15840. First National Bank (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 29
Charter Number: 29
Start Date: September 19, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 25ad171d

Response Measures

None

Description

The First National Bank (New York) closed its doors as a precaution in mid-September 1873 after the failure of Jay Cooke & Co. Articles indicate it suspended operations (Sept. 19, 1873) and subsequently had a receiver involved by early October 1873. There is no clear description of a depositor run on this specific bank in the articles (several other banks experienced runs); the suspension appears driven by adverse bank-specific connections to Jay Cooke & Co. and the Northern Pacific bond losses.

Events (2)

1. September 19, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed the failure of Jay Cooke & Co. and heavy losses tied to Northern Pacific bonds; bank closed doors as precaution and suspended payments in mid-September 1873.
Newspaper Excerpt: I closed the doors to-day merely as a precautionary measure. I hope the suspension will be but temporary.
Source: newspapers

2. October 3, 1873 Receivership

Newspaper Excerpt: It is said ... no proposition of compromise has been made by Jay Cooke & Co. through yet the receivers of the First National Bank, to the Treasury Department. (dispatch Oct. 2-3, 1873).
Source: newspapers

Newspaper Articles (10)

1. September 19, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 19, 1873

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cashier came and told me personally of what had happened." "Will the failure effect the operations of the Syndicate: will you make different arrangements regarding the sale of the funded bonds?" "The failure can have no possible effect on the Syndicate, and therefore I shall pay DO attention to it. The Department has simply a contract with certain firms known by the name of Syndicate. It is not a question of appointment nor design. It is a subject of contract, and it must be carried out by the parties who have made the agreement. The Department has nothing to do with Jay Cooke & Co., but with the Syndicate as a whole." "The First National Bank 18 a Government depository, is it not " "Tis," answered the Secretary; "but I do not think there was very much money in it belonging to the Government : besides. we have bonds that will more than cover any losses, and we shall be fully protected. You can say with perfect truth that the Government will not loose a dollar." Notwithstanding the Secretary's confidence, it is generally believed here and it is even asserted by Government officers that the Treasury will be a heavy loser. So far as the First National Bank goes, and there is even reason to believe that the Secretary himself, within a few days, furnished about $100,000 to the bank in fractional currency without collateral, which must, of course, be a total loss. "I have saved." said the Secretary, "a million dollars of the Navy fund by stopping the payment of a draft sent by the Navy Department yesterday to Jay Cooke, McCulloch & Co., London. It was sent for the use of the Navy in foreign waters." The deepest sympathy is felt for Henry D. Cooke, the head of the business in this city. There is not a more peculiar man in the city, and he is respected by all classes on account of his large charities and generosity. No appeal by the needy or friendless was ever disregarded by him: he had no intimation of the pending calamity to his house, and was on the street during the forenoon in his usual buoyant spirits and spoke confidently of going to Europe for his family in about a fortnight. He said he needed a vacation. and was glad beyond measure to be relieved of the business of the office of Governor of the District. He spent his entire time during the afternoon in his private office in the rear of his bank. He said he was as much surprised as anybody at the news. "I knew. of course." said he, "that we were weighed down with the Northern Pacific bonds, and we had felt anxious about it, but I had hoped that it was all arranged. I knew nothing of the condition of affairs We have money, and can pay dollar for dollar here, but I don't know the condition of affairs in Philadelphia and New-York. I closed the doors to-day merely as a precautionary measure. I hope the suspension will be but temporary." Are you not embarrassed with District affairs? Does not the District Government owe you largely? Have you not dealt heavily in District paper?" "No, Sir," he answered, we have never dealt in District securities. My position as Governor and President of the Board of Works made it indelicate for me to do so. The Government of the District will not lose a dollar and has been in no way responsible for the suspension. The fact is that the Government is somewhat in our debt. A few days will determine our course. I have no information as to the extent of our liabilities in the Philadelphia house, but all will be known in a few days. So far as I am concerned I intend to discharge my duty to the public. If the worst comes I will sell the coat off my back and begin life anew in a country printing office."

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

Article from New-York Tribune, September 26, 1873

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

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

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and Cincignati banks, which were at first reported as having totally suspended, and the excitement was-hightened at noon by the suspension of the private bankinghouse of Woollen, Web: & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became 80 shaken that there was a heavy run on Ritzing er's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed.

4. October 3, 1873 Pioche Daily Record Pioche, NV

Article from Pioche Daily Record, October 3, 1873

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Foreign News. Carlist Dissension in Spain--Cable for the South American Telegraph MADRID, Oct. Dissensions in the ranks of the Carlists are increasing. The leaders, Dorregar- their rey, Roda and Lizzaraga, have left commands and arrived at Bayonue. PANAMA, Sept. News is received at Valparaisothat the had arrived at Pernam miles of cable for steamer buco with Hooper 1,400 that the com- line to Jamaica, and it is expected munication with the United States and Europe by that line will be established in October. NEW YORK, October 2. A dispatch from Fort Klamath, dated five yesterday, says Captain Jack and his associates will be hanged Friday morn- the ing at 10 o'clock sharp, and to-day the carpenters drove the first nail into structures that is being erected to meet the requirement of the sentence. They will all be suspended from one beam, into and at a given signal will swing eternity together. The execution will be public, to allow the Klamaths and neighboring Indians a full view of the manner is in which law of the United States meted out to transgressors. CHICAGO, Oct. 2. A Washington special says: In reply inquiries this evening, Secretary stateto Richardson reiterated his former ment that he believes the Government of will not lose a dollar in consequence the failure of Clews & Co., or Clews, dolHabicht & Co.; that a few thousand lars may possibly be lost thereby, but he thinks the indications are that the company will pay all its debts. Further- 33 more, if Jay Cooke & Co. pay even cent., he believes the Government per which stands in position of a preferred the creditor, will not lose anything by failure of the First National Bank in this city. No proposition of compromise Co., has been made by Jay Cooke & through yet the receivers of the First National Bank, to the Treasury Department. Co. Richardson says if Cooke & will 50 per cent. cash, Judge pay with and interest- three bearing notes for one, two years for the remainder of the company's indebtedness, as has been reported will probably be their proposition for settle- far ment, all will be well, especially so the the Government is concerned in First as National Bank at Washington, and will it is probable that the latter concern be able to pay up its entire indebtedness. Mr. As to the affairs of the syndicate, Richardson says they will not be directly disturbed by the failure of Jay Cooke & Co., though it is possible that the result of the financial panic in this country sale may retard or injuriously affect the of our new bonds in foreign countries. Pacific Coast. Sudden Death - Fleeing Culprit Heard From-The Execution of the Modocs-- Final Preparations for the Execution of the ModocsContested Election Case DecidedFlour and Wheat-California State Treasury. SAN FRANCISCO, Oct. 2. Patrick Kelly, barkeeper on the died corMarket and Battery streets, in his saloon suddenly ner of yesterday. The cause of his death is unknown. One of the mates of the ship Sunrise, who fled from here, was heard from yesterday in Nevada. Measures have been taken to secure him. The members of the crew now say they haye been bribed to say no more about the matter. PORTLAND, Or., Oct. Large fires are raging in the woods north of the city. JACKSONVILLE, Or., Oct. 2. From Mr. Obenchain, who left Fort Klamath yesterday, we learn some particulars of the closing preparations for the execution of the six Modocs now unof death. Mr. the scaffold is erected just says der sentence Obenchain outside the fort, and is built strong enough, to all appearance, to hang twice as many as

5. October 3, 1873 South Branch Intelligencer Romney, WV

Article from South Branch Intelligencer, October 3, 1873

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n Es-President ANDREW JOHNSON had sixty thousand dollars on deposit in the First National Bank in New York when it suspended. Should the Bank be unable to discharge its obligations, a contingency which is not improbable, Mr. JOHNSON will be laft almost penniless.

6. October 9, 1873 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, October 9, 1873

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DOMESTIC. of the York telegrams of had the closed evening on a more New that the week The greenback refinancial down from 27th serve cheerful say had been drawn aspect. Clearing-How desired, $34,700,000 certificates and $12,000,000. demanded or these and to been issued as with the aid of had was thought that National currency the crops and failure averted. of could it small be infusion moved of and mercantile embarrassment closed Chicago, The Third National Bank, The Cook County of that Na Manufacturers' tional, its doors one on announced of the the 27th. suspended its resumption. National banks banks The had first its city, decided had to go and into of Second liquidation. the Chicago banks The assets Union that at closed National, its the doors, and its had liabilities announced resumption at $4,300,000 of met busi- and on $5,600,000, notice of its speedy Association animated given The Clearing House and after an resolved discussion ness. the evening of the 27th, not to issue Clearingsays House certificates. St. Louis of the warehouse, 27th A telegram from the five-story streets, the rear wall of and Chestnut on the corner opening a gap in to the the roof. One had that fallen, of Second ground building injured. fifty feet wide from killed the and two seriously 28th says that man New had been York dispatch First of the National Bank of A President of the immediate resumption such city had the ground that the payment, urged or the positive that relief to action of specie will add $60,000,000 the money Washington market. telegram of his the determination 28th says A President had expressed the adoption of to the recommend to Congress The Secretary of of the the system of free banking. the anticipation had ordered interest. The following payment Treasury letter of the had November been sent by the President 1873. to the parties named: CUTIVE MANSION, Sept. Anthony 28, H. B. EXP Clailin and Charles to the L. views President you have Messre. GENTLEMEN: In response the he using by the legitimate trade to restore the honor to desirous of docurrency communicated commerce. as to have confidence Government and present commu and following: The to relieve the holding back it ing of business of the country market the condition the immense all in its power resources to affairs, the seaboard which people and now the law first ing transportation on the part of the condition and its avert acthing Confidence needed to destruction relieve this of classes business of people. with willing To the threatened disasters, all Government 1 is but evident company this feeling the at its command. will aval active co-operation country re-establish to take all legal that measures no urgent efforts of the bank With of without moneyed the corporations paid of out the the withdrawal purchase of and $14,000,000 already and the banks the Government lebtedne the Treasury policy the on their are large deposite enough from to adopt system a liberal of discounts. Should to sus restrong by general of the country. of part, the and business interests pursued the $14,000,000 the Treast tain course be money in as the cirbe will given serve such a will be demand consider of public necessity require. Close at- by at their to cumstances meet the of the country the may course command pursued of to trade those who tention have aid the nece means essary to restore With view of rendering all and condition. out the measures proper channels those who carry already been Novem- issued strengthening indicated, orders interest have accruing President in above the prepayment of U. S. GRANT ber. for According to a dispatch from town Denver, of Fair- Col. over two-thirds of the consumed mining on the United 26th. play, Col., stores, had been printing offices, express the office, States All the land office, business post-office, places, with two or hotels exceptions, and other had been utterly destroyed. say the three New York dispatches trade of the had 29th become alsituation in finance hopeful and and cheering, country. not only together more parts of the overmoney pressure a larger advance had in The that city but had in been all was being gradually business in the come; of there dividend-paying stocks; produce market; price gradually improved in the as to the moving the gloomy apprehensions to brighter hopes; of there had been to the United only a of the crops England had continued yielded large shipments States, not and coin from of security pervaded and Western that day over general market, feeling but that all the Southern $3,000,000 in lower, curmarkets. On released. Gold had been sold as greenbacks. and rency at had one been period during the day The was Glenham suslow as Mills, 110 in at Glenham, N. Y. had a leader Tribune had of specie pended. Woolen The immediate resumption prepared signifiadvocating the following There the since payment, language: closing with The the country the is war. passing legal- its grandest cant opportunity since passage of the that crisis has not act, been, any financial situation inviting or to resump held by? tender out all its hands The crisis calls for firm hand, all. To-day's so tion. Shall That's we let clear it go head and opportunity determined party, for purpose. for the dominant issue his is for the the President President. country, Let Congress in an extra or ten eight the proclamation convening days' notice, with the call. For session sole object at stated distinctly people have in the done almost ten days past stand the in front of their rapid balance- and nothing sheets and but inventories, values, and see and a there's no constant shrinkage where it will in stop or financial when, for hard- the knowing reason that there is no back to specie; simple time we must get When will pan. Some Why not now? would the be a better time? benefited by it than that's there admitted. be more When statesmanship whole country ought to be practinow? There in Congress to devise a Grant simple, settle it enough method. Let President convening Concable is concerned by of gress as far and as he putting upon it the responsibility meeting the emergency.' to a Washington dispatch National of Bank the According depositors of the First exceed fifty 29th, of that the city would not receive to cent. of their deposits. had reper In Chicago, on the 29th, normal business condition. very nearly its banks had resumed of the receiving deposits Three sumed business and were suspended panic. and Over payon checks as before the received during ing out currency had been Traffic had $3,000,000 forty-eight hours. railroad, and the preceding the various lines of drawn off, fallen off on trains had been the and large night many number the men Union discharged. of National Bank At a late of Chicago, hour in

7. October 10, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 10, 1873

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WASHINGTON. The Currency. WASHINGTON. Oct. 9.-The treasury reserves are now being daily drawn on to pay only the actual expenses of the government. There are no apprehensions at the department- that the drafts upon the $44,000,000 will be very heavy in the ordiaary course of business. The out standing legal tenders, now shown to be over $356,000.000, will be reduced again to those figures at the earliest practicable moment, it may be b fore the issue of the next public debt statement. All ideas that it is the intention of the Secretary to make any permanent inflation of currency are erroneous. The Secretary emphatically asserts that the outstanding legal tenders are not to exceed the minimum figures a day more than the absolute demands of the government requires. The Yellow Fever and the Postal Business. The ravages of vellow fever South are caus ing the Postoffice Department much embarrassment. The quarantine has practically interrupted all through Southern mail routes.Soutbern mails have been ordered to be despatched along the western boundary of Texas. The government will not interfere with the State quarantine laws. Treasury Balances. The following are the Treasury balances today: Currency $2,673,581; special deposits of legal tenders for redemption of certificates of deposit $11,325,000; coin $79,948,110, including $39,938,400 in coin certificates; outstanding legal tenders $358,966,488. TheSenate Chaplaincy. It is said tha+ Rev. Dr. Newton. Chaplain of the United States Senate, will not return from his inspection of consulates during the present year. This will render necessary the election of a new chaplain. Concerning Caterpillers. The Agricultural Department has issued a circular to all its correspondents in the southern States, asking for information relative to the use of paris green and other poisons in destroying caterpillers. It is stated that the total loss by the common caterpiller sometimes amounts to $40,000,000 or $50,000,000 in a year, and that the loss of a quarter of a million of balls in a year when insects prevail would be deemed a light infliction. Paris green and flour, mixed, have proved very efficacious in destroying the potato bug. The same mixture has been used for the cotton insect, but with what result is not established. The Polaris Servivors. The United States steamer Tallapoosa arrived at Washington navy yard last evening and was anchored in the stream. No communication is permitted from the shore with the Polaris survivors. Tbe Buddington Party. The Secretary of the Navy, accompanied by a personal friend, arrived at the navy yard this afternoon. He proceeded to the headquarters of Commodore Patterson and after a short conference was driven to the wharf where the Tallapoosa is lying, where he was received by Capt, McRitchie of that vessel and shown into the cabin where Capt. Buddington and party were assembled. After some conversation of a general character, the Secretary stated that the members of the party must be exceedingly careful as to their statements and say nothing but what they were willing to swear to. After about twenty minutes conversation, the Secretary had a brief private correspondence on shore with Capt. McRitchie, atter which he left the yard. Capt. McRitchie informed Captain Buddington and his men that the Secretary had placed no special restriction over their movements and that they were all at liberty to go ashore if they desired, but they would be expected to return "clean and sober by eight o'clock to-morrow morning.' Soon after Dr. Bessel came down the gang plank with a long leather covered map case strung over his shoulder, and left the yard. When accosted by a reporter he answered quickly and hurried away as if desirous of evading all questions. The Secretary of the Navy, in a conversation to day, said he did not credit the reports that Capt. Hall's death was the result of foul means. It appears that all who were present at the former investigation are convinced that the commanding officer's death was from natural causes alone. Ind an Council, The Commissioner of Indian Affairs, under date of Fort Sill, 7th, telegraphs that the council wita the Kiowas and Comanches is still proceeding.and he has intended to leave Fort Sill for Caddo to-day. The President and the Cooke Failure. NEW YORK, Oct. 9.-A despatch from Wash ington denies the rumor circulated lately that the President had a special deposit in the First National Bank of that city. He was not allewed interest on his balance and his amount covered his salary, which the bank drew and placed to his credit, to be checked out precisely like any other deposit. Three days before the suspension of the bank his accounts showed an over draft of $71. This over draft has since been paid to the receiver and the account clos ed. The President never had a little tin box on deposit, and he was in Pittsburg the day it is said to have been carried over to the White House by him. He did have, however, a box in the bank of Jay Cooke & Co., containing his private valuable papers, among other things registered Rawlins bonds, which he holds in trust, but not a dollar in money. The box was taken away the week after the bank closed.

8. October 18, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 18, 1873

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ESTABLISHED MARCH 30, 1835. FINANCIAL WASHIN GTON. / New York Confessing Her DelinBureau Report on the Cotton Crop. quencies. Favorable Weather Needed to Make More about the Pool Operations. it Equal to Last Season. WASHINGTON, Oct. 17.-The average condition of the cotton crop has fallen off Over $22,000,000 Loan Certificates from 80 to 78 per cent. since the first week Based on $5,000,000 Currency, in September. The October status of the / crop is materially reduced. The season must be of average length and comparativeAlthough Government Poured out ly favorable for picking to insure a crop $16,000,000. equal to that of last year. The State aver/ ages are as follows: Virginia, 90; North The Sinews of Trade Still Locked up Carolina, 88; South Carolina, 80; Georgia, 82; Florida, 76; Alabama, 78; Mississippi, in Safe-Deposits. 75; Louisiana, 65; Texas, 80; Arkansas, 83; I Tennessee, 90; Missouri, 90. Views of the Express. Ex-President Johnson NEW YORK, Oct. Has made affidavit to his claim for $73,000 The Express says: There was renewed against the First National Bank. discussion in financial circles on the ques Special to the Louisville Courier-Journal. tion of the banks resuminz currency pay WASHINGTON, Oct. 16.-The serenade ment. As the matter now stands New to ex-President Johnson bas been deferred York virtually is disgraced and must be re by his own request, but will probably come deemed from this position at an early day off on Saturday evening next. He has When the panic started our banks had 34 been requested by a number of leading basmillion dollars in legal tender notes, but this amount was reduced to 16 million when the iness men, including at least one prominent Radical official, to present his views upon pooling arrangement commenced, and to the present distracted political and financial $6,500,000 in one week afterwards. Still late condition of affairs; and it is probable that the amount decreased to five million dol he will enter upon some general discussion lars, notwithstanding the treasurer paid ou of the causes of the present troubles, bring$12,000,000 legal tenders for bon is parchas ing in the topics of the day, the panic and ed, and over $4,000,000 for other disburse banks, the transportation question, the ments. Millions of legal tenders are now Credit Mobilier: and other rings. The Seclocked up in the safe deposit companies,old retary of the Navy has been requested to ockings and maltresses, and nothing but a low the Marine Band to give the serencomplete restoration of confidence wil ade, and it is supposed that he will do so, empty these hoards. Confidence has beer as he gave the same permission lately in partially restored, but the clearing house the case of a ring official. The ex Presinow stands in the way of completing th dent is naturally somewhat grave and conlast link between the people and the banks cerned touching the prospect of getting back An improvement was reported in bank his large deposit in the First National circles to-day but yes the le al tenders re Bank. ported to the Clearing House are only $6, Civil Service Examinations. 600,500. What we want is a greater in The Board of Examiners for the Treasury crease than this, which can be accomplished by the banks resuming currency payment Department, will hold a series of examinaThe present system of posting is gotter u tions, commencing Oct. 28, to fill vacancies for the benefit of the weak banks, especial in clerkships of class one. These will be ly those paying 4 per cent. on deposits the first examinations held in that departThe sound and conservative banks should ment under the new civ I service rules of insist on redeeming New York city from providing for examinations by districts. It is understood to be the intention of the its present false position and thereby tak an important step in restoring confidence Treasury to make appointments as far as Will London Have a Panic? practicable from districts having less than their proportion of clerks in the department, The announcement of further shipment as most of the candidates will dou tless be of 665,000 pounds sterling from England t America caused considerable comment i from the viciuity of the District of Columbia, which already has more than its probanking circles to-day. This thing canno portion, only such vacancies as must imcontinue without the Bank of England ad mediately be filled will be filled from examvancing the rate of discount still highe ination in Washington. The remainder which may produce some d'sturbance a will be left open till the district examinaLondon. In fact the opinion of many i tion about to be held in New York, Cincinthat London will have to pass through th nat', St. Louis and Savannah are comexperience of Vienna and New Yo k in re f pleted. gard to speculative bubbles.

9. October 21, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 21, 1873

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duced below. POLICY OF THE BANKS. THE STRONGER INSTITUTIONS UNWILLING TO SHARE THEIR LEGAL TENDER RESERVES WITH THE WEAKER ONES MUCH LONGER-VIEW OF PROMINENT BANKERS-RESUMPTION OF CURRENCY PAYMENTS FAVORED. A TRIBUNE reporter, in search of information relative to the prospects of an early resumption of legal tender payments on the part of the banks, called, yesterday, upon the officials of the largest banks and bankinghouses, and received their views. Moses Taylor, President of the City Bank, No. 52 Wall-st., thought the payment of legal tenders by all the banks should be resumed at once, but be could not say that it would be, because a committee of bank officers had the entire disposition of the subject, and they had not yet held a meeting in relation to it. He believed an immediate resumption would restore confidence 80 far that money would flow in from the country in ample voime to relieve any temporary pressure on account of anxious depositors, though be felt sure that most of the banks had enough currency in band even now to meet any demands made upon them. In fact, so far as the accommodation of merchants and depositors is concerned, the large banks have never ceased to afford all aid demanded and had felt DO great strain upon their resources. They were to-day accommodating the mercantile community as freely as they had done two months before the panic, and be saw no reason why they should not continue to do 60. The resumption of legal tender payment was, in fact, a condition arrived at, 80 far as the large banks are concerned, but he thought its formal resumption the Bank Officers' Committee an important by matter. It would tend to equalize values and prices, relieve the minds of Western and Southern merchants, and unlock the hoarded greenbacks. Smaller and weak. er banks might feel a strain upon their resources somewhat at first, and some of them might experience great distress in consequence, but they could draw in their supplies and prepare for it at a moment's notice, and 80 be able to tide over it. He was very much in hope the formal resumption would be ordered at an early meetIng of the bank officers, and thought the proposition would be carried if the small banks did not oppose it. A HOLLOW ALLIANCE. The officers of the First National Bank said they were paying currency, and had been doing 80 all the time. Probably a dozen banks in this city are and have been doing just the same all through the erisis. Their busiDEAR is mainly with the country, and they had steadily shipped currency to the country banks as it was required. The result is that at present they are getting currency in return faster than they are called upon to pay it out. Indeed, very few of the best banks in the city suspended currency payments at all. The weaker banks felta severe pressure, and rather than increase their embarrassments the leading banks kept quiet as to their own ability to pay; but in fact, 110 depositor at these banks was denied a cent due him. The "pooling" process, the system by which the Associated Banks have united in an apparent suspension of currency payments for what was supposed to we mutual protection. will

10. November 14, 1873 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, November 14, 1873

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laid was on the first. the 2d. bridge on over the Niagara A train with officials passed on the 1st that over the thought in New York not be of Claflin of the firm pelled It was house to suspend. that Members & Co. the would Institution suffering was had a positively asserted and, although would come entirely solvent, made little temporary proposition had been which out all right. A of all the firms with their the members connected to protect the by creditors Spragues by a trust-deed, bankruptcy and thus Statistics prevent proceedings returns in to the Bureau ending of SeptemOfficial during the quarter New York 68,588 show ber 30, that 1873, there arrived 38,613 at were males, and emigrants, of whom There died during the arrivals voyage 29,970 970 females females. The total 13,190; 40 males and 37 were 15,399; Ireland, 24,381 England 257; Germany, from 2,791; Wales, Norway, 2,024 Scotland, 926; Sweden, 2,139; Switzerland, 640 Austria, France, 1.740; 851; Prussia 1,208; Poland, Denmark, 526; 1,029; Holland, born at sea, Spain, 92: Italy, 581; Hungary, 313; San for Francisco 29 About 500 Chinese left on the 1st. Among im their native were twenty country -seven women recently 1st the them ported. received in New Orleans dated on Colfax, letter J. Merrill, of Judge Charles 29, gives the details from Parish, October to have been perpe Grant outrages alleged of New Or horrible the Metropolitan police Governor Antrated by there by Lieutenant Governor Kelleans, (sent the absence of Judge says it was believed toine Dunning in instigation. The had sent up forces there logg), or at their there that Dunning to give the it rewas that the Metropolitan for revenge, and had said at negroes negroes chance Colonel De Klyne could do as colored ported ball that as they now were the under the protection of his Washington Star the they pleased, soldiers. of the house 3d says of The been asserted that borrowed from it had & Co., which of that city Jay the First Cooke National had Bank since their and failure de nearly withdrawn $800,000, $200,000 in railway Secretary bonds of the Treas the posited them with for the $200,000 advanced their failure. by ury Secretary as security few days First before National and this, Jay The creditors of the complaining of Gov& Co. Bank are know why the They Cooke would like to creditor. saying they should be preferred $200,000 it belongs to to say ernment if the Cookes Government have has no right and the dividend. Di them, them of their report of the the of rector Mint fiscal year deprive The forthcoming shows annual the total amount June of ending gold coined during the $35,249,337 of silver, in the 30, 1873, to have been total amount of gold of silver, $2,945,775 The $135,000,000; October is set down at month of and since $5,000,000. country During approximated the $14,000,000, last the gold April coinage last the coinage has maintained at Iowa, steady increase. was burned to death overJesup, A Mrs. Schultz few evenings ago, by the of lamp. on the the turning An official announcement and Michigan was made Canal would con3d that the Illinois 20th of this month and be closed on of Rafferty, twice shooting tried of a Chi the victed The case voliceman, of murder for has the been another remanded trial, on by the the Supreme cago Court court for below erred with which in ruling the were to ground out the offering that of the seeking warrant to arrest, as it, evi- the two policemen and all testimony that, in regard if the warrant of dence, Supreme Court holding it were illegal, then the of or the serving manslaughter of and not murder. counties fense was returns from ninety 22,236. during Official give Carpenter's Cicallo, majority of Memphis (who supplies Iowa Ex-Acting Mayor the illness of Mayor Johnson) contribthat officiated been accused of drawing sufferers, on the pre- and they to his own has uted for the yellow- were for widow lady, use A of shield tense then appropriating the 2d them says he had himself admitted in the the facts dispatch charged, but to would the Mayor to learning control that the law giving power of the supplies. public, On Cicallo took distribution would be made to the lady's them house, an and offered the armful matter of ill-gotten articles to her, but she rethat fused to take them. of the 3d announces points quarantine A Selma, Ala., restrictions telegram against all in Chicago had The been recent removed. municipal one, election and resulted People's in the was very of exciting what was styled the the Citizen's Law triumph opposed to victory is thus Ticket" Order as candidates. The Law party. The D and the anti Sunday Liquor to 10,000. H. States with from 5,000 Express majorities range the United His Colvin, agent of Mayor of the city. since Company, is the new L. Bond, acting Mayor opponent Medill's was L. departure for Europe. on evening Mayor thought in Milwaukee had carried the It the was 4th that the Reformers and that Taylor's 5,000. Wisconsin of State election, would be about majority for Governor indicated that the Democrats Legislatu The returns Reformers also had carried elected the their tickets several counties and The Anti Monopolists in Illinois and Kansas at The in the recent Conservative elections. ticket in Virginia is elected is by large majority. majority in Democratic. Baltimore The Democratic The State is also resulted in about The 13,000. New York Democrats. election has The Tammany of majority Cox victory for carried the the city by is a elected to ConDemocrats 15,000 to 20,000. unexpired S. S. term of the late and to fill the The Democrats by Congressman gress Brooks. Stateon the night of the at at his Liberals claimed 15,000 the to 30,000 majority. residence election Louis Gaylord Y., Clark on the died night of the Clark 3d, after was the editor of the exist. an Piermont, illness of N. only Knickerbocker few hours. Magazine Mr from 1832 till it ceased to dispatch of the 4th says A Washington Williams had "received saying that the torney-Gene ev-General Governor Kellogg, aiding the civil gram from Grant Parish, La., of the military in arrest the perpetrator after the authorities to did not arrive to have taken Colfax Parish massacre, outrage is alleged says that the latest of place. Grant The telegram that also the outrage the is sameda fabricaadvices A indicate New Orleans dispatch the Grant Parish outtion. "The account of November 1, shown arsays: telegraphed hence perpetrated after the rage, accounts, was Metropolitans, and had been by all there of the publication in Sunday's meetrival confirmed by the of the public fully proceedings the subject. papers of in the Alexandria to consider been known to the that ing The held above when facts he should sent his have dispatch of strength the 4th Kellogg Attorney General obvious Williams. of the to It having Canadian become Ministry was falling off, and