20786. Commercial Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 13, 1868
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
cf41c180

Response Measures

None

Description

The Commercial Bank (also referred to as Commercial Bank of Tennessee) suspended payment on Jan 13, 1868 and did not resume operations. A receiver (J. A. Omberg) was appointed soon after (articles Jan 14 and later court references), and later court/receiver proceedings indicate the institution remained closed. Contemporary reports mention runs on other banks but not an initial run on this bank. Cause of suspension is not explicitly given in the articles (some say assets exceed liabilities), so classified as 'other'.

Events (3)

1. January 13, 1868 Suspension
Cause Details
Newspapers report the bank 'suspended' on Jan 13; articles state 'assets exceed the liabilities' but give no clear trigger (no specific insolvency, rumor, or correspondent failure is named).
Newspaper Excerpt
The Commercial Bank of Memphis suspended this morning. It is said the assets exceed the liabilities. The suspension caused some excitement.
Source
newspapers
2. January 14, 1868 Receivership
Newspaper Excerpt
We learn that Mr. J. A. Omberg, late assistant cashier, has been appointed receiver of the Commercial Bank of Memphis, whose suspension was noticed yesterday. Mr. O. is a competent selection. (Public Ledger, Jan 14, 1868.)
Source
newspapers
3. April 29, 1868 Other
Newspaper Excerpt
What has become of the Commercial Bank? ... When the Commercial Bank went under there was no great outcry made ... If they are to lose their money, they wish to know it; and further, they would like to know where it is, and who is enjoying its benefits. (Public Ledger, Apr 29, 1868.)
Source
newspapers

Newspaper Articles (13)

Article from Memphis Daily Appeal, January 14, 1868

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FINANCIAL AND COMMERCIAL. OFFICE OF THE DAILY APPEAL, MEMPBIS, January 13, 1868. We regret to record the suspension of the Commercial Bank of this city. It did not open its doors to-day. A card from the President, Mr. Jesse Page, jr., will be found in another column. The mind of the public was somewhat prepared fer an occurvence of this kind by an article in our columns on Sunday, and the excitement and distrust which otherwise would have pervaded this community was thereby allayed. The Commercial Bank is one of our oldest banking institutions, and has heretofore stood very high in the opinion of our business men. We learn that some Indications of a run upon other banks was apparent early in the day, but the promptness they displayed in casbing all checks presented soon allayed all uneasiness, and in a very few hours the miods of depositors were entirely at ease upon the subject. Gold opened in New York to-day at 138760. and closed at 140c. Since the advance there has been very little offered in this market-in fact it is about exhausted and no advance could bring out a large amount. Brokers keep up a large margin. They buy at 37@87%c. There is no counter demand. Currency remains close but there is enough on hand to to meet all choice sight bills. Cotton bills are plentiful and taken at %@%. off on New York and other Eastern cities as well as New Orleans. Selling at par on all points exeept the latter, upon which our banks check at & premium of $2 per $1000. City Scrip is irregular but firm. There is none offering from first nands, and brokers have no regular otfering rates A lot of several thousand dollars was offered by & broker at 50c; but small lots can't be had at that figure. County Warrants are in fair demand at 65c buying, selling at 08@70c. Police Scrip is dull at 800 buying, selling at 85c.


Article from The National Republican, January 14, 1868

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From Memphis-Extensive Fire-Bank Suspension. MEMPHIS, Jan. 13.-The town of Sardis, Míss., was nearly destroyed by fire yesterday, which is supposed to have been the work of incendiaries. Loss $80,000. Insurance $26,000. The Commercial Bank of Memphis suspended this morning. It is said the assets exceed the liabilities. The suspension caused some excitement. Runs were made on other banks, but the excitement was soon allayed.


Article from Alexandria Gazette, January 14, 1868

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NEWS OF THE DAY. "To show the very age and body of the Times." The Louisiana Convention yesterday endorsed the proposed action of Congress, giving the Southern Radical Conventions the power to remove the State authorities and appoint others. An ordinance was also adopted authorizing negroes to remain on the plantations in the precincts where they registered until after the vote is cast on the Constitution, and making it a penal offence for any one to eject them. It is stated that six vessels recently brought to Texas, by way of the gulf, a great number of German immigrants, who purpose to become agriculturists and employ themselves in farming, and that a number of men from Vermont have gone to the same State for the purpose of rearing herds on the rich prairies and pasturages of that region. A Havre paper says that Gen. Dix, our Minister at Paris, has brought a suit, in the name of the U. S., against MM. Elanger, bankers, and other parties, to force the restitution of six million dollars, paid these parties by the Confederate States for ships built and not delivered, but subsequently sold to Prussia and other States. Ex-Secretary of the Treasury Thomas Ewing has written a letter on the financial issues of the day, opposing a forced resumption of specie payments, and suggesting a new issue of bonds, payable in forty or fifty years, and bearing four per cent interest, payable semi-annually. A large number of negro banditti have been captured in Green county, N. C. The desperadoes confessed to having committed several murders and robberies. Over thirty are now in the jails at Greenville, Kingston, and Snow Hill. The tide of emigration to the West has continued steadily during the past year. Large additions to the population of the Western States have been made by foreign immigrants. We wish the tide could be turned to the South. The Commercial Bank of Memphis suspended yesterday. It is said that the assets exceed the liabilities. The suspension caused same excitement. Runs were made on other banks, but the excitement was soon allayed. The American Colonization Society's annual meeting will be held in Washington on the 21st, and will be addressed by President Hill, of Harvard College. The board of directors will hold their sessions for two days. James H. Leveridge, second teller of the City Bank of New York, has absconded, and is said to be a defaulter to an amount variously estimated at from forty to four hundred thousand dollars. The House of Representatives at Washington, yesterday, renewed the select committee on the treatment of prisoners of war and Union citizens by the Confederate authorities. A Hartford accident insurance company lost $15,000 by the recent railroad accident at Angola. Five persons were insured at $3,000 each. The entire insurance cost fifty cents. The new gold field lately discovered at the mouth of the Amoor river will probably swell the annual production of gold to a higher figure than it has ever yet reached. The town of Sardis, Miss., was nearly destroyed by fire yesterday; supposed to have been the work of incendiaries. Loss, $80,000. Insurance $26,000. The steamer H. O. Mayer with nine hundred bales of cotton was destroyed by fire on the Ouschita River, on Sunday last. The President yesterday sent to the Senate the name of Hon. S. S. Cox as Minister to Austria. A man in Mississippi lately died from hydrophobia, who had been bitten by a mad dog two years ago.


Article from Evening Star, January 14, 1868

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THE EVENING STAR LATE TELEGRAMS, &c. General Failly, commander of the expeditionary corps in Italy, has asked the Emperor to permit the return of the French troops to Rome, as their quarters at Civita Vecchis and Viterbo are overcrowded. This ominous request creates a general feeling of uneasiness and distrust in Paris. A large number of negro banditti have brea captured in Green county, N. C. The despersdoes confessed to having committed several murders and robberies, Over thirty are now in the jails at Greenville, Kingston, and Snow Hill. The United States squadron in the Mediter. ranean, under command of Admiral Farragut, has sailed for Naples. The Commercial Bank of Memphis suspended yesterday. It is said that the assets exceed the liabilities. The suspension caused some excitement. Runs were made on other banks, but the excitement was soon allayed. The Paris Moniteur contradicts the vagne re. mors of popular disturbances in Naples, and assures its readers that perfect tranquility prevails in that city and the surrounding prov. inces. The steamer Homeyer was burned in Ons. chita river, Louisiana, Sunday, with 900 bales of cotton on board. The Imperial frigate Novard and con voy has arrived at Pola, in Istria, with the remains of Maximilian.


Article from Public Ledger, January 14, 1868

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Monetary and Commercial Money Market. PUBLIC LEDGER OFFICE, Tuesday Evening, January 14, 1868. As was to be anticipated, the closing of the Commercial Bank, yesterday, created considerable distrust in commercial circles, which found vent in a run on some of the other banks. All demands were promptly riet, and anxiety soon ceased. A few withdrew their balances. Fortunately for the banks, the lines of deposits are small. During the day, and this forenoon, the stoppage of the Commercial Bank continued to be the principal topic of conversation among business men, who expressed various opinions as to the ability of the bank to pay out. A few days will doubtless reveal the extent of the corporation's assets. City Scrip continues to be sought, and is on an upward tendency, but there seems to be no settled price. Some brokers offer as high as 53c, and hold for 55 to 60c. We heard of one dealer this morning who sold a lot of $1500 for 50c. County Scrip is not in demand. Police Scrip is scarce, and the demand is brisk. Brokers pay 82 to 83c, and sell at 85 to 86c. There is little change in Tennessee money, which we quote as before: Bank of Tennessee (old issue), 28: Bank of West Tennessee, 40; Bank of Chattanooga, 10; Bank of Middle Tennessee, 90: City Bank, 60; Merchants' Bank, $5; Northern Bank, 90; Ocoee Bank, 10; Planters' Bank, 98: Union Bank, 98: Shelbyville Bank, 80; Southern Bank, 20: Traders' Bank, 90. Nothing is transpiring in stocks.


Article from Public Ledger, January 14, 1868

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LOCALS IN BRIEF. -R. J. Davis, proprietor of a trading boat, is under arrest charged with receiving stolen goods. -A man was knocked down and robbed near the corner of Second and Exchange streets last night. -A called meeting of the Board will be held this evening, at which final action will be taken on the bonds of newly elected city officers. -His Honor, Judge Connelly F. Trigg, of the U. S. Court, arrived yesterday, and stopped at the Gayoso. His court will convene to-morrow. -A negro yesterday discovered another negro foolish enough to be swindled by the lock game, and took him in." Officer Cusack arrested the scamp. -We wonder whether it has ever oc. curred to William Hunter, in the few moments of his life when lucidity holds sway, that he is an egregious ass and elephantine humbug? -Some sawdust in the old icehouse on Washington, east of Third street, was fired by mackerels yesterday evening, but the flames were extinguished before any serious consequences ensued. -Esq. Miller this morning committed a negro named Aaron Wilson for trial, charged with stealing some clothing and a few dollars from Hugh McDermott, at the Basket saloon, several weeks ago. -We learn that Mr. J. A. Omberg, late assistant cashier, has been appointed receiver of the Commercial Bank of Memphis, whose suspension was noticed yesterday. Mr. O. is a competent selection. -To South Memphis and Hernando road people: Now that the roads are so bad, those wanting Hay, Corn, Oats, Bran, Flour and Meal will find a saving of time and money by purchasing of S. M. Guest, Hernando road, south of South street. He also keeps a fine stock family groceries, cheap, and for cash only. -Jo. Locke, 22 Jefferson street, is daily receiving the latest newspapers and periodicals. He has on hand to-day the Waverley Magazine, Albion, Wilkes' Spirit, New York Citizen, Harper's Bazar, LaCrosse Democrat, Chimney Corner, Saturday Night, London News (with a picture), Peterson's Magazine, and Ballou's Monthly. He has also a splendid stock of novels, stationery, and almost everything which is usually found in an establishment of this description. -Emmons & Son, Nos. 10 Jefferson and 393 Main streets, have received the Police News and Gazette, Harper's Weekly, Southern Home Journal, New York Observer, Scientific American, New York Weekly, Kelly's Weekly, Pen and Pencil Weekly, Pleasant Hours (for February), Staats Zeitung, Frank Leslie's Illustrated, Rural New Yorker, Scottish American, Peterson's Magazine (for February), Tribune Almanac for 1868, Boys' and Girls' Weekly, Horticulturist (for January).


Article from The New York Herald, January 14, 1868

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TENNESSEE. Failure of the Commercial Bank of Memphis. MEMPHIS, Jan. 13, 1868. The Commercial Bank of Memphis suspended this morning. It is said the assets will exceed the liabilities. The suspension caused some excitement, and runs were made on other banks, but the excitement was soon ailayed.


Article from The Daily Dispatch, January 15, 1868

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Bank Suspension. MEMPHIS, TENN., January 14.-The Commercial Bank of this city suspended payment to-day.


Article from The Daily Phoenix, January 15, 1868

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News Items. RICHMOND, January 13.-Gen. But1er addressed an immense crowd at the African Church to-night. He advocated equal political rights for the blacks, equal powers in the Government, and an equal burden in supporting it. The land should bear its part of the taxation, and the burden not be thrown on the laboring man. He said that the time for confiscation, whether right or wrong, was gone, and he did not think that his audience now expected it. [Cries of No, we don't. I He advised Southern men to divide their lands, as it must come to that at last. The men who worked the land would eventually be the owners of it. He did not believe any war of races would occur. If it did, it would not come from the blacks. He argued against the folly of the Southern people remaining out of the Union, hoping for better terms. These they could not get. For whatever other changes would take place the Senate would not change for six years; and before two years could expire, the admission of the States to their rights in the Union would be accomplished on the present terms. CHARLESTON, January 14.-Arrived to-day-Steamers Charleston and Saragnssa, New York; Port-au-Prince, Boston; schr. Maggie, Baltimore. Sailed-Steamer Falcon, Baltimore; schr. S. J. Hill, a Northern port. WASHINGTON, January 14.-Certified copies of the Senate's action regarding Stanton's suspension were furnished to the President, Grant and Stanton last night. Grant and Stanton had a conference late last night, and met again this morning at the War Office. Grant left the office afterwards and Stanton remained. Stanton received calls from various officers of the Department, but up to noon had not formerly commenced business; up to which hour the President had taken no action in the premises. Gen. Fred. Stecle, late commander of the District of Columbia, died of apoplexy. The heaviest snow fell last night since 1847. Stanton issued an order this afternoon, informing the employees of the War Office that he had again taken possession of the portfolio of the War Office. He drew nearly $3,000 from the pay officer, being his salary during suspension. It is understood that the President will in no way recognize Stanton. It is confidently stated that charges of insubordination hang over Grant; nothing definite is known, but the feeling is quite feverish. Internal revenue receipts $273,000. Pope has been assigned to command of the Department of the Lakes, headquarters at Detroit. COLUMBUS, O., January 14.-Thurman elected Federal Senator. MEMPHIS, January 14.-The Commerciank, of this city, suspended. ATLANTA, January 14.-The army officers detailed by Gen. Meade as Governor and Treasurer of Georgia, left this morning for Milledgeville, It is reliably stated that there are no funds in the State Treasury-all having been removed in view of the probability of such a seizure as the present. An order appears from Gov. Jenkins, dated the 10th, suspending the collection of all State taxes up to 1st of May next. The old law authorized such suspensions, and the Convention, by a resolution adopted in December last, requested him to use his power for that purpose. The effect of this suspension will be to forbid any collection of the tax imposed by the Convention for the payment of its expenses. The Reconstruction Conventions. RALEIGH, N. C., January 14.-The State Convention met to-day, agreeably to Gen. Canby's order, in Commons Hall. 85 delegates answered to their names. A temporary organization was effected by calling R. W. King, of Lenoir, to the Chair, and appointing Secretary. J. H. Andrews, of Raleigh, CHARLESTON, S. C., January 14.--


Article from Public Ledger, April 29, 1868

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What has become of the Commercial Bank ? EDITORS LEDGER: As a public guardian, and as one supposed to be informed of the character and condition of the chartered institutions of your State, permit me to inquire of you, what has become of The Commercial Bank of Tennessee" Is it totally defunct Had it no assets when it suspended payment? If it had any, have any of them been collected, and if collected, why can not its creditors get a dividend ? If they are to lose their money, they wish to know it; and further, they would like to know where it is, and who is enjoying its benefits. By a response through your popular journal, you will oblige creditors, many of whom are among JUSTICE. your friends. Memphis April 29, 1868. We are as much in the dark as our correspondent, and like him would be pleased to know something more on this subject. Light is a very useful thing anyhow. And it is a very puzzling problem to tell how to get on without it. When the Commercial Bank went under there was no great outery made and very little feeling produced, as we supposed at the time, because it was not regarded as a very bad failure. How is it now ? That is a very fair question, and one which those most interested, as being responsible, will do well to answer. Creditors have a right to know, and will not be very well satisfied if that right is withheld. Will the President or Cashier answer When the Gayoso failed, it was first thought its paper would be worth fifty cents, then twenty-five, then five. And now we are told the Receiver is doubtful whether the assets will be sufficient to cover his fees! The fact is these things always get worse and worse the more they are sifted and stirred. Instead of issuing a million city bonds, we think the best plan would be to hand the whole thing over to Mr. Mosby, and then if we have enough to pay his fees, we can rub out and begin anew. By the bye, as speaking of Ku-Klux reminds one of the Leagues, what has become of that school fund which wasn't appropriated to the melish ? We hope to have light and more light on all these subjects, until all our faces shall shine with delight, and we shall feel asrich with our dividends as so many boot-blacks. A national bank is a national blessing.


Article from Public Ledger, April 30, 1868

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Commercial Bank. MESSRS. EDITORS: Your correspondent, Justice, asks in your yesterday's paper after the Commercial Bank. If he is a creditor, he must know the assets of the bank have long been in the hands of a Receiver of the Chancery Court, and that the officers of the late bank are not more able to render the required information than he himself can be by the proper examination. I suppose you could not have intended to reflect on Mr. RESPONDENT. Mosby. In our remarks yesterday, we took it for granted that the interrogatories of "Justice" were proper enough. From the statement of "Respondent," how. ever, it would seem that the proper place to seek information was indicated by him. As to our allusion to Mr. Mosby and fees, his fees, if he receives any, are fixed by the court, and no occasion of reproach to him. If the assets of the bank amount to little, it is not his fault, when as we have no reason to doubt, he is doing the best he can with them.


Article from Memphis Daily Appeal, July 20, 1868

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NEW ADVERTISEM'NTS ASONIC NOTIOE-AngeM rona Lodge 168, will work in the E. A. Degree, this, Monday, evening at 8 o'clock. All E. A.'s in good standing are fraternally invited. JOHN zent, W. M. JOHN BEAMISH, Secretary. jy20 It OR RENT.-A Dwelling for a small family, F No. 91 Marketstreet. Rent low. Apply to A. CARR, Boat Stere, Water street. jy19 lw OR RENT.-The building lately occupied F by the Commercial Bank of Tennessee. Apply to J. A. OMBERG, Receiver. JY 18 3t ANTED-An experienced Planter or OverW seer to take charge of a Cotton and Corn Plant tion. The best of references required. Apply to J. W. TODD, at Edmonds, Todd & Co, 308 Front street, Memphis, Tenn. jy 19 In the District Court of the United States, for the District of West Tennessee. In the matter of Morris R. Mitchell, Bankrupt. In Bankruptcy, District of West Tennessee-ss To whom it may concern: The undersigned hereby gives notice of his appointment as assignee of erris R. Mitchell, of Memphis, in the county of Shelby and State of Tennessee, within said District, who has been adjudged a Bankrupt upon his own petition, by the District Court of Said District. Memphis, Tenn. the 18:h day of July, A.D., 1868. WILLIAM Y. CIRODE, jy19 26 2 Assignee, etc. In the District Court of the United States, for the District of West Tennessee. In the matter of Emanuel A. Levy, Bankrupt. In bank. ruptcy, District of West Tennessee--ss To whom it may concern: The undersigned hereby gives notice of his appointment as assignee of Emanuel A. Levy, of Memphis,in thecounty ofShelby and State of Tennesses, within said District, who has been adjudged a Bankrupt upon his own petition, by the District Court of sald District. Memphis, Tennessee, the 18th day of July, A.D., 1888. WILLIAM Y. CIRODE, 2 Assignee, Etc.


Article from Memphis Daily Appeal, October 17, 1868

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CHANCERY COURT-Wm, M. Smith, Chancellor, etc.-Tue decrees and orders entered on yesterday are as follows: Wile vs Boon, leave to answer. somerville Vs Dubose, reference. Butler VS Johnson, order on Sheriff. Brown vs Day, guardian appointed. Glisson vs Kus p, sale. Wilkerson vs F. Ins. Co., reference. Hamilton VS Treat, sale, etc. Edmonds VS Bates, flnai decree. Page VS Commercial Bank of Tennessee, instructions to Receiver. Finlay VS Heylin, consolidation. Mosby V8 Hunt, reference. Hardin VS Hunningham, guardian appointed. White VS Bias, (heirs,) final. Orgih VS Baker, sale confirmed. Caurch VS Trezevant, final. Bolton VS Harrell, final. Quimiy VS Rothrock, pro confesso. Newsom VS Taylor, pro confesso, Butler V6 Small, decree renewed. Bo ton VS Cash, pro confesso Anderson VS Cross, Receiver released. Martin VS Durf, interlocutory order. Robinson VS Williams, sale, etc. Kaapp VS Southern Express Company, interlocutory order. Greenlaw VS Mouroe, consent order. Fargason vs Hawley, guardian appointed. Pierath VS Signiago, reference. Harrison VS Blackburn, sale renewed. Cirode vs/Aikens, reference. Gulle vs Hayer, rence. Cordes VS Murpay, motion to dissolve. Smith VS Hicks, guardian appointed. Galaer VS Smith, guardian appointed. Paul vs Smith, guardian appointed. Wickersham YS Callahan, order on tenants. Cox vs Ketchum, final decree. Irby VS Sherwe 1, order On complainant Niblett VS Brown, administrator appointed. The remaining orders and decrees will be published to morrow morning. The cases set for trial on Monday next are as follows-Court standing adjourned over to Monday 194 Stockley VS Trigg et al. 195 Walker VS Trigs es al. 255 Jones VS Spencer. 271 Chasnir VS Merrill al. 273 Adams VS Memphis and Little Rock Railroad Company a. 274 Trigg et al V8 Trigg et al. 273 Howell V8 Williams. 276 Wicks VS McDermott, 277 Porter VS Street et al. 278 Thompson VS Schmock. 279 Morris et al V8 Seldon & Co et al. 280 Hill et al VS Davie et al. 281 Halum, adm'r, VS Barnett et al. 284 Sharpe & Co V8 Hicks et at. 283 Cope & Co VS Philips st al. 284 Cope & Cove Thomas et al. 285 Gayoso Savings Inst. vs Connell et al. 286 Parker V8 Parker et al. 287 Saffarans VS Hendrickson et al. 288 Clinton V8 McDonald. 2:9 Clinton vs McDonald. 290 Ferguson VS Wade al. 291 Waddell vs Stewart et al. 292 Speckernagle VS Menitee et al. 293 Mosby et al VS Hunt et al. 294 Smith VS Smith et al. 295 Rawlings VS Horne et al. 293 Ragan V8 May et al. 207 Ford, adm'r, V8 Clayton et al. 298 Williferd, adm'r, VS Westbrook et al. 299 Boyd VS Grant et al. 300 Bumenthal VS Horanson. 301 Waiker, adm'r, vs Pickett et al. 302 T igg Vs Nelson, extrx. 803 Bledsoe VS Carpenter et al. 304 Crofford et al V8 Smith et al. 805 Spittle vs Spittle et al. 306 Spivey VS Smith. 307 Price VS Parker. 308 Trader VS Goggin et al. SHELBY CIRCUIT COURT.-Geo. W. Reeves, Judge.-The Jury in the case of the State vs. Hudnall, indictment for murder, returned & verdict of not guilty. The case of Davis vs. Davis, divorce, was on hearing yesterday, but not determined. To-day the case of the State vs. Lanahan, indictment for murder will be cared up for trial. Law COURT-H. S. Lee, Judge.-The cases set for yesterday were disposed of. To-day being motion day, the motion docket will be taken up and called. MUNICIPALCOURT-Geo. W. Waldran, Judge.-The following business was tansacted yesterday : The jury in the case of the State VS Cuaningham, indicted for keeping & gaming house, returned a verdict of guilty and fixed the fine at $50 00. In the cases of the State VS Wetherbee, unlawful retailing, the jury returned a verdict of not guilty. The criminal side of the Court stands adjourned until Monday next. To-day the law side of the Court opens. The cases specially set for trial will be called up and heard. New style Hot et