15548. Canal Street Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: June 5, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 6cb0780a

Response Measures

Full suspension, Books examined

Other: Voluntary liquidation declared by directors; receiver later appointed and dividends paid during liquidation process.

Description

The Canal Street Bank (a state banking concern) experienced deposit withdrawals and a reported run in early June 1893. Its Clearing House representative (the Shoe and Leather National Bank) refused to clear for it, precipitating the bank's directors to vote voluntary liquidation and the State examiner/receiver to take charge. A receiver was appointed June 10; depositors were paid by dividends but the bank did not resume normal independent operations (closure under receivership).

Events (3)

1. June 5, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Crowd of depositors (large deposits and visible crowd) led someone to report a run; reports spread and prompted action by correspondent bank.
Measures: Directors met; president and officials communicated with Shoe and Leather Bank; later directors resolved voluntary liquidation.
Newspaper Excerpt: Some one saw the crowd at the bank and sent word to the Shoe and Leather bank that there was a run on the Canal Street bank
Source: newspapers

2. June 6, 1893 Suspension

Cause: Correspondent
Cause Details: The Shoe and Leather National Bank (its clearing/clearing-house representative) refused to clear for Canal Street Bank, making it impossible to continue; inability to secure another agent precipitated voluntary liquidation.
Newspaper Excerpt: The Canal Street Bank . . . will close its doors today and go into liquidation. . . The immediate cause of the bank's trouble is the tight money market, which impelled the officers of the National Shoe and Leather Bank . . . to decline further to act in that capacity.
Source: newspapers

3. June 10, 1893 Receivership

Newspaper Excerpt: State Examiner Preston took charge ... Deputy Attorney General Hogan made application ... Mr. Antonio Rasines ... was then appointed receiver, to give bonds in $100,000 and to deposit all funds with the Union National Bank . . . an injunction was also granted enjoining all creditors from bringing action against the bank.
Source: newspapers

Newspaper Articles (22)

1. June 6, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 6, 1893

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The Clearing upon to take any action on the notice that was sent out by the National Shoe and Leather Bank that it would no longer clear for the Canal Street Bank. The notice did not create any material excitement in Wall-st. It was so small an institution that Wall-st. men were not much interested in it. as it was in no way thought to be affected by the condition of the stock market. William D. Van Vleck. the cashier of the Shoe and Leather Bank, said to a reporter yesterday; "The bank has been putting out a good deal of money lately. and on account of the stringency in the money market we decided to suspend clearing for the Canal Street Bank. We practically ceased representing that bank in the Clearing House to-day, but we will take all the checks that come in to-morrow."

2. June 6, 1893 New-York Tribune New York, NY

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FO CLOSE! ITS DOORS. THE CANAL STREET BANK OF THIS CITY WILL GO INTO LIQUIDATION. ITS PRESIDENT SAYS THE BANK IS SOLVENT AND DEPOSITORS WILL BE PAID IN FULL-BUSINESS NOT PROFITABLE. The Canal Street Bank. a State banking concern at No. 206 Canal-st. will close its doors today and go into liquidation. The immediate cause of the bank's trouble is the tight money market. which impelled the officers of the National Shoe and Leather Bank. its Clearing House representatives, to decline further to act in that capacity. Notices to this effect were sent out by the Shoe and Leather Bank yesterday afternoon. The officers of the Canal-st. institution were indignant when they learned of this. and a meeting of the directors was called to be held yesterday as soon after banking hours as possible. The bank's officials declare that none of the depositors will lose a penny, and that the stockholders will not lose more than 20 per cent. The bank was established in 1890, and did a fair business in the dry goods district until the recent stringency in the money market. The president is Antonio Rasines. Its depositors recently began to draw out their money. and the calls for funds from the banks with which it did business increased Its capital stock is $100,000. and the deposits averaged about $500,000. Yesterday the Canal Street Bank applied to the Shoe and Leather Bank for a loan of $50,000. offering as security paper representing in value several times that amount. The reply that the bank received was the announcement that the Shoe and Leather Bank had sent out circulars declaring that after to-day it would not act as its Clearing House agent any longer. It was at first the intention of the Canal Street Bank officials to secure another Clearing House agent and go on, and the meeting of the directors was called for this purpose. The board of directors is composed of the following: Simon Adler, P. Caponigri, Leon Cohen, Charles S. Freman, Vernon M. Davis, Albert 11. Frost. L. Forman Frechtman. Harvey W. Hall, S. Klingerstein, Antonio Rasines, Henry C. Miner, George Silva and Aquilino Zuricalday. Those present at the meeting were Antonio Rasines, president : Harvey W. Hall, Vernon M. Davis, A. 11. Frost, P. Caponigri and Charles W. Davton. who appeared as counsel. John M. Crane, president of the Shoe and Leather Bank, was also present. The meeting lasted two hours, and at its close the following resolution was 18sued: Wheteas, Although this bank is entirely solvent and able to pay the depositors in full, yet it appears that its business is unprofitable to its stockholders: therefore be it Resolved, That the Canal Street Bank go into liquidation." This must not be regarded as a suspension," said Mr. Rasines, We are able to pay dollar for dollar to our depositors, and have no need to suspend. But feeling that the business will not pay we voluntarily go into liquidation. Financially we are as solid as rocks. Now the liquidation has of course been brought about by the refusal of the Shoe and Leather Bank to clear for us. Of late the money market has been extremely stringent, our deposits decreasing and discounts increasing Whenever we were short of money the Shoe and Leather would clear for us. To-day we asked for an advance of $50,000, but they declined to let us have it, although our securities in stocks and bonds covered the amount of the loan tentoid. Why they should have taken this step it is difficult to see. The bank examiner will make an investigation into the circumstances. and in due course a trusted will be appointed. Whether we shall resume depends upon results, but it is certain that every depositor will be paid in full. In all probability when the at fairs of the bank are wound up the stockholders may lose 20 per cent. The last statement of the bank's financial condition was issued on March 13. It was issued to Charles M. Preston, the State Superintendent of Banks, who will probably be called in to make an examination. That statement was as follows: ASSETS. Loans and discounts less due from directors $454,659.08 13,133.18 Due from directors 2,422.32 Over drafts as per schedule Due from trust companies, State and national -6,735.05 banks €8.412.50 stocks and bonds as per schedule

3. June 6, 1893 The Sun New York, NY

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CANAL STREET BANK CLOSES. GOING INTO VOLUNTARY LIQUIDATION $423,000 DUE DEPOSITORS. Rasines Says Depositors Stockholders will President In Full and that A Long he Paid Get so Per Cent. Anyway Business. Discount win Line and Lessening Antonio Rasines and P. Directors CampoPresident M. Davis. Harry W. Hall. Canal Vernon and Albert H. Frost of the little corner of nigri. Bank met in the bank at the banking Street Mulberry streets after following hours Canal and yesterday and adopted the resolution: Although this bahk is entirely appears solvent that and Wherea'. depositors in full. yet therefore, able to pay unprontable It to its stockholders; into volunbusiness Resolved. is That the Canal Street Bank go tars liquidation. was caused by the refusal Broadway of the to This step Leather Bank of 280 agent for Shoe and act as Clearing House of the continue Canal to Street Bank and the inability the bank to secure after another 1 o'clock agent. in the afternoon on the it Shortly reported that there was a run of the had been Bank. The President sent Canal and Street Leather Bank. John M. an Crane. interview for Shoe President sent Rasines. out by and the after Shoe and would Leather no notices Bank that were the Canal Street Bank longer clear out through these it. notices." said President because We sent reporter of THE SUN. his bank Crane to Rasines a informed me liquidation. that and President to go into voluntary The Canal proposes redemption agent. liberal in the will need Bank no has been a little too have run Street discounts. and its deposits $600.matter of like $420,000 from candle at down to something thus been burning the 000. It has advised n voluntary liquidation. will conboth Mr. Rasines ends. I is an honest man. and he statement firm this statement. after he made this directors Half Crane an hour was closeted Board with room the of the Presi- Canal first Mr. named Bank. in with the Charles who W. had Dayton. been called dent Street Rasines's lawyer. President Rasines there being showed President into the council. Crane that instead had been of received $11,800 in run on the during bank. $80,000 the day. that against the Shoe and deposits withdrawn. and continue he asked its relations with refused. the Leather Bank President Crane House Canal Street Bank. secure another Clearing agent An While effort failed. this to and consultation that heard ended was of it. the going difficulty. on. grew deswarmed positors. who into the had bank. that until it had the to crowd be forcibly them to such proportions were told that none were of Jewish expelled. All Most of them neighborwould lose a small cent. merchants of the the reporter: and hood. Italian President Hasines President said to Crane by of tele- the 1 was called afternoon. up by and he told no me run. but phone this run on us. There the was rumor might rumor of a was afraid that to know our one. and 1 told him condition. the result that he The precipitate Mr. exact Crane with House He wanted representative. refused every- what to act it was. as our Clearing solvent and will liquidation. pay bank is perfectly is forced to a rapid to sacrifice body, unless stocknolders it may have The capital twenty when the percent of The their fact stock. of the matter it for- 16 stock is $100,000. not been so good mostly as east our business Our has depositors and are manufacturers. side merly Jewish was. merchants in the furniture line. That Business means We have many with everybody been has that been deposits bad $600,000 fallen to off. $425.000 Ours have in we about have reduced from months. It means longer also than that usual. We thirteen to carry customers liberal in discounts. could Money not afford have had had to to be be had. Our that customers reason. We could notes was meet not their to paper lose their for custom. and their about were not renowed owes the Shoeand Leather holds ample $40,000. Our bank for the which shade the of latter about in best $350.000 raflroad no of security receivable in and $40,000 We have no statement stocks. industrials. first bills mortgage 13. We bonds. One have was made asked we have no for on not Satur- had day since by March the department. and now but Superintendent. bank is to be it time to makeit. to the Bank make it. It is enough will given not over be necessary March to statement showed And that a to say that our something like $8,500. a deficit of surplus condition of to-day tockholders. indicates The bank be our $20,000 about as 815 regards depositors. all of whom Twelfth will had paid in full. Rasines said Twelfth that Ward the Savings Ward President Ba! both k and of which the institutions the liquidation he is a of the director. Bank. of will not Bank. suffer and by that his loss individual on his Canal Street effected only about by his $2,000. The credit which will be will be only Canal Street Bank. he said. bills $450,000. financial stock. assets receivable. of the which will amountto and all something are like Clearing House rules the to Shoe clear Under the National Bank Canal will have Street Bank de- for posited checks Leather yesterday Against the which may be presented collection This was to-day. the March ARSETS. statement:

4. June 6, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, June 6, 1893

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LONG LIST OF FAILURES. I A Big Chicago Banking Concern Closes Its Doors-Runs on Other Banks. CHICAGO, June 5.-Meadowcraft Brothers & Co., private bankers, doing a commercial paper business, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities are not known. Lyman F. Crandall has been appointed receiver. PANIC AT CHICAGO. CHICAGO, June 5.-The State Bank of Commerce is experiencing a heavy run this afternoon. It started just before noon. Its annual report made to the state auditor on May 10, showed deposits of $1,200,000, surplus and undivided profits of $25,600, against which it had about $300,000 in cash, the balance being covered by loans and discounts, overdrafts and bonds. SANDUSKY BANK CLOSES. CLEVELAND, June 5.-The doors of the Sandusky Savings bank, which closed Saturday night upon what was generally supposed to be one of the soundest and safest institutions of the city, were not opened this morning, but displayed the following announcement: "Owing to inability to realize upon assets at this time, this bank has been compelled to assign. All depositors will be paid in full." Some heavy demands upon it during the closing days of last week, however, precipitated the crisis this time. KANSAS GRAIN COMPANY HAS FAILED. KANSAS CITY, Mo., June 5.-The Kansas Grain company, a big commission house with branches all over Kansas, has failed. RUN ON TWO MILWAUKEE BANKS. MILWAUKEE, June 5.-A run is now_in progress on the South Side Savings bank. There is a slight run on the Second Ward bank, but the demand on the Commercial bank seems to have subsided. Affairs at other banks are about in their normal condition. RUN ON A CHICAGO BANK. CHICAGO, June 5.-A run on the Prairie State Savings bank, which started Saturday, was resumed this morning. WILL NOT CLEAR. NEW YORK, June 5.-The Shoe and Leather National bank gave notice that it will not clear for the Canal street bank after to-morrow. This will make it necessary for the Canal Street bank to go into liquidation. Its deposits are about $450,000. The notice was only sent out late this afternoon. Ii was not the regular notice, but merely a warning to other banks not to take any checks on the Canal Street bank, and the regular notice that the Shoe and Leather bank would cease to act as the redemption agent for the Canal Street bank would be sent out later in the day.

5. June 6, 1893 New-York Tribune New York, NY

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THE NEWS THIS MORNING. Foreign.-Mr. Gladstone accepted an amendment to the Home Kile bill forbidding the Dublin Legislature to deal with the extradition of crimipals: an amendment prohibiting that body from appointing judges and magistrates was lost. == The Valkyrie again defeated the Britannia, the Calluna and the Iverna; the Satanita was disabled. People are dying by thousands from cholera in Asiatic Turkey. === Mr. Edmund Yates writes of the World of London. Domestic -President Cleveland announced that he would call an extra session of Congress between September 1 and 15, unless circumstances should 'make an earlier meeting necessary.= Meadoweroit Brothers, private bankers, of Chicago. failed with liabilities estimated at $450,000. === There was a run on all the savings banks and State banks in Chicago.===== The exhibits of Queen Victoria of Great Britain and Queen Margherita of Italy were opened at the World's Fair.== The graduation exercises at West Point were continued. - The new steel gunboat Machias arrived at New-London, where she will have her trial trip on Thursday or Friday. City and Suburban.-The Infanta Euialio started for Chicago on the Fennsylvania Rail=== The second annual Open Air Horse road. Show was opened. === New-York defeated St. Louis by a score of 10 to 5 at baseball, and Brooklyn lost to Chicago by 7 to 5. -- The directors of the Canal street Bank announced that the doors of the bank would be closed to-day and the concern would go into liquidation. Charles W. Dayton was appointed Postmaster of The commission appointed by New-York. Mayor Boody to investigate the charges against the Brooklyn Fire Department made its report. === Winners at Morris Park: Chesapeake, Roller, Melody, dead heat between Raceland and His Highness, Knick-Knack colt. Bandit. Stocks were dull and irregular, but the close was strong and generally higher on a revíval of rumors of some action by the Administration to relieve the situation. Money on call was 2 1-2a3 per cent; foreign exchange was firmer. The Weather.--Forecast for to-day : Showers: cooler south to west winds. Temperature yesterday : Highest, 93: lowest, 68: average, 79 5-8.

6. June 7, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, June 7, 1893

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CAN PAY DOLLAR FOR DOLLAR Queer Way in Which the Canal Street Bank Was Forced Into Liquidation. NEW YORK, June 7.-State Examiner Preston took charge of the affairs of the Canal Street Bank, at No. 206 Canal street, at 9 a. m. The bank went into voluntary liquidation, because of the refusal of the Shoe and Leather bank to clear for the Canal Street bank. President Rasines said that the action of the Shoe and Leather bank came about in a curious way. He said that the Canal Street bank was filled with persons Monday who were depositing money, as much as $86,000 being deposited. Some one saw the crowd at the bank and sent word to the Shoe and Leather bank that there was a run on the Canal Street bank, hence the action of the Shoe and Leather bank. President Rasines said that by going into liquidation the bank can pay dollar for dollar, unless the liquidation is forced, when there would be a loss. The bankowes $400,000 to depositors. It can raise $100,000 cash. The actual assets are $500,000.

7. June 7, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, June 7, 1893

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CAN PAY DOLLAR FOR DOLLAR. Queer Way in Which the Canal Street Bank Was Forced Into Liquidation. NEW YORK, June 7.-State Examiner Preston took charge of the affairs of the Canal Street Bank, at No. 206 Canal street, at 9 a. m. The bank went into voluntary liquidation. because of the refusal of the Shoe and Leather bank to clear for the Onal Street bank. President Rasines said that the action of the Shoe and Leather bank came about in A curious way. He said that the Canal Street bank was filled with persons Monday who were depositing money, as much as $86,000 being deposited. Some one saw the crowd at the bank and sent word to the Shoe and Leather bank that there was a run on the Canal Street bank, hence the action of the Shoe and Leather bank. President Rasines said that by going intoliquidation the bank can pay dollar for dollar, unless the liquidation is forced, when there would be a loss The bankowes $400,000 to depositors. It can raise $100,000 cash. The actual as sets are $500,000.

8. June 7, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 7, 1893

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CRIPPLED BANKS. Small Country Banks in Wisconsin Suspend Payment. NEW YORK, June 6.-State Examiner Preston took charge of the affairs of the Canal Street bauk, at 206 Canal street, this morning. The bank went into voluntary liquidation yesterday because of the refusal of the Shoe and Leather bank to clear for the Canal Street bank. Two RIVERS, Wis., June 6.-The Bank of Two Rivers failed this morning. A statement from the officials as to the cause and condition of the bank cannot be had, as the cashier and principal owner, David Becker, is not in the city. MILWAUKEE, June 6.-The flurry in financial circles of last week has passed away. This morning there is not a run on a single bank in town. The Commercial, Second Ward and South Side Savings banks present their usual appearance, and confidence seems to have been completely restored. It was thought that the flurry in Chicago would have its effect here, but its influence does not seem to have been felt at all. TOLEDO, O., June 6.-A Blade special says the savings bank of Andrew Sauer, at Defiance, failed. Particulars soon as received. Liabilities, $100,000. TROY, N. Y., June 6.-The affairs of Neher & Carpenter, brokers and private bankers, who failed some time ago, are not in an encouraging condition. The liabilities are about $235,000 and the actual value of the assets $131,000. Neher & Carpenter were the Eastern agents of the North western Guaranty Loan association, of Minneapolis. MILWAUKEE, June 6.-A special from Manitowoc, Wis., says the State bank in that city has closed. Its capital stock was $50.000, and the surplus $10,000. The Manitowoc Savings bank is now experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands. SPOKANE, Wash., Jnne 6.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by the quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.

9. June 8, 1893 Audubon County Republican Audubon, IA

Article from Audubon County Republican, June 8, 1893

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AUDUBON, AUDUBON CO., IOWA, THURSDAY. JUNE 8, 1893 NEW YORK BANK FAILURE. GRAND JURY AFTER BANKERS WILL CALL CONGRESS Plankinton Failure of Milwaukee to be The Canal Street Bank Forced to Ge Investigated. Into Liquldation-Other Failures. SPECIAL SESSION TO BE HELD ERAL NEWS MILWAUKEE, Wis., June 7.-The NEW YORK, June -The Snoe® and IN SEPTEMBER. Grand Jury called to investigat the Leather National Bank gave notice that it would not clear for the Canal causes leading to the many big fires was convened and with it came a senStreet Bank. It was not the regular President Cleveland Sets All Doubts at sation. In deliverir his charge to notice, but merely a warning to other Rest by Announcing that He will the jury Judge Waller read the statbanks not to take any checks on the Summon Congress to Meet Not Later Canal Street Bank. The Canal Street utes referring to the obtaining of than Sept. 15. credit by false pretenses and to the Bank has been hard up for money for acceptance of deposits by banks when some days. The president of the the officials know that the bank is not Canal Street Bank is Antonio Rasires. Booth, the greatest tradegian WASHINGTON, June ?,-The Presiin a sound condition. He told a reporter that the bank was e, died on the morning of the dent said to-day, in reply to a direct The first clause refers to Frank A. solvent, but if it could not get temquestion by a representative of the apartments at the Players' Lappen and the second to the officials porary assistance it would have to go Associated press, that he intended to of the Plankinton Bank. It is said into liquidation. New York, which lie had call an extra session of Congress not The Sheriff received two attachthat Lappen many strange tales The actor's illness had been earlier than Sept. 1 nor later than to obtain money. and directors of the ments against Schaffner & Becker, erable duration, as for weeks Sept. 15, unless unexpected contingenPlankinton Bank knew the bank was brokers and bankers of Chicago, III. cies should necessitatean earlier meeteen on the verge of the grave, shaky several days before it was who assigned on Friday last in favor ing. The President further said: closed. of the following creditors: Benjamin hope of recovery. 'While there has been no mystery Levy & Co., $12,000: Lewis Ettinger, It is said the grand jury will take lure of Hermann Schaffner & for secrecy in regard to my intention up the matter at once and let the fire$1,573. A deputy sheriff served copies in this matter, I think it not amiss k, which occurred recently at of the attachment on the American business go for a later investigation. that our people should be informed bore fruit on the 5th in well Exchange National Bank, where the It is very probable that indictments authoritatively that the time is at will be returned, too, and Fred T. defendants are supposed to have an uns which were precipitated hand when their representatives in account. Day and Lappen will be placed under t, if not every one, of the savCongress will be called upon to deal surveilance. TROY, N. Y. June -The failure of with a financial condition which is the ks of Chicago. All were able The news of the judge's charge the Fort Ann Woolen Company of Fort only menace to the country's welfare rough, though some took adspread rapidly and was greeted with Ann, Washington County. was anand prosperity. It is well for the of rules requiring notice of great favor, it being frequently renounced. The property of the compeople to take up the subject for themval of deposits. On the 5th pany was attached and the mills shut marked that Lappen and the people selves and arrive at their own concluassociated with him had been treated down by the sheriff. s failures occurred throughout sions as to the merits of a financial altogether too leniently. MONTREAL June The publishers ed States. policy which obliges us to purchase of L'Etendard, the French clerical oridle silver bullion with gold taken fire in Omaha a wall fell, RACINE DEPOSITORS SAFE. this city, have assigned, with from our reserve. One does not need liabilities of some $70,000. The assets a number of firemen and citiBank Directors Pledge Their Personal the eye of a financier to see that this are estimated at about $33,000. he ruins. One person was ingold thus subtracted from the GovernFortunes to Secure Them. NEW YORK, B-Morris Schwerin, killed and five others fatally ment's stock is eagerly seized by other RACINE, Wis., June 7.-The direccarrying on business under the name nations for the purpose of strengthentors of the Manufacturers' National of Edward Simon & Bros., trunk, valise ing their credit at our expense. Bank, the Union National Bank and and bag manufacturer, at Newark and result of a conference between "It does not need the art of statesthe Commercial and Savings Bank, 667 Broadway allowed judgment to ller Eckles and the officials of manship to detect the danger that mindful of the uneasy feeling occabe entered against him for The 1 Capital National Bank of Inawaits upon the continuance of this sioned by the recent failures at Milsheriff has taken possession of operation. Already the timidity of is, the comptroller announces waukee and Chicago, held meetings Schwerin's stock. M. Warley Platzke, capital is painfully apparent and none and issued the following guaranty: k will probably resume in attorney for a number of creditors of us can fail to see that fear and ap o weeks. As an assurance to the public and holding claims aggrerating $60,000, prehension in monetary circles will our depositors of the full stability and said to a reporter that the liabilities ternational billiard match teultimately bring suffering to every safety of the banks of Racine and for were about $350,000; actual assets humble home in our land. rank Ives, American champia valuable consideration by us re$200,000. Schwerin confessed judgthink that between now and the ceived, we the undersigned, the direeJohn Roberts, English chamment in Newark, N. J., for $26,000 to meeting of Congress much depends Bernard Strauee. tors of said bank, do jointly and severLondon, has ended. Comparupon the action of those engaged in SPOKANE, Wash., June Bank ally promise and guarantee that all ttle interest was felt in the financial operations and business endeposits in said bank, or which shall of Spokane Falls temporarily closed it was a foregone conclusion terprises. Our vast national resources its doors. The bank is the oldest in be therein at any time during the year and credit are abundantly sufficient fo would run out. In the open1893 shall be repaid, and to such rethe city and has a paid up capital of justify them in the utmost faith and $150.000 and a surplus of $125,000. payment hereby we pledge our peron the concluding evening of confidence. If instead of being frightSANDUSKY, Ohio, June doors sonal responsibility. h, Ives had a slight advantage; ened they are conservative, and if inThe guaranty is signed by such men of the Sandusky Bank Company, which ran 80; Roberts followed with stead of gloomily anticipating immeas O. R. Johnson, the millionaire lumclosed Saturday night upon what was 138. After making another diate disaster they contribute their berman and partner of Senator Stockgenerally supposed to be one of the in of 46, Ives got the balls share of hope and steadiness, they will soundest and safest institutions of the bridge, M. B. Erskine and Stephen perform a patriotic duty and at the and run 804. This carried his Bull, F. K. Bull and C. II. Lee of the city, were not opened yesterday, but same time protect their own interest. J. I. Case Threshing Machine Comdisplayed the following announce to 5,997 and Roberts made 20 The things just now needed are coolment: pany, L. S. Blake and Mayor Jackson four runs and then Ives went ness and calmness in financial circles I. Case, who pledge their personal re"Owing to inability to realize upon berts' final score was 3,831. and study and reflection among our assets at this time, this bank has been sponsibility to the support of their repeople." ent was recently heard by compelled to assign. All depositors spective banks with which they are connected. will be paid in full." MAY FIGHT THE TRUST. v Hoke Smith on a motion for Intelligence of the assignment spread More Smallpox at Rockffiled by the Northern Pacific throughout the city like wildfire and Meeting of the Inter-State Convention ROCKFORD, III., June 7 -Three company in the case against quickly a large crowd assembled in more cases of smallpox have been deat Chicago. le, involving rulings made in front of the banking house. The presveloped and taken to the pesthouse. CHICAGO, June 7.-Representatives of Guilford Miller. The moent trouble is ascribed directly to the This matter was kept from the afterof twenty-five State and Territorial ed that the Guilford Miller heavy, though groundless, run that noon papers by the health officer, who Governments met in Apollo Hall on was made on the bank about ten weeks emphatically denied the existence of overruled. The leading questhe upper floor of the Central Music ago and which it withstood successfulany new cases. He feared the west olved in the case are: First, Hall Building and organized a convenly at the time, paying out upwards of end people, among whom the hospital tion of trusts, corners und trade comthe Northern Pacific company $60,000 within two days. situated, would not permit the patients binations of all sorts. d to the benefits of the second KANSAS CITY, Mo., June to be taken About 100 delegates were in attendKansas Grain Company, which claims wal of its map of general Chicago Board of Trade. ance when Gov. Koute Nelson of Minto be the greatest buyer of grain CHICAGO, June 5. On the Board of Trade cond, whether there IS any nesota opened the convention. from producers in the world, has the wheat market opene1 steady with the John Sherman of Ohio, the author y in the secretary to withdraw failed. H. M. Kirkpatrick, Sécretary July price at 68% and September at 7214e, of the Sherman anti-trust law, was exS in the indemnity limits on From these figures there was a break of and Treasurer of the company, notipected, but word was received that he 11/4c for both months on the first two hours g of the map of definite locafied the Secretary of the Board that would be unable to attend. Promitrading. There was a recovery of %e to the company was unable to meet its 1 third, whether the company nent in the deliberations of the con%e on some bullish crop news. From a contracts. The announcement of the d to select indemnity in lieu vention were Gen. James B. Weaver of hopeful feeling at the opening the trade suspension caused great excitement. drifted into a weak, panicky condition. As sections within the technical Iowa, the Populist candidate for the the dealtime based after NUMBER of

10. June 8, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, June 8, 1893

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Curious Bank Failure Canard. NEW YORK, June 7.-President Rasines said that the action of the Shoe and Leather bank in refusing to clear for the Canal Street bank came about in a curious way. He said that the Canal Street bank was filled with persons who were depositing money, as much as $86,000 being deposited. Some one saw the crowd at the bank and sent word to the Shoe and Leather bank that there was a run on the Canal Street bank, hence the action of the Shoe and Leather bank. The bank expects to pay dollar for dollar.

11. June 8, 1893 The Sun New York, NY

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IN THE DIFORCE COURTS. Waters Has $20 In the Canni Street BankMr. Kelley's Counter Suit Successful. Pauline Waters moved for counsel fee and alimony and the custody of her two children before Judge Bischoff of the Court of Common Pleas yesterday in an netion she has brought for a separation from Hyman Waters, a wall paper manufacturer at 68 Mott street. They were married on Nov. 10. 1889. She says he has become addicted to the opium habit. He has possession of their daughter Rebecca and she has their son. She puts his income at $10.000 a year. and says he has $15,000 in bank. Counsel for Waters denied her charges. but said his client was willing to pay her n counsel fee of $50 and $6 a week alimony. He said his client had no money in bank except $20 in the suspended Canal Street Bank and that his business was worth but $4,000. Decision was reserved. Sarah K. MeIntyre has obtained from Justice Truax of the Supreme Court an absolute divorce from Francis W. McIntyre. a compositor. They were married on Jan. 14. 1878. at Marlborough. Mass. It was shown that he had been living with Mary Strescher in Brooklyn. The Judge directs him to pay $480 a year for his wife's support. The complaint of Imogene Kelley. in an action for separation from Daniel J. Kelley. has been dismissed by Justice O'Brien of the Supreme Court. who gives judgment against her for absolute divorce on her husband's counter claim. They were married in October. 1887, and went to Dallas. Tex. Mr. Kelley is now in business in this city. living at the San Remo. It was proved that she had been intimate with Andrew Isaacson and Frederick Reithaus at Chicago. Mary Barnett has obtained an absolute divorce from Morris Barnett from Judge McAdam of the Supreme Court. They were married on July 31. 1880. and have two children. Justice Ingraham of the Supreme Court has given Mary Riveley $75 counsel fee in an action for divorce from William Riveley. a carpenter.

12. June 9, 1893 New-York Tribune New York, NY

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A DEFICIENCY OF $25,000. THE CANAL STREET BANK'S STOCKHOLDERS MUST STAND THIS LOSS. The statement of the condition of the Canal Street Bank, which went into voluntary liquidation last Monday, was finished yesterday. The report shows a deficiency of $25,318 03, which means a loss of about 25 per cent to the stockholders. As the capital of the bank exceeds the deficiency, the depositors will lose nothing. The statement shows that the deficiency is due to the losses in the "past due" paper held by the bank and the depreciation in value of its stocks and bonds. The immediate cause of suspension was the refusal of the National Shoe and Leather Bank to act as clearing agent for the Canal Street Bank, and the inability of the Canal Street Bank to secure a new agent. The official statement is as follows:

13. June 10, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, June 10, 1893

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Canal Street Bank Receivership. NEW YORK, June 10. -Deputy Attorney General Hogan made application at 10 o'clock before Judge McAdam in the Superior Court, for the appointment of a receiver for the Canal Street Bank. Mr. Antonio Rasines, president of the bank, was then appointed receiver, to give bonds in $100,000 and to deposit all funds with the Union National Bank. An injunction was also granted enjoining all creditors from bringing action against the bank.

14. June 13, 1893 New-York Tribune New York, NY

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MONEY STILL GOING WEST NO DIMINUTION OF THE CURRENCY MOVEMENT. STOCK QUOTATIONS DECLINE SLIGHTLY IN A DULL MARKET-NO EXPORTS OF GOLD IN VIEW. There was a slight reaction in prices at the Stock strin. yesterday. due in part to increased fact Exchange in the money market and in part to the of gency of last week's advance was the result that some trading. Heavy " covering of shorts" professional week served to augment the natural tendency of last upward in consequence of the better feeling those prices Wall Street. The completion of that pervaded has now taken away part of the martransactions support, and the result is a decline. "Tight" volket's also operated yesterday to decrease the money of business and keep prices down. ume stringency in the money market was maniThe not by any sensational upward flights of the fested call loans such as have at times within the rate few for months driven the price to 40 and even 50 last cent. but by a strong disinclination on the part per bankers to lend money at all except on the most of "gilt-edged" security. This may be attributed to the fact that the bankers are preparing themselves for a continuation of last week's demand from the interior for currency, which, according to the best figures obtainable, reached nearly $13,000,000. Over $600,000 was exchanged at the Sub-Treasury yesterday for bills of smaller denomination to be shipped West, and some estimates placed the total movement at $2,000,000. This is about last week's daily average, and if kept up will cause an enormous drain on the surplus resources of the New-York banks. Many bankers were found yesterday, however, who do not believe that the movement will continue. think that the interior banks have been motives of caution for the money which they influenced These actual men need by rather have the funds called than they for. by They will, therefore, not find use for have accumulated, and as soon as the present alarmist symptoms have subsided this money will begin to flow back in large volume to the natural financial the New-York. of centre of country. The banks presence for the vaults of the country a it is thought, tend to confidence and reducing few sult the money days by restoring will, in which hasten Were the this likeli- such rehood of runs by timid depositors. disturbing element in the situation last week and a which were largely responsible for the sudden starting of the interior movement. The gold shipments to Europe, which stopped as suddenly as the other movement began. gave no sign of resumption yesterday, and probably will not as long as money brings its present stiff rate here and discount rates continue easy in London. Sterling ex- In change was steady yesterday, but. no higher.) of the increased export of cereals the supply of spite grain bills was not important enough to have any marked influence on the situation. The Sub-Treasury received yesterday $4,000,000 gold by transfer from St. Louis and Chicago. NATIONAL CORDAGE COMPANY'S AFFAIRS. The reorganization plan of the National Cordage Company has been determined upon by the committee and has been approved by the principal stockholders and creditors, but there is likely to be some further delay in its publication. It cannot be made public, the committee says, until the receivers' report has been filed with Chancellor McGill. One of the receivers said yesterday that their report would not be given out until next week. The outline of the proposed reorgaization, however, as already published in The Tribune, is undoubtedly accurate in the main. Cordage stock, being fully paid up. is non-assessable the laws of New-Jersey, and the assessment in the under reorganization will take the form of a contribution. DAVID M'CLURE IN CHARGE OF THE BANK. David McClure, the lawyer. of No. 22 William-st., took charge of the National Bank of Deposit, at No. 195 Broadway, yesterday as receiver, under the appointment of Controller Eckels. The assets of the bank were turned over to him by W. H. Kimball, the the bank examiner, who has been in charge since failure of the institution two weeks ago. THE CANAL STREET BANK MAY START AGAIN. A meeting of the stockholders of the Canal Street Bank was held in the bank building yesterday afternoon at 3 o'clock. The meeting was called for the purpose of considering the advisability of reorganizing with an increased capital of $200,000. which will allow a surplus of $50,000. About thirty of the sixty stockholders were present. A committee of five, consisting of Michael Levy, P. Caponigri, John S. Hulin, c. M. Levy and A. Cashland was appointed to consider the question of reorganizing and to endeavor to secure the necessary capital. It will make its report in a week. One of the stockholders announced that 300 depositors had agreed to leave their money in the bank for a short time if the bank would resume business. At 11 o'clock this morning the State Superintendent of Banks Preston will turn bank If the over bank to Receiver is able to Rasines. secure the necessary capital and is reorganized it will probably change its address.

15. June 14, 1893 New-York Tribune New York, NY

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THE DEPOSITORS WANTED THEIR MONEY. When the employes of the Canal Street Bank arrived at the bank yesterday morning they found a large crowd of depositors around the door, all of whom wanted their money. They thought that as Mr. Rasines, the receiver, would take charge of the bank yesterday morning. they would immediately recelve all the money which they had deposited there. The employes of the bank told the depositors that they

16. June 22, 1893 The Sun Morris, MN

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GENERAL. A tremendous slash in passenger rates is announced by the great Northern. Chicago will be the permanent headquarters of the Republican league. The Park City Bank, of Park City, Utah, has failed with liabilities of $160,000; The suspended Canal Street Bank of New York will probably resume bustness in a few days. It is reported that the Grand Trunk Railway is likely to purchase the Brockville, Westport & Soo road. A census shows that the population of Des Moines is 75,546. The figures last year were 68,547, a gain of 6,972. The strike of Standard Oil Company employes at Whiting, Ind., has been settled by the adoption of a nine-hour day. "The new battle ship Machias made 15.464 knots an hour on her trial trip, à remarkable speed for a line-of- bartle vessel. The yacht Pilgrim, which has been built by a Boston syndicate to defend the America's cup, was launched at Philadelphia. The Viking ship arrived at New London, Conn., The little vessel experienced some severe gales, but behaved admirably. The family of John Davis, seven in number, residing on Jackson street, Allegheny City, are suffering from some kind of poisoning, believed to have been contained in some cheese. There was a lively scene in the IIIInois House, two members charging The speaker with using unfair methods to advance the bill creating a department of insurance.

17. June 24, 1893 The Dickinson Press Dickinson, ND

Article from The Dickinson Press, June 24, 1893

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GENERAL. A tremendous slash in passenger rates is announced by the great Northern. The Paric City Bank. of Park City, Utah, has failed with liabilities of $160,000. The suspended Canal Street Bank of New York will probably resume business in a few days. It is reported that the Grand Trunk Railway is likely to purchase the Brockville, Westport & Soo road. A census shows that the population of Des Moines is 75,546. The figures last year were 68,547, a gain of 6,972. The strike of Standard Oil Company employes at Whiting, Ind., has been settled by the adoption of a nine-hour day. The new battle ship Machias made 15.464 knots an hour on her trial trip, a remarkable speed for a line-of- bat. tle vessel. The yacht Pilgrim, which has beer built by a Boston syndicate to defend the America's cup, was launched at Philadelphia. The Viking ship arrived at New London, Conn., The little vessel ex perienced some severe gales, but be haved admirably. The family of John Davis, seven in number, residing on Jackson street Allegheny City, are suffering froir some kind of poisoning, believed to have been contained in some cheese. There was a lively scene in the Illi nois House, two members charging the speaker with using unfair methods 10 advance the bill creating a departmen of insurance

18. June 28, 1893 The Sun New York, NY

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Capital for the Canal Street Bank. Another meeting of stockholders and depositors of the suspended Canal Street Bank was held yesterday at 23 Walker street. Chairman Julien announced that the stockholders of the old bank had subscribed $100,000. and that to resume business the bank would require an additional $100,000. which the depositors were asked to subscribe. This would make the capital of the bank $200.000. or $50,000 less than had been proposed. Very few of the depositors favored the proposition.

19. October 25, 1893 New-York Tribune New York, NY

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BUSINESS TROUBLES EAST AND WEST. THREE BOSTON FIRMS PETITIONED INTO INSOLVENCY-BIG MORTGAGES EXECUTED BY THE DE PAUWS. Boston, Oct. 24.-The National City Bank of Boston has petitioned into insolvency the firms of Creesey & Noyes, Andrew F. Leatherbee & Co., and William H. Leatherbee & Son. All three firms were interested in the affairs of the Little Kanawha Lumber Company, which in June went into the hands of receivers. As a result of this receivership the three concerns assigned: Providence, R. I., Oct. 24.-The Italian banking house of Tommaso Conti & Co. is in trouble. There was recently a run on the firm by laborers who wanted to go to other cities, and the suspension of the Canal Street Bank, in New-York, where the firm kept its accounts, made it necessary to stop payments. Sixty per cent of the deposits have already been paid, and notes to cover the rest have been given. Concord, N. H., Oct. 24.-The Wolfeboro Savings Bank, of Wolfeboro, one of the oldest financial institutions in the State, was yesterday enjoined from doing business by Bank Commissioner Baker. The injunction, which was issued by Judge Smith, of the Supreme Court, was made necessary by the large number of notices of withdrawal of funds filed by depositors. Louisville, Oct. 24.-There were placed on record here to-day mortgages in favor of creditors, amounting in the case of N. T. Depauw and the Depauw Plate Glass Company, of New-Albany, Ind., to $250,000, and in the case of the W. C. Depauw Company to $379,000, thus tying up the whole of the Depauw estate. rated three years ago to be worth a round $4,000,000. San Francisco, Oct. 24.-Sheriff McDade yesterday levied another attachment on B. Feighbaum & Co., toy merchants. The attachment was made by Schafer Brothers, who allege that the defendants owe them $17,300 on promissory notes executed on October 2. Most of the indebtedness of the firm is to local creditors.

20. November 3, 1893 New-York Tribune New York, NY

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JUDGMENT AGAINST A DOWNTOWN CLUB. Judgment for $2,054 was entered yesterday against the Manufacturers and Merchants' Club, at Canal and Elizabeth sts., in favor of Antonio Rasines, as receiver of the Canal Street Bank, and execution was issued to the Sheriff.

21. December 28, 1893 New-York Tribune New York, NY

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NO DINNER THIS YEAR. THE MONEY TO BE GIVEN TO CHARITY. THIRD PANEL SHERIFF'S JURY FUND NOT so LARGE AS USUAL-RUMORS OF A SHORTAGE DENIED. There are three panels of the Sheriff's Jury in this city-first, second and third. These panels are made up of prominent and influential citizens. They do not try ordinary cases, but they sit to pass on lunacy cases, to assess damages in certain classes of suits, and to perform other important duties. It is generally considered an honor to receive an appointment to any one of these panels of the Sheriff's Jury. It has been the custom for many years for these panels to give an annual dinner, and at these dinners every member of the panel and every guest receives some handsome souvenir of the occasion. The First Panel and the Second Panel have for many years given banquets every winter, generally at Delmonico's, which have been among the most sumptuous and elegant dinners of the season, while the souvenirs which have been distributed to the members and guests have been artistic and gratifying. The Third Panel of the Sheriff's Jury, which is of more recent origin than the First and Second Panels, has decided. however, to give no dinner this winter. Peter F. Meyer, Richard Croker's real estate partner. is the foreman of the Third Panel. Julius Weil is the secretary and Antonio Rasines is the treasurer. The annual dinners of the panels of the Sheriff's Jury have been paid for by the use of all the fees received by the members of the panels, and the fines assessed upon the members for failure to attend sessions of the panels, and also in part from subscriptions from the members. Each one of these dinners costs from $3,000 to $5,000. The large dining-room in Delmonico's is filled at these banquets with as many diners as the room can comfortably hold. Delmonico receives from the panels as much as $15 a plate, and the expense of music, flowers and souvenirs is added to the cost of the dinner itself. The funds of the Third Panel are not so large this year as in the previous years, owing to the failure of some of the members to pay in their fees and their fines. The panel has therefore decided not to give any dinner this year, but to appropriate from $1,000 to $1,500 for some charitable purpose. A committee composed of the foreman, the secretary and the treasurer will decide upon the way in which this money shall be used. The total amount of the funds of this panel now on hand is about $2,200. Of this amount $400 was deposited in the Canal Street Bank, which is in the hands of a receiver. Antonio Rasines, the treasurer of the panel, was the former president of the Canal Street Bank. and is now the receiver. He has paid a dividend of 50 per cent on deposits, and hopes in time to pay 100 per cent. He said yesterday that he was personally responsible for the whole amount of the deposit of the Third Panel of the Sheriff's Jury in the Canal Street Bank, and that there was no deficiency or shortage in the funds. He said that the remaining $1,800 of the funds of the panel were on deposit in sound and solvent financial institutions. Some rumors had got afloat that the panel might suffer some loss by the failure of the Canal Street Bank, but Mr. Rasines declared that there was no truth in these rumors, and that the panel would not lose a dollar in any way. A Tribune reporter yesterday called upon Mr. Meyer, the foreman of the panel, at his office, No. 111 Broadway. As soon as the reporter inquired about the finances of the Third Panel Mr. Meyer became angry and abusive. and called down anathemas and maledictions upon reporters and newspapers generally. This was what he said, in part: "I don't see what business the newspapers have to meddle in the private affairs of gentlemen. This matter is none of their business. Do you hear?" The reporter said that he heard. and then Peter F. Meyer, foreman, resumed. "I will say this much and no more. The jury voted unanimously to devote what funds were In the treasury to charitable purposes, and it isn't anybody's business, anyhow. That's all I have to say."

22. January 24, 1894 New-York Tribune New York, NY

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BITS OF LEGAL NEWS. A. H. Hummel yesterday discontinued a suit which he brought in behalf of Matthew H. Allen, who had been Senator Hearst's trainer, to recover $9,595 from the Hearst estate for services. A settlement has been made. Judge Dugro, in Superior Court, Chambers, yesterday granted permission to Henry Solomon, receiver for D. J. Solomon & Co. to sell all the goods and chattels which remain in his possession. The Solomons gained notoriety some time ago when David J. Solomon was committed to Bloomingdale Asylum on the petition of his brother, Henry. David was engaged to marry Miss Clara Perry Thomas at the time. A sheriff's jury declared him sane and the marriage took place. Antonio Rasines, the receiver of the Canal Street Bank, has received permission to pay a dividend of 20 per cent to the depositors. Judge Dugro, of the Superior Court, made the order. In November last the receiver paid his first dividend of 50 per cent. Michael J. Mulqueen, counsel for the receiver, said that the prospects were that the depositors would be paid in full by next fall. Justice Ingraham, of the Supreme Court, has ap. pointed William T. Gray referee to take testimony and learn what amount of alimony Mrs. Edna B. Allen should receive from her husband, John Allen. The court finds that she is entitled to a divorce from him. He is a member of the Harlem and Manhattan clubs, and was formerly the proprietor of the Hotel Hamilton. Civil Justice William G. McCrea, of the Tenth District Court, has been mulcted in $1,000 in a suit brought against him in the City Court by Samuel Krieser for false imprisonment. The case was tried before Justice McCarthy and a jury. W. Schofield, in 1890, got a judgment against Krieser in the Supreme Court for $1,000, and Justice McCrea, as Schofield's counsel, issued execution against the body of Krieser. who was taken into custody by the Sheriff. Abraham Kline, representing Krieser, moved to set aside the execution. The motion was granted by Justice O'Brien upon condition that Krieser should not sue for false imprisonment. The General Term, on appeal, however, held that the court had no power to exact such a stipulation. Then Krieser sued McCrea for damages, and has secured a judgment in his favor.