Merchants National Bank (St Louis, MO)

View Charter #1501 on SPMC View balance sheet

Episode Information

Episode UID
150100885
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
15010 national
Charter Number
1501
Start Date
September 24, 1873
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7082abb7d50a8460

Response Measures

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

Other: The banks collectively decided to suspend currency payments and issue clearinghouse loan certificates to settle balances among themselves while conserving cash.

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

Description

The Merchants National Bank was part of a city-wide suspension in St. Louis following a slight run during the Panic of 1873.

Events (5)
1. August 2, 1865 Chartered
Source
historical_nic
2. September 24, 1873 Run
Cause
Macro News
Cause Details
Systemic financial panic originating in the East (Panic of 1873).
Measures
The bank joined a city-wide agreement to suspend currency payments.
Newspaper Excerpt
A slight run having been made on the banks of this city, it was decided at a meeting of bankers held last night to suspend the payment of checks or drafts
Source
newspapers
3. September 25, 1873 Suspension
Cause
Macro News
Cause Details
City-wide agreement to suspend currency payments due to the financial panic in the East.
Newspaper Excerpt
it was decided at a meeting of bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides
Source
newspapers
4. October 27, 1873 Reopening
Newspaper Excerpt
The banks of St. Louis all resumed currency payment to-day. There was no excitement, and no signs of a run anywhere. All have strengthened themselves greatly since the suspension, and some report twice as much currency as they have on hand in ordinary times. ... Merchants' National [is in] The list of the banks that are thought able to resume currency payment at any moment is as follows: ... Merchants' National Bank ... [and others]. All the banks of St. Louis resumed currency payments on Monday [Oct 27]. Nothing unusual occurred, there was no excitement, and confidence seems to be restored. The deposits exceed the drafts.
Source
newspapers
5. July 1, 1895 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (20)
1. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.

2. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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New-York Daily Tribune. FOUNDED BY HORACE GREELEY. FRIDAY, SEPTEMBER 26, 1873. At a stormy Erie meeting in London, President Watson received a unanimous resolution of thanks, and announced that his road wanted $30,000,000 at once. The French Conservatives claim a majority of 20 in the Assembly in favor of a monarchical restoration; the Republican members threaten to resign in a body. The Spanish Government has demanded of England the release of the Vitoria and Almanza. = The U. steamer Tigress is still searching for the Polaris crew. Secretary Richardson, Attorney-General Williams, and other officials determined, it is said, after long consultation, that the Government should not use any portion of the legal-tender reserve for the purchase of additional bonds. The banks of Chicago, Cincinnati, Baitimore, Nashville, and New-Orleans have suspended the currency payment of large demands. In St. Louis the bank suspension appears to be total. Failures are reported in New-Brunswick, N.J., Selma, Ala., Indianapolis, MemThe schooner Whiting phis, Atlanta, and Augusta. was wrecked at Grand Haven, Mich., all the crew but one being Descued after a thrilling fight with the waves. = An Anti-Kellogg Convention has been called, to meet at New-Orleans Nov. 24. There were no further suspensions in Wall-st., although aid from the Government in the purchase of bonds was entirely withdrawn. The difficulty in getting foreign exchange has affected the export trade somewhat disastrously. The Stock Exchange endeavored, by the appointment of a Committee, to force settlements upon last week's transactions. The Bank Presidents did not favor the theory of the Stock Exchange 10 regard to the resumption of business. ==== Sprague's attorneys endeavored to show that the money for his investments was borrowed from the Brooklyn Trust Company. The Grand Jury issued a public call for testimony. The District-Attorney refused to announce his intentions concerning the jail frauds. The Committee on investigating department affairs or- The Liberal Republican General Commitganized. tees made arrangements for holding primaries, and listened to Gen. Coctrane's remarks on the issues of the campaign. The Kings County Democratic primaries were held. The Newark Democratic Convention made municipal nominations. = An effort to act on the Police Justice nominations falled in the Board of Aldermen. - The Protestant Episcopal Diocesan Convention was addressed by Bishop Potter. - Prominent delegates to the Conference of the Evangelical Alliance, and Wilkie Collins, arrived. Damaging testimony was adduced in the baby-farming examination. The Harlem Rowing Club's Fall races were pulled, and entries for the National Amateur Regatta were announced. = The New-Jersey section of the NewYork and Oswego Midland Railroad is to return to its

3. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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NEW-YORK DAILY TRIBUNE, FRIDAY, SEPTEMBER 26, 1873. Liverpool for New-York to-day. Of this amount the and Cincignati banks, which were at first reported as that it was unnecessary to take any special action; NOVsteamship City of Brussels took $150,000, and the steamhaving totally suspended, and the excitement was hightortheless all are agreed that there is no possible fear of a ship Adriatic £35,000. ened at noon by the suspension of the private bankingDanie here, of a run on the banks, or of any inconventence A STORMY ERIE MEETING-PRESIDENT WATSON house of Woollen, Web. & Co., owing mainly to the reat all. Indeed, one of the Presidents thinks THANKED--HE WANTS THIRTY MALLIONS. turn of their drafts on the suspended Trust Company of the worst effect it can have directly is to New-York. Public confidence became 80 shaken that LONDON, Sept. 25.-The meeting called by create temporarily a slight uncertainty in the Mr. Watson to consider the affairs of the Erie Railway there was a heavy run on Ritzinger's Bank and on the matter of taking New-York drafts on deposit. as Indianapolis Savings Bank by a class of generally small Company took place to-day. and was attended by 1,000 the banks in this city have always received depositors, and a few persons withdrew their money persons, including many Americans. The session is New-York funds without charging any discount or perfrom other banks. The First National Bank, instead of described as stormy. A resolution of thanks to Mr. centage, no matter how the rates of exchange stood. Of closing at the usual hour, kept open an hour later to give Watson was unanimously adopted. The names of Biscourse, 80 long as the present feeling continues, people depositors an opportunity to withdraw their money if choffsheim and Henry were greeted with a storm of will be anxious to get rid of their New-York funds, and they wished, and when it closed it had received more mingled hisses and cheers. Mr. Watson, in an explanathe banks may find them on their hands to excess. money than it had paid out. The unquestionable soltion of the affairs of the Company, said there was some As New-York is largely indebted to us the banks cannot vency of all the city banks, together with the fearless apparent dubiousness about the accounts, but he besend on checks and get greenbacks. Indeed, one cashier way in which they met the excitement, seems to have lieved they were correct. They wanted $30,000,000 imgoes 80 far as to say there is but one bank in New-York sent home the crowds, who througed the streets until mediately to finish improvements already begun and to independent enough to have it in its power to send Bosafter the banks had closed, in a better state of feeling, lay a third rail. ton checks for greenbacks. and it is not thought that there will be any further COMMENTS OF THE LONDON PRESS-FIVE HUNDRED There is another point in this regard where our banks trouble. Previous to the excitement, the banks in conTHOUSAND POUNDS TO BE SENT TO AMERICA. are strong in comparison with the New-York instituference had decided to go ahead in the usual way, and tions. Their country correspondents are all New-EnLONDON, Sept. 26.-The Daily Telegraph, in this determination will still be followed. gland banks, and form but a very small proportion of another article on the American crisis, says it cannot be their depositors. Nevertheless there have been rumors, too strongly enforced that there is nothing radically unIN MISSOURI. and unpleasant ones, too. sound here or in the United States. The great mass of GENERAL SUSPENSION OF THE BANKS OF ST. LOUISOne rumor prevailed here to-day that checks to a very capitalista is not affected by the trouble in New-York. large amount had been sent on to be cashed, but it FLOUR SHIPMENTS IMPEDED. The Daily News remarto in the adsance of a aya. proved to be entirely unfounded. One banker said to an St. Louis, Sept. 25.-A slight run having tem of long credits, the materials for a panic among Advertiser reporter: cashed in one check one-third of been made on the banks of this city, it was decided at a American trading houses do not exist. It believes the the whole amount that was called for yesterday." This worst is over. meeting of bankers, held last night, to suspend the paywas a check which was by no means hastIt is said that bullion to the amount of £500,000 stel ment of checks or drafts, ither in currency or exchange, and former the ened on account of the panic. The genuntil the excitement in the East substuce ling will be withdrawn from the Bank to be sent to tleman continued: "We do business on an condition of the markets is restored. Shipments of nour by next Saturday's steamers. entirely different bagis from that of the New-York

4. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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IN MISSOURI. GENERAL SUSPENSION OF THE BANKS OF ST. LOUISFLOUR SHIPMENTS IMPEDED. Sept. 25.-A slight run having St. Lours, been made on the banks of this city, it was decided at a meeting of ban ers, held last night, to suspend the payther in currency or exchange, ment of checks or drafts, address and the former until the excitement in the East condition of the markets is restored. Shipments of nour to the East having been virtually suspended by the recent advance in railroad freights, the Board of Directors of the Merchants' Exchange have petitioned railroad companies to restore the old rate during the present financial troubles.

5. September 26, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 26, 1873

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# THE SITUATION. A sensational and highly-colored statement was promulgated yesterday, that all the banks in Chicago had resolved to close their doors and suspend business. This vicious falsehood produced a temporary panic, both here and alsowhoro; but whon the hour came for oponing their doors, and it was found that they woro all transacting their business as usual, and that no excessivo demande were mado upon them by depositors, tho usual course of things was resumed in business circles. If thoro is to be a general susponsion throughout the country, it is inav-itable that the stronger and more fortunate banks will not consent to sacrifice thoir standing resources to carry the weaker ones much longer. An issue of clearing-house certificates, such as has been adopted in New York, Philadelphia, and other cities, may serve to avert the crisis here. Up to the present time, however, all the clearances in this city havo beon effected with currency, showing that the Chicago banks are botter provided with ready moans than those of Eastern citics. Tho day closed without any symptoms' of a panic, although great anxioty was felt to obtain news from other parts of the coun-try. On the Board of Trado a 1ather buoyant fooling prevailed in consequence of the arrival of purchasers from the East and from Canada, with supplies of currency, to take advantage of the low prices of grain. At the Union Stock-Yards, howover, it was found impossible to receive any more cattle, the yards being already full and no buyers to take away the existing stock. In New York, the day passed off quietly. The crowds which have assembled in Wall aud Broad stroots for some days past wore not visible. A feeling prevailed that a general suspension of the banks would be песеввагу, and & rumor prevailed that tho Socrotary of the Treasury had advised that courso. This rumor, however, WAB authoritatively contradicted, the Secrotary doclining to adviso the banks in any way. It transpired that the Sub-Treasury in New York had disbursed $25,000,000 in greenbanks in the purcha o of bonds, and that a portion of this had come out of the so-called resorvo of $44,000,000. At this point the purchase of bonds was stopped. It was also learned that a large amount of bonds were in transitu from country banks to New York for conversion into greenbacks, which, of course, cannot now be sold. It is evident that if the law permitted such conversion without limit, rolief would soon be obtained, since the ability of the country to hoard money is itself limited, and is far less than the amount of bonds which would be offered under tho stimulus of the present low prices of property. The difliculty of getting currency has caused & blockado of the breadstuffs, provision, and cotton trades in New York. Nevertholesв, large shipments of currency were made yesterday to the South and West by the various expговя lines. The banks of Baltimore, Cincinnati, St. Louis, New Orleans, and several other cities have followed the action of the Now York banks, and aro only paying out currency to meet the actual necessities of customers. In the present condition of things, it is not likely that this currency will be redeposited in the banks. Everything dependa on the next fow days. If tho banka succeed in maintaining their credit; if they can satisfy their customers, not of their ultimate solvoncy (for nobody doubts that), but that all reasonable demands upon them for currency will be met, the money now so relentlessly hoarded will be returned to them, and the crisis will bo past. A general suspension, however, would be an enormous calamity, since there is no place upon which business could rebuild itself. To provent this every effort should be strained. The banks are the channels through which the mighty exchanges of the continent aro adjusted. To adjust themselves to any other channels must be the work not meroly of days and weeks, but of years, and the losses incurred in the readjustment would be enor-mous. And these would be real and not imag-inary losses, since the construction of such cost-ly machinery must be paid for out of the prop-erty exchanged. The only place where anything like a panic occurred yesterday was at Memphis, where threo banks closed their doors. The Boston banks mot and resolved that thore was nothing in the situation calling for any change in their usual mode of doing business. About $700,000 in gold was shipped from Liv-erpool to New York yesterday for the purchase of breadstuffs, and this is likely to a followed by still larger shipments, since the price of ster-ling exchange has fallen to A merely nominal point. The London Daily News thinks that the present panic in the United States may cause a rosumption of specio payments. It is quite certain that any large sale of gold at tho present moment would force the price down to a much lower figure than it has reached at any time since the War, in spite of the new issue of greenbacks from the $44,000,000 reserve. # AN INCENDIARY PUBLICATION. Since Monday or Tuesday last, some of the banks of this city which have largo deposits from

6. September 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 27, 1873

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MILWAUKEE. Special Dispatch to The Chicago Tribune. MILWAUKER, Bopt. 26,-The suspension of the Ohicago and St. Louis banks has had very little effect here. Our banks have been strengthened by the receipts of currency from Now York during the past two days, and are prepared to respond promptly to all domands made upon them by depositors, but the latter exhibit no apparent uneastricas, and business continuce good in all departments, breadetuffa and produce excepted. The general merchandise markets are aotive, and prices show uo material variation sinco the panic,

7. September 30, 1873 The Van Buren Press Van Buren, AR
Article from The Van Buren Press, September 30, 1873

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IT All the St. Louis Banks have suspended until the 1st of November. A general suspension of Banks all over the country may be expected.

8. October 1, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, October 1, 1873

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The Panic Spreading. ST. LOUIS, Sept. 25.-It was decided at a meeting of the bankers of the city, held last night, to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the East subsides and the former condition of the markets is restored. PATTERSON, N. J., Sept. 24.-Four hundred and fifteen locomotive unen were discharged from Rogers' locomotive works, making one thousand, two-thirds of the force. LONDON, Sept. 24.-Clews, Hobitch & Co. have decided to suspend. A Berlin dispatch announces the failure of banks in that city. Clews, Hobitch & Co.'s liabilities on account of Henry Clews & Co. are £246,000. Their own liabilities are £64,000, which they can meet, but not those of 'Henry Clews & Co. WASHINGTON, Sept. 24.-The Freedmen's Savings Bank is enforcing the legal thirty days' notice from depositors. Two million dollars in currency remain in the Treasury for current purposes. Richardson will only draw on the $40,000,000 reserve for Government necessities. The Government, he says has helped banks by issuing $12,000,000 in currency for bonds, and they must now take care of themselves.

9. October 2, 1873 The Saline County Journal Salina, KS
Article from The Saline County Journal, October 2, 1873

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There was a bett er state of feeling financially yesterday than there has been since the commencement of the panic. The reports that the Chicago and St. Louis banks would resume this morning was interpreted as a cheering indication that the worst was over. This is probably the case. Indeed, there are evidences on all sides that reason is resuming its sway. Currency is flowing in a steady stream to the West, and mon. ey will soon be abundant.-Lawrence Journal, Sept. 30th.

10. October 2, 1873 The Leavenworth Weekly Times Leavenworth, KS
Article from The Leavenworth Weekly Times, October 2, 1873

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AN OPEN QUESTION. Speaking of the determination of the At chison banks, to pay out currency on de mand of depositors, and comparing that course with the course adopted by the Leavnworth banks, the Champion finds cause for much local gratification. At first glance one may think that suspension for a few days, or even the payment of checks for a limited amount, is an acknowledgement of weaknessupon the part of banks adopting the policy, but a deliberate second thought will convince one that the measure is now calculated to promote the business interests of a city. In Chicago, the adoption of that course was strongly advised by the immediate representative in that city of the currency bureau of the Treasury Department, and fully approved and endorsed by gentiemen best quelified to form an intelligent judgment as to its consequences. In St. Louis, the solid old bankers accepted the course to protect the mercantile interests of their city. It is a fact worth considering that dispatches were received by Leavenworth merchants from their Eastern creditors, offering five per cent. discount and payment of charges, wherever remittances were made in currency by express. The immediate result of such transactions would be a drain of currency from the west. The euspension in Leavenworth, qualified as it is, will be only temporary. Early next week the banks expect to resume regular business transactions. There is no panic here. No alarm is felt. Depositors feel perfectly secure. No one questions the ability of our banks to pay every dollar due depositors. Currency is coming here inclood of having, and in the end the window description

11. October 15, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 15, 1873

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ST. LOUIS. Special Dispatch to The Chicago Tribune. THE STRONG BANKS DETERMINED TO RESUME. ST. Louis, Oct. 14.-There is a growing feeling of indiguation here against the banks that are opposed to speedy resumption. A very considerable number will not resume currency paymont on the first of November if they can avoid it. The stronger institutions are angry at the delay, and, if it is prolonged boyond the stipulated time, will establish a now Clearing-House, and return to the good old way of doing businoss by thomselves. Such a course would undoubtedly do the work for the weak institutions, which are growing weaker daily by a steady drain of currency, and by the tendonoy of customers to transfer their patronage to institutions they are sure of. It is further doubtful if persons having dealings with the banks will submit much longor to a palpable violation of tho law under which they were organized. The limit of forboarance is being rapidly approached. The officors of the sound institutions say that they are disgusted at the situation, and ashamed of St. Louis, which is one of the wealthiest cities in the country, and has always boasted of its safe and conservative modo of doing business. The feeling is intensified by the fact that this city is now the only one in the West not doing its banking business on & currency basis. The flouring mills are running again, but shipmonts of flour alone are not enough to throw the balance of exchange in our favor. Other kinds of produce must move. St. Louis morchants are mortified to learn that Chicago is sending grain East in about the usual amounts. They know perfectly well that if this state of things continues much longer millions of bushols will BOOK your active city instead of waiting for the movements of alow St. Louis. Currency and Eastern exchange are becoming more objoots of speculation. Somo banks of St. Louis are even sonding currency to Chicago to procure I oxchange for thoir customers. The continued suspension of the banks is merely A MATTER OF ACCOMMODATION to perhaps a dozon weak institutions. some of which will have to succumb in any event before many weeks have passo:1. The reasons of their weakness are various. Most of them have paid intorests on doposits during the season when $ their funds were least in use; others have had too largo a country business; all of them have on hand too large an amount of uncertain paper; a few have speculated in county, bridge, and tunnel liabilities. BANKS THAT ARE ABLE TO RESUME. The liet of the banks that are thought ablo to resume currency payment at any momont is as follows: Bank of Commerce, Butchers' and Drovers', Capital, Commercial, Bank of St. Louis, Exchange Bank of St. Louis, First National Bank, Third National Bank, Fourth National Bank, German National Bank, Iron Mountain National Bank, Lucas' Bank, Mechanics' Bank, Merchants' National, National Bank of Missouri, Continental, St. Louis National, and the following savings banks: Boatmen's, St. Lonis, Oltizens', German, Guardian, Hibernia, Mulleuphy, Provident, Real Estato, State Savings, and Union Say: ings. A fow more might perhaps bo added to each list. If a now Clearing-flouse is formed, it will includo most of these. 3 A RUMOR OF FAILURES. It is privately reported that moveral banks 3 whose names have not been made public have failed to meet their balances at the Clearing1 House, and have only been able to go on by 7 the courtesy of other banking institutions, which 3 accepted their individual liabilities. The St. . Louis have treated the banks with b groat consideration, newspapers but, in little their too efforts indulgent to pro- for vent a panic, have been a the general good of the community. Vigorous spoaking and writing are wanted.

12. October 16, 1873 Helena Weekly Herald Helena, MT
Article from Helena Weekly Herald, October 16, 1873

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A RIBERNIAN BANK INCIDENT. A Woman that Wanted her Money. From the St. Louis Democrat, Septeinber 27, The news of the suspension of the banks of the city, published in the papers of yesterday morning, created intense excitement in Kerry Patch. The thrifty population of that classic precinct are in the habit of depositing their meagre earnings in the savings banks, and anything that casts a shadow upon those useful institutions throws a gloom over the the in Patch. Kerry, The after first feeding duty performed pig and yesterday milking the goat, was to go down town and look after the deposits in bank. One determined WOman took her station in front of the Hibernian Bank, and patiently waited on the sidewalk for two hours, until she saw the doors opened. Then she entered with a firm step, and addressing young Tansey, said, in a voice of thunder: "Is this bank suspended?" 'Yes, madam, but only temporarily." "Tipperarily, is it? I know what a Tipperary suspension is-it manes gone up. I've got $200 deposited in this bank, and I want my money." "Well, madam, you need not talk so loud. Give me your pass book, and you shall have your money." "Have you got it?" "Yes, I've got it. Hand out your book." "Are you sure you've got my $200 safe and sound?" "Yes, here it is. Don't make so much noise." "I've got a right to make a noise. I worked hard for that $200, and do you think I'm going to lose it without making a noise?" "Itell you that your $200 is not lost; here, take it away, and don't talk so loud." "You've got it, have you?" 'Yes; I tell you it is here." My $200?" Yes, your $200; take it and go." What do I want with it? Didn't I put it in and the a launched here for into safe keeping?" lengthy and loud harangue depositor on the banks and bankers, attracting a crowd around the door. One of the directors, finding the woman could not be silenced, called in a policeman, who took her by the arm for the purpose of leading her out. "Is it the likes of you that dares to lay the weight of your dirty claws on a dacent WOman with $200 in bank? Get out of this and lave me alone, ye spalpeen-I'm a dacent woman, G-d-you." At this moment the president of the bank entered, and, learning the cause of the disturbance, ordered the woman to be released, and invited her politely to take a seat. "I don't want to sit down. I've got two hundred dollars in this bank, and I'm used to standin." "Madam, I think you had better take your money." Have you got it ?" Yes, here is your money." What do you take me for? I put my money in this bank for safe keeping, and be not to to it a a away. dad I'm This is goin' bank be of deposit, forced and take I'm depositor-do you mind that?" It was in vain that the depositor was urged to draw her money. She would neither take it nor remain silent. After standing an hour or two longer, and talking all the time at a not children furious had rate, she had remembered their breakfast, that and her with many a protestation against the attempt to force a poor woman to draw her money, and she wended informed her all way the neighbors back to Kerry that the Patch, Hi1 bernian Bank was only foolin', and had not suspended at all.

13. October 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 27, 1873

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# FINANCIAL. A Chapter of Wall Street Rumors. Serious Financial Irregularities Among the Railroads. The Lake Shore and Toledo, Wabash & Western Involved. Vanderbilt's Star Begins to Wane in Wall Street. Reasons Assigned for the Decline in His Stocks. Ex-Secretary McCulloch's Northern Pacific Presentiments. The St. Louis Banks to Resume Currency Payment To-Day. Effects of the Panic on Eastern Manufacturers. NEW YORK. Special Dispatch to The Chicago Tribune. THE DECLINE IN VANDERBILT STOCKS. NEW YORK, Oct. 20. The sudden and rapid decline in Vanderbilt stocks yesterday is attrib-uted to the agitation of the affairs of the Lake Shore Railway Company, and of those of the Union Trust Company, together with the publi-cation of reiterated charges of fraud on the part of the Executive Committee of the Lake Shore Railroad Company. Reports that mismanago-mont had been discovered in the affairs of the Toledo, Wabash, & Western Railroad; and that the New Jersey Southern Railroad was bankrupt; and that the Chesapeake & Ohio Railroad could not pay its debts, also contrib-uted to offect this decline. Lake Shore people strenuously deny the truth of such charges against their Executive Committee, and the officers of the Union Trust Company decline to say any-thing regarding the present condition of their affairs. THE POPULAR OPINION in Wall street concerning Com. Vanderbilt is divided. One side believes in his integrity, and in that of his associates; and the other side as confidently advance the opinion that George Bird Grinnell & Co. are merely the scapegoats of the Vanderbilt party, and deserve the sympathy, not the censure, of the community. THE TELEGRAPH COMPANIES. The project for the formation of a combina-tion of telegraph companies, which has been in contemplation for some time, and is now about to be consummated, has been hastened in conse-quence of Vanderbilt's acquisition of the West-ern Union Telegraph Company. RUMORS OF DEFALCATIONS in several railway companies have exercised a depressing effect on the market for several days. Prominent among suspected corporations is the Lake Shore Company. The embezzlement or fraud said to have taken place in this Company's affairs is variously estimated at from several hundred thousand to several million dollars. The officers of the Com-pany deny this; but inquiry develops the fact that they lost a large amount by the failure of George Bird Grinnell & Co. A Director of the Company says that only about $250,000 was lost through the failure of this firm. THE CANADA SOUTHERN RAILWAY, which was embarrassed during the early days of the panic, is now undergoing a process of resus-citation. The floating debt of the road is re-ported at $20,000,000. It is proposed to fund the floating debt, and, possibly, some of the earliest maturing coupons. The matter will probably be arranged within two days. TOLEDO, WABASH WESTERN. It is alleged that the rumored frauds in the Toledo, Wabash & Western Railway have grown out of the stock operations of Azariah Boody, Vice President of the road. It is said that in-vestigation by an administrator succeeded in discovering frauds exceeding several hundred thousands of dollars. W. L. Scott, Director of the Road, informed a Tribune reporter that a few years ago Mr. Boody was a member of the firm of Kidd, Prolco & Co., No. 19 Broad street. This firm had done stock business for Boody, and he had been accustomed to place the money of the Road in their custody. He withdrew from the firm, which then became O. H. Peirce & Co., and continued to act as his bankers. About the time of the failure of Peirce & Co., a change was made in the direction of the Road, and it was discovered that a part of the Company's funds were still with Peirce. All except a sum not ex-ceeding $100,000 had been recovered, as had nearly all the securities. This amount Boody was abundantly able to pay, so there was little cause for apprehension; and the Road was do-ing as well as could be desired.

14. October 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 27, 1873

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ST. LOUIS. Special Dispatch to The Chicago Tribune. THE BANKS TO RESUME. ST. LOUIS, Oct. 26.-The St. Louis banks will rèsume currency payments to-morrow. There is a little uneasiness in some quarters in regard to the result, but no serious trouble is anticipated. The banks have been strengthening themselves as well as they were able, and it is thought that nearly all will be able to go through without much difficulty. A few have been a little slow in redeeming their Clearing-House certificates, and there will probably be some of these out-standing for some days to come. It is said that the strong banks will help the weak ones until the crisis is passed. No run is expected, although many small depositors, it is thought, will withdraw their funds and transfer them to other banks. GENERAL BUSINESS. The jobbing trade is generally dull. Business on 'Change shows faint signs of revival. Manufacturers are running carefully. The saw-mills and flouring-mills are all in operation again. Building has been checked, and lumber men are complaining bitterly. The iron-mills and fur-

15. October 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 28, 1873

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# ST. LOUIS. Special Dispatch to The Chicago Tribune. St. Louis, Mo., Oct. 27.—The banks of St. Louis all resumed currency payment to-day. There was no excitement, and no signs of a run anywhere. All have strengthened themselves greatly since the suspension, and some report twice as much currency as they have on hand in ordinary times. Some bankers say that there is at present $6,000,000 or $8,000,000 more currency in the banks at present than they have commonly in their vaults. Nine hundred thousand dollars of the $1,400,000 Clearing-House certificates have been retired, and the rest will be withdrawn, it is thought, without trouble. If things go on quietly for a few days, it is hoped that discounts will be made as freely as they were a month ago. Exchange is sold at 1-10 to ¼ premium.

16. October 29, 1873 Lexington Weekly Intelligencer Lexington, MO
Article from Lexington Weekly Intelligencer, October 29, 1873

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The Dispatch asserts that the banks of St. Louis had five millions more currency in their vaults on Monday, when they resumed payment, than they had at their suspension.

17. October 30, 1873 The Saline County Journal Salina, KS
Article from The Saline County Journal, October 30, 1873

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On Monday the banks of St. Louis resumed currency payments. The event occurred without any unusual excitement. No runs took place, but, on the contrary, the deposits exceeded the demands. This action of the banks has been marked with no unusual excitement because there was a general public confidence in Western banks, and the approval with which business men received the intelligence that banks were not paying out heavy amounts of currency during the panic generated confidence among all classes, which soon settled into unconcern. The resumption by the St. Louis banks was tardy, when compared with the prompt action of the Chicago houses, and hence the business of the country governed by St. Louis markets has been rather backward. In this matter we see the need of more direct communication with Chicago by a road that will work up her interest on its line, that we need not be governed by the slow and easy going St. Louisans.

18. October 30, 1873 Evening Star Washington, DC
Article from Evening Star, October 30, 1873

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RESUMPTION OF CURRENCY PAYMENT IN ST. LOUIS. The banks of St. Louis all resumed currency payment on Monday. There was no excitement, and no signs of a run anywhere. All have strengthened themselves greatly since the suspension, and some report twice as much currency as they have on hand in ordinary times. Some bankers say that there is at present $6,000,000 or $8,000,000 more currency in the banks at present than they have commonly in their vaults. Nine hundred thousand dollars of the $1,400,000 clearing-house certificates have been retired, and the rest will be withdrawn, it is thought, without trouble. If things go on quietly for a few days, it is hoped that discounts will be made as freely as they were a month ago. Exchange is sold at 1-10 to ¼.

19. November 1, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 1, 1873

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News and Other Items. The secession of Chicago from Illinois, and its establishment as an independent state, is still discussed by the local newspapers. The outcast women of Washingtan are said to have contribated $600 to the Memphis sufferers. The amount of bonds already placed by the syndicate is $70,000,000. Their contract ex:pires December 1st. The St. Louis banks, which suspended currency payments a few weeks ago, have all resumed, and are astonished to find that their receipts of currency exceed the payments. The recent storms did great damage on the lake coast in Huron county, Michigan. Many valuable piers were carried away, and vesse Is were driven upon the rocks. The Washington Chronicle advocates tibe passage of some law which will cure the alley :ed evils resulting from the abolition of the franking privilege. At a trial recently held in St. Louis, the pr isoner at the bar, the lawyer who was defendir ig him, the reporter and the Judge, were all clas 3mates in college.

20. November 6, 1873 The Elk County Advocate Ridgway, PA
Article from The Elk County Advocate, November 6, 1873

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Haven was entered on a recent Satur- day night and the carpet stolen from the floor. Mr. Moore, of the Altoona Sun, has withdrawn his suit against D. R. Ream, for libel, and paid the costs himself. A new Presbyterian church in Gir- ard township, Clearfield county, will be dedicated on next Thursday. Easton has only two policemen, and these spend half the time fighting to see who shall be chief and who the "force'.' The citizens of Indianoplis are proud of one of their girls who whistles over 100 tunes. The Louisville Courier Journal concludes that the only way to reform vicious women is to shoot bad men. How is this for a French description of a young lady: "She leaves off kissing at twelve, and begins again at twenty." The bulding of an ox cart is said to be among the lost arts in Georgia. Florida is reported to be already filling with invalids for the winter season. Sacramento contributes to refined ci7- ilization 8,000 hogsheads of beet sugar. A Texan ranch man boasts of thirteen bullet holes in his skin from Indian rifles. A result of the Nation system of education in England has been to increase the demand for female teachers. Boston is proud of the fact that, with her increased dimensions, she will pay forty per cent. of the entire State tax. Amherst Agricultural College proposes to teach its students to drill for soldiers as well as for turnips, and to cultivate the sword and sward simultaneously. An ingenious Kentuckian has invented a wheelborrow in which a man can trunble himself home at night, if necessary, without troubling his friends. Hannah Ruland, aged 100 years, died in New York city on Sunday. The ship Three Brothers carries 4300 tons of wheat, and is the largest sailing vessel in the world. Her cargo is valued at $199,000. It is stated the Atlantic and Pacific and Kansas City and Northern Railroads will reduce the salaries of all their employes, from presidentdown, 10 per cent. George Wolf, a wealthy farmer residing three miles from Hopkinsville, Ky., was assassinated in his bed Tuesday night, October 23. A bale of cotton for the Memphis sufferers sold on Change at Louisville, last week, for $455, or about $1 per pound. The cigar makes of New York city have been informed that their wages will be reduced to the rates of a year ago. The Newburg, N. Y., steam mills have been stopped for an indefinite period. About 400 persons are thrown out of employment. 2,417 miles of new postal service has been put in operation since June 30, 1873, making a total at this date of 65,876 miles of such service in the United States. All the banks of St. Louis resumed currency payments on Monday. Nothing unusual occurred, there was no excitement, and confidence seems to be restored. The deposits exceed the drafts. An account of the recent hurricane on the Florida coast has been aeceived at the War Department, Washington. Cattle were swept into the sea, house undermined and uuroofed, and boats lost. The two female members of the Wyo ming Legislature are said to have already required great proficiency in the art of throwing ink-stands and dodging law books. Twenty-odd convicts at Auburn, in additional to board and lodgings at the expense of the State, get military pensions from the Federal Government for pocket money. Brashear, La., after congratulating itself on escaping an invasion of the yellow fever, has succumbed to the more fatal importation of 300 barrells of Cincinnati whiskey. The burial of a State elephant with royal honors is noted as an important item of news from Siam. The death of the king would hardly have created a greater sensation. A New Bedford sea captain has invented a new plan for building ships. He proposes to do away with the usual rib frame and double sheathing, and build them with plank twelve inches wide, laid flat one upon the other, and firpaly bolted together