16637. Trust Company (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: September 19, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4fc965fa

Response Measures

Full suspension, Books examined

Other: Defaulting/defalcation by secretary (Carleton/Carlson) led to suspension and receivership.

Description

Newspapers refer to a run on the Trust Company in mid-September 1873 amid the wider Panic of 1873. A suspension followed and reporting (later dispatches) names a large embezzlement/defalcation by the company's secretary (Carleton/Carlton) and indicates the Trust Company (also referred to as the Union Trust Company in some dispatches) went into receivership/was closed. Bank name in the prompt is generic ('Trust Company'); contemporaneous reports sometimes call it 'Union Trust Company' — therefore bank_name_unsure is true. Dates are taken from article publication dates and in-text datelines.

Events (3)

1. September 19, 1873 Run

Cause: Macro News
Cause Details: Run occurred during the wider financial panic of September 1873 (Jay Cooke collapse and market failures) and heavy market-induced withdrawals.
Measures: Company continued paying demands during the early stages of the run; attempted examinations and reassurances were reported.
Newspaper Excerpt: The run on the Trust Company continues. The company is still paying.
Source: newspapers

2. September 20, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed discovery/reports of a large defalcation by the company's secretary (Carleton/Carlton) and large overdrafts (reports cite $600,000 defalcation by Carleton and other large overdrafts).
Newspaper Excerpt: The Union Trust Company had suspended... the suspension of the private banking house ... owing mainly to the return of their drafts on the suspended Trust Company of New-York.
Source: newspapers

3. November 7, 1873 Receivership

Newspaper Excerpt: the statement of the Receiver... total assets are $6,827,300, and there is due depositors $5,229,185... securities were purchased with the Company's funds by the defaulting Secretary Carlton ... Those are accordingly claimed as the property of the Trust Company. (Nov. 7 report).
Source: newspapers

Newspaper Articles (14)

1. July 21, 1873 New-York Tribune New York, NY

Article from New-York Tribune, July 21, 1873

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STATEMENT OF MR. MILLS'S SON. Thomas H. Mills, a sonjof the deceased, told a TRIBUNE reporter on Saturday that he was executor of his father's estate under the will, and that as such he had asked and received possession of all his father's private papers which had been in the office of the Trust Com- time pany. He had given these such examination as would permit, and was positive that his father's would affairs be were not in a bad condition ; all his liabilities paid, and his family would be well provided for. He that his father, only a short time ago, swore believed that he said worth $200,000 beyond all liabilities, and he was the statement was correct. His building opera- disasthat and real estate investments had not been tions in his opinion, and, so far as he could learn, its trous, property was not mortaged to near the Only a short time before his death he obtained which a value. on a mortgage from his brother of $70,000. father Joan that the property held by his late for was evidence believed to be very valuable. His rent-roll his father the was was $44,000. He supposed that the Trust past year that he had overdrawn his account with knew but not that be had overdrawn it so beavily; Company. expected to make it good in a short time, have done 80 but for his State'bonds which were among and of The course Georgia would he unexpected Trustees the assets death. after of Company had been received by the the had passed the Examining Committee, and than his they was no more responsible for them father other officers of the Company. The New-Haven, Middletown the and Willimantic Railroad bonds, which had 90 been described as worthless, would. he said, be worth dollar if the contemplated arrangement cents on the with the New England Railroad were consummated. not He very confident that the Trust Company would but felt lose a single cent through his father's transactions. be that deficit which might be discovered would of the any made good from his estate. The officers It easily bad told him that this was their belief also. father's had been said Company that payment on some of his he checks had been refused at the Nassau Bank where had kept his private account; but the fact was that none been refused until after his death when the money on deposit was the property of the estate, and the refusal was based solely on this ground. A FAMILY COMPANY. When the Trust Company was organized a number of wealthy New-York and Brookly n men were in the Board of Trustees, and many of these were related to the late President. either by blood ties or marriage. Mr. Mills married a sister of A.A & Josiah O. Low, the large tea firm in Burling-slip, and Josiah A. Low, the VicePresident, married a sister of Mr. Mills; E.H.R.Lyman, member of the firm of A. Low &Co., married a sister of the Lows, and his second wife 18 a sister-in-law of Alexander M. White, another of the directors, and Mr. White's married a niece of Mrs. Mills. Henry E. Pierrepont's Cullen BOD married A. A. Low's daughter, and Dr. H. J. related by marriage to Judge McCue. Furthermore, Is office of the Company was in A. A. Low's building. All the of the Trustees are men of wealth, and it was this that led the public to place so much confidence in fact the stability of the concern. From the outset it was a because of this feeling of security. At one time its success deposits ranged as high as $4,500,000. During the the deposits have been much reduced. until-at past year time of the suspension there was only about the Within the past two weeks several financiers $2,200,000. have drawn out their balances, and it is now stated that of those who had friends in the Board of Trustees were some among those who reduced their balances or withdrew them altogether. The departure of A. A. Low, wife, and daughter for Europe, on Wednesday last, after the recovery of the body of Mr. Mills, and the consequent failure of Mr. Low to attend the funeral of his brother-in-law, has excited much unpleasant comment on the part of the public. It was asserted that be knew of the financial embarrassment of Mr. Mills, and the fact that he had largely overdrawn his account in the Trust Company and, not wishing to remain and witness the scandal and disgrace of his dead relative that would follow the exposure, he sailed to Europe. A near relative of Mr Low denied, yesterday. that the latter was actuated by any such motives. It was his custom to go to Europe every year or two for rest and recreation. He engaged his passage and staterooms several weeks ago, and if he forfeited his staterooms weeks might elapse before he could obtain others. MR. MILLS'S CONNECTION WITH THE NEW-HAVEN, MID DLETOWN AND WILLIMANTIC RAILROAD. One of the directors of the Trust Company and an intimate friend of Mr. Mills was questioned relative to the latter's connection with the New-Haven, Middletown and Willimautic Railroad. He stated that Mr. Mills was a director of that road, and was largely interested in it, having contracted to finish 28 miles of it. The road was formally opened about the 1st of June, alter much embarrassment and delay, arising from the want of money to complete and equip it. He believed the railroad company only owned two locomotives, two three passenger cars, and a small number of freight care On the day of the opening of the road, that locomotive attached to the car in which were, Mr. Mills and a number of his friends who had accompanied bim by invitation to inspect the road, ran off the track and the party was delayed a considerable time. The accident occurred in consequence of the road being poorly constructed, Negotiations are now making looking toward the lease of the road as connecting link oftne new Air Line between New-Haven and Boston. Should this be consummated, the bonds may in time be worth par. If sold now. OF in case the negotiations should fall through. be doubted whether the bonds would fetch more than 40 cents on the dollar. THE SUICIDE THEORY. Opinion seems to be divided as to whether Mr. Milla committed suicide or was the victim of an accident. Certain cireumstances and actions of Mr. Mills previous to his death seemed to give great color to the suicide theory, winch obtained wide eredence in consequence. Ou Monday last the deceased went to his land agent, it

2. July 23, 1873 The Sun New York, NY

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Ins station-Depart City Treasurer M. T. Rodman suspended. The affairs of the Trust Company assumed a more reassuring aspect yesterday, and depositors were sanguine of receiving dollar for dollar. Mr. John J. Allen, ex Assistant United States District Attorney, who is a depositor to the extent of $1,400. had filed a petition in bankruptey, but if the examination going on results 111 showing the institution to be sound. it is probable that proceedings will be dropped The attorney of the New Haven and Willimatic Hailroad visited the Trust Company officials yester. day. and declared that 11.2 bonds upon which the bank had advanced the sum of $150.000 were worth every cent they represent. They are valued variously at from 45 to 75. but when cartain pending arrangements are completed they will approach to par. if the sworn statement of the deceased President's son 18 to be credito d. his estate will amply cover the overdrawn account. The following is the will field yesterday in the Surrogate's office: THE WILL. 1. Ethelbert S. Mills, of the city of Brooklyn. county of Kings, and State of New York, do declare the 10. lowin to be my last will and testainent: give, devise, and bequeath all my property and on. tate both real and pers nal, to my beloved wife, Ellen L Mills to her and her heirs and assigns forevo the reby appoint my said Wile executrix. and my son Thomas 11. Mills my brother, James b. Mile, and my brother.a-law, Edward H. 1. Lyman executors and I hereb. aut orize them. and the survivor of them. and any one or more of them who may quality as execute X or executor, to sell or convey any or all of my real Che tate at public or private sal and for cash or upon credit. In witness whereof. I have hereunto set my hand and seal this tour earth day of June. one thousand eih hundred and seventy-three ETHELBERT 8. MILL The witnesses are M. T. Rodman and E. F. Lombard Thom 18 11. Mills swore that his father's real estate is about $300.000 In value, and that the next of kin are his widow. Ellen 8. Mills, and three children. Thomas 11. Mids. of full age, Fanelbert P. Mills, aged nineteen, and Albert L. Mills. azed Ofteen. The heirs were cited to appear on the 31st inst. to prove the will. THE FAVORED DEPOSITORY OF CITY FUNDS, Alderman Hopes declared that after fin ting from a reliable source how matters stood. he was satisfied that the depositors would not lose a dollar Referring to the city moneys plac d with the Trust Company, he said that a year ago la.t January there were deposited with the Trust Company between eight and nine hundred thousand dollars of city funds. On this the company was paying only 214 per cent., while advertising 4 per Ct nt. in the newspapers. The Alderman offered a resolution directing the Treasurer to require 4 per cent. from the Trust Company and 3 per cent. from banks. which I tter have, under United States law, to reserve 20 per cent. of their deposits It was agreed by the representatives of the several banking institutions th t the banksshould payBand the Trust Company 3X per cent., and that deposits should be made pro rata with the capital and surplus. The Finance Committee of the Aldermen did not re ort in conformity with this agreement. The Mayor and Comptroller afterward withdrew between $2.1 ,000 and $8.0,000 of the sinking fund from the Trust Company and Invested it in certificates, but the Treasurer continued to deposit largely with the company. SUSPENDED. Mr. M. T. Rodman h 8 been suspended from his flice of Deputy City Treasurer. He WAR WHI.... to resig but Treasurer Sprague thought it best to await the result of the investigation into the Trust Company's affairs. Very few depositors have returned their books in response to the request of the receiver. One depositor. who has $9,000 in suspense, appeared at the office to ask when business would be resumed. but declined to part with his book. Mr. George W. Quintard, Secretary of the East River Bridge Company. denied the report that the Bridge Company's funds are deposited with the Trust Company. The Atlantic Bank is the present depository for the bridge's funds. The Bridge Company had an account with the Trust Institution some time ago, and in consequence of delay by the Comptroller in furnishing hem with the installment last due. they were compelled to overdraw to the amount of $81,000.

3. September 19, 1873 Evening Star Washington, DC

Article from Evening Star, September 19, 1873

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STOCKS. The following shows the decline In the leading stocks: Opening. 10:30 A. M. 96 Central 91 Harlem 120 114 Erie 54 52 1/2 Lake Shore 83 87 % Wabash 46 39 Rock Island 89 97 39 33 Milwaukie and St. Paul 32 Ohio and Mississippi, 27 % 22 17 Union Pacific 23 C.C. & I. C 19 ¥ 78 W. U. Telegraph 68% 38 Pacific Mail 32% ADDITIONAL FAILURES. NEW YORK, Sept. 19. Day & Morse and Hay & Warner have suspended. THE TRUST COMPANY STILL HOLDING OUT. NEW YORK, Sept. 19. The run on the Trust Company continues. The company is still paying. A GENEROUS OFFER. Munroe & Co., of Paris, notify their New Yoork house by cable that they will protect all bills of Jay Cooke & Co. upon them. They offered this morning to discount Cooke's immatured bills at the bank rate. WILL SECRETARY RICHARDSON "REMOVE THE PRESSURE?" It is stated on good authority that Secretary Richardson will come to the relief of the New York banks to-day. but in what manner cannot be ascertained. The Treasury officials refuse any information. CONTINUED EXCITEMENT IN WALL STREET. NEW YORK, Sept. 19, 2. P. M.-The Stock Exchange has been a scene of the wildest excitement throughout the morning, the volume of business having been so large, and the fluctuations of such proportions, as to make it well nigh impossible to keep a record of the business. As each failure was announced on the exchange, the excitement increased, and everybody seemed wild with fright. Coolness and confidence departed for a time, and it is many years since such scenes have been witnessed on the exchange. The decline has ranged from 1 1/2 to 30 per cent. STILL ANOTHER FIRM GONE UNDER. NFW YORK, Sept., 19.-Fitch & Co., have suspended. A GENERAL SUSPENSION PREDICTED. NEW YORK, Sept., The office of Fisk & Hatch is strongly guarded by police. Jay Cooke & Co., are hard at work preparing a statement of their affairs. A prominent Wall streer banker says if the movement now making to get the secretary of the treasury to come to relief with $10,000,000 should fail there will bea general suspension of banks and others. A meeting of bank presidents is now being held at the clearing-house. Vernon & Heyhave suspended. THE STOCK MARKET is not quite so irregular, the excitement still continuing. The crowds at the stock exchage are so large that the police have been called to prevent the entrance of any but members. MORE IMPORTANT SUSPENSIONS. NEW YORK, Sept., 19.-E. D. Randolph & Co., bankers of the Pennsylvania Central railroad and Wm. H. Connor have announced their suspensions. THE MONEY MARKET 8 so unsettled that it is difficult to name a rate. Foreignexchange is nominal. Gold is active and excited, and after frequent and violent fluctua. tions advanced to 113 it is now 12. The rates paid for carrying were 1.32 to 7 per eent. gold. Southern state securities are neglected. Government bonds are unsettled; quotations are nominal. LATFR--There is a better feeling in the market. The following are the quotations up to this hour: Central, 95; Erie, 53%; Lake Shore, 88; Wabash, 45. The Panic in Philadelphia. COOKE'S LONDON HOUSE ALL RIGHT.

4. September 19, 1873 Evening Star Washington, DC

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ADDITIONAL FAILURES. NEW YORK, Sept. 19.-Day & Morse and Hay & Warner have suspended. THE TRUST COMPANY STILL HOLDING OUT. NEW YORK, Sept. 19.-The - run on the Trust Company continues. The company is still paying. . OPERP

5. September 24, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 24, 1873

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without of that of the We trust on this Has May His say This Mayer afternoon, with several consultation Havemende gentlemen to an issue address present financial and crisis, special transmit meeting of of the was which Board called Aldermen for his asked what When views to-day. he the the sbout were, said panic to the had intended of this not city the run continue on the as he felt Banks, labore that sesured were their deposits perfectly that and cure the prese in of the panic loss might result both and possiblinterest. principal of the The effect the upon import. ing of goods business withdraw for from the bonded current warehouses is of trade as demands of by On the shown duties. the 17th the amount Custom was 101; 18th House $523,1 $323,152; the on on 19th on 22d and on Rough Travelers is The pubprivate following dispatch lished: Sept. Jay Cooke London, out Co., Culloch drafts by Jay drawn have which Cooke to of the hand come the suswas pension received. the Trust Forcing Company in the into bankpetition Further inquiry the Trust ruptcy Union against Company & the has fact that Co., elicited in the are Wall stree*, brokers Kendr Detitioning is the and that upbased creditors petition to the that refused on allegation of for as far check petitioners 30th on the that ult., ground the the check clearthrough ing in when house, Company it well the and knew had, by with other back pay as the had not been fact the Trust Trust Company collusion parties endeavored in the to emmost manner, the of If the barraes business petitioners. their having succeed positioners an in will sucgranted assignee bankrupto the the in of ceed now comcharge receiver assets. pany's A of the Trast Union director Company he said had when business be had seen would the and Attachment issued against properthe T. Sec ty of Charles missing Carleton, retary. Dry Goods Denied. Failures Reported the last paper says: During two of stock days Rock shares Island of has been names outsiders who the have from ranging invested to is five the one hundred. Exchange few kept days closed puroutside will afford chasers great Clearings at of the 173 gold bank to-day Exchange on Wall millions. Rumos this two street prominent on dry infaile goods houses proved, to be entirely foundaand tion, by doubtless circulated for of the gold. bulling purpose Loan $10,000,0 Certificate. The will hold meet Banks to for ing the of thorrow making for the of ten issue arrange another the loan dollar million $10,000,certificates, 000 been issued having Monday ashausted. Mr. Bank Meigs, Examiner, of of after the Nathe affairs examine of the bank tional that will every receive depositors dollar confidence due them. still Morton Senator wating the with financial interest. reporter Hotel Avenue inquire whether of any received further tion by the Senator he not was for speak authorized or was do he He than more he on when night, Sunday the remedy sufficient. he it should and that enough, the do thought he the law could within restore dence. of was opinJohnson Senatorion that not President to the detake from and money it in posit Treasure There banks, of the of doubts bonds legality not due. to difficult a of way Wall with devise street the The from money Treasury. President do he all was could, desirwould of of the the ous law. letter within keeping do the effect think Reporterof the and to-day, articularly exciteme of will on Clews Henry have Gen. failurGe of The Henry Senalor failure hit of the will all. Poor Clews for him. Henry the that has President to Do Long day. you returned Branch to him and come expect over to-morrow look after matters Senator Mortonif he will at come. doubt he is once here selfhe think gets crowd of will do as there here.

6. September 24, 1873 Nashville Union and American Nashville, TN

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YOUNG CARLETON. An Interview with HIs Father. / $500,000 Worth of Emotional In. sanity. NEW YORK, Sept. 23.-Dr. Thos. Carleton, father of the Secretary, was interviewed yesterday. He was in the office of the Trust Company when his son took his final departure. "Charley seemed," said the Doctor, "to be very nervots and excited. When he was not busy signing checks, he conversed with me, and several times I saw tears rolling down his cheeks. Since his wife died, three weeks ago, he has not been himself, and 1 have frequently found him weeping, while he has continually been despondent and depressed. supposed on the morning in question he was thinking of his loss, being also flurred about the affairs of the company. I talked to him earnestly, telling him that he should be cool and not get excited. Finally, just before noon, Charley went and got his hat, saying to me, 'You must excuse me, father, but it is necessary for me to go out a few minutes; I will be back soon.' Supposing he was going out on business, I did not attempt to stop him. After waiting some time for him to return, I went away. My son did not, as has been stated, go to a safe and take out a thousand dollars. He couldn's have done so, as the cashier pays out the money. "He did not even take his OV rcoat and nothing missing from his wardrobe at home except the clothes he wore. I cannot uaderstand why Charley should have run away. He has friends who would have made good any deficiency. It is my opinion he has been crazy since the death of his wife." Being questioned as to the loan said to have been made to h in by his son, the Doctor said: My business that morning was about these very loans. Some time ago the Trust Company loaned me $30,000 for which I gave the very best securities, and when I heard of the run on the bank I went up there to offer to pay the loans if the company wished. [ S&W Mr. Schell and he told me it was not necessary. However on Saturday after banking hours I received a no ice calling in the loans and this very morning paid $15,000 and would have paid the remainder, but one of the checks I eld was dishonored by the bank because the institution issuing it had not that amount on deposit in the bank. This loan was not made to me by my son personally as been stated, but by the Trust Company. Do you know of any speculations your son engaged in? Yes; I have been told since his departure that Mr. Carleton speculated heavily. bought 1,500 shares of Pacific mail and 1,000 shares of Western Union, but I cannot speak definitely as to other investments. Do you think Mr. Carleton took any of the missing securities or bonds with him? No, I do not; but I was told by a gentleman who was with my son at the time he went to one of the down town savings banks where he has deposits and withdrew $2,000. Have you seen your son since Friday? From the time he left the office at noon on that day I have neither seen nor heard from him, and I have not the slightest idea of his whereabouts.

7. September 26, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 26, 1873

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NEW-YORK DAILY TRIBUNE, FRIDAY, SEPTEMBER 26, 1873. Liverpool for New-York to-day. Of this amount the and Cincignati banks, which were at first reported as that it was unnecessary to take any special action; NOVsteamship City of Brussels took $150,000, and the steamhaving totally suspended, and the excitement was hightortheless all are agreed that there is no possible fear of a ship Adriatic £35,000. ened at noon by the suspension of the private bankingDanie here, of a run on the banks, or of any inconventence A STORMY ERIE MEETING-PRESIDENT WATSON house of Woollen, Web. & Co., owing mainly to the reat all. Indeed, one of the Presidents thinks THANKED--HE WANTS THIRTY MALLIONS. turn of their drafts on the suspended Trust Company of the worst effect it can have directly is to New-York. Public confidence became 80 shaken that LONDON, Sept. 25.-The meeting called by create temporarily a slight uncertainty in the Mr. Watson to consider the affairs of the Erie Railway there was a heavy run on Ritzinger's Bank and on the matter of taking New-York drafts on deposit. as Indianapolis Savings Bank by a class of generally small Company took place to-day. and was attended by 1,000 the banks in this city have always received depositors, and a few persons withdrew their money persons, including many Americans. The session is New-York funds without charging any discount or perfrom other banks. The First National Bank, instead of described as stormy. A resolution of thanks to Mr. centage, no matter how the rates of exchange stood. Of closing at the usual hour, kept open an hour later to give Watson was unanimously adopted. The names of Biscourse, 80 long as the present feeling continues, people depositors an opportunity to withdraw their money if choffsheim and Henry were greeted with a storm of will be anxious to get rid of their New-York funds, and they wished, and when it closed it had received more mingled hisses and cheers. Mr. Watson, in an explanathe banks may find them on their hands to excess. money than it had paid out. The unquestionable soltion of the affairs of the Company, said there was some As New-York is largely indebted to us the banks cannot vency of all the city banks, together with the fearless apparent dubiousness about the accounts, but he besend on checks and get greenbacks. Indeed, one cashier way in which they met the excitement, seems to have lieved they were correct. They wanted $30,000,000 imgoes 80 far as to say there is but one bank in New-York sent home the crowds, who througed the streets until mediately to finish improvements already begun and to independent enough to have it in its power to send Bosafter the banks had closed, in a better state of feeling, lay a third rail. ton checks for greenbacks. and it is not thought that there will be any further COMMENTS OF THE LONDON PRESS-FIVE HUNDRED There is another point in this regard where our banks trouble. Previous to the excitement, the banks in conTHOUSAND POUNDS TO BE SENT TO AMERICA. are strong in comparison with the New-York instituference had decided to go ahead in the usual way, and tions. Their country correspondents are all New-EnLONDON, Sept. 26.-The Daily Telegraph, in this determination will still be followed. gland banks, and form but a very small proportion of another article on the American crisis, says it cannot be their depositors. Nevertheless there have been rumors, too strongly enforced that there is nothing radically unIN MISSOURI. and unpleasant ones, too. sound here or in the United States. The great mass of GENERAL SUSPENSION OF THE BANKS OF ST. LOUISOne rumor prevailed here to-day that checks to a very capitalista is not affected by the trouble in New-York. large amount had been sent on to be cashed, but it FLOUR SHIPMENTS IMPEDED. The Daily News remarto in the adsance of a aya. proved to be entirely unfounded. One banker said to an St. Louis, Sept. 25.-A slight run having tem of long credits, the materials for a panic among Advertiser reporter: cashed in one check one-third of been made on the banks of this city, it was decided at a American trading houses do not exist. It believes the the whole amount that was called for yesterday." This worst is over. meeting of bankers, held last night, to suspend the paywas a check which was by no means hastIt is said that bullion to the amount of £500,000 stel ment of checks or drafts, ither in currency or exchange, and former the ened on account of the panic. The genuntil the excitement in the East substuce ling will be withdrawn from the Bank to be sent to tleman continued: "We do business on an condition of the markets is restored. Shipments of nour by next Saturday's steamers. entirely different bagis from that of the New-York

8. September 26, 1873 New-York Tribune New York, NY

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and Cincignati banks, which were at first reported as having totally suspended, and the excitement was-hightened at noon by the suspension of the private bankinghouse of Woollen, Web: & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became 80 shaken that there was a heavy run on Ritzing er's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed.

9. September 26, 1873 The New York Herald New York, NY

Article from The New York Herald, September 26, 1873

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The Panic in Indianapolis. INDIANAPOLIS, Sept. 25, 1873. Considerable excitement was caused here this morning by the announcement of precautionary measures adopted by Chicago and Cincinnati banks, which were at first reported as having totally suspended, and the excitement was heightened at noon by the suspension of the private banking house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York. Public confidence became 80 shaken that there was quite a heavy run on Ritzinger's Bank and on the Indianapolts Savings Bank by a class of generally small depositors, and some few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour kent ORGA BA

10. October 3, 1873 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, October 3, 1873

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THE NEW WORLD. A dispatch from Philadelphia of the 19th says that ten other failures had occurred in that city besides those of Jay Cooke & Co., and E. W. Clarke & Co., reported on the day preceding. as follows: De Haven & Brothers; Gilbough, Bond & Co.; Geo. H. North; J. P. & H. E. Yerks; Charles P. Bayard; John P. Lloyd; Henry H. Douglas; H. Heber Ball; T. C. Knight, and H. L. Fell & Bro. Runs had been made upon all of the banks, but up to the time of closing business they had paid every dollar demanded. The most decided attack had been made upon the Fidelity Trust and Safe Deposit Company, there being a prevalent impression that it had been connected in some way with the houses of Cooke and Clarke. The aggregate of funds drawn out was something over $1,000,000. The President had arrived, and it was believed that he had come to offer the sympathy and probably the assistance of the Government to Jay Cooke & Co. A New York despatch of the 19th says the excitement in that city had largely exceeded that of any preceding day. Nineteen additional failures had been announced, among others, those of Fisk & Hatch; White, Defreitas & Rathbone; Beers & Edwards; E. J. Jackson; Thomas Reed & Co.; W. H. Warren; Greenleaf, Norris & Co.; George Alley; Theodore Bedell; A. M. Kidder; Hay & Warner; Day & Morse; Fitch & Co; E. D. Randolph & Co, representatives of Tom Scott, of the Pennsylvania Central Railway, and W. C. Conner. The sacrifice of stock values had been largely in excess of the depreciation of the preceding day. By noon Harlem had fallen 30 per cent.; New York Central, 5; Rock Island, 91/2; St. Paul, 9; Ohio & Mississippi, 11; Western Union, 10 per cent. from the opening prices. Money brought extravagant prices, the ruling rate being one and a half per cent. per day, even this rate being reluctantly accetped. Strong and persistent attacks had been made against all the monied institutions, notably the Fourth National Bank and the Trust Company, of which Richard Schell was President. Up to the close of business, every demand presented had been paid. The effect upon gold had been to raise the price to 1131/2 early in the day, but by afternoon the price had receded to 1111/4 Dispatches from New York on the 20th say that the results of that day's operation "had been disastrous only to a class of stock gamblers whom everybody wished to see overwhelmed, and the suspension of three banks, weakened by outside considerations, unexpectedly revealed by distrust consequent on the agitation of the stock market. The "Bank of the Commonwealth," The National Trust Company," and the "Union Trust Company' had suspended. In the case of the "National," the disaster had resulted from an inability to realize instantly on Government securities. The suspension of the "Union' had resulted not from inability to realize on securities, but from the discovery of the defaication by Carleton, the Secretary, for $600,000, and an over-draft of E. S. Haight for $200,000. It was reported that Vanderbilt had been involved financially in the defalcation. The Stock Exchange

11. October 11, 1873 The Dallas Weekly Herald Dallas, TX

Article from The Dallas Weekly Herald, October 11, 1873

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the question to emis determined ANNEVEPORT, grate to the Dave I nited October States en mussel Interments yesterday 12. 9. The October NN VILLE, Missons and thousand Odd Fellows dollars chur have Rein seven provisions to Memphis. was in money and October -There LATTLE Rock, frost last evening. another BAUTIMORE, heavy October -Patrick lawyer, Me- is Laughlin, a prominent dond. YORK, October 9.-The railroad sixth conNEW meeting insurance of the association the author ductor's report fifty-seven life deaths during one of year. Seever, of Jersey in City, New JerDiscol wealthiest capitalists a bankrupt. the been adjudged of the New with and Maryland it is York, Oswego His liabilities, sey, He has Vice President Railroad said, has Company will reach $8,000,000. 9.--Young LAKE, October of the Latter SALT elected President Day been Union ST. LOUIS, has gone Saints. October 9.-The into liquidaNational Bank by scarcity of currency. banks NEW resumed greenbacks tion, have caused virtually YORK, October report currency pay Home the Bankers understood that ments. quite plenty. Trust It Company is has resumed business. National CHICAGO, October resumed. 9.-The Third National Bank October has night. _There was Sister were fever. another MEMPHIS, heavy frost forty-one last interments; thirty-three There were a Dominican, yellow Academy, formerly is Joseph, Agnes Peter's Superior, Mary Father of St. O'Brien, of St. has tabasse dead. Church, WASHINGTONIVED is very low. October with p.--The Tak- the Polaris October 9.-Ten crew. SHREVEPORT, Adaline Field, Wardman, N. deaths to-day: Richard Book, Hi Bark, Sweitzer, F. Rev. FitMary Wright, Lelia W. Stewart, colored ran Sanders, J. Dan Brooks, trial of ther Lonesconoctober YORK, 9.-The The chaiNEW resumed to-day. entire array Stokes lenge of was the defense sustained to the although by the court. the jurors said faith, The was made rather than had been would challenge of counsel sustained, was yet that in withdraw. good thousand and delay the hundred trial he and been at pounds Six United sterling States have Assay office failed. since the Monday. Casavana & 9.--A Co. have brisk can- the Gibson, October by was kept up, MADRID, beseiging yesterday. Carthagena. from nonade force deserters the Republican the day ranks many came into During the insurgent veroment troops. The Board camp WASHINGTON of the who October9. investigated will make the of Examiners from the Polaris, the circum- beidefirst party eximination.casters into as will comstances an of the Buddington party, is not exfailed by the to-morrow. It be elicited, mencing that new facts will after the sepapected excepting ration of The Poluris crew occurrences not credit Hall. the The reports authori- of ties here play in do lie death October of 9.-The Total Genfoul YORK, of the Catholic resoeral Abstinence NEW Convention ympathy union the with to-day many the passed afflictions Holy also Fations ther at of Rome lately in experienced: the action of which he has condemning in expulsion orders. and Italy religious Germany and other showed Secretary's of a resolution Jenuits report condition. the The in a flattering of the Clearinghouse an opinThe could not be to-day when there as he banks union manager said he payments, would give resump- was tion jon as of to currency to admit currency that payments the to not prepared only refused LeThey had suspended have, legal he tenders says, and increasing checks. banks in out are rapidly and the the gal pay tenders banks of the legitimate city, demands upon pay them all regular session Association of the Evan- hall, of was relations gelical The devoted afternoon alliance, to of at the the the free church discussion to the 9.-Chaplain Henry the of October the United States Navy, is dead.

12. November 8, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 8, 1873

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which it appears that the total assetsare $6,827,300, and there is due depositors $5,229,185. By the statement of the Receiver it is shown that the following securities were purchased with the Company's funds by the defaulting Secretary Carlton : 10,000 shares of Atlantic & Pacific Railroad stock, 800 aliares of Pacific Mail Steamship Company, 2,000 shares of Union Pacific Railroad, GOO shares Western Union Telegraph I 400 abares Columbus, Chicago & Indiana Contral Railroad. Those are accordingly claimed as the property of the Trust Company. [To the Associated Press.) New Yonk, Nov. 7.-The day olosed with & very unsettled feeling. Several rumors wore afloat in regard to the financial situation in London, ono of which was that discounts in open market were 10 por cont. Rumors affecting the stability of various mercantile and finanolal houses alded to enhance the feeling of apprehension. MONEY loaned at 6@6 1-32, and closed at 7. Foreign exchange was firm, though Irregular on account of the London situation; GO days,sold at 105%: sight at 1081. Commercial bills brought 103@ 105. Gold closed firm at 756731; carrying rates 9@3 1-32 per cent. The clearings were $45,750,000. Governments were more notive, and closed stronger. State bonds were quiet and nominal. The Treasury disbursements were $344,000, and the custom receipts $255,000, STOCKS were weak and lower, ranging at 1108% declind, closing irregular, though at: a slight recovory from the lowest point of the day. The following are the principal extremes: New York Contral; 77y@80; Erie, 35%(339)/1 Lake Shore, 60%(602) Wabash, Rock Island, 841/@86 Western Union, 45%6@88% Pacific Mail, 20(2271/6.

13. November 25, 1873 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, November 25, 1873

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# THE LATEST NEWS. NEW ORLEANS, November 24. The delegates to the Peoples' Convention assembled this morning at the St. Charles hotel, and from thence proceeded to McEnery's office, where the committee of Seventy with the delegates adjourned to Greenwald Hall on Baronne street, which had been chosen for the session. The hall was tastefully decorated with numerous inscriptions and a profusion of flags, the busts of Washington, Clay, Webster and Chief Justice Martin being prominent. Ata quarter past 12 o'clock R. H. Marr, Chairman of the committee of Seventy, called the convention to order, and named Dr. Chappin, temporary Chairman and Thomas L. Maxwell, temporary Secretary, These nominations were adopted unanimously. Dr. Chappin, taking the chair, said he did so because he believed every man in Louisiana should contribute his mite in this struggle for liberty. Committees on credentials and organization were appointed, when a recess of half an hour was taken. After the recess the committee on organization nominated Judge W. B. Eagan, of Caddo, for President, and Thomas L. Maxwell, of New Orleans, Secretary. On mocion, the nominations were accepted. Judge Eagan, upon assuming the chale, addressed the convention, reviewing the situadoo, etc. Other addresses followed. After the appointment of the usual committees, the convention adjourned until 10 o'clock to-morrow morning. NEW ORLEANS, November 24. The board of United States engineer officers appoiated to deliberate upon the feasibility, of the proposed Fort St. Phillip canal, have arrived here. Cotion in good demand; sales 5300 bales. Prices easier. Good ordinary to strict good ordinary 14@15c; low midling to strict low midling 15@15½c; midling to strict midling 18@18½c; good midling 17@17½c for certified checks. Gold 8¼@8½; currency 14@1 sight 1¼ for certified checks; sterling 17¾@18 for certified checks. NEW YORK, November 24.-Edmund J. Randolph & Co., bankers, who sus-dended during the panie, have resumed. The Spanish iron-clad Arapeles has so far progressed in her repairs as to be almost ready to leave the navy yard. Coal will be put on board to-day. She will go to an anchorage in the North river to-morrow to take in coal, stores and powder, Her commander is determined to have her away at sea before December 1st. WASHINGTON, November 24. In the case of the United States vs. Lapine and others, the Supreme Court to-day decided that where a party advanced funds to a firm in New Orleans, to be used by their agents in the interior in the purchase of cotton prior to the capture of the city in 1862, all the parties being then im New Orieans and the city was captured by the Federal forces before th cotion was purchased with the funds so advanced, the agent having gone into the interior prior to the capture, his agency to purchase cotton was terminated by the hostile position of his principais toward the cotton of the owners, consequent upon the capture and that a purchase of cotton afterwards was an effectual aid to the enemy. It was forbidden by the soundest principles of public law. The purchaser therefore obtained no title to the cotton and had no claim against the governmeat for its capture. Mr. Justice Hunt delivered the opinion, Justices Miller and Fields dissenting. Secretary Richardson issues the following: "The instructions of the 27th ult., in reference to the limited disbursement of silver coin in lieu of currency, are hereby so modified that hereafter in making disbursements silver coin will be paid only in the fractional parts of a dollar." The Postmaster-General, having received a number of inquiries from Postmasters, as to whether a circular issued by a Rhode Island Postmaster calling for a convention of Postmasters at Washington on the 9th of January, is in accordance with his wishes, states that his name was used in the circular without authority, and he has directed the project to be abandoned and the circula to be withdrawn as far as possible. LIVERPOOL, November 24. Not below good ordinary shipped December and January 8"d; not below low middlings shipped November and December 8 5-16d. NEW YORK, November 24. The Spanish sloop or war Arapeles, left the navy yard this morning, and dropped down to the battery, preparatory to sailing for Cuba. Her repairs are incomplete. A full jury was drawn in the Ingersoll case to-day, and the trial will proceed. It is expected to be short, as the proof of his forgeries is said to be quite plain. The charity cor. missioners of Brooklyn state that they cannot meet a quarter of the demands for assista ace made on them by the poor of that city. A. L. Roberts and Valentine Greene were to-day arraigned before the Over and Terminer on forty-alne indictments for boad forgeries. There are sixty-eight indictments against them also at the court of General Sessions. The meeting of the Toust company to-day reached no final decision on the resumption of business, bot a director states that the company expect to resume Monday next. Several hundred men were at the navy yard to-day who were promised by politicians that they would be put to work, but they were all disappointed, as no men were taken on to-day. MATANORAS, November 24. The concession to construct a railway from the Rio Grande frontier to the city of Mexico and thence to the Pacific has been granted to a company of Mexicans. This defeats the Plum and Rosencranz project and leaves the matter in the hands of the Mexicans, who will doubtless interest other parties in their enterprise or dispose of their concessions to the greatest advantage to themselves. MEMPHIS, November 24. The De Soto bank resumes to-morrow. It is First National will resume

14. May 2, 1874 New-York Tribune New York, NY

Article from New-York Tribune, May 2, 1874

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THE PROCEEDINGS. The reëxamination of M. T. Rodman by Mr. Van Cott was continued. The witness said that on June he paid into the city funds the amount of the Utley Hare check. The note reads, " Pay to the order of cash Utley Hare's note for $1,000-M. T. Rodman. " It was charged to his account and deposited June 7. On that day there is an excess in the deposits of $982. The amount of the check was $981 92. He was not acquainted with Utley Hare, but might have seen him. He was ab. sent from the city three days in the Summer of last year, being unwell. He returned because it was reported that he had absconded. Sprague said that if he would go away for six months or more he would give him a note for $50,000, which should be paid. Sprague also promised to pay all his expenses and give money to live on. The witness refused to take the money. when Sprague begged him to go away, if only for two or three days, 80 that Spragué could make arrangements with his bondsmen in New-York. Q. You testified that when you began drawing these checks, Mr. Sprague asked you to fix this or that for him in connection with the car stock. &o. I want to know if you understood what he meant 1 (Objected to.) Mr. Van Cott-This is an agency question. Certain sums were on certain dates abstracted from the city funds, and used for the purchase of car, theater, and bank stock. It is in evidence that these transactions were done by Rodman with the knowledge of Sprague, given in some form of words which was understood. The argument will be made that Sprague gave no order for the use of these moneys. Rodman was not acting for his own interest, but as the agent of Sprague. He would show that the witness fully understood the ambiguous instructions. He would also show that the sums of money lent was returned not to Rodman, but used to cover the deficiency in the city's money. Mr. Kernan-Rodman was Deputy-Treasurer, an officlal, 80 that he acted on his own responsibility. It is easy for him to shield himself and place the crime upon another's shoulders. But we do not wish to know what he understood; let bim give the facts, and let the jury decide. Judge Moore said that he had no doubt but that they both placed the same construction on the words, and, therefore, be should admit the testimony. PUBLIC MONEY LOANED TO FRIENDS. The witness said he understood by the term flx it " that he was to lend the city's money and take the collaterals. On Dec. 20, 1870, $2,500 went to the credit of the city as an " over deposit." This was Murray's return of the money loaned. The check was $2,532 57; the $2,500 went to the city, and the $32 57 was divided between Sprague and the witness, Sprague taking fiveevenths and the witness two-sevenths. The other check of Mutray was for $6,166 33; $6.000 went to the city, and the balance was divided as before. The $6.000 WAS not deposited in the Trust Company, but in the Nassau Bank. Murray check for $6,074 66 was leposited in the same On Oct. 1872, Mr. Sprague borrowed $15,000 from the Trust Company in the name of E. M Cutten, on collaterals. It is entered on the Loan Book, W Callen, but underneath his name are the initials A The security was valued at $50,750, and the loan was made at per cent There 18 an exCOSS in the deposits of that day of $60,000. On the same day $20,000 was borrowed from the Nassau Bank in the name of Sprague, $15,000 of which was added to the $45,000 for deposit in the city funds. and the other $5,000 was dited in Sprague's account On Aug. 6, 1872, Sprague borrowed $28,500 from the Fulton Bank, and on That day the excess 10 the deposits was $28,135 29. The witness kept a memorandum of the amounts of the city money used. He did not know where this was now. as he gave it to Sprague. He suggested to Sprague that the money should be borrowed to cover up the deficiency, as it was annoying him daily His salary as Deput Treasurer was $1,000 year. He had no real estate or personal property When he first went intothe Trust Company he was worth nothing. and he went out the same way. [Laughter He had no money to buy collaterais. and had never lent money to Sprague. He had no other way to fix it" for Sprague than by using the city's money If the Trust Company had nything to do with the loans, they would DO entered on the books. He had arduous duties to perform as Secretary of the Trust Company and ns Deputy Treasurer, but the dutles of the latter were the more arduous. Sprague scollaterals were kept with his private papers in an iron box. He never had any handling of the securities only by Sprague's direction. He took the Long Island Club note from Brewster's at Sprague's request. and returned 11 to him. Murray first appeared borrower from the Trust Company in September, 1972. He wed $6,000, and gave as security 80 shares of the Falton Bank stock, this being the precise number of shares for which the $8,200 was paid by Sprague. RODMAN WEAK ON CROSS-EXAMINATION. In reply to Mr. Barnard's questions, Rodman said that he was lodged in jail on a charge of embezzling the city's money; he was indicted also, but he did not know what for; he had been promised indemnity on the indictments upon giving testimony for the prosecution after he made his statement before the Grand Jury he was allowed to go on nominal bail he was ill on July 20, when the Trust Company suspended; the conversation about the $50,000 took place at his house he had two such interviews with Sprague; at one of them Sprague said that he was very anxious to have the witness go away; he said that th would both be lodged in State Prison if they did not flx something;" Sprague begged and implored him to go away, and promised to give him $50,000 aud his expenses if be would The witness did not remember whether the names of Sanger and Low (Rodman's bondsmen) were mentioned at the interview. He did not recollect Mr. Sprague's saying, Sanger and Low will do something towards making up your deficiency to the city." He did not think that the whole suto and substance of the interview was to make good his OWD deficiency to the city There was so much excitement about that time that he could not now recollect much that happened. He did not remember if anyone else was present at their interviews. He might have metiSprague at the Long Island Club. and asked him for the key of the safe, but he did not remember it. He did not remember receiving the key. Q. Did you not get the key from Sprague and keep it until night, and then after all the officers of the Trust Company had gone away, go down to the office with another person, open the safe and carry away a number of papersi A. I did not: at least I am not aware that did; do not recollect seeing Surrogate Veeder at the interview with Sprague; he went from the Club to Judge McCue's office direct. Q Did you not obtain the key from Sprague in Mr. Veeder's presence A. Now that you call my attention to it, I do remember getting the key when I got the key it 18 quite that I went to the Trust Company 's office and opened the safe, but 1 think it was not after sundown. Q. Did any one go with you! A. I am not aware that any one did. Q Do you know a man named Fred. Smith. A. Yes, be a broker in New York. I was not aware that Smith accompanied me to the safe. He might have done 80. Smith and I might have opened the safe and carried away some papers, but I was not aware of it. I am certain that I did not carry auy of Sprague's papers away. He testified that his private account during the three years Was large, but it did not consist of loans negotiated for others. Tue greater part of it was obtained in 1873; his private operations were principally in the Williman tic Railroad. The first year, 1870, the transactions were $35,000. He did not know how this money was obtained. He could not remember de single transaction. At the end of the second year it 18 $90,000. and at the end of the third year it 18 $260,000. The Willimantic transactions private ac-