15391. Bank of the Commonwealth (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 22, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
f71b5e2b

Response Measures

None

Description

The Bank of the Commonwealth suspended in late Sept 1873 and a receiver was appointed. The suspension is attributed to a large over-certification/overdraft for the firm Edward Haight & Co. The Comptroller/receiver actions and subsequent reports indicate the bank was wound up rather than reopened; later articles report the bank to be in receivership, to be wound up (Oct 13, 1873), and final dividend payments in 1874. There is discussion of runs generally in the panic, but the evidence attributes this bank's suspension primarily to the overdraft, not a depositor-driven run.

Events (5)
1. September 22, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Over-certification/large overdraft for the house of Edward Haight & Co.; inability of that firm to make loan good led to suspension.
Newspaper Excerpt
the Union Trust Company, and the Bank of the Commonwealth suspended
Source
newspapers
2. September 23, 1873 Receivership
Newspaper Excerpt
Bank of the Commonwealth. This bank is now in the hands of the temporary receiver, Mr. Meigs, the Bank Examiner. ... a permanent receiver has been appointed in the person of Isaac H. Balley (Bailey). 'Isaac M. HAILEY has been appointed receiver of the bank of the Commonwealth' (news dispatches).
Source
newspapers
3. October 13, 1873 Other
Newspaper Excerpt
The Clearing House today unanimously adopted the report ... the bank should be wound up.
Source
newspapers
4. March 7, 1874 Other
Newspaper Excerpt
On Monday next a dividend of 50 per cent will be paid to depositors by the Receiver of the Bank of the Commonwealth.
Source
newspapers
5. November 18, 1874 Other
Newspaper Excerpt
The receivers of the Bank of the Commonwealth, at New York, announce a final dividend, except to shareholders, of 20 per cent.
Source
newspapers

Newspaper Articles (22)
1. September 22, 1873 Evening Star Washington, DC
Article from Evening Star, September 22, 1873

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Article Text

Lished action of the national banks ot New York to draw on their reserve if necessary and stand by each other in meeting any "run" that might be made on a particular bank, contributed to satisfy the public mind. # THE NORTHERN PACIFIC RAILROAD. General Nettleton, the agent of the Northern Pacific raiload, gives this information in regard to the condition of that company: "The rail- road company loses nothing by the suspension of the banking-house of Jay Cooke & Co., as it is largely indebted to the latter. The railroad company has no floating debt of any conse- quence aside from what it owes Jay Cooke & Co,, and has few liabilities falling due before January next, when a year's interest is to be met. As this is three months off it is expected that the stockholders of the company will by that time have completed other financial ar- rangements which will provide for future needs." # LIST OF SUSPENDED FIRMS. The following is a complete list of the names of firms that failed or suspended: New York Failures. Jay Cooke & Co., No. 5 Nassau street; Fisk & Hatch, White, Defreita & Rathborne. Beers & Edwards, Eugene J Jackson, Thomas Roed & Co., W. H. Warren. George Bolton, Alley & Co., Greenleaf, Norris & Co., Theodore Berdell, Amos M. Kidder, S. H. Smith & Seaver, Day Morse, Hay & War- ner, Vernam & Hoy, Fitch & Co., W. E. Con ner, Whittemore & Anderson, Jacob Little Co., E. D. Randolph & Co., C. G. White & Co., Ketchum & Belknap, W. G. Moorehead & Co., Saxton & Rogers, Williams & Bostwick, Miller & Walsh, E. Haight & Co., Lawrence Joseph, P. M. Myers & Co., Tansig, Fisher & Co., Fear- ing & Dunning, C. G. White, Marvin & Bros., Union Trust Company, National Trust Com pany, Bank of The Commonwealth, Bank of North America. Philadelphia Fatures.-E. W. Clarke & Co.. De Haven & Bro., Gelbongh, Bond & Bro.. George H. North, J. S. & H. E. Yerkes, Charles P. Bayard, John P. Loyd, Henry H. Douglase H. H. Bull, T. C. Knight, Henry L. Fell, Union Bank Company. Albany Failure. T. Squire & Co., bankers. Chicago Failure. Franklin Bank Company. Woburn, Mass., Failure.-Horace Conn, leather manufacturer. Toronto, Canada.-H. J. Morse & Co., bankers Williamsport, Pa.--Powell & Co., bankers. St. Louis. Taussig, Gemp & 00. # Causes and Effects of the Crisis, HOPEFUL VIEWS OF THE NEW YORK HERALD. In its money article of yesterday, the New York Herald says the panic started with the failure of one or two parties identified with incomplete railroads. "The stock market at the time was in a feverish condition, responsive to slight causes and tremulous in the extreme. Its strength consisted in two or three stocks, firmly upheld by great operators. They had come to be regarded as the key-note of the market. Even these, however, could not at last resist the pressure. They "broke," and in doing so naturally carried with them the entire list of speculative securities. Thus the weakness of a few railroads has extended through the entire network of our local finance. The pulling down of one or two great houses produced distrust Money, always timid, retreated into private re- cesses. Depositors commenced to run upon banks; the banks have been unable to afford their usual accommodations, have refused each other's checks, though certified, and at last, as a consequence of universal doubt, have been com- pelled in self defence to arrange with the clearing house for the issue by the latter of certain loan certificates based on acceptable assets, which are to be received in the settlement of all clear- ing house differences in the place of legal-ton- der notes. Practically this action means the expansion of the bank credits and the sens mixing of legal tenders. It aids the banks, but it is yet to be seen what facilities are thus ex- tended to depositors and business men. As re- gards the savings banks, there is no good rea- son why, if the officers of the same have rigidly done their duty, there should be any cause of alarm. Their investments are regulated by law, and they are not such as ordinarily fluctuate in value. Hence a run on them is both injudicious and unwarranted by events. The depositors should understand that thus far our financial troubles result only from local speculation. Crops are good; business is first-rate; our mer- chants have rarely done better than they are doing this season. They are not suffering from this temporary disturbance, and we can safely count on a large fall trade and handsome re- turns."

2. September 22, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, September 22, 1873

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The Financial Trouble. Up to Saturday, about twenty firms had failed in New York, and several monied institutions there and in Philadelphia, closed. On Saturday the excitement in New York was more intense than on any previous day, and the Union Trust Company, and the Bank of the Commonwealth saspended, aud a number of Brokers in that city and other places, failed. The suspension of the Uhion Trust Company is only temporary, and is charged to the conduct of the managing Secretary, Mr. C. Carlton, son of Rev. Dr. Carlton, of the Methodist Book Concern. Mr. Carlton absented himself, and it was discovered during the day that he had made loans to friends and relatives on securities that are, with one exception, not good One loan of $20,000 was made to his father. Carl. ton had the entire management of this great financial institution He is said to be a defaulter to the amount of $500,000. It is said that it sold $1,000,000 bonds to the Government late on Saturday, which will enable it to resume to-day. It has, also, over $20,000,000 call loans, which have been called in and will be available. Late on Saturday the doors of the Stock Exchange were directed to be closed, and not to be opened until the crisis had passed.! The presence of the President of the U. 8. and the Secretary of the Treasury, at the Fifth Avenue Hotel did not tend very much to allay the excitement. But a conference was held by the Bank Presidents and merchants who proposed that thirty millions' of the legal reserve be issued to the New York banks, bat the proposition was positivly declined by the Presdent as unconstitutional. The final result was that the Assistant Treasurer at New York was instructed to advertise for an unlimited amount of Five-twenties of 1881, at par, in gold. Hopes are expressed that the panic reached its crisis on Saturday, and the excitement will wholly pass away with to-day's operations. But there 38 no certainty as to this.

3. September 23, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 23, 1873

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: TELEGRAPHIC. n d Reported Expressly for the Bulletin. e FROM NEW YORK. BONDS BOUGHT. NEW YORK, September 22.-There was only two hundred thousand dollars worth of bonds bought at the sub-treasury since 12 o'clock, there being a considerable falling off in the number of selers. CASH BIDS FOR STOCK The following cash bids for stock were made on the street: Central, 95; Wabash, 50; Rock Island, 88 to 90; Western Union telegraph, 72. FOREIGN MARKETS. All foreign markets are strong, with a better feeling. The announcement of the Commercial Advertiser that the certifications of the Continental bank were thrown out of the clearing house on Sat furday, was an error caused doubtless by confounding it with the bank of the Common wealth. The Continental is paying all liabilities on demand. ATTACHMENTS ISSUED Judge Fancher, on a suit of the Grocers' bank, of this city, has granted an attachment against the property of the Union National bank, of Philadelphia, in this city, for $10,000 A motion was made in 8 the supreme court to-day 10 a dismiss the attachment of $110, 000 in the hands of Belmont, & No., being a balance of $500,000, less 15 y per cent. commission, which Richard Pen. n ston won last May in H lottery. The at tachment was granted at the suit of E. D ) Whitney, who says Penaston promised e nim half his gains if be would come to , New York and belf get the money. A D. Williams & Co., over drew their e account in the bank of the North Amer1 ICE to the amount of $450,000. The firm deposited securities for $250,000, leaving O $200,000 still due. The bank authorities S re now engaged in endeavoring to compel the payment of that sum. STILL FINANCIAL AGENTS. n It is stated to-day that Jay Cooke & ir Co. are still the financial agents for the 1navy department of the government, and ). are likely to be continued as such. The ennouncement of 8 change late last night d is only one more of theidle rumors floating. 1. ISAAC M. HAILEY . has been appointed receiver of the bank of the Commonwealth The day has e closed quiet, and it is now believed the panic is over. e ANeIMPROVEMENT e There was a decided improvement in e business at the cotton and produce exe change day, and the general impression 1, seemed to be that the breakers had been passed, and that no further danger was h apprehended. The prospect is consided cheering. of THE PRESIDENT to had another interview of more than an er hour with Secretary Richardson, at the 8. whitehouse this morning, at which Secrea tare Delano, and Postmaster Gen. Cresis well, were present It has been decided to send D TWENTY MILLIONS ef from the national treasury, to assist e Treasurer Hillhouse in New York to.

4. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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The Union Trust Company in the Hands of a Receiver. Six Millions of Currency Disbursed by Sub-Treasury. Meeting of the Jay Cooke Firm To-Day. "E"CRISIS" IN THE COURTS The change in the aspect of Wall street from the turmoil and painful agitation of last week was strikingly noticeable yesterday. The closing of the Stock Exchange, the government declaration to buy an unlimited offer of five-twenties, the action of the banks in resolving to issue loan certificates, and the intervention of the Sabbath all contributed to calm the troubled waters and induce a better and clearer view of the situation. Friday and Saturday will long be remembered for the fierce and unprecedented excitement of the street. It was uncommon and at times feariul enough to make men tremble for the prospect ahead. A deep pall of impenetrable clouds hung over the monetary skies, and no where seemed to appear a solitary ray of light to illuminate the course of the future. Sunday evening the darkness broke, and Monday morning Wall street, with a few exceptional features wore its OLD-TIME APPEARANCE. There were no hurrying crowds, no pale and anxious groups, no heavy fringe of vacant eyed spectators on the sidewalks. In fact, had not the Stock Exchange been closed there was little to indicate that the street had so recently passed through a terrific financial nurricane. A tolerable calm settled down in the morning, and there was every appearance when the day ended that the period of panic was passed, and that with ordinary prudence the old state of things will in a few days prevail. THE ACTION OF THE PRESIDENT on Sunday night was very generally canvassed, but the preponderance of opinion was in favor of the course he selected. Had he yielded to the clamor of the big guns of the monetary world and stepped outside the law by loaning the currency reserve to the banks, those who, in the rash thought of the moment, implored him to commit the illegality might have been the first to condemn him. The feature of yesterday, in connection with the panic, was the unusual withdrawal of money by depositors from the savings banks. This is to be deplored, for of all other institutions the savings banks should be triply guarded from the disastrous innuence of a panic originating among speculators in Wall street. HERALD reporters visited yesterday THE SAVINGS INSTITUTIONS on the east and west side of town, and furnish accounts of what they saw in another column. The policy of keeping THE STOCK EXCHANGE closed until further notice met with general approval, as there is yet some time needed to arrange matters and allow the excitement of the hour to die out. When this is accomplished, and when the Exchange opens again, reasonable prices for settlement can be made. THE GOLD EXCHANGE voted to keep the Gold Room open, but to allow no dealings in gold on the penalty of loss of member ship. It was resolved to place the quotation of gold at 112 as the price and as a basis of clearance. There IS still a good deal of talk over THE PLAN DISCUSSED at the Fifth Avenue Hotel, Sunday, to meet the crisis. It appears the first proposition was that the Treasury should put anywhere from $20,000,000 to $40,000,000 legal tender in the banks as a deposit for which the associated banks should be responsible, Commodore Vanderbiit offering to deposit with the sub-Treasurer $10,000,000 as an additional guarantee. The proposition was declined because of no legal authority for the act, and for the reason that a few banks would reap the whole benefit and profit, to which the banks, not government depositories, would not assent. The plan that was finally agreed upon was that the Treasury should buy five-twenty bonds at fixed rate, privately, as shey were offered, until, if necessary, the legal tender reserve and the currency balance were exhausted. To this plan, which, it cannot be denied, works so far only ID milk and water way, the objections are that it obliges people to sacrifice the best securities in the market and which are sale to keep any time that the people who hold these bonds are not those who need the money, and that the institutions having these bonds, where they are savings banks, will probto use their reserved right of thirty to notice than ninety ably prefer days' from their depositors, bonds, and rather that accept a low price for institutions like insurance companies will consider it the most prudent thing to hold on to their bonds. The Treasury received offers for $3,339,150 PIVE-TWENTY BONDS YESTERDAY, being the issues to which purchases were these confined. Along with the amount taken in on Satbe about $6,000,000 currency will thrown urday, on the market, from which it be expected much relief will be may With the exception of the Bank experienced. North America, the Bank oi the Commonwealth of and the Fourth National Bank, there comparatively no run on the rest of the banks. The com- exhouses abstained from increasing the citement, mercial and few large amounts were withdrawn dein cases where business imperatively except manded. To-day will, in all likellhood, be squiet as yesterday. It will be devoted chiefly to consult tation, and the opinion prevails that the Stock Exchange will remain closed, and as consequence, stock there will be no quotation the volume of of transactions will be reduced. The condition THE TWO TRUST COMPANIES' affairs will be found narrated in another place, and be the statement of Jay Cooke & Co. cannot tail to read with interest. The HERALD reporters supply a mass of information, gathered from bankers and others. on the effect of the panic on American securities abroad, and the views of leading merchants on the situation are also given. The way in which the Brooklyn banks weather the storm is also told, and the reader 18 referred to the financial column for further statistical and speculative information. THE JAY COOKE FIRM. Messrs. Pitt Cooke & McCulloch arrived yesterday by the Egypt. To-day they will meet the other Cooke & affairs of the to in partners consuitation gentlemen in decline the on firm the or Jay speak firm. reference Co. Both and to hold these the a crisis. They LAT that were at sea when the storm

5. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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Bank of the Commonwealth. This bank is now in the hands of the temporary receiver, Mr. Meigs, the Bank Examiner. It is already known that the cause of the suspension of this institution was the fact of having over-certified for the firm of Edward Haight & Co. on Satur. day. Mr. Haight was one of the bank's best cus. tomers, and had at one time been its president. When called on the firm was unable to make the loan good. However it may be well to state that since the close of the bank on Saturday several payments have been made OR the o verdraft, and there can be little doubt that ultimately the whole of the amount now in the hands of Mr. Haight will be turned over to the bank. The securities now held by the bank are sufficient to pay one-half of the amount. It is stated on good authority that the other creditors at Edward Haight & Co. will be dealt with fairly, an equitable adjustment being made all round. With the exception of this overdraft by this customer the accounts. of the bank show well, very few over-certifications having come to light, and they only in small amounts, incidental to almost every bank. It is stated that the bank will pay every cent iPowes to depositors, and that a permanent receiver has been appointed in the person of Isaac H. Balley, formerly of the Custom House. A statement will. no doubt, be made very shortly showing the condition of affairs. When the moneys in the bank are paid to the depositors it will, no doubt, serve further to alleviate the monetary distress. It is one more of the indications, say people who are posted, that the panic is rapidly blowing over.

6. September 24, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 24, 1873

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FEW MORE FAILURES Tuesday's News, NEW York, Sept. 23. 10:15 im THE TIDAI WAVE RECEIDING Gold opened at 112. The following notice is posted until The further stock exchange orders." will remain closed The governing B.O. committee WHITE, will Secretary. meet half-past nine to-morrow. 10:50 p.m. -The excitementon the seems to be wearing itself out, appears to exist. Brokers gregated feeling and have street in front of the stock exchange. and formed a street market. all sales being for cash. The following are the quotations Central 91 and 92 bid: Lake Shore, 82 bash, and 110 50 offered: Harlem. bid: 109 bid Wit. bid: Rock Island. 88 bid: Paul, 85 bid: Ohio and Wisconsin, 30 St. I. Union Pacific, 21 and 22 bid: C. bid C. 21 bid Hannibal and St. Joseph, and 20 bid : Western Union Tel., 66 bid. 70 of Pacific Mail. 343 and 36 fered The bid. gold exchange is open and doing business as usual, gold 1141. 000 The bonds sub-treasury this morning. have purchased 83,500, The Union Trust Company are still paring a statement which they expect premake public late in the day. Noon Two millions of bonds havebeen bought Street at the sub-treasury to this hour. quotations now Ohio, 30 bid : CenWabash. 18 bid : St. Paul, 36 bid : tral. 93 Lake Sdore, 82 bid, THE SAVINGS BANKS banks 12:10 P. m. & light run on the savings is being continued. The their banks strictly adhere to the provision smaller charters which requires a notice of from tors. thirty to sixty days from heirdeposi. of The Bowery. Citizens'. Union, time Dime and Bleeker street savings bank con. to make payments up to 8100. THINGS DOWN TOWN. 12.15 P. m. There is but little more than lower the usual number of people in streets of the city, beyond the about the Stock in stocks. The gatherings are ten dickering Exchange, financial the small who presents the appearance of cen. after great manifested to have and is no lassitude, desire struggle. exhaustion the There stock exchange re-open. except by those wanting to purchase for investment. and brokers generally would like to have it continue closed during the remainder of remark among them is will materially thin number this The disaster general the out week. that the of brokers as was the case Black Friday, thus making more business with for those remaining. BONDS PURCHASED 12:30 p.m.--Gold 110 bid. The sub-treasurer has purchased 88, 100 bonds up to this hour. including Satur- 169. day and yesterday. 12. 45 P. -TheStreet quotations stocks are: Lake Shore 80: for 92: Northern Central Union Pacific S New Western York 65: Eric 58: Pacific Mail 31: Ohio and Mississippizo: Northwestern 40: Rock Island M.C.C.& L 22 St. Paul, com mon. 36 Wabash 15 ABOUT BANKS The Bank of the Commonwealth keeps its doors closed. The run on Fourth National has ceased. MORE GREENBACK Assistant Treasurer Hillhouse in greenbacks from Wash. morning. to the ington twenty this millions prevent received possi. bility of becoming embarrassed in the pur. chase of bonds, QUIET IN FINANCIAL CIRCLES 1 p.m. - Affairs are still quiet with prospect of continuing so. GOLD EXCHANGE BANK CLEARANCES of the Gold bank The clearances Exchange are complete. and the balances be paid as usual. FOOLISH DEPOSITORS Several depositor> are in line in front of the Union dime savings bank this morning, The president says they can all have their money. SMALL CROWD AT THE FIFTH AVENUE HOTEL The crowd at the Fifth Avenue Hotel last night was small and quiet. compared with previous evenings. SLOW-MOVING ALDERMEN. The board of aldermen have decided the special meeting not today, to hold called for to take action on the financial erisis. MENT. THE CRISIS OVER-PRAISE OF THE GOVERNPresident Kennedy of the Bank of Com. merce said last evening that government is doing that over. it probably The the the crisis best is can. President Kitchen of the National Park bank says that for reasons ped All the discounting only morning prudential it stop journals unite in express ing the opinion that the panic is over. AN OVER-DRAFT SETTLED. John Bonner, the banker the overdrew his account at the bank of North America to the extent of several hundred thousand dellars, has made a satisfactory settlement bank. Large orders from all over the be brokers with received the continue country to to for the purchase of stocks, so that lively bidding is anticipated when the Stock Exchange reopens. THE SUB-TREASURY yesterday declined to the of the sellers of bonds to the ernment, Gen. names Hillhouse the gov- give on ground that suspicion against the into the market to those might Some who sellers be directed rushed solvency realize of were connected with savings banks, Gen. Hillhouse has not to bonds of '81, as the dent thorized did buy been prosi- aunot believe he had a legal tight to take the bonds not yet due.

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

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BANKING INSTITUTIONS. Among the banks the feeling in the morning was very good. They cleared in the regular way, excepting that they paid into the Clearing House the new loan certificates instead of money. But all went on weil, and not the slightest misunderstanding existed between any of the banks and the Clearing House. Several of the bank presidents whom the reporter saw expressed themselves as being quite confident for themselves. In one case it was stated that one brokerage firm had refused to accept the certified checks of another upon the Mechanics' Banking Association. The reason for this was not given, and there seemed to be none for the action, because this bank is generally accredited with being one of the most solid in the street. Officers of banks as a rule state that if the Stock Exchange reopens they will be obliged to call in their loans from brokers, who, if they do not respond, will have their securities sold under the hammer. This will be enough of itself to keep the Stock Exchange closed, it IS said, as, if such action as this took place, universal suspension would be the only alternative. FOURTH NATIONAL BANK. It was at one time stated late in the afternoon that the Fourth National Bank had suspended. A reporter of the HERALD called at the establishment and saw the Cashier, Mr. Lane, who stated that there was not the slightest truth in the rumor, and at the time he pointed the reporter to a crowd of men and boys putting in their deposits. The look of them was very healthy. The reporter interviewed the Cashier about the statements that the Fourth National had thrown out the checks of Henry Clews & Co., and asked the reason. The Cashier said:"The statements of our having done this are quite true. We have been clearing for Henry Clews & Co. On Friday last Mr. Clews overdrew his account here $165,000, against which he, of course, had securities with us. This morning checks to the amount of $185,000 came through the Clearing House upon us from Henry Clews & Co., and, feeling we could not compromise ourselves any further, we threw them out. Mr. Clews then came here and begged us to let him have $200,000 cash on certain securities offered us, but we refused the transaction." REPORTER-Were these securities good? CASHIER-Well, I don't think they were. At all events they didn't please us and we were obliged to refuse the accommodation. or course when these checks were returned alshonored to his house he could not have continued any longer. The report as to our failure probably arose from some mention of this. We hold ample securities of the firm to make good whatever they owe us, and offered to lend him some upon which he might realize. But we suppose he couldn't. Money is hard to get just now. BANK OF THE COMMONWEALTH. At this suaneded bank Mr. Isaac H. Bailey the

8. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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deliver from a hundred thousand to half a million dollars' worth of stocks or gold per diem; larger houses, proportionately larger values. Purchases are frequently made in costly lots, requiring checks for sums running from $50,000 upward, and even as high as ten times that amount. Almost every banker or broker in good credit has an arrangement, definite or implied, with his bank, by which he is allowed to largely overdraw his balance -in payment for blocks of stock-with the understanding that before 3 p. m. of the same day he shall deposit the certified checks of other people, in amount sufficient for the redemption of his own checks and the maintenance of a respectable "balance." On the latter the bank makes its profit. Large houses often open accounts of this sort with several banks at once. Not only the suspended Bank of the Commonwealth and the Bank of North America have been in this practice for years, but, unless we are misinformed, almost every institution in their vicinity desirous of brokers' accounts. Among those who "certify"-to use the Street phrase-are the Fourth National, the Mechanics' Banking Association, the Bank of NewYork, the Bank of America, the Bank of the State of New-York, the Bank of the Republic, the Corn Exchange Bank, the Continental, and various others. All are more or less in one category. Each relies upon the honor of its customers to make the morning's overdrafts good; and, truth to say, in many years this reliance has not been without foundation. Instances are few and far between where dishonorable advantage has been taken of bank favors, and each case has been visited with severer penalty and disgrace than any form of commercial default. With respect to the Bank of the Commonwealth it is doubtful, to say the least, whether an overdraft was the main cause of its suspension. Mr. Haight's deficit was less than $200,000, about half of which has been made good, and it is perfectly well understood that nothing but the suddenness and severity of the panic prevented him from making his account good at the] usual hour. The action of two brokers, on Monday, with respect to the Bank of North America, was deliberate, and intended to secure themselves from loss by any disaster to that institution. The result proved it to have been needless, and it has received the censure of the Street. The whole system is perilous and illegal. There should at least be some provision by which the united banks should make themselves responsible for each other's certifications; but even this shadow of security is wanting for all parties concerned. Suppose that 400 houses overdraw, each, an average of $25,000 daily (and these figures do not half reach the truth), and it is seen that a dozen Banks "certify" to the extent of ten millions beyond their customers' deposits. When, as now, they suspend this usage, all business has to stop. Some method should be adopted, like that upon the London Bourse, by which "settlements" can be effected at stated periods. Three-fourths of the clearances would then be arranged by payment of differences, and there would be no need for "overdrafts" of any kind.

9. September 26, 1873 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, September 26, 1873

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THE FINANCIAL CRISIS.-The failure of Jay Cooke & Co., which occurred on Thursday of last week, has been followed by some twenty odd others in New York, aud ten or fifteen in Philadelphia, and quite a number in various other parts of the country. The Cookes failed because they were carrying the bonds of the Northever Pacific railroad, which was paying them nothing on the capital invested, and which bonds could not be negotiated. The general business interests of the country will not suffer as in the panic of 1857, when the State banks were in an unsound condition. It is even thought that these failures will result in good to the country, as it will sweep out of existence the leaky and doubtful houses and enterprises, and leave the healthy ones in operation. It is also believed that the crisis has passed, and that the worst has been realized. The following is a full list of reported suspensions as far as can be ascertained: INDIVIDUAL BANKERS AND BROKERS IN NEW YORK. George B. Alley & Co., Beers & Edwards, Brown, Wadsworth & Co., Theodore Berdell, W. E. Connor, Jay Cooke & Co. Day & Morse, Fisk & Hatch, Fitch & Co., Fearing & Dellinger, Greenleaf, Norris & Co., Hay & Warner, Edward Haight & Co., Eugene J. Jackson, Lawrence Joseph, Amos M. Kidder. Kenyon, Cox & Co., Ketchum & Belknap, Jacob Little & Co., W. G. Moorehead & Co., Miller & Walsh, Peter M. Myers & Co., Marvin & Brothers, Thomas Reed & Co., E. D. Randolph & Co., S. H. Smith & Seaver, Saxton & Rogers, Tausig, Fisher & Co., Vernam & Hoyt, W. H. Warren, White, Defreitas & Rathborne, Whittemore & Anderson, Chase G. White & Co., Williams & Bostwick. CORPORATIONS IN NEW YORK. Bank of the Commonwealth, National Trust Company, Union Trust Company. FAILURES IN PHILADELPHIA. Charles P. Bayard, H. H. Bull. E. W. Clark & Co., DeHaven & Bro., Henry M. Douglass, Henry L. Fell, Gelbough, Boud & Co., T. C. Knight, John P. Lloyd, Geo. H. North, J. S. & H. E. Yerkes, Union Banking Co. MISCELLANEOUS. Thomas Squires & Son, Albany, N. Y.; Horace Conn, Woburn, Mass.; Franklin Banking Co., Chicago, Ill.; Taussig, Fisher & Co., St. Louis, Mo.; Powell & Co., Williamsport, Pai; H. J. Morse & Co., Toronto, Canada; City Savings Bank, Burlington, Iowa. -There was a heavy gale in South Carolina and Georgia on the night of the 19th. The storm along the Gulf railroad was fearful. At Thomasville much damage

10. September 26, 1873 Sunbury American Sunbury, PA
Article from Sunbury American, September 26, 1873

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New Jersey. PATTERSON, Sept. 25.-In consequence of the financial crisis in New York and the general depreciation in new railroad securities, orders for locomotives for three months ahead, at the Rogers locomotive works, in this city have been cancelled, and 585 of the workmen were discharged today. It is feared that 500 more may be discharged at the same works, several hundred a Danforth and at the Grant works. SUSPENSION IN WILKESCARNE.- - Wilkesbarre, Sept. 24.-Brown & Gray, bankers. suspended this morning. A card posted on their doors gives the failure of Henry Clews & Co., of New York, as the cause, but states that the firm will be all right in a few days. The mining classes are large depositors with them, but they have not yet learned of the suspension. It is the great topic of conversation among bankers and business men, and much excitement exists. They were considered good, reliable men. The bank doors are locked, and no further information can be obtained. The following is the afficial list of failures in New York since Thursday last. It is a long one, and represents much of what was a little ago esteemed the financial strength of New Yord:Jay Cooke & Co., No. 5 Nassau street. New York; Fisk & Hatch; White, Defreitas & Rathbone; Beers & Edwards Eugene J. Jackson; Thomas Reed & Co W. H. Warren; George Bolton Alley & Co; Greenleaf, Norris & Co; Theodore Berdell ; Amos M. Kidder; S. II. Smith & Seaver; Day & Morse; Hay & Warner; Vernam & Hoy; Fitch & Co : W. E. Conner; Whittemore & Anderson; Jacob Little & Co E. D. Randolph & Co ; George B. Alley; Robinson & Suydam ; Richard Schell; William Bend ; C. G. White & Co; Ketcham & Belknap; Saxton & Rogers ; Williams & Bostwick; Miller & Walsh : ; E. Haight & Co; Lawrence Joseph P. M. Myers & Co ; Tausig. Fisher & Co; Fearing & Dunning; C. G. White; Marvin & Brothers ; Union Trust Company; National Trust Company; Bank of the Commonwealth Bank of North America.

11. September 26, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, September 26, 1873

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The N. Y. Herald thus sums up the financial situation in New York City : So far the banks are not affected, except one or two, which were closely connected with the operations of the speculative brokers. The trust companies which have failed owe their downfall to similar causes, and in one case, partially at least, to defalcation. Outside of these there have been no failures. The mercantile interest is as safe as in the best of times. The railroads, except the wild-cat affairs which were made the basis of reckless speculation. are uninjured. Credit generally is unimpaired. Nothing more serious has happened than the overthrow of a few houses which were doing a notoriously unsafe business. It was a mere financial thunderstorm, passing through Wall street and toppling over some unsafe buildings, but leaving the substantial houses in as good condition as before. Already the storm is almost past, and the sky will soon be serene and fair and the atmosphere purer and better, if wise counsels prevail. There is no occasion whatever for a general panic. The real business interests of the country cannot suffer while the embarrassment is confined to the speculators in worthless railroad bonds and the gamblers in valueless stocks. It will be a wholesome lesson to all classes of business men if the storm is confined to those who courted it, and when it is over no one will regret that they who sowed the wind were compelled to reap the whirlwind. Few of the New York brokers know where they stand. On Saturday the best securities went begging at the lowest rates. There was no fixing values on any stocks, and the stock exchange was wisely closed to give men time to recover from their distrust and gather their scattered senses. A. few more of the weakest houses will go down when settlements are made. Some of these whose failures have been announced from the board will recover and go on. Not a single mercantile house, savings bank or other institution doing legitimate trade, has fallen. Excitement and distrust, caused by wild speculators, extended the panic beyond the stock exchange and three banks suffered from severe runs upon them. The Union Trust Company was weakened by the discovery of a large defalcation aggregating $800,000 and the impossibility of realizing on heavy call loans to the Lake Shore Railroad Company, and it suspended. The Bank of the Commonwealth was weakened by the payment of an overdraft of $220,000 of a house which has suspendad. The National Trust Company, with $800,000 in governments on hand, could not realize a dollar on them, and wisely closed its doors until it could dispose of them. Runs on the Fourth National and Manhattan banks laughed to scorn by those institutions. the the went on During were morning banks the principle of Fisk "Each man to drag out his own corpse. and refused each other's checks, but later a meeting was held, and concerted action agreed on. and subsequentt ly there was no further trouble. The purchase of bonds by the government also aided to break the force of the storm.-N. Y. Special.

12. September 27, 1873 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, September 27, 1873

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NEW YORK BANKING. The System of Certification-Over-drafts the Rule and Not the Exception. : [From the New York Tribune.] From the comments made upon the cases which the panic has brought to light of brokers' over drafts, it is evident that the public knows verv little of the system under which Wall street houses transact business, and effect daily "clearances" of an enormous volume of stocks. The Press is united in just reprehension of such banks as have einbarrassed themselves by certifying checks for customers, which the latter have failed to make good by adequate deposits : but these banks are not exceptional. They are no more blameworthy than their more fortunate neighbors, whose customers have been strong enough and honorable enough to prove that the contidence extended to them was not misplaced. It is the whole system of Wall street "certifications " that is at fault. So remarkable is the working of this system that business men are astonished when Informed with respect to it for the first time. A brief explanation of its nature would seem to be in order during the present crisis. Temporary "overdrafts" are the rule, and not the exception, with most of the banks in the vicinity of the Stock Exchange. No other way has yet been devised through which -8 broker,s " clearances" can be effected. Most houses with an average deposit of from $10,000 to $20,000 in bank have to receive and deliver from a hundred thousand to half a million dollars' worth of stocks or gold per diem; larger houses, proportionately larger values. Purchases are frequently made in costly lots, requiring checks for sums running from $50 000 upward, and even as high as teu times that amount. Almost every banker or broker in good credit has an arrangement, definite implied, with his bank, by allowed to which he or is largely for blocks overdraw his balance-In payment of. stock-with the understanding that before 3 p m. of the same day he shall deposit the certified checks of other people, in amount sufficient for the redemiplion of his own checks and the mainte nance of a respectable "balance." On the latter the bank makes its profit. Large houses often open accounts of this sort with several banks at once. Not only the suspended Bank of the Commonwealth and the Bank of North America have been in this practice for years, but, unless we are misinformed, almost every institution in their vicinity desirous of brokers' accounts. Among those who ' certify"- use the street phrase-are the Fourth National, the Mechanics' Banking Association, the Bank of New York, the Bank of America, the Bank of the State of New York, the Bank of the Republic, the Corn Exchange Bank, the Continental, and various I others. All are more or less in one category. Each relies upon the honor of its customers to make the morning's overdrafts good and, truth to say, in many years this reliance has not been without foundation. Instances are few and far : between where disbonorable advantage has been taken of bank favors, and each e case has been visited with severer penalty h and disgrace than any form of comtner : cial default.

13. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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NEW YORK. Special Disvatch to The Chicago Tribune, NEW YORK, Sept 28.-The bright prospects with which the wook closed for Wall street continuo to-day, and there is visible nothing of the intense excitement which characterized last Sunday. The street yesterday, and the hotels today, have been dull in fact, business on tho street le 80 far suspended that the excitement thore, on Saturday, was less than on ordinary days at this time of the year. The prospects for tho week are that BUSINESS WILL RESUME WITHOUT DELAY or much excitement, unless in the Stock Exchango. Tho difficulty in selling foreign exchange Becms to have been overcomo in a large measure, and heavy shipments of allsorts of grain were made yesterday. The demand for freight room WAS unusually heavy at generally advanced rates. The suspended firms are rapidly reorganizing, and promise a resumption of business before the end of the week. Howes & Macy have practically resumed already. Clows & Co. say they will bo ready to begin anow before the statement of their affairs is ready for publication. Fisko & Hatch, more conservativo, declino to begin again until all their past indebtedness is cleared off. Jay Cooke & Co. promise n favorable showing soon, but it is believed they will be kept down by the Northorn Paciflo Railroad. The Union Trust Company will get on italegengain. It is naturally a strong concern, each sharoholder being hold liablo for the amount of his stock; but the Bank of the Commonwoulth is probably a hopeless wreck. The opening of the Stock Exchange on Tuesday, BB resolved on, creates great unoasinoss, both in stock and commercial circles, particularly in the latter, whose members anticipate renowal of excitement, which may again extend to the commoreial exchanges and produce great distross to morcantilo houses. The Produce and Gold Exchanges RESUMED WITHOUT DISARTROUS RESULTA, and this fact encourages the hope that 110 bad effects will follow the roopening of stock gambling. The announcement that business will be resumed at the Stock Exchange implies that the conflicting and confused nocounts of the brokers have boon straightened out and settled. Otherwise, the opening would be only a signal for & renewal of the pauio, and of a fierce light between bulls and boars. Now, it is hold, there is little cause for controversy on the Bourne, and EVERYTHING PROMISES PEACE and quietness, at loast until the futuro shall divido the members into distinct parties again. It in claimod by dealers that business, for some time, at least, will be conducted with more modoration than formerly. Dr. Thomas Carlton. on being asked if he

14. October 1, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 1, 1873

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NEW YORK. Citation Granted. NEW YORK, Sept. 30.-Application was made in the U. S. Circuit Court, before Judge Woodruff to-day, for an order enjoining the Comptroller of the Currency and Isage H. Bailey, Receiver of the Bank of the Commonwealth, from proceeding further in the matter of examination of the bank; also of a citation to show cause why the receivership should not be vacated and the appointment be declared null and void, on the ground that the bank never refused to redeem any of its circulation notes. The citation was granted and made returnable on the 7th of Oetober.

15. October 14, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 14, 1873

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MONETARY AND FINANCIAL. NEW YORK. NEW YORK, October 13.-Money-The market worked close to-day, and at one time loans were as high as 3-10 per cent. per diem but the bulk of the business was done at 1 1-6@ per cent. Greenbacks are still quoted at 1/4/12 per cent. premium, notwithstanding the express companies report more liberal receipts of cur= rency to-day than for a long time past. Discounts are quoted at from 12 to 24 per cent. At a meeting of the clearinghouse association, a resolution was passed to the effect that the time for the redemption of loan certificates, originally fixed for November 1st, shall remain open. A report was also received and adopted in the matter of the Bank of the Commonwealth, which report confirmed the exhib tol the affairs of the bank as made by the receiver to the loan committee. The bank officers report no material change in the condition of their banks to-day. Sterling Exchange -Sterling exchange was firm at 10614@:06 /2 for sixty days, and 10714@ 1071/6 for sight. Commercial bills range from 1043/@105%4 Customs receipts, $109,000. Gold Stronger, advancing from 1081/8 to 1085, 80 closing at 108/8 Loans were from 3 to 7 per eent. for carrying, and flat for borrowing. The final rate was 3 per cent. for carrying, Clearings, $32,000.00. The ansistant-treasurer disbursed $155,000. £170,000 were received at the assay office to-day, making a total to date of £897,000. United States Bonds-Less active than usual early in the day, but prices advanced in the late dealings under the improved demand and advance in gold. U. 8. coupons of 1881, 8.5-20's of 1802, 106: 5-20's of 1864, 1061/2; 5-20's of 1865, 107; new, 113%: of 1867, 110% of 1868, 110%; new 5's, 00; 10-40's, 103; curency 6's, 110% Southern States Securities.-State bonds nominai: Missouri, 88; Tennessee, old, 721/3 new, 711/;Virginia, new 40; old, 36; North Carolina, old,20; new, 15% Railroad Stocks and Bonds,-Railway stocks opened steady, and as the day advanced they became moderately active and firm, but later declined. After twelve o'clock the majority of the list was quiet. Later in the evening the market was active and irregular, and fluctuations were rapid. At the close prices had declined to the lowest point of the day. The chief drive was against Vanderbilt shares, which were forced down several points. The decline was assisted by the bankruptcy proceedings taken against Daniel Drew, and the decision of Judge Blatchf rd in in modifying the injunction the Grinnel case so far as Blake B.O3. & Co. are concerned, allow ing them, under certain restrictions. to cell the securities held by them as poliaterals for money loa ed G. Bird Grinnell Co. Blocks clgsed weak at the lowest point of the day. The president of the Missouri, Kansas and Texas railway has notified the stock exchange that that company has increasedtheir stock $4,460,000 for the newly acquired road. The press says it was reported on the street this even Dg that Secretary Richardson had either res gned or been requested to hand in his resignation. Columbus Delano was mentioned as the probable future secretary. LONDON. LONDON, October 12,2:30 p.m.-The amount of bullion withdrawn from the Bank of Eug. land balance to-day $41.000. Consols-money 921/682% account, 920/@923/4; United States coupons-5-20's, of 65,98% do., 961/4: 10-40's, 9134 new 5's, 92; Erie, 41. PARIS. PARIS, October 12 -Reutes, 58f.

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

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NEW YORK. [Special to Press. To Be Wound Up. NEW YORK, Oct. 13.-The Clearing House today unanimously adopted the report of the special committee of five, appointed by the request of the late President of the Bank of the Commonwealth, to examine the affairs of that institution. The report sustains the action of the Comptroller of the Currency, endorses the statements of the Receiver, and concurs with the Loan Committee in the opinion that the bank should be wound up. [To the Associated Press.] A Dissatisfied Bishop. NEW YORK, Oct. 13.-A tardy publication is this morning given to letters of Dr. Tozer, late missionary Bishop of Zanzibar, addressed to Bishop Potter of this diocese and the Dean of Canterbury, finding fault with the latter for participating in the communion service of the Presbyterian church in this city on Sunday last. Dr. Tozer says this conduct of the Dean will be accepted in this country and England as sufficient reason and justification for the Episcopa+ lians attending the attractivr service of the Catholic church, and may be cited to pronounce the representation that the Episcopal church is a haven of rest for those tossed by the multiplicity of doctrine a delusion and a snare. Fall of a Building. The side walls of the four story storage building, No. 43 Tiffany Place, Brooklyn, occupied by Buchanan & Style, tobacconists, and Moses Taylor, soda importers, fell with a tremendous crash yesterday atternoon, carrying everything before them. The walls were twelve inches thick, and he structure was erected only four years since. Had the accident occurred on a week day meny lives would have been lost. Cheap Transportation. The federal council of the International Workingmen's Association had a meeting yesterday, when the committee on cheap transportation recommended as the best means of facilitating transportation, the opening of large water ways under control of the government at rates covering the running charges and repairs. Republicans Endorsed. Delegates to the Workingmen's Central Union met in this city to-day and unanimously endorsed the nominees of the Republican Convention at Utica, with the exception of State Treasurer. -A motion to substitute the name of Thomas F. Raines, Democratic nominee for State Treasurer, in place of Daniel G. Fort. Republican nominee, was carried by a vote of 150 to 37. Coroner's Vordict. The jury in the case of Ida W. Vail. who died from the effects of an abortion in Jersey City, rendered a verdict that deceased came to her death by an instrument in the hands of Mr. Cummins, assisted by Mrs. Crozier, alias Metzler, and that Alonzo E. Kimhal} was an accessory to the act. The case is now before the grand jury. On Strike. Over 200 men of the Cumming's Car Works in Jersey City are, on a strike, because the Company owes them two months wages. Work has ceased. Various Matters. The Tribune thinks that there will be a union of all the Democratic organizations in the city, in the coming election. The work of trying to secure five additional jurors for the trial of Stokes commenced this morning. Up to twelve o'clock no additional jurors were secured, Base ball-Mutuals 18, Atlantics 7. It is reported that ex-Gov. Hoffman will be nominated by the Democrats as successor to James Brooks for Congress, not S. S. Cox as heretofore stated. Nine jurors were obtained in the Stokes case when the court adjourned.

17. October 24, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, October 24, 1873

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TURNED OUT. Edward Haight, jr., member of the firm of Haight & Co., Wall street, representing the company in the stock exchange, was expelled this morning by a unanimous vote of the governing committee. The reason of the expulsion was because his father, Edward Haight, SI., overdrew his account $400,000 in the Bank of the Commonwealth, paid part of it, and failed to pay the remainder, resulting in the suspension of the bank.

18. November 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 26, 1873

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How Not to Do Anything. NEW YORK, Nov. 25.-At a meeting of the associated banks this afternoon, a full representation being present, action on the late report of the committee of nine was postponed for sixty days, and the committee discharged. The whole subject is again to be referred to a new committee to be appointed. The suspended Bank of the Commonwealth will pay a dividend to its depositors of 30 per cent, in De. cember.

19. March 9, 1874 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, March 9, 1874

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YORK NEW News Items. NEW YORK, March 7.-Gen. Schenck United States Minister to England and Ex-Senator Cattell, representing the Treasury Department in Europe, arrived to-day, and Caleb Cushing sailed for Spain. A dispatch from Meriden, Connecticut, says that this morning John Ann derson. recently discharged from the spoke shops in Wallingford, entered the shop and after speeking a few words angrily, fired twelve shots at the men, two of whom, Horatio Hall and Frederick Newton, were fatally wounded. Anderson then rushed from the building and cut his own throat. Captain Deaken, of the steamship City of New York, when about twelve miles from Havana back to that to to on city stowaways, out give just up discovered the authorities put board three The men are represented to have declared they were sympathizers with Cuba, and did not want to be drafted in Havana to go and tight against Cuban liberty, and that they would pay their passage money upon the arrival of the vessel at New York. On Monday next a dividend of fiftv per cent. will be paid depositors by the Receiver of the Bank of the Commonwealth. On the night of January 9th Adolph Hank called at the twentieth precinct strtion house, and informed the officers that his jewelry store had just been robbed, after he had been knocked down and gagged. The officers doubt ed the story, but being given the number of a back seen in the neighborhood on the night of the robbery, secured the driver and be in turn gave the names of five thieves, three of whom have been arrested. One of them wa formerly 8 keeper in the city prison. None of the property was recovered. The steamer Wisconsin is now several days overdue, owing entirely, the managers of the line believe, to the terrible weather. Bank Statement Loans, increase $230,500; specie, increase $2,585,800; legal tenders, decrease $259.900; deposits, increase $4.335,000; circulation, increase $132,700; increase of reserve $208,975.

20. March 9, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, March 9, 1874

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# LATEST. NEW YORK, March 7.-Money closed at 3 per cent on call. Exchange dull at $4.81½ for sixty days, and $4.88 for demand. Gold firmer in the late dealings, and closed at 111¾, the highest price made; lowest quotation, 111¼. Rates paid for carrying, 3, 2½, 2, 4, and 3½ per cent. Clearings, $66,000,000. Treasury operations for the week at the New York office included the disbursement of $3,500,000 gold for interest and in redemption of 5-20 bonds, and receipt of $2,438,400 for customs. General merchandise imports same time, including dry goods, $8,643.543. Produce exports, $3,934,686. Specie exports, $48,111. Governments closed dull and steady. State bonds quiet and nominal. Washington rumors that the currency is to be contracted, rather than inflated, and the strikes existing and threatened, had their effect to-day in the stock market. Soon after the opening, a violent raid was made against the Northwestern and St. Paul Roads in particular, and Western roads in general, carrying down for the time most of these stocks; but after noon, and especially towards the closing hour, an advance took place, showing a recovery of ¼ to 2⅝ per cent from the lowest quotations. The advance was most decided in shares that led the downward movement early in the day. From 10 to 2 o'clock, 192,000 shares were sold. On Monday next a dividend of 50 per cent will be paid to depositors by the Receiver of the Bank of the Commonwealth.

21. October 14, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1874

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BONDS AND GOLD. Preston, Kean & Co. quote: United States 6s of '81........... 117¾ 118 United States 5-20s of '62........... 112½ 112¾ United States 5-20s of '64........... 116¼ 116½ United States 6-20s of '65........... 116¼ 116¾ 5-20s of '65-Jan. and July........... 115¾ 115¾ 5-20s of '67-Jan. and July........... 116⅝ 117¼ 5-20s of '68-Jun. and July........... 117 117½ 10-40s .................................... 112¼ 113¾ United States new 6s of '81........... 112⅝ 1:2¼ United States currency 6s........... 117 117½ Gold (full weight).................... 109⅝ 109¾ Gold exchange........................... 109¼ 109¾ Sterling................................... 484¼@467½ Cable transfers........................... 480 Chicago City 1s........................ Par &int FOREIGN EXCHANGE. H. J. Christoph & Co., bankers, No. 73 South Clark street, quote foreign exchange: Pounds sterling, selling, 487½; francs on Paris, 19⅝; guildren on Frankfort, 41⅜; Prussian thalers on Berlin, 72; Rixmark on Hamburg or Bremen, 24; guildren on Vienna silver, 48¼; guildren on Vienna paper, 45; silver rubles on Russia, 67; Rigsbank thalers on Donmark, 55; Riksdalors liksinynt on Sweden, 27½; specio thalers on Norway, 100. LATEST. NEW YORK, Oct. 13.—Money, 2@3. Prime mercantile paper, 6@7 for four mouths, 5½@6 for short dates. Sterling firmer at 481 for sixty days, and 487 for sight. Customs receipts, $330,000. Exports of produce for the week, $5,240,286, -a decrease from last week of $1,625,903. Gold opened at 109⅝, and closed at 110. Carrying and borrowing rates, 1 per cent; loans also made flat. The Assistant Treasurer disbursed $21,000. Clearings, $16,000,000. Governments firm. State bonds quiet. Railroad bonds quiet and firm. Stocks opened firm. Later they became weak, and declined ¾ to 1⅝ on sensational rumors about the Syndicate, to the effect that they had decided not to take any more bonds than originally subscribed for. The rumors proved to be without foundation, and prices recovered ⅜ to ⅝ from the lowest point. The features were Union Pacific, Erie, Lake Shore, Western Union, Pacific Mail, Wabash, and Ohios. Stock sales to-day, 160,000 shares, of which 31,000 were Western Union, 22,000 Pacific Mail, 30,000 Erie, 28,090 Lake Shore, 21,000 Union Pacific, 8,000 Northwestern common, 9,000 Wabash, and 5,000 Ohios. At a meeting of the creditors of the firm of S. Kaufman & Co., to-day, a statement was submitted showing their liabilities to be $1,000,000, and assets $500,000. There is some talk of the estate being thrown into bankruptcy. The Receiver of the Bank of the Commonwealth expects to declare a final dividend of 20 per cent to depositors within thirty days. GOVERNMENT BONDS.

22. November 18, 1874 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 18, 1874

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DAY. THE OF NEWS " To show the very age and body of the Times" By the sinking of the steamboat Empire at New Orleans yesterday, fourteen passengers and many of the vessel's crew were drowned. The steamer had a cargo of sugar, molasses and rice, and is said to have been overloaded. Captain Jeanfreau states that the Empire had only a fair cargo, that she was not overladen, and that her guards were well above the water. At the time of the sinking be was awakened by a great noise and confusion. He caught one of his children and swam with it to shore. On looking back he saw his wife standing on the deck with her babe in her arms. As the boat went down she clung to the wheel house of the Bradish Johnson, which stood alongside, but the violent shock wrenched from her grasp her child, who fell into the water and was drowned. Another case of child stealing is reported from Philadelphia. On Tuesday afternoon a girl seventeen years of age, named Annie Beaver, was sent to a grocery store at Eighth and Poplar streets to purchase a few pounds of flour. She did not return, and the family with whom she lived becoming alarmed at her prolonged absence, started out to look for her. They found traces of flour spilled on the ground which seemed to indicate that she had been carried into an alley leading from Eighth street not far from her home. The police are searching for her. By the explosion of the boiler of the steamtug Lily, at New York, yesterday, Capt. David A. Havens was blown into the water and picked up in a dying condition, horribly scalded and mutilated; five other persons were on the tug and are missing, DO trace of them being found, and two were injured. Capt. Havens died at 7 p. m. It is stated that the Lily was examined by U. S. authorities three weeks ago and found sound. A double frame building at Wilkesbarre, Pa., was burned early yesterday morning. Martin Gaughan jumped from a window, breaking his collar bone. His son John escaped badly injured and may not recover. Thomas Gaughan, a young relative, was burned to death. A child of Mrs. Riley was badly burned in the face. John F. Callaghan allowed his brother to use a free ticket issued to himself on account of his connection with the U. S. mails, by the Missouri and Kansas Railroad Company. The fraud was detected, and having been reported to Postmaster General Jewell, Mr. Callaghan was peremptorily dismissed from the service. During the week ending November 14, 1874, the Bureau of Statistics at Washington awarded official numbers and signal letters to 5S merchant vessels, representing 11,232 tons. Two of these vessels were over 1,300 tons, and one each over 1,500, 1,900 and 2,000 tons respectively. The famine in the grasshopper districts of Nebraska continues. The government is arranging to distribute soldiers' garments to the men among the sufferers. Much remains to be doue for the women and children. The people living on the southwestern frontier of Texas are suffering from two very serious plagues, the small-pex and Mexican cattlethieves. A number of dwelling houses were burned at Ashley, Pa., last night. One man perished in the flames, and two others were seriously burned. The directors of the Ohio Valley Railroad, a part of which is DOW the Ohio River Railroad, have secured a loan of $3,600,000 to complete and equip that road. A burglars' den in Jersey City, N. J., was raided on Monday night by police, and seven burglars arrested, and two thousand dollars' worth of stolen goods recovered. The U.S. troops who have been occupying the Louisiana State-house at New Orleans for some time past were withdrawn yesterday. Thirty policemen supplied their places. Tom Ballard, the notorious Buffalo counterfeiter. and his accomplices are in jail at Auburo, N. Y., awaiting trial by the U. S. Circuit Court which convened there yesterday. The Mark Lane Express says that the wheat market in Europe is improving. A rise of 3 shilling is noted 00 the continent. Hiram Smith, convicted of the murder of Chas. Denham. will be executed at Watertown, New York, on December 4th. It is now thought that the defalcation of Roberts, the missing eashier of the First Ward National Bank, Boston, will reach $15,000. The receivers of the Bank of the Commonwealth, at New York, announce a final dividend, except to shareholders, of 20 per cent. An injunction suit is DOW on trial at Akron, Ohio, to restrain a journalist from publishing a newspaper at Akron.