Chemical National Bank (New York, NY)

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Episode Information

Episode UID
149901122
Episode Type
Run Only
Bank Type
national
Bank ID
14990 national
Charter Number
1499
Start Date
June 29, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
06a99ef457cc1fbd

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Partial suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

Chemical National Bank is mentioned as participating in clearing-house actions and as limiting a large currency requisition but did not suspend.

Events (4)
1. August 1, 1865 Chartered
Source
historical_nic
2. June 29, 1893 Other
Newspaper Excerpt
The clearing-house loan committee ... authorized issue of certificates; Chemical Bank is ex-officio member of it, G. G. Williams president of Chemical Bank mentioned as involved in committee actions and funding decisions to relieve money market strain.
Source
newspapers
3. July 29, 1893 Run
Cause
Macro News
Cause Details
Publication that savings banks would enforce 30/60-day withdrawal notice amid a nationwide money stringency and panic fears, precipitating heavy withdrawals from savings banks in New York and Brooklyn.
Measures
Some savings banks required 30–60 days' notice for large withdrawals; some paid in full; Chemical limited large currency requisitions and supplied only partial currency.
Newspaper Excerpt
The publication of the intended action ... precipitated a run Saturday.
Source
newspapers
4. May 2, 1929 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (15)
1. February 16, 1893 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, February 16, 1893

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# SUSPENSION OF SPECIE AND LEGAL TENDER PAYMENTS IN NEW YORK AND SUPPRESSION OF THE FACT AT THE PUBLIC PRESS. It is Difficult to Believe it but the Govern- ment has to Make Concessions to the Gold Devils. # REPUBLICANS AND DEMOCRATS COMBINING. (Independent News Ass'n Dispatch) WASHINGTON, D. C., Feb. 15. If the press associations cannot now be convicted of standing in with the Wall Street Gang then the Republic is drunken with folly. In 1862 the nation was plunged headlong into bankruptcy, and chained a captive debtor to the stock Tiger, by the public press, seduced by the purposes of the Bank of England. Today the harlot press rides IN the coach with the yellow monarch; for Specie Payments have been suspended in New York the past week, and legal tender refused! The plutocratic press will deny this, but is the truth! The Independent News Association got it by private (gain) wire N. Y. to Chicago, and to Washington-not sent in Mondays report, not being confirmed. It is now confirmed. And it is urged to belittle the matter, that this refusal of banks to pay out gold "or even legal tenders," had the effect to "once more start agitation!" But it is said to us that this refusal of banks to "part with their gold" really amounts to nothing, inasmuch as the United States treasury is the "actual gold reserve of the nation." Yes, but the total government funds at liberty are but $25,000,000!-and the expenditures the last seven months have been largely in excess of receipts! and the coming year insures a still worse condition! We not only deny that the government has gold to send out, but maintain emphatically that this great Republic is a beggar on its knee bones to New York Banks, making overtures and terms for gold for current use! Charged with this, Foster says he don't want to talk on the subject; that he employed no "unusual" means to obtain gold from the banks! Nor did he explain where next week's export would come from! They are treading on the verge of an abyss. Our desperate informant assures us that "legitimate talk of premium on gold [it is already paid by France in our market] is out of the question unless the government refuses to give gold!" But how can the government "give" without buying, or rescinding its rule permitting imports to be paid in paper. This matter may be but temporary, but it shows the desperate danger of a single-standard, gold-bug policy. The Ind. News Ass'n positively asserts that at this very hour, France. a Silver $50 a-head nation is paying interest-in-transit to draw in gold while the trained idiots across the ocean kill silver, have $10 a-head money, and-lose their gold! The republican party is in rapid process of absorption into the one great Cleveland legion of plutocracy. Harrison even appoints a democrat to the supreme judgeship and Cleveland selects a republican to go into his cabinet. Radical republicans are howling, crazy mad! Papers will not give on-tenth of the sulphurous eruption. Lest it be suppressed we send a copy of J. S. Clarkson's telegram to Houk: HON. JOHN C. HOUK.-Harrison's betrayal of republican principles and abandonment of the helpless republicans of the south by the appointment of Jackson to the supreme bench is an outrage that no self-respecting republican can either endorse or forgive. I have sent protest to Senator Cullom one of the old time republican leaders. Please see it. JAMES S. CLARKSON. Houk, a southern republican responds in even stronger language. But it is of no use to protest. It was fixed up in New York, with the full knowledge of Grover Cleveland and both the military centralization in this country and the silver brick case entered into consideration, and party interests did not. The proof of this will appear before Cleveland's first three months are over. It is plutocracy or the people-and Cleveland is plutocracy. "Siva" published truths in his prophecies of Cleveland and Empire, six years ago. Cleveland and Carlisle talked Jackson before Harrison did, and Wall Street played the game. An amusing episode took place in the House one morning recently, just before the session began. Chief Wolf of the Paloise tribe of Washington Indians in all the glory of a red blanket and red paint, was taking in the sights. After strolling around the hall for a while he walked up to the Speaker's chair and taking a seat therein and calmly surveyed the members who were in their seats reading newspapers or writing letters. While he was sitting there a witty member remarked: "That's the first savage who has occupied the Speaker's chair since Reed vacated it." Reed was sitting near by and heard the remark, and he joined in the laugh which followed. Outrageous falsehoods have been scattered throughout the west about Senator Kyle-stating that he voted against a bill to permit settlers to prove up tree claims as homesteads after a term of years. The absolute fact is that the populist Senator Kyle, of South Dakota, was the father of the bill, and Senator Pettigrew, republican of South Dakota, the man who smothered Kyle's bill. The Ind. News Ass'n has looked the matter up on request of a South Dakota journal, and Pettigrew does not appear well on the record. # GOLD KINGS SNUBBED AGAIN. The bill to repeal the Sherman law received its quietus in the house on Thursday afternoon. The galleries were crowded, and a great debate expected. But it was cut off by a few time speeches and a motion for the previous question-which carried by 153 yeas to 141 nays. It was then promptly voted by two to one to recommit the bill. It is there.

2. June 30, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 30, 1893

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YORK, June 29.-The rates this for NEW which mounted skyward being money as much as 75 per cont in the morning, quoted in the forenoon, broke midmost unexpected manner about of the the result of the action house loan committee, is been previously clearing day has as pointed commit- out, which, the as same as the clearing house associaonly the chairman of the of the teo, G. G. Williams, president member tion, Chemical Bank, is ex-officio a presiand Frederick D. Tappen, is of it, of the Gallatin National Bank, H. dent chairmrn of it, instead of E. the Perkins, jr., president of the Importers' and Traders' National Bank. morning the committee, or This majority of them, in conjunc. of rather with a Goorgo F. Baker, president virtually tion First National 'bank, to take the a syndicate by agreeing certififormed of clearing house loan out a for the purpose of a cates rates for money to that virtually panic market. Some of for the lot high existed putting National the and in banks, stop the the money Gallatin and the First loan certhe had never taken out need instance, tificates before, and they had no moral now, except for the By takto do to BO be produced thereby; enables effect out certificates, though it of money ing to lend large sums cash in them intrenching upon the their rowithout vaulte, all of them have quired their lawful reserve of twenty-five per cent of their deposits. result of the committee's deliberAs a this morning an issue of $9,000,000 and all ation certificates was authorized, committee of members of the loan availed the themselves of the opportunity proportion to their capital except Tradin the Chemical and Importers and era National Banks. amounts thus taken were as folThe Gallatin National Bank, $500,000; lows: Fourth National Bank, $1,000,000; Chase ExNational Bank, $1,500,000; Corn Bank, $500,000; First National change Bank, $2,500,000. Total, $6,000,000. Immediately after the issue of certifi. was authorized, H. P. Frothingcates representing some of the banks, at ham, lent $3,000,000 on the stock exchange the of 1 per cent and interest, and at. rate 1.8 immediately fell to 6 per cent, and terwards increasing to 12 per cent, then falling at 2 o'clock to 3 per cont. Tappan, president of the Galiatin admitted that of out half a million Bank, had Mr. taken frankly dollars his bank state loan certificates, but declined to had names of the other banks that the 80. In accordance with the rule done of the committee, however, he paid the the committee had to-day authorized of $6,000,000 of certificates, which alto. issue made about $15,000,000 issued gother. of to-day's action, Mr. be "No monoy was Tappen In explanation said price, to and this morning at any time thought it was should be done. beobtained something the committee This bank out $500,000 of citificates, not took we needed them, but to break banks up cause the high rate for money. Other must took out n largo amount, but you get the names from them. Simmons, president of the Fourth said: "This need the certificates or money, National not Mr. Bank, that bank but did it to me necessary soine to be taken to give the demanda of the action seemed pressing should merchants rolief and to stop this unreasonable money This morning our cash on hand panic. and our call loans exceeded 60 per cent of our deposits." The stock market enjoyed a boom in as n result of the clearing house prices committee's action and the relief was general. The condition of nflairs in Philadelbanking circlea in connection with phis their accounts with banks in this these city, to which attention was called in a couple of days ago, is bemore marked. received (rotn advices dispatches coming Philadelphia According in that this to Now York exchange is at a premium of $5 for or cent on the dollar. in this city have large morning, half city banks a Philadelphia Several $1,000, balances large to them by while the luttor are on account of to procure New One bank in this tied up in Philadelphia banks, $750,000 ability to owing or currency. remit York exchange their city in unable that has inanother has $600,000 and another $500,000. way and the question is becoming serious our Unloss the Philadelphia banks remit this week, it is probable to sotno New York bankers discount will be charged on all according that n received from Philadelphia exchange here. One case is known discount was charged for a dealers large transac- where check of n $100,000. it being a special tion. Philadelphin's situation PA June 20 -Six per

3. June 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 30, 1893

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CAME TO THE RESCUE. Action of the Banks Breaks the High Rates for Money. Clearing House Certificates Taken Out by Solid Institutions. General Relief at Once Afforded the Street by This Action. Much New York Money Tied Up in Philadelphia Banks. NEW YORK, June 29.- The rates this for which mounted skyward money, morning, as much as 75 per cent being quoted in the forenoon, broke in anunexpected manner about midday result of the action of the clearing house loan committee, which as had been previously pointed out, is the same a clearing house committee. This morning the committee, or rather majority F. of it, in conjunction with George president of the First National Baker, virtually formed a syndicate clearing by bank, agreeing to take out lot of purpose house loan certificates for the for of putting a stop to the high virtually rates exand the panic that of in isted money the money market. Some Fourth the banks, the Gallatin and the taken National, for instance, had never they certificates before, and for out loan need to do so now. except had the moral no effect to be produced thereby. it taking out certificates, though, of enables By them to lend large sums the money without entrenching upon Cash in Their Vaults of them have more than the re- of All lawful reserve of 25 per cent their quired deposits. As result of the coin- an deliberations this morning mittee's of $9,000,000 of certificates was the issue authorized. and all the members of of committee availed themselves their local the opportunity in proportion Chemical and to Imcapital. except and the Traders National taken Na porters banks. The amounts Gallatin thus were as follows: Fourth National tional bank. $500,000: Chase National bank, bank. $1,000,000 Exchange bank. $500. $1,500,000; Corn National bank, $2 500,000 the 000; First Immediately after total $6,000,000. was authorized issue of certificates represer ting some of P. Frothingham, $3,000,000 on the stock at exchange the banks, lent of per cent and interto 6 fell immediately est, and the rate increasing to per cent per cent, and afterward then falling at o'clock to per cent. Tappen, president of the his Gallatin bank bank. Mr frankly half admitted million that dollars of loan certificates, had taken out but declined to state the names of the Other Banks That Had Done So the accordance with the rule of the In however, he said that the committee, authorized committee 000.000 had today of certificates, which issue of about$15,000,000 $9 Issued altogether Mr. In explanation made of today's action Tappen said: money was to be obtained commit- this morning "No at any price, and time the something tee thought it was This bank took out should be done. not because we $500,000 of certificates. to break up the high needed them. but Other banks took out rate large amount, for money. but you must 83 get cent the morning names from them. We had did not per need reserve this but by taking them without out cash were certificates, enabled to lend $500,000 encroaching upon president our of the Fourth Mr. Simmons, said: This bank did National bank certificates or money, but not need the me necessary that some it seemed to be taken to give relief to action should demands of the merchants stop the pressing this asonable money hand panic. and and our to This call loans morning exceeded our cash 66 per on cent of our deposits. Have Plenty of Cash. H Perkins Jr. president of bank, the F. Traders National had Importers and was not true that he his said the report take out certificates for refused to do not know," he added, not. bank. we shall take any out or withWe whether have plenty of money to lend Mr say out doing so." Williams. president of whether the Chem- his ical bank, declined would to not take out any bank would or It is ieved in banking certificates. that both the Chemical will and take Imcircles and Traders' bank Some of the porters out certificates this week vesterday, but largest banks did modate so their customers simply without to entrenching accommoda upon the cash their vaults. market enjoyed a boom house in prices The stock as a result action and the the clearing relief was committee's The condition of affairs in general. Philadelphia banking circles with in banks connec- in their accounts called tion with which attention was this city, dispatches to couple of days ago, in these more marked. According is becoming received from Philadelphia in this to advices morning New York exchange that city is at Premium of 85 for $1,000, A cent on the dollar Several large or half banks in this city have Philadelphia large bal ances owing to them latter by are unable banks, and account which the of their inability cur- to remit on York exchange or procure New bank in this city has $750. rency. One Philadelpnia in that way 000 tied up in $600,000 and another $500,000, another and has the question Some is becoming of the serious one. charged the sums thus banks here have Philadelphia customers owing for collections by their to the This latter's will reserve make ac counts with them. course, for these Philanecessary, banks of to make their if accounts they delphia in some way here good draw on the other have to the banks have not cities. But in the matter but to use done anything in cashing Philadelextreme caution from their customers. phia exchange Philadelphia banks remit to Unless the probable, according disthis week, it is York bankers, that some count will be New charged received on from all Philadel- dealers phia exchange case known where large of here. One charged for check $100,000, discount it was being special transaction. Enormous Bond Transactions. June 29.- Dealers say that NEW transaction YORK, in government bouds

4. June 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 30, 1893

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CAME TO THE RESCUE. Action of the Banks Breaks the High Rates for Money. Clearing House Certificates Taken Out by Solid Institutions. General Relief at Once Afforded the Street by This Action. Much New York Money Tied Up in Philadelphia Banks. NEW YORK, June The rates for which mounted skyward this morning, money, as much as 75 per cent being quoted in the forenoon, broke in an un- the expected manner about midday as result of the action of the clearing house loan committee, which as had been previously pointed out, is the same as the clearing house committee. This morning the committee, or rather majority F. of it, in conjunction with George Baker, president of the First National virtually formed a syndicate bank, by agreeing to take out lot of clearing purpose house loan certificates for the for of putting stop to the high rates exand the panic that virtually of money isted in the money market. Some Fourth banks, the Gallatin and the National, the for instance, had never taken out loan certificates before, and they for had need to do so now, except the moral no effect to be produced thereby it taking out certificates, though, of enables By them to lend large sums the money without entrenching upon Cash in Their Vaults All of them have more than the re- of quired lawful reserve of 25 per cent their déposits. As result of the coin- an deliberation this morning mittee's $9,000,000 of certificates was issue authorized. of and all the members of the committee availed themselves of local the opportunity in proportion to their ImChemical and and capital, except the Traders National banks. porters The amounts thus taken Nafollows: Gallatin $1,000,000; were tional bank as $500,000; Chase Fourth National National bank, bank, Corn Exchange bank, $500, $1,500,000; $2,500,000 000; First National bank, after the $6,000, 000 Immediately H. total, of certificates was authorized of representing some P. Frothingham, banks, lent $3,000,000 on the stock the at 1/ of 1 per cent and interexchange and the rate immediately fell to 6 est, afterward increasing per cent cent, and then falling at 2 o'clock to per cent. Tappen, president of the Gallatin bank Mr. frankly admitted that his of bank taken out half million dollars loan had certificates, but declined to state the names of the Other Banks That Had Done So accordance with the rule of the the In however, he said that the committee committee, had today authorized of $9,000,000 o certificates, which issue about $15,000,000 issued altogether. made In explanation of today' action Mr Tappen said: "No money was to be obtained this morning at any price, and the commitit was time something tee should thought be done. This bank took out we $500,000 of certificates. not because needed them, but to break up the high out for money. Other banks took the rate large amount, but you must get cent names from them. We had per need reserve this morning, we did not certificates, but by taking them out we cash. were enable to lend $500,000 without encro aching upon president our of the Fourth Mr. Simmons, bank did National bank, said: This but not need the certificates or money, seemed to me necessary that some action should it be taken to give relief to pressing demands of the merchants the stop this unreasonable money and to This morning our cash on hand panic. and out call loans exceeded 66 per cent of our deposits Have Plenty of Cash F H. Perkins Jr., president of the Importers and Traders National bank, said the report was not true that he had his to take out certificates for refused know,' he added, bank. "I do not "whether we shall take any out or not. We have plenty of money to lend without doing Mr. Williams, president of the Chembank, declined to say whether his ical would or would not take out any bank believed in banking circles that certificates. both the Chemical and Importers and Traders bank will take outcertificates this week. Some of the banks did so yesterday, but largest to accommodate their customers simply without entrenching upon the cash their vaults. The stock market enjoyed a boom in prices as a result of the clearing house committee's action and the relief was The condition of affairs in Philadelphia general. banking circles in connecwith their accounts with banks in this tion city, which attention was called titese dispatches a couple of days ago, in is becoming more marked According advices received from Philadelphia to this morning New York exchange in that city is at A Premium of 85 for $1,000, half cent on the dollar. Several or large banks in this city have large balances owing to them by Philadelphia banks, and which the latter are unable to remit on account of their inability to procure New York exchange or currency. One bank in this city has $750,000 tied up in Philadelpnia that way; another has $600,000 and another $500,000, and the question is becoming the serious one. Some a banks here have charged the sums thus owing by their Philadelphia customers for collections to the latter's reserve accounts with them. This will make it necessary, of course, for these Philadelphia banks to make their accounts here good in some way if they to draw on the other cities. have But the banks have not done anything in the matter but to use extreme caution in cashing Philadelexchange from their customers. phia Unless the Philadelphia banks remit this week, it is probable, according to some New York bankers, that discount will be charged on all Philadelphia exchange received from dealers here. One case is known where large discount was charged for check of $100,000, it being a special transaction. Enormous Bond Transactions NEW YORK, June 29.-Dealers say transaction in government bands

5. July 30, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 30, 1893

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SAVINGS BANKS HURT. Serious Runs Started in New York, Brooklyn and Other Localities. NEW YORK, July 29.-The publication of the intended action of the savings banks and institutions to put into practice the law entitling them to sixty days' notice from depositors of intended withdrawals of money precipitated & run this morning. Some of the banks paid the amounts in full and thus sought to restore confidence. Others required notice, the time ranging from ten to ninety days, according to the period specified in the by-laws. The meeting of the presidents of the Emigrant Industrials Savings Bank yeaterday afternoon was called, said President James McMahon, of that bank, to-day. to consider what action would be advisable to relieve the heavy drain that has been made since the present financial depression commenced. "We can't do business." said he, "with $50,000 being taken out daily and only $10,000 being deposited. It was the concensus of opinion that the enforcement of the sixty-day clause would be the only relief. In the case of small depositors-$300 or less - the banks decided to accept a thirty-day notice. The exact time, however, would be governed by the by-laws of the individual banks. The execative committee of Associated Savings Banks has been. considering the situation of the savings banks for some time. The withdrawais of deposits have not been in large lumps, but it has been a steady drain throughout the month of July, and while there has not been anything like a run, the drain has been constant and heavy, and the cash holdings of some of the banks were getting low. They found that something had to be done, and deemed it better to have concerted rather than individual action. They had a choice between the sale of their better class of securities which, in the present state of the market, meant a sacrifice, or the taking advantage of their lawful right to require sixty days' notice of intended deposit withdrawals. They have sent out notice to banks throughout the State. Seventeen savings banks were represented in yesterday's meeting. representing $367,400,000. and a surplus of $57,868,000." Chairman of the committee, President Rhoades. of the old Greenwich Bank. said this afternoon: "Our decision is not binding on anyone, and I have DO doubt many will not avail themselves of the action. But the stronger ones will, and will do 80 to introduce the uniform policy. My bank is in excellent condition. but on MonYou day I shall lead the way. understand, of course, that each bank acts under the management of its president and board of directors. They must meet and decide before their institution say, can co-operate with us. I will furthermore, that we had the broad interests of the whole financial community in mind when we came to our conclusion. It 18 said that money withdrawn from the savings institutions went to Wall street and elsewhere in investment. No doubt a small portion did go thither, and in so far the drafts were a benefit to all. Butit is

6. August 1, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 1, 1893

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Action of Massachusetts Savings Banks. BOSTON, July 31.-At a meeting in the Parker House Monday of representatives of 83 savings banks of the state it was voted to recommend that the banks take action at once in applying restrictions provided by their by-laws against withdrawal of large deposits without required notice. , New York Bank Situation. NEW YORK, July 31.-With this morning the savings banks of this city, as a rule, began to take advantage of the sixty-days'-time clause. That is, the bank officials made use of the prerogative in cases where large amounts were concerned, or where such action was deemed necessary to check the withdrawal of money for hoarding or in senseless fright. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done. Perhaps a trifle more than the average number of depositors were waiting for their turns to draw money, but on the other hand in most of the banks there was a corresponding line of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a "run" anywhere. The Situation at New Haven. NEW HAVEN, Conn., July 31.-Early this morning a startling rumor became current to the effect that there was to be a run on the local savings banks. For an hour before the opening of the New Haven Bank a crowd waited, but the people were quiet and undemonstrative. About 9 o'clock it became known that the directors of the three banks, the New Haven, the Connecticut and the National, had held meetings and had decided to avail themselves of the provision in their charters. which provides that notice varying from three to four months shall be given by depositors wishing to withdraw. This fact increased the excitement, and soon the corridors of the Connecticut and New Haven Banks were packed with anxious depositors. They were instructed regarding the action and were allowed to draw interest, and most of them availed themselves of this. That the banks are perfectly sound there is no doubt in the minds of all the prominent local business men, and their actionin protecting the less panic stricken patrons is generally regarded as a very wise movement. Fall River Savings Banks. FALL RIVER, Mass., July 31.-This morning, in accordance with an agreement at the local clearing house Saturday, the savings banks of the city took advantage of their by-laws to prevent any further withdrawals of deposits. Hereafter, until further notice is given, depositors will not be allowed to withdraw large sums except after having given 30 or 60 days' notice. In some banks the amount is $60, and in others the amount is $100. An Army of Unemployed. CHICAGO, July 31.-One thousand unemployed meu reached Chicago yesterday on {freight trains over the various Western roads running into the city. The number of men now out of work in Chicago is larger probably than ever before Lawrence Mills Shut Down. LAWRENCE, Mass., July 31.-This afternoon notices were posted in the Atlantic cotton mills stating that the mills will close next Saturday for a month or The "until the market brightens." mills employ 1200 people. They have a weekly pay roll of $2000. and manufac-

7. August 2, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, August 2, 1893

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NEW YORK, July 31.-With 1 this morning the savings banks of this city, as a rule, began to take advantage of the sixty-day time clause, that Is the bank officials made use of the prerogative in cases where large amounts were concerned or where such action was deemed necessary to check the withdrawal of money. But while nearly all the banks claimed the privilege of using the time clause, still, in comparatively few instances was it used. A visit to the principal savings banks of this city this morning disclosed the fact that about the usual amount of business was being done, perhaps a trifle more than the average number of deposItors were waiting their turns to draw' money. But on the other hand in most of the banks there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a run anywhere in this city. In Brooklyn the effect was somewhat different and the notice caused several runs. The greatest was on the Brooklyn savings bank. When the doors of the bank opened at 10 this morning an enormous crowd was waiting to draw its money. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn savings institution and on the Dime savings. Call money was offered at 1/3 per cent. per diem and legal interest, but there was very little to be had at that rate until today, when a decline to 6 per cent. per annum took place. There is no time money nor is there anything doing in mercantile paper to speak of. There was a big demand at the subtreasury for transfer of silver dollars

8. August 3, 1893 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, August 3, 1893

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FINANCIAL AFFAIRS. Nervous Depositors Crowd New York Savingo Banks. NEW YORK, Aug. 1.-At all of the banks here an unusual number of nervous depositors want their money. More than three-quarters of these are women. At the east side banks, where the depositors are mostly foreigners, the run is heaviest. There is no alarm among the savings banks officials over the situation. They all declare that they are more than able to meet with their cash balances the demands that will now be made upon them. They expect that the excitement among the ignorant depositors will subside by the end of the week at least. This confidence on their part is warranted by the actions of depositors at the banks. At many of the banks the amount of money paid in did much to offset what was drawn out. At one of the largest banks the amount deposited was almost one-half as large as the amount drawn out. About all of the Brooklyn savings banks insisted on the rule requiring notice of the withdrawal of deposits, but only in case of demands for over $100, and smaller sums were paid out freely. There were crowds before the windows of nearly all the banks when they opened for business, but there was no evidence of panic. There were complaints heard of the enforcement of the 30 day notice rule, but there was very little excitement, and the special policemen who were detailed at the banks had nothing to do but to keep people in line.

9. August 4, 1893 The State Herald Holyoke, CO
Article from The State Herald, August 4, 1893

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THE FINANCIAL SITUATION. On the 25th the Mitchell bank at Milwaukee closed its doors. Its deposits amount to nearly $8,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their doors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also failed on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockholders will not be more than 60 per cent. in either case. The situation on the New York stock exchange on the 28th was critical and a panic was narrowly averted. The news that the Erle railroad had gone into the hands of a receiver was largely responsible for the break in stocks which fell from 1 to 4 points. H. I. Nicholas & Co., brokers, assigned. The First National and Montana National banks of Helena, failed to open Thursday morning. A run followed on theother banks of the city. The run was confined principally to the Merchants' National bank, which paid everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize on them. The Oregon National bank and the Northwest Loan and Trust company of Portland failed to open their doors on the 27th. A notice on the door says: "Owing to withdrawal of deposits and the Inability to realize on securities this bank is forced to suspend." The First National of Middleboro, Kentucky, closed on the 27th. Two banks at Sparta, Wisconsin, closed, also a bank at Portage. The Ellensburg, Washington, National bank suspended payment. In consequence of a run upon It the Traders' Deposit bank of Mount Sterling, Indiana, suspended. The following banks failed on the 28th: First National at Great Falls, Montana; German National at Washington, Wisconsin; Seymour's Bank at Chippewa Falls, Wisconsin; Chamberlain National at Chamberlain, South Dakota. The publication of the intended action of the New York and Brooklyn savings banks and institutions to put into practice the law entitling them to sixty days' notice from depositors of intended withdrawals of money precipitated a run Saturday. Some of the banks paid the amount In full, and thus sought to restore confidence. Others required notice, the time ranging from ten to ninety days, according to the period specified in the by-laws. The Commercial National, Ainsworth National and Portland Savings bank of Portland, Oregon, closed their doors on the 29th. The following banks also closed on that date: Citizens Savings, Akron, Ohio; First National, Kankakee, Illinois; Commercial, Eau Claire, Wisconsin; Barron Brothers, Lusk, Wyoming. The McNeal & Urban Safe and Lock Company, one of the oldest safe firms in the country, have assigned to Howard Douglass of Cincinnati. Assets, $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but it Is claimed that it is solvent. The New York clearing-house committee on the 31st authorized the Issue of $2,500,000 more in loan certificates, which brings the total issue outstanding up to $27,975,000. It may be noted that $26,565,000 was the maximum Issue of 1873, but this comparison is really less impressive than it seems, for a very considerable part of this year's New York issues has In practical effect, been provision for Chicago. No banks applied, so the dispatches stated, for loan certificates in the city. A secondary result of the local money scarcity was an absolute want of bids for sterling bills, exchange rates going on some transactions below the year's previous lowest record. The following banks suspended on the 31st: Springfield Savings, at Springfield, Misssouri; First National, Ashland, Wisconsin: First National, Dalles, Oregon: Bellingham Bay National Whatcom lequiring Notice of When drawal of deposits.

10. August 5, 1893 The Meeker Herald Meeker, CO
Article from The Meeker Herald, August 5, 1893

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THE FINANCIAL SITUATION, On the 25th the Mitchell bank at Milwaukee closed Its doors. Its deposits amount to nearly $8,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their doors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also failed on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockholders will not be more than 60 per cent. in either case. The situation on the New York stock exchange on the 26th was critical and a. panic was narrowly averted. The news that the Erie railroad had gone into the hands of & receiver was largely responsible for the break In stocks which fell from 1 to 4 points. H. I. Nicholas & Co., brokers, assigned. The First National and Montana National banks of Helena, failed to open Thursday morning. A run followed on theother banks of the city. The run was confined principally to the Merchants' National bank, which paid everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize on them. The Oregon National bank and the Northwest Loan and Trust company of Portland failed to open their doors on the 27th. A notice on the door says: "Owing to withdrawal of deposits and the inability to realize on securities this bank is forced to suspend." The First National of Middleboro, Kentucky, closed on the 27th. Two banks at Sparta, Wisconsin, closed, also a bank at Portage. The Ellensburg, Washington, National bank suspended payment. In consequence of A run upon It the Traders' Deposit bank of Mount Sterling, Indiana, suspended. The following banks failed on the 28th: First National at Great Falls, Montana; German National at Washington, Wisconsin Seymour's Bank at Chippewa Falls, Wisconsin; Chamberlain National at Chamberlain, South Dakota. The publication of the intended action of the New York and Brooklyn savings banks and institutions to put Into practice the law entitling them to sixty days' notice from deithdrawals of money positors of Intended precipitated a run Saturday. Some of the banks paid the amount in full, and thus sought to restore confidence. Others required notice, the time ranging from ten to ninety days, according to the period specified in the by-laws. The Commercial National, Ainsworth National and Portland Savings bank of Portland, Oregon, closed their doors on the 29th. The following banks also closed on that date: Citizens Savings, Akron, Ohio; First National. Kankakee, Illinois; Commercial, Eau Claire, Wisconsin: Barron Brothers, Lusk, Wyoming. The McNeal & Urban Safe and Lock Company, one of the oldest safe firms in the country, have assigned to Howard Douglass of Cincinnati. Assets. $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but It is claimed that It is solvent. The New York clearing-house committee on the 31st authorized the issue of $2,500,000 more In loan certificates, which brings the total issue outstanding up to $27,975,000. It may be noted that $26,565,000 was the maximum issue of 1878, but this comparison is really less impressive than It seems, for a very considerable part of this year's New York Issues has in practical effect, been provision for Chicago. No banks applied, 50 the dispatches stated, for loan certificates in the city. A secondary result of the local money scareity was an absolute want of bids for sterling bills, exchange rates going on some transactions below the year's previous lowest record. The following banks suspended on the 31st: Springfield Savings, at Springfield, Misssouri; First National, Ashland, Wisconsin: First National, Dalles, Oregon: Bellingham Bay National, Whatcom, Washington. Savings

11. August 9, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 9, 1893

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# TROUBLE IN A SMALL BANK. Continued from First Page. We have always been able to supply the New-York Central with all these different bills and fractional currency. "I consulted with George G. Williams, the president of the bank, before granting the requisition of Mr. Rossiter, and we both came to the conclusion that in view of the stringency of the money market it was not fair to ourselves to pay out so much currency, and so I sent a note to Mr. Rossiter to that effect. We did, however, provide him with about $200,000 in currency, which will go a long way toward helping him out. "The cause of this scarcity of currency is just this. On an average there are only $22 or $23 of currency to every man, woman and child in the country. There being 65,000,000 people in the country this makes something like $1,430,000,000 of currency. The present panicky feeling that has spread over the country, especially in the West, during the last few weeks has made the people a little uneasy. The result is that instead of leaving their money in the banks they have been carrying it around in their pockets. Just think of it a moment. Suppose everybody in the United States simply withdrew $10 from the banks. That alone would reduce the currency to nearly one-half of its normal amount. "Most of this withdrawing of money from the banks has occurred in the West. In the East there has been comparatively little of it, but New-York has been sending immense sums of money to the West and South to help the banks out there, and this has at last made the stringency in the money market felt in this city. It is only a natural result. We cannot be sending money out con-tinually to the West and South and getting little in return without feeling the effects of it in the long run. "Our bank ordinarily has about $8,000,000 of gold in its vaults and about $2,000,000 in currency. The drain of the last few weeks, however, has reduced this so that just now we have only $4,000,000 in gold and only $800,000 in currency, so you see that if we had granted the requisition of the New-York Central people we should not have had very much left for our other purposes. As it was we supplied them with something like $200,000 in currency, and that has reduced our currency to about $600,000, which is quite sufficient for our present needs."

12. August 14, 1893 La Correspondencia De Puerto Rico San Juan, PR
Article from La Correspondencia De Puerto Rico, August 14, 1893

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un tratado de comercio. De Berlín comunican que está listo para ser firmado el convenio mercantil entre Alemania y España.-Dicen de Atenas que el rey Jorge ha inaugurado con gran pomp a el canal de Corinto. -- Según las últimas noticias, ayer han ocurrido en Nápoles 20 invasiones del cólera y 13 defunciones. En Roma ha habido tres casos y un muerto. La epídemia ha atacado la guarnición de Sulina, en las cercanías de Bukarest.-Dicen de Londres que hoy recibi rá la Cámara de los Comunes en pleno el informe de la Cámara en sesión de comité, sobre el articulado del bill para el gobierno de Irlanda. Nueva York, 8. Los pasajeros del "Karma. nia" siguen en la isla Hoffman, observando la cuarentena. No han tenido novedad.—Dicen de Washington que ayer inauguró el Congreso la sesión extraordinaria. Mr. Crisp resultó electo presidente de la Cámara de Representantes. Hoy enviará el presidente Mr. Cleveland el mensaje en que expresa el motivo de la convocatoria.En una de las primeras sesiones del Congreso Socialista, reunido en Zurich, se ha promovido un gran desorden. Los delegados se fueron á las -Según las últimas noticias, la epidemia va en aumento en Rumania y Galitzia. El sig. nor Giolitti ha anunciado en la Cámara italiana que el cólera ha cesado en Alejandría y va dis. minuyendo en Nápoles. El gobierno italiano ha prohibido las peregrinaciones á Roma, como me. dida de precaución. Ha producido gran sensa ción en Berlín la noticia de haber ocurrido en la cludad un caso sospechoso.-Dicen de Roma que el Papa León XIII se ha negado á restablecer el "modus vivendi" con el gobierno de Italia; y que el rey Humberto, por su parte, se ha negado á confirmar el nombramiento del Obispo Sarto para patriarca de Venecia.-Di de Parisque en la causa seguida á M. Ducret, director de "La Co. carde", y a su auxiliar M. Norton, por la falmifi. cación de los documentos en que se acusabs á M. Clemenceau, han sido condenados el primero a un año de prisión, y á tres, el segundo. Madrid, 8. Vitoria ha sido teatro de una manifestación contra el proyecto de supresión de la Gapitanía General, tomando carácter tumultuo. so por la actitud de los manifestantes que daban gritos subversivos, rompiendo además los hilos telegráficos, lo que ocasion6 la incomunicación completa de dicha ciudad con esta Corte durante algunas horas.-Pronto aparecerá en la "Gaceta" una Real Orden destituyendo al general Pando del cargo de capitán general de Galicia.-La Junta de Defensa de la ciudad de Reus, provincia de Tarragona, ha aeordado que los vinicultores ... abstengan de pagar ningún impuesto en sefial de protesta contra las núevas contribuciones del plan Gamazo.-Ayer sali6 para San Sebastián el neral López Demínguez, con el objeto de ultimar ge. la combinación de ascensos al generalato.-Con el nuevo Gebernador General de la Isla de Cuba se embarcará el brigadier señor Luque y el capi. tán don Antonio Páramo. Madrid, 9. Sabiéndose que pasaría por Vi toria el tren en que iba á San Sebastián el minis tro de la Guerra, reprodújose en la primera de dichas ciudades el tumulto que poco antes había ocurrido con motivo de la manifestación llevads á cabo contra los proyectos del general López Domínguez. En los airededores de la estación de Vitoria hubo grandes colisiones, de las resultaron varios heridos. Corre la noticia que de que se ha proclamado el estado de sitio. Cuando llegó el tren, parte de la línea y la estación se ha llaban ocupadas militarmente. El ministro in. tentó hacefse oir del pueblo, pero fué inútil. Se levantó un vocerío inmenso, y el público rrumpi6 en fuertes silbas. El tren siguió Bu mar pro cha, reproduciéndose las colisiones. Por fin, lo. gróse restablecer el orden. Se teme que de nue vo haya trastornos cuando el ministro regrese á Madrid.-Reina una gran agitación fuerista en Pamplona. En las islas Canarias también está agitado el pueblo. Ultimamente se ha realizado una manifestación de protesta contra las reforn mas de guerra y marina.-Se ha firmado el as censo del duque de Ahumada á Teniente Gene & ral. El señor León Cappa ha sido ascendido á general de división, y á generales Brigada los señores Valenzuela, L'ana, Bazán, Cornell, Navarto, Cabello y Makena. El general Lasso (?) a ha sido nombrado capitán general de Valencia. Nueva-York, 9. En el mensaje que ha viado al Congreso, recomienda Mr Cleveland en la abrogación de la Ley Sherman sobre la compra y acufiación de plata por cuenta "del Tesoro na a cional. Extiéndese en consideraciones sobre los males que ha ocasionado a la república la ley de referencia, señalando con especialidad la crisis monetaria, que aflige naturalmente á los Estados Unidos. Mr. Cleveland recomienda también o se discuta la reforma de las actuales tarifas aran. que celarias, pero desea que se prescinda de la políti e ca de partido para el mejor acierto en las resolu ciones que se adopten, porque ante todo hay que e arreglar la situación económica presente, creads por la ley Sherman. Continúan las oscilaciones e en la Bolsa. La situación económica se siente de la falta complets de confianza. Ayer han bajado los valores. Los banqueres Hotiehkies se han presentado en quiebra. Se teme que el "Madi son Bank" suspenda sus pagos. El "Chemica Bank" ha rehusado pagar un cheque de setecien tos mil dollars de la empresa del Ferrocarril Cen to tral, por faltarle billetes; á pesar de estar saneados los valores que tiene en cartera, y muy con siderarse excelente la situación del estableci ce miento.-La impresión producida en el público por el mensaje de Mr. Cleveland al Congreso ha as sido favorable.-Un pasajero del "Karmania" ha a. caido ser del enfermo cólera. on Está la cuarentena, y ha resultad

13. November 3, 1893 The Great West Saint Paul, MN
Article from The Great West, November 3, 1893

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tax of 10 per cent on state bank circula- tion, and that state banks, under certain "prudent" and "conservative" regula- tions to be enforced by the national gov- ernment, shall be permitted to issue cir- culating notes. The national banks of the country have been sounded on the subject, and their approval has been se- cured almost unanimously in advance. Of course this administration would not entertain any views on the subject of a new monetary policy without first con- sulting the banks. Andrew Jackson held to a different policy, but Grover Cleve- land is built on another plan. The banks agree because the diminishing supply of government bonds admonishes them that their days of issue are numbered. What the "prudent" and "conserva- tive" regulations of the new banks of is- sue are to be has not yet been announced, but it is hinted that the banks are to be granted note issues on their own capital -dismissed on their own recognizances, as it were-turned loose to fill the coun- try with "wild cat" and "red dog" money to the full limit of their own require- ments. In the minds of the splendid financiers who have ruled our monetary policy for 20 years any scheme for bank inflation is most conservative and ad- mirable, while the most insignificant issue of paper money direct from the govern- ment is considered as a device of the devil to destroy the righteous. I will risk blurting out right here an important truth, which is universally known, and almost as universally sup- pressed because business interests are so beholden to the banks through loans se- cured or hoped for, that we have devel- oped a racial habit of speaking and thinking of the banks almost as if each were a sanctuary. This is the truth which everybody knows that the banks are the weakest, unsoundest and rotten- est business enterprises in the world. When "confidence" weakens, they are the first to fail and the last to resume. Their weakness is the prime cause of all our commercial panics. They are un- sound because they owe at all times on call to depositors from three to twenty times as much as they can pay. Their profit is in lending the money of deposit- ors, and the more they lend and the less they keep on hand, the greater are their earnings; hence they are under perpetual temptation to pass the danger line. It is their interest to keep actual money save of their own issue scarce, that they may force the use of bank credits, where- in their profit lies, in the bulk of busi- ness transactions. The circulating notes of the banks based upon their own capital only would be as insecure as their own deposits, which experience even of these very days tells us are out of sight when wanted. Even the pompous and self righteous clearing house banks of New York city- including the famous Chemical bank, whose stock has sold at $4,000 for each $100 share, and which stands as the type of everything substantial in American banking-have suspended cash payments for a month or two past. These are the institutions to which the Cleveland administration would sur- render the profitable and sovereign pow- er of issuing money. But observe that the banks are not to issue circulating notes purely upon their own responsi- bility, in which case their bills would be useless as money, but their issues are to be made sound and current by the in- dorsement of the government. Here is where the "prudent" and "conservative" part of the programme comes in. The note of a broken national bank is good only because the government has guar- anteed it. The new state banks of issue are to pledge their capital or some other form of security, and the government is to indorse their paper. But why should the government pledge its credit for the benefit of the banks and transfer to them the profits of issuing money which should be exercised for the benefit of the whole people? Another proposition advanced with the utmost seriousness in congress is a bill authorizing the government to in- sure the deposits of the banks. This would be a heavy undertaking. Even the fiat of the government, strong as it is, could not make the $1 in cash in a bank's vault pay the $3 to $20 in deposits which the bank owes on call against its cash. The state is not powerful enough to maintain the arbitrary arithmetic of the banks that 1 equals 3 to 20. If the government is to be called on to insure the issues and deposits of the banks, then the next step should be to guarantee their dividends. Is there any one so dull that he cannot see that the banks are working and milking the na- tional treasury while they confuse and bamboozle the people with talk about "prudent and conservative methods," "honest money" and the "evils of in- flation?" ALLAN NORTH. New York, September, 1893. ### What Party Did It? Some time ago the prosperity cranks said the Populist party had caused the closing of a tobacco warehouse at Hen-

14. November 10, 1896 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, November 10, 1896

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HOARDED GOLD RETURNING. Banks Have Plenty of the Yellow Metal and Can Resume Specie Payments. CHICAGO, ILL., Nov. 9.-A special to a morning paper from New York says: The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of Government dues. That action threw the burden of supplying gold upon the treasury, and eventually forced the issue of bonds by the Government, which aroused so much complaint. Since the election the metal has been coming into the banks in such a flood they see their way clear to what can be termed resumption of specie payments. By the payment of balances at the clearinghouse in clearing-house certificates for gold, as the sub-treasury is a member of the clearing-house, gold will flow into the Government vaults when the subtreasury is a creditor of the clearinghouse. By this action of the banks the metal will also be put into circulation, and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export, and thus relieve the treasury from the strain. PHILADELPHIA, PA., Nov. 9-For several days heavy deposits of gold have been made in this city, the total amount received by banks, trust companies and saving funds being placed at $500,000. Of this sum $150,000 was deposited to-day. One bank this afternoon received $100,000 for a single customer. who purchased the money in New York and this city at a premium of 1/4 to 1 per cent a week prior to the election. The gold was generally withdrawn and hoarded to await the outcome of the election.

15. November 20, 1896 The Hawaiian Gazette Honolulu, HI
Article from The Hawaiian Gazette, November 20, 1896

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CIRCULA TION OF GOLD, New York Banks May Soon Resume Specie Payments. NEW YORK, Nov. 9th.-Banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of Government dues. That action threw the burden of supplying gold upon the Treasury, and eventually forced the issue of bonds by the Government which aroused so much complaint. Since the election gold has been coming into the banks in such a flood that they see their way clear to what can be termed the resumption of specie payments. By this action of the banks gold will be put into circulation and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the Treasury of a great strain.