16410. North River Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 12, 1890
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
aa22a02b

Response Measures

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

Description

Multiple contemporaneous reports (Nov 12, 1890) describe a quiet but steady run triggered by rumors about the bank's clearing-house standing and exhausted cash; the bank suspended the same day and an examiner took charge. Directors made efforts to recapitalize and postpone a receivership, but motions for a receiver were soon brought and the bank ended in receivership/closure. OCR typos corrected (e.g., Ingersoll).

Events (3)
1. November 12, 1890 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors/mention that the bank was listed as a defaulter at the Clearing House led depositors to make quiet but steady withdrawals until cash was exhausted.
Measures
Applied to the Clearing House for a loan; clearing-house committee sent an examining committee; bank examiner took charge.
Newspaper Excerpt
On account of the mention of the North River Bank as one of the defaulters at the Clearing-house yesterday, the depositors started a quiet, but steady run on it this morning.
Source
newspapers
2. November 12, 1890 Suspension
Cause
Local Banks
Cause Details
Tight money combined with the bank's mention as a clearing-house defaulter and resultant withdrawals exhausted ready cash, forcing a temporary suspension.
Newspaper Excerpt
This bank has suspended temporarily. The doors were locked, and a number of depositors were congregated in front of the building...the bank examiner had taken charge of the bank.
Source
newspapers
3. November 17, 1890 Receivership
Newspaper Excerpt
A week's efforts to save the North River Bank...ended yesterday in a squabble over the appointment of a receiver for the institution. All hope of rescuing the bank was given up on Monday ... the first official statement ... was presented to the Supreme Court yesterday, upon the argument of the motion for a receiver of the bank.
Source
newspapers

Newspaper Articles (23)
1. November 13, 1890 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, November 13, 1890

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EAST OF THE ROCKIES. Agitation In Railroad Circles Regarding the Union Pacific. BANK FAILURE IN NEW YORK. Meeting of National Baseball Magnates-California Prunes in Demand-Etc. (SPECIAL DISPATCHES TO THE RECORD-UNION.] BANK FAILURE. Tight Money Market Compels a Temporary Suspension. NEW YORK, November 12th.-Notwithstanding the announcement early in the day that the North River Bank would tide over the losses of yesterday, and had made satisfactory arrangements with the Clearing-house, that institution closed its doors at 2:15 P. M., and posted the following notice: "This bank has suspended temporarily." All efforts to obtain further information from the officers were futile. The doors were locked, and a number of depositors were congregated in front of the building, much exercised over the sudden suspension. At 3 P M. the Bank Examiner had taken charge of the bank. The North River Bank is a member of the Clearing house, and operates under a State charter granted in 1842. It applied again to-day to the Clearing-house for a loan, and a committee was on its way to examine into the condition of the institution. when it was learned that it was in the hands of the Bank Examiner, who is tonight overbauling the accounts. It is stated that the bank officials expect to open up for business to-merrow. The cause of the present difficulty is simply tight money. On account of the mention of the North River Bank as one of the defaulters at the Clearing-house yesterday, the depositors started a quiet, but steady run on it this morning. The bank stood it out until 2:30 P. M., when the ready money was exhausted, and it had to close its doors. It did an average business of $3,000,000. The examiners said late to-night that they had not concluded the examination of the books, and could make no statement.

2. November 13, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, November 13, 1890

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The Alarming Symptoms of a WideSpread Financial Panic Have Subsided. There Was Great Excitement on 'Change but a Better Tone in the Market. Money More Plentiful and Rates Much Lower for Demand Loans-The North River Bank. NEW YORK, Nov. 12.-The stock market to-day showed a materially better feeling both in the street and outside and there was a most gratifying confidence displayed that not only was the worst now over but that improvement would be quick and sharp. The action of the clearing house committee in coming to the relief of banks in difficulty was the means of restoring the confidence of many. while improvement in the situation abroad was also a powerful factor to that end. Not only were active stocks much higher all day long but inao tive specialties, which yesterday could not find buyers at any price, to-day were taken at constantly advancing figures and the heavy slump in those shares was in a great measure made up. The liquidation in Villards is now believed to have marked the culmination of the efforts to force complete liquidation in the street, as those stocks had resisted the force applied for a much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better, and improvement in the condition of affairs will be followed by higher prices all along the line. There is to be expected considerable selling in Northern Pacific securities and some ,others to liquidate loans, as was witnessed to-day, but the market now shows no pressure of stocks, and offerings the past few days have undoubtedly been taken by strong parties. The unfavorable factors to-day were continued sales under the rule both for account of the suspended firm of Decker, Howell & Co., and for the accounts of two other brokers whose suspension was announced during the day. There were still rumors of further troubles in financial circles, and the North River bank went into the hands of an examiner late in the day, though the fact was not made known until after the close of business. Foreigners were heavy buyers all day long, and transactions for foreign account were so large that a suspicion that the late sales for London were for short account was openly expressed. Loaning rates for stocks have been very high and inquiry has been very urgent, which would go to give color to the suspicion. The report that Gould had acquired control of the nion-Pacific again was used for all it was worth. but that stock showed no response to the story. North American sold heavily and although taken freely failed to advance. The remainder of the list was especially sluggish in comparison with Northern Pacific. Transactions in it. however. were on an enormous scale and aggregated about one-quarter of the total business done in all securities. The general list was very feverish, as was to be expected under the circumstances, but there was almost a continuous advance in I prices from the opening to the close.

3. November 13, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 13, 1890

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The Financial Situation Very Materially Improved. RISE IN MOST OF THE STOCKS. Jay Gould Said to Have Secured Control of the Union Pacific. He Does Not Deny It and the Report Appears to Have Foundation-A Ran on the North River Bank Causes Temporary Suspension. NEW YORK. Nov. 12.-The stock market today show d a materially b tter :ce live, bo h in the street and outside, and was he most gratifying confid DC: displayed that not only was the worst now over, but that the improvement would be quick and sharp. The action of the clearing-hous committee in coming to the reief of banks in difficulty s the m ans of restoring the confid-nce of many, while the improvement in the situation abroad W IS also a powerful fartor to that end. Not only were ac. tive at cks much higher all day but active specialcies which yesterday could not find buyers at any price today were taken at constantly advancing figures, and the he+vy stump in these shares was in great measur made up. The liquidation in V Hards is now believed to have marked the culmination of efforts to force comp ete liquidation in the street, as tho-e stocks had the bear force applied for much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better, and the improvement in the condition of affairs will be followed by higher prices all along the line. There is to be expected considerable selling of Northern Pacitic securities and some others to liquidate loans. as was witnessed today, but the market now shows no pressure on stocks, and the offerings of the past few days have undoubtedly been taken by strong parties. The unfavorable factors today were continued sales under the rule, both for the account of the suspended firm of Decker, Howell & Co., and for the account of two other broker whose suspension was announced durin: the dty. There were still rumors of further troubles in financial circles, and the North River bank went into the hands of the examiner late in th - day. though the fact was not male known until after the close of business. Foreigners were heavy buyers all day long, and the transactions for foreign account were so large that a suspicion that late sales for London were for short account was openly expressed. The loaning rat 's for stocks hive been very high. and in. quiry has been very urgent, which would go to give color to the suspicion. The r port that Gould had acquired control of the Union Pacific was again used for all it was worth, but the stock showed no response to the story. North American sold heavily, and although taken freely, failed to advance the remainder of he list and was especially sluggish in comparison with Northern Parific. Transactions in ir, however, were on an enormous scale, and agregated about one-quarter of total business done in all securities. The general list was very everish, an was to be expected, under the circumstances, but there was an almost continnous advance in prices from opening to close. Northern Pacific preferred is up 7 per cent., common 2/4: Wheeling and Like Erie preferred 4. common 15/6. St. Paul 35/6. Burlington & Quincy 31/2 Surar and C.C. c. & St. Louis 34,Un. on Pacific 85/6, Atchison 27/8, Rock Island 23/8. Missouri Pacific 27/8, New York Central 21/2. Western Union 21/4. and others small amounts. Governments were weak and dull for the fours

4. November 13, 1890 Evening Journal Wilmington, DE
Article from Evening Journal, November 13, 1890

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THE DOORS CLOSED. The North River Bank Suspends-Wall Street's Flurry the Cause. NEW YORK, Nov. 13.-The North River bank, in Greenwich street, suspended business yesterday afternoon. It was said that the tightness of money had caused the suspension. President Edward E. Gedney and Frank R. Ingersoll, cashier, were at the bank until a late hour Tuesday night. They sent out word to reporters that the bank was $60,000 short at the Clearing house and that it had ample securities to cover all shortages. All day Wednesday there was a quiet but steady run on the bank, the result of rumors that the bank was in financial straits. The bank has been doing an average business of $3,000,000. It loaned a great deal of money lately, and being unable to get it in again to meet cash demands, had to suspend. The directors are John H. Starin, Joseph Brokaw, John R. Greason, James L. Wise, Nicholas C. Muller, Edward L. Hedden, William E. Tefft, Aaron Close, Charles C. Worthington, Millard R. Jones and David R. Paige. The officers were positive in their statements that only $60,000 was involved in the suspension. The bank is the New York correspondent of the Howard National bank, Boston: Tradesmen's National bank, Philadelphia, and Northwestern National bank, Chicago. The bank has been established over fifty years. Levi Apgar, who had been president many years, died Nov. 12, 1888, and E. E. Gedney, who had been in the bank since 1866, was promoted to the presidency, having previously been the vice president. The bank, it is said, took deposits up to 1:30 o'clock yesterday, and also discounted a note for a depositor. Several policemen guarded the doors last evening. The crisis in W&ll street seems to be over. Two small failures occurred yesterday, but the market opened favorable, and all stocks but the Villard series rose,

5. November 13, 1890 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 13, 1890

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North River Band Closes. NEW YORK, November 12.-The North River bank at the corner of Dey and Greenwich streets, closed its doors this afternoon at 2:30 o'clock. It operates under a State chaater granted in 1842. It is one of the banks which had to be helped out by the Clearing House yesterday, and the rumor started a quiet but steady run. The bank applied today to the Clearing House for a loan and a committee was on the way to examine into the condition of the institution when it was learned that it was in the hands of the Bank Examiner. It was stated that the bank officials expected to open up for business to-morrow morning at ten o'clock. The North River bank was reported last week as having a capital of $240,000, a surplus of $118,500, loans $2,000,000, deposits $1,975,000 and cash on hand $270,000. It did an average business of $3,000,000. The cause of the present difficulty is simply tight money.

6. November 13, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, November 13, 1890

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THE CRISIS PASSED. Transactions in Wall Street Show a Better Feeling. Prospects of a Sharp and Rapid Improvement in the Market. Suspension of the North River Bank-Failare of New York Firms-No Further Disasters Anticipated. Special to THE MORNING CALL NEW YORK, Nov. 12.-The stock market to-day showed a materially better feeling, both on the street and on the outside, which was a most gratifying indication that not only was the worst now over but that the improvement would be quick and sharp. The action of the Clearing-house Committee in coming to the relief of the banks in difficulty was the means of restoring the confidence of many, while the improvement in the situation abroad was also a powerful factor to that end. Not only were active stocks much higher all day long, but inactive specialties, which yesterday could not find buyers at any price, 10-day were taken at constantly advancing figures, and the heavy slump in those shares was in a great measure made up. A liquidation in Villards is now believed to have marked the culmination of the efforts to force a complete liquidation in the street, as tbose stocks had resisted a force applied for a much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better and the improvement in the condition of affairs will be followed by higher prices along the line. There is to be expected considerable selling of Northern Pacific securities and some others to liquidate loans, as was witnessed to-day, but the market now shows no pressure of stocks, and the offerings of the past few days have undoubtedly been taken by strong parties. Unfavorable factors today were continued sales under the rule both for account of the suspended firm of Decker, Howell & Co. and for the accounts of two other brokers, whose suspension was announced during the day. There were still rumors of further troubles in financial circles, and the North River Bank went into the hands of an examiner late in the day, though the fact was not made known until after the close of business. Foreigners were heavy buyers all day long, and transactions for foreign accounts were so large that a suspicion that the late sales for London were for a short account was openly expressed. Loaning rates for stocks has been very high, and inquiry has been very urgent, which would go to give color to the suspicion. The report that Gould h d acquired control of the Union Pacific again was used for all it was worth, but the stock showed no response to the story. North American sold heavily, and, although taken freely, it failed to advance with the remainder of the list, and was specially sluggish in comparison with Northern Pacific. Transactions in it, however, were on an enormous scale. and aggregated about one-quarter of the total business done in all the securities. The general list was very feverish, as was to be expected under the circumstances, but there was an almost continuous advance in prices from the ovening to the close.

7. November 13, 1890 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 13, 1890

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THE NEW YORK STOCK MARKET.-As stated in the GAZETTE yesterday in Wall street yesterday the stock market was meterially better, the close being active and strong at the highest prices of the day, large sales of stocks were made under the rule for the account of brokers who suspended on Tuesday, and there were a couple more unimportant failures, but these did not interrupt the upward movement. Money was stringent most of the day, but went down to 6 per ceat., and closed at that figure. The North River Baok was temporarily placed in charge of the State bank examiner, because of the exhanstion of funds under 8 pressing demand. Last week the clearing-house circular showed the North River Bank 88 having a capital of $240 000, a surplus of $118,500, Lane, $2,000,013 ; depowirs, $1,975,000, and cash on hand $270,000 This is one of the banks which had to be helped out by the clearing-house on Tues. day. Io loaned too much money, according to the statement of the cashier. The amount involved, Vice-Presidenc Brokaw said last night, was less than $60 000. The sales of !isted and unlisted stocks yesterday aggre gated over 600 000 shares, and of railroad bonds $2,143,000. The Treasury Department purchased 737,000 ounces of silver at 103.02 to 103 95.

8. November 13, 1890 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, November 13, 1890

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A CRISIS. Panic in the Stock Market on Wall Street , Several Big Firms Fail Decker, How el & Co. 6 Liabilities Eatimated at $10,000,000. BUIN IN WALL STREET New York Nov. 18-The darkest market eloud which overbung the stock and the atmosphere will burst Tuesday ep. Mr. Heary now doubtless clear respected Villard's brokers, the old and Decker, Howell & Co., were firm of involvsuspend. after seriously forced to of the Wall street banks An enermous ing one liquidation in the Villard North -Northern Pacific and stocks- -preceded and followed the American announcement of suspension. formal and was in progress when the marker closed Transactions is Northern Pacific closed preaggregated 84,000 and it farred net fall of 11% of North Amerion a can over 95,000 shares were dealt in. It closed 134 above the lowest but Pacific shows net decline of 83/6 Northern common was less active, but is down % per cent. This and the two failures that pre- the ceded it, the embarrassment of Bank of North America, and the potent measures adopted by the clearing-house banks Tuesday afternoon to relieve the banks and the community of the strain caused by the scarcity of money made dramatic chain of incidents. While real failures were taking place on the Stock Exchange a lot of fictitious ones were being proclaimed th roughout who Wall street by rumor-mongers quoted the names of suspicious banksas being unable to maintain their credit. as The current sensationalism. so far the banks were concerned. had much Yet more invention than fact in it. there was undeniable apprehension in banking circles. Bankers would not mitthis freely, but early in the day there conferences among representa- the ware tives of clearing-house banks, and banks of the New York Clearing House Association determined to provide and against ever possible misfortune exigency by pledging their associated I credit in behalf of every bank in the association. The associated banks of New York have available assets of $95,000,000. Against this it was voted to issue clearing-house certificates in such volumes as the situation might suggest or the require. As a measure of `relief bankers who resolved upon it are confident that it will at once be effectual. There is almost universal agreement among leading New York bankers that the money market's receat range and intightness came through artificial fluences. Funds have been locked up, taken out of ordinary business channels, to kept out of reach--all in order carry forward the bear campaign of depression, apprehension and quotation smashing The provisions of clearing house certificates -unlimited, if need be, up to $93,000,000 will, of course, put to rout all these manipulative schemes. HEAVY FAILURES. It was just after 2:13 o'clock p. m. that the failure of Decker, Howell & Co., of 44 Broadway. was announced on the Stock Exchange W. Nelson Cromwell, the assignee for the firm, made the following statement concerning its affairs late in the afternoon: The liabilities are about $:0,000 000 and the assets at the present market price largely almost exceed that sum. The liabilities are due entirely to banks and bankers on loans secured made of business and are well of cause in course the suspension was the inThe of the firm to borrow the necessary ability cash required in the day's busi amoun of were very large ness. The firm's transactions necessary to borrow several millions it being The firm had abundant collateral daily. for lac% of security but the inability day to make available that caused the in matter of absolute crash. It was simply get money on the best securiti owing ability to to the extraordinary money stringency now prevailing. Joseph H Decker, the senior member of the firm, said: 'Our failure due to the simple fact that we could not get the money to carry on our business We had ample assets, but could not realizo on them. The distress which not has been caused by our failure is local. it is world wide. The firm of Decker, Howell & Co. was one of the most prominenton the Stock Exchange It was identified not only the with the Villard stock but with Standard Oil interests as well. and also carried the accounts of the bigges stocl operating firm in Chicago At the begin firm ning of the present year the claimed to be worth $400,000 in cash. The suspension of C. M. Whitney & Co. was announced at 11 o'clock in the forenoon. The suspension of Whitney & Co. by sales under the rule for their account was of 1,200 shares of Columbus & Hocking Valley and Iron Company shares stock 18% to 151/1 1,400 at Toledo, Ann Arbor & North Michigan at from 26 to 1536 500 shares Texas & Pacific 100 shares Michigan Central. 100 shares Missouri Pacific and 200 shares St Paul common In many cases Hocking Coal and Iron was dealt in to some extent at 2414 to 3136 and Toiedo, Ann Arbor & North Michigan at from 8714 to 403 80 that the less on the 2,600 shares of these two stocks is from 16 to 18 points since May, or say an aggre of gate of possibly $40,000,000. This itself does not indicate a failure of any considerable importance. though it not known yet what other securities they are interested in or whether the whole liabilities will be sufficient to cripple any other tradera HELPING BANKS OUT OF TROUBLE Art the close of the market it earned that three banks which were members of the New York Clear House Association had difficulty in set tling the claims of the other banks against them. There was a bal ance against the Bank of North America of $1 400,000. which it was unable to settle The other banks were the North River and the Mechanics and Traders' During the day the Me chanics and Traders' Rank made

9. November 13, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 13, 1890

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Suspension of the North River Bank. NEW YORK, Nov, 12.- Notwitstanding the announcement early in the day that the North River bank had tided over the losses of yesterday and made satisfactory arrangements with the clearing house that institution closed its doors at 12:15 p. m. and posted the following notice: "This bank has suspended temporarily." All efforts to obtain further information from the officers were futile. The doors were locked and a number of depositors congregated in front, much exercised over the sudden suspension. A bank examiner has taken charge of the bank. The North River bank is a member of the clearing house and operates under a state charter granted in 1842. It applied again to-day to the clearing house for a loan and a committee was on the way to examine into the condition of the institution when it was learned that it was in the hands of the bank examiner, who is tonight overhauling accounts. It is stated the bank officials expect to open up for business to morrow. The cause of the present difficulty is simply tight money. On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday, depositors started a quiet but steady run on the bank this morning. The bank stood out until 2:30 when its ready money was exhausted and it had to close its doors. It did a business of $3,000,000. The bank examiner said late to-night he had not concluded an examination of the books and could make no statement.

10. November 13, 1890 Spokane Falls Review Spokane, Spokane Falls, WA
Article from Spokane Falls Review, November 13, 1890

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CLOSED ITS DOORS The North River Bank Temporarily Suspends. NO STATEMENT MADE PUBLIC The Rumors of Its Clearing-House Standing Caused a Disastrous "Run." NEW YORK, Nov. 12-Notwithstanding the announcement early in the day that the North River bank would tide over its losses of yesterday and made satisfactory arrangements with the clear. ing house, that institution closed its doors at 2:15 P. M. and posted the following notice: "This bank is suspended temporarily." All efforts to gain further information from the officers were futile. The doors are locked. A number of depositors are congregated in iront, much exercised over the sudden suspension. The bank examiner has taken charge of the bank. The North River bank is a member of the clearing house and operates under the state charter granted in 1842. It applied again yesterday to the clearing house for a loan, and the committee was on the way to examine into the condition of the institution when it was learned that it was in the bands of the bank receiver, who is to-night overhauling its accounts. It is stated the bank officials expect to open up for business to-morrow. The cause OF the present difficulty is simply tight money. On account of the mention of the North River bank as one of the defaulters at the clearing house yesterday the depositors started a quiet but steady run on it this morning. The bank stood out until 2:30, when its ready money was exhausted and it had to close its doors. It did an average business or $3,000,000. The bank examiner said, late to-night that they had not concluded the examination of the books, and could make no statement.

11. November 13, 1890 Spokane Falls Review Spokane, Spokane Falls, WA
Article from Spokane Falls Review, November 13, 1890

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MORE CONFIDENT TONE Prices Show an Upward Tendency. VILLARDS SHOW MORE STRENGTH Money a Trifle Easier and Strong -Parties Operating on the Bull Side. NEW YORK, Nov. 12.-The stock market to-day showed a materially better feeling, both in the street and outside, and there was the most gratifying confidence displayed that not only was the worst now over, but that the improvement would be quick and sharp. The action of the clearing-house committee in coming to the relief of the banks in the difficulty was the means of restoring the confidence of many, while the improvement in the situation abroad was also a powerful factor to that end. Not only were active stocks much higher all day long, but inactive specialties, which yesterday could find buyers at any price, to-day were taken at constantly advancing figures, and the heavy slump in those shares was in a great measure made up. Liquidation in Villards is now believed to have marked the culmination of the efforts to force a complete liquidation in the street, as those stocks had resisted a force applied for a much longer time than any other group of stocks on the list. The impression is that now the whole situation has been changed for the better and the improved condition of affairs will be followed by higher prices all along the line. There are to be expected considerable selling of Northern Pacific securities and some others to liquidate loans, as was witnessed to-day, but the market now shows no pressure of stocks and offerings. The past few days have, undoubtedly, been taken advantage of b& strong parties. The unfavorable factors to-day were the continued sales under the rule, both for the account of the suspended firm of Decker, Howell & Co., and for the accounts of two other brokers whose suspension was announced during the day. There were still rumors of further troubles in financial circles, and the North River bank went into the hands of an examiner late in the day, though the facts were not made known until after the close of business. Foreigners were heavy buyers all day long, and transactions for foreign account were so large that a suspicion that the late sales for London were for short account was openly expressed. Loaning rates for stock have been very high, and inquiry has been very urgent, which would go to give color to the suspicion. The report that Gould had acquired control of the Union Pacific again was used for all it was worth, but the stock showed no response to the story. North American sold heavily, and although taken freely, failed to advance the remainder of the list and was specially sluggish in comparison with Northern Pacific. Transactions in it, however, were on an enormous scale, and aggregated about onequarter of the total business done in all securities. The general list was very feverish, as was to be expected under the circumstances, but there was almost a continuous advance in prices from the

12. November 15, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 15, 1890

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The Broken North-River Bank. [By telegraph to the Dispatch.] NEW YORK, November 14.-Cashier Ingersol, of the suspended North-River Bank, said this morning that the depositors would receive every dollar they put into the bank. The only ones who would lose anything would be the stockholders. It was only possible for the bank to resume, he declared, if the directors put up the necessary money.

13. November 15, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 15, 1890

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The North River Bank. NEW YORK, Nov. 14. -The motion for the appointment of a receiver for the North River bank was postponed until Monday because of efforts being made to resume business. The directors of the bank held a meeting this afternoon. Superintendent Preston said the board considered ways and means to rehabilitate the bank, and resolved to make active efforts to that end. If successful, the bank ought to open Monday or Tuesday. A committee from the clearing house has expressed confidence in the solvency of the institution.

14. November 17, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 17, 1890

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money market has taken an upward turn, which I am sure it will maintain." Jay Gould had learned of nothing that would depress the market -day, and reiterated his belief that the crisis is over. Jacob D. Vermilye, president of the Merchants' National Bank, said: "I know of nothing that should cause trouble to-morrow. The depressing influences that were felt last week have been removed. As chairman of the Loan Committee of the Clearing House Association, I am in position to say that the New-York banks are sound." Edward H. Perrins, president of the Importers and Traders' National Bank, expressed the belief that there is now no cause for apprehension of further trouble. It was declared, on the authority of a director of the North River Bank, yesterday, that the amount of deposits secured to the bank for a period of ninety days, in response to the circular issued on Friday, was about $400,000. While this is somewhat less than was supposed on Saturday night, little trouble is anticipated in securing the rest, if only sufficient time be granted. This, Charles M. Preston, the Superintendent of the State Banking Department, seems willing to do. He is more than anxious to see the institution recover its lost ground. if for no other reason than to demonstrate the security and solidity of State banking institutions. Mr. Preston is jealous of the fair fame of the department of which he is the, head, and will without doubt afford every facility for efforte in behalf of the North River Bank. Mr. Preston returned to his home in Kingston, N. Y., to spend Sunday, but is expected to return in time for the directors' meeting this morning. No trouble is anticipated in getting additional capital, if the plan of increasing the capital stock to $500,000 is adopted. A member of the Loan Committee of the Clearing House Association yesterday expressed his belief that the indebtedness of Paige, Carey & Co. to the North River Bank had had a greater effect in the suspension of the institution than the bank officers or Bank Examiner Preston would admit. It is a noticeable fact that Mr. Preston has heretofore declined to make public the exact amount of Paige, Carey & Co.'s indebtedness. It has also been noted that D. R. Paige, although a director in the bank, has taken no active interest in its management, and is lending no assistance in the present crisis. A morsel of comfort was thrown out for the depositors yesterday by the emphatic statement of John H. Starin that, whatever the fate of the bank, the depositors would not be allowed to suffer in the slightest. Mr. Starin's connection with the bank does not seem to have been so great as was supposed. The greater portion of his banking business has been transacted with the Mercantile Bank. He kept about $60,000 in the North River Bank, but this was largely drawn out during Mr. Starin's absence in Europe, for use in his steamship business. Mr. Starin owns North River stock to the amount of $10,000. A controlling interest in the North River Bank is said to be owned by the Apgar estate, which is represented by Edward L. Hedden, ex-Collector of the Port of New-York, who was the son-in-law of Levi Apgar. a former president of the institution. Mr. Hedden is also a director of the bank. and his action in applying for the appointment of a receiver is thereby made the more noticeable. It is believed, however, that the motion will for be withdrawn to-day, when it comes up argument in the Supreme Court. Chambers. Consequent upon the Wall Street excitement of Saturday, many brokers and brokers' clerks remained at their offices all of Saturday night. and yesterday in a large number of offices clerks and brokers were at work at their books and accounts. While no great anxiety seemed to be felt regarding stock speculations to-day, the downtown financiers were carefully putting their houses in order to be fully prepared for any emergency. General Charles H. T. Collis has sent the following letter to The Tribune: A financial panic may be averted by adopting the following course: 1. No loans should be called which are fairly : margined. 2. Every borrower should voluntarily strengthen his loans to the extent of his ability on Monday at 10 o'clock. 3. Clearing House certificates should be issued to all banks allke. TO issue ony to those needing them is to impair credit and force extended banks to call their loans, thus aggravating the conditions. If each bank takes a quarter of a million of certificates the Interest account evens itself and there is no invidious criticism. These suggestions have the earnest approval of one of the ablest bankers in active business. CHARLES H. T. COLLIS.

15. November 17, 1890 The Sun New York, NY
Article from The Sun, November 17, 1890

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$800,000 SIGNED OFF. Sunday Work to Get the North River Bank Ready to Reopon. The directors of the North River Bank and many of the depositors who have signed the agreement not to draw their deposits for ninety days if the bank is opened. spent yesterday circulating lists to get more signatures to the agreement. Last night Lawyer Jones, who is the bank's counsel, said that they had succeeded very well considering that it was Sunday. They had got the signatures of depositors representing $200,000 in the bank. and that brought the amount signed off up to $800,000. leaving only $200,000 to make the amount required. This. Lawyer Jones thought, would be signed for to-day. The lists which the depositors sign contain a stipulation that the bank is to be opened to-morrow morning. If it is not opened then the agreement will be void. The directors will have to do some hustling to-day. They have not decided yet what policy to pursue to raise the additional $750,000 that will be required to meet the demands of the depositors. who will not sign off. The talk of increasing the capital stock to $500,000 is only talk yet. The Clearing House will not loan on the securities the bank holds. and some one must be found who will. But some of the loans have matured. and there is a good deal of cash on hand. The directors will hold a meeting early this morning at the bank. The application of the Apgar estate, which owns one-quarter of the stock of the bank, for the appointment of a receiver will be apposed by the bank officials and by Superintendent Preston when it comes up for argument before Justice O'Brien in the Supreme Court to-day, and it will probably be laid over until Wednesday.

16. November 18, 1890 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, November 18, 1890

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WALL STREET QUIET All Danger of a Commercial Crisis Averted. JAY GOULD'S LATEST PURCHASE. Rumors that He Has Obtained Control of a Several Important Properties. Creditors of Mills, Robeson & Smith Meet To-day-870,000,000 Pledged for Baring Bros.-The North River Bank Will Not Resume-No Financial Trouble in Berlin-The Richmond Terminal Deal. NEW YORK, Nov. 18.-Wall street has taken fresh courage but the change of sentiment is tempered with caution and so lacks enthusiasm. Foreign advices are more reasuring and afford a sustaining influence to local values. It is conceded that all danger of a commercial crisis has been averted, so that the banking institutions of this city are more favorably disposed to their customers who have suffered from the recent financial distress. A secret conference was held at the Clearing House the outcome of which was not made public on the ground that the country banks might become alarmed at the enormous necessities of the financial community at present. It is understood, however, that each member of the association pledged itself to withdraw & certain amount of loan certificates, irrespective of immediate requirements, and thus fortify itself against any possible emergency. Three stock houses announced their inability to meet their engagements, but these suspensions had no perceptible effect on the values. While the market shows a disposition to rally, no material advances are recorded. Disagreeable rumors are in circulation affecting the standing of a prominent brokerage house, which it was believed might be forced to make an assignment. Jay Gould is credited with having obtained control of Union Pacific, Atchison and the Richmond and Danville group of properties. The excuse for this assumption appeared, however, to be almost entirely connected with the large purchases of the securities of those roads that were made by that gentleman's brokers.

17. November 19, 1890 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1890

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ARGUMENTS FOR A RECEIVER. TWO MOTIONS BEFORE THE SUPREME COURT IN THE NORTH RIVER BANK CASE-STATEMENT OF THE INSTITUTION'S CONDITION-A DEFICIENCY OF ABOUT $100,000. A week's efforts to save the North River Bank. at Greenwich and Dey sts., ended yesterday in a squabble over the appointment of a receiver for the institution. All hope of rescuing the bank was given up on Monday, and the attention of directors, stockholders, depositors and bank examiners was concentrated on the contest for the receivership. Many of the depositors show a tendency to charge that this has been the end in view all the while. To substantiate this view they point to the entire lack of harmony in the board, of directors in the last week and the energy developed in the matter of a receivership. The dissatisfation existing among the depositors is aggravated by the fact that a majority of them are laboring med and small merchants in the immediate vicinity of the bank, who can ill afford to lose the accumulated savings of years which they had deposited in the institution. The first official statement containing the details of the exact condition of the North River Bank which has been made public was contained in the papers presented to the Supreme Court yesterday, upon the argument of the motion for a receiver of the bank. This statement was as follows: ASSETS.

18. November 22, 1890 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, November 22, 1890

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deaths reColony 19, from which twenty-tere lays the immediate report upon Jc. sulted. responsi bility The of the section accident master, who F. Welch, the gang of workmen seph charge of the track jack that was The was that in the using accident the power on report the train also the brake have not as of the extend THE have decided to claims in was caused Kansas leaders that great organization as it Farmers' should by establish- Alliance branch, been. the scope of assessment their life insurance similarly to ing an conducted Workmen. which the Ancient is to Order be of is United imminent cars in Nefamine of to on account Union braska A FUEL coal from of the lack points in Pacific the transport in Wyoming towns to are entirely dependent mines former State. on the Many Union Pacific coal Worth, for real an fuel. W. F. SOMERVILLE, estate, of Fort stocks and asthe on signment Tex., bonds who valued owns at $500,000, 15th. His made liabilities are $200,000. 15th West Superior, Mich., on the Hilda AT Rosa Morrison, were and a boy, name while in vessel. three drowned Berg, children, Hugitt of slip unknown, witness- facing the launch lockout a in all took the place hat on A GENERAL in Danbury, Conn., disagreement be17th Hat and the Hat sociation tories the tween the owing Fur to a Manufacturers' Trimmers' people. Union. As- reThe lockout affects at 10,000 Colfax, Wash., 11% IN a M. foot Gray race ran 125 world's yards record. in cently, breaking the New York State been says River seconds, THE Banking it has North Superintendent definitely bank decided of that the business, the directors would not resume raise the funds reAT Fort Wayne, Parker, Ind., who Tom some at time ago the over the funds compelled quired. not and Edward being Ind., able to postmaster hand to McCulloch revolver, Heller's of Corners, the office at the sentenced point of to a four years were on the 17th prison. each THE in explosion the State of & a Bro. boiler at in Mertztown, the stove and works of Trexler killed three men was injured eight Pa., on the 17th others. The foundry stock York, badly THE wrecked. firm of Randall & assigned Weirum, on the The brokers of New $431,510 preferences. Wall with was a decided surprise to Supreme Court of the of failure street. 17th. judgment United goods the THE has affirmed the that all States lower court which decided were dutiable as 35 35 at worsteds known as at diagonals 24 cents and per not pound as woolens and cent. ad percent. cents ad valorem. per pound and 35 per southNEAR valorem. KYLE, Tex., on the on 17th the Interna- a bound passenger Northern train railroad was tional & Great engine hauling the into pay run into by an coach was broken were kindling car. The wood. rear Thirty killed. persons injured, but no has one secured a controlling Topeka & JAY GOULD the Atchison, secured interest in Last May he Fe stock, as Santa Fe road. of the Santa one-fourth been since that offered at low will of Robert Ray York on least and ing figures. THE in all probate that was time in he New has Hamilton child, gather- enough was the my 17th. filed fo" He bequeaths to annuity "the of $1,200 other be paid in " Several her natural but Eva adopted ing to are daughter, made, monthly life. an installments them. Hamilton dur- be- is quests not mentioned among Court of the United renTHE Supreme Blatchford, through Justice to the effect decision on through own States, dered a injured the partly 17th from his rethat negligence person is not debarred covering damages. standard silver dollars ended THE issue of during the week issue during was from November the the mints th corresponding was $757,97 week The of last year $313,965. national convention of Union the AT the Christian Temperance the Ga., on the re-election in Women's Atlanta, resulted the in 17th, follows: election Miss of C. of officers officers as Mrs. the old Willard, president; Buell, recording Miss Pugh, State Department Moussa all tary; Mary Frances E. THE A. E. corresponding Woodbridge, treasurer. secretary; has informa- secre- Bey, Mrs. the notorious American that outrages on in that quarter engaged have so has he the Department, the of banished to missionaries tion whose the attention where reported lived summarily long of Turkey has interior of Arabia. length been The sentence been convention of A STATE be held at Alliance carried will out. purpose Harrisburg, the of Farmers' organ- dele- Pa., 26, for the electing November State Alliance and Alliance convention izing a National Decemgates to to be the held at Ocala, Fla., ber ON 2. the engine of the 17th a freight the Kansas train City, of plunged six Wyan- cars a bridge through and dotte an & Northwestern near railway Kansas City,

19. May 5, 1891 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, May 5, 1891

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# Bank Officials Held for Perjury. NEW YORK, May 4.-[Special]-Edward E. Gedney, president of North River Bank, and Cashier Frank Ingersoll were placed under arrest this afternoon on a bench warrant issued by Judge Martine. They were brought before Judge Martine in part second general sessions and held in $15,000 bail each. They are charged with falsifying the quarterly report of the bank made September 27, 1890. Complaint in the case was made by the receiver of the bank, Frank Higgins. Gedney and Ingersoll both gave bail. A certain item "Resources" set forth that the bank had $124,436 in specie. It is upon this statement that perjury is alleged.

20. May 5, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, May 5, 1891

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# A Bank President Arrested. NEW YORK, May 4.-Edward A. Geaney, president of the North River bank, and Cashier Frank Ingersoll were placed under arrest this afternoon on a bench warrant issued by Judge Martin. They were brought before Judge Martin in general session and held in $15,000 bail each. They are charged with falsifying quarterly reports of the bank made on June 14, 1890. The complaint was made by the receiver of the bank, Frank Higgins. Both officers gave bail and were released.

21. May 6, 1891 Watertown Republican Watertown, WI
Article from Watertown Republican, May 6, 1891

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BANKERS UNDER ARREST. President Gedney and Cashier Ingersoll, Charged with Embezzlement. NEW York, May 4.-Edward E. Gedney, president of the North River Bank, and Cashier Frank Ingersoll were placed under arrest this afternoon on a bench warrant issued by Judge Martine. They were brought before Judge Martine in general sessions and held in $15,000 bail each. They are charged with falsifying the quarterly report of the bank made on June 14, 1890. The complaint in the case was made by the receiver of the bank, Frank Higgins.

22. May 15, 1891 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, May 15, 1891

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CRIMINAL. ALFRED TOWNLEY, a gambler. was shot and killed by his wife in the jai! of Austin, near Chicago. AT Logansport, Ind., Saturday, Martin Griner killed Anna Keyster. his mistress, and afterward committed suicide. CASHIER J. K. BRANTLY. of the St. Louis Iron Mountain & Southern is alleged to be $20,000 short in his accounts. MRS. CONN ELLY, aged 110 years, committed suicide at Hazelton, Pa., rather than be sent to the alms house. AN express car attached to a train on the Santa Fe road, near Guthrie, O.T., was boarded by robbers Saturday, but the presence of mind of the messenger saved all but $500 of the treasure. DANIEL FRIED, proprietor of a dime museum in Brooklyn, N. Y., shot himself three times Wednesday morning and died almost instantly. STRIKING quarrymen near St. Louis Tuesday drove the negroes who had taken their places away from two quarries and carried off all the tools. COLONEL DORSES, who eloped with Mrs. Massey from Douglasvile, Ga., is a defaalter, having carried away nearly $30, 000 of trust money in his flight. PRESIDENT E. E. GEDNEY and Cashier F. R. Ingersoll of the defunct North River bank of New York were arrested Monday for perjury in connection with the bank's affairs. PRESIDENT MARSH and Cashier Lawrence of the suspended Keystone National bank at Philadelphia are charged with conspiring with the late President Lucas in looting the bank of $1,000,000 CHARLES J. DICKSON, a Pueblo crank, has been arrested at New York for threatening to kill Juy Gould unless the latter COAtributed $5,000,000 to a mythical organization he called "Christ's followers.' FRIDAY evening strikers at Waveland, Ind., after they had t'ed up the road for back pay due them, stoned a passenger train, overpowered the crew and seriously injured a traveling man from Crawfordsville, Ind. He was badly cut about the head. FRIDAY night at 11 o'clock Solomon Etaw set fire to Mr. B. B. Bennett's residence in Weston, W. Va. Bennett extinguished the fire. An hour later Etaw returned and shot Bennett dead in his bedchamber. Etaw is under arrest. ANDREW A. MEYER, treasurer, and R. P. Walker, a director of the Eastern Investment company of Boston, were arrested for making alleged fradulent representations about the concern.

23. January 12, 1893 New-York Tribune New York, NY
Article from New-York Tribune, January 12, 1893

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# JOHN HUNTINGTON DEAD. DYING IN LONDON WHILE ON HIS WAY TO AMERICA. ONE OF THE FIRST MEN TO MAKE A FORTUNE FROM THE STANDARD OIL COMPANY-THE, ALLEGED FORGERIES OF HIS NAME ON DAVID R. PAIGE'S NOTES. Cleveland, Jan. 11. The cable brought the in- telligence this morning that John Huntington died on Tuesday in London. He had entirely recovered from the stomach trouble for the relief of which he went to drink of the waters of Carlsbad, and had left Dresden and was in London on his way home. There he was taken with a severe cold which resulted in inflammation of the lungs. Mrs. Huntington is accompanied by Mrs. Morgan, of this city. She will start for home with the body as soon as the necessary arrangements can be made. A little less than two years ago his son Arthur G., aged twenty-five, was killed by being run over by a train at Amherst, Ohio. The children living are William R. Huntington, Mrs. A. C. Hurd, Mrs. E. A. Merritt, of Cleve- land, and Mrs. J. P. Smith, of Chicago. To the home-coming of Mr. Huntington was attached more than usual significance, as it was expected that he would give his attention to the Paige defalcation troubles and throw much addi- tional light upon them. Mr. Huntington was born in Preston, Lancashire, England, March 8, 1832. His father was Hugh Huntington, a pro- fessor of mathematics at Ormskirk, Lancashire, and later founder of Trinity School, Preston. Mr. Huntington emigrated to America when he was twenty-two years old, landing here August 10, 1854, and came direct to Cleveland, where he has ever since made his home. The discovery of petroleum in Pennsylvania in 1859 at- tracted his attention, and he entered the business of refining oil with Clark, Payne & Co., in December, 1863. The Standard Oil Company was formed by the con- solidation of the firm of Clark, Payne & Co. with several others. On March 8, 1889, Mr. Huntington celebrated the fifty-seventh anni- versary of his birth by founding a trust fund for the benefit of the charitable institutions of Cleveland. He set aside $200,000 of the stock of the Cleveland Stone Company, of which he was the president. It is expected that his will will give considerable more to charity and art His home on Prospect-st. contains one of the filest art collections in the State. The death of John Huntington recalls the prominent part the signatures of Mr. Huntington played in the tangled affairs of the firm of Paige, Carey & Co., the aqueduct contractors and wreckers of the North River Bank. The alleged forgeries of the name of John Huntington as indorsements on Paige's notes at any rate resulted in making David R. Paige, who formerly occupied expensive apartments in Park-ave. In this city, a fugitive from justice. Joseph Paige, who was cashier of a bank in or near Cleveland, was found guilty of swindling the bank, and was sent to the penitentiary. David Paige at the present time is said to be in the Argentine Republic, while his brother is serving out his sentence in prison. Several stories are told about the Huntington for- geries which are said to amount to $400,000. When the loose methods of Paige, Carey & Co., became known, Mr. Paige's representative who was found at the Broadway offices of the firm, said that the indorse- ments which were questioned were genuine, and that they had been obtained from Mr. Huntington by Mr. Paige when abroad. He also said that he had obtained two successive renewals of the paper. When he was asked where Mr. Paige could be found he said that he had probably gone to Europe to see Mr. Huntington for the purpose of settling the matter of the notes. It was learned afterward, however, that Mr. Paige, instead of going to see Mr. Huntington, had gone in the opposite direction. Mr. Huntington as soon as he heard about the $400,000 worth of paper which he was alleged to have indorsed, cabled to his represent- atives in Cleveland that he had not indorsed any notes for a large amount for years. The result was a panic in Cleveland, as the forged paper had been widely distributed there. John Huntington's signa- ture was as good as gold in Cleveland as it was known that his estate was worth at least $3,000,000, if not $5,000,000. He was one of the men who first made a fortune in the Standard Oil Company, and who re- tired from business six or seven years ago. In the summer he lived in Carlsbad, and in the winter in Southern France. Mr. Paige had transacted much business for Mr. Huntington in Cleveland, and as he was related to him by marriage, besides being at the head of a large firm of contractors in New-York, no surprise was expressed in Cleveland when notes amounting to hundreds of thousands of dollars in- dorsed by Mr. Huntington were placed on the Cleve- land market by Mr. Paige. Future developments, in addition to the denial from Mr. Huntington, showed that the signatures had been forged with the idea that Mr. Huntington, who was then seriously ill abroad, would not recover, and the forger hoped that the bogus signatures would not be discovered before Mr. Huntington's death, and that their genuineness would never be questioned. Things turned out differ- ently, though. In addition to the Cleveland losers, the creditors of the old North River Bank, which for so long a time has been in the hands of a receiver, may be victims, as several hundred thousand dollars of the forged paper is part of the assets of the bank- rupt bank, of which David R. Paige was a director when it failed. The receiver's attorneys hold that the Huntington signatures on Paige's notes are genuine.