16340. Netter & Co. (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: December 26, 1877
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 5dbb0a5f

Response Measures

None

Description

Netter & Co., an Exchange Place banking/brokerage firm, suspended on Dec 26, 1877 after discoveries of irregular repledging/hypothecation of securities and other fraudulent transactions. An assignee (A. G. Wehl) was named and the firm is described as having failed; articles treat this as a permanent failure rather than a temporary suspension.

Events (2)

1. December 26, 1877 Other

Newspaper Excerpt: They had made an assignment to A. G. Wehl, an employe of the concern. All information on the subject was refused. ... An assignee believes that the stock speculations of the Netters are nearly covered, and he says that the only transaction in that line outstanding is a 'straddle' on 2,000 shares of Lake Shore.
Source: newspapers

2. December 26, 1877 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of peculiar transactions in repledging/hypothecation of securities, irregularities and probable frauds that left the firm unable to meet contracts and obligations; heavy short positions and misapplied collateral loans were reported.
Newspaper Excerpt: There was considerable sensation on Wall street just before noon to-day on the announcement of the suspension of Netter & Co., a large banking house and stock firm on Exchange Place.
Source: newspapers

Newspaper Articles (11)

1. December 27, 1877 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, December 27, 1877

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A Wall Street Sensation-Fallure of Netter & co. NEW YORK, Dec. 26.-There was considerable sensation on Wall street just before noon to-day on the announcement of the suspension of Netter & Co., a large banking house and stock firm on Exchange Place. It was said that this firm were generally short of the market. having held short more stock than they could deliver. Their trouble principally arose from sales of privileges, generally spreads upon St. Paul stocks,although n considerable quantity of Western Union, Lake Shore and Delaware and Lackawanna stocks were bought in, under the rule. for the benefit of their creditors. For some time privileges of the concern have sold very cheap on the street. and last week they were reported very weak. It is said the banks recently declined to certity their checks for any very large amount. It is also reported that Netter & Co. had privileges or spreads out on about six million dollars of gold. They were also short on one thousand shares of Pacific Mail. Probably their shorts altogether embrace contracts on about eight or ten thousand shares of stock. Particulars of the failure promise to give some very unpleasant disclosures, It was currently reported on the Stock Exchange this afternoon that irregularities have been developed, among them the fact that this firm recently loaned $110,000 on securities. which they subsequently surreptitiously sold. Neither of the firm was to be found at the office to-day, but it was announced that they had made an assignment to A. G. Wehl, an employe of the concern. All information on the subject was refused. The firm were agents for the city of Cincinnati, and were engaged in negotiating the new loan for that city. Neither of the partners have been seen on the street since the day before Christmas, and there was much inquiry for them this afternoon to learn their whereabouts. As near as could be ascertained, the outstanding contracts were on about 4000 shares of stock and 20,000 in government bonds. There is considerable doubt regarding the amount of gold contracts of the firm, but $250,000 in gold was closed out for their account this afternoon. All kinds of exciting rumors were current on the street this afternoon, and some place the liabilities of the suspended firm as high as $500,000. Maxwell & Graves are reported to be losers to the extent of about $10,000. Other sufferers decline to state their losses, which fortunately. in one sense. fall upon the strongest brokers in the street, so that no one is ruined by this game of fraud Netter & Co. were originally clothing dealers in St. Louis. and brought into the street about half a million in cash. The counsel of the firm says that the members have gone to Cincinnati, where they have relatives, in order to try to obtain assistance. It is rumored that warrants had been issued for their arrest, but this was not confirmed.

2. December 27, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 27, 1877

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REPLEDGING SECURITIES. SUSPENSION OF NETTER & CO. PECULIAR TRANSACTIONS IN REPLEDGING SECURITIES-LIABILITIES VARIOUSLY ESTIMATED BETWEEN $200,000 AND $500,000-ABSENCE OF THE NETTERS IN CINCINNATI -JAMES KEENE AND PROBABLY WILLIAM H. VANDERBILT AMONG THE LOSERS. Netter & Co., well known brokers and bankers in Exchange-place, have suspended, with liabilities variously estimated at from $200,000 to $500,000, Peculiar transactions in the repledging of securities held by them as collaterals for loans have been discovered, and it is believed that they covered large sums. William H. Vanderbilt and James Keene are reported to be among the losers by these transactions. The members of the firm have gone to Cincinnati.

3. December 27, 1877 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, December 27, 1877

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ment of Key, who in the Senate denounced Hayes's title as fraudulent, to the Postmaster-Generalship. Commercial and Financial Troubles. NETTER & CO., OF NEW YORK, UNABLE TO MEET THEIR OBLIGATIONS. NEW YORK, December 26.-Netter & Co., stock-brokers and bankers, of Exchange Place, announce to the Stock Exchange their inability to meet their contracts. Neither Mr. Gabriel nor Mr. Netter, who compose the firm, was at the office on Exchange Place this morning. The Post says " There are rumors afloat respecting the failure which we refrain from printing until they are proved to be established facts. If they are not true they do gross injustice to the firm. We cannot believe that they are true." The firm was supposed to be wealthy, and did a large business in lending money and in gold loans. It also sold " puts," " calls," 'straddles," and other speculative privileges on stocks and gold. After the failure was announced the office of the firm was thronged with persons who held these speculative privileges; also with those who had borrowed money on time, inquiring if their collaterals were safe. The Post says No failure has occurred in Wall street for many months that has caused more comment. The members of the firm came originally from Cincinnati and brought a large amount of money." An official stated that the liabilities were not more than $150,000, but persons outside say they are far larger. No information could be obtained as to the probable assets, but they are believed not to be heavy. The suspension of Netter & Co. continues to be the absorbing object of interest in Wall street, and all who have borrowed money from them are anxious to receive the collateral securities pledged for the money loaned. The firm lent par in currency on gold worth at to-day's prices 1021 currency. They lent par in currency on New York Central and Hudson first consolidated mortgage bonds, worth to-day 121 @122, and loans on this class of collateral security are spoken of to the amout of several hundred thousand dollars. They lent par in currency on United States bonds, which rule several per centum higher. One of these loans, to the amount of $180,000, was secured by bonds worth to-day $190,000. That the collateral securities were worth $10,000 more than the amount borrowed on them, and they lent fifty on LakeShore stock worth to-day over sixty. A report was current on the street that $400.000 bad been borrowed on 8,000 shares of this stock, the stock to-day being worth $480,000. The firm did a very large business in time loans of gold and currency, and it would not be surprising if the total loans of one kind and another outstanding would run far up into the millions. THE CINCINNATI HOUSE OF NETTER & CO. CINCINNATI, December 26.-Netter & Co., of New York, have no connection with the firm of Seasongood, Netter & Co., bankers, of this city. BANK FAILURE IN PATERSON, N. J. PATERSON, N. J., December 26.-The Passaic Company Savings Bank is to close up. The depositors will be notitied tomorrow to draw their money on January 5tb. The concern is a stock company with $150,000 capital-$150;000 paid up. The deposits amount to $120,000, having been

4. December 27, 1877 New-York Tribune New York, NY

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OREIGN.-The Lachine Canal strike is ended. The Servians have occupied Leskovatz and Turkish prisoners from Plevna Kurchumli. are dying of cold; the Russians are unable to reIn France, General Bressolles has lieve them. been placed on the retired list for insubordination. Domestic.-Mr. W. E. Chandler has written a long letter to New-Hampshire Republicans, repeating the charges of a bargain with the South, by A means of which the President was elected. letter from a special employé of the Mint shows that the coinage of the silver dollar was suspended by Jefferson and Madison, and was practically deTwo men were monetized for thirty years. killed by a collision on the Union Pacific Railroad. CITY AND SUBURBAN.-Netter & Co. suspended yesterday, with liabilities variously estimated at between $200,000 and $500,000. Peculiar transactions in repledging securities were discovered. The Mayor's power to fill the vacancy caused by Excise Commissioner Murphy's defalcation is SecW. Field, Cyrus still disputed. retary Sherman, William E. Dodge, and others, made addresses at a rapid new a for dinner. Argument transit trial for Dr. Lambert was made. Charles E. Johnson shot his wife, injuring her seThe riously, at her father's house in Brooklyn. Passaic County Savings Bank is to be The Kings County Lunatic Asylum closed. Two conis alleged to be in a filthy condition. victs made an unsuccessful attempt to escape from Gold the Sing Sing State Prison yesterday. 1023, 1027s. 1027. Gold value of the legal-tender dollar at the close, 97210 cents. Stocks dull and irregular, generally closing lower. THE WEATHER.-TRIBUNE local observations indicate partly cloudy and somewhat cooler weather. Thermometer yesterday, 36°, 40°, 42°.

5. December 28, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 28, 1877

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LIABILITIES OF NETTER & CO. HE TOTAL NOW BELIEVED TO BE $300,000-FURTHER DETAILS OF THE FIRM'S OPERATIONS. The liabilities of Netter & Co., the Exchangeplace bankers and brokers who suspended on Wednesday, upon an examination of the books and a partial accounting, appear to be fully $300,000. The heaviest loser, except the fathers-in-law of the two Netters, is James Keene, the California speculator, who suffers to the extent of $50,000. This isprincipally the differences paid in redeeming railroad bonds and other securities. which had been repledged by the Netters. On $100,000 New-York Central first mortgage bonds, on which they had loaned the face value, the Netters obtained a loan of $110,000 from the First National Bank. thus gaining $10,000 to use for loans at a lower rate of interest than market quotations, which was their specialty. Davis & Freeman borrowed from Netter & Co. $50,000 on $50,000 New-York Central bonds. These were repledged to Maitland, Phelps & Co. for $55,000, and have been restored like those held by the First National Bank, to Davis & Freeman, upon the payment of the full amount loaned and in trust. Both these loans were made on account of James Keene. Another of this class of operations was with the firm of Edward Sweet & Co., who borrowed of the Netters $50,000 on $50,000 United States bonds. The Netters gave their check for the amount, and immediately deposited the bonds with the American Exchange Bank for a loan of $52,500, thus meeting their check and having a small balance. They had previously detached the January coupons, which gave them 3 per cent more in gold. After the suspension they gave Mr. Sweet an order for the bonds, but upon learning that he must pay the January interest in addition to the increased amount of loan, he refused to take the securities, stating that he could purchase for a less amount in the open market. This transaction of Netter & Co. causes a similar loss to the bank instead of to Sweet & Co., the original owners of the bonds. Kubn, Loeb & Co., are also among the losers. It is stated that they made loans to Netter & Co. on various classes of bonds and sold them when the suspension was announced. The original owners, Worden & Leverich and E. Sweet & Co., have demanded their bonds, thus foreing a purchase in open market. This causes a small loss to Kuhn, Loeb & Co., in addition to the $14,000 protested draft on Cincinnati, which they cashed for the Netters. Drexel, Morgan & Co. made a loan of $250,000 in gold to the Netters, and in the adjustment of accounts lose a small amount, not exceeding $1,000. Morton, Bliss & Co., the Bank of New-York, the United States Trust Company, and the Chemical Bank, made loans to Netter & Co., and are all amply secured, or have been paid in full by the redemption of the securities. M Morgan's Sons held, for a New-Orleans customer, $40,000 in Louisiana State bonds, on which they borrowed from the Netters $20,000. These securities the Netters hypothecated for $30,000 making a loss of $10,000 to the customer represented by M. Morgan's Sons. G. G. Havens & Co., yesterday obtained an attachment against Netter & Co., which was served on Mr. Wehl, the assignee. The suit is to recover any of the plaintiff's securities which may now be in the possession of the firm or its assignee. From statements made by the assignee it appears that Netter & Co. held as securities for loans to Havens & Co., bonds to the amount of $400,000, all of which were subsequently hypothecated by the Netters. and are distributed in various banking institutions as collaterals for increased loans. It is estimated that in the redemption of the securities Havens & Co., will suffer a loss of $20,000. The assignee believes that the stock speculations of the Netters are nearly covered, and he says tbat the only transaction in that line outstanding a "straddle" on 2,000 shares of Lake Shore. The total liabilities of Netter & Co., as tar as can be learned at present are as follows: $30.000

6. December 28, 1877 Vicksburg Weekly Herald Vicksburg, MS

Article from Vicksburg Weekly Herald, December 28, 1877

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HEAVY FAILURE. Suspension of a Big Firm on Wall StreetAnxious Borrowers, and Excitement in Business Circles. New YORK, Dec. 26-Netter & Co., brokers and bankers at Exchange Place, announced to the Stock Exchange their inability to meet contracts. Neither Mr. Grabriel or Mr. Netter. who compose the mm, were in their office in exchange Place this morning. The Post says: "There are rumors afloat reep cting the failure. which we refrain from printing until they are proved to be established ficts: if they are not true they do injustice to the firm, and we can't believe they are true." After the failure, the office of the tirm was thronged with persons who held their speculative privileges; also with those who had borrowed money. The Post says no failure has occurred on Wall street for many months that has caused more comment. An official stated that their liabilities are not more than $1:0,000, but persons outside say they are farlarger. The suspension continues to be the absorbing object of interest in Wall street, and those who have borrowed money from them are anxious to recover their collateral sec ri e ties pledged for the money loaned. The firm lent par in currency on gold worth at to-day's price 10% currency; they lent par in currency on New York Central and Hudson first consolidated mortgage bonds worth to-day 121@122, and loans on this class of collateral security are spoken of to the amount of several hundred tho 8and dollars. They lent par in currency e on United States bonds which ruled sev. eral per centum higher, one of these loans to amount of $180,000, was secured by bonds worth to-day $190,000. that the collateral securities were worth $10,000 more e than the amount borrowed on them: and they lent $50,000 on Lake shore stock to. day worth $60,000. A report is current on the street that $40,000 had been borrowed on 8,000 shares of this stock. the stock to. 0 day being worth $48,000. The tim did a very large business in time loans of gold currency, and it would not be surpri in if the total loans of one kind and another outstanding would run far up into the millions. CINCINNATI, Dec. -Netter & Co., of New York have no connection with the firm of Seasongood, Netter & Co. bankere, this city.

7. December 29, 1877 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, December 29, 1877

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NIGHT DISPATCHES. THE LATEST FROM GOTHAM. JIM KEENE'S RUN ON NET TER & COMPANY. The Nevada Bank to Establish Agencies in Europe. Coal for the Shivering Millions NEW YORK, Dec. 28. It is understood here that U. S. Grant, Jr., has been appointed Special Assistant United States District Attor ney, for the prosecution of the old and delayed customs cases. A Receiver has been appointed for the Jersey City Savings Bank. The body of a man was found to day in the ruins of Barclay street fire It may be identified by a piece of a watch chain. Wall street resounds with commend ation of the shrewdness and prompti tude whereby James R. Keene res cued over $200,000 of securities from Netter & Co. before their failure. He had deposited the securities as collat eral, with a large margin for a cal loan. Getting advice on Friday morn ing of some doubtful or unbusiness like proceedings elsewhere of the Net ters, he instantly took up his loan, de manding and obtaining his collaterals It was this that precipitated their failure, which, however, was inevita ble at an early day. It is rumored here that the Bank of Nevada contemplates establishing its own agencies in New York, Londor and Paris, and that Louis MeLane comes East next month on that busi ness. Seventy-five thousand tons of Scran ton coal was sold at auction to-day, by order of the Lackawanna Company There was a large attendance and prices were from ten to forty-five cents per ton more than last month. Arrest of a Supposed Train Robber -Life Insurance Villainy. ST. LOUIS, Dec. 28. Thomas Nixon, supposed to be one of the Union Pacific Railroad express robbers, was arrested about 75 miles west of Sherman, Texas, on Wednes day morning, aud is now on his way north, in charge of officers. A fire at Carrolton, Missouri, or Christmas night, destroyed nearly a block of business houses, involving 6 loss of about $30,000. L. E. Alexander, Receiver of the Columbia Life Insurance Company has filed a petition, alleging collusion between the officers of that company and the Life Association of America, to defraud the former company out o $675,000, by means of the transfer o stocks and assets, just previous to his appointment as Receiver. He peti tions for a cancelation of the transfer What Albert Netter Says. CINCINNATI, O., Dec. 28. Albert Netter, of the recent banking firm of Netter & Co., New York, who is at the Grand Hotel in this city stated to an interviewer as to the re hyporhecating feature of their busi ness that it was simply a question o interest; that the firm in New York has to-day $12,000,000 borrowed or such securities. It got the securities

8. January 1, 1878 The New York Herald New York, NY

Article from The New York Herald, January 1, 1878

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FINANCIAL AND COMMERCIAL. Departure of the Old Year in Wall Street Amid Great Excitement. The Stock Market Very Strong and Active. GOLD 102 3-4 A 102 7-8. Government Bonds Firm, States Irreg lar par the and Railroads Higher. MONEY ON CALL 6 A 7 PER CENT. WALL STREET, MONDAY, Dec. 31-6 P. Messra. John Bonner & Co. tender the compliments of the season to their creditors in and out of the Board, and rogret their inability to fulal their engagemonts. Such was the tenor of the notice sent into the Stock Exchange this morning, and it required no supplemental R. S. V. P. to elicit a response from the interested parties referred to. Plainly, Messrs. John Bonner & Co. desired to intimate that, in a financial sense, they had "gone up," and invited their dupes 10 soar as speedily as possible in their track If they desired to save themselves. After the liberal Christmas box presented by Netter & Co. there would have been something wanting in the generous spirit so typical of the Stock Exchange had not some of its members followed suit by a tree distribution of New Year's étrennes. Messrs. Bonner & Co. saw the opportunity and seized it; seized it after the manner of Messrs. Netter & Co., with the same grip, after the same fashion and with the same intention to "collar and elbow" their confiding clients out of their hypothecated property. Badinage aside, Messrs. Bonner & Co., a long established, widely known and generally well respected house. notified the Board of their suspension this morning, under circumstances, as it subsequently appeared, absolutely analagous to those which attended the modus oper. andi of Netter & Co. Such, at least, was the belief that obtained and was widely spoken of in the street, and weight is to be given to the same by the fact that Messrs. Belden & Co. publicly advertised the stoppage of transfer of 1,000 shares of Union Pacific stock and of 300 shares of Lake Shore, while other parties pursued the same course in regard to other stocks. Beyond this some 9,000 shares of various stocks were bought in and sold out "Under the Rule," the defaulting firm being apparently thoroughly mixed as to the market, or, what is more probable, thoroughly indifferent as to its course, provided the grand object of realizing cash for the net value of pledged collaterals was obtained. Messrs. Bonner & Co.'s transactions were, however, farther reaching than the Netters', for whereas the latter were confined to private firms the former extended to at least one public institution. The Bankers and Brok. ers' Association, a chartered institution, possessed Mr. Bonner as president, and has gone down with him, to the grief of stockholders and depositors. The "affair" Netter and the "affair" Bonner (and French journalist would put it) are apparently 0 much alike as two peas in a pod, though at least good has grown out of the circumstance, in that illiberal reflection upon one creed has been neutralized by dereliction upon the part of another. Honors are easy, such as they are, and Jew and Gentile goid equal cards. The most remarkable matter is that in spite of these "mregularities," which ordinarily cld have produced a semi-panie upon Change, the market has been buoyant bevonit prededent. Lake hore was whirled up to 64% (Though it sold the close at 61½, ON dividend of ntji Michigan Central was carried to 65 (altar ropping to 61 ½), and the rest or the market showed itself strong, but without unusual excitement. The threatening aspect of foreign allairs, and the belief that an extraordinary demand for our breadstuffs will ensue in case of a general war, are used as arguments in favor of the Western roads, which alone can be re. lied upon to move the immense crops nearly as vet untouched. Consequently there is unlimited advic gratis to invest in the granger shares, and the most alluring promises are made as to their future values. A margin of 10 per cent placed in the hands of a respectable broker will test the value of these prog. nostications. As happened after last week's failure, money lenders, instead of money borrowers (as would seem naturally proper), took fright and advanced the rates for loans at one time to-day as high as ½ per cent and interest. Some disturbance. however, in the money market was to be expected from the culmination, at the end of the year, of time loans and the difficulty of replacing them except under pledge of government collaterals, and consequently a sharper twist than usual was not only natural, but to ba expected. OPENING, HIGHEST AND LOWEST. The following table shows the opening, highest and

9. January 3, 1878 The Kenosha Telegraph Kenosha, WI

Article from The Kenosha Telegraph, January 3, 1878

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DOMESTIC INTELLIGENCE East. Cornelius Tobin, of Boston, Mass., threw a lighted kerosene lamp at Mrs. Mary L. Mekegan, setting her clothes on fire, and she burned to death. Tobin was arrested. Robert P. Parrott, the inventor of the Par rott gun, died at Cold Spring, N. Y., last week. Netter & Co., bankers in New York, have failed for $200,000. W. H. Roberts' building, at Rondout, N. Y., was burned the other night, and his wife and daughter and James Brophy perished in the flames. Charles E. Johnson, son of wealthy parents, and a nephew of Henry Ward Beecher, shot and seriously wounded his wife in Brooklyn, N. Y., last week. Johnson's wife had left him on account of his violent temper, and for this reason he attempted to murder her. A receiver has been appointed for the People's Savings Bank, of New York city. Gen. George W. McCook, of the famous Ohio McCook family, died in New York last week. Seven vessels and thirty-seven men were lost by the Gloucester fishing fleet the past season. The notorious Northampton (Mass.) bank robbers, Scott and Dunlap, have each been sentenced to twenty years' confinement in the State prison. George M. Brooks, banker, Lowville, N. Y., has failed, liabilities $60,000. George B. Bigelow, a prominent Boston lawyer, has been arrested for embezzling $40,000 held by him in trust. West. A general resumption of activity in the Indian market is noted in the dispatches from the West. A large body of hostiles are skirmishing in the Black Hills country, leaving the miners in a state of uncomfortable uncertainty as to their intentions; in Sonora the Indians were victorious in an encounter with troops, and in Idaho trouble is anticipated from the Bannocks. An expedition is forming at Fort Lincoln to capture Sitting Bull and his band. Kate Noonan has been acquitted of the murder of Wm. H. Sidle, at Minneapolis, Minn., on the ground of emotional insanity. The wife of J. B. Bowman, Mayor and wealthy citizen of East St. Louis, 111., committed suicide the other day by shooting herself through the heart. Arizona dispatches report the extermination of a band of thieves who had been robbing the mails and preying upon wagon trains in that region. A portion of the band were pursued by a detachment of cavalry, under Lieutenants Rucker and Toney, who continued the chase until they struck a permanent camp of more than thirty lodges. After a gallop through the village the troopers counted fifteen dead brigands, and captured a number of horses and a large quantity of stolen goods. A sad calamity occurred near Central City, Col., a few nights since. The residence of Thomas Terrill was destroyed by fire, and Mrs. Terrill and two SODS and Robert Jeffrey perished in the flames. The deaths from scarlet fever in Chicago for eleven months of the past year numbered 787. The heaviest transaction in mining property that has yet occurred in the Black Hills country was completed the other day in the sale to California capitalists, for the sum of $400,000, of the four mines belonging to the Golden Gate Mining Company. The matter of prices of admission to firstclass dramatic entertainments has been agitating the managers of the country for some time bringing out a great diversity of opinion in regard to a proposed reduction. Mr. McVicker, of Chicago, has taken the bull by the horns, and reduced the prices at his theater about 25 per cent., hoping an increase in attendance more than sufficient to compensate for the change. The amusement tariff has been too high for some time and McVicker deserves success in his recognition of the fact. Thomas Nixon, supposed to be one of the Union Pacific express robbers, has been arrested in Texas and taken to Omaha. The number of hogs slaughtered and packed during the past two months in Chicago has been 1,022,537, against 1,050,945 for the same period last year. The loss of property on Western rivers during the past year is set down at $5,330,000. This includes the ice and coal-boat disasters on the Ohio river, amounting to $4,000,000. The number of lives lost during the same time was seventy, more than two-thirds by explesions and burning of steamers. South. Detective William C. Pride, of Memphis, while half asleep, imagined he heard a burglar at the window, took & pistol from under his pillow and, in attempting to cock it, the weapon was discharged, the ball passing through the body of his 5-months-old child, and also through the body of his wife, causing the death of both in a few hours. Postmaster Clarkes, of Hernando, Miss., was garroted and robbed of $600 Postoffice funds, a few nights ago. The Tennessee Legislature has adjourned without agreeing upon any settlement of the State debt, the object for which the session was called.

10. January 4, 1878 The Emporia News Emporia, KS

Article from The Emporia News, January 4, 1878

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SUSPENDED.-Dec. 26th, the banking firm of Netter & Co., New York, with heavy liabilities, also the Passaic county Savings bank, Patterson, New Jersey. On the 28th West Bosten Savings bank. Also the People's Savings bank, N. Y., with deposits of $200,000. On the 28th the Real Estate savings bank of St. Louis, suspended. Liabilities $247,000 Also the Derry savings bank, Manchester, New Hampshire. Also the Jersey City savings bank, N.J. Also, December 29th, Brooks' bank, Lawville, N. H. Dec. 31st a run began on the Rochester, N. Y., savinge bank, but it stood. Bonner & Co's. banking house, New York, suspended. Also, the Bankers' and Brokers' association. Also, J. F. Jackson, broker. Bonner owes some $500,000. He lent money to parties on cash collaterals, such as bonds, and then sold the bonds, or borrowed larger amounts on them than he had lent. andin this way did an immense business, at other people's expens e. Bonner is a genuine "financeir."

11. January 10, 1878 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, January 10, 1878

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The Italian Cabinet has been reconstructed, with M. Depretis as President of the Council and Foreign Minister. Netter a Co., bankers, No. 2 Exchange place, New York City, failed on the 26th. Considerable excitement was caused in Wall street when the failure was announced. They were large operators, and speculated largely in puts," "calls," etc. A Bucharest dispatch of the 27th announces the destruction of the bridge across the Danube at Nikopolis by ice, and says that the bridge at Sistova was also in imminent danger of destruction. A special dispatch from Washington, on the 28th says that, at the Cabinet meeting that day Sec'y McCrary submitted telegraphic reports from the officers at the scene of the late riot in El Paso County, Tex., which state that a careful investigation showed that at least one-half of the rioters who killed Judge Howard and others, and attacked the military, were citizens of Mexico. A more detailed report was on its way in the mails, and no definite action would be taken until its arrival at Washington. The Real-Estate Savings Institution of St. Louis closed its doors, on the 28th. It was thought the amount due depositors ($226,000) would be paid in full. There were in the United States Treasury, on the 29th ult., United States bonds to the amonnt of $346,217.550 to secure bank circulation, and $13,988,000 to secure public deposits. National Bank circulation outstand ing: Currency notes, $320,240,385; gold notes, $1,432,000. One of the oldest and largest drygoods importing houses of Montreal, Can. (Geo. Winks & Co.), suspended on the 29th ult. Liabilities, $300,000; will pay about 75 per cent.