19029. E. W. Clark & Co. (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
September 18, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
b0b4ce46

Response Measures

None

Description

E. W. Clark & Co. suspended on/around Sept 18, 1873 in the contagion from Jay Cooke & Co.'s failure; later announced resumption in late Oct 1873. No explicit standalone depositor run on Clark is described; suspension appears driven by distress of Jay Cooke and general drain on deposits.

Events (2)

1. September 18, 1873 Suspension
Cause
Local Banks
Cause Details
Suspension followed the failure/suspension of Jay Cooke & Co.; drain on deposits and contagion from that larger firm's collapse in Philadelphia and New York prompted Clark & Co. to suspend payments or operations on Sept. 18, 1873.
Newspaper Excerpt
The firm of E. W. Clark & Co., who also suspended today, had but a moderate investment in this Northern Pacific enterprise. This firm also expects to resume business in a few days.
Source
newspapers
2. October 25, 1873 Reopening
Newspaper Excerpt
E. W. Clark & Co., of Philadelphia will resume business to-day.
Source
newspapers

Newspaper Articles (17)

Article from New-York Tribune, September 19, 1873

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PHILADELPHIA. [BY TELEGRAPH TO THE TRIBUNE.] PHILADELPHIA, Sept. 18.-The announcement of the suspension of the banking-house of Jay Cooke & Co. of this city came like a thunderbolt upon the financial and commercial circles of Philadelphia, about 11 o'clock this morning. The news came first of the suspension of the New-York house; the doors of the Philadelphia house were then closed, policemen being there stationed to prevent those not properly authorized from entering the building. During the remainder of the day, Third-st., especially in front of Jay Cooke's banking-house and the vicinity, was thronged with crowds of men who discussed the suspension and its causes. By some it was thought the trouble was the designed result of a New-York combination; by others that it was the result of carrying too much in Northern Pacific Railroad securities. The latter is, upon the authority of Jay Cooke, the correct surmise, that gentleman having so explained to-night. The crisis of to-day was unexpected by the firm in this city. They have been lately tampered now and then by the stringency of the money market, but at a recent consultation of the firm the members arrived at the confident belief that the storm which threatened had passed. They had advanced large sums to the Northern Pacific Railroad Company for the completion of its road, taking bonds as securities, and expecting to realize from the rapid sales of these bonds. For some weeks there has been a constant flow of money from the East. The country banks and individual depositors kept up a continual drain on their deposits in the hands of the firm, who found that sales of Northern Pacific bonds were neither large nor rapid enough to reimburse them, and hence the suspension. The stockholders of the Northern Pacific Company being men of vast wealth, Messrs. Cooke & Co. believe that they will be speedily relieved by a reimbursement of their loans. The firm of E. W. Clark & Co., who also suspended today, had but a moderate investment in this Northern Pacific enterprise. This firm also expects to resume business in a few days. There is an unusual expression of sympathy in this city for both of these firms and an almost unbroken confidence in them. It was rumored on the street this afternoon that about half a dozen brokers had gone under through the effect of the failures of the two firms mentioned. This may be true, but a careful search failed to verify the statement. In all the large hotels here. and indeed in every other public place, knots of men gathered to-night and discussed the all-absorbing topic, and at the Stock Board to-day there was the greatest excitement. Pennsylvania Railroad stock fell from 53 to 491. but was "stiffened" by a statement made


Article from The Cairo Bulletin, September 19, 1873

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the liveliest satisfaction when made known. LONDON, September 18.-" The London firm of Mr. Cooke responds to his suspension by stating that all drafts and letters of credit on them issued by Jay Cooke & Co., will be duly honored. ANOTAER SUSPENSION. NEW YORK, September 18.-Richard Schell and Robinson & Saydall have suspended. STILL ANOTHER SUSPENSION NEW YORK, September 18.-A Phila. delphia dispatch says E. W. Clark & Co., have suspended. AND STILL ANOTHER SUSPENSION WASHINGTON September 18-The First National bank has suspended on account of Jay Cooke & Co.s failure OCEAN SHIP CANAL NEW YORK, September 18.-A Washington special says that the congressmen of Mississippi and Missouri river valleys have, it is understood, very generally agreed to unite their efforts to secure an Appropriation for St. Phillips canal at the outlet of the Mississippi river. It is expected that twelve millions of dollars will. be necessary to make a ship canal which will enable ocean vessels of greatest bur den to reach New Orleans without being obstructed by bare. It is claimed that with the completion of the canal that ocean going ships during four months of the year can proceed as far north as Cairo. Some of the western members state that the people of the Mississippi valley seek a solution of the transportation question mainly in that direction.


Article from New-York Tribune, September 19, 1873

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THURSDAY, Sept. 18-P. Despite the failures and defalcations and various rumors of impending troubles and disasters yet to come, which have been current so long in the street, the announcement this morning of the failure of the house of Jay Cooke & Co. came like a clap of thunder from a clear sky, and the statement was scarcely credited for a moment even by the most persistent bear on the Exchange. This was preceded by a story that the Pennsylvania Railroad Co. was in trouble, but the uneasiness arising. from this rumor was quickly dispelled when it became announced that Drexel, Morgan & Co. were offering discount the paper of the concern at 14 per cent month. Of course great all classes of railroad paper to per thrown upon discredit by has late been defaults, and the natural effect of the various suspensions has been to reduce the prices of stocks. Another evidence of the late excessive railroad building in advance of the requirements of our country is the failure of the firm alluded to at the the head of this paragraph. In their statement they give as the cause of their suspension the heavy drafts of their Philadelphia house. the drain upon their deposits here and their advances on account of the Northern Pacific Railway. For some time it has been apprehended that the house was in trouble from the large advances to the Northern Pacific Railroad and the difficulty in negotiating the bonds. This has come to the knowledge of the general public and accounts for the falling off in deposits. It is not likely, inasmuch 38 the London house of Jay Cooke. McCulloch & Co. is reported solvent and have a large cash surplus (as we are assured by the firm here). that their complications with the Government will seriously affect negotiations now pending with the Syndicate, of which this house was a prominent member. It is hoped that the suspension will be temporary, as arare said to be already in progress looking settlement with their ure and leading a as in rangements of to a 80 prominent creditors. house The this, failconnection with financial disasters and frauds which have immediately preceded it. results, as might be expected, in almost universal dis. trust as to the value of securities and the stability of financial houses and institutions. The more hopeful believe that we have seen the worst of the panic, and we sincerely trust that their hopes are well founded but that confidence which is necessary to the success of business enterprises has received a shock from which it is not likely to immediately recover. The excitement in the street to-day surpasses our poor powers of description, welwill leave that to the imagination of readers. The failure of this house gave rise, of course, to numerous stories, and the street was flooded with rumors of other failures. Some were absurd, others malicious, and nearly all needed confirmation. The only authenticated failures of which we have heard in this city are those of Richard Schell and Robinson & Suydam. In Washington the First National Bank has suspended, and in Philadelphia Messrs. E.W. Clark & Co., whoare understood to have no business connections in this city, have failed. There were rumors in circulation questioning the financial soundness of a prominent trust company in this city, which are believed to have been without foundation in fact. The following card was posted on the office-door of Jay Cooke & Co. in Philadelphia to-day: We regret to be obliged to announce that, owing to unexpected demands on us, our office has been obliged to suspend payment. In a few days we will be able to present a statement of our affairs to our creditors, until which time we must ask their patient consideration We believe our assets to be largely in excess of our lia JAY COOKE & Co." bilities. It was in the stock market that the effect of this suspension was most marked. The dealings were on a scale of magnitude scarcely if ever witnessed before in the street, the number of shares changing hands being over 476,000, which at par would represent over $47,000,000. and at the prices obtained represented considerably more than half that sum. Of the shares sold 150,400 were Western Union Telegraph, 76,200 Pacific Mail, 60,100 Lake Shore, 42,200 New-York Central, 28,400 Union Pacific, 23,300 Ohio and Mississippi, 24,790 Rock Island, 23,000 Toledo and Wabash, 13,200 S Paul Common, and 84,800 of all other stocks. The fluctuations were so frequent and violent as to make it almost impossible to follow the course of each individual stock. Western Union was the most prominent stock upon the list both as to the extent of business and variation in price, opening at 881, selling down to 78, and closing at 81. Wabash fell from 564 to 49, and recovered to 501 at the close. North-Western went off 4 cent, Rock Island, St. Paul, and Panama each declined 41 per cent, and Pacific Mail 5t. But we must refer our readers to the usual comparative tables below, and the printed list of sales, for a more complete history of the day's most remarkable stock market. At the close there was a rally and recovery of from I to 3 per cent, imparting considers ble confidence to the entire list. The following are the opening, highest, lowest, and closing prices of sold to-day:


Article from The Petroleum Centre Daily Record, September 19, 1873

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The Great Failure Yesterday. Jay Cooke has gone down. The news of the suspension of bis three great banking houses located respectively at New York, Philadelphia and Washington was carried to the country over the wires yesterday all ternoon, and the excitement consequeat therefrom is beyond description. The failure of Jay Cooke & Co., causes of course others to suspend. Reports of the fsuspension of the First National Bank of Washing ton, also of E. W. Clark & Co., Philadel/ pble, and Richard Schell and Robinson & Saydell come to hand. What will be the extent of the effects of this terrible disaster uo one can at this time estimate. Previous to yesterday Jay Cooke almost might have been called the nation's banker. The consternation all over the country caused by the failure can be imagined. While we are not an alarmist, the statement of Jay Cooke that the company is able to take care of all its liabilities, is preciesty what is done when the great failure is first announced.- It is pleasant to hope that Jay Cooke will come out all right. But we fear the worst has not yet been disclosed. The North Pacific Railway Stock and bis speculations in good, we have no doubt, have brought him to his presem: condition. The worst misfortune named in our dispatches this morning in consequence of the failure, is the probable suspension of the Lite Insurance Companies with which Cocke connected. The National Insurance is Company, of which be was the founder, is probably the most severely burt. But the failure of Jey Cooke & Co., we believe, should be attributed to specula/ tion.


Article from Wilmington Daily Gazette, September 19, 1873

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THE GREAT FAILURE. The great failure of Jay Cooke & Co., followed by the suspension of E. W. Clark & Co., in Third street, Philadelphia, and the closing of the Banking house of the former firm in New York and Washington yesterday morning, produced the greatest excitement 111 financial circles that has been witnessed in the three cities mentioned, for many years. It will be fortunate if the last of the failures consequeut upon the suspeusion, has been announced. So far, we have beard of noue that have not been already stated. The causs of the failure of Messrs. Jay Cooke & Co., is said to be in their inability to sell the bonds of the Northern Pacific Railroad. Mr. Cooke is the financial agent of that road and controlled all its finances; and it is said he ha3 advanced money to the road to pay the current expences of building, and used all within his reach, and perhaps encroached too largely on the immense line of depositors for which his banking house was known to be a favorite, and the too sudden withdrawel of the latter produces the calam ty. In some strong banking circles, we are told, this failure has been anticipated for some time; and the mere mention of this may have occasioned the withdrawal of deposits. But after all, the main cause is found in the inability of the firm to complete the great road they had undertaken to build.


Article from Wilmington Daily Gazette, September 19, 1873

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JAY COOKE'S FAILURE AN WWUU CHASH ON THIRD STREET, BUT NO CAUSE FOR A PANIC. Suspension of the Great Banking House of Jay Cooke & Co., and its Branches, and of E. W. Clark & Co.-The Causes of the DisastorThe Effectupon the Stock Mark:-Consternation in the Board of Brokers and on the Street -Mr. Cooke Confident of Resumption.


Article from The Daily Phoenix, September 19, 1873

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products. Mr. GR Lewis Delhi was ap. pointed to prepare a report-obithe proof 200 of the next session. He was voted $250 for the lest report on the esmogsubject. Charles Warasswith of Ohicago, was expelled for indecorous language to, wards the association, in a letter tendering his resignation on account of alleged unjust criticism of an article contributed to the Pharmaceutical Journal The Committee of Centennial reported in favor of a congress of pharmacentists from all parts of the world, to be held at Philadelphia during the centennial celebration. an BALTIMORE, September 18. The Old Fellows' report, made two years ago, upon the revision of ritual, was amend. ed and adopted. PHILADELPHIA, September 18.-The loss of Bloomfield H. Morris' paper warehouse reaches $75,000. The fire originated in the fifth story. It is attributed to spontaneous combustion. CHICAGO, September 18.-The loss by the tire yesterday is $250,000. WATERTOWN, September 18.-The propeller Acorn was burned to-day. Fifty passengers and the crew escaped narrowly. A full cargo of general merchandise was burned. MEMPHIS, September 18.-Nine fever deaths yesterday. MERIDIAN, MISS, September 18 -The Democratic State Convention has assembled. Forty-five Counties are rep. resented. Col. R. O. Reynolds is the presiding officer. The resolutions declare the nomination of a State ticket expedient. Chickasaw, Clark aud Colfax withdrew from the convention. PITTSBURG, September 18.-The Western Nail Association advanced the price of nails 12½ cents per keg. The following is Grant's speech before the survivors of the army of the Oumberland: GENTLEMEN OF THE ARMY OF THE CUMBERLAND AND LADIES AND GENTLEMEN: It affords me very great pleasure to meet again 80 many of my old comrades. I never had the pleasure of a command with j ou, but I had the plea sure of being immediately connected with your distinguished leader, who has added 80 much lustre and glow to the army of the Cumberland. Sr. JoHN's, September 18.-The Paris crew won the four-oared race by half a length; Longshore crew second; McLaren crew third. SACRAMENTO, September 18.-Sam. Purdy won the $2,000 trotting race in three straight heats; best time 2.23% Occident then went for the best time ever made in California for $2,000quarter 36½; half 1.1014; mile 2 163/4 Dan. Voorhees won the $1,000 pacing race; time 2.20. NEW YORK, September 18.-Jay Cooke &- Co. have announced their BUB pension, in consequence of large advances made to sustain their Philadelphia house, and a heavy drain upon their own deposits. PHILADELPHIA, September 18.-Jay Cooke & Co. have closed. WASHINGTON, September 18.-Jay Cooke & Co. have closed. There are assurances that the Freedmen's Bank had only $800 in the First National Bank, and no balance with Jay Cooke & Co. The bank holds only $400 of Northern Pacific bonds, as col lateral for a small loan. Probabilities-For the South Atlantic and Gulf States, East of the Mississippi, cloudy weather, rain and Northerly to Easterly winds, increasing in force in the latter; South of which, a disturbance of some character now exists. The First National Bank, Henry D. Cooke, President, has suspended. PHILADELPHIA, September 18.-E. W. Clark & Co., bankers, have suspended. HARTFORD, September 18.-In the United States Circuit Court, this morning, the Credit Mobilier su t; cime up. Judges Hunt and Shipman ruled that a motion for dismissal should be heard first, and that all arguments on that question and demurrers must be closed by to-morrow night. Roland G. Hazard, a defendant, read his own argument before the Court, holding that the suits were brought under unjust and illegal action. A number of prominent lawyers from other cities were present. The Government is represented by the Attorney-General, the Assistant AttorneyGeneral and others. NEW YORK, September 18.-Great ex. citement in consequence of Cooke & Co.'s failure. The question is, who next? Business men attribute the failuro to operations in North Pacific Road bonds. It 13 feared the National Life Insurance Company will go under with Cooke. It is said Jay Cooke lost largely in gold. Members of the firm Any they are unable to unake any further state. ment save that they expect to rosumo


Article from The Superior Times, September 20, 1873

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THE FINANCIAL CRASH. By telegrains in the St. Paul p:1pers of yesterday, we learn that the suspension of Jay Cooke & Co., on the 18th at Philadelphia, New York and Washington, was followed by that of E. W. Clark & Co, of Phil adelphia, Kenyon, Cox & Co., Fisk & Hatch, R. Schell and other prominent banking houses of New York. Fears are entertained of a general financial crash, and we await further news with anxiety.


Article from The Cecil Whig, September 20, 1873

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-The banking houses of Jay Cooke & Co., in Philadelphia, New York and Washington, suspended on Thursday. The banking firm of E. W. Clark & Co., in Philadelphia, also suspended. There was great excitement in Third and Wall streets, and a generrl decline in the stock market, but towards the close of the day a stronger feeling prevailed, no further suspension of consequence being expected.


Article from Pioche Daily Record, September 20, 1873

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Failure of Jay Cooke a Co.-Financiai Agitation-Stock Excitement -Government Bonds-A Crash Not Apprehended. NEW YORK, Sept. 18. Jay Cooke & Co. have suspended. They announce that their suspension is in consequence of large advances made to sustain their Philadelphia house, and a heavy drain upon their own deposits. Mail advices, from Paris, of the fifth, confirm the report that cholera prevails in France. PHILADELPHIA, Sept. 18. The firm of Jay Cooke & Co. have suspended. A great crowd has collected around their place of business. WASHINGTON, Sept. 18. The First National Bank has suspended. NEW YORK, Sept. 18. There is great excitement on the street in consequence of the announcement of the failure of Jay Cooke & Co. The question is generally asked, who next? Stocks took a tumble. It is said that Jay Cooke has lost large sums in the recent gold movement. The excitement is intense at the Stock Exchange. Vanderbilt stands by his Central, and Lake Shore and the Pacific Mail are cared for; but Western Union dropped from 88 to 781/2. Money quiet 1 at 7. No failures other than Jay Cooke a Co. are announced. It is said that Jay s Cooke, McCulloch & Co., of London. are solvent, with a large surplus above all e abilities. . Eleven bids for Government bonds to day, aggregated $2,317,300, at from 10 to 111/2. No bids accepted. e Specie shipments to-day amounted to le $105,000, in silver bars. y NEW YORK, Sept. 18. There is a general breaking up of stocks of from one to ten per cent., und f der the rush to sell, and great excitement econtinues. d WASHINGTON, Sept. 18. fiThe banking house of Jay Cooke 1Co., of this city, was closed shortly after S, noon to-day. d NEW YORK, Sept. 18. d 1Jay Cooke & Co. make the following Sing statement: The immediate cause of n the suspension of Jay Cooke & Co. was 1the large drawings upon them by their n Philadelphia house, and their own dege positors, during the last fortnight. The ly Philadelphia house had previously been r, weakened by large advances to the it Northern Pacific Railroad Company, of by d which they are the financial agents. as Robinson & Suydam have suspended a, A Philadelphia dispatch says E. W in Clark & Co. have suspended. le in PITTSBURG, Sept. 18. d The Society of the Army of the Cumnt berland held a session this morning, and eselected Columbus, Ohio, as the place ve of their next meeting. The Society releelected Lieutenant General Sheridan 70 President, and instructed the Committee is on the Thomas Monument to employ as of some artist to make a statue of General 10 Thomas, and then adjourned. ve WASHINGTON, Sept. 18. g th Secretary Richardson and Comptroller ot Knox were in consultation to-day relative to to the suspensions here, and a receiver on will probably be appointed to take charge of the First National Bank. of ve PHILADELPHIA, Sept. 18. nMr. Cooke says "I believe this house nwill speedily be relieved from embarhe rassment, and to this end, if needs be, ne pevery dollar of means possessed by the he members of the firm will be applied. rNEW YORK, Sept. 19. on Arrived, steamship Europe from Glas gow. n. rAnother day of intense excitement has of passed over Wall street. Early this remorning predictions were made that this nwould be a hard day, and one that would to ve see the downfall of more than one finan y, cial house, as the late Chicago fire, as was thought, would occasion a drain as at upon deposits, and tend to a panic ty Stocks for the first two or three hour fluctuated wonderfully, but at noon th ll market strengthened. About noon it was an reported that the house of Jay Cooke at rty Co. had suspended. At first the rumo of was considered an idle one, or, at most at started by some scheming faction. Me ece in and boys ran races from office to office The telegraph was incessant in its opera er.


Article from Middletown Transcript, September 20, 1873

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The great banking house of Jay Cooko & Co. has suspended. Their liabilities are not yet known. Greatexcitement prevailed in financial circles when the announcement of their inability to meet their payments was made. In New York a financial panic ensued, and operators in gold and stocks became very nervous. The firms of Richard Shell & Co., and Robinson & Suydam suspend. ed, and a dispatch from Philadelphia announced the suspension of E. W. Clark & Co. Then came the news of the closing of the Warbington house of Jay Cooke & Co., and the suspension of the First National Bank of that city. At last reports other failures were looked for.


Article from The Wheeling Daily Intelligencer, October 1, 1873

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national banks for the payment of the interest on the new 5 per cent regastered bonds in the treasury as security for the circulation and public deposits, by sending them checks for the amount of interest due on the 1st of November on such bonds, less rebate at 6 per cent per annum. The Affairs of E. W. Clark & Co. of Philadelphia. PHILADELPHIA, Sept. 30.-A meeting of the creditors of E. W. Clark & Co., was held to-day. A statement was made as follows: Liabilities secured $1,042,526; liabilities unsecured $1,041,498. Total$2,084,024. Assets, including stocks, bonds, loans, bills receivable, and other securities, and real estate $2,464,365. Leaving a surplus of $380,331. Failure of the 1st National Bank of Mansfield, Ohio. COLUMBUS, Sept. 30.-The failure of the First National Bank of Mansfield, is very unfortunate affair, as the funds of the Ohio State Board of Agriculture, the proceeds of the recent State Fair, were deposited with this bank at the close of the fair. Something near $22,000 was deposited by the Treasurer, but a drait on the bank had reduced the deposit to about $15,000 at the time the bank suspended. A meeting of the State Board has been called for Thursday to consider their financial situation. Proposed Treasury Interference for Relief of the Foreign Exchange Market. LETTER FROM SECRETARY RICHARDSON. WASHINGTON, Sept. 30.-The Secretary of the Treasury has addressed the following letter to Franklin Edson, Esq, president of the New York Produce Exchange:


Article from Wilmington Daily Commercial, October 25, 1873

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A Better Look, A bend. The news, now, is not of suspensione, but resumptions. Fisk & Hatch, in New York : E. W. Clark & Co., Philadelphia ; a National Bank, at Salt Lake City, are announced to-day. In the Philadelphia market, to-day's Ledger reports "a better and more confident feeling,' more money, and lower rates for its use. Our correspondent in that city reports the retail trade good. Throughout New England, though many indus trial establishments are discharging men, many others are in full operation, and pressed with orders.


Article from The Petroleum Centre Daily Record, October 25, 1873

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NOTES OF THE DAY. Three inches of snow at Negunee, Miobi/ gan, and seven inches at Fort Gray, Manitobe. yeaterday. Ontstanding legalitendere, $360,259,888. Four yellow fever deaths in Montgomery yesterday. The First National Bank of Salt Lake ) City has resumed. E. W. Clark & Co., of Philadelphia will resume business to-day. Four yellow fever deaths at Shreveport yesterday. The trial of Frank L. Tainter, defaulting cashier of the Atlantic National bank, bus been adjourned until Monday, owing to the burning last night of the residence of one of the jurors The case of Mr. Sbanks, city editor of the Tribune, was adjourned until Monday. Two children of W. R. Corfioe, living near Carbondale, Illinois, fall into a tub of boiling water, Wednesday evening. One died and the other cannot recover. Eightb champion game between the Boar tons and Athletics at Philadelphia, yester/ day-Bostons, 4; Athletics, 5. During the past twenty-four hours snow has tell to the depth of four Inches. It is now snowing at Cheyenue. No deleation to traias. The Atlantic Mills at Lawrence, Massas cbusetts, have commenced running four days in the week, and the nail mills of the Bay State Works have suspended, making necessary the discharge of three hundred and sixty men. A Washington dispatch says the Supreme Court docket is very full and under the new law allowing appeals and writs of error from State Courts wherever a Federal quee/ tion is raised on test, must continue to increase, and perhaps even to such an extent as to require a remedy. The official returns give Gordon for Supreine Court Judge a majority of 14,284, and Mackey for State Treasurer, 25,352.


Article from The Redwood Gazette, November 6, 1873

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tached to the agreement, about which so much has been said, and which has been kept out of sight so,far, contains several items showing that the firm owed the President $2,408; G. Blaine, $30,000; Gen. Babcock, $5,600; Gen. Dent, $2,500, and Senator Edmunds a small amount. A Philadelphia telegram of the 24th says official returns of the recent election show that Gordon, Republican, received a majority of 14,294 for Supreme Court Judge, and Mackey, Republican, received a majority of 25,352 for State Treasurer. The Apollo Hall Democrats and the Republicans, on the 24th, nominated Julius Wadsworth for Congress, to represent the District formerly represented by the late James Brooks. S.S. Cox is the Tammany Democratic candidate. A New York dispatch of the 24th says that sixty-eight indictments had been found against A. L. Roberts and J. Gleason, for forging New York Central and Buffalo & Erie Railroad bonds. A meeting had been held in that city, of the House of Bishops, and Rev. John S. Spaulding, Rector of St. Paul's, Erie, Pa., had been elected Missionary Bishop of Colorado, Wyoming and New Mexico. A New York dispatch of the 25th says that Peake, Opdyke & Co., the dry goods firm that suspended short time since, had so arranged their business that they had been able to resume. The stock market on that day was thoroughly depressed, N. Y. Central selling as low as 871/6. A Philadelphia dispatch of the 25th an nounced that E. W. Clark & Co., the wellknown bankers of that city, had resumed business. This had largely tended to establish confidence in that city. The Harmony Cotton Mills, of Cohoes, N.Y., and the Newburgh Steam Mills, of Newburgh, closed their establishments on the 25th. A New York dispatch of the 25th says bold and skillful attempt at forgery had just been discovered at the Sub-Treasury. The forgery consisted of a legal-tender note of 1868 for $100, with a genuine face and forged back. The forgery had been skillfully executed by splitting the bill in two, by which $100 bill could be so transformed as to make two bills of $100 each, one having a genuine face and forged back, and the other a forged face and genuine back. A Brooklyn, N. Y., dispatch says that the grand jury on the 25th had indicted Whitelaw Reid of the N. Y. Tribune, and Charles A. Dana of the Sun for alleged libel upon Judge McCue, of Brooklyn. A disastrous conflagration occurred at Canastota, N. Y. on the New York Central Railroad, near Utica, on the 27th, which burned over six acres of ground, destroying three hotels. thirty-two dwellings, and between forty and fifty business houses. The fire was the work of an incendiary. The loss amounts to $150,000. The testimony in the Stokes case was closed ou the 27th, and Mr. Tremaine, for the defense, began his address to the jury. The West. A Springfield dispatch of the 21st says the Chicago, Alton & St. Louis Railroad Company had dismissed the suits brought against Myers and Creary some months since, for refusing to pay more than three cents per mile for passage over the road. The commission of United States engineers appointed by the War Department some time ago to examine and ascertain whether the bridge now in process of construction across the Mississippi River at St. Louis will, when finished, obstructnavigation have made very elaborate report. They find that the bridge, as at present designed, will prove a very serious obstruction to navigation, and as it is impracticable to change the plans of the bridge, or to raise it, except at an enormous cost, they recommend a canal, or open cut, behind the eastern abutment of the bridge, 120 feet wide, extending from point 500 feet above the bridge to 300 feet below it, with a draw of the same width. They also recommend that arch trusses, like those of this bridge, be in future prohibited in plans for bridges over navigable streams. A St. Louis dispatch of the 21st says the A Attorney-General had commenced proceedings a in the Circuit Conrt against the St. Louis Mutual Life Insurance Company in behalf of a Mr. Cottrell, a policy holder. The petition charges that the charter of the company has been forfeited for several years by reason of t sundry acts of malfeasance and usurpation. The court ordered writ of quo warranto to , issue, returnable on the first day of the December term, and notice to that effect to be served on the company immediately A Yankton, Dakota, dispatch of the 22d says the Grand Jury of the Territorial Court, after being in session for week, had returned an indictment against P. P. Wintermute for the murder of Secretary McCook, charging him with manslaughter only. The United States Grand Jury, at Spring field, Illinois, on the 22d, returned bills against ex-Collector John T. Harper for embezzling $4,619. A prisoner confined in the Springfield jail had offered to reveal and secure the conviction of the murderer of the late Hon. Sharon Tyndale, once Secretary of State, provided he can be assured of pardon for the offense for which he is now confined. On the 22d, Goldsmith Maid trotted against time over the Dexter Park track, at Chicago, for purse of $5,000. She took the purse in 2:17 1/2 This was the best time ever made in that city. The National Convention of the Patrons of Husbandry met in Chicago on the 22d, according to announcement, and organized by the election James M. Allen, as President, S. M. Smith, Secretaryand S. T. K. Prime, Assistant Secretary. Delegates were present from Illinois, Wisconsin, Iowa, New York, Indiana and Minnesota, numbering about 300. A Committee was appointed to consider and report upon all resolutions offered. Several were thus offered, discussed, and then referred under the rule. The National Board of Trade was in session n in Chicago on the 21st, 22d and 23d. On the n latter day the Convention discussed, in all its bearings, the question of transportation. An able and exhaustive address was made by W. M. Grosvenor, of St. Louis. The second and concluding session of the National Convention of the Patrons of Husbandry occurred in Chicago on the 23d. The gathering was entirely harmonious and earnest. Railway monopolists were critically den nounced. The following resolutions, among others, were adopted: n WHEREAS, The duty of a Government is to protect its people Capital, cted by unscrupule e minds. reads the profit of their labor. Men of great wealth revel in luxury. while those who the money aredestitute of many of the comforts of life Our State Legislatures have made laws deriving us of our land, from which we have t title from the General for the benefit of railroad companies, because it seemed for the y good. Subeidies have ranted them, and has. with lavish hand. given them public lands- the people's and the


Article from Wood County Reporter, November 6, 1873

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PERSONAL. Puffenberger, the engineer of the coal train which ran into a passenger train on the Chicago, Alton & St. Louis Railroad, some months ago, and caused the loss of SO many lives, has been tried by a Chicago jury, and acquitted. A New York dispatch of the 25th says that Peake, Opdyke & Co., the dry goods firm that suspended a short time since, had SO arranged their business that they had been able to resume. The stock market on that day was thoroughly depressed, N Y. Central selling as lows as 871/8. A Philadelphia dispatch of the 25th announced that E. W. Clark & Co., the wellknown bankers of that city, had resumed business. This had largely tended to establish confidence in that city. A Marquette (Mich.) dispatch of the 25th states that Mathews' bank, of Negaunee, had failed with liabilities $80,000, and assets $40,000. A telegram from Louisville, Ky., of the 25th announces the suspension of D. S. Benedict & Sons, well-known grocers of that city. The Harmony Cotton Mills, of Cohoes, N. Y., and the Newburgh Steam Mills, of Newburgh, closed their establishments on the 25th. A Yankton, D. T., dispatch of the 25th says that P. P. Wintermute, the murderer of the late General McCook, had been held in $50,000 bail to answer. A Brooklyn (N. Y.) dispatch says that the


Article from Perrysburg Journal, November 7, 1873

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THE NEW WORLD. A Philadelphia special of the 24th says a third petition in bankruptoy had been filed against Jay Cooke & Co. The detailed statement of the firm's assets and liabilities, attached to the agreement, about which so much has been said, and which has been kept out of sight so far, contains several items showing that the firm owed the President $2,408 J. Blaine, $30,000; Gen. Babcock, $5,600; Gen. Dent, $2,400, and Senator Edmunds a small amount. A Cedar Rapids, Iowa, dispatch of the 24th says that all counties in the State had been definitely heard from except seven. Sixtyseven counties had given Carpenter a majority of 28,162, and twenty-five counties had given Vale a majority of 8,397; Carpenter over Vale, 19,675. The seven counties to hear from gave Grant 1,748 majority last year. The State Senate would stand: Republican, 35; Opposition, 15; Republican majority, 20. The House would stand: Republican, 50; Opposition, 48; Republican majority on joint ballot, 22. A Philadelphia telegram of the 24th says official returns of the recent election show that Gordon (Republican) received a majority of 14,294 for Supreme Court Judge, and Mackey (Republican) received a majority of 25,352 for State Treaaurer. The Apollo Hall Democrats and the Republicans on the 24th nominated Julius Wadsworth for Congress to represent the district formerly represented by the late James Brooks. S. S. Cox is the Tammany Democratic candidate. A New York dispatch of the 24th says that sixty-eight indictments had been found against A. L. Roberts and J. Gleason for forging New York Central and Buffalo & Erie Railroad bonds. A meeting had been held in that city of the House of Bishops, and Rev. John S. Spaulding, Rector of St. Paul's, Erie, Pa., had been elected Missionary Bishop of Colorado, Wyoming and New Mexico. The National Board of Trade, which had been in session for five days previous in Chicago, on the 25th concluded its labors, and the members generally left for their respective homes. The questions of finance, transportation, increased freight facilities, etc., etc., were discussed, and a large number of resolutions pertinent to the subjects adopted. The Convention adjourned to meet at Baltimore in January next. Puffenberger, the engineer of the coal train which ran into a passenger train on the Chicago & St. Louis Railroad, some months ago, and caused the loss of so many lives, was tried by a Chicago jury, on the 25th, and acquitted. A New York dispatch of the 25th says that Peake, Opdyke & Co., the dry goods firm that suspended a short time since, had so arranged their business that they had been able to resume. The stock market on that day was thoroughly depressed, N. Y. Central selling as low as 871/8. A Philadelphia dispatch of the 25th announced that E. W. Clark & Co., the wellknown bankers of that city, had resumed business. This had largely tended to establish confidence in that city. A Marquette, Mich., dispatch of the 25th announced the failure of Matthews' Bank, of Negaunee, with liabilities $80,000, and assets $40,000. A telegram from Louisville, Ky., of the 25th announced the suspension of D. S. Benedict & f Sons, well-known grocers of that city. The Harmony cotton mills, of Cohoes, N. Y., ) and the Newburgh steam mills, of Newburgh, t closed their establishment on the 25th. e P.P. Wintermute, the murderer of the late 1 General McCook, had been held in $50,000 : bail to answer, according to a dispatch from : Yankton, D. T., on the 25th. A New York dispatch of the 25th says a bold and skillful attempt at forgery had just been discovered at the Sub-Treasury. The forgery consisted of a legal-tender note of i 1868 for $100, with a genuine face and forged 1 back. The forgery had been skillfully exe1 cuted by splitting the bill in two, by which a $100 bill could be 80 transformed as to make