16078. Lenox Hill Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 30, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
022d5f83

Response Measures

Capital injected, Full suspension, Books examined

Other: Trusteeship by C.N. Jordan and later voluntary liquidation in 1891 mentioned.

Description

OCR variants (Lennox/Lenox) corrected to Lenox Hill Bank. Articles describe a run beginning Jan 30, 1890 tied to revelations about the Sixth National and related syndicate, the bank suspending payments that day, and reopening under trustee/Conrad N. Jordan on Feb 7, 1890. Later (1891) the bank quietly wound up/liquidated, but within the articles provided the primary episode is run→suspension→reopening.

Events (3)
1. January 30, 1890 Run
Cause
Local Banks
Cause Details
Knowledge of the relation to the Sixth National Bank and the collapse/closing of the Sixth National (and syndicate activity) caused depositor panic and heavy withdrawals.
Measures
Large payments to depositors; efforts to procure funds (reports of $60,000 on hand, attempts to procure more); later trusteeship arrangements and temporary certificates issued to depositors.
Newspaper Excerpt
the Lenox Hill bank of this city, shut its doors at 11 30 A. M today. being unable to meet its obligations... In one hour $40,000 was paid out.
Source
newspapers
2. January 30, 1890 Suspension
Cause
Local Banks
Cause Details
Suspension followed the run precipitated by revelations about the Sixth National Bank and the syndicate that controlled both institutions; examiner took charge and payments were suspended while assets were examined and arrangements made.
Newspaper Excerpt
the Lenox Hill bank suspended payments.
Source
newspapers
3. February 7, 1890 Reopening
Newspaper Excerpt
The Lenox Hill Bank Resumed Business This Afternoon... Shortly after 2 o'clock this afternoon the doors of the Lenox Hill Bank were opened. ... President Jordan said ... the bank would be declared solvent by Monday.
Source
newspapers

Newspaper Articles (22)
1. January 31, 1890 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 31, 1890

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be A RUINED BANK. Most Audacious Bank Wrecking Ever Known. Negroes, Disappointed in Witnessing an Execution, Start 8 Riot. President Harrison's House Burglarised-Onlo Democratic Lieut Governor Seated by a Party Vote. II NEW YORK. Jan. 30.-The Sixth National Bank. at Broadway and Thirty- hird street, which recently passed into new hands, has been closed by U. S. Bank Commissioner Hepburn, owing to irregularities in its menagement. The clearing house committee asked the district attorney to take criminal action in the matter and closed the Sixth National Bank. This afternoon warrants were issued by the United States district r attorney for the arrest of President Class sen and Broker Pell. The scheme was to secure control of 1 $ three banks, the Sixth National, the Lennox Hill and the Equitable. The Lennor Hill bank of this city, shut its doors at 11 30 A. M today. being unable to meet its obligations. The President of Lenox Hill Bank which suspended today charges E Wallack who went in with the new board of directors December 19. with being in the plot. Forty thou-and dollare cash on hand when bank opened this morning By great effort $20,000 more were procured. The entire $60,000 were paid out to depositors by BOOD and the cashier closed the doors. The financial condition of the bank is about as follows: Deposits, $270,000; capital paid in. $100.000; loans and dis counts, $300.00 amount due other banks, $50,000. Directors are liable for twice the amount ot shares. It is stated at the time the Lenox Hill bank changed hands, a syndicate acquired control of the following estitutions: Lenor Hill. Sixth Na io al. Equitable, and St. Nicholse banks. J. A. Simmonds, who obtained the controllir K interest in the Lenox Hill bank was a prime mover In the syndicate. Frederick D. Tappan, president of the Gallatin National National bank, and a F member of the clearing house committee said today the proceeds of sale stocks and securities belonging to the Sixth National bank were used to pay certified check. given Leland the former president, for his stock. These che ke drawn upon several banks, including Lenox Hill and Equi able. Tappan denounced the transaction as 11 another Ives-S'ayner case." He explain ed that he purchasers were given poeses sion of the bank on the payment of certi. fied checks, then sold the securities found in the vaulte, deposited the proceeds in the clearing house to met the certified checks Tappan added that counsel for Leland had announced that any deficit n the assets would be paid by Leland in full. et Commissioner Hepburn stated tonight that thus far miering bonds to the par 11 value of $421,000 are still missing. There in are loans of $180,000 for which the secur et ity on hand is very dubious. and 888,000 a of the protested notes of Broker Pell. who p is said by some to have schemed the whole i. transaction. The other assets seem all right The commissioner thinks that the depositors will be paid in full. He saye G is the most au lacious cas- of bank wreck. ing in the his ory of the city. The State examiners said tonight the o Equitable bank would probably be allowed to conti ne business The statement that the St. Nicholas bank was implicated with the syndicate is positively denied by the officials of that institution. The price received by President Leland for stocks was 8650 per share though the n quoted market value was but 8350 George H. Pell was arrested at his house tonig it, and lockel up in Ludlow street jail.

2. January 31, 1890 Wichita Eagle Wichita, KS
Article from Wichita Eagle, January 31, 1890

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The Michita Daily Eagle: Friday Morning, Januarg 31, 1890. LIGHT AND AIRY. led to the act. Whether the schemers RGLARIZED ica. One of them 1l OUR NEW YORK LETTER. thought they could pay the money back is .-Burglars his people towards o That Strange Glrl. not known. They may haye intended to on esidence to the question by th the care for music and she never tries to put the funds into some other scheme and lines: Alening. if this was successful to pay back the THE GENTLE JAPANESE A FACTOR play, S. Frazer "And do you th the doesn't erochet pillow shame forever and speculations or whatever they may be calIN METROPOLITAN LIFE. stay led. Their methods are identical with propday. of with it. "Yes," was the soi those of Henry S. Ives in his dealing with She has no-use for novels with their world of silly was Frazer, the Cincinnati, Hamilton & Dayton railanese love the Am trash to America's Best Orientals-They Are Proroad. ounting customs. But for entrance Nor foolish giddy persons who are over OB the This evening Mr. Hepburn, the bank exgressive, Quiet and Law Abiding Citihere today, or have mash. window. aminer who is in charge of the affairs of improvements of t zens, and Quickly Assimilate American the Sixth National bank, made a stateShe's awful queer, for frequently she's busy darnhave promoted our ment of his examination up to that time. Ideas and Customs. ing socks and we should not be He said that the missing bonds have not Or doing other duties while her mother site and [Special Correspondence.] first born among you yet been found. Their par value is $421.rocks. New York 000 and the market value $482,436. Upon NEW YORK, Jan. 20.-TheJapanese gentlethat had been paid $50,000, leaving a deWith just such strange, unusual ways her heart man in New York has acquired an individuficit on account of the bonds of $432,436. and hands are rife, TRICKS OF ality that belongs to no other oriental race Mr. Hepburn expects to complete his Hill Lenox I hope to some time make this odd, old fashioned that ever attempted to establish itself in examination tonight and will at is It girl my wife. Parisian Women America. The Chinaman brought his pigtail once make a specific report to the comp-Chicago Herald. who last Free to Adver and inherited habits from which be has not troller at Washington; after that is done the Sixth [Special a chosen to depart. Processes of civilization the usual course of appointing a receiver It Would, Indeed. alhas will be pursued. PARIS, Jan. 11.are things he has yet failed to understand. examiner. Gysant, Barkins and their ideals sat on the Mr. Hepburn says that from his examiEven his mandarins, who come to Washingsomething rather cu nation he can not see that the depositors stairs out of the reach of the madding crowd. two of the ton as representatives of the three hundred eral of the big dress are in any danger. Even if they were, he Gysant was nearly as good as engaged, while the bank Paris furnish new and sixty millions of whom our local "John" said, Mr. Charles H. Leland, the Barkins hadn't the ghost of a show; but he The is but a vulgar fraction, fail to enter into the some of the grand ex-president of the bank. has apparently didn't recognize the fact, and dethat that they shall tell spirit of our government, and but for their authorized him to state that he will make chatted away with all the lightheartedness their toilets. These full. magnificent display in hospitable endeavor good any deficit in the accounts of the deof five-and-thirty. would be of small concern. positors. The examiner was very strong Gallathe down the Bois, and s "Ah," he said, enthusiastically, "I think in his remarks concerning the manner in of the in summer, the oper The Japanese, however, whether reprewhich the steal was concocted and carried those old time customs of the Yuletide were folthe sented by his ministers at Washington, or in the past season at th through. It was the most scandalous case so interesting! They ought to revive the Bill's. his own person as he walks the streets of our this mornof bank robbery in the history of the city. fashions." great cities, illustrates in his career that interhis Conspicuous in her The Sixth National bank was at one time "Luckily for you they're not in vogue," the Princess Mathi prompt recognition of civilizing influences directthe regarded as one of the strongest in the interrupted Gysant dryly. "It would be which mark the grand development of the still, though far from which city. It was virtually a gilt-edge instituthey rather rough if they served up the 'bore's century. at Nantz and an apa tion and only a week ago its surplus becancies head'"now."-Harper's Bazar. amounted to $500,000. United States has not the boundles From the time of Commodore Perry's exboard The Marshal Jacobs has several warrants pedition to Japan in 1852, when that empire long to all princesses not has and will catch the men they Both Worked Hard. it is more than hinte was first opened to American intercourse, They were issued for as soon as possible. It is when nabobs and natives alike crowded best that those super Brown-You wouldn't be so extravagant because rumored that Pell and Colsen were the around the exhibits of American art and inare furnished to he if you knew how hard I have to work for men the marshal was after. In the afterthe taken the condition that sh dustry-our sewing machines, toy steam ennoon State Bank Examiners Charles M. money. before any Preston and William Trenholm looked and, to use an Amer gines, railways, plows, harvesters, and other taken be Mrs. Brown-And if you only stopped to by into the affairs of the Lenox Hill and the maker. Colsen J. mechenisms showing how the work of a multhink, you wouldn't say such a thing. Jast ason Equitable banks. Late in the evening titude could be done by a single hand-the This princess is see how hard I had to work to get the bonthe they said the Lenox Hill bank was taken bank, Japanese has been the closest observer and probably 200 pound net you complain about. Why, I had to visit each possession of immediately after it sus$60,000 about a hundred stores before I could find imitator of American thought, habit and asis still quite hands Hill Lenox pended payment and that a complete exsociations. Today he stands almost shoulder even set of teeth, go one to suit me.-The Epoch. amination of its affars would be made tothen went to shoulder with the American in his alertcomplexion that W Nathe of morrow. In regard to the Equitable ness to adopt whatever is new, practical or wax figure to shame therefrom Love Returned. bank the probabilities are that it will be value progressive. His cities are traversed by our a brilliant talker, be able to go on doing business tomorrow as par I wrote to a maiden of the love that was burning the in usual. A rumor was started during the street railroads, his streets are lighted by our splendid if not elega Within my young heart, and I called her my afternoon that the St. Nicholas bank in for Pell H. electricity, his farms are being improved by A good story is to dove, the in the Equitable Life building on Broadway Vienna. She want And said that by day and by night I was yearning American laber saving machines, his schools was also mixed up in the transaction, but brokers, That she would consent to return me my love. are filled with American teachers, who are horseback, and, dres the of a denial was made by W. J. Gardiner, took her stand on carrying our American system of education cashier of that institution. became Her answer came promptly, but lost was my man could have lifte throughout the empire, and his people are Mr. Leland was seen with much diffitreasureproceedings and he adopting both our speech and costume. Is it horse was brought culty, but said $565 a share paid for his "Twas plain that my meaning was never disstock in the Sixth National was nothing miserable creature's cerned. house, a wonder that a sharp contrast may easily commitextraordinary, as negotiations for the pur"Your love," SO she answered, "I send you with be drawn between the Japanese and the to the weight and f chase of stock at the price had been made startling Chinaman? pleasure. lessly lamed. After very three years ago. At that price, he said, it "I really don't want it-'tis hereby returned." Without going into careful statistics, it Not long ago she matter would pay 6 per cent. A deputy United -Chicago Herald. ] may be said that the Japanese in America topretty Duchesse de States marshal found George H. Pell this nmediately day number about seven or eight hundred, tume of dark green bank the evening at his house on Fifty-fifth street Talking Business. and arrested him. He was taken before of whom the majority are merchants distriba with a long waisted governthe Mr. Comeffen-Here, Tommy, here's a Marshal Jacobs, who directed that he be uted through our largest cities. But wherepburn, but long lapels of sa and for locked up in Ludlow street jail, where he dime. I want you to keep the dog tied up The underskirt was ever you meet one he is sure to be dressed the was incarcerated later. with slashed at the bottor to-night. I'm going to call on your sister. like a gentleman, to speak our language with the

3. January 31, 1890 Wichita Eagle Wichita, KS
Article from Wichita Eagle, January 31, 1890

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ITATORS OF IVES. Hill Bank of New Yor 4q pes K, Jan. 30.-The Lenox st suspended payments. It y the same parties who it the control of the nk of this city, which has losed by the bank examiner lge of therelations of the caused a run on the ban 1 not be able to meet. ves of the bank state that certainly be paid in full. appen, president of the Galla 1 bank and a member of se committee, made the ment to a reporter this morn Mr. Leland has sold his inter xth National bank, the direct uested to resign, which the by one, the vacancies be by new men. The board ors, however, has y organized since. The gally elect a president becaus new directors had taken : which is requisite before of any kind could be taken Their election of P. J. Colser re, void. Immediately on ffice of president of the bank nade three loans of $60,000 each he stock of the Lenox Hil / poor security) and then went safe deposit vaults of the bank and abstracted therefron ilroad bonds of the par value These bonds he placed in an named George H. Pell as formerly a partner in veston & Pell, stock brokers in 1887. The cashier of al bank, Mr. Colsen, became he extraordinary proceeding resident and directors and 1 to the clearing house clearing house commit gave them the startling already narrated. After very peration of the whole matte house committee immediately conclusion that the govern R Jo spurt 1he 111 past at once. A. R. Hepburn, nk examiner. was sent for mmunitated to him with he would take charge of following morning and inves arge made by Mr. Colsen, nst the officers and the is examination took place yes fully confirmed the statement e cashier. I may state here shier, Mr. Colsen, has acted in this matter thoroughly for of depositors and minority and we owe it largely to enabled to act SO promptly is certainly deserving of the

4. January 31, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 31, 1890

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BANKS COLLAPSE. A FINANCIAL DISASTER WIDELY DISCUSSED IN NEW YORK The Old Story of Taking Out Funds for Speculation Intending to Pay It All Back. Statement of the Liabilities. NEW YORK, January 30.-The Lenox Hill Bank jast suspended payments. Itie controlled by the same parties who last week bought the control of the Sixth Nations! Bank of this city, which had already been closed by the examiner. The knowl. edge of the relation of the two institutions caused a run on the Lexox which it was unable to meet. The president is said to have an attempt to obtain fands in Wall street to continue payments, but was unsuccessful The Clearing House A880 ciation 10-day peted on the Sixth No and decided to drop it form the Association. There are all kinds of rumors in regard to the Sixth National Bank on being that its new officere, who have only best n in charge 8 few days, had sold out its securities SR soon 88 they obtained posses sion. Its President, P. J. Classen, 18 said to have been connected with mining echemes in Leadville a number of years ago. The representatives of the bank examiner state that depositors will certainly be paid in full. The Equitable Bank has a'so been mentioned in connection with the other two institutions. Its President makes the following statement: "The owners of the Sixth National have a mimority interest in the Equitable only, and the bank is not affected." Mr. Hepburn, bank examiner, WAS at the bank early this morning and W38 at work examining into the securities and business. About BOOR he made the following statement to the reportere, who had asked for it: Mr. Lelatd cold 1.035 abares of stock, a controlling interest, to the parties at present in control of the bank at 650 and gave the possession January 22 January 23, $622,000 par value of bigh priced goods belonging to theback were delivered toPell, Wallack & Co. and & receip: taken reading 88 follows: NEW YORK, January 23, 1890. "Received of the Sixth National Bank of New York the following named bonde, to be sold for Account of said bank, and accounted for to its President 88 he may J. J. CLASSEN demand. The President of the Sixth National Bank is, according to thr city directory, a broker Broadway; and Mr. Walleck, who is President of the Lenox Hill bank, bas on office in the same building. Mr. Wallack also B partner of Pall & Wallack, who appear to have negotiated the sale of the assets of the Sixth National. Mr. Pell was formerly a member of the firm of Grovestein & Pell, stock brokers. Geo. H. Pell made the deal by which Mr. Leland sold his control in the bank. A speculation is rife as to the cause which led to the act. Whether the echem ers thought they could pay the money back is notknown They may have intended to put the foods into some other echeme and if this were successful to pay back their peculations, or whatever they may be called The methods are also identical with those used by Henry S. Ives in his dealing with the Cincincati, H smilton and Daytoa Railroad.

5. January 31, 1890 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 31, 1890

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FRAUDS. FINANCIAL A of Syndicate in Speculators Succeeds Wrecking TWO Banks. of The Ives Schemes Gigantic Are Totally Eclipsed. of Giltand the Steal in and one SevJail NOW Be Will eral Others soon. of the bank of The the of the run to the The in Wall but The on acted the to drop Sixth are the from There the Sixth regard its that one new being in only been charge had few its secur posthey Its sident, who have sold out obtained Claato con been have Chemes Lead The has bank the other resident makes the of two The banks but in Wall street widels the that think effect the bear the the and marke Wall decided advers the upon this the of by the of bank, high bery Presends from to simply that bonds them over to ting his Mr. of the the bank leartified Claasen and bank house the The latter began afternoo the in the bonds of bank Claase These of of the the short value $ 10,000. None been this the ban of fairs bank, up the that bonds FOUND. the Their He loan bank by bar which and was 000 of doubtured bank Gas and in Orlea ComOcean in of pany and $50,000 pantral The third on Mr. Hep these loans, In addi prob M to tion these found loans. on in 308 000 Hepated of the and others of alleged the Hill bank Sixth cleared. and for being his make specton the be his that that that the they H the has see Even the ex him bank, he ANY GOOD in of his ing the the to his was the most in the It the The of liable an the the While Miltation recobus and into hour and were where held. an very the was and their came When talkebled the he was coming his the object he first bank would he had made any to but finally the catch Way men ble. How he they the Charles came Late Trenho: affairs banks the of liam into Faultable the said, sion bank after was it look and evening theire they taken posnded lately

6. January 31, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 31, 1890

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NEWS OF THE DAY. Count Andrassy, formerly prime minister of Austria, is dying, The charity ball in Washington last night was a brilliant affairs. It is deemed pretty certain that Senater Gorman's harbor bill will not pass. The great statue of William Penn, 37 feet four inches high, is about to be cast in bror ZB at the Tacony Works, Philadelphia. Cardinal Gibbons yesterday entertained at dinner Bishop Keane and other members of the faculty of the Catholic University. Mr. Richard H. Edelen has declined Gov. Jackson's offer to appoint him as chief judge of the Southern Maryland circuit. A trust, which includes the absorption of all the cracker bakeries in and around New York, has been practically completed. The trial of the English cotton buyers for importing under contract English cotton graders is in progress in the United States Circuit Court at Norfolk. Sister Rose Gertrude, of England, who will take Father Damien's place in attendlog the unfortunate people afficted with leprosy on the island of Molokai, hasarrived in New York. The hearing in the Marquis Lampson contest case for the lieutenant governorship was concluded in the Ohio senate yesterday evening, and Lampson (republican) ousted by a strict party vote. The captain of a steamer which arrived at Bremen yesterday from New Orleans picked up on the Atlantic a life boat and a number of articles supposed to belong to the steamer Erin, reported as lost. Arthur Blake, the alleged adopted son of Arthur Gorham, the millionaire cattle dealer of Kineley, Kansas, on trial at Kinsley for attempting to blackmail Mr. Gorbam, pleaded guilty to the charge yesterday. On Thursday Lucia Zerate, the Mexican midget, said to be the smallest human being in the world, who was a passenger on one of the snow blockaded trains in the west, died at Truckee from grastric fever. Since the death of her son Rudolph the condition of the Empress of Austria has been very sad. She is subject to great depression, of mind and settled melancholy, and gives undoubted evidence of Insanity, hereditary in her family. In New York yesterday the Sixth Nation al Bank was closed and thrown out of the Clearing House; the Equitable Bank'schecks went to protest, and the Lenox Hill Bank suspended. Depositors will lose no money probably, but stockbolders will. Richard Goodwin, an old negro, cut his throat in court while on trial at Holly Hill, S. C., yesterday. Оде of his daughters swore out an affidavit against him for as. saulting her. At the conclusion of his daughter's evidence he drew his knife and out bis throat. An attempt was made last night to blow up the residence of Rev. Father Fleckinger, of St. Joseph's Catholic Church, of Mansfield, Pa., with dynamite. It is eupposed the object was to kill Father Fleckinger, and he says he believes the attempt was the work of anarchists. Assunta Porccuto. an Italian woman, who is on trial in New York for killing another woman, while giving her testimony yesterday suddenly threw up her hands and screamed in Italian: "Ob, my sister Amelia, come down from heaven and tell all that I am innocent." The wretched woman waved her hands in B delirious way, and finally swooned. Her action created something of a panic in the court room and Judge Fitzgerald at once suspended the proceedlogs of the trial.

7. February 2, 1890 The Times Richmond, VA
Article from The Times, February 2, 1890

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The Wrecked Banks The Chief Conspirator Has Probably Escaped. NEW YORK, February 1.-One fact that appears most prominent to-day, amid the complex and not yet fully explained story of the wreck of three banks is the fact that the chief conspirator has probably escaped. Pell, the peddler of the stolen securities of the Sixth National Bank, and Claassen, the president of that institu tion, who is under arrect, seem now to have been only small partners of the boss conspirator. James A. Simmons. the contractor, who had many stupendous financial and contracting schemes on hands, has skipped, and SO has Wallack, the president of the ruined Lenox Hill Bank, and Pell's partner. Simmons is said to have been the chief manipulator of the scheme to get possession of the Sixth National Bank and that Claassen was hisagent. Simmons took 785 shares of the 1,035 purchased from President Leland. It is known that he has been pressed by his creditors for money, and the gutting of the Sixth National Bank is regarded as abold scheme for relief from his financial difficulties. THE EIGHTH STREET TUNNEL. One of Mr. Simmons, schemes was the Richmond Tunnel Construction and Rail. road Company, which is building a tunnel under Eighth street, in Richmond, Va. He was the manager of the company, and had charge of the finances, It was bonded for $1,500,000, and he claimed that nearly onehalf of the amount had been sold and used in constructing the work. Mr. Leland former president of the Sixth National Bank, has advanced funds sufficient to guarantee payment depositors in full at as early a date as proper arrangements can be made For a week past State Insurance Examiners Michael Shannon and John A. Horan have been examining into the condition of three insurance companies organized under the laws of this State, and doing business in this city on the assessment plan. If their surmises are true, the Guaranty Mutual, the Security Mutual, and the Mercantile Mutual, of this city, are practically insolvent. THE WASHINGTON CENTENNIAL The Plan and Scope Committee of the Washington Centennial celebration have voted the unexpected balance of the fund amounting to $4,741 in publishing a memorial volume detailing the'work done by the various committees. etc. Most of the members of the General Committee wish the, balance turned over to the arch fund, as the best possible way in which the centennial celebration could be perpetuated and the occasion commemorated. THE WORLD'S FAIR SCANDAL. The real secret of the World's Fair scandal is said to be that Depew and Belden have locked horns with Platt and Hiscock. That's the whole sum and substance of it. Platt's interference with the fair bill has raised a new difficulty. The question has been asked, "Can subscribers to the guarantee fund be compelled to make their subscriptions it they do not wish to do 80, in case Platt's men are added to the incorporators ?" The finance committee, under the terms of the subscription heading, has power to withhold the guarantee fund from the corporation formed if it 80 desires, and it was intimated to-day that such action would be taken it necessary. A trust among the hat manufacturers is being negotiated by a British syndicate. Last Tuesday evening, Cella Luther. fourteen years old, was sent out from her home in Delmonico place. Brooklyn, to buy a loat of bread at a baker's not half a block away. She has not since been seen or heard from Three years ago another girl disappeared almost this time of the year in this same neighborhood. RICHMOND TERMINAL There has been considerable talk about Richmond Terminal in Wall street for the past week in expectation of an advance The following figures were supplied the street by the parties in control: The company now controls 7.521 miles of road and water lines, an increase of 211 within the past year. Last year was the first in which the company had a surplus over fixed charges; in every year before that since its organizatian its interest charges and running expenses exceeded its income, and there were years in which its only income was the proceeds of loans That for the first time there is credit to the profit and loss account is due to the fact that the losses of previous years will be nominally offset by charging up $7,500,000 capital as full paid, although previously carried on the books as half paid. The net revenue for the past year was $668,356, the increase in the bonded debt $4,306,000, the decrease in the floating debt $1,199,193.84. and the net increase in the total debt $2,506,817.16. This net increase se in debt is recommended by an excess of o curities acquired over securities sold $4,175,930. It is probable that during the current yea k the floating debt of a little over $2,000,00 I net can be further reduced by the with drawal of some securities. The company has now left a comparatively small amount of securities which it could withdraw advantage. and it will require an expensive t development of the properties which it con d trols before their surplus earning power car . be largely increased. e or these the Virginia Midland is by fa to the most important. Although it now earn e, but little over its fixed charges, its busines th to is growing as fast as that of any road in e South, and it can hardly fail to keep o d doing so, for the Piedmont Air Line is th Id main trunk line of the South, and its equip P= ment has been largely added to and it 1. motive power largely increased during th past year by the demand of its in reasin it business. ed RZERY'GRIEF.

8. February 2, 1890 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, February 2, 1890

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(SPECIAL TELEGRAM TO THE DISPATCH.] NEW YORK, February 1.-The depositors of the Sixth National Bank were comforted to-day by hearing that they would get their money. The assurance was backed up by a check for half a million dollars from Charles K. Leland, the ex-President of the bank, who sold his shares in the bank for $650,000, and turned over the bank and its assets to the enterprising financiers who emptied its safe. A syndicate of five powerful banks has come to the front, and will make advances on the bank's quick assets, in the shape of bonds and other securities now in the possession of A. B. Hepburn, the National Bank Examiner. According to the best authority the face value of these securities is $1,774,000, so that with the aid of Mr. Leland's check for $500,000, it is pretty certain that the obligations to the depositors, amounting to $1,800,000, will be met. It will take several months to bring about this liquidation, and as it is scarcely to be presumed that the syndicate of banks has come to the rescue from purely philanthropic motives, it may be that Mr. Leland will be called on for a further contribution. A RECEIVER TO COME. The Controller of the Currency said at Washington to-day that Examiner Hepburn, in a letter sent on Friday, had pronounced the bank insolvent, and had advised the appointment of a receiver. A receiver would be appointed early next week, alter the Controller had received Mr. Hepburn's report, which will hardly reach him before Monday. This was probably said, however, before to-day's news had reached the Controller, and it may be that the expenses of a receivership will be avoided. It is not yet definitely known how the minority stockholders will come out. Mr. Leland and his friends say that everything possible will be done for the stockholders alter the depositors have been taken care of. F. D. Tappen, President of the Gallatin Bank, who says he has worn out a set of teeth talking about this case, is authority for the statement that Mr. Leland's check for $500,000 is only preliminary, and that more will be forthcoming from him, if it is necessary. SOMETHING SOOTHING. Early in the day there were indications at the Sixth National that something interesting and soothing was to happen. The Bank Examiner had passed half the night locked up in the bank with his assistants, and had completed his investigation and sent his report to Washington. With him at the bank, to-day, were Mr. Tappen and Mr. Wetmore, the latter counsel for Mr. Leland, At 11:30 this notice was put up: Mr. Leland has advanced funds sufficient to guarantee payments of depositors in full, at as early a date as proper arrangements can be made for that purpose. A. B. HEPBURN, Bank Examiner. The banks in the syndicate formed to take the assets and pay depositors are the Gallatin, the American Exchange, the Chemical, the Merchants and the Bank of Commerce. They are to make advances on the securities now in the possession of the Bank Examiner, taking the securities as collateral. It is the intention that, as fast as the depositors are paid, they shall sign a release of all claims against Mr. Leland. Mr. Tappen says that under the arrangement, as at present agreed upon, Mr. Leland will take everything that is left after the syndicate has settled with the depositors, and the syndicate itself has been settled with, and with other advances, if necessary, from bis own bank account, make a just and equitable settlement with the minority stockholders. Mr. Tappen's figures make the actual loss of the bank to be $700,000, as it was given in THE DISPATCH on Friday. MIDNIGHT STATEMENT. At midnight the following statement of the affairs of the Equitable Bank was given out by Chief Examiner Lawrence F. Cahill: I find commercial paper, commonly called loans and discounts, amounting to $151,823, a portion of which seems to be secured by nominal collaterals, at the value of which I have not yet determined. Also, United States bonds deposited with the banking department, as a guarantee of good faith, the market value of which is $1,240. The cash on hand is $2,295, and the furniture and fixtures, including the safe, estimated to be worth $500. There is due from banks the sum of $234 50, making a total assests of $160.593. There are said to be 300 shares of Sixth National Bank stock hypothecated with another bank, the par value of which is $30,000, the market value of which I have not yet determined. This will make the total $190,593. The liabilities are: Capital, $100,000; certified checks, $4,435; due depositors. $31,118; due banks a (items not yet proven), $198,593. This shows deficit of $143,553. There is also evidence of an actual liability which does not appear ou the books of the bank of $150,000 certification. The examination is incomplete, and will be continued Monday. LENOX BANK FIGURES. At the same hour Examiner Henry C. Covell announced that he had that evening reported an examination of the Lenox Hill Bank. The liabilities are $549,292 55; the total assets, $370,675 94, leaving a deficit of $178,616 61. "The liabilities, said Mr. Covell, "include the capital stock of $100,000. The assets on hand I have reduced to a conservative point, and feel confident that the depositors will receive 70 to 75 per cent on their claims. There have been found in the bank $145,000 in checks made by James A. Simmons, and certified to by the Lenox Hill Bank, which I consider worthless." An Albany paper this evening says: P.J. Claassen, the wrecker of the Sixth National Bank, in New York, is a former Albanian, at one time keeping a saloon on Upper Broadway, near the New York Central Railroad viaduct. When he went to New York. some 20 years ago. he had little or no money, and gave no promise of unusual financial genius. WOMEN AT WEDDINGS.

9. February 3, 1890 New-York Tribune New York, NY
Article from New-York Tribune, February 3, 1890

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IN A JAIL. OF KIND FOUR GETHER CLAASSEN, PELL, IVES AND STAYNER TO IN . STORY OF THEIR SUPPOSED CARD PARTY THE ADAMS, STATE- OF COMMERCIAL BANK, MAKES A MENT-MEETINGS OF LENOX HILL DEPOSITORS TO BE HELD. spent interesting quartet of They financiers were Henry in Ludlow Street Finance," Sunday young Napoleon of are accused of An Ives, the Stayner, Jail. who Peter and J. his S. aide, George H. railroad General H. Claassen, of having having wrecked soldier a and banker. and wrecked George three Pell, broker, accused all acquainted with one anbanks. They began living Ives's other before any were of them together in in Mr. Ludlowthey all came it was like st., and when on Saturday night whom comfortable reunion of rooms jovial and congenial spirits Fate, a for a time Mr. had Ives kept remarked apart. to General there, It is said that glad to see him Claassen that he was bristled up and felt offended. whereat the soldier there scarcely long enough from to un- an derstand uttered He had been that a remark of that inside kind the buildof old boarder in Ludlow-st., a different meaning from citizen one ing, had quite made by an ordinary did similar phrasing Mr. Stayner laughed much and so of a on the outsde. General Claassen, too Jacobus Mr. Pell, and United States Marshal community, gentleman, create as discord in a happy smiled knows, Oh, feebly to no, not and at said all,' replied Thank Mr. you.' Ives; 'you're welcome, I assure you. few very conversation became general too for subdued a The General Claassen was just yet. minutes, and thoughtful but to be a real good companion Mr are you thinking about ?" for asked a moment What after General Claassen had hand. sat Ives, his head resting on his soldier. was with Oh, merely nothing wondering much," when replied you the and Stayner This Just are going was to a get cruel out.' sabre slash, and then both an Ives evilly and Stayner fell back aghast. with a mouth organ struck inspired When the Swallows Nest answer up boy in the in street Ludlow-st. to Again. civil It is polite even Ives exhibited his of the ways and words of wild Damph ino. answered in on time began questions, he and Mr. Choctaw Western knowledge men to when hang As the evening hands wore of the quartet. According some heavily on that the was Hoating about yesterday draw to while to story proposed a little pasteboards game of were produced, away body the hours. took The positions around the General table and By virtue the quartet of his recent banker, achievements so runs the tale, Mr. Ives, and 2 of, hold get could Claassen was made because the of his record as was keeper made needed. of anything the he kitty." No chips deal, were and Mr keeper of Claassen's first share of It was General Mr. Stayner put up dealt. a Mr Stayner's ante. The cards were C.H. & D. stock. with one share of Sixth C. National & D. and Bank Pell came stock, in and Mr Claassen Ives put also up came two in with Mr. share shares. of General Sixth National share Bank of stock C. H. & D. to Stayner put up another Stayner drew one his ante good. Mr. Mr. Ives stood pat. make card, Mr. Pell took drew two, three cards to pair It was Hill Bank and General Claassen Mr. Pell's first bet, and stock he of aces. three shares of Lenox of five C. H. & D wagered him to the extent bettered his Mr. Ives raised Claassen had not caught shares. General out. Mr. Stayner and hand, and dropped Mr. Ives's left eye, This wink deftly the bet winked by ten by shares of C. H Ives & had stood puzzled raised Mr. Pell, who raised had the threes. bet, so Stayner, which he pat. yet Stayner better than a pat hand, argued. must have Like a good poker would beat threes. Ives then raised of player itsel he threw up shares his hand of C. H. & D., and the bet by twenty his hand, whereupon Ives Stayner also threw laughed up fiendishly as he tossed took the pot. He deck Pell his queen high hand on the When Claassen or So the game, either went Ives on. or Stayner would and raise toward the would bet. they bluffed them out securities, midnight wagers until Ives and Stayner had all interesting the ex and the newcomers meantime, had had an the "kitty had waxed perience. fat, and In the Mr. Ives suddenly kept on keep ing it. gloomy on Sunday outside of Ludlow to conthat Street was Jail so that those inside they had were reason in out of the breakfast gratulate themselves financiers had an excellent to find out had how not much wet. after which The they read been the found newspapers out about their operations. About o'clock Mrs. Claassen the jail. and her The daugh- ladies ter and Mrs. hour Pell in their visited husbands apartments mood and No spent an away in apparently a happy day, and the other then went callers appeared during to the receive reporters The prisoners day refused was spent posit in vely reading newspapers and books and in playing Jail has cards. few terrors for financiers necessity Ludlow discovered Street methods lead to the more like whose for their temporary seclusion it not It for is the fact that inmates hotel than a jail, cannot and come were and go at comfort will, there bewould the be little difference of detention as regard and first-class hostelry to tween this One big house can dine there pay as well for what as any he where if William he has M. the Tweed money spent years Jacob there Sharp and wants. died there surrounded by he luxuries. made his ahode there lived like a prince have while been there so long that it would Ives and seem Stayner to them like breaking How up long housekeep; Ives and ing to be compelled remain to is move. something no one can tell Stayner Ludlow Street will is better than Sing Equitable Sing. banks of The Sixth National and the by any of the ticers were not or others visited in yesterday charge of of the the Equitable affairs of those Bank institutions At the door a Jonely On the policeman window of kept the watch. Sixth National the last notice posted statement reads: of the condition of this bank H. will E No made. further A report will be sent to Controller for information Lacey, should be be at made Washington. to him. All demand B. HEPBURN, National Bank Examiner further Mr. Hepburn said information yesterday from that Washington he had received in regard no to the statement suspended was bank. brought to The The following late last night by Mr. McDonald, of Tribune friend office of Charles H. Leland, the -president the Sixth National arranged to enable the Sixth National as Mr. Leland resume has business, which will be done with. as soon EDWARD KING. Bank the necessary to formalities can be gone through Mr. King is president of the Union Trust Company. T. Meyer, one of the directors of home, the Siegmund who was seen yesterday at he his wished Equitable. 8 East Fifty v-seventh-st., said that his connection to No. deny the statements Hill Bank's concerning affairs which were made in papers, with the Lenox several newspapers of said Saturday Mr. Meyer, and his yesterday quoted President "These William saying that Dowd, of bank the cleared weeks, Bank of North America, às Bank for about two the that for the Lenox Hill were interested in the who Mevers.

10. February 4, 1890 New-York Tribune New York, NY
Article from New-York Tribune, February 4, 1890

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made his final statement of the bank's affairs last night. It is as follows: In my official report to the Controller of the Currency, the Hon. E. S. Lacey, of the condition of this bank January 31, at the close of business, found & deficiency of $279,332 74. This morning Mr. Leland paid into the bank $280,000. I therefore certified to the Controller that the bank was solvent, and its capital unimpaired, and asked for instructions. I received the following reply The capital stock being now unimpaired, you will be authorized to deliver possession as soon as new board of directors acceptable to yourself and Clearing House Committee are lawfully elected and qualified. The majority of stock should be in safe hands and credit Later fully wired protected. him the names of the new board of directors, and certified that they were regularly elected and had duly organized, and I received the following Upon your reply assurance that the new board of directors have been duly elected and qualified, and the other requirements contained in telegram of this date have been complied with, you are authorized to surrender the assets of the Sixth National Bank to the new board of directors and allow it to open for business." shall turn the bank over to the Board of Directors in the morning and it will be open for business at the usual hour. The total amount due depositors is $1,896,207 95. This bank now has a little over $700,000 in cash, $983 835 in gilt-edged bonds, which can be converted into cash at once, nearly $400,000 in demand loans secured by collateral. besides bills receivable and other assets. It is amply able to meet all demands at once. Mr. Leland réstores the bank to its original condition financially hence it is strong and perfectly safe-safe beyond question. trust that depositors will not withdraw their deposits or change their accounts. The Board of Directors comprises men of first-class reputation and ability, and 19 a guarantee of conserva and successful management. The patrons of the bank could not be in better hands. A TALK WITH JAMES A. SIMMONS. James A. Simmons, who it was supposed by many had been out of town or in hiding since the beginning of the Sixth National Bank trouble, was seen at his home by a Tribune reporter last evening. Mr. Simmons said that he had not been away from the city, but had been at his office, among his friends in Wall Street and at the banks every day since his reported disappearance, and that he had not made a statement to the public because he had been too busily engaged in righting the affairs of the embarrassed banks. He had frequently passed through groups of reporters waiting at his office to see him, without being recognized, being personally unknown to them. He laughed at the stories which the newspapers have been publishing about him, and said that he would soon make a statement that would set at rest all questions regarding his good faith. He knew nothing of Mr. Wallack, whom he said he had not seen since before the bank trouble. MR. JORDAN AND HIS MONEY NOT RECEIVED. Conrad N. Jordan, president of the Western National Bank, was driven up to the Equitable Bank in West Twenty-eighth-st. yesterday morning just about the hour when the bank used to be open for business. In his hand he carried a valise which held $150,000 in money, subscribed to put the Equitable Bank on its feet again. Repeated rapping on the window brought Examiner William Trenholm, who has been in charge of the bank under the State Superintendent of Banks since last Thursday night. Mr. Jordan told him that he had brought the money necessary to set the institution going again, and asked to be permitted to enter and take charge of it. Mr. Trenholm denied him admission and refused to let him come inside of the bank until he presented an order from the Attorney-General or the State Superintendent of Banks. Mr. Jordan then asked the examiner to take charge of the valise until he returned from downtown. The examiner would not do this either. Mr. Jordan seemed to take this as final. He was driven downtown. While the argument between Mr. Jordan and the bank examiner was going on Siegmund T. Meyers and Jacob Tallman, president of the bank, were holding consultation on the sidewalk at Fifth-ave and Twenty-eighth-st They were exceedingly indignant with the course which Mr. Trenholm had taken in refusing to allow the bank to be opened for business until the Attorney-General had authorized it. They accused him of being anxious to have a receiver appointed, SO that there would be a political job for some one. Mr. Trenholm remained firm, however. They had not been gone long from the bank when Mr. Jordan returned, and again tried to induce the examiner to open the doors to him. While they were talking Examiner Cahill joined them. The latter and Mr. Jordan stepped to one side for few minutes. Mr. Jordan seemed to be much excited. What was said between the two could not be learned, but they had been together only a short time when Mr. Cahill shook his finger at Mr. Jordan and exclaimed "I'll bring an action against you Mr. Jordan stepped into his carriage, and was again driven away Mr. Cahill refused to tell what was said which caused him to make this threat against Mr. Jordan. Mr. Meyer said that every effort was being made to place the bank in a sound condition, and to keep it out of the hands of a receiver. WORKING FOR THE LENOX HILL. A meeting of the depositors of the Lenox Hill Bank, at which Dr. Otto A. Moses presided, was held at Lenox Hall last evening, which was really an adjourned session of the meeting held there at noon. The special committee appointed on that occasion reported to the evening meeting that they had asked Examiner Covell for a complete list of depositors, which he promised they should have. The committee asked Conrad Jordan, president of the Western National Bank, if he would attend the meeting and act as the trustee for the depositors. The depositors were asked to sign a paper which set forth that their interests as depositors would be best served by their retaining control of the bank that the appointment of a receiver was not desired. Time sufficient to enable them to as certain the character and amount of the assets of the bank was asked for Mr. Jordan then addressed the depositors, saying that the appointment of a trustee would be a quicker and cheaper way of getting their just dues than the appointment of a receiver. He continued know nothing about the assets, but whatever there is you shall have I will say for the president of your bank that he is ignorant: and ignorant banking always leads to trouble. If you appoint me as your trustee, you can get a certificate tomorrow for your deposits. Within twenty-four hours your fate will be decided. The question is between a leap in the dark and a movement planned by knowledge Mr. Jordan was elected trustee of the depositors. He declined the office unless certificates were signed by the depositors giving him power to do as he liked with their deposits. Otherwise, he said their selection of him as trustee was not worth a cent He said that he believed his task would be much lighter than he had expected from the encouraging character of the figures regarding the assets handed him by the head bookkeeper of the bank. It was resolved that the depositors meet at the bank between 8 and 10 o'clock this morning to sign the certificates requested by Mr. Jordan. He said after the meeting that the figures. roughly stated, were: Assets, $203,000; liabilities, $156,000. MR. JORDAN GETS THE NEEDED PERMISSION. Mr. Jordan went from the meeting of the Lenox Hill depositors to the Fifth Avenue Hotel, where he expected to meet Bank Superintendent Preston and Judge Maynard, and lay before them the result of the meeting, and also to obtain the consent of the Bank Superintendednt to open the Equitable Bank for business this morning. Mr. Jordan said that the bank would be open between 10 and 11 o'clock this morning for business. The certifled checks which caused the bank's suspension had been met, and the Bank Superintendent was satisfied as to the solvency of the institution. Mr. Preston did not reach the hotel until nearly

11. February 4, 1890 The Morning News Savannah, GA
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GOTHAM'S CLOSED BANKS. THE SIXTH NATIONAL AUTHORIZED TO RESUME. Mr. Leland Re-elected to its Presidency and Pays in $280,000-The State Authorities Prevent a Resumption at the Equitable, Though it is Ready to do So. NEW YORK, Feb. 3.-As early as 10 o'clock this morning there were at least 200 angry depositors of the Lenox Hill Bank around that structure. The fact that the bank statement of the bank examiner was not forthcoming as promised caused additional discontent. Many of the depositors formed themselves into groups and harangued each other on the situation. The all around inclination seemed to be that the depositors must act. In a short time three distinct factions called as many special meetings, but after a while it was thought better to hold but one meeting, which was soon in session. The depositors to-day were not at all as good humored as they had been on the preceding days, as their hopes had descended to despair. Broker Pell left Ludlow street jail at 10 o'clock for the United States building, to await the result of the hunt of his friends for bail, or a motion to have it reduced. THE EQUITABLE NOT OPENED. It was expected that the Equitable Bank would be opened this morning, but there was a bitch in the proceedings. Atan early hour the cashier of the bank and the clerks were on the sidewalk, as well as a number of depositors with their bank books and checks. Examiner Trenholm stood behind the iron gate and refused admittance to everybody. The cashier of the Western National Bank drove up to the Equitable and stood for some time talking with Mr. Trenholm, but Mr. Trenholm told him that he (Mr. Trenholm) was acting under the orders of the attorney general of the state and could not let anybody into the bank without a written order. A MAN WITH MONEY KEPT OUT. At about 11 o'clock President Jordan of the Western National Bank came to the bank with a large satchel. which contained cash to pay off the depositors, but he was refused admittance by Mr. Trenholm. He tried to convince the latter that his object was to furnish the necessary money to pay the depositors and put the bank on its feet again, but failed to get in, and went away in anything but an amiable frame of mind. Shortly afterward Jacob Tallmann, president of the Equitable, and S. T. Meyer walked up to the door of the bank and protested against the action of Mr. Trenholm. Mr. Meyer said that the state authorities were exceeding their authority in the whole matter. He declared that they were trying to hinder the stockbolders from opening the bank, and that they were too anxious to have a receiver appointed and give some politician a position. He alleged that he and Mr. Tallman were ready to pnt up the money to pay off the depositors on Friday last at 10:45 o'clock, as they had agreed, but said that Mr. Trenholm had refu ed to allow it. On being asked as to the last statement, Mr. Trenholm said that it was false. CONDITION OF THE BANK. In an interview Mr. Jordan said the position of affairs at the Equitable bank was now excellent. The cancellation of $150,000 in certified checks which had been given in payment of the missing bonds and the payment of its over-drafts had reduced the liabilities of the bank to $31,000, of which $16,000 is held by the directors and their friends, leaving $150,000 due to depositors. To pay this amount there is $150,000 assets. The bank was amply able to continue its business if it should be permitted by the state authorities to do so, and Mr. Jordan believed that the necessary consent would be obtained to-day, and the bank be open for business to-morrow morning. The Sixth National Bank to-day elected a new boardof directors and restored Mr. Leland to the presidency. Mr. Leland paid into the bank $280,000, and it has been authorized to resume business. Bank-wreckers Claassen and Pell spent most of the day in the office of the United States marshal, waiting for bail. They were visited by several friends and their counsel but did not bail

12. February 4, 1890 Evening Star Washington, DC
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BROKEN BANKS REPAIRED. The Wreck of the Sixth National Mended and the Others Likely to Resume. Matters are looking up in the wrecked New York banks. Besides paying out $640,000 for the recovery of his stock Mr. Leland paid to Examiner Hepburn $280,000 to cover the liabilities of the bank, including the $200,000 capital stock, and $79,000 besides. President Tappen of the Gallatin national bank informed Mr. Hepburn that $692,200 had been placed to his credit as United States bank examiner in the Gallatin national bank. In accordance with the results of his investigations into the condition of the bank's affairs and the new aspect which the contributions of Mr. Leland and the efforts of his friends have put upon them Mr. Hepburn was in a position yesterday to declare the bank solvent and ready to do business. He accordingly telegraphed to the controller of the currency, under whose authority he is acting, informing him that the Sixth national bank was now solvent, the capital unimpaired, and asked for instructions to deliver the bank to the new board of directors. Pending the answer the examiner gave his consent for the bank to open its doors, and this was done. The officers of the Lenox Hill bank have retained the firm of Newcomb, Donohue & Cardozo as legal advisers. Application was made in supreme court chambers for the appointment of a receiver for the Lenox Hill bank, but Lawyer Newcomb succeeded in getting the motion delayed. He said that arrangements are being made to meet all obligations, and if successful the appointment of a receiver will be avoided. He asked for time to complete these arrangements, and stated that in all probability the bank will be able to resume in a few days. He said that the resumption of the Sixth national will enable the Lenox also to resume, but that it will take several days to accomplish it. The announcement that the Equitable bank would open its doors yesterday and pay all demands brought many of the depositors to the bank at 10 o'clock. The doors were closed, however, and Examiner Trenholm was in charge. Shortly after 10 o'clock Conrad N. Jordan, president of the Western national bank, accompanied by Arthur Meyer, a son of Siegmund T. Meyer, arrived at the bank. They had a satchel with them full of cash and came for the purpose of opening the bank. Mr. Jordan told Examiner Trenholm what he was there for and tendered the money, which he stated was sufficient to pay all demands. Mr. Trenholm refused to admit Mr. Jordan and Mr. Meyer without a permit from the Attorney General. He said he had no authority to open the bank or to receive the money. Mr. Jordan and Mr. Meyer went away. but returned in half an hour and again demanded admittance. They stated that $200,000 had been raised and the bank could meet all obligations, but Mr. Trenholm was firm and they went off in search of State Superintendent of Banks Preston. They said they would return later in the day and open the bank, but they did not return. The wreckers Claasen and Pell spent most of the day in the office of the United States marshal waiting for bail. They were visited by several friends and their counsel, but did not secure bail. In the afternoon they were returned to jail.

13. February 7, 1890 The Evening World New York, NY
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The Lenox Hill Bank Resumed Business This Afternoon. SEVERAL CHECKS CASHED. President Jordan Says the Bank Will Be Solvent by Monday. Shortly after 2 o'clock this afternoon the doors of the Lenox Hill Bank were opened. Bank Supt. Preston arrived with $80.600, and this with all the books was turned over to President Jordan. Within a few minutes several checks had been paid, none of which were over $500. and deposits received amounting to nearly $1,500. President Jordan made a statement saving that a temporary Board of Directors had been elected, and to-morrow the bank's assets would be examined. and there was no doubt but what the bank would be declared solvent by Monday. He said that the resignations of President Wallack and other Directors had been accepted. but the resignation of Cashier Van Zandt had not yet been acted upon. His trusteeship. he said, would close this week, at which time his agreement with depositors would end. and they could withdraw their money if they desired. There was no sign of life inside the Lenox Hill Bank at 10 o'clock this morning. The small group of depositors who had gathered at the corner of Seventythird street and Third avenue were discussing the situation gloomily, and had about made up their minds that another inevitable delay would be announced. when Examiner William H. Mellins, Examiner Covell's associate in the investigation of the bank's affairs, hove in sight with a notice printed on a big sheet of brown paper. As he nailed it np on the storm-door the crowd pressed eagerly about him. It was as follows: To the Depositors of the Lenox Hill Bank Your affairs are in such shape that the bank will probably be opened to-day. C. COVELL. H. Chief State Bank Examiner. ENTHUSIASTIC DEPOSITORS, The announcement was received with great enthusissm. and after congratulating themselves that everything was coming out all right the crowd separated. Newcomers read the notice and hastened over to Real Estate Agent Anderson's office, which is the headquarters for information to find out more about the good news. Examiner Mellins was there to answer questions. but he could not give much information. I am expecting Mr. Covell uptown every minute, " he said. All know is that he sent up word to put out the notice which you see. and said that he had received this morning $398 000 of cancelled liabilities of the Lenox Hill Bank. As the deficit was only $181.000 according to Mr. Covell's estimate, this caricellation completely wipes out that item. and leaves $117. 000 with which to make the capital stock good and pay off depositors. The capital stock is $100 000. By whom were these cancelled evi. dences of debt transferred to Mr. Covell?" DON'T WANT A RECEIVER. That I do not know. but I suppose Mr. Jordan did it. They are all downtown now. ready to oppose any motion that may be made for the appointment of a receiver. Has Supt. Preston given his consent that the bank shall be opened I don't know that. but 1 suppose he will if he is satisfied that the bank 18 sol. vent. which it will be if these $398, 000 in " liabilitie are extinguished. What was the nature of the liabilities cancelled, were they the certified checks that have been spoken of? cannot answer that question. It is sufficient for the depositors to know that the liabilities have been reduced to that extent We cannot go into every particular of the transaction.' WHO GAVE UP THE MONEY. It was impossible to ascertain this morning who had advanced monev to take up those bad checks and other liabilities that have been cancelled. It was rumored that an additional sum of $25. 000 111 cash would be required before the bank could be opened. but as Mr. Jordan 2nd not put in au appearance up to 11.80 o'clock DO one could tell just what was going to be doue, There was c. crowd all the forenoon in Mr. Anderson's office. waiting the arrival of Mr. Corall, or some one who could with authority. SIMMONS IN HGT WATER. The examination of the officers of the Commercial National Bank to reveal what scourities belonging to James A. Simmons the bank holds was called before dudgo l'atterson in the Supreme Court this morning. This caso against Simmons grows out of claim of Anna C. Clark, who holds & indgment against Simnons. his wife, and Lattimer E. Jones for 818, 784. Simmons's handsome residence on Seventy second street and his carriage and two horses are now m the hsads of the Sherid The migment 14 for a deficiancy in the fore.

14. February 7, 1890 The Evening World New York, NY
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closure of a second mortgage on the stock farm at Pine Island. N.Y., which Simmons bought from C. P. Huntington. Simmons made & bad bargain with the farm. He sold it to Latiner E. Jones, the lumber merchant, who disappoared about two years ago, and who assumed the mortgage. If the matter is settled as agreed upon Simmons will own two. thirds of the mortgage. The case was adjourned until Wednesday. CLAASSEN NOT YET FREE. Bank Wrecker Peter J. Classen made his regular daily trip from Ludlow Street Jail to the United States Marshal's office in the Post-Office building this morning. arriving in company with two United States deputy marshals at 10.15 o'clock. His faithful wife met him, and the usual affectionate greetings were exchanged. Classen's wife qualified as his surety for $25,000 yesterday. and he hopes today to find another surety for $5,000. his bail being fixed at $30,000. His examination will be begun at 1 P. M. to-morrow, before U. S. Commissioner Shields. Bank Wrecker Pell's examination has been adjourned until next Tlfursday. at 11 A. M. ELECTING LENOX HILL OFFICERS. A meeting of stockholders of the Lenox Hill Bank was held at the office of the Western National Bank in the Equitable Building this afternoon for the election of a President and Board of Directors of the Lenox Hill. There was no opposition to the election of Conrad N. Jordan as President. After the meeting Mr. Jordan started uptown to open the bank. He was accompanied by Superintendent Pres. ton of the State Banking Department. Cashier Smith of the Western National Bank, Mr. Woolff of the committee representing the deposito 'S, and Lawyer Goodheart. Cashier Smith carried a hand valise, in which were funds sufficient to reopen the bank. It was just 1.50 o'clock when the party left the bank and President Jordan said that it was his intention to begin business this afternoon. "I have been elected President, he said, and have enough money to begin operations at once. I intend to pay off all ciaims against the bank. which have not already been assigned to me."

15. February 8, 1890 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, February 8, 1890

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AFLOAT AGAIN. New York's Wrecked Banks Open Their Doors-Business Resumed at the Sixth National and the Equitable. NEW YORK, Feb. 5.-The Sixth National Bank reopened its doors Tuesday morning and rapidly paid out money to those who cared to draw it. There were, however, no signs of a run on the bank. When the bank was turned over by Bank Examiner Hepburn to Presiden Leland's counsel the latter said not only were there sufficient funds to pay the depositors, but the surplus was now as large as before and stock worth just as much. About 1 o'clock Tuesday afternoon the Equitable Bank threw open its doors for business. The Lenox Hill Bank depositors are rapidly signing papers giving President Jordan, of the Western National Bank, power to act for them. The latter has hopes of arranging the bank's affairs so that a receiver will not be necessary. C. N. Jordan made the following statement in regard to the condition of the Lenox Hill Bank late Tuesday evening: "The total amount of capital due depositors is $130,000. The bank has $200,000 assets to pay them with. It is expected now that we will open for business on Thursday morning."

16. February 9, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, February 9, 1890

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NOTES OF THE DAY. The health of Congressman Randall is reported to be greatly improved. Tea thousand colored people in Canada have seas the Governor-General a loyal address Charles Connagham, general merchant at Niantic, III., has failed for $15,000, with assets of $7,000. Barrie. Ont. has much ice. and Buffale, New York, and Cincinnati are there arranging for supplies. Andrew Gallagher was sentenced Friday at Indianapolis to seven years imprisonment for burglary. At Jacksonville, Ala., Sam Dill (oolared) was hanged for the murder of Joe Smith (eolored) last August. Sam Morgan, of Rhinebeck, N. Y., was blown by dynamite into such fine pieces that they can't find any of him. Sister Mary Baptiste, a Sister of Providence at St. Charles Catholic school at Peru, Ind., died Friday morning. On Thursday evening next President Harrison will participate in the dedication of the Carnegie Library at Allegheny City, Pa. P.J. Claassen, accused of causing the suspension of the Sixth National Bank, of New York, was released Friday evening on $80,000 bail. S. W. Yeagley, the defaulting clerk of Hillsdale County, Mich., has fied the country after securing his bondsmen against further loss. Postmaster Gauntt as received notice from the Post-Office Department that the free-delivery system has been extended to Marion, Ind. It is reported that English capitalists have purchased a two-third interest in the Forepaugh circus, the estate retaining the remaining third. Business failures for the week reported by R. G. Dun & Co. are 821. as compared with 291 last week. One year ago the failures were 303. Charles Miller, son of a farmer living near Lebanon, Ind., was arrested Friday charged with having shot and killed George Purdy in October, 1888. The 2-year-old child of Simon Anderson, of Black River Falls, Wis., while playing with some fire Thursday, ig nited its clothing and was fatally burned. The general store of Harding & Woolsey, at Vincent, Ia., was entered by burglars Thursday night and several hundred dollars' worth of silk goods and groceries stolen. At Hamilton. O., on Friday George Lummis, aged 23 years, made an unsuccessful effort to murder Eflie Longnecker, aged 16 years, because she rejected his suit, and then killed himself. The Lenox Hill Bank at New York was reopened for business Friday afternoon under the presidency of Mr. Conrad Jordan, of the Western National Bank, but only deposits were received. The flooded condition of the Lower Mississippi has caused uneasiness regarding the levees. The water is rising rapidly, and the New Omega levee in Madison Parish, La., seriously threatened. White Caps are troubling the little city of Knoxville, III. Four prominent citizens of the place have been notified by placard hung in the city hall to change the error of their ways or their evil ways will be made known. An appeal has been sent to medical colleges throughout the country asking them to send delegates to the approaching convention of the American Medical Association at Nashville, Tenn., with a view of securing reforms touching the granting of diplomas.

17. February 9, 1890 New-York Tribune New York, NY
Article from New-York Tribune, February 9, 1890

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CHECKS PAID AT THE LENOX HILL. DEPOSITORS GET ONLY PROMISES TO PAY-A STATEMENT FROM CHARLES J. CANDA. In spite of the inclement weather yesterday morning. over 300 people waited in the rain outside of the Lenox Hill Bank for the doors to be opened. Plans had been made for them to walk through the doors in single file, and in the same order go out through a door at the rear of the building. The plan did not carry, for the crush of depositors was so great that it was absolutely impossible to keep order. Women, to whom had been given a front rank in the crowd. were pushed against the railing. Some became frightened and screamed and there was nearly a panic before the line was straightened out. Little good it did the depositors. They could have got as much as they finally did without any of the rush and crush. All they received for their deposits were certificates of the amounts, with a promise to pay some time within thirty days. Only holders of certified checks got cash. It was ten minutes after the regular opening hour when business was begun, and those ten minutes were extremely long ones to the depositors, who feared that some sort of trouble had arisen during the night. They passed resolutions of confidence in: Conrad N. Jordan, who is the temporary president of the bank, at their last meeting, but they wanted their money. Two certified checks for $11,000 each, drawn in favor of the Oriental Bank, were presented early in the forenoon. Mr. Jordan examined carefully into the circumstances surrounding the certification of these checks before he would pay them. He finally drew a check to the amount of the two in question on the Western National Bank. Cashier Van Zandt was the happiest man behind the railing of the institution. The check for $1,500 drawn by P. J. Curry, one of the depositors, which he certified on the day on which the bank closed, and which he refused to cash on the same day, was paid and Mr. Curry promised to drop all proceedings against him. Mr. Vreeland. a clerk in the Fire Department, who had a certified check for $3,500, also got his money. Some deposits were received, among them being one for $750, made by W. S. Andrews. Mr. Jordan was at the bank during the day and there made a brief statement as to his future intentions. He said that the safety of the bank depended entirely upon the quality of certain securities held by it. He intended to examine them in the afternoon, and if they were all right he would put $60,000 new money into the institution. This will put the bank beyond any doubt in a condition to pay off every depositor in full. For reasons unexplained the names of the directors elected on Friday have been kept secret. They are understood to be Conrad N. Jordan, temporary president; Anderson Fowler, the only one of the old board re-elected: Charles Liebmann, brewer; Jacob Beekman, real estate dealer; Charles F. Yuengling, brewer, and Lee Wolff, provision dealer. Charles J. Canda, vice-president of the Western National Bank, has issued a circular letter to the depositors and stockholders of the bank explaining the bank's position in the recent suspension of the Sixth National, the Equitable and the Lenox Hill banks. He says that not a dollar has been lost through them, In the latter part of December, he adds, the Lenox Hill Bank was informed that the Western National Bank would cease to clear for it because of the change in the management. The Equitable Bank was also told to take away its account. as large uncertified checks, comprising asked, and their deposits, capital few days stock were were of discovered. allowed, the Sixth in National which Delay 300 was Bank, shares valued of the at a

18. February 14, 1890 New-York Tribune New York, NY
Article from New-York Tribune, February 14, 1890

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CHARLESH. LELAND'S LOSSES HOW HE COMES OUT OF, THE BANK TROUBLES. A STATEMENT SENT TO THE NEWSPAPERS FROM THE SIXTH NATIONAL BANK. What purported to be an official statement of the affairs surrounding the transactions which caused the temporary suspension of the Lenox Hill, the Equitable and the Sixth National banks was prepared yesterday and sent from the Sixth National Bank, of which Charles H. Leland is president, to various newspapers. The statement lacks just the points of interest which the public, the minority stockholders and the depositors in these three institutions have been eagerly looking for since publicity was first given to the troubles of these banks. It does not tell much of how, when and where any plans for the settlement were made. When A. B. Hepburn, the National Bank Examiner, closed the doors of the Sixth National Bank. he announced a deficiency of $676,311 03. This was made up by certified checks amounting to $382,000. representing abstracted securities; $180,000 in loans considered worthless; Lenox Hill Bank overdrafts. $78,101 03: and other overdrafts and items amounting to $36,210. Mr. Leland paid in $620,000 in cash to make this good, giving a guarantee that he would be responsible for the balance, $56,311 03, if necessary. He received the checks for $382,000 worth of securities, five of which, in accordance with their certification, were obligations of the Lenox Hill and Equitable banks. They amounted to $250,000. These checks, with $200,000, were given to get back the 1,035 shares of Sixth National Bank stock which Mr. Leland sold to the Claassen-Pell syndicate. This was done through an arrangement with Conrad N. Jordan. president of the Western National Bank. These checks were not used against the Lenox Hill or the Equitable Bank, but were cancelled in accordance with the agreement between Messrs. Jordan and Leland. The balance of the $382,000 was made by checks of Pell. Wallack & Co. on the Third National Bank for $27,000; James A. Simmons on the Commercial National Bank for $40,000, and one on the American Loan and Trust Company for $25,000. and George H. Pell on the St. Nicholas Bank for $40,000. The statement figures up Mr. Leland's financial position now as follows: Received for 1,005 1-2 shares Sixth National Bank stock, $653,575; against this $620,000 was paid to make up the deficiency and $200,000 for the return of the stock. to which may be added $56,311 the amount guaranteed. These figures make Mr. Leland's present actual loss $166,425, and possible loss $222,736.03. Of $310,500 of certified checks of the Lenox Hill Bank the National Bank Examiner recognized $109,000 as a claim against the Sixth National Bank, because it was the Clearing House agent for the Lenox Hill. Collateral security of the Lenox Hill Bank on which $53,500 was realized was held by the Sixth National. The balance was included in the deficiency made good by Mr. Leland. The holders of the certified checks settled their claims for $109,000, which amount was paid to the Western National Bank by the Sixth National Bank, and the checks were destroyed in the presence of Charles M. Preston, State Superintendent of Banks. It is argued now that the Claassen-Pell syndicâte is ronsiderably ahead on the transactions. From the abstracted bonds $382,000 was realized; $180,000 in loans from the Sixth National Bank was obtained, and practically the capital of both the Lenox Hill and the Equitable banks went to them. But against this must be placed the amount paid to Mr. Leland for his 1,035 shares of stock. At the Sixth National Bank yesterday nothing could be obtained from the vice president as to the value of the securities still missing. It was learned from another source that all within a few thousand dollars of the entire amount of the securities were in the bank's vaults, and that the remainder would probably be returned by this morning. Judge Donohue, counsel for George H. Pell, appeared before Commissioner Shields yesterday at the hour set for the examination in Pell's case. DistrictAttorney Mitchell desires to finish Claassen's examination first, and the hearing in the case against Pell was adjourned to next Thursday. President Jordan, of the Western National Bank, will probably testify to-day in the examination on the charge against Claassen and will tell how many of the bonds taken from the Sixth National Bank have been returned to that institution.

19. January 3, 1891 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, January 3, 1891

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IN THE FINANCIAL WORLD. JANUARY. 12 Bank of South Dakota at Madison assigned; assets, $150,000; liabilities not stated; as a result the La Belle Ranch Horse Importing company assigned; liabilities. 300,000; assets, $150,000. 16. L. H. Stone, San Francisco harness dealer, as signed: liabilities, $204,000; assets small. 28. John B. Lalande, cotton factor, assigned in New Orleaus: liabilities, $764.000: assets, $514,000. 80. The First National bank, the Lenox Hill bank, and the Equitable bank, all in New York, closed by order of the United States bank examiner; George II. Pell, a broker, and P. J. Claassen, president of the Sixth National, arrested. MARCH. 7. Monroe Eckstein and Leopold Wertheimer, New York brewers, assigned: liabilities, $000,000. Belloe freres, bankers, San Francisco. failed; liabilities large. 19. John F. Plummer & Co., one of the largest dry goods commission firms in the business, assigned in New York; liabilities, $1,00,000; assets about the same. APRIL. 8. Manha:tan bank, of Manhattan, Kan., failed; liabilities, $600,000. 17. Louis Francke & Co., silk importers, assigned in New York; liabilities, $900,000. 30. The Bank of America, a state institution, at Philadelphia. suspended. MAY. 1 The Gloucester City National bank At Glouces. ter City, N.J., carried under by failure of Bank of America. Fechheimer, Rau & Co., shirt makers, failed in

20. August 15, 1891 The Jersey City News Jersey City, NJ
Article from The Jersey City News, August 15, 1891

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NEWS IN NOTES. Foreign. Kaiser William's health is completely restored. The Kaiser has gone to sea again. The dory Mermaid was spoken August 10 in latitude 47 north, longitude 35 west. Captain Andrews said he was still having a bad time of It, but he hadn't lost courage or hope. Of course, he didn't know then how badly the Sea Serpent had beaten him. The Porte denies that he has signed a protocol recognizing Prince Ferdinand. France will need 82,500,000 bushels of wheat to supply the deficiency of the home cron. At the National Capital. A movement is afoot here to demand that President Harrison should send a negro to Hayti in place of Fred Douglass. Dispatches from Samoa say that Mataafa is restless, but everybody and everything else is quiet. A letter from Mrs. R. L. Stevenson says the outlook for Europeans is very bad. There is but one warship there, and that is German. Doings in New York. The directors of the Lenox Hill Bank have decided to liquidate the business of the institution made famous by the PellWallack-Claassen "kiting" syndicate. The assets will pay the stockholders be tween seventy-five and eighty cents. The New York Health Board yesterday decided to arrest Ong Moy Toy and Tsang Ding, the Chinese lepers who were released from the Charity Hospital. Oug Mov Toy was put under guard, but Tsang Ding could not be found. Both Nat Goodwin and his wife claim the Queen Anne house at No. 226 West End avenue, New York. Goodwin gives up trying to gain possession by force, but the house will be kept barricaded unti: he leaves the city. Burgiars are prowling about Astoria. Miss Beulah Hipwell, who discovered three of them in her brother's house, Was knocked down and badly hurt. The men escaped. Hugo Eitel, the lad who is at the New York Presbyterian Hospital suffering from symptoms of hydrophobia, is improving. The strait jacket has been removed and his spasms have ceased. Elsewhere. The eruption of the volcano at Colina, Mexico, has ceased, but the lava is still ruuning. Balmaceda has removed all the old court judges in Chili and appointed new ones to suit himself. The full story of the Canadian scandals shows that Pacand got $100,000 of the railroad subsidy fund and that Merceir used a part of the money to pay his private debts. Members of the Haytien Cabinet resigned after they had been censured for corruption and incapacity by the Chamber of Deputies., There is great excitement at Port au Prince, and a new outbreak is feared. Mrs. James K. Polk, widow of the eleventh President of the United States, is dead.

21. August 16, 1891 The Sun New York, NY
Article from The Sun, August 16, 1891

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LAST OF THE LENOX HILL. The Bank WIII Close Because It Has Made No Money Since It Was Wrecked. The Lenox Hill Bank. at Seventy-second street and Third avenue. which was made famous by the doings of Pell. Wallack. Classsen. and Fimmons, 14 going out of business. Since Wednesday last the institution bas been quietly paying off its depositors. Last week the directors of the bank met and decided that. as the bank was not making money. the best thing to do was to close it. A circular letter was sent to the depositors informing them of this action and asking them to take out their money. Since the bank was put on its lega after the operations of the wreckers the main object of its officers has been to meet its obligations to its depositors. and to pay back to the rtockholders as much as possible of the money they had out into it. The depositors will receive every cent that they plac ed in the bank. with interest. but it is uncertain how the stockholders will fare. The bank has not been making money since its restoration." said a director yesterday to a SUN reporter. That is the reacon we decided to suspend business. Nearly all of the directors are d. wn-town business men. who haven't time to attend as closely as is desirable to this bank's affairs When we de. cided to shut up shop the bank was in as good condition as we could ever hope to have it. The capital stock of the bank was but $100.000. and the deposits did not amount to more than $125,000. The reason that the bank did a small business in the last year WAS that the President. Lee Wolff. always kept 60 or 70 per cent. of the bunk's funds on hand. fearing a run on account of the wreckers' connection with the institution.' There is now about $60,000 in deposits in the bank. The officers of the bank are: Lee Wolff. President: Conrad N. Jordan. VicePresident: Elias E. De Pima, Benjamin Russak, Herman Ridder. Edward Gogorza. Simon Ottenberg Jacob| Batz. and Francis J. behnugge. directors. It is said that If the stockholders wait until real estate and mortgages held by the bank are advantageously disposed of they will 1 e paid in full. but if not they will lose from 20 to 25 per cent. Whether the Lenox Hill will be succeeded by another up-town bank is not known yet. It is said that the mer hants in the neighborhood of the Lenox Hill need a bank. A direcfor of the Lenox Hill said yesterday that a number of np-town tradesmen offered to buy the Lenox Hil. but no notion was taken on their proposition. The hank was organized Aug. 8. 1887. with n canital of $100.000. After the crash in the Sixth National Bank in January. 1890. it was learned that the Lenox Hill had been clearing through that bank. Then the story of the wrecking operations of Peter J. Classen. George H. Pell. Charles F. Wallack, a son of Lester Wallack. and James A. Simmons came out. That brought H run on the Lenox Bill. which began or Jan. 30. In one hour $40,000 was paid out. The men connected with the downfall of the Lenox Hill were arrested. Some of them are in pri-on. On Feb. 7. 1890, the Lonox Hill was reopened with Conrad N. Jordan as President. & 00 Wolff. the present President. succeeded him on Feb. :0.

22. August 21, 1891 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, August 21, 1891

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A WRECKED BANK TO CLOSE. The Lenox Hill Bank of New York Winding Up Its Affiairs. The Lenox Hill Bank of New York. which was made famous by the doings of Pell, Wallack, Claassen and Simmons, is going out of business, and quietly paying its depositors. Last week the directors of the bank met and decided that, as the bank was not making money, the next best thing to do was to close it. A circular letter was sent to the depositors, informing them of this action, and asking them to take out their money. The bank was organized Aug. 8, 1887. After the crash in the Sixth National Bank in January, 1890, it was learned that the Lenox Hill had been clearing through that bank. Then the story of the wrecking operations of Peter J. Claassen, George H. Pell, Charles E. Wallack. a 8 m of Lester Wallack, and James A. Simmons came out. That brought a run on the L nox Hill which began on Jan. 30. In one hour $40,000 was paid out. The men connected with the downfall of the Lenox Hill were arrested. and some of them are in prison. On Feb. 7, 1890, the Lenox Hill was reopened. with Conrad N. Jordan as president. Lee Wolfe, the present president, succeeded him on Feb. 20.