16304. National Bank of the Commonwealth (New York, NY)

View Charter #1372 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1372
Charter Number
1372
Start Date
September 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
6fc0ea8b

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Receiver appointed (Isaac H. Bailey); litigation followed.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1873-09-22
Date receivership terminated
1883-03-31
OCC cause of failure
Losses
Share of assets assessed as good
60.8%
Share of assets assessed as doubtful
20.0%
Share of assets assessed as worthless
19.2%

Description

Depositors ran on the bank during the Sept. 1873 panic (articles dated Sept 20–22). The bank suspended amid the panic and shortly thereafter was placed in the hands of a U.S. receiver (Isaac H. Bailey). It did not resume independent operations; receivership actions and asset sales followed, so this is a run that led to suspension and ultimate closure/receivership. Cause classified as run triggered by distress of other banks and the broader panic (failures/defalcation at Union Trust and other NY institutions).

Events (6)
1. July 1, 1865 Chartered
Source
historical_nic
2. September 20, 1873 Run
Cause
Local Banks
Cause Details
Panic triggered by suspensions and a defalcation at other New York institutions (Union Trust Company, runs on Fourth National and other banks) led depositors to withdraw from the National Bank of the Commonwealth.
Measures
Bank officers sought loans and called on other banks/clearing house for assistance; cashier told to hold off paying out and not to accept deposits while attempts to raise funds were made.
Newspaper Excerpt
There was a large crowd in the bank of the Commonwealth. ... the bank had sustained a run that nearly exhausted Its resources.
Source
newspapers
3. September 20, 1873 Suspension
Cause
Local Banks
Cause Details
Suspension occurred amid heavy withdrawals during the widespread panic following other banks' failures and defalcations (Union Trust, National Trust, etc.).
Newspaper Excerpt
The National Bank of the Commonwealth has suspended
Source
newspapers
4. September 22, 1873 Receivership
Source
historical_nic
5. September 22, 1873 Receivership
Newspaper Excerpt
on or about Sept. 22. 1873 ... the Controller of the Currency ... appointed Isaac H. Bailey receiver of the bank. Bailey ... took possession of the bank's books, records and assets ... The petition prays ... to enjoin the Controller of the Currency ... from further proceedings in such receivership. (Tribune report).
Source
newspapers
6. February 28, 1874 Other
Newspaper Excerpt
By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth, the valuable Banking House and Lot ... to be sold ... (New York Herald).
Source
newspapers

Newspaper Articles (24)
1. September 20, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 20, 1873

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SECOND EDITION. THE FINANCIAL TROUBLES. Situation in Philadelphia. QUIET AGAIN RESTORED. More Suspensions in New York. PHILADEDPHIA, Sept. 20. Third street is comparatively quiet, this morn ing. The run on the Fidelity Trust Co. has almost entirely subsided. The Union Banking Company at Fourth and Chestnut, did not open, to-day, but placed a placard on the door which stated that, owing to heavy demands, a suspension of a few days had been It a run, yesout about terdsy, resolved on. paying suetained seven heavy hundred thousand dollars. It is a State Institution, issuing no notes, and the suspension only affects depositors At Jay Cooke & Oo.'s bank, (matters are progreasing quietly. The clerks are busy in preparing a statement which before a members but un of will the be firm, laid this cannot meeting take of place the til after the arrival of the steamer Russia on board of which two members of the firm are passengers. The Russia is expected to arrive on Monday. SECOND DISPATCH-MORE SUBPENSIONS IN NEW YORK. NEW YORK, Sept. 20. The Union Trust Company has suspended until Monday, on account of money out on call loans not having been paid in. White and Co., also suspended. Stocks opened a little better, but declined a gain on the announcement of above suspensions. THIRD DESPATCH. New York, Sept 20. Edward Haight & Co. have suspended. The extensive leather firm of Horace Carr & Son, of Woodbury, Mass.. has suspended with liabilities of $100,000, and assets $15,000. The senior partner has disappeared. FOURTH DISPATCH. New YORK. Sept 20. E. Moorhead and K atchu n and Balkaap have suspended, Nothing is doing in Government securities and stocks are feverish. Saxo and Rogers have suspended. The National Bank of the Commonwealth has suspended and there is a rumored dafalcation in the Union Trust Co. FIFTH DESPATCH-SALES OF STOCK FORBIDDEN. NEW YORK, Sept 20. The President of the Stock Exchange has forbidden outside sales by members of the Board on the penalty of expulsion. Proposals to sell bonds to the government aggreated two million, six hundred thousand dollars, at 109 to 112. It is impossible to give stock quotations. SIXTH DISPATUH-THE STOCK EXCHANGE CLOSEDMORE FAILURES. New YORK, Sept 20, The Stock Exchange, was closed at noon by order of the President of the Board to avoid any further panic. Six additional broker firms are announced as suspended. Stooks opened at an advance, but fell from 2 to 25 per cent, on bank failures baing announce ed, SEVENTH DISPATCH-PHILADELPHIA STOCKS EXCITED. PHILADELPHIA, Sept. 20. Philadelphia Stocks are excited. Penna. 6's are quoted at 105; Reading, 99; Penna. R. R. 97; gold, 111. EIGHTH DISPATCH-MORE BANKS AFFECTED. NEW YORK, Sept, 20. The National Trust Company is closed, and the clearing house have thrown out certified checks of the Continental Bank and,Merchants Banking Association. NINTH DISPATCH-THE UNION TRUST co.'s DEFALCATION. NEW YORK, Sept. 20. The run on the 4th National Bank continues, but the institution still holds out. Notice has been given that no general clearance can be exto to pected day, certified dealers in finding manner. it impossible get checks a proper The Bank of North America has suspended at Albany. The defalcation in the Union Trust Company amounts to half a million. At Albany, Squires & Sons' Banking house has failed. TENTH DISPATCH-NO MORE FAILURES IN PHILADELPHIA. PHILADELPHIA, Sept. 20. There have been LO futher failures here. ELEVENTH DISPATCH-OOCE'S LONDON HOUSE. LONDON, Sept. 20. Cook's banking house continues to meet all its demand. The Lutherans.

2. September 20, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 20, 1873

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THE FINANCIAL CRASH. More Failares-The Government Buys $10,000,000 Bonds. NEW YORK, September 20.-The presidents of the national banks held an informal meeting this morning, and resolved to support each other and disregard any restrictions in to-day's dealings. Wall street was crowded at an early hour, but, however, with less solicitude. The resolution of the banks to sustain each other and the purchase of ten millions of bonds by the treasury nerves matters. Two members from Jay Cooke & Co. are coming on the Russia, which is expected Monday, when a reliable statement of the affairs of the house will probably be presented to the public. WASHINGTON, September 20.-The following failures are reported this morning: Union banking company, of Philadelphia ; Union trust company, of New York ; A. B. White & Co., of New York; E. C. Broadhead, of New York, and Ketchum & Belknap, of New York. NEW YORK, September 20.-The stock exchange is closed, subject to the call of the president, to enable members to settle. The defalcation of the Union trust company is reported. Vanderbilt is closeted with the directors. Quotations of stocks are impossible. President Chapman, of the stock exchange, forbids outside operations by members, upon penalty of expulsion. WASHINGTON, Septemper 20.-A. G. Cottrell, agent of the syndicate at London, telegraphs to Secretary Richardson that their accounts are all in perfect order. ADDITIONALSUSPENSIONS. Saxe & Rogers, New York; National Bank of the Commonwealth, New York Quassig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Josephs, Fearing & Dillinger, Brown, Wadsworth & Co. The Freedmans' bank has paid out $65,000. The officers declare themselves well fortified. There is only the usual Saturday afternoon crowd about the bank. NEW YORK, September 20.-The National trust company has closed its doors. Certificates of the Mechanics banking association and the Continental bank, are thrown out from the clearing office. The bank of North America has suspended. PHILADELPHIA, September 20.-It rumored that the Union banking house has suspended. ALBANY, September 20.-Itis rumored that Squires & Sons have suspended. The Crisis in London-Jay Cooke's Firm Honor All Demands. LONDON, September 20.-The firm of Jay Cooke, McCulloch & Co., in this city, has paid cash over their counter yesterday notwithstanding the rush on the house. EFFECT OF THE NEWS FROM NEW YORK. LONDON, September 20.-Financial re ports in the afternoon papers indicate an uneasy feeling, occasioned by the news from New York. The close of the marS ket, however, finds confidence partially restored, and at this hour London's financal condition is sound. There are no failures. WHAT THE LONDON PAPERS SAY. LONDON, September 20, 6 a. m.-The London Times, commenting on the financial panic in New York, says : "In view of : the extraordinary prosperity of the United States, and high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says such local P troubles as suspensions in New York seem to be merely the rank outgrowth of exu3. berant prosperity and accessories to progress, which does not for a moment halt.

3. September 21, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 21, 1873

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THE MONEY PANIC. Continuation of the Excitement in Money Circles in New York, Philadelphia and Washington. Transactions in the Stock Ex change-Table of Comparative Fluctuations Et. erything Shaky. Additional Failures The Stock Exchange Closed, and Transactions Positively Prohibited. The Ten Million Sale of Bonds by the Government Fails Ut terly to Relieve the Panic. Secrefary-of-the-Treasury Richardson Coming Down with his Forty-Million Reserve. The Effect at Home and Abroad Business but Little Affected "Confidence" Coming, Etc., Etc. ADDITIONAL SUSPENSIONS NEW YORK, September 20. -The ded half at UnionTrust com pany past ten Ste are going up down and and lively, been made under the rules. which imply that failures taken place. though only one is known. that of firm of S. B. White & Co Western Union has touched sixty The suspension of the Union Trust likely, will make avoidable balances smaller brokers, and perhaps force them to relief from active business, for this day at least. Most of the sales of stocks are for cash and at two to three below cent regular G. White failed, not S. B. White as previously reported. The National bank of Commo wealth has ended. Saxe & Rogers have suspended, A meeting of the Jay Cooke & Co., will be held on Monday Rumors are circulating lively and one attributes the cause of the the Union Trust company to the defal cation. Edward Haight Co.,just ansuspended. Great crowds are in Wall and Broad and policemen are busy beeping free enti and exits the stock The failures of Ketchum & Belknap and E.C. Broadhead are the latest report New Louisig & Fisher, P M Myers, Miller Walsh. Lamens, Josephs, Fearing & Dellinger Williams & Bostwick. Rumor seems right this time, that defalcation exists the Union Trust company. The bank of Commonwealth run the the says National bank Fourth precipitated the run on that institution, and that Edward Haight Co their of two the account amount to hundred thousand dollars. which they did not make good to the extent one dred and eventy thousand dollars. Under the the bank thought it better to suspend. Stocks opened with an advance of from four to six per cent. but fell from two twenty-five cent the failthe Union Trust and the Bank of Com The eitement is so great that not possible the tly of the firms that have failed. Brodhead was the right name of the broker that failed not G Morehead and the proper name of White is now as White. The stock change closed subject the the president to enable the members to Vanderbilt accounts. their settle in with closeted Augustu Schell the Union Trust office immedi company ately after the suspension. More head has suspended, not Brodhead Brown Wadsworth & have failed The bank statement it said. will be ready before four o'clock then. give the usual quotations stocks possible to-day. The failures of brokers came in such quick that blocks of stock were thrown upon the market to realize PHILADELPHIA, September 20. The Union banking company has failed This company has a State charter. and bore heavy run yesterday. The bank did not open o-day and placard the stated that, owing mands suspension for few days had been resolved upon sustained run yeste heavy about out paying $700,000. State ing no notes, and the suspension only effects ST. LOUIS, September 19. Taussig this city closed their door the after ment of the failure their York house, Taussi Fischer & They confident of being able few days, and state that no lose a dollar by them. This in railroad pretty on their own account. BOSTON September 20 Wednesday last the firm of Horace Conn Wobourn, Massachus pay Their liabilities amount hundred thousand dollars, and mated their assets will reach one hundred and fifty thousand dollars. Since the suspension Horace Conn. senior partner, has disappeared, causing great saxiety to his family and friends Search has been made in all directions. ALBANY. September 20.-T. Squire & Co., bankers, have announced their temporary suspension until further ad vices from New York TORONTO. September 20.-H J Morse & Co. bankers and brokers in this city have suspended, owing to the failure Cooke & Co. and other prominent houses in New York. CHICAGO September 20. The Frank lin bank a private banking company situated on the corner of Madison and Dearborn streets, closed its doors to-day being unable to settle at the clearing house; the amount short was only nine dollars. Fernando thousand Jones is president the concern and A. Briggs The latter states that -president. their only temporary and as it is not known have been in any way connected with any of the suspended New York houses there would appear to be no reason why should not resume soon. It is stated that the majority of the teachers in the publicschools are depo sitors in the bank Its early resumption is, therefore, the more to be hoped for The suspen howement no or ever, creates feeling whatever in financial or cireles.

4. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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financial RE YOU INSURED ? A OFFICE OF THE RUTGERS FIRE INSURANCE Co., 180 Chatham-square, junction of Mott and Worth-st+., NEW-YORK, Sept. 20, 1873. The annual ELECTION for a Board of Directors of this Company will be held at this office on MONDAY, Oct. 6. 1873. Polls opened from 12 m. to 1 o'clock p. in. JOS. W. DUGLISS, Secretary. L OST.-CERTIFICATE OF DEPOSIT of the Union Trust Company of New-York, No. 4,533, dated May 21, 1873, for $4,740. Payment is stopped: application has been made for a now certificate in lieu thereof. JOHN MARKS, Detroit, Mich. WEST SIDE BANK, NEW-YORK, Sept. 20, 1873. THIS Bank having made its arrangements to clear through the Metropolitan National Bank its business will suffer no interruption by the suspension of the National Bank of the Commonwealth. J. W. B. DOBLER, Cashier. W E are instructed by the FIRST NATIONAL GOLD BANK OF SAN FRANCISCO to honor and pay all their drafts drawn on JAY COOKE & Co. EUGENE KELLY & Co., 45 Exchange-place. ILLIAM P. ELLERY, W STOCK AND BOXD BROKER, 30 Broad-st. UDOD the reopening of the Exchange my commission business will continue as heretofore.

5. September 23, 1873 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 23, 1873

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Telegraphic Dispatches SPECIAL TO THE PIOCHE DAILY RECORD Eastern Dispatches, The Financial Condition-More Suspensions and Failures - Yellow Fever Abating-A Better Feeling in Financial Circles-The Yellow Fever on the Wane-5020 Hondst be Purchased. NEW YORK, Sept. 20. The Union Trust Company has suspended. The sub-Treasurer has been instructed to purchase ten millions of bonds to-day This strengthens the market and creates better feeling. Prominent men think the worst is over. The Union Bank at Philadelphia has failed. Stocks are going up and down lively. The State and city funds are untouched, they having no connection with Jay Gould & Co. The suspension of Fisk Hatch will probably emba rrass Hoboken Savings Bank, which had a large sum deposit with Fisk & Hatch for safe keeping. The failures of Kitcham & Belknap and E. c. Morehead are the latest reported. The National Bank of the Commonwealth has suspended, also Saxe Rogers. PHILADELPHIA, Sept. 20. The excitement here is subsiding and confidence is returning. The Union Banking Company has suspended for a few days. Jay Cooke's clerks are preparing statement to lay before the members of the firm on the arrival of the steamer Russia with two members on board. NEW YORK, Sept. 21. New suspensions-Toussi & Fisher, P. M. Myers, Miller & Walsh, Joseph Laurens, Fearing & Dellinger, Williams & Bostwick. MEMPHIS, Sept. 20. Weather favorable for sufferers of yellow fever. The physicians think the disease abating. NEW YORK, Sept. 21. The Bank of North America has not suspended. The announcement of the suspension of the Union Trust Company and the Bank of the Commonwealth created an excitement beyond discription. The Stock Exchange resembled a madhouse. There were some cool and levelheaded men who conceived the idea of imitating the Vienna plan of closing the exchange and governing committee. Immediately after the board was called to order the exchange closed till further orders. This was received with joy, and the exchange resounded with cheers. $2,863,000 in bonds were accepted from 9 to 111/4. All offers of bonds under 11 1/4 are accepted by the Government. a BOSTON, Sept. 20. The financial alarm in New York is the principal topic here, but so far it don't interfere with business. ALBANY, Sept. 20. is T. C. Squire & Co., bankers, have s pended till further advices from New York. it NEW YORK, Sept. 20. e A Committee of Bank Presidents, apBe rpointed to perfect plan of relief in the n present conditions of affairs, is composed of T. D. Tappan, C. B. Levergne, Geo. d S. Coe, and C. F. Hunter. ot Secretary Richardson has instructed the Assistant Treasurer here to purchase e ten millions of bonds at private sales. e Similar instructions have issued in Phila1 delphia. A committee of bank men have ly perfected plan for the protection of the banks in the present panic. The effect of this action is to enable all the solvent part of the financial community to conft vert their assets into money, and without any sacrifice to themselves. This gave rise to a feeling of confidence on the street, and no additional failures are likely to occur, and the impression is that r the panic is over. it ST. LOUIS, Sept. 20. aat Taussig, Gemp & Co. have suspended. of It is announced that they will resume in he few days. to CHICAGO, Sept. g be The panic in New York has slightly is affected the price of grain, and caused en dullness on Change, but has caused ccomparatively little excitement. ty BURLINGTON, Iowa, Sept. 20. he m A fire early this morning destroyed the extensive lumber yard of Gilbert, Hedge & Co., valued at $120,000. and 24 houses. he The entire loss is about $200,000. The Orchard City Savings Bank has suspended. 18 NEW YORK, Sept. 22. hg The clearing house statement shows in he that all the banks have made their clearer ing satisfactorily. by The general feeling is decidedly better, s. and there is considerable inquiry for by stocks. de All foreign markets strong, with a better feeling. in MEMPHIS, Sept. 22. ot There was a marked falling off in eb deaths from yellow fever yesterday, the total number of interments being 13, which 9 only died of yellow fever. Leaded ing physicians think the abatement of ag the disease certain. of New YORK, Sept. 22. he The business of the Union Trust Co. 1: is in the bands of a receiver, and stateas ment of its affairs is being prepared to lay before the creditors. A better feeling prevails, but there is ll no telling what an hour may bring forth. The following notice has been issued: of The New York Stock Exchange will remain closed to-day. A meeting of the Governing Committee will be held to-

6. September 23, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 23, 1873

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NEWS BY MAIL. Dr. Bissel, of the Polaris, ridicules the story that Dr. Hall was poisoned ; he died from appoplexy. The suspension of the Union Trust Company, the National Trust Company and the National Bank of the Commonwealth, runs on the Fourth National and Manhattan banks, the closing of the stock exchange and the failure of eleven firms were the events of the financial panic in New York, Saturday. An immense defalication was discovered in the Union Trust Company, and that with the re-

7. September 24, 1873 The Morristown Gazette Morristown, TN
Article from The Morristown Gazette, September 24, 1873

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Financial Crach.---Other Bank Suspensions. WASHINGTON, September, 20.--The following failures are reported : Union Banking Co., of Philadelphia, and Union Trust Co., A. R. White & Co, E.C. Broadhead, Kedpune & Belknap, New York. NEW ORLEANS, September. 20There is much anxiety in commercial circles regarding the failures in New York, but business among the banks is as quiet as usual. NEW YORK, September, 20.-Wall street was crowded at an early hour. There is less solicitude, however, and the resolutions of the banks to sustain each other, and the sale of ten millions, of bonds by the Treasury, nerves mat ters. Two of the members of the firm of Jay Cooke & Co. are coming on the Russia, which is expected on Monday, when a reliable statement of the affairs of the house will probably be presented to the public. WASHINGTON, September, 20-A. G. Cattell, agent of the Syndicate at London, telegraphs to Secretary Richardson that their accounts are all in perfect order. WASHINGTON, September, 20.-The following suspensions are added to the list : Saxe & Rodgers. National Bank of the commonweal h Quassig & Fisher, P. M. Myers, Miller & Walsh, Laurens & Josephs, Fearing & Dill inger. Brown, Wardsworth & Co.-all of New York. NEW YORK, September, 20.-The Bank of North America has sus pended. Western Union stock 57. PHILADELPHIA, September, 20.It is rumored that the Union Banking house has suspended. ALBANY, September, 20.-It is rumored that Squires & Sens have suspended. NEW YORK, Sept. 20.-Alluding to the SUST ension of operations by mem bers of the Stock Exchange, the Evening Express says: Too much praise cannot be awarded to the men who conceived and carried out this master stroke of policy. Bedlam was running loose and the craze was rapidly com municating itself to the outside multitude. Nothing remained, but to shut the door and try and bring back bulls and bears alike to their senses." The defalcation of the Union Trust Company amounts to a half million. The Clearing House announces its inability to make a general clearing on account, of dealers, inability to obtain properly certified checks. NEW York, September, 20.-The Bank Presidents, at their meeting this afternoon, passed a resolution to issue immediately $10,000,000 in loan certificates. WASHINGTON, September, 20.Westeru markets show a general halt in transactions, without any change in rates.

8. September 25, 1873 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, September 25, 1873

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MONEY PANIC IN NEW YORK. The extensive banking house of Jay Cooke & Co., failed to meet its engagements on the 18th instant. The immediate cause of the suspension is stated to be the large drawings on them by their Philadelphia house and their own depositors. During the two weeks preceeding the suspension, both houses had suffered a large drain upon their deposits in consequence of the uneasy feeling which has recently prevailed, and which has affected more or less all houses closely identified with new railroad enterprises. The Philadelphia house had been previously weakened by a large cash advance to the Northern Pacific Railroad Company of which they are financial agents. The next day after the suspension of Jay Cooke & Co., the following suspensions of New York banking houses were announced : Robinson & Snydam, Richard Schell, Fisk & Hatch, White, Dufrees & Rathbone, Burt & Edwards, Eugene Jackson, Thos. Reed & Co., W. H. Warren, Greenleaf & Norris, Geo. B. Alley, Theodore Biddle, A. M. Kidder, Whittemore & Anderson, Smith, Seaver & Co., Saxe & Rogers, National Bank of the Commonwealth, Quasig & Fisher, P. M. Meyers, Miller & Walsh, Laurens Joseph, Fearing & Dillenger and Brown, Wadsworth the houses in the northern cities ing & Co. Besides above, several have other closed bankdoors or suspended, including banks in Philadelphia, Albany, Washington City and Toronto, Canada. The panic in the cities north of Baltimore is general, and a run has been made by the depositors upon nearly all of the banks. In New York, on Friday, there was a crowd around every paying teller's desk. The panic has not as yet reached the South, nor is there any reason why it should. The grain and provision markets of the North and West are all unsettled, though the price of the southern staple in the New York market has not been materially affected, the panic having come at the most favorable time for the cotton planters-just at the commencement of the season-and before much of the crop had been put in market. The calamities which are threatened by the of the general can prospect suspension purchasing be partially averted by the government five millions dollars worth of bonds, which will furnish the banks with a sufficient amount of legal tenders to enable them to resume business. The latest rumor is to the effect that this plan will be resorted to, and that the government will buy half a million of bonds. The Bank Presidents have determined to issue immediately $10,000,000 in loan certificates. The latest intelligence from New York indicates an easier feeling among all classes,

9. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

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EVENING SCENES. The crowd at the Fifth Avenue Hotel, last evening, was even smaller than on the previous evening; and the loungers in the corridors were quiet and listless. There were no groups discussing with eager voice and gesture the prospects of a rise in stocks, and the half dozen returned delegates from the Utica Convention, gathered near the door, were listened to with more attention than the wisest prophet on Wall-st. matters. Few heavy operators were present, and the general attitude was that of weary waiting for whatever the future might develop. THE WEAKENED HOUSES. EXAMINATIONS SLOWLY PROCEEDING. At the office of Henry Clews & Co. there was little bustle or excitement yesterday. The visitors were not remarkably numerous, and the work of clearing up the position of the house went actively on. Mr. Greenough, representing Mr. Clews. stated to a TRIBUNE reporter that the statement of the assets and liabilities of the firm was not ready, nor could any definite date be assigned for its completion. Its preparation involved much time and labor. No steps had yet been taken toward calling a meeting of creditors, nor could hesay when such a call would be issued. They issued last evening the following circular: Henry Clews & Co. state that the liabilities which their London house describes as incurred for account of the New York house are mainly acceptances under commercial credits for accounts of various merchants in this city and elsewhere, to whom the dratts will be returned, and who will meet them, being prepared to do the in were given. The apparent acceptances 80 by having goods possession against liabilities to which the there- the London house will be fore of the these reduced credits extent proto which the acceptances under are vided for by the parties in whose account they were issued. Quiet reigned at the offices of Howes & Macy, across the hallway from Henry Clews & Co. The callers were neither many nor anxious, and the consultations with members of the firms seemed to bring hopeful looks to the faces of those who spoke with them. The son of the senior member of the firm told a TRIBUNE reporter that nostatement had yet been prepared. It required time and labor. No meeting of creditors had been called. The creditors of the National Bank of the Common wealth adopted yesterday, at No. 11 Wall-st., a resolution requesting the President and directors of the bank to use their best exertions to have the affairs of the bank again placed in the hands of the officers of the bank, either for liquidation or otherwise. There were about 30 creditors present. The managers of the Hoboken Savings Bank met yesterday to receive the report of the Committee who had been appointed to solicit subscriptions to make up the deficiency of $61,000, caused by the defalcation of Klennan, the absconding secretary. It was stated that more than half the amount had been raised, but the Committee reported back for further instructions, on the ground that if the bonds deposited with Fisk & Hatch should be lost. the collection of subscriptions to cover Klennan's defalcation of $61,000 would be insufficient to cover the whole deficiency. and the bank would still be unable to pay its deposit in full. President Clinton argued that Fisk & Hatch had only suspended temporarily, and that it was quite probable that most of the funds placed there would be recovered. He therefore advised that the Committee should continue to solicit subscriptions, and the Board concurred. Several prominent names and considerable sums were added yesterday. The deficiency of Klennan, reported at $61,000, has been reduced nearly $2,000 by the discovery that some accounts still open on the ledgers had been closed on the pass-books. The Board of Managers will meet again to-day to receive the report of a committee appointed to attend to some business, the particulars of which the directors preferred not to disclose yesterday.

10. September 26, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 26, 1873

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The Financial Crisis. Stock Exchange Still Closed. New York, 25. Henry Clews & Co. state that the liabilities which their London house e describe as incurred for the account of the f New York house are mainly acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom the drafts will be returned, and who will meet them, being prepared so to do by having the goods in possession against which e the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances render. Their credits are provided by parties on whose account they were issued. Washington, 25. Rumors have reached here that the Secretary of the Treasury advised a temporary suspension of all banks. Secretary Richardson asserts that further than helping the banks by bond purchase which have been made, he has nothing to advise and only to look to the interest of the Government. Other wild rumors were circulated to-day, a large number of which can be traced to no solid foundation. The situation, 80 far as the f Government is concerned, is unchanged since the close of business yesterday, when the purchases of bonds stopped. The arrival of the President to-night may possibly result in additional instructions, but this is merely problematical. There will be a Cabinet meeting to-morrow which will have the weight of financial matters for general consideration by the Heads of Government Departments, and considerable interest is felt in the result. No official here has any idea thnt there will be a called session of Congress, with a view to relieve the financial difficulties. Detroit, Mich., 25. The run on the Savings banks was quite extensive to-day. They all insist upon thirty days notice for large assets. David Preston & Co. and F. L. Seitz & Co. have suspended payment. New York, 25. A meeting of the governcommittee of the stock exchange was held at two P. M., at the call of H. G. Chapman, President. It was resolved to appoint a committee of seven from the body of the exchange to effect clearances of stock. Members will be required to send in a list of all I stocks they may have going in and going out the notice of the committee. It has been suggested that the stock exchange should open for general business, leaving the settlement of contracts growing out of Friday and Saturday's business, and sales under the rule in obeyance. This, it is claimed, would give investors a chance to buy stock and would bring money into the street. There was no meeting of the Erie Railroad Directors to-day, no quorum being present. It is said&that the bulk of street stock business is bogus. Yesterday_there were several purchasers of stock at cash, at the low prices, but the bogus sellers did not make their deliveries. The day closed without any further failures or any fresh outbreak of excitement. The banks to-day in the Clearing House association, pooled their legal tender notes as provided by yesterday's resolutions. The creditors of the National Bank of the Commonwealth had a meeting this afternoon, but pending the investigation by the receiver, no action was taken. h There was no meeting of the Chamber of Commerce this afternoon, the call therefor having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the Sub-Treasury since Saturday, was $13,300,000 The Dollar Savings Bank of Atlanta, Ga., and the State Bank of New Brunswick, N.J. suspended to-day. Baltimore, Md.. 25. The banks to-day voted not to pay out money on checks except those required for legitimate business. New Orleans, 25. At a meeting of the Bank officers to-day, it was voted partially to suspend payment owing to the action of the banks in New York and the refusal of western banks to receive checks on New York. Also that the demands upon currency here have been 80 large that all will be exhausted in a few days if the demand continue from the outside.

11. September 26, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 26, 1873

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LATEST FINANCIAL NEW York. Sept. 25. The gold carrying rates to-day were from 107. Clearings in the Gold Exchange to-day amounted to twenty-eight and a quarter million. Customs receipts to-day amounted to $245,000. Foreign exchange is unsettled. Prime bankers for sixty days at 105@ 105 Commercial bills at 102@104. It is estimated that two millions in gold have been shipped to New York from England since the panie began. The governing committee of the stock exchange this afternoon appointed a subcommittee of seven to arrange a plan for clearing stocks and bonds in the clearing house. The association are posting their greenbacks as agreed upon yesterday. One or two of which stood exceptionally strong, refused at first to put their legal tenders in but finally concluded to do so rather than be expelled from the association. Money still unquotable. Greenbacks have been exchanged to-day for certified checks all the way from one to three up to the half premium. The loan committee of the clearing house have issued up to tonight seventeen millions in certificates. The proposition was advanced to open the Stock Exchange for business, leaving the settlement until Friday and Saturday. Business and sales under rule, in obeyance claimed this would give investors a chance to buy stocks and bring money unto street creditors. The National Bank of Commonwealth held a meeting this afternoon but pending the investigations by the receiver no action was taken. There was no meeting of the Chamber of Commerce this afternoon. the call having been decided illegal. The actual disbursements of greenbacks for the purchase of bonds by the sub-treas. ury since Saturday was $13,800,000.

12. October 1, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1873

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A BANK SEEKS RELIEF. THE NATIONAL BANK OF THE COMMONWEALTH ANXIOUS TO GET RID OF ITS RECEIVER. In the United States Circuit Court, yesterday, the National Bank of the Commonwealth in this city filed, through Hummond & Stickney, its attorneys, a petition to enjoin the Controller of the Currency. and Isaac II. Bailey, claiming to have been appointed Rerecever of the bank, from all further proceedings in such receivership. The petition, divested of its legal verbiage, contains the following allegations: Oa or about Sept. 22. 1873, while the bank was carrying on its legitimate busi1 888, the Controller of the Currency, assuming to act under the authority vested in him by Section 55 of the Act of June 3. 1804. appointed Isaac H. Balley receiver of the bank. Bailey, as such receiver and by the direction of the Controller of the Currency, took possession of the bank's books, records and assets, and collected various debts then are it. Ball y was appointed rereiver "on the pretended ground that the bank had, at same time prior to his appointment, refused to pay one of its circulating" 85 notes. The bank had, at no time prior to the aforesaid appointment at. "failed to redeem" any of its circulating notes; and no holder of any of such notes had. at any time prior to the said appointment, caused or allowed them to be protested. The Controller of the Currency made no examination of the facis in relation to any such alleged defant in the payment of any of the bank's notes. ** nor in relation to any failure to redeem" any of them; nor did he, prior to the appointment of Bailey as receiver, " receive any true notice that the bank had failed to redeem any of its notes. The petition concludes, in substance, as follows : The appointment of the said receives is null and void. No notice the appel of auy perial agent, as provided by section the June 3. 1861. was which the receiver, given to been had apponed policies." date 1873, but was first # Lib. ed to any officer of the bank on Sept. 23, 1873. The petition prays that a citation may be issued requiring the Controller of the Currency to show cause why further procee lings on his part concerning the redeivership should not 03 enjoried, and why the bank not have such other relief as may be deemed equitable. Judge Woodraft granted the petition, and made the citation returnable on the 7th inst. , STATEMENT OF PRESIDENT ELLIS. President Ellis O 180 Bank of the Commonwealth was called upon yesterday by a reporter of THE TRIBUNE, and questioned rela live to the history of the appointmost of is receiver of the bank. He stated that lie did not wish to fore stall the evidence to be presented in court. On Friday. the 19th lost., he said. there was a considerable crowd gathered on the street in front of the hank attracted by the run on the Fourth National Bank. Many supposed from this that there was also a THE ou the Bank of the Commonwealth. It was eviltent from various indications that there would be a run on the bank on the following day. There were drawn out by depositors sums aggregating about $100,000. Late in the afternoon Mr. Ellis 1 arned that checks of Edward Haight, to the amount of $250,000. had been certified to. Knowing that this would make their statement appear exceedingly weak its the following morning and fearing that the other banks would refase aid. His called at the of to recall the loan or obtain 111 place of it. Mr. Height had gone home, an those in office could do nothing in the mit Mr. Ellis too with him $300,000 worth o good securities and ei on several bana officers,and to obtain a loan on them. He failed do SO, nut severa of those on whom he eailed promised to weet birth at 93 R. 111. OIF the following morning at the Clearing-house They due not come until 15 minafte consultati III decided not to grant oned loan. He then called on President Williams or file Metropolitan Bank and stated the ease to him. President Williams advised him not to allow the bank to suspends payment until absolutely compelled to do 80. They state 103 th Clearing-botter There was a large crowd in the bank of the Commonwealth. President Einsecteted the bank and told the cashier hold off for time until could see what could be done. Then, acet impoined by President Williams, he went to the Cleftrig-1 and the Clearing house ComHig told the Committee that the bank would have to unless amount he wanted toraise ow the was furnisted soon. The matter was discussed and the conclusion reached was that the amount could not be raised. President Ellis returned to the Bank of the Commonwealth and told the cashier neither to accept deposits nor pay any. About half an hour later Mr. Motor the Bank Examiner. called at the bank, and s in formed of the condition of affairs. He washswown the bank statement for that morning. Some or the directors said to Mr. Meigs they supposed he would make au examination of the condition of affairs, and Deport within a short time. Pre ident Elite explai ed to Mr. Meigs the condition of annies, said that he did not see how the contri carry 80 heavy a load as had been ddidg upon them by Haight, and continue payment. Un. to this time the bank was doing extreme y well. Between 3 and 3:30 Mr. Melgs took one of their notes well had be is redeemed by the bank. and which could not therefore be said to be in circulation, and had it formally protested by a notary. This was forwarded to Controller Knox. On Monday a dispatch was received from the Controller information Mr. Meige that a receiver Mad been appointed, and about 3 p.m. on that day a letter was also eccive d from the Controller inclosing the necessary blanks and directing Mr. Meigs to insert the name of Isaac H. Bailey as receiver. and to demand the necessary bonds. This was done under the sape vision of U. S. Assistant District-Attorney Bilss. Presideut Ellis and the Directors hold that the appointment et a Receiver was lile ral and uncalled-for. Had no R Monday, the Bank of the ComNonwealth wou have been on the same footing as the ther blinks He thought the Bank of the Common ealth had been harshly and unfairly dealt with. Legal seelings had been already began. and they hoped to tov the appointment of a Receiver revoked, and to ave the bank resuine business. In reference to the st acument that several of the Directors owned small amounts of the stock of the bank, lie could say that they owned as much or more than the minimum allowed by Lew. In the gases of Haight, the certification of his the H was done by a teller. and would not have been allowed.us President Ellis had ne known of it.

13. October 3, 1873 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, October 3, 1873

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failures reported were the Union Trust Company (the cashier of which was said to be a defaulter to the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Secretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the savings banks hold many millions of these bonds, it was thought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedmen's and City Savings Banks, but both held out. In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks, it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the savings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds of depositors dispersed. The day closed with a general confidence that the crisis was entirely over. On Tuesday, 23d, the New York Stock Exchange continued closed, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been summed up in a sentence, "Confidence is restored, the banks are conducting business as usual," but just as the street was beginning to feel that the end of the panic had been reached, the painful rumor started that the house of Henry Clews & Co. had suspended payment. As soon as the announcement was made that the doors of this banking house had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co.'s failure. The run on the savings banks was continued moderately throughout the day, but the time rule allowing the banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London telegram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank, and First National Bank, all of that city, had suspended. The Citizens' Bank, although not suspended, declines payment. Rumors of heavy commercial failures were also rife in that city. It is stated that the Pennsylvania Railroad Company have reduced the hours of work for laborers and road men to eight hours per day, and the pay rolls will be reduced accordingly. The laborers, it is said, will strike against the new rule. Up to noon on Wednesday, the Government had purchased about $12,000,000 of bonds in New York City, but the financial crisis was apparently not yet over. The principal failures announced were the London house of Clews, Habecht & Co., and that of Howes & Macy, New York-both brought about by the suspension of Henry Clews & Co. on the previous day. At Philadelphia, Sept. 24, Thomas B. Parker, a wealthy retired iron merchant, shot his wife and then killed himself with

14. October 7, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 7, 1873

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Capital impaired 3812 per cent. A special dispatch from Washington says: It seems probable, from the present attitude of the Commonwealth National Bank of New-York, which failed during the late panic, that it will be allowed to resume its business after reducing its capital. It is still in the hands of the receiver, and the Solicitor of the Treasury has directed the District-Attorney to defend the receiver in the discharge of his duties. Mr. Ellis, the President of the Bank, is very much interested in the matter and has been here to urge that the receiver should be withdrawn. He said the action of the officers of the bank was hasty; that they asked for a receiver without due deliberation when the panic came on, and that the bank was and 18 in a solvent condition. Controller Knox, who went to New-York on Saturday, will have a consultation with the receiver and be ready to decide the question when he returns.

15. October 7, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 7, 1873

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A FINANCIAL CALM. DULLNESS IN WALL-ST.-THE NATIONAL BANK OF THE COMMONWEALTH CRIPPLED. Dullness has followed frenzy in Wall-st. Reuben Manley of the committee of three appointed to examine the over-drafts of the firms of A. D. William & Co. and John Bonner & Co. on the Bank of North America, and of E. L. Haight & Co. on the Bank of the Commonwealth, has been excused from serving, and Donald McKay has been appointed in his stead. The Committee examined, yesterday, a number of witnesses, and will probably report to-morrow to the Governing Committee. There were several rumors in circulation reflecting upon the stability of dry goods firms, but they were subsequently contradicted. They probably . arose from the suspension of Peake, Opdycke & Co., at Howard-st. and Broadway. George Opdyke, the banker of Nassau-st., who is a special partner in the firm, was reported to have been interested to the exent of $150,000. This the firm of Opdyke & Co. say is untrue. George Opdyke IS a special partner. but has not 80 large an amount at stake. The money was paid in, but Opdyke & Co. hold none of the obligations of the dry goods firm. The following statement of the affairs of the National Bank of the Commonwealth is made by the receiver, Isaac H. Bailey. It was submitted to the Controller of the Currency, application having been made on behalf of some of the former directors of the bank to revive it by either reducing or filling up the capital. The Controller directed the receiver to submit his report to the Loan Committee of the Clearing-house. That Committee accordingly met at noon on Monday last. There were present F. D. -Tappan, National Bank Moses Taylor, City Bank; J. D. Vermilye, Merchants' Bank; Charles P. Leverick, the Bank of New-York, and Charles F. Hunter, People' Bank. After due consideration of the condition of the bank, it was voted that its affairs ought to be wound up. The vote was unanimous. There are 300 stockholders. of whom 25 own from 1 to 5 shares each, and 100 who hold from 6 to 10 shares each; 50 have from 11 to 20 shares each. Only 275 shares are held by the 11 directors of the bank, one of them holding 100 shares; only 6 have over 25 shares each; two hold 15 shares, and six hold 10 shares. The aggregate indebtedness of the directors of the bank on the day of the failure was over $500,000. The following is the report: ASSETTS. and

16. October 8, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, October 8, 1873

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FROM NEW YORK. THE EVANGELICAL ALLIANCE NEW YORK, October 8.-At yes terday, the Third session of the Evange`ical aliiance met in Dr. Adams church, Madison square. The fl or was reserved delegates and and for the and north for the gallery theological reporters ; students, the the general public were galleries. The the was the other general admitted topic to pulpit of the day and the speakers were Rev. Dr. Parker, of London Rev. Mr. Beecher, and Dr. Ridder, of Madison, New Jeasey. BANK STATEMENT. Isane H. Baily, receiver of the National Bank of the Commonwealth, gives the statement of the assets at $199,877.93; and liabilities of a capital stock of exclusive By this exhibit, $1,585,245.24 $750,000. there is a deficiency of $287,187.31; showing capital unpaid of 38 Der cent of the aggregate The indebtedness of directors to the bank on day of failure was over $30,000. In view of the above statement of Baily, the president is out in a card to creditors and stockholders of banks in which be says: "Perhaps the willingness of Baily to be receiver of a salary of $6000 a year may explain his gloomy view of the affairs His right to the will be tested in the the the bank. bank property United of of States courts and 1 beg you to suspend your judgement of the bank and its offi. cers till they again have their books and means of their defense." At a meeting of the clearing house association this afternoon. at the request of Mr. Ellis the following resolution was adopted Resolved, That 8 special committee of five be appointed by the chair, which com. with the and the national bank of tors wealth, mittee of shall, president common- direcmake an examination into its affairs and report at a future meeting of the association, the assent of the comptroller of currency first being obtained. JUDGE WOOL NEFF. The order issued by Judge Woodneff last week to show the cause of the appointment of Ismac H. Baily recently, should not be declared null and void, was returned to-day. Judge Woodneff was not in town and the matter was brought before Judge Blatchford, who said as he was a stockholder in the bank he would decline to hear the argument. The matter was adjourned till next Tuesday. EX-CITY TREASURER SPRAGUE, of Brooklyn Was arraigned to-day under four indictments and his trial set for the 20th inst. Kate Stoddard was also arraigned, but her counsel stated they were not ready. No day was fixed for her trial and she remained in prison. The steamship Java arrived from Liverpool. OLD CORRUPTION AT THE WHITE HOUSE A Washington dispatch says Senator Cameron had a long interview with President the yesterday, and the as as himself, strongly ter the well reports opposed lat- to drawing on the $44,060,000 greenback reserve. DISBOLVED. The committee of seventy last nightresolved that it was expedient to dissolve and appointed 11 committee to wind up the concern. FIRE NEW YORK October 8.-A Fire broke out in Mount Vernon, New York, early this a.m. Several steamers were sentfrom thiscity to aid in extinguishing the flames. The Post says twenty buildings have been burned, and the loss will be $50,000 EVANGELICAL ALLIANCE The sessions of the Evangelica! Alliance seems to be growing in interest. The Association hall was crowded this evening, and large numbers were unable to gain admitance Additional vice-presidents were appointed owing to the number of meetings to be held. R. T. Payne, of Virginia, was to be heard, and writes: If I don't set forth the merits of Christ fuller than any other man when you hear me, than you may say that 1 am not specially called of God by the apparition of His Holy spirit."

17. October 8, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 8, 1873

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NEW YORK. Special Dispatch to The Chicago Tribune. BUGAR HOUSE FAILURE. NEW YORK, Oct. 7.-The dullness in Wall street was relieved to-day by the announcement of the failure of Wylie & Knevals, sugar dealers, 91 Wall street. The firm has been embarrassed some time owing to heavy purchases of sugar on a falling market. BANK OF THE COMMONWEALTH. The litigation of the Bank of the Commonwealth is not likely to amount to much. Bailoy, the Receiver, is the favorito at Washington, and the United States Courts are not likely to remove him, at the request of the stockholders, who BAY he was illegally appointed. The Clearing-House Association condemne Bailey's appointment, on the ground that it was obtained in the protest of a note of the Bank, which is in effect a protest of all national currency. THE CLEARING-HOURE CERTIFICATES. The Loan Committee has now reduced the Clearing-House certificates about one-fifth. They pass in business matters as greeubacks, and are worth 1/3 per cont premium for certified checks. MANUFACTURES. The effect of the panic on manufactures has almost entirely passed awny. Vory fow of the smaller manufacturers wore compelled to ievuo checks and certificatos to employee. They can even pay in greenbacks, and, really, business has not been seriously affected in this respect. [To the Associated Press.1 THE COMMONWEALTH NATIONAL. NEW York, Oct. 7.-18800 H. Bailey, Receiver of the National Bank of the Commonwealth, gives a statement of the assots of the bank at $1,098,077.93, and liabilities $1,585,245.21. oxclusive of 11 capital stock of 8750,000. By this exhibit there is a deficiency of $257,107.31, showing that the capital is impaired 381/2 per cent. The aggregate indebtedness of the Directors to the bank on the day of the failure was over 8500.000. In view of the above statement by Bailey, President Ellis is out in a card to the creditors and stockholders of the bank, in which he says: "Perhaps the willingness of Bailey to be receiver of a salary of 80,000 a year and commissions may explain his gloomy views of the affairs of the bank. Hia right to its property will be tested in tho United States Courts, and I beg you will suspend your judgment of the bank and its officers until they again have their books and means of their defense." At a meeting of the Clearing-Honee Association this afternoon, at the request of Mr. Ellie, the following resolution was adopted. Resolved, Tha a special Committee of four be appointed by the Chair, which Committee shall, with the President and Directors of the National Bank of the Commonwealth, inako an examination into its affairs and report at a future meeting of the Association, the assent of the Comptroller of the Currency first being obtained. The order issued by Judge Woodruff last week to show cause why the appointment of Isano H. Bailey Receiver should not be declared null and void was returnable to-day. Judge Woodruff is not in town, and the :matter was brought before Judge Blatchford who. said as he was a stockholder in the bank he would decline to hear the arguments. The matter was adjourned till next Tuesday.

18. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, October 18, 1873

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Saturday, the third day of the financial panie, was an intensely N exciting one in Wall street-so much SO that it was found necessary to close the Stock Exchange, and to pass a rule forbidding the members from making any transactions in stocks either on the street or elsewhere prior to the regular session of the Board on Monday. A large number of additional failures were reported, among them the Union Trust Company (the cashier of which was said to be a defaulter to 'the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Seeretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the

19. October 24, 1873 The Sun New York, NY
Article from The Sun, October 24, 1873

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the Me repolt no Bank Breaking no the Currency Equalization Pool. The second expulsion from the Stock Exchance during the present monetary troubles that of Edward Haight. Jr., was the subject of comment among financiers yesterday. It is regarded AR a case of the visitation of the sins of the father upon his children. The cause for the action was a charge of fraud against the Arm of Edward Haight & Co. by the Commonwealth National Bank. The senior partner of the firm vas formerly its President, and at the time of the alleged fraudulent action was A director of the Bank of the Commonwealth. On the second day of the panic he overdrew the firm's account by $226,000. Overdrawing is a matter of hourly occurrence during ordinary business times. and the firms making overdrafts are expected to make them good by either cash or collaterals at the end of each day. Mr. Halight was called upon to make his good but furnished only collaterals for $60,000. The day of the overdraft the bank had sustained a run that nearly exhausted Its resources. and next morning on ascertaining that Haight & Co.'s deficiency would not be fortheoming its doors were closed. Haleht & Co. themselves suspended the next day. Their dealings with the bank were investigated by the Governing Committee of the Stock Exchange. Rd ward Haight. Jr. was the only member of the firm that belonged to the Exchange. and after three weeks deliberation the committee prosented this resolution: Resolved That Edward Height Jr. the represe five in the stock Exchange of the firm of Enward Hat & Co.,hav ng. the judgment of the Govern Committee. oceanully of obvious fraud in " th the overdraft oy the Orin on the Bank of the Color to inwealth he expelled from this association n. The resolution WES read in the Exchange Yes. enday morning. It is said that the report upon which it is founded contains very damaging facts about the persons mentioned The action of the committee receives general commender tion. PRESIDENT GRANT'S LETTER. The topic next in interest was the letter upon the financial situation which Mr. John B. Will liams. President of the Metropolita an Bank save he received from President Grant. Mr. Williams accounts for the receipt of the letter thus : A few days ago one Mr. Anthony who awabout to go to Washington, asked Mr. Williams to make him bearer ofaletter to the President embody ing histWilliams) views of the best way to assist the merchants of the city during the money stringency. That, he thought. could best the be done by a weekly issue of a few millions of legal tender reserve. He at the sametimeurged upon the President the plan for the purchase of foreign exchange. which Mr. Anthony proposed to urge Some doubt was thrown upon the authenticity of the autograph letter said to have been re elved in reply by a despatch from Washing allezing that President Grant denies having full written any such letter Nevertheless a the associated bank Presidents asinbled In the Merchants' Bank r its consids eration. The letter which Mr. Williams read coversa pace and a half of note paper. After reading it he put it into his pocket and never took it out again. as far n° could be ascertained The d cument acknowledged the receipt of letter from Mr. Williams, The President had vivea its contents earnest consideration. and felt 1110 lined to make the issue of LEGAL TENDER RESERVE n amounts of two or three milli weekly. the merchants needed Hefelt in offined more time to pro exconcerning the pur base of foreign hange. It concluded But cannot the bank Presidents be brought together and esolve to canaid each other and the business 64 erally. The Government then will do all stion p wer. To-tuor consider the w h the view of doing all in my power for the relief new somach needed. Mr. Williams presented resolutions that were of speedily withdrawn under manifestations di satisfaction. The following was adopted Resolved That the communication of the President New York of the United States to the associated banks of respectfully d gratefully acknowie ged. an i that we be curutally reciprocate his kind wishes and will act in the spirit be recommends. The question of eeasing the .. pooling of tenders. which has been the salvation of legal some of the weaker banks. was discussed, and the following was adopted: Resolved, That from and after Nov. 1 next association the equal zation of legal teaders by the banks of this e discontinued. A proposition to use legal tender notes In settement of Clearing House balances was also The action discussed. but discontinuing without result pooling" had de that indi rued the market at the close fact yet sales that confidence 111 the banks has not been entirely reatored. COMMODORE VANDERBILT'S DIFFICULTIES Rumors about the relations of Commodore Vanderbilt and the Union Trust Company und- were throughout the day. and were all unit a life to a sensati onal story in ed and traceable defalcation in which a further morning journal, prominent feature. by Cashier Carlton was a debt of all alleged about the They the Lake Shore Railroad Company to the Union Trust Company. In fact no such controversy any exists now. nor has there been at The time an act al difference of opinion Clark's that In Mr. H race F. facts are of Lake Shore effected is deadministr of $1,750,000 of the Trust Company for Hand loan account of Lake Shore. and when Commothe Mr. Clark he found dore Vanderbilt succeeded comhis loan among the obligations of the What The debt has never been di puted. weeks bady occasioned the talk hastreet for past is another sum of $2,250,000 in the sh of ape the of like Shore bonds They were a part of 00,000 debenture Issue legallyfauthorized. I to only have already been issued. Comi any became the transfer The Union time vet re Mr. hewith Mark's decease, agents of the issue Some Augustus Schell James I Banker Tref of Lake Shore. and seve( of others formed a pool of $15,000,000 10 BULL LAKE SHORE I and other stocks G.I B. Grinnell & Co. made in which the the MI Clark visa special partner. were two and a millions of bonds were transferr Treasurer Grinne arter & Co. by the Union Trust Company. ab part of by order of James Banker as they can have no pos pool Hence an offset he ble reference to the $1,750,000 loan as Commootherwise It le said. however. that Executive Vanderbilt holds that the transfer ore had no power to direct the j immittee bonds without giving the stockholders if the to vote. Hence the Union Trust opport unity instructed not to transfer the ompany was most of them were hypothecated by L onds. As & Co., those that hold them are natural er moved. y ;rinnell very desir us of having the bar to legal transI What President Grant Says. I WASHINGTON, Oct. 23. -The President tolav. on heing asked by a friend as to the conents of his recent letter to Mr. John E. Wil-

20. December 16, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 16, 1873

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NEW YORK. Various Matters. NEW YORK, Dec. 15-Senntor Wilson passed through the dity to-day, en route for home. He is as well as when Congress assembled, but his physicians advise rest till his health is entirely restored. He goes to a water cure in this State after attending Agassiz's funeral, and to Florida in January. The police raided on the headquarters of the policy dealers, at 227 Bowery, and arrested Joseph Burr. the proprietor, forty clerks and ten others. The National Bank of the Commonwealth, which failed during the September panic, has paid a d vident of 30 per cent. to deposi tors. The Custom House officers have seized the books and papers of Harris Bros., D. Jugla. and Victor & Achiles, three large kid glove importing firms, for investigation of the charge of under valuation. It is said $100,000 are involved in one of these cases slone. A tow of 30 canal boats arrived to-day from the Erie canal. The sudden cold of Saturday retards the canal business. There is a deficit of $1,010,223 in the Brooklyn treaswry. The money got into outside speculation. The Westfield Tragedy, LOWELL, Dec. 15.-Hildreth, who killed Do land at the Westfield poor farm, is alive and so much improved as to be able to give an account of the circumstances. He and Doland wcre in dispute and he took a chair and hit Doland over the head as be lay in bed. Doland did not move, and be went down stairs, took a razor, returned to the room and inflicted the cuts which nearly severed his victim's neck. It was when he saw Doland by daylight so badly cut that he attempted to take his own life. In this be evidently lacked nerve. The coroner's inquest will be held to-morrow. Deputy Sheriff Clemence of Lowell to-day arrested Hildreth on a warrant sworn to by J. H. Reed, charging him with the murder. He was unfit to be removed. A Murderous Attack. Thomas Darkin was dangerously stabbed last night by James Ryder, his room mate, during a quarrel at their boarding house. Ryder is held in $10,000 to await the result.

21. February 28, 1874 The New York Herald New York, NY
Article from The New York Herald, February 28, 1874

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As a Reliable Remedy for Coughs, Colds, Hoarseness or any affection of the throat or lungs use Mme. PORTER'S COUGH BALSAM. A single bottle is worth fifty times its cost: 25c., 50c. and 75c. a bottle. Announcement. - Spring Fashions ready. YOUMANS' correct styles in gentlemen's HATS. Importer of English HATS. YOUMANS, 719 and 1,103 Broadway. A Universal Remedy-Brown's Bron- CHIAL TROCHES," for coughs, colds and bronchial affections, stand first in public favor and confidence; this result has been acquired by a test of many years. A Constant Hawking. Spitting, Both disagreeable and disgusting; Catarrh is the whole cause. WOLCOTT'S CATARRH ANNIHILATOR cures Catarrh. Batchelor's Hair Dye is Splendid.- Never fails. Established 37 years. Sold and properly applied at BATCHELOR'S Wig factory, 16 Bond st., N. Y. Coughs, Colds.-Speedy and Certain cure. HEGEMAN'S TOLU AND LIVERWORT EXPEC- TORANT. Sold by druggists; 50 cents per bottle. Dr. Fitler's Rheumatic Remedy-Posi- tively guaranteed to cure Rheumatism, Neuralgia and nervous diseases, or no charge. 21 John street and drug- gists. For Cooking and Baking Barry & LANE'S ELEVATED OVEN RANGES are unsurpassed. 1,138 Third avenue, New York. For sale by Armstrong & Blacklin, 348 Court street, Brooklyn; W, B. Drummond & Co., 85 Market street, Newark. N. J. For the Baby, Novelty Carriage.-The only carriage a child can recline in comfortably; takes less room in the house than old style; the only canopy that protects the eyes trom the sun; can be used as a cradle; Perambulators $8. Send for circular to L. P. TIBBALS, 512 Broadway, opposite St. Nicholas Hotel. Havana Bankers.-J. B. Martinez & Co., 10 Wall street, New York, will pay the highest rates for Spanish Doubloons and Havana Bank Bills, &c. Perfection-Boker's Bitters. Beware, of counterfeits. The Celebrated Beebe Range, Price Re- duced; $60 for the largest family size, put up. JANES & KIRTLAND, Nos. 8. 10 and 12 Reade street. We Would Call Attention to the Sale of the valuable Banking House and Lot on the northwest corner of Nassau and Pine streets, to be sold on Tuesday, March 3, at 12 o'clock, at the salesroom No. 111 Broad- way. By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth. Wigs, Toupees.-G. Rauchfuss, Practi- CAL WIG AND TOUPEE MAKER, 44 East Twelfth street, near Broadway, New York.

22. February 28, 1874 The New York Herald New York, NY
Article from The New York Herald, February 28, 1874

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the valuable Banking House and Lot on the northwest corner of Nassau and Pine streets, to be sold on Tuesday, March 3, at 12 o'clock, at the salesroom No. 111 Broadway. By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth.

23. July 3, 1874 Evening Star Washington, DC
Article from Evening Star, July 3, 1874

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ARREST OF A NEW YORK BANK PRESIDENT. George Ellis, formerly president of the National Bank of the Commonwealth, which failed in the panic of last fall, was arrested Tuesday evening at his residence, in Tarrytown, on an indictment in the United States circuit court for having misapplied $53,000 of its money in December, 1872, to buy stock of the bank, which he afterwards (as alleged) deposited with the Security National Bank to obtain credit on. drawing against the value of the stock 80 de posited. It is also charged that false entriewere made to cover these transactions. He was removed to the jail in Ludlow street, and was vesterday released on $20,000 bail, Lewis B Brown being his surety. The alleged malfeasance was discovered by Mr. Purdy, 'assistant district attorney, in his researches relative to the conduct of Callender, lately examiner of the national banks, now under indictment for fraud. N. Y. Jour. Com., 2d.

24. November 1, 1874 The New York Herald New York, NY
Article from The New York Herald, November 1, 1874

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A BANK IN A RECEIVER'S HANDS. The National Bank of the Common wealth in 1873 became insolvent, and, under the Currency act was passed into the hands of a receiver. Waile in the hands of such receiver process was served on the President of the bank in a suit brought by the Security Bank of the City of New York, to recover money claimed to be due the latter. No attention was paid by the President to the service of the process, nor did he give notice to any other officer of the bank or to the receiver, and the result was that judgment by default was rendered for $57,000. Motions were made to open the default and from the juagment denying such motions. Appeal was taken to the Supreme Court, General Term. In delivering the opinion 01 the Court Judge Daniels characterizes the action of George Ellis, the President of the Board, as foltows:-"Re, to use his own language concerning his singular and extraordinary conduct following the service, supposing that his connection with the Court ceased by the appointment of a receiver, took no notice of any paper that was served upon him as an officer thereof, and did not do 80 in regard to the summons herein, nor did he Inform said receiver of said service. This is the sworn statement of the detendants' President. And it 80 completely describes his utter want or moral as well as official sense of accountability as to dispense with all further attempts at characterizing his conduct." Strenuous opposition was made to the opening of the default on the ground that the order denying the motion at Chambers to open the judgment was not within the discretion of the Judge making it, and, therefore. not appealable. Judge Daniels holds on this point that while the order was a discretionary one, yet it was an order affecting a substantial right, and was, theretore, appealable. He concludes his opinion as follows: The bank continued to exist, notwithstanding the appointment of a receiver. The suit was, therefore, properly instituted against it, and the defence should accordingly be made by it. The order appealed from should be reversed, with $10 costs and disbursements on the appeal to the defendant and appellant and an order should be entered setting aside the judgment and allowing the defendant, within ten days alter notice of the Draer. to serve an answer to the complaint, or payment within that time of $10, costs of opposing the motion. and the disbursements made on the entry of the judgment."