7682. Mechanics & Traders Bank (New Orleans, LA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: March 19, 1879
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 610e8be9

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: Sheriff took possession; liquidators/receivers appointed by court; clearing house limited cash payouts to $200 and certified checks.

Description

The bank experienced depositor withdrawals (a run) immediately prior to suspending on March 19, 1879. Directors placed affairs in hands of liquidators and receivers were appointed; bank remained in liquidation and did not reopen. Articles identify the institution as a 'free banking' (state) bank and describe insolvency due largely to depreciation of city bonds/consols.

Events (3)

1. March 19, 1879 Receivership

Newspaper Excerpt: The affairs of the bank have been placed in the hands of liquidators appointed by the honorable Judge of the Fifth District Court for immediate liquidation; the claims of creditors will be met at the earliest moment possible.
Source: newspapers

2. March 19, 1879 Run

Cause: Bank Specific Adverse Info
Cause Details: Bank was weak and 'very weak for some time past'; heavy holdings of depreciated city consols and securities led to insolvency and triggered withdrawals.
Measures: None beyond suspension; other clearing-house banks limited cash payouts to $200 and certified checks to stem panic.
Newspaper Excerpt: one of them, however, volunteering the information that there had been a run on the institution yesterday up to the time of the cessation of the business of the bank, and also on the preceding day.
Source: newspapers

3. March 19, 1879 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors could not realize assets in time to meet sudden demands; large depreciation in New Orleans consol bonds left bank insolvent, forcing suspension and liquidation.
Newspaper Excerpt: The Board of Directors ... have been forced to suspend. The affairs of the bank have been placed in the hands of liquidators appointed by the honorable Judge of the Fifth District Court for immediate liquidation
Source: newspapers

Newspaper Articles (20)

1. March 20, 1879 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, March 20, 1879

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General News. The Mechanics and Traders' Bank of New Orleans has suspended. Alderman J. E. Mullen, of Montreal, has bought suit for $20,000 damages against the Star, of that city, for libel. A special dispatch from Starksville to New Orleans, says Thomas J. Wood has been shot by William Gilmer, colored. All the arrangments for the funeral of General Sherman to-day at New Port, R. I., have been completed, and it will be an imposing affair. A six-days' walking match has been arranged to take place at Montreal, between Campana ("Old Sport") and Finnachi, of Montreal. Coptain Paul Boyton, on his swin to Oew Orleans, arrived at Madison. Ind., at 5 A. M. yesterday, and late at midnight for Louisviile. George Upton a manufacturer of glue etc., at Peabody and Bighton, Mass., has made an assignment. Liabilities, between $300,000 and $400,000. Joseph Kenney was held at Providence, R. I. yesterday, in $1,5000 bail for kidnapping Clement Chamberlain and forcing him into Massachusetts. A fire broke out yesterday morning in the cargo of cotton on the bark Ardenlea near New Orleans. About 200 bales of the 3,700 on board were damaged. A special to the St. Louis Globe-Democrat says the town of Pineville, the county seat of McDonald county, Mo., was almost entirely destroyed by fire yesterday morning.

2. March 20, 1879 Wheeling Register Wheeling, WV

Article from Wheeling Register, March 20, 1879

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CREAM OF THE NEWS. Gathered from Our Dispatches. The President's message is astonishingly brief. In the Senate, yesterday, Mr. Edmunds offered a resolution limiting the present session of Congress to the business for which it was called. The army appropriation bill, to be submitted to the House at the earliest practicable moment, is the same as that passed by the last House. The President, yesterday, nominated James Reilly Weaver, of West Virginia, for Consul General at Vienna. The disputed election case from the Second Congressional district of Florida was discussed in the House, yesterday. The aliunde precedent of the Electoral Commission was quoted, and the Democrat got his seat. Argument was begun in the U.S.Sapreme Court. yesterday, in cases involving the responsibility of the Central and Union Pacific railroad under tne Thurman bill. Szegedin is again in great danger from the flood on account of the high winds. Representative Blackburn, of Kentucky, was complimented by a serenade from the citizens of Washington, last night. Two hundred and sixty-seven more corpses have been recovered at Szegedin. Many avalanches have recently occurred in Austrian Tyrol. At Bleiburg ten houses were crushed, forty persons killed, eightecen wounded and fifteen missing. The Mechanics and Traders' Bank, of New Orleans, has suspended. Large subscriptions are being made to the 4 per cent refunding certificates. Orders for 31,000 silver dollars were received at the Treasury yesterday, making $208,000 for the present month. An English company 18 about to start at Flushing, Holland, the importation of American meat alive and dead for the German market. A young man named Whipcey was killed by falling tree, near Cameron, yesterday. A young lady, Mary Keiling, was run over and killed bya train of cars at Lonaconing, Md., yesterday. A St. Petersburg dispatch reports that eight officers of the Imperial Guard have been arrested as Nihilists. A dispatch from Candahar says it is reported that Abdul Khan, the Russian candidate for the throne of Afghanistan, is returning to Cabul with many adherents.

3. March 20, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 20, 1879

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The SI spension of the Mechanics and Traders' Bank yesterday gave rise to considerable excitement for a short time after it was made known, and caused some few persons to draw their balances from two or three other banks, which at one time produced the impression that there would be a general run on our banking institutions. But this feeling of apprehension was soon quieted down, and no financial disturbance ensued. The fact is the Mechanics and Traders' Bank has been very weak for some time past, its stock having been quoted at the Exchange at $7 on a par value of $25. It has suffered, like the Southern Bank, from the depreciation of public securities, of which its capital was principally composed, and its suspension was not altogether unlooked for. As far as we can learn from diligent inquiry and a searching scrutiny of their published official statements, our banks are operating on a staunch, solid and secure basis, and we firmly believe that there are no grounds for apprehending further disasters in this line. The New York Times of Saturday gives some astounding statistics to show the enormous capacities of the population of that city for drink. It says that perhaps no better notion of the interest which the walking contest developed, as represented by the attendance at Gilmore's Garden, can be gained than by a trascript of a tally kept at the bar. Up to Friday morning, the Times states, "there were sold over the counter 276,543,210 glasses of beer, 8,496,531 glasses of whisky, 1,476,000 glasses of brandy, and 400.000 pretzels, to say nothing of chowder sandwiches, and the hundred and one other substances for staying the appetite and quenching the thirst. The lucky proprietor proposes to retire on the profits of his $2500 investment for bar privileges." The walking match commenced at 1 o'clock on Monday morning, and up to Friday morning 100,000 persons may have been in the Garden, but this is a very lage estimate. The Times would have us believe that each of these 100,000 people had consumed in that time 2760 glasses of beer. 85 glasses of whisky and 14 glasses of brandy, to say nothing of the seltzer and apollinaris water. The drinking match must

4. March 20, 1879 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, March 20, 1879

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Fatal Affrey in Vicksburg. VICKSBURG, Miss., March 19th.Last night a shooting affray occurred between Capt. W. F. Fitz. gerald, Capt. W. H. Andrews and W. L. Greene. Andrews and Greene were killed almost instantly and Fitzgerald dangerously wounded. The difficulty originated about a Hibernian meeting at which Andrews was elected Presi. dent. Fitzgerald claimed to still be President of the Hibernian society, and denounced the election of Andrews as a farce, Greene took exceptions to Fitzgerald's remarks and attempted to draw a weapon. Fitzgerald drew first and shot Greene through the heart. Andrews then shot Fitzgerald and Fizgerald shot Andrews. Andrews was the head of the firm of W. H. Andrews and Brother, and was President of the Howard Association. W. S. Greene was clerk of Andrews & Brother. Fitzgerald is a prominent lawyer, once Republican State District Attorney. Steamer Coliiston-Sixiy Persons Drowned. KINGSTON, Jamaica, via Havana, March 19th.-The British steamer Bolivar, Captain Doherty, plying between Liverpool and St.Thomas, came in collision with the Haytian steamer Michael. The latter sank and sixty persons were drowned. Destructive Fire. VICKSBURG, March 19th.-A fire this morning caused the loss of $43,000; insurance $30,000. Suspended. NEW ORLEANS, March 19.-The Mechanics and Traders' Bank has suspended.

5. March 20, 1879 Daily Globe Saint Paul, MN

Article from Daily Globe, March 20, 1879

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SA NEW ORLEANS, March 19.-The Mechanics' & Traders' bank has suspended.

6. March 20, 1879 The New Orleans Daily Democrat New Orleans, LA

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BANK NOTICES. MECHANICS' AND TRADERS' BANK. MECHANICS' AND TRADERS' BANK. } New Orleans, March 19, 1879. The Board of Directors of this Institution, finding It impossible to realize assets in time to meet the sudden and unexpected demands of depositors, have been forced to suspend. The affairs of the bank have been placed in the hands of liquidators appointed by the honorable Judge of the Fifth District Court for immediate liquidation, and the claims of creditors will be met at the earliest moment possible. mh20 tf ED. PILSBURY.

7. March 20, 1879 The New Orleans Daily Democrat New Orleans, LA

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ANOTHER BANK GONE. THE MECHANICS AND TRADERS' BANK SUSPENDS. The Sheriff in Charge and a Statement in Preparation. About noon yesterday some little excitement was created in financial and business circles by the announcement that the Mechanics and Traders' Bank had followed in the footsteps of the Southern Bank and suspended payments. In a shorttimeafter the suspension Civil Sheriff Gauthresux appeared and took possession. under an order of the Fourth District Court. issued in the proceedings. an account of which will be found below. The president and other officers of the bank were seen by a reporter of the DEMOCRATSHO after the closing of its doors, but in reply to inquires as to the causes which had led to the suspension, they said they had nothing tosay at present. one of them. however, volunteering the information that there had been a run on the institution yesterday up to the time of the cessation of the business of the bank, and also on the preceding day. They said, further. that at an early day they would submit to the public a statement of the condition of the institution. Inquiry on the street called forth the information th t the inability of the bank to meet the calls upon it was occas ioned by the depreciation in city consols, of which it held a large amount RB collaterals for loans. The opinion among business men and financiers was that but few persons would be badly hurt by the failure of the institution. as It has for some weeks past been considered shaky. 80 shaky. in fact. that its stock only brought $7 per share on A par value of $25. The results of the suspens on, however, will be more serious than those 00 asioned by the failure the Southern Bank. as it was A bank of exchange. and was associated with the Clearing House. Even yesterday the bad effect was manifested by the anxiety of small depositors in regard to thesoundness and THE STABILITY OF THE OTHER BANKS of the city and on several of them there was consi derable of a run. Thisfeeling of concern was, however, confined almost exclusively to those whose balances are never very large. as the heavy depositors. generally speaking. are well informed as to the condition of the banks to which they intrust their funds, and are satisfied of their ability to repay them on demand. before they open accounts. The several banks on which the runs were yesterday made, were visited by a reporter of the DEMOCRAT. and the officers seen. They all st ted that the pressure had been very light and that they were fully able to meet all demands which were likely to be made upon them. Men of judgment and business ability express REGRET AT THE PANICKY FEELING which was apparent yesterday. slight as the manifestation was, and they deprecate and pronounce unnecessary the excitement and scare which have followed the suspension of the two banks. Both, they say, have been regarded. for good reason. with suspicion for some tme past, as their condition. on their own showing, was bad. The Southern Bank wasgenerally regarded among business men as being so weak that it wou d be unable to stand any pressure at all, R and the Mechanics and Traders' was looked upon as being not much better than the Southern. Careful Inquiry. they say. fails to furnish any grounds for alarm as regards the other banking institutions, and their only anxiety is that this suspension will result in a panic, which would culminate in a general suspension of all business throughout the city, and occasion irreparable loss to the trade and commerce of New Orleans. THE LEGAL PROCEEDINGS in regard to the Mechanics and Traders' Bank, to which reference was made above, are as folO lows To the Honorable the Judge of the Fifth Distriet Court for the parish of Orleans: The petition of the State of Louisiana, ex rel. A. V. Wogan, who is domiciled in the city of New Orleans. respectfully represents that he has been for some time past a deposit r of money in the Mechanics and Traders Bank. a banking institution created under the free ft banking system as established by the laws of a this State, and as such institution your petitioner has kept an individual account as depositor in said bank. and from time to time was in the habit of drawing his checks against his tl deposits to suit his wants and necessities, which have been promptly paid by said bank. in That on this, the nineteenth day of March, 1879. there being on the books of said bank to the credit your petitioner as such depositor H a sum of about $90 against which relator drew his check in proper form and presented the same, duly stamped to the paying telier of said CE bank for immediate payment. and the said a teller, in the name and by the authority of the said bank, declared that the same could in not be paid, and thereupon declined and O refused to pay the same, as will appear D from the accompanying protest hereto n annexed and made part of this petition. That one the paramount conditions of the law under which such bank was created, organized and has car ried on business, is that it T should punctually pay all checks of depositors drawn by them against money deposits made by them in said bank and that the failure of said bank to pay the che of relator as aforete said, is an act of insolvency which destroys and forfeits its charter and, therefore It isto the G interest of all parties concerned that said charSt ter be legaliy and formally declared forfeited DI Wherefore relator prays that said bank be cited and ordered to show cause according to law why the charter of said bank should not be ca declared forfeited and its affairs liquated, and after due proceedings had that there be judg- th ment decreeing the forfeiture of the charter of re saidbank AS executed before Pierre Chas Cuth villier a notary public in this city. on the ninth to day of August, 1873, and that the civil sheriff of this parish be ordered to take possession of all the assets of said bank that three commisMA sioners be at once appointed to liquidate the affairs of aid corporation that an inventory be ordered to be taken as the law provides by a nore tary public of all the assets of said bank, and & that appraisers be appointed to value thesame. That after taking possession of the said assets. the civil sheriff be ordered to deliver the same at to the commissioners appointed, who shall adF minister the same under directions of court: th that an attorney be appointed to represe nt the creditors and stockholders of the bank absent from the tate. andihatall proceedings against re said bank be stayed: and relator prays for all th other further general equitable relief that may in the premises be granted and such as the m nature of the case requires and the law perm V. WOGAN. mits. an ANSWER OF DEFENDANT. The defendant. the Mechanics and Traders' fu Bank a free banking institution, created under E the laws of this State and domiciled in New Orleans. now comes into court, and for answer to the petition herein flied for the forJo feiture of its charter and other purposes, reE. spectfully says: That circumstances beyond its control and H foresight have made it its peremptory duty to abstain from receiving further deposits and W making further payments and that it has suspended further payment both in justice to its C. deposi ors. creditors and stockholders. That it is for the resent beyond its power to meet its E cash liabiliti- S. That under the court the circumstances the

8. March 21, 1879 New-York Tribune New York, NY

Article from New-York Tribune, March 21, 1879

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A PANIC IN NEW-ORLEANS. ALL THE BANKS SUSPEND. SEVENTEEN IN ALL STOP PAYING OUT CURRENCY EXCEPT IN LIMITED AMOUNTS-CURRENCY SENT ON FROM NEW-YORK. Owing to the previous suspension of four banks in New-Orleans, all the others, thirteen in number, virtually suspended payments yesterday. They adopted a resolution to pay out $200 only in cash to any one depositor, the rest of the business to be done on certified checks. There was very little excitement here or in St. Louis about the matter. Over $1,000,000 in currency were forwarded to New-Orleans yesterday by bankers here, and as much more will probably be sent. TAKING TIME BY THE FORELOCK. THE NOTICE GIVEN TO THE PUBLIC-THE PROGRESS OF THE PANIC STOPPED-THE DEPOSITS TEN MILLION DOLLARS. NEW-ORLEANS, March 20.-To stop a growing panic, following thelate suspension of the Southern Bank of New-Orleans, the Mechanics' and Traders' Bank and two savings banks, all the other banks composing the Clearing House Association-thirteen in number-agreed to-day to make certification of checks drawn against them on the basis of business between themselves and with depositors. Collections for distant customers, however, will be remitted for, as heretofore, in currency checks on New-York. In effect, this action involves only local interests here and has checked the panic, the pretext for which will be entirely removed in a day or two, when currency arrives which is already ordered from New-York. The banks held this morning about $2,200,000 in legal-tender notes and $3,000,000 sight exchange on New-York, exclusive of their portfolios, with which to meet about $10,000,000 due depositors. Most of the banks to-day received more currency from depositors than they paid out. The Clearing House Association this morning published the following resolution, which is being enforced by the banks: Resolved, That in order to protect the business community of the city from the calamity of any further suspensions of banks, arising from what appears to be an entirely unnecessary panic in the withdrawal of deposits from banks known to be solvent and sound, it is hereby resolved that the Clearing House banks shall not pay out on checks more than $200 to any one depositor on any one day. All other payments shall be made by certification of checks, which shall be received on deposit by banks members of the Clearing House. This arrangement 18 to be temporary. and shall expire on Saturday, the 29th inst. Sr. LOUIS, March 20.-News of the suspension of banks at New-Orleans had comparatively litte effect on the Exchange here, other than in the Southern provision jobbing trade, which was somewhat depressed, owing to the belief that monetary affairs at New-Orleans and adjacent towns, which do their business through New-Orleans banks, would be at least temporarily disturbed. The general business in this city and the banks here will not be affected to any appreciable extent.

9. March 21, 1879 Daily Republican Wilmington, DE

Article from Daily Republican, March 21, 1879

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Saspension of Banks A panic having been threatened in New Orleans following the suspension of the Southern Bank, the Mechanics and Traders' Bank, and two saving banks, all the other banks of that city 13 in number composing the Clearing House Association, yesterday agreed not to pay out on checks more than $200 to any one depositor on any one day until the 29th inst. All other payments are to be made by certification of checks to be received and deposited by mem bers of the Clearing House Association. The New Orleans banks yesterday held about $10,000,000 due depositors. A large amount of currency is on the way from New York to New Orleans, which will relieve the embarrasement. Telegraus from Memphis and St. Louis say that there has been no serious disturbance of business in those cities.

10. March 21, 1879 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, March 21, 1879

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Financial Panic in New Orleans. NEW YORK March 20 -The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and Mechanics & Traders' Bank, but there are others and more important reasons tor the existing states of affairs in New Orleans. The bonds of that city have greatly depreciated in value of late in consequence of non-payment of interest and somewhat demoralized the condition of the city's finances. The Southern bank which recently went under is understood to have had its capital invested in these bonds. Again the non-payment of interest in Louisiana consols has caused Jarge shrinkage in the market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans The decline in their securities has been 80 great that parties borrowing on them could not keep their margins good, and in some cases the banks have become forced owners of the bonds. New Orleans banks today telegraphed their New York correspondents for currency to help them out, and money will go forward to night.

11. March 21, 1879 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, March 21, 1879

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LOUISIANA. Financial Difficulties. NEW ORLEANS, March 20. Owing to a run on small banks, the clearing house passed a resolution this forenoon to suspend payment by other than certified check for ten days. The immediate cause of the run is believed to have been the suspension of the Southern Bank and Mechanic and Traders' Bank. Quite a panicky feeling prevails. All the clearing house banks have resolved not to pay on checks more than $200 to any one depositor on any one day till the 29th. NEW YORK. March 20. The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and the Mechanics and Traders' Bank, but there are other and more important reasons for the existing state of aftairs in New Orleans. The bonds of that city have greatydepred inted in value of late, in consequence of the non-payment of interest and somewhat demoralized condition of the city finances. The Southern bank, which recently went under. is understood have had its capital invested in these bonds. Again, the non-payment of interest on the Louisiana consols has caused large shrinkage in their market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans. The decline in these securities has been so great that parties borrowing on them could not keep their margins good, and in some cases banks have become forced owners of the bonds. New Orleans banks to-day telegraphed their New York correspondents for currency to help them out, and money will go forward to-night.

12. March 21, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 21, 1879

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BANK NOTICES. MECHANICS' AND TRADERS' BANK. MECHANICS' AND TRADERS' BANK. } New Orleans, March 19, 1879. The Board of Directors of this Institution, finding It impossible to realize assets in time to meet the sudden and unexpected demands of depositors, have been forced to suspend. The affairs of the bank have been placed in the hands of liquidators appointed by the honorable Judge of the Fifth District Court for immediate liquidation. and the claims of creditors will be met at the earliest moment possible. ED. PILSBURY, TH. BRIERRE, H. GALLY, A. LEHMANN, AUG. BOHN, J. A. blaffer. THOS. A. adams. mb21 it

13. March 23, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 23, 1879

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THE SITUATION. The business community has adapted itself to the circumstances resulting from the temporary suspension of the banks, and trade is moving quietly and briskly along. The money called in from New York and other cities is expected in a day or two, and when it arrives there will be no further cause for excitement regarding the banks. The sheriff will not be able to turn over to the commissioners the books, papers and the cash in the vault of the Mechanics' and Traders' Bank until some time next week, and until the transfer is made ani the commissioners are put in possession, they will not be able to make a correct and accurate statement of the condition of the institution, and they will probably not be able to present it until some time during the latter part of next week.

14. March 27, 1879 The Concordia Eagle Vidalia, LA

Article from The Concordia Eagle, March 27, 1879

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A PAYING TELLER'S SUICIDE. Death of Mr. Auguste Huard, of the Mechanics' and Traders' Bank. Friday morning Mr. Auguste Huard, menber of one of the oldest and most respected Creole families of the State, a man who has for thirty years been connected with banking institutions in this city, and who has been paying teller of the Mechanics' and Traders' Bank since its foundation, committed suicide in the rooms of that bank on Carondelet street. The suspension of the bank was severe blow to Mr. Huard. Naturally he took great interest in its affairs and success, and when the failure came be seems to have experienced a severe shock, from which he never rallied. He was low spirited and down cast. Friday morning he went to the bank at the usual hour and prepared for such duties as were assigned to him. There were in the establishs ment the employeesandsherifl's keepers, Some of Mr. Huard's friends observed that he appeared particularly melancholy, and be was heard to complain of neuralgie pains in the head. About 11 o'clock the report of a pistol was heard proceeding from a passage way which separates the front from the back office. Several persons bastened to the spot from whence the sound had issued and there perceived Mr. Hurd lying upon the face, the blood streaming from his mouth and a revolver lyin near the body. Ina few moments he breathed his last, the bullet S having penetrated the brain. Upon his person was found a note addressed to Mr. Anguste :Huard. Jr., in which the deceased assigned as the cause of the act the failure of the bank, which had driven him to desperation. Mr Huard leaves several e children to mourn his loss, and a host of friends.[New Orleans Picayune, March 22.

15. March 28, 1879 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, March 28, 1879

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General Summary. t Fifteen thousand telegrams went from the French Chambers announcing the fact of MacMahon's resignation. A bill is before the Italian Parliament I 1 granting $10,000,000 to the Roman munici$ pality. to make the city "a more worthy capital of the kingdom. Cohen Davis, 60 years old, of the arson and perjury club, was sentenced in New York to seven years for perjury in the recent arson trials of Beinstein. Freeman and Perlstein. Davis, who was the sexton of a Jewish synagogue, is suffering with the asthma and a man of family. The judge was lenient, otherwise he would have got twenty years. It is not expected, however, he will live ten years. New Zealand. like Australia, groans under the rabbit pest. A Mr. Cowan killed 26,000 on 29,000 acres in four months. The cost of destroying them was three pence each, or over $1,000, and the skins only fetched half that sum. A member of the Legislature said that they had rendered whole districts worthless. It is estimated that a couple of rabbits will, in four years, increase to the enormous total of 250,000. Rowell and Ennis have signed articles of agreement for an international contest in London, June 16. The championship of England contest is set down for April 25 and the Weston-Rowell contest for May 5. As Brown, Hazael and other good walkers are entered for the former match. and as such entry would virtually bar them out of the Ennis-Rowell match since the intervening time is too Alkinson has prevailed upon Sir John Astley to postpone the date of the international walk to June 16. The has been something like a panie in financial circles in the great cities, caused by the suspension of all the banks in New Orleans and the partial suspension of the clearing house. There are eighteen banks in New Orleans, and thirteen of them (having a total capital of $6,600,000) are members of the clearing house. The immediate cause of the trouble was the suspension, recently, of the Southern Bank, and the Mechanics and Traders' Bank. It is also stated that New Orleans bonds have greatly depreciated in value of late in consequence of the non payment of interest and the somewhat demoralized condition of the city's finances generally. The long Vanderbilt will case in New York has ended in a decision that the will of Commodore Vanderbilt and its codicil are valid and should be admitted to probate. Charles Diekens's son, Alfred, who has lived in Australia for several years, has lost his wife and little girl by a terrible accident. A runaway horse overturned their carriage, killing the little one instantly and injuring the young mother SO that she soon died. A brave little Altoona (Pa) miss, left to tend her father's store, was assaulted by a lecherous old scamp, but she pluckily felled her assailant with an iron weight, and then locked him in while she ran home to bring her father. It is an interesting fact that every foot of our eastern sea-board from the northern coast of Maine to Florida, is now lighted. There are a few miles of uninhabited coast in Florida not yet illuminated, but along the whole coast north of Florida there is not a spot which does not come within the lighted circle of which some light house is the center. There is no concealment of the fact that cases of yellow fever have occurred sporadieally all winter in the Mississippi Valley, and the experience of former years points inevitably to the recurrence of the outbreak as soon as the warm weather sets in.

16. March 28, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 28, 1879

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A DEPOSITORS' MEETING. There was a large meeting of the depositors of the Mechanics and Traders' Bank held last night at the office of Eager, Ellermann & Co., on Carondelet street. After a general discussion of the affairs of the bank, it was resolved that the court be asked to appoint two additional receivers besides those already selected to liquidate the business of the bank. It was also resolved that the civil sheriff be requested to expedite the making of the inventory of the bank's assets, in order that depositors who require money for their necessities may be enabled to draw something on the amount of their deposits.

17. April 3, 1879 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, April 3, 1879

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THE NEW WORLD. THE National House of Representatives was organized, on the 18th, by the election of Mr. Randall as Speaker; Mr. Adams as Clerk; Mr. Thompson as Sergeant-at-Arms; Mr. Field as Doorkeeper; Mr. Stewarta Postmaster, and Rev. Mr. Harrison as Chaplain. These were the officers of the last House. Mr. Randall received 144 votes. A SCIENTIFIC examination of the sulphur, which fell in the shower over the Lehigh Valley, the other day, proves it to be the pollen from a species of pine, caught up on the wind and carried from*the Jersey forests. THE President sent in the following message to Congress on the 19th: FELLOW-CITIZENS OF THE SENATE AND HOUSE OF REPRESENTATIVES: The failure of the last Congress to make the requisite appropriations for legislative and judicial purposes, for the expenses of the several Executive Departments of the Government, and for the support of the army, has made it necessary to call a session of the Forty-sixth Congress. The estimates of the appropriations needed, which were sent to Congress by the Secretary of the Treasury at the opening of last session, are renewed. and are herewith transmitted to both the Senate and House of Representatives. Regretting the existence of the emergency which requires a special session of Congress at a time when it is the general judgment of the country that public welfare will be best promoted by permanency in our legislation, and by peace and rest, I commend these few necessary measures to your considerate attention. RUTHERFORD B. HAYES. (Signed) WASHINGTON. March 19. 1879. A HAVANA (Cuba) dispatch of the 19th says the British steamer Bolivar had collided with the Haytien steamer Michael, in West Indian waters, and that the latter sank, and sixty persons were drowned. Two MEN were instantly killed and four seriously injured by a premature explosion of dynamite in the Pottsville (Pa.) Colliery, on the afternoon of the 19th. A TRIANGULAR shooting affray occurred at Vicksburg, Miss., on the night of the 18th, which resulted in the instant killing of Capt. W. H. Andrews and W. L. Greene, and the fatal wounding of Capt. W. F. Fitzgerald. The trouble arose over an election of officers in the Hiternian Society. REV. DR. DEKOVEN, of Racine, a distinguished Episcopal divine, died on the 19th, from apoplexy of the heart. Dr. DeKoven was once elected, by the Diocesan Convention, Bishop of the Diocese of Illinois, but the Standing Committees refused to confirm the choice. ON the 19th, Surrogate Colvin rendered a decision affirming the validity of the late Com. Vanderbilt's will. It was stated that the contestant would appeal. A HOUSE a few miles from Ponca, Nebraska, was burned a few days ago, and Mrs. Bigley, ninety years old, perished in the flames. ON the 20th, the Republicans of Rhode Island met in State Convention and renominated the present State officers. The State Convention of the Democracy was also in session and nominated Thomas W. Logan for Governor; J. D. Bailey for Lieutenant-Governor; David S. Baker, Jr., for Secretary of State, and Charles H. Page for Attorney-General. AGENERALCOURT-MARTIALhas been ordered for the trial of Col. Stanley, of the Twenty-Second Infantry and Col. Hazen, of the Sixth Infantry. The Southern Bank of New Orleans, the oldest bank in the city, failed a few days ago, and was placed in the hands of receivers. The amount of loss involved is stated to be $700,000. The Mechanics' and Traders' Bank followed suit, and, as soon as the facts became known, a panic ensued, and a run was precipitated, the objective points being the Canal, Louisiana State, Germania, Union and People's Banks. On the 20th, the Clearing House, as a measure tending to allay the excitement, passed a resolution declaring until March 29 no depositor should draw out more than $200 in one day, and that all other drafts should be paid in certified checks. The following is a list of banks whose temporary suspension was announced on the 20th: Germania National; Hibernian National; Louisfana National; Mutual National; New Orleans National; State National; Union Na. tional; Bank of La Fayette; Citizens' Bank of Louisiana: Citizens' Savings Bank; Lou-

18. March 14, 1880 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 14, 1880

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said violation of said law the said directors and Ipul sealesment personal berein vidually liable for all the debts and obligations of the said Mechanics and T, aders' Bank. Petitioners further show that defendants, directors of the said Mechanics and Traders' Bank, did, during the months of September, October. November and December, 1878. and Avp em an pas February January of March. 1879. furnish to the Treasurer of the State of Louisiana, statements of the condition, assets. liabilities, etc., of said bank; that said statements were furnished for publication and were published by the State Treasurer in the plus JO qose which statements are contained in the report of the State Treasurer to the Governor of the State of Louisiana for 1878 and for the first quarter of 1879, on pages 83 to 86, inclusive. and in a like report made by the same officer to the said Governor for the year 1879, on pages pres mos Juedde 1114 98 '06 pau 68 herewith filed and specially referred to for greater certainty, which statements will also appear by reference to copies of the official journal, the New Orleans DEMOCRAT, published in said months; that in every ohe of these statements the said above named directors wilfully misstated the condition of said bank. representing the same to be solvent. whereas. in ruth and in fact, the said bank was. during all that time, and had been long before. hopelessly insolvent. That said false statements consist :jo 1. In placing as cash assets of said bank. State. Jackson Ballroad bonds and other stocks '000'160$ about 10 une em 01 [enbe 10 чтом when in fact the same were not worth in cash the sum of more than $120,000, 2. In concealing the fact that said cash. assets. bonds, etc., were not, at the time of making the said statements, in the possession or under the control of said bank. but were pledged to Baring Bros & Co., of England. to secure the payment of a very large sum, amounting to about $227,267. which were sold by said pledgees shortly after the failure of the said bank to Day pro tanto the debt for which the same were pledged. That said bonds and stocks were composed in part of 280 consolidated bonds of the city of New Orleans. for $1000 each, as will appear in copy of said pledge, marked exhibit Z. annexed to this petition and made a part thereof. 8. In largely overvaluing the real estate belonging to cald bank. 4. In largely overestimating the assets of said bank. That all of said directors caused and assented to said publication and knew that the items above set forth were falsely stated in said statements. and that by the publication of said statements they gave to said bank a credit and reputation for solvency in the community. when in fact It was entitled to none: that had the said directors published the true state of the affairs of the said bank. the depositors would not have deposited in said bank after they had learned the true condition thereof. and those who had any money on deposit in said bank would have withdrawn whatever amounts they then had in said bank: that by making such statements and causing them to be published the said directors deceived and misled the public generally. and all the depositors particularly. and caused the depositors to make deposits in the said bank. as above stated: that said bank is insolvent. and had been for more than one year continuously next preceding the nineteenth day of March. 1879. and that to the knowledge of the defendants. and by their said tortuous donduct. concealments and misstatement the said directors have made themselves liable in solido unto the depositors for the various amounts due them. as per exhibit marked X, above referred to. Petitioners further show that for a long period of time. upwards of a year next preceding the failure of the bank. the said bank was. to the knowledge of the defendants. insolvent: that though knowing the fact. the said directors continued to receive deposits and thereby held out to the world that the said bank Was solvent. and thus induced the depositors to put their money on deposit in said bank. which they would not have done had they known said bank was insolvent. That the defendants were by law required to make true and complete advertisements periodically of the condition of said bank. and all parties in the community had a right to consider and presume said advertisements as true and correct. and were justified in acting accordingly. That said bank was insolvent to the knowledge of directors at the time the depositors

19. March 15, 1880 New-York Tribune New York, NY

Article from New-York Tribune, March 15, 1880

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TELEGRAPHIC NOTES. IRISH RELIEF IN GANADA. LONDON, Ont., March 14.-The Irish Relief Fund in this city now amounts to over $20,000. NOT INHUMAN. ST. JOHN, N. B., March 14.-The captain of the steamer New Brothswick denies having seen the wrecked bark Eb.ana, as charged by the survivors of the latter. ICE FORMING IN THE HUDSON. POUGHKEEPSIE, March 14.-Dispatches to-day from up the river state that the Ice is forming rapidly between Auston and Albany, and navigation is again becoming diffcult. CHARGED WITH SINKING A BARK Sr. JOHN. N. B., March 14.-The Grand Jury have returned a 1100 bill against Tower A. Thomas. charged with scuttling the-bark Brother's Pride. The trial will take place next week. AN EPIDEMIC IN VIRGINIA. PETERSBURG Va., March 14.-A disease known as the black mea les 18 prevailing to an alarming extent in sev. eral adjacent coanties, and during the past few days a num. ber of sudden deaths have resulted from it. THE STEAMER NEWPORT DELAYED NEWPORT. R. 1.. March 14.-- Owing to the storm and besvy sea, the steamer Newport, of the Fail River Line, put into New. Haven last evening, and arrived here at half. past 2 o'clock this afternoon, being about eleven hours late. SUING BANK DIRECTORS NEW-ORLEANS, March 14.-The receivers of the Mechanics and Traders' Bank have brought suit against the late directors for $145,000. the amount due the depositors and other creditors. The directors are charged with misrepre sentation. RIEL, LEPINE AND SITTING BULL OTTAWA, Ont., March 14.-Late information announces that Louis Riel 18 at Fort Assiciboine, Montana, and Lepine at Fort Beaton. Sitting Ball spent most of the Win. ter with the Teton Stonx on one of the southern affluents of the south Baskatchawan.

20. March 15, 1880 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, March 15, 1880

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private, he had relied on the inspection and judgment of the Council. On the 17th of N ovember a committee called upon him, saying they teared that certain parties had access to the returns. He was indignant at this and put the question directly to the Council, who stated positively that no outside party had seen the returns. Suit Against Bank Directors in New Orleans. New ORLEANS, March 13th.-Suit has been brought against the Directors of the Mechanics' and Traders' Bank to recover $245,000, the amount due depositors and other creditors. The Directors are charged with valuing the assets at $391,000, when they were not worth more than $125,000. The petitioners allege that the bank was, to the knowledge of the Directors, insolvent for a year preceding the failure. Raising Wages. CINCINNATI, March 13th.-An order has been ssued by John King, Jr., Receiver of the Ohio and Mississippi Railroad, that, beginning April 1st, the wages of employes shall be restored to what they were before the reduction of July, 1877. Cold Weather in Wyoming-A Man Frozen to Death. CHEYENNE, March 13th.-The body of an old man, named L. Tennant, was found today on the plains, near Hat creek, 150 miles north of here, frozen to death. During the recent storms which prevailed throughout Wyoming the mercury ranged from zero to 18° below. Attempted Assassination. LOUISVILLE. March 13th.-Samuel Redd, a street-sweeper, whom Mayor Baxter discharged to-day, made an ineffectual attempt to assassinate the Mayor, firing a shot at him on the street. To be Hanged. WASHINGTON, March 13th.-Judge Hagner refused to grant a new trial in the case of the negroes Babe Bedford, Edward Queenan and Sandy Pinn, convicted of the murder of George Phillip Hirth, January 7th last, and sentenced them to be hanged April 30th. Tammany Representation at Cincinnati. NEW YORK, March 13th.-Three hundred members of the Tammany General Committee express the intention of going to the Cincinnati National Convention. A Commissioner soon goes forward to secure quarters. Fire. CINCINNATI, March 13th.-Last night, at Hope, sixteen miles south of Shelbyville, Ind., the store of E. Weinland & Son was robbed and set on fire. Other buildings adjoining were also burned, making an aggre. gate loss of $35,000; fully insured,