Shawmut National Bank (Boston, MA)

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Episode Information

Episode UID
58200875
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5820 national
Charter Number
582
Start Date
November 11, 1872
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
08636f8621a5944e

Response Measures

None

Description

Sources state Shawmut could not settle at the clearing house after the Nov 1872 Boston fire; later banking disturbances (1873) are separate events.

Events (3)
1. November 22, 1864 Chartered
Source
historical_nic
2. November 11, 1872 Suspension
Cause
Local Shock
Cause Details
Vault and facilities rendered inaccessible by the Great Boston Fire of November 1872, preventing settlement at the clearing house.
Newspaper Excerpt
Three banks out of the seven that were burned failed to settle at the clearing-house - viz., the Shawmut, Fireman's, and the North America.
Source
newspapers
3. November 25, 1898 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (16)
1. November 12, 1872 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, November 12, 1872

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BY TELEGRAPH. LATEST FROM ALL POINTS FOREIGN AND DOMESTIC NEWS THE BOSTON FIRE. Additional Particulars-Newspapers Destroyed -The Banks and Insurance Companies. Boston, November 11.-The following is the list of newspaper offices destroyed American Railway Times (weekly), American Union (weekly), American Workman (weekly), Ballou's Magazine (monthly), Boston Journal of Chemistry (monthly), Christian Monthly, Courier Weekly, Flag of our Union (weekly), Gleason's Home Circle (do), Good Templar (semi-monthly), Literary Companion (weekly), Masonic Monthly, Monthly Novellette, New England Postal Record, Oliver Optic's Magazine (weekly and monthly), Pathfinder Railway Guide (monthly), Pilot (weekly), Evening Gazette (weekly), Shoe and Leather Reporter (weekly), Student and Schoolmate (monthly), Sunday Courier, Tilton's Journal of Horticulture (monthly), Transcript (daily), Watchman and Reflector (weekly), Waverly Magazine, Yankee Blade(weekly), Youth's Companion (semi-monthly. Three banks out of the seven that were burned failed to settle at the clearing-house -viz., the Shawmut, Fireman's, and the North America. The Mount Vernon, Hide and Leather, and Everett banks saved most of their valuables. The savings banks are all secure. The local insurance companies will be able to pay about fifty per cent. on risks; but, capitalists coming forward liberally, all may be able to continue business. Their average loss is about $500,000 each -two reaching $900,000. All of the Providence companies say they will come out straight. The American and Mercantile, of Boston, will go on. The Boyleston must stop. The New Jersey companies lose only trifling amounts. The Continental Insurance company, of New York, has assets amounting to over $2,000,000. If the entire amount at risk within the district is a total loss, one-half of its surplus will pay for it. It is stated that only three insurance companies here have suspended-viz: the International, the Corn Exchange, and the Humboldt. President Oakley, of the Board of Underwriters, estimates the loss in Boston at not over $100,000,000. Later-Among the Ruins-Searching for the Dead-Incendiary Hanged-Others Arrested, &c., &c. Boston, November 12-12:30 A. M.The steam engines are busy to-night playing on the debris. All the streets leading thereto are strictly guarded. Although the city is dark and gloomy-there being no gas-large crowds hover in the vicinity of the runs. 3 A. M.-The streets are now perfectly quiet-250 soldiers now patrol the streets, and no one not having official authority from the commandant is allowed to pass the lines of infantry. One man who at-

2. November 12, 1872 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, November 12, 1872

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of them will be forced to suspend, and a good feeling now prevails. The Chicago calamity was much worse in its effects than this can be. NYM. A Financial Panic in New York-Universal Uneasiness and Numerous Suspensions. NEW YORK, November 11-Noon. The stock market is in a panic on account of the Boston disaster. Prices of all securities declined from 5 to 10 per cent. The following suspensions are announced: S. O. White, Pellot, Perry & Co., H. A. Wilcox, R. J. Kimball Co. These firms were all on the long side of the market, and their stocks were to day sold out under the rule. Stocks are now steadler, and It would appear that the worst is over. Gold opened at 114@114g. No information has yet been received regarding the action of the Treasury Department. EVENING.-Th panicky feeling is dying out, although but little business has been transacted to-day in wool, hardware, leather or dry goods. Judge Richardson, assistant secretary of the treasury, has been consulting with capitalists, and It is stated that Secretary from Boutwell has stopped the withdrawal the banks of the greenbacks deposited some time since to relieve the market. Gold is more at 132. The suspension of Bowles of has no upon Brothers, quiet London, effect rumored, this but market. Several failures are definite is known. dein stocks. Cotton, and pression nothing There groceries is great breadstuffs are without marked change, but wool, leather, boots and shoes are held in expectation of material advances. Better News from Washington. WASHINGTON, November 11. The secretary of the treasury this morning received a telegram from the president of the no Merchants' Bank o! Boston, saying, are is reason for a panic If the banks stand firm. The loss is large, but it falls upon persons who are able to to the secretary, telegram generally sustain dated it. New Another York this morning, says the disposition to create a panic is abated, and the writer gratuitously suggests that there Is no need for the secretary to fear anything financially. Information has been received that 80 far as the treasury is losses have by the and books concerned fire-the funds no been being sustained uninjured. It is thought at the treasury that the fire will produce no serious effect on the finances of the country. The probabilities are that Boutwell will not-interfere. The Cincinnati Bankers Cautious. CINCINNATI, November 11. The banks here are generally pursuing conservative course. They are accommodating their customers, but there seems to be a general disposition among them to act carefully until they can more accurately weigh the probable consequences ot the disaster. The Havoc Among the Banks. BOSTON, November 11. Three of the seven banks burned have falled to settle at the clearing house, namely the Shawmut, Fireman's and North American. The Mount Vernon, Hide and Leather and Everett Banks saved most of their valuables. The savings banks are all secure. A Staggering Blow to the Insurance Companies-Action of the Board of Underwriters. NEW YORK, November 11. all the Insurance Nearly with companies statements have their windows placarded of The heaviest losers are the who are the to large their condition. companies, best able stand it. The board of underwriters held a meeting and in order to prevent policyholders from to this morning, transferring their policies merchanother companies, advanced rates on dise cent. on all five cent. of the increase to fifty per per special risks, take of twenty- effect Hartimmediately. An insurance company ford, Conn., has bulletined at its office here that its losses by the Boston fire will not exceed one million, and that its financial status will not be affected thereby, its capital being five millions. It is stated that only three insurance companies here have suspended, namely, the International, the Corn Exchange and the Humboldt. President Oakley, of the board of underwriters, estimates the insurance loss in Boston to be net over one hundred million dollars. Not so Ead as It MightBe. BOSTON, November The local insurance companies will be able to about fifty per cent. of the losses, but are coming capitalists pay forward continue liberally, business. and they all may be able to The loss is about a loss average companies half nine million, hundred but the of two reach thousand each. It is believed that the insurance risks are more widely spread than at Chicago, and will not come 60 hard on the companies. The Losses in Philadelphia. PHILADELPHIA, November 11. The Insurance companies here lose about two millions.

3. November 12, 1872 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 12, 1872

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were socie The Bostett mails are received and for warded as usual. The military guard for the burnt district has been reinforced by a battalion of eavalry. Three banks out of the seven that were burned failed to settle at the clearing-houseviz., the Shawmut, Fireman's and the North America, The Monut Vernon, Hide and Leather, and Everett banks say most of their valuables. The savings banks are all secure. The local instituance companies will be able to pay about fifty per cent. on risks: but, capitalists coming forward liberally, may be able to continue business. Their average loss is about $500.000 pack rivo reaching $900,000. The Evening Transcript appeared to-day. printed at the Globe office. The Fire Started Again. BOSTON, November 11-2 A. M.-A gas explosion has again started the fire, which has crossed Washington street towards Temple place. The block corner of Wa-bington and Summer streets is doomed. The Fire Dace More Under Control. BOSTON, November 11-BA. -The fire is once more under control, being kept in the block between Summer and Avon streets of a A fireman has just tallen off the top building on Summer street. There were three explosions of gas at 3:30 A. M., the gas being only shut off from a portion of the city. Perfect order has been maintained generaliy in the streets. and the people begin of to be relieved from the terrible excitement fire. the uncertainty regarding the spread of the Newspaper offices restroyed. BOSTON, November ...The following list of the newspeper offices destroyed: a American RaftWay Times (weekly), American Union (weekly), American Workman Bos(weekly), Ballou's Magazine (monthly), ton Journal of Chemistry (monthly), Christian Monthly, Courier Weekly, Flag of Our Union (weekly), Gleason's Home Circle (weekly), Good Templar (semi-mouthly), Literary Companion (weekly), Masonic Monthly, Monthly Novelette, New England Postal Record, Oliver Optic's Magazine (weekly and monthly), Pathfinder Railway Evening Guide (monthly), Pilot (weekly), Gazette (weekly). Shoeand Leatlier Reporter (weekly), Student and Sché dimate (month- of Sunday Courier, Tilton's Journal Horticulture (y), (monthly). Transcript (daily) Watehman and Re flector (weekly), Waverly Youth's Magazine. Yankee Blade (weekly), Companion (=cmi-mouthiy). Number of Buildings Burned, &c. BOSTON, November 11.--- Nine hundred ar business housesand firms wereburned thirty out, and sixty dwelling and lodring-houses The Three hundred families are homeless. Parker Beening Gaz tte was med and the House The d tire unaged is now confined to the ruins, number and there is no apprehension. A large of engines are on the watch. Effect on the Gold and Stock Market. are NEW YORK, November 11. Stocks in consequence of the Boston fire. Prices panicky have declined from five to are ten per reThe following suspensions & Co.: cent. : S. V. White: Pellot. Perry all os ported A. Wileox R. J. Kimball Co.: account 11. long-side market. and for whose rule. the stocks were sold out under the that the stocks are now steadier, and it appears the worst is over. Gold opened at 114 to 1141. There of is the no information regarding the action the insuTreasury Department. their Nearly windows all plarance companies with statement have shown their candi- large carded The beaviest losers are stand the it. tion. who are best able to companies Later.- The panicky feeling is dy to-day out little business was transacted goods. though in leather hardware. or dry wool, Secretary of the Treasury stated RichAs-istant consulting with capitalists. stopped the ardson. Secretary Boutwell had greenbacks de withdrawal that from banks of market. some time since relieve The the su-penposited ismore quiet at 1184. has no Gold of Bowles Brothers, of Paris, natures are jon this market. Several known,and effect on but nothing detimite is it rumored. probably be only a rumor. may lated that only three insurance the com11 here have suspended- viz. 11 Inter- mopanies the Corn Exchange, and the Board of national, President Oakley, of the Boston Underwriters holds. estimates the loss in at not over $100,000,000. The Effect in Philadelphia. is November --There PHILADELOHIA, depressio in stocks. cotton, groceries, change. great but without marked held for and bread-tuils Wool. leather. boots, and shoes are it materia Board advance. of Underwriters held a meetThe morning, and in order to prevent poliing policy-holders this from transferring their the rates other companies advanced all speeies merchandise to filty per cent., and on effect cial on risks twenty-tive per cent., to take immediately. American Securities in London. November American securi- fire in LOSDOX, irregular. The news of the quoted ties are causes dullness. Bonds are 10-40's, Boston follows: 165's old. 901 '07 9243 87 us new 39 88: Erie's 10. (NOTE. Theabove dispatch was 12:18 received .M. the Associated Press office at six hours in in having been nearly by the to-day, Londou. It was delayed and cable transit companies, from probably believe in London, with a mahave every reason to general we purpose and as 8 part of a manlicious practiced by the cable system of fraud trusted employé, to swiedle Asagers, the press or and some public.-New York Agent sociated Effect Press.) OR the Leather Business. The YORK, November Gentlemen Boston in- do NEW the leather business in of the terested in the almost total destruction bring about not think business in that city will the cases leather except, perhaps, in stock held any of one suspensions or two small tirms. The by leading houses was small.

4. November 13, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 13, 1872

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NEWS BY MAIL. here are over two million dollars worth of churches building in New York. Fifty houses were burned by the patriot forces in Cuba the other day in attacking an inland town Rev. H. W. Beecher discoursed Sunday evening upon the Boston fire. He said that it was folly for any one to assert that either this fire or that at Chicago was a judgment upon any class of the inhabitants of those cities. Charlestown, S. C., has been free from yellow fever this season, not one death from that disease having occurred. The Old South Church has been utilized by turning it into a resting place for tired t. oops. The effects of the fire have extended to the hotels, as well as to almost every other branch of business. The number of boarders at the principal establishments of the kind has largely increased since Sunday, so that at the present time there is but little room for strangers. The savings banks of Boston are all safe. Their losses by the fire are very small indeed compared with their me ans. The visiting firemen came to Boston for work, says the Transcript. They had no holiday attire, but engines, officers and men never before looked so splendid as on this memorable occasion. The first official aid tendered to Boston was from Chicago. Her people gratefully remembered the generosity of Boston at the time of their own great calamity. The light of the great contigration on Saturday night was distinctly visible and attracted the attention of people resident sixty miles from Boston along the eastern coast, and al80 seventy miles in the interior country. It seems that in Virginia the straigh-out democrats received five votes in Richmond, five in Norfolk and twelve in Portsmouth. The Richmond Enquirer fears that Mr. O'Conor runs behind his ticket in Virginia. The only national banks in Boston that did not settle at the Clearing House, Monday, were the Bank of North American, vault under the ruins; Shawmut Bank, vault under the ruins, and Freeman's Bank, vault broken

5. November 20, 1872 The Somerset Herald Somerset, PA
Article from The Somerset Herald, November 20, 1872

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imity to the burning building, but despite the danger, the firemen soon had streams playing on the burning build ings. From Storm's establishment the flames rapidly communicated the extensive building on the corner of Summer and Washington streets occupied oa the ground floor by Messrs. Shreve, Crump & Lowe, jew elers and dealers in elegant gas fix tures. The upper stories were occupied by the Wheeler & Wilson sewing machine ware rooms, Lowell & Brett engravers, and by two or three custom tailors. Efforts to stay the progress of the flames were unavailable and in less than half an hour the inagnificent block on the corner of Summer and Washington streets were doomed The flames leaped from the windows and curled themselves about the earnices, and soon the vast pile was in a shroad of flame One gas explosion followed anoth er in rapid succession. Several soldiers and firemen were prostrated and several severely injured. A woman named Martha E. Hutchison jumped from a second story window to the pavement and was seriously injured, and her recovery is considered doubtful. The special train from Manehester N H. which arrived in this city at 5 o'clock brought two steam engines from the Amoskeag works, and a hose carriage, with men enough to run all three. One steamer is a self-propeller. and worked very handily. The men were fresh and went to work with great zeal. It was fortunate at this critical juncture that the steamers were on hand, for the water force at the hydrants was very small, hardly enough to force stream to the sec. ond story windows. Among the arrivals was an engine company of enty-five men from Biddeford, Me Had the proper authorities shut off the gas from the whole burned distriet early on Sunday morning, the present dreadful visitation would have been avoided. All the property along the line of W Tashington street which has now been destroyed, or is in imminent danger, would have been saved, had not explosions given the flames fresh encouragement. 5 A M The fire is now believed to be under good control, and unless very strong wind should spring up no more fresh fires are apprehended. 10 a. M. Jordan and Marh's store was saved, though at one time deelared a hopeless ease. Shreeve Crump & Low were burned out. Only three of the seven banks burned out failed to settle at the clear ing house to-day, the Shawmat Firemen's and North America being unable to get at their vaults. The Mr Vernon, Hide and Leather and Everett banks saved most of their valus. bles. The morning papers are almost exelusively filled with details of the great conflagration. The Adcertize estimates the loss at $80 000. and the Post and Journal place $100. 000.000. The Owl train from New York due at four this morning. arrived at seven with several car loads of roughs and thieves, who cleaned out all the restaurants and saloons, and committed other outrages. The Boston insurance companies will be able to pay an average of about fifty per cent. on their risks Capitalists are coming forth so liberally with offers of funds that there is some prospect of their going on without suspension. There average losess are in the neighborhood of five hundred thousand dollars, two or three reaching nine hundred thousand dollars The savings banks are all secure. A battallion of eavally has been added to the military guard of the burning district, which now numbers fifteen hundred men. All attempts at robbery and incendiarism will be summarily dealt with. The streets are almost impassable from the crowds in the vieinity of the fire. W ASHINGTON, November 11.-The Secretary of the Treasury this morning received a telegram from the President of the Merchants' Bank, Boston, saying, There is no reason for panie, if the banks stands firm The loss is large, but it falls on persons who are generally able to stand it." Another telegram to the Secretary, dated at New York this morning,says The disposition to create a panie is abated," and the writer gratuitously suggests that there is no need for the Secretary to do anything financially Information is received that the Treasury has sustained no losses by the fire. the funds and books being uninjured. The number of firms and business houses burned out is nine hundred and thirty. The number of dwellings and lodging houses sixty four. The insurance offices report losses as follows: $125,000 Firemen's Fund, of Cal. 45,000 Commerce, of Albany, 400,000 Queen, of London, net. 600,000 Etna, of Hardfort, These offices will pay in full. The North British, Hardfort, Phennix and National report that all their policies will be paid in full, and they will eentinue business. A general visit to the Boston insurance offices this morning reveals the fact that they have been hardly able to do anything today toward estimating and determining future steps. The fire is now confined to the ruins. and no fears are felt of a new outbreak. large number of steamers continue to work, reliefs of firemen taking turns. The Saturday Evening Gazette was among the papers burned out. James Tulley was arrested by a soldier early this morning while seting fire to building on Milk street.

6. November 28, 1872 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, November 28, 1872

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and a hopeful feeling prevailed everywhere. The number of firms and business houses burned out is 930. The number of dwellings and Jodging houses, GO. The Citizens' Relief Committee held meeting in the large committee-room in the a City Hall, at ten o'clock, Hon. Wm. Gray in the chair. Mayor Gaston read a number of telegrams from Chicago, Philadelphia, Cinand heartiest sympathy to Boston ing cinnati, the Indianapolis, elsewhere, extend- in her bereayment, and offering assistance. there were thousands require immediate city Mayor who believed would in The the the assistance so accepted. On motion of he Russell, should thought be it freely aid, offered Judge and was voted that it was that they should the of offers the meeting accept the sense 80 generously made, and that His Henor the Mayor be instructed to reply to the telegrams received with the sincerest thanks. The members of the shoeand leather trade held a meeting at noon to-day at the rooms, ex-Governor B. E. Cole said that the chair. of Trade Mr. Claflin Mayor in Board the and Aldermen had expressed willingness to grant any land belonging to the city for the use of the various branches of structures to accommodate They suggested temporary the ent necessities. Common trade, that, pres- for as was to be given to the dry goods trade, the shoe and leather trade might take the land on which Fort Hill formerly was. A Committee was appointed to examine the different locations, and report at a future meeting. A special session of the Legislature is to be called by the Governor, for the purpose of taking such action as may be required in the present condition of the city, e Shawmut, Firemen's and North American Banks were unable to get at their vaults. The Mount Vernon, Hide and Leather, and Everett Banks were saved, but lost their valuables, NEW YORK, November 11. All the insurance companies have bulletined statements of their losses and standing of which the annexed is a copy The /Etns, of Hartford, loss less than a million assets. 85,250.00. Relief, of New York, loss $56,000 capital unimpaired Williamsburgh City, loss $90,000 assets, $550,000. Resolute, loss $10,000. Commercial, loss $104,000 assets, $840,000. Colum bia, loss $75,000 assets. $440,000 Star, loss $150,000 assets, $40,000. Mechanics' loss 85,000. Firemen's loss $5,000. La fayette, loss $5,000. Phonexix, loss $450,000 assets, $2,032,191. Adriatic, loss 87,500 ; sets, $80,000. Niagara, loss $300,000; assets $1,000,000. Liverpool and London and Globe, loss 8600,000. This company has received disspatch from London to pay its losses and a on London, loss about erpool draw Hope, loss and the Liverpool office Queen, $300,000. of Livabout 850,000. American Central, of St. Louis, loss $15,000. Farmers' Mutual. of York, Pa., loss $5,000. Pennsylvania Underwriters', loss $15,000. American, loss, $300,000; assets 81,250,000. London Assurance, loss $100,000. Pennsylvani loss, Glo loss $300,000; assets, $1,250,000. $15,000. Orient. loss $150,000. National, loss $150,000. Exchange loss $15,000. At na, of New York, loss $30,000. Tradesman's loss $240,000; assets, $455,000. St. Nicholas, loss $15,000. National. loss $120,000; assets, $675,000. Lorillard. unimpaired. It is stated that the only insurance companies here that have suspended are the International, Relief, Corn Exchange, and Humboldt A general visit to Boston insurance offices this morning reveals the fact that they have been hardly able to do anything toward estimating and determining future steps. The fire is now confined to the ruins, and no fears are felt of a new outbreak. A large number of steamers continue to work, rellefs of firemen taking them. The Saturday Feeming Gazette was among the papers burned out The firms burned out the fire caused by the gas explosion s morning were James. Smith & Co., R. H. Stern & Co., and W. R. Storms & Co., on Summer street: Shrieve, Crump Lowe, corner Summer and Washington street; Wheeler & Wilson, in same building, and Stephenson's dry goods store on Washington street slightly damaged. A building in Central Court. occupied by Crosby, Moore & Foss, whose front is on Washington street, was burned down. The Park House was damaged a little, and there was injury by water to the store of Palmer, Jacobs & Co, on Washington street. BOSTON. November 11. Four insurance offices report losses as follows: $125, 000: Commerce, Firemens' of Fund. Albany, of California, $45,000; Queen, of London, net. $400,000; Atna. of Hartord, $600,000. These offices will pay in full. The North British, Hartford, Phonix and National report that all their policies will be paid in full and they will continue business. k -At the great Industrial Exhibition at 8 Moscow, American steam fire engines took the first premium. We also learn from a German paper that 1,500 American year I mowers and reapers were sold last in one single city in Germany.

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

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BOSTON. Special Dispatch to The Chicago Tribune. BOSTON, Sept. 27.-At a meeting of the officere of the Boston banks this morning, the resolution was taken to follow the course of the New York banks and suspond currency payments. There was but little discussion. It was evident that when 80 many were suspending, to hold out longer would only subject them to an embarrassing and dangerous drain. The step was solely a measure of self-protection forced upon them by the action elsewhere. Checks for small amounts for the current uses of business will be paid as usual. THE SITUATION HERE differs from that in New York in one particular. There they have pooled their resources : here they have not. The resolution adopted at the meeting was as follows: WHEREAR, The banks in all the large cities in the United States have deemed it prudent and expedient to suspend currency payments for largo amounts; therefore, Révolved, That the Boaton banks, as a precautionary measure for themselves and the mercantilo community, and to prevent the consequent drain of the currency from them, do from this date and until further action adopt the same measure, Resolved, That a Committee of Five be appointed by the Chuir, who shall have the power to issue loan-certiticates to the aniount of $10,000,000, upon substantially the same basis as issued by the banks of Now York City. Until yesterday it was confidently hoped that we should ride over the panic without resort to such measures, but the increasing drain of ourrency to New York necessitated action, and the resolutions were adopted unanimously. The interference with business brings the difficulties of the situation more immediately home to large classes than like proceedings elsewhere, but, on the whole, there is as firm faith that we can hold ou and withstand a general crash 88 ever. The first suspension reported since the panic began is that of the New Eugland Iron Company at Hyde Park, a Boston suburb. It is said that the suspension was caused through disagreement of the Directors, which resulted in an attachment, and some notes were protested, though it is understood that the Company has been carrying heavy mortgages, and has lost through the stringency of the money market and the low price of iron. Several large contracts are on hand, some of which are well under way. Three hundred men are thrown out of employment. The selling agent in this city thinks that work will be resumed soon.

8. September 30, 1873 Oxford Democrat Paris, South Paris, ME
Article from Oxford Democrat, September 30, 1873

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LATEST. The latest telegraphie up to Monday, 29th, is that the suspension by banks of currency payments in large sums. is becoming general. The Boston banks have adopted this course, as a precaution. ary movement. The Stock Exchange is to open Tuesday, 30th, and an improved state of feeling exists. Quite an eff'ort will be made to secure specie payments. Five Chicago Banks Suspended. The Union National, Manufacturers National, Second National, Cook County and National Commerce banks have clos. ed their doors. Other National banks are paying regularly. There is considerable excitement among business men, and the grain trade shows the effect.

9. October 1, 1873 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1873

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THE SITUATION ELSEWHERE. CONDITION OF THE BOSTON BANKS-AN IMPROVING STOCK MARKET-EFFECT OF A BANK DEFALCATION ON HARTFORD AND ERIE-RESULTS OF THE MONEY STRINGENCY IN MANUFACTURES AND TRADE. [BY TELEGRAPH TO THE TRIBUNE. BOSTON, Sept. 30.-The full benefit of the loan certificate arrangement is not yet felt, for the plan is not yet in full working order. The banks were lable to discount more generally than heretofore, but the available supply of money has, of course, been inadequate. In the course of a day or two, however, everything will be adjusted, and it is not anticipated that there will be a lack of currency then. The discounting of the banks to-day has only been to meet urgent necessity, and outside the best paper has gone begging. The bank statement reflects the struggles of the past week. Their available resources have been drawn away to the extent of some $5,000,000; deposits have been drawn down $3,369,700; balances due other banks, $1.753.800; circulation. $4,700. To meet this, loans have been reduced $2,275,000; balances due other banks, $2,516,000. The legal reserve has been diminished less than half a million, and the banks are relatively stronger than before the panic. Stocks sold higher; railroads gaining from one to three per cent (Michgan Central gaining the latter figure), and mining stocksfrom one to five. Late in the afternoon. after the closing of the Board, there was a bad break in Hartford and Eric 78, caused by the discovery that Lovett, the defaulting cashier of the Hingham Bank, had been speculating in them. Prices at the Board ruled at 24 to 25; but 20,000 were thrown on the market then, and the price went down to 22-the lowest price for years. No steps have yet been taken for the arrest of the cashier. and at last accounts he was still at the bank. The depositors will lose nothing. and the directors will reduce the capital and continue. One of the curious features of the pante has been the unusual amount of exports for the past week and the large receipts of breadstuffs. The receipts of flour show au increase of 5.284 barrels, and of corn 78.000 bushels over the previous week. The exports for the past three days have amounted to over $800,000, more than for any three days of the present year. Manufacturers have not been seriously embarrassed, and do not anticipate any more trouble. J.1 P. Squire & Co., large pork packers, having about 1,000 employés, were slightly embarrassed, and discharged about 100 men. but will take them back at an early day. The American Watch Company and the Howard Watch Company are the only other prominent manufacturers that make any reduction in their force. The Hinckley Locomotive Works employs 500 men. and asits present orders re-nearly all for the Chicago, Danville and Vincennes, and the Atlantic and Pacific roads, it expects no trouble from the panic. PHILADELPHIA FAILURES-STATEMENT OF CLARK & CO. PHILADELPHIA, Sept. 30.-A meeting of the creditors of E. W. Clark & Co. was held to-day. A statement was made. showing as follows; $1,042,526 Liabilities secured 1.041.498 Liabilities unsecured $2,084,024 Total Assets. including stocks, bonds, loans. bills receiva2,464,355 ble, and other securities and real estate $380,331 Leaving a surplus of A committee of three was appointed to investigate the affairs of the concern. The meeting was unanimously in favor of rendering proper aid to the firm in its efforts to realize on its assets and make settlements with its creditors, believing that their own interests would not suffer by pursuing such a course. The report that the firm of Martin, Londenberger & Co. had suspended is contradicted. Harrison Grambo, who failed 80 disastrously nearly a year since, has resamed business, having settled nearly $900,000 of his liabilities. STRANGE CONDUCT OF A KANSAS BANK OFFICERSUSPENDED BANKS REOPENED. LEAVENWORTH, Sept. 30.-There is mueh indignation among the stockholders and dépositors of the First National Bank, *in this city, in consequence of the Vice-President ordering the bank to suspend, and at the same time drawing nearly $100,000 in currency to sustain n the credit of Scott & Co., brokers. of which firm the Vice-President, Lyman Scott. is a partner. The German Savings Bank, and Insley, Shire & Co., bankers. reopened yesterday. and are abundantly able to meet all demands. Other banks here are paying checks in limited sums. FINANCIAL EXCITEMENT IN GERMANY-THE BULLION MOVEMENT. LONDON, Sép. 30.-A special dispatch from Berlin hints at financial troubles in Germany. Fancy stocks and bank shares are not salable, and some have fallen as much as 20 per cent. There is some talk of Government interference. The £50,000 drawn from the Bank of England on balance, to-day, is to be shipped to New-York. The steamship Donau, which sails from Southampton for New York to-day, also took £136,000 in bullion. LATER.-The Gazette publishes a notice for a meeting of the creditors of Clews, Habieht & Co. on Nov. 23. The steamer Parthia, which sailed to-day for New-York, took $100,000 in bullion. FINANCIAL NOTES. There was no particular change in the financial situation at Cincinnati yesterday. Harrisburg manufacturers approve the action of the banks of that city in adopting the certified check plan. The banks of Memphis have resolved not to suspend, but to open, in addition to the usual business, an exchange account. to be paid in kind, for the purpose of moving cotton. Responsible merchants have subscribed and paid in $320,000 to the First National Bank, which will enable it to resume business at once. The Providence banks adopted, yesterday, a report recommending a liberal policy on the part of banks toward each other and customers; that each bank should request its depositors to draw checks payable through the Clearing-house, and should certify checks payable through the Clearing-house; that deposits made in banks in currency be paid out to such depositors in currency, and that deposits made in certified checks be paid in kind. The Providence banks are in a generally

10. October 2, 1873 Ellsworth American Ellsworth, ME
Article from Ellsworth American, October 2, 1873

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# A DECIDED IMPROVEMENT. NEW YORK, Sept. 29.-(Noon.) Affairs in financial circles show a most decided improvement to-day noon as compared with Saturday. There is a feeling of buoyancy. On Broad street the brokers are anxious to have the Board re-opened. They are doing considerable business this morning in filling cash orders for stocks but decline most of them to operate either to-day or to-morrow on a margin. A few houses offer to buy and sell on a twenty per cent. margin. Stocks continue to improve in price and but few offered. # JAY GOULD INTERVIEWED HE THINKS THE PANIC IS OVER AND IS ANXIOUS TO RENEW SPECULATION. Jay Gould was interviewed yesterday by a reporter to whom he gave his views on the financial situation substantially as follows: "I think the panic is over. I have every faith now in advance in prices and believe that the market will be more buoyant than for a long time past. Wall street has been cleared out of a great part of its worthless stocks and so called securities by the purifying process of the panic, and there are comparatively few stocks now quoted except those of real value." # THE SAVINGS BANKS. BOSTON Sept. 29. At the meeting of the officers of savings banks in Boston and Charlestown, held to-day, the following resolutions was passed: Resolved, that in the judgement of the meeting it is expedient and advisable that the savings banks of Boston and vicinity enforce the by-laws of their several institutions relating to the withdrawal of deposits, and until otherwise advised that the savings banks at their discretion pay drafts for small amounts only.

11. October 3, 1873 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, October 3, 1873

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# Suspension of the Boston Banks. BOSTON, Sept. 27. - A meeting of the presidents of the several Boston banks was held at the clearing house at 11 o'clock, this forenoon, when the following resolutions were adopted by a unanimous vote: Whereas, the banks in all the large cities in the United States have deemed it prudent and expedient to suspend currency payments for large amounts; therefore, Resolved, That the Boston banks as a precautionary measure for themselves and the mercantile community, and to prevent the constant drain of currency from them, do from this date and until further action adopt the same measure. Resolved. That a committee of five be appointed by the chair who shall have the power to issue loan certificates to the amount of ten million dollars upon substantially the same basis as issued by the banks in New York.

12. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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The Action of the Banks. The New York banks, in order to prevent further drain of greenbacks, and new lock-ups of currency, already in too scanty supply, found it necessary to refuse payments of large checks and drafts, while still holding themselves prepared to cash small checks, drawn in the ordinary course of business. Similar action at once became necessary in other monetary centres. Thus the Boston banks found that New Yorkers were picking up Boston checks, and that large sums of greenbacks, were being sent from Boston to New York. They at once held a meeting for concerted action and adopted the same measure of partial saspension. The same causes led to the same precautionary measure] on the part of the banks in Philadelphia, Baltimore, Chicago, Cineinnati, Indianapolis, and other large cities. Probably a majority of the banks of the principal cities of the Union have by this time followed the example of New York. The country banks are not in equal danger of drains of currency, and probably do not in many cases find it necessary to give formalinotice of similar precautions. Yet their attitude, in the nature of things, must be substantially the same. While all goes on quietly and on the usual course of business, they will make no difference in their mode of doing business; but they would unquestionably meet any concerted or unusual demand for currency, by a refusal to pay greenbacks and a tender of some other form of payment, as certified checks, or drafts. Our Burlington banks are sound and strong ; and as long as our business men and community generally keep their heads, and make no unnecessary or unusual demands. they will unquestionably keep right on in the ever. tenor of their way, responding as usual to all ordinary demands. While the banks tbus do their duty, it is for the community to remember that a duty also rests with them. No one should hoard greenbacks, or needlessly withdraw them from circulation. Let every one that has cash use what he needs, and thus keep it moving; and deposit what he does not need in the banks, to help keep up their supply of currency. With such wise action, there need not be, and we suppose there will not be, any disturbance of the usual course of business among us.

13. November 5, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, November 5, 1873

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# HOW THE COUNTRY STANDS THE CRASH. Items About Finance, Trade and Workshops, The Evening Post of the 28th says of the situation in New York: Whatever change there is in the general situation seems to be for the better. It is certain that the banks are improving, the gain in legal tender notes, according to this morning's report to the Clearing House, having been over one million dollars. In a few days the pooling of legal tenders by the banks will be discontinued, and a very large gain, will then, it is thought, be apparent. The Times says: In regard to the November dividends upon railroad bonds and stocks, we have reason to suppose that the defaulters will be less numerous than apprehended a fortnight ago, owing to the improvement in the bank movement and supply of currency. Earnest efforts are being made to provide the interests of several railroad loans of comparatively recent creation, which seems to be imperiled by the suspension of the bankers of the roads in September. New York funds are reported more plenty at Boston, and the banks of both cities will no doubt resume currency payment in full at the same time. Indeed at Boston the banks claim that they have already resumed in full. In Philadelphia the payments of currency are also nearly up to the demand. Nearly all whose necessities require currency get it on demand. A Washington dispatch of the 28th says: Representative Kelly, of Philadelphia, arrived here to-day, and this afternoon had quite an interview with the President on the condition of National finances. His well known views in favor of a convertible bond by which the forty-four millions of legal tenders can be issued, found no little favor with the President, who, recent other facts indicate, is much more in accord with Judge Kelly's inflation policy than the latter had expected. Serious results of the panic are felt along the Hudson. The extensive brick yards near Poughkeepsie have all stopped, and employing carpenters and manufacturers are working with half the usual force. The extensive paint works of Gardner & Co., at Little Falls, Cohese, Rochester, Pleasant Valley, Newberg, and Haverstraw stopped Saturday, and 10,000 men are out of employment. The firms paid $500,000 a month to employees. Factories in other places have either stopped or reduced time and wages.

14. August 17, 1893 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, August 17, 1893

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LETTER FROM BOSTON. Some Fast Trotting.-Some Queer Features of the Financial Stringency.Winthrop's Coaching Parade. [Editorial Correspondence.] Ten thousand people endured Saturday's intense heat at Mystic park, Medtord, to see less than three minutes of fun. Within that time Nancy Hanks had trotted a mile to beat her record of 2.04. She failed to do it, but made the remarkable fast time of 2.081/4; first quarter, 321/4; half, 1.031/4; three quarters in 1.35 and the last and slowest quarter in 331/4 seconds. She trotted in beautiful shape, but tired herself before the home stretch was reached. Mr. Doble used the whip sparingly on the last quarter, but the great trotter was doing her best and could not keep up the fast time of the second and third quarters. Nancy Hanks was accompanied by a running mate and trotted in beautiful style. Thesameday Nelson, Maine's famous stallion, reduced his record to 2.09. One of the most curious features of the present financial stringency is the scarcity of currency. So much has been drawn out of the banks that they hate to part with any more, and 3 and 4 per cent premium was paid for currency last week. Thisis the first time since 1873 that such a premium has appeared and some people have netted snug sums by selling hoarded money to brokers and bankers. In many cases the banks refused to cash checks and two instances came to my knowledge where checks on Boston banks amounting to $25 and $90 could not be cashed at other Boston banks. At the office of register of deeds here checks of 65 cents are received for recording titles, owing to the scarcity of small change. The 60 days notice which the banks have enforced has prevented any runs on these institutions, but has been a great disapointment to the smaller stockholders. Many of the latter were women who were sure that their money was unsafe in the big Boston banks. Ofcourse in some cases the money was wanted for immeadiate use' In such cases the banks did all they could to accommodate their customers. A great many firm's are sailing very close to the winds and would be wrecked if they were hard pressed by either their creditors or the banks which hold their notes. But money is a little easier than it was last week and everybody is taking a more hopeful view of the situation. One of the prettiest suburbs of Boston is the town of Winthrop, five miles from the Hub, with eight miles of water front and three miles of ocean shore and beach. It is easily accessible by boat or rail from the city and is the permanent home of many Boston business men and the summer residence of thousands of

15. November 19, 1902 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, November 19, 1902

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Colombian officials favor a canal trea -Cholera in the army in the Phili pines in spite of precautionstorney General Knox working on pla for regulation of trusts-Senate CO) mittee on territories begins investig tion in New Mexico-"Lily White in the south alarmed by the president action in Alabama-Hanna will re-elected to the senate, but is 11 likely to manage the next campaignComplications may result from 1 granting of a charter for a nation bank in Porto Rico-Boxer mov ment continues in Sze Chuan-Ame ican marine dies of yellow fever Panama-Good progress on the sea ing dispute at The Hague-Emper William astonishes England by ). prowess as a hunter-An invention France by which alcohol is produc from acetylene-Lancashire associ tion to grow cotton in Jamaica to a VO buying in America-Guatemala's lo of life and property as a result of ve canic eruption said to be very hear -Halifax Chronicle urges stro military force to resist any advance 1 the United States. SATURDAY, NOV. 15. Central National bank of Boston the hands of a receiver: National Sha mut bank will aid depositors-Charl W. Himmerman pleads guilty to char of murdering his wife at Boston; se tenced to imprisonment for life-Co commission begins hearing at Scra ton-General increase of pay amo railroad employes-Report that H. Manley will start a daily paper Augusta, Me-Kansas judge hol that a hypnotist has right to bury i wife alive-Indiana Republica booming Governor Durbin for the vi presidency-Millionaire Edward B ler of Missouri found guilty of : tempted bribery-Jefferson Davis' port on Buena Vista and Monter found in Mississippi archives-01 trolley car makes fastest run on recor part of the distance a mile a minu --New York automobilist sued f $20,000 for frightening horse which sulted in serious injury to two perso -General staff plan for the na urged on Secretary Moody-Vice Go ernor Wright not allowed to bring I Chinese servant east-Cuba likely be slow to grant demands of the Unit States; talk of negotiation with oth countries-Bulgarian cabinet resig -French coal strike virtually end -Volcano Santa Maria still in eru tion-Dady's Cuban agent and $10.0 missing-Great Britain to redu naval establishment at JamaicaAmericans said to have found ri Aztec treasures in Mexico-Chine papers want the British and Germa to leave the country-British medio jourual takes up charges of "squalo at Oxford-King Edward may revi the old custom of having a minister ways at court-Manager of Rhod scholarships says Oxford can ri about British unity-German Tre ies' association urges extension of € isting commercial arrangement. SUNDAY, NOV. 16. Rubino, an anarchist, attempts kill King Leopold at Brussels and barely saved from a mob-Schn tady labor unions plan a strenuo boycott against railway-J. Ogc Armour bearing whole weight of who market-Mayor of West Tampa, I'll kidnapped, flogged and threatened wi death-President Rodrigues Alves Brazil installed with great ceremo -Patrick Lyman, a teamster, kill in collision with an electric car it B ton-Farewell banquet to Amb: sador Cambon by representative Am icans-President Mitchell under lo and sharp fire of cross-examinationVirginia negroes appeal to federal cou against disfranchising iaw-Preside Roosevelt fails to get a shot at a be in a hot chase—Dr. Joseph Swain stalled as president of Swarthmore ( lege-Loss to Guatemalan coff growers from eruption is probably # 000,000-Old home of William Cull Bryant at Roslyn, L. I., destroyed fire-Robert Fulford. actor, sued $100,000 for breach of promise-T Rev. Casimer Zeglen burt at trial his bullet proof cloth at ChicagoBusiness men of country to petiti congress for, a tariff commissionNabraska is to invest $3,000,000 school funds in Massachusetts bor -Pudding-shaped lifeboat holding persons to be tried on Goodwin sar -Stage-struck girls taken into e

16. December 2, 1907 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, December 2, 1907

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ANNUAL SALE, TEN MILLION BOXES eously. Among the New York banks there was a suspension of payments for eight weeks during the panic of 1857, of six weeks in 1873, and of five weeks in 1893. The embargo has been shorter thus far in 1907 than it was in any of those cataclysms, and it has been far less rigid. The banks are paying out more money now than they did during the closed season in 1893 or the preceding years. Nobody sapposes that the situation at this time is as grave as it was during any of those currency famines. In proportion to the amount of business done there is far more currency in the country now than there was in the former monetary disturbances, and, in proportion to population, the business is greater than it was then. A general bank resumption would immediately improve the situation at all points, As it is to the banks' interest to restore unlimited payments as early as practicable there is a strong incentive for them to meet the public demand in that direction. The Shawmut National bank of Boston, the largest banking institution on the Atlantic coast outside of New York, has resumed payments with practically no restrictions, and it has written to its correspondents throughout the county, numbering more han 750 banks and trust companies, asking them to extend credits to patrons to the fullest possible extent. A like spirit is revealing itself among many other big banks all over the country. As gold is coming in almost as fast as It did in the first half of November, there is & powerful stimulus toward the restoration of confidence. More than $85,000,000 of gold has now been engaged since the beginning of November, and two-thirds of this amount has already arrived. The world never before saw such a stream or gold flowing in any one point in that length of time. There is a possibility that the $100,000,000 mark will be passed before the inflow ceases. It is plain now to the world that we can get all the gold from R rope that we think we need: For many reasons we are masters of the situation. We can get all the gold in Europe that we want because gold can work more profitable here than it can elsewhere: because, we can afford to. pay more for gold than can any of our competitors in Europe: and because, through the exportation of cotton, copper, wheat, corn and many other things which we have, and which Europe must buy, we are establishing credits which will bring gold to us to any needed amount. This commercial and financial ascendancy which we hold among the great nations is bringing us through the crisis with a speed which will surprise the world when, a few weeks hence. a general upward movement among our industries sets in. It is altogether probable that before 1908 is many months old the United States will be in a position to hand back to Europe all the gold which our bankers have purchased there in the present movement. It is likewise probable that before 1908 ends we shall be able to resume our old role of helping Europe out of any financial troubes which may come to it.