16164. Mechanics & Traders Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 26, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
9b8059f6

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Description

The bank experienced heavy withdrawals during the 1907 panic (Oct 1907), then directors suspended operations on Jan 29, 1908. Receivers were appointed Feb 29, 1908, but a deferred-payment reorganization was approved and the institution was ultimately reopened/reorganized as the Union Bank of Brooklyn on Aug 18, 1908. Cause of the initial run is systemic panic (1907 financial crisis); suspension followed when the Clearing House would not extend further assistance and cash resources were inadequate. OCR errors in articles corrected (e.g., Mechanics and Traders spelled variably).

Events (6)
1. October 26, 1907 Run
Cause
Macro News
Cause Details
Heavy withdrawals and loss of confidence tied to the 1907 financial panic and broader clearing house/market strain.
Measures
Paid depositors as possible; branches delayed opening; directors and officers reassured public and tried to provide cash for payrolls; relied on Clearing House and certificates.
Newspaper Excerpt
There has been a steady drain on the Mechanics and Traders' and its dozen branches ... some 300 excited and protesting depositors ... This bank has paid out close to $8,000,000 in the past three or four days.
Source
newspapers
2. January 29, 1908 Suspension
Cause
Correspondent
Cause Details
Directors suspended because the Clearing House refused further assistance and cash resources were insufficient, prompting voluntary closure to avoid preferential payments.
Newspaper Excerpt
At a meeting ... the directors declared the bank solvent but the state of the cash resources made it appear inadvisable for the bank to continue business. ... this bank do not open its doors to-morrow (Thursday) ...
Source
newspapers
3. February 1, 1908* Other
Newspaper Excerpt
After the suspension efforts at reorganization and attempts to have depositors sign deferred payment agreements were under way; state banking department examination followed (writing off surplus).
Source
newspapers
4. February 29, 1908 Receivership
Newspaper Excerpt
J. Henry Haggerty and Joseph B. Ford were appointed receivers of the Mechanics & Traders' bank ... The Mechanics & Traders' suspended on Jan. 29. The attorney general's application for receivers was made on the ground that the bank is insolvent and unable to pay its depositors in full.
Source
newspapers
5. April 15, 1908 Other
Newspaper Excerpt
Court virtually approved deferred payment plan; 84 percent of depositors had assented to the plan (test case).
Source
newspapers
6. August 18, 1908 Reopening
Newspaper Excerpt
The Mechanics and Traders' Bank, which suspended on January 30 last ... was reopened yesterday as the Union Bank of Brooklyn ... The bank starts business with a capital of $1,000,000 and a surplus of over $800,000.
Source
newspapers

Newspaper Articles (25)
1. October 26, 1907 The Evening World New York, NY
Article from The Evening World, October 26, 1907

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the Mechanics and Traders Bank. at No. 663 Broadway were shapped shut at noon to the second in the faces of some 300 excited and protesting depositors who had been standing in line for two hours. Not over tep of the clamoring crowd had been paid off. Vice-President Leo Schlexhget and at noon: "Unless the Clearing House stands by us the people will have to take what is coming to them. The Clear. Ing House is responsible for all this trouble. This bank has paid out close to $8,000 000 in the past three or four days. The institution is solvent. we can't pick money cut of the air." Waiting Line When Doors Openec. It appears that there has been a steady drain on the Mechanics and Traders' and its dozen branches 15 Manhattan and Brooklyn all week. Depositors were paid on promptly up to yesterday afternoon. when dilatory tactics were adopted. News of this spedid around the whole. sale clothing district and at 2.30 o'clork this morning there were twenty five persons in line at at'the door of the bank. The line doubled by the time the doors are opene] and then rapidly longthened out untH It assumed the propor Lons ora small parade, The Brooklyn branch offices of the Mechanics and Traders'. which are usually opened at 9-o'clock on Shurday mornings to allow the withdrawal of pay-roll accounts, were kep: closs! until 10 o'clock. None of them was subjected to a run. Depositors calling for large eums were sent to the nain bank in Broadway, Manhattan. Last Quarterly Statement. The Mechanics and Traders' and branches constitute what is known as the Sullivan chain and are managed by David A Bullyan The capital stork is $2,000,000. Here are the most signincant Items in the last quarterly statenent. $13,805,000 Due depositors 2,192,322 Due trust compinies and banks. Loans on discounts 14.346.633 393,000 Lisbilities of directors as makers President Sullivan was at the bank, but seciuded himself in his private ofnce. He refused to see callers. Most of the depositors who sought to withdraw meney this morning were business men and manufacturers of the neighborhood who have heavy payTOTAL They were compelled to hustle in other directions for money with which to satisfy their employees. Branch Offices and Officers. The Mechanics' and Traders Bank has twelve branches located as follows: Attantic Branch, No. and Atlantic evenue, Brooklyn: Fulton Street Branch. No. 415 Fulton street, Brooklyn: Hamilton Branch ..05 19-31 Hamilton avenue, Brooklyn Hancock Branch. No. 1550 Broid way Brooklyn; Madison Avenue Branch. No. US3 Madison avenue, Nor York, Mirket Branch, Finsnthat and Washington avenues,

2. October 27, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 27, 1907

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"The general situation is improved by the enforcement of the sixty-day rule of the savings banks, which will tend to stop hoarding of cash, and also by the decision of the Clearing House to issue certificates and the increased assurance of thoughtful depositors refraining from withdrawing any unnecessary funds." CASH DEPOSITS EXCEED WITHDRAWALS. Officials of the ten Brooklyn branches of the Mechanics and Traders' Bank, of Manhattan, had a strenuous day. Most of them have large payrolls to meet on Saturday, and there was some hustling for cash for that purpose. The result was that the branches, which usually open at 9 o'clock, did not open until 10 o'clock yesterday. As soon as the payrolls had been provided for, the depositors, who had been collecting outside the doors, were admitted and paid off as rapidly as possible. Frederick W. Flottwell, of the Union branch, said at the close of the day's business that, although the withdrawals had been heavy, they had been exceeded by the cash deposits by $396,000 at the ten branches. "All the branches of the bank will open as usual on Monday morning," said Mr. Flottwell, "and the business will be continued as If the present conditions did not exist. The bank is in no way affected by the situation." Leo Schlesinger, speaking as vice-president and director of the Mechanics and Traders' Bank, said last night: "This is my first and only statement with regard to this bank, and I wish to state positively that the Mechanics and Traders' Bank has met all its engagements so far and will continue to do so. We have had no run on that bank. and our only difficulty has been in getting a sufficient quantity of small sized bills to make change with." By way of restoring confidence one of the directors of the Mechanics and Traders' Bank, at the Union branch, the largest in Brooklyn, in the Temple Bar Building, went out among the people in the line and talked with them. If It was found that money was needed badly the checks were taken inside and the money was brought out. A widow, who had $300,000 on deposit, came to seek advice. She was convinced that the situation was well in hand, and said that she would not only leave her money in that bank, but would refrain from drawing out several hundred thousands which she had in other banks. The Long Island Loan and Trust Company, also in the Temple Bar. had an easy day. On Thursday and Friday they lost $100,000 to the savings banks, but yesterday the deposits, including $50,000 from the Brooklyn Rapid Transit Company, far exceeded the withdrawals. No excitement among the depositors was reported from any section of the borough. On the other hand, the reports were quite general that many who had been anxious for their money early in the day were so reassured by the improvement in conditions throughout the city that they decided to leave their deposits with the banks and went home. Many employes of factories and builders in Brooklyn had to go without their money yesterday because of the suspension of the five banks on Friday. which had always been depended on for large payrolls. In most cases the men were told that arrangements would be made to get money for them elsewhere early this week.

3. October 27, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 27, 1907

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EARING HOUSE CERTIFICATES TO STRENGTHEN BANKS Association Decides to Adopt Strong Measures and Relief Is Certain. NEW YORK, Oct. 26. With the unan imous decision of the New York Clearing House Association today to issue clearing house certificates for the settlement of debit balances by the banks, leading financiers believe that the final steps have been taken to restore conditions in financial circles to their wonted calm. The issue of these certificates will release for general circulation a large sum of currency, and the scarcity of money new the only cloud that lingers on the horizon. s Of scarcely less importance as tending to restore confidence was the introduction of a resolution in the meeting of the Clearing House Association providing for the readmission of trust companies to membership in this assoclation. This will place the trust companies under the rules of the clearing house, and tend to prevent recurrence of the situation which brought about the slump last week. News of Gold Imports Aid. Announcement of the early arrival of gold imports from Europe further improved the situation today. There is a balance of $60,000,000 in our favor in the trading between Europe and the United States, and an influx of the yellow metal from Europe at this time will serve to hasten the return to normal conditions in the financial world. Heidelbach, Ikelheimer & Co., of 37 William street, today announced that the first of the gold imports, $1,500,000 in amount, will arrive here Wednesday. With all these agencies operating to restore confidence, the reaction set in Friday continued unabated today, and the sun began to shine on Wall Street again. Except for the suspension of the Terminal Bank, in Brooklyn, a small Jenkins institution, whose closing had no effect on the situation, every report that went out over the ticker was fa. vorable. Stock Market Firm. The stock market continued firm and money was comparatively easier. The Trust Company of America, the Lincoln Trust, and the other institutions which were imperiled by runs rode the storm and their officials announced at the close of the day that their concerns would resume business Monday in capital shape to meet any demands that might be made upon them. It is understood that for the reason that Europe might get the idea that conditions are worse in New York than they reall are. J. P. Morgan and bankers in friendly association with them, opposed the issue of clearing house cer tificates, but gave way to the majority after the matter had been thoroughly threshed out. A committee headed by Vice President Cannon, of the Fourth National Bank was appointed to arrange the details for the issue. Banks will be permitted to avail themselves of the certificates to the amount of 75 per cent of their debit balances Financial men almost without exception declared after the adjournment of the meeting that this measure will undoubtedly bring to the situation the relief that is needed to restore confidence and stability to the market The final act of the meeting of the clearing house association was the adoption of a resolution thanking Secretary of the Treasury Cortelyou and J. Pierpent Morgan for their services during the time of the crisis. Surplus Was Wiped Out. The regular weekly bank statement issued today showed that the surplus which the banks had at the close of last week was entirely wiped out by the flurry, and that a deficit of $1,233,300 was created instead. A surprising feature of the statement was an increase of loans of $10,864,700. It had been expected that the enormous liquidation in the market during the week would have resulted in a considerable decrease in this item. While the skles were clearing in Wali Street, frightened depositors in- the Mechanics and Traders' Bank, 565 Broadway, with twelve branches in Manhattan and Brooklyn, and in the Broadway Trust Company, Broadway and Eighth street, made a descent upon the two institutions, and there were lively withdrawals for some time. All demands were met by the two concerns however. In a run on the Northern Bank of New York, Broadway and Fourth street, there was so much disorder that the police had to be called. The Broadway Trust Company adopted a rule that those who were withdrawing funds to pay off employes should lave the first call today. General approval was given to the action of the presidents of the savings banks, all of which today put into effect the rule which compels the filing of sixty days' notice of an intention to withdraw funds.

4. January 30, 1908 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, January 30, 1908

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IWU MURE NEW YORK BANKS FAIL Unable To Weather Financial Storm BOTH DECLARED SOLVENT New Amsterdam National and Mechanics and Traders Close Doors. New York, Jan. 30.-National bank examiners took active charge of the affairs of Am National Bank and Metoday sterdam the New the and Traders a in both of to open chanics stitution, which Bank, failed state their doors this morning. Both these banks were included in the MorseHeinze-Thomas chain of banks and the of the National Bank America a ago of after North closing few days there has been what practically amounted to a run on them. Both were unable to take up their allotment of certificates which the house issued to the money panic clearing beginning them in during Ocwhen the drain their resources began tober upon and renewed the extend clearing house declined to further Fearing with the officials drawals their credit. today heavier of both banks decided last night to close. Cause Runs On Banks Failures Other of As a result of the closing these several other none of class, met banks, an important banks, with these heavy was withdrawals today. One of Bank, where a as soon as it developed the Oriental opened. quite run All were paid promptly Hugh Kelly and the depositors President announced had that twelve other institutions come to the aid of this bank and that he hoped to be able to withstand the drain. It is not anticipated the closing ef- of two banks will have any the general this city as both were these tion fect of on banking situa- going through gradual liquidation during the last few months in which their debts and credits have been gradually reduced. New Amsterdam Declared Solvent Bank Examiner Charles A. receiver Hanna, National temporary America, of the today Na tional Bank of North of was appointed temporary receiver New Amsterdam National Bank. the The institution's liabilities are placed at $4,482,016, of which $2,065,270 is due depositors. This bank was capital to ized at $1,000,000. The bank officials assert that not only will every deposbe paid in full, but the stockhold- dividend. itor will receive a substantial Bank ers New Amsterdam National in The formerly one of the chief links by was chain of banks established the W. Morse. The institution oc. Charles quarters in the Metropolitan the cupied house, in the heart of numbered upopera theatrical district, and those town among its clients are many of prominent on the stage. Failure of Mechanics and Traders Bank a Surprise. Mechanics and Traders at Bank $2. The state institution, capitalized last is a and previous to the panic to 000,000 carried deposits -amounting amount fall than $20,000,000, but this This more since been largely reduced. has two branches in Manhattan these bank has ten in Brooklyn. All and branches remained closed today. Mechanics and Traders E. Bank The of the banks in the was R. was one chain. Davis A. Sullivan Janmade Thomas its president by Thomas in uary, 1907. Old and Importan F. Augustus Heinz directorate of the Traders Bank after traol and bought I terest in the ins as and Heinze got 01 a result of the Octol It before the panic. It important of the state $26,000,000. banks,umv most total resources of of the state was also one established been was not banks ing having of the oldest ago and three quarters member of a century of the clearing house, only a of its founders. debut one to the state banking 22, In its date of partment report under and Traders August Bank On the Mechanics $18,825,000. 1907, net deposits of its last report. showed 19, the date of these October had shrunk to $10,077,000.

5. January 30, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 30, 1908

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MECHANICS AND TRADERS Clearing House Would Not Give Further Assistance. New York, Jan. 29.-President D. A. Sullivan of the Mechanics and Traders bank announced shortly before midnight tonight that the institution would not open its doors tomorrow. This decision was reached at a meeting of the board of directors tonight lasting four hours. In a statement issued after the meeting the directors declared the bank solvent but the state of the cash resources made it appear inadvisable for the bank to continue business. The Mechanics and Traders bank is a state institution capitalized at $2,000.000, previous to the panic last fall, carried deposits amounting to more than $20,000,000. but this amount has since been largely reduced. When the meeting of the directors adjourned a few minutes before midnight, President David A. Sullivan gave out the following statement. which he declined to amplify in any way as to assets and liabilities at this time: "At a meeting of the board of directors of the Mechanics and Trades' bank held at the banking offices, No. 565 Broadway, on the evening of January 29, 1908, the following resolution was unanimously adopted: "Whereas, the clearing house committee informed the officers of this bank at 5 o'clock this afternoon that the clearing house had determined to afford no further assistance to any bank, although the clearing house holds some $6,000,000 of approved collateral of this bank against which we owe them only about $1,900,000: and, "Whereas, Although this bank is absolutely solvent, the cash resources in the possession of the bank made it appear inadvisable for the bank to continue without such present aid, and, "Whereas, It is for the best interests of the depositors, under the circumstances, to avoid any preferential payments to any depositors, all of whom should be treated alike, it is "Resolved, That this bank do not open its doors to-morrow (Thursday) and that we communicate with the t banking department forthwith "Further, That it is the intention of the directors to reopen the bank at the earliest possible date."

6. January 31, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 31, 1908

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CLOSING PRECIPITATES RUN New York, Jan. 30.-A run on Oriental bank, at Broadway and J street, began when the doors of institution were opened at 10 o'c this morning, but this afternoon it declared that the attack would withstood successfully. The tro followed the announcement that New Amsterdam National bank the Mechanics and Traders' bank been forced to suspend business account of heavy withdrawals of posits.

7. January 31, 1908 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 31, 1908

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ANOTHER MORSE BANK SHUT NEW AMSTERDAM NATIONAL IS CLOSED BY COMPTROLLER. President Kinsman Says Depositors Will Lose Nothing and Stockholders Will Get Dividend. New York.-The New Amsterdam National bank, capitalized at $1,000,000 and situated at Broadway and Thirty-ninth street, was closed by the order of the comptroller of the currency Wednesday night and National Bank Examiner Charles A. Hanna was placed in charge. The institution's liabilities are placed at $4,482,016, of which $2,065,272.49 are due depositors. The bank's officers assert that not only will every depositor be paid in full, but the stockholders will receive a substantial dividend. The New Amsterdam National was formerly one of the chief links in the chain of banks established by Charles W. Morse. President Frank W. Kinsman, Jr., declared, in a statement issued Wednesday night, that "the closing of the National Bank of North America, attracting renewed attention to the interests which had previously dominated both institutions in their past administrations, started fresh reports of an exaggerated and sensational nature which necessitated the liquidation of the bank." The institution occupied quarters in the Metropolitan Opera house, in the heart of the uptown theatrical district and numbered among its clientele many of those prominent on the stage. About a year ago the New Amsterdam underwent a reorganization because of a falling off in its business and Frank W. Kinsman, Jr., was elected president. Every effort was made to rehabilitate the institution. The recent panic was not without its effect, though the bank weathered the storm and succeeded in reducing its clearing house certificates from $1,705,000 to $300,000. President D. A. Sullivan of the Mechanics' and Traders' bank announced shortly after midnight Wednesday night that the institution would not open its doors Thursday. This decision was reached at a meeting of the board of directors lasting four hours. In a statement issued after the meeting the directors declared the bank solvent, but the state of the cash resources made it appear inadvisable for the bank to continue business.

8. February 1, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 1, 1908

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TOTAL In the last report to the Superintendent of Banks on December 19, the Mechanics and Traders' Bank had total deposits of $11,234,400 and outstanding Clearing House certificates of $3,605,000. A comparison of the statement of January 29 with these of December 19 and August 2 shows that deposits shrank rapidly in the last five months. Initial steps were taken yesterday by some of the largest depositors in the Mechanics and Traders' and in the New Amsterdam National Bank looking-toward perfecting plans for the rehabilitation and reopening of these institutions, but nothing definite was done. Edward M. Grout-called on Superintendent Williams yesterday and told him that it was proposed to formulate some plan for resumption of the Mechanics and Traders' Bank. and that interested in this plan were President Sullivan and a number of the other directors. He said that these parties desired to submit to the Banking Department, step by step. their plan as it should be formulated, thus avoiding the difficulties into which the reorganizers of the Hamilton Bank plunged themselves by going ahead without so doing. Mr. Grout declared that an attempt would be made to induce the holders of accounts to sign limited withdrawal agreements similar to those signed by depositors in other banking institutions, Charles A. Hanna. national bank examiner and receiver for the National Bank of North America, continued yesterday to act as temporary receiver for the New Amsterdam National, no permanent receiver having been as yet appointed by William B. Ridgely, Controller of the Currency. Mr. Ridgeby is expected here this morning and will probably announce the appointment. It is learned that the National Bank of North America has been paying off its Clearing House certificates rapidly since Mr. Hanna took charge last Monday. The Oriental acted as clearing agent for a small uptown bank. but the institution in question was not affected by the Oriental's suspension

9. February 5, 1908 The Columbus Journal Columbus, NE
Article from The Columbus Journal, February 5, 1908

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prominent in business and philan thropy, died in Denver, aged 87 years. one man was killed and five injured in Los Angeles, Cal., when a train struck a, street car. Rescued from their vessel after she had become disabled in midocean, carried to Genoa and thence to London, Capt. Kelly and the five members of the crew of the brigantine Aquila arrived at Halifax, N. S., on the Allan line steamer Sardinian. That no necessity exists for a reduction in the prices of iron and steel and that none will be made was the general understanding arrived at by representative manufacturers of pig iron, iron and steel at a meeting held in New York. Dr. Leander Starr Jameson, premier and secretary for native affairs of Cape Colony, has resigned. He assumed these offices in February, 1904. Fire wiped out the village of Twin Lakes. Minn., over 200 persons being made homeless. After a struggle of five hours against cold and a turbulent sea, the life savers of the Coslata station, near Nantucket, rescued the crew of the Newport brigantine Fredericka Schepp, which was wrecked on the north side of Coatue beach. The flag of the American man-ofwar Chesapeake and the "Balaclava bugle," two of the most valuable war relics of a collection of antiquities that belonged to the late T. G. Middlebrook, were secured at the auction sale of the collection in London for American buyers. A proposal for state-wide liquor prohibition was rejected in the Michigan constitutional convention by a vote of 55 to 39. In a dispute over a horse, Philip Kastner. aged 62, shot and fatally wounded his son George, aged 32, at Jasper, Ind. The office of the superintendent of poor at West Seneca, N. Y., was besieged by 500 men begging for food. Four men were taken to the county hospital suffering from starvation. The lower house of the Oklahoma legislature passed a measure prohibiting the smoking of cigarettes in the state. William S. Wood of the firm of Lloyd & Wood, one of the best-known lawyers on the Pacific coast, died at his home in San Francisco. Nine miners were killed by an explosion in the New Rivery colliery near Hawk's Nest, W. Va. Because he was angry with his wife, William Meutsch of Chicago killed one of his children and fatally shot the two others. Col. Burr Robbins, the old-time circus man, died in Chicago. King's court, one of the show places of Lakewood, N. J., a residence built some years ago by George Gould for his son, Kingdon, was destroyed by fire. The building was valued at $500,000. Liquidation of the State National bank of New Orleans was decided upon by a vote of the stockholders. This bank is nearly 100 years old. The superior court at Paris refused to grant an absolute divorce to Maud Gonne from her husband, Maj. McBride. The schooner Helen E. Taft of Thomaston, Me., was run down and sunk by an unknown steamer 16 miles southwest of Cape Lookout lightship off the coast of North Carolina. Pearl Harper was acquitted at Cadillac, Mich., on the charge of murdering her stepfather. Arthur W. Fergusson, secretary of the Philippine commission, died suddenly of heart disease in Manila. The Diamond Window Glass factory at Gas City, Ind., was destroyed by fire, resulting in a loss estimated at $100,000. The American torpedo boat flotilla sailed from Buenos Ayres for Punta Arenas. Dr. J. C. Brigham perished in a fire that destroyed eight stores and residences in Girard, Ga. E. G. Anderson, alderman. coal dealer and prominent citizen of Aberdeen, S. D., was arrested charged with being a receiver of stolen coal. Two financial institutions of New York city, one a national and the other a state bank, closed their doors The New Amsterdam National bank, capital $1,000,000, was taken in charge by the representative of the comptroller of the currency, and the Mechanics' and Traders' bank, a state institution, capital $2,000,000, announced the decision of the directors not to open. Both banks announced their ability to pay all depositors. The $100,000 estate of Capt. Hooker of Rochester, N. Y., who left a will bequeathing his property to Galesburg, III., will be distributed, the surrogate having denied probate to the will on the ground that Capt. Hooker was mentally incompetent. Peter F. Clark of Girard, III., pleaded guilty to the charge of murdering Mrs. Ollie Gibson on a trolley car near Virden March 25, 1907, and was sentenced to serve 40 years in the penitentiary. In Lublin, Russian Poland, the police unearthed a band of robbers composed entirely of women and the leaders have been taken into custody. The Coburn warehouses in Indianap olis were burned, the loss being

10. February 6, 1908 The Brandon News Brandon, MS
Article from The Brandon News, February 6, 1908

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Effect is Small. Memphis, Tenn.-Announcement of the suspension of two banking institutions in New York had little effect in financial circles there. The fact that both institutions were known to have been carried by the clearing house banks through the serious panic times was generally known, and their failure to keep on their feet after they were put on their feet is no surprise. Bank examiners took active charge of the affairs of the New Amsterdam National bank and the Mechanics and Traders' bank, a state institution. Both of these banks were included in the Morse-Heinz chain of banks, and after the closing of the National Bank of North America a few days ago there had been what practically amounted to runs upon them. Both of them were still unable to take up their allotment of the certificates which the clearing house issued during the stringency beginning in October, and when the renewed drain upon their resources began, the clearing house authorities declined to further extend their credit.

11. February 7, 1908 The Ordway New Era Ordway, CO
Article from The Ordway New Era, February 7, 1908

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The Standard ou company TA quired a monopaly of the oil business in South Africa. After withstanding a run for one day the Oriental bank at New York failed to open its doors. The South Carolina legislature has killed the state-wide prohibition bill. The operating vice-presidental of a large number of railroads held a con with President Roomevelt for the of securing ference purpose delay about in the to enforcement of certain laws become operative. They were referred to the interstate commerce commite sion. The act of congress of June 1. 1898. prohibiting railroad companies from discriminating against members of labor organizations in the matter of employment has been declared unconstitutional by the United States supreme court. The Pittsburg. Pa., stock exchange has opened for business after having been closed three months on account of the financial durry. With the swearing in of George P. Wetmore 18 senator from Rhode Island the membership of the senate is increased to 92 for the first time in the history of the country The recent argument of District Atturney Ierome in the Thaw case was in decided contrast to that of the for mer trial. Instead of abuse for the defendant and his wife. he had only kind words for young Mrs. Than and innounced Stanford White in unmeasured terms. The Oriental bank at New York que. cessfully withstood a run of depositare who were frightened by the failure of the New Amsterdam and Mechanic and Tradery banks At 1 recent metion sale in London American buyers succeeded in getting the dag of the American man-of-war Chesapeake and the "Balaclava Bugie. two or the most valuable relies offered. The Carnegie Euro Fund commisston has donated $25,000 to the wide ows and children of 250 victims of the Jacab's Creek (Pa.) mine disaster The Oklahoma house has passed a measure prohibiting the smoking of cigarettes in the state The taking of testimony in the government's suit to dissolve the tobacco crust. has been transferred from New York to Louisville, Ky. The warehouse of Henry Coburn & Co., in Indianapolis. was recently destroyed by dre. The (OHB on building and contents aggregated $1,000,000. James Short. an old settler of Lyon county Kan. unit a civil war veteran, committed suicide at Emporia recently The 17th annual banquet of the Kansas Day club was held at Topeka IN usual. S. I Haskins. of Olathe, was chosen president for next year. The new reciprocity agreement beween France and the United States van recently signed at Washington hv Secretary Root and Ambassador Jusgerand. The taking of evidence in the Thaw case was brought to a sudden end when District Attorney Jerome re1 fused to put witnesses on the stand , o rebut the testimony of allenists for the telense. The supreme court of Ohio has declared the state primary law to be valid. Two thousand delegates attended the 20th annual convention of the Southwestern Lambermen's associa: tion recently heid in Kansas City. At Newton. Kan. a fire in the bustness district destroyed six stores cans1 1115 1 JOHN of $150,000. Coal operators in the Oklahoma field t have so far refused to grant an increase in wages to miners and unless 1 such action is taken before April 1 a t strike of 10,000 will result. . The Northern Pacific Railroad com1 pany has been fined $100 at Helena. Mont.. for violating the 16-hour law I hv compelling a crew to work 23 con1 recutive hours. The case will be ap. pealed to test the law The New Amsterdam bank and the : Mechanics' and Traders' bank of New York have closed. n Personal. It William J. Bryan has issued a state(1 ment in which he declares the presi-

12. February 25, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 25, 1908

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CLOSED BANK'S FUND CUT. Mechanics and Traders' Surplus Nearly Wiped Out by State Report. The official examination of the suspended Mechanics and Traders' Bank and its twelve branches by the state banking department has resulted in the writing off of the whole surplus of $616,970 39, which the bank had when It closed its doors on January 29, except $31,820 61. The bank's capital of $2,000,000 was found to be intact. Of the $585,149 78 written off, however, the bank's directors feel certain that at least $400,000 will eventually be collected if it is possible to resume business and grant the note makers more time. At the close of business on January 29 the bank had on hand cash to the amount of $504,000. This has been increased to about $1,200,0000. The bank owed the Clearing House more than $2,000,000 for outstanding loan certificates. This indebtedness has been reduced to about $1,200,000, and the cash on hand is sufficient to liquidate this. A meeting of the directors was held yesterday and plans for an early resumption were discussed. More than 60 per cent of the depositors have assented to the deferred payment agreement, and the possibility of reopening now rests wholly with the depositors who have not signed the assents. The official figures of the State Banking Department are as follows:

13. February 26, 1908 New-York Tribune New York, NY
Article from New-York Tribune, February 26, 1908

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MAY FORM NEW BANKS. DISCUSS MERGER PLANS. Three Successors to Mechanics and Traders' Possible. Plans were formulated yesterday which bid fair to bring about in the next six months the dismemberment of the suspended Mechanics and Traders' Bank and the formation of two, and possibly three, banking institutions as successors to the former state institution. These plans provide for a complete divorce of the Manhattan and Brooklyn assets of the bank, the merger of the Northern Bank and the Manhattan end of the bank under the presidency of Leo Schlesinger and the formation of a new state bank in Brooklyn to take over the ten branches of the Mechanics and Traders'. There is also a plan under way to take over the Madison avenue branch. at 59th street, and transform it into a national bank. while interests connected with an uptown trust company are negotiating for the purchase of the Times Square branch. at 46th street and Broadway, with the idea of merging it in a reorganization of the New Amsterdam National Bank, which is at present in the hands of a receiver. All these negotiations, however, hinge on the reopening of the Mechanics and Traders' Bank, and to this end all the energies of the various persons interested in the plans are at present directed. To date more than 60 per cent of the fifteen thousand depositors, who have nearly $10,000,000 locked up in the suspended institution, have signed the assents, and the committees on this work are reporting satisfactory progress every day. Before the desired dismemberment can be accomplished it is essintial. of course, that the bank become again an active institution, with moneys at hand to pay off every depositor who shall SO desire. Leo Schlesinger, who is at the head of the movement to merge the Northern Bank and the Manhattan end of the Mechanics and Traders', is at present president of the former institution, having recently succeeded Henry Dimse, resigned. Mr. Schlesinger was formerly vicepresident of the Mechanics and Traders', but is not at present a director in the bank. He has a wide acquaintance among the bank's depositors. A director of the Mechanics and Traders' Bank said yesterday that the plans for a dismemberment of the institution were under way, but emphasized the fact that the bank must first be reopened. David A. Sullivan, the president of the bank. will, it is understood, not continue in control of the Manhattan end of the institution if the merger with the Northern Bank is arranged. Mr. Sullivan, who is a Brooklynite, may head the interests who are planning to take the Brooklyn part of the bank. The State Banking Department, which has charge at present of the Mechanics and Traders' Bank, in its official report on the condition of the suspended institution found that the $2,000,000 capital was entirely intact. but ordered practically all of the $616,000 surplus account written off, leaving only $31,000. The bank owes the Clearing House at present some $1,200,000 for outstanding loan certificates and has just about that amount of cash on hand.

14. March 1, 1908 The Washington Times Washington, DC
Article from The Washington Times, March 1, 1908

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NEW YORK BANKS FIGHT RECEIVERS Oriental and Mechanics and Traders Wage Court Battle. NEW YORK, Feb. 29.-A red-hot court battle, with millions of dollars involved, is to be the result of Attorney General Jackson's attempt to throw into the hands of permanent receivers the Oriental, and Mechanics and Traders' Banks, as indicated by today's proceedings. Powerful financiers who are interested in the banks are opposing the receiverships, as they want to attend to the liquidation of the banks themselves. Jackson says these plans are neither legal nor satisfactory. First blood was scored for the financiers late this afternoon, when an order was secured from Justice Platzek directing Jackson to show cause before Justice O'Gorman on Tuesday why the Oriental receivership should not be vacated. Jackson wanted the teprorary recelvers to hold over until the case should come up late in March. On representation of attorneys of the Metropolitan Trust Company, which has arranged to take over the Oriental's affairs, Justice Platzek ordered the hearing Tuesday. Some surprise was expressed at this, as Justice Platzek was the officer who appointed the temporary receivers Friday evening. In financial circles it has been generally reported that the Mechanics and Traders' Bank would be able to continue business, and it was understood that "new blood" was to be infused. The appointment of receivers, therefore, came as a surprise.

15. March 1, 1908 The Salt Lake Herald Salt Lake City, UT
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RECEIVERS APPOINTED. Mechanics' and Traders' Bank of New York Insolvent. New York, Feb. 29.-J. Henry Haggerty and Joseph B. Ford were appointed receivers of the Mechanics & Traders' ba today by Justice Platzek in the supr ne court, on application made by Attorney General Jackson The Mechanics & Traders' suspended on Jan. 29. The attorney general's application for receivers was made on the ground that the bank is insolvent and unable to pay its depositors in full. On information and belief, the attorney general states that the defendant bank has moneys on deposit and is indebted to its depositors and other creditors to the amount of $10,000,000, belonging to a very large number of depositors. He asks that the creditors be restrained from pressing their claims, asserting that a multiplicity of actions would militate against the proper handling of the assets.

16. March 4, 1908 Manchester Democrat Manchester, IA
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Receivers for New York Bank. New York, March 2.-J. Henry Haggerty and Joseph B. Ford were appointed receivers of the Mechanics' and Traders' bank by Justice Platzek in the supreme court on application made by Attorney General Jackson. The Mechanics' and Traders' suspended on Jan. 29. Since that time the depositors have been trying to effeet a reorganization and avoid a receivership.

17. March 20, 1908 The Billings Gazette Billings, MT
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attorney general under Attorney General Jackson and appointed by the latter as temporary receiver for the Hamilton bank, October 23 last, and Joseph Ford, formerly private secretary to Mr. Jackson and later receiver for the Mechanics & Traders' bank, were before the grand jury today. Both were questioned by District Attorney Jerome. As to what questions were put to the two men Mr. Jerome, Mr. White and Mr. Ford were equally reticent.

18. April 15, 1908 New-York Tribune New York, NY
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BANK WINS TEST CASE. Court Virtually Approves Mechanics and Traders' Resumption Plan. Justice Hendrick in the Supreme Court. handed down a decision yesterday in which he virtually approved of the deferred payment plan and agreement for the reorganization and reopening of the suspended Mechanics and Traders' Bank, which closed its doors on January 29 last. The decision was rendered on the application of Strauss & Anderson, counsel for the bank, for permission for Joseph Heidelberger, a depositor and an incompetent, to sign the deferred payment plan. The application stated that 84 per cent of the depositors had already assented to the plan, and that it was made in the nature of a test case, as over

19. April 23, 1908 Goldsboro Weekly Argus Goldsboro, NC
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PANIC-MAKING BANKS EXPELLED. Official announcement was made by the New York Clearing House Association last week that the banks which had failed because of mismanagement had been expelled from the association. This is the formal and official stigma which the clearing house association has put upon the financial institutions which brought about the panic of last fall, and it is an incontrovertible evidence as to what did cause the panic. Trust companies, like the Knickerbocker for instance, had never been admitted to membership in the association, so they, of course, could not be expelled. The president of the Knickerbocker confessed his pait in the disaster by committing suicide. Some others followed his example, and still others are under indictment. But the banks, properly speaking, were for the most part members of the clearing house association and came under its disciplinary jurisdiction. Such membership is a coveted asset and thepunishmenti is as severe as could be inflicted upon the institutions as such. So the official announcement goes out to the world that the following banks are no longer members of the New York Clearing House Association: National Bank of North America. Oriental bank. Mechanics' and Traders' bank. New Amsterdam National bank. First National Bank of Brooklyn. There is something pathetic in this announcement to those who are familiar with financial history in New York. More than one of these institutions long enjoyed an honored name. That is why they were able to catch so many thousand depositors when corrupt speculators got control of them and used the funds for their own unrighteous purposes. That is why confidence was shaken to its very foundations when the crash came and people began to clamor for their money. It is eloquent testimony as to the real causes of the panic, and it is idle for vicious partisanship and perverse selfinterest to seek to place the blame where it does not belong.

20. June 17, 1908 The Morning Journal-Courier New Haven, CT
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REVIVING SUSPENDED BANK Mechanics and Traders Reduces Its Capital and Borrows $1,000,000. New York, June 16.-The first step in a plan to bring about the re-opening of the Mechanics and Traders bank, which suspended during the financial panic was made to-day. Counsel for the directors of the institution appeared before Justice Blanchard and asked permission to reduce the capital stock of the bank from $2,000,000 to $1,000,000 and to borrow $1,000,000 from the Equitable Trust company. It was stated that the bank's liabilities are $14,411,830, its assets $14,443,650 and surplus $31,820. in addition to the capital stock of $2,000,000. Justice Blanchard after considering the facts signed the court order, granting the application.

21. June 30, 1908 New-York Tribune New York, NY
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DEPOSITORS PREVENT OPENING. Mechanics and Traders' Bank Lacks Consents to Resumption Plan. Although financially situated so that it could resume business at once, the suspended Mechanics and Traders' Bank remains closed because of the failure to obtain the consent of 90 per cent of the depositors to the plan for resumption. Not more than 85 per cent of the bank's depositors has thus far given consent. It is known that there has been a lack of harmony among the stockholders over the resumption plans. The stockholders will hold a meeting today, at which the opposition will possibly express their opinion. The directors of the bank held a special meeting yesterday at the main office. at Broadway and Prince street. The managers of the ten Brooklyn and three Manhattan branches appeared before the directors and discussed with the board, among other things, their inability to obtain the necessary 90 per cent of consents to the deferred payment plan. Although it is said that Clark Williams. State Superintendent of Banks, is satisfied that the institution has sample resources to resome operations he will not give his official sanetion to the reopening until the required percentage of signatures is obtained. While in several branches of the bank the percentage exceeds 90, in others it is below 85. The average is 85 per cent. The greatest defections are in Manhattan and in the Union branch in Brooklyn. The only name now mentioned for the presidency of the rejuvenated Mechanics' and Traders' Bank, is that of Edward M. Grout.

22. August 18, 1908 New-York Tribune New York, NY
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UNION BANK OPENS Old Mechanics and Traders' Now a Brooklyn Institution Solely. The Mechanics and Traders' Bank. which suspended on January 30 last as a result of the panic, tying up over $10,000,000 of deposits, was reopened yesterday as the Union Bank of Brooklyn. The main office. at No. 44 Court street, Brooklyn, was thronged all through banking hours by depositors who wished to deposit money, and there were few withdrawals. Edward M. Grout who succeeded David A. Sullivan as president, said that the day's deposits were over two and one-half times the amount of the withdrawals. Mr. Grout was well pleased with the opening day's business, both at the main office and at the seven branches, all of which are in Brooklyn. He said that he had received the promise of the hearty support of a large number of influential Brooklyn business men. The bank starts business with a capital of $1,000,000 and a surplus of over $800,000. When the Mechanics and Traders' Bank closed its doors its main office was at Broadway and Prince street, Manhattan, and it had two branches in this borough and eight in Brooklyn. Prior to the panic it had total deposits of over $24,000,000. but the heavy withdrawals of the panic period reduced the deposits by over one-half. The bank was a consolidation of the old Union Bank of Brooklyn and the Mechanics and Traders' Bank of this borough. Through the latter bank it had a membership in the New York Clearing House Association. The capital was increased to $2,000,000 at the time of the merger The depositors in the old Union Bank of Brooklyn did not like the idea of having the headquarters removed to Manhattan, and many left the bank After the suspension it was decided that the best thing to do would be to quit the Manhattan field altogether. and to this end the capital was reduced to $1,000,000. The mair. office at Broadway and Prince street was given up and the headquarters of the reorganized bank was transferred back to No. 44 Court street, Brooklyn, which was the old home of the Union Bank of Brooklyn before the merger. The old name was also restored. The branches at Times Square and Madison avenue and 59th street, this borough, were discontinued. as was one of the Brooklyn branches Manhattan depositors of the Mechance and Traders' Bank will not. however, be inconvenienced by the dropping of the Manhattan end of the bank's business. They will be paid off at the old main office and at the Times Square and Madison avenue branches, just as if the new bank were actually operating in this borough The plan under which the bank was reopened provides that depositors may withdraw 10 per cent on resumption of business, 15 per cent in four months, 20 per cent in eight months, 25 per cent in twelve months and the remaining 30 per cent in sixteen months. Prestdent Grout expects to be able to anticipate a number of these payments. The bank will now be conducted purely as a Brooklyn institution with no connections outside the borough. It is not a member of the Clearing House, the membership having been the property of the old Mechanics and Traders' Bank, and having been forfeited at the time the bank suspended. There has been an entire change of control and management. A majority of the stock is in the hands of three voting trustees-Morgan J. Brien, Mr. Grout and William H. English, vice-president of the Empire Trust Company. The new board of directors consists of Henry Albers, William F. Corwith, Barth S. Cronin, C. E. Donnellon, William H. English, E. A. Fitter, Jacob L Greatsinger, Edward M. Grout. Paul Grout, S. J. Harding, Samuel M. Jarvis, Nathaniel H. Levi, William H. Lynn. Thomas J. O'Donohue, Henry Ollesheimer, Edwin J. Stalker, James W. Stevenson, John R. Stine, William Strasser and Dr. Frank E. Wilson.

23. January 7, 1909 The Hayti Herald Hayti, MO
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TODO ICAN Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 22-Traders and Mechanics' Bank, Pittsburg. Pa. closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000. and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euelid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg. Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosclusko Company bank, Warsaw, Ind., closed by state auditor. Jul. 14-National Deposit bank, Philadel. phia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard on $29,240,000 fine declsion unanimously reversed by United States court of appeals at Clilcago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent; President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty : of misapplication of funds and falsifying books of National Bank of AmerI Ica, New York. I 6=C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. Dec. 7-National exchange bank at 1 Springfield, Mo. closed; excitement , caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union Na. . tional bank. 11-Springport, Mich., State Savings bank 1 closed by bank examiner. 16-Somersworth, N. H., First National 9 bank closed, following discovery of shortage of $85,000. 1 23-Thomas F. Ryan announced retirement from finance. : 26-Henry W. Poor, New York broker, assigned for creditors. a

24. January 8, 1909 Perrysburg Journal Perrysburg, OH
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Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg, Pa., closed doors. 25-N: ional Bank of North America, New Yor: closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000. and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors, following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr: 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosciusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed doors. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $29,240,000 flue decision unanimously reversed by United States court of appeals at Chicago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency: bank was insolvent: President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Oct. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. 23-Eldred bank of Eldred, Pa., suspended; capital stock, $100,000. Dec. 7-National exchange bank at Springfield, Mo., closed; excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed, following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor, New York broker, assigned for creditors.

25. January 8, 1909 The Chanute Times Chanute, KS
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FINANCIAL Jan. 2-State Bank, Rockyford, Col., closed doors. 6-Four big New York diamond firms forced into trustee's hands; liabilities, $4,500,000. 8-Chicago Great Western railroad JOHN placed in hands of receivers. ROCKEFELLER 16-Western Bank and Trust Co., Dallas, Tex., largest Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg, Pa., closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000, and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors, following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, Jun. $1,800,000. 3-Kosciusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed Jul. doors. -National Deposit bank, Philadelphia, Pa., closed by comptroller of cur17-Farmers rency. and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $29,240,000 fine dectsion unanimously reversed by United States court of appeals at ChiAug. engo. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent; President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's Oct. hands. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sen23-Eldred tence. bank of Eldred, Pa., suspended; capital stock, $100,000. Dec. 7-National exchange bank at Springfield, Mo., closed; excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed, following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor, New York broker, assigned for creditors.