16633. Tradesmens National Bank (New York, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 905
Charter Number: 905
Start Date: October 4, 1898
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: a262e873

Response Measures

None

Description

The bank was closed by the Clearing House/Comptroller action on Oct 4, 1898 after an exam found impaired capital tied to heavy investments/loans to the New York Wool Exchange. There is mention of clamoring depositors but no discrete run described. The bank reopens Dec 1, 1898 to liquidate and pay depositors; it goes into voluntary liquidation under a liquidating committee.

Events (5)

1. March 17, 1865 Chartered

Source: historical_nic

2. October 4, 1898 Other

Newspaper Excerpt: National Bank Examiner W. H. Kimball was at once ordered to take charge; bank closed pending an official examination; examiner/receiver placed in charge and assets examined
Source: newspapers

3. October 4, 1898 Suspension

Cause: Local Shock
Cause Details: Large investment and loans (about $400,000) and stock holdings in the New York Wool Exchange and New York Wool Warehouse; suspension of the Wool Exchange precipitated Clearing House refusal to clear the bank and led to suspension.
Newspaper Excerpt: did not clear through the clearing house...the clearing house committee...found its capital impaired and advised an early liquidation
Source: newspapers

4. December 1, 1898 Reopening

Newspaper Excerpt: The Tradesmen's National Bank...opened its doors to-day for liquidation...the bank has to its credit $1,600,000...bank will be open for purposes of liquidation on or before December 1
Source: newspapers

5. January 13, 1899 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (21)

1. October 4, 1898 The Providence News Providence, RI

Article from The Providence News, October 4, 1898

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CAPITAL IMPAIRED. Traders National Bank of New York in Trouble. It is One of the Oldest Financial Institutions in Metropolis. New York, Oct. 4.-The Tradesmen's National bank of 260 West Broadway did not clear through the clearing house today, and it developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday and after a careful examination of its securities found its capital of $750,000 impaired and advised an early liquidation. The Tradesmen's National bank is one of the oldest and one of the best known institutions of its kind in this city. The wool exchange suspended business temporarily only a few days ago, when it was declared that the bank was in no degree concerned, although it was not denied that it had many wool accounts.

2. October 4, 1898 The Evening Times Washington, DC

Article from The Evening Times, October 4, 1898

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BIG BANK SUSPENSION The Tradesmen's National of New York Closed. AN OLD CITY INSTITUTION Its Failure Said to Be the Result of Its Close Identification With the Wool Exchange, Which Recently Gave Up Operations-An Official Examination Pending. New York, Oct. 4.-It is announced that the clearing house committee made an examination of the Tradesman's National Bank last night and refused to allow it to make clearances this morning. At the Tradesman's National Bank business is suspended this morning, and considerable excitement prevails about the building. President McNaughton says that he has no statement to make for the present. A notice is posted signed W. H. Kimball, national bank examiner, which reads: "This bank is closed pending an official examination.' Bank Examiner Kimball says that he has not yet had time to go deeply into the affairs of the Tradesmen's National Bank. From what he understands so far, however, the bank's trouble arose from certain contracts it had undertaken with the Wool Exchange. The closing down of the Exchange precipitated the suspension. The Tradesmen's National Bank is one of the oldest banks in the city, and has for a been with Wool long Exchange time past which identified days the some ago suspended its dealings in wool. The financial status of the bank was a matter of rumor some time ago, owing to the known adverse trade position of the Wool Exchange. An official of the clearing house said today that at last night's examination of the bank's affairs, bad debts were discovered which it is believed will impair the bank's capital to the extent of $250,000 or $300,000. No evidence of the defalcation or misappropriation of funds, it is stated, was found. No other bank or institution is in any way affected by the suspension and it is hoped that all depositors will be paid in full. It is said the bank is not likely to resume business The following dispatch was sent to the Treasury Department at Washington yesterday by Chairman Tappan, of the Clearing House committee: "The Clearing House committee have this afternoon examined the Tradesmen's National Bank, of this city, and in their opinion the capital of the bank is largely impaired. and it should be placed in liquidation." The capital of the Tradesmen's National Bank was $750,000. Th first intimation the Comptroller of the Currency received of the condition of the Tradesmen's National Bank was this morning, when the clearing house at New York informed the department that they refused to clear the bank. National Bank Examiner W. H. Kimball was at once ordered to take charge. The following is the last statement made by the bank which was on September 20: Capital, $750,000; surplus and profits, $128. 083: due to banks and bankers. $953.870; in dividual deposits, $2,054,611: loans and discounts, $2,091,842 cash on hand and with other banks, $1,089,169. "This statement," said Assistant Comptroller Warner, "may mean a great deal or it may mean nothing The value of the loans and discounts depends entirely upon the class of securities the bank holds. All we know is that the officials of the bank claim their concern is solvent." Until about six weeks ago the Colum bia National Bank, of this city, had a: its correspondent in New York the Tradesmen's National Bank But the president of the Columbia having heard some statements regarding the condition of the New York bank, withdrew the Columbia's account and deposited i with the Phoenix Bank of New York and that institution is now the Colum bia National's correspondent.

3. October 5, 1898 The Sun New York, NY

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1808. 1897. Surplus and undivided profits $115,081 80 $182,984.78 Deposits 8,078,782.16 8,717,458 23 Dividend, & per cent. per annum. JAMES W. CLAWSON, Cashier. Comparine this with the statement of Sept. 20 It will be seen that there was in the intervening time a large falling off of deposits. Cashier Clawson said that this was due to a quarrel between the New York and Boston wool buyers and that during the last month $500,000 of deposits had been withdrawn. The Tradesmen's National Bank was organized as a State bank in 1823 and it was one of the original members of the Clearing House. It has correspondents in Chicago, Boston and Washington. On July 1 its officers and directors were as follows: James Macnaughtan. President: David H. Bates, Vice-President: A. Swan Brown. Jerome EL Bates, Augustus C. Bechstein. Charles R. Flint David Hunt. Julius Kaufmann, Thomas B. Kent, David M. Look. rederick E. Pitkin, James Rowland. John A. Tweedy. Clarence Whitman and William H. Woolverton. Mr. Brown and Mr. Whitman resigned some time ago. At the Clearing House it was said yesterday that the bank would probably not be able to resume business. but that no other bank or institution would be forced to the wall by its failure. During the day notices were posted in the bank that checks and drafts drawn by the following banks on the Tradesmen's National Bank will be paid through the Hanover National Bank: People's National Bank. Salem. N. Y.: First National Bank, Indiana, Pa.: Newport National Bank, Newport, Ky.: Cyrus AlIen. banker, Avon, N. Y.: Lattimer & Winton. bankers, Addison, N. Y. A number of private depositors also posted notices telling where their outstanding drafts and checks on the bank would be paid.

4. October 5, 1898 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, October 5, 1898

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COULD NOT CLEAR. The Tradesmen's National Bank Has Closed Its Doors. New York, Oct. 4.-The Tradesmen's National bank of No. 260 West Broadway did not clear through the clearing house of which it is a member to-day. This fact led to an investigation and It developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday, and after a careful examination of its securities, found its capital impaired and advised an early liquidation. The bank was organized in the early part of this century, and while never a leader among the banks of this city, was always regarded as very sound and conservative in its business dealings. It occupied quarters in the Wool Exchange building. The wool exchange suspended business temporarily only a few days ago. At that time it was declared that the bank was in no degree concerned in the suspension of the exchange, although it was not denied that It had many wool accounts. The capital of the bank is $750,000. In the banking district the opinion is expressed that the troubles of the wool exchange are indirectly responsible for the Tradesmen's National bank troubles. Vice President Homer Bates promised the clamoring depositors today that the bank would pay its patrons 100 cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated. The controversy which for some time existed between the New York and Boston wool merchants who, it was said, drew on the bank recently to the extent of $500,000. was said to be the cause of suspension of business by the bank this morning. Washington, Oct. 4.-W. H. Kimball, bank examiner at New York, has been placed in charge of the Tradesmen's National bank. The latest statement of its condition sent to the treasury department in response to the call of the comptroller of currency of Sept. 20, shows as follows: Individual deposits, $2,054,611; due banks and bankers, $953.$71; surplus and undivided profits, $128.D83: loans and discounts. $2,091,842: cash on hand and with banks, $1,089,169.

5. October 5, 1898 The News & Observer Raleigh, NC

Article from The News & Observer, October 5, 1898

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TRADESMEN'S BANK TOTTERS: Vice President Declares it Will Meet All Its Obligations. New York, Oct. 4.-The Tradesmen's National Bank, of No. 260 West Broadway, did not clear through the clearing house, of which it is a member, today. The fact led to investigation and it it's veloped that the bank is in serious tron ble. The clearing house committee visited the bank yesterday and after a careful examination of its securities, found its capital impaired and advised an early liquidation. The Tradesmen's National Bank is one of the best known institutions of its kind in this city. It was organized in the early part of this century. The bank occupies quarters in the Wool Exchange building. The Wool Exchange suspended business temporarily only a few days ago. The capital of the Tradesmen's National bank is $750,000. In the banking district the opinion is expressed that the troubles of the Wool Exchange are indirectly responsible for the Tradesmen's National Bank's troubles. Vice President Homer Bates promised the depositors who were clamoring for their money today that the bank would meet all its obligations and would pay its patrons a hundred cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated.

6. October 5, 1898 The Morning News Savannah, GA

Article from The Morning News, October 5, 1898

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A NEW YORK BANK IN TROUBLE. Tradesmen's National Shows Up With Its Cash Impaired. New York, Oct. 4.-The Tradesmen's National Bank, of No. 260 West Broadway, did not clear through the clearing house, of which It is a member, to-day. This fact led to investigation and it developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday and after a careful examination of its securities, found its cash impaired and advised an early liquidation. The Tradesmen's National Bank is one of the oldest and one of the best known institutions of its kind in this city. It was organized in the early part of this century. The bank occupies quarters in the Wool Exchange building. The Wool Exchange suspended business temporarily only a few days ago. The capital of the Tradesmen's National Bank is $150,000. In the banking district, the opinion is expressed that the troubles of the Wool Exchange are indirectly responsible for the Tradesman's National's troubles. Vice President Homer Bates promised the depositors, who were clamoring for their money to-day, that the bank would meet all its obligations and would pay its patrons 100 cents on the dollar. He says further that the bank would resume as soon as all its claims were liquidated.

7. October 5, 1898 Evening Star Washington, DC

Article from Evening Star, October 5, 1898

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THE TRADESMEN'S BANK. -Suspension Caused by Action of the Clearing House Committee. In regard to the suspension of the Tradesmen's National Bank of New York city, Acting Controller Murray made the following statement today: "The suspension of the bank was primarily due to the action of the clearing house committee, which, after an examination into the affairs of the bank, notified it that clearings for yesterday would be refused. Owing to the multiplicity of details requiring immediate attention National Bank Examiner Kimball, in charge, has been able to make but little progress in examination. The embarrassment of the bank seems to arise from a recent investment of some $400,000 in stock of and loans to the wool exchange and New York wool warehouse, the former of which has lately suspended operations. A detailed report is expected from the examiner at the earliest possible moment."

8. October 5, 1898 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, October 5, 1898

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: TRADESMAN'S NATIONAL SUSPENDS : Troubles of the Wool Exchange Cause the ) New York Banks to Close. New York, Oct. 4.-The Tradesmen's National bank of No. 26 West Broad: way did not clear through the Clearing House, of which It is a member, today. i This fact led to investigation, and It 1 developed that the bank is in serious . trouble. I The Clearing House committee vis. , Red the bank yesterday and after a ) careful examination of Its securities. : found Its capital impaired and advised ) an early liquidation. I The bank was organized in the early , part of this century and while never I a leader among the banks of this city, was always regarded as very sound I and conservative in its business deal. Ings. It occupies quarters In the Wool I Exchange building. The Wool Exchange suspended business temporarily only a few days ago. At that time It was declared the bank was in no de) gree concerned In the suspension of the / exchange although It was/not denied that M had many wool accounts. The ) capital of the bank is $750,000. In the banking district, the opinion is expressed that the troubles of the Wool Exchange are directly responsible for the Tradesmen's National bank trou. bles. , , Vice President Homer Bates prom$ Ised the elamoring depositors today that the bank would pay its natrons 100 cents on the dollar. He said further that the bank would resume as soon as all its claims were l'ouidated f The controversy. which for some time existed between the New York and a Boston wool merchants. who, It was said, drew on the bank recently to the 0 extent of $500,000. was said to be the cause of suspension of business by the . bank this morning.

9. October 5, 1898 The Herald Los Angeles, CA

Article from The Herald, October 5, 1898

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TRADESMEN'S NATIONAL PROMISES TO PAY DEPOSITORS DOLLAR FOR DOLLAR Just at Present the New York Bank Is in Trouble and Cannot Pay Anything NEW YORK, Oct. 4.-The Tradesmen's National bank of 260 West Broadway did not clear through the clearing house, of which it is a member, today. This fact led to an investigation, and it developed that the bank is in serious trouble. The clearing house committee visited the bank yesterday, and, after a careful examinanon, found its capital impaired and advised an early liquidation. The bank was organized in the early part of this century, and, while never a leader among the banks of this city, was always regarded as very sound and conservative in its dealings. In the banking district the opinion is expressed that the troubles of the wool exchaange are indirectly responsible for the Tradesmen's National bank's troubles. Vice President Homer Bates promised the clamoring depositors today that the bank would pay its patrons 100 cents on the dollar. He said further that the bank would resume as soon as all its claims were liquidated. The controversy which for some time exlsted between the New York and Boston wool merchants, who it was said, drew on the bank recently to the extent of $500,000, was said to be the cause of suspension of business by the bank this morning. W. H. Kimball, bank examiner at New York, has been placed in charge of the Tradesmen's National bank. The latest statement of its condition sent to the treasury department, in response to the call of the comptroller of the currency of September 20th shows as follows: Individual deposits, $2054,11; due banks and bankers, $953,881; surplus and undivided profits, $128,083; loans and discounts, $2,091,842; cash on hand and with banks, $1,089,169.

10. October 6, 1898 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, October 6, 1898

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Cause of the Embarrassment. WASHINGTON, Oct. 5.-Regarding the suspension of the Tradesmen's National Bank of New York city acting Controller Murray to-day said: "The embarrassment of the bank seems to arise from a recent investment of some $400,000 in stock of and loans to the Wool Exchange and New York wool warehouse, the former of which has lately suspended operations."

11. October 12, 1898 New-York Tribune New York, NY

Article from New-York Tribune, October 12, 1898

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GIVES TRADESMEN'S BANK A CHANCE. CONTROLLER DAWES ALLOWS DIRECTORS ONE WEEK TO ARRANGE VOLUNTARY LIQUIDATION Washington, Oct. 11.--At the request of the directors of the Tradesmen's National Bank of NewYork, Controller of the Currency Dawes has granted them one week from to-day to look into the affairs of the bank, with the view, if possible, of going into voluntary liquidation. At the end of that time. if satisfactory arrangements shall not have been made a receiver will probably be appointed. National Bank Examiner Kimball was asked yesterday about the report that Deputy-Sheriff Leavitt had levied upon the assets of the bank in satisfaction of a judgement, and that the Bank Examiner had been greatly embarrassed thereby Mr. Kimbali denied that there had been any regular attachment, and said that he had not been interfered with in his work in any way. The DeputySheriff, he explained, had called at the bank last Friday and told him that he had an attachment. He had come to make a levy in execution of a judgment obtained by the Continental National Bank This judgment was for about $9,700, and was obtained about a year ago. There had been a dispute over an indorsement. and the suit was brought to determine which bank must pay. The Tradesmen's Bank lost, but took an appeal, and that appeal is still pending. Mr. Kimball explained further that the DeputySheriff had left a man at the bank on Friday, as a matter of form. and he had been there each day since, but he had not interfered in any way with the work of settling up the affairs of the bank. Mr. Kimball added: "After the Tradesmen's Bank closed. the Continental Bank thought it would be safest to get out an attachment. The matter is now in the hands of my counsel and of counsel for the Continental Bank, and some adjustment will soon be reached. It will not cause any delay in settling up the affairs of the bank."

12. October 13, 1898 The County Record Kingstree, SC

Article from The County Record, October 13, 1898

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BIG BANK FAILURE, Tradesmen's National Bank of New York City Closes Its Doors. NEW YORK CITY (Special) - The Trades. men's National Bank, one of the oldest and, until recently, considered one of the sound. est financial institutions in this city, failed to open its doors for business Tuesday morning. The closing of the bank was the result of an investigation into its condition made on Monday night by the Clearing House Committee. In the suspension of the Wool Exchange, which may be traced to a combination formed against it by wool commission merchants of Boston, aided by New York dealers, lies the principal reason for the closing of the doors of the bank. The bank's capital is 8750,000. Among its assets are 40,000 snares of the Wool Exchange, which is, for the present, out of existence, and $334,000 in overdue paper. The last statement, issued on September 20, showed the loans and discounts of the bank to be $2,090,391, and the stocks and securities $480,700, and "other real estate and mortgages" $179,764. Due from other national banks, $338,117. Cash on hand, $549,146. These were the principal items in the resources. In the liabilities. individual deposits are put down at $2,025,173, due other banks, $953,870, and national bank notes outstanding, $175,880. This looked exceeding well until the committee began the examination of the stocks and securities and "other real estate and mortgages."

13. October 15, 1898 The L'anse Sentinel L'anse, MI

Article from The L'anse Sentinel, October 15, 1898

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Rains have quenched the forest fires around Cumberland, Wis. The schooner Sarah E. Palmer was lost off Stone inlet, near Charleston, S. C., and her crew of eight was drowned. The battleship Illinois was launched at Newport News, Va., in the presence of 30,000 people, and was christened by Miss Nancy Leiter, of Chicago. William Ballard, Burt Puvis and John Gatlin were suffocated by gas in a well at Somerset, Kan. With $2,000,000 due to depositors the Tradesmen's national bank closed its doors in New York city. J. B. Connor, of Evansville, Ind., shot and killed his wife and her paramour, Charles Williams. It is announced that Hawaii will become a territory of the United States and will be allowed one representative in congress. Heavy snowstorms prevailed in Minnesota and North Dakota. The unusual warm weather and abundant rains have started a second growth of almost everything in the berry line in southwestern Michigan. An incendiary fire destroyed the larger portion of the business district of Lowell, Ind. Samuel H. Dickerson shot and killed Mrs. Blanche Winship and killed himself in Cleveland, O. Jealousy was the cause. The battleship Wisconsin is to be launched from the Union iron works in San Francisco on November 26. Wright Smith (colored), who attempted to assault the wife of Capt. James Morrison, was taken from jail at Jones Station, Md., by a mob and shot to death. The triennial council of the Protestant Episcopal Church of the United States opened in Washington. The vault of Molson's bank in Winnipeg, Man., was robbed by unknown parties of $60,000. Damage exceeding $500,000 was caused by a fire which started in the Grange tobacco warehouse in Clarksville, Tenn. In a pacing mile race in St. Louis between Joe Patchen and John R. Gentry, Patchen won in two straight heats, the best time being 2:07. The trouble that has been brewing between the Indians and United States officials culminated in a fight at Bog-Ah-Me-Ge-Shirk's point, 30 miles from Walker, Minn., in which four soldiers were killed and nine seriously wounded. Dr. W. F. McLean, aged 65, a prominent physician and mason, fell dead in the masonic lodgeroom in Elyria, O. It is reported that the cotton crop in Georgia has been damaged to the extent of $5,000,000 by the recent storm. An estimate of the amount of provisions on the Yukon river indicates that there will be no need of a government relief expedition this winter. Mayor Jones, of Kansas City, Mo., has declared that the pawnbrokers must go. The utmost demoralization prevails throughout Mississippi on account of the rapid spread of yellow fever. N. L. Weatherby, commodore of the Troy Yacht club; Stephen W. Mallory, Mrs. Nellie Breslin and Miss Lizzie Savage were drowned in the Hudson river at Troy, N. Y., by the capsizing of a yacht. Trains collided at Indianola, Neb., and Sol Brace, engineer; E. J. Walters, fireman, and William McCarl, brakeman, were killed. Essie Jackson, aged 10 years, was stoned to death by boys at Shelbyville, Ind. Maj. Wilkinson, six privates, one Indian policeman and 30 Indians were killed in the fight with the Indians at Bear island, Minn. Fighting was still in progress, and Gov. Clough telegraphed Secretary Alger asking him to authorize the use of the volunteer regiments just about to be disbanded for the protection of the frontier. The Bankers' & Merchants' Mutual Fire Insurance company at Liberty, Mo., has assigned. Senator John T. Morgan, of Alabama, called on the president to inform him of the success of the Hawaiian commission. The Rock River Methodist conference in session in Chicago declared for equal lay representation by a vote of 200 to 6. The liabilities of the Tradesman's bank in New York, that failed recently, are now placed at $3,800,000. In session in Grand Rapids, Mich., the American board of foreign missions, for the first time in the 90 years of its history, elected a woman, Margaret J. Evans, of Minnesota, as a member. # PERSONAL AND POLITICAL. James L. High, one of the leading members of the Chicago bar and a lawyer of national reputation, died in Chicago, aged 54 years. Henry George has declined to accept the nomination for governor of New York on the Chicago platform democrats ticket and Henry McDonald has been named in his place. Mrs. Sobrina Shoemaker celebrated her one hundred and third birthday at her home near Covington, Ind. The Massachusetts democratic state convention at Worcester nominated a ticket headed by Alexander B. Bruce,

14. October 28, 1898 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, October 28, 1898

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Wool House Fails. New York. Oct. 27.-Justice Cohen, in the supreme court to-day. appointed Frederick W. Day of Elizabeth, N. J., and Edwin W. Sanborn receivers for the New York Wool Warehouse company, a corporation with a capital stock of $1,000,000, on the application of william McNaughton, a stockholder. The failure is due to the liquidation of the Tradesmen's National bank and cessation of the wool auction business by the Wool Auction exchange. The company was organized in New Jersey in 1896 to handle wool consigned to the New York market and to advance money to the consignors on their notes secured by the consignment. The liabilities are about $275,000 and the nominal assets $212,000.

15. November 1, 1898 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, November 1, 1898

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A BANK IN TROUBLE. New York, October 31-Judge Lacombe in the United States Circuit court today handed down a decision denying the motion of William H. Kimball, examiner of the Tradesmen's National bank for an injunction restraining the sheriff from maintaining a levy on that institution. Kimball claimed that the instructions of deputy and acting comptroller Murray that he had charge of the bank, advise correspondents of its suspension and withold payments of outstanding drafts practically made him acting receiver. and that the sheriff had no power to make a levy in behalf of the Continental bank. Judge Lacombe decides that "until the comptroller decides to put the bank into the hands of a receiver, there is nothing in the statutes to support the contention that the bank's tangible receipts are exemept from levy under execution upon final judgment."

16. November 24, 1898 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, November 24, 1898

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captured at Gallup, N. M. Ethel Marlowe, who was playing sudLove in The Christian, died Polly denly behind the scenes of a New York theater. Heart disease is supposed to have been the cause. The United States circuit court has of entered an order directing the sale the Chicago "L" road for $6,000,000. of The bonded and other indebtedness the road amounts to $16,500,000. The second assistant postmastergeneral has been informed of a combination of speculative mail bidders large who are seeking to evade to a extent the use of the war tax stamp. Dr. Samuel C. Bartlett, former and president of Dartmouth College from 1857 to 1876 professor in Chicago HanTheological Seminary, died at over, N. H. He was 71 years old. At Muncie, Ind., Fred Oland, 10 old shot and killed Andy years Modemiller, aged 5. Sam Jackson, becolored, an adult, is suspected of ing an accomplice and may be lynched. At Janesville the Gazette Printing the company was burned out, and whole building destroyed, together The with the plant of the newspaper. total loss will be about $10,000 with insurance. Dr. J. Underwood Hall, a prominent physician, is dead at San Jose, Cal. He was 85 years of age and a native had Kentucky. During the war he of charge of the union hospital at Glasgow, Ky. Congressman Joseph W. Bailey, democratic congressional leader, has entered the race to succeed Horace Chilton in the United States senate from Texas. Mr. Chilton's term expires March 4, 1901. C. Lambe, former Ill., and until a year Carlyle, Robert mayor ago of one the of of the most influential members Clinton county bar, has been arrested under an indictment charging forgery and embezzlement. The W. C. T. U. national convention at St. Paul, unanimously adopted resolutions strongly protesting against the canteen and also decided by a vote of of 285 to 71 to abandon ownership the temple in Chicago. To the committee which waited his on 1 him, President McKinley expressed take purpose, if nothing prevented, to which part in the Masonic ceremonies will mark the centennial of the death of George Washington. T. K. Hanajima of Japan, has been for at Fond du Lac spending $10,000 h blooded stock and investigating the latest dairy devices. In his seven trips to this country Wisconsin has always e been his field for purchases. h The receivers of the Wisconsin Central Lines made application for perto issue a second series of certificates to the S mission receivers' payable amount of $1,000,000 at six per cent., e from March 1, 1899. who was five James years McNaughton, presiof the Tradesmen's National h at New York, which has filed a petition in t, dent failed, bank recently bank- of ruptcy. He schedules liabilities t $1,129,350 and assets $347,921. t At Watertown Mrs. Kate Heubel e attempted suicide twice, once by taking rat poison and once by shooting herself, and in both she failed. She k, was partially insane from family troubles. She will survive. 1 f A severe fire in Dawson, Yukon ter- It is ritory, caused a loss of $500,000. was started by a woman throwing a lamp at another woman. The Daw- same woman started the big fire at d son last winter in the same way. f A war of whisky rates between the trust and the big distillery going up at Terre Haute is imminent. The fight if will surely be on in about a month o Haute concern its purpose to present the Terre antagonize adheres to the trust. It is said that Miss Sarah Bonnell, e an Abilene, Kans., young woman, has received a legacy of half a million v dollars from a friend in New York interested in her musical education. her She will go to Paris soon with youngest sister. n At Mitchell, Ind., Jesse, aged 22, son Burton of Georgia, has by John Flora in a been of Emslie shot case existed of mistaken identity. A feud this between Flora and Ab Jones of a h place, and Flora mistook young Burton for Jones. The new directory of the university of Wisconsin shows that there are i 1,479 pupils attending this year, last is a slight increase over and a gain in every but that of the year, which sophomores, department where there is a falling off. h Fred Olin, aged 12, has been arrested at Municie, Ind., charged with the murder of little Andy Bodemiller, was the 5-year-old child whose body found crammed into a fruit box in a gravel pit near his mother's house in Whitely, a suburb. Another discovery of gold is announced in the Malvern, Ohio, district. The latest find is at Augusta, a few miles north of Malvern, where M. & O. Leyda has discovered on his farm an ore which he claims to be richer than the Malvern product. Another chapter was added to the of famous Barnes-McGowan case Trenton, N. J., when McGowan and his wife, formerly Mrs. Barnes, were arrested at Erie, Pa., for kidnapping the child of Mrs. McGowan's first marriage from a Cleveland school. A popular subscription has been opened at Northfield, Vt., for the erection of a building at Norwich uni

17. November 27, 1898 New-York Tribune New York, NY

Article from New-York Tribune, November 27, 1898

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THE TRADESMEN'S TO REOPEN PRESIDENT BATES AND TWO DIRECTORS APPOINTED LIQUIDATORS THE BANK TO BE REOPENED ON DECEMBER 1 FOR PAYMENT OF DEPOSITS AND THEN TO BE REORGANIZED ON A SUBSTANTIAL BASIS. President David H. Bates of the Tradesmen's National Bank, at Beach-st. and West Broadway. which suspended business on October 4. received the following communication from the Controller of the Currency yesterday: Office of the Controller of the Currency. Washington D. C., November 25, 1898. David H. Bates, Tradesmen's National Bank, NewYork. Sir: In accordance with the report of the committee appointed 10 appraise the assets of the Tradesmen's National Bank and the report of the receiver upon the condition of the bank. to the effeet that all the outstanding accounts of the recelvership have been settled. and it appearing that the bank has now cash and cash assets on hand sufficient to meet all obligations as they may be presented. I have decided to permit the bank to go into voluntary liquidation. In accordance, therefore, with the conditions imposed at the time the Committee of Directors called upon me that I should name the liquidating committee. I hereby appoint yourself. W. H. Woolverton and Julius Kaufmann, directors of the Trades. men's National Bank, as a liquidating committee, to take charge of the assets of the bank and the business of liquidation. The bank must be open for purposes of liquidation on or before December 1. I have sent the receiver of the bank a notification of this action. Very CHARLES G. DAWES. respectfully, Controller. The committee, it was learned yesterday, has accepted the appointment. and a hurried meeting was convened in the bank building in the afternoon. The chair was occupied by President Bates, and James W. Clawson, the cashier. acted as secretary. At the close of the meeting President Bates made the following statement: "National Bank Examiner and Receiver William H. Kimball has to-day turned over to the liquidating committee all the assets, including the sum of $1,593,109 18 in cash. The amount owing to depositors to date is $2,211,827 83, leaving $618,719.6 deposits in the names of parties who have agreed to accept certificates on deposits running four months hence, thereby giving us sufficient time in which to collect the balance of our loans, which amount to more than the sum named. exclusive of other quick assets-the latter amounting to from $300,000 to $600,000. as they may be realized upon. The committee has voted to reopen the bank for business on Thursday, December 1. for the payment on demand of all deposits. excepting in the case of deferred payments. Meantime several syndicates are forming or considering the question of the reorganization of the bank on a substantial basis, such as will be acceptable to the Controller of the Currency. Aside from the losses sustained through the unwise loans made by the former president. James Macnaughtan the bank appears to be in thoroughly good condition. This is evident from the above figures, and by the fact that since October 4. the date of suspension, the examiner and receiver in charge has collected from loans over $1,000,000. mainly in small amounts, from hundreds of borrowers and without the loss of a single dollar.' President Bates said that the plans for the reorganization of the bank were in charge of Adams & Adams, lawyers. at No. 320 Broadway. who are also counsel for the Garfield National Bank, in West Twenty-third-st.

18. December 2, 1898 Wheeling Register Wheeling, WV

Article from Wheeling Register, December 2, 1898

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BIG BANK LIQUIDATING. NEW YORK, December 1.-The Tradesmen's National Bank, which suspended business on October 4, opened its doors to-day for liquidation. The bank has to its credit $1,600,000. In addition, there is $618,000 due depositors who have agreed to wait four months for their money. Fifty per cent. of this will be paid in January. The depositors to whom $100 or less is due are being paid to-day.

19. December 2, 1898 The Herald Los Angeles, CA

Article from The Herald, December 2, 1898

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P Will Pay Up and Quit NEW YORK, Dec. 1.-The Tradesmen's National Bank, which suspended business on October 4th, opened its doors today for liquidation. The bank has to its credit $1,600,000. In addition there is $618,000 due depositors, who have agreed to wait for four months for their money. Fifty per cent of this will be paid in January. The depositors to whom $100 or less is due are being paid today.

20. December 16, 1898 Weekly Independent Elko, NV

Article from Weekly Independent, December 16, 1898

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"SOUND MONEY.' The New York Sun occasionally shines with its old time lustre, as witness the following: "News comes from Emporia, KanBas, that the president of the First National Bank of that city has committed suicide after wrecking the bank 80 badly that not only are its capital and surplus gone. but the depositors will get little or nothing of the $500,000 owing them. As a consequence of this failure, the neighboring Madison bank has been obliged to close its doors. "Only a few weeks ago the Trades. men's National Bank of this city, which the Controller of the Currency supposed was perfectly sound, was examined by a committee of the Clearing House and found to be in solvent. Its depositors have not yet been paid a cent. and its stockhold. ers will probably lose the greater part of the money they have invested in its stocks. "When the Chestnut Street Nation al Bank of Philadelphia failed, a year ago, the discovery was made that it had been insolvent for over a year, and the Comptroller of the Currency knew it. Still, the bank was permitted to continue doing business and to receive deposits, because, as the Comptroller declared, closing its doors might have caused runa on other Philadelphia banks and lead to a panic. "These are but specimens of occur. rences which happen every few days. The failures of national banks are so frequent that they excite no comment and interest nobody but the sufferers by them. As a protection to bank creditore the Government manage. ment of banks is A delusion, and 80 would be its protection of bank note holders, If the notes were not secured by bonds. "Yet, the bankers and the eo-called currency reformers want the govern. ment to 'go out of the banking busi. ness," by turning over the function of issuing circulating notes exclusively to the banks. and let the people look

21. January 5, 1899 New-York Tribune New York, NY

Article from New-York Tribune, January 5, 1899

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TRADESMEN'S NATIONAL BANK AFFAIRS. READY TO PAY THREE MONTHS' INTEREST ON OUTSTANDING CERTIFICATES OF DEPOSIT. TOGETHER WITH FIFTY PER CENT OF THEIR FACE David H. Bates, president of the Tradesmen's National Bank. and chairman of the Liquidatin Committee of the Institution, gave out the follow ing statement yesterday afternoon The Tradesmen's National Bank suspended on October 4. 1898. and went into the hands of Bank Examiner Kimball, in whose charge it remained until December 1. 1898 The bank was then taken charge of by the Liquidating Committee appointed by the controller of the Currency. David H. Bates, W. H. Woolverton and Julius Kaufman made up this committee. At the time of the suspension there was in the vaults of the bank the sum of $620,000 in cash. Since then there has been collected from bills discounted, time and demand loans and other sources the sum of $1,884,310 34. In that period there was no protested paper. excepting $30,000 of the New-York Wool Warehouse Company, in the hands of the receiver When the bank reached the hands of the Liquidating Committee it had sufficient cash on hand to pay all depositors on demand. excepting thos who took certificates of deposit running four months to the amount of $605.841. Since that time the bank has paid all depositor excepting the certificate-holders, and $37,000 of posits not yet called for. The bank now issues the following notice: The Tradesmen's National Bank hereby nounces that it will be prepared on and after January 4. 1899, to pay three months' Interest on out- 50 standing certificates of deposit. together with per cent of their face. Interest upon said 50 per cent will cease from that date.