1670. Merchants National Bank (New Haven, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1128
Charter Number
1128
Start Date
May 28, 1889
Location
New Haven, Connecticut (41.308, -72.928)

Metadata

Model
gpt-5-mini
Short Digest
6645061a

Response Measures

None

Description

Multiple contemporary articles (late May 1889) report irregularities by officers, arrests of cashier/teller, a deficit of about $100,000 and that these actions caused the closing or failure of the bank. No run is described; the bank suspended/failed because of internal malfeasance/speculation/embezzlement.

Events (3)

1. May 11, 1865 Chartered
Source
historical_nic
2. May 28, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Irregular conduct by two officers (cashier and a teller/comptroller) — discounting notes without directors' approval, speculation/embezzlement leading to a deficit of about $100,000 and closing/failure of the bank.
Newspaper Excerpt
The irregularites discovered by the inspector Dooly in the administration of the Merchants National Bank ... The cashier and one of the comptables have been arrested.
Source
newspapers
3. July 20, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)

Article from Echo De L'ouest, May 30, 1889

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M. Henry Perine, un négociant de Buffalo. Le projet de ce mariage a été si bien tenu secret qu'il ne s'est ébruité, pour ainsi dire, qu'au dernier moment par l'arrivée de Mme Cleveland à Jackson, où la céré monie devait avoir lieu, le soir mê me, chez une de ses tantes. M ne Cadman. Le mariage a été célébré à neuf heur S du soir par le révérend Balcom, avec la plus grande simplicité, et en présence senle ment de quelques parents et amis intimes des deux familles. Mme Folsom était en simple toilette de voyage. -La ville d'Orléans a célébré les fêtes annuelles en l'honneur de sa délivrance par Jeanne d'Arc. Toutes les rues, édifices publics et habitations particulières étaient pavoisés aux couleurs nationales et aux couleurs de la ville. La foule était considérable. Le soir, devant la cathédrale, illuminée par des feux de Bengale, l'évêque d'Orléans,entourée de tout son clergé, a reçu sur les parvis, des mains du maire, entouré du csnseil municipal, l'étendard de Jeanne d' Arc. L'évêque ayant béni la foule, est ensuite rentié dans la cathédrale. Un feu d'artifice a été tiré sur l'emplacement du fort des Tourelles, emporté par Jeanne d'Arc, le 7 mai 1428. Le lendemain, après un panégyrique, prononcé par Mgr Cabrières, éveque de Montpellier, l'étendard de Jeanne Arc a été promené 80 lennellement par toute la ville. GARY, DAK. 28 Mai.--La découverte d'or dans le voisinage n'est pas une plaisanterie, toute la population male a quité la ville pour aller sur les bords du Lac qui parle où des parcelles du précieux métail ont été trouvées. Des compagnies se forment activement. NEW HAVEN, CONN. Les irrégularites découvertes par l'inspecteur Dooly dans l'administration de la M-rchants National Bank causer t une grand sensation ici. L°s :iers de la banque admettent anjourd'bui que les part 8 F11 bies seront de près de $100.000 Le caissier -t un des comptables ont été arrêtés. BALTIMORE, 28 Mai. -Le Rev. H. G. Schore, pasteur de l'Egtise St. Paul s'est fait sauter la cervelle d'un coup de pistolet dans l'aprèsmidi d'hier: Chagrin d'amour. MARQUETTE, Mich, 23 Mai. -300 hommes employés sur les quais se sont mis eu grêve ce matin. Ils demandaient une augmentation de salaire. La compaguie lear offre 1.60 par jour mais les grévistes en veulent 175. -Une riche héritière de Philodelphie, Melle K its Drexel, à qui son père avait laissé un legs de six millions de plastr-s vient de dire adieu au monde et d'entrer au couvent de la miséric orde avec l'in tention de se consacrer à la vie religieuse. SCRANTON, PA, 27 M i. - La Scranton City Bank, a suspendu ses paiements ce matin. Plusieurs des directeurs pensent que le vice, président, qui agissait aussi com me caisser M. George A. Jesnepp s'est rendu coupable d'abus deconfiance montant à la somme de $100,000 environ. Il a été arrêté puis remis en liberté sous caution de $25,000. EAU-CLAIRE, WIS., 29. - Deux petites filles agées de 13 ans nommées McComb et Flenning jouaient avec un revolver hier soir. Un coup partit toui-à-coup, tuant raide la jeune Flenning. --L'Etat de Pensylvanie vient d'adopter une loi fixant le traitement du juge en chef à $10,000 et celui des autres juges à $9,000. NEW YORK, 28 Un serre freins du nom de John Case a été trouvé pendu dans un wagon de voyageurs, à la gare du chemin de fer de l'Erie, a Jersey City. Le défant était agé de quarante-cing ans, et l'on ignore quels sont les motifs qui l'ont poussé au suicide. NEW YORR.-Le succès de la souscription pour l'arc de triomphe de Washington s'accentue de jour en jour. Le trésorier du comité, M. W. R. Stewart, a encore reçu pendant la journée d'hier $2,299.45, ce qui donne jusqu'à présent un total de $33,430 46. New.York. - Elmer Sharkey, ce jeuue h onine des environs de Greenville (Ohto) écemment con vained de meurtre au premier degré pour avoir assassiné sa mère, a été condamné à être pendu le 13 septembre prochain dans la prison de l'Etat, à Columbus. -Le village de West Pittston.


Article from Middlebury Register, May 31, 1889

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DOMESTIC. In April and May, 15 inches of rain fell at Baltimore. Internal revenue frauds have been discovered at Cincinnati. A Virginia clergyman and four members of his family were burned to death Wednesday night. A Chicago detective has been arrested on suspicion of having been mixed up in the murder of Dr. Cronin. A 13 years old boy, son of a wealthy citizen of Passaic, N. J., has stolen $1000 from his father and left town on a lark. A terrible cyclone struck some portions of Kansas Tuesday afternoon, killing several people and destroying much property. Mrs. Steere and Love Williams were acquitted at Plymouth, N. H., on Saturday evening of the murder of Orrin Steere. An Episcopalian clergyman at Scranton, Pa., Sunday expressed in the pulpit his disapprobation of prohibition, and gave his reasons. The funeral of Dr. Cronin occurred in Chicago Sunday, and was a very impressive affair, about seven thousand men joining in the cortege. Margaret Hendrick (colored), residing near Hopkinsville, Ky., has given birth to twins, both girls, and one perfectly white and one very black. The woman is a full-blooded negro. A Denver dispatch of Monday says: The city has been seized with an epidemic of murders and suicides to an alarming extent. During the past 10 days three murders have been committed and during the past 24 hours as many suicides have been reported at the coroner's office. The Merchants' national bank of New Haven, Conn., has become involved by the irregular conduct of two officers of the bank. They have been carrying on a system of discounting notes without submitting the paper for the approval of the directers and the crash has come. A passenger train on the St. Louis and San Francisco railway, while running at a high rate of speed Thursday night, was suddenly ditched and about 40 people were badly injured. None were killed outright, but death may follow as a result of the injuries to several people. Rev. Henry Greenfield Schorr, assistant rector of St. Paul's Episcopal church at Baltimore, Md., committed suicide Sunday morning by blowing his brains out. Mr. Schorr was a native of Baltimore, 29 years old, and had been in his present position since last October. Disappointment in love is supposed to have caused the deed. DETECTIVE DANIEL COUGHLIN, PATRICK O'SULLIVAN AND FRANK J. BLACK, ALIAS WOODRUFF, OF CHICAGO HAVE BEEN INDICTED FOR THE MURDER OF DR. CRONIN. Detective Daniel Coughlin, Patrick O'Sullivan and Frank J. Black, alias Woodruff, of Chicago have been indicted for the murder of Dr. Cronin. Black is the man arrested for stealing the white horse and rig in which the physician was driven to his death and who told a wooly story regarding Dr. Cronin having been taken to attend the woman whose body, as he claimed, was afterward hidden in the trunk. O'Sullivan is an ice-man who had hired Dr. Cronin to do certain professional work and who was supposed to have sent for the doctor the night he disappeared. The scene of the murder was a cottage on the outskirts of the city not far from O'Sullivan's residence. It has been discovered that the crime was committed by three mysterious men who hired the cottage temporarily. The Chicago police have come into possession of information that places it beyond the shadow of a doubt that at least a score of individuals were connected directly or indirectly with the diabolical affair. Among these, it is said, are eight of the most prominent Irish nationalists in the city. These are being shadowed day and night; not so much with the view of any immediate arrest, but, as the police put it, "the better to subserve the interests of justice." Among the best and most widely known of the eight is Alexander Sullivan, the ex-president of the Irish Land League of America.


Article from The Democratic Advocate, June 1, 1889

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out of New York on Saturday. A rich vein of gold ore is reported to have been found on farm near Gainesville, Georgia. Eleven business buildings in Dublin, Georgia were burned on Sunday. Loss, $40,000. A number of persons in Atlanta Ga., responded to a parrot's cry of "fire" and discovered that a house across the way was in flames. Thirty divorces were granted in one day during the recent session of the Supreme Court at Manchester. New Hampshire. All the ore handlers in Marquette, Michigan, struck on Monday morning for higher wages. Nearly 300 men are out. Samuel Weitzel. of Rouzerville, Pa., on May 24. became insane over the death of his employer and was taken to the county hospital. Adam L. Brown, postmaster at Bloomfield, New Jersey, has been suspended. and a deficiency of $1,200 is reported in his accounts. Joseph Battin, who failed in business in 1837. advertises in Philadelphia newspaper that he wants to pay all his creditors. He is 83 years old. John Filey, Sr.,aged 83 years, hanged himself in Southampton township. Franklin county. Pa., on May 24, because he believed himself ill treated by his family John C. Bradley eashier, and Charles W. Palmer, teller, of the Merchants' National Bank of New Haven. Conn. have caused the closing of the bank by speculation. The marriage of ex-Secretary Bayard and Miss Mary Willing Clymer, it is announced. will take place on the 12th of June, in St. John's Episcopal Church, in Washington. Dwight W. Lord, cashier of a national bank in Omaha, arrived in Pomona California on Saturday and stated that he had been robbed of $1,300 in cash and $5,000 in notes on the train. A cloud burst occurred at Nashville, Indiana, on Thursday of last week. Cellars were flooded. and the first floors of business houses and residences covered to considerable depth with water. The vault in the registered letter division of the postoffice at Chicago was robbed on Sunday night of 80 registered letters. It is believed the robbery was done by some one familiar with the office. The negroes in Richmond. Va., have organized an independent party to which no white man will be admitted. They propose to act in all political mat ters through a council of leaders of their own race. At Shelbyville, Indiana, on May 28, Mrs. Mollie Corwin was granted a divorce from Joseph Corwin her seventh husband. from whom she was divorced last Winter, and to whom she was remarried soon after. Colonel W. H. Chelton. for 15 years commercial editor of the Louisville Courier-Journal, died on Sun day. aged 41 years. He entered the Confederate service when boy and became a Colonel in Jack son's Brigade. A testimonial concert given in New York to the family of the late Civil Justice Michael J. Norton, at the Academy of Music, on Sunday night, netted $19,000 of this amount $15,000 was taken in before the doors wereopened. A storm. eyclonic in its nature did considerable damage in Quincy Illinois, on Sunday afternoon. The full force of the storm struck cemetery in the southern part of the city and nearly every monu ment in the grounds was demolished. Never has there been so early and general an exodus from New York to Europe and the country as there is this year. The rush to Europe is unparal leled. Places on the principal steamers have all been booked up to the middle of July. A. Leonard Mercer ex Mayorof Phoenix Arizona, charged with absconding with about $6,000, belong Ing to Wells, Fargo & Co., was arrested on Tuesday morning at San Francisco on the arrival of the steamer from Victoria, British Columbia. The Roanoke Water Worksand the gas light plant and franchises, in Roanoke, Virginia. have been purchased by & Philadelphia syndicate There has been no stock of either on the market for years on account of the handsome dividends paid. James B. Green a blind lawyer, has been awarded a verdiet of $12,000 by jury in the Circuit Court in Richmond, Virginia, against the Richmond and Danville Railroad. Mr. Green sustained injuries in an accident near Culpepper Court House. These resulted in paralysis of the lower limbs. A fire in Reno, Nevada on Sunday, destroyed the theatre. Ploneer Hotel, Pollard House, Pyramid House, N. and C. depot, roundhouse of the Central Pacific Road, several business houses and number of dwellings. Loss, about $300,000; insurance, $123,000. George M. Wood, Clerk in the Special Sessions Court in New York city, was short in his accounts $7,283, representing fines collected by him, but not turned in The shortage is attributed to carcless ness. Clerk Wood's father. Col. E. T. Wood, made good the amount Col. Samuel Shoch died as his home in Columbia Pa., on May 24. aged 92 years. He was a pensioner of the war of 1812, and was clerk of the State House of Representatives in 1833. and of the constitutional convention of 1807. For many years be was cashier and president of of the Columbia National Bank Laura Bridgeman died on May 24 in the South Boston Asylum. where she had dwelt many years She was (1) years of age and had been deaf. dumb and blind from her second year. She was made famous by Dickens in his American Notes." and by many public references to her wonderful intelli gence. In Washington, on Monday. & committee representing the surviving members of the Philadelphia Brigade, presented & handsome new silk ftag. of the regulation size and containing e stars, to the Pickett Division of Confederates Addresses were made by John W. Frazier, Colonel Reilly, Colonel R. B. Berkely, Postmaster General Wanamaker and Pension Commissioner Tenner Carnegie, Phelps & Co., of Pittsburg. Pa., have finished two steel plates, each nine inches wide. 180 inches long and three inches The finished weight of each plate is sexe pounds, and the test shows 60,000 pounds tensile strength. Krupp. of Germany was first asked to manufacture the plates, but had no rulls large enough to turn ont such steel plates. A despatch from Ishpeming Michigan, says that the lake shipments of are continue heavy and the figures at the five forwarding ports show that nearly 900,000 tous of ore have been shipped since narigation opened, nearly a month ago. The volume of shipments is unprecedented, and the only unsatisfactory feature from the producers' standpoint is that much of the ore is unsold The large barn of John Zimmerman, of New York, at his country seat at Dingman Ferry, Pa., was burned on Saturday with its contents, and the loss is estimated at $10,000. It appears that the barn was overrun with rats, and the proprietor and a few friends organized & shooting party to destroy them. A burning wad from gun fired the hay. and the structure and contents were soon in ruins H. G. Dodge, of Bar Harbor Maine, while waiting in Mr. Halford's room at the White House Wednesday for chance to see the President, fell to the floor in a swoon. When sufficiently recovered he was sent to his rooms in a carriage It understood that he left sick bed togo to the White House, and, when informed that the President was too much engaged to grant him an interview the shock was so great that he fainted. The Seranton City Bank in Seranton, Pa., closed its doors on Saturday its financial affairs being in badshape. A great deal of money has been lost by investments in coal lands and in loans made on in sufficient security. George A. Jessup, Vice President and also acting cashier of the bank, was arreste on a charge of embezzling $100,000. Mr. Jessup gave bail in $25,000. Dr. B. H. Throop, the President of the bank, becoming his surety A man alleged to be John H. Hillman who disap. peared from Lawrence, Kansas, nine years ago, has been arrested at Tombstone, Arizona, on the charge of defrauding insurance companies. The dead body of man was taken to Lawrence from the Indian territory, was identified by number of persons as that of Hillman, and was buried by Hill man's wife. Hillman's life was insured for $40,000. and, after long contest. his wife was awarded $87. 000, but the companies contended he was still alive. compiny.of militia ordered from Jollet to


Article from Pittsburg Dispatch, January 1, 1890

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189 JANUARY 1, WEDNESDAY, murder. John Arguments begun on the appeal in the Hanover wins a Sharon divorce case A St. Louis man 20-Rhode Island g about to be buried, revives. in Venezuela. William O'Brien sues Lord Salisbury for 21-Mrs. R. B. Hay libel. Jay Gould and Bishop Potter lock Illinois miners horns over a discussion on riches. The from Johnstown Standard controls white lead companies. 22-Suits against th Governor Beaver signs municipal lien bill. town citizens -Disappearance of Dr. P. H. Cronin, Chitaxes this ye cago. Harry Bishop, an old-time minstrel, tion in Cincinn suicides. P.J. Armstrong, of the Inman respite,Mrs. WI Line, suicides. George Francis Train roasts Johnstown very the Centennial celebration. The Parnell 24-Twenty-four di fund reaches $163,200. The Paris Expositown. Turners tion opens. Burke extradite 7-Pig iron war between North and South. 25-Bold bank robb -Butler proves Porter a coward. the Clan-na-Gae 8-Twenty-eighth annual convention of Y. M. received in John C. A. in Philadelphia. Miss Drexel will enter a convent. 26-McDow swears fense. 9-City of Paris breaks the record. 27-Cloud burst at 10-Father Damien dies from leprosy. Spokane lotte Patti in Pa wins the Derby. 2x-Yale beats Har 11-Barnum's circus wrecked at Williamsport. urer Wright, of Three Bald Knobbers hanged in Missouri. short in his acco The Southern negroes object to Harrison's 29-British taxpaye cold treatment. Edison robbed of $200,000 travagance. D by his counsel in the sale of hisphonograph. Jeff New York. Sev President Harrison goes fishing. nin murder. Jo Davis replies to General Wolsley. many wants to 12-Jacob Schwinefurth, Rockford, III., claims France and It to be Christ,attracting thousands of followmurder. ers. New cruiser Charleston beats the 30-Cathedral of St. world's record. Three hundred colored crated in Pr converts baptized at Richmond. traveling West 13-Irving Bishop dies in New York, aged 41. Father Davies, 14-Catholic Knights of America hold annual convention at Chattanooga. 8,000 lives lost. 15-Solicitor George A. Jenks' resignation accepted. Lord Lonsdale returns from the Arctic regions. Council of countries to govern Samoa. Inter-State Commission in1-Trinity Church, vestigate the Standard rebates. Legislature $1,000 for import passes minor cigarette law. arrives in Lond 16-Southern Presbyterian Assembly convenes 2-Sullivan and K in Chattanooga, Northern Assembly in New preme Court York. Independent refiners charge railConvention of roads with discrimination. tional Associati 17-Villard wins his conspiracy fight and gains the Clan-na-Gae control of the Oregon Transcontinental. 3-Dynamiter Phi 18-Germany concedes all points in Samoa quesfeated at Arqui tions. Mrs. Maybrick arrested in London arrive in New Y charged with poisoning her husband. SulsCronin murder. bach wins against Carnegie for non-complemurder of Capt tion of Davenport and St. Paul Railroad; $1,500,000 involved. 4-The glorious I town victims no 19-W. J. Arkell's residence, Canajoharie, Dakotas. Monta burned. Fanny Davenport marries MelStates. burn McDowell. Cornerstone laid for 5-The Persian M Catholic De La Salle Institute. Chicago. Fight with tram Ten more steamer Alaskan survivors killed. Govern the arrest of Su 20-Pennsylvania found. Odd Fellows Encampment at 6-Ten thousand York, Pa. Five thousand dollars reward Coroner's jury offered for Cronin's murderers. Mrs. Folsponsible Alle som marries H. E. Perrine, Jackson, Mich. of lite. Genera 23-The Chicago Police detail plans for the deacon, Philade capture of Cronin murderers. Electric 7-Tools, money an Sugar Refiners replaced on trial. Northern Johnstown. and Southern Presbyteries united. Gen8-Sullivan winsin eral Assembly of the United Presbytewithdraw from rians meets at Springfield, O. Dr. Mc9-France to build Kenzie sues London Times for damages. M. Waters, New 24-Dr. Cronin's blood stains discovered in poison"and final Carlson's cottage. Failure of the MerCameron's will chants' National Bank of New Haven; deficit $100,000. $1,700,000. Rab tempts suicide; 25-Le Caron reveals some Crocin secrets. 10-Experts claim George A. Jessup, cashier Scranton City of Jamestown, N. Bank, arrested for embezzlement robbed, $150,000; bank fails. Dan Coughlin arrested li-Handsome Mrs as Cronin suspect. Three American ladies dicted as a co arrested at Nice on charges preferred by a rested and relea French dressmaker: blackmail. Northern 12-Indignation mee and Southern Presbyterian Assemblies clamoring for agree not to discriminate against the colPark. ored race. 13-Completion of 26-Discovered that Dr. Cronin was ordered Anarchists celel murdered by Clan-na-Gael. Funeral of the The Cleveland I murdered man. United States troops called by an English sy out to suppress Oklahoma riots. 14-Wanamaker an 27-Scranton City Bank deficit found to be rates. Bud McC $300,000. Charge.of murder entered against Coy. stabs an en Coughlin by Chicago police. P. O'Suilivan arrested as suspect. 15-Sullivan on a tective Norris a 8-Woodruff, Sullivan and Coughlin indicted tion Army jaile for Cronin murder. Clan-na-Gael formally 16-Powderly open repudiates charges. McClellandtown burgAmerican fleet lars indicted. Fight between Hocking Valbuilt at a cost of ley miners. Cardinal Gibbons opposed to 17-Bill Jones, who prohibition because it does not prohibit. Washington on Carter convicted of murder in the second Mrs. Barry take degree. Mrs. Maybrick placed on trial for to France. Sup murder. Minister McLean's farewell adSarah Althea H dress to the French President. The Rev. pany organized Dr. Crosby, pastor of Fourth Avenue Pres18-Campbell's airsl byterian Church, New York, buncoed on probably drown Broadway. Boyd C: Caldwell and others 19-Creek Indians w convicted in the United States Court at 20-A Chicago firm molten metal. 29-Alexander Williamsport. Sullivan accused by Dr. Cronin's disappears fr friends of embezzling $82,000; McGeehan arclaims he was di rested as suspect. Sir Richard Webster, 21-Disorderly Sund Attorney General, banqueted by London 22-The Propagand solicitors. The Pope reported dead. Houseof an American hold effects of J. G. Blaine, Jr.. sold at New Maxwell lynche York. President Harrison sets aside 1,900 1 - lian District acres-near Stone river. Site selected for Johnstown left the National Zoo near Washington. Cross." 0-President Harrison attends Decoration Day 28-Late fires in CI services at Brooklyn. Rev. Dr. Leonard, of ings and 1,200 P St. John's Church, of New York, elected sand dollars cas Assistant Bishop of Ohio. Alexander Sul24-John Carter, I livan shadowed by detectives as a suspect. Virginia. Lab State Board of Health condemn Dr. Camptravagant. Lew bell, of Latrobe, for certifying to death of a of Philadelphia child, the shipment of whose body to a disties. tant point causes an epidemic. Allegheny 25-James Garfield street railways to alter their motive power. to be married. Grand jury indicts Somerset burglars for 26-The Indian Co assault and battery with intent to kill. An from massacre. English syndicate gains control of Southern The Yorktown lumber interests. More arrests made in the Cronin case. Mary Anderson vania rates cut 81-The city of Johnstown devastated. Fire 27-Earl of Fife an and water claim 5,000 victims in the Conedaughter marr maugh Valley. The South Fork dam bursts that famous into and sweeps all before it. Middle and WestMr. and Mrs. Gl ern Pennsylvania visited by terrible floods. Boston. success Railroad travel suspended. Universal Clara Barton git mourning. Somerset burglars sentenced town. America ten years to the penitentiary. Boodler Mcbitions in Paris Garrigle returns from Canada and pleads Colonel Jones, guilty in a Chicago court. Iceberg 40 miles man-hole: his se long pressing toward the ocean. Cincinnati polic