Central National Bank (Chicago, IL)

View Charter #2047 on SPMC View balance sheet

Episode Information

Episode UID
204700885
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
national
Bank ID
20470 national
Charter Number
2047
Start Date
September 22, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
664a103b707d2b0c

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Partial suspension, Full suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
65.6%
Date receivership started
1877-12-01
Date receivership terminated
1892-02-23
OCC cause of failure
Losses
Share of assets assessed as good
32.2%
Share of assets assessed as doubtful
33.0%
Share of assets assessed as worthless
34.9%

Description

Articles describe a city-wide run and coordinated suspension/resumption of Chicago banks; Central National is not named specifically.

Events (5)
1. September 18, 1872 Chartered
Source
historical_nic
2. September 22, 1873 Run
Cause
Macro News
Cause Details
Panic triggered by New York financial crisis (Jay Cooke collapse and broader market panic) producing runs on Chicago banks
Measures
Banks agreed to fall back on 30- and 60-day rule and limit cash payments (pay sums under $100)
Newspaper Excerpt
There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule
Source
newspapers
3. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Coordinated suspension by Chicago clearing-house/banks in response to the national financial panic and inability to convert balances into currency
Newspaper Excerpt
Telegrams received here this afternoon, announce that all the Chicago banks have suspended.
Source
newspapers
4. October 14, 1873 Reopening
Newspaper Excerpt
every bank and banker in the Clearing-House Association, twenty-one in number, commenced full and unequivocal resumption.
Source
newspapers
5. December 1, 1877 Receivership
Source
historical_nic

Newspaper Articles (24)
1. December 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1872

Click image to open full size in new tab

Article Text

THE CURRENCY. We complete to-day our extracts from the annual report of the Controller of the Currency, of which we printed a portion on Saturday. The limit of the National Bank issues in each State and Territory is fixed on the basis of population. resources, businees, and bank capital, as ascertained by the census. The last census required a new apportionment, as it showed a total increase in the population of the Union of more than 7,000,000 persons, and in wealth of nearly $14,000,000,000. An act was accordingly passed providing for an additional issue of $54,000,000. Of this the largest sum, $8,400,000, apportioned to any State, went to Illinois; Ohio and Kentucky each got over $5,000,000; Indiana, $4,000,000; Michigan and Louisiana each over $3,000,000; the distribution being made one-half on the population and one-half on the wealth of the country. It will be noticed that the increase all goes to the South and West, and more is yet needed to give those sections their due apportionment; to accomplish this, $25,000,000 is to be withdrawn and redeemed from the circulation of banks in New-York and New-England, and a corresponding amount authorized to banks in States that have not now their quota. It is a commonly received but somewhat erroneous opinon that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9 18 per capita, against $7 59 before National Banks existed: but the circulation of U. S. Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61 56; Mississippi the least:-one centexcept Florida and California, which have none. New-York has but $14 08. The National Banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed: they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banks-a condition which has more than once given riso to the most serious financial convulsions, as in 1857 - and a remedy proposed by the Controller is the issue of a new security by Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, 80 far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the Controller therefore declines to institute proceedings concerning it. A general law for the establishment of Savings Banks in the District of Columbia seems desirable. Locking up greenbacks is reprehended, and the New-York Stock Board and Clearing House are asked to discourage it. A table of the specie kept on hand by the banks shows it as less in October last than in many years before; as $10,000,000 against a usual average of $25,000,000. In the few cases of failure among the National Banks, the unfortunate institutions seem to be wound up with less ruinous loss to depositors and stockholders than has ever been re-

2. December 4, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 4, 1872

Click image to open full size in new tab

Article Text

# THE CURRENCY. The Report of the Comptroller of the Currency is an elaborate document. The topic of most interest referred to is that of a proposed increase of the national bank notes. The Comptroller recommends the repeal of the act of Congress which calls for the redistribution of twenty-five millions of national bank currency, by withdrawing that amount from the Middle and Eastern States and giving it to the South and West, and in lieu thereof to issue five millions a year additional circulation for the next five years, to meet the wants of those States which have not had their full proportion. It is a commonly received but somewhat erroneous opinion that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9,18 per capita, against $7,59 before National Banks existed; but the circulation of United States Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61,56; Missippi the least: one centβ€”except Florida and California, which have none. New York has but $14,08. The National banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed; they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banksβ€”a condition which has more than once given rise to the most serious financial convulsions, as in 1857β€”and a remedy proposed by the Controller is the issue of a new security by a Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, so far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the

3. September 16, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 16, 1873

Click image to open full size in new tab

Article Text

MONETARY. MONDAY EVENING, Sept. 15. Local finances word n little more quiet to-day than during last week. The country orders for burrency were considerably lighter, but the supply of currency in this markot in BO extremely scanty that the banks find it very difficult to moot oven the diminished domanda of their country customors. No considerable amounts of currency coino back from the country yet, and though the Chicago banks keep bringing currenby hore from Now York, all thoy get la in $100, 0500, and $1,000 bills, which are of but little uso In the country. Money is evidently becoming scarcer in this market AB the grain accumulates horo. It le estimated that the aggregate deposits of the Chicago banks havo fallen off between $2,000,000 and $3,000,000 in the last ten days. Now York exchange was much depressed again 10-day, owing to the pressure for currency, and was freely offored at $1.25 por $1,000 discount, with no buyers at that. EMBABRABSMENTS OF THE CANADA SOUTHERN. It is surmised in some quarters that the financial difficultion of the Canada Southorn Railroad, which were the cause of the susponsion of Kenyon, Cox & Co., of Now York, will intorforo with the construction of the Chicago oxtonlon of the road called the Chicago & Canada Bouthern." boing the line from Amherstburg, Canada (Detroit Rivor) to Chicago, in which case the main line and branches of the Canada Southorn already completed would have to dopend on the Michigan Southern and Tolodo, Wabash & Wostern for any connection with the great grain region of the West, instead of connecting at Chicago with the Rook Island and the Northwestern, as was intended by the projectors of the Canada Southern. It is oven not impossiblo that the confliot of intercete between the Michigan Southern and the Tolodo & Wabash on the one hand, and of the Rock Island and the Northwestern on the other, may have exercised wome influence to bring about the present financial difficulties. By Oct. 1 it is expected that the Canada Sonthorn will be operating 405 milos of road, viz. : The main lino and St. Thomas Branch in Canada, 292 miles; the Toledo, Canada Southorn & Detroit, which makes the connection with the Michigan Southorn, and also with the Tolodo, Wabash & Westorn, the Dayton & Michigan, the Pennsylvania Railroad branch leading to Pittsburgh, as well as with roads centering at Detroit, 58 miles; the Erie & Niagara, 31 miles: and the Michigan Midland and Canada, 14 miles. The Chicago & Canada Southern is finished 70 milos of the distance from opposite Amboratburg (Dotroit Rivor) toward this city. The noncompletion of this latter road would leave the main lino, Canada Southorn, with us principal Western connections at Tolodo instead of Chlcago. The opening of the Canada Southorn was delayed for some time by the non-completion of the International Bridgo over the Niagara River, a work over which tho Canada Southern had no control. In the menutime, arrangements have been made for the use of the Suspension Bridge, 15 miles bolow the International, and reached by the Erio & Niagara Railway, which is owned by the Canada Southorn. This routo has been, and will bo, used for freight business, but no through passenger trains will be put on until tho International Bridge is done. THE GAUGE OF THE GRAND TRUNK Railway will be changed to 4 foot 81/4 inches botween Toronto and Montreal, on Saturday, 4th of October next. IMPORTS AT NEW YORK AND BOSTON continuo light compared to previous years. At New York the imports for the wook ending Sept. 12 were: For the week. 1871. 1872. 1873, Entered at port $ 3,467,827 $ 3,492,058 $ 2,503,718 Thrown on market. 3,670,665 3,814,767 2,853,374 Since Jan. 1. 1871. 1873. 1873. Entered At port $101,134,535 $110,425,322 $90,487,529 Thrownon market. 99,070,410 104,345,101 92,910,729 At Boston, for the week ending Sept. 5, they were: 1873, 1872. $ 1,617,897 For the week ending Sept. 5 $ 1,288,197 Previously reported 43,867,776 50,456,133 845 156 079 Total

4. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

Click image to open full size in new tab

Article Text

NEWS OF THE DAY. The Wisconsin State fair begins at Milwaukee to-day. The Texas editorial excursionists left Cincinnati last night for Louisville. The financial panic is reported to have seriously affected the narrow-gauge interests in Utah. The Chicago banks have taken advantage of the sixty-day privilege on their depositors. McClure's military academy, at Oakland, California, was entirely destroyed by fire Saturday night. Immediately after the cortes adjourns the Spanish government at Madrid will declare Spain in a state of seige. Thomas Tarwater, a brakeman, was run over and killed by a freight-train at Columbia, Tennessee, on the nineteenth instant. Pat Garnley, an insane man, set fire to a building in Jeffersonville, Indiana, yesterday, remained in it and was burned to death. Business generally will be suspended in Cincinnati to-day. it being proclaimed by the mayor. a holiday in the interest of the exposition. A strange and fatal disease at Kelter, in Utah, is very prevalent, producing great consternation. The patients die in a few hours. It resembles fever. Satisfactory arrangements have bee n perfected with the Ute and other tribes of Indians, hitherto in discontent, so that they will be settled upon their reservations. A Milwaukee dispatch says the financial panic of New York produces no disturbance there as yet, but the banks are preparing for any emergency that may occur the coming week. At Carbondale, Illinois, yesterday two negroes, Bill Smith and Frank Collins, remembered the Sabbath by playing cards, "fell out," resulting in the latter shooting the former through the heart. He's dead.

5. September 23, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 23, 1873

Click image to open full size in new tab

Article Text

Financial matters are feverish but business men and brokers are confident no serious embarrassment will be experienced here. The suspension of Burt & C., is only temporary and was occasioned by the failure of held. their drafts, for which ample securities were The banks of discount without a single exception appear to be doing the usual amount of this kind of business, In several cases they received more money than had been paid out in checks. PHILDELPHIA, Sept. 22.- The Philadelphia banks have taken no aetion with regard to the issuing of certificates in the place of legal tenders for settlement at the clearing house. The banks are all in good condition and suspension is deemed unnecessary. Third street is very quiet and no suspensions are reported. Run ou Chicago Bants. CHICAGO, Sept. 22. Considerable run on some banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the 30 and 60 days laws. Latest reports public and private from New York appear to have bad the effect to lessen anxiety manifested this morning among many bankers and business men. Chicago Banks to Stand By Each OtheCHICAGO, Sept. 22.-At a meeting of the Presidents of the National banks to night there was a general feeling that affairs were in much better condition in New York today than on It Saturday, and it thought the worst is over. was the general opinion that there is no-reason in to fear any trouble, but it was agreed that case any should arise the banks will stand by each other to the end. The disposition shown less this morning to run on the savings bank Is marked this afternoon, and there is apparent- the ly very little excitement or alarm among people. The Government Policy. WASHINGTON. Sept. 22.-The President with had another interview of more than au hour Secretary Richardson at the White House this Postmorning at which Secretary Delano and It has master General Cresweil were present Na been decided to send $20,000,000 from the Hilltional Treasury here to assist Treasurer house in New York to enable that officer to buy all bonds that may be offered. The President will feels encouraged at the news to-day and he be governed by circumstances as to whether will leave to-night. Secretary Richardson Firm. Richardson has been receiving dur- telegrams from Secretary New York every few minutes the day, posting him as to the condition on affairs ing there. In reply to interrogations this forenoon be said that everything is more would encouraging; he had plenty of money and bonds give it out to all who came with their When the question was asked whether or not this money to pay for bonds would come mind from the legal reserve? he answered "never Govabout that, I will attend to getting it; the so.' ernment is all right and intends to keep Ran Subsiding. The run on the Freedman's and Washington not savings banks have nearly subsided, City more thnn a dozen persons being at either place at one time during the day. A Contradiction. Secretary of the Treasury contradicts been the statement The that the Navy account has transferred from Jay Cooke, McCulloch & Co., in London. Congratulations. Secretary Richardson received the following despatch from New York to-day: Mercantile street business progressing as usual. Wall clearing itself. The people join in congratula Richardtions to the President and Secretary exchange son for their stability. The stock will be opened on Wednesday. The Pranic at an Ead. In a conversation today Secretary Richardsou that in his belief the panic is now stated and there need be no further apprebension disaster reend, He had no fear of any of from this as the country is condition which was shown was prosperous sulting trouble. there in a by very the that throughout the panic assistthe National Treasury ance no from New York, a a still less one from Philadelphia, fact call except upon slight South for Washing- one there from From the East, West and had n too. been no request for aid. and he further idea had that there would be any. continue He to that the Government would offeted stated bonds as long as they were offered but purchase he did not suppose they would be many days. New York banker sent a telegram today bad A the prompt action of the President markets a beneficial that influence in all European to day The Secretary of the Treasury Sustained. the The Secretary of the Treasury received Vice following telegram this afternoon from President Wilson: BOSTON, Sept. 22d. To William A. Richardson, Secretary of here the Treasury, Washington, D.C.: Every one HENRY praises your action. Stand like a rock. WILSON. (Signed) The Situation at Cincinnati. Sept. -Confidence coutinued banks thronghout CINCINNATI, the day. Applications at the and orfor discount were comparatively for currency light were less ders from expected. the country The entire situation this after- than than was stronger and more encouraging in the at noon at any time since the financial storm east was developed. the Panic. Railway Contr nets Cancelled Owing to ST. CATHARINES, Ont., Sept. 22. -The owing Cana- to Railway Company have, obliged da Southern cricis in New York, been have the cancel financial all contracts for the present, and emto the discharge all workmen not of this ordered ou the regular traius. The cause Drew's ployed to be complications in Dan'l the comaffairs, is reported he being a large stockholder in pany. Apprehens on Abroad. Sept. 22.-A despatch announcing Exchange LONDON, of the New York Gold the closing been bulletined. The news is financial accepted has just indication of the gravity of the securisituation, as an and the market for American ties is again the depressed. ramors current on the stock holds exAmong is one that the Bank of England and change of Jay Cooke & Co.'s acceptances, same $30,000 that the Rothschilds have $10,000 of the paper.

6. September 23, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 23, 1873

Click image to open full size in new tab

Article Text

senior partner, has disappeared, causing great anxiety to his famile and friends. Search has been made in fall directions. CHICAGO. CHICAGO, September 20.-The Franklin Bank, a private banking institution, closed its doors to-day, being unable to settle at the clearing-house. The amount short was only $9,000. The vice-president of the concern says the embarros-ment is only temporary. CHICAGO, September - There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back on the thirty and sixty-day rule, and are only paying sums of less than 8100. The latest reports, public and private, from New York appear to have had the effect to lessen the anxiety. BALTIMORE. BALTIMORE, September 21.-While the excitement in the New York market is watched with interest, and the brokers' offices have been visited by crowds to observe the sway and wreck of stock prices, everything has gone on calmly, and business is done at our banks in the usual way. Money continues at 10 to 12 per cent. for best paper on the street, though negotiations are limited, and are for strictly business en. gagements. IOWA. BURLINGTON, IOWA, September 20.-The Orchard City Savings Bank suspended at 12:20. PITTSBURGH. PITTSBURGH, PA., September James T. Brady & Co., bankers, and the Security Trust Company. of this city, suspended today. THE FEELING IN ENGLAND. The London Times says: " In view of the extraordinary prosperity of the United States and the high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says stick local trouble as suspensions in New York seems to be merely the rank outgrowth of exuberant prosperity, ond accessories to progress which does not for a moment halt. LONDON, September 22.-5 P. M.-Much anxiety is manifested on all sides to hear further news from New York. Jay Cooke and McCultoch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in the Stock Exchange is one that the Bank of England holds $300,000 of Jay Cooke & Co.'s acceptances, and that the Roth-childs have $1,000,000 of. the same paper. LONDON, September 22.-4:30 P.M.10-40's are quoted at 904; new 58,911; Eries, 45. 5:30 P. M.-A dispatch announcing the closing of the New York Gold Exchange has just been bulletined. The news is accepted as an indiction of the gravity of the financial situation. and the market for American securities is again depressed.

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

Click image to open full size in new tab

Article Text

Run on the Chicago Banks. CHICAGO, Sept. 22, 1873. There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule, and are only paying on sums of less than $100. The largest assemblage appears to be gathered at the States Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had the effect to lessen the anxiety which was manifested this morning among many bankers and business men.

8. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

Click image to open full size in new tab

Article Text

Georgia, to Hopkins, Dwight & Trowbridge; Deposit Savings Institution, Mobile, to Metropolitan National Bank The Brooklyn Banks. The Brooklyu bank presidents to resolved te sell $1,000,000 of U. S. securities in case of emergency. The majority were, however, of the opinion that there would be no run upon them. The Evening Post says: The day closed with an established improvement in general feeling; one day more with the Stock Exchange closed, will, it is thought, put everybody in such a condition, SO far as the exercise of reason is concerned, that it will be prudent for the brokers to again resume business. This afternoon money lent on the streets at : per cent., that rate having been paid by distressed brokers. President Rail, of the Bank of Commerce, said this afternoon that confidence had been very greatly improved and he Thought the action of the Government in buying 5-20s had been highly beneficial in loosening greenbacks. NEW York, Sept. 22.-When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. When the majority, however, saw how willingly money was being paid out, they became quieted and left. Up to 2 o' clock the bank had paid out above $10,000, and had received a considerale amount in deposits. Feeling of Relief in New York. NEW YORK, Sept. 20.-The feeling among all classes is one of great relief. No runs on any of the national or state banks and the crowds on Wall street are mainly curious spectators. There are considerable inquirry for stocks on Wall street. Investors with greenbacks in hand are seeking to purchase, but the prohibition of Stock Ex: change drohibits transactions. The Chicago Banks. CHICAGO, Sept. 22.-There was a considerable run upon some of the banks here today, but they areadhering to the resolution adopted yesterday to fall back upon thirty and sixty days notice, and only paying sums of less than one hundred dollars. The largest assemblage appears to be gathered at the Statee Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private from New York appear to have had the effect to lessen the anxiety. Chicago Savings Bank. CHICAGO, Sept. 22.-The Savings Banks give notice of the enforcement of thesixty days' notice. MEMPHIS, Sept. 22.-There were eight cases of yellow fever on Sunday. Philadelphia Banks. PHILADELPHIA, Sept. 22.-The run on the Savings] Banks has subsided. PHILADELPHIA, Sept. 2.-There is a much better feeling on the street to-day. The Stock Board is firmer. Pennsylvanias are holding ground at 40 to 50. A bank statement wili be out as usual to-day and will show a gratifying exhibit. The Situation in London. LONDON, Sept. 22-5 P. M.-Much excitement is manifested on all sides to hear further news from New York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in Stock Exchange is one that the Bank of England holds $400,000 of Jay Cooke Co.'s acceptances and that Rothschilds have $100,000 of the same paper. LONDON, Sept. 22-6:30 P. M. - dispatch announcing the closing of the New York Gold Exchanged has just been bulletined. This news is aceepted as an indication of the gravity of the financial situation and the market for American securities is again depressed.

9. September 25, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 25, 1873

Click image to open full size in new tab

Article Text

# Banks In Chicago all Suspended. Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.

10. September 26, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 26, 1873

Click image to open full size in new tab

Article Text

TELEGRAPHIC Suspension Everywhere Waiting to get a New Start. The British Rushing in with Cash to get Bargains. Opening of the Chicago Ex position. Another Fatal Experiment with a Balloon. The U. P. Quarrel About Termini. Other Items of Interest. transpires CHICAGO Sept. It that excited meeting of the Clearing House lasting Association was held last evening. which it made National Henry The point declar the Bank would morning yards and the railroad have issued orders points the On street full. of the country e extremely light being supplying the wants the retail trade Transactions now made only for cur rency feature of the day the arrival several Canadians loaded with United States to buy grain. There trace of panic here Ithough busi in grain and live stock is interfered with SPRINGFIELD III. Sept. 25 There little among but the men and more among bankers, The usual Presidents holding but learn the question the bankers nivided feeling local regarding serious stand come banks Chicago way to speedy PEORIA Ill Sept. 25 Our banks have resolved suspension of such payments would legitimate feeling The general that the banks the right taken LOUIS. run slight been Kansas in bankers payment of checks drafts, either until the dopted this evening New practiced Clearing House issued DESMOINES. The Sept. deal interest. The the people the the Des the dent without tional One the savings owned private banks the President Bank Public has Chicago confidence not in single one but for the temporary stagn and stock trade. nothin usual course of trade would noticed here COUNCIL BLUFFS, Sept There little but here distu ef the bance of business beyond stoppage Our banks the and course the the Chicago and will adopt should measures the occasion seem en quire it. un INDIANAPOLIS Sept. -Considerable caused here this by the of able the adopted by the Chicago and einnati banks, and this pension of the vate banking house of W ooden. Webb Co. ohn MEMPHIS. Sept 25 There is great citement in this city on account of the L pension of banks caused by their inabili realize on securities in New York following named banks have closed day First National Bank. DeSoto Bar Savir and it is reported the Freedman's and Trust Company. There is heavy: on the others NASHVILLE Tenn. Sept. 25 -The tional Banks have suspended payment all checks exceeding $200 SALMA, Ala. Sept. 25 The SelmaS: TH. ing Banks suspended o-day ATLANTA Ga. Sept 25 The Doll Saving Bank this city, suspended day It has securities g't Nation AUGUSTA Ga Sept. 25 The Exchange Bank Merchants' and Plante: National Bank Augusta and the Pla ers Loan and Savings Bank havesusper ban the NEW ORLEANS ,Sept 25 All have suspended currency ments ent. ba A meeting this morning of all the Presidents in the city except two resolv to pay no checks for more than $100 the larger checks be certified the rangement to continue for thirty days The generally approve of per ! course the banks have determined upon BALTIMORE Sept. 25 -The officers the Associated Banks of Baltimore this afternoon and resolved in view present financial panic, not pay money on checks except what may be quired for legitimate business purposes

11. September 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 26, 1873

Click image to open full size in new tab

Article Text

New-York Daily Tribune. FOUNDED BY HORACE GREELEY. FRIDAY, SEPTEMBER 26, 1873. At a stormy Erie meeting in London, President Watson received a unanimous resolution of thanks, and announced that his road wanted $30,000,000 at once. The French Conservatives claim a majority of 20 in the Assembly in favor of a monarchical restoration; the Republican members threaten to resign in a body. The Spanish Government has demanded of England the release of the Vitoria and Almanza. = The U. steamer Tigress is still searching for the Polaris crew. Secretary Richardson, Attorney-General Williams, and other officials determined, it is said, after long consultation, that the Government should not use any portion of the legal-tender reserve for the purchase of additional bonds. The banks of Chicago, Cincinnati, Baitimore, Nashville, and New-Orleans have suspended the currency payment of large demands. In St. Louis the bank suspension appears to be total. Failures are reported in New-Brunswick, N.J., Selma, Ala., Indianapolis, MemThe schooner Whiting phis, Atlanta, and Augusta. was wrecked at Grand Haven, Mich., all the crew but one being Descued after a thrilling fight with the waves. = An Anti-Kellogg Convention has been called, to meet at New-Orleans Nov. 24. There were no further suspensions in Wall-st., although aid from the Government in the purchase of bonds was entirely withdrawn. The difficulty in getting foreign exchange has affected the export trade somewhat disastrously. The Stock Exchange endeavored, by the appointment of a Committee, to force settlements upon last week's transactions. The Bank Presidents did not favor the theory of the Stock Exchange 10 regard to the resumption of business. ==== Sprague's attorneys endeavored to show that the money for his investments was borrowed from the Brooklyn Trust Company. The Grand Jury issued a public call for testimony. The District-Attorney refused to announce his intentions concerning the jail frauds. The Committee on investigating department affairs or- The Liberal Republican General Commitganized. tees made arrangements for holding primaries, and listened to Gen. Coctrane's remarks on the issues of the campaign. The Kings County Democratic primaries were held. The Newark Democratic Convention made municipal nominations. = An effort to act on the Police Justice nominations falled in the Board of Aldermen. - The Protestant Episcopal Diocesan Convention was addressed by Bishop Potter. - Prominent delegates to the Conference of the Evangelical Alliance, and Wilkie Collins, arrived. Damaging testimony was adduced in the baby-farming examination. The Harlem Rowing Club's Fall races were pulled, and entries for the National Amateur Regatta were announced. = The New-Jersey section of the NewYork and Oswego Midland Railroad is to return to its

12. September 26, 1873 The True Northerner Paw Paw, MI
Article from The True Northerner, September 26, 1873

Click image to open full size in new tab

Article Text

# True Northerner. PAW PAW, MICHIGAN, Sept. 26, 1873. # Local Department. Hon. Wilder D. Foster, Representative in Congress from the Fifth District of Michigan, died in Grand Rapids Sept. 20. H. P. McFarlin will hold an Auction Sale at the residence of Fdward Stowman, two miles north-west of Glendale P. O., Oct. 11. We advise every young man or lady who wish to qualify for business to attend the Kalamazoo Business College. The Ann Arbor Courier says the seating capactity of the new University Hall is 3,000, and by the use of temporary seats 4,000 can be accommodated. Charles Smolk has removed his Sewing Machine Depot to the new building on the corner of Main and Niles streets, adjoining the residence of T. A. Granger. The Fair of the Paw Paw Valley Agricultural Society commenced last Wednesday and closed to-day. We will give a more extended notice of it in our next issue. REV. R. C. WELCH, who has been assigned by the Michigan Conference to the charge of the M. E. Church in this place for the ensuing year. preached his first sermon on Sunday morning last. All the Banks of Chicago entered into an arrangement by which they closed their doors yesterday morning, and take thirty days in which to pay depositors. A genral derangement of business must be the result. The South Haven Sentinel says: "The condition of religion is good." That is just as we had supposed, and we are right glad to see that fact verified in so public a manner, for the past season has been unusually sickly. The Government Printing office in the City of Washington, in the Territory of Columbia, is one of the largest printing offices in the world. Six colored compositors are employed at the case in that concern. The Lapeer Clarion wants the fat men to stand back in future and give the lean men of the State a chance to hold a convention and get a good, square meal out of East Saginaw or some other philanthropic city. At a public gathering lately one of the gentlemen present was called upon for a speech, and this is how he responded: "Gentlemen and women, I ain't no speecher. More'n 20 years ago I came here a poor idiot boy, and now what are I?" On Saturday last, Miss Emma Pugsley left for Ann Arbor to enter the State University. She is a graduate of the school here, and is an excellent scholar. There are now two young ladies attending the University from this village, the other being Mies Emma Andrews. who has been there for the past two years. The Circuit Court has been in session during the past week. On Monday the Matteson case came up on a motion for change of venue, which motion, after a hearing and the reading of affidavits in support of the motion and counter affidavits opposed to it, was denied. The time for the trial will probably be set down for the next term of the Court. The most important other matter before the Court was a case between A. M. Merrifield and Philo Reed. LAWRENCE, Sept. 16, 1873. TRUE NORTHERNER: DEAR. SIR, I have been away all summer, and have but just returned. The first newspaper I saw after getting home was yourself going "Up in a Balloon." If a little money will save you, the enclosed Two Dollars will help. Keep the thing flying till they all respond, and keep the paper coming. Can't keep house without it. Yours Truly, The State Fair, held at Grand Rapids last week, was a success as regards the magnitude of the exhibition in all its departmentst-he Lumber of people who attended and financially. We learn that the receipts exceeded thirty thousand dollars. Our own Van Buren County maintained the ascendency she had heretofore attained. She bore off the highest prize for her County Collection of Fruit; the township of South Haven took the first prize for her Township collection of Fruit; and the Williams' process for evaporating fruit was pronounced superior to the Alden process. Mr. Williams. the inventor, is a resident and fruit grower of South Haven, in this countv. Our worthy and honored friend. Judge Monroe. met with a very serious mishap on Saturday night last, by which he is now lying in a critical condition. He had arrived here on the nine o'clock train on his way home from Grand Rapids, where he had been attending the State Fair. He started for his home, aboat eight miles from town, on foot and leading a ball by a cord attached to a ring in his nose. When about one-half mile from town the bull became somewhat refractory and refused to go. the Judge meanwhile pulling him along by the cord, when the animal suddenly attacked nim, throwing him to the ground and trampling him under his feet, bruising and lacerating him very seriously about the chest, side and bowels. fter becoming released the Judge crawled to the house of Mr. Clancy and aroused the inmates. who took him in and cared for him until he was taken home, Sunday morning. Ir not unfrequently happens that a party political convention is moved to deliberately falsify history in their platforms, declarations and resolves, as was the case of the Ohio in ther recant numatform adopted by

13. September 27, 1873 The Richmond Palladium Richmond, IN
Article from The Richmond Palladium, September 27, 1873

Click image to open full size in new tab

Article Text

The Bank Seven banks in Chicago pended Thursday, says private formation exit Woollen, Webb & Co., at polis, have suspended temporarily They say: of "Owing to the continued demand for payment of our deposite and in view of the fact that i the Chicago banks have enspended to-day, we are compelled to close our doors. As moon as a complete statement of our condition can be prepared, it will be submitted for the considers tion of our sd The balance of the banks of In: dianapolis stand firm. aferonia Our banks in Richmond are solid as the rock of Gabralterprudent and careful managers 81 steering them. addens

14. September 27, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 27, 1873

Click image to open full size in new tab

Article Text

MILWAUKEE. Special Dispatch to The Chicago Tribune. MILWAUKER, Bopt. 26,-The suspension of the Ohicago and St. Louis banks has had very little effect here. Our banks have been strengthened by the receipts of currency from Now York during the past two days, and are prepared to respond promptly to all domands made upon them by depositors, but the latter exhibit no apparent uneastricas, and business continuce good in all departments, breadetuffa and produce excepted. The general merchandise markets are aotive, and prices show uo material variation sinco the panic,

15. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

Click image to open full size in new tab

Article Text

LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.

16. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

Click image to open full size in new tab

Article Text

SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ΒΎ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

17. October 2, 1873 The Saline County Journal Salina, KS
Article from The Saline County Journal, October 2, 1873

Click image to open full size in new tab

Article Text

There was a bett er state of feeling financially yesterday than there has been since the commencement of the panic. The reports that the Chicago and St. Louis banks would resume this morning was interpreted as a cheering indication that the worst was over. This is probably the case. Indeed, there are evidences on all sides that reason is resuming its sway. Currency is flowing in a steady stream to the West, and mon. ey will soon be abundant.-Lawrence Journal, Sept. 30th.

18. October 2, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, October 2, 1873

Click image to open full size in new tab

Article Text

On Monday evening last the following action was had by Chicago bankers : The Chicago Clearing House association of banks and bankers resolve that until further action, and in view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, its members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. Dispatches of last night show that this action of the Chicago bankers is commended in Keokuk and Des Moines, Iowa,"also by those of Quincy and Peoria, III. The excitement throughout the whole country is great, and yet everybody expresses the utmost confidence in the banks, except such as have been dealing in railroad stock. The opinion prevails that banks generally must suspend until the people settle quietly down. Our produce which had commenced moving, is about totally checked. Eastern banks refuse to send currency west, and as a consequence no produce can be bought. This certainly cannot last long, for the starving must have bread and the currency depot must be unlocked in the East.

19. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

Click image to open full size in new tab

Article Text

SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

20. October 9, 1873 Iowa Voter Knoxville, IA
Article from Iowa Voter, October 9, 1873

Click image to open full size in new tab

Article Text

The West. The Chicago Journal of the 25th says that it had become necessary to say that the banks of Chicago had not suspended payment or closed their places of business. The action of the preceding night was not in consequence of a panic but to prevent a panic. They had not ceased business, were continuing to receive deposits and pay out such sums as might be needed for ordinary business transactions, but where sums were demanded to board or withdraw from business operations they had resolved to delay the payment of these until the financial storm had passed. The currency stringency in that city had had the effect to bring the extensive hog and cattle trade to a stand still, it being impossible to make cash sales. The Union Live Stock Yards contained 30,000 hogs and 10,000 head of cattle, all that the yards could possibly accommodate, and the live stock commission merchants had notified the railroads and country shippers that no more live stock would be received until further notice. The Cincinnati Clearing-House Association adopted on the 25th a resolution substantially the same as that adopted on the 24th by the banks of Chicago. A dispatch from Kansas City, Mo., of the 25th, says that the banks of that city had suspended. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day and resolved to adopt the plan of issuing Clearing-House certificates. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. The Inter-State Industrial Exposition was formally opened at Chicago on the evening of the 25th. The huge structure was thoroughly packed. It was estimated that fully 20,000 persons were in. Dedicatory speeches were made by U.S. Senator Logan, ex-Governor Oglesby and others. The 26th was Chicago's "Black Friday." The Union National, the Second National, the Manufacturers' National, Cook County National, and the National Bank of Commerce, all closed their doors on the morning of that day. The Board of Trade of that city had adopted a resolution prohibiting dealing in grain options for the present, on the ground that such dealing had a tendency to depress prices. In view of the present monetary situation and the difficulty of drawing city deposits, the Board of Public Works had decided to temporarily suspend work on all sewer improvements not actually commenced. A meeting of the associated banks had been held in the afternoon to discuss the question of issuing loan certificates, but no conclusion had been reached. A dispatch from San Francisco of the 26th says the Independent State Convention had nominated E. W. McKenstry for Justice of the Supreme Court. The Convention adopted resolutions that the opponents of organized corruption form themselves into a political

21. October 9, 1873 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, October 9, 1873

Click image to open full size in new tab

Article Text

DOMESTIC. of the York telegrams of had the closed evening on a more New that the week The greenback refinancial down from 27th serve cheerful say had been drawn aspect. Clearing-How desired, $34,700,000 certificates and $12,000,000. demanded or these and to been issued as with the aid of had was thought that National currency the crops and failure averted. of could it small be infusion moved of and mercantile embarrassment closed Chicago, The Third National Bank, The Cook County of that Na Manufacturers' tional, its doors one on announced of the the 27th. suspended its resumption. National banks banks The had first its city, decided had to go and into of Second liquidation. the Chicago banks The assets Union that at closed National, its the doors, and its had liabilities announced resumption at $4,300,000 of met busi- and on $5,600,000, notice of its speedy Association animated given The Clearing House and after an resolved discussion ness. the evening of the 27th, not to issue Clearingsays House certificates. St. Louis of the warehouse, 27th A telegram from the five-story streets, the rear wall of and Chestnut on the corner opening a gap in to the the roof. One had that fallen, of Second ground building injured. fifty feet wide from killed the and two seriously 28th says that man New had been York dispatch First of the National Bank of A President of the immediate resumption such city had the ground that the payment, urged or the positive that relief to action of specie will add $60,000,000 the money Washington market. telegram of his the determination 28th says A President had expressed the adoption of to the recommend to Congress The Secretary of of the the system of free banking. the anticipation had ordered interest. The following payment Treasury letter of the had November been sent by the President 1873. to the parties named: CUTIVE MANSION, Sept. Anthony 28, H. B. EXP Clailin and Charles to the L. views President you have Messre. GENTLEMEN: In response the he using by the legitimate trade to restore the honor to desirous of docurrency communicated commerce. as to have confidence Government and present commu and following: The to relieve the holding back it ing of business of the country market the condition the immense all in its power resources to affairs, the seaboard which people and now the law first ing transportation on the part of the condition and its avert acthing Confidence needed to destruction relieve this of classes business of people. with willing To the threatened disasters, all Government 1 is but evident company this feeling the at its command. will aval active co-operation country re-establish to take all legal that measures no urgent efforts of the bank With of without moneyed the corporations paid of out the the withdrawal purchase of and $14,000,000 already and the banks the Government lebtedne the Treasury policy the on their are large deposite enough from to adopt system a liberal of discounts. Should to sus restrong by general of the country. of part, the and business interests pursued the $14,000,000 the Treast tain course be money in as the cirbe will given serve such a will be demand consider of public necessity require. Close at- by at their to cumstances meet the of the country the may course command pursued of to trade those who tention have aid the nece means essary to restore With view of rendering all and condition. out the measures proper channels those who carry already been Novem- issued strengthening indicated, orders interest have accruing President in above the prepayment of U. S. GRANT ber. for According to a dispatch from town Denver, of Fair- Col. over two-thirds of the consumed mining on the United 26th. play, Col., stores, had been printing offices, express the office, States All the land office, business post-office, places, with two or hotels exceptions, and other had been utterly destroyed. say the three New York dispatches trade of the had 29th become alsituation in finance hopeful and and cheering, country. not only together more parts of the overmoney pressure a larger advance had in The that city but had in been all was being gradually business in the come; of there dividend-paying stocks; produce market; price gradually improved in the as to the moving the gloomy apprehensions to brighter hopes; of there had been to the United only a of the crops England had continued yielded large shipments States, not and coin from of security pervaded and Western that day over general market, feeling but that all the Southern $3,000,000 in lower, curmarkets. On released. Gold had been sold as greenbacks. and rency at had one been period during the day The was Glenham suslow as Mills, 110 in at Glenham, N. Y. had a leader Tribune had of specie pended. Woolen The immediate resumption prepared signifiadvocating the following There the since payment, language: closing with The the country the is war. passing legal- its grandest cant opportunity since passage of the that crisis has not act, been, any financial situation inviting or to resump held by? tender out all its hands The crisis calls for firm hand, all. To-day's so tion. Shall That's we let clear it go head and opportunity determined party, for purpose. for the dominant issue his is for the the President President. country, Let Congress in an extra or ten eight the proclamation convening days' notice, with the call. For session sole object at stated distinctly people have in the done almost ten days past stand the in front of their rapid balance- and nothing sheets and but inventories, values, and see and a there's no constant shrinkage where it will in stop or financial when, for hard- the knowing reason that there is no back to specie; simple time we must get When will pan. Some Why not now? would the be a better time? benefited by it than that's there admitted. be more When statesmanship whole country ought to be practinow? There in Congress to devise a Grant simple, settle it enough method. Let President convening Concable is concerned by of gress as far and as he putting upon it the responsibility meeting the emergency.' to a Washington dispatch National of Bank the According depositors of the First exceed fifty 29th, of that the city would not receive to cent. of their deposits. had reper In Chicago, on the 29th, normal business condition. very nearly its banks had resumed of the receiving deposits Three sumed business and were suspended panic. and Over payon checks as before the received during ing out currency had been Traffic had $3,000,000 forty-eight hours. railroad, and the preceding the various lines of drawn off, fallen off on trains had been the and large night many number the men Union discharged. of National Bank At a late of Chicago, hour in

22. October 14, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1873

Click image to open full size in new tab

Article Text

ovor proceding days. While thero was gront con- fidence in the solvency of our banks, thoro was much intorost folt to see what developments would be made during the carlior hours of the oponing-day. At the usual hour this morning overy bank and banker in the Olearing-Houso Association, twonty-ono in number, commenced full and unequivocal resumption. # THERE WAS NO Ξ•Ξ§ΞŸΞ™Ξ€Ξ•MENT, thero was nothing about the appearance of the bank that indicated a run; the business of the day commenced and continued to the close with a degroo of quiet that was remarkable. So far as is known, there was not an anxions depositor presented himself at the banks. The amount drawn by depositora was probably less than usual on Monday. Cortainly it did not ex- coed the usual demands of the average busi- noss day of the week. While this was true, the deposits of currency were liboral and boyond the expectation of the banks. Tho largost number of the bankers report that they recoived more currency than they paid out. Ono of the National Banks received in currency $100,- 000 more than they were called on to pay. The entisfactory results of the forenoon put # A NEW FACE ON THE MEROHANTS who assembled on 'Change. The attendance was larger than it had been for days, and overy per- son seemed to be encouraged. The gen- eral markots woro improved in tone, and the impression prevailed that we had en- torod fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking bours all acknowlodged that the success of the first day of curronoy ro- sumption had been comploto. # THE LOAN-CERTIFICATES. Of $462,000 in Clearing-House certificates, $165,000 wero canceled to-day, leaving less than $300,000 of cortificates unredeemed. Of the lattor amount, under the ac- tion of the Clearing-House, 25 por cont will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the cortificatos. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period theroin named.

23. October 22, 1873 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, October 22, 1873

Click image to open full size in new tab

Article Text

There has been a gradual but decided improvement in financial matters during the last week. On Saturday, in New York and Philadelphia, confidence had-been largely restored and business was moving with almost its accustomed activity. It now appears that the worst effects of the panic have been limited to banking and speculative interests, and to those branches of manufactures that depend upon railroad enterprises for most of their work. These have had a pretty hard time, and many fortunes have been lost or greatly impaired. But the dealers in produce and general merchandise seem to have lost little of their trade, and as currency gets into circulation again they resume their usual business. The agricultural interests of the country have suffered little or nothing. The panic of course could not effect the amount of their products, and it has not perceptibly changed the market rates. Prices are certainly not tending downward, nor are they likely to do so. Thus the farmer, who apparently makes money slowly, is shown to be engaged in the safest of all occupations. The New York and Philadelphia banks have not yet fully resumed the payment of currency to their depositors. Those in Chicago and Cincinnati have done so, while the banks of Pittsburg never suspended. As soon as the eastern instituti ons redeem their obligations, as they must do at an early day, the usual current of affairs will be promptly resumed.

24. November 8, 1873 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 8, 1873

Click image to open full size in new tab

Article Text

THE PANIC. While the west seems to bear up manfully against the panic, and the Chicago and St. Louis banks have not only fully resumed, but the former, at least, are able to extend pretty liberal accommodations to their customers and assist in moving our enormous crops, the outlook at the east continues gloomy and discouraging. In New York the shrinkage of values continues, and on Thursday gold went down to 614, the lowest point it has reached since 1862. The slight buoyancy that had shown itself at the close of last week was rudely dashed by the announcement that the great manufacturing firm of A. & W. Sprague, of Rhode Island, had suspended. The firm has for three generations occupied a leading position among the manufacturers of the east, and of late years the business has been extended vastly, SO that at the present time the Sprague influence permeates almost every branch of trade and finance in Rhode Island, as well as extending into Maine and other contiguous states. They control not only all the cotton manufacturies of the state, the national and savings banks, run several immense dry goods and general supply stores, but may, in fact, be said to run the entire state of Rhode Island, commercially, socially and politically. The assets of the firm are estimated at from sixteen to twenty-five millions, and their debts at $8,000,000. Their complete suspension would involve the discharge of 10,000 factory operatives. Negotiations are on foot to put their affairs in such a shape as not to close the factories, On the heels of the Sprague suspension followed on Tuesday another disaster-no less than the suspension of Tom Scott, the great Pennsylvania railroad king. His case is very much like that of Jay Cooke. He was carrying the Texas Pacific as Cooke was the North ern Pacific railroad. Scott had gone to Europe and negotiated a loan of $10,000,000 to continue work on his road, meantime endorsing vast amounts of the road's paper in anticipation of receiving the $10,000,000 loan. But just as the loan was being consummated, the news of the Jay Cooke explosion reached Europe, and the Scott loan collapsed. As a consequence, his Texas Pacific paper has gone to protest, and Tom Scott is floored The greatest fear is, that the Pennsylvania Central will, in consequence, fail to pay its usual semi-annual dividend of five per cent., which would greatly add to the embarrass. ment of things. To add still further to the gloom, a rumor was current on the 4th that the great mercantile house of H. Claflin & Co. was about to suspend, but this proved groundless. The firm not only show that they are abundantly solvent, but even refused to accept assistance tendered them by the New York banks. As a bit of sunshine amid the gloom, the announcement is made of the speedy resumption of the Philadelphia house of Jay Cooke & Co. A member of the firm is reported as saying, on Tuesday: "The agreements are rapidly being signed by our creditors, and are coming in with gratifying promptitude. We have every reason to be encouraged. We have merely asked forbearance of our creditors and we shall avoid bankruptcy with perfect certainty. The house will be able to resume within a few weeks, at any rate just as soon as the confidence of a great majority of our creditors is assured to us."