Commercial Bank (New York, NY)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
August 13, 1893
Location
New York, New York (40.714, -74.006)
Bank Type
trust

Metadata

Episode ID
Bank ID
City ID
360975772
Model
gpt-5-mini
Short Digest

Notes

Location corrected to Brooklyn (articles consistently refer to Commercial Bank of Brooklyn).

Events (5)
1. August 13, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals over prior month, discovery of heavy overdrafts and slow assets undermined confidence leading to mass withdrawals
Measures
Directors closed bank; public assurances given by counsel; plans later proposed to recapitalize with directors' notes and depositor/stockholder sacrifices
Newspaper Excerpt
there was consequentiy a small army of depositors around the bank doors at the accustomed hour of opening
Source
newspapers
2. August 13, 1893 Suspension
Cause
Government Action
Cause Details
Superintendent of Banks/Chief Examiner took possession and commenced examination after bank closed amid withdrawals
Newspaper Excerpt
This Bank is Closed Temporarily ... This bank having closed its doors, I have takes possession of its affairs and commenced an examination into its condition. CHARLES M. PRESTON, Superintendent of Banks.
Source
newspapers
3. August 31, 1893 Receivership
Newspaper Excerpt
The appointment of a receiver for the suspended Commercial Bank of Brooklyn ... William N. Dykman ... was named upon the application of Deputy-Attorney General Hogan.
Source
newspapers
4. September 3, 1893 Other
Newspaper Excerpt
Proposed plan for reopening ... depositors to accept 50 per cent of their deposits in cash and to take the remaining 50 per cent in stock; directors' notes deposited for collection by receiver Dykman.
Source
newspapers
5. October 20, 1893 Other
Newspaper Excerpt
David Barnett ... has announced that the bank cannot resume.
Source
newspapers

Newspaper Articles (23)
1. August 13, 1893 The Sun New York, NY
Article from The Sun, August 13, 1893

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This Bank is Closed Temporarily J.J. VAIL, Cashier. There had not been the slightest rumor that the bank was in any financial strait. and even until the closing hours on Friday depositors kept putting in their money. The people who mainly do business with the Commercial are builders. contractors. and boss mechanics. and the closing of the bank on Saturday was a source of special inconvenionce to them. as the money to pay their employees is usually drawn out upon that day. There was consequentiy a small army of depositors around the bank doors at the accustomed hour of opening. and they indulged in varied adjectives on reading the announcement of temporary suspension. Inasmuch as the institution was regarded as one of the most solid in the State. the surprise extended be. yond those directly interested and caused a brief panic among the customers of the other banks. This quickly subsided. however. when it became known that no other local bank was in any way affected by the Commercial's trouble. The action of the directors was se sudden that even W. M. Dykman. counsel of the bank. was not consulted about the matter until resterday morning. He said: "This has been a complete surprise to me. as I knew nothing about it. and. for that mattor. nobody did until the exchanges had been made this morning. Then it was found that there was not enough money to transact the day's business." Mr. Dykman assured the anxious depositors that he was confldent the emburrassment would only be for a short time and that they would all get their money in full. t 11:45 o'clock this official statement was given out by David A. Barnett. who is law counsel for the bank: At the close of banking hours yesterday the National Bank of New York, National Banking Association, through which the Commercial Bank has heretofore transacted its business with the New York Clearing House, refused to act for the Commercial Bank after to-day The deposits at the Commercial Bank have decreased very largely for the last month. This decrease of deposits. with other causes. determined the directors 10 close the bank this morning About three years when Mr. Keeney became President. there were large overdrafts, which the previous administration of the aftairs of the bank had permitted to be made. These have been decreased. and the directors of the bank. under the lead of Mr. Keeney. made good the losses. Since Mr. Keeney became President the bank has lost considerably less than $10,000. The President and directors have been constdent of their ability to make the bank a success and have been prevented only by the unexpected with. drawal of deposits. There should be enough to pay ail depositors and shareholders. This was quickly followed by the posting of the following notice by Chief Bank Examiner A. C. Judson: This bank having closed its doors, I have takes possession of its affairs and commenced an examination into Its condition. CHARLES M. PRESTON, Superintendent of Banks. Mr. Judson told the reporters that his assistants were at work on the books but that he would not be able to make a detailed statement for at least four or five days. The overdrafts referred to were made about four years ago by ex-Alderman Paul C. Grening. an extensive real estate speculator and at present the proprietor of a hotel in Saratoga. and by G. L. Hassell. a teller in the New York Clearing House. When Mr. Seth L. Keeney became President three years ago ho and his fellow directors put up $80,000 to meet the notes. but just what loss they sustained by the overdraits has not been ascertained. Mr. Grening gave the bank as collateral $100,000 in mortgage. on all his property to secure the directors. It is said that it was not until yesterday morning that Mr. Keeney despaired of bridging over the present difficulties. He found that money could only be secured at a big premium. and that he could not dispose of his own valuable securities except at a low figure. This he did not think he could be fairly called up in to do This is the last quarterly statement of the bank. made June 1:

2. August 13, 1893 The Sun New York, NY
Article from The Sun, August 13, 1893

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President Keeney was for a long time the partner of the late W. C. Kingsley in the contracting business. and has extensive interests in Brooklyn. Ho is one of the heavlest stockholders in the Eagle, owns a big slice of Brooklyn Elevated road stock. and also stock in the Long Island Trust Company. and has hig contracts of various kinds. He was a Bridge Trustee under the old régime, and recently. on the reorganization of the Board. was made one of the Brooklyn representatives. His associates in the bank directorate are: Rufus Resseguie. lumber merchant: George Malcom. brewer: James Lock. retired merchant: Robinson Gill of Gill & Baird: George Wilson. Elbert Snedeker, and David W. Bierns. The Commercial Bank is one of the depositories of the city and county moneys. and yesterday it held of the former $31,877.93 of the Board of Education funds and $12,900.78 of the general fund. and of the latter $40,000. The city and county authorities are protected by bonds of $200,000. It was rumored that the bank had recently made large advances to the Brooklyn and Union Elevated Railrond Company and other corporations in which Mr. Keeney and some of the other directors are interested, and that the suspension was due mainly to that cause. This 18 denied by the directors, who say that the fortheoming statement of the Bank Examiner will show that there was no mismanagement of the tunis. and that the trouble is solelydue to the general which prevails. At the Bank of New York vesterday it was said that the notice refusing longer to clear for the Commercial Bank was sent out late on Friday afternoon. The Clearing House committee made no examination of the Commercial and was not asked to make any. We made our own examination." said the -President of the Bank of New York, We went through the ledger and found that the deposits three monthaago amounted to n million dollars. There had been a gradual withdrawal for some time, and the deposits were decreased about $200,000. We found that nearly all the assets were of a slow charactor. Many consisted of notes which the bank had discounted for builders and dealers in building material. That line of business is very slow. In most cases there are frequent renowals. and It takes at best a long time to realize. The securities were good and all that, but they were too slow." Will the bank resume business?" "I think very likely that it will later on," was the reply. but. in the course of a little further talk. the Vice-President remarked: "The assets I speak of are slow when the bank is open. They are a good deal slower when the bank is closed." The Bank of New York still clears for five Brooklyn banks. The Vice-President said that. without exception. these banks are very strong: as strong as the New York city banks. There are included among the heaviest depositors in the Commercial: David M. Stone, the retired editor of the Journal of Commerce: the Brooklyn Ragle, Ernest Nathan's Son, the Fulton Municipal Gas Light Company, Jeweller Moses Strauss. Milliner H. M. Baum. Mane

3. August 14, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, August 14, 1893

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STOCKSUPANDDOWN Decrease in Bank Reserve Had an Adverse Influence. NORTHERN PACIFIC WAS WEAK Decline in General Stock List--Wheat Opened Weak, But Closed Firm On an Advance New York, Aug. 12-Money on call is nominally steady at 3 per cent. Prime mercantile paper, 8@12 per cent. Posted rates, $4.82@4.87. Government bonds have been weak. The sales of stocks today aggregated only 51,681 shares. At the opening the market was irregular, a few stocks showing declines and other advance, but the changes either way outside of American Sugar and Lackawanna were elight. The failure of the Commercial bank of Brooklyn, a small state bank, had little or no effect. About 11 o'clock a fair demand set in for Chicago Gas, Lake Shore and Lackavanna. The market held* tolerably firm until the publication of the bank statement. The banks lost over two and half millions in cash, expanded their loans $3,078,000 and decreased their liabilities $741,700. This showing created hearish feeling and a general decline followed. Northern Pacifics were particularly weak. London and Berlin had selling orders in the stock. Northern Pacific preferred from 21% to 18% and the common from 73/2 to 6½, Union Pacific was heavy, declining about 2 points upon the application for a receiver for the Union Pacific, Denver & Gulf. The general list fell X to 1½ per cent. Among the specialties U. S. Robber preferred declined 7 to 70 and Nashville & Chattanooga 3 to 56, Northwestern preferred juriped 4% to $1.85. Just previous to the close the was a smaller of small proportions, but the tone of the market was rather weak.

4. August 14, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 14, 1893

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Bilver bars, per ounce. 74@74}/ga Mexican dollars, 61@61}{c. MINING STOCKS Helcher 5 Alpha Con Best & Beicher. a Alta 5 Cholier D Andes 15 Con. Cal. & Va 1 35 Bullion 15 Confidence. Caledonia 5 & 10 Challenge Con Could s Curry Hale & Noreross 50 Crown Point 30 Potost 6 5 Kentuck 5 Ophir 70 Lady Washington. 4 Mexican 40 cavage bierra Nevada 10 Union Con 5 35/Overman Yellow Jacket.. 5 do/Utah NEW YORK MARKETS. STOCK EXCHANGE. NEW YORK, Aug. 12-Stocks opened irregular. American Sugar rose 1 to 74. The changes were generally fractional, and business was moderate. The failure of the Commercial bank of Brooklyn had no influence. Sugar receded to 72% and rallied to 733/4. Grangers and Lake Shore were in moderate demand, advancing. Union Pacific was weakened by the application for a receiver for the Union Pacific, Denver & Gulf road, one of its branch lines, and declined 1%, to 18½. At 11 the market was dull and steady. After 11 stocks developed weakness. The loss in bank reserves had an adverse influence. Northern Pacific issues were particularly weak, preferred falling from 21½ to 18%. common from 7% to 6½. The market closed weak. Government bonds-Steady. A a

5. August 31, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 31, 1893

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W. N. DYKMAN, RECEIVER POOR SHOWING BY THE COMMERCIAL BANK OF BROOKLYN. DEFICIENCY OF OVER $110,000-DEPOSITORS TO HOLD A meeting-money SUNK IN WORTHLESS NOTES AND MINING PROPERTIES. The appointment of a receiver for the suspended Commercial Bank of Brooklyn, as indicated in yesterday's Tribune, was made by Judge Barnard at Poughkeepsie yesterday. William N. Dykman of the law firm of Bergen & Dykman, was named upon the application of Deputy-Attorney General Hogan. He was placed under $100,000 bonds, and the Long Island Loan and Trust Company and the Hamilton Trust Company were made places of deposit. David A. Barnett, counsel for Seth L Keeney, the president of the bank. made a state ment in regard to the relations of the latter to the bank. He said that Mr. Keeney succeeded President Hudson in 1888, and found the bank with $108,000 capital and $166,624 surplus. At the present time the capital is the same, and the surplus, according to the books, $96,507. In the five years there had been written off to profit and loss $55,95 of bad debts, which had accrued under the former management. The losses from bad debts under the present management amounted to less than $10,000. Under Mr. Hudson, the cashier, John A. Vail, ran the business of the bank. He told Mr. Keeney, in regard to the accounts, that their condition was fully known to Mr. Hudson, and that they were all right. In 1889 Mr. Keeney found that the accounts of Mr. Grening and Mr. Hassell, and the mining company which the latter was interested in, had been heavily overdrawn, and their notes had been discounted to an unwarranted degree. This had been done before Mr. Keeney was made president. He sent for Mr. Grening, who gave bonds and mortgages which fully secured his overdrafts, and it was probable that the full amount would be made good from them. The bank took conveyances of the mining properties of Mr. Hassell in Colorado, and his other property. Three of the bank directors, Messrs. Keeney, Gill and Snedeker, advanced $105,000 to make the mining properties pay, and this money was spent before they came to the conclusion that the enterprise was hopeless. This money was their own, and they made no claim against the bank for it. When Mr. Keeney found out about the overdrafts he thought the capital of the bank too much impaired to go on with bustness, and called a meeting of the directors and told them that unless the capital was made good the bank must close. The eight directors each gave his note for $10,000, and the bank still holds them. This action was approved by the State Superintendent of Banking. Up to a year ago the bank did well, and the course adopted was justified, but after September, 1892, there were heavy withdrawals, and fully onethird of the deposits were taken out. The result was that in the recent financial stringency the strain was too great. Several days before the doors were closed the Bank of New-York called for additional security, and Cashier Vafl pledged twenty-five $1,000 bonds belonging to Mr. Keeney which were in the vaults for safekeeping. When Mr. Keeney learned that the Bank of New-York would no longer act for his bank, he made an effort to borrow upon his securities, but failed. His connection with the bank cost him about $80,000, including $35,000 advanced to work Hassell's mines, $10,000 given to make good the capital, $25,000 of his bonds sold by the Bank of New-York and applied to the debt of the Commercial Bank, and $10,000 in deposits. The State Superintendent of Banking would not let the bank resume unless the stockholders paid in $150,000 in cash, and this could

6. September 1, 1893 The Sun New York, NY
Article from The Sun, September 1, 1893

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Receiver Dykman of the Brooklyn Commer etal Bank Files His Bond. The bond of William N. Dykman in $100,00' as receiver of the Commercial Bank in Brook lyn has been filed in the Supreme Court. The bondsmen are ex-Congressman Felix Cam bell. Gen. Henry W. Slocum. Samuel W. Bode cock. and Ed Annan. Just as soon as the bon( has been approved by the Attorney-General Mr. Dykman will begin his labors. Yesterda there was more talk about a probable reopend ing of the bank. and a conference with that object in view was held by President Keeney Mr. Dykman. and some of the heaviest depos itors. The question of resumption will SOOP be submitted to the stockholders. As there P only $17.000 in cash to be handed to the rev ceiver. it will be some time before any Das ments are made to the depositors.

7. September 3, 1893 The Sun New York, NY
Article from The Sun, September 3, 1893

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DEPOSITORS ASKED TO CHIP IN. A Plan for Reopening the Commercial Bank of Brooklyn-The Directors' Notes. This is the proposed plan for the reopening of the Commercial Bank in Brooklyn. The stockholders are to surrender their present stock and take up new stock equal to the old. besides 25 or 50 per cent. as much more to provide a surplus. The depositors are to accept 50 per cent. of their deposits in cash and to take the remaining 50 per cent. in stock. In this way the bank would have a capital of from $200,000 to $250.000 and a surplus of from $25,000 to $50,000. Receiver Dykman said yesterday that he approved the plan. and that he would coöperate as far as possible to bring about a resumption. Yesterday Mr. Dykman deposited the eight notes of the directors of the bank. for $10,000 each, with the Fulton Bank for collection. The notes were given by the directors shortly after the death of Mr. Hudson. the former President. upon the demand of Mr. Keeney. his successor, to make good the impairment of the bank's capital. They have been in the bank's safe since 1889. Mr. Keeney's note was the first to be paid. The daughter of Cashier J. J. Vail disposed of the rumors concerning him yesterday by saying that he was in Saratoga, getting much needed rest, and would be back in Brooklyn on Tuesday. A call has been issued asking the depositors of the Commercial Bank to attend a meeting to be held to-morrow evening at 399 Classon avenue, near Greene avenue, to consider their interests. The call is signed by Haviland & Sons, Thomas J. France. Fry & Lyle, A. Buchanan's Sons. and Nolan Bros.

8. September 6, 1893 The Sun New York, NY
Article from The Sun, September 6, 1893

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Apollinaris "THE QUEEN OF TABLE WATERS." "The customary drink with prudent people." 4 BRITISH MED. JOURNAL. BROOKLYN'S BROKEN BANK. The Committee Representing the Commerclai's Kleking Depositors Sers the Receiver. The five members of the committee appointed to look after the interests of the dissatisfled depositors of the Commercial Bank in Brooklyn held a conference yesterday with Receiver Dykman. They told him they represented about sixty of the depositors. and that they had organized to make more certain of getting their money. Mr. Dykman said that. as there were 1,200 depositors altogether. the committee only represented 5 per cent. He suggested that all the depositors should be organized. and to facilitate this he promised to furnish the committee with a full list of the names. Mr. Dykman said that he was in firvor of resumption. and considered it to be for the best interests of the bank and the depositors. So far. President Keeney is the only one of the eight directors who has paid the $10,000 note. but the notes are all expected to be made good before the close of the week. Cashier J. J. Vail returned to Brooklyn yesterday. He refused to discuss the affairs of the bank in any way.

9. September 7, 1893 The Sun New York, NY
Article from The Sun, September 7, 1893

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THE COMMERCIAL BANK. President Keeney's Advice to Depositors Not Likely to Be Taken. The five committeemen who represent the sixty or seventy kicking depositors of the suspended Commercial Bank in Brooklyn had a conference yesterday with President Keeney. who explained that he and the other seven directors had signed an agreement to subscribe for new stock in the same amount of the old stock. now in their names. at the rate of $00 per share and 25 cents additional for surplus. He also said that the directors had further agreed to take one-half of their individual deposits in stock. and to let the balance remain on deposit for six months or a year. Mr. Keeney urged the committeemen to take such action as would and in the efforts to resume business. If one-half of the 1.200 1.200depositors remain." he said. " It will put the bank in the best standing of any in the city." The committeemen did not seem to he very favorably impressed with Mr. Keeney's suggestions. and some of them intimated that criminal proceedings might be instituted.

10. September 19, 1893 The Evening World New York, NY
Article from The Evening World, September 19, 1893

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# BIG MORTGAGE WORTHLESS. Commercial's Depositors Excited Over This New Development. Grening's Saratoga Hotel Pledged to Snedeker for $50,000. Depositors of the suspended Commercial Bank in Brooklyn were thoroughly aroused this morning over the latest sensational developments in the management of the wrecked institution. It has become known that the fourth mortgage held by the bank on Paul C. Grening's Saratoga hotel for $50,000 is regarded as almost worthless. The matter will be reported by the Committee of Five at a meeting of depositors Friday night. It is expected that a proposition recently made to place the affairs of the bank before the Grand Jury will be advised. Mr. Haviland, President of the organization of the depositors, unearthed the latest facts by looking over the records at Saratoga. He found that Mr. Grening had mortgaged the Kensington Hotel for $500 to Director Elbert Snedeker, October 1889. Sept. 8, 1893, an assignment is recorded. Director Snedeker to the bank. The depositors want to know why the assignment of the mortgage to the Commercial Bank, executed October 1889, was not recorded until Sept. 8, and suspended a month after the bank's business. When Mr. Grening took the Kensington, Mr. Haviland $8000. It was subject to a mortgage of. He does not think the hotel would sell for more than $50,000 at the highest price. At the meeting of depositors Friday night the Committee of Five will report on their trip to Albany. They say more to Gov. Flower admitted that the capital of the bank had that in aired $37,000. He also said at one time the bank had been compelled to make daily reports. These admissions, the depositors claim, sustain their charges against Mr. Preston that he knew of the weakness of the bank two years before it failed.

11. September 22, 1893 The Evening World New York, NY
Article from The Evening World, September 22, 1893

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# FIGHT OVER THE COMMERCIAL. The Organized Depositors Will Now Bring Suit. The depositors of the suspended Commercial Bank in Brooklyn will hold an indignation meeting at Haviland Hall, Brooklyn, to-night. C. Augustus Haviland, President of the depositors' organization, announced this morning that the depositors would at once institute suits against the directors of the bank for the recovery of their deposits. In opposition to this movement it was announced that the directors of the bank had formed an alliance with the depositors who had borrowed money from the institution on their notes. The two factions have combined to fight the complaining element of the depositors.

12. October 16, 1893 The Evening World New York, NY
Article from The Evening World, October 16, 1893

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# BROOKLYN NEWS. # PRISIDENT KEENEY'S BONDS. GAYNOR AGAIN GIVES ADVICE. He Lent Them to His Bank and He Asks Erooklynites to Register How He Wants Them Back. So They Can Vote. The Bank of New York Has Them Will Say Nothing About His Nom- as Security for a Loan. ination for Justice. The application of Seth L. Keeney, William J. Gaynor was officially noti- President of the defunct Commercial fied by letter this morning of his nomi- Bank, of Brooklyn, for an order direct- nation by the Republicans as candidate ing Receiver Dykman to pay him the for Justice of the Supreme Court in the proceeds of the sale of twenty-five $1,000 Second Judiciary District of New York. bonds of the Union Elevated Railroad, The Republicans of Kings County feel of Brooklyn, went off the calendar of hopeful now that Mr. Gaynor will accept the Supreme Court, Brooklyn, this morn- the nomination. If Mr. Gaynor accepts, ing by mutual consent. they say it will strengthen both the Keeney says the bonds were lent by State and local tickets of the Republi- him to the bank. He further says that can party. they were taken by the Bank of New When Mr. Gaynor was seen by an York for security for a loan to the "Evening World" reporter this morning Commercial Bank, and that they were he said: sold by the Bank of New York for less "I have nothing to say except that I than their face value. trust every voter in this town will deem He says the receipts of the bonds were it his bounden duty to go at once and accepted by the receiver as a part pay- register so that he may be ready to vote. ment of the Commercial Bank to the "As to the judiciary nomination, I Bank of New York. have not yet given the matter any con- Mr. Keeney also asks leave to sue Re- sideration. My mind has been occupied ceiver Dykman for the amount of the with other things." bonds, as well as for other securities Mr. Schieren's nomination for Mayor held by the bank. by the Republicans is looked upon as a Dykman says he has no knowledge as black eye for Worth and victory for the to whether Mr. Keeney left his bonds anti-ring element. with the bank or not. He admits, how- The selection of Col. Michel and ever, that he was informed by Cashier William J. Buttling as candidates for J. J. Vail, of the Commercial Bank, that Supervisor-at-Large and Sheriff are said he (Vail) had delivered the bonds to the to be good nominations. Bank of New York as security for a To-night the Republicans will nominate loan, but that he did not deliver any State Senators. The only district strictly other securities to the Bank of New Republican is the third. Either Joseph York. Aspinall or W. H. Reynolds is expected Receiver Dykman says he has de- to be nominated from this district. manded the return of the bonds from the Bank of New York, but thus far they have not been given up. FINED FOR CRUEL "SPORT."

13. October 20, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, October 20, 1893

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The Commercial Bank Cannot Resume. BROOKLYN, Oct. 20. - David Barnett, counsel $10.00 for the stockholders of the suspended Commercial bank, has announced that the bank cannot resume.

14. October 20, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, October 20, 1893

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Commercial Bank Gone Up. BROOKLYN, Oct. 20. - David Barnett, counsel for the stockholders of the suspended Commercial bank, has announced that the bank cannot resume. As soon as W. M. Pickman is made permanent receiver he will pay a dividend. He has about $240,000 in his possession as temporary receiver

15. October 20, 1893 New-York Tribune New York, NY
Article from New-York Tribune, October 20, 1893

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COMMERCIAL BANK NOT TO RESUME. STOCKHOLDERS CANNOT GET THE MONEY TO START IT AGAIS-APPLICATION TO UE THE RECEIVER David Barnett, counsel for the stockholders of the suspended Commercial Bank, of Brooklyn, has announced that the bank cannot resume. The financial stringency is such that the stockholders cannot get the money to put the bank upon its feet again. As soon as W. M. Dyckman is made permanent receiver he will pay a dividend to depositors. He has about $240,000 in his possession as temporary receiver. The application was made yesterday in the Supreme Court by President Keeney to sue the recever for the recovery of the twenty-five $1,000 elevated railroad bonds which were intrusted to the Bank of New-York as security for a loan. Judge Cullen said he would hear the matter the last week The allegation was made that offiof this ment cers of the Bank of New-York carried off $314,000 in securities from the Commercial Bank without warrant of law.

16. November 22, 1893 The Evening World New York, NY
Article from The Evening World, November 22, 1893

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# DIRECTORS MAY BE LIABLE. Commercial Bank Officers to Be Held for Deposits. The investigating committee appointed by the organization of depositors of the suspended Commercial Bank, of Brooklyn, will make known the result of the inquiries at a meeting of the organization at Haviland Hall, Fulton street and Grand avenue, on Thursday of next week. President C. Augustus Haviland thinks that the facts which have been learned by the Committee will be sufficient to hold the directors responsible for every dollar of the depositors' money, something over $700,000. He stated to-day that the George L. Hassell account was carried for years when it was known to be worthless. He also alleges that officers of the bank invested in Hassell's mine and then took stock in the St. Kevin Mining Company as collateral for loans. The total unpaid accounts of Hassell and the St. Kevin Mining Company amount, it is stated, to $166,283.09. A resolution from a meeting of the Board of Directors on Dec. 18, 1888, is quoted, in which it was ordered that no more notes be discounted or renewed without the sanction of the Board, the President or one of the Discount Committee.

17. March 11, 1894 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 11, 1894

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Business Embarrassments. NEW YORK, March 10.-The directors of the defunct Commercial Bank, of Brooklyn, some of whom are under indictment, may not be prosecuted, owing to the fact that they have agreed to buy the worthless mortgages held by the institution and to pay the depositors every dollar due them. There were about 150 depositors, and they were to bring civil suits, SO the directors were forced to take the course they have. If it can be shown that some of the mortgages were not valueless Cashier John T. Vail will be relieved of some of the blame put upon him. PHILADELPHIA, March 10.-Justice Cox, jr., iron and steel merchant and broker, at No. 118 South Fourth street, failed today. The failure is attributed to the depressed condition of the iron and steel industries. The amount of assets and liabilities are not given. CEDAR RAPIDS, Ia., March 10.-The J. R. Morin Company, with a capital stock of $90,000, extensive egg dealers and owners of six creameries near here, failed today, a local bank securing an attachment for $8,000. The total liabilities are $14,000 and assets $65,000. NEW YORK, March 10.-A sign announcing the discontinuance of the New York office hangs on the door of Lamprecht Bros. & Co., bankers, of New York, Cleveland and Boston. The sign requests also that mail matter be sent to the Cleveland office. BOSTON, March 10.-Morse, Smith & Co., produce merchants, who have done business in Boston for twenty years, assigned at noon to-day with liabilities of $200.000. The firm is involved in the failure of J. R. Morin & Co., of Cedar Rapids, Ia.

18. April 2, 1894 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, April 2, 1894

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the most popular fire company: West Haven Engine company 40, Hook and Ladder company 1, J. J. Dayton 2. For the most popular company officer: A. B. Wilkinson 251, Henry Splegel 8. For the most popular musician Miss Kellogg has three votes. For the most popular fireman: James Fenwick 781, Charles Cameron 10, M. Dingwall 1. Chief Thompson 21. A silk hat and cane is to be awarded to the most popular sporting man. The candidates are thus far, Robert Green 89, Louis Turgeon 26, J. D. Prime 3. The elegant writing desk for the most popular young lady, Eva Fenwick 6, Jennie Curran 5, Berths Coegrove 4, Lillie French 81t, Tillie Lucas, Fair Haven, 5. For the most popular married couple a new style baby carriage is offered. Mr. and Mrs. E. P. Thomas led with 10 votes and Mr. and Mrs. B. Hinze have 1 vote. For the most popular builder, C. T. Sherman has 4, Joseph Andrews 7, and C. E. Humphrey 1. For the most popular railroad man Joe Prime leads with 781 votes, Fred Olive has 81, and Frank Harson 2. A march, composed and dedicated by O. F. Robbins for the "Hooks," was played on Saturday night by the author. HAS GONE TO NEW YORK. Rev. Hobart Whitney, until recently rector of Christ church, West Haven, left Saturday for New York, where he has accepted a call to become rector of the Church of the Mission of St. James. His many friends will wish him no end of success in his new field of labor. SUED FOR $2,872. Deputy Sheriff Brockett served the papers in a suit brought by W. H. Dykman, receiver of the defunct Commercial bank of Brooklyn to recover $2,372.14 from H. E. Townsend of West Haven. The suit is returnable to the superior court.

19. May 1, 1894 New-York Tribune New York, NY
Article from New-York Tribune, May 1, 1894

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GATHERED ABOUT THE TOWN. Dr. Charles M. Bellows, who is attending Judge Pratt, said yesterday that his patient was resting comfortably. He felt positive that Judge Pratt would recover, but he would not be able to resume his seat on the bench for a month. Upon the application of Edward P. Morse, who is associated with James McCaldin and Robert McCaldin in the Morse Iron Works Company, at Twenty-sixth-st. and the Bay, John B. Shanahan was appointed receiver of the company by Judge Gaynor in the Supreme Court yesterday. Morse avers that he has lost confidence in the honesty of his partners, and cannot remain in business with them. According to his statement, the liabilities of the company are $35,234, and the assets $8,000. The Grand Jury has been investigating the charges against the managing directors of the wrecked Commercial Bank, and is expected to present Indictments on Thursday for violations of the penal code. The examination of John R. Agnew, of No. 198 Lynch-st., upon the charge of managing policy shops, was deferred yesterday by Police Justice Walsh until Friday. He was held in $1,500 ball on complaint of W. D. Bergmann, of No. 152 Lynch-st. Detective-Sergeant Mahoney, of the Central Office squad, applied yesterday for permission to retire on half-pay. He has been on the police force for twenty years and seven months. The Supervisors agreed yesterday to permit the Board of Education to use the old 32d Regiment Armory for school purposes. Judge Cullen granted a mandamus yesterday to compel Dr. Emery, Health Commissioner, to reinstate Jonas Litt as a meat inspector. Litt was required by Dr. Emery to sign a blank resignation on condition of summary removal on February 15, and on March 24 this resignation was accepted. Judge Cullen holds that this was not a resignation except in form, and was given for the purpose of retaining the place, as Litt knew If It were not given he could be removed summarily. The decision says that the action was wholly illegal. "Bermuda, the Land of the Lily and the Rose." will be the subject of the lecture by Dr. J. B. Mattison in the Central Presbyterian Church, Tompkins and Willoughby aves., this evening. The lecture will be illustrated by sixty attractive views. Admission is free. There was a hearing before Mayor Schieren yesterday upon the resolutions passed by the Aldermen last week granting a franchise to the South Brooklyn Terminal and Railroad Company for constructing its road in the Twenty-sixth Ward. On the part of the protestants, D. P. Darling argued that the franchise as passed should be vetoed. Sanders Shanks presented a protest on the part of the Twenty-sixth Ward Property Owners' Association. A concert and reading were given for charity under the auspices of the Civitas Club in Memorial Hall last evening. The Brooklyn Amateur Musical Association presented several selections, and George W. Cable, the well-known novelist, read incidents

20. June 22, 1894 The Evening World New York, NY
Article from The Evening World, June 22, 1894

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# RECEIVER DYKMAN WINS. Hunt Must Pay the Amount Due the Commercial Bank. Receiver William N. Dykman, of the Commercial Bank, Brooklyn, entered suit against Charles F. Hunt in the Circuit Court, before Justice Gaynor, in Brooklyn, this morning to recover $235.29, the amount due on a note held by the bank against him. Hunt wanted to partially offset it with the account of A. Buchanan & Sons, who had a deposit of $188 in the bank when it failed. Justice Gaynor directed a verdict for the bank.

21. November 17, 1895 New-York Tribune New York, NY
Article from New-York Tribune, November 17, 1895

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THOSE CHARGES AGAINST PRESION. THE BANK SUPERINTENDENT SAYS THEY WERE INVESTIGATED TWO YEARS AGO AND DISMISSED BY GOVERNOR FLOWER Kingston, N. Y., Nov. 16.-The representative of the United Press called on Bank SuperIntendent Charles M. Preston at his home in this city to-day and asked him regarding the charges made against him by the Depositors' Organization of the Commercial Bank of Brooklyn to Governor Morton. Mr. Preston said all the knowledge he had of the charges was what he saw in the newspapers. and they appear to be the same as presented by the same men to Governor Flower in 1893. They were fully investigated at the time, and dismissed by the Governor. In 1894 they were again presented. then to the State Senate, when they were dismissed after investigation. This is the third time the charges have been presented Mr. Preston said the men who call themselves the Depositors' Organization of the Commercial Bank represent only a few of the depositors of the bank at the time of its suspension. He said he falled to see any reason for the renewal of the charges at this time, because he has been informed the depositors will be paid in full. unless there is a spirit or malice and spite behind it. or else the gentlemen preferring them have a desire for newspaper publicity. In regard to Examiner Cahill reporting the bank insolvent twice, Mr. Preston said that on each of those occasions he went to Brooklyn and caused the bank to be made solvent. He said that he would call on Governor Morton on Monday and ask that a full consideration of the charges be had. As far as he knew, Mr. Preston said. there were not any new facts stated in this last proceeding. They had all been considered by Governor Flower in 1893 and by the last Senate and dismissed.

22. December 25, 1897 The Sun New York, NY
Article from The Sun, December 25, 1897

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# Directors Keeney and Snedeker to Be Sued. The Executive Committee of the depositors' organization of the defunct Commercial Bank of Brooklyn has directed its counsel to bring an action at once against Directors Soth L. Keeney and Elbert Snedeker to recover the amount lost through the failure. The committee contends that the directors were "directly responsible for the employment of a dishonest cashier and the commission of illegal acts that caused the downfall of the bank." Receiver William N. Dykman has paid 88 per cent. to the depositors up to date.

23. December 15, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 15, 1899

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# TO REVIVE A COMMERCIAL BANK SUIT. Another lawsuit growing out of the failure of the Commercial Bank several years ago was brought to notice yesterday morning when C. Augustus Haviland, representing four of the bank's creditors, claiming in the aggregate $4,318 52, applied to Justice Gaynor, of the Supreme Court, for leave to revive the action of "the Citizens' Electric Illuminating Company for itself and in behalf of all the creditors of the Commercial Bank who desire to come in and join in the action against Receiver Dykeman and others." Counsel asked the Court that the order of discontinuance entered in the action be vacated so as to allow the many creditors of the bank an opportunity to present their claims against the bank. Frank Harvey Field, on behalf of the Electric Illuminating Company, stated that the claim of the company had been paid, and as no other party had come in to share the expenses of the action the company had the right to discontinue the action on its own motion. Mr. Haviland said that among the creditors who never appeared in the suit were the city of Brooklyn, for $5,446 81, and the county of Kings, for $5,066 06. Justice Gaynor took the papers and reserved his decision.