16676. Union Square National Bank (New York, NY)

View Charter #1691 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1691
Charter Number
1691
Start Date
December 13, 1871
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
5a50a58d

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Receiver appointed (B. F. Beekman) by Comptroller; depositors later paid dividends and ultimately paid in full.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1871-12-15
Date receivership terminated
1874-11-16
OCC cause of failure
Losses
Share of assets assessed as good
80.0%
Share of assets assessed as worthless
20.0%

Description

Contemporary accounts describe a run (heavy withdrawals) beginning Dec. 12–13, 1871 after clearing arrangements were revoked by the Shoe and Leather Bank; Comptroller Hurlbut suspended the bank and appointed B. F. (Benjamin) Beekman receiver on Dec. 14, 1871. The bank did not reopen as a going concern; it was wound up under a receiver and depositors were later paid dividends (50% and subsequent payments), consistent with permanent closure/receivership rather than resumption of the original bank.

Events (5)
1. March 13, 1869 Chartered
Source
historical_nic
2. December 13, 1871 Run
Cause
Correspondent
Cause Details
Run followed when the Shoe and Leather Bank (its clearing/clearing-house agent) withdrew from an agreement to handle its clearings, creating panic and heavy withdrawals.
Measures
The directors arranged with the Shoe and Leather Bank to cover its clearings and deposited funds ($110,000 claimed) to secure clearances; attempted to continue paying checks until Comptroller intervened.
Newspaper Excerpt
The failure of the Ocean Bank ... it is announced, unauthenticated, that the Union Square National Bank has suspended.
Source
newspapers
3. December 14, 1871 Receivership
Newspaper Excerpt
taking possession, and appointed B. F. Beekman as receiver. ... Benjamin F. Beekman was appointed as receiver; depositors later paid dividends (50%).
Source
newspapers
4. December 14, 1871 Suspension
Cause
Correspondent
Cause Details
Comptroller took possession after the bank was unable to meet clearing obligations following the Shoe and Leather Bank's refusal to carry its clearances; clearing-house distrust and revoked clearing arrangement precipitated suspension.
Newspaper Excerpt
The Union Square National Bank was obliged to close yesterday, by the action of United States Controller Hurlbut, who took possession, and appointed B. F. Beekman as receiver.
Source
newspapers
5. December 15, 1871 Receivership
Source
historical_nic

Newspaper Articles (23)
1. December 13, 1871 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, December 13, 1871

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FAILURES IN NEW YORK. -NEW YORK, December 12. The Ocean Bank has been thrown out by the Clearing House. Win. M. Tweed, a director, stated that the failure was occasioned by the stringency in the money market. It is thought that above seventy-five per cent. of the deposits will be paid. A receiver has been appointed. The failure of the cotton firms of Wm. P. Wright & Co. and John Seaycroft are announced-sald to be in consequence of the stringency of money. There is an unauthenticated rumor that the Union Square National Bank had suspended.

2. December 13, 1871 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, December 13, 1871

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HOME NEWS. SMALL POX IN BROOKLYN. The Internationalist Excitement. NEW YORK, Dec. 12.-Small pox is increasing in Brooklyn. Fifty-seven cases were reported during the past week. The meeting of the Internationalists last night was stormy. It adopted a resolution to parade next Sunday. Wild applause followed the adoption of the resolution. On motion, all workmen, women and citizens were invited to join the procession. A committee was appointed to wait on Gov. Hoffman to ask State protection; and another to inform the police of their determination to parade. The meeting adjourned amid wild cries of "Viva la Commune!" "Viva la Internationale!" It is stated that ex-Judge Edward Pierrepont and other eminent lawyers have volunteered to defend the Internationals, if arrested next Sunday. At ten o' clock this morning, by London time, the Prince of Wales was living. Julian has absconded with the proceeds of the late concert and ball to the Grand Duke, owing musicians $7,000. SALT LAKE, Dec. 12.-The Mormons continue to yield obedience to court processes. The roads leading to the mines are open. ANNAPOLIS, Dec. 12.-Professor - Aiken was subjected to severe cross-examination and some contradiction elicited. The druggist swears to having sold Mrs. Wharton sixty grains of tartar emetic for a plaster. CAIRO, Dec. 12.-A locomotive exploded near Centralia, Illinois, on the Central road, killing three persons, one of whom was thrown two hundred yards, ST. LOUIS, Dec. 12. - The Lower House of the a Government aid in day, Legislature requesting adopted concurrent resolution establishing toa yard for building iron ships at some point on the Western rivers, in conformity with the suggestions of the Secretary of the Treasury. CHILICOTHE, OHIO, Dec. 12.-The jury in the Blackburn case rendered a verdict of murder in the second degree. A motion has been made for a new trial. Dec. closed New York, 12.-The Ocean Bank has out. Wm. M. Tweed, a director, stated that the failure was occasioned by the stringency in the money market. It is thought about per will be A receiver has paid. seventy-five cent. been of the appointed. deposits of of Wm. P. & Co. is announced. Wright The failure and the cotton John Searycroft firms In conseq uence of the stringency of money it is announced, unauthenticatedly, that the Union Square National Bank has suspended.

3. December 13, 1871 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, December 13, 1871

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generally ignored, both as regards the Mayor and both branches of the City Counoil. Alexis has remained quiet to day. suffering slightly from ague in the face. This overing, he gave a private banquet to some twenty-five gentlemen, including Gov. Olaflin and Mayor Gaston. NIGHT DESPATOHES. WASHINGTON, December 12.-The Supreme Court adjourne on the 22d of December to the 2d of January. There was a full Cabinet to-day. It 18 stated that four members of the Ways and Means Committee have as. sured tobacco men that they will favor au uniform tax of sixteen cents. The Republican Senators caucussed three hours o-day upon a joint committee of retrenchment and civil service. with no result. Iu the Senate, Sumner introduced a bill for mixed schools in the District, and larged early action. He hoped the example would be speedily followed in the States West. He introduced the following: Resolved, That the Committee on Finance be requested to inquire into the expediency of exempting from the payment of customs duties all materials, including iron ties imported into the United States, which are used for the purpose of baling or bagging cotton. Morton's motion to adjourn sine die on the third Monday in May was amended, with a proviso that no adjournment take place until the supplemental civil rights bill, reduction of tariff and civil service bills do pass. No action. In the House, the Committee on Expenditures was directed to examine into the financial condition of all departments. Farneworth's post office bill was passed. A bill for the relief of pur chasers of lands sold for taxes in the revolutionary States, was passed. A bill to pay the interest due to South Carolina was referred to the Claims Committee. The House went into committee of the whole on the apportionment bill. No action. Probabilities-The barometer will probably fall very generally on Wednesday in the Gulf and Atlantic State with clouds and rain to-night in the Gulf States, and threatening weather on Weduesday from the lower lakes to the middle and South Atlantic coasts. The low pressure in Illinois will probably move East and North-eastward, preceded by South-easterly winds in the Middle States, and followed to-night by inoreasing North-westerly winds on Lake Michigan. Areas of rain are apparently developing in Virginia, Pennsylvania, Illinois, Michigan and Louisiana. Cautionary signals are ordered for this evening at Chicago. HALIFAX, December 12.-The ship Farquer, of Greenock, was wrecked. All lost. CHARLESTON, December 12.--Arrivedsteamers Manhattan, New York; Falcon, Baltimore. ST. LOUIS, December 12.-The lower house of the Legislature adopted a concurrent resolution, requesting Government aid in establishing an iron shipbuilding yard at some point on the Western rivers, in conformity to the suggestions of the Secretary of the Treasury. HAVANA, December 12.-To-day and benceforward regular troops will occupy Moro, Onbana and Principe Forts. Valinaseda thanks the relieved volunteers for the manner in which they have performed service for the past two years. ANNAPOLIS, December 12.-Professor Aiken was subjected to a sworn crossexamination. Some contradictions were elicited. The druggist swears to having sold Mrs. Wharton sixty grains of tartar emetic for a plaster. NEW YORK, December 12.-The Ocean Bank was thrown out by the clearing house. Wm. M. Tweed, a director, stated the failure was occasioned by the stringency of the money market. It is thought above seventy-tive per cent. of deposits will be paid. A receiver has been appointed. The failure of the cotton firms of Wm. P, Wright & Co. and John Seaycroft has been announced, in consequence of the stringency of money. It 18 announced, but unauthenticated, that the Union Square National Bank has suspended. CAIRO, December 12.-A locomotive exploded near Centralia, Illinois, killing three persons. One was blown 200 yards. CHILLICOTHE, OHIO, December 12.The verdict in the Blackburn case was murder in the second degree. A motion was made for raw

4. December 14, 1871 Evening Star Washington, DC
Article from Evening Star, December 14, 1871

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The Union Square National Bank Not 'on the Square. NEW YORK, Dec. 14.-The Union Square National Bank was obliged to close yesterday, by the action of United States Controller Hurlbut, who took possession, and appointed B. F. Beekman as receiver. It had arranged with the Shoe and Leather Bank to cover its clearings, and it is alleged that the bank threw them out without notice. More New York Banks in Trouble. NEW YORK, Dec. 14.-There are rumors en the street that there is trouble in the Bank of the Commonwealth, but they cannot yet be verified. The directors of the Bank of North America have been called to account for aiding in the lock-up in money. The depositors of the Ocean Bank met this afternoon, to consider what measures are necessary to protect their interests. One gentleman stated that it was desirable to have a detailed account of the amount held by the bank of protested paper of the New York Printing Company, as that institution was only another name for Wm. M. Tweed. He also considered it singular, as the bank failed for only $17,000, and the receiver asserts that its assets are over a million, that the depositors are not paid at once. After debate, a committee of five was appointed to confer with the receiver, examine the books, and report Monday. The examination of the books will commence to-morrow. NEW YORK, Dec. 14,2 p.m.-The president of the Bank of Commerce declares that institution perfectly solvent. The Erie Ring has no hand whatever in the bank, as Las been given out, having met a complete defeat a year ago. Affairs in Central and South America. NEW YORK, Dec. 14 -Panama papers of the 30th instant have been received by the steamer Henry Chauncey. Minister Settle is a passenger, returning from Peru on account of sickness. The coffee crop of Costa Rica is small and prices high. Election troubles were imminent in Peru, and the editors of the Nacional, at Callao, had been arrested. The paper was refused transmission through the mails for amenadversions upon President Baiti. The latter caused excitement but no outbreak. The treaty between Chili and the United States has passed the House of Deputies. The Argentine Territory declares Magellan Territory to be a portion of that Republic. Nine thousand, nine hundred dollars were raised for Chicago in Callao, $5,000 being contributed by American railway contractor Meiggs. The small-pox prevailsin many of the interior towns of Chili and throughout Cauca and Tolima.

5. December 14, 1871 The New York Herald New York, NY
Article from The New York Herald, December 14, 1871

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Assets over ilabilities. $1,299,210 It wiil be seen from the above statement that the circulation has not been incinded in the liabilities; but a reference to the last report shows it to be $796,800, which is fully covered by deposits of bonds with the Comptroller of the Currency. Ninety per cent of these deposits, under the law, is forfeited to the government if it redeems the circulation, and the balance-$79,680, or ten per cent-comes back to the bank and becomes an asset. The Impression entertained by many not familiar with commercial transactions that deposits are made at Washington to secure individual depositors is erroneous. These deposits are merely to cover circulation. Mr. Davies is very sanguine of the ability of the bank in time to meet all its obligations, without loss to the stockholders or depositors, and thinks each of the latter's claims is worth ONE HUNDRED CENTS UPON THE DOLLAR. He also expressed his confidence in the genuineness of all the items given as the assets. He was ques-tioned as to the transactions Mr. Collender, the United States bank examiner, had with the bank, but on this point he was not so positive. He could not tell the amount of loans made to Mr. Collender, but replied that he would be in a position to do só this afternoon. He was, however, certain that all the loans made were fully covered by first mortgage bonds of THE PORTAGE CANAL COMPANY, an institution chartered by the State of Michigan. Mr. Davies expressed his belief that these mort-gages were worth all that had been loaned upon them; but in this other commercial men do not agree with him. Several gentlemen informed the re-porter that the Portage Canal Company's bouds are not negotiable upon the market at any price and not considered good securities, although Mr. Frothing-ham, the President of the company, a and other officers of it are responsible gentlemen. Mr. Collender was not to be found yesterday, and of course his expla-nation of the transaction could not be obtained. Much dissatisfaction has been shown and com-ment made at the appointment by the Comptrolier, who is a brother-in-law of Mr. Coilender, of Mr. Da-vies as the receiver, who was for some time, if not up to the time of the suspension, one of the counsel of the bank. This was on the part of de-positors, who do not for a moment doubt that Mr. Davies will give a faithful account of his stew-ardship, but who fear that the bank officers have induced this action to cover up some of ITS ALLEGED IRREGULARITIES. One gentleman suggested that the depositors had the right to apply to the State Courts for the ap-pointment of a receiver; but as this is a national bank this view of the case is a very questionable one. Mr. Davles reports that the bank will resume busi-ness. ### The Union Square National Gone Down-A Receiver Appointed. Notwithstanding the rumors of Tuesday that the Union Square National Bank was affected by the demise of the Ocean its credit remained unimpaired until yesterday. On Tuesday evening the direc-tors arranged with the Shoe and Leather National Bank to attend to its clearances and amply secured them for this accommodation. They opened the bank yesterday as usual, and PAID DOLLAR FOR DOLLAR. on all checks made upon them, until half-past two in the afternoon, when Mr. Hurlburt, Comptroller of the Currency, without a word of warning, entered, and, taking possession, appointed as receiver a re-tired merchant, Mr. Benjamin F. Beekman. A reporter of the HERALD had an interview with the directory of the institution later in the day, and they declare their ability to pay every cent due de-positors and expect to have a large balance to dis-tribute among the stockholders. They attribute their difficulties to ### A BREACH OF COMMERCIAL FAITH on the part of the Shoe and Leather Bank, who, after entering on Tuesday night into an agreement to become their Clearing House agent, yesterday morning withdrew from their compact without notifying them, and they first learned of its action from the East River National Bank. Up to fifteen minutes past three o'clock yesterday afternoon the Shoe and Leather Bank had not notified them of their breach of contract, notwith-standing the Union Square Bank had deposited with them ONE HUNDRED AND TEN THOUSAND DOLLARS TO COVER CLEARANCES. "It is a remarkable course to pursue," said one of the directors, "and had any other bank in the city-even tire Unemical-been treated as we have been treated by the Shoe and Leather, it would have suc-cumbed and been forced to go under. The truth is, the Shoe and Leather was "panicked," and we are the victims of it. Since the present board of direct-ors entered upon their duties last spring the deposits have more than trebled. We are a bank of small circulation-only $50,000-and the rules of the Clearing House are so arbitrary and

6. December 14, 1871 The New York Herald New York, NY
Article from The New York Herald, December 14, 1871

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BANK TROUBLES. - The failure of the-Orean. Bank has been followed by the suspension of two small concerns up town, the Eighth National and the Union Square National Banks. The latter, after standing a.run on it for two days, was hurriedly thrown into the hands of a receiver yesterday afternoon The trail of the "Ring" serpent is, traced more or less clearly in all instances.

7. December 15, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 15, 1871

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NEW YORK CITY. NEW YORK, December 14.-The Cham ber of Commerce yesterday discontinued distributing money to persons made destitute by the Chicago fire, who have come to this city. At a meeting of the Police Commission ers yesterday, Mayor Hall, who is a member of the Commission, presented 11 communication announcing that he will vote for non-interference with the procession of the Internationalists by the police. The states that any antognism Mayor against the he does pending not procession The find or that it would lead to a riot. procession will take place next Sunday. It is considered probable that the Supreme Court at Albany will decide to reduce Connolly's bail. The Union Square National Bank was obliged to close yesterday by order of Comptroller Hurlbut. It had arranged with the Shoe and Leather Bank to cover its clearings, and it is alleged that the bank threw them out without notice. Unfounded rumors were in circulation yes. terday that various other banks had failed. The amount realized from the sale of Alexander White's collection of paintings from Chicago was $91,000. The depositors of the Ocean Bank had a meeting this alternoon, at which it was stated that the bank tailed only for $17, 000, while the Receiver asserts that its assets are over $1,000,000. The directors of the Bank of North America have been called to account for aiding the lock-up in money. The receiver of the Ocean Bank paid to-day $60,000 of the sum due the Clearing House the balance will be paid to day. He believes that $266,000 of the $326,000 discounted bills are good. The Communist General, W. A. Oblin ski, has arrived here from Paris. The small-pox is now said to be epidemic in Brooklyn. A challenge from Tom Kelly to Joe Coburn for a prize fight is published to day. At a special meeting of the Board of Public Commissioners this afternoon, a resolution was passed rescinding the order directed the Superintendent to the of on Societies which prevent Sunday parade and the another International resolution was adopted Instructing the Superintendent to take the necessary measures to prevent breach of the peace on the occasion of such procession, and to protect the public from disorder and vio lence. This afternoon Miss Tennie C. Claflin appeared at Jefferson Market Court, and complained to Justice Shandely that her father and mother were a source of conqual annoyance to her and Mrs. Woodhull. She complained specifically that they went to her residence Wednesday last and created a a evening ance. Justice Shandley issued great disturb- summons for their appearance to-morrow morning to answer the charge of their daughter. Wm. Wright settled to-day, on the basis of seventy-five cents on a dollar, and will resume shortly. A private letter from Havana, says it is that the believed brother there of Spanish late Gov. Minister Roberts, a the at caused the money dents Washington, for purpose the of arrest extorting of the stufrom their parents, and unexpectedly found himself unable to control the Spanish mob. The committee appointed by the Clearing House have made a thorough examination into the affairs and condition of the National Bank of the Commonwealth, and report said bank as perfectly solvent, and that they have entire confidence in the ability of the bank to pay all its lia bilities. Al a special meeting of cigar manufacturers to-day, a petition WAS adopted to ing of praying manufacturers Congress consider tobacco clearly the and law cigars, define tax and amend it so as to more the duties of the revenue offiers, who at present are in the habit of putting their own construction on the law, both to the detriment of the Government and the Trade. The petition also prayed for the abolition of the present system requiring manufacturers to furnish bondsmen.

8. December 15, 1871 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, December 15, 1871

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HOME NEWS. TOM SCOTT TAKES ANOTHER ROAD. Arrest of Mormon Murderers. NEW YORK, Dec. 14.-Duke Alexis has sent $5,000 here for the relief of the poor. Comptroller Hurlbut took possession of the Union Square National Bank, and appointed B. F. Beakman Receiver. SALT LAKE, Dee. 14.-Several Mormons were arrested as alleged murderers of Dr. Johnson, in October, 1866. Dr. Johnson was called professionally, and then murdered in the street at midnight. RICHMOND, Dec. 13, 10:50 A.M.-The - business report of the Immigration Convention will be adopted this evening. P. V. Daniel, jr.. President of the Richmond, Fredricksburg and Potomac Railroad, has resigned. It is stated the road will soon pass into the hands of the Pennsylvania Central. John M. Robinson, of the Seaboard and Roanoke road, has been elected to fill Daniel's place temporarily. NEW YORK, Dec. 14.-The cotton firm of W. P. Wright was settled to-day on a basis of seventy-five cents on the dollar. It will restime business shortly. There is intense excitement in Brooklyn on account of the small pox. It has broken out in the jail. A corps of physicians has been detailed to vaccinate the citizens. The World's special from Geneva says all the members of the Board of Arbitration under the Washington treaty are expected to arrive tonight and will meet at the Hotel de Ville tomorrow.

9. December 15, 1871 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 15, 1871

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TELEGRAPHIC ITEMS. Dr. Caraochan of the New York Board of Health, says there is no danger of small-pox becoming epidemic. Alexis sent $5,000 to New York yesterday, as a gift to the poor. The New York Chamber of Commerce have discontinued giving aid to persons who have gone there from Chicago and claim to be destitute. The Union Square National Bank of New York has been closed and put in the hands of a receiver. A clerk of a New York Steamship Company who absconded with $10,000, was eaught in Chicago and carried back. The Hon. William Cox, ex-Congressman and a prominent Mason, died at Mancy, Pa,, Wednesday. At Lowell on Thursday, Frank Jones, the Portsmouth brewer, promised to give Maj. M. Donavan his watch, valued at $475 if the latter would wheel him to the Rockingham House, Portsmouth in a wheelbarrow. The failure to perform the silly wager is a dinner for fifty persons. The journey is to begin Monday. The men weigh 235 pounds each. The British vessels that rescued the crews of the whaling vessels recently broken up in the ice will be paid $9,820 by the government from a fund for that purpose. Small-pox is now said to be an epidemic in Brooklyn. Two of the robbers of the express car on the Ohio & Mobile Railroad two months since, were captured Monday near Verona, Mo. Mrs. Ganson's residence in Buffalo, N. Y., was robbed of $8,500 worth of 5-20 bonds of 1868, Thursday night. The Empress Engenie has gone from Madrid to Gibraltar to take passage for England. A London dispatch says that crowds gather in front of the Mansion house and Marlborough and cheer loudly when the bulletins are favorable from the Prince. The President has nominated Arthur Morrill of Vermont, consul at San Jose, Costa Rica; Stewart Barnes of Connecticut, at Rio Neigro; John Nelson of Pennsylvania, consul at Brussels; W. G. Woodward, W. K. Orcut and John Morrissy, jr., of Massachusetts, J. E. Graham of Maine, W. H. Hawes of Rhode Island, 3d Lieutenants in the revenue service. A. Weston, A. D. Littlefield of Massachusetts, W. D. Booth of Connecticut, and J. Dennett of Maine, 2d Lieutenants in the revenue service.

10. December 15, 1871 The New York Herald New York, NY
Article from The New York Herald, December 15, 1871

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in this city and his connection with the banks is as much a surprise to me as to the Clearing House and banking circles. I think, though, that the press are entirely too severe in their criticisms of Mr. Callender. I am not a politician, and my office is one entirely removed from politics." " have heard," said the reporter, "that you have appointed a committee to inquire into Mr. Callender's relations to the banks. When will their report be ready P" "I have not appointed a committee, but the Clearing House will." "By your suggestion?" "Yes, at my request. I felt that it was proper that the most thorough inquiry be instituted, and asked the Clearing House to make it by a commit. tee.' "Have there been any further suspensions to-day i" "None. I think they are all right now." "How about the Tenth National? "Well, it is pretty certain that a run can't affect them." "You, doubtless, read in the HERALD this morning the statement of the directors of the Union Square National Bank. Is it correct?" is, probably. The bank was a good one, but when it was unable to meet its obligations through its clearing agents I had no alternative but to appoint a receiver. This is the case with all. When a bank 18 unable to meet its obligations, irona whatever cause, I am compelled to pul in a receiver." "What is your opinion of the condition of the banks, HO tar as you have investigated their affairs ?' "That the trouble is over, and no more suspensions are likely to occur. I leave for Washington to-night in consequence." "How far does Mr. Callender's district extendmerely New York city, or 18 Brooklyn included?" "He covers the banks of Brooklyn and New York." The Action of the Shoe and Lenther Bank. Mr. Stout, the President of the Shoe and Leather Bank, states that the directory of the Union Square National Bank have somewhat misstated to the HERALD the actual facts in reference to the action of the Shoe and Leather Bank. Mr. Stout says that the night previous to the suspension of the bank he was applied to to clear for them by the Unton. After certain inquiries he told them that If they would deposit $100,000 he would clear for them; they gave him $24,000 then and on the following morning (Wednesday) they sent him $23,000 more, making $47,000. The run was continuing, and he went to the Union Bank and saw the President and one of the directors. Mr. Stout made some inquiries or these gentlemen, and, having received what he thought were satisfactory answers, he told them that if they would give him their individual responsibility he would carry them through. These gentlemon declined to do this. Mr. Stout expressed his great surprise that they would not guarantee their own bank, and declined to render any assistance, except on full and satisfactory guarantees. The Clearing House and the National Bank of the Commonwealth. NEW YORK, Dec. 14, 1871. The undersighed have this afternoon, at the close of business, made a thorough examination of the affairs and condition of the National Bank of the Commonwealt and find said bank to be perfectly solvent, and have entire confidence in the ability of the bank to pay all of its liabilities. CHARLES P. LEVERICH, Clearing F. D. TAPPEN, House Committee. P. a. CALHOUN, } J. D. VERMILY E. Chairman of Clearing House Association.

11. December 16, 1871 The New York Herald New York, NY
Article from The New York Herald, December 16, 1871

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The Shaking Among the Banks. It is a fact well worth notice, that the shaky condition of several of our national banks makes no perceptible impression upon the general current of business, the stock market or financial matters generally-no not even in connection with the very questionable conduct of the government national bank examiner. Some few years ago the suspension or insolvency of one or two banks would have produced a little financial earthquake; but now three, four or more may fail, and scarcely anybody except a few depositors and bank officials is affected. The mass of business men and the community know little about such collapses beyond the little excitement given by the publicity of them through the ever vigilant press. The flurry about the Ocean Bank, the Bank of the Commonwealth, the Eighth National Bank and the Union Square National Bank is but a ripple on the great ocean of banking and financial affairs in this commercial metropolis. The mass of the people who hold the notes of these institutions are secure, because the United States government is bound to redeem the notes and has in its possession bonds for their redemption. Whatever may be said of the national bank system-and we are well aware of the evils connected with it-all must acknowledge this safe and beneficial feature in its operation. The note holders cannot lose unless there should be a great and general crisis and the government be unable to perform its obligations. This is not likely to occur. True, in case of such a crisis, and the bonds held by the government as security for the circulation of the banks should fall below the value of the notes to be redeemed, the loss would have to be made up by the Treasury and the taxpayers would have to bear the burden. But that state of things can hardly be anticipated. To make the community perfectly secure, however, and in view of the great privileges given to the banks by the government, has not the time come when these institutions should be required to redeem their own notes in specie? Should they not be forced to resume specie payments? With the low and constantly declining premium in gold that time has probably arrived. This is a matter that should receive the early consideration of Congress. As to depositors and others doing business with the banks, they must look out for their own interests. They should see that the banks with which they do business are in a sound condition. It will be the duty of the government still to watch these institutions, and to keep a sharp eye on its examining offcials in order to be sure the banks keep up their reserve of legal tenders or speole and do not exceed the operations allowed by law. Should Congress provide for the return to specie payments it may be necessary to amend the National Bank act so as to have a firmer grip on the banks. They have been invested with a national character by the government, and the people look to it for ample security. The difficuities that are occurring with these institutions may lead to a thorough overhauling of them and to an amended or better system.

12. December 18, 1871 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 18, 1871

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The Tribune of Thursday makes the 101!owing statement in relation to the bank failures on Wednesday in that city: Wallstreet was filled with startingrumors bank failures yesterday, and anticipations of of more to-day, but when the facts were ascertained it was discovered that the only had actually suspended during were the Union Square the banks day which Bank, National it No. Bank and the Eighth National 650 Broadway, neither of which was a memof the clearing-House Association. Na- on ber Tuesday, when the failure of the Ocean at was announced, fastened upon the Union tional once Bank suspicion Square the Nit- fortional Bank, as it redeemed through be and it is believed could hardly fail clear- to affected mer, by the sudden stoppage of its ing .A facilities reporter called at the bank in Union in the evening and was informed by Square that a meeting of the directors in progress; that the not lose a dollar by the the was Bank president then did Union suspension made Square arOcean Bank, and that it had whereby the Chambers street of rangements Leather the Bankat National and Shee agent Broad- and in would become its redeeming Wedfrom and This information was the nesday. way, clearing-house including verified Tuesday at the Leather Bank, which, on and yesterday morning. effect to be sent to evening tice Shoe to and that clearing-house. the caused different noconnected with the anhowever, to the banks other banks Later notice in the morning, revoking they and sent Leather the fordeclaring that the Shee menot be the the Union Square dium mer. Bank and would for clearing-house Bank. latter bank, This distrust, and the it continued to do was compelled about noon created hours, though new business Comptroller for to some cease and, by the action of F. payments, to accept as receiver Benjamin Life Beekman, Hurlburt, president of the Merchants Insurance Company. of this city. V. Stout, president of the National for A. and Leather Bank, when applied to information Shoe concerning the reconsideration stated the clearing-house arrangement, promised of collaterals which had been secure that the Union Square National Bank with to the by the former bank in its dealings the were not forthcoming; and although them at latter Stout urged them to present bank was Mr. did not do so. and his notice to once they to send out the second stated that compelled It is believed and the neits associates. Square Bank did not have to the Union collaterals, as it had been impaired means a cessary considerable extent, though by what is not yet Union known. Square Bank has been in has exist"The about one and a half years, and hebas a ence of $200,000. The receiverstates the affairs capital fimiliarized himself with statement not yet bank, but hopes to make a full. It is of the and to pay the depositors in assets will soon, the bank officers that the Much stated by to meet the liabilities. with the be sufficient was exhibited by dealers announced excitement bank when it was authoritatively suspended."

13. December 20, 1871 The Fairfield Herald Winnsboro, SC
Article from The Fairfield Herald, December 20, 1871

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mony ; made tests to ascertain in what particular compound antimony ; there was of antimony was presence present certainly containing the the com merco known as tarter the particular compound ordinary obtained article ometic; of result of was sul. of the not have been less than phite antimony; quantity twenty grains, could and if call it tartar were twenty or The ten grains of sulphite fully you grains emotic, of antimony more. there present would make twenty grains of tartar emetic. The witness was examined concerning the sediment found in the tumbler at Mrs. Warton's A tumbler containing a sediin his hand. tested for tartar ments. was which placed he by Dr. emotic Chew, his and not of than verified ten grains test, tartar found twelve emetic grains less think that quantity was was no less than ten. NEW YORK, December 12.-The Bank was the house. a stated Ocean clearing the thrown Wm. failure M. out Tweed, was by the market. It is occasioned money director, by stringency thought of above the seventy five per cent. of Deposits will be paid. A receiver has been ap. pointed. The failure of the cotton firms of Wm. P. Wright & Co., and John has been in of Scaycroft consequence the stringency announced but of money. It is announced, unauthenticated, that the Union Square National Bank Las suspended. CAIRO, December 12.-A locomotive exploded near Centralia, Illinois, killing three persons. One was blown 200 yards. WASHINGTON, December 12.-The elections Clark Committee (Republican) on and decided Herdon, that from were sworn in on tled (Domocrat,) to be Texas, prima decis- facie entievidence of certificate. This ion does not affect the ultimate result in the House. Herdon was seated, but there being objection in Clark's case, it went over. NEW YORK, December 12-In cases are pox Brooklyn, reported fifty-seven during the week. of small Julian has abseouded, with the proceeds of the late concert and ball to the Grand Dake-owing his musicians $7,000. BOSTON, December 11-Gaston, the Democrat and citizens' candidate, vas re-re-elected to-day. NEW YORK, December 14.-The cotton firm of Wm. P. Wright settled to-day on the basis of seventy-five cents on the dollar, and will resume shortly. Great excitement exists in Brooklyn on of ken in the account out small-pox. jail. A corps It has of phy bro. sicians has been detailed for the vaccination of the citizens. A World special from Geneva says all the members of the board of arbitration under the Washington treaty are expected to arrive to-night. They will meet at the Hotel de Ville, to morrow. CAIRO, December 15.-One of the arrested in Indian Territory, rcon the of being the of cently, charge by Detective connected the Pinkerton, Southern with in a to escape, morn. Express during recent Company attempt robbery Tennessee, this made from the steamer under between here bus IIc ing, Ky. way snatched Illinois, and Pinkerton's Colum- while shot at and him, overboard and to jumped revolver, drowned. attempted missed swim ashore, but was NEW YORK, December 16.-John V. Norton, post office defaulter, has been arrested. Comptroller Con000. nelly's bail has been named at 1,000,Richard M. Blatchford was rob bed on the streets of $50,000 in bonds. Tweed was heartily cheered by his friends, when brought into court. Tweed was committed to the Tombs, without bail. A-later despatch says Tweed was before Judge Barnard on habeas corpus, who released him on $5,000 bail. ATLANTA, December16.--Governor Conley veteed the section of the apbill, propriation appropriating the $24.- gold 000 to pay interest on bonds. To-day, all parties charged with Ku Klux, were discharged, two from Dade county, were cept being bonds in who $2,500, exrequired to give for whipping a party charged with immoral conduct. Three men, arreated in Dade and brought in without warrant, were discharged to-day SAVANNAH, December Robb, of the Port, after a full and on part and prosecution, free Collector investigation under the the statement of the District Attorney and the

14. December 25, 1871 New-York Tribune New York, NY
Article from New-York Tribune, December 25, 1871

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THE UNION SQUARE BANK. B. F. Beekman, Receiver of the Umon Square National Bank. has made the following statement of its affairs:

15. December 28, 1871 New-York Tribune New York, NY
Article from New-York Tribune, December 28, 1871

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BANK AFFAIRS. INVESTIGATION BY THE CONGRESS COMMITTEETHE CENTRAL SAVINGS BANK. The sub-Committee of the Committee on Banking and Currency. consisting of Representatives Worthington C. Smith, Merriam, and Randall, appointed to investigate the bank suspensions in this city, met at the Clearing-House in Wall-st. yesterday morning, to confer with Messrs. Leverich and Tappen, representing the Clearing-House Committee, on the best means of preventing such disasters as have befallen the Ocean, Eighth, and Union Square National banks. Messrs. Leverich and Tappen were of the opinion that the failure of the banks named was attributable to bad banking. They recommended that a proper compensation should be attached to the office of Bank Examiner, and that it should only be filled by men of approved ability and integrity. They further recommend that Bank Examiners should be moved from one center of finance to another. and not allowed to remain in one place, as in the case of Callender. It is understood that the Committee will urge the passage of an act making it a misdemeanor for a Bank Examiner to borrow money. directly or indirectly. from any bank examined by him, and making it a similar offense for any bank officer to lend a Bank Examiner any money even upon the most approved securities. The Committee have investigated the affairs of the Ocean and Union Square National Banks, but will not report until Congress reassembles. Mr. Merriam informed 8 TRIBUNE reporter last evening that nothing had been discovered calculated to throw discredit on the National Banking system. Mr. Smith has been suddenly called away from the city, and the investigations will be conducted by Mr. Merriam. The Central Savings Bank. at Sixthave. and Fortysecond-st., was organized four months ago, and having had $12,000 on deposit in the Ocean National Bank at the time of its suspension, has been unable to meet all the demands which its depositors have made upon it. Several days have elapsed before checks made by depositors have been honored, and considerable Anxiety prevails among them. officers of the bank have stated that the institution has not paid expenses. The rest of the building which the Bank occupies*is a large one, and although the number of depositors IN considerable, yet the aggregate amount of money intrusted to its care is comparatively small. A TRIBUNE reporter was informed yester day by Mr. Davis, Receiver of the Ocean National Bank, that the amount due the Savings Institution will ulti. mately be paid in full. and there is no doubt from the statement of Mr. Peek, President of the Central Bank, that the bank will be able to pay all its depositors.

16. January 22, 1872 Public Ledger Memphis, TN
Article from Public Ledger, January 22, 1872

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NEW YORK. Small-pox-The Runs ou Banks. NEW YORK, January 22. -There were twentyfive deaths from small-pox and ninety-three cases reported during last week in this city. It is understood that the American Atlantic Cable Company intend to begin soon laying the cable from the extremity of Long Island to a point on the English or Dutch coast. B. L. Beekman. receiver of the Union Square national bank. expects to pay a dividend of fifty per cent. about February 10th, and requests all depositors to call and prove claims. It is rumored that the run on the Thirdavenue savings bank still continues. It has now lasted ten days. with but little diminutation since the commencement, and over $2,000,000 have been withdrawn. Tweed, Hall and Connolly, despite conflicting rumors. which have been circulating during the past few days concerning their flight, are still in this city. Connolly's bondsmen will justify to-day. At the Fifth Avenue Hotel last night the subject of discussion was the failure of the Market Savings bank, and it is anticipated that runs on several other savings banks may be made immediately. The cause of the Market Savings bank failure was the inability of the Broad street firm of Heiser & Co. to pay a draft of $120,000 for Tennessee bonds due by them to the bank. The chamber of pammerce received a letter from Augustus Adee. United States charge d'affairs. U. S. legation. Madrid, remitting £314 sterling, being the receipts from the performance at the Royal opera house given under patronage of the king and queen of Spain for the Chicago sufferers.

17. February 6, 1872 The New York Herald New York, NY
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THE UNION SQUARE BANK. Mr. Beekman, the Receiver of the Union Square National Bank, has issued a notice it.at all creditors and depositors having claims against the bank must prove them before next Saturday, on which date the first dividend of fifty per cent will be paid. The second dividend will be paid early in March, and the bank officers hope to pay all depositors in full by the 1st or April,

18. February 17, 1872 New-York Tribune New York, NY
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NEW-YORK CITY. The 11 p. m. night boat for New-Haven has resumed her regular trips for the season. The receipts from customs from New-York reported for the week ending Feb. 10, reached $4,757,548. The ferry-boat pilots have combined in a demand for an increase of $25 a month on their present pay. B. F. Beekman, receiver of the Union-square National Bank, is paying a dividend of 50 per cent to depositors. Mayor Hall signed, yesterday, warrants for the payment of the poll-clerks and inspectors of elections in the First, Second, and Third Wards. The following appointments were made yesterday: John J. Reiley, Second Clerk to the Superintendent of Repairs and Supplies in the Department of Public Works: James E. McVessey, Inspector of Incumbrances OD streets and avenues; Henry Comstock, Deputy Clerk of Washington Market. It was reported, yesterday, that just before the failure of the Bowling-Green Savings Bank, Commissioner Barr, Treasurer of the Police Fund for Widows and Orphans, deposited $30,000 of that fund in the ruined bank, and that President Henry Smith had a special private deposit in it of $65,000, which Walter Roche, the Vice-President of the bank, had withdrawn unknown to Smith on drafts alleged to have been forged. President Smith denies these statements, but admits that both Roche and Seimes, the Secretary, had used the funds of the bank, but to what amount he could not say at present. BROOKLYN. The Trades Unions have decided. to demand $ per day for eight hours' work. The repaving of Adelphi-st. will cost $17,603; Clermont-ave. $22,990; Fort Greene-place, $4,846. Twenty candidates were admitted to the bar by the General Term of the Supreme Court, yester day. LONG ISLAND. LONG ISLAND CITY.-! An incendiary attempt to set fire to Engige House No. 5. at Hanter's Point, yesterday, was frustrated by the prompt action of the firemen. J. D. Barton, Superintendent of the Long Island Railroad, has resigned. WHITESTONE.-Burglars entered A. Banning's bedroom recently and stole his watch. He pursued them with a sword. and wounded one of them. HEMPSTRAD.-The Hon. M. Overdonk has been elected President of the Hempstead and Bay Ridge Railroad. Babylox.-Joseph Weger's borse and wagon, recently stolen were recovered yesterday. NEW-JERSEY. NEWARK-Patrick Burns while in jail awaiting trial under two indietment for burglary, was seized with small-pox and removed to the small pox hospital at the Alus-house from which he escaped. At an early hour vesterday be broke into two grocery stores in the Twelfth Ward. and was arrested in the afternoon A meeting of the Common Council washeld last evening, and an additional appropriation of $100,000 was made in the Board of Equeation.

19. March 9, 1872 New-York Tribune New York, NY
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tigation is concluded that Mr. Bull, one of the most efficient Bank Examiners of the Bureau, was removed by Hulburd through the influence of Callender, the late New-York Examiner. Rutter testified that he had paid $500 to Hulburd, and about $2,300 to James T. Howenstein, who at that time was chief clerk of the Division of Reports under Hulburd, and whose lips it was necessary to seal. The testimony of the witness referred to as at present clerk of a House Committee fully corroborated that of Bull, and, in some respects, that of Rutter. It appears that Rutter told him that he had "fixed up his matter," and his bank would not be put into the hands of a receiver. Mr. Hulburd's first term of office under the law expired on the 6th inst., and his nomination was on that day sent to the Senate and confirmed. There is something in relation to this matter worthy of notice. It is safe to assume that the Secretary of the Treasury, whose integrity no one questions, would have hesitated about making the re-appointment of Hulburd had he known of the investigation going on before the Committee on Banking and Curreney. Why was he not informed? Four if not five, of the members of the Committee supposed that he was so informed; and the nomination of Hulburd, followed by his speedy confirmation, was as much a surprise to them as it was to the banking interest of the country. Other evidence showing that Rutter was compelled to give Hulburd an expensive double carriage and harness, and that he (Hulburd) received other presents for his official acts, has been adduced. And the fact that Hulburd allowed, in the account of the receiver of the Union Square National Bank, the item of "$3,700 expense of trip to Washington," even in these days of expensive traveling quite a remarkable item, which has been developed by the examination, will be received with still greater surprise.

20. December 2, 1872 New-York Tribune New York, NY
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curity, or as collateral security, for any loan of money, or for a consideration shall agreeAto withhold the same from use, or shall offer or receive the custod or promise of custody of such notes as security, or as collateral security or consideration, for any lloan of money." 5th of April last the Controller was advised that bank On the in the City of New-York, with a capital of $1,000,000, a and whose average exchanges at the Clearinghouse did not exceed $300,000, was that morning creditor at the Clearing-house for $4,770,000. A8 it was evident that this large credit was not the result of legitimate business, the examiner was directed to make an exam ination of the bank, which was immediately done, 114 connection with a member of the Clearing-house committee. From the examination, which was thoroughly and carefully conducted, it appeared that deposits had been made in that bank, by one individual, upon the morning of April 5 to the amount of $4,100,000, the whole of which was drawn out upon the same day, upon the checks of the depositor, in legal-tender notes. The president of the bank denied that the bank had any interest in these trans actions, and there was no evidence of any loan, or of ad. vances in any shape. upon these deposits. These traus actions were the subject, subsequently, of an investiga tion by the Bank Committee of the House of Represent tarives, and, although it was clear that the spirit of the law had been violated, no evidence could be obtained to warrant the commencement of a suit for the recovery of the penalty prescribed in the act referred to. The in vestigation undoubtedly had the effect to prevent the repetition of similar transactions; no offenses of this been kind, on the part of any national bank, having since brought to the attention of the Controller. The New-York Clearing house Association subse quently passed a resolution declaring "that the Clearinghouse Committee be and is hereby directed, whenever it appears, in its judgment, that legal-tender notes have been withdrawn from use through the agency of any bank, members of the association, to make an immediate examination of the bank in question, and should there appear to be complicity on the part of the bank or its officials, to suspend said bank from the Clearing house until action of the association shall be taken there on." The withdrawal of currency for illegitimate purposes has, however, since been accomplished without the assistance of the banks. The rigid enforcement of the resolution of the Clearing-house will prevent complicity on the part of banks in such transactions; and it the New-York Stock Board and the leading banking houses will unite with the Clearing-house, and refuse to transact business with unserupulous men. who do not hesitate to embarrass legitimate business for the parpose of increasing or diminishing the values of stocks or bonds in which they are temporarily interested, they can do more to prevent such operations team any Congress enactment. INSOLVENT BANKS. Twenty-one national banks, organized in 11 different States, with an aggregate capital of $1,236,100, have failed since the organization of the system in 1863 The total circulation of these banks was $2,942,793. of which $2,441,430 has been redeemed in full, leaving a belance still outstanding of $501,363, which will also be redeemed, upon presentation to the Treasurer of the United States, from the avails of United States bonds held as security for that purpose. Of these banks, five have been finally closed (two during the past year), baying paid dividends to their ereditors. Six national banks have fatted during the past year. New-York: Of these, the Union Square National Bank, the Fourth National Bank, Philadelphia, and the Waverley National Bank, New-York, have paid their creditors in full-a settlement, it is believed, without a precedent prior to the establishment of the national system. The Eighth National Bank, New-York, has paid dividend of 50 per cent; the Ocean National Bank, New-York, a dividend of 70 per cent; and the receiver of the Ocean National Bank, and of the First National Bank of Fort Smith, Ark., estimate that the creditors of both these banks will últimately receive a dividend of 100 cents on the dollar. The Venango National Bank of Franklin, Penn.: the Merchants' National Bank of Washington. D. C. the First National Bank of Selma, Ala., and the First National Bank of New-Orleans, were United States depositories. e-final dividend in favor of the creditors of the First National Bank of Vicksburg has been unexpectedly delayed by the recent presentation of a claim of the United States for money alleged to have been illegally deposited by the Collector of Internal Revenue of that district, in the year 1868. Since that time no lesses have occurred to the Government by deposits made in the national banks, although many millions of dollars have been continually on deposit with banks which are designated as depositories. The three a first-named banks, at the time of their failure, had large amount of Government funds on deposit. SURPLUS AND SPECIE-EXTENDING THE LIMIT OF SURPLUS. The law requires that every national bank shall carry one-tenth part of its profits to surplus-fund account before the declaration of a dividend, until the same shall amount to 20 per cent of its capital stock. This wise provision has been generally observed. and the returns show that the banks now have a surplus of more than $100,000,000, and considerably more than onefifth of their capital in surplus account. The act also limits the liabilities of any association, person, com pany, or corporation, for money borrowed, to one-tenth of the capital stock paid in. The Controller recommends that this limit be extended to one-tenth of the capital and surplu. which will have a tendency to 10. crease the surplus fund beyond the limit required by the law. The following table will exhibit the aggregate amount of specie held by the national banks at the dates mentioned, the coin, coin certificates, and checks payable coin held by the national banks of the City of New York being stated separately. The country banks have not heretofore separated coin in their reports: -Held NationalsBanks in New- City.-

21. December 3, 1872 Chicago Daily Tribune Chicago, IL
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Of these banks, the Union Square National Bank, New York; the Fourth National Bank, Philadelphia, and the Waverly National Bank, New York, have paid their creditors in full, a settlement, it is believed, without precedent prior to the establishment of the national system. The Eighth National Bank, New York, has paid a dividend of 50 per cent; the Ocean National Bank, New York, a dividend of 70 per cent; and the receivers of the Ocean National Bank, and of the First National Bank of Fort Smith, Arkansas, estimate that the creditors of both of these banks will ultimately receive a dividend of 100 cents on the dollar. The remaining ten National Banks which have failed are as follows:

22. February 6, 1873 New-York Tribune New York, NY
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to meet all the liabilities. Some complaints are provalent among the depositors at the reticence of the receiver who, they assert, refuses to furnish them the information that they desire. Some of the depositors think that while Mr. Man is competent and unquestionably houest. he is inclined to throw an unnecessary vail of secrecy over his transactions. They blame Charles Hudson. the late cashier, stating their belief that be was engaged in real estate speculations with one Brinckerhoff, who was pers mitted by him to overdraw his account $30,000. Private counsel have been employed by those depositors who are impatient of the action of the receiver, and criminal proceedings are about to be instituted against those per sons to whom the insolvency of the bank is attributed. A suit to recover $100,000 is said to be pending against the receiver. This money was said to have been loaned to the bank to enable it to meet a heavy defalcation, and to prevent its suspension. It is claimed that noevidence can be found to sustain the claim as against the bank. and that this sum, if due, must be recovered against the officers of the bank individually. THE CENTRAL SAVINGS BANK. This bank participated in the fall of the Ocean National Bank, in which all its money was deposited. Isaac T. Smith was appointed Receiver early in 1872. The assets were about $10,000, and there was due depositors about $17,000, in addition to which there were $3,500 of general liabilities. A dividend of 20 per cent has been paid, and there is a prospect of a future dividend of from 15 to 20 per cent. The time of payment depends mainly upon the settlement of the affairs of the Ocean Bank, which is likely to pay in full. The Receiver has made every effort to get the residue of the funds and to close up the affairs of the bank. Suits have been brought upon certain debts, alleged to be due the bank. and a judgment for $1,000 has been recently obtained against Charles Peck, the Presideat. An appeal has been taken from this judgment and the Receiver is vigorously pushing all the suits. THE UNION SQUARE NATIONAL BANK. John R. Cecil was President, and M. T. Brundage, Cashier, of the Union Square National Bank. Benjamin Beekman was appointed its Receiver, and the depositors have been paid in full. The circulation has been redeemed, and a certain amount of loss is said to have fallen upon the stockholders. This bank failed Dec. 13, 1871, when the Controller of the Currency visited the bank, and, after a brief examination of its statement, suspended it, and appointed Benjamin F. Beekman receiver. The nominal assets were $458,200, estimated by the receiver as worth $340,000, of which have been collected $300,000. The liabilities were $298,800. The depositors have been paid in full, and when the affairs of the bank are settled there may be a surplus for the stockholders. SUMMARY. Of the banks above enumerated three have paid or will pay their depositors in full. in one no dividend has been declared, and the others will realize from 35 to 75 per cent of the claims. Some of the assets are estimates which appeared upon the books of the bank, and were found to be untrustworthy. All of the receivers question the values set upon the assets by the banks themselves, but are enabled to make any estimate of their worth. The following is a recapitulation: Dividends ProbaDividends aboutto hein-

23. March 24, 1874 New-York Tribune New York, NY
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THE COURTS. TRIAL OF CALLENDAR. EVIDENCE FROM VARIOUS SOURCES. At the resumption yesterday in the United States Circuit Court of the trial of ex-Bank-Examiner Charles Callendar for accepting a bribe for reporting favorably upon the condition of the Ocean National Bank, Edward Wolcott, a clerklin the office of the Controller of the Currency, produced certified copies of Callendar's reports upon the condition of the following banks in this city Union Square National Bank, American National Bank, Atlantic National Bank, and the Commonwealth National Bank. These reports were favorable to the banks, and, as they either failed or went into liquidation soon after they were made, Mr. Purdy claimed that they were 'blackmailing reports, or false reports, for the making of which Callendar received bribes." T. O. Edaugh, who is also a clerk in the office of the Controller of the Currency, produced Callendar's report upon the condition of the Fourth National Bank of Philadelphia, and his reports upon the condition of the following banks in this city: Continental National Bank, First National Bank, Third National Bank, Mechanics' National' Bank. National Currency Bank, Central National Bank, Ninth National Bank, Metropolitan National Bank, Broadway National Bank. None of these banks have failed, and only one of them, the Fourth National Bank of Philadelphia, went into liquidation. Mr. Purdy introduced the reports referred to only in connection with the fact that Callendar had borrowed money from the banks reported upon and the allegation that he had threatened to m ake unfavorable reports if the mony he wanted were not loaned to him. Mr. Stevenson, who was President of the Ocean National Bank when it failed. repeated his testimony to the effect that Callendar's first transaction with that bank took place in January, 1868; that the bank's reserve fund was not up to the standard on Oct. 3, 1871, and that to raise it to the required amount Callendar's checks for about $50,000 were counted as legal tenders. The recently-published matter of Callendar's indebtedness to the Ocean National Bank was again considered, but nothing was elicited from the witness, except that, as was claimed, the bank had, on Oct. 3, 1871, loaned Conant, Wild & Co. about $100,000 more than it had any right to loan, and that, at that time, it had $112,000 in Portage Lake bonds, and $100,000 in Decatur, Sullivan and Mattoon bonds. Au examination of the statement-book of the bank corroborated National Bank-Examiner Meigs's testimony that it was insolvent by over $1,000.000, and that it had on hand when it failed about $1,811,450 in unavailable bonds, stocks, and notes. It is claimed by the prosecution that the bank had that amount in such bonds, stocks, and notes on hand for two years before it failed, and that Callendar knew it when he reported that the bank was in a prosperous' condition. It also appeared that the unavailable paper referred to was supposed to be good security where money was loaned on it, and that since the failure of the bank over $152,000 worth of it had been paid. It was further shown from the books, that between July and October, 1871, the business of the bank had increased to the extent of $30,000, and ex-Judge Fullerton remarked that such increase corroborated Callendar's statement that the bank was in a prosperous condition. Isaao H. Bailey, the Receiver of the Common wealth National Bank. testified that he found in that bank notes showing that Callendar owed It about $30,000, and that the notes were indorsed by Wild, Avery & Conant, and Callendar, but that Callendar appeared as the borrower. The Court then adjourned till to-day, when Frank L. Taintor, who is serving out a term of seven years' imprisonment for embezzling the funds of the Atlantic National Bank, will be a witness for the prosecution.