death of Mr. Hudson. the former President. upon the demand of Mr. Keeney. his successor, to make good the impairment of the bank's capital. They have been in the bank's safe since 1889. Mr. Keeney's note was the first to be paid. The daughter of Cashier J. J. Vail disposed of the rumors concerning him yesterday by saying that he was in Saratoga, getting much needed rest, and would be back in Brooklyn on Tuesday. A call has been issued asking the depositors of the Commercial Bank to attend a meeting to be held to-morrow evening at 399 Classon avenue, near Greene avenue, to consider their interests. The call is signed by Haviland & Sons, Thomas J. France. Fry & Lyle, A. Buchanan's Sons. and Nolan Bros.

8. September 7, 1893 The Sun New York, NY

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THE COMMERCIAL BANK. President Keeney's Advice to Depositors Not Likely to Be Taken. The five committeemen who represent the sixty or seventy kicking depositors of the suspended Commercial Bank in Brooklyn had a conference yesterday with President Keeney. who explained that he and the other seven directors had signed an agreement to subscribe for new stock in the same amount of the old stock. now in their names. at the rate of $00 per share and 25 cents additional for surplus. He also said that the directors had further agreed to take one-half of their individual deposits in stock. and to let the balance remain on deposit for six months or a year. Mr. Keeney urged the committeemen to take such action as would and in the efforts to resume business. If one-half of the 1.200 1.200depositors remain." he said. " It will put the bank in the best standing of any in the city." The committeemen did not seem to he very favorably impressed with Mr. Keeney's suggestions. and some of them intimated that criminal proceedings might be instituted.

9. September 10, 1893 New-York Tribune New York, NY

Article from New-York Tribune, September 10, 1893

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COMMERCIAL BANK DIRECTORS MEET. AN ADDRESS TO BE SENT TO STOCKHOLDERSRECEIVER DYKMAN DEMANDS PAYMENT ON DIRECTORS' NOTES. The directors of the suspended Commerctal Bank, of Brooklyn, met yesterday and formulated their plan for securing the money needed to resume business and dispense with the receiver recently appointed. The meeting was held in the office of David Barnett, counsel for the bank, and resulted in the adoption of an address to the stockholders. It set forth that the action begun on August 30 to declare the bank insolvent required an answer in twenty days, and the only effectual answer would be a denial of the insolvency. To do this the shareholders, either with or without the co-operation of the depositors, must make the bank solvent. There was a deficiency of $2,000 beyond the capital stock of $108,000, and this would be increased by the failure of debtors to the bank to pay up in view of the stringency of the money market. If the bank was declared insolvent there would be a large amount to be paid. But If it resumed the shrinkage of assets would be reduced and the expenses would be nominal. If the shareholders would pay in 25 per cent of the par value of the shares ($60 each), to make good the losses of depositors, and then pay an amount equal to the par value of the shares, the bank would be solvent, and if the depositors co-operated a career of prosperity could be enjoyed. Many of the depositors whose accounts were the most profitable had agreed to remain with the bank. Receiver Dykman was at the meeting, and informed the directors that each must pay his note of $10,000 given three years ago to make good the impairment of the capital of the bank. Mr. Keeney Is the only one who has paid up, but the others agreed to do so before the close of the week. Cashier Vail has also been informed that he must make good his notes for $4,000. The receiver intends to push things so that there will be no ground

10. September 14, 1893 New-York Tribune New York, NY

Article from New-York Tribune, September 14, 1893

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HARD WORDS FOR STATE OFFICIALS. THE DEPOSITORS OF THE COMMERCIAL BANK STRONGLY CONDEMN THE SUPERIN TENDENT AND SEEK AID FROM GOVERNOR FLOWER. Another meeting of the depositors of the suspended Commercial Bank of Brooklyn was held last evening at Haviland Hall. in Classon-ave and action was taken in the matter of laying before the Governor the facts, and asking for an investigation of the affairs of the bank and for the removal of the State officials charged with being responsible for the present condition. C. A. Haviland presided. He said: "We know that a Bank Superintendent has been a stupid blunderer. or something worse, and that the Banking Department of the State, in which we reposed confidence, is no longer the safeguard of the people. We know that he who has been appointed receiver is the attorney of the bank's president. and as the attorney called upon on that Black Friday to advise bank officials who betrayed us, will oppose the appointment of an associate receiver, for he has told us so. We must have an associate receiver appointed at once. For four weeks. David Barnett. as attorney of the bank. stood idling his time for delay: and he hoodwinked depositors. In the mean time his receiver, who is under no obligation to serve depositors as he is to serve clients, will be made permanent receiver, and we shall be the dupes of bank attorneys. I ask you to secure the appointment of a receiver if the Attorney-General fails to move in the matter. and to present the Bank Superintendent to the Governor as one who has, purposely or through ignorance, betrayed the people of the State, Mr. Haviland said that he had telegraphed to the Attorney-General, who replied that he would be glad to see a committee on Friday. A resolution was then adopted condemning the State Bank officials, and directing the Executive Committee to wait upon Governor Flower and demand an investigation Richard Drant presented figures to show that the bank could not resume business The liabilities were $790,000 and the assets only $660,000. Louis Wanke was placed on the Executive Committee in place of John Schillins

11. September 15, 1893 The Evening World New York, NY

Article from The Evening World, September 15, 1893

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BROOKLYN NEWS. SHERIFF. OFF TO SEE GOV. FLOWER. FOR RYAN WANT Committee from Commercial Bank Politicians and Labor League Starts for Albany. Men Call on McLaughlin. Preston's Removal to Be Asked Webor May Be Named for Superand Directors Arraigned. visor-at-Large. The Special Committee representing A large delegation of the political depositors of the suspended Commerleaders in Kings County, including Discial Bank in Brooklyn left on the Emtrict-Attorney Ridgway, Fire Commispire State express for Albany this mornsioner Ennis, Tax Collector Allen S. ing to formally present charges against Swan and John Y. McKane, called on Banking Supt. Preston, and to ask Gov. Hugh McLaughlin at the Democratic Flower for his removal. Headquarters in Brooklyn this morning The Committee was armed with affito ask for the nomination of Dan Ryan davits containing a recapitulation of for Sheriff. the affairs of the Commercial Bank John W. Weber, of the Ulmer Brewing and the charges preferred against Mr. Company, was also in the delegation. Preston. Mr. Weber had been selected by the The charges are sworn to on information and belief. and purport that Supt. Germans of the Eastern District as a Preston was lax in his official duty in candidate for Sheriff. not closing the doors of the Commercial He called to say that he would withBank long before it was forced to susdraw in favor of Ryan. pend. District-Attorney Ridgway made a The affidavit to be presented to the strong speech to Mr. McLaughlin in Attorney-General sets forth the criminal favor of Mr. Ryan. He said all the candidates for the office, including John Y. liability of the directors in conducting the business of the bank. McKane, Commissioner Ennis and James The Committee will ask the AttorneyS. Kane, had withdrawn their aames General to appoint another receiver to and joined in urging Ryan's nomination. associate with Lawyer Dykman or to While the delegation was in session remove Mr. Dykman from the receivera larger body from the Kings County ship. Organized Labor League, also called to ALBANY. N. Y., Sept. 15.-Gov. urge Mr. Ryan's nomination. Flower arrived here from Cortlandt The second delegation included repreearly this morning. and left for Sandy sentatives from the unions of plasterHill at 8.30 o'clock, where he will deliver ers, watch-case makers, iron steamship builders, shoe lasters, carpenters and an address at the Washington County Fair. bricklayers. The news that Mr. Weber had withHe will return here to-night, and exdrawn in favor of Mr. Ryan, did not pects to meet the depositors: committee from the Commercial Bank of Brooklyn surprise politicians, as Mr. Weber's business as a brewer, would suffer if he at the Executive Mansion at 9 P. M. Sheriff and forced to foreclose

12. September 19, 1893 The Evening World New York, NY

Article from The Evening World, September 19, 1893

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# BIG MORTGAGE WORTHLESS. Commercial's Depositors Excited Over This New Development. Grening's Saratoga Hotel Pledged to Snedeker for $50,000. Depositors of the suspended Commercial Bank in Brooklyn were thoroughly aroused this morning over the latest sensational developments in the management of the wrecked institution. It has become known that the fourth mortgage held by the bank on Paul C. Grening's Saratoga hotel for $50,000 is regarded as almost worthless. The matter will be reported by the Committee of Five at a meeting of depositors Friday night. It is expected that a proposition recently made to place the affairs of the bank before the Grand Jury will be advised. Mr. Haviland, President of the organization of the depositors, unearthed the latest facts by looking over the records at Saratoga. He found that Mr. Grening had mortgaged the Kensington Hotel for $500 to Director Elbert Snedeker, October 1889. Sept. 8, 1893, an assignment is recorded. Director Snedeker to the bank. The depositors want to know why the assignment of the mortgage to the Commercial Bank, executed October 1889, was not recorded until Sept. 8, and suspended a month after the bank's business. When Mr. Grening took the Kensington, Mr. Haviland $8000. It was subject to a mortgage of. He does not think the hotel would sell for more than $50,000 at the highest price. At the meeting of depositors Friday night the Committee of Five will report on their trip to Albany. They say more to Gov. Flower admitted that the capital of the bank had that in aired $37,000. He also said at one time the bank had been compelled to make daily reports. These admissions, the depositors claim, sustain their charges against Mr. Preston that he knew of the weakness of the bank two years before it failed.

13. September 22, 1893 The Evening World New York, NY

Article from The Evening World, September 22, 1893

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# FIGHT OVER THE COMMERCIAL. The Organized Depositors Will Now Bring Suit. The depositors of the suspended Commercial Bank in Brooklyn will hold an indignation meeting at Haviland Hall, Brooklyn, to-night. C. Augustus Haviland, President of the depositors' organization, announced this morning that the depositors would at once institute suits against the directors of the bank for the recovery of their deposits. In opposition to this movement it was announced that the directors of the bank had formed an alliance with the depositors who had borrowed money from the institution on their notes. The two factions have combined to fight the complaining element of the depositors.

14. October 16, 1893 The Evening World New York, NY

Article from The Evening World, October 16, 1893

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# BROOKLYN NEWS. # PRISIDENT KEENEY'S BONDS. GAYNOR AGAIN GIVES ADVICE. He Lent Them to His Bank and He Asks Erooklynites to Register How He Wants Them Back. So They Can Vote. The Bank of New York Has Them Will Say Nothing About His Nom- as Security for a Loan. ination for Justice. The application of Seth L. Keeney, William J. Gaynor was officially noti- President of the defunct Commercial fied by letter this morning of his nomi- Bank, of Brooklyn, for an order direct- nation by the Republicans as candidate ing Receiver Dykman to pay him the for Justice of the Supreme Court in the proceeds of the sale of twenty-five $1,000 Second Judiciary District of New York. bonds of the Union Elevated Railroad, The Republicans of Kings County feel of Brooklyn, went off the calendar of hopeful now that Mr. Gaynor will accept the Supreme Court, Brooklyn, this morn- the nomination. If Mr. Gaynor accepts, ing by mutual consent. they say it will strengthen both the Keeney says the bonds were lent by State and local tickets of the Republi- him to the bank. He further says that can party. they were taken by the Bank of New When Mr. Gaynor was seen by an York for security for a loan to the "Evening World" reporter this morning Commercial Bank, and that they were he said: sold by the Bank of New York for less "I have nothing to say except that I than their face value. trust every voter in this town will deem He says the receipts of the bonds were it his bounden duty to go at once and accepted by the receiver as a part pay- register so that he may be ready to vote. ment of the Commercial Bank to the "As to the judiciary nomination, I Bank of New York. have not yet given the matter any con- Mr. Keeney also asks leave to sue Re- sideration. My mind has been occupied ceiver Dykman for the amount of the with other things." bonds, as well as for other securities Mr. Schieren's nomination for Mayor held by the bank. by the Republicans is looked upon as a Dykman says he has no knowledge as black eye for Worth and victory for the to whether Mr. Keeney left his bonds anti-ring element. with the bank or not. He admits, how- The selection of Col. Michel and ever, that he was informed by Cashier William J. Buttling as candidates for J. J. Vail, of the Commercial Bank, that Supervisor-at-Large and Sheriff are said he (Vail) had delivered the bonds to the to be good nominations. Bank of New York as security for a To-night the Republicans will nominate loan, but that he did not deliver any State Senators. The only district strictly other securities to the Bank of New Republican is the third. Either Joseph York. Aspinall or W. H. Reynolds is expected Receiver Dykman says he has de- to be nominated from this district. manded the return of the bonds from the Bank of New York, but thus far they have not been given up. FINED FOR CRUEL "SPORT."

15. October 22, 1893 The Sun New York, NY

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BROOKLYN'S SUSPENDED BANK. The Commercial's Depositors May Seen Have Their First Dividend. Receiver Dykman of the suspended Commercial Bank. in Brooklyn. applied yesterday to Justice Bartlett in the Supreme Court for instructions as to the payment of dividends to the depositors. Since his appointmentas temporary receiver. Mr. Dykman has collected $246,840.22. and from this he could pay the depositors their first dividend of 33 1-3 per cent. This application. he said. was made because some depositors were in much need of their money. A decision authorizing the payment of the money will probably be reached when the appointment of a permanent receiver comes up next Saturday.

16. November 10, 1893 New-York Tribune New York, NY

Article from New-York Tribune, November 10, 1893

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GATHERED ABOUT THE TOWN. The trial of Ludwig Powlack, a tailor, of No. 799 Bedford-ave., on a charge of arson, was begun in the Court of Sessions yesterday. He is charged with setting fire to his shop on September 22. The place was insured by him for $600. Judge Cullen granted an order yesterday allowing Receiver Dykman to return to Seth L. Keeney twenty-five $1,000 bonds, left in the safe of the Commercial Bank for safekeeping when he was president of that institution, which Cashier Vail deposited with the Bank of New-York as collateral for an overdraft. The Brooklyn, Bath and West End Railroad will abolish the use of steam as a motive power on Saturday next, and substitute electricity. Electric trains will be run half-hourly to and from Coney Island, and every fifteen minutes to and from Unionville'and intermediate points, and oftener as business demands it. All station agents will be dismissed, but the platforms will be used as heretofore, and stops made at the stations in the same way as the steam trains made stops.

17. November 22, 1893 The Evening World New York, NY

Article from The Evening World, November 22, 1893

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# DIRECTORS MAY BE LIABLE. Commercial Bank Officers to Be Held for Deposits. The investigating committee appointed by the organization of depositors of the suspended Commercial Bank, of Brooklyn, will make known the result of the inquiries at a meeting of the organization at Haviland Hall, Fulton street and Grand avenue, on Thursday of next week. President C. Augustus Haviland thinks that the facts which have been learned by the Committee will be sufficient to hold the directors responsible for every dollar of the depositors' money, something over $700,000. He stated to-day that the George L. Hassell account was carried for years when it was known to be worthless. He also alleges that officers of the bank invested in Hassell's mine and then took stock in the St. Kevin Mining Company as collateral for loans. The total unpaid accounts of Hassell and the St. Kevin Mining Company amount, it is stated, to $166,283.09. A resolution from a meeting of the Board of Directors on Dec. 18, 1888, is quoted, in which it was ordered that no more notes be discounted or renewed without the sanction of the Board, the President or one of the Discount Committee.

18. December 22, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 22, 1893

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Telegrams Boiled Down. All the mills in Olneyville, R. I., started up yesterday morning. The Memphis (Tenn.) Public Ledger, an afternoon paper, has suspended. Billy Thompson, Mitchell's manager, has arrived at Jacksonville, and states that Mitchell is confident of winning, and is in most excellent condition. New York State-Bank-Superintendent Preston has taken charge of the St. Nicholas Bank, New York city, and pending examination the bank will be closed. The United States grand jury, at Indianapolis, yesterday returned eleven indictments against alleged wreckers of the Indianapolis National Bank. On account of certain personal remarks in the Italian Chamber of Deputies yesterday it is probable that there will be a duel between Minister Ferrari and Signor Cavalotti, the Radical leader. Assistant Attorney-General Thomas, of the Post-Office Department, has decided that the Atianta Investment Company, Atlanta, Ga., is not entitled to the use of the mails, being regarded by Mr. Thomas as a lottery. Hon. Charles T. Mezreve, superintendent of the United States Industrial School at Lawrence, Kan., has forwarded his resignation to the President Cleveland, and will accept the presidency of the Shaw University, at Raleigh, N. C. Judge Barrett yesterday afternoon formally dismissed the jury in the Meyer murder case, New York, on account of the Insanity of Juror Low. stating that he did SO with the greatest regret, but that it was the only course open to him. Secretary Herbert has given out his decision in the case of Commodore Stanton. detached from command of the South Atlantic station for saluting Mello in the harbor of Rio, restoring Stanton to duty, and assigning to the command of the North Atlantic squadron. Cashier John E. Vall, of the Commercial Bank, Brooklyn, N. Y., was arrested yesterday charged with perjury in connection with the wrecking of the bank, and application for bail being refused until the judge could examine the papers, Vall went to the county jail. F. J. Pinton, a stockman. brings news to San Antonio of the murder of Frank Gordon, of Chicago, by Mexican robbers on the Mexican side of the Rio Grande, a few miles south of Pinton's ranch, the murdered man having gone to Mexico three weeks ago on a hunting expedition. The merchant vessels lying in the regular anchorage for trading vessels at Rio de Janeiro have been asked by the government to leave the vicinity in order that the government forces may fire on the insurgents without running the risk of striking the merchant vessels. The new short line between New York, Washington, Jacksonville, and Tampa, Fla., by way of the Richmond and Danville railroad. will be opened for business December 24th, and vestibuled, limited trains will be operated between the points mentioned from and after the date named. The United Press correspo dent at Honolulu, writing under date of December 14th, says Minister Willis's obvious avoidance of any expression tending towards a disavowal of the extremely hostile intentions commonly attributed to him, gives to the government an unfavorable impression, and enhances the hopes of the Royalists. In the British House of Commons yesterday, Prime Minister Gladstone stated that Duke Alfred, of Saxe-Coburg-Gotha (the Duke of Edinburgh), being anxious to anticipate the wish of Parliament, had arranged to renounce £15,000 yearly received from England, but would continue to enjoy the £10,000 granted to him under the royal-marriage act. A meeting of the Populist leaders of Alabama was held in Birmingham yesterday. It was secret, and for that reason all that was done or said could not be learned, but it leaked out last evening that they considered the matter of Captain Kolb's receiving the support of the Populist party, and that they disclaimed the right of any one man or men to pledge the party's support to any individual. The Provisional Government of Hawaii has framed an ultimatum in which it declines to negotiate for the restoration of the crown. and declares that it will resist with military force each and every attempt to overthrow the Provisional Government, and this ultimatum is held ready to be sent to Minister Willis should he enter upon the fulfilment of his instructions. The feeling of the adherents of the Provisional Government is one of positive determination, so much so as to be generally accepted as a conclusive sign that monarchy in Hawaii is a thing of the past.

19. March 11, 1894 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, March 11, 1894

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Business Embarrassments. NEW YORK, March 10.-The directors of the defunct Commercial Bank, of Brooklyn, some of whom are under indictment, may not be prosecuted, owing to the fact that they have agreed to buy the worthless mortgages held by the institution and to pay the depositors every dollar due them. There were about 150 depositors, and they were to bring civil suits, SO the directors were forced to take the course they have. If it can be shown that some of the mortgages were not valueless Cashier John T. Vail will be relieved of some of the blame put upon him. PHILADELPHIA, March 10.-Justice Cox, jr., iron and steel merchant and broker, at No. 118 South Fourth street, failed today. The failure is attributed to the depressed condition of the iron and steel industries. The amount of assets and liabilities are not given. CEDAR RAPIDS, Ia., March 10.-The J. R. Morin Company, with a capital stock of $90,000, extensive egg dealers and owners of six creameries near here, failed today, a local bank securing an attachment for $8,000. The total liabilities are $14,000 and assets $65,000. NEW YORK, March 10.-A sign announcing the discontinuance of the New York office hangs on the door of Lamprecht Bros. & Co., bankers, of New York, Cleveland and Boston. The sign requests also that mail matter be sent to the Cleveland office. BOSTON, March 10.-Morse, Smith & Co., produce merchants, who have done business in Boston for twenty years, assigned at noon to-day with liabilities of $200.000. The firm is involved in the failure of J. R. Morin & Co., of Cedar Rapids, Ia.

20. April 2, 1894 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, April 2, 1894

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the most popular fire company: West Haven Engine company 40, Hook and Ladder company 1, J. J. Dayton 2. For the most popular company officer: A. B. Wilkinson 251, Henry Splegel 8. For the most popular musician Miss Kellogg has three votes. For the most popular fireman: James Fenwick 781, Charles Cameron 10, M. Dingwall 1. Chief Thompson 21. A silk hat and cane is to be awarded to the most popular sporting man. The candidates are thus far, Robert Green 89, Louis Turgeon 26, J. D. Prime 3. The elegant writing desk for the most popular young lady, Eva Fenwick 6, Jennie Curran 5, Berths Coegrove 4, Lillie French 81t, Tillie Lucas, Fair Haven, 5. For the most popular married couple a new style baby carriage is offered. Mr. and Mrs. E. P. Thomas led with 10 votes and Mr. and Mrs. B. Hinze have 1 vote. For the most popular builder, C. T. Sherman has 4, Joseph Andrews 7, and C. E. Humphrey 1. For the most popular railroad man Joe Prime leads with 781 votes, Fred Olive has 81, and Frank Harson 2. A march, composed and dedicated by O. F. Robbins for the "Hooks," was played on Saturday night by the author. HAS GONE TO NEW YORK. Rev. Hobart Whitney, until recently rector of Christ church, West Haven, left Saturday for New York, where he has accepted a call to become rector of the Church of the Mission of St. James. His many friends will wish him no end of success in his new field of labor. SUED FOR $2,872. Deputy Sheriff Brockett served the papers in a suit brought by W. H. Dykman, receiver of the defunct Commercial bank of Brooklyn to recover $2,372.14 from H. E. Townsend of West Haven. The suit is returnable to the superior court.

21. June 22, 1894 The Evening World New York, NY

Article from The Evening World, June 22, 1894

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# RECEIVER DYKMAN WINS. Hunt Must Pay the Amount Due the Commercial Bank. Receiver William N. Dykman, of the Commercial Bank, Brooklyn, entered suit against Charles F. Hunt in the Circuit Court, before Justice Gaynor, in Brooklyn, this morning to recover $235.29, the amount due on a note held by the bank against him. Hunt wanted to partially offset it with the account of A. Buchanan & Sons, who had a deposit of $188 in the bank when it failed. Justice Gaynor directed a verdict for the bank.

22. December 20, 1895 The Penn's Grove Record Penns Grove, NJ

Article from The Penn's Grove Record, December 20, 1895

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NEWS OF THE WEEK, The Cleveland Chamber of Commerce decided to erect a $500,000 building. For $125,000 Benjamin H. Morgan of London, England, has bought 15 gold mines near Colorado Springs. On his own veranda, Deputy Sheriff J. M. Brookin, of Monticello, Fla., was shot dead by an unknown assassin. Ex-Congressman H. S. Bundy, of Jackson, 0., (father-in-law of ex-Governor Foraker), is dangerously ill. The dynamite gun tests at the Golden Gate, Cal., were very satisfactory, one shell shattering the side of a mountain. By the death of his uncle, John Michaels, at New Orleans, Henry Ramp, a Waterbury (Conn.) butcher, inherits $100,000. After kissing his wife good bye, Henry Brown, a New York weaver, who had long been ill. shot himself in his room. In a fit of jealousy Michael Lennihan, a paper mill employe at Orono, Me., wounded Grace Griffin and then shot himself fatally. A pardon was granted by Governor Brown, of Kentucky, to Hume Clay, the forger, who forged bis grandfather's name for $80,000. While one masked robber held up J. J. Bachar, a Carey (0.) jeweler, three others robbed his store, securing $1800 in money and jewelry. Ghoulish students of the Kansas College, at Topeka, stole the body of Mrs. J. O. Van Fleet from the coffin, S. A. Johnson is under arrest for the crime. In trying to make peace between Lucy Cook and Annie Devine in a quarrel over lovers at Ballston Spa, N. Y., Lily Vickerage was slightly wounded in the head by a bullet from 3 Miss Cook's pistol. A million dollars in gold was ordered for L. Von Hoffman & Co., for export. The Michigan State Grange Execu tive Committee asks for the free coinage of silver. A cotton exposition at Chicago next year, under the auspices of the Southern States, is probable. Because of heavy losses in speculation U. S. Brock, of Omaha, turned the gas on in his room and died. Little Hammock Island, off South Norwalk, Conn., is being rapidly eaten away and is likely to be gone by spring By the explosion of a boiler at the Pitts Agricultural Works, Buffalo, George O'Connell, fireman, was fatally hurt. While Walter Russell was robbing a Chicago saloon, & bulldog chased him up on an icebox and kept him a pris. oner. The Netherlands-American Line steamship Rotterdam has been rechristened Edam, a name borne by two previous ships of the line. W. H. Lants, a traveling man for the Genoa Electric Company, of Bufr falo, N. Y., committed suicide by poison in & hotel at Fort Wayne, Ind. Because the contractor charged for the coal used in warming them, 35 employes grading the Lima Northern Bailroad tracks, at Lima, O., strack. Governor Morton, of New York, has exonerated State Supsrintendent of Bank Presidents of negligence in conn ection with the failed Commercial 4 Bank of Brooklyn. Revenue officers raided Ed. Thomas' , illicit still in Hardin county, Tenn., and shot him dead when he resisted. By an explosion in a Rich Hill (Mo.) mine the entrance was blocked, en. 8. tombing Dick Towes, James Donaldson and Owen Meals. While riding home on a bicycle, John L. Wright, a Des Moinea,business man, was struck and run over by a carriage, receiving fatal hurts. Henry Bell shot and killed Charles its Maynard in Floyd county, Kentucky, through jealousy ofMaynard's attentions to Miss Belle Starkey. John Barker, a veteran, was drowned near the Soldiers' Home, at Leavenworth, Kan., while John Van Dyne stabbed himself in the Ohio Soldiers' 5 Home, at Dayton. Six section men employed by the Virginia Coal and Iron Company were killed by a fall of a rock from the side ef a cliff, near Big Stone Gap, Kentucky. An express train on the Union Pacific, Denver and Gulf Railroad ran into a trolley car in Denver. Both the train and- car were wrecked, and the motorman, Curtis J. Wilbur, was killed. The trolley conductor and the engineer, fireman, conductor and brakeman of the train were seriously injured. The steamer Ranney, from Chicago to Buffalo, with corn, was cut down by the ice and sunk, a few miles southeast of the Dummy Light, in Lake Erie, near Amberstburg. Bridget Monahan, aged 22 years, was fatally burned at her home ia Lonaconing, Maryland, while trying to rescue other members of the family from the burning house. The Boston Clothing House, Beeier & Bennett's grocery store and the cafe of W. D. Welson, at Hagerstown, Maryland, were destroyed by fire. The