15354. Bank of Commonwealth (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
b874631e

Response Measures

Full suspension, Books examined

Other: Receiver appointed; bank expelled from Clearing House and went into liquidation.

Description

Contemporary articles describe a run on the Bank of Commonwealth in the panic of Sept 1873, the bank suspended and was later placed in receivership and liquidated (Clearing House bought the building; receiver declared final dividend). Comptroller/receiver references suggest it was treated as a national bank or was subject to national authorities. Cause attributed to runs on other banks and general panic (runs elsewhere precipitated the run on this bank).

Events (5)
1. September 20, 1873 Run
Cause
Local Banks
Cause Details
Run on Fourth National Bank and broader failures (Union Trust, Fourth National) precipitated heavy withdrawals from Bank of Commonwealth
Measures
Suspended payment (stopped paying out and closed doors); subsequently put into hands of receiver
Newspaper Excerpt
The Bank of Commonwealth still keeps its doors closed. The run on the Fourth National has ceased. The Bank of Commonwealth says the run on the Fourth National Bank precipitated a run on us
Source
newspapers
2. September 20, 1873 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals caused by runs on other banks and the general panic forced the bank to suspend payment
Newspaper Excerpt
The Bank of Commonwealth says the run on the Fourth National Bank precipitated a run on us... Under these circumstances we thought it better to suspend.
Source
newspapers
3. September 30, 1873 Receivership
Newspaper Excerpt
An application was made ... to enjoin the comptroller of the currency and Isaac H. Bailey, receiver of the Bank of Commonwealth, from proceeding further in the matter of the bank; ... citation was granted, returnable on the seventh of October. The Bank of Commonwealth, which is in the hands of a receiver - Mr. Isaac N. Barley - was expelled from the Clearing House Association yesterday. The report was adopted, so that the bank will go into liquidation. The New-York Clearing-house, to-day, bought the Bank of Commonwealth building for $215,000. The Receiver of the Bank of Commonwealth expects to declare a final dividend of 20 per cent to depositers within thirty days. The receiver of the Bank of Commonwealth, New York, has declared a final dividend of twenty per cent to all the creditors, except the shareholders. (articles dated Sept 30-Oct 14, 1873; Oct 1874; Nov 1874.)
Source
newspapers
4. October 14, 1874 Other
Newspaper Excerpt
The New-York Clearing-house, to-day, bought the Bank of Commonwealth building for $215,000. The Receiver of the Bank of Commonwealth expects to declare a final dividend of 20 per cent to depositers within thirty days. (Also reported Oct. 14, 1874 and Oct. 13, 1874 items about liquidation.)
Source
newspapers
5. November 18, 1874 Other
Newspaper Excerpt
The receiver of the Bank of Commonwealth, New York, has declared a final dividend of twenty per cent to all the creditors, except the shareholders.
Source
newspapers

Newspaper Articles (16)
1. September 21, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 21, 1873

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- FROM NEW YORK. FAILED NEW YORK, September 20, 1:15 p.m Brown, Wadsworth, & Co. have failed THE BANK STATEMENT will, it is said, not be ready before night, if then. To give the usual quotations of stocks is not possible to-day. THE FAILURES OF BROKEES came in such quick succession that blocks of stocks were thrown upon the market to realize THE GOVERNMENT TO THE RESCUE A special from Washington says it may be stated on the highest authority that should the order to purchase $10,000,000 of bonds fail to check the financial excite ment, it has been decided by Secretary Richardson to issue any part of the FORTY-FOUR MILLIONS RESERVE necessary to restore confidence There were THIRTEEN PROPOSALS to sell bonds to the government at the sub-treasury, aggregating $2,672,659 at from 109 to 112. CLOSED ITS DOORS The National Trust Co. has closed its doors. OUT OF THE CLEARING HOUSE Certificates of the Mechanic's Banking Association and the Continental bank have been thrown out of the clearing house. THE CROWDS AND EXCITEMENT in Wall and Broad streets are unprecedented, and even in the neighbor lood of those financial centres, groups are gathered discussing the situation At this hour, nearly 1 o'clock, the millions promised from Washington cannot be made available owing to the RED TAPE REQUIREMENTS of opening and reading the offering to sell bonds, and telegraphing to know if the rates are acceptable. The tills of the best and strongest houses MUST BE GETTING LOW, having stood the run now of nealy three days Under the order issued by the president of the Stock Exchange forbidding members under penalty of expulsion to engage in operations outside, it 18 not possible to 1 realize on securities, and EACH MAN'S OWN VAULT is now his only stand by. GOLD at one o'clock, 111] The bank of North America HAS CLOSED ITS DOORS An effort is said to be making to get the public and private bankers to act SIMULTANEOUSLY and close at once, not waiting for the ust ual hour. NOT SUSPENDED The Bank of North America has not ( suspended. THE EXCITEMENT AND PANIC II which followed the announcement in the c stock exchange of the suspension of the 8 b Union Trust company, and the bank of e Commonwealth, were beyond description W The Stock Exchange 11 RESEMBLED A MAD HOUSE, b and the streets were blocked with people, II 11 laboring under the greatest excitement a and laney prices tumbled from 2 to 16 per C cent, and stocks were slaughtered without C8 my apparent regard to value. Amid the P SURGING OF THE EXCITED CROWD. o n the stock exchange and the continued t destruction of values, there were it SOME FEW COOL A ND LEVEL HEADS. a These men conceived the idea of initiat 11. ng it plan of closing the exchange and m immediately the governing committee el as convened to take action therein In in few minutes the board was di CALLED TO ORDER th nd the announcement made that W be exchange would be closed until urther orders from the president This S as received with great joy, and the ex. m hange N & RESOUNDED WITH CHEERS for 'he gong was sounded, and in less time er ian it takes to record the fact, the wild xoitement was over and the surging st rowd of frantic brokers disappeared and un he Stock Ex range was th A DESERTED HALL C The retunds of the treasury was m rowded with people listening to the prolie osals to sell bonds as they were read off, m while the Wall street steps of the build. the ng resembled a mass meeting the SENATOR MORTON 12 f Indiana was in the treasury when the lig proposals were read tr Certifications of the Bank of North ce America have been ele HROWN OUT OF THE CLEARING HOUSE lo hi gave rise to the rumor of its suspenC on pe THE BANK PRESIDENTS of ave passed a resolution to issue immedi ely ten million in loan certificates is MEETING ALL DEMANDS sa do NEW YORK September 20, 1:80 p.m CO he Fourth National bank is meeting all

2. September 22, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 22, 1873

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THE MORNING PRESS ON THE SITUATION-THE GREATEST PANIC SINCE '57-JAY GOULD TO THE RESCUE. The papers generally agree that this has been the greatest panic since 1857, far exceeding the black Friday and Chicago crash. The Times says the person who finally sustained the market and kept it from breaking to a point where half the street would have been inevitably ruined was Jay Gould. He bought during the low price several hundred thousand shares of railroad stocks, principally Vanderbilt, thus a check was put on the decline. Gold opened at 111¼. The sub-treasurer has just posted a notice stating that he has been instructed by the secretary of the treasury to purchase $10,000,000 bonds today. Horace Coun & Co., leather dealers, Woburn, Mass., suspended payment. Liabilities $100,000; assets $59,000. Since the suspension Horace Conn, the senior partner, has disappeared, causing great anxiety to his friends. Search has been made in all directions. The Union Trust company has just closed its doors, and announces that it will resume on Monday morning. The stock market opened a little better, but the failure of White & Co. was announced, and stocks again declined under tremendous excitement, apparently as great as yesterday. The following notice is posted on the Union Trust company's doors: "In consequence of the large amount due the company on call loans not having been paid this morning, the company have been obliged to suspend payment until Monday morning at 10 o'clock." A. G. White, is the name of the firm failed. The failure of E. C. Broadhead and Ketchum & Belknap is announced. Stocks are feverish. Most of the sales are for cash, which is two or three cents below the regular transactions, In governments nothing doing. NEW SUSPENSIONS. Tamsig & Fisher, P M Meyers, Miller & Walsh, Lorrens Joseps, Fearing & Dellinger, Williams & Westurck. That a defalcation exists in the Union Trust company is now certain; cannot say to what extent. The Bank of Commonwealth says the run on the Fourth National Bank precipitated a run on us, and one of our customers Edward Haight & Co., overdrew their account to the amount of $200,000, and did not make it good to the extent of $170,000. Under these circumstances we thought it better to suspend. Stocks opened with an advance of 4 to 6 on government, on which announced that it would buy bonds, but 2 to 5 on the failures of the Union Trust company and Bank of Commonwealth. STOCK EXCHANGE CLOSED. The stock exchange is closed, subject to the call of the president to enable members to settle accounts, etc. IN COUNCIL. Vanderbilt was closeted with Augustus Schell in the Union Trust company's office immediately after the suspension. ANOTHER SUSPENSION. The large firm of Brown, Wadsworth & Co, have suspended. Saxe & Rogers have suspended. The advertised meeting of Jay Cook's creditors has been postponed till Monday to allow a'l to get here. The National Bank Commonwealth has just suspended. There are rumors of a heavy defalcation discovered in the Union Trust company. Edward Haight & Co. have suspended. PROPOSAL TO ISSUE PART OF THE CURRENCY RESERVE. A special from Washington says it may be stated on the highest authority that should the order to purchase ten millions of bonds fail to check the financial excitement it has been decided by Secretary Richardson to issue any part of the forty-four million reserve necessary to restore confidence. The National Trust company have just closed their doors Certifications of Mechanics banking association and Continental bank have been thrown out of the clearing house. The stock exchange closed to enable members to settle accounts, which will help them as many can settle outside without suspending The exchange had so many stocks to sell under the rule that it was impossible to do it and keep up with current business. IN PHILADELPHIA. PHILADELPHIA, Sept. 20. The Union banking company has failed. Third street is comparatively quiet this morning. The run on the Fidelity Trust company is almost entirely subsided. The Union banking company did not open today. A placard on the door says, "Owing to heavy demands, a suspension of a few days is resolved upon." It sustained a heavy run yesterday, paying out about $700,000. It is a state institution, issuing no notes, and the suspension only effects depositors. At Jay Cooke's matters are progressing quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the firm, which cannot take place until after the arrival of steamer Russia, as two of the partners are passengers on board of the steamer. The Russia is expected in New York on Monday. THE UNION BANKING COMPANY FAILURE. The failure of the Union Banking company was caused by the heavy run yesterday. EFFECT OF EHE PANIC IN EUROPE.

3. September 23, 1873 Evening Star Washington, DC
Article from Evening Star, September 23, 1873

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TELEGRAMS TO THE STAR This Afternoon's Dispatches. Associated Press Reports. THE PANIC OVER END OF THE FINANCIAL FLURRY. WALL STREET RECOVERING THESITUATION TO-DAY The New York Stock Exchange Closed, but the Gold Exchange Open. Street Sales of Stocks. SUBSIDENCE OF THE PANIC. NEW YORK. Sept The presidents of near all the prominent banks express the opinion that the crisis over, and that the government has probably done the best that it could under the circumstances. Several of the banks have ceased discounting and many refuse to receive checks as cash, but only for prudential reasons. All the morning unite in expressing the opinion that the panic over. The Board of Aldermen have decided not to hold the spe cial meeting called for to-day to take action on the financial situation. THE RUN ON THE UNION DIME SAVINGS BANK Quite a number of people have congregated on the steps of the Union dime savings bank on Canal street, waiting for the opening of the doors. PRUDENT ACTION OF GEN. HILLHOUSE General Hillhouse yesterday declined to give the names of the sellers of bonds to the ment, on the ground that suspicion might be directed against the solvency of those who rushed into the market to realize. Some sellers were connected with savings banks. General Hillhouse has not been authorized to buy bonds of '81, as the President did not believe he had a legal right to take up bonds not yet due. THE STOCK STILL CLOSED. NEW YORK, Sept. 23, 10,a. m.-The govern ing committee of the stock exchange decided not to open the exchange to-day. The committee will meet again to-morrow at 9:30 a. m Gold opened at 112. CARLTON, THE DEFAULTER- HIS FATHER SAYS HE IS INSANE. Rev. Dr. Carlton, father of the defaulting secretary of the Union Trust Company, who was in the office of the company when his son took his final departure, on Thursday says he seemed to be nervous and excited, and when not signing checks he conversed with tears rolling down his cheeks. His father ascribed this condition to grief at the loss of his wife, who died recently. Just before noon he said he had to go out, and took his hat and left since which of time he has not been seen. It is the opinion Dr. Carlton that his son has been crazy since the loss of his wife. It is said that the Trust company has made no effort to secure the arrest of Carlton. It is understood that his friends are aware of his whereabouts STREET MARKET FOR STOCKS. NEW YORK. Sept 10.45 a. m The excitement on the street seems to be wearing itself out, and a better feeling exists. Brokers have congregated in front of the stock exchange and formed a street market, all sales being for cash The following are the quotations New York Central, 91a92 bid; Harlem 105 bid and 110 fered; Lake Shore bid; Wabash, 50 bid Rock Island, 88 bid; St. Paul, bid; Ohio and Mississippi, 30 bid: Union Pacific, 21a23 bid; Hannibal and St. Joe, 20 bid; Western Union, 65 bid, ( offered: Pacific mail. bid. The Union Trust company are still preparing their statement, which they expect to make public late in the day TWO MILLION BONDS have been bought at the sub-Treasury. NOON QUOTATIONS. NEW YORK, Sept. 23, noon. Street quotations: Ohio, 30 bid: Wabash. 48 bid; St Paul, 6 bid; Central, 93; Lake Shore, 82 bid. HEAVY PURCHASES OF BONDS BY THE GOVERNMENT. NEW YORK, Sept. 23.12 The sub-treasurer has purchased $8,169,100 bonds to this hour including Saturday and yesterday. PETITION A was filed with the clerk in bankruptcy of the United States District Court to-day to have the Union Trust company adjudicated an involuntary bankrupt. The papers were forwarded to Judge Blatchford who isat Newport. The petition is filed by depositors, but their names could not be ascertained. Exhaustion after the Battle NEW YORK, Sept. There is but little more than the usual number of people in the lower streets of the city beyond the small gatherings about the Stock Exchange, who are bickering in stocks. The financial center presents the appearance of exhaustion and lassitude after a great struggle. There is no desire manifested to have the Stock Exchange reopen, except by those wanting to purchase for investment. and brokers generally would like to have it continue closed during the remainder of the week. The general remark among them is that this disaster will materially thin out the number of brokers, as was the case with Black Friday, thus making more business for those maining The Bank of Commonwealth still keeps its doors closed. The run on the Fourth National has ceased, There are runs of more or less importance on the savings banks. The appearance of crowds indicate that the runners are laboring men and working women who have become frightened. It is believed their confidence will be restored by the promptness with which their money is handed them. and the run will cease to-day or by to-morrow at the latest. RELIEF MEASURES. of NEW YORK, Sept. 22, 1:30 m. $1,500,000 loan certificates have been issued by the clearing-house to-day. Two and a half millions of bonds have been purchased by the sub-treas. urer up to this hour. It is probable that the whole ten millions of loan certificates will be taken up, and the clearing-house association will increase the amount. AUGUST SCHELL, vice president of the Union Trust Company officially denies that a petition was filed in the United States District Court to have the company adjudicated an involuntary bankrupt. THE CLEARANCES of gold exchange banks are completed, and balances will be paid as usual. THE GOLD ROOM opened for business this morning, with sales at 12. afterwards advanced 12 K. but later declined to 11% The rates paid for carrying were to per cent. and flat, to 1-64 for borrowing Foreign exchange was weak, leading bankers having reduced their rates from 109% to 108 for long and short sterling. There is little or nothing doing in money The savings banks are making money by the run, as the scared depositors who withdraw lose their interest since August. Suspension of Clews & Co. NEW YORK, Sept. 23.-Henry Clews & Co. have suspended. A Better Feeling Abroad Too. LONDON, Sept. The news arrived from America relative to the condition just of financial affairs in New York causes a better feeling in American securities. Erie. 45k.

4. September 24, 1873 The New York Herald New York, NY
Article from The New York Herald, September 24, 1873

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THE EXCITEMENT IN TRENTON. The-excitement over the financial panic in Trenton, N. J., was much abated yesterday. There was no bustle on the streets and the people seemed to be impressed with the opinion that the storm has blown over, and that there IS no serious cause for alarm. The Trenton banks are believed to be all solvent and in a condition to meet their ordinary demands. An official of the Mechanics' National Bank stated that he was in receipt of a communication from the Receiver of the Bank of Commonwealth in New York, intimating that the funds of the former institution lodged in the hands of the latter were ready for payment at any time. The firm of Whittaker & Skirm, which was stated as having been temporarily suspended in yesterday's HERALD, will, on the authority of Mr. Skirm, resume business to-day.

5. September 25, 1873 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, September 25, 1873

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OVER-SPECULATION. Last week will be a memorable one in the history of Wall street and in the history of "railroading." The failure of the Oswego Midland railroad to meet about a million due on its paper precipitated a fall in stocks, Wednesday. On Thursday morning the announcement of the suspension of the great banking firm of Jay Cooke & Co., started a panic that has resulted in one of the greatest financial crashes ever experienced inTNew York. The failure of other firms following that of Jay Cooke, a run on the Union Trust Co., and a general collapse in railroad stocks prepared the way for worse work still on Friday. That day commenced with the suspension of the great firm of Fisk & Hatch. This was followed by the suspension of numerous small firms in New York. The fall in stocks continued, and on Saturday the Union Trust Company was obliged to suspend, followed by the Bank of Commonwealth and the National Trust Co. Then came a wild panic which could only be stopped by the closing of the Stock Exchange. On Sunday the President came up to New York and was importuned by business men to allow a loan of greenbacks to the banks. He wisely refused his consent to any illegal resource of that description. He agreed, however, to redeem U.S. notes to the extent of ten millions if required. The Clearing House association of banks also arranged for the advance of cash on good securities. The effect has been to put a stop to the panic and restore confidence. It is too early to predict the consequences of this remarkable crisis. The firm of Jay Cooke & Co., was broken down by the failure of the public to take the large amounts of Northern Pacific bonds they had undertaken to "place." The suspension of the Union Trust Co. was occasioned by the default of its secretary, C. T. Carlton, a son of Dr. Carlton of the Methodist Book Concern, who has stolen about a half a million it is thought, The general result of the crash will probably be to suspend uncompleted railroad enterprises, and to affect general business injuriously to an extent that cannot yet be known.

6. September 26, 1873 Staunton Vindicator Staunton, VA
Article from Staunton Vindicator, September 26, 1873

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# THE STOCK EXCHANGE. The members of the governing committee of the Stock Exchange met at eleven o'clock and unanimously resolved upon the closing of the Exchange by ten minutes of twelve. A member of the governing committee of the Exchange, when questioned that afternoon in regard to the closing, said that the banks began to refuse each other's checks, and it was useless to attempt a continuance of business under such circumstances. Under the rules every member of the Stock Exchange was obliged to recognize any certified check upon any bank in the clearing house, but affairs were in such a condition that the man who deposited a certified check and drew against it did not know how he was standing. He said he understood that the first refusal of a bank to certify to another's checks was made by the Bank o New York, which declined to certify to those of the Bank of North America and the Mechanics' Banking Association. The Exchange would not reopen, he said, until the banks were in a better condition; in his opinion public confidence was returning, and the excitement would have died away without further serious disaster but for the suspension of the Union Trust Company. This renewed the feeling of insecurity, and the suspension of the Bank of Commonwealth, with that of the National Trust Company, caused the panic to reach its height. The

7. October 1, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 1, 1873

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opinion upon the rights of brokers and bankers at the gold exchange under its recent action in closing its doors. He holds that the arbitrary closing of the exchange involved an entire arbitration of the ordinary powers of the exchange over contracts not closed prior to the suspension of business, and, should the exchange, without the consent of all parties concerned, attempt to enforce the rules established for ordinary business, it would be liable to injunction. He also holds that the contracts entered into before the closing of the exchange by its board of management cannot be extended by the action of that board, and therefore the contracts of the New York exchange must be commenced anew so far as any power exists in the association to adjudicate and enforce past contracts. It is stated that several Important law suits between the "bulls" and "bears" were projected consequent upon the sudden close of the stock exchange. A BURST-UP BANK ENJOINED. NEW YORK, September 30.-An application was made in the United States circuit court to-day for an order enjoining the comptroller of the currency and Isaac H. Bailey, receiver of the Bank of Commonwealth, from proceeding further in the matter of the bank; also, for a citation to show cause why the receivership should not be vacated and the appointment declared null and void, on the grounds that the bank never refused to redeem its circulation notes. The citation was granted, and made returnable on the seventh of October. BANK SUSPENSION. CHICAGO. September .-The directors of the Union national bank, of this city, after paying out about four hundred thousand dollars yesterday, decided, at a meeting held last night, to go into liquidation. The officers state that the assets of the bank are abundantly sufficient to pay all liabilities. ST. LOUIS ABOUT TO ISSUE CITY SCRIP. ST. LOUIS, September 30.-The city council have passed an ordinance authorizing the issuance of three hundred thousand dollars city treasury scrip with which to pay the current expenses of the city during the lock up of currency. There is much diversity of opinion among business men as to the expediency of this issue, some holding that it will work harm by pushing that much currency out of circulation, that it will greatly depreciate and will be ignored by the banks, while others think that it will relieve the present pressure for currency, a.ford an additional circulating medium and do great good.

8. October 8, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, October 8, 1873

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New York Stock and Money Market. NEW YORK, Oct. T LATEST MONETARY. Money, after board, at 6 to 7. Greenbacks higher and in demand for shipment to interior, ranging at . Gold carrying rates 2@6 per cent. The clearings at the Gold Exchange to-day were $22,000,000. Treasury,disbursements to-day amounted to $61,000. The Customs receipts to-day amounted to $297,000. Active demand for governments and some large transactions reported in new fives and currency sixes. Savings banks are replacing bonds, disposed of during the late run. Stock speculation weak and less involvedthan yesterday, except in Western Union and Lake Shore, with the lowest prices of the day at the close at the Clearing House. Loan certificates further reduced to-day. A committee of five has been appointed by the clearing house to investigate the affairs of the bank of Commonwealth at the request of the officers or that institution. The consent of the Comptroller of currency is necessary to this investigation. The Express says that Secretary Richardson Ex-Secretary McCulloch and Assistant Treasurer Hillhouse, held a conference at the SubTreasury this evening. What does this mean ? Gold closed at 110% Governments are strong. Money closed at 1-16@ %. State bonds nominal. Stocks feverish and weak, showing a decline of from 1 to 3 per cent. The rumor of trouble among the sugar houses here had a depressing effect. -

9. October 14, 1873 The New York Herald New York, NY
Article from The New York Herald, October 14, 1873

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

10. October 14, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 14, 1873

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New York Stock and Money Market. NEW YORK. Oct. 13-Mornina.-Money at 7 per cent. coin. Gold at 1081. Sterling Exchange 106 @ 1072. NEW YORK. Oct. 13-Evening.- - The Money market worked closer to-day, and at one time loans were made high as 3-16 per cent. per diem, but the bulk of the business was at 1-16@ per cent. Greenbacks are still quoted at 1 1/2 per cent. prem, notwithstanding the Express Company's report more liberal receipts of currency to-day than for a long time past. Discounts are quoted from 12 @ 24 per cent. The Clearing House to-day sustained the views of receiver Bailey in regard to the Bank of Commonwealth, and also extended the time for cancelling loan certificates. The bank officers report no material change in the condition of the banks to-day. At the meeting of the loan committee of the Clearing House the rule restricting the calling in of loan certificates to November first was rescinded. The following is the Clearing House statement Currency exchanges, $62,511,845; currency balances, $2,561,605; gold exchanges. $2,447,561; gold balances, $780,484. Sterling Exchange was in more demand and the market closed with a firmer feeling; prime bankers 60 days sterling sold at 1061 @ 1061, and sight 1071 @ 1071. Commercial bills ranged 1043 @ 1053. Gold stronger and advanced from 1081@1085, closing at 108g. The announcement of further shipments from England failed to influence the market. Custom receipts to-day $409.0.0. The rates paid for carrying to-day were 7, 6, 5 and 37 per cent. Borrowing was flat. The final rate was 3 per cent. for carrying. The day's business at the Gold Exchange Bank was as follows:-Gold balances, $846,643; currency balances, $929,351; gross clearances $32,123,000. The Asst. Treasurer to-day paid out $108,000 on account of interest and $47,000 in redemption of 5.20 bonds. The Assay office to-day received £170,000 sterling in sovereigns, making the total to date of £897,000 sterling. Government bonds less active than usual early in the day, but the prices advanced in late dealings under the improved demand and advance in gold. State bonds dull. In the stock market, railway and miscel'aneous speculation was decidedly erratic. Fluctuations were made in many, and the volume of business was large. Prices were influenced by the bankruptcy proceedings taken against Daniel Drew and the decision of Judge Blatchford modifying the injunction in the Grinnel case So far as Blake Bros. & Co. are concerned this judgment was not clearly understood on the street, although it is supposed to permit the firm to sell such securities as were pledged before the panic. Lake Shore declined from 691 to 65, rallied to 68 and closed at 65g; Western Union advanced from 61 to 623, fell off to 59}, recovered to 611, and closed at 58; New York Central advanced from 90g to 91, left off at 881,lowest price of day Pacific Mail declined from 33} to 31. The remainder of the list declined about 1/2 @ 1 per cent. Generally the market closed at the lowest quotations made. Another report was started on the street this afternoon that Secretary Richardson would soon vacate the Treasury Department, to be succeeded by Delano, but not much stock was taken in this rumor. The following were the quotations of Government securities:

11. October 24, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 24, 1873

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NEW YORK CITY. NEW YOKK, Oct. 23.-The Times question of general payments in greenbacks and national bank notes is about to solve itself. Most of the banks are paying all demands when preferred to certification checks, and the differences against the checks of other banks that from their position decline to pay out large sums. Currency is only fat per cent in exchange for greenbacks or nabanks are with their greenbacks tional not bank only and notes. helping sending Some their currency neighbors irst-class to are clearcountry paying their correspondents, debtor balances but at the they ing house in greenbacks in place of relief certificates. The practical condition of the question is in favor of a voluntary, general resumption of currency payments in a very few days. No bank that hopes to retain its old accounts of value, or expects to acquire new accounts of desirable character. will deem prudent, to have it known that it is behind its neighbors as to the "sealing and all interest a pooling in process.' it if majority The public of the will prudent lose ly managed banks are content to tolerate its inequalities after the resumption of greenbacks at the counters of banks is made general or universal. John and Edward McLaughlin, VAgrants, about half-past o'clock last even ing went into an unfinished building at 47 Monroe street. About 11 o'clock John was found with his head horribly smashed and beside him an iron-tipped cart ring covered with blood. Michael Cady, the owner of the building, and his son, and James Murray were arrested. A board of officers of the Turkish army have arrived here to inspect a quantity of fire arms manufactured in this country for their government. Edward Haight, Jr., who represents Haight & Co. in the Stock Exchange, was expelled to-day for the assigned reason that a member of the firm had overdrawn his account with the Bank of Commonwealth to the amount of $400,000 and only returned part of it, causing a closing of the bank. At a metting of the creditora of that house held in London to day it was unanimously voted to allow Clews, Habicht Co. to liquidate their own affairs and to take no action under the bankruptcy This result was cabled here to-day. The Board of Aldermen o-day rejected the nominations of the Mayor of ten city judges. In the four-oared shell race to day on the Harlem River, distance three straight miles, the Atlantic crew beat the Nassau crew. Time-16 minutes and 20 seconds. The aggregate of taxes to be raised in Brooklyn this year is nearly $5,000,000. A rumor is current in Brooklyn that ex-Assemblyman Tower was murdered, three bullets having been found in his head. A Mrs. Stein. recently arrived from Georgia, is sick with yellow fever in Brooklyn. Dr. Watt, the Health Officer, has taken all proper measures in the case. The steam canal boat City of New York, is reported to have performed trip on the canal to the satisfaction of the State Commissioners. General dwallader, of New Jersey, 18 dead, aged 86. The Presbyterian Synod was addressed to-day by Dr. Spears on education for the ministry, and by Dr. Hall on the evangel ization of seamen. This afternoon the members of the Synod attended the laying of the corner stone of the new church on Madison avenue. Mr. Shanks, city editor of the Tribune, after testifying in the Stokes case to-day was taken before Judge Fancher on an application for release, on the ground that the commitment for contempt was illegal in not specifying the time. He was released on his own recognizance until tomorrow, in order to give the District Attorney of Brooklyn an opportunity to ap pear. By request of Comptroller Green suit has been brought by the corporation counsel against ex Tax Commissioner Nathaniel Sands, for the recovery of $75,000 unlawfully taken from the Treasury in 1871, as the commission on certain bonds alleged to have been negotiated by him abroad with the consent of Comptroller Connelly The Comptroller has: also instructed the caunsel to commence suits against Henry Starkweather, formerly Collector of As sessments, for the recovery of $129,295.25 paid him in violation of law in 1869, '70, and '71, It is alleged that these illegal fees were distributed among certain friends of the ring officials The value of domestic produce cleared day for Europe was over $470,000.

12. October 14, 1874 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, October 14, 1874

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New York Stockand Money Market. LATEST MONETARY. NEW YORK, Oct. 13. Money at 2@3. Prime mercantile paper 6@7 for four months and 53/2 for short dates. Sterling exchange firmer at 4-34 for 60 days, and 4-87 for sight, Customs receipts at the Gold Exchange to-day amounted to $388,000. Exports produce lor the week $5,240,226 a decrease from last week of $1,625,933 Gold opened at @109% and closed at 110. Carrying rates at 1 per cent. Borrowing rates 1 per cent; loans also made flat. Treasury disbursements to-day amount to $21,000. The clearings at the Gold Exchange to-day $16,000,000. Governments firm. State bonds quiet. Railroad bonds qniet and firm. Stocks opened firm, but later became weak and declined 1/4 to- 1% on sensational rumors about the syndicate, to the effect that they had decided not to take any more bonds than originally subscribed for. The rumor proved to be without foundation and prices recovered 1/4 to % from the lowest point. The features were Union Pacific, Eric, Lake Shore, Western Union, Pacific Mail, Wabash and Ohios. At a meeting of the creditors of the firm of Kaufman & Co. to-day, a statement was submitted showing their liabilities to be one million and ther assets $500,000. There is some talk of the estate being thrown into banruptcy. The receiver of the Bank of Commonwealth expects to declare a final dividend of 20 per cent. to depositors within thirty days. The total sales were 180,000 shares, of which 31,000 were Western Union, 22,000 Pacific Mail, 30,000 Erie, 28,000 Lake Shore, 24,000 Union Pacific, 8,000 Northwest common, 9,000 Wabash and 5,000 Ohio's. [Where blanks occur there were no bids

13. October 14, 1874 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 14, 1874

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PARIS, Oct. 13-Rentes 61f. 92½c. FRANKFORT, Oct. 13.-5-20s of 1862 97½. ANTWERP, Oct. 13.--Fine American Pe- troleum 25f. # New York Money Market NEW YORK, Oct. 13. Money was 2a3 per cent. Prime mercantile paper 6a7 per cent. for 6 months and 5½a6 per cent. for short dates. Sterling exchange was firmer at 484½ for sixty days, and 487 for sight. The Customs receipts to-day were $330,000. The exports of produce for the week were $5,200,280,a decrease from las tweek of $1,- 625,933. Gold opened at 109¾ and closed at 110. The carrying and borrowing rates were 1 per cent., loans also were made flat. The Assistant Treasurer disbursed $21,000. The clearings to-day were $16,000,000. Government bonds were firm. State bonds were quiet. Railroad bonds were quiet and firm. Stocks opened firm and later became weak and declined ½ to 1½ per cent. on sensational rumors about the syndicate to the effect that they had decided not to take more bonds than originally subscribed for. The rumors proved to be without foundation and prices recovered ¼ to ½ per cent. from the lowest point. The features were Union Pacific, Erie, Lake Shore, Western Union, Pacific Mail, Wabash and Ohios. At a meeting of the creditors of the firm of Shauffman & Co., a statement was submitted, showing the liability to be $1,000,000 and the assets $500,000. There is some talk of the estate being thrown into bankruptcy. The Receiver of the Bank of Commonwealth expects to declare a final dividend of 20 per cent. to deposi- tors within 30 days. The total sales to-day were 180,000 shares, of which 31,000 were Western Union, 22,000 Pacific Mail, 30,000 Erie, 28,000 Lake Shore, 24,000 Union Pacific, 8,000 Northwestern common, 9,000 Wabash and 5,000 Ohios. Sterling Exchange.-Bankers' Bills 484½; United States coupons of 1881, 118; 5-20s of 1862, 112½; do. of 1864, 115¾; do. of 1865, 116¾; do. new 115¾; 5-20s of 1867, 117¼; United States coupons of 1868, 117¾; new fives, 112½; 10-40s, 111½; currency sixes 117¼; Missouri State bonds 94¼. Tennessee old 6s; do. new 6s. Stocks-Western Union Telegraph 79½; New York Cen- tral 100½; Erie 38½; do preferred 46. # New York Dry Goods Market. NEW YORK, Oct. 13. There was a more active trade movement with commission houses and a fair jobbing trade was ac- complished. The market for cotton goods was more active at unchanged prices. Brown cottons and cotton flannels are in good demand. Fancy prints are fairly active and 8c makes are getting scarce. Dress goods and felt skirts are in steady request. Woolen goods for men's wear are quiet but flannels are doing well. # New York General Markets. NEW YORK, Oct. 13.-Flour - rather more doing; superfine western and State $4.35a4.80; extra Ohio $4.90a6.90; St. Louis $5.10a8.50. Wheat steadier and unchanged; receipts 112,000 bushels. Rye quiet at 96ca$1.02. Barley more active. Corn dull, heavy and lower; western mixed 62a63½c; white western 63a66c. Hay firm at 60a65. Coffee quiet, steady and un- changed. Sugar more active and steady; refining 8¼a8½c. Mess pork dull and de- cidedly lower; new $22.25. Lard dull and heavy; prime steam 15½a13¾c. Whisky active and firm at $1.05½. # Baltimore Markets. BALTIMORE, Oct. 13.-Flour quiet, firm and unchanged. Wheat dull and steady; No. 1 red and amber western $1.23; No. 2 western $1.19a1.20; No. 3 $1.18a1.18; white western $1.20a1.27. Corn-mixed western weak at 94c. Oats firm; mixed western 60c; white western 61a62c. Rye quiet and steady at $1a1.05 Hay firm at $18a20.00. Provisions heavy and quiet; declining. Mess pork $23a24.00. Bacon active and limited jobbing demand; shoulders 9a9½c; clear rib 14a14½c. Lard-refined 15c. Coffee quiet, nominally 17a20c. Whisky quiet at $1.07a1.07½. # New Orleans Markets. NEW ORLEANS, Oct. 13.-Gold 109½; sight par; sterling 531¼. Flour dull and lower; superfine $4.25; XXX $4.70a5.50; choice, $6.00a6.50; family $7.00. Corn is scarce and firmer at $1.07a1.10. Oats scarce and firmer at 64a65c. Bran quiet; ½c higher. Hay dull; prime $25; choice $26.50. Mess pork-no demand, held at $22. Dry salt meats-market bare of new. Bacon-no demand; held at 7½c for shoul- ders; clear rib 14a14½c; clear sides 15c. Sugar-cured hams dull at 12½a14½c. Lard scarce; tierces 15¾c; keg 16¼c. Sugar- new good 9¼c. Molasses-fair 75c; prime 80a83c; syrup 65a75c. Whisky scarce; Louisiana $1.04; Western $1.04a1.04½. Coffee quiet; common to prime 10a20½c. Cornmeal quiet at $4.35. # Cincinnati Markets. CINCINNATI, Oct. 13.-Flour quiet and unchanged. Wheat dull and nominal. Corn declined; old 75a78c; new 50c. Oats dull and unchanged at 53a56c. Rye in fair demand and advanced to 95a97c. Barley unchanged. Mess pork nominal. Lard quiet; summer 13a13½c. Bulk meats- shoulders dull at 7¼a7½c; sides nominal. Bacon a shade lower; shoulders 8¼a8½c; clear rib 14c; clear 14½a14¾c Whisky active at decline, 98c.

14. October 14, 1874 New-York Tribune New York, NY
Article from New-York Tribune, October 14, 1874

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had also sued out an attachment. There is some talk of the estate being thrown into bankruptcy. Messrs. Kuhn. Loeb & Co., and Netter & Co. have negotiated $1,000,000 of Cincinnati 7-30 bonds, issued in aid of the Cincinnati Southern Railway. The New-York Clearing-house, to-day, bought the Bank of Commonwealth building for $215,000. The Receiver of the Bank of Commonwealth expects to declare a final dividend of 20 per cent to depositers within thirty days. The following shows the exports (exclusive of specie) from the port of New-York to foreign ports. for the week ending Oct. 13, and since the beginning of the year: 1874. 1873. 1872. $5,240,286 $7,025,771 $6 225.767 For the week 224,858,723 223,546,358 171,363.333 Previously reported $230,099,009 Since January 1 $177,589,100 $230,572,129 110 108% 11278 Price of gold The aggregate amount of exports (exclusive of specie) from the port of New-York to foreign ports for the week ending Oct. 13, 1874, was $5,240,286. The Philadelphia stock market is unsettled; Pennaylvania 6s, 111) ; Philadelphia and Erie Railroad, 14): Reading Railroad, 531; Pennsylvania Railroad, 54$: Gold, 1091.

15. October 14, 1874 The New York Herald New York, NY
Article from The New York Herald, October 14, 1874

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Gross clearances 16,554,000 GOVERNMENT BONDS. The following were the closing quotations:United States currency sixes, 117½ a 1173; do.j sixes, 1881, registered, 117½ a 117½; do. do., 1881, 118 a 118½; do. five-twenties, 1862, registered, 109%; do. do., do., coupon, 112½; do. do., 1864, registered, 111½; do. do., do., coupon, 115% a 115%; do. do., 1865, registered, 112½ a 113; do. do., do., coupon, 116½ a 116%; do. do., 1865, new, registered, 115% a 115%; do. do., do., coupon, 115% a 116; do. do., 1867, registered, 116½ a 116%; do. do., do., coupon, 117½ a 1173; do. do., 1868, registered, 117 a 117½; do. do., do., coupon, 117½ a 117½; do. ten-forties, registered, 111½ a 111/2; do. do., coupon, 111% a 112; do. fives, 1881, registered, 112½ a 1123/2; do. do., do., coupon, 112½ a 112½. THE FOREIGN MARKET. London advices state that the Bank of England increased in bullion to-day by the sum of £34,000 sterling. The rate for money on the Stock Exchange or government securities was 1½ per cent. Erie sold at 27½ a 27 1/2, closing at 27½ a 27½. The market was dull, and for American securities easier. The half-past four P. M. quotations are as follows:-Consols for money, 92% a 92%; do., account, 92% a 92%; old '65 bonds, 1081/4; '67 bonds, 109½ a 109%; ten-torty bonds, 103%; new fives, 104 ½. Rentes in Paris, 62f. 7 x c.; in Frankfort United States five-twenty bonds of '62 were quoted at 97%. Breadstuffs in Liverpool, steady; red winter wheat, 8s. 10d. a 9a. 4d.; corn declined 6d.-now 36s. 3d. RAILROAD BONDS were steady and in moderate request. Chesapeake and Ohio firsts sold at 50 1/2, with coupon on; Wabash second mortgage, 74; Union Pacific sinking fund, 743/2; Union Pacific Railroad first mortgages, 88½ a 88%; do. sevens land grants, 84½; Central Pacific gold bonds, 92½; New Jersey Central firsts, 107; Great Western firsts, 86½; Harlem first sevens, coupon, 1081/2; New York Central sixes, 1887, at 96; Michigan Central sevens, 100 1/2; Hannibal and St. Joseph eights, 793/2; Chicago and Northwestern gold bonds, consolidated, 80% Milwaukee and St. Paul eights, first mortgage, 107; Chicago, Rock Island and Pacific sevens, 106. SOUTHERN BONDS. Not much was done in this department, Tennessee sixes, old, ex coupon, sold at 52; Missouri sixes, long bonds, at 94½ a 94; North Carolina sixes, special tax, third class, at 5½. MEMORANDA. The New York Clearing House, to-day. bought the Bank of Commonwealth building for $215,000. The Receiver of the Bank of Commonwealth expects to declare a final dividend of twenty per cent to depositors within thirty days. In aid 01 the Cincinnati Southern Railway, a loan of $1,000,000 seven-thirty bonds has been negotiated. Ameeting of the creditors of S. Kaufman & Co,

16. November 18, 1874 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, November 18, 1874

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The receiver of the Bank of Commonwealth, New York, has declared a final dividend of twenty per cent to all the creditors, except the shareholders.