15939. Grocers Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 12, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
634dd697

Response Measures

Full suspension, Books examined

Other: Defalcation discovered (embezzlement) after suspension; bank voted liquidation.

Description

Multiple dispatches report a run on New York banks in mid-October 1857 with the Grocers' Bank suspending Oct. 12–13. A receiver (Charles D. Garrison) was appointed soon after (reported Oct. 14). Directors are reported to have voted to go into liquidation (Oct. 20), and subsequent investigations (Nov. 1857) revealed a large defalcation by the paying teller. Although one Feb. 1, 1858 dispatch states the bank 'will resume business,' contemporaneous reports of liquidation, receiver appointment, and discovered embezzlement indicate the institution was effectively closed and wound up. Dates are taken from the newspaper dispatches; OCR errors corrected (e.g., Grocer's -> Grocers Bank).

Events (5)

1. October 12, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the broad panic and simultaneous suspensions/runs on many New York banks in mid-October 1857.
Newspaper Excerpt
The Grocers' Bank has suspended. / The Grocers' Bank of this city suspended this morning.
Source
newspapers
2. October 13, 1857 Run
Cause
Macro News
Cause Details
Systemic financial panic/market-wide runs in October 1857 (panic of 1857) producing heavy withdrawals and runs on numerous New York banks.
Measures
Banks paid out specie initially; Grocers' Bank later suspended specie payments and a receiver was appointed.
Newspaper Excerpt
There is a general run on the Wall St. banks, and intense excitement in the street. ... No important event to-day in money affairs beside the suspension of the Grocers Bank.
Source
newspapers
3. October 14, 1857 Receivership
Newspaper Excerpt
Charles D. Garrison has been appointed Receiver of the Grocers' Bank, and will immediately enter upon the discharge of his duties.
Source
newspapers
4. October 20, 1857 Other
Newspaper Excerpt
the directors of the Grocers' Bank have, by a unanimous vote, resolved to go into liquidation on the 20th instant.
Source
newspapers
5. November 8, 1857 Other
Newspaper Excerpt
the assistant Cashier and Paying Teller of the Grocers' Bank is a defaulter to the amount of about $68,000. ... the receiver resumed his duties. ... the fact has been disclosed that Mr Geo A Clark ... is a defaulter to the amount of $68,000.
Source
newspapers

Newspaper Articles (22)

Article from New Orleans Daily Crescent, October 13, 1857

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DOMESTIC INTELLIGENCE. Financial. NEW YORK, Oct. 12.-The East River Bank has suspended specie payment. NEW YORK, Oct. 12.-Corning & Co., bankers, suspended on Saturday. They are large stockholders in the Southern Bank of New Orleans. CHICAGO, Oct. 12.-Wadsworth & Co. have suspended. Assets largely exceed liabilities. NEW YORK, Oct. 12.-The Grocers' Bank has suspended. The bank contractions during the past week exceed $5,000,000. The Pratt Bank closed to-day. WASHINGTON. Oct. 12.-The U.S. stocks redeemed at the Treasury to-day amount to $3,000,000. NEW YORK, Oct. 12.-The Bowery Savings Bank has received $607,000. The entire amount redeemed amounts to $3,500,000, leaving $1,000,000 now out. NEW YORK, Oct. 12.-The weekly bank statement shows an increase in specie of $76,000. Decrease of loans $4,180,000. Decrease of circulation $392,000. Decrease in deposits $4,677,000. AUGUSTA, Oct. 12.-The Southwestern Railroad Bank and Bank of South Carolina, at Charleston, both suspended this morning. There is a run on all the other Charleston banks. CLEVELAND, Oct. 12.-The Cuyahoga Steam Furnace Company has assigned. SOUTH-WEST PASS, Oct. 12.-The pilot-boat Cornelia, Capt. Chism, from Boston in sixteen days, (via Key West,) has arrived. British Consul at New York. NEW YORK, Oct. 12.-Ed.N. Archibald is appointed British Consul for this port. Death of G. W. P. Custis. NEW YORK, Oct. 12.-George Washington Parke Custis died at Arlington, Va., yesterday. Kansas News. ST. LOUIS, Oct. 12.-The Leavenworth Herald of the 7th says that large numbers of armed men came from Nebraska and voted the free State ticket. The Democrats claim both branches of the Legislature. Frize Fight. BUFFALO, Oct. 12.-At the prize fight between Lazarus and Hannegan, after one hundred and twenty rounds, occupying two hours and fifty-eight minutes, the stakes were withdrawn, neither conquering. Domestic Markets. CINCINNATI, Oct. 12.-Flour dull and unchanged. Whisky 15c. Wheat 80 to 90c. Oats 30. NEW YORK, Oct. 12.-Cotton is quiet. Flour dull. Wheat firm. Corn and Lard heavy. Mess Pork 22 to 30c. Whisky 20 to 21c. River Intelligence. VICKSBURG, Oct. 12.-The Uncle Sam passed down at 10 A. M., the St. Nicholas and Choctaw at noon, the Powell at 1. Rainbowat 5, Adriatic at 9, and Belfast at 10 P. M. Sunday. VICKSBURG, Oct. 12.-The Jno. Briggs passed down at 10 A. M., and the McRae at 1 o'clock, P. M. S


Article from Evening Star, October 13, 1857

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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended


Article from The Daily Dispatch, October 13, 1857

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ANOTHER FAILURE IN NEW YORK. NEW YORK, Oct. 12.-The Grocers' Bank has suspended. It is understood that the bank contractions last week will exceed $5,000,000. Corning & Co., bankers, who suspended on Saturday, were large stockholders in the Southern Bank at New Orleans.


Article from The Evansville Daily Journal, October 13, 1857

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Financial. NEW YORK, Oct 12-M The East River Bank of this city has suspended specie payment. Corning & Co.'s suspension is announced. The firm are heavy stockholders in the Southern Bank of New Orleans. CLEVELAND, Oct 12-M The Cuyahogo Steam Furnace Company has assigned. Assets $100,000 over liabilities. Two hundred men were thrown out of employment. Chicago, Oct 12-P M Wadsworth & Co., bankers, failed to-day. Assets 3 to 1 of liabilities. BUFFALO, Oct 12-P M The Pratt Bank hasclosed its doors. NEW YORK, Oct 12-P M The Grocers' Bank of this city suspended this morning. It is understood that the Bank contractions fer this weak will reach five millions. BANK STATEMENT.-Increase of specie, $76,000; Decreas of loans, $4,018,000. Decrease of circulation $392,000; Decrease of deposits 84 677,000. BOSTON, Oct 12-P M The Mich. Central Railroad asks an exten sion on paper maturing now, till funds are realized from the proposed loan. The coupons will be paid as usual. No change is necessary in the management of the road.


Article from New-York Daily Tribune, October 13, 1857

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statement of the South Carelina Banks, but, according to our best remembrance, the disproportion between the specie in their vaults and their circula? tion is something like five to one. If this be the case, the wonder is that the run did not begin before this. The following is the bulletin of the day, comprising only those corporations and private persons known to have gone under. THE GROCERS' BANK of this City, suspended payment. Its circulation is amply secured. It originated in a split in the North River Bank, and its failure is regarded as of no great consequence. THE PRATT BANK of Buffalo, suspended payment. THE Banks of CLYDE and LOWVILLE, thrown out by the Metropolitan. THE TOMPKINS COUNTY BANK, discredited by brokers. THE SOUTH-WESTERN RAILROAD BANK, S. C., suspended payment. THE CUYAHOGA STEAM FURNACE Co., Cleveland, Ohio, assigned. DYKERS & ALSTINE, Brokers, among the oldest and wealthiest at the Board, suspended in consequence of inability to respond to their call loans. HALL, DANA & Co., a commission house, doing & very large business. LUDLAM, LEGGETT & Co., 8 rich produce house. L. C. WILSON & Co., one of the largest of our dry goods houses. CARHART, BACON & CLARK, cloths. KETCHUM, MONTROSS & Co. DEAN, KING & Co., St. Louis. A.J.McCREARY & Co., COLLINS, KIRBY & Co., WADSWORTH & Co., barkers, Chicago, suspended. Their assets, as compared with their liabilities, are said to be as three to one. In Philadelphia, several old houses, doing an extensive business, are reported to have failed. There are rumors touching several houses in New. Orleans, but they are not authenticated. The Southern Bank, thought to be endangered by the failure of Messrs. Corning & Co., still stands. In Boston the Money market is stringent, and sales are few and at low prices. The bank officers held a meeting yesterday, at which they resolved to maintain specie payments and to expand their loans so far as to "afford the "Becessary aid to bring forward the crops, and alleviate the present commercial distress, unless "it shall be created by the demands of a causeless "alarm." We trust that every one will take the last clause into serious consideration before aggra. vating & necessary pressure by assisting to create an unnecessary panic. These resolutions, if put into action, will do much to relieve the country. The state of the stock and money markets in all other respects, except those noticed above, remains substantially the same.


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

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officer and clerk was buay with bis pen, and all remained at work long beyond the usual hour. CITIZENS' BANK. Here, too, the crowd and excitement were great, and the "drawing" large, and 80 long continued that before the close of office hours the Paying Teller was compelled to announce a temporary suspension of specie payments. Most of the depositors in this bank (it is located at No. 58 Bowery) are small traders, likely to feel most sorely a bank suspension, however brief; but such as failed to obtaintheir deposits yesterday took the matter with seeming coolness, hopeful that it would " all be right in & few days." BANK OF COMMERCE. The Paying Teller of the Bank of Commerce did not feel authorized to give the amount of specie paid out. CONTINENTAL BANK. At the Continental Bank a heavy run commenced at about 11, o'clock, which was continued until 3 o'clock. The greater portion of the run was from bill holders: No gold was paid to depositors. The run was very quiet; there was no call for a policeman. At 3 o'clock people were assured that the bank would open in the morning. About $75,000 in gold was paid out. DRY DOCK BANK. The Dry Dook Bank was also compelled to seek protection from the calls of its depositors by a suspension of speoie payment. Nothing particular attended the circumstance, A few who applied early received their deposite, but only a few. The great majority were doomed to depart empty-handed; with the assurance, however, that they would not be losers by the painful but necessary step which the Bank, like meny others, felt compelled to take. GROCERS' BANK. Charles D. Garrison has been appointed Receiver of the Grocers' Bank, and will immediately enter upon the discharge of his duties. HANOVER AND COMMONWEALTH BANKS. The run on the Hanover and Commonwealth banks was not very active, and both banks paid promptly up to 3 o'clock. IRVING BANK. This bank, located at the corner of Greenwich and Warren streets, suspended specie payment very soon after opening their doors yesterday morning. The run upon them was commenced on Monday, and 80 vigorously continued that $42,000 in specie were drawn from them during the day. They opened on Monday morning with $75,000 in specie. When the doors were thrown open yesterday morning they were at once besieged by a crowd of people who had been for some time in waiting, and the checks presented were 80 lange and numerous that $9,000 was paid out in less than fifteen minutes. From outside indications it was evident to the officers that they could not long breast the current, and they determined to close at once. This caused a good deal of dissatisfaction and grumbling among those who were awaiting their turn," but the excitement soon subsided and the crowd dispersed. The demand upon this bank came almost wholly from depositors. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank have paid out $60,000 in specie; but they have received $15,000 in gold on deposits. They run out of bills between 11 and 12 o'clock, and were consequently obliged to pay out much more specie than they would otherwise. The statement of the bank on Tuesday morning was: $1,425,525 Capital 100,000 Surplus $1,525 525 Total $1,627,447 Loans 182,000 Circulation 215,000 Secured on State Stocks, par value 421,102 Deposits 194,000 Spucie


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

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


Article from New-York Daily Tribune, October 15, 1857

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gold on deposit, not more than $10,000. Several pas. ple came for their specie in the morning. The besiness generally was more healthy than it has been for come days past. DRY-DOCK BANK. All is perfectly quiet at this institution, and it con Linues, for the present, to meet all demands against in gold. EAST RIVER BANK. The excitement which was manifested about this bank when it first suspended specie payments appears to have subsided; but the officers decline giving my information relative to the affairs of the institution. FULTON BANK. This bank is doing business as usual, specio ments alone being suspended. Before refuing spocia, pay. they had paid out $60,000 in gold to depositors, have $122,000 left. They did not refuse specionalM ME Wednesday morning. Several small specie deposits were made yesterday morning, and before the bank closed & large amount of gold had been deposited One house put in over $6,000. There seems to be a very general impression that business improve. The bank paid to the Clearing-House in the morning $16,000 in gold. In cases where billholders required small sums of specie they were cheerfully accomme! dated. Where it was evident that the gold was wanted for brokers and speculators, it - refund. The receipts were $125,000, payments $225,100, up to GROCERS' BANK. This bank was doing no business. Mr. Charles Denison, the President, was on Tuesday appointed Receiver for the institution, but it has not yet been decided to go into liquidation, as the decision of the Courts will admit of the vacation of the order, and permit the Bank to resume business if its managers desire to. GREENWICH BANK. The amount of deposits and money paid out at this institution was about one half of that on the preceding day. On Tuesday, the deposits were, in round REALbers, $60,000, while on the following day they amounted to not far from $30,000. The amount drawn out yes. terday in bills exceeded the deposits by perhaps $20,000, while on Tuesday-the eventful day of the week-the drain on the treasure in their vaults was $100,000. They express themselves perfectly satisfied with the present appearance of financial matters, and calmly await the progress of events, being assured that the worst has passed. HANOVER BANK. The Hanever Bank has received some ten or twelve thousand dollars in gold on deposit, according to the statement of its President. Our reporter was requested not to interrupt the tellers, and was able to learn nothing more than that the transactions were not extraordinary. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank received some $8,000 in gold on deposit. Many depositors are drawing out their deposits in bills in the fear that a receiver may be appointed, and their deposits be locked up. IRVING BANK. This bank opened at the usual hour yesterday morning for the transaction of all business except redemption in specie, and its counters were visited durirg the day by numerous depositors. Confidence appeared to be entirely restored among its customers, and they were returning for the usual business transactions. LEATHER MANUFACTURERS' BANK. The business of this institution was resumed on Wednesday morning, with the same restrictions as in the case of the other banks. The Teller was directed in his discretion to pay specie on the bills of the bank when presented in small amounts, and when the transaction seemed to be in good faith. When the bank suspended on Tuesday they bad over $40,000 in coin is their vault and $90,000 in the Clearing House. MANHATTAN COMPANY. The line leading to the teller's wicket of the Manhattan Company numbered near fifty persons within a few minutes after the doors were opened; there WES no excitement however, and the usual business was transacted with the exception of paying out onin. Many were present to have checks certified. MERCHANTS' BANK. But few persons were present, and these manifested LO evidence of distrust or excitement. No change was perceptible in the business, except in the non-payment of coin. NATIONAL BANK. There was no excitement about the doors of this institution. The usual routine of business was followed with the exception of paying coin. In some instances bank bills were paid on checks, but this was avoided by the bank as far as possible. There were but few persons in attendance at the bank during the day. There was over $500,000 in coin in the vault of the bank when the doors were closed. BANK OF NORTH AMERICA. Everything was quiet at this bank, and business was conducted as usual-the payment of coin to depositors excepted. When bills of the bank were presented in small amounts, they were redeemed in specie. In cases where it was evident that the coin was asked for purposes of speculation, it was refused. MERCHANTS' EXCHANGE BANK. This bank is continuing business as usual, with the exception of payments in specie. They yesterdey morning paid their indebtedness to the Clearing House, and opened their doors for business as usual The officers state that the Bank is in & situation to move along with the customary business without barrasement. While our reporter was in the Bank yesterday & number of deposits were made, and all was quiet outside, there being no crowd or excited ment. MARINE BANK. Before closing this bank paid out, in the two days' run, to depositors and bill-holders, $50,000. They have now less than $25,000 in the vaults. Business goes on as usual, specie payments excepted. The receipts yesterday were $64,000, of which $5,000 was is specie, and disbursements $44,000. To accommodate legitimate business the bank paid specie for bills is small amounts. MARKET BANK. This bank is doing business as usual, with the exception of refusing specie payments. Current bills are received on deposit and checks certified and paid


Article from Fremont Journal, October 16, 1857

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ous Bank Suspensions--Heavy Run on the Wall Street Banks Police Called Out!!! NEW York, Oct. 13. The following banks have suspended today Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizen's, Chatham, Bullshead, St. Nicholas and Market Banks. There is a general run on the Wall St. banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on State street, is announced. NEW York, Sept. 12. No important event to-day in money affairs beside the suspension of the Grocers Bank. There were a few unimportant failures of merchants. There is a rumor that a party of business men have gone to Albany, to urge the Governor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the Banks to continue specie payments at all hazards. The failure of the Merchant's Bank created no excitement.The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank, and the Grocer's Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kerby & Co., of that city, each with liabilities in Atlantic cities of one million. Our Bank returns to-day show a decrease in loans of upwards of $2,500,000, and an increase of $3,750,000 in specie. At the 2d Board to-day, stocks were lower generally. I.C. bonds 50; N. Y. C. R. R. 53; M. S. 9; I. C. 703; C. & T. 22; C. & P. 8; Erie 8; Cal. & Chi. 54; Ch. & R. I. 55; Harlem 51. The sailing of the steamer Atlantic for Liverpool has been postponed till the 24th. BOSTON, Oct. 12. Nothing new to notice in money affairs. The stringency continues, and with little transaction.


Article from Daily Nashville Patriot, October 16, 1857

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The New York Banks. The news from the city of New York is anything but pleasant in these times of disaster. Our telegraphic despatches of yesterday announced the suspension of the East River Bank We heard reports last night also of the Chatham Bank and the Grocers' Bank, that added to the gloomy news. It may be well, however, to state that neither of these banks stand among the financial monarchs of Gotham. The Chatham Bank has a capital of only $400,000, the East River $319,918, and the Grocers' $300,000 In the West these would be pretty considerable banks, but in New York they are small concerns. In New York City there are fifty-six banks, with an aggregate capital of $65,557,755. On the 3d instant, they had in specie in their vaults $11,400,413, with a circulation of $7,916,102. Their discounts for the week ending Oct. 3d, were $105,935,489, and their deposits $67,978,657. These vast figures will at once indicate the disaster that would follow the suspension of the lead ing banks of New York City The people may care but little for those that have fallen, but should the Commerce, with its capital of $8,222,000, or the American Exchange, with its $4,614 950, or the Metropolitan with its $3,800,000, or the Manhattan, Mechanics, New York, American, Repub. lic, Continental or Park, with their $2,000,000 and upwards;-should either of these mammoth institions suspend, it would be the beginning of trouble to which we are yet strangers.-Lou. Courier.


Article from The New York Herald, October 17, 1857

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PROGRESS OF THE PANIC. Meetings of Merchants in Boston, Syracuse and Detroit. Speech of Ex-Speaker Banks on the Crisis. NATHAN APPLETON ON THE NEW YORK BANKS. Effect of the Panic on New Churches, New Private Residences and the Pawnbrokers. BANK SUSPENSIONS THROUGHOUT THE COUNTAY. Heavy Business of the Telegraph Lines. Influence of the Metropolis Over the Union, &c. &c. &c. AFFAIRS IN WALL STREET. TEE CONDITION 07 THE BANKS AT TUN CLEARING HOUSE. New York has within a few weeks realized the CPE and downs of life. For some time past everything has been tumbling down at a fearful rate, but for the last two days everything bas been going up, even in a greater ratio-stocks, dry goods and-alas! for the poor-provisions. The arrival in this city of over a million and a half of gold by the Northern Lighton Thursday night, as woll at the favorable condition represented by the banks at the Clearing House, infused a new spirit into commercial and financial affairs, and reemed yeaterday. judging from appearances in Wall street, to cause an elation more sudden than the recent depression. How far such animpulsive re. velution may be an index of permanent relief time only can tell. Certain 14 is that the spirits of the community have gone up as rapidly as the stock market. At the Clearing House yesterday the banks paid up their balances well, and everything went on smoothly. As we stated yesterday as likely to occur, the bills of the well secured State banks were taken in payment of balances, and to a very large amount. Certificates of State bills deposited at the Metropolitan were presented freely probably not less than a million of dollars of that currency having been received. The Grocers' Bank made application for re-admission as a member of the Clearing House. The application will be considered to-day, with every prebability of access In our statement in yesterday's HEBALD of those banks not represented 1a the Clearing House, we inadvertanily mentioned the Citizens'. This was an error which we are happy to correct. The Citizens' was not narepresented. It should have been the East River Bank, which still re. maine out of the Clearing House. Discounts on uncurrent money remain as unsteady as ever. Buying and selling the paper of all banks out of our State is a mere matter of speculation, and most likely will continue to be so for some time to come. It must not be forgotten, in our sudden elation, that the revulation was just as instantaneous in 1837. The stocks went up in the very same way; yet commercial prosperity aid not fellow quite 10 fast as people expected, though the the improvement was as rapid as was commensurate with our resources. Then we had no California gold to fall back upon. It is better not to be too sanguine just yet. A healthy condition of the financial constitution will be arrived at in good time, but the convalescence must be gra. dual in order to be complete ADDITIONAL. The effects of increased supply of currency and confidence was Bill further manifested yesterday in nearly all de partiments of trade, with increased melivity in transac. tions. We board of an improved movement of produce from the country for the city, and of shipments of groce rice and other goods hitherto checked for the country. Flour again advanced about 10 to 16 cents per barrol, wheat from 2 to 3 cents per bushel, and one from 3 to 4 cents per besital. Sugars were also firmer, wish sales of about 1,000 bhdg. There continued to be & good export demand for breadstuff. fue ther shipments of which were made at steady rates of freight. One tank yesterday received from two assignees of specio by the Northern Light $50,000, and others were said to have gained deposits from the same vessel. In consequence of this fact, with the return of the de pcaits previously withdrawn, several of the wall street banka were enabled yearerday to increase their loans and to discount more fully than was expected. The American Exchange Bank received $181,000 in gold by the Northern Light, which, with other receipts, is was stated enabled 1# to increase its loans to about $300,000. The Merchants' Bank gained special also, and 18 is and discounted about all the paper their old customers of. fored.


Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -Telegraphic dispatelies from the eastern cities to the 12th, note no improvement in financial affairs. The Grocer's Bank of New York City has failed. Dispatches from St. Louis announce the failure of Donne, King & Co., and Collins, Kirby & Co, of that city, each with liabilities in Atlantic cities of one million. -No official returns from Kansas, but it is generally conceded that the Free State party have carried the Territory. The Democrats, however, still claim a majority in the Legislature. FOREIGN.-By the Atlantic, which arrived at New York on the 12th, we have Liverpocl dates to the 30th. The India mail with Calcutta dates of August 23d, and Bombay 21st, and Delhi 12th, had arrived. Delhi was still in the hands of the insurgents. A good deal of skirmishing had taken place, the rebels being invariably defeated, but with considerable loss to the British. -We have conflicting reports of the election in Kansas. A St. Lonis dispatch of the 8th states that the Republicans were 200 ahead at Leavenworth (another report gives a Democratic majority of 250,) and the Democrats ahead at Wyandotte. The Free State men have probably elected the Congressman (Parrott) and the Democrats have a majority in the Legislature. -The Bowery Bank of New York closed its doors on the 9th inst., and a heavy run was made on the Park Bank, of the same city, but it withstood the pressure. -Shocks of an earthquake were felt about half past four o'clock on the morning of the 8th, at St. Louis, Mo., and at Springfieid and Centralia, Ills. The rumbling was deep and heavy, making the most substantial buildings tremble, and overturzing small articles in dwellings. -Louis McLean, a prominent and well known public maa of the nation in by gone days, died at Baltimore on the 7th. -A dispatch from St. Louis of the 8th, speaks encouragingly of the success of the Free State men at the election in Kansas on the 5th. It was conceded that Parrott would beat Kansom for Congress. -A Calcutta letter of August 10, puplished in the N.1 Y. Herald, says Lucknow, the capital city of Oude, had fallen. All the Europeans have been massacred. It is not stated on what day the garrison at Lucknow surrendered. -The failure of Bowen, McNamee & Co., Geo. Bliss and Wruts, Lane & Co., three of the most prominent houses of New York, is announced. The Addison Bank and Brooklyn Bank, N. Y., are discredited. On a test vote in the Pennsylvania Legislature on the 7th, it is considered improbable that the su pension of specie payments by the banks will be legalized. - -A fire in Chicago, on Sabbath morning last, destroyed the old Irving House and five or six adjacent buildings on State street. Loss estimated at $125,000.


Article from Semi-Weekly Standard, October 17, 1857

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The Financial Distress. There is no abatement in the stringency money market, and we yield reluctantly to lief that we have not seen the worst of it yet. The decrease in the New York banks for the ending October 10th, was as follws; Of loans, 017,930; of deposits, $3,058,190 of circula $224,668; by failure of capital, $626,000. of specie for same time, $75,881. The New Times of Monday last says: The mercantile failures to-day are numer and particularly important in the Dry Goods est, where the feeling of discouragement, on of the embargo on the estern exchanges severity of the pressure at home, is becoming and worse every day. Two large and well firms, who have not suspended, resort to-day new course of business to be rid of their g Chine Я S cash. Joj pueq Dry Goods jobbers, put up their stock at auctio their own store. Messrs Edward Lambert & extensive Silk Goods jobbers in Chambers have opened an establishment in Broadway tailing out their goods for cash at the lowest prices! The suspensions reported are: Messr O. Wilson & Co., Dry Goods jobbers and impor an old house that weathered the storm of 1837, regarded wealthy until the present time; Bliss, Douglas, Wheelock & Co., Dry Goods also an old house under various firms, and of standing up to the present time Hall, Dana & Domestic Goods' house of old standing and tensive trade: J. A. Hearn, Dry Goods; Black Whittemore & Co., an old cloth house, who through 1837; W. Langdon & Co., Dry Carhart, Bacon & Co., Cloth house: W. T. H can, Dry Goods: Herrick, Ferris & Co., Gentlem furnishing goods; Ludlam, Leggit & Co., dealers; and Ames, Herrick, Barnes & Rhodes, stioners. Among the names, onitted in our ing list, should have been John N. Genin, the known fashionable hatter in Broadway. Among old members of the Stock Exchange, Dykers, tyne & Co., are reported as being unable to some of their loans on demand. The firm is stood to have large means, and we hear that the mand upon them to-day was accommodated to convenience. This formidable catalogue of individual and the breaking down of the Grocer's Bank is happily not relieved by any appearance of ment in the exchanges either domestic or foreig The Cotton Market here and at the South is prostrated, for the time being, and the few sales king are at a decline of four cents from the top a few weeks ago, and without the change of a tion in Liverpool. The Corn Exchange to day fered severely from the same cause, though it is isfactory to note increased receipts, and evide that a very large amount is still on the way by and canal. The business in Sterling is done at 101 per cent. A leading banker is offering to short sight at 102 a 1027 per cent. The only redeeming feature in the Money -and certainly an important one, asa rallying -is the steady specie strength and determined cie basis of the City Banks, as shown on the age of the past week, and in the following and resolutions, moved in the Association this ning, by Mr. William F. Havemayer, of the North America, and unanimously adopted. The claration is more important, negatively, as an dence of united purpose and mutual action sistance, than for any positive promise it holds of relief to the mercantile community. At a meeting of the Bank Officers, held this at the Clearing-House, Thomas Tileston was ted Chairman, and James Gallatin, Secretary. on motion, the following resolutions were Whereas, There is no demand for specie upon banks of this City for exportation, and can be at present; but, on the contrary, with the low rate of exchange, affording a profit of to 10 per cent. on its importation, there must speedy influx of it from Europe- for whether body here can draw for it or not, the inevitable of trade mu' be obeyed-and specie will the point of greatest demand: And whereas, All demands for specie upon banks of this City from the interior, SO far as could arise from natural causes, have already met; And whereas, The exchanges with every the C untry are in favor of New York, current of specie towards it for the payment debts and the purchase of goods; And whereas, We are in the semi-monthly of large accessions of gold from California, here for the payment of debts; And whereas, The United States Treasury is idly disbursing coin in the public expenditure, for the redemption of the public debt: And whereas, In this state of things every ral and healthy tendency is to accumulate the banks, and to enable them to diffuse it throu ont the country, as the basis of credits by the abundant crops Providence has given, bountiful than ever, may be brought to market, fidence may revive, the circulation of commodi be resumed, the internal exchanges restored wheels of industry be set in motion, and ment once more be given to labor; And whereas, In the judgment of this there exists at the present time no obstacle ha er to the accomplishment of objects so desirable, less it be in an unfounded and unnecessary which keeps specie from its natural uses, and performing its appropriate functions;


Article from The River Falls Journal, October 21, 1857

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The Very Latest. By the Milwaukee, which arrived last evening we received the following late news; SUSPENSION OF HARPER BROTHERS. This extensive publishing house in New York has gone down In the general crash. A dispatch from Augusta (Gn.) says the South Western Railroad Bank and Bank of South Carolina have suspended. FIRE IN CHICAGO.-A fire which broke out in Chicago, destroyed property to the amount of $100,000. SUSPENDED.-Wadsworth & Co. bankers, of Chicago suspended on the 12th. The Grocers bank of New York, has suspended. J. Morrison broker, of Cleavland has suspended. Corning & Co. of New Orleans have failed Collins, Kirby & Co of New York are down. Liabilities $1,000,000. The Pratt bank of Buffalo has closed its doors. There is nothing new to notice in money affairs. Stringency continues and what little transactions take place at the Brokers Board are mostly pressed sales.St Paul Times.


Article from The New York Herald, October 21, 1857

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The Assistant Treasurer reports to-day M follows:Total eceipts $149 026 68 77.852 87 Total payments Total balance 5,618,897 61 The receipts include $100,000 transferred from Baton, and the pay ments include $20,000 on California drafts. Albert H. Nicolay will hold a special suction sale of stocks and bonds to morrow, mt the usual hour and place. The ltst will Include $34,000 Dubaque and Pacific Railroad first mortgage 7 per cent land grant bonds. Adrian H. Mullor's regular auotion sale of stocks will be held to-merrow, Wednesday, at half past 12 o'clock, at the Merchants' Exchange. S. Draper will hold a special sale to morrow, at the same time and place. Among other stocks, his catalogue will Include shares of the Pacific Mail Steamship Company, New York and Virginia Steamship Company, United States Fire Insurance, and East River Life Insurance. the directors of the Grocers' Bank have, by a unanimous vote, resolved to go into liquidation on the 20th instant. A good many others will follow sult before a general re susption of specte paymen's. We shall not miss them, as there willbe, without doubt, enough left. There is no truth in the report of the failure of Measrs. Sampson & Baldwin, iron dealers, of this city. The New York and Harlem Railroad Company give notice in another column that the couponsos their first mort. gage bonds, will be paid as the treasurer's office, on and after November 2. the Underbill Edge Tool Company, of Nashua, N. H, doing business in this city, made an assignment of their property on Saturday to the Indian Head Bank of Nashus The statement of John Faroum & Co., at the meeting of their creditors, was not no satisfactory as was expected. It eir debts are $2,200,000, their assets are $2,900,000, la which are inolu tei $1,500,000 of suspended paper and over drafts. or the debts, $250,000 are secured by colla terals that are included in the assets. Their assets also in cluie $810,000 in goods. They propose to make up their accounts to the 1st of December, and to pay in ten instal ments of D. 12, 15, 18, 21, 24, so, 83, 42 and 68 months. The firm of D. 8 Brown & Co. propose to pay five cents on the dollar in cash and renew the balance for 6 months. The arrangement relative to the redemption of Eastern money has been completed, as will be seen by the an nexed official circular:METROPOLITAN BANK. New ESGLAND MONEY - This back will take on deposit at N per сед: discount all New England money which is received at the Suffolk Bank, Beston-(this, for the pre seni, excludes all Rhode Island money)-paying for the net proceeds the day a ter It is received and counted by this cank, re erv ng the right to reject n large or unusual amount or any one bank. No bank can draw on account or its remittance of New England money will the day after n is went forward. Interest on your ace unt will casse on the Slet Inst. GEORGE L. SENEY, Cashier. The last line of the circular is an announcement that the Metropolitan has concurred in the arangement, now adopted by the majority of the banks, declining to receive deposits on interest. Annexed is a list of the Eastern bank notes not taken on deposit prder the


Article from The Davenport Daily Gazette, October 22, 1857

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


Article from The New York Herald, November 8, 1857

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DEFAULTING BANK OFFICERS. Defalcation of a Teller In the Grocers' Bank UBSTANTIALREASONS FOR A BANK FAILURE-FAST HORSES A FINE HOUSE. AND A BILLIARD TABLE THEDEFAULTERESCAPED,ETC A few days before the general suspension of the New York banks. the Grocers Bank was announced as sus* pended and Receiver was accordingly appointed to take charge of its affairs. When the general suspension took place, by some means the Grocers' Bank was among others permitted to resume its rations at the Clearing House and continued to meet its payments for several days. This however did not continue long and as was believed at the time, the hard times had broken up th business of the bank so the Receiv resumed his duties Whether as the cause or the consequence of the appoint ment of the Receiver, since he has entered upon hi duties the fact has been disclosed that Mr Geo A Clark the assistant Cashier and Paying Teller is a defaulter to the amount of about 68,000 At the time of the suspen sion, the Directors suspected from the state of affairs that there was some other cause besides the hard times, but had no positive clue. At the stated monthly examination the balance sheet of the assistant Cashier has been peatedly made to correspond with the deposit account the entries being properly footed up By means of false entries and certified checks it now appears that Mr. Clark has made his balances correspond with the general balance sheet at the beginning every month, his entire charge the books his department afford. ing him every facility At present he appears to have on been his operations but carrying for months, though it is possible he might have been pursuing the same plan since his first connection with the bank 1851, more than six years since About ten days since, Clark leave obtained in absence on the country plea of needing rest from the exciting labor the past weeks. and until that the defalcation was known. It is said that he has gone New Jersey. and that the officers of the to his whereabouts The papers have already been placed in the hands of the District Attorney action. Mr. Clark the son of Ex Mayor Aaron Clark, and young clerk the North River Bank and left there the of the mation Grocers' offered Bank being con more position He always sidered an exceedingly smart energetic business man, have always before been found note Directors the to that stating been had and deceived stated friend; about by worth of notes and checks of personal friend which proved also left the latter true may account it measure for the disposition that not supposed with him. amount property standing doubtless name though there enough to save the bank from loss His bondsmen which $10,000, considered good Mr. Clark had rather showy and three or four children. has and small from house in large and splendid brown stone which he has built Clinton street, Pacific His living rather fast. and of his gantly on salary not $2,000 been have $10,000 annum. He had fine stable and fast often the road, sometimes His betting was ished fine style, including table. Himself and family always dressed well, spent This money that his rumor who father is reputed wealthy had loaned him money He was not deeply debt can be ascertained One of his creditors said ho eemed him his safest customer and he had generally reputation of being prompt paymaster. The report that he was deeply in debt Mr Gurney untrue he only owed him few hundred dollars The defalcation must hasten the closing up of the business of the bank A Two Hundred Thousand Dollar Defalcation In Philadelphia. ATTACHMENT OF THE PROPERTY OF MR. ALLIBONE, LATE PRESIDENT OF THE BANK OF PENNSYLVANIA. OUR PHILADELPHIA CORRESPONDENCE PHILADELPHIA Nov 7, 1857. Although the desperate condition of the Bank of Pennsylvania has been matter of public notoriety for some weeks past, the community was not quite prepared for the developements of to day. This morning, in the Court of Common Pleas, an attachment was asked for against the property of certain well known brokers in this city who, it alleged, have been concerned with Mr Allibone, the late President of the Bank of Pennsy Ivania, in using the funds of that broken down institution. The following is a correct abstract of the affidavit upon which th reattachment is issued:William Geisse Thos N Newhall William P Newlin, Arthur H Howell, Lawrence Lewis Franklin Fell John Taylor Moncure Robinson. Wm Lyttleton Savage, Wm Patterson being severally sworn affirmed, one and say they are officers viz of the poration styled the President Directors and Company of the Bank of Pennsy Ivania which was duly created by and now exists under the laws of the State Pennsylvania, and for and on behalf of said Company they further say and depose that as they have ascertained, Thomas Allibone (late the President of said bank, justly indebted to the President Directors said bank the sum of two hundred thousand dollars and upwards. for money belonging to the said corporation which money the said Thomas Allibone had and received own use and which he has not returned or repaid to them. The affidavit then states that about the 20th of October 1857 he absconded from his usual place of abode for foreign country with design to defraud his creditors they believe, and that he has not left in this county or State money to pay said debts The affidavit upon which the application for the attach ment was based was signed by the new President of the bank Col Wm C. Patterson and by the majority of the Directors. Some of the latter have been charged hitherto with being the special pets and accomplices of Mr Allibone. Rumor says that some of them have grown rich upon the spoils of the bank, obtained through the agency of the late President The affidavit certainly does not mince matters. but plainly charges Mr Allibone over with to a foreign country absconding $200,000 of the funds. which the deponents believed he intended defraudinstitution the ing Some of the signers of the affidavit are relatives of the autonishlate President, little excites and their course no ment in the business community especially when the fact of their previous conduct to Mr Ailibone is taken into consideration When Mr was about setting out for Europe most prodigious hurry the following corres pondene took place between him and the Board of Direc tors the bank:'PHTT Oct DELPHIA 1857 17. "TO THE BOARD OF DIRECTORS THE BANK health continues that infirm find to be me to perform the duties President your bank My physician has urgentiy pressed on me the necessity of resigning and to endeavor, by travel and absence from excitement. to restore my shattered health My lars interest in the bank as a stockholder would induce me remain and work with you. was my of health such as to render it possible for me to do so. Incessant labor and the excitement of the past few have EO prostrated me that am constrained to leave you. For all of you entertain the most affectionate regard You will please receive this my resignation as President of the bank Yours, very THOS ALLIBONE Whereas Thos. Allibone Esg having compelled by serious illness. under the advice his physician to this of his bank, tender Resolved, The Board of Directors, in accepting the express their feeling of deep regret parting with Mr. Allibone. and sympathise with him that the cessity exists: trust that kind may speedily restore him usual health and to the enjoy. ment long happiness and usefulness. minutes. from Extract October 17 1857 JNO D TAYLOR Sec'y have since above Three the weeks but place even short that period has been amply sufficient to bring about wonderful is It sentiment shrewdly change that suspected the directors had it over again they would their of sympathy unwritten especially been pretty clearly settled that Mr Allibone's ham strongly suspect that the de action of to-day has been instigated by Col Patter the new President of the bank Col. thorough going business man, who never trifles over what undertakes. probable. too that carefully application for an injunction against the Board of Direct may have had something to with the denoumment The effect of this supposed injunction. if urged, would to hold the directors liable for losses sustained the stockholders through any improper use of the funds the bank This injunction has not yet regularly filed. and great care has been taken keep from the knowledge of the public The stock of the bank was


Article from New-York Daily Tribune, November 9, 1857

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THEDEFALCATION IN THE GROCERS' BANK. Within the last few weeks the fact has become known that Mr. George Aaron Clark, assistant cashier and paying teller of the Grocer's Bank, has embezzled the funds of that institution to the amount of $68,000. Atthe time of the general suspension of the New York barks, it was announced that the Grocer's Bank had stopped payment and closed its doors. A receiver was accordingly appointed. When the general suspension took place, for some reason or other, the Grocers' Bank, among others, was permitted to resume operations at the Clearing-House, and for several days the institution continued to meet its payments. Its operations, however, were of short duration, and it was believed at the time that the hard times had broken up the business of the concern, and the receiver accordit gly resumed his duties. In overhauling the books of the institution the fact become known that some $68,000 of the funds were non est, and suspicion immediately fell upon Mr. Clark as the defaulter. At the stated monthly examination, the balance sheet of the assistant Cashier has been repeatedly made to correspond with the deposit account, the entries being properly footed up. By means of false entries and certified checks, it now appears that Mr. Clark has made his balances correspond with the general balance


Article from Bellevue Gazette, December 10, 1857

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THE DEFAULTING BANK OFFICER.The defalcation of about $70,000 by George O. Clark, Paying Teller of the Grocers' Bank, of New York, was discovered in the examination of the affairs of the bank since the appointment of a Receiver. When the bank suspended the Directors thought there was a hidden leak somewhere, and the examination of the books showed that the Paying Teller had, for the period eighteen months, been abstracting large sums from the bank and covering them up by false entries. He prevented a detection by the Directors at their stated monthly examinations, by making the ballance-sheet on the last day of each month correspond with the deposit account, and having his entries foot a corresponding amount. Clark has absconded. leaving behind the notes and checks of a friend for about $50,000, which proved to be worthless.


Article from New-York Daily Tribune, February 1, 1858

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S. Draper's regular daily sale of bonds and stocks will take place on Monday, the 1st of February, at half-past 12 o'clock, at the Merchants' Exchange. Albert H. Nicolay's regular daily auction sale of stocks and bonds will take place on Monday next, February 1, at 121 o'clock, at the Merchants' Ex change. Money is abundant. to a point of uneasiness, on the part of those who are fortunate or unfortunate enough to have large sums at command. Paper of the highest grade finds ready sale in the open market at from 7 to 8 ₽ cent, and is taken without hesitation at the banks, and signatures of acceptable character pass with about equal facility at from 9 to 10. These are the only of which afford a fair of names classes market-distrust paper many formerly criterion taking of the fair rank in the market; contracting the circle of money negotiations to narrow limits, except at figures which compare with panic rates, and which are evidences of the shock which credit has received, rather than of the true condition of the Money market. On call the supply is excessive, at rates ranging from 4 to 7 & cent, according to the standing and facilities of the borrower, and the character of the securities offered on hypothecation. The banks are increasing in specie and deposits, and gradually extending loans; taking more freely of good stock collaterals, for lack of desirable business paper. Prospectively, the evidences appear to foreshadow even more favorable rates for the borrower, taking the rapid progress of money accumulation in Enrope into due consideration, and there seems to be little probability of a more active demand for money, until trade throws off its profound apathy, and calls capital from its points of concentration. We understand that, although the Harlem loan has made some progress, $200,000 of the bonds have yet to be subscribed for by the public before it can be conridered certain that the whole amount required will be secured. The stockholders of the Saratoga and Whitehall Railroad Company are requested to meet on the 10th of February, instead of the 1st, as erroneously printed by us. The Grocers' Bank of this city, we understand. will resume business on Monday, February 1, and will pay all demands upon presentation. We annex a comparative statement of the Foreign Imports at New-York for the week and since Jan.1: 1857. 1858. 1856. $721,511 $ 2,571,535 $ 32,801,779 Dry Good 1,083,459 1,180,211 1,194,811 General Merchandise $1,804,970 $3,981,990 Total for the Week $3,766,346 5,085,644 11,108,811 13,264,295 Previously reported $15,090,801 $6,890,614 $17,030,641 Since January 1 The following is a comparative statement of the Exports (exclusive of specie) from New-York to foreign ports for the week and since Jan. 1: 1857. 1858. 1856. $888,236 $1,419,697 $1784,740 Total for the week 2,825,488 1,930,887 1,904 031 Previously reported $3,323,728 $3,715,627 $3,213,724 Since Jan. $8,200,187 Decrease of Imports thus far this year 110,004 Increase of Exports thus far this year $3,310,191 In favor of this country We have besides shipped about $1,400,000 in specie this month more than in January last year. The export of specie from this port for the week ending this day, and for the year 1858, was 83 follows: $85,000 00 Schr. Mary Alice. Ponce, American Gold 1,575.00 Ship Courier, Cape de Verde, Doubloons 18,000.00 Steamer Black Warrior. Havana, Spanish Gold 2,500.00 Ship Hotspur, Hong Kong, Mexican Dollars 57,075 00 Total for the week 4,638,543.59 Previously reported Total 1858 $4,425,618.59 The following is a comparative statement of the value of certain exports from the commencement of


Article from The New York Herald, February 14, 1858

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# Wor's efore the Legislature. HAY VS. LEAKE ES TE. Mr. Patterson introduced in the Senate a bill to determine the claim of James Hay to the real property and the proceeds thereof of John G. Leake, deceased. Sec. 1. James Hay is hereby authorized within one year from the passage of this act to serve upon the Attorney General a complaint, in which he shall be named as plaintiff and the people of this State defendants, in which complaint it shall be alleged that the plaintiff is the heir of John G. Leake, deceased, and that as such heir is entitled to the proceeds of the sales of the real estate, and also to the possession of any which remains unsold which belonged to the said deceased at the time of his death. Sec. 2. Within twenty days from the service of the said complaint the Attorney General shall serve an answer on the said plaintiff or his attorney, in which the several allegations contained in said complaint shall be denied. Sec. 3. The issue thus joined shall be noticed for trial by the plaintiff, and placed upon the calendar of the Supreme Court at any circuit appointed to be held in the county where by the plaintiff the venue shall be laid, and shall be tried by a jury. Sec. 4. From the joining of the said issue down to and including the trial and judgment, the same rules of practice of law and evidence shall be applicable to this case as are applicable to causes between individuals. Sec. 5 provides that should Hay obtain a verdict by which he is declared heir to the estate of the late J. G. Leake, then he is to enter into possession, after deducting the costs of suit, the same as if he had been a citizen of this State at the time of the death of Leake; but at the same time Hay is to be held for any legal claim by any other legal heir who may establish a claim. Sec. 6 allows Hay to use as evidence the testimony taken under two certain commissions issued by the Governor and Chancellor of the State of New Jersey. # SAVINGS BANKS. Mr. Sloan's bill on this subject is substantially as follows:- That wherever savings banks have heretofore been authorized by an act of the Legislature, and the persons so constituted for such bank have not duly organized according to law, or have only nominally organized without proceeding to business, or whenever in the exercise of duties as a corporation they have invested any moneys deposited with them as such institution in any different form from that required by law, there charters are repeated; their failure to make proper reports, or falsified reports, works a like forfeiture of charter. # NORTH RIVER AND GROCERS' BANKS AND THE MECHANICS' BANKING ASSOCIATION. Mr. Brandreth's bill relative to these institutions provides- 1. That their failure to publish (while under injunction) the statement called for by the law of 1853 shall not be deemed a refusal or neglect under the second section of that act. 2. On the return by the receiver of the surplus remaining in his hands, after liquidating all claims to the directors of these banks, it makes it lawful for the directors, within thirty days after such return, or after having resumed the business of banking, to reduce their capital to an amount which shall be then equal to the value of such property above their debts and liabilities, and the par value of the shares to be reduced in like ratio; but in no case shall their capital be less than $100,000. They may, however, subsequently increase their capital to the full amount (and no more) named in their original articles of association. 3. When the directors of these banks shall elect to so reduce their capital, they shall notify the Bank Superintendent, who shall cause their books to be examined, and if necessary to examine the officers and directors under oath; and the Superintendent, from facts so obtained, shall determine the value of such capital. It shall not be lawful, however, to reduce such capital to an amount less than the value so fixed by the Bank Superintendent. To take effect immediately. # RIGHT OF EMINENT DOMAIN. Mr. Sloan's bill, amending the act in relation to the appointment of commissioners to take property for public purposes, provides-That in all cases in which the law authorizes or requires the appointment, for the purposes of taking private property, to be used for public purposes, or making awards or assessments for public or local improvements, not less than thirty days notice of the application for such shall be given to all parties who may be in any way interested therein, in such manner as may be prescribed by the court or other authority authorized to make such appointments. # WAREHOUSEMEN AND WHARFINGERS. The bill proposed to be introduced by Senator Ames on this subject, provides- 1. That no warehouseman or wharfinger shall issue any receipt or other voucher for any goods, wares, merchandise, grain, or other produce or commodity to any person or persons purporting to be the owner or owners thereof, unless such goods, &c., shall have been bona fide received by such warehouseman, wharfinger or other person, and shall be in store and under his control at the time of issuing such receipt. 2. No such receipt to be issued as security for money loaned or other indebtedness, unless the merchandise is actually in the possession of the warehouseman at the time of issuing such receipt. 3. No warehouseman or wharfinger shall issue any second receipt for merchandise while any outstanding receipt is uncancelled, either in whole or in part. 4. The warehouseman shall not remove or transfer any merchandise beyond his immediate control where a receipt has been given, without the written consent of the party holding such receipt. 5. Any violation of the provisions of the act to be punished by a fine not exceeding $1,000, or by imprisonment in the State prison for a term not exceeding five years, or both. The parties aggrieved have the power to institute civil suits, also for all damages that may have accrued by reason of the violation of any part of this law. The act to take effect immediately. # SOUTH BAY STEAM FERRY COMPANY. Mr. Mills' bill to incorporate the Great South Bay Steam Ferry Company, constitutes S. F. Griffin, E T. Smith, J. W. Pelletreme, and others, a body corporate, with a capital stock of $15,000, with power to increase to $15,000, for the purpose of building and running steam ferries between New York and Katchabonnock, Suffolk county, with the usual powers of such corporations. # REFORM IN KINGS COUNTY PRISONS. Mr. Duryea's bill relative to the jails in Kings county, provides for the appointment of a matron to have charge of female prisoners, by the Board of Supervisors, at such salary as said Board shall fix; empowers the Board to make rules and orders for the classification, separation, employment, &c. of all prisoners in any county prison, and obliges sheriffs and jailors to obey such orders; obliges the separation of witnesses from criminals, of juveniles from adults, of parties charged with crime from those convicted, and forbids any association between them. It also authorizes and requires the Board to make proper provisions for the safe keeping of prisoners, at the expense of the county. # NEW YORK AND ERIE RAILROAD WAY FARE. The bill of Mr. W. B. Jones to regulate way fare on this road prohibits the company from demanding or receiving from way passengers any greater rate of fare per mile than is charged for through passengers, and imposes a fine of $50 for violation. # CENTRAL AMERICAN COMMERCIAL AND INDUSTRIAL COMPANY. Mr. T. Jones' bill to incorporate the Central American Commercial and Industrial Company names as corporators Mere. Erastus Corning, E. D. Morgan, John L. Schoolcraft, William J. Perkins, Charles B. Hoard, John Cochran, Henry H. Elliott, Walter S. Burgess, E. George Squier, Randolph Martin, Wald Hutchins, John H. Peck and John Anderson. The object of the company is to facilitate emigration to Central America. The capital stock of the company is not to exceed $300,000, in shares of $100. The bill confers the ordinary privileges granted to such corporations. # THE LIBEL LAW. Mr. Beach has introduced the following bill:- Sec. 1. In all actions for libel so much of malicious intent only shall be presumed by the fact of the publication as is necessary to sustain the action. Exemplary or vindictive damages shall only be awarded on proof of malice. Sec. 2. The jury may determine the amount of damage caused by any libellous publication without the production of specific proof thereof. # FIRST JUDICIAL DISTRICT. Senator Scott's bill relative to the Supreme Court of the First Judicial district provides- First That the power to grant, modify and dissolve injunctions in the First Judicial district shall be vested exclusively in the Justices of the Supreme Court in that district, as fully as the same was formerly vested in the Court of Chancery of the State, and gives the Justices full power to make such rules relative to this branch of their jurisdiction as they may deem discreet. Second. Provides for the election of three additional Justices of the Supreme Court for the First district at the next State election, to hold office for eight years. Third. Reduces the number of Justices of the Superior Court to three. Fourth. Provides that, by consent of either party, causes involving more than $5,000 may be transferred from the Superior Court to the Supreme Court. Fifth. Appeals shall be brought in all cases from final judgment of the Superior Court or Court of Common Pleas to the Supreme Court of the First district. # BOARD OF SUPERVISORS. Mr. Schell proposes to amend the law of last winter, relative to the supervisors of New York by digiditur


Article from The New York Herald, April 16, 1858

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FINANCIAL AND C'OMMERCIAL. MONEY M/ ARKET. SURSDAY, April 15-6R M. The stock market was r n at all active morning, But prices generally wer . better. In New York Central and Erie Railroad the tendency from the opening to the alose was upward. a as a elight advance was realized. Bending and Chicago and Rock Island were in demand. Milwaukie and Mis aissippi was lower. The company inYeard issuing new mortgage bonds for the purpose of funding the Boathng debt and settling up a lot of odd ends in - financia', affairs. The new issue, we believe, will be for two Lmillson of dellars. Nicaragua Transit sold this merning at three per cent. There is yet no decided movement this stock, and we do not know that one is contemp) ated. The operations 80 far have been rather of a myst erious character, and not to an important extent. Par ac Steamship Company stock fluctuates strangely. By sterday it sold at 75; this morning it opened at 77 and wa off at 783/2 per cent cash. Hudson River Railroad Pappears to be about the steadiest stock in the market. The transactions at the early board to day were less than a hundred shares at the closing prices of yesterday. Gleveland and Toledo closed dull and heavy at 44 per cent. The seven per cent bonds of the company are selling at 58, only 9 per cent above the current price of the stock. Reading opened this morning at 48½ and left off at 47% per cent. The coal business is in a wretched condition, and all the carrying companies connected with it must be serious sufferers in their income account. They are in a fair ay of ruising each other in the reduction of tolls and freight. Erie Railroad stock is very scarce in the street, notwithstanding which prices are with difficulty maintained. At the first board to-day Virginia State sixes di clined 1/4 per cent; Cumberland Coal, 1/1; Reading, ½; Minois Central Railroad, 13/2; Milwaukie and Mississippi, 3/2. Missouri State 6's advanced 1/4 per cent; La Crosse land grant bonds, ½; Pacific Steamship Company, 2½; New York Central, ½; Erie, ½; Cleveland and Toledo, %; Pasama, %; Chicago and Rock Island, ½. Sixth Avenue Bailroad stock sold this morning at 103% per cent. The Broadway Parallel Railroad bill is about as good as killed. . would be impossible to construct the line, and half a dezen acts of the Assembly would do the projectors no good. No railroad can be built in our streets without the consent of the corporation, and their acts would be go. verned a good deal by the desires of property holders along any contemplated line. This is in accordance with the last decision of the Court of Appeals, and in accordance with the meaning and spirit of the constitution, which is a Baste abead of any single act of the Legislature. A meet leg of the stockholders of the Cumberland Coal and Iron Compary was held at the office of the company this morn. mg. Between thirty and forty thousand votes were cast for the acceptance of the amendments to the charter recently passed by the Maryland Legislature. The meet. ins was characterized by entire harmony of views on the part of those present, and a committee of five appointed to prepare a circular to be addressed to the stockholders, stating the terms and objects of the proposed payment. The changes in the management of the company, recently made, result in the election of Mesars. Samuel J. Tilden, CharlesGould, Robert P. Getty, David Palmer and Edmund B. Miller. At the second board the market was lower and closed heavy. Harlem fell off ½ per cent; New York Central Railroad, 1; Erie, 13/2; Hudsen River, %; Reading, 136; Geveland and Toledo, 1; Medigan Southern, old, ½; Galena and Chicago, %; Chicago and Rock Island, 3/4. There was a very small amount of business transacted and at the close the tendency was decidedly downward. After the board lower prices ruled. None of the large operatore made any movement this afternoon and sales were made principally by the weaker portion of the street speculators. Holders of the bulk of stocks in the market are able to carry the entire load, for it is the easiest thing in the world to hypothecate anything on the list with the most favorable mergins. There is no danger of may quantity of stock pressing for sale 80 long as money montinues plenty and 80 cheap. The Assistant Treasurer reports to-day as follows:$226,610 88 Total receipts 274,199 92 Total payments 3,831,476 52 Total balance The recepts to day include $71,000 from customs, and the payments include $28,000 in California drafts. The bill before the Legislature in regard to the Mechanics' Banking Association, North River, East River, and Grosers' Banks, of this city, has become a law. This allows of the reduction of their capitals, and removes any objecNone that may have been raised by reason of their liabiliMee having been paid through receivers. The transactions at the Clearing House to-day were as follows:$19,591,619 41 Total exchanges Total balances 1,803,548 19 The Metropolitan currency certificates now amount to $245,000. The movement of the banks in the four principal cities of the Union, to which weekly reports are made, as shown by their last statements, is as follows:Loans. Deposits. Specie. Circuln,