19347. National Trust Company (Pittsburg, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
September 24, 1873
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
e1a8981e

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Stockholders later subscribed funds to liquidate indebtedness; receiver appointed.

Description

Initial run occurred during the Sept. 1873 panic (bank paid out large sums but resumed). In November 1873 the cashier absconded and the company suspended (Nov 18). A receiver was appointed later in November (Nov 29-30) after discovery of forged/missing notes and large defalcations — the institution did not resume normal independent operations. OCR/variant spelling: 'Pittsburg' used in sources (period spelling without final 'h').

Events (3)
1. September 24, 1873 Run
Cause
Macro News
Cause Details
Heavy withdrawals during the nationwide financial panic of September 1873; run drained large outflows but payments were resumed same day.
Measures
Paid out large sums to depositors over several days and resumed payments; reopening same day after meeting withdrawal demand.
Newspaper Excerpt
The National Trust Company ... stopped payment when a check of $15,000 was presented, but later in the day the check was paid and payment resumed. On Saturday this bank paid out $145,000; Monday, $140,000; yesterday, $40,000making a total of $325,000 in three days.
Source
newspapers
2. November 18, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension triggered by unexplained disappearance/flight of the cashier (R. Grier/Greer) and discovery or suspicion of embezzlement and accounting irregularities.
Newspaper Excerpt
In consequence of the unexplained absence of our Cashier ... the Board of Directors have deemed it necessary and proper to temporarily suspend the transaction of business.
Source
newspapers
3. November 29, 1873 Receivership
Newspaper Excerpt
Judge Collier ... appointed John H. Bailey ... as Receiver of the National Trust Company. Promissory notes amounting to $114,030 are missing ... a number of these notes are said by the endorsers to be forgeries. Forged notes and large defalcations were discovered in the bank's assets.
Source
newspapers

Newspaper Articles (25)
1. September 24, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 24, 1873

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New-Dork DailyTribune. FOUNDED BY HORACE GREELEY. WEDNESDAY, SEPTEMBER 24, 1873. TRIPLE SHEET. The revolution in Santo Domingo is assuming alarming The steamer Deerhound has been proportions. released by the Spanish Government. === The Shah of Persia announced to his people that reforms would be introduced into his country. Four banks in Petersburg, Va., have suspended, and one declines payment; the National Trust Company of Pittsburgh has closed its doors; orders for locomotives at the Rogers Works in Paterson, N.J., have been canceled, and over 500 men have been discharged; the runs on the banks in Chicago, Pittsburgh and other cities have ended. = Controller Hopkins and State Engineer Taylor will probably be renominated by the Republican State Convention; ex-Senator Thayer is strongly supported for Secretary; the renomination of Treasurer Raines and Attorney-General Barlow is doubtful. The property of the National Iron Company at Danville, Penn., was sold for $768,000. = The Modoc murderers will be executed Oct. 3. === The decrease in the exports of iron from Great Britain from Jan. 1 to Aug. 31 was 311,217 tons; the decrease during August was 44,461 tons. Discriminating duties against imports in French vessels will be discontinued on and after Oct. 1. - The U.S. District Court at Trenton, N. J., has denied an injunetion to restrain the New-York and Long Branch Railroad from erecting a bridge at South Amboy, N.J. J. W. Wright has been indicted in Washington for forging and uttering the names of Indians to receipts for bounty and back pay due. The panie was renewed in Wall-st.; Henry Clews & Company failed; the Government purchases of bonds in three days exceeded nine millions, and all the Clearing-house certificates were taken; the Gold Exchange was opened, and irregular sales of stocks were made in the street; a futile effort was made to throw the Union Trust Company into bankruptcy; the defaulting Secretary's property was seized; Augustus Schell stated that the last Lake Shore Railroad dividend was learned. - Senator Morton said that the President might change his policy, and ex-Secretary McCulloch thought that the panic could be stayed if the public would only take heart. --- Sheriff Williams insisted that the Brooklyn jail frauds were committed without his knowledge; Deputy-Sheriff Conraddy was removed; the District-Attorney declared that he would push the case of the treasury frauds to a trial. - The Court of Appeals decided that the genuineness of the signature in the Taylor will must be tested before a jury. Judge Fancher rendered a series of decisions in mandamus cases. - A woman was accused of causing the death of a large The number of children through baby farming. Crispins are striving to compel manufacturers to pay the rates which ruled in July. = The Mayor, Commissioner of Public Works, and City Judge of Long Island City were impeached for alleged official corruption. - The jury in the Carroll inquest implicated Daniel Webster. - Gold, 112, 1113, 1121. Thermometer, 631°, 71°, 63°.

2. September 25, 1873 The New York Herald New York, NY
Article from The New York Herald, September 25, 1873

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THE CRASH IN THE COUNTRY. A Better State of Affairs Apparent at Pittsburg Yesterday-The National Trust Company Paying All DemandsSuspension of the Lawrence Savings Bank. PITTSBURG, Pa., Sept. 24, 1873. The financial outlook to-day is such as to inspire confidence. and the national banks transact business after their usual fashion, and seem, as far as general appearance goes, to be undisturbed by the panic now raging. The National Trust Company and the Lawrence Savings Bank were embarrassed to-day; it was but the foolishness of some of their depositors. The former stopped payment when a check of $15,000 was presented, but later in the day the check was paid and payment resumed. On Saturday this bank paid out $145,000; Monday, $140,000; yesterday, $40,000-making a total of $325,000 in three days. There is hardly a bank in the city that could suffer such a run in the present contracted state of currency here, it not making any difference how many hundred thousand dollars worth of collateral reserve they might hold. The Trust Company has a great many stockholders, each of whom is individually liable. and whose aggregate property will foot up to $15,000,000. It is still paying out, and will continue to pay amounts to small depositors. A bank here, of the first standing, tried yesterday to get $40,000 from a New York bank, where it had three times that amount on deposit, and failed. Another bank telegraphed for $50,000, and an answer came back that it could have the money if it would be taken in $1,000 bills. This was accepted. This forenoon the Lawrence Savings Bank suspended, as the President says, owing to the impossibility of procuring bank notes and the unexpected demands of depositors. The securities held by the bank are made up wholly of strictly first class paper, the largest not having over four months to run, and the bulk maturing within that time: and if all the paper held is met at maturity, they can liquidate all claims against them in seventy days. In all probability they will resume at a very early day. Deposits with them amount to less now than $400,000, and is, every cent, amply secured to depositors, as each stockholder is individually liable for the whole amount of his stock. This morning there was a meeting at the Clearing House, when it was resolved unanimously by the banks comprising the Pittsburg Clearing House Association, all being represented, that they do not consider it necessary to make any change in their customary mode of doing business. From that it would seem that the leading financiers of the city do not think the situation demands any action on their part, which is doubtless a very sensible conclusion.

3. September 25, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 25, 1873

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PITTSBURGH. The Financial Sitnation-Card from the Clearing House-Fallure of a Savings Bank. PITTSBURGH, Sep. 24.-The financial outlook remains unchanged. There is nothing to cause distrust in our large banking institutions, as the following resolution by the Clearing House Association. will attest: Resolved, Unanimously by the banks comprising the Pittsburgh Clearing House Association, that they do not consider it necessary to make any change in their customary mode of doing business. There have been runs on one or two of our savings banks for the last day or two. The National Trust Company has paid out about $325,000. The Laux rence Savings Bank suspended temporarily this morning and placed the following notice on the door: Owing to the impossibility of procuring bank notes and unexpected demands of our depositors, we are compelled to stop payment until we can negotiate some of our securities. As this is a co-partnership bank, all stockholders are individually liable for the deposite. There is therefore, not a possibility of any loss to depositors in this bank. [Signed,] W. W. YOUNG, President

4. September 25, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 25, 1873

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PITTSBURGH. SAVINGS BANK SUBPENSION-A SUSPENDED HOUSE RESUMES BUSINESS. Special Dispatch to The Chicago Tribune. PITTSBURGH, I'a., Sept. 24.-This day has developed nothing materially now as regards the financial panic, The Lawrence Savings Bank, corner of Butler and Penn streets, suspended this morning. This institution did not avail itself of the protecting clause in its charter, which compelled the depositors to give at least thirty days' notice before they could withdraw their funds. The officers thought they had currency sufficient in its vaulta to meet any emergency. On Saturday the run commenced, and they paid up promptly every check offered till 11 o'clock this morning, when they were compelled to close the doors. This bank is on the copartnership plan, the stockholders being individually liable. Mr. W. B. Young, the President, line made a statement, and gives assurance of again resuming at an early day, just as soon as certain scourities can be made available. The National Trust Company, suspended yesterday, reopened its doors to-day, and paid dollar for dollar. Many of the depositors, who had withdrawn their money yesterday, to-day redeposited it there, showing their confidence in the stability of the institution. Real estato is remarkably brisk, but nothing at all is doing in stocks. Many bankers here think that the storm is now over, and that confidence will soon be restored, and that business in the future will be carried on on a healthier financial basis. PITTSBURGH, Sept. 24.-A statement has been published that the Pittaburgh Clearing House has adopted the New York plan of certified chocks. This is a mistake. At a meeting this morning the following resolution was adopted. Resolved, Unanimously, by the banks comprising the Pittsburgh Clearing House Association, all being ropresented, that they do not consider It necessary to make any change in their customary mode of doing business. From this it would soom that the leading financiers of the city do not think the situation demands any notion on their part.

5. November 19, 1873 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, November 19, 1873

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PENNSYLVANIA. PITTSBURG, Nov. 18. The National Trust Company suspended payment to-day. The Directors say all liabilities will be speedily paid. Secretary Robeson, now in New York, has summoned Chief Clark, his deputy, to that city in connection with fitting out vessels for Cuba.

6. November 19, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1873

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From Pittsburgh comes the latest story of a defaulting cashier. The National Trust Company of that city have suspended "in conse"quence of the unexplained absence of the "cashier," according to an official notice posted on their closed doors. This humble confession tells its own tale. The Trust Company put themselves at the mercy of their cashier if he chose to absent himself in an unexplained fashion, there was nothing left but suspension.

7. November 19, 1873 The New York Herald New York, NY
Article from The New York Herald, November 19, 1873

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FLIGHT OF A CASHIER. Misfortunes of a Pittsburg Banking Corporation-A Charge of Embezzle= ment. Pittsburg, Pa., Nov. 18, 1873. The doors of the National Trust Company on Penn sylvania street were closed this morning, and a placard fastened on the door, which went on to state that in consequence of the unexplained absence of the cashier and consequent difficulty of ascertaining the exact condition of affairs in the bank and the impossibility of immediately converting securities held by it, the Board of Directors deemed it proper to suspend temporarily. Two weeks ago, the bank having sustained a drain of fully $100,000, the directors informed their cashier, R. Grier, that an investigation of the accounts was desired. They had implicit confidence in his honesty. The state of the accounts of the concern for a long time past had been known only to himself and the officers of the institution. This report certainly exhibited criminal carelessness, but they thought their cashier was the soul of honor. That was unimpeachable. However, having met a heavy run and avoided suspension, they thought it might be well to overhant the affairs of the bank, and an investigation was instituted. This course of the directors irritated Mr. Grier, who on several occasions lost his temper and accused them of suspecting him of dishonesty. Saturday last he seemed unnaturally excited, but when he leit the bank in the afternoon he was more calm, and gave notice that he would be at the bank as usual on Monday morning He failed to put in his appearance yesterday, no wever, and 18 still missing to-day, and consequently the doors of the bank were closed and experienced accountants took charge of the books. A school bond ior $10,000, the property of a depositor, is missing, and this, with other developed facts leads to the conclusion that Grier is an embezzler, though to what amount is not known. Your correspondent in conversation this arternoon with a director, learned that he did not think the amount of the defalcation would exceed $50,000. It is difficult at this writing to form any idea of the amount of funds missing. The conclusion of the examination of the accounts must be awaited. The examination is now going on, and whatever the result may be no loss will fall upon any depositor or any one connected with the institution except upon the stockholders. Grier is weil known in banking circles and among business men generally, and had the reputation of being a shrewd and competent financier. During the financial trouble he borrowed money and paid ruling rates of interest thereon to carry the institution through, and did 80 successfully through a two months' run with but slight interruption. The capital of the bank amounts to $100,000, with a contingent fund of $43,000. The stockholders are individually liable, and, as they represent millions, it is not likely the depositors will lose by the bank's misfortune. Up to a late hour to-night nothing has been ascertained to throw light on the whereabouts of the missing cashier.

8. November 19, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 19, 1873

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Opposition in New York to the Rein forms Proposed Banking, The California & Texas Construction Company Will Compromise, The Philadelphia Board of Trade Advocate a Free Banking Law. PITTSBURGH. Special Dispatch to The Chicago Tribune. THE NATIONAL TRUST COMPANY. PITTSBURGH, Penn., Nov. 18.-The financial horizon, which has been brightening for the past few days, was somewhat darkened again this morning by the suspension of the National Trust Company, on Pennsylvania avenue. This concern suspended for one day at the commencement of the panic, but WAR again able to rosumo owing to the negotiation of some of its surplus Investments. The suspension this morning was caused by the sudden departure of the Cashier, Robert J. Greer. It is rumored that he is A DEFAULTER to n large amount, but how much is uncertain. He left the bank ou Saturday, after having been told that his books would DO investigated. but since that time he has not been seen. A $10,000 school bond is all the security that is missing. His hooks are undergoing an investigation, and some discrepancies are being found-not, however, to n great amount. The bank in animily responsible to its depositors, as the stockholders nro individually liable, and they reprosent over $8,000,000. The county had Roine $100,000 deposited here, but it is secured. Greer has a bond filed with the bank for $50,000, and it is thought that will more than secure his indebtedness. A statement is promised in n very fow days. [70 the Associated Press. Prrrshungt, 'l'a., Nov. 19,-The National Trust Company, of this city, sunpended payment to-day. The following notice 14 posted on the doors: In consequence of the unoxplained absence of our Cashier, and the consequent difficulty of ascertaining the exact condition of this bank, and the impossibility of Immediately converting the securities field by it, the Board of Directors have deemed it necessary and proper to temporarily suspend the transaction of busineas, A full and satisfactory statement will be prepared and submitted, within a few days, to all persons interested. Tho nasets of the bank are believed to be amply suillelent for the payment of all its liabilities. The personal liability of the stockholders, however, absolutely secures the payment, at all early day, of every dollar of the indebtedness of the bank. By order of the bank. (Signed) 'RODERT DICKSON. President,"

9. November 20, 1873 Puget Sound Dispatch Seattle, WA
Article from Puget Sound Dispatch, November 20, 1873

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Irlegraphic EXCLUSIVELY FOR THE DAILY DISPATCH BERLIN, Nov. 17.--It is not denied in official circles here that the Pope wrote a 10 the German has not been The second fact letter that it published Emperor. to the on matters strictly to is treats ascribed circumstance personal that his it Majesty, and in no way to be used It has not answered by the political will it be subjects. been, Emperor. nor on German Government has to the French, on account remonstrance of pastorial addressed a a circular issued by Bishop for the and of covery Nancy, of ordering Metz prayers Strasbourg. The reFederal Council has decided that elections for the German Diet shall be held early in June, HAVANNA, Nov. 17.--The report that 57 more prisoners of the Virginins had been shet is not confirmed. There has been no more executions but trials are proceeding. BUFFALO, Nov. 7.--Wheat & Bradley's warehouse was burned this morning. Loss, $200,000. NEW YORK, Nov. 17.-The heavy deoline in stocks is to that a had ceived the fact from telegram to-day, attributed been re Gen. Sherman, saying that he is opposed to war and to -Costa Rica is chiefPANAMA, Nov. inflation. ly taken up with Herr's the new conCongress to enable has approved schemes. tract Harry Meigs to extend to the Pacific, which not provide for. The contract of his railroad did the price old $8,000,000 for construction part to loss from to the Lemon Alajucle, would of the be a contractor, but acceptance of the new contract will enable him to make it up. The American filibustering steamer General Sherman, entered the harbor of Aspinwall on the 3rd inst., under the name of Gen. Arisa, and was at once of the S. seized steamer by Capt. Cushing, U. Wyoming, for under of Hondu pers and sailing while using flags illegal pa ras, it claimed to be a South American vessel. KINGSTON, Ont., Nov. 17.-It is believed that the U. steamer Ada, with forty officers and men were all lost. No particulars. SAN FRANCISCO, Nov. 15.-Thad. Ste. vens won the great four mile race toand fourth won the first and Joe day winning Daniels the third True heats. Blue the second heat. In third heat True Blue was distanced. MADRID, Nov. 18.--Spanish cabinent favor honorable of unanimously the Virginias difficulty,but say settlement theintegrity of Spanish territory must be maintained. PITTSBURG, Nov. 18.-National Trust on absence Company account suspended of the unexplained payment to-day Directors all liabilities will of the cashier. be speedily paid. say Secretary Rebeson, now in New York the chief his to that city in Department with has summoned clerk connection of fitting out vessels for Cuba. Nov. 19.-Mail news that the Monterey MATAMORAS, brings Federal from are and Salorder. General tilta troops to maintain occupying Monterey Zepeda, deposed Governor of the State of is at and has State ganized of and Coahuilla, another several conflict hundred Saltilta troops, oris to escort 500 the friends Federals of dispatched the State between anticipated.- Zepeda and large to its into the Monterey, conducta of silver prevent from Lectacalicos falling to hands of either of the contending parties. NEW YORK, Nov. 18.-Edwin K. Winship, Government claims broker of this city, is announced a defaulter to the extont of $400,000. He is believed to be out of the country. , Castello, the commander of the Tornado, the crew and men on the were treated with such considas Virginius eration says their character and necessity of safe keeping would allow. He says the capture made the people of Santiago delirious with entuhsiasm. The Washington Appeal says orders have been issued for the opening of re to recruited to itsutand cruiting the Navy offices is throughout be the country most capacity. U.S. Steamer Worcester, the Flagship North Atlantic Squadron, sailed from Fortress Monroe to-day for Santiago de Cuba. LONDON, Nov. 18.-Cotton mill near Manchester burned to-day. Loss, half a million dollars. The Daily Telegraph says England ought to view with favor the plan of annexing Cuba to the U.S. WASHINGTON, Nov. President Grant says the Government has acted

10. November 25, 1873 The New York Herald New York, NY
Article from The New York Herald, November 25, 1873

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A STARTLING DISCOVERY. Over $800,000 of Public Money Disaps pearing in a Pittsburg Bank Suspen ston. PIFTS BURG, Pa., Nov. 24, 1873. For some days past there have been ramors on the streets of a heavy defalcation, but the exact nature of it, or the names of the parties involved, could not be ascertained. Finally rumor settled in the City Building, and the names of several city omcials were unpleasantly connected with it. To-day there was a meeting of the Finance Committee of the City Council, when it was announced that there was trouble, and this trouble was in connection with the National Trust Company, the concern whose cashier slipped out quietly last week and whose prolonged absence necessitated the suspension of the institution. The facts thus far ascertained are alleged to be: as follows:-John Ross, who essays the duties of Secretary of the Water Commission, entrusted the above-named institution with the bonds for the extension of the city water works, and with the proceeds of the sale or such bonds. to the amount of nearly $500,000. The City Attorney, who investigated the matter, says there were in this trust company at the time of its suspension the following money:Proceeds of bonds sold on deposit $223,000 Bonds left with bank for negotiation 250,000 Bonds left with the bank for registration. 50,000 From this should be deducted a credit or. 13,000 The Water loan and street bonds have been, to the best of his information, hypothecated by the bank in Philadelphia as collateral security for the payment of obligations of the bank. In this institution, also, was deposited something like $250,000, funds of the county of Alleghany. This makes UPWARDS OF EIGHT HUNDRED THOUSAND DOLLARS in money, or its equivalent, belonging to the city of Pittsburg and the county of Alleghany, them placed in jeopardy. This piece of news caused quite a flutter among our people this afternoon, and the action or this man Ross, who is said to have deposited these bonds under his own name, in a bank with which the city had no dealings is severely commented on. Ross may perhaps not be worth a dollar, and his bond of office only amounts to a few thousand dollars. The old assertion is revived that the city will not lose anything. as the bank is an individual concern and its stockholders are individually liable for all obligations of the bank, and that they represent millions. There is a vast amount of political corruption here, and such discoveries as were made to-day will be apt to carry their lesson to the taxpayers, who will perhaps profit by it.

11. November 26, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 26, 1873

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# MINOR TELEGRAMS. The failure of the National Trust Company at Pittsburg, Pa., has involved the finances of the city to some extent, as some of its funds were found to have been placed in that institution. It is thought, however, the city is amply secured. A public meeting was held in Patterson, N. J., Monday evening, to devise methods of furnishing employment to those out of work. Fred Lachner, aged 30, was instantly killed Tuesday night while endeavoring to get on a Hudson river freight train at Harlem. An Albany despatch says the chances of getting the canals open again this season are less favorable. G. T. Brooks, late President of the Merchants' National Bank of Richmond, Va., has been held in bail of $15,000 for embezzling $100,000. Good investment. A Quebec despatch tells of snow drifts ten feet high. Thirty thousand Canadians have returned to Canada from the United States the past few weeks Secretary Robeson is hurrying forward the work on the Philadelphia navy yard. The President has pardoned Seth A. Hudson and James A. Patterson, convicted in New York of sending unlawful circulars through the post office. The schooner Ann, with coal for Boston, was completely wrecked at Handkerchief Shoal the night of the 22d iast, Crew saved. Mayor Illson of Worcester, has been unanimously re-nominated by the Republicans of that city. The Gilman, Clinton & Springfield Railroad has gone into the hands of a receiver on account of Credit Mobilier transactions. The attempt to put Jay Cooke & Co. into bankruptcy has not yet been successful. Nothing has yet been heard from the missing steamship Ismailia. New York mildly celebrated yesterday as the 90th anniversary of the evacuation of that town by the British. A Philadelphia says the action already undertaken will probably lead to the closing by the courts of the so-called American University of Philadelphia, which, it is charged, has carried on a criminal trade in diplomas both here and in various parts of Europe. The whole workings of the institution are to be brought to light in the Superior Court.

12. November 27, 1873 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, November 27, 1873

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NEWS OF THE WEEK. FOREIGN. Spain.-The government has asked for delay in the Virginius matter which has been granted. The report of insults to our minister is denied. An arbitration is talked of. France.-The prolongation of McMahon's presidential term seven years was carried after a stormy debate. An Imperialist motion for a popular vote on form of government failed. The motion complaining of ministers for delaying elections was defeated, 364 to 314. Germany.-Bavaria has repealed her concordat with the pope. Asia. - The second Dutch expedition against the Atcheenese has started from Batavia. Peace has been restored in Arabia. DOMESTIC. Tweed has been found guilty, sentenced to 12 years imprisonment, and to pay a fine of $12,750. Ingersoll is on trial for forgery and a speedy trial of Coman, Genet and Norton is promised. The National Trust Company of Pittsburgh has suspended, the cashier having mysteriously disappeared, and the city loses half a million by the failure.

13. November 27, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, November 27, 1873

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that the Government ought to take the promptest and most decisive measures In relation to Cuban affairs, and invite war as preferable to submission to the late outrages. Continued activity was manifested at the navy yards on the 17th. It was stated that work upon the Spanish iron-clad Arapides, which was on the dry-dock at the Brooklyn navy yard, had been suspended. A State Grange of the Patrons of Husbandry A was recently organized at Syracuse, N. Y. full list of officers was inaugurated. The Republican candidates for State Comptroller and State Prison Inspector in New York were elected at the recent election in that State. Mrs. E. M. Stanton, widow of ex-Secretary of War Stanton, died at Chesinut Hill, near Philadelphia, on the 18th. The Tweed case was submitted to the jury on the 18th. The National Trust Company of Pittsburgh has suspended. A statement is contained in a letter from Havana, recently received in New York that on the night of the 7th just., when the news of the capture of the Virginius reached Santiago, the Spanish volunteers, in their flendish exultation over their triumph, visited the widows of the Masons who were shot in 1868, and brutally outraged the belpless women, and in the struggle (it is stated) four of the women were killed, seven had since died, and several were in such a dangerous condition that they could not possibly recover. A

14. November 27, 1873 The New York Herald New York, NY
Article from The New York Herald, November 27, 1873

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PITTSBURG'S CORRUPT COMMISSION. How Half a Million'of Municipal Money Bolstered a Rotten Bank. PITTSBURG, Pa., Nov. 26, 1873. Mr. Burgwin, an eminent lawyer and a member of the Water Commission, made a statement this afternoon regarding the missing bonds of the city of Pittsburg. This gentleman is out of the pale of the Ring that runs this city: and in June last, being in ill health and under the advice of his physician, went abroad for his health. He did not return until August, and being otherwise afterwards engaged in his own private business, which had accumulated materially during his absence, devoted little or no time to this commission, and, consequently, was entirely ignorant of its transactions. There seems to have been no particular desire felt that he should have interested himself in them, for the Ring men were just then in clover. Burgwin, upon looking into the affairs of the commission, comes to the conclusion, after careful examination, that Ross, the secretary of the commission, IS an embezzler to the amount of over $300,000 of the city's money. This man, when he received checks from Ptiladelphia for bonds of the Water Commission of Pittsburg, sold by Townsend, Wheeler & Co., instead of depositing them in the city treasury, as was his common duty, took them to the National Trust Company, which concern is now suspended. ROSA admits that he deposited in this institution, in own name. but defends himself in so doing. He furthermore has made affidavits implicating certain other members of the commission. It is alleged that Ross, having been induced by certain stockholders of the National Trust Company to deposit temporarily in that bank, found himself caught in meshes from which he could not escape. The panic struck him with over $200,000 of the commission money in that bank. Frightened, and not knowing what to do, he was told by the bank people that he would lose all he had put in unless he helped to secure the bank from breaking. This he could only do by paying in more money. So he was induced to put in $234,000 additional. He lost both. The whole truth about this contrageous defalcation has not come to the surface yet, for the reason. it is said, that certain parties, of good standing in the community, are intimately connected with it. The temper of the public has been raised, and will not be satisfied with any sham investigation. in the matter of political corruption in municipal affairs, Pittsburg seems to be equalled for bold. ness and in extent, perhaps, only by New York under the reign Ol weed

15. November 30, 1873 Nashville Union and American Nashville, TN
Article from Nashville Union and American, November 30, 1873

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FINANCIAL. Expected Expansion. NEW YORK, 29.-The associated banks hold 26,420,000 legal tenders. An increase since yesterday of 70,000 dollars. Some prominent capitalists representing Western interests now in this city, had audiences with various bankers yesterday, for the purpose of ostaining an understanding of monetary affairs at this center and to determine what course should be pursued in the future b by Western banking institutions. They related conversations held with the President, the Secretary of the Treasury and some members of Congress during a visit to Washington whence they have just returned, and expressed their convictions that in some form or other an enlargement of the currency volume would be made. Erie Still Watering. LONDON, Nov. 29.-The Railway News, the English organ of the Erie Railroad Company, publishes a proposal for an issue of twenty-two millions more of ordinary Erie shares at thirty-five currency instead of issuing bonds. This, the proposal says, will be a measure of greater financial soundness, and will make the total shares capital one hundred millions, which is not too large when the amount of lines now leased by Erie company is taken into consideration. A Pittsburgh Failure. PITTSBURGH, Nov. 29.-An application was filed in the court of common pleas this morning on behalf of the city, asking that a receiver be appointed to take charge of the affairs of the National Trust Company, of this city. The application was granted and a receiver appointed. Promisory notes amounting to 114,030 dollars are missing from the institution and are supposed to be lost or stolen. Currency Statement. WASHINGTON, D. C., November 29.The following statement has been prepared by the Comptroller of Currency, showing the whole amount of National bank currency, legal tender notes and fractional currency issued to Oct. 13 and Nov. 1: National Bank currency, Oct. 13, $350,004,905; Nov. 1, $350,332,884. Legal tender notes, Oct. 13, $359,566,888; Nov. 1, $360,952,206. Fractional currency, Oct. 13, $46,699,191; Nov. 1, $47,076,149. Totals, Oct. 13, $756,315,125; Nov. 1,$759,161,239. Deduct the amounts held by the Treasury and by the banks Oct. 13, $116,496,997; Nov. 1, $128,140,727, which will leave unaccounted for Oct. 13, $639,818,138; Nov. 1, $631,020,512. Making due allowance for the currency held by Savings Bank, Trust Companies and private bankers, these are larger amounts than can be supposed to have been in the pockets of men or tills of small dealers, but it may be left to the ingenius in such matters to divine what portion thereof of was hoarded by the timid, the ig norant, or the miserly.

16. November 30, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, November 30, 1873

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all the surviving passengers and crew. 2. A sulute to our flag on the 25th o December next, unless, in the mean time, Spain shall satisfy the United States that the American flug was im properly borne on that vessel; and further, that she had no right to the American flag or American papers; in this event, the salute is to be sponta neously withdrawn, and Spain is to for mally disclaim any intentional indignity to the flag in the acts committed by Spain against the Virginius. 3. If it shall thus be shown the Vir givius had no right to carry the Ameri can flug and papers, the United States will institute proceedings against the vessel and the surviving parties, who have violated the laws of the United States, and Spain guarantees to insti tate proceedings against any of her au thorities who may have violated eithe law or treaty stipulations. 4. The matter of reclamation for da mages is reserved for future considers tion. In addition to the above, it can also be positively stated that within the nex two days, Secretary Fish and the Spa nish Minister will determine the port a which the Virgiuins and the surviving passengers and crews shall be delivered to the United States. The words "im mediate release," as applicable to th delivery of the Virginins and the sur viving passengers and crew, implies, o course, a reasonable time for its execu tion, as some days must elapse before Havana and Santiago de Cuba can b reached. The agreement is regarded in officia quarters as covering all the points of ou original demand, though in 14 modified form; which is considered respectfu and honorable to both countries. Th fixing of the 25th of December as th time for saluting our flag is to allow tb necessary opportunity to Spain to show the Virginius improperly carried th American flag and American papers There is a sensible relief in all quarter that the negotiation has thus peaceable ended. Both Secretary Fish and Ad miral Polo had for two weeks past beer engaged in producing this result. of which they receive the cougratulation of their respective friends. Probabilities-For the Souther States, North-easterly and South-east erly winds, colder and cloudy weather with possibly occasional rain in the Gulf States. Senator Casserly, of California, ha resigned. NEW YORK. November 29 -Twee was taken to Blackwell's Island, to day accompanied by his SOD and son-in-law A large crowd witnessed their departure Robert Porter, another Stokes juror has been sentenced to two months' im prisonment and $100 fine. He visite disreputable resorts during the trial. Frank L. Taintor, the defaultin Cashier of the Atlantic National Bank was to-day sentenced to seven years' im prisonment in the Albany Penitentiary Judge Davis, to-day, fined Messrs Graham, Fullerton and W. A. Bartlett senior members of counsel for Twee in the late trial, $250 each, after sub jecting them to 11 sharp lecture, fo breach of good morals, in passing him paper giving a reason why he should not preside at the trial. The junio members of counsel were let off with reprimand. A canal boat sunk in the Delawar River, and three children were drowned The captain and his wife escaped. Sr. LOUIS, November 29.-J. B. Liv ington & Co.'s planing mill and severa adjoining factories were burned to-day loss $150,000. POUGHKEEPSIE, November 29.-Th Hudson River North of Rhinebeck i closed. MONTREAL, November 29.--Fou additional deaths from the accidents poisoning, and five still precarious. I appears that Flaherty, the man who died yesterday, saw a sleigh standing 1 the street without a driver, and stol therefrom a bottle, containing what h supposed to be sherry, but which proved to be wine of Colebieum. Thi he shared with the inmates of the tene ment in which he lived, and som neighbors, with the fatal results men tioned. PITTSBURG, November 29 -.1 receive has been appointed for the National Trust Company of this city. Ove $100,000 in promiss ory notes have bee lost or stolen. A number of thes notes are said by the endorsers to b

17. November 30, 1873 The New York Herald New York, NY
Article from The New York Herald, November 30, 1873

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HEAVY FORGERIES OF BANK PAPER Startling Developments in the Pittsburg Bank Failure-Bushels of Fictitious Assets-Why the Cashier Disappeared. PITTSBURG, Nov. 29, 1873. The most astonishing discovery in connection with the collapse of that notoriously rotten concern, The Nation's Trust Company, was unearthed to-day. Among the notes that have been covered as assets of the institution there are forgeries to the extent of $78,000, with prospects of the sum running still higher with fresher developments. Yesterday and to-day the unfortunate directors of this concern publicly warned persons against the purchase of certain notes, amounting to $114,030, as they had been lost or stolen from the bank. Among these notes were those of Harbough, Mathias & Owens for $4,430; Henry Warner, County Comptroller, for $3,000; David Hutchinson, $4,000; Hugh Knox, $15,000; Reiter, Lavley & Co., $3,500; Wm. Miller, $5,200; Charles Knop. $3,800; Carnagie, Kioman & Co., $3,000; Toronto Car Company, $10,000; Moorhead & Co., $4,500, and a great number of others. All these notes are endorsed by well known and responsible business men of this city. The discovery that these notes were forgeries had the effect of startling the directors not a little. The fraud is attributed to Grier, the cashier, whose whereabouts is still unknown. It appears now that he had been engaged in extensive forgeries to balance his accounts and cover up large deficiencies. He had entered lorged notes for large amounts on the bank books as bills receivable, and, of course, as assets of the bank. During the examination matters got a little too hot for Grier, and, learing the he exposure which was almost sure to follow, threw the forged notes into the stove, it is supposed, and suddenly disappeared. The notes were destroyed between Thursday and the Monday folThe Board saw good names on the notes and lowing. did not scrutinize them very carefully, and were not aware that they were forgeries until the developments of to-day. Among assets on the books are notes to the aggregate amount of $32,000 that are there represented to be in the possession of B. K. Jamison, of Philadelphia. A list of these notes was sent to Mr. Jamison, and the reply he makes is that he has no paper belonging to The Nation's Trust Company of this description or any other. To-day the Court appointed a receiver for the bank on a motion made ou behalf of the city.

18. November 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 30, 1873

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PITTSBURGH. THE NATIONAL TRUST COMPANY FRAUDS. Special Dispatch to The Chicago Tribune. PITTSBURGH, Pa., Nov. 29.-The water-bonds and the doings of the National Trust Company still afford food for conversation. This morning, Ju Age Collier, in the Common Pleas Court, appointed John II. Bailoy, Esq., with bonds at $1,000,000, as Receiver of the National Trust Company. Last evening the stockholders held a meeting, at which a general expression of views was indulged in, and the comfortable conclusion was reached that there was something wrong, as a fresh act of villainy had been diacovered, which will go far to stamp Groor as a consummate scoundrel. Ho had forged and negotiated paper to the amount of $114,030. The names of the parties used are the most prominent citizens of Pittsburgh. W. J. Hammond alone is down for over $34,000. Mr. Bailey has taken possession of the bank, and he has found that these flotitious notes wore used and entered on the books as legitimate assets of the bank. There is talk of prosecuting criminally all the parties who had any connection with the disposal of the $514,000 of the water-bonds. Very littlo attention has been paid as to the whereabouts of Greor, but now that he has an ocean between himself and the United States, they are talking of prosecuting hlm as a criminal. He has taken at loast $500,000 of the funds of the city and the banks.

19. December 1, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 1, 1873

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e MISCELLANEOUS DISPATCHES A FIRE IN CANADA. BELLEVILLE, ONT., Nov. 29-There was a burning of buildings here last night in which a number of industries were carried on, which throws about forty men out of employment, and causes loss on property of $25,000. ELECTED BY ACCLAMATION. JACKSONVILLE, N. B., Nov. 29.-A. Smith, Minister of Marine and Fisheries, has been re-elected by acclamation to represent the county of Westmoreland NAVIGATION CLOSED. POUGHKREPAIR, Nov. 29.-Navigation North of Rhinebeck is effectually closed, and-all Upper Hudson boats have gone into winter quarters. INTERNAL REVENUE RECEIPTS WASHINGTON, Nov. 29.-Internal revenue receipts for the month, $6,784,050 for the fiscal year, $89,913,489. FIRE IN NEW ORLEANS. NEW ORLEANS, Nov. 26.-The buildings 163 to 169, on Canal street, were burned. Loss estimated at $50,000. SHOT AND KILLED. Ulyses Jacobs was shot and killed in St. John's Baptist parish last night by negro, No arrest. DECLARED A DEFAULTER BOSTON, Nov. 29.-A dispatch from St. Albans states that Arson J. Crane, of Bur lington, assistant collector of internal revenue for the third district of Vermont, has been declared a defaulter to the amount of $17,000. Senator Edmunds one of his bondsmen, who are amply able to make good the amount of the embezzlement. Crane claims that Jewett, a former collector, embezzled this money. THAT POISONING CASE. MONTREAL, Nov. 29.-Four additional victims have been added to the accidental poisoning case, making the total number of deaths seven. Five persons are still in a precarious condition. It appears that one of the men who died took from sleigh, standing in the street, a bottle con taining wine and colchicum: which he supposed to be Sherry. This he shared with the inmates of the tenement in which he lived and some neighbore, with the result mentioned. COMMITTED SUICIDE. NASHVILLE, TENN. Nov. 29.-Robert McEwen, a lawyer of this city, committed suicide this afternoon, at his mother's residence, on Spruce street, by a pistolshot through his head, killing him almost instantly. No reason, as yet, is known for the act. He was a man of family. THAT PITTSBURGH BOND CASE. PITTSBURGH, Nov. 29. application was filed in the Court of Common Pleas this morning, on behalf of the city, ask ing that a receiver be appointed to take charge of the affairs of the National Trust Company, of this city. The application was granted and a receiver appointed. Promissory notes amounting to $114,000 are missing from the institution, and are supposed to be lost or stolen. A number of these notes are said by the endorsers to be forgeries. ONE OF THE USUAL FIRES AT PARKERS LANDING. TITUSVILLE, Nov. 29.-A fire occured at Parkers' Landing last night. Twelve buildings were burned. Loss $25,000 Insurance $5,000. ANOTHER SUICIDE J. W. Simpson, a resident of St. Peters burg of this State committed suicide by shooting himself with arevolver yesterday afternoon. The ball entered over the right eye. No reason can be assigned except temporary insanity STILL ANOTHER SUICIDE. TITUSVILLE, PA, Nov. 30.-E. W Stratton, who has been long a resident ol this place. and prominently known in business circles, committed suicide this morning while laboring under mental aberration He had been sick three or four days, and this morning he requested his attendant to go for a pitcher of fresh water, and as he crossed the threshold on his return he saw Stratton standing before the looking glass with a glistening razor in his hand, which he drew twice across his throat, nearly entirely severing the head. He expired almost instantly THE SECRETARY OF WAR.

20. December 1, 1873 New-York Tribune New York, NY
Article from New-York Tribune, December 1, 1873

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THE AFFAIRS OF THE NATIONAL TRUST COMPANY OF PITTSBURGH-FORGERIES TO A LARGE AMOUNT DISCOVERED. [BY TELEGRAPH TO THE TRIBUNE.] PITTSBURGH, Nov. 30.-On a further investigation of the affairs of the suspended National Trust Company, it appears that Greer, the defaulting cashier, forged 3 large number of notes and indorsements, which he presented at the last meeting of the Board of Directors for comparison with the discount book. They were examined hastily and of course found to tally with the book, no suspicion of the forgery arising. At the time he absconded the notes disappeared, and advertisements warning people against negotiating them brought forth disclaimers from the purported drawers of a number of them, and led to the discovery that they were forgeries. The amount of forged paper thus far discovered 18 $78,000, and the amount still in doubt is $47,500. Yesterday, Judge F. H. Collier of the Court of Common Pleas appointed a receiver of the Trust Company on an application made by a stockholler The responsibility for the loss of the Water Commission bonds and the money of the city arising from the sale of them. and deposited with this Company, has not been fixed on any person implicated in the transactions. It is believed that an effort 18 being made to clear the members of the Water Commission and the City Controller from blame, charging it all on the Clerk of the Commission. [GENERAL PRESS DISPATCH.] PITTSBURGH, Nov. 29.-An application was filed in the Court of Common Pleas this morning on behalf of the city, asking that a receiver be appointed to take charge of the affairs of the National Trust Company of this city. The application was granted and a receiver appointed. Promissory notes amounting to $114,030 are missing from the institution, and are supposed to be lost or stolen. A number of these notes are said by the indorsers to be forgeries. MAYOR BLACKMORE OF PITTSBURGH ARRESTED FOR MISAPPROPRIATING THE FUNDS OF A SAVINGS BANK. [BY TELEGRAPH TO THE TRIBUNE.] PITTSBURGH, Nov. 30.-On Saturday aftermoon, Jas. Blackmore, Mayor of the city and President of the Mechanics' Savings Bank, and Geo. D. Tindle, cashier, were arrested on an information charging them with embezzlement and misappropriation of the deposits of the bank, and conspiracy to defraud the stockholders and depositors. They have taken, and loaned to others associated with them in private enterprises, about $84,000, or four-fifths of the total loans of the bank, providing for several of the loans inadequate security, and for others no security hatever. The bank is closed, and the trustees will wind up its affairs and prosecute the delinquent officers. A warrant 48 out for Alex. Tindle, Vice-President of the bank, and father of the |cashier, charging him with the same offenses. BUSINESS NOTES. Wm. E. Fisher & Sons of Baltimore, stock brokers, who suspended during the late panic, will resume business to-day, having settled with their creditore in full. The trustees named in the Sprague trust deed have notified to the Committee appointed at the creditors' meeting that under advice of counsel they feel inclined to decline the appointment unless they can have some guaranty to protect them from personal liability. The trustees are to have another conference with the Committee this afternoon, the result of which will doubtless be promptly announced.

21. December 1, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 1, 1873

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THE CURRENCY VOLUME. Some prominent capitalists representing Western interests, and who are now in this city, had audiences with various bankors yesterday, for the purpose of obtaining an understanding of monetary affairs at this contro, and to dotormine what course should be pursued in the futuro by Western banking institutions. They related a conversation which they bad held with the President, the Secretary of the Treasury, and some members of Congress during a visit to Washington, whence they have just returned, and expressed their convictions that in some form or other an enlargement of the currency volume would be made. PITTSBURGH. THE NATIONAL TRUST COMPANY FRAUDS. Special Dispatch to The Chicago rribune. PITTSBURGH, Pa., Nov. 29.-The water-bonds and the doings of the National Trust Company still afford food for conversation. This morning, Judge Collier, in the Common Pleas Court, appointed John H. Bailoy, Esq., with bonds at $1,000,000, as Receiver of the National Trust Company. Last ovening the stockholders hold a meeting, at which a general expression of views was indulged in, and the comfortable conclusion was reached that there was something wrong, as a fresh act of villainy had beon discovered, which will go far to stamp Greer BY a consummato scoundrel. He had forged and negotisted paper to the amount of $114,030. The namesof the parties used are the most prominent citizens of Pittsburgh. W. J. Hammond alone is down for over $34,000. Mr. Bailey has taken possession of the bank, and he has found that these flotitions notes were used and entered on the books as legitimate assets of the bank. There is talk of prosecuting criminally all the parties who had any connection with the disposal of the $514,000 of the water-bonds. Very little attention has been paid ns to the whereabouts of Greer, but now that he has an ocean between himself and the United States, they are talking of prosecuting him as a criminal. He has taken at least $500,000 of the funds of the city and the banks.

22. December 2, 1873 Evening Star Washington, DC
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EXTENSIVE FORGERIES.-application filled in the court of common pleas. at Pittsburg, on behalf of the city, asking that & receiver be appointed to take charge of the affairs of the National Trust Company, has been granted. and a receiver appointed. Promissory notes amounting to $114,030 are missing from the institution, supposed to be lost or stolen. A number of these notes are said by the iddorsers to be forgeries.

23. December 3, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, December 3, 1873

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PITTSBURGH has recently acquired a somewhat unenviable notoriety by reason of numerous defalcations and other "irregularities" in offices of trust. It deserves, however, to be noted that offenders are promptly dealt with and commendable exertions are made to protect the public from loss. In the case of the "Nation Trust Company" whose cashier absconded leaving the depositors of the concern sadly in th e lurch, the stockholders held a meeting a few days ago and subscribed $625,000 to liquidate the indebtedness of the company and make the depositors whole. The stockholders of the Boatman's Insurance Company have also raised the money necessary to make good the loss occasioned by the defalcation of their Secretary. It is found that the assets of the Mechanics Savings Bank which "suspended" under suspicious circumstances a few weeks ago, will be sufficient to discharge all its liabilities, and an arrangement has been made with the creditors for an extension of time. Mayor BLACKMORE, President of the concern; ALEX. TINDLE, Vice President; and GEO. TINDLE, Treasurer, have been arrested and held for hearing on & charge of conspiracy and embezzlement, it being discovered that these gentlemen "borrowed" nearly all the funds of the suspended bank. The "irregularities" are thus being straightened out without much loss to the confiding public.

24. December 4, 1873 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, December 4, 1873

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Bad Condition of a Bank. PITTSBURGH, PA., Nov. 29.-An application was filed in the Court of Common Pleas, this morning, on behalf of the city, asking that a receiver be appointed to take charge of the affairs of the National Trust Company of this city. The application was granted and a receiver appointed. Promisory notes amounting to $114,030 are missing from the institution and are supposed to be lost or stolen. A number of these notes are said by the endorsers to be forgeries.

25. December 23, 1873 The New York Herald New York, NY
Article from The New York Herald, December 23, 1873

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RESIGNATION OF CITY OFFICIALS. PITTSBURG, Pa., Dec. 22, 1873. At the special meeting of the City Councils this afternoon it was resolved to demand the resignation of the Water Commission of Pittsburg, consisting of D. W. C. Carroll, Hill Burguin, P. H. Laufman, H. W. Rolf and Robert Watson, all hitherto estimable and highly respectable citizens, for gross negligence in permitting John Ross, the secretary of the Commission, to negotiate water bonds and exceed his authority as a servant of the city. Something over $500,000 in these bonds were locked up in the suspended Nation's Trust Company, which, it was afterwards discovered, had been hypothecated in Philadelphia. It is not known whether the city can ever recover a dollar of them or not. A stormy discussion arose upon one member refusing to allow the Commission to resign. He said these men had raised their hands to God Almighty and sworn that they would perform their duties; and two weeks ago they raised their hands and swore to Almighty God that they had violated their official oaths and neglected those duties. To allow them to resign would be offering a reward to crime. He said the Councils should go after every officer and every agent of the city that has been guilty of sins of omission or commission, and apply the surgeon's knife to the roots and punish them as far as lay in the power of the city authorities. However, after the expenditure of much flerce eloquence, a resolution accepting the resignation of the Commission was passed. Following this came the resignation of the Comptroller of the city, R. J. McGowan, whose name has been unpleasantly mixed up with this scandalous bond matter. Opposition was developed against allowing this officer to resign, but then it was shown that he innocently erred, and that because of ignorance of duties, which placed him in a paintul position. Subsequently his resignation was accepted. The meeting was about the most storms one ever held the our municipal body.