First National Bank (Memphis, TN)

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Episode Information

Episode UID
33600885
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
3360 national
Charter Number
336
Start Date
September 25, 1873
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ec1017937503068a

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Events (4)
1. March 25, 1864 Chartered
Source
historical_nic
2. September 25, 1873 Run
Cause
Correspondent
Cause Details
Panic caused by inability to realize on securities in New York leading depositors to withdraw funds
Measures
Paid out substantial sums (about $60,000) initially; later closed doors and suspended to stem withdrawals
Newspaper Excerpt
a run on Wednesday upon the First national bank ... paying to the extent of sixty thousand dollars, but, on opening the doors yesterday and finding the run still likely to continue, they were closed again
Source
newspapers
3. September 25, 1873 Suspension
Cause
Correspondent
Cause Details
Suspended payments because banks could not realize on securities in New York amid the wider 1873 panic
Newspaper Excerpt
The First National Bank of Memphis has suspended
Source
newspapers
4. October 2, 1873 Reopening
Newspaper Excerpt
The First National Bank reopened for business yesterday.
Source
newspapers

Newspaper Articles (22)
1. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.

2. September 25, 1873 Evening Star Washington, DC
Article from Evening Star, September 25, 1873

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P 29 Bank Saspension in Memphis. MEMPHIS, Sept. 25.-The First National Bank | of Memphis has suspended,

3. September 26, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 26, 1873

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NEW YORK. Robbery. NEW YORK. Sept. 25.-About midnight four masked men bound and gagged Seth W. Strage and wife of Yorktown, near Peepskill, and robbed the premises of $400 worth of valuables and escaped undetected. A Disputed Will. The will of Woodford Martin, the deceased grocery merchant, is disputed by three daughters. The estate is valued at $3,000.000. The daughters disputing the will claim that one of a later date than that offered for Probate is in existence. Ingenious Dodge. A newsboy was arrested to-day for crying out "Suspension of the First National Bank, "but was released on explaining that he meant the First National Bank of Memphis.

4. September 26, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 26, 1873

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BANK FAILURES Orders to Purchase Bonds Exhausted. NEW YORK. September 25.-Assistant Treasurer Hillhouse says be has exhausted his orders to purchase bonds, and will await further instructions. Dry Goods Trade Sound. merchants trade The but dry goods report dull. sound. The rumors of failures among them are groundless. Hopeful. The morning journals take a very hopeful view of the financial situation this morning, and the general impression that the panic over. Securities. members of the Jay Cooke firm meet have decided not to their in order to meet daily. The securities and their sacritice obligations. but to await the restoration of public confidence. Mr. Howes. of Howes & Marcy, says they have the best of securities. but don't propose to sacrifice them at the current rates. Secretary Richardson. Sceretary Richardson telegraphs that his duties require his presence in Washington. He can not meet the Clearing House committee in New York. Improved Feeling. 3 P. M-The feeling continues to improve. The run on the Jersey City Savings Bank has ceased. Gold closed at 111 The superintendent o: the Clearing House states that about $3,000,000 of the new loan certificates have been issued. Stock Exchange. The governing committee of the Stock deExchange met to-day for the purpose of some plan for clearing stocks. A of seven was brokers to send in vising committee requested appointed their and state the ments. Resolutions of the Produce Exchange. WHEREAS, The critical condition of the commercial interest. of the country requires immediate relief by the remova! of the block in negotiating foreign exchange: therefore. beit That we respectfully suggest to the of the Treasury for relief in this emergency: plans Resolved. Secretary immediately the following First-That currency be insued to banks or bankers upon satisfactory in evidence that gold has been placed special deposit in the Bank of England by their correspondents in London to the credit of the United States. to be used solely in purchasing commercial bills of exchange. Second-That the President and Secretary of the Treasury are respectfully requested to order the immediate prepayment of the outstanding loan of the United States. due January ! 1874. A Terrible Newsboy Farnishes an Item. A newsboy was arrested today for libeloutly crying out. Suspension of the First National Bank. but was released on explaining that he meant the First National Bank at Memphie. Action of the Stock Exchange. Narcases of bankruptcy against suspend in2 bankers. The governing committee of the Stock Exchange this afternoon appointed a subcommittee of seven to arrange is plan for clearing stocks. The banks in the Clearing House Association are pooling their greenbacks, as agreed vesterday. One or two which stood exceptionally strong refused at first to put their legal tenders in. but finally concluded to do -rather than be expelled from the association. Money is etil! unoutable. Greenbacks have been exchanged day for certified checks all the way from one to three and a half premium. The loan committee of the Clearing House have isaued up to to-night 17.090.000 of certificates. A proposition has been advanced to open the Stock Ex change for business. leaving the settlement Friday's and Saturday . business and sales under rule in aberance. It is claimed this would give investors a chance to buy stock and bring money into the street. The creditors of the National Bank of the Commonwealth held a meeting this afternoon, but, pending investigation by there. ceiver. 110 action was taken. Rates at Closing. Gold carrying rates 3at. Clearing to day $28,250,000. Customs receipts $245,000. Foreigh exchange unsettled; prime bank ere eixty day bills 5@54. Commercial 3 @ i. It is estimated that $2,000,000 in gold has been shipped from England to New York since the panic begun. The actual disbursements of greenbacks for the purchase of bonds by the sub-treasury since Saturday were $13,300,000. Cincinuati Clearing House. CISCINNATI, September 25-The Clearing House Association has just adopted the following resolution: Resolved, That for the protection of our commercial interests, and for the purpose of preventing the drain of currency from the banks and bankers of this city. we do

5. September 26, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, September 26, 1873

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for checks upon banks e drawn. their to be optional on with but the they will certify hands sums. which they drawn are on balances Clearing in House only checks payable member through of the the Clearing such House A Each is required to deposit at all sociation accurities as will Government approved his clearings. value; rail the amount recei of at their bonds par and bills road bonds and are other received stocks and at eventy-five them by per the Certificates cent receivable of the are value fixed are on issued used by the the of balances committee, committee. which can between only be the bank$ render settlement are not negotiable. condition on Change quopanicky and Matters were in it that difficult to furnish feeling tations. to-day to There a was general no feeling cellers to stand of whatever on the but part of buyers and genea and are everything. still The action of the bank scussion here was of this rally consumed unexpected much time. ruinous. There The ecautionary prevailing believe the course that it was a obligation to banks the owe nity. measure, opinion is justified general by the banking commu Chicago Clearing House. The Chicago CHICAGO. September resolved until further condition Clearing House view of the disturbed other cities, and tion affairs and in in New York and balances into of difficulty of converting advice of the bank the and on the commended currency. that members! be currency paythem examiner. authorized to suspend demands made upon counters and ments from on any country large banks a over their New sav Haven savings 25.- Bank. The NEW HAVEN, September the legal delay se in rious run. paying ings banks depositors. are enforcing There has been no Excitement in Memphis. excite MEMPHIS, September account of the susment prevails of banks, here, caused on by the inability closed pension on securities. banks have to realize The following named Bank, De Soto Bank today: First National the Freedmen's Savings 13 and it is and reported Trust Company. There heavy Bank run on the others. all will reopen after It is expected that The excitement the panic subsides. On account this present intense. of the monetary city. panic two and a which run on have all the suspended. banks in business is almost at standstill. suspension in St. Louis. decided Sr LOUIS, September of bankers, 25.-It held was last drafts, night. at to the suspend meeting payment or on exchange, checks or until the either in currency in the East subsides restored. and a firmer excitement condition of the markets is Resolutions of the Associated Bank banks to-night At meeting of the associated the following at the Clearing House unanimous adopted: and resolution Resolved was That for the protection for the purpose of our commercial preventin interests, a drain of currency to adopt from sub- the banks, of we hereby plan agree adopted in New on stantially viz: the Not to pay out currency sums. the checks York. except for small the banks on to be optional with certify checks amount drawn, but we will payable drawn which on balances in our banks, the Clearing House. the through committee of management of The House were directed to issue of Clearing Clearing House the certificates aggregate immediate amounting in set between $500 to $2,000,000. each. for the the purpose banks: of each tling being balances entitled to a pro rata quarter. amount. bank the clearings for the last ample based certificates on to be secured by saided the the character and val of committee lateral lateral to be determined by This arrangement appointed to remain for that in force purpose. till November 1. Little Rock currency has LITTLE ROCK. September increased. The exeite ment over city The failure of the exeitement. banks in Financial Memphis caused are unusual the only topic of conversation. take matters all the merchants refused to the day Nearly to-day. and throughout by decity money a heavy run on the banks de positors. there was As vet they have met every mand promptly Savannah. AVANNAH, September 25.-The Company THE on Savannah Bank and Trust ceased the at noon. and continued on the South matters. ern The Bank Chamber of Georgia of Commerce to the close. is considering Atlanta. ATLANTA. September The Dalkon accure Savings Bank has suspended. The tics are ample. Augusta. ACGUSTA September The National Na Bank. Merchants and Planters tional change Bank Bank of Augusta and Planters and Savings Bank have suspended. The Loan run on the banks has been heavy, especially Cotton is this coming morning. in freely. but there is no money to move it. The cotton market has enspended opera no currency to buy it but there tions: The First National Bank to be paid no serious out as appears usual. on it. The president will pay as long as run there is dollar of currency in the vaults There is confidence that it will weather the storm. The suspended banks have ample 1:a assets. and will meet every dollar's bilities. No suspensions among the business men E and A large meeting of the merchants was held a exchange roome. appointed committ at the to wait upon the directors of the Georgia Railroad and Banking Company and other banks. to issue some medium of exchange to bridge over the present erisis. John J. Cohen & Sons have suspended assets are ample. Their Bonds and stocks can not be sold. There no market for the best securities even at sacrifice. Indianapolis INDIANAPOLIS Ind. September Con siderable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chi cago and Cincinnati bankers which were at first reported as having total Iv suspended. and the excitement was beightened at noon by the suspension of the private bank ing house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York, and public confidence became so shaken there was run that on a quite Ritzinger's bank and on the Indianapolis savings banks, by a class of generally small depositors. and some few persons withdrew their money from other banks The First. National Bank. instead of closing at the usual hour. kept open an hour later to give any depositor all oppor tunity to withdraw his money if he wished, and when it closed it had received more There

6. September 26, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 26, 1873

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ESTABLISHED 1840. T The Daily Appeal has a larger circu. lation than all the other Memphis daily THE PANIC ABROAD papers combined. THEPANICINTRECITY YESTERDAY. It was too much to expect that so Latest from all the Leading Cities thoroughly commercial a point as Memand Money Centers of the phis would fail to respond to the panic Country. which for a week has prevailed at New York and ail but prostrated her energies. We are so intimately The Backbone of the Panic connected with that great center of Broken in New Yorktrade and capital that we could not but Careful Review. share in her troubles, yet it was hoped by our bankers, who a month ago prepared for the dreaded emergency, that Decline in Gold-Shipments from they were so well "fixed" as to be able to pull through, and be ready for the England-Street Transiccotton season, only postponed on account tions in Gold, Stocks of the prevalence of the fever. But the and Bonds. fever itself proved their stumbling-block. When fifteen or twenty thousand people rush panie-stricken from home, The Dry Goods, Produce, Grocery pell-meil, helter-skelter, they are and Other Branches of usually possessed of but two ideas, Trade Unaffected. "money" and "safety." The first, being necessary to the continuance of the latter. becomes the essential. Our frightThe Conduct of the Secretary of eaed thousands, conscious of this, and the Treasury Severely with a view to fortifying themCriticised and Deselves against any contingency, before their departure lined nounced. their pockets, and it is calculated took with them not less than one million dollars. So large a sum as this could The Banks and Bankers of the not be taken from Memphis without, Southern and Western especially at so critical a juncture, enCities - What They dangering not only the stability of our Have Done. banks, but with them many of our largest concerns. The knowledge of the withdrawal of so large an amount had its New Orleans, Little Rock and effect, and as the news from New York Nashville in the Toilsspread from day to day, a feeling of inHow they Worked security grew, which, fed by the panOut. icky state of the public mind in regard to the fever, at last culminated in a run on Wednesday upon the First national bank, one Tae Outlook - Prospect for Toof the best conducted and most liberal day-What we May Exinstitutions in the Union. This was pect-Confidence Still sustained to the extent of paying cut Coming. sixty thousand dollare, but, on opening the doors yesterday and finding the run still likely to continue, they were Etc. Etc., Etc., Etc., closed again and suspension announce d

7. September 26, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 26, 1873

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JENKINS & ATKINSON. WILMER ATKINSON, Publisher. For Terms, Etc., See Second Page. Latest General News. The financial situation is simply a calm-perhaps it might be termed a stagnation. The President and Secretary of the Treasury have come to the conclusion that all the necessary relief has been afforded by the Treasury for legitimate business, and consequently the Treasury will buy no more bonds ot present, nor any sterling exchange. Neither will the payment of the November interest be anticipated. Those opposed to the State Government of Louisiana propose to hold a Mass Convention in New Orleans, on November 24th. Its object is to "institute measures looking to the amelioration of the condition of the people, and to memorialize Congress." The discovery of an "immense" mine in Little Cottonwood, Utah, is reported. It is said to be 25 feet in depth, "exposing large deposite of mineral." It was the schooller Whiting that went ashore at Grand Haven. on Wednesday night. Two men were drowned, the others being rescued. The cholera is disappearing in Paris, the deaths being only twenty per day from that cause. The ceremony of turning the first rod for the first railway in Persia took place recently at Reshd. The meeting called by President Wateon. of the Erie Railway, of persons interested in that road, was held yesterday in London, and attended by about a thousand persons. The proceedings were stormy. Mr. W. stated that the road wanted $80,000.000, immediately, to complete improvements and lay a third rail. Worlen, Webb, & Co., Indianopolis: the Selma Saving Bank. Selma, Ga., the State Bank, New Brunswick. N. J., three banks and one banking house at Augusta, Ga., the first National and De Soto Banks, Memphis. the dollar Saving Bank, Atlanta, Ga., David Preston & Co., and F. & L. Seats & Co., Detroit; all suspended yesterday. The grand "Tournai" of the Knights Templar, at the Academy of Music, in Philadelphia, last evening, was a bandsome affair, and attended by a large number of persous.

8. September 26, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 26, 1873

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MEMPHIS. Suspension of the Frst National and De Soto Bauks. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks. caused by their inability to realize on their securities in New York. The following are the names of the banks that have closed up to to-day First National Bank and De Soto Bank. It is reported that theIFreedmen's Savings and Trust Company has suspended. There is a heavy run on the other banks. It is expected that they will reopen after the panic subsides. The excitement is intense.

9. September 26, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 26, 1873

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ceiver of taxes at Verdan this morning paid the sure claimed. HENRY NLEWS & Co. state that the liabilities which their London house describe as "incurred account for New York house, are largely acceptances under commercial conditions for the account of various merchants in thiscity and elsewhere, to whom the drafts will be returned and who will meet them. being prepared so to do by having goods placed in their possession against which the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances under these conditions are provided for by parties OR whose account they were issued. AT INDIANAPOLIS INDIANAPOLIS, September 25.-Consid erable excitement was caused here this forenoon by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended. This excitement was heightened at noon by the suspension of the private banking house of Woolen. Webb & Co., owing mainly to the return of their drafts on the suspended Trust company of New York, and public confidence became so shaken that there was quite a heavy run on Ritzinger's bank,and on the Indianapolis sayings bank, by a class of generally small depositors. Some few persons have withdrawn their money from other banks. The First National bank, instead of closing at the usual hour. kept open an hour, to give any depositors an opportunity to withdraw their money if they wished, and when it closed, it received more money than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to haye sent home the crowds who thronged the streets. AT NEW ORLEANS. New ORLEANS, September 25.-There was a meeting this forenoon of all the bank presidents in the city, except two It was resolved to pay ao checks for more than one hundred dollors, all the larger checks to be certified. This arrangement is to continue for thirty days. This ac. tion they consider precautionary to preventa drain. AT SAVANNAH, GA. SAVANNAH, September 25.-A run commenced early this morning on the savings department of the Savannah Bank, and the Trust company and the Southern Bank of Georgia. Large crowds are congregated. Banks are paying dollar for dollar, and business is at a complete standstill for want of currency. AT WASHINGTON WASHINGTON, September 25.-The navy department is paying all employes to-day in anticipation of usual pay day,in order to lessen the stringency of the money market caused by the scarcity of currency. AT MEMPHIS. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks, caused by inability to realize on securities in New York. The following named banks have closed to-day First National bank. DeSoto bank, and it is reported the Freed. man's savings bank and the Trust company. There are heavy runs on other banks. I: is expected that all will re. open after the panic subsides. The exeitement at present is intense.

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

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

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any means. Those having remaining deposite in the unsuspended banks felt much easier this morning, when, from behind awning-posta and lamp-poets, they behold the doors of their depositories open, and the clerks and officers file in one by one and arrange for the day's business. The run to-day was very light-80 light, in fact, that one of the banks reports deposits greater than the checklug, and might add that confidence has to a great extent been restored, though trado will Buffer for days yet. Thore are NO COTTON DALER, and the planters can get no means with which to pay their laborers, consequently they nro lenving the fields for the settlements and towns. The order trade here is fairly active, however, in nearly every branch,-dry goods, boots and ahoos, and groceries,-and In fact the notion trafilo is fair, and were the money market to let up, business would spring up at once in epito of yellow fever. The defunct banksthe DeSoto and First National-atill have their bannors hung on the outer walls, but nothing hns an yet transpired that will throw Any light upon their future course. A Receiver will, it is rumored, be appointed for the First National, and (ho*DeSoto folks say they can pay their $178,000 deposits in a few days. MEMPHIS, Sept. 20.-The financial panio WAR not resumed to-day. At n meeting of the stockholders of the First National Bank, it was shown to have an abundance of first-class assets, and measures were taken to placo the bank on n better basis than before.

12. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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MEMPHIS. Special Dispatch to The Chicago Tribune. MEMPHIS, Sept. 27.-The financial situation here has undorgono no marked change eluco yestorday, except nn increased fooling of caso occasioned by the probability of the early rosumption of payment by one or more of the suspended banks,-the First National and Do Boto,-which is most flattering. A mooting of the business mon and leading merchants of the city was hold this morning, attended by n majority of the depositors of the First National Bank, nt which it was decided by the bank dopositors to permit their monoy to remain in the bank untouched for eithor sixty or ninoty days, 80 that the bank might resumo within the time limited by law. The solid men of the city, or that portion of them who have not scanipored away on account of yellow fevor. camo up and subscribed loans varying from 81,000 to $15,000 each. the total subscription or lonu to the bank footing up over $200,000. which, with the nogotlable paper now owned by the bank, will place it again upon n substantial basis and permit its resumption immodiately upon the books being straightened. The additional bank failures reported in to-day's dispatches created littlo if any excitement hero to-day, and business was not disturbed in the lonst by the reports. The ruu upon the solvont banks was very light compared to that of yestorday or the day before, and in nearly every instance the DEPOSITS BROWED A MARKED INCREASE, for the first time in nearly two weeks, and the banke receive Eastern exchange on other institutions than their own correspondents, 0110 bank alone, the State National, taking nearly 840,000, which again insures 8 movement in cotton, and to n great extent will restoro to plantore in this immediate vicinity tho labor they have lost by not being able to get means from their morchauts to pay their hands, for which reason the cotton-pickors in numerous instances have loft the fields with not ono-teuth of the crop gathered.

13. September 29, 1873 The New York Herald New York, NY
Article from The New York Herald, September 29, 1873

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nounce that they will resume business in the morning, opening as unual at ten o'clock. The following gentlemen, resident directors, have signed a card pledging themselves for the payment of deposits now on hand or that may be made hereafter:-John V. Farweli, W. F. Coolbaugh, David Thompson, C. T. Wheeler, Asa P. Kelly, James Woodle, Albert. A. Munger, C. Briggs and AVE Dow. The card of the officers is strong in defen 8 of the course of the bank in suspending, but ackne gyledges they deem it necessary to bow to public sentiment. They say they exhausted every m eans in their power to secure united action an long the bankers before suspending. They yet believe it impossible to permanently me intain any different positions from that cepted by more than 2,000 national banks of the United States, and hope that this unity of action may be secured. Believing it to be a solemn duty in this emergency to share the common lot of their stomers and to act with them in sustaining, by all legitimate means in their power, the commercial inte rests of the country, they have determined to open their doors at once for the resumption of business. The Cook County National Bank resumes in the morning. The papers speak in hopeful terms of the situation, and mention an influx of currency to Chicago the for the purchase of grain. They eay true source of relief is the prod.u that or the country. The Tribune says banks remain closed with large amounts of currency in their vaults are the worst enemies to business in times like these, and call on the Comptroller of the Currency to take steps to compel them to settie their affairs under the National Bank act. The Inter-Oceanic will in the morning urge the Prestdent to call a special session of Congress to amend the Bankrupt act. The Financial Situation in Indiana. JEPPERSONVILLE, Sept. 28, 1873. Quite a run was made yesterday ou "the First National Bank, but all the checks were paid, and the bank closed at the usual hour. At the Citizens' National Bank considerable excitement existed among the many that crowded around the doors, but no run occurred. The Ohio Falls Car and Locomotive Company. employing 700 men, has stopped work in all the shops except the foundry, throwing about 400 men out of employment. The Southwestern Car Company have also reduced their force. The stoppage of these business interests is due to their inability to obtain currency to pay off their men. The shipyards of Dawes, Howard & Co., employing a heavy force of men. succeeded in securing a limited amount of currency, and paid two-thirds of their wages. A reduction of the force has been made, but the boats now on the stocks will be finished, notwithstanding the scarcity of currency. At Barmore's shipyard no reduction of the force has been made. The First National Bank of Memphis. MEMPHIS, Sept. 28, 1873. The report of the committee to examine the condition of the First National Bank makes a much better exhibit than was expected, and steps have been taken looking to the immediate resumption. According to the reports its demand liabilities are $374,000 against unquestioned and available assets of $555,000. The doubtful and unavailable assets are $101,000, making the total assets of $656,000. Alter paying all the liabilities the stockholders can realize par on their shares. On reading the report of the committee $200,000 were subscribed towards enabling the bank to resume. A Better Feeling in Charleston, S. C. CHARLESTON, S. C., Sept. 1873. A better feeling prevailed at the close of business on Saturday, the national banks having received a larger amount of greenbacks on deposit than they paid out in checks. No suspensions have occurred beyond those announced on Friday. Suggestions from the Philadelphia Mint. PHILADELPHIA, Sept. 28, 1873. In view of the present condition of financial exchange, the Superintendent of the Mint recommends that parties ordering coins of a minor denomination remit in currency or Post Office orders for the same. Action of Bank Officials at Harrisburg. HARRISBURG, Pa., Sept. 28, 1873. Representatives of all the banks and savings institutions of this city met to-night and unanimously agreed to suspend the payment of currency. Financial Matters in Indianapolis. INDIANAPOLIS, Ind., Sept. 28, 1873. Financial matters remain quiet. No further run on the banks is expected. Suspensions in Canton, 111. CANTON, Sept. 28, 1873. The National People's Bank and Home Bank, of this city, have suspended payment until the financial crisis is over. The reason given is the recent action of the banks in Chicago, Cincinnati and elsewhere.

14. October 1, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 1, 1873

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The Financial Situation. Reports Generally Favorable. Opening of the Stock Exchange RENEWED ACTIVITY. New York, 30. Affairs continue on Wall street to improve in financial circles, and unless some unexpected check is given, it is simply a question of time, and a short time at that before business will arrive at a normal so as are are the exconcerned. condition, The improved No far failures condition the regular of reported markets foreign to-day. changes will start the export trade and once more set the crops in motion. The benefits likely to arise from the improvement in the exchanges cannot be over estimated. The stock market opened rather steady, but prices soon fell under considerable heavy sales, though there was no excitement. The brokers seemed very much pleased to get back again into the exchange. The market closed with a partial reaction from the lowest prices of the day. The President of the stock exchange, H. G. Chapman, this afternoon, said he thought the reopening of the exchange had occurred in a very favorable manner. There had been no unusual excitement and the business had proceeded as on an ordinary day. Stocks had taken their natural course with a reaction from what might be called fraudulent high prices of the street, as there had previously been. From the fraudulent prices there had undoubtly been real transactions at all of the street rates; but only with an open exchange could there be a genuine market and the value of stocks be tested. He thought the reopening of the exchange had been very beneficial and that the financial excitement was about ended. The stock exchange closed as usual at 3 o'clock this afternoon, after a day marked by no important event except its reopening and consequent general increase of confidence. Just before closing, Abram B. Baylies, chairman of the committee of conference with the, clearing house, ascended the rostrum, the members having been called to order, he. announced that the committee on settlement who had been in session from 2.15 to 2.45 o'clock, reported tha no new failures had occurred, and that all disputed contracts brought before them had been satisfactorily settled. The announcement was greeted with loud applause. S. T. Russell, chairman of the committee on settlements, when questionned after clos. ing the exchange, said that this committee had been positively astonished to find all the difficulties settled harmoniously. Difficulties which involved many knotty questions and were expected to give a great deal of trouble were among those settled to the mutual satisfaction of the parties. Men who were not expected to do anything, and who had said that they would do nothing had come forward and put up satisfactorily. The committee had expected a great number of suspensions, but as announced by Mr. Baylies, not a single one had occurred. He believed that confidence was rapidly returning. It is stated on authority of the clearing house officials that legal tenders were received from the interior to-day in considerable amounts. Ohicago, 30. The final suspension of the Union National Bank to-day depressed prices and the market raled very quiet. Washington, 30. Treasurer Spinner will respond to the request of the National banks for the payment of interest on their new five per cent. registered stock in the Treasury as security for circulation and public deposits by sending their checks for the amount of interest due on the first of November, on such bonds less rebate at six per cent. per annum. Memphis, Tenn., 30. The most responsible merchants in this city, have subscribed and paid in $320,000 to the first National bank, which will enable it to pay all liabilities and resume business. Charleston, S. C. 30. There is an improved feeling in money circles here. The National banks and Union bank pay currency deposits larger than disbursements. Threefourths of the cotton sales to-day were for greenbacks instead of exclusively for exchange as had been the case since the crisis commenced. Cincinnati, 30. There was no very particular change in the situation of financial affairs here to-day. The opening of the New York stock exchange was looked to with a great deal of interest and the work of the day has been received with much favor. More orders for provisions were received here to day than for a number of days. Everything in connection with the clearing house is considered entirely satisfactory.

15. October 2, 1873 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, October 2, 1873

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EY TELEGRAPH. FINANCIAL New York. YORK, October 1.-The quiet. feeling with in NEW circles to-day was very event. an entire absence of any & Chick susfinancial The firm of Northrup but exciting the failure afternoon, as had the pended this on the Stock Exchange. was no influence had no stocks. Their suspension deposits. for firm by the withdrawal of advance in caused was another sharp bankers There to-day, and leading days eign advanced exchange their rates to 107 3 for sixty was sterling and 109 for of sight. Henty Clews Stock & Ex. Co. The officially suspension announced in the change to-day. officers report that the demand banks has for Bank be sent to country tele currency fallen off. to Several morning banks out to of stop town further graphed Shipments early and this some others have returned greenbacks The total to amount New York. paid $2,994,574. out on account of November interest locomotive is work of Delaware Paterson, The Grant 170 men. The of have tunnel discharged discharged 400. Cause. scarcity currency Car Company, of Jersey is the The Cummings The trouble large City, amount has suspended. due collected. from railroad companies which can not be saving banks in A visit to show that all fears and on this city depositors to-day the different have vanished them the a part of who drew money from about last large $13 000.000 week numbers have in returned greenbacks it. of in There any the run is vaults. are channels. passed. which, when will be any distributed signs through other Washington. October 1.-The financial new situation WASHINGTON, closed yesterday without any features. liquidation of the Union depressing National The of Chicago had rather a New Bank but caused no excitement. looking on effect. anxiety exists. all difficulty. York Much for the solution of the here is improving. The financial situation is no indication of any ex. quarters. and eitement to-day concerning there the banks in business Chicago. October 1.-The financial a situr much CHICAGO. this morning presents The rebrighter tiou here aspect than yesterday. large. $3,000,000 ceipts of currency yesterday. continue while the fact. debeing reported deposits are falling off: to furnish in mands banks upon have already begun accommodasome their customers The prospect with the is usual that it will wonted not be long tions. before business will resume its channels stated that the Third National proba- Bank It is business in a few week. days, will resume the beginning of next biy by at the Clearing House were preall Settlements made to-day, and a better feeling vails on Change. Louieville. LOUISVILLE October 1.-It to is the reported Clearthat several banks belonging established a few ing days House ago, are Association, withdrawing from that organization meeting of the Clearing House assent. Asso- the At a with common of coassociation ciation to-night. dissolved through lack operation. of Kentucky announces heretofore. that it will The pay Bank all the checks Pianters' on demand Bank. People's as Bank with. Today City National Bank the Clearing House drew have been doing These and Louisville from banks paying Association. business all checks through the panic, to do so. usual and they will continue on the presented. withdrew from the association the com. fination. ground They that no necessity exists for Philadelphia. October 1.-In the Cadwal- United PHILADELINIA Circuit Court. before Judge the States granted last week upon Jay an of Edward Wilson not to show why they lader. petition Co. order which against should was to Cooke adjudicated bankrupts. continued be been returned to-day. was the debthave next week at the request of usand until by consent of the petitioners. Cincinnati. October -Matters are in job. proCISCINNAIL There is a move bing gressing orders. quietly. but little disposition to operate on the usual been large no scale. day since the financial There has a very serious so much hopefulness at the disturbance which assumed has existed aspect on today. It was apparent itself to opening here as of Change, and manifested the close. markets gave evidence of was reThe general and though business of turning mainly contined vigor. to jobbing show considerable les. it was resuch a nature as to With the banks and vival of confidence. it probably has been the tone quietest was bankers ten days. The improved the day. day common for remark throughout increase the iceable feature was an much in Anc money OR the street, lower the amount was o. placed at decidedly returning of which yesterday. With the quarrates than is also appearing in designate many at confidence for New York to for ters earliest a desire possible period some day a the currency resumption in that city. Memphis. MEMPHIS. October -The First National Bank reopens for business to-day. London. October 1.-One hundred were and LOSDOS. thousand pounds sterling forty withdrawn nine from the Bank of England on balance to-day for shipment.

16. October 2, 1873 Evening Star Washington, DC
Article from Evening Star, October 2, 1873

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TELEGRAMS TO THE STAR This Afternoon's Dispatches. Associated Press Reports. MONEY MATTERS. After the Panic. Greenbacks at 21/2 Per Cent. Preminm The New York Markets To-day. NEW YORK, October 2.-Greenbacks are quoted at 2% per cent. premium. There has been very little done in money, and quotations have not yet been established for the day. Foreign exchange is lower. and the bankers have reduced their rates to 107 for 60 days and 108% for sight. Gold opened quiet at 110%, declined to 110%, with a subsequent rally to 110% Rates paid for carrying thus far in the day are 3 to 7 per cent. gold. Government bonds firm. Southern state securities are lower in Tennessees and steady in the remainder of the list. The stock market has been irregular, with a fair degree of activity in Western Union. Lake Shore, New York Central, Rock Island, Pacific Mail, and Wabash have been the most active stocks. Western Union fell off from 62 to 60, recovered to 62. and still later receded to 60% Lake Shore declined from 70 to 68 1/2, with subsequent dealings at 69 y a70. New York Central advanced from 89 to 90%, and St. Paul from 31 1/2 to 32. Rock Island rose from 88 to 89, and afterwards sold down to 87 K. Wabash sold at 43 a42% Harlem at 1003,a110; Pacific Mail at 32a31a32 Union Pacidle at 18yal8 al8%; Panama at 98a97; Northwest Common at 40% 3944; Ohio at (%a27a27)%; Pittsburg 80 a81, and Erie preferred at t70a70% No quotations of Erie Common have been reported. ANOTHER SUSPENSION. NEW YORK, October 2.-The suspension of Geo. B. Grinnell & Co., bankers and brokers, has just been annoanced in the stock exchange. BANKRUPTCY PROCEEDINGS AGAINST BIRD, GRINNELL & CO. Judge Baltchford, of the United States Distriet Court, has issued an order citing George Bird, Grinnell & Co., to show cause why they should not be declared involuntary bankrupts. The order is returnabe on the 11th inst. Resumption. MEMPHIS, October 2.-The First National Bank reopened for business yesterday. The Financial Condition in London. LONDON, October 2, 12:30 p. m.-Consols for money, 92 ; for account, 92% Bonds of 1865, old, 95; 1867, 95% 10-40's, 91 X ; new five's. 91% Erie, 43% At 12:25 the Bank of England directors posted their card, stating that no change in the rate of discount has been made. LONDON, October 3:30 p. m.-The bullion in the Bank of England has decreased £1,904,000 during the past week. THE RATE OF DISCOUNT LOWERED. LONDON, October 2, 4 p. m.- The rate of dis. count in open market for three months' bills 18 4 13-16 per cent. Erie, 42%

17. October 3, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, October 3, 1873

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Twenty Deaths at Memphis and Twelve at Shreveport from Yellow Fever Yesterday. Resumption of Banks and Firms Temporarily Suspensed. Demoralization of the Carlist Forces In Carthagena. The Modoes to Dance their Last Jlg To-day. ORLEANS, October 2.--The folwere the lowing NEW interments at Shreveport on the 1st: John Bertrand, white; Charles Horne, Rev. Father Gergoud, Miss Bettle McCall, Lieutenant E. A. Woodruff; - Lewis, Edward Shiffer. BUFFALO, October 2.-Ex-President Millard Filmore opened the International Exposition here to-day. D. Redmond, of New Orleans followed. The attendance is very large. MEMPHIS, October 2.-There were twenty yellow fever interments here to-day. The First National Bank has resumed. LOUISVILLE, Ky., October 2.-At a meeting of the Hebrew Association of this city last night, twelve hundred dollars was subscribed for the sufferers by fever in Shreveport and Memphis. NEW YORK, October 2.-The Danforth Locomotive Works are working only half the time. The company has plenty of money in bank, but can not get its checks cashed. B. B. Grinnell & Co., brokers and bankers, have suspended. John C. Heenan is fatally sick with hemorrhage of the lungs. There are three hundred and eightysix delegates here to attend the Evangelical Convention, which assembles to-morrow. LOUISVILLE, October 2.-The Island's bank, People's bank and Louisville City bank all withdrew from the Clear on the no for a was ingshouse necessity ground combination, that there and the Clearingshouse was abolished by mutual consent. FORT KLAMATH, OREGON, October -The erection of the gallows for the execution of the Modoes commenced one beam in public on to-day. They will all Friday hang morning from at 10 o'clock. LONDON, October 2.-Sir Edward Landseer, the celebrated painter, is dead. MADRID, October 2.-Deserters from Carthagena report demoralization and of insubordination among a majority the insurgents, who desire to surrender, but they are overawed by the liberated convicts and more desperate volunteers. RERLIN, October 2.-Trade speculation is almost suspendeti, in apprehension of a panic on the Bourse. The King of Saxony is dangerously sick. NEW ORLEANS, October 2.-Shreveport interments to-day Johanna From, John Smith, J. S. Pierce, Mary Giftin, Annie Whitesell, B. Delony, Mrs. H. McCall, Lafayette Mitchell, colored ; Mattle Munday, Lou Blackstone, Henry Dreyfus, Martha Riggin, colored. Total, 12: whites, 10; coloreded, 2. WASHINGTON, October 2.--G. Grinnel and Bird & Co., are cited to show cause why they should not be declared involuntary bankrupts. The hearing will take place on the 11th instant. The government has returned to the Treasury the payments for September: Civil and miscellaneous, nearly $5,000,000; war, over $48,000,000; navy, $4,500,000; interior, over $3,000,000. Total, $17,500,000. LONDON, October 2.-Robert Bigby, the English writer, is dead. PARIS, October 2.-Specie in the Bank of France has increased four million francs. MADRID, October2.-Dispatehes from all sections of the country represent a much better feeling. The e-establishment of discipline in the army has served to restore confidence in the ability of the Government to suppress all insurrections,

18. October 3, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, October 3, 1873

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greenbacks in the vaults, which, when all signs of any run are passed, will be distributed through other channels. NEW YORK, October 2. --The Danforth Locomotive Works is working on half time. They have plenty of money in bank, but can't get a check cashed. John C. Heenan is fatally sick, with hemorrbage of the lungs. 386 delegates to the Evangelical Con vention, which assembles to morrow, have arrived. G. B. Grinnell & Co., brokers and bankers, HAVE suspended. Paton & Co., one of the oldest dry goods houses of New York, have temporarily suspended. MEMPHIS, October i.-Twenty yellow fever interments yesterday. The First National Bank has resumed. LOUISVILLE, October 2.-A meeting of Hebrews subscribed $1,200 for Mem. phis and Shreveport. The Planters' Bank, People's Bank and Louisville City National Bank withdrew from the clearance house, on the ground that there was no necessity for a combination, and the clearing house was abolighed by mutual consent. FORT KLAMATH, October 2.-The erection of the gailows for the Modocs has commenced. They will hang from one beam, in public, on Friday morning, at 10 sharp. SHREVEPORT, October 2.-Seven yellow fever deaths yesterday. UTICA, N. Y., October 2.-The State Democratic Convention met a 10 A. M. The platform denonnces the salary grab, and demands a repeal of the law; demands revenue reform; demands a return to specie payments: demands that the policy of paper inflation, protective tariff and Government subsidies shall be abaudoued; holds out the right hand of hearty fellowship to the farmers of the United States, in their just resistance to the exactions of monopolists; demands that those entrasted with the public

19. January 4, 1874 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, January 4, 1874

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MISCELLANEOUS. Arrival of the Franklin. KEY WEST, January 3. - The United States steamer Franklin has arrived, ten days from Boston. She passed through two cyclones, but remained uninjured. All weil on board. Summoned to Washington. Captain Whiting, chief of staff of the North Atlantic squadron; Lieutenant Ma. raix, flag lieutenant, and Chief Engineer Harris, of the Dispatch, have been summoned to Washington to testify in the investigation regarding the sinking of the Virginius. Smothered. WILMINGTON, N. C., January 3.-Two seamen and the ateward of the German bark Adolph Von Bartt were suffocated by coal gas, generated from a stove in a close cabin, last night. Two other seamen are in a critical condition from the same cause, but may recover. The captain and mate declined to give the names of the men, but they will probably be ascertained by the coroner's jury. Memphis Out of her Financial Troubles MEMPHIS, January 3.-The resumption of businees in full by the First National Bank which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends claim that it will be stronger than ever. The Mayor Elect. John Loague, the mayor elect, will not be installed until the fourteenth. A Dastardly Murder. Edward Smith, aged seventeen years, was shot and killed near Florence, Alabama, on Monday, by Dr. G. W. Payne, of Tennessee. The Florence Times denounces the killing as a dastardly murder. c Fire in Nashville. NASHVILLE, January 3.-Last night at eight o'clock A. Rannis' wholesale confectionery, a three-story building on Broad street, caught fire in the roof, communicating to the wholesale grocery house of G. G. Black & Co. Rannis is damaged $10,000uninsured. Black & Co's loss is light, fully insured in Liverpool companies. Action of the Labor Reformers. At a meeting of the executive members of the Labor Reform party of Tennessee resolutions were adopted declaring the present panic the result of a combination of Eastern capitalists, bondholders and ID? nopolista, and that the capitalista ar bondholders of the East are imposit burdens and hardships on the industr of the West and South more intole able than slavery; calling upon th producing classes South and West to fre themselves from the unjust and oppressive combination, and inviting the laboring men and farmers to take measures for the call[CONTINUED ON EIGHTH PAGE.]

20. January 5, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 5, 1874

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A Financial Crisis in Cuba. HAVANA, Jan. 3.-The wharf laborers and trade-orgauizations demand pay in gold or its quivalent in currency. and propose to strike on Monday unless their terms are complied with. The draymen and coachmen will join in the strike. The Junta of the Debt has been in session today discussing means to relieve the financial situation, but without result. Proprietors of newspapers also held a meeting to consider the question of raising their subscription rates. The First National Bank of Memphis Resumes Business. MEMPHIS, Jan. 3.-The resumption of business in full by the First National Bank, which was forced to suspend during the late panic, causes much rejoicing in monetary circles, 33 the bank has always been one of the most liberal and popular in the city. Its friends now claim that it will be stronger than ever. Resumption of New York Manufacturing Firms. NEW YORK, Jan. 3.-Prentice's hat factory, in Brooklyn, which closed during the recent panic, will be in operation on Monday, giving employment to 500 persons. The Planet Mills will reopen the same day. One Hundred and Fifteen Railroads in Default. NEW York, Jan. 3.-The entire number of railroads which are in default is more than 115, representing an indebtedness on their interest account of more than $27,000,000. National Finances. WASHINGTON, D. C., Jan. 3.-Internal revenue receipts for December, $1,195,521; for fiscal year, $19,022,999.

21. January 15, 1874 Iowa Voter Knoxville, IA
Article from Iowa Voter, January 15, 1874

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for trial at Topeka, Kansas, on the 5th. He did not appear in person, but his attorneys made application for a continuance for thirty days, which was denied by the court and his bail declared forfeited. The First National Bank of Memphis, Tenn., which suspended during the panic, has resumed business in full. The Illinois Legislature met in adjourned session at Springfield on the 6th. The Legislature of Minnesota organized on the 6th. Charles W. Johnson was elected Clerk, and T. G. Anderson, Secretary of the Senate. In the House the vote for Speaker was: A. R. Hall, Republican, 53; John Davidson, Opposition, 49. The Ohio Legislature organized on the 5th, Geo. L. Converse being chosen Speaker of the House. On the 6th resolutions to censure for the Salary-grab act, were back to the House so as reported Congress passing to include President Grant for not vetoing the bill. The Republicans sought to get a division of the question, EO as to vote first on censuring Congress, and in their failure to do this, voted solidly against all the resolutions. They were adopted by a unanimous Democratic vote. The Supreme Court of Texas has decided that the law under which the late election in that State was held is unconstitutional. This law directed the polls to be kept open but one day, in contradiction of the provisions of the Constitution, which requires them to be open for four days. Under this decision, the sitting State officers hold over till the Legislature orders a new election. Two men named McEwan and Smith, of Bay City, Mich., who had been afloat on a cake of ice since the 31st ult., drifted ashore at Pineoning, on the 7th. They were both alive, but were very much exhausted and could not talk much, to give particulars. They had been afloat for six days and nights, without anything to eat except a small piece of raw fish. A party of six persons left Alabaster on the 4th, in a fishing boat, to rescue Smith and McEwan, and it was feared they had all been lost, as the boat was found on the 7th, capsized in the water, six rods from shore, near Whitestone Point. The Illinois Legislature has passed a resolution " That we emphatically condemn the law passed by the Forty-second Congress inereasing the pay of members of Congress and other officers of the Government, and instruct our Senators and respectfully request our Representatives in Congress to use their best endeavors to secure the unconditional repeal of said law; and we hereby declare our conviction that the Constitution of the United States should be so amended as to prevent any future Congress from increasing the pay of its own members; and we hereby express our earnest request that immediate measures be instituted by Congress to secure this end." David A. Gage, ex-Treasurer of Chicago, has been indicted by the Grand Jury for the crimes of perjury and embezziement of the public funds. The adjourned session of the Missouri Legislature met at Jefferson City on the 7th.

22. January 15, 1874 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 15, 1874

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hardly any one knew just the process of he termination. Most of the engineers whocould obtain employment had gone to work. The Executive Committee of the Labor-Reform party of Tennessee has issued an invita tion to the Labor-Reformers and Farmers of the West and South to take measures for calling a convention, to meet in St. Louis on the 22d of February next, in order to resist the alleged unjust combinations of Eastern monopolists and capitalists. A Key West dispatch of the 3d says: "Captain W. D. Whiting, the Chief of Staff of the North Atlantic equadron; Lieutenant Adolph Marix, Flag Lieutenant, and Chief Engineer Harris, of the dispatch boat Dispatch, have been summoned to Washington to testify in the investigation in regard to the sinking of the Virginius. Captain Whiting received the Virginius; Marix brought her to the Tortugas, and Harris made an engineering survey before she left Bahia Honda." Governor Taylor and the other State officers elect of Wisconsin were installed at Madison on the 5th, with the usual ceremonies. Two Legislatures are in session "in Louisiana, representing the Kellogg and the McEnery Governments. The latter body has no quorum, and does not propose to do anything more than prepare an address to Congress. Gov. Kellogg's message to his Legislature is devoted largely to the finances of the State, and the statement of a plan for restoring its credit by funding its debt at sixty cents on the dollar. The case of ex-Senator Pomeroy came up for trial at Topeka, Kansas, on the 5th. He did not appear in person, but his attorneys made application for a continuance for thirty days, which was denied by the court and his bail declared forfeited. The First National Bank of Memphis, Tenn., which suspended during the panic, has resumed business in full.