1836. Washington Savings Bank (Washington, DC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
March 12, 1873
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
89c69c65dbaa6d1c

Response Measures

None

Description

Multiple runs on Washington Savings Bank occurred in 1873. A March run was driven by misinterpretation of Comptroller Knox's report (rumor/misapprehension). A larger September run was part of the nationwide 1873 panic (Jay Cooke failure) but the bank initially stood the run and later required notice of withdrawal. By November 1873 a receiver (Mattingly) had been appointed and dividends were being distributed, indicating the bank ultimately closed and entered receivership. The articles do not explicitly state a formal suspension date, but the sequence (run(s) → inability to continue → receiver appointed) supports classification as run leading to suspension/closure.

Events (4)
1. March 12, 1873 Run
Cause
Rumor Or Misinformation
Cause Details
Misapprehension/mistaken inference from Comptroller Knox's report implying the bank consisted of one individual (Mr. Ruff); panic described as groundless.
Measures
Bank paid depositors; officers publicly clarified reorganization and soundness.
Newspaper Excerpt
The run upon the Washington Savings Bank has been continued to-day ... The mistaken idea has been inculcated by Controller Knox's report ... the panic is utterly groundless.
Source
newspapers
2. September 19, 1873 Run
Cause
Macro News
Cause Details
Part of the wider financial panic following Jay Cooke & Co. and First National failures; depositors withdrew in response to national panic.
Measures
Bank continued paying; later announced it would require sixty days' notice of withdrawal to avoid immediate runs.
Newspaper Excerpt
There has been ... a pretty heavy one on the Washington Savings Bank ... The run on the savings banks has spent its force. ... At the Washington Savings Bank the run was over by noon, and the bank sound.
Source
newspapers
3. September 25, 1873 Other
Newspaper Excerpt
The Washington Savings bank having successfully stood the run upon it, announces to-day that hereafter it will require sixty days notice of withdrawal from depositors.
Source
newspapers
4. November 20, 1873 Receivership
Newspaper Excerpt
Receiver Mattingly, in the case of Crandell against the Washington Savings Bank, made a report ... the court ordered the receiver do pay out of the assets ... dividends ... indicating the bank was in receivership and distributing dividends to depositors.
Source
newspapers

Newspaper Articles (14)
1. March 12, 1873 Evening Star Washington, DC
Article from Evening Star, March 12, 1873

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The run upon the Washington Savings Bank has been continued to-day, but in a subdued form, and by small depositors, the largest check to-day being less than $500. The business people at the same time show their confidence in the bank by making their deposits as usual, and the curious spectacle has been presented of two lines of customers; one drawing out funds and the other paying in. The mistaken idea has been inculcated by Controller Knox's report that the Washington Savings Bank consists solely of one individual-Mr. Ruff. The fact is, the institution was reorganized February 7th, under the general incorporation act of May, 1870, amended June, 1870, and has the following officers-gentlemen who will be recognized as amongst our best and soundest business men:George C. Henning, president; Zephaniah Jones, vice president; John A. Ruff, treasurer; Thomas L Gardner, secretary; J. .C. McKelden, Zephaniah Jones, George C. Henning, George R. Ruff, Thomas A. Gardner, Wm. Bryan, Thomas Francis, Charles A. Zimmerman, and John A. Ruff, directors. There is no question, therefore, of the repeal of the charter; the bank is in the hands of men of integrity and means, and the panic is utterly groundless.

2. March 15, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 15, 1873

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Washington News. The grand ball-room erected for the inaugu ration festivities is to remain intact for a time, in order that a series of entertainments may be given. The run on the Washington Savings Bank has now ceased. The bank yesterday received more than it paid out. Smallpox seems to be declioing in Washington. MINIATURE likenesses of George Washing tou and Martha Washington are for sale in Boston. The history and description of these pictures is given by the Boston Globe as foi lows: "The pictures were giv n by General Washington himself to his sister, Betty Lewis. In distributing her valuables she (Mrs. Lewis) gave them to her granddaughter, Mrs. Carter, who in turn gave them to her daughter, Eleanor Carter, who bequeathed them to her son, John Patteson, who is their present owner. The miniatures are set in a plain solid gold frame, after the style of the antique medallions, and enclosed in a plain leather case, which. from frequent handling. is well worn. The pictures are each surrounded with the hair of the originals, probably placed with them to enhance their value as souvenirs. They are offered for sale solely because Mr. Patteson, who at present resides near Richmond, lost all his property during the war. and feels compelled to part with them."

3. March 29, 1873 Weekly Trinity Journal Weaverville, CA
Article from Weekly Trinity Journal, March 29, 1873

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NEW HAMPSHIRE. The election of a full Democratic delegation in Congress for the State of New Hampshire is no gain to the opposition, as they have had the three members in the last Congress ; but the falling off of the vote shows significantly that Republicans there have taken the bait prepared by the opposition. Many Republicans have stayed away from the polls, because they were dissatisfied with what has been done or left undone by Congress. The Legislature being Republican and the Governor having to be chosen by a Republican House, the dominant party may feel well satisfied with the status quo which will thus be maintained in this, one of the most doubtful of the States. BRITISH CHANGE OF MINISTRY. The defeat of the Liberal ministry in England and the resignation of Gladstone with a possible success of the Conservative party is among the interesting subjects of gossip. The vote against the Irish University bill appears to have been a complete surprise to the ministry, and to have resulted more from a combination of favoring circumstances than from any unpopularity of the Liberals. RUN ON A BANK. Quite a scare has taken place among the depositors of the Washington Savings Bank here. For three days a line has been formed in front of their office and it has dwindled to a small crowd around the door. The cause appears to have been misapprehensions in the inferences drawn from Comptroller Knox's report regarding technical violations of its charter by the Company. The fact is that the charter had long been abandoned and the company was working under a private organization. It is a fact, however, that savings banks as well as building associations in this District are run without always being incorporated and properly subjected to periodical official reports. This should be reformed, and all such institutions should be compelled to conform to the terms of a general incorporation law of the District Legislature. Deposits are now being returned to the bank in question.

4. September 19, 1873 Evening Star Washington, DC
Article from Evening Star, September 19, 1873

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The Situation To-day. Dispatches from New York report a continuation of the financial panic there to-day, with the suspension of a number of business houses. Here, however, with the exception of the run upon two of the savings banks, there is very little perturbation, and there seems to be no reason to apprehend any further disaster. The national and other banks have no run upon them whatever, or any extra demand upon their paying tellers, and the run upon the savings banks referred to-the Freedman's and the Washington-is simply due to the fact that they have chosen to waive their right to demand thirty days' notice of withdrawal from depositors. This subjects them to a raid upon their counters at every time of financial flurry by excited depositors, who are easily worked up to a nervous disposition to get their money out, and when it is out they are just as nervous until they get it back, in safekeeping. In the opinion of sound business men, the savings banks should all have taken the course adopted by the National Savings bank, in requiring the usual thirty days' notice of withdrawal, and thus save annoyance and interruption to business caused by these needless runs. No bank that pays interest to its depositors should be required to pay on call. To be sure it is a matter of some pride for savings banks to be able to sustain runs of this kind, again and again without harm, but as a business matter, both for the benefit of depositors and for their own convenience, it would seem to be desirable that they should uniformly require notice of withdrawal. At the hour at which we write (3 p. m.) the run upon the savings banks is visibly subsiding, and it is pretty certain that its force is spent.

5. September 20, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1873

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THE SITUATION IN WASHINGTON. THE ABILITY OF THE FIRST NATIONAL TO RESUME DOUBTED-GREATNESS OF ITS BUSINESS-RUN ON THE FREEDMAN'S AND WASHINGTON SAVINGS BANKS-SECRETARY RICHARDSON ACCOMMODATES THE WASHINGTON NATIONAL BANKS-HIS COURSE UNDECIDED. [BY TELEGRAPH TO THE TRIBUNE.1 WASHINGTON, Sept. 19.-The excitement here over the failure of Jay Cooke & Co. and the First National Bank has been somewhat allayed to-day, or has given way to the amazement felt on every hand over the immense reverses among the bankers of New-York. There is nothing new in the situation of the two banksnamed. The officers have nothing to say, and, as nobody is admitted into either establishment, there are no new facts to be given to the public. Mr. Edwin L. Stanton, a lawyer in this city, and son of Edwin M. Stanton, has been appointed receiver of the First National Bank and will take charge of its business to-morrow. He is the Secretary of the District, and has had intimate relations with ex-Gov. Henry D. Cooke for several years. His capacity and high character are everywhere commended. It has been Aascertained by the Controller of the Currency that the bank owes $700,000 to othernational banks, but that the amount is SO much scattered that none of the banks will feel the loss. The amount of business done by this bank for others was something enormous. It was the redemption agent, and general business agent, through which passed the funds and business of 600 other banks throughout the country. The cashier of Jay Cooke & Co., said to-day that all the clerical force in the bank was busy in preparing & statement for the public which will be submitted in a day or two. He also said that the firm expected in a few days to open their doors and resume business. Mr. Cooke made substantially the same statement. There is nevertheless a general feeling about the streets that the failure is complete and that the firm will not resume. It was stated on the street to-day by a prominent lawyer that clients had come to him with certificates of deposit bearing five per cent interest, to the amount of $60,000, and asked him to proceed against the firm in a legal manner. If this statement is true, it would seem that the suspension could not have been wholly unexpected by the firm, as it is generally understood that a bank must be hard pressed for funds that can afford to pay five per cent on call deposits. There has been during the day a slight run on the Freedman's Bank and a pretty heavy one on the Washington Savings Bank, which lately withstood such a determined run. At the previous run the President of the bank assigned all his clerks to the duty of paying depositors as fast as they came in, and opened all the doors, front and rear. to give them an opportunity of free access and exit. Now, however, he takes the run more deliberately, and his tellers and clerks do nothing but their routine duty. Many of the Washington banks have heavy funds in New-York, and, in anticipation of a run, it was arranged by Gov. Shepherd with Secretary Richardson that currency might be issued to the banks from the Treasury on telegraphic notification from the Assistant Treasurer in New-York, and that funds to the amount had been deposited there. There are no fears of other failures here, and in fact it is a subject of remark among Government officers and others, that during all the excitement and panic of the past two days not a single banker had suspended, except those engaged in heavy railroad or other speculations in stocks. As for the Secretary of the Treasury, he seems wholly unconcerned, and laughs contentedly over the crash which during the day has almost hourly assailed his ears. He said at 2) that he had done nothing whatever toward relieving the panic, and had not decided to do anything. He said his business was to take care of the Treasury, and he didn't know but he might do something at any hour. This evening he refuses to say anything whatever.

6. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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THE PANIC ELSEWHERE. ITS EFFECTS IN EUROPE. LONDON, Sept. 30.-Dispatches from Frankfort, Hamburg, Bremen, and Vienna, say DO failures have occurred in those cities on account of the NewYork panie, but that much anxiety exists in financial circles. THE SYNDICATE ACCOUNT-QUIET RESTORED IN WASHINGTON. WASHINGTON, Sept. 20.-The following was received from London to-day: Hon. WITHLIAM A. RICHARDSON, Secretary of the Treasury, Washington, D. C.: The Syndicate account is in perfect order. There is universal kind feeling toward Jay Cooke, McCulloch & A. G. CATTEL. Co., who continue business as usual. The members of the firm of Jay Cooke & Co. in this city have prepared a statement of the situation of the Washington branch of the house, and are awaiting a similar statement from the other branches of the firm. The Receiver of the First National Bank took formal possession to-day, and will at once proceed to liquidate its affairs. The run on the savings banks bas spent its force. The Freedman's met everything with great promptness, and by 2:30 they had not a depositor left at the desk. Manv who had came for their money left without taking it. At the Washington Savings Bank the run was over by noon, and the bank sound. SUSPENSION OF THE UNION BANKING COMPANY OF PHILADELPHIA. PHILADELPHIA, Sept. 20.-Third-st. is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company, corner of Fourth and Chestnut-sts., did not open to-day. A placard on the door states that owing to the heavy demande a suspension of a few days had been resolved upon. It sustained a hea vy run yesterday, paying out about $700,000. It is a State institution, issuing DO notes, and the suspension only affects depositors. At Jay Cooke's matters are going on quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the form, which cannot take place until after the arrival of the steamer

7. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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The President and Secretary of the Treasury Hopeful. MORE CURRENCY FOR GENERAL HILLHOUSE. & Co. Still Jay Cooke, McCulloch Naval Agents. THE VALUE OF THE POUND STERLING. General Grant Entertained by Boss Shepperd. WASHINGTON, Sept. 22, Trouble 1873. by Entertained No Apprehensions the of Further Secretary of the Treasury. to-day Secretary Richardson at an end, In conversation belief that the panic was now apprehensions stated his there need be no further disaster result and that He had no fear of any very pros 01 trouble. this, as the country is by the fact perous ing from condition, which there was shown was call upon that throughout the panic for assistance, except from and the National Treasury one from Philadelphia and New York, from Washington. slight From for the aid, West and ne South still less there had been no would request be any. He further had no idea that there government would continue stated that the as persons would bring be many purchase them, but bonds he did as not long suppose that they would offered Jay Cooke, days. McCulloch Agents. & Co. still Naval the contradicts Secretary of the Treasury has been transThe that the navy account house of Jay Cooke, that statement irom the banking and declares ferred & Co. in London, such transfer. there is no McCulloch intention of making Between the Presimore Another dent Conference and the Secretary. interview of The President had Secretary another Richardson, Secretary at the Delano than White an House, and hour Postmaster this with been morning, decided General at to which send Creswell $20,000,000 assist were present. has here to to from the Hillhouse in New York all the bonds Treasurer It National officer Treasury to buy President to-night, feels that The will enable may be offered. of to-day. and will encouraged that at the news as to whether has been he rebe guided by circumstances Secretary Richardson every few moleave to-night. telegrams from New York as the condiceiving during the day posting reply him to interrogatories encourments amairs there. In more just as tion morning of he said everything would buy bonds money aging this and the were government W presented. all He who had came plenty with When for the fast as they and would give the out to question was bonds asked whether their bonds. or not this money legal reserve to pay he to answered, getting the The money. come from the will attend and in "Never would mind about government that; is right tends to keep so." from Banker. Telegram gent York banker, the following telegram Mr. Joseph A Seligman to the New prominent gentleman The action late this afternoon: of the beneficial all in European influence SELIGMAN Wilson Speaks. President for the received lowing telegram dent Wilson:The Secretary Vice of this the afternoon Treasury Vice 22. Presi- 1873. Treasury WILLIAM RICHARDSON here Every praises WILSON. the City Washington Savings dozen persons Banks being at The The run on Run the has on nearly subsided, either place not at more any one the time during the Circular day. Treasury of the Value Pound Sovereign has prepared Nterling. of the Treasury inviting the attention public The Secretary soon to be issued, dealers and custom the house or and circular, of importers to the exchange act pound sterling of passed Great exchange, it usage, the generally value of the sovereign to fix the par of says. dating back dollar to the 44-48 March Britain, 3, period 1873. By in our equivalent colonial to history fifty four gd., pence or has an early been rated pound, as therefore, at the $4 original sublar. sterling £9-$40. The dollar, was which old computation Spanish silver at the was approximate In all ject of comparison of eight, and as compared with of exor piece imately true transactions money, British British time silver money. the dollar and at 54 pence attrito change involving therefore, assumed par being thus butable was, from this The practice has been have which the dollar, par any premium differences or discount. through all the changes. affected considerable, BritGreat begun and they current are in this centuries, country and for the dollar British no ain the during coins nearly gold, two and the our Spanish unitary dollar coin, worth gold By pence. officity-four not any by longer standard circulates is now with nearly us, nine but per cent Action, less retained than law, exchange against a fixed discount dollar by usage only. Britain and appears our permanently bonds quoted their for The value. remedy or the with the United Great States, of nearly while 83 such per cent anomalies below of the the valuation The money money. while prescribing real abandonment of United of States the close British of the present of the year old but rather be as law, the term exchange, for the does not in the practice. The rating of an earlier change that the change facilitate this, invites Secretary recommend recommends and, with view to of tables (to upon at caused once, to be prepared circular) which he trusts and aid in ne has appended to the useful correct system. Gold Deposits A from be to embody erroneous Trade Dollar communication to the San Dr. Mint passing be found from an and the the New Superintendent the of Francisco Linderman of the the from Mint, gold says receipts agregate will The gold probably on the three millions. were This silver the Director 1st to deposits the 9th for 9th of September will 350,000 coin ounces of trade dollar. was dollar test York New The dollars 400,000 of of the the Mexican Assay Office, were under of recent The weight tion made of Dr. the stored Linderman. eagle dollar wide die. 417. bore They been coinage- pieces showed the very legal standard at Chinuanua being and evidently They single 407 to 430 the grains, mark issued of the without Mint any regard 904 fine, The varia alightly is such dollars proper had adjustments above the as to standard. render their sale the Sent tion in very weight Currency uncertain. Bank. National of the country notes Many of the national of sending mutilated Bank of Washing- agent for been in the to habit the First National acting their continuous use of from ington, This $700,000, the purpose. $600,000 at to elght cant out redemption that institution gave it the some of which

8. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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The Situation To-Day. The dispatches from New York are of an encouraging tenor, showing no new failures and a generally improved condition of feeling. A few hours lull in the excitement is all that is wanted to revive confidence and put business affairs on a hopeful footing. In this city everything is quiet in financial circles and amongst the banks. The Washington Savings bank having successfully stood the run upon it, announces to-day that hereafter it will requiresixty days notice of withdrawal from depositors. The other savings bank of the city had previously announced their purpose to require the usual notice so that they all stand in line now in this matter. That this course was the proper and judicious one to be followed by the savings banks we have urged all along. The following from the New York Sun in regard to similar action by the savings banks of that city is very much to the point: "The action of the savings banks in taking advantage of the clause in their charters which requires thirty or sixty days' notice from persons intending to withdraw deposits should excite no anxiety. On the contrary, it indicates that the money of the depositors is invested in bend and mortgage, and other long-time and safe securiLies, which could be now realized upon only at a loss both to the banks and to the depositors. It was in view of occasions like the present that the legislatures of our wealthiest states have wisely provided that money cannot be drawn from savings institutions without notice. In ordinary times the rule is dispersed with, but unless it were enforced in periods of excitement neither banks nor depositors would be secure."

9. September 25, 1873 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, September 25, 1873

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tremendous struck the land with bow through which the she making a hole in her torrents. The passengers reached took to the boats, water rushed in and all eventually of the docks well-known in safety. bankers and Jay Cooke brokers, & Co., The New York, took a tumhave suspended of Philadelphia as and the payment. intelligence Stocks apprehensions reached Wall ble as soon more by condition of future Wall street to the street, the caused Prominent than by the existing 80 men much attribute firm not house as affairs. the suspension of their the Philadelphia which, to their operations to carry effort to sustain in Northern Pacific, beyond their strength. Shortly of E. W. Clarke it is said, Cooke, they the sought house suspended. after the In suspension New & York, Co., of & Mr. Philadelphia, Schell and Robinson A of of Richard announced. the failures brokers, were the Gold Suydam, stock Fliday" occurred in to give second Room, everybody and " Black stocks manifesting of all kinds the a feverish form began of specu- desire way, rid of everything in Union declined 4; lative to get securities. Central, Western 3; Pacific 8; Mail, Erie, 11; cent.; N. Y. Rock Island, Indiana Union Pacific, & Mississippi, 31/2; and per St. Paul, common, Ohio 21/; 4: Lake Shore, 23/4, 3; Toledo Harlem & Wabash, Central, 5; 48/; Northwestern about 394,70 shares losses of 2 per cent. In hands. all The aggregate to ad stock changed effect on gold was house were vance immense. it to McCullough 1121/2 The to 1123. & Co. The is London thought the parent not to of Cooke, failure of are embarrassment its connection said to be Pacific Railway. house. be compromised The directly by traceable the to of the house at with six The the German Northern N.C., bark on Malvina the 18th, Schott bringing which arrived was Wilmington, the bark Vorwarts, Captain survivors Schrebbs and were three without food or in and murderer of was, Bianco, three days, lost survivors during of the suffered alleged recent seamen terribly. storm. were lest. water Chevalier The for on Carl Vogt, the Brussels, Belgium, of the custody the Bois 18th, du discharged whom from he the had been held ar to U.S. Marshal, by was immediately stolen await extradition, but to recover property rested on civil suit Chevalier the murdered of morning from The State Department, a telegram on the from Wm. at September 19, received the United States, missVice-Consul of that the ing Reed, Dundee, members Scotland, of the announcing Polaris condition. crew had Ten arrived were were in a destitute and three to arrive Consul Reed was there expected brought in by weeks. the Ravonscraig in the whaler them home Intrepid, instruct- by ed to care for They say, after Polaris in a the within first two steamer. them his and companions, send the separation The from Tyson and sinking condition. in the and party was abandoned wintered in Lifeboat of pine, Cove, and in these On 22d of the spring built two boats the ice broke up. by the embarked as June soon they as were picked up Ravenscraig. from Philadelphia occurred of the in 19th that Dispatches that ten other failures had Cooke & Co. and say besides those of Jay reported on the day preceding, city, E. W. Clarke as follows: & Co., George De Haven H. & North; Brother, J. Bond & Co.; Bayard; John Gilbough, P. P. Lloyd; & H. E. Henry Yerks; H. H. Charles Douglass; L. Fell P. H. & Heber Bro. Runs Ball; C. and of the banks, but up been made business they T. had the Knight, time of closing upon all A most decided had Trust paid at every to dollar demanded. made upon the Fidelity a prevtack Safe had Deposit been Company, had there been being connected and in and alent impression that it houses of Cooke some President Clarke. way The with aggregate over$1,000,000. the of funds The drawn he had out something was believed that had arrived, and assistance & come was to offer of and the the it Government sympathy to probably Jay Cooke the the 19th say New Co. York dispatches of had the largely exceeded addi that of any been in that city day. Nineteen among excitement failures preceding had Hatch; announced, White, E.J. Detional of Fisk & Edwards; others, those Rathbone; Beers & W. H. Warren; Jackson; freitas & Thomas Reed Co.; & George Co.; Alley; TheoDay& Greenleaf, Norris M. Kidder; Hay & Warner; & Co., Scott, dore Bedell; Morse; Fitch A. Co. D. of Randolph the Pennsylrepresentatives Railway, of Tom and W. C. Connor. largely vania sacrifice Central of stock values of had the been preceding The in excess of the depreciation had fallen 30 per cent. St. New day. York By noon Central, Harlam 5; Mississippi, Rock Island, 11; Western 91/2; Paul, Ohio and opening prices. Union, 10 per extravagant prices, per Money 9; brought cent. and from a half the per cent. the ruling being one being reluctantly made National accepted. day, rate even Strong this and all rate the persistent monied institutions, attacks and had against Bank the notably the which Richard President. been Company, Fourth of of business Schell every was Trust Up to the close paid. The effect demand presented had to raise been the price to price 1131/2 early upon in gold the had day, been but by afternoon the had A Washington receded to 1111/ telegram theCurrency of the had 19th appointed says that Comptroller of National Bank of that the receiver city, and for commenced. an the examination First It did into the its in Wash- condi- the tion had been for six hundred banks did the A run had the country, ington business and its indebtedness been to them made Freed- on not exceed $70,000. City Savings Bank and was thought Washington Savings Bank, but it all demands. mens be able to meet had directed they Secretary would of the Treasury York to purThe Assistant Treasurer at New and deposit the $10,000,000 worth of bonds, in the chase of the Treasury balance order to stop the National portion Bank depositories, in panic. 19th, the suspension of the Chicago, banking house On the of A.C. & O. F. Badger, of had been announced PERSONAL an enthusiastic reception Governor in Booth San Francisco was* given on the 13th As

10. September 28, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 28, 1873

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THE CRISIS. The Situation at Washington. WASHINGTON, September 617 Since the positive policy of the government be was done nounced-tt nothing more could the relief of finances- no one seems dis for posed to pay for dispatches of advice to the Secretary of the Treasury. A competitive examination for receivers of crippled national banks is mooted. They lucrative places. are Government drafts on Clew Iabieht & Co. will be honored by Cooke McCulloch been & Co.: beyond this. no change has made in Londen. Many of the employes of factories interin railroad utensile have been die. charge ested The others have struck on account of wages and hours of labor. government agency. Rafi's bank, is The the hands of a receiver. There are two in and depositors The deposits aggre- City thous gate $750,000. This is the Washington Saving* Bank. Nearly all the Northern and Western adopted conserv banking measures. cities have Velaminous dispatches reach here. The Secretary of the Treasury will for not, the the present. issue the programme for of gold and purchase of bonds. sale bank presidents held a meeting to The and resolved to adopt the New York to plan. night, George W. Rigge bank refused join in week the movement. closes with great discontent The anxiety. Capitalists hope that a move parand suspension will save them and tial The partial suspension is generally erope. rule. being on the part of the savings they the demand notice. to which banks themselves to entitled by their charter to claim by Jaws, and other institutions pay be or their only small checks. Further aid . from re. expected quiresaid treasury itself can to not meet its navas and diplo matic ebligations abroad. New York. NEW YORK, September 27 -Gold is exotherwise Wall street is quiet. cited Nothing doing in stocks. Western Union In answer to the suggestion of bank the Stock Exchange committee. the ing committee say the proposed the relief seems to look to mode of and safety of the Stock bankers Exconvenience without comprehending change, the convenience involved to banks. and The day closed with a decidedly improved feeling decision of the governing committee The the Stock Exchange on advanced Tuesday to open stocks on the street, which start per sent in less than fifteen minutes. ifteen Western Union Telegraph 61@65 The president of the Stock Exchange The New has issued the following notice: busi Stock Exchange will open for hour. York Tuesday next at the regalar on ness Details on of business will be arranged Monday morning by the governing com. mittee. The Clearing House committee at a meet ing to-day resolved to loan certificates to The an unlimited bank statement amount will not be ready today. The Clearing House committee have the de eided hereafter not to make public of loan cert ficates issued. amount Foreign exchange closed with an having imtone. the last quotable rates Bank proved 101 a 104% for prime bankers. transfers been demand 105% a 105% for cable and 101@ 103 for sixty day commercial, and 10: for three days' sight. There was no rates for money this afternoon. . annun. loans regular having ranged from 1.4 per day to cent action per of the governing committee The to open the Stock Exchange on in Tuesday deciding was marimous, reports from It is al. resub-contimittees being favorable that the banks will afford every posported facility for the resumption of business. title not willing to commit their stock holders although to any parficular course of action. Details e! dealing after the re-opening governbe settled at a meeting of the A. M. will committee to be held at excedient 10:30 to ing Monday. It was not deemed the the Exchange on Monday for open that Sunday affords opportunity which for reason .circukation of unfounded ramors. neutralize not be in time to morning. can effect on business the next their A Washington tetegram this afternoon. November that prepayment of the Monday, saying will egin without rebate had interest a good deal to do with the improve ment. The grain business is still seriously exchange. affectI by the dead lock in foreign hannel ed dealers say that, unless some amount and opened by which the large EuI consequences of is soon grain stored at the West can will How ensue. to as rope, two serious months re main in which canal nav are but will be open. Grain merchants some igation awaiting the application trouble. of e immediate anxiously remedy for the present will not soon come shippers If relief compelled does to receive grain by railroad that at ruinously be high rates. It is thought week has unsetded market of last the for the winter about 3.000.000 locked up which amount may be largely in o creased bushels, if the present uncertainty continues Ex dealers of the Produce of The grain awake to the importance , chang recided are action to relieve the present held : difficulty, some and conferences have been the sub the past few days. at which ous during be earnestly discussed. Vat de jeet has sted. and it was finally eided plans to were appeal to the banks for certain T to be moved. amount of accommodation, to enable crops The provision market is in and a nominal no pur condition. Buyers are scarce, need goods phases are made unless dealers provisions wants. The stock of helps for present however, is light and this on hand. the market. No failures are yet on to relieve shippers operating reported. but many 2021 per cent, bought commission of here few days before the bills of exchange suffered heavy losses, not decline, have the difficulty experienced Ex by withstanding in buying bills of exchange. do shippers the different steamers to-day B ports by to be much less than the crisis. amount da carried not seem before the present financial however, fo The quantity of cotton shipped, amount large as usual, and a large a 6 not received as direct from Southern ports un was and immediately transferred to Liverpoel linee, in sa The managers of a few su essels. to complete cargoes. have taken grain the En order slight reduction per bushel. but for Ar eneral t a rate for wheat is still 13@14d FOODS me be shippers who had engaged freight or to-day's steamers. th de rates aft It is impossible to pay the the principal rei handed, and the managers of W with it is said, in view of the panic were ines, las taken place since the contracts

11. September 29, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 29, 1873

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WASHINGTON WASHINGTON, September September Agricultural that report the vield of last of maze year. The indicates than ture be somewhat lower appeared to be reduc- 4 per The will average also in 1872, making acres, mostcent lees more than than a million Illinois and Iowa, in tion of Ohio, Indiana, of million being Illinois. condition ly nearly in two- The thirds number of counties in Septem221; below of porting is 222; average above average number reporting condias of States average ber 1,614. based The 58; general total upon county crop average produced averages average and by each 10,000 or Georgia. Oregon. tion the proportion county more, 81. The are New and Alabama. Hamp shire, Virginia, the West ing The New averages are of as great corr follows; 87, corn Illinois Ken- proIndiana Minni Iowa West relatively and ducing tucky 68, 94, states 81 Ohio and 91, Missouri New 67. absolutely Jersey in averages Florida Virginia other sota the high ave East, in the report and of condition. southern present Maryland, higher states those and 1867, an lower than in coast figures, the Atlantic all although of promise A outhwestern year, avupon The yield large last crop. theaver age states erage was unusually cons derably The under crop euffer will be season. Itisaleos of but ed from the present tco fact much that most moisture. in the injurious states numerous reporte where of noticable rains have been are quite from bad local droughts low vitality and Michiin Ohio injurious Summer of Complaintomine seed are droughts the were States and and gan. of some Iowa, Missouri weeks in in Indiana, portions Illinois, crop is generally two Kansas, than the usual, spread destruction aud Kan838. later The grasshoppers grassh Wisconsin of Iowa Agriculture in The for collecting sections circulars Department experiences. the pests Atsulte of the persistent issuing tempte at protection more season's general against these many and instances succeeb than have been ever before. is claimed In in the use the annual great argenic. circular says that the ravages to of amounts 1038PB The insects, cotton from Any possibly facts bearing receive cotton half million bales will be gladly receive upon ed from this parties subject, ho as do well not as do. from circular of inquiry and others who respondents Reports. of Encouraging Treasury Reports to-day to the from are different regarded parts than otherwise. of that official the country, as rather encouraging of Banks Policy Boston banks The action of the and paying pooling their resources at instead of currency, elsesimilar certified to checks those of New as York calculated and banks where (is considered as it is puting their resources. create in confidence & condition to until husband the great will believed currency which is depositions scarcity is until over, the panicky from banks occur currency to the and are now who not have drawn hoar ding it, bring it surface once more. Bottoms Must Stand on Their appear own that the GovIt would DOW look out for its own and out their ernment is going leave to the crippled banks own solvency, merchants to work stated to-day and The President of the ealvation. very positively the that 1st the of payment January the New loan due on be anticipated, as bim would not men had requested done and market York business said that all which had been could be to to relieve do, the deemed certain that without done. Government It is can not the get so-called along a liberal resort of to forty-tour whether and tender it is reserve doubted by some more gold than enough Treasury to will meet four have the months current obligations capital in the next of the Vallonai The Aspect blue. There is very little Is decidedly and merchants business going on, for something waiting like Micawber there is little exciteturn t Though visible air of gravity bankment, there is This 3. morning the Co. and anxiety. of Fant, Washington explaining & ing house their doors, Mr. Fant suspensions closed anticipate hours hat be did the not close of banking Savuntil yesterday. after The Washington has generally City been ings Bank, as 8 which perfectly honest afternoon and sol institution, of a Receiver at regarded vent in the bands was whose this claim the placed depositor bank suit of a $200. This is the same the other only some dent endeavored currency at whose without pres avail to get in exchange day Treasury Department bonds. the number of five-twenty An Radicalism. for a Extra Session for the Benefit of Government intimation of the Congress The York that not policy no organ ought to at to be New be based called on any together but known it does is by seem of the Administration, certain that this step obvious will not fear be invoked. means Mr. Mortou's bring odium the present panic will par. that discredit upon the Republican and and shared by other Radicals, devise ty is an extra session, to some may lead extraordinary to remedies for the

12. September 30, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 30, 1873

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# THE STOCK PANIC. # The Horizon Lighting Up. Suspended Firms Resuming. GETTING OUT OF THE WOODS. The Scare Believed to be Over. Clearer Skies. NEW YORK, Sept. 29.—Both Clews & Co., and Howes & Macy have done a good business today, a large number of depositors having resumed business with them. There is nothing new relative to Fisk & Hatch or Jay Cooke & Co. It is stated that several heavy business men of this city on Saturday last paid high as 4 and 5 per cent. a month to obtain money to meet the pressing engagements. One large dry goods house issued a circular to its customers offering 2 per cent. a month discount on all paper due them for cash. The Glenham woolen manufacturing company of Glenham, N. Y., suspended today. Its President is not prepared to make any statement. Its capital is estimated at over $1,000,000. The company owns 200 acres of land at Glenham, with large factories and dwellings for 500 operatives. The company was over 50 years old. The suspension of B. Bullock & Sons, wool dealers, in Philadelphia today, was caused by the suspension of the Glenham company, which owes the firm about $600,000. At the produce exchange today there was a decidedly improved feeling and the business is working back into the old channels. The apprehensions as to difficulties in obtaining exchange is gradually being dispelled. Resolutions of the Stock Exchange. The Governing Committee of the Stock Exchange met at 1:30 p. m. to-day and passed the following resolutions: Resolved, That nothing in the action of the Governing Committee of the Stock Exchange shall be construed as absolving any member from obligation to the rules. Resolved, That all parties to the existing and unsettled contracts who were solvent at the close of the Stock Exchange, but who shall refuse to surrender satisfactory principal or furnish a margin in cash or securities, shall be regarded as insolvent. Resolved, That so much of article 22 of the by-laws as authorizes an officer of the Board to close the contracts of parties in default be suspended. As to existing contracts, during three days after the opening of the Exchange the President shall appoint a committee of three, which shall be in session from 2:15 to 2:45 o'clock, to determine on an equitable market price to which margins shall be made to conform, and also to determine the market price at which the contracts of defaulting parties shall be settled. Resolved, That all contracts shall be settled by a check certified as good through the Clearing House, but where a check is tendered upon a bank which is not satisfactory, the people must agree upon what shall be satisfactory, but no demand for greenbacks or currency shall be allowed. Bank Presidents in Council. At the bank presidents' meeting this afternoon, one plan was discussed which was referred to a loan committee. The committee has issued at different times loan certificates as the emergency required. It was rumored this evening that the committee has been authorized to employ loan certificates to any amount. It is certain that the committee was entrusted with additional powers, but of what nature Mr. Camp preemptorily refuses to make known. Another Suspension. ALBANY, Sept. 29.—The banks here are working under the New York plan. Ford & Fuller, brokers, have suspended. The Financial Outlook at Pittsburg. PITTSBURG, Sept. 29.—The financial outlook in Pittsburg was brighter today than it has been any time during the panic. Confidence seems fully restored, and business is being transacted as usual. At a meeting of the clearing house association this morning to consult on the present monetary situation it was resolved in view of the brightening prospects to make no change in the manner of conducting the business of the banks and clearing house. The Lawrence Saving Bank commenced paying its checks today. Embarrassing the Money Order Officers. WASHINGTON, Sept. 29.—The refusal of the National banks in Philadelphia to pay drafts upon them in currency having threatened to deprive the postal money order office in that city of resources on which it largely depends for remittances from country offices, the postmaster was today authorized to draw for a limited amount on the department's reserve deposited in the sub-Treasury at New York. Similar embarrassments were foreshadowed by numerous telegrams from western postmasters on the situation but their generally report today is that the banks have resumed currency payments. Favorable Signs. This city is free from financial excitement. The recent statements received from the North of the improved condition of affairs have had a tranquilizing effect in Washington to such an extent that several gentlemen connected with the banking combination say that in the course of a few days checks for small amounts will be cashed at the counters of their institutions instead of being as now, merely certified. Another favorable sign is that many large depositors in the Washington Savings' Bank are concerting with a view to the resumption of its business. Extensive Conflagration. CINCINNATI, Sept. 29.—A despatch from Brenham, Texas, Sept. 29th, says that a fire last night consumed two and a half squares of buildings in the business portion of that city. The loss is not yet ascertained. CINCINNATI, Sept. 29.—There is an improved feeling here today. In several banks the deposits of currency equalled the demand for it. The general markets are still quiet with a modified tone. A Fortunate City. CHICAGO, Sept. 29.—The financial prospects in this city this morning were brighter. The Union National, the York County National and the National Bank of Commerce resumed business at the usual hour. There has been no run upon either of them, while there have been considerable deposits made. Influx of currency from New York and from the country continues large, not less than $3,000,000 being received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks, and the rest into the hands of commission merchants for the purchase of grain by outside parties, but all tends to relieve present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence is returning. This view of the situation is based on an interview with a number of prominent bankers and business men. More Dismissals. JEFFERSONVILLE, Ind., Sept. 29.—It is reported the Ohio Falls Car Company will suspend work, throwing 700 men out of employment. More Bank Suspensions. ST. LOUIS, Sept. 29.—The express lines centring here are bringing to this city a much larger amount of currency than they are taking away. The banking house of Curry & Kirby at Jefferson City, and two at Chillicothe suspended on Saturday. They are all regarded as solvent. Money Wanted. CHARLESTON, S. C., Sept. 29.—The Chamber of Commerce have adopted a resolution asking for the deposit of $500,000 with the Assistant Treasurer, to be used in the purchase of Exchange. Following the General Example. LOUISVILLE, Ky., Sept. 29.—A majority of the banks formed a Clearing House Association yesterday, and resolved to suspend paying currency in large amounts Seven German and two other banks have been received into the clearing house, making 21 in all.

13. October 2, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, October 2, 1873

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General News Summary. Washington News. A Washington dispatch of the 19th says that the Comptroller of the Currency had appointed a Receiver for the First National Bank of that city, and an examination into its condition had been commenced. It did the Washbusiness for six hundred and its indebtedness to A run had been on Savings' Bank and country, ington Washington exceed $70,000. City them banks made the did Freed- in not the the mens' Savings Bank, but it was thought they would be able to meet all demands. The Secretary of the Treasury had directed the Assistant Treasurer at New York to purchase $10,000,000 worth of bonds, and deposit a portion of the Treasury balance in the National Bank depositories, in order to stop the panic. A dispatch from Washington on the 21st states that the Comptroller of the Currency the collection paper had directed of the First National Bank of Washington to be deposited with the National Metropolitan Bank for collection. A Washington dispatch of the 20th says that the offer of the government to purchase $10,000,000 in bonds had not proved the measure of relief, in the present financial crisis, that was expected. In the suspicion with which all other securities were regarded holders would cling to their Governments. On the 22d, the President appointed Oscar Whitney Secretary of Dekota Territory, vice General McCook, deceased; and Jonathan Merriam, Collector of Internal Revenue for the Eighth Illinois District, vice Harper, absconded. Treasurer Spinner was very ill on the 22d with malarial fever. A Washington dispatch of the 22d says that the President and Secretary of the Treasury had reached that city. The President felt that the to afford from the conclusion upon confident general help right reached method that the by if Treasury, further the had informal been help and hit intercharge of views was, to be needed it so far as it was for It to send appeared had been decided possible the should $20,000,000 Treasurer Treasury be given to to in New that act. York to enable the Assistant city to buy all the bonds that may be offered. A dispatch from Washington of the 23d says that the failure of Jay Cooke & Co., and the First National Bank of Washington, had just begun to be severely felt in that city. The Reform School for Boys, the National Soldiers' and Sallors' Orphans' Home, the Smithsonian Institute, the Children's Hospital, and other Institutions had lost sums ranging from $10, 000 to $20,000. At the time of the failure ExPresident Johnson had $60,000 to his credit; Judge McArthur, of the District Court, $10,000; Senator Patterson, of South Carolina, $14,000; the widow of a former Navy Agent, $14,000, and Gen. Hunter had a large balance. The President, on September 23d, issued his proclamation announcing that differential duties on imports in France and the United States had been abolished. Advices from Washington of the 24th were to the effect that the authorities had been disappointed at the renewal of the financial trouble in New York on that day. It was reported that the Secretary of the Treasury had telegraphed to the President that in his judgment the purchase of bonds should cease whenever the amount of currency used should reach $12,000,000. The President had not replied to this dispatch. An application had been made to the Secretary by leading financial men to anticipate the redemption of the $20,000,000 of five per cent. gold bonds falling due in January next. Information had been received at Washington, on the 24th, that Collector Weidner, of the Second District of Alabama, was a defaulter to the amount of $20,000. Orders had been issued for his arrest. The wheat crop, according to the returns to the statistical division of the Agricultural Department, published on the 24th, presented an average of 95, which is about the same as the September report of 1872. The area of cultivation had been much larger this year than last.

14. November 20, 1873 National Republican Washington, DC
Article from National Republican, November 20, 1873

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RUFFS RECEIVER. Dealing Dividends to Depositors. Receiver Mattingly, in the case of Crandell against the Washington Savings Bank, made a report to the Equity Court yesterday. The receiver states that it is impossible to state the exact amount and number of deposits and depositors until the accounts are balanced. Mr. Mattingly submitted an account showing cash to November 17, $81,325.10, against which are disbursements of $14,470.85, made up as follows: Malaries, $1,845.59; rent, $837.50; Bank of Washington to redeem United States bonds, $12,000; protests, $163.50; current ex penses, $129.85. The court passed the following order: On the report of the receiver filed this day it is ordered by the court that the receiver do pay out of the assets in his hands to the creditors of the bank a dividend of 20 per centum on all sums of $50 and under, and of 10 per centum on all sums over $50 as soon as the exact amounts due depostors can be ascertained.