15503. Bowery Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 10, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
383a553a

Response Measures

Full suspension

Other: Bank went into liquidation/receivership after suspension; receiver and dividends declared.

Description

Contemporary accounts report a run on the Bowery Bank on Oct. 9–10, 1857, followed by suspension the same afternoon and appointment of a receiver. The institution was wound up and went into liquidation with receiver dividends paid in 1858. Cause is attributed to the broad 1857 financial panic (systemic/macro news) and also name-confusion with the Bowery Savings Bank in at least one report, but primary driver was the general panic and withdrawal pressure; no evidence of a discrete misinformation event that was later corrected.

Events (4)
1. October 10, 1857 Run
Cause
Macro News
Cause Details
Heavy withdrawals driven by the widespread financial panic of October 1857; lack of aid from other banks; public nervousness (some reports note confusion with Bowery Savings Bank).
Measures
No successful external support; bank officers and merchants discussed providing assistance but help was withheld; later a meeting of stockholders/depositors and attempts to assess assets were undertaken.
Newspaper Excerpt
The Bowery Bank suspended this afternoon. A run commenced upon it this morning, and as none of the other banks appeared disposed to extend any aid, it was deemed proper to stop.
Source
newspapers
2. October 10, 1857 Suspension
Cause
Macro News
Cause Details
Suspension followed the morning run and the refusal or inability of other banks to extend aid during the wider monetary crisis of October 1857.
Newspaper Excerpt
The Bowery Bank suspended this afternoon...without help it could not sustain itself.
Source
newspapers
3. October 13, 1857 Receivership
Newspaper Excerpt
Mr. N. G. Bradford has been appointed receiver of the Bowery Bank. He has been its cashier, we believe, from the time the bank was first formed.
Source
newspapers
4. November 22, 1857 Other
Newspaper Excerpt
The work of liquidation of the Bowery Bank is going on favorably, under the direction of Mr. J. A. Stewart, the receiver, and the assets are turning out rather better than was at first anticipated. He expects to be able to declare a dividend ... not less than twenty-five per cent.
Source
newspapers

Newspaper Articles (23)
1. October 10, 1857 The New York Herald New York, NY
Article from The New York Herald, October 10, 1857

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The Bowery Bank suspended this afternoon. A run commenced upon It this morning, and as none of the other banks appeared disposed to extend any aid, 18 was deemed proper to stop. The report of this bank on Monday last was as follows:-Lans, $950,642; specie, $22,398; circulation, $171,324; nominal deposits, $696,932. It will be seen that Its own supply of specie was not sufficient to last more than n few hours, and that without help It could no: sustain itself. That help was withheld. After the bank had suspended, It was suggested that a meeting or some of the Wall street institutions be held for the purpose of enabling this bank to resume. We fear It is too-late. There was a little excitement about the Park Bank this morning; but 11 soon subsided. The returns of this institution for October 3, 1857, to the Clearing House, were M follows:-Loans, $2,869,296; specie, $183,282; circulation $159,135; nominal deposits, $1,645,747; capital, $2,000,000. On the 8th Inst. It had $348,850 in specie, and a circulation of $159,356. The balance in ⑉ favor at the Clearing House yesterday was $46,000, showing an aggregate of $389,850 in specie at the commencement of business this morning. The Central Bank of Brooklyn, which suspended yester. day, has gone into liquidation. A receiver has been ap. pointed and the concern will soon be wound up. A report of the proceedings will be found in another part of this issue. A. H. Nicolay will hold a special sale of stocks and bonds to morrow (Saturday), at 12½ c'clock, at the Merchanis' Exchange. A. H. Muller will hold his regular auotion sale or Stocks

2. October 10, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 10, 1857

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New York Monetary Affairs. NEW York, Oct. 9.-There has been but little change today in the aspect of our money affairs, rates continuing as high and as unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspension is known, that of Gallandel & Wetmore, bankers. The run on the Park Bank subsided early this afternoon, the bank having promptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands on both institutions were promptly paid. The Central Bank of Brooklyn, was enjoined today, and a receiver appointed. The bank has a circulation of $90,000, and $1000 in specie. A meeting was held this afternoon at the Merchants' Bank, at which was discussed a proposition for the banks to provide from their common resources, a fund of five or six millions, to be used in bringing forward produce to our market. At the morning session of the stock exchange, railroads were again all lower, with two or three exceptions. State stocks remained firm, with large sales. The second board showed no improvement. At a late hour the result of the conference meeting of banks and merchants transpired on 'Change. A proposition for an immediate in. crease of loans to the amount of three millions, was defeated. This decision added to the despondency in the street.

3. October 10, 1857 Evening Star Washington, DC
Article from Evening Star, October 10, 1857

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The Monetary Crisis. The reports from New York yesterday of another day of severe financial depression there, with the additional feature of a heavy run on the Park Bank, created a sympathetic excitement here. The Bank sustained the run, paying all demands up to the hour of closing, at which time the excitement had measurably subsided. The Park Bank is a new institution, has a capital of $2,869,000, and at its last weekly statement to the Clearing House, October 3d, held $183,282 in specie, $1,645,747 in deposites, and had $159,135 of notes in circulation. A meeting of the Bank officers of New York, after consultation with the leading merchants, had, it is reported, resolved to provide means to the extent ot $6,000 000 for the purpose of bringing forward produce from the interior of the country. A dispatch from New York states that the Bowery Bank had been suspended from the Clearing House and had closed its doors. The Bowery is a small institution, having a capital of $950,642, and at its last statement, October 3, had $22,398 in specie, $696,932 in deposites, and $171,324 of circulation. From Harrisburg the intelligence is favorable to a moderate degree of relief being granted the Pennsylvania banks. The Senate had passed a bill legalizing the suspension until the 1st of April next. The bill passed is probably that agreed upon by a Special Committee of the House. Besides legalizing the suspension until the date named, it extends the stay of execution six months longer than is now allowed by law; compels all banks to receive the notes of other banks; no bank to have power to discredit the notes of other banks, save upon a statement sworn to by the President and Cashier, and forwarded to the Governor, and filed in the Secretary's office; bank notes to be receivable in payment for revenue by tax collectors; and banks to redeem in specie their notes when paid for tolls or taxes. The House had rejected a motion to adjourn sine die to-day, and also refused to consider a bill establishing a free banking system. The indications were more promising than in the early days of the session that a reasonable degree of relief would be granted to the banks. Additional failures in Boston and New Yorkare reported. Among thesuspensions in New York are Messrs. Harper & Brother, the leading publishers, and Messrs. Bowen & McNamee, the extensive dry goods firm, and the principal owners of Beecher's "Independent." The Herald says of the failure of the Harper's : " We understand that Messrs. Harper & Bro. 's, book publishers, finding, in consequence of the disorganized state of the domestic exchanges, that they could not effect collections from their country customers without a ruinous loss, decided to-day to suspend payments until the internal commerce of the country shall be again on such a footing that debts due in the distant cities can be made available at New York. We have reason to believe that the assets of the firm exceed its liabilities by upwards of a million of dollars.

4. October 10, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 10, 1857

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FRIDAY, Oct. 9-P. M. The Stock market exhibits much the same features as have been noticed for some days past. The leading stocks are pressed on the market for cash, and in most cases a further decline was submitted to. There was some disposition shown to take buyers options, but the differences asked are very large, and the responsible members of the Board are not willing to do a long time business. Reading and New-York Central have been oversold and are scarce. The market consequently is firm for these stocks under purchases for delivery. Bank stocks appear to be the greatest sufferers to-day. Partly from necessity and partly from fright, small lots are continually pressed upon the market, and lower prices than ever before known have been submitted to to force sales. American Exchange sold down to 50, & fall of 13 ¥ cent, but closed at 57 bid. Bank of Commerce old st 70, Metropolitan 59, Bank of the State 65, &c. At auction there was & panic in Bowery Bank, the cales of which were pressed from 64 down to 26 under salesofabout? shares. At auction, also, Union sold at 99@90, Broadway 100@101, Artisan's 40@44, North River C7d, Shoe and Leather 80, National 901. The decline in Delaware and Hudson was marked at the Morning Board. It opened at 79, sold down to 772, Butat the close improved to 80. Erie sold 83 low as 9jis the street, Hartford and New-Haven 90, a de-

5. October 11, 1857 The New York Herald New York, NY
Article from The New York Herald, October 11, 1857

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meet together on Wednesday evening next, the at 716 o'clock P. M., at the Mercantile Library, Ander place. By order of the Board of Directors. CHARLES MORAN, President. NATHANIEL MARSE, Secretary. The fail ares of a large paper house, one in the anotion line, one in the sugar trade, several in the general grocery business, and several dry goods houses, were reported to: day, involving a very large amount of liabilities. The suspension of Cary & Do. is reported. There is no such firm in the city as Cary & Do. Mesers. Cary, Howard & Banger, formerly W. H. Cary & Co., have not suspended, nor W. F. Cary & Oo.: and as the report undoubtedly points to either one or the other of these concerns, we are happy to say that It is entirely without foundation. The actual failures comprise some of the largest, and whathave heretofore been considered the strongest houses in the city. It has, indeed, been a gloomy day, and no one seems to have the least idea of what is coming next. All fear the worst but hope for the better. Another week like that we have just passed through, would disarrange all Classes and produce a frightful state of things. The banks do not know which way to twn, or what to do. There is no unanimity of feeling among them, and they all differ upon the came print-rather, they are so divided among themselves that It is utterly impossible to his upon any general plan of action. Some of the banks want to expand, while others are determined to hold on and do literally nothing. The conservative banks are therefore likely to carry their point, for it is, NO far they are concerned, the safest, and in so doing the other banks are competted to keep in a contracted condition likewise. There was quite a run upon the Bowery Bavings Bank to-day. The failure of the Bowery Bank was doubliers the cause of this movement. The similarity in names, no doubt, gave rise to the report that the Bowery Savings Bank bad suspended. The last weekly sistement of the New Oriens banks shows a decrease in specie of nearly $800,000, and in deposits of $390,000. Oar advices from Charleston and Savannah report very tight times in financial affairs. Business MM at a stand still. Within the past three days upwards of $1,000,000 0 circulating notes were returned to the Banking Department of this State for redemption, or rather to exchange for stocks. Some of these stocks have come upon the market for sale, and we understand that some of our savings banks were in the market ers of New York State stocks on Saturday. The Reading Railroad Company continues its business as usual, notwishstanding the protest of its notes on Friday last. The company may be compelled to make an assign. ment. The directors of the Michigan Central Railroad publish proposals for a loan of $2,000,000. This will supply the wants of the company to pay the bonds maturing previous to July next, and extinguish the floating debt, within about $460,000, which is expected to be met from the earnings of the next sen months. The amount of specis in the vault of the Assistant Trea surer of the port of Boston, Sept.30, 1857, was $2,866,178 22 3,094,301 74 In the vault Sept 30, 1856 Decrease $728,123 52 The new Board of Directors of the Michigan Southern Railroad Company have organized, and elected John B. Jervis, President. This is a pretty good beginning. The Fall River Star says:-The pressure consequent apon the factory suspensions in our city is beginning to be felt among the poorer classes-whole families are suffering for bread-the fathers willing and enger for work, but nothing to do. We have heard tales of distross that would bring tears to the eyes of the most indifferent. These people must have bread or starve, and this is not a commu nity to allow the latter. More failures have taken place in Boston. Buller, Keith & Hill, hardware, Richardson, Kendall & Co woollen goods, and Peter U. Jones, paper dealer, are reported. The Hariford Courant says that the Bank Com missioners of Connecticut are faithfully attending to the trust committed to them. They are vigilant to protect the bill holders and the depositors, and not unmindful of other interests. The Middlesex and Bay State Mills cerporations have is sued a card, in which they say "that they have entire confidence in the solvency of both corporations; they both have ample personal property to pay their indebiedness, besides their extensive mills and valuable machinery. AIthat is required is time to make new arrangements and turn the property. Arrangements have been made so that all the operatives will receive their full pay when discharged." Tae Utica Observer of October 1, mys:At a meeting of the Directors of the Ulion Steam Cotton Mills, held last Tuesday ovening, 11 was moved to suspend work immediately in the mills until the Is: of November next. This is sad news to the 839 operatives in the (aoBory, but not more melancholy than thousands of laborers like them *** hearing all over the country. T 40 hundred of the operatives of the mills are womea-the remaining and boys. The Albany Evening Journal says:Pasio regravates real ovils and creates maginary ones. fundreds of people are now submitting to what they suppose necessary losses, in parting with their " broken" bank bills They have heard that such a bank is "thrown out," or "discredited, and they jump at the conclusion that its bills are worthless, or at any rate much depreclated. Yet the truth is that there is hardly a bank in this State whose bills are not this day intrinsically worth a hundred cents on the dollar. The bills are as good as over they were, whatever may become of the bank stock. On referring to the published vistement of the securities deposite at the Bank Department, it will be seen that the Chemung Ocunty Bank, for instance, had iss 000 of notes in circulation secured by an equal amount of bonds and mortgages and State stocks; that the Farmers' Bank of Saratoga had $2,000 more of securities on deposit than It had bills in circulation: that the Hoguenot Bank had $165,000 of securities against only $102 of bills: that the bil # of the Nisgara River Bank were in like manner fully secured; that the Oliver Lee & Co. Bank had $106 000 in securities and only $89,000 in circulation; that the Oatazio Bank had $20,000 in securities and only $17,000 to circulaLion; that the Canandaigua Bank and the Ontario Bank were in like mazner secured dollar for dollar; and that the Medina Bank had but $51,000 of bills, and to secure their redemption $58,000 in stocks and bonds. So, too, the Rechester Sixpenty Savings Bank, over whose " fall ure" nemerous depositors have lamented as a dead loss of all their money, is now announced to be able to pay every one of them the full amount of principle and interest due.

6. October 12, 1857 The New York Herald New York, NY
Article from The New York Herald, October 12, 1857

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would be found that there are not gold and silver enough la the world to supply the needs of one day. Mr. Burr, after arguing this point, went on to sav that It was a popular error to suppose that the value of paper money is depreo's ated in times like the present Secured paper money never becomes depreciated. It is the gold which becomes appreciated by its scarcity quent upon to the stasmodic demand for It when there is not enough saprily that demand The Bowery Bank has suspended payment, yet its bills are taken at par, like other bills of speate paying banks The Bank of England suspended for a period of something like twenty years, yes Its bills passed as par, and aere current The gold which bad been drained from the country by foreign wars, rendered 18 impera-ive upon the bank to suspend, and 18 never could resume until gold flo ved in again. Is our case the whole product of the California mises-about foar hundred millions-has been exported, and we no left at this moment with no more gold in the country than we bad before the disuovery of the California mines. These topics-the apparent necessity of a paper currency, and an overtrading being the cause of the financial revusioswere dweit L pon at sc me 1gth He closed by saying in the course of bis remarks. that although a general suspen. sion of the banks was by DO means an impossible evens, ye; if all persons would forbear, It possibly might ba avoided He thought all rona upon backs like those in this State, which are amply secured, was the result of sheer igno rane, for the bille of the banks would pass at par even If they are compelled to sussenc. as has been proved by the sual ensio of the Bowery Bank. Af er he bad taken his peat (the rules of the mooting allowing of public discussion upon the question,) some eight or ten spoke, Dearly all or whom differed from the first speaker as to his explanation of the trouble in the money market, and laying the responsibilities for the state of the country upon the banks. The last frieen minutes were occupied by Mr. Burr, in replying to the arguments and theories advanced by his opponents.

7. October 12, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 12, 1857

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Monetary. NEW YORK, Oct. 10.-To-day has been the bluest one yet in our market. The Illinois Central and the Erie R. R. have each made an as. signment. A run on the Bowery Savings Bank continued throughout the day, and it is believed the bank is amply able to meet all its liabilities. The run on the Brooklyn Savings Bank had somewhat subsided at noon, but up to that hour over $90,000 had been drawn out. Seymour & Co., paper dealers, have failed, and John N. Genin, the well known hatter, and Fen. ton & Lee have suspended. The announcement of Wm. R. Cary & Co.'s suspension was incorrect, as there is no firm of that name now, and their successors, Cary & Sanger, have not suspended. Railroad stocks went down still lower. Illinois Central bonds have fallen off $15 since yesterday and the shares $5. The Park Bank went through the run yesterday nobly, and came out to-day stronger in specie than before. There was a large business in State stocks, mostly lower prices. Bank stocks sold at a slight decline. There were rumors this afternoon affecting the credit of some of the heaviest houses in the city. H. A. Colt, whose failure is announced today, is the agent of Drake & Co., of Havana. The Bowery Bank goes into liquidation. Stocks at the second board "were dull. Missouri 74 1-8, Virginia 70, Canton Co. 18, Erie R. Road 7 3 4, Illinois Central 64, Cumberland and Pittsburg 8, La Croix and Milwaukie 5 1-2. Reports were current this afternoon, that the bills of the suspended Bowery Bank had been refused by the other banks, in consequence of the depreciation of the securities pledged for the redemption of the bills, but like a thousand other plausible rumors, this had no foundation whatever. Rumors were also current affecting one or two other banks but they are destitute of any foundation. There is a growing feeling here amongst all classes of business men, that the banks must extend their lines of discount, or that they and a large proportion of their patrons must inevitably suspend payment.

8. October 12, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 12, 1857

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News. The Bank bill has passed the second reading in the Pennsylvania Senate. It limits dividends to six per cent.; suspends the penalties for suspension till March, and makes the notes of solvent banks receivable for State revenue during the suspension, and extends the stay on execution against all freehold estate six months beyond the time under the existing statutes. Matters are growing worse and worse in New York City, and failures of business houses are the order of the day to the exclusion of everything else. There was a severe run on some of the banks; Gallaudet & Wetmore, private bankers, and the Bowery bank suspended, and the Central bank, Brooklyn, has gone into the hands of a Receiver under an injunction from the Court. Stocks went down as low as ever, and sales were quoted Friday for Mo. 6s, 64; Va. 6s, 77; N. Y. 6s, 871 I. C. Bonds, 65, Canton Co. 131, Reading 28, I. C. 75, C. C. & Co. 71, La Crosse and Milwaukee 61, N. Y. C. 531, G. & C. 55. Election news from Kansas wild and unreliable, reports and counter reports, unintelligible in some instances and contradictory in others, indicate a good deal of anxiety and excitement on the subject in the vicinity of Kansas, but nothing at all definite from the polls within her limits. The fillibusters have had a revival recently, and the excitement prevails so extensively that the Government has issued the following circular to United States District Attor* neys: SIR :- From information received at this Department there is reason to believe that lawless persons are now engaged within the limits of the United States in setting on foot and preparing the means for military expeditions to be carried on against the possessions of Mexico, Nicaragua and Costa Rica Republics, with whom the United States are at peace, in direct violation of the 6th Section of the Act of Congress, approved 20th April, 1818, and under the 9th Section of the said Act is made lawful for the President or such persons as he shall empower to employ the land and naval forces of the United States and the militia thereof, for the purpose of preventing the carrying on of any such expedition or enterprise from the Territories or jurisdiction of the United States I am therefore directed by the President to call your attention to the subject and to urge you to use all due dilligence and to avail yourself of all legitimate means at your eommand to enforce these and all other provisions of the said act of 20th April, 1818, against those who may be found to be ongaged in setting on foot or preparing military expeditions against the Territories of Mexico, Costa Rica and Nicaragua, 80 manifestly prejudicial to the national character and 80 injurious to national interests; and you are also hereby instructed promptly to communieate to this department the earliest information you may receive relative 10 such expeditions. I am, sir, your ob't. serv't, LEWIS CASS. Signed

9. October 12, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 12, 1857

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tisements upon the columns of paper will not admit of their reception after the hour named. The Crisis. The telegraph announced on Saturday, that the Bank of the State of South Carolina had suspended specie payments. This was a very great surprise. The tone of representation from Charleston. as well as the high reputation of the banks of South Carolina,and especially the State Bank justified the expectation that a suspension would take place there.ifat all. after it was universal elsewhere. The anouncement only included the State Bank,but the inference is. that if that institution has succumbed to the storm. the Bank of Charleston and all other banks of the State will be compelled to follow its example. Nay, it is reasonable to conclude that the course of this bank will exert a considerable Southern influence, and that we shall hear of suspensions in other Southern States. In New York the aspect of affairs is as bad as 1 well can be. Trade is paralyzed. There is no u money to move produce. The merchants are ful. 1 ling in rapid succession. papers say they B talk of going down in A body rather than be ! shot in detail. There is warm feeling evidently growing up between them and the banks. They ask aid to the amount of eight millions-the bank* refuse. and continue to curtail. The Bank resolve to do "all they can" community to transler Streety 8" chants trae nelp the business produce, and this the merwith contempt. The banks are accased by them with being selfish, and with helping to cause the pressure and panic by their excessive loans a short time since, and their rapid and rigid amos ug Status 10 STREET to insurance six or eight weeks: the gold in the banks is fal. ling off, and the conclusion is that it is withdrawn by depositors. The Bowery Bank was run upon Illums 8 st " usnoup Ediday no pepuedsns pus concern. Its notes were taken on Saturday by the other banks The Park Bank was run upon. as already announced on Friday, but held out. and the attack ceased leaving the bank well fortified.These demonstrations shew the inflammable condition of the public mind. A little more fermentation would likely induce a run by depositors upon the banks, which would inevitably bring about A suspension in spite of that clause in the New York constitution. prohibiting the legalization of a suspension by the legislature; and thus we should have another illustration of the folly of those law makers who believe that even a constitutional enactment can rise above the public necessity. The New York banks assisted the Railroads in swelling their floating debt 80 immensely, which has helped to increase the stringency of the money market. The Herald mentions a few roads whose aggregate loans amount to $15,000,000, which is held chiefly by the banks. The rapid curtailments by the banks of New York, which are now assumed to be the financial regulators of the country, are loading them with suspended paper. of which. according to the Express, they have from 8 few houses $12,000,000. The paper of the very best men is selling at from three to five per cent, a month in the streets. It is evident that this state of things cannot last without a general wreck, from which none engaged in business can escape. What is to be done remains to be seen. The crisis is indeed alarming. The banks themselves are strong only if their debtors able to pay, and if everybody fails the banks must go down in the general wreck. New York is in a dilemma of the most serious kind, and all her wisdom is required to get out of it in the best manner. New York is the great point in the course of the storm to which we all look with most interest: because the determination there must have its effect on the commercial world in this country. In other cities. though there is more calmness, there is very great pressure. In Boston there are fail. ures.in Philadelphia ditto. The West is heavily embarrassed, and there is great distress there. Baltimore has been more free from failures than any of the great cities. and as we proceed South until we reach New Orleans, there have been no failures of consequence noticed. The South has been less involved by imprudence of her own in this pressure than any other part of the country; but must suffer through the difficulty thrown in the way of the translation of the staples of the country and their decline in value. She must suffer too, as is the case in this city from a return of acceptances upon produce in the hands of the suspended merchants of the North. Here the tobacco manufacturing operations have been greatly curtailed, and the trade is depressed with a heavy decline in prices. Tobacco acceptances are returning and Tobacco agents are here soliciting an extension of time from the Banks. The suspension of Northern Tobacco houses has been almost universal. Further South embarrassments are growing out of the financial disruption at the North, in the stagnation of business in the staplesanda serious decline in cotton. Thedecline in and the stringency reported in New

10. October 13, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 13, 1857

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THE FINANCIAL CRISIS. From the North, East, West, and a few localities in the South, our advices in relation to business and financial matters continue to be of the most gloomy character. In addition to bank failures by dozens, we have now to record the bankruptcy of three of the largest railroad companies in the United States— the Reading, the Illinois Central, and the New York and Erie. The first continues on with its business in spite of protested paper; the last two have made assignments for the benefit of their creditors. The Pennsylvania legislature have done nothing as yet, although at last accounts the indications were that the lower house would adopt, in a modified shape, the "relief bill" which passed the senate. A final adjournment was to have taken place yesterday. Under the head of "The Disasters of the Day," we find the following in the New York Evening Post of Saturday Joseph H. Corlies & Co., a well-known dry-goods commission house, has also suspended. They are known to be worth three or four times their liabilities, and went to protest from inability to procure some $7,000. It is to be presumed that their suspension will be but temporary. Mr. Corlies, the senior partner, has been more than forty years in business in this city, part of the time as a member of the well-known Quaker firm of Corlies, Haydock, & Co., and has always been distinguished for his prudent business habits. The Bowery Bank, of this city, and the Central Bank, of Brooklyn, stopped yesterday. Henry A. Coit, who has long been regarded as one of our wealthiest citizens, and whose business operations have been very limited in proportion to his means, was obliged to let his paper go to protest yesterday for the want of some five or six thousand dollars. The character and extent of his liabilities beyond has not transpired, though no ultimate loss is likely to be sustained by his creditors. John M. Genin, the hatter, has also been obliged to suspend. He has been doing a very large business, his sales amounting to some $800,000 a year. He hopes to get an extension and pay in full. One of the most painful indications that the times are out of joint is contained in the following statistics of the number of employees who, we learn, have been discharged by the cloak-making houses of this city during the past two weeks. Previous to that date, the Cloak-makers' Association were unable to supply the demand for labor. This list comes up to noon to-day A. M. & R. Davies, 395 and 397 Broadway, have discharged 510 girls and 10 cutters. E. Mills, 97 Chambers street, have discharged 300 girls and 4 cutters. Brodie, Canal street, has discharged 124 girls and two cutters. McKenzie, Canal street, as discharged ninety girls and two cutters. Isidore Bernard, Grand street, has discharged 420 girls and eight cutters. M. Bell, 80 canal street, has discharged ninety-four girls and two cutters. S. M. Hendricks, Eighth avenue, has discharged sixtyfive girls and four cutters.

11. October 13, 1857 The New York Herald New York, NY
Article from The New York Herald, October 13, 1857

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400,927 Deposits, nominal Compared with the returns of the previous week there bas been n slight reduction in each department. The reports regarding other banks proved 10 be all false, and we believe without the least foundation. The capital of the Grocers' Bank is $300,000, which is 10 much reduction in the banking cupital of the city. The failures of city banks before the revulsion terminates will probably bring our banking capital down to about the amount existing previous to the recent rapid increase. The failure of one of the oldest stock houses in wall street was reported this afternoon. Two concerns in St. Louis are also reported, with liabilities to a very large amount. The Prait Bank, of Buffalo, has suspended. In regard to the numerous suspensions reported in this city, we are not disposed to give names, proferring to wait a more official announcement. There are all sorts of rumors in circulation in relation to certain houses, and many of the reports are of the most absurd and ridiculous nature. We give all the names so far as known up to the Intest moment, at the close of the week during which they occur, and that is, in our opinion, oftenjenough. Some of our 00temporaries are disposed to parade them half a down times, in as many different ways. If there is actually any necessity for publishing the names of those who are unfortunate enough to be carried down by the financial storm, at all, 18 strikes us that once is enough for any purpose. A. H. Nicolay will hold a special sale of stock and bonds to morrow, Tuesday, at half past 12 o'clock, at the Merchants' Exchange. s variety of stocks and bonds will be offered. E. H. Ludlow & Oo. will likewise have a public sale of stocks and bonds at the Merchants' Exchange, to morrow, Tuesday, commercing at a quarter before 1 o'clock, P. M., instead of at the usual hour. Simeon Draper's regular semi-weekly sale of bonds an 1 stocks will take place to-morrow, Tuesday, at half past 19 o'clock, at the Merchants' Exchange. We understand that one or two of our largest bank have discounted to-day to some produce dealers in the in terior, for the purpose of enabling them to ges the crops forward as fast as possible, before the close of na rigation. A meeting of the stockholders and bondholders of the Delaware, Lackawanna and Western Railroad will be held at the Mercantile Library, on Wednesday evening, the 21st inst., to receive the report of the committee appointed to mature a plan of relieving the company from its embarresements. Mr. N. G. Bradford has been appointed receiver of the Bowery Bank. He has been its cashier, we believe, from the time the bank was first formed. We learn that, on the 10th inst., all was quiet in Nashville, Tenn. The Bank of Tennessee and the Union and Planters' Bank of that city are said to be strong and sound institutions. The steamship Atlantic, at this port from Liverpool, brings us four days later news from all parts of Europe. The demand for money continues active, at full rates of interest. Quotations for consols show sudden fluctuations. A decline had been realized, but they closed a little better. Nothing doing in American securities. In the general markets there had been no change. Cotton was stendy, and but moderately notive. Brendstuife were quies.

12. October 14, 1857 The Ashland Union Ashland, OH
Article from The Ashland Union, October 14, 1857

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From New York NEW YORK, Oct. 9. There has been no material change to day in the aspect of our money affairs; rates continuing as high and unsettled as yesterday, while the demand is more pressing. There were rumors affecting the standing of two or three heavy firms, but only one suspen ion is known, that of Gallandet & Wetmore, Bankers. The run on the Park Bank subsided early in the afternoon-the Bank having premptly met all demands. There was a slight run on the Bowery Bank, and also on the Brooklyn City Bank, but all demands in both institutions were promptly paid. The Central Bank, Brooklyn, was enjoined to-day and a re. ceiver appointed. The Bank has a circulation of $9,000 and $1,000 in specie. A meeting was held this afterkoon at the Merchants' Bank, at which WAS discussed the proposition for the Banks to provide from their common resor rees a fund of five or six millions to be used in bringing forward produce to our market. At a late hour the result of the conference meeting of bankers and merchants transpired on 'change. A proposition for an immediate increase of loans to the amount of three millions was defeat ed This decision added to the despondency. The Bowery bank closed its doors this afternoon, and has been suspended from the clearing bouse The bills are abundantly secured and will be taken by all the city banks. The insti tation was a small affair, with a capital of $350,000. The Park Bank fully sustained itself There was no little dissatisfaction among the Bergen Tunnel laborers, in consequence of the failure of the contractor to pay them, and because of their discharge; and to day there was talk of tearing up the track to night in case the money was not forthcoming by 6 P. M. Precaution has been taken by the Eric Company to keep things as quiet as pessible. Military will be on hand should a disturbance occur to-night. LATER-9 P. -The Eric Company did not pay the laborers to-day, and the report is that the track has been torn up. A very large meeting of ladies and others to express sympathy with the family of Commander Herndon, was held to-day. Wm. A. Duer, Esq. formerly President of Columbia College, presided. Addresses were made by several gentlemen. Resolutions were adopted and a committee appointed to receive subscriptions towards a fund for the widow and daughter of the gallant Herndon.

13. October 14, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 14, 1857

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forward produce to our market, At the morning session of the Stock Exchange railroads were again lower with two or three exceptions. State Stocks remaining firm, with large sales.The second board showed no improvement.At a late hour the conference meeting of bankers and merchants transpired. On 'Change a proposition for an immediate increase of loans to the amount of $3,000,000, was made, but it was defeated. This decision added to the despondency. Stock sales at second board included Mo. 6s, 64; Va. 6s, 77; N. Y. 63, 871; I. C. Bonds 65, Canton Co. 131, Reading 28, I. C. 75, C. C. & Co. 71, La Crosse and Milwaukie 6⑆ N. Y. C. 531, G. & C. 55. The Bowery Bank closed its doors this afternoon, and has been suspended from the clearing house. The bills are abundantiy secured and will be taken by all the city banks. The institution was a small affair, with a capital of $350,000. The Park Bank fully sustaine itself. 9 P. M.-The Erie Co. did not pay the laborers to day, and the report is that the track has been torn up. Washington, Oct. 8. The Tollowing communication from the Secretary of State was transmitted to the U. S. Marshale and U. S. District Attorneys on the 18th: Str :-From information received from this Department there is reason to believe that law. less persons are now engaged within the limite of the United States in setting on foot and preparing the means for military expeditions to be carried on against the possessions of Mcxico, Nicaragua and Costs Rica Republics, with whom the United States are at peace, in di rect violation of the 6th Section of the Act of Congress, approved 20th April, 1818, and under the 9th Section of the said Act is made lawful for the President or such persons as he shall empower to employ the land and naval forces of the United States and the militia thereof, for the purpose of preventing the carrying on of any s such expedition or enterprise from the Territories or jurisdiction of the United States. I am 1 therefore directed by the President to call your attention 10 the subject and to urge you to use all due dilligence and to stail yourself of all egitimate means at your command to enforce these and all other provisions of the said act of 20th April, 1818, against those who may be found to be engaged is setting on foot or preparing military expeditions against the Territories of Mexico, Costa Rica and Nicaragua, se manifestly prejudicial to the national character and so injurious to national interests; and you are also hereby Instructed promptly to communicate to this Department the earliest information you may receive relative to such expeditions. I am sir your ob't. servic, LEWIS CASH. Signed:

14. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

15. October 22, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 22, 1857

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Financial Indelitigence. NEW YORK Oct. 20. Money continues stringent Best class paper still selling for 8 per cent per month Business however continues to revive gradu ally Specie stands at from 1 per cent to par, and has a downward tendency. The amounts held by our city banks is no less than ten millions. and compated with their liabilities, they are in a stronger position than they have been for years past. The Grocer's' Bank to-day voted to go into liquidation, and the Bowery Bank having for feited its rights under the banking law will likely have to follow the same course. It is rutuored that several of our banks are preparing for an early resumption of specie payment. The announcement in a morning paper of the suspension of Sampson & Baldwin iron merchants is ustrue. New ORLEAN, Oct. 20 The bank President have agreed to still take the certified checks of the Citizens Bank in payment of it. debt-. The Citizen- Bank redeem- it. circulation but not the checks of depositors. The banks lost over $2,000,000. ST. Louis, Oct. 20 The State Savings Institution has opened a depository for the currency of adjoining States. also New York and the New Eng land States, and the banks of Philadelphia, Pitt-burg and Baltimore. A large number of the heaviest merchants have advertised that they will receive currency at par. PHILADELPHIA Oct. 20. Messrs. Farnam, Kirkham & Co., dry goods merchants, suspended and ask an ex tension.

16. October 31, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 31, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] ROUSE'S POINT, N. Y., Oct. 29.-The heavy rains have caused much damage to the Ogdensburg Railroad, delaying the trains several days. The loss to Champlain village is $50,000. NEW YORK, Oct. 29.-Money better, dull. The Bowery bank has decided to wind up its affairs. Specie of dull sile. Crops from the West are beginning to move bither. Sr. LOUIS, Oct. 29-Six feet water to Cairo. NEW YORK, Oct. 30.-The Herald says the Per. sia brought a large amount of certificates of deposit, accepted by the Bank of England and other banks to buy cotton and breadstuffs. Such certificates are held here at 7 to 8 cents premium. The Times was mistaken about the British mission. Sir Ousley goes as minister to Central America. Philadelphia, Oct. 30.-The Ledger contains the statement of the Bank of Pennsylvania. Their liabilities are about two millions independent of the capital. Assets one million and three quarters. It will probably go into legislation. LOUISVILLE, Oct. 30.-River 5 feet 3 inches water in the canal. Sterling nominal, and governed by the New York rates. 1 WASHINGTON, Oct. 30.-At the navy yards at Gosport, Philadelphia, and Pensacola respectively, will be constructed one screw propeiler sloop of war, one of the engines to be constructed at the Washington navy yard. The suspension of operations at the Charleston, Portsmouth, and Brooklyn yards, and the recent discharge at Goeport is temporary. The Secretary of the Navy means to keep the mechanics at these yards employed during the winter. Westervilt's sloop of war will be commenced immediately. NEW ORLEANS, Oct. 30.-Cotton-Sales of 2,000 bales. Prices unchanged. Sales of the week 15,200 bales. Receipts 26,000 bales. Decrease at this port 121.600 bales Decrease at all ports 203,280 bales. Stock 130,250 biles. Flour one shilling higher. Prime sugar 51.6. Sterling 95; nominal New York sight 5 per cent. discount. NEW YORK, Oct. 30.-Cotton quiet. Flour and sugar firm. Wheat 1 33al 50 for white, 1 23al 30 for red. Corn 73.75 for white, 70 for yellow. Mess pork $20 00a$20 25. Lird 9.121 Coffee 10}a 111. Molasses 37₫a40. Pig iron 28a29. Tallow 9094. CINCINNATI, Oct. 30.-Flour 4 00a4 10. Whisky 14% 15. Oats 34, White wheat 65a70; red 80a 85

17. November 3, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 3, 1857

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303,000 166,000 15,000 41,000 1856-7.. $0,000 288,000 229,000 33,000 34,000 1855-8.. 162,000 211,000 154,000 $8,000 13,000 1854-5.. 73,000 197,00 96,000 10,009 17,000 1855-4.. 71,000 282,000 21.000 155,000 17,000 1852-3.. 117.000 Thus the receipts show a falling off A 146,000 from those of last year, and 127,000 from 1852-3, and the exports exhibit the following results: Steck. Gt. Britain. France. Other F. P. Total 1856-7..Inc.37,000 Dec 22,00 Dec 3,000 Inc. 131,000 1852-3..Dec.S0,000 Inc..2,000 Dec.6,000 Dec.37,100 Dec $3,000 Pursuant to a call, a meeting of stockholders and depositors of the Bowery Bank was held yesterday at the Philadelphia House, No. 145 Bowery, to hear a report relative to the affairs of that institution, and to take such action thereon as might them be deemed expedient. Charles A. Purdy, eeq, of White Plains, was called to the Chair, and Mr. John R. Haywood appointed Secretary of the meeting. Mr. Purdy, on taking the Chair, stated the objects of the meeting, and then introduced to the assemblage F. W. Edmunds, esq., who, be said, had, at the request of gentlemen connected with the bank, prepared a statement of its condition to lay before them. Mr. Edmunds said: I ought in the first place to state, for the benefit of this meeting, that I am in no. wise connected or interested in the affairs of the Bank; I am neither a stockholder nor a depositor. The way I came to enter the business of investigating its affairs at all, was simply thus: After the suspension of the bank, I was called upon at my residence by one of the Directors, who, knowing that I had long been connected with the city banks, including the period of bank suspension of 1837, requested me to tell him how we proceeded in 1837 to resuscitate them, and what measures I would recommend to be pursued, in the case of the Bowery Bank-whether it could be resuscitated or not-if it could be resuscitated, what steps should be taken to effect that object. I told him that I could not tell him unless I should examine the books of the bank: if he had a mind to let me examine the books, I would then state whether, in my opinion, the bank was in & condition to be resuscitated. Subsequently the same party called upon me again, and requested me to go forward and make the examination which I proceeded to do, but not 80 thoroughly 88 I shouldhave done had I supposed that I should be called upon to make a public statement. The object of that examination was to ascertain whether the assets of the bank were sufficient to warrant the idea of starting business again. I made a report that they had not sufficient, and that they had not better attempt to go on, There is no doubt of one thing, viz: that the institution itself has & most excellent business; that after standing the run with other banks for some time, it still has on hand over half a million dollars; it would be & pity, therefore, to let the bank go out of existence; but whether you will go on with it, you must know how its affairs stand, and in order to avoid befogging you with figures, I will endeavor to make myself understood as succinctly as possible. Firstly, then, what are the liabilities of the bank ? Next, what has the bank got to pay those liabilities with 9 And, lastly, what is the value of the assets ? These questions may be briefly answered by the following statement of the affairs of the bank, as prepared Oct. 23, 1857:

18. November 22, 1857 The New York Herald New York, NY
Article from The New York Herald, November 22, 1857

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FINANCIAL AND COMMERCIAL. MONEY MARKET. SATURDAY, Nov. 21-6P.M. The stock market appears to have recovered its full tone and vigor. At the first board this morning the tendency of prices was upward, with more than the activity of the past day or two. Tennessee State 6's advanced 1 per cent; Missouri 6's, 4; Illinois Central bonds, 11; Chicago and Rock Island, 11; Delaware and Hudson, 4; Cumberland, 1; New York Central Railroad, 1b; Erie, 1; Harlem, 4; Reading, 34; Hudson River Railroad, 1; Michigan Southern, old, 11; do. preferred, 3; Illinois Central Railroad, 1; Cleveland, Columbus and Cincinnati, 1; Cleveland and Toledo, 14; Milwaukie and Mississippi, 2; La Crosse and Milwaukie, 1. Virginia 6's declined 1 per cent; Michigan Central, 8 per cent, new loan, 8; Cleveland and Pittsburg, 1. The movement in New York Central was quite active this morning, and was well sustained to the close. There were sales at 81 per cent, cash. In Reading the advance was of an important character, with very large transactions. In all the Western railroad stocks there was considerable activity, with an improvement in market value. In the face of such an abundance of money, with no way of giving it employment but by loaning on call, with stock securities as collateral, it could not well be otherwise than that an inflation should follow. There is a strong party engaged in the upward movement, and as they have the command of large resources, beyond their immediate means, it would not surprise us much to see them carry prices up to the points they fixed some weeks since. We should not be much surprised at anything that could occur in Wall street or at the Stock Exchange, and therefore look on calmly and see daily the most extraordinary operations in the way of speculation among the bulls and bears of that locality. Railroad stocks, which a few weeks since were in so much discredit, find purchasers now at prices ten, twenty and thirty per cent above those then current, and it would not appear at all strange to see them, within the next thirty days, run up five and ten per cent higher. At the second board the market was altogether better, and closed firm at our quotations. Michigan Central 8's advanced 1 per cent; Tennessee 6's, 2; Illinois Central bonds, 1; Reading, Michigan Southern, old, do. preferred, Chicago and Rock Island, 1; New Jersey Railroad, 1. There was no stock of consequence pressing for sale, and the demand was active. Most of the transactions this afternoon were for cash. The Assistant Treasurer reports to-day as follows :Total receipts $162,369 55 " payments 209,266 " balance 4,877,660 The steamship Adriatic, from this port for Liverpool carries out $380,946 in specie. We understand that the work of liquidation of the Bowery Bank is going on favorably, under the direction of Mr. J. A. Stewart, the receiver, and the assets are turning out rather better than was at first anticipated. He expects to be able to declare a dividend upon the debts of the bank within the next twenty days, and that this dividend will not be less than twenty-five per cent. The amount received for tolls on the canals of the State for the second week of November Was $85,696 In 1856 121,512 Decrease $36,416

19. March 5, 1858 The Daily Exchange Baltimore, MD
Article from The Daily Exchange, March 5, 1858

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we extract from the New York Herald's money article of the 3rd inst. the following: The Assistant Treasurer reports to-day as follows: Total receipts $56,029.89 Total payments 28,416.60 Total balance 3.151,581.83 The receipts to-day include $46,000 from customs. The steamship Moses Taylor, from this port for Aspinwall on the 5th inst., will take out about 400 passengers. The St. Louis, on Friday for the same port, has nearly as many more; and the Northern Light, which leaves on the 10th inst., goes out, we believe, full. The total number of passengers by these steamers will be about 1.500. This will throw a very large travel over the Panama Railroad, and largely swell the company's receipts. The Grocers' Fire Insurance Company has declared a semi-annual mand. dividend of six per cent., payable on deThe receiver of the Bowery Bank will pay a second dividend of forty per cent. on the ascertained claims against that institution, at the banking house, No. 153 Bowery. follows: The transactions at the Clearing House to-day were as Total exchanges $18,178,059.65 balances The Métropolitan Bank currency certificates now 1,110,252.61 held by the banks are reduced to $1,230,000, a reduction of $57,000 since yesterday. It will beseen that the Clearing House exchanges to-day were unusually large, The receipts of the Erie Railroad for February are stated to be $90,000 more than in the same month last year.

20. April 3, 1858 The New York Herald New York, NY
Article from The New York Herald, April 3, 1858

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-pmunuo required the Comptroller-The Manner In which He Discharges His Duties Related by Himself Conditions "IH The examination of Jas. B. Smith-formerly one of the sey 'pedents SI 11 em "I penumus SUM 'Amsuers AND em Sessions, before the Recorder. All the parties concerned were in attendance promptly at the hour fixed for commoq ne mg %01) superood em Bujonem HWJ em JOJ lesunco em jo m 1801 JO eq: arr en печм *puells on 2m Comptroller Flagg, the complainant, was resumed. Suppeds 0.10M OM 1991 ano TU 'SSUE' 'If o no Rung Aremon eq: of penssi 000'83$ JO ;unours site JO -ow anms seqs Moqs 01 '1991 Ortober JO 4121 em 1841 07 useu nox op tem jo $12.00 JOJ ou peq 11 quick 01 'Rueq eq: 04 penss 0.00M 000'IT$ 01 ребледо 100 88M pus em 01 penss SUM 000'TI$ 'V any account. em 01 pied 000'IIS em run Aug 01 used nos in o Bowery Bank were paid to it without any right on its part 1941 Ave JOHNSO Ij8 ON V IN receive 01 1857 Cotober's JO THE on TO 1507 Mony you nox od o -un ene JO creditor eq: SUM Bask Bower eq: weqs sumoure your 8 01 a A sep '08 useq casq ABUI 11 V $28.000 enp SWM your мод JO wepp us sn Bire son nod THE o our 18th marem em alou 01 88 08 'Aus equal 4q your the Corporation had right to issue A. There were numeemp up earn THE TO pieq rueq eq: 1941 mem 10 JO em etail pinoo sqot real our Supers 10 American em pinom " mg 'Maigh basis on which make my calculation 1 "II"M 'V our sn GA13 MOUN noA se Jej os o em 01 Suprosed 100.00 servent SUIS eq: uo think eq pinom check advaned 1891 'ethor epen USMH report SUM which Contract 100.119 puoces- em no '000'91$ Sumpling 19141 1,uop I mem 01 pensisse SWM 1891 require 1801 SUM enp earn IV -AMS our no 000'91$ 10 000'01$ euros permite ABOVE o second street contract? A. Yes, sir, and considerably more than stated on the Fifty seventh street contract; eq persons services em an THERE # si Liere em surveyors. PIP contract AUM eq: no your MOH o they claim more than you have mentioned? A. According 1020 "If jo stearms on 4q claim Som recolled Aux 01 JW pus eq: 10 peeq eq: JO eq: pus Turner in the aggregate, $76,000; Mr. Ewen's compute greds 1000'19$ eq prom DAJUS 419 or According 'non pied eq pinom suins which jo 100 em JO mother suriet Seneral u! sept us sn DATE nos o JO our uo queq our enp I'm 000'07$ JO 000'09$ em I'V the moths Obtober noo Bower em JO 1 as peq runq 'JOQWOAON 10 October a reque no they the $23,000. jo WILL em 1891 uo pped useq pay Supplou pay o 218 ON < Q. Then understand you to say that by this payment ITEM AHD eq: JO THAT em uo Rusq am 04 000'83$ jo prom " Twen MOUN 100 op I 'V shows 1 you Q. Has it lost anything by that payment of $23,000? 101911 pesodxe ST 11 you JO seq " not tourso 'V 18801 01 -W THE collugion Aue yusq our uodn noX oct o 'V gara more 000'87$ SITE urango 01 I the Aus uso ine charge 1841 1001 eur rains epsur AUB charge THE perjuned rusq our THE charge 01 used not oq o 'V geesedand JOJ 000' 11$ sup no 18 and -rem experiment Aw 01 ewice GARD 18q1 Store eq: required up Codrego Lue open 100 eAsy . gons THE eq1 JO Serveeds UIV STATE 9.18 nos yang the jo come am 01 eurso feqi 98 JRJ 08 " JOJ peter oqa persons SEM pus 'rueq eq, of JOAO ppd SEM 000 ITS em o snopxouqo JJ084 repues you 11 PIP 'mins 16q1 on you at sq object 01 puners 941 uo am JOJ jevance sq 01 persons SEM assum em noum 8 201 called 31 1841 uogsonbs gone 1601 esnweed 06[8 pus 'my as 100 our 4q percess eq you pinoo SVM uopdeoxe us pms em permans Code OUL taken 18 THE -N 'sma -N JO metter sign 03 uj o 203 check pus spuoq m 008 88 JO signoms these each the 'JOM08 100218 mage America eq: 01 charged Mere 009$ yonur " 01 And ets 01 creditor SHIN W you sem "ajs great usq 'V ;unours Yes, uSpsse OSTE SEM contract 1841 'V течм TO o ed to the Bowery Bank. 11 SWM :AHO our 0; credito 8 09 SEM ;unours TSQM OL o SEM 11 V 6000'01$ JO a eq1 up 10 000'8$ 'roup I 'DVM " :my 01 pred 1mount am '000'01$ 008'8$ equal 20 pied signature these arem were 0 'etsp am recebert MOC 100 op V 2009$ eq: per oad SUM 11 'V ut 111 SUM 4:20m 18qM up o 01 monum 18q3 JeMsus 100 pinoo 01 snoja Q. Do you charge Mr. Ellis with having conspired with mosj 1 006 JO ;unours this upriqo 01 Think un and ean Objected to and objection sustained. Exception taken. "IN or questind sun &q Sayon the 1901 and em SWH 0 THE Objected to. Sustained. Exception taken. you 118 no ema prom eq plus Recorder end THE pus THING JO 10 uns em uodn Suppect patrick jo uexods ever nos em 01 "I o * ueeq Allowed pay pas mins Deemined Coderstion eq: THE Objected to and sustained. not 164) 009$ jo symours 0.00 01 relation uI is 1, UOP IV gino UMEJP Sem 0.00 M neqm 'JO dates. esoqi recolled details eq: 'V 6003 1881 " SEM o 07 persodde should eseq: eurns em 18 W PH o 100 Builand moon ou mig on prud useq DAVE en recorder 1,00p I 'V george mos more Aenour org 'shooq Nujdees adeoxe page Q. Were there not from time to time different small ex penses in your office which he had a discretion about meeting or paying? A. None in 1857 that recollect tome equal 100 FEM qons reqs des 04 used дор nox o good UIV I 'V an requirement uop nos (sq) mereing 1667 at 100 pay au 1841 DAN " directed nod II sup pood 08 recorded 4004 SI o Themes Mou prom nos OM1 MED of THIS -J0 and JO seeming em JO Amount eq: n° preme " der fice? A. might not Q. When ou signed the warrant for Fitzpatrick, dated nos PIP '16 062'99 01 Supunome 'L981 November 4111 touop request resely AJ9A I 'V as read = ref sign pourts no4 reqt botter anos SI o ou eAsq 'V goan 041 IV su jo a Zujeq doubt they were stated to me by Mr. Smith at the time. JOJ colleted SEM 100000 sign 1941 nos piot eq 11 0 work on the Forty fourth street contract, were you able JOJ Sujop 10 euop MIOM your SUM Liere THIS requester 01 you progrably No. 'V Joun 10 AHD em nox smp our 18 nos 01 on compond eq PMI 0 MI Jo Aue monum 11 najs non PIP 10 " paazis correctoess? A. cannot remember individual cases, 01 earn our TO SUM blere ---- mojeno em mg mag 01 am 154M to MOU on DARY nox 0 when you signed this warfant? A. No particular recol18q1 u) [ on nos pay exems jo 1 en o bookkeepers in your office? A. Yes.sir. ** pus mus V Seq: DIAM OUM o em bookkeeper. Request 08 eoggo and m, jo sagnp eq: Mere o smon ion pineo 80018 Perchase - will Objected to. Objection overruled. A. Mr. Pinckney could not keep all the separate books am u) 001 there SUM 20 siq jo no aside 1847 PHI o as 103 qoing Objected to and sustamed. on jo committee 6 02 ion nos PIC O вошо " am THE INJ jo course on as -09 am deex 202 prinoo Log: 1891 мэ; 08 010M *** Supplier JO 0301 ajunoo 1,00p V Q. Do you remember the committee, consisting of Mr. into 1991 impuning Jamo OM1 pas Franklin 'sox 'V and 1891 JO asmoo on at ecgjo mos JO вледа em 'Jj8 Q. Do you remember stating to that committee that 09 'sogo anod up 20000 jento sm JO S.10.110 'V group 01 00201 you peq nos comeo No. sir Q Did you complain to that committee, or any of them, mos deer 01 00201 100 peq not seq: persions to pus 04 JO jo Committee am 01 100 nos Pid o some of that committee on or about October last, that 01 ecgo mos 01 clerks jo Forde you SUM and jo eur e) page pus 'shooq correct been office were therefore unavoidable? pus 01 include . exem SEAL 1991 jo eq: as 0 jo commission eq: 01 inof 41 Clerks jo 30103 'sex Y ¿** mos JO em IIW an Aas 118 of REM 1991 01 contract Supprise a o u; 10N 'V tou ITEM # 10 our Am

21. April 8, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 8, 1858

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SUPRYME COURT-CHAMBERS-Aprit - 7.-Before Judge DAVIES.-STAY OF PROCEEDINGS ON APPEAL. Jas. Watt, jr., agt. Archibald Watt. The appeal in this case is upon 8 decree at Special Term, directing the sale of real property. The appellants desire a stay of proceeding on an undertaking Executed by two sureties, that they will pay all costs and damages which may be awarded "egginet them on said appeal not exceeding $250." Section 338 of the Code provides in a case like this. that the proceeding. on the judgment shall not be stayed. unless & written undertaking abal be executed on the part of the appellant, with two suretice. to the effect that during the porsession of the prop erty by the appellant, he will not commit or suffer to be committed any waste thereon, and that if the judgment be affirmed he will pay the value of the use and occupation of the property from the time of the appeal until the delivery of possessi on thereof, pursuant to the judgement, and when the judgement is for the sale of mortgaged premises, and the payment of a deficiency arising upon the sale the undertaking shall also provide for the payment of such deficiency. The sum to be named in the undertaking must be fixed by s Judge of this Court. The only discretion given to the Court in reference to this sub. jeet is that conferred by section 339, which authorizes the Court to limit the tecurity to an amount not less than $50,000, when, in pursuance of the previous section S33, it would exceed that FUID. It is quite clear that the undertaking now presented does not at all conform to this section of the Code, and dees not authorize the stay of preceedings asked for. It must be an undertaking such as is provided by section 338; and for the purpose of fixing the suin to be inserted in the under taking, a reference is ordered to Judge Cowles to ascertsiu the proper sum to be named therein. conformable to these provisions. If the amm should exceed $50,000, it is in the power of this Court. on good cause shown, to reduce the amount to that sum. That is the extent of the discretion vested in the Court. A. E. Cover for the motion; D. D. L rd opposed. DECISIONS. Adolph Faureant. Thomas Addis Emmet and others. Petition to be made a party defendant in a fore. cicsure suit after decrece of sale. under sections 118, 119 and 122 of the Code. The suit in this Court was to foreclose the equity of redemption of the mortgager, and to cut off the claims of those who bad acq Ired bee quent lieus. It would present incongruour issues to havein that suit a litigation as to the disposition of the mortgage fund. The present parties to that suit except the plaintiff, have no intere et in that question, and could not with propriety be made parties to such a controversy. An order may be made din cting the deposit of the mortgage money, and the interest the reon collected in this suit, with the New-York Life Insurance and Trust Company. to shide the further order of this Court. If the petitioner CAN establish her claim to the same, she is at liberty to institute A suit for that purpose. Motion denied. Wm. E. Curtie for the motion. Miller and Devlin opposed. John A. Stewart, Receiver of the Bowery Bank, agt. James B. Price and others The plaintiff's motion for leave to strike out name of William Levens from summons and complaint, and substituting is its place the name of Adam W. Trumbull, is granted. The case of St John agt. Denison, 9 Howard's Pr. 3H. and the cases there cited are decisive of this motion. Mr. Slosson for motion; Mr. Wightman opposed. Joseph Lawrence et al. agt. Hiram C. Bennett et al. -Metion to place cause on special calendar granted. James B. Hulhn agt. James Foster, jc., et al.--Motion denied. Before Judge CLARKE Andrew L. Pudney et al. agt. John W. Griffith et al. -Order set aside, with $5 costs.

22. May 3, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, May 3, 1858

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Mr. Charles Devlin, after being kicked out of the office of Street Commissioner, now has the effrontery to tender to the Mayor a formal resignation, and magnanimously withdraws all legal proceedings, undertaken or threatened, to sustain his claim to the place from which he was regularly expelled two weeks ago. In this post-mortem letter, which he insolently dates from the "Street "Commissioner's Office," Mr. Devlin professes to have at heart the interests of the poor laborers and his fellow contractors, whom he does not wish to keep longer out of work, though he unwittingly gives a reason more consistent with his character, in the addition that litigation to test the regularity of his expulsion might use all the term for which Wood appointed him, so that even if he should win he would be officially dead before the verdict could be rendered, and so gain but a barren victory at last. And with one more long lingering look at the sour grapes swinging just out his reach, he further says, that the office and its patronage are not of "sufficient importance to me to induce me to re- "open a litigation which, in depriving so many " of my friends of employment, would take away from some of them at least the only means of supporting their families. Influenced by these "considerations, and others not necessary to be al- "luded to, I have concluded to tender to you my resignation of the office in question." This letter, which was carefully prepared for the public eye, does not give the real reasons which have induced Mr. Deviin to abandon his struggle for the office. The considerations "not necessary to be "alluded to" explain the true motive. These considerations, if rumor may be relied upon, are, firstly, the payment by the city of all Mr. Devlin's expenses in fighting Conover, which are rated at about $20,000; and secondly, the suspension of all proceedings at law which might result in a criminal procseution or a civil suit to recover damages for the city against the great contractor. This supposition is rendered the more probable from the fact that Mayor Tiemann has withdrawn from the Grand Jury the papers containing the foundation for the charges made against Devlin by the Mayor himself, and on which he based his removal. Scarcely three weeks ago the Mayor found it difficult to believe that Devlin's connection with the frauds charged upon the Street Department was susceptible of explanation, adding that his (Devlin's) attention had been called to them, but he bad failed to say anything, and even refused to answer before a Court; and in view of all this Mr. Tiemann asked his dismissal because it was "impossible with any self-respect, or in view of "our responsibility to the people," to retain him in office. He was dismissed; not a single vote appearing in his favor. The papers were then sent to the Grand Jury, with a view of recovering from Devlin and other parties interested (if a case could be made) some of the money wrong- fully or fraudulently paid for alleged street work. As a specimen of the presumptive evidence of Dev- lin's complicity in such matters, we may mention that he was the indorser of eleven notes drawn by J. B. Smith, the clerk lately in the Controller's office now under examination on a charge of for- gery. These notes amount to $23,000, all of which were discounted to Devlin. Up to the time of his appointment they amounted to only $2,700; on the 16th of June last, the day Devlin got pos- session of the Street Commissioner's office, he in- dorsed Smith's note for $4,258; a week afterward, another for $4,307; three weeks later, $2,000; in four weeks another for $5,000, and on the 1st of September $5,000 more. The operation seems to have been suspended only by the failure of the Bowery Bank. Now, Mr. Devlin, who has pro- fessed so much anxiety to meet and confound his accusers, may be perfectly innocent in the matter; but if so, why did he not show the fact on the ex- amination in the case of Smith, where he had the best possible opportunity? Why did he not then show that the $10,000 forgery charged upon Smith had nothing to do with Charles Devlin's indorse- ments for Smith and Fernando Wood, then falling due and going to protest in the bank above men- tioned? Further investigations into the accounts of the Street Department have shown that for years past a regular system of false accounts has been carried on with the knowledge and by the connivance of the contractors; that they have had their bribed accomplices in places of trust so trained as to deceive the financial officers of the city and swindle the treasury at pleasure; that when they had made a miserable sot of one young man, they fastened upon another, and by constant vigilance managed to keep the way to the money-bags open to those in the secret. There is not a shadow of doubt that these fellows for ten years or more have kept up a regularly organized conspiracy to plunder the property owners and the city at large; that men high in social and financial standing have been hand and glove with them, and

23. October 2, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 2, 1858

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The following is the form of the scrip which will be issued on the 10th inst. by the Illinois Central Railroad, as a dividend from the canceled bonds: ILLINOIS CENTRAL RAILROAD COMPANY. CANCELED BONDS SCRIP. 1858. No. Issue A. of the Bonds of this Company Whereas, at this date, $ have been purchased with the moneys received from the sales of its lands, and have been canceled, being equivalent to $5 per share on shares of the capital stock of the Company, and being the holder of shares, this certificate, transferable by representing dollars, is issued to power of attorney. This scripis entitled to the payment of the same rates of cash dividend as may hereafter be declared on the shares of capital stock of the Company, reserving to the shareholders at any general annual meeting the power to declare whether such scrip shall continue in its present existing form.or be amalgamated with the general stock of the Company, under such arrangements as may then be deemed advisable. Treasurer. By order of the Board, Secretary. It will be seen that this scripstock is only entitled to cash dividends, having no interest in bond dividends which may be hereafter made by the Company, although the stockholders may, at an annual meeting if they so elect, amalgamate this stock with the general stock of the Company. This scrip is not, as some members of the Board of Brokers suppose, receivable for installments which may be called by the Company. Messrs. Thompson Brothers state were is a still further decline in Land Warrants, owing to large amounts being pressed upon the market in the absence of a demand. We quote to-day: Sell. Sell. Buy. Buy. 70 75 90 00 120 acres 40 Bcars 85 30 80 80 acres 85/160 acres There is more enquiry for the new government loan and some parcels have been bought at 1031 a 103g for remittances to Europe in the place of Sterling. Treasury notes are also more active and some parcels have been taken for the same destination. The loan of about $300,000 sold within a day or two at a tenth discount for 412 per cents, and par, and a tenth premium for 42 per cents. The 3 per cents sell at about 20c. discount for Custom-House purposes. The third week of September on the Michigan Central Road gives $50,006 receipts. The three weeks add up $153,000, against $301,828 in the whole month last year. The September earnings of the Fort Wayne and Chicago will be about $160,000. The extension of this road to Chicago, it is supposed, will be ready about the 10th November. The business of the Clearing-House was $17,726,000. Mr. Stewart, the Receiver of the Bowery Bank, has declared & dividend to stock holders of 20 ₽ cent, and anticipates that the assets will yield about 10 ₽ cent more. The entire admitted debts of the Bank have been paid in full. When the Bank failed, it was supposed that the whole capital was lost. The interest due 1st October on the bonds of the Kenosha, Rockford and Rock Island Railroad will be paid at the People's Bank. A meeting of first and second mortgage bondholders of the Covington and Lexington Railroad is called at the Burnett House, Cincinuati, on the 6th inst. The Cahawba, due here from New-Orleans, has $200,000 in specie, probably Mexican dollars, on board. The Vanderbilt to-morrow will take some gold. The deposits in the Philadelphia Mint in September were $807,514, of which $714,354 was silver. The coinage was $576,220, of which $326,000 was silver. The following are the receipts on the Morris Canal for the week and season to 25th inst., as compared with corresponding time last year: $218,928 96 Total to Sept. 19, 1857 7,828 96-$226,757 92 Week ending Sept. 26. 1857 181,585.76 Total to Sept. 18, 1858 9,274 43- 190,860 24 Week ending Sept. 25, 1858 Decrease in 1858 $35,897.68 The Marine losses in September were $1,128,200; and the aggregate for nine months, $6,848,391 against $14,758,300 same period of 1857. The Suffolk Bank of Boston keeps up its crusade against such banks as have transferred their accounts to the Bark of Mutual Redemption. On Wednesday a messenger from the Suffolk Bank visited the New. market Bank, in Newmarket, N. H., with $20,000 in bills of that institution, and demanded the specie. The coin was paid promptly, but no sooner was it in the possession of the messenger, than $5,000 of the amount was attached by the sheriff of Rockingham County, to satisfy a suit of the Newmarket Bank against the Suffolk for illegal and improper annoyance. The Bos. ton Ledger states that the Suffolk Bank will probably decide immediately to notify all the New-England banks that they propose to give up the business on and after thirty days from the time they notify. This is not likely, In the case of the Lowell Bank, against the Suffolk, Judge Bigelow decided. In this case the Suffolk Bank is not bound to sur