7804. First National Bank (Ayer, MA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 3073
Charter Number: 3073
Start Date: February 11, 1891
Location: Ayer, Massachusetts (42.561, -71.590)

Metadata

Model: gpt-5-mini
Short Digest: 8ea31158

Response Measures

None

Description

The First National Bank of Ayer, MA closed on or about Feb 11, 1891 after its cashier H. E. (Harold) Spaulding disappeared and letters indicated stock speculation/possible misappropriation. Multiple items report the bank closed or suspended pending investigation; later reports (Feb 14–17, 1891) state the First National was to resume and was reopened by Feb 17. No explicit run (heavy depositor withdrawals) is described in these articles — the cause is bank-specific (absconding cashier/speculation).

Events (4)

1. November 10, 1883 Chartered

Source: historical_nic

2. February 11, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier H. E. Spaulding (absconded/missing); letters and evidence suggest he speculated in stocks and misappropriated funds, prompting closure pending investigation.
Newspaper Excerpt: The First National and the Middlesex savings banks of Ayer, Mass., closed their doors to-day, and ugly rumors are afloat concerning them.
Source: newspapers

3. February 14, 1891 Other

Newspaper Excerpt: The First National bank, which closed pending an examination of the affairs of the absconding cashier, will resume business Monday.
Source: newspapers

4. February 17, 1891 Reopening

Newspaper Excerpt: The First National Bank... was reopened for business this morning.
Source: newspapers

Newspaper Articles (11)

1. February 11, 1891 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, February 11, 1891

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TELEGRAPHIC BREVITIES. The snow blockade on the different railroad lines in Nebraska is about over. The California House has passed a bill appropriating $300 for the State's exbibit at the Wor d's Fair. The First National and the Middlesex savings banks of Ayer, Mass., closed their doors to-day, and ogly rumors are afl oat concerning them. George J. Gibson, secretary of the whisky trust, was arrested in Chicago this morning, charged with an attempt to bribe an official of the government. A statement that Bishop Hare, of the South Dakota Episcopal Diocese, had resigned his position for a similar one in Japan is pronounced untrue. A Lackawana express train leaving Buffalo at 7:20 o'clock last night collided with an_ other express train near Mt. Morris. The fireman and a brakeman were killed. Governor Hill, of New York, this afternoon sent to the Senate the nomination of ex-Senator Pieroe for Superintendent of Insurance in place of Robert A. Maxwel'. The Senate at oncesuspended the rules and by a vote of 17 to 13 confirmed the nomination. While laborers were at work to-day taking down the old factory building of Schnel der & Fuchs in Baltimore, the floors gave way and two colored m30, who were at work on the fourth floor were buried in the ruins. They were dug out but i: is not expected that they will survive. The Nebraska House judiciary committee has agreed upon a substitute for various bills before that body to prevent usury. It fixes the maximum rate of interest at 10 per cent. and declares void any notes on which & diecount has been charged to bring the charge above that figure. It also allows the borrower to recever five times the amount of any such usurious interest 80 paid. Police Officer James B. Cavanaugh in San Francisco, shot and killed James May about 12:30 o'clock this morning. May and two other men came from a doorway in a suspicious manner and jon sesing the officer, separated. They refused when called upon to stop and the officer fired, Two of the men escaped but May fell dead. He leaves a wife and two children. The officer has b en arrested pending];invesigation.

2. February 12, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, February 12, 1891

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BANKS WRECKED BY A CASHIER. He Was a Church Member, But He Gambled in Stocks. AYER, Mass., Feb. 11.-The First National and North Middlesex banks closed their doors today, and ugly rumors are afloat concerning them. Spaulding; cashier of both institutions, has been missing since Monday evening and where he has gone no one knows. The exact financial condition of the bank is unknown. The books will be examined at once. Last week Spaulding ascertained that the directors of the North, Middlesex bank were about to have it examined, when he left home, not saying when he would return. Colonel Sedham, formerly bank examiner, has advised the banks not to pay out money until there has been an official investigation. He states that a letter has been found which indicates that Cashier Spaulding has been speculating in stocks. An investigation tends to show that both banks are solvent, the North Middlessex especially 80, as none of the funds have bee n tampered with. If there is any loss it shall fal on the National bank. Spaulding IS a regular member of the Methodist Episcopal church, and was supposed to be A man of sterling character and upright habits. CC amissiacher of Savings Banks Locke said that om a superficial examination he should think savings bank all right. The only chance for a discrepancy is on the pass-books of depositors. Bank Inspector Getchell has arrived to examine the condition of the national bank. The last balance sheet with the North Middlesex bank showed assets and liabilities of $198,000. The supreme court this evening issued an injunetion restraining the North Middlesex Savings bank from paying out any money until an investigation of the finances has been made. NEW YORK, Feb. 11.-Adolph A. Hoffman and Alfred E. Frommett, silk manufacturers of Patterson, N. J., assigned today without preference. LOUISVILLE, Feb. 11.-Mr. Levinge was today appointed receiver of the Kentucky Union Railway Company, on petition of Kennedy, Todd & Company and the Central Trust Company, of New York, who allege that they advanced money to the railroad company for which no return has been made. WILMINGTON, Del., Feb. 11.-The shortage of J. Eldridge Pierce, absconding secretary of the City Loan Association, will amount to $90,000. The assets of the concern are about $50,000, against $140,000 at this time last year. ST. PAUL, Feb. 11.-The National GermanAmerican bank has filed a petition for the appointment of a receiver for Charles Faber, proprietor of the St. Paul hotel, alleged to be insolvent. The petition alleges that Faber's debts amount to $120,000 and his assets to $90,000. PENDLETON, Or., Feb. 11.-M. J. Greene, secretary and manager of the Pendleton Hardware and Implement Company, which assigned yesterday, was arrested last evening on complaint of Benjamin Selling, president of the company, on a charge of abezziement. The examination occurs tomorrow. Greene is under $2,500 bonds. Greene maintains his innocence, and claims the charge has been brought against him by his enemies.

3. February 12, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, February 12, 1891

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B USINESS TROUBLES. Ugly Rumors Concerning Two Massachusetts Banks. AYER, Mass., Feb. 11.-The First National. and the North Middlesex Savings banks have closed their doors and ugly rumors are afloat concerning them. H. E. Spaulding, cashier of both institutions, has been missing from town since Monday evening. Where he has gone no one here knows, he leaving no word as to his intentions. The exact financial condition of the banks is not now known. Investigation but tends to show that both the First National and North Middlesex Savings banks are solvent. the latter specially so, as none of its funds have been tampered with. If there is any loss, it will fall on the national bank. Cashier Spaulding has doubtless been dabbling in stocks. This fact is gathered from a letter sent by a New York brokerage firm received here to-day demanding a remittance of $1,500, which letter was opened by the bank authorities. The theory is that he has been dealing in margins and taking small sums from the bank which he is now unable to repay. The sums cannot be large, since the bank was examined only a month ago, and was then all right. The supreme court this afternoon issued an injunetion restraining the North Middlesex institution for savings at Ayers, Mass., from paying out any money until an investigation of the finances of the bank can be made. WILMINGTON, Feb. I1.-Itisevident that the shortage of J. Eldridge Pierce, the absconding secretary of the City Loan association, will amount to $90,000, instead of $47,591, as recently computed. It is believed the assets of the concern are now about $50,000, against $140,000 this time last year. A committee of the association is investigating the assets, and will report at the next monthly meeting. PHILADELPHIA, Feb. 11.-A special to the Press from Lewisburg, Pa., says: The Lewisburg Nail works were levied on yesterday by the sheriff to satisfy a judgment of $35,000. The property of the firm will be sold at sheriff's sale on the 23d inst. NEW YORK, Feb. 11.-Adolph A. Hoffman and Alfred E. Frommett, silk manufacturers of Paterson, N. J., assigned to-day to William Stephenson, without preferences. VASHINGTON, Feb. 11.-The comptroller of the currency has appointed A. W. Wickham, of Salina, Kan., receiver of the First National Bank of Ellsworth, Kan., insolvent. DENVER, Col., Feb. 11.-Daniel Sheehan, the leading merchant of Red Mountain, has closed his store, everything being covered by attachments. His liabilit2es are estimated at $40,000; assets unknown.

4. February 12, 1891 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, February 12, 1891

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ABBREVIATED TELEGRAMS. The treasury department Wednesday purchased 414,000 ounces of silver at $1,01€ to $1.019. Adolph Hoffman and Alfred E. Frommett, silk manufacturers of Paterson, N. J., have assigned. The Missouri court of appeals has decided that clubs can not sell liquor without a dramshop license. Michael Smith was killed and Michael Selka fatally injured by two Poles named Nowak, at Marquette, Tuesday night. Bob Ingersoll and Ignatius Donnelly have arranged for a joint debate on the latter's cryptogram at Minneapolis in March. In the will of the Chief Rabbi Adler, who died recently, he pleads with his race to shun usury, as "the malignant cancer which eats into the vitality of the house of Israel." H. E. Spalding, cashier of the First Na tional bank of Ayer, Mass., and also of the North Middlesex Savings bank, is missing, and both of these institutions have closed their doors. "Salvation Tom" Wilson, who is under sentence of death at Sedalia, Mo., for a double murder and to be hanged March 20, wants to go out of the world free of debt and offers his body for $8.50, the amount of his indebtedness. J. W. Guffy, of Lima, O., who had been desperately in love with a young woman whom he wanted to elope with him, called at her house Wednesday evening and blew out his brains. Guffy was about 50 years of age, and had a wife and six children. The body of James Wilson was found at Camp No. 2 on the extension of the Norfolk and Western railroad in Wisconsin Monday. There were seven bullet holes in the body and two knife cuts. A gold watch, $75 and a revolver were missing. Reuben Heffner, of Allentown, Pa., died the other day. He was the father of forty. one children. In the first eight years of his marriage his first wife bore seventeen children-twins twice and triplets four times at intervals of one year. His second wife had twins five timessuccessively having in all fifteen. His third wife bore nine children in ten years and survives him with twenty-four of the forty-one children.

5. February 15, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, February 15, 1891

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SLANDERED BY >N EX-EMPLOYE. American Loan and Trust Company, New York, Asks an Investigation. NEW YORK, Feb. 14.-The fact that the state bank examiner was looking into the affairs of the American Loan and Trust Company created much excitement today. The officials announced that a discharged employe had circulated rumors redecting on the credit of the company, which had an unpleasant effect, and they applied for an investigation. The bank examiner said this afternoon that as far as the examination had proceeded everything was found in order. CHICAGO, Feb. 14.-The circuit court has been asked to appoint a receiver for the Pneumatic Power and Gate Company, on a bill by the Lodge & Davis Machine and Tool Company, a judgment creditor. The company was organized in 1889, with a capital stock of $300,000, and its property is largely in Michigan, where the plant is located. AYER, Mass., Feb. 14.-The First National bank, which closed pending an examination of the affairs of the absconding cashier. will resume business Monday.

6. February 18, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, February 18, 1891

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RUN ON A NEW YORK BANK. Small Depositors Throng the American Loan and Trust Co.'s Office. NEW YORK, Feb. 17.-The run on the American Loan & Trust Company continues. This morning President Dildron refused to make 8 statement, but says the company is solvent. The cash resources were almost exhausted at one time yesterday, and a check for a large amount presented for payment was returned with the statement that five days' notice would be required on it. Later in the day money came in from called loans, and the check was sent for and cashed. Bank Examiner Cahill has completed an examination and forwarded his report to Albany. He refused to make any statement to the press. The run was mostly by small depositors, and the bank met all their demands. Persons presenting checks for large amounts were requested to wait a few hours. Bank Examiner Preston said tonight that the large depositors of the company are standing by, and this, together with the fact that the company has paid small demands, is prima facia evidence that it is able to meet all engagements. AYER, Mass., Feb. 17. The First National Bank. which has been closed pending an investigation into Cashier Spaulding's accounts, was reopened for business this morning. EVANSVILLE, Ind., Feb. 17.-Teller Ritter, of the First National Bank, was arrested today and held in bonds for trial on a charge of misappropriating $77,000.

7. February 19, 1891 The Iowa Plain Dealer Cresco, New Oregon, IA

Article from The Iowa Plain Dealer, February 19, 1891

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THE EAST. In the Connellsville (Pa.) coke regions over 17,000 miners struck for an advance of 12 per cent. in wages. The fight promised to be a long and bitter one. THREE miners intombed in the Susquehanna coal colliery at Grand Tunnel, Pa., were rescuent after going five days without food. IN Boston Rev. Edward Everett Hale, Mrs. Mary A. Livermore, Rev. Minot J. Savage and others have signed an agreement to form a society for the investigation of spiritualism. THE New Jersey Legislature passed a bill exempting foreign insurance companies from taxation and imposing an additional rate on domestic companies. IN a collision at Elmira, N. Y., four railway employes were killed. THE death of James Redpath, the Irish Nationalist, journalist and lecturer, occurred in New York from the effects of injuries received by being run down by a horse car.. He was 58 years of age. THE North Middlesex Savings Bank and the First National Bank, at Ayer, Mass., closed their doors. THE steamer Bruce and two tugs were sunk in the bay at New York and eighteen lives were reported lost. THE death of Samuel Morey, who came into prominence during the Presidential campaign of 1880, and who was arrested in connection with the "Morey Chinese letter," occurred at Nashua, N. H., aged 68 years. AT the age of 105 years Mrs. Theodore French died at Syracuse, N. Y. IN New York 100 certificates for 100 shares each of the American Sugar Trust, aggregate face value $1,000,000, were pronounced to be counterfeit.

8. February 19, 1891 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, February 19, 1891

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THE EAST. In the Connellsville (Pa.) coke regions over 17,000 miners struck for an advance of 12 per cent. in wages. The fight promised to be a long and bitter one. THREE miners intombed in the Susquehanna coal colliery at Grand Tunnel, Pa., were rescued after going five days without food. IN Boston Rev. Edward Everett Hale, Mrs. Mary A. Livermore, Rev. Minot J. Savage and others have signed an agreement to form a society for the investigation of spiritualism. THE New Jersey Legislature passed a bill exempting foreign insurance companies from taxation and imposing an additional rate on domestic companies. IN a collision at Elmira, N. Y., four railway employes were killed. THE death of James Redpath, the Irish Nationalist, journalist and lecturer, occurred in New York from the effects of injuries received by being run down by a horse car. He was 58 years of age. THE North Middlesex Savings Bank and the First National Bank, at Ayer, Mass., closed their doors. THE steamer Bruce and two tugs were sunk in the bay at New York and eighteen lives were reported lost. THE death of Samuel Morey, who came into prominence during the Presidential campaign of 1880, and who was arrested in connection with the "Morey Chinese letter," occurred at Nashua, N. H., aged 68 years. AT the age of 105 years Mrs. Theodore French died at Syracuse, N. Y. IN New York 100 certificates for 100 shares each of the American Sugar Trust, aggregate face value $1,000,000, were pronounced to be counterfeit,

9. February 19, 1891 River Falls Journal River Falls, WI

Article from River Falls Journal, February 19, 1891

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THE EAST. IN Boston Rev. Edward Everett Hale, Mrs. Mary A. Livermore, Rev. Minot J. Savage and others have signed an agreement to form a society for the investigation of spiritualism. THE New Jersey Legislature passed a bill exempting foreign insurance companies from taxation and imposing an additional rate on domestic companies. IN a collision at Elmira. N. Y., four railway employes were killed. THE death of James Redpath, the Irish Nationalist, journalist and lecturer, occurred in New York from the effects of injuries received by being run down by a horse car. He was 58 years of age. THE North Middlesex Savings Bank and the First National Bank, at Ayer, Mass., closed their doors. THE steamer Bruce and two tugs were sunk in the bay at New York and eighteen lives were reported lost. THE death of Samuel Morey, who came into prominence during the Presidential campaign of 1880, and who was arrested in connection with the "Morey Chinese letter," occurred at Nashua, N. H., aged 68 years. AT the age of 103 years Mrs. Theodore French died at Syracuse, N. Y. IN New York 100 certificates for 100 shares each of the American Sugar Trust, aggregate face value $1,000,000, were pronounced to be counterfeit. IN New York new counterfeit $5 Treasury notes were found in circulation. The bill is signed by W. S. Rosecrans as Register, and J. N. Huston as Treasurer, and the work is poorly done. AT Dover, Del., Jesse II. Proctor and Frederick Young were hanged for murder. CAPTAIN NORTON'S steam life-boat in which the Captain with his wife, niece and seven men left New London, Mass., for Toulon, France, November 23, has been given up as lost. AN intimate friend of the poet Whittier confirmed the report that the poet had finally decided to lay away his pen for good.

10. February 20, 1891 The Red Cloud Chief Red Cloud, NE

Article from The Red Cloud Chief, February 20, 1891

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MISCELLANEOUS. A DECREE has been issued under the authority of the King of Italy forbidding any one to emigrate under the age of 34 unless accompanied by the father of the emigrant. This is intended to put an the padrone traffic in of the Christian Church at are engaged in a the matter of using an organ yarm in church. On a Sunday night the musical instrument was dragged into the street and burned. VICTOR MACK, a well known private banker of Paris, has disappeared. His creditors mourn to the amount of 20,000,000 franca. THE coke strikers in the Connellsville region had increased to 16,000 on the 10th. THE United States cruiser Baltimore hassailed from Toulon for Chill. THE British steamer Thanemore, from Baltimore for London, has been given up for lost. She had a crew of 34 men. As the time set by law for the Pottawatomies to take their lands in sevenalty has expired the agent at Shawneetown Is engaged in forcibly alloting the few who were backward. THERE was a terrific explosion of gas in an Indianapolis sewer the other atternoon that injured severely William Rock and John Christianson. THE First National and the North Middlesex Banks, of Ayer, Mass., have suspended. Cashier Spaulding has disappeared. GEORGE J. GIBSON, secretary of the great whisky trust, has been arrested at Chicago on the diabolical charge of blowing up non-trust distilleries by dynamite. FROM a reliable report it is learned that the Russian authorities have caused a wholesale expulsion of Jews from Novgorod and its environs. IT is evident that the shortage of Eldridge Pierce, the absconding secretary of the City Loan Association, of Wilmington, Del., will amount to $90,000 instead of $47,951, as recently reported. It is believed the assets of the concern are now about $60,000, against $140,000 this time last year. THE striking Connellsville coke burners threatened to mob the non-union men at Rainey's works, and forty detectives were distributed at the several plants. EXTENSIVE prairie fires have been raging through the western part of Hale and Swisher Counties, Tex., and thousands of acres of range have been destroyed. The fire was of incalculable damage to stockmen. THOMAS NORTHCUT, Levi Brown, Ruth Jenners and Sidney Jenners were badly injured by an explosion of gas at Lafayette, Ind. The Jenners can not recover. THE boiler in the Quebec Worsted Company's factory at Hare Point, Que., exploded recently, completely demolishing the engine house and about half of the factory. About 50 operatives were killed and wounded. PRIVATE BLACKEN, Fifth cavalry, recently killed the second cook, Gottlieb Nonneman, at San Francisco. RIOTOUS scenes occurred at the Clark thread mills near Newark, N. J., the other evening when the non-union spinners quit work. A boy was shot through the foot by a special policeman. Two of the crew of the steamer Calliope, that took fire at her dock at Newport, England were found dead in their bunks. MRS. LA FRANCE and two children were burned to death in their home at St. Albert. Ont. A NATIVE of the Shan States, Burmah, recently ran amuck and shot Major Nixon, Lieutenant Jameson and two Sepoys dead. EVERETT WILEY shot and killed Jan Samphon at the Bowman Lumber Company's camp near Brownstown, W. Va. BUSINESS failures (Dun's report) for the seven days ended February 12 numbered 297, compared with 306 the previous week and 302 the corresponding week of last year. TROUBLE commenced at the grading for the World's Fair at Jackson park, Chicago, on the 13th, a number of idle workmen attempting to drive off the Italians working for a contractor, causing the work to be stopped. THE pumping out of No. 1 slope at Jeansville, Pa., where the bodies of the miners are buried, is progressing rapidly. The counter gangway is now empty, and soon the slope will be dry. Preparations are being made to take care of the bodies of the men when they are reached and give them prompt and careful burial. THE combination pulp and straw board mill at Elkhart, Ind., exploded with terrific force, demolishing the large brick mills. Schuyler Neswander, aged 25, was blown thirty feet and torn to pieces. George Hickman was crushed from his hips down and will die. Two other men were hurt.

11. February 20, 1891 Shenandoah Herald Woodstock, VA

Article from Shenandoah Herald, February 20, 1891

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THE NEWS EPITOMIZED Eastern and Middle States THE strike of coke workers and miners in the Connellsville (Penn:) region is general. All the plants have closed down. Order prevails at all points. Over eighteen thousand men are idle. THE Conemaugh River at Johnstown, Penn., has just given np another flood victim. The body, which is that of a woman, is fairly well preserved except that it ishealless. THE Connecticut House in session at Hartford voted to recede from its position and concur with the Senate. JAMES REDPATH, the well-known abolitionist lecturer, journalist, author and Irish nationalist and Vice-President of the AntiPoverty Society, who was run down by a horse car in New York City, diei from the effects of his injuries, in the fifty ninth year of his age. WESTBOUND pallonger train was wrecked at Groveland, N. Y. Two passengers were killed and several injured. THE State Senate at Albany; N. Y., confirmed the nomination of James F: Pierce, to be Superinten dent of the Insurance Do partment; six publicans voted for him. HAROLD E. SPAULDING, Cashier of the First National Bank and Treasurer of the North Middlesex Institution for Savings, at Ayer, Mass., has disappeared and with hint has gone about $20,000 in cash. The two institutions have closed their doors. THE official statistics of loss of life and limb in the Third Anthracite Coal Mining District of Pennsylvania for the year 1890 show that this was the most disastrous year In the history of the region. One hundred men were killed, fifty-five of whom left widows, with a total of seventy-six orphans: EDWARD RUCK was killed and Pass Boardman and James Long fatally injured by an explosion of gas in the Nelson colliery at Shamokin, Penn. ALLAN M. MURPHY. sixty years of age, of Barga, Mich., lost $400 in Philadelphia, Penn., by the green goods game. When he inade complaint to detectives he was locked up, much to his surprise, under a recent act of Congress. which makes the negotiator in who the game equally guilty. The men played the game got away. WITHIN twelve days four men, all employes, were killed on the system of elevatel roads in New York City, WILLIAM H. M. SISTARE, once a banker and broker, was arrested in New York City charged with having swindled August Heck= scher, a Phila delphia man, out of $63,000. LINCOLN'S birthday was celebrated wit's dinners in New York City, Brooklyn, Boston, Philadelphia, Buffalo, Saratoga and Pittsburg. SAMUEL MOREY, who came into promihence during the Garfield-Hancock Presidential campaign of 1880, died a few days at Nashua, N. H. He was arrested in connection with the famous Morey letter. and spent several days in Ludlow Street Jail, New York. Morey was a pensioned veteran and a member of the Grand Army. EDWARD WERKHEISER and his team were killed in Williams towaship, Penn., by a cave-in of the road over an ore mine. MISS CATHARINE DREXEL, the $7,000,000 heiress, took the final VOW and became Sister Mary Catharias at Pittsburg, Penn. THE One hundreith anniversary of Peter Cooper's birthday was celebrated by a large gathering at the Cooper Institute in New York City. CHARLE3 H. MURRAY, Supervisor of the last census in New York City, refused, on orders from Superintendent Porter, to give information about it to the Assembly Investigating Committee.