16600. Tenth National Bank (New York, NY)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 307
Charter Number: 307
Start Date: September 25, 1869
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 07365838

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple contemporary reports (Sept 25, 1869) describe a run on the Tenth National Bank in New York. The bank paid out large withdrawals (about $1,000,000), met all demands, remained open and was pronounced satisfactory by the bank examiner. Cause appears linked to distrust over ownership/associations with Gould/Erie and related market failures, not to a discrete false rumor or government action.

Events (3)

1. March 10, 1864 Chartered

Source: historical_nic

2. September 25, 1869 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositor distrust tied to the bank's controlling interest/associations with Gould/Erie and the wider gold-market failures (concerns about implicated brokers/firms), prompting heavy withdrawals.
Measures: Paid out about $1,000,000 during the day; kept doors open late (until ~6pm) to oblige customers; inspected by Bank Examiner (Mr. Callender/Collender) who pronounced condition satisfactory.
Newspaper Excerpt: The Tenth National Bank is in trouble, and there has been a run on it all morning. ... The run upon the Tenth National Bank ended about 3:15 P.M., the bank having met all demands upon it.
Source: newspapers

3. November 23, 1877 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (13)

1. September 25, 1869 Evening Star Washington, DC

Article from Evening Star, September 25, 1869

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THE MARKETS TO-DAY. Telegraphed Exclusively to The Evening Star. BALTIMORE, Sept. 25.-Cotton dull; nominaily 28 cents. Flour dull and high grades are lower-Howard street super, $6a$63.5 do. extra, $6.5Ua$7.50 do. family, 85a$9; City Mills super, $6.25a86.50; do. extra, $6.508$7.75; do. family, 88a$10.50; Western super. $6a46.25 do. fextra, 8625a do. family, 87.25a87.75 Wheat dull and weak; choice red $1.50a$1.53. Corn dull; white, $1.25a@1.29; yellow, 81 208 $1.24. Oats dull, 90863. Rye $1.10a@1.20. Pork quiet at $33. Bacon firm with up ward tendency: rib sides, 19%; clear do., 20 is: shoulders, 16%; hame, 24a25. Lard quiet at 19X820. Whisky very dull at @1.29a@i.21. BALTIMORE, Sept. 25.-Virginia sixes, old, 45 1/2 bid, 46% asked; do. 1866, 54 asked. NEW YORK, Sept. 25 -Stock market dull, with but little doing; prices off a shade from the opening. Money sharp. seven and commissions of a quarter to thrre eights are paid. 5.20's, 1862, coupon, 21% 10-40's, coupon, 9. Virginia 6's, ex-coupon, 57, do. new, 5s. NEW YORK, Sept. Flour dull with prices nominally unchanged. Wheat dull and nominal. Corn dull, and 1a2 cents lower. NEW YORK, Sept. 25.-Money is almost im possible to get at any price, but is quoted at per cent. and 12% per cent. is freely paid for turning. The stock market is dull. The houses reported yesterday as having suspended are still in the same condition. It is rumored that they will not be able to go on. The Tenth National Bank is in trouble, and there has been a run on it all morning. It is reported that it will have to suspend unless other banks assist it.

2. September 26, 1869 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 26, 1869

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NEW YORK. The Monetary Panie-The Paute Subsiding. NEW YORK, Sept. 25.-The gold room crowded early this morning. At ten the board came to the note o'clock was following received order, from Bank: when the President'of the Gold Exchange "The bank will not receive any clearing statements from dealers toxday." statements received are all effected by the nearly The balances. failures. yesterday Deal- It is as yet to learn be to take up impossible ers must prepared the have tickets of those in default which they sent in, that is the only mode of adjusting the movement. The bank will uso every exertion to bring the accounts to a prompt setilement. Board then passed resolutions to till Monday, to made to-day, and a adjourn transaction The recognize appointed the Assist- no committee of three to wait on ant Treasurer and request him to postpone the sale of four million dollars in gold till Monday. The Board then adjourned. There have been no transactions in gold to-day. Treasurer has declined to to the request of the accede The Assistant gold committee, will that no awards for gold be until the bids are Boutwell. The retary made butstates purchase telegraphed of bonds Secwill not exclude the sale of gold. The bank officials are straightening out accounts between the gold brokers and themselves The clearings yesterday at the gold ex change bank aggregated five hundred million dollare. William Heath & Co. have not failed, they are pursuing business as usual. It is stated that Smith, Gould, Morton & Co., will settle their accounte, and have a bal auce of several millions. At 2:20 P. M. money was almost imto get at any price. is percent. It is possible 17@11} market freely It paid is quoted dull. for stock. The stock houses as are still in the same It turning pended, The reported yesterday condition. able sus= 18 rumored they will not be to go on. Tenth National Bank is in trouble, been a run on it mornIt is it will have to sus= There ing. The has reported banks assist all the be unless other closed quietly in and pended The day Wall wears Broad street, and everything now a The run on the Tenth Bank ended about P. calmer National aspect. 3:15 it. M, It is the met all demands on the bank on Monday the acceptance of presumed to bank having decline its will check. have of the banks to has growclaims The ability materially checked marked satisfy the all and there is a recovery in the several It now only remains of of ing confidence business. panic, departments forth to from be what Monday may bring of closely seen the disclosing kept The Tenth secrets Na- of the Gold Exchange bank. in deposits this and paid out 100,000 tional held during morning the $1, day $1,000,000 Mr. Calender, Bank Examiner, inepected the condition of the bank and pronounced it Many banks were this out checks on evening satisfactory. throwing banks the Gold Bank, and some were with and paying checks served tions Exchange against injunctions legal paid into notifica- these the Bank. Yesterday were came Gold checks, Exchange however, certified morning, and and through the customhouse this of course had to be recognized. Bide to the Assistant Treasurer to-day to $9,837,500, ranging from The Secretary of the Gen. Butterfield, to structed 134}. amounted by telegraph, Treasury 125 inlimit the purchase of gold to day to $2, 000,000, unless bids should be over 134, and to reject at 132@134}. A cable dispatch reported that a large amount of gold had been withdrawn from the banks of England and France for ship ment to New York. The general opinion of the street is that those of Albert Speyer the failures will be beyond Belden confined and princi- W. H pally to small firms, whose engagement are not large enough to cause Herious trouble. is irregular and unsettled this to a lack of evening, Money owing Call funds loans in the are Exchange Bank. at cent. gold for carrying stocks to gold sions made paid per with commis Mon day from 1 to 1A per statement is and The ranging bank unfavorable, centrit of the general disarrangement af in Wall street and firm at 8@8t. an the Gold Room fairs reflects quiet Foreign Gold having quiet exchange beer all A were and the latest nominal, closed t 133@136, day. streetsales reported figure mad Government State bonds were are dull. were 1331@134}. neglected. securitie trot Bonner denies that Dexter is to fo the benefit of the Avondale sufferera any others Solomon Mather, a gold broker, com mitted suicide this morning. Of four or five men who attempted a at two evening, ravish woman, named Quinlan Green Point and R thi were shot, wounded and captured.

3. September 26, 1869 The New York Herald New York, NY

Article from The New York Herald, September 26, 1869

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and stated Belden bust prepared The if of ness. extent any, be out ing in the inquiries, office on Monday of the failure, is until order estimated of specniations The last that Mr. Belden had cannot the chaos three in or which four days all left the are the involved. city indignantly THE denied by his friends. GOULD HOUSE in the crowded densely became morning. Some day. business gold opera transacted, and the with tions. close the been seemed establishment paratively BO quiet but entirely during distinct of the from day the confidence considerably Mr. the was perthat firm Martin increased. its safe, and that fectly gold operaMonday be The would scenes satisfactorily adjusted. in tions and around TENTH the NATIONAL of were absorbing to the M. late whole until known stock some were very different, community and from nine that A. one-half time the purchased the occaFisk-Gould on Friday in the of afternoon. this bank had party, been and the among distrust was by the and brokers circles in the following paragraph the the of which gioned ago by by this knowledge on communicated to all money article of officers respecting of Bank, National Co.) (Smith, their vesterday, were unsparing in trouble bitter in the Gould, Tenth Martin of certifications day. checks followed. kept checks had been The later Rubetantially 000 where The their ramor this account, concern cern made and large in report. the course however less the 18 than that on the bank rule. usefulness properly willing this quickly trouble a amounts capital of under its belongs, present upon to be out for sold charge nominal season really in control the that the the ruined $200,00 plame president for to will future Gould and rest where directors, of a and who trust yet which continue they could the created impression in the involved estabTenth crash not This of National paragraph Friday, Bank blocked and all was the up hopelessly approaches by an Policemen immense to the crowd while were stationed anxiously nighment were for their deposits. preserve order, the and storm the employes clamorous at the doors to watched slowly in upon the bank their omcers private office the checke flooding arrived. The examined from and cashed o'clock the exhausted, and were returned the bank. the At two bank were banks nearly sent out for currency must be at the Clearing certified funds in checks with of other the reply House that before accounts the checks to almost have against settled would be cashed. of the bank stemming geemed the tide nervously The officers the hope hurried of consultations with the tellers, the last, just in the and came them. communicated abandoned and after from as time the to supply time funds were of currency on almost exhausted establishment. in delay obtaining until point at of giving gave out, renewed life few to moments' have funds would in the and of the which affairs state crash all day been impending was kept until open longer caused a suspension no doubt of precipitated over score of leading twenty the time windows were closed, slowly disperse. that The run state directors minutes had firms. The past book and three, the at crowd which commenced upon to the to by bank about brought combination it, that the crush City and State, to Park own banks refused certified by them Tenth National. Co. also They have $100,000 to the their credit deposited that have only been checks refused & and checks presented say that Smith, to Martin in bank, were and that one the by for Smith which Martin $1,000,000, yesterday of to be withdrawn bank ask.ed consequence and for two small to-day, checks payable amounts & in Co., the who pank. debt are they announce business to amounted to William close Heath of the in day's the morning out during the fears day expressed that At the the deposits and that they $100,000 paid on hand. to No weather will state be about $1,100,000, 1.000,000, by leaving them of that their on ability Monday they prepared to conbeen mind have the are storm, and for all they ontingencies. the and that relieved. siderably prevalled by the HO will far pame Monday subsided a BO the exit safe from Beriinsure have which perils ously with oircles financial disaster. threatened is be that money tively easy expected comparati as the as soon Bank Gold resumes payment Exchange to and of the that gober to-day dealers, refections a in will up the ease result disposition go on by the firms that Tuesday financial weakened off may and have busicleared atmosphere its Messrs. ordinary chaanels Heash William yesterday and cards failed, published the that their assert as with their usual. business A ness Underhill, Haven denying Co. and that two they from had will proceed rumor gained currency yesterday to considerable in the that effect broker residing had Williamsburg by himself through suicide shooting in a of the his head by caused insanity paroxyam the of rush and panic The losses Friday. was as, the ment, though however, unfounded, to the cide had alluded actually deceased occurred. in in his never stock lifetime operaengaged or or if the on the tions dealings, evidence to of it. any falled inquest for Bontw Secretary of the Sale Gold Yesterday. 25, 1869. Sept. WASHINGTON. some Secretary Boutwell he time would and gold purchase well known that the policy the that interests of would dictate. be the any respect as ago settled upon bonds only He did options not propose of Wall his Mr. street, had been. McCulloch, Mr. to UP to this had adhered vesterday Boutwell He of of with the heard strict fight fidelity. with bears supreme coldness It which made Even suffered. the not move excitement of bushels received bankers, prominent the policy bulls difference and of the to him past lew telegrame daysdid from and read Jay in New organ the When all him. He 00. and other of the ralical gold. without effect. its the height, however, Cooke frantic & appeals last to Wall gell street reached Secretary and him Boutwell requested is This the the York since excitement Thursday President in went to to sell expla- gold corner.' the from policy departure to and which approve to break of Mr. the Boutwell's out for himself. HIS best judgment, of the he nation bad heretofore marked believe, adhered. did ordering not the Assistant he had 18 reason $4,000,000 gold. his supe there step he took at New yesterday was York ordered to sell mortined to do it by at the and use the day did Treasurer n because President he is the greatly Gold Room to the vesterday Secretary's rior. of his The name made as in peing opposed before

4. September 26, 1869 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, September 26, 1869

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FINANCIAL AND COMMERCKAL NEW YORK, September 25-Noon.The gold board has adjourned to 10 a. m., on Monday. A committee of three was appointed to request Butterfield, the Assistant Treasurer, to postpone the sale of the $4,000,000 in gold to some future day. No gold transaction of today will be recognized by the board. Stocks dull and little doing; prices a shade off from the opening. Money 7, with 1/4/3 commission. No gold quotations given. 62's 215/; Tennessee's, ex-coupon, 61; new 55; Virginia's 57; new 58. Louisiana's, old, 68; levees 65; 8's83; Alabama 8's 90; Georgia 7's 901/2; North Carolina's, old, 521/2; new 46. Flour and wheat dull, and nominally unchanged. Corn dull, and 1@2c. lower. Pork quiet, at 31.50. Cotton quoted at 29. Freights dull. 7 P.M.-It is almost impossible to get money at any price; 7, with 1/2 commission, is freely paid for turning stocks. Houses reported vesterday as having suspended, are still in the same condition, and, it is rumored, they will not be able to go on. The Tenth National Bank is in trouble, and, it is reported, must suspend, unless the other banks assist it. Later despatches say a few loans are made on governments at 7, gold, and 1 @11/2 gold nominal. The gold sold was only $2,000,000. The bank statement shows $3,000,000 decrease in loans; $5,000,000 decrease in deposits. No other markets changed. Governments unchanged. State bonds dull. Stocks very dull. The Tenth National Bank has paid all demands against it, to date. Cotton is heavy; sales 700 bales, at 29. Flour favors buyers-superfine 5.90@ red 6.10. and Wheat amber heavy, Western and 1.47@1.51; 1@2c. lower- white Ohio 1.55. Corn 2@3c. lower-mixed Western 1.07@1.09. Whiskey dull, at 1.20@1.25. Pork dull and heavy. Lard heavy. Freights dull and drooping. CHARLESTON, September 25.-Cotton quiet, but irregular; sales 70 bales-middling 261/4 receipts 1,455. SAVANNAH, September 25.-Receipts of cotton 2,187; market dull and quotations unchanged. AUGUSTA, September 25.-Cotton market easier; sales 330 bales; receipts 476middling nominal, at 26; stock on hand 1,777. MOBILE, September 25.-Cotton in good demand, and closed firm; sales 800 bales-middling 251/2; receipts 1,510. NEW ORLEANS, September 25.-Cotton firmer; sales 2,300 bales-middling 2634 receipts2,388. Flour 5.85@6.05@6.12 Corn-white 1.071. Pork 34.00. Whiskey 1.30. Gold 34% LONDON, September 25-Noon.-Consols 9234. 62's831/4 LIVERPOOL, September 25-Noon.Cotton firmer, but not higher-uplands 1214; Orleans 121/2. The sales yesterday reached 12,000 bales. LONDON, September 25-Evening.Consols closed at 923/4 Bonds steady. PARIS, September 25.-The Bourse opened steady-rentes 70 and 60-closed at 70. LIVERPOOL, September 25--Evening.Cotton closed firmer-uplands 1214@ 12% Orleans 12%(11%%; sales 12,000 bales; export and speculation 4,000. HAVRE, September 25.-Cotton opened dull, both on spot and afloat-tres ordinaire on spot 1451..

5. September 27, 1869 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 27, 1869

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COMMERCIAL AND FINANCIAL A Quiet Day in WallStreet. Clearing Away the Wrecks. NEW YORK, Sept. 25. The gold room was crowded this morning. At A. M. the Board came to when the following note was rethe President Bank: not clearing ceived Exchange order, from 'The statements bank of the will from Gold the are yesterday dealers receive to-day; any nearly statements all affected received by the failures, and it is impossible as yet to learn the balances. Dealers must be to take up of as those prepared in default which they the adjusting sent tickets in, the that is the only mode of movement. The bank will use every exertion to bring accounts to R prompt settlement.' The Board then passed a resolution to adjourn till Monday, to recognize no transactions made to-day and appointed H committee of three to wait ou the Assistant Treasurer and request him to postponethe sale of four millions of gold till Monday. The Board then adjourned. There have been no transactions in The Assistant Treasurer accede to the no declined gold Gold to-day. Committee, to but the states request that of will be to Secretary The of are award telegraphed for gold bonds made will not Boutwell. until exceed blds the of The are up straightening sale purchase gold. the bank accounts officials between the gold brokers and themselves. The clearings yesterday at the Gold Exchange Bank aggregated five hundred million dollars. Wm. Heath & Co. have not failed, and are pursuing their business as usual. It is stated Smith, Gould, Martin & Co. will settle their accounts, and have a balance of several millions. At was almost impossito at price; it was at cent. One per seven 2:20 get per m. any money and one-half quoted centi for market Is The stock freely paid dull. turning The suspend- stocks, houses reported yesterday as having ed are still in the same condition. It is reported that they will not be able to The Tenth is There has a run it get in trouble. on. National reported been Bank it on will all morning, and It is have to suspend, nnless the other banks assist it. Mich. Southern is quoted at 901/; Erie, 35. LATEST. The day closed quietly in Wall and Broad streets, and everything now wears a calmer aspect. The run upon the Tenth Wall street Bank ended P. the bank having met all upon it. the on Monday cease about demands bank 3:15 M., will It is presumed to deof its the bank to has cline ability the of acceptance satisfy checks. the all growing claims The and there is a panic, materially checked marked several recovery departor confidence in the business. now be seen what may ments mains of to It Monday only reforth from the the secrets of closely bring kept disclosure Tenth the Gold National of Exchange Bank. The Bank held in deposit this morning $1,100,000, and paid out during the day about $1,000,000. Mr. Collender, bank examiner, inspected the condition of the and pronounced it satisThe banks are out checks on bank factory. throwing to-day gold this exchange. evening with banks were and legal Injunctions Burk & Son's paid notifications served into against paying checks the gold exchange bank yesterday; these checks, however, were certified and came regularly through the custom house this morning, and of course had to be recognized. Bids to the Assistant Treasurer for gold to-day, amounted to $0,837,500; ranging from 125 to 1341/2. The Secretary of the Treasury Instructed General Butterfield by telegraph, to limit the purchases of gold to-day 10 $2,000,000, unless bids should be over 131, and to reject all bids under 132. Total amount of gold $2,000,000 at 1321/al341/s. Offers of governments to the sub-treasurer to-day amounted to $7,461,000 at 116,17a 12134 award made three millions at 116.17a118.08. Cable dispatches report that large amounts of gold have been withdrawn from the Bank of England and Bank of France for shipment to New York. The general opinion on the street is, that beyond those of Ailbert Speyer and W. H. Belden, the failures will be confined principally to small firms, whose engagementsare not large enough to cause serious trouble: The position of the ball operators is not regarded with

6. September 27, 1869 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, September 27, 1869

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THE FINANCIAL FLURRY. NEW YORK, September -The Assistaut Treasurer accepted three million dollars of five-twenties offered to-day at from one hundred and sixteen and seventeen to one hundred and eighteen and eight one-hundredths. The amount bid was seven and a half million dollars. It is almost impossible to get money at any price-seven, with half commission, freely had tor turning stocks. The houses reported yesterday as having suspended are still in the same condition, and, it is rumored, will not be able to go on. The Tenth National Bank is in trouble, and, it is reported, must suspend, unless other banks assist it. LATER.-A few loans were made on governments at 7, gold, and 1 to 1}: Gold nominal. Gold sold, only two millions. The bank statement shows three millions decrease in loans, and five millions decrease in deposits. No other markets changed. Governments unchanged. State bonds dull. Stocks very dull. The Tenth National Bank paid all demande. A broker named Solomon Wahler suicided to-day. Cause, gold losses.

7. September 27, 1869 New-York Tribune New York, NY

Article from New-York Tribune, September 27, 1869

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failures reported in some of the morning papers, with one or two exceptions, were due to this cause; and if the Bank, on Monday, 18 able to pay out the balances now held belonging to the street, the panic will have blown over with less than the usual number of failures, although the losses on the advance in gold exceed anything ever known in the street. The balances of the Gold Exchange Bank for Thursday were $324,000,000, and it is believed that when Friday's balances are struck that it will show the transactions for that day to have been $500,000,000, which exceeds in Wall-st. amount anything ever known in the history of speculation. The profits of the cliques cannot be stated at anything near the actual figures, but the difference in their favor on Friday was $11,000.000. The short interest was enormous. $20,000,000 of contracts were settled privately at 148@150, and the settlements in the open market were many times that amount. When the business of the week is closed up it will probably leave the bulls in gold with all the coin in the street on hand, and they will be found to stagger along under the load or sell out at a sharp decline in price. The feeling in the street to-day indicated that the trouble was about over, and there was an entire absence of excitement. The Tenth National Bank was subjected to a run during the day, and paid out one million of dollars, keep. ing open their doors until six o'clock in order to oblige their customers. The cause of the dis. trust came from the fact that a controlling interest in the concern is owned by the Erie direction, and it was feared that in some way it might be compromised by the operations of its owners. Mr. Callender, the Bank Examiner, however, pronounces the bank to be in a sound condition. In regard to the reported failure of Smith, Gould, Martin and Company, it is proper to say that they met all their maturing obligations to-day. Wm. Heath & Company will undoubtedly resuine on Monday, as well as the balance of the brokers operating for the clique whose money was locked up by the Gold Bank. At 11 p. m. the Gold Exchange Bank commenced to pay out gold balances, and will be prepared on Monday to resume business. Gold sold privately throughout the day at 133@136, and the bulk of transactions at 135. Government bonds were dull but firm under the purchases made by the Government. The sales were moderate in amount and confined to cash transactions. The bids for the $4,000,000 gold advertised by the Treasury to be sold at noon, under reservations, were very numerous-$9,337,500 in amount. The Treasury accepted offers to the amount of $2,000,000 at from 1321 to 134₫ P cent, as follows:

8. September 27, 1869 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 27, 1869

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TELEGRAPHIC NEWS. The Excitement in the New York Money Market- - Gold Board Adjourned to Monday--Suicide of a Broker-..Failures Bank in a Hard Place--Scareity of Money, &c. NEW YORK, September 25 - Noon. - The Gold Board adjourned at 10 o'clock this morning until Monday. A committee was then appointed to wait on Mr. Butterfield, assistant United States treasurer, and ask him to postpone the sale of the $4,000,000 gold to some future day. No gold transactions of to-day will be recognized by the Board, and there are no quotations. Stocks are dull with little doing, and prices a shade off from the opening. Money 7 per cent., with 1/2 to 3/8 commission added. Five-twenties, 1862, 121% Tennessee 6's-Ex-coupons, 61; new, 55. Virginia 6's-57 ; new. 58. North Carolina 6's-old, 52 1/2 ; new, 46. Second Dispatch. NEW YORK, September 25.-Afternoon.Solomon Mahler, a broker, committed suicide to-day because of his losses at the Gold Board. The Assistant United States Treasurer accepted $3,000,000 of 5-20's offered to-day at from 116 17-100 to 118 8-100. The amount bid was $7,500,000. It is almost impossible to get money at any price. Seven per cent. with 1/2c. commission was freely paid for turning stocks. The houses reported yesterday as suspended are'still in the same condition, and it is rumored will not be able to go on. The First National Bank is in trouble, and it is reported must suspend if the other banks do not assist it. Third Dispatch. NEW YORK, September 25. - Evening.-A few loans have been made on Governments at 7 per cent., gold, and 1@1 1/2, goid, commission added. Gold is nominal, and only about $2,000,000 were sold to-day. The bank statement of the week shows a decrease of $3,000,000 in loans and $5,000,000 decrease in deposits, and no other marked changes. Governments are unchanged, State bonds dull, and stocks very dull. The Tenth National Bank has paid all demands.

9. September 27, 1869 The Evansville Journal Evansville, IN

Article from The Evansville Journal, September 27, 1869

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r on Turk word and stock Maratt. sy Telegraph.] NEW YORK, Sept. 25. The Gold Room was crowded early this morning. At ten the Board came to order, when the following note was re3 celved from the President of the Gold Exchange Bank: The Bank will not receive any clearing statements from dealerá to-day. The statements received yes terday are nearly all affected by the failures, and it is impossible, as yet, to learn balances. Dealers must be prepared to take up the tickets of those in default, which they have sent in. That is the only mode of adjusting the movement. The Bank will use every exertion to bring accounts to a prompt setilement." The Board then passed resolutions to ad. journ illl Monday, to recognize no transac tions to-day, and appointed a committee of three to wait on the Assistant Treasurer, and request him to postpone the sale of $4,000,000 O1 gold ti . Monday, and the Board then adjourned There have been not ansactions in gold to-day. The As sistant Treasurer declined to accede to the request of the gold committee, but states that no awards for gold will be made until bids are telegraphed to Secretary Boutwell. The purchase of bonds will not exceed the sale of gold. The bank officials are straightening out accounts between the gold brokers and themselves. The clearings yesterday at the Gold Exchange Bank aggregated $500,000,000. Wm. Health & Co. nave not failed, and are pursuing business as usual. Iti stated that Smith, Gould, Martin & Co. will settle their accounts and have a balance of seyeral millions. 2:20 P. -Money almost impos-ible to get at any price; quoted at per cent.: 1@ 11/3 per cent is freely paid for tu ning stocks. The Tenth Nalio al Bank is in trouble. There has been a run on it all morning, and i is reported that is will havetosu pend unless other banks assist it. The day cios a quietly in Wall and Broad Streets, and everything now wears a calmer aspect. The run upon the Tenth National Bank ended about 3:15 P.M., the Ba K having met all demands upon it. It is pre unded the Bask, on Monday, wil cease to decline the acceptance of its checks The a ility of the Bank to satisfy all claims has materially checked the growing panic, and there is a marked recovery of confidence in the several departments of business. It now only remains to be seen what Mo day may bring forth from the disclosure or closely kept secrets of the Gold Exchange Bank. The Tenth e National held in deposits, this morning, 12 $1,100,000, and paid out, during the day, M about $1,000,000. Mr. Colender, the Bank V Examiner, inspected the condition of the o Bank to-day, and pronounced it satis ac89 P tory. Many banks were, this evening, throw14 ing out checks OL the Gold Exchange Bank, and some banks were served with G. injunctions and legal notifications against paying checks paid into the Gold Exchange Bank yesterday. These checks, however, were certified and came regularly through the Custom House this forenoon, and, of cou S , had to be recogrized. The bid to the Assistant Treasurer for gold to-day amou ted to $9,887,500, P ranging from 125 to 1341/2 The Secretary of the Treasury has inO1 structed Gen. Butterfield, by telegraph, to limit the purchase of gold o-day to and $2,000,- to unless bids should be over 134, reject 000, all bids under 132. The total amount bills soid is $2,000,000, at The tcfor Governments to the Sub Treasury at day amounted to 87,461,000. at 116 17:100@ ter 1213/4. Amount of awardsmade, $3 000,000, at eas 116 17-100@118 8-1000. Cable dispatches been refor that large amounts of gold have his port from the Banks of Enzland for Se wb opinion on those of fess The beyond and withdrawn general France, Albert&3373: shipment the to street and New is W. York. that H. S Belden, the feilures will be confined prin-

10. September 27, 1869 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, September 27, 1869

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FINANCE AND TRADE. New York Money Market NEW YORK, September 25. The gold room was crowded early this morning. At ten o'clock the Board came to order, when the following note was received from the president of the Gold Exchange Bank: "The bank will not receive any clearing statements from dealers to-day. The statements received yesterday are nearly all effected by the failures, and It is impossible as yet to learn the balances. Dealers must be prepared to take up the tickets of those in default which they have sent in, as that is the only mode of adjusting the movement. The will use every accounts to a prompt bring bank resolution exertion settlement." to to The Board then passed a adjourn till Monday, to recognize no transactions made to-day, and appointed a commi of three to wait on the Assistant Treasurer and request him to postpone the sale of four millions of gold till Monday. The Board then adjourned. There have been no transactions in gold to-day. The Assistant Treasurer declined to accept the request of the gold committee, but states no award for gold will be made until bids are telegraphed to Secretary Boutwell. The purchase of bonds will not exceed the sale of gold. The bank officials are straightening out accounts between the gold brokers and themselves. The clearings yesterday at the Gold Exchange Bank aggregated five hundred millions of dollars. Wm. Heath & Co. have not failed, and are doing business as usual. It is stated Smith, Gould, Martin & Co. will settle their accounts and have a balr ance of several millions. At 2:20 P. M. S money was almost impossible to get at 0 any price. It was quoted at 7 per cent. One and a half per cent. is freely paid for turning stocks. The stock market is dull. The houses reported yesterday are in as having suspended Itisrumored still that the same condition. they will not beable to get on. The Tenth National Bank is in treable. There has been a run on it all morning. It is rereported it will have to suspend unless other banks assist it. [LATEST.] The day closed quietly in Wall and Broad streets, and everything now wears a calmer aspect. The run upon the Tenth National Bank ended about 3:15 P. M., the bank having met all demands upon it. It is presumed the o bank, on Monday, will cease to decline t the acceptance of its checks. The B ability of the bank to satisfy all claims has materially checked the growing e panic, and there is a marked recovery of confidence in the several/departments of business. It now only remains to be 5, seen what Monday may bring forth r. from the disclosure of the closely kept a securitie$ of the Gold Exchange Bank. The Tenth National Bank held, in de-

11. September 28, 1869 New-York Tribune New York, NY

Article from New-York Tribune, September 28, 1869

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much all from unea for the National growing Bank, never And yet these customers men of brow the Tenth fortunes the of private and among the over the for g is thinking that ations, its not to ring mention house one, stem and the dange other institu The clear dangerous cleaner for individuals. stocks, look upon as think What has managed fold by brokers an inst rution such an and owned and of such of of any kind, order the manage that the mana with elique market cut instance, league break work should for would form ; interest to clique Their prete ext. and the greatly first pressed overturn becomes their an opp innosition All they want is a We are too say to for them. will serve. to day, they with to dried day of heavy to make business again on the stocks second gold (as the be case another the first day day, and busil be locked and up 80 as the and business House been done got can might be) still would until such not say time that this thing be done, has filled upon do to work a stand-still again telling do you insions how it may If I were should the say, clear make clearing than am only own conc gold brokere war, when this plan it your own were larger failed never form your suggestion ion to During the ever since nor was was suspended business ances in vogue; that of the incom the Regarding say the ever whole days of bank Bank was the case because officials can truly from by for two of a corps Tenth National emerge more credited cocclerated creditably efficiency troubles of the any bank greatly checks although bank never saw troubles were take 118 of the that I nety difficulty Its ho refused to the Bank a banks although the Governme to busi certain certified and by Mr Callender caref ful attentions of to duly couched for antleman whose to the banking to resort Tenth was Staulable benefit custon tomers on the It to Examiner of refusal hence force the embered run that rtified when ness this city for Their money and must be remem take a mutation duty cert upon time the National bank Bank thus re fuses it casting and an at the emely disaone bank another bank, bank, course bank check on ageneme another of that to take serous to the bank for mana custo mer dans ing greeable to to have forcing the its own himself as well recourse to the certify money greeada eerned, viz., its own check STREET. talk was of the the street, vesterday, The deadlock and in entered On Exchange Bank to a standstill, The late panics run it, Gold the on Gold Room ON THE of the the whole street its and business the more on brought into all the business in great part indirec to tly the ct or less at tributable was remands neglee in stocks Tenth are National meet Bank ents the d at Friday, TWO by its it. The due on the fact brokers for upon Thursday were Co. and A said, and notice yet to the inform brokers firms, Wm Belden statements, was nor did it give to send in their them of the memo made Agail but refused did Exchange that the bank and Saturday in the age Gold was said on Friday dealer who, to mar in this with large operators privilege small due to th the money are There Ex in that had immer immense the alarmingt Gold have gate, fact that increased so the been at fault ket has other points claimed to was various officers are cli of which of the Had their change Bank members of the blood have the least disagree of treating with could the if temptuous not clerks manner and been to be upals met them the better. with the be foolish York slight New-Yor the former, the Fejee Islands, Bau he he Bought for some IN choose of gentle treatment. COURT INJUNC THE TIONS degree EXCITEMENTOCHMENT be fore GOLD AND Court, Supreme brought Justice Clerke, In special term vesterday of York the Gold Caldwell Exchange Ash also worth Bank, against William the against the W. Boocock the National Bank and Samuel Bank and number of C Dornin Exchange twejof large Friday The the in Now.York Gold These on Barret & Red of Commerce out of the first gold suit, brought by field the with to that $100,000 the the are made the to the been at any In agt Alex Wood Gold in the Bank W by Hooker, other by the Hatch the defend that they fraud their and intent creditors of their concealing them

12. September 30, 1869 The Evening Telegraph Philadelphia, PA

Article from The Evening Telegraph, September 30, 1869

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OUR NATIONAL BANK SYSTEM. From the Chicago Republican. The recent press despatches from New York contained an item which probably attracted little more than a passing glance from the general reader, yet it involves a world of meaning. We allude to the following statement:- "The Tenth National Bank is in There has been a run on it all this It is to trouble. morning. reported that it will have Ten suspend unless other banks assist it." years ago, such a state of things surrounding one of the prominent financial institutions in the money centre of this country would have been regarded as portentous in the extreme, and have become a principal topic for newspaper discussion in every direction. Now the pecuniary disturbance directly interests and flurries probably no more than the depositors and a few others. To-day, if any merchant, in any part of the Union, should discover among his funds a $100 bill on the Tenth National Bank of New York, he will likely enough nonchalantly count it in the sum of his resources, just as he would a bill of the same denomination on any other bank, instead of being thrown into a fever of anxiety, as he would have been one decade ago, and instantly cautioning his employes to be on the lookout for issues of that institution. What causes the difference in the impelling motives now and then Why should a person who is the holder of a bill on a failing bank, in the year 1869, feel no apprehension, while the same circumstance happening in the year 1859 would have aroused him into instant caution? It must be because the latter fact would have indicated danger or loss through immediate depreciation of the current value of the note in his possession, while now the embarrassment of the bank does not work positive or lasting detriment to the bill or the holder. Here we see conspienously exemplified the abundant advantages and safety of our present banking system over that formerly in vogue under State auspices. it the excessive by By the undue multiplication competition of banks, induced and by their arts and devices to obtain an undue share of the circulation, is prevented. Limited in number, capital, and issues, and subject to national supervision, these institutions cannot resort to those malign and dangerous practices which were once adopted to elude responsibility and eke out profits by which the currency was alternately distended and contracted, the public deceived, and the banks themselves put in jeopardy. Under the present system a bill-holder cannot be subjected to ultimate loss, even though the bank should fail. In the hands of the Government remain at all times assets fully sufficient to satisfy the claims of those who hold the bank's issues. It is well to bear such facts and contrasts in mind when Democrats of the Pendletonian stripe raise a hue and cry against the national banks as bond-holding oligarchies, feeding with rapacious insolence upon the hard earnings of the people, and putting a bit in the mouth of commerce. Whatever imperfections our banking system may be blemished with, nothing is more certain than that it is far in advance of anything which we have ever had before in this country, and that Democrats, while essaying to demolish it, do not propose any substitute that can fulfil its functions or inspire the business community and the people with equal confidence. It is a

13. October 1, 1869 The Evening Telegraph Philadelphia, PA

Article from The Evening Telegraph, October 1, 1869

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THIRD EDITION DOMESTIC AFFAIRS. How Smith & Gould are Settling Up The Gold and Bond Quotations -Fast Time by the Juniata - Police Offenses. FROM NEW YORK. How Smith, Gould & Co. Are Clearing Up. Special Despatch to The Evening Telegraph. NEW YORK, Oct. 1.-It is reliably reported that Smith, Gould, Martin & Co. are giving due-bills for the other half of the gold, the total sum being six millions, one half of which they receive and pay for. The other three millions they accept by giving duebills for the difference between 135 and 160. Despatch to The Evening Telegraph. NEW YORK, Oct. 1.-Money easier at 6 gold, and 7 currency. Governments decided strong, with an advance of 1/4 all round. Stocks strong and buoyant, with an advance on the whole list, caused by the the heavy share interest. The gold market is quiet at 1301/4. The only demand being for customs and counter business. Foreign exchange, as usual on Fridays, is firm; the rates are 10814 for 60 days and 108 14 for short sight. What Saved the Bank. It is said that the city funds were transferred from the Broadway Bank to the Tenth National on the day of the run on the latter institution, and that the transfer was all that saved the bank. Sales of Gold. At the Government sale of 1,000,000 to-day, the aggregate of bids were 2,429,000, at rates ranging from 126 to 130-17. The awards have not yet been made, but it is thought the limit will be from 120% to 30. New York Stock Market. NEW YORK, Oct. 1.-Money, 7 per cent., in gold. Gold, 1301/6. Five-twenties, 1862, coupon, 119; do. 1864, do., 119; do. 1865. do., 119;do. do., new, 117 %: do. 1867, 117% do. 1868, do., 117%; 10-40s, 109. Virginia 6s, new, 50% Virginia 6s, 851/; Canton Company, 52; Cumberland preferred, 29; New York Central, 17314; Reading, 931/2; Hudson River, 153; Michigan Central, 1201/; Michigan Southern, 84 1/4; Illinois Central, 141; Cleveland and Pittsburg, 94. Chicago and Rock Island, 1081/: Pittsburg and Fort Wayne, 184 1/2 Western Union Telegraph, 361/4. New York Produce Market. NEW YORK, Oct. 1.-Cotton steady and unchanged; 300 bales sold at 271/c. Flour dull and without decided change; 7500 bbls. sold. Wheat quiet; sales of 36,000 bushels winter red, $1.45@1.48. Corn heavy 34,000 bushels sold: mixed Western, $1'02@1'04. Oats firmer; 26,000 bushels sold at 63@64c. Beef quiet. Pork firm; new mess, $31.50. Lard quiet; steamrendered, Whisky firm at $1.19@1.20.