Mechanics National Bank (Chicago, IL)

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Episode Information

Episode UID
46600862
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4660 national
Charter Number
466
Start Date
October 17, 1871
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0ff308b653c595f1

Response Measures

Borrowed from banks or large institutions, Fed/other loan, Partial suspension, Full suspension

Other: The bank was eventually expelled from the Clearing House Association and forced into voluntary liquidation/receivership.

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

Description

The bank initially survived the 1871 fire and the 1873 panic (using the 60-day rule), but was expelled from the clearing house in Jan 1874 due to insolvency and finally entered voluntary liquidation in Jan 1875.

Events (8)
1. June 28, 1864 Chartered
Source
historical_nic
2. October 17, 1871 Reopening
Newspaper Excerpt
The banks, national to-day. and The savings, resumed business
Source
newspapers
3. September 22, 1873 Run
Cause
Macro News
Cause Details
Systemic financial panic of 1873 triggered by the failure of Jay Cooke & Co.
Measures
Invoked the 30 and 60 day notice rule for withdrawals and limited payments to sums under $100.
Newspaper Excerpt
There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule
Source
newspapers
4. September 22, 1873 Suspension
Cause
Macro News
Cause Details
Partial suspension of currency payments due to the Panic of 1873.
Newspaper Excerpt
The Chicago banks have taken advantage of the sixty-day privilege on their depositors.
Source
newspapers
5. January 21, 1874 Other
Newspaper Excerpt
The Executive Committee of the Chicago Clearing-House Association yesterday invited the Mechanics National Bank of this city to withdraw from its membership
Source
newspapers
6. December 30, 1874 Voluntary Liquidation
Source
historical_nic
7. December 31, 1874 Receivership
Newspaper Excerpt
the stockholders resolved to go into voluntary liquidation, in accordance with the provisions of the National Banking act.
Source
newspapers
8. December 31, 1874 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insolvency resulting from bad loans and mismanagement under former President J. Y. Scammon.
Newspaper Excerpt
The officers of the Mechanics' National Bank... informed the members of the Clearing-House Association yesterday that they should make no clearings, and that they had suspended business.
Source
newspapers

Newspaper Articles (23)
1. October 18, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 18, 1871

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Article Text

CHICAGO. by Lumber Attempted The Resumption.org Rebuilding the on Banks--The Work of attempt was Oct. 17.-An lumber dealers, lummade by a up the price but this yesterday, CHICAGO, to number carry per of thousand, larger of and at from $3 to $4 of the the was ber, was resisted respectable by many dealers, deteated. and Lumis selling at the old and filty millions tempted more ber extortion hundred prices. There the Italian sup- are of fully feet in two the continue yards in to this be abundant. city, and the will captured police have Peteri, who on keeper, week, in a Monday night stabbed two saloon ply The of Gregorio last saloon men on of to Buren street, at the Van He was found west of village this city. on death. about five miles dead bodies total held up inquests Of course Austin, which The number have been of when removed, to last the night, is ninety-two. burnt dietrict is debris in the be disovered. more will been made to-day the special removal of by many Aarrangements for the agent have of avenue the the Postoffice Church, PostDepartment the Wabash and Harrison office avenue for corner to Wabash will be occupied build that streets, and it the government Church can edifice purpose until building. This burned district, suitable the south line of the was considerably scorched, south is on division. but suffered It little or no of Trade injury inside. The directors this of morning, the Board for of the location. purhad a meeting settling the question it was deAfter to appoint a near the old cided a suitable lot, the Chamber pose to select of considerable and committee discussion on a rooms, Board tem- of of Trade rooms, and to erect thereon transaction of business. Sheridan to-day the porory their Commerce, General building, he for announces the issued contin- an There ad dress, peace in which and quiet violence of the city. since the disaster has uous been of Sunday no case night of and Monday morn- reing. The banks, national to-day. and The savings, calls settle- from sumed business were light for immediate to ascertain ment, as many what extent they depositors and to sought Many deposits could their or draw was no safely balance made. There hereafter. drafts on excitement the Savings were whatever. The and in many rush Bank were very light, made. There deposits were at the considerable many checks were confidence stances and excitement the thrown closing out. was the in- to hour, illustration of banks, we refer placed in Third public to-day's As an work: checked At the the out, and National, bank $72,000 pre$45,000 State dedeposited were rush, The but only Savings money, some forty the aghave gregate pared positors for of called a which for was their greatly exceeded been by deposits. contracts for building those who Many to-day. Among are William F. Wheeler, propose consummated to rebuild H. G. Powers, at once Armour, C.T. John Pot- B. Coolbaugh, George Walker, Mathew K. Drake, Boin Bros., of Drake Block, Laflin, J.C. C. H. Tuttle, Beck une ter Gregstin with, Palmer, Company, Edwin & Mackin, Hunt, &c. House Frederick Jas. The square H. entire Reese, from block Trib the on Court from Randolph streets, will Dr. Fowler, J. C. and John Drs. Union Depot land and street is to be east, by fronting Washington E. Goodell, Messrs. and others. of running Lake Charles Walker, The great be rebuilt scale. at at Quin- once once R. rebuilt at the toot and on a greatly were enlarged issued to-day thousand for A persons number leaving of passes the city. The number was The one action the of postoffice the postoflice on one-third authorities the South of the Side, in locating population where there surprise of the is less city and than and a good no gas, to deal have has of indignation, created great for the less accommodation regard seeming should of a mahad of the citizens than to-day, In number of of been jority lected. been. Brooklyn A various small $1,200 parts contributions was have New col- at from Committee State. telegraphed that in money ought to give Various New Chicago York are reported The $1,000,000 Boston England Massachusetts towns and for supplies. are reported $10,000 as a portion The registration for this the morning; election to-day Michigan. commenced registered 23,200. Germans November total was number of the leading for the purA meeting Hall to-night, element one pose held at of uniting the A German committee, was ap. organization. Apollo prominent Germans, Democ- includ. into ing many with the reform pointed racy for to the conter purpose of an alliance against

2. October 18, 1871 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 18, 1871

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Article Text

# THE WRIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA, &C. Washington, October 17.--The President to-day, after reciting the causes and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartanburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the orders of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the Ku-Klux act of Congress during the continuance of the "rebellion" in said counties. The Attorney-General has a dispatch from North Mississippi that five Ku-Klux with disguises complete have been captured. Seven hundred and fifty thousand dollars in revenue stamps were found safe in the government vault in Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved, and are paying every dollar on demand. A good feeling prevails. [Signed] H. R. Hurlbut, Comptroller of Currency." Mexican Affairs. Havana, October 17.-A steamer just arrived from Vera Cruz brings late dates from the Mexican capital. Juarez had been re-elected President by Congress, receiving 108 votes-all that were cast. The opposition abstained from voting. Everything was quiet in the city. The telegraph wire between the capital and Matamoras had been cut by Trevina. Telegraphic Summary. Eighty Catholic children have arrived at Cincinnati from Chicago, and have been committed to the care of the bishop. The cholera has again appeared in an epidemie form in Constantinople. Sixty deaths have occurred in two days, nine of whom are Englishmen. Hon. James McNab, Governor of Nova Scotia, is dead. The preparations for the exposition of the Industrial Association of Georgia, to be held in Savannah on the 21st of November, are nearly complete. A suit has been instituted in the Federal Court at Memphis, Tenn., against Gen. Forrest and others, by Capt. Houston, of the steamer Hester, for arms destroyed some years ago by disguised men. A dispatch from Raleigh states that the exhibition of the North Carolina State Fair at that place is unsurpassed in every respect. The sub-Ku-Klux Committee has been investigating at Montgomery, Ala., whence they go to Demopolis, in the same State, and thence return to Washington. Four deaths from yellow fever have occurred in Charleston during the past two days. The Security Insurance Company has suspended. Fires are raging in Deer and Harrison Creek Valley; extending to Jefferson county, Nebraska. The loss is estimated at $50,000. A later dispatch from Glocester, Canada, says an American fleet of four vessels is outside, and that any attempt to seize the "Horton" will meat with disastrious defeat. The vessels spoke the "Horton," but did not see the British gunboats.

3. October 19, 1871 The Tipton Advertiser Tipton, IA
Article from The Tipton Advertiser, October 19, 1871

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# THE CHICAGO FIRE considered a sufficiently large figure to cover all the losses. The number of acres actually burned over is about 2,500-comprising the most compact and thickly inhabited part of the city, and the great bulk of its business and substance. About 20,000 buildings were burned, one-fourth of which were of stone or brick. The actual loss of life was undoubtedly over 300. Concerning the situation and prospects, on Friday, the Journal said: "Chicago is not hopelessly down. Her capitalists and merchants are 'up and doing'-preparing for reorganization and reconstruction upon the old foundations -and it is very apparent to all intelligent observers, that all will soon be well, and that Chicago will, before long, be in rapid process of rebuilding, and that before many years she will in all respects be herself again. The fact, now positively stated, that the heaviest insurance companies at the East will promptly adjust and pay in full their losses by our Great Conflagration, is the most cheering news we have yet received since the Calamity. This will go far towards helping many of our people out of their troubles and setting them on their feet again." On Monday, it speaks yet more cheerfully, speaking of the announcement that the banks would resume business on the 17th, which is strengthened by a certificate from the United States Comptroller of Currency that the National banks of Chicago are solvent institutions, as follows: "The decision of the banks to abandon their fifteen per cent. installment policy, and resume business as usual to-morrow, has restored confidence in Chicago. The universal opinion now is that the grain business will soon be running as usual. At present the derangement in insurance is a hindrance to shipments. There is no speculative business attempted. It is believed that the permanent increase in the price of grain will be slight. We hear of scores of cases where merchants or capitalists are already fully determined to rebuild in the most substantial style on the old sites, and it is already very evident that the South Side will before many months be 'reconstructed' even more substantially than is was built originally." The peace of the city has been restored and is maintained. The papers deprecate the statements which are finding place in newspapers signifying a different state of things, and say that General Sheridan and the city authorities report no cases of outrage or serious disturbance.

4. December 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1872

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ¾ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

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

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

16. October 3, 1873 Burlington Weekly Free Press Burlington, VT
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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

17. January 21, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 21, 1874

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MONEY AND COMMERCE. MONETARY TUESDAY EVENING, Jan. 20, There has not been much relaxation in the money market yot, but the tendonoy in that direction, the cause boing an increase in the suj ply of exchange mhilo against shipments of grain, and some iuflux of nuouoy from the country in the way of merchants collections, and of amounts sout in by country banks to loan ou collaterals or invest in commercial paper in the open market But It cannot be expected that there will be any very great increase of loanablo Yunde in this market until the rk-packers and )spoculators ship off and sell part of the several million dollare worth of pork and out meats now being hold here by them. The banks are accommodating all their regular customers at 10 por cont, but are taking very little outside paper. In the open market money is to be had at 12 per cont on primo col gaterale, though 15 por cent is paid in many instances. Now York exchange was little firmer to-day than yesterday, and sold between banks at 25 cente per $1,000 discount. THE MEOHANICS' NATIONAL BANK. The Executive Committee of the Chicago Clearing-House Association yosterday invited the Mechanics National Bank of this city to withdraw from its mom borship, to-morrow, Jan. 21. This is only polito modo of expulsion, and eventua it will probably result in the winding no of the bank. The bank was believed to be in a very unsatisfactory condition before the papic thoug not sufficiently 60 to warrant eithor the Bank Examinor or the Clearing- House Committee in making any decided move against its continu inco in business. The panic, of course, only made its condition worse, but the other bauksin the city have been disposed, until now, to at least lend the Mechanics' National their countenance by allowing it to remain in the Clearing House, partly because they wore afraid turb the recovery of public confidence from the effects of the panic, and partly because they were in hopes that its condition might improve with the gonoral improvement of affairs In the last two months. No improvemont however, in its condition appears to have been made since the panio. According to Site recently published statement the bank has only about percent of its deposit in cash lte Acaus are understood to bo now just about where they woro two months or more ago. It is alloged the bank has been unablo to reduce them, bo cause great portion of them are suspended paper which is past due and cannot be collected without great delay As the Executive Committeo of the Clearing House did not examine the dotails of the condition of the Mechanics National Bank yesterday. it is not positively known what the $178,000 of bills payable' in the published statement of the bank represents, but whatover olso it ie. is an evidence that the bank has increased its liabilities in some other way than the of logitimate one of an increase deposits, and only shows the more necessity that it should be put into the hauds of a ReDelver and wound up BANKRUPT FUND DEPOSITORIES. But if the condition of the Mechanics Nationbl Bank is disgrace to the city, it is not 80 of treat an outrage on the public as the order in the Bankrupt Court that all bankrupt funds the hands of Assignees should be deposited in the Dichanics National This order WAS, we believe, subsequent ly modified, 80 as to include the National Bank of Illinois, but, even with this modification, the keeping of bankrupt funds is a disgraceful monopoly managed by a littlo ring for their own benefit. The Assignees it in Bankruptcy are a part of it. and seems now to be an acknowledged fact that none but 8 few bangers on of the Register in Bankruptcy can be appointed to those offices. One of the results of this ringmanagement is that large amount of bankrupt funds have boon locked up, for nobody knows how long, in the Mechanic National Several bankrupt concerns, whose affairs have beon to a great extent adjudicated would have paid dividende to their creditors long ago, only that the Mechanics' National has not been able to pay This farce of settling up bankrupt estates through bank that cau DAY is played out. As far as the National Bank of Illinois is concerned of courso, nobody has any objection to its condition. It is, we believe, sound, well-mauaged bank, but has no right to any monopoly of the baukrupt faude in the hands of Assiguees. BANK. CHEQUE A new kind of financial institution line been started in Eugland called a cheque bank the effect of which is to makd a larger circula tion of bank checks in place of 0010, thus in one sense making au increasing supply of currency, and econom the use of coin for all emall payments. To the small tradesmen, artienne and other persons whose accounts are too small to be very desirable to the larger commercial banks, its conveniences are very great. Ite peouliarity is that, instead of being a competi tor of other banks, it in fact co-operates with them, so that all the ther motropolita: banks are practically made branches of the cheque bank. Chambers' Journal gives the following details of its operation When money is deposited, the only receipt given is at check-book containing chocks for the amount lodged. Tho largest amount for which any one check can be drawn is £10. If we deposit £100 we receive a check book containing ten checks for £10 we may, howev have twenty checks for £5. or 100 check for $1 Now, we can draw only to the amount of our doposit, and no further. for. in the corner of each check, its value is perforated in words, time boing indelibly fixed. In this way it is shoor impossibility for us to overdraw our account, for, though we may make out & chock for any less amount than that specified on it, we cannot for greater. This is great advantage, as there can never be any check re. turned to the payee with No funds inscribed on it, as too often is the case with the old eyea tem. If, then, we make out some checks for less amount than that specified. there must be balance standing at our credit when the checkbook is finished. This we may have carried on towards new book, or we like. may draw on surrondering the counterfoils of the old check-book. All checks are made ble to ordor, and are crossed besides: 80 that, before recoiving payment, the check must have been indorsed This puts such an effectual barrier to unfair dealing, that the risk run by the Oheque Bank is comparatively insignificant Each book of checks contains ten, for which the uniform price is onesbilling teuponce boing for Government stamps, and the odd twopence boing divided between the expense of the paper and bank commission The way in which the book is kept is poculiar. and SAVER an enormous amount of time and trouble Instead of each check being entered in the books some half dozen times, the total amount only of all the checks paid out is placed in the books. And to avoid all risk, the check are 80 caref indoxed and put past, that ton years linese chool cashed now will be found quite roadily also, their checks are cleared dail thus avoiding the necessity of passing through the bankers ClearHouse The leading peculiaritie of this norv instit tion are: 1. N interest is allowed on doposite 2. It does not keep its own cash. 9. It transacts no financial business whatever. 4. Beiug intended only for small accounts (ne no intorest given), it essentially a bank for the million 5. It discounts no bills. The sources of profit to the stockholders are 1. The interest on the £100.000 reserve fund in vested in government consols. Largo returus cannot be looked for here, as the be at security and not a high percentage issought. 2. The divi dends arising from the investment of the doposita terest the

18. January 23, 1874 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 23, 1874

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part of the citv and south of the city limits, and also in Hydo Park, but all unproductive. THE EFFECT. If the Mechanics' National shall be thrown into the hands of = Receiver and the Marine Company shall be forced to close its doors altogether, the effect on the banking interests of Chicago will not be serious, since the situation has been well understood for two months, and the banks have taken steps to protect themselves. The principal inconvenience will fall upon those who are waiting for the distribution of bankrupt -funds, and those who have deposited in the savings department of the Mariue Company. The bulk of Mr. Scammon's personal debts are amply secured by mortgage on his property, and it is to be hoped that it will not be necessary to sacritice the property at a forced sale. To the credit of Mr. Scammon it must be said that he bas b.n 0 his trials thus far in a very philosophical and becoming spirit.

19. January 1, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 1, 1875

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MONEY AND COMMERCE. FINANCIAL. The ossential features of the financial rituation remain the same as they have been reported every day of the week. The demand for loans is at its minimum from regular mercantile sources. Business men are occupying themselves in taking stock and settling the accounts of the year, and have no occasion to use funds in any extension of their operations. Some merchants are borrowing to moot engagements due on the 1st. and Board of Trade men are borrowing to carry property after settlement dav. There are very fow outside borrowers that can command the attention of the banks. Rates of discount remain nominally at 10 per cent, and that rato is charged to regular customare who borrow the year round. It in readily shaded for independent borrowers with good colInterals. Street rates are 86/18 per cent; real estate loans are 8(a/10 per cent. The clearings were $3,000,000. Rates of exchange were weaker. Sales were made between banks at war to 25 cents premium for $1,000. The supply is liberal. The movement of currency III and out is too inconsiderable to note. The Third National Bank has declared a dividend of 5 per cent, payable Jan. 1, 1875. TUE MECHANICS' NATIONAL BANK. The officers of the Mechanics' National Bank, of this city, informed the members of the Clearing-House Association yesterday that they should make no clearings, and that they had suspended business. Inquiry shows that the bank has at length sucembed to the burdens placed upon it during the management of Mr. J. Y. Scammon. and of which it has valuly songht to rid itself under the Prosidency of Mr. E. B. MeCarg. At a meeting night before last, the stockholders resolved to go into voluntary liquidation, in accordance with the provisions of the National Banking not. Mr. E. B. McCagg resigned the post of President, and his place was filled by the election of Mr. Leitner, of Peoria, one of the largest stockholders, who will superintend the liquidation. There WILL no pressure brought to bear upon the bank from without, its officers state. They base their decision to go into voluntary liquidation simply on the conviction that such was the best course to protect the interests of all concerned. Mr. Leitner states that the assets of the bank are sufficient to pay the depositors in full; the note-holders (the circulation has been reduced to $45.000) are protected by the bonds on deposit in Washington. The sale of these will leave a considerable markin, which, with the 5 per cont redemption fond at Washington, will go with other assets towards the watisfaction of the claims of depositors. The condition of the Mechanics' National Bank, according to its statement, Oct. 24 last, was as follows: RESOURCES.

20. January 7, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 7, 1875

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# THE CHICAGO SUSPENSION, LOSSES OF BANKS IN THIS CITY. Statements from Chicago in regard to the suspension of the Mohanics' National Bank of that city have represented the Metropolitan and American Exchange Banks of this city as creditors of the suspended bank in large sums. Geo. B. Coe, President of the American Exchange Bank, told a TRIBUNE reporter yesterday that the Chicago bank mentioned was not one with which the American Exchange Bank had had dealings, and the latter could hardly be considered as one of the creditors of the Chicago institution. A small amount of stock of the Mechanics' National Bank is held as collateral security, but Mr. Coe refused to state the sum or to give details concerning the matter. John E. Williams, President of the Metropolitan Bank, said that the amount stated as the total indebtedness of the Mechanics' National Bank to the Metropolitan Bank, $226,000, was correctly put, and the amount was much larger than the Metropolitan Bank wished it was; but he felt confident that no loss would be sustained, because the Metropodtan Bank had the guarantee of the Mechanics' National Bank, whose stockholders are liable, and the guarantee of the Marine Insurance Company, as well as real estate security. J. Y. Scammon, the former President of the Mechanics' National Bank, incurred the indebtedness by procuring accommodation paper from certain persons in Chicago, which he forwarded to the Metropolitan Bank for discount, as regular commercial paper, with his guarantee. Mr. Williams spent some time in Chicago a year ago in arranging the relations of the two banks and getting securities for the liabilities of the Mechanics' National Bank. Extension was given for one, two, and three years, and the first year expires on the 23d of this month. Mr. Williams said that he had no expectation that the first payment would be met at that time, as the bank had suspended, but confidently expected that in the end, the Metropolitan Bank would suffer no loss.

21. January 26, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 26, 1875

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In some comments last week on the winding up of Chicago banks, we inadvertently substituted the Merchants' Bank for the defunct Mechanics' Bank, of which Mr. John Young Scammon was formerly President. The Merchants' Bank, we are glad to learn, stands in the first rank of the Chicago banks, paid currency for all demands throughout the panic of 1873, and has no intention to close up. The connection in which our reference to the Merchanta' Bank occurs : makes it sufficiently evident to those acquainted with the situation in Chicago tines

22. May 18, 1875 The Star Cincinnati, OH
Article from The Star, May 18, 1875

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LAST EDITION. BY TELEGRAPH. Philadelphia, May 18.-The suspension of Chandler, Hart & Co,, one of the largest boot and shoe firms of this city, is announced to-day. Their liabilities will amount to $125,000. WASHINGTON, D.C., May 18.-The National Lodge Knights of Pythias is now in session here, representing thirty-four State jurisdictions. It is presided over by Supreme Chancellor Davis. TYRONE, PA., May 18.-Mingo Parks, the leader in the present mining disturbances here, has fled the country to avoid arrest.-Several boxes of arms and ammunition passed through here yesterday for Clearfield county. LONDON, May 18-The City and County Bank of London suspended payment today. The failure is not regarded na important, and created no excitement. The paid-up capital of the bank is £28,000.The Erie. Railroad report was published here to-day. NEW YORK, May 18.-There are rumors to-day that frauds in importations of crape and mourning goods have been discovered, having extended. through the past two years. An appraiser in the Department of Customs in this city and one of the examiners has resigned. WASHINGTON, May 18.-A Havana letter states that highway robbèries and murders are S0 frequent lately in the streets of that city, that the acting Captain General, who was himself robbed in the street, of his watch and jewelry, worth fourteen hundred dollars, has ordered all culprits hereafter to be tried by military authorities. MEMPHIS, May 18.-Major John Pressley Strange, for many years a leading dry-goods merchant of this city, and during the late war Adjutant General on the staff of Lieut. Gen. Forrest, died last night, of consumption, aged 53 years. His death has cast a gloom over the city, as few men were so universally admired and respected as was the deceased. CHICAGO, ILL., May 18.-The published statement of the National Banks in this city show' that there has been an increase of $3,600,000 in the loans, and an increase of $186,000 in the deposits, also an increase of the capital surplus of $125,000 since March 1st. There has been an apparent decrease of capital during the year of $404,000, owing to the closing up of the Cook County National and Mechanics' National.

23. September 23, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 23, 1877

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DON'T CROWD IT. To the Editor of The Tribune. CHICAGO, Sept. 22.-Regarding savings banks and the best method for their conduct during the present crisis there is a wide divergence of opinion amongst the people and the press. Depositors generally and the Times newspaper particularly advocate a method of settlement by the principal surviving savings institution (the Fidelity) alike at variance with the common interests of that bank and its creditors. In this matter the Times is ultra; it condemns the recently enacted by-law of " Haines, Williams & Co." as unauthorized, inimical to the best interests of the depositors, contrary to the "laws of Illino's and of God," and by implication as tantamount to a confession of insolvency. A consideration of the Times' propositions will show that they are badly taken, and that their advocacy neither aids the bank in its present situation nor secures to depositors either money or confidence. That the by-law in question is unauthorized remains to be proven: the laws of this State and of the Deity are both silent, neither condemning is nor indorsing it. That the bank has made such a by-law is prima facie evidence of its right to do so; and, if limiting draits to 10 per cent per month will prevent the runs that threw the State and the Mechanics' into the hands of a Receiver. ought not the depositors to ratify the of contract made by the party of the first part Had the Fidelity simply required sixty days' notices, a portion of its depositors would have been paid in full, the cash resources of the bank would have been speedily exhausted, and the natural and inevitable consequence of a failure, -a Receiver and the attendant expenses,would have delayed a final settlement beyond the time that, under the operations of the bylaws so objectionable to the Times, will see every depositor equitably served. If the Fidelity is solvent, its policy is indubitably for the best interests of its depositors. If the Fidelity is insolvent, its policy is certain to secure the most economical and the quickest settlement. If the depositors petition for a Receiver they will take the management of the bank's affairs from the hands of those most capable of realizing the greatest number of cente on every dollar due depositors. T. B. SEAVEY.