21697. Merchants National Bank (Petersburg, VA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 1548
Charter Number: 1548
Start Date: September 23, 1873
Location: Petersburg, Virginia (37.205, -77.392)

Metadata

Model: gpt-5-mini
Short Digest: 2d31b914

Response Measures

Full suspension, Books examined

Other: Receiver appointed and criminal prosecution of bank president for embezzlement; dividends later declared to creditors.

Receivership Details

Depositor recovery rate: 34.0%
Date receivership started: 1873-09-25
Date receivership terminated: 1876-05-01
OCC cause of failure: Fraud
Share of assets assessed as good: 37.4%
Share of assets assessed as doubtful: 27.5%
Share of assets assessed as worthless: 35.1%

Description

Multiple articles report depositors rushed the bank after news from New York (panic) on Sept 23, 1873; the Merchants National Bank suspended that morning and was placed in the hands of a receiver. Subsequent investigations revealed large embezzlement and insolvency; receiver Orson Adams handled the bank and indictments followed. The bank did not resume normal operations and was wound up under a receiver (dividend declared later).

Events (5)

1. September 1, 1865 Chartered

Source: historical_nic

2. September 23, 1873 Receivership

Newspaper Excerpt: was placed in the hands of Orson Adams as receiver; the bank is now in the hands of a receiver, and is closing up its affairs under the provisions of the United States laws.
Source: newspapers

3. September 23, 1873 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors rushed the bank after news from New York amid the 1873 panic; the bank was already weak/insolvent due to mismanagement and large undisclosed liabilities (later shown as embezzlement/overdrawn accounts).
Measures: Exhausted small amount of currency; bank suspended payments (see suspension event).
Newspaper Excerpt: On Tuesday, the 23d of September, when the news from New York came...depositors...made a rush upon it.
Source: newspapers

4. September 23, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension attributed to inability to obtain discounts in New York and the panicky condition of public mind; underlying insolvency from misapplied/embezzled funds and heavy liabilities revealed later by receiver's investigation.
Newspaper Excerpt: The Merchants' National Bank...of Petersburg suspended this morning.
Source: newspapers

5. September 25, 1873 Receivership

Source: historical_nic

Newspaper Articles (21)

1. September 23, 1873 Evening Star Washington, DC

Article from Evening Star, September 23, 1873

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The Quaker City All Right Again. PHILADELPHIA, Sept. 23.-The financial erisis is over. Banks and brokers are transacting business as usual. All the state banks that were under temporary difficulties have resumed except the Union and Citizens. The latter will soon resume. All the national banksstood firm, and no doubts were entertained of their stability. The Situation in Jersey. BAD EFFECTS OF THE CRI818 AT PATERSON. PATERSON. N. J., Sept. 23. In consequence of the financial crists in New York and the general depreciation of new railrosi securities, orders for locomotives for three months ahead at Rogers' locomotive works, in this city, have been canceled, and eighty-five of the workmen were discharged to-day. It is feared that five hundred more will be discharged at the same works, and several hundred at the Danforth and at the Grant works. ALL RIGHT IN TRENTON. TRENTON, N. J., Sept. -There has been no run to-day on the banks of any consequence. There have been no failures in this city. Broke out in a New Place. SUSPENSION OF THE BANKS IN PETERSBURG, VA. RICHMOND. VA., Sept. 23.-The Merchants' National bank. the Planters' and Mechanics' bank, the People's bank and the First National bank, all of Petersburg, suspended this morning. The Citizens' bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.

2. September 23, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 23, 1873

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Bank Suspensions in Virgilia. RICHMOND, VA., Sept. 23.---The Merchants National Bank, the Plauters' and Mechanics Bank, the Peoples' Bank and the First National Bank, all of Petersburg, suspended this morn ing. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commércial failures are rife in that city. The bank of Richmond are all quiet. There is considerabie excitement here over the news from Petersburg.

3. September 24, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, September 24, 1873

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IISCELLANEOUS NOTES. CHICAGO 18 CORRECT. CHICAGO, September 23.-A report gained circulation here to-day that there were rumors in New York of the failure of heavy grain merchants in this city. There is not the slightest foundation for the report, as there have been neither failures nor rumors of any here. The slight run which began on some of the savings banks, yesterday, has entirely subsided, and the banks are DOW paying those who do call for their deposits without asking any notice. A LITTLE STIR IN POUGHKEEPSIE, N. Y. POUGHKERPSIE, September 23.-Information from Armenia states that the iron-ore men are making a run on the bank there, and that the bank is standing it well. A FINANCIAL THUNDERBOLT HAS STRUCK PETERSBURG, VA. RICHMOND, VA., September 23.-The Merchante' national bank, Planters' and Mechanics' national bank, and First national bank, all of Petersburg, saspended this morning. The Citizens' bank of Petersburg, although not suspended, declines payment. Rumors are rife in that city of heavy commercial failures. The banks of Richmond are all quiet, but there is considerable exeitement here over the news from Petersburg. "TRENTON, N. J., ALL RIGHT. TRENTON, September 23.-There is no run of consequence here. There have been no failures in this city. SERIOUS RESULTS OF THE PANIC. PATERSON, N. J., September 23.-In consequence of the general depreciation of new railroad securities, orders for locomotives for three months ahead at the Rogers locomolive works, in this city, have been canceled, and five hundred and eighty workmen were discharged to-day, and it is feared that fivehundred more same and several hundred at the Danworks, may be discharged from the forth and at the Grant works. HENRY CLEWS & CO. SUSPENDED. NEW YORK, September 23.-The suspension of Henry Clews & Co. is announced. Henry Clews & Co. say that at present they have no statement to make, save that temporary suspension has firm. been The deemed failure of advisable by that Henry Clews & Co. tends to revive the excitement. The firm paid $1,250,000 in legal tenders to depositors during the past few days. It was the general impression that they would pull through, but to-day the Fourth national bank refused to clear checks, although the firm had $800,000 of securities, against which $300,000 had been drawn. CURRENT ITEMS. Every banking institution in Brooklyn, with a single exception, was represented at the meeting of presidents yesterday. It is determined that in case of a run on any of the banks that all of the others would come to its acsistance. It was also resolved that the savings' banks, if necessary, should take advantage of the thirty days' clause in their charter. A number of poor women and laboring men have

4. September 24, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, September 24, 1873

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Bank Suspensions at Petersburg. RICHMOND, VA., Sept. 23.-The Merchants' National Bank, People's and Mechanics' Bank, People's Bank, and the First National Bank, all of Petersburg, suspend this morning. The Citizen's Bank of Petersburg. although not suspended, declines payment. Rumors of heavy.commercial failurs are reported in that city. The banks of Richmond are all quiet, but there is considerable excitement 1 here over the news from PetersSHIUUUU

5. September 24, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 24, 1873

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The Situation Elsewhere. / Four Banks Suspend in Petersburg, Virginia. RICHMOND, VA., Sept. 23.-The Merchants' National Bask, the Planter3' and Mechanics' Bank, the People's Bank and the First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank, of Petersburg, although not suspend ed, declines payment. Rumors of a beavy commercial failure are rife in that city. The banks of Richmond are all quiet, but there is consider able excitement here over the news from Petersburg. Result of the Panic on Locomotives. PATTERSON, N. J., Sept. 23.-In consequence of the general depreciation of new railroad securities, orders for locomotives for three months ahead at Rogers' Locomotive Works in this city, have been cancelled, and five hundred and eighty workmen were discharged to-day. It is fe red that five hundred more may be discharged from the same works and several hundred at the Danforth and at the Grant works. Confidence Unshaken in Canadian Railroads. OTTAWA, Sept. 23-The Government has received advices by cable stating that Mr. Tilley, Finance Minister, has successfully placed on the London market five per cent loan of two millions sterling for Inter-Colonial railways. The bids amounted to four millions sterling, at an average premium of 412 per cent. The interest is to begin from the 1st of October. Trenton Easy. TRENTON, Sept. 23.-There is no run of consequence here and no failures. Poughkeepsie. POUGHKEEPSIE, N. Y., Sept. 23.-Information from Amenia, states that the iron ore men are making & run on the bank there, and that the bank is standing it well. BRE A Reaction at Albany. ALBANY, N. N., Sept. 23.-The run on the Albany Savings Bank closed this noon, and the deposits at the close were much larger than the amount paid out. The panic is over here. Philadelphia on its Feet. PHILADELPHIA, Sept. 23.-The financial eris 8 here is over, and the bankers and brokers are transacting business as usual. All the State banks that were under temporary difficulties have resumed, except the Union and Citizens'. The latter will soon resume. All the National banks stood firm. Chicago. CHICAGO, Sept. 23.-A report gained circulation here to-day that there were rumors in New York of the failure of heavy grain dealers in this city. There is not the slightest foundation for the report. The slight run which began on some of the savings banks yesterday has entirely subeided, and they are now paying without asking thirty day's notice. LATER-The news of the failure of Clews & Co. had the effect to depress the

6. September 24, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 24, 1873

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IN VIRGINIA. SUSPENSION OF FOUR BANKS AT PETERSBURG-EXCITEMENT IN RICHMOND. RICHMOND, Sept. 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet, but there is considerable excitement here over the news from Petersburg.

7. September 25, 1873 The Valley Virginian Clifton Forge, Staunton, VA

Article from The Valley Virginian, September 25, 1873

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A special dispatch to the State Journal dated at Petersburg, Va., Sept. 23, says the Merchants National, First National, Citizeus and Planters Banks have suspended. The Merchants National Bank had been protested for $60,000 in New York. The cause of the suspensions, is failure to obtain discounts in New York, and the panicy condition of the public mind. The Commercial National is paying its depositors, as fast as demanded. Mellwaine & €o., Plumper & Co., F. M. Wright & Co., James Jones and Plumner. and other business houses have su-pended.

8. September 25, 1873 Ellsworth American Ellsworth, ME

Article from Ellsworth American, September 25, 1873

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ALBANY. Sept. 23. Tue run on the Auburn Savings Bank here. ceased this noon. and the deposits the close were much larger than the amount paid out. The panic is over here. RICHMOND, VA. Sept. 23. The Merchant- Nat., Bank. Planters & Mechanics Bank. People's Bank, and 1st Nat.. Bank. all of Petersburg, suspended this morning. The Citizens Bank of Petersburg although not su-pended, decline payment. Rumors of heavy commercial failures are rife in that city, There is considerable excitement here over the news from Petersburg. PHILADELPHIA, Sept. 23. The financial crisis is over and bankers and brokers are transacting business as usual. All the State Banks that were under temporary difficulties have resamed, except the Union & Citizens, and the latter willsoon restime. The National Banks stand firm. and nodoubts are entertained of their stabilly, CHICAGO, Sept. 23. A report gained circulation here today that there were rumors from New York of failures among several of the grain dealers in this city. There is not the -lightest foundation for the reports as there has been neither failures nor rumors here.

9. September 30, 1873 The Middlebury Register Middlebury, VT

Article from The Middlebury Register, September 30, 1873

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The Financial Situation. The financial troubles of the country continue. There has not been much, since our last issue, to intensify the excitement. A few more large houses, in Wall Street, have succumbed, such as Henry Clews & Co., Hows & Macy, and smaller houses. The worst feature of many the case, now, is, that the regular bank- citing institutions, not only in the large ies but all over the country, are feeling about their situation, and many suspended. of anxious ave already Suspensions towns reported in several of the large Louis. Pennsylvania, Petersburgh, Va., De. ville Ky., Chicago, III., Toledo, O., We troit, Mich , Havana, and elsewhere. Enhave heard of no run upon any New gland banks thus far. The policy of the government remains the It is estimated that by of bonds and other means, unchanged. purchase New Yook there has been made available in $34,000,000 [more than when the crash first came, and Secretary Richardson thinks if this has not affected the stringperceptibly, no sum which the gov. eroment ency has at its disposal, even though would drawing heavily on the reserves, have the effect to ease the money market, materially. Gold, that sensitive thermometer of business prosperity and credit, went up, on Saturday, some four per cent, though The closing, Saturday night a little lower. of fluctuation is, perhaps, only the result it reaction from the high price to which went. There is but litte sympathy, in the country. with the demand for an extra session of Congress. That calamity should there be averted if possible, especially if is danger of a repetition of the disgrace- last ful legislation, in other forms, of the Congress. On the whole we may feel assured that the worst of the crisis is over. We must expect tight times and many failures and some suffering for some time to come. This ought to prepare us for the exercise of a broad Christian philanthropy, reaching to the extension of charitable aid to all who may need assistance, if there are such. The following is the list of failures 80 far as we have heard New York, Jay Cooke & .,bankers Richard Schell, stock-broker; Robinson & Suydam, stock-brokers Fisk & Hatch bankers; Henry Clews & Co., bankers; White, De Frietas & Rathbone, brokers; EuBeers & Edwards, stock- brokers J. Jackson, broker; Theodore Bergene dell, broker S. H. Smith & Seaver, ers Thomas Reed & Co., bankers Hay & Warner, bankers; George Connor, H. banker ; George Bolton, banker W. bankWarren, banker Vernam & Hoy, Greenleaf, Norris & Co., brokers; ers George B. Alley, broker A N. Kidder, banker Day & Morse,bankers and brok- of D. Randolph & Co., the ers; Pennsylvania E. ; railroad bankers company National bank of com. the Union Commonwealth Trust Company: National Trust bankers; pany; Edward Haight & Co,, E. Brown, Wadsworth & Co., bankers; C. Morehead, banker : C. G. White & Co., brokers Ketchum & Belknap,brokWilliams & Bostwick, brokers; & Walsh, brokers broker J. M. ers; Miller Josephs, Myers Lawrence & Co., Fearing & Delling, brokers; Fisher & Co., bankers; & bankers; Tanssig, & Anderson, Fitch Co., brokers Whittlemore brokers ; Jacob Little & Co., brokers. Philadelphia, Jay Cook & Co., bank. W. Clarke & Co., Haven ere; E. & bankers Bond De Brother Gelbough, E. & H. North; J.S. and H. Charles P. Bayard Co; Yerks George H. H. John Bull P. Lloyd Henry M. Douglass; Union T. C. Knight : Henry L. Fell; banking company. Pittsburgh, Pa., Security Trust com. pany; James T Brady & Co., brokers. Buffalo, N. Y., H. W. Burt & Co., bankers and brokers, Petersburg, Va., Four banks, the Merchants' National, First National, Pianters and Mechanics', and the People's. Washington, Jay Cooke & Co., bank. ers; First National bank. Chicago, Franklin bank. Cincinnati, Taussig, Gamp & Co. Burlington, lowa, City savings bank. Albany, N. Y., J. Squires & Co. bankers. Teronto, Out., H. J. Morse & Co., bankers. Williamsport, Pa., Powell & Co. Woburn, Mass., Horace Conn.

10. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA

Article from The Donaldsonville Chief, October 18, 1873

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bonds, it wasthought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedman's and City Savings Banks, but both held out In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors. Special Commissioner Felix R. Brunot has concluded a council with the Utes, the result of which was the ceding by the Indians of some 3,000,000 acres, being most of the land lying between the 37th and 38th degrees of latitude and 107th and 109th degrees of longitude, except a narrow strip on the southern side, on which many of the Utes have farms. It is proposed to gather the Wennihus, Muache and Capote Utes, and a portion of the Jacarilla Apaches now at Tierra Acravilla, and Cimarron agencies at New Mexico. This arrangement disposes of the two troublesome sub-agencies and gathers these wandering bands of the Utes upon their reservation. The price for land most mineral is to be given for the support of the new agency and for those Indians for which there has been heretofore no regular provisions made by the Government. Thearrangement with the Utes is not a treaty, but only an article of agreement entered into in accordance with an act of Congress authorizing negotiations. The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st. The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the sayings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds disThe a general persed. day closed of with depositors confidence that the crisis was entirely over. The New York Stock Exchange continued closed on Tuesday, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been e summed up in a sentence, Confidence is t restored, the banks are conducting business as usual;" but just as the street was beginning to feel that the end of the panic h had been reached, the pamful rumor starte ed that the house of Henry Clews & Co. y had suspended payment. As soon as the announcementwas made that the doors of this banking had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co. 's failure. The run on the savings banks was continued moderately f throught the day, but the time rule allowing banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London tele11 gram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn n by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' Nao tional Bank, Planters' and Mechanics 8 Bank, Peoples' Bank, and First National all of that city, had suspended: I Citizens' Bank, although not susis declines payment. Rumors of 96 4 heavy mmercial failures were also rife in 4 that city 5 Then Pennsylvania, Railroad Company 58 havereque dediours of work for laborers 00 00 androad men forweight day, and the 00 0 pay rolls will be accordingly. The laborers, it is saideswill strike against al the new rule. n The President has issued a proclamation d exempting French vessels from all dise, criminating duties.

11. October 20, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 20, 1873

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prespondence of the Richmond Dispatch.] PETERSBURG, October 18, 1873. day has been one of extreme dullness the line of news, as the following will incess: trial of Francis E. Rushmore, charged the murder of a German named Mehl circumstances already fully reported, included -day in the Hustings Court, Mann presiding. After argument by splain D. 1. Hinton, Major W. F. C. ecory, and G. F. Doggett for the State, Judge Joseph Budd. Captain R. G. Pecom and Hon. Charles F. Collier for the personer. the case was submitted to the jury, which returned a verdict of not guilty, and prisoner was discharged. The verdict to be generally sustained by public ment in the city. The dry-goods house of E. G. James & was closed up to-day by the United Marshal under direction of the Bankcourt and in consequence of proceedinstituted by the receiver, Mr. Adams, Merchants National Bank. This is of the houses in which Mr. T. T. the president of that bank. was inand thus it becomes involved in which attend that institudifficulties Messrs. W. R. Mallory that Young have received notifications in bankruptcy proves unhas changed the day for Circuit Court of Sussex 25th to the 27th (Monday). returns to the labors of his cir20th. when the Greensville term and ladies who gave, this popular and successful performance for the benefit of the Monument Fund have arranged to realmment on the 24th instant to for the relief of the sufferers of Shreveport. Heretofore but been gotten here. but this it. if anything will. who have lately visited the in testifying that the nemothing like their usual do notattend political Tortsaremade 10 turn leved that this is not a but real apathy of the of the fact that the not any money with canvass. However hadan appointment the Dinwiddie Courthouse, audience and tried fixing up certain personown here. but not more could be got together. one of many cases. prevails here to hear ColT. Beard when he can speak at full and under favorable circumstances. our people very strongly ou tuesday night. and the brevity of his remuch regretted. been decided to abandon the scheme barbecue in Prince George. onserv ROBIN ADAIR. Cause hard times. [Special telegram to the Dispatch.] PETERSBURG, V.s., October 18.-D. B. Tenmail. a wealthy and leading citizen, fell while coming out of MeIlwaine & Co.'s story.about nightfall, and broke his leg

12. November 14, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, November 14, 1873

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LOCAL MATTERS. A PETERSBURG BANK OFFICER CHARGED WITH EMBEZZLEMENT.-Yesterday Mr. T. T. Broocks, late president of the Merchants National Bank, of Petersburg, was arrested on a warrant issued by United States Commissioner M. F. Pleasants upon complaint of Orson Adams, receiver of the bank. The accused was brought before Commissioner Pleasants and bailed in the sum of $15,000 for his appearance on the 24th instant before him for examination into the charges against him. The following are his sureties: J. L. Carrington, Asa Rogers, and Z. W. Pickrell. The complaint charges that Mr. Broocks embezzled and misapplied to his own use the moneys, funds, and credits of the Merchants National Bank, of Petersburg, to the extent of $100,000, with intent to defraud the owners of said moneys, funds, and credits. It is understood that the affairs of the bank have been examined into by an agent of the United States Treasury Department, and that upon his report the Controller of the Currency ordered the receiver of the bank to make complaint before a United states commissioner. The case excites a great deal of interest both in this city and in Petersburg. The accused was represented by John Lyon, Esq.

13. November 17, 1873 Evening Star Washington, DC

Article from Evening Star, November 17, 1873

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ALLEGED EMBEZZLEMENT BY A BANK PRESIDENT.-On Thursday Mr. T. B. Broocks, late president of the Merchants National bank, of Petersburg, Va., was arrested on a warrant issued by United States Commissiner M. F. Pleasants, upon a complaint of Orson Adams, receiver of the bank. The accused was brought before Commissioner Pleasants and bailed in the sum of $15,000 for his appearance on the 24th instant before him for examination into the charges against him. The complaint charges that Mr. Broocks em bezzled and misapplied to his own use the moneys, funds and credits of the Merchants National bank, of Petersburg, to the extent of $100,000. It is understood that the affairs of the bank have been examined into by an agent of the United States Treasury department, and that upon his report the Controller of Currency ordered the receiver of the bank to make complaint before a United States commissioner. The case excites a great deal of interest both in Richmond and Petersburg.

14. November 20, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, November 20, 1873

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Petersburg Correspondence of the Richmond Dispatch. PETERSBURGE November 19. The regular annual meeting of the St. Andrew's Society was held last night for the officers and to for the on usual election supper of the festival arrange day of the So. ciety's patron saint. The Society of St. Andrew is very numerous in this city, and its membership includes many of the most substantial and influential citizens-the very leading men of the town. It was decided, in view of the stringency of the financial market, and the probable prevalence of suffering among the poor during the winter, not to have any supper this year, but to devote the proceeds of the collections bad for that purpose to the relief of the indigent. The following officers were then elected : D. B. Tennant, president; J. A. White, first vice-president; John Kevan, second vice-president; James Kerr, treasurer: Alexander Wilson, secretary; John McGregor, assistant secretary. Managers: John Donnan, O. B. Morgan, Dr. David Steel, John McGill, Thomas Grant, John Cooper. Committee on Accounts: N. T. Patteson, James tee: Morgan, T. R. C. L. Campbell, Watson, Dunlop. W. R. S. L. Standing Simpson, Watson; Commit- Alexan- W.T der Steel, J. H. Bullock. Committee on Installation: Alexander Donnan, Andrew Kevan. Meetings of citizens will be held to-night in the Third and Fifth wards to elect delerates to the Farmers' Council. To-night the members of the new artillery company will also meet at the court-house to effect an organization. The Medical Association also sits to-night in annual meeting, assembled to elect their officers for the ensuing year. A sample-merchant named Wren was arrested here to-day, charged with selling goods without a license. He was required to provide himself with a license, and was then discharged. A night or two ago, during the prevalence of a high wind, a tree in front of Mr. Tennant's factory, on Washington street, was blown down and fell across the railroad track. It lay there unnoticed in the storm and darkness until the next train passed, when the engine ran into it, smashing its headlight and sustaining some other injury, though, fortunately, it was not of a serious character. The escape of the train from very severe and perhaps fatal consequences was providential. It is stated that Mr. Adams, receiver for the Mercbants National Bank of this city, announces that a dividend will be distributed among the depositors of that institution about the 1st of next year. The per centum has not yet been ascertained, but it will not probably be over twenty or twentyfive. Mr. P. Ramsdell was in the city to-day, but he had very little to say, I learn, in regard to his recent election-to stay at home. A colored man named Nathan Hammett was kicked last night by a mule and badly hurt. It is said the tolls on the Upper Appomattox canal have been reduced one -third. Every effort is already being made by our people in advance to prevent the extension of suffering among the poor and the unemROBIN ADAIR. ployed this winter.

15. November 26, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, November 26, 1873

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Great Expectations. A buoyancy in stocks was occasioned by telegram from Washington that both the President and Secretary of the Treasury would recommend to Congress that the $44,000,000 reserve be made part of the permanent circulation of the country, that the reserve would be heavily drawnupon this week. It is reported that the Grinnell matters have been privately adjusted. The suspended Bank of the Common wealth will pay a dividend to depositors, of 30 per cent. in December. Clews & Co. The Times says the fact is well authenticated that the banking firm of Henry Clews & Co. having effected satisfactory arrangements with most of their numerous creditors, contemplate a full resumption of business within few weeks. The presentation of the affairs of the house made to creditors has averted any unfavorable action. The house has resources and opportunities to resume to recover its extensive business, and with a reasonable extension of time, to pay fully 100 cents on the dollar. Th Banks to Paddle their own Canoes. The Post says of to-day's action of the Clearing House: The results of the meeting were the defeat of the old Committee of Nine, and of the attempt to make the Clearing House a central power, having legislative functions. It is now left with each bank to manage its own business and to abide by the results of such management. Railroad Extension. POUGHKEEPSIE, Nov. 25.-The inability of the contractor to get money has compelled a suspension of work on this section of the New York, Boston and Montreal Railroad. The Petersburg Failure. RICHMOND, VA., Nov. 25. - G. T. Brooks, late President of the Merchants' National Bank at Petersburg, charged with embezzling the funds of the bank, has been held in $15,000 bail to appear before the U.S. Circuit Court.

16. November 27, 1873 The New York Herald New York, NY

Article from The New York Herald, November 27, 1873

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A BANK PRESIDENT IN COURT. Criminal Conduct in the Management of a Bank at Petersburg, Va. RICHMOND, Va., Nov. 25, 1873. This evening there was concluded before United States Commissioner Mathew F. Pleasants, of this city, the first examination of a criminal case which has arisen in Virginia under the national banking laws. From the high social position and aristocratic associations of the accused, and because of his, until lately, supposed great wealth, more than usual public attention has been attracted to it, and the business men of the Commonwealth have looked on at its progress with an interest that was heightened greatly by the remarkable developments expected. For eight years, and until the great panic of September came, Mr. T. T. Broocks was President of the Merchants' National Bank of Petersburg. He was the great financier of that city and was a man in whom the merchants trusted and to whom capitalists looked for advice, and his sway in commerce and business was little less than absolute. He was not only President of the Merchants' Bank and director in two or three other banking institutions, but was a partner in BIX or seven of the largest mercantile firms of the city and was connected with nearly every enterprise that needed a name or money to sustain it. He seems to have been good-natured, easily nattered, proud of his financial abilities and withal reckless as to whose money he used. By much speculating in common railroad stocks and other securities, and by a princely style of living, Broocks brought himself and all the firms with which he was connected into debt, and for twelve months or more ran the bank to hide his and their insolvency. When the panic of September came the bank, a weak and hollow thing. was forced to suspend and was placed in the hands of Orson Adams as receiver. After nearly two months of careful investigation Mr. Adams concluded to have Broocks arrested, charged with embezzling $100,000 of the money, funds and credits of the bank. The examination has shown that the charge was a mild one. For it has been proved that Broocks owes his bank, as payer, $259,684 46; as endorser, $243,999 90; for overdraits, $5,100; altogether, $508,784 36. The firms of which he was a* member owe, as payers and endorsers, $499,975 57. Their assets will not probably realize twenty per cent of the whole Indebtedness. All are now in bankruptcy. So sublimely was Broocks trusted that his directors only met once a year, but Broocks kept the record book of the board, and during the past year at regular intervals of two weeks falsely and fraudulently entered a minute like this:- March 11, '73-At a meeting of the Board of Directors held this day we hereby ratify and confirm all paper discounted by the President. Present-T. T. Broocks, E. G. James and W. c. Lumsden. Further. Broocks had time drafts to the amount of $84,000 drawn by himself upon nonexisting houses, or houses with whom he had no credits, discounted and placed to his account, and would never allow these drafts to be forwarded for acceptance. Paper of his firm was carried year after year, and the ring with which Broocks was surrounded got all the money they wanted by exchanging notes and drafts. Their accommodation bills at all times amounted to several hundred thousand dollars, although the bank was only authorized by law to carry $40,000 of this kind of paper. On the evening of the suspension of the bank, to straighten his account somewhat, Broocks discovered two notes of his own, endorsed by a Petersburg firm. amounting together to $50,000. On Tuesday, the 23d of September, when the news from New York came by the morning's HERALD, excitement in Petersburg became intense, and depositors, mistrusting this bank most and first of all, made a rush upon it. They soon exhausted its small amount of currency, and the bubble burst, carrying ruin to the homes of many farmers, mechanics and honest merchants, who were relying upon the unfaithful and neglectful directors to see that all went well inside the bank. The capital stock of the bank was $400,000. It owes depositors $750,000, and for rediscounted paper $350,000. Its assets consist of $3,500 cash, $18,000 real estate and $1,350,000 in bills receivable, all worth say $400,000. The failure of this bank came near bringing general ruin to Petersburg, and but little of the deficit can be made out of the stockholders. Broocks' offence is a grave one. and the wail of the widow and orphan. robbed of their sustenance, will be a sound that only death will hush from his ears. The directors, who gave up everything to him. and allowed him to rule and ruin, are regarded as scarcely less responsible. The commissioner, after a full hearing, sent Broocks on to the United States Court, at its April term, for indictment, and allowed bail in the moderate sum of $15,000. Broocks is completely broken in spirit and is almost deserted by his old friends. Like Tweed he 18 finding that the way of the trausgressor is hard in the end.

17. November 27, 1873 The Valley Virginian Clifton Forge, Staunton, VA

Article from The Valley Virginian, November 27, 1873

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Mr. T. T. Brooks, President of the Merchants' National Bank of Petersburg. was arrested on a warrant sworn out by U. S. Receiver Orson Adams, charging him with embezzieing or missapplying $100,000 of the funds of the Bank. lle was taken to Richmond before United States Commissioner Pleasacts. The hearing of the case was set for the 24th. and be was bailed 00 the 2010 of 215,000 for his

18. November 29, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, November 29, 1873

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A BANK PRESIDENT IN COURT. RICHMOND, VA., Nov. 25, 1873.-This eveniog there was concluded before United States Commissioner Mathew F. Pleasants, of this city, the first examination of a criminal case which has arisen in Virginia under the national banking laws. From the high social position and aristocratic associations of the accused, and because of his, until lately, supposed great wealth, more than ususal public attention has been attracted to it, and the business men of Commonwealth have looked on at its pro with an interest that was gress the developments heightened exgreatly by the remarkable pected. For eight years, and until the great panic of September came, Mr. T. T. Broocks was President of the Merchants' National Bank of Petersburg. He was the great financier of that city and was a man in whom the merchants trusted and to whom capitalists looked for advice, and his sway in commerce and business was little less than absolute. He was not only President of the Merchants' Bank and director in two or three other banking institutions, but was a partner in six or seven of the largest mercantile firms of the city and wasconnected with nearly every enterprise that needed a name or to sustain it. He seems to have been easily flattered, abilities and as he used. By in railroad stocks whose money good-natured, financial commmon money withal much and reckless proud other speculating of securi- his to ties, and by a princely style of living, Broocks brought himself and all the firms with which he was connected into debt. and for twelve months or more ran the bank to hide his and their insolvency. When the panic of Septem ber came the bank, a weak and hollow thing, was forced to suspend and was placed in the hands of Orson Adams as receiver. After nearly two months of careful investigation Mr. Adams concluded to have Broocks arrested, charged with embezzling $100,000 of the money, funds and credits of the bank. The examination has shown that the charge was a mild one. For it has been proved that Broocks owes his bank, as payer, $259,684.46; as endor- alto $243,999.90; for overdrafts, $5,100; ser, gether, $508,764.36. The firms of which he was a member owe. as payers and endorsers, Their assets will not $499,975.57. whole probably cent of the All are now in was Broocks realize ness. So sublimely twenty per bankruptcy. trusted but indebted- that Broocks his mer once a year, the record book of the kept directors only intervals Board, and two during weeks the at regular of and fraudently entered a falsely past year minute of like the this:-"March 11, 73-At a meeting Board of Directors held this day, we hereby ratify and confirm all paper discounted by the President. Present-T. T. Broocks, E. G. James and W. Lumsden.' " Further, Broocks had time drafts to the amount of $84,000 drawn by himself upon non existing houses, or houses and with whom he had no credits, discounted placed to his account, and would never allow drafts to be forwarded for acceptance. of his firm was carried year year, the with which Broocks was Paper these ring after surrounded and all the money they wanted by exchanging got notes and drafts. Their accommodation bills at all times amounted to several hundred thousand dollars, although the bank was only authorized by law to carry $40,000 of this kind of paper. On the evening of the suspension of the bank, straighted his account somewhat, Broocks to discovered two notes of his own, endorsed by a Petersburg firm, amounting together to $50,On Tuesday, the 23d of September, 000. when the news from New York came by the morning's Herald, excitement in Petersburg became intense, and depositors, mistrusting this bank most and first of all, made a rush upon it. They soon exhausted its small amount of currency, and the bubble burst, carrying ruin to the homes of many farmers, mechanics and honest merchants, who were relying upon the unfaithful and neglectful directors to see that all went well inside the bank. The capital stock of the bank was $400.000. It owes depositors $750,000, and for rediscounted paper $350,000. Its assets consist of $3, 500 cash, $18,000 real estate and $1,350,000 in bills receivable, all worth say $400,000. The failure of this bank came near bringing general ruin to Petersburg, and butlittle of the deficit can be made out of the stockholders. Broocks' offence is a grave one, and the wail of the widow and orphan, robbed of their sustenance, will be a sound that only death will hush from his ears. The directors, who gave up everything to him, and allowed him to rule and ruin, are regarded as scarcely less responsible. after a to the United States at The Broocks Commissioner. on full hearing, Court, bail sent its in for indictment, and allowed sum of $15,000. comthe April moderate term, almost Broocks deserted is pletely broken in spirit and is that by his old friends. Like Tweed be is finding the way of the transgressor is hard in the end.

19. February 23, 1874 The Daily Dispatch Richmond, VA

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Letter from Petersburg. Correspondence of the Richmond Dispatch.] PETERSBURG, February 21, 1874. The Finance Committee of this city address a communication to-day to Hon. J.J. Knox, Controller. of the Treasury, asking that the 10 per cent. and premium of the $400,000 in United States bonds deposited for the security of the Merchants National Bank be sold, and the same, amounting to about $60,000. be distributed equally among the creditors of the bank. They base this application upon the ground that the city is sorely pressed for funds to pay its employ és and to continue certain public improvements now in a condition not to be abandoned. It is thought that if this is done Colonel Adams, the receiver, will be able, with other collections, to declare a dividend of at least 25 per cent. to all the creditors. The following is the tobacco report for the past week : Inspections, 223; reviews, 67 ; receipts, 130. Total inspections for 1873, 3,117; for 1874, 2,567. There have been twelve transfers of real estate during the past week. This morning about day light a very fine mule was stolen from a colored man named Cralle Stokes while the latter was camping about seven miles from this city in Chesterfield county. Stokes is a resident of Amelia, and is said to be the most substantial colored man in the county. The thief was tracked within three miles of this city, when his trail was lost. The detectives are working up the ROBIN ADAIR. case.

20. April 6, 1874 The New York Herald New York, NY

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or over $13,000,000, "Prompty put out in purchasing bonds, as incupeediest way of relieving the demand for currency. If recomrse could not have been had-to-the reserve, the Secretary would have been, ander the necessity of selling coin to obtain the currency necessary to pay the government indebtedness, or would have suspended currency payments. That there was no doubt as to the right to issue all or any portion of the reserve was best shown by the limited amount of the currency balance when the minimum amount of legal tender notes was in circulation. Now that but $18,000,000 of the reserve remained, with no authority to exceed the $400,000,000 limit, it would be necessary to hold it in reserve for any emergency. There was no reason for apprehending any further expansion of legal tenders beyond $332,000,000. There had been much criticism as to the power of the Secretary of the Treasury to contract the value of greenbacks. If the proposed act, fixing the amount at $400,000,000, became a law, it would not, as he had already said change the existing law, and the minimum would still be $356,000,000, to which point, in his opinion, it could again be reduced. With regard to increasing the national banking circulation, the addition of $46,000,000, with a redistribution of $25,000,000 in accordance with the existing act, would undoubtedly give those portions of the country clamoring for more banking facilities all the capital they needed for years to come, and he had now no reason to believe that Congress would pass any measure which would not meet with his ungualifled approval. Termination of the Labore of the Alabama Mixed Claims CommissionAmount To Be Paid the British Government. Henry Howard, Esq., late Agent of her Majesty's government, under the American and British Mixed Commission, will disburse the money awarded by it to British claimants-a little less than $2,000,000-which sum is to be paid by the United States to the British government by the 26th of next September. The money will be paid by Mr. Howard to the claimants or their legal representatives. The amount thus to be disbursed is included in the estimates of the Department of State. The business of the Commission was closed to the entire satisfaction of all its members. Thomas C. Cox, Esq., the late Secretary and Disbursing Officer of the Commission, to-day received the following letter:LONDON, FOREIGN OFFICE. March 19, 1874. SIR:-The Mixed Commission having concluded its labors, and your duties in connection with it being terminated, I am directed by the Earl of Derby to thank you on behalf of Her Majesty's government for the services you have rendered as Secretary to the Commission. His lordship has great pleasure in bearing testimony to the ability and impartiality with which, as he is informed, you have discharged very delicate and sometimes perplexing duties, and he has no doubt that the successful termination of the labors of the Commission in the period allowed by the treaty, was in great measure owing to your efforts. I am your most obedient humble servant, TENTERDEN. Dividends to Creditors of Insolvent National Banks. The Comptroller of the Currency yesterday declared a dividend in favor of the creditors of the First National Bank of Mansfield, Ohio, of twenty-five per cent; also the Merchants' National Bank of Petersburg, Va., of twenty-five per cent. Dividends were also declared during the month of March as follows:National Bank of the Commonwealth, New York, fifty per cent; First National Bank of Petersburg, Va., twenty-five per cent; First National Bank of Carlisle, Pa., twenty-five per cent; First National Bank of Washington. D. c., twenty per cent, making in all a dividend of fifty per cent. A dividend will also be paid to the creditors of the First National Bank of New Orleans of twenty-five per cent as soon as the necessary schedules can be prepared, making dividends of sixty per cent in all, to the creditors of that bank. The Financial Bill Amended and Under Consideration in the Senate. The following is the Finance bill as amended and as it now stands before the Senate:A bill to provide for the redemption and reissue of United States notes and for free banking. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the maximum amount 01 United States notes is hereby fixed at $400,000,000. SECTION 2. That $46,000,000 in notes for circulation, in addition to such circulation now allowed by law, shall be issued to national banking associations now organized and which may beorganized hereafter; and such increased circulation shall be distributed among the several States as provided in section 1 or the act entitled "An act to provide for the redemption of the three per centum temporary loan certificates and for an increase of national bank notes," approved July 12, 1870. SEC. 3.-That each national banking association now organized or hereafter to be organized, shall keep and maincain, as a part of Its reserve required by law, one-fourth part of the coin received by it as interest on bonds of the United States deposited as security for circulating notes on gov. ernment deposits; and that nereafter only onefourth of the reserve now prescribed by law for national banking associations shall consist of balances due to an association available for the redemption of its circulating notes from associations in cities of redemption, and upon which balances no interest shall be paid. SEC. 4.-That nothing in this act shall be construed to authorize any increase of the principal of the public debt of the United States.

21. April 9, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, April 9, 1874

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UNITED STATES CIRCUIT COURT, WEDNESDAY.-Judges H. L. Bond and Ro. W. Hughes presiding.-The grand jury of this court yesterday morning, through its foreman. Mr. Frank J. Bramhall, brought in an indictment against Mr. T. T. Broocks for unlawfully embezzling, abstracting, and misapplying the moneys and credits of the Merchants National Bauk of Petersburg, while president of that institution. The indictment contains fifty-one counts and covers ninety pages of legal cap, and charges that Mr. Broocks misused and misapplied about $400,000 of the moneys and credits of the bank for his own purposes and about $500,000 for the purposes of the various firms of which lie was a member. The bank is now in the bands of a receiver, and is closing up its affairs under the provisions of the United States laws. Soon after the indictment was presented. a bench warrant was issued for the arrest of Mr. Broocks. It was placed in the hands of the United States marshal, who served it upon the accused and brought him before the court. No bail being offered, he was recommitted to the custody of the marshal. His trial will probably take place at this term of the court. Judge Bond will leave in a day or two for South Carolina. The Circuit Court docket will be proceeded with by Judge Hughes until all jury cases on the criminal and common law dockets are disposed of. By the 1st of May Judge Bond will return. when the appeal and review dockets will be heard; and it is expected that ChiefJustice Waite will be present, and the business of the court in May will he proceeded with by a full bench, consisting of the ChiefJustice, the Circuit Judge, and the District Judge.