First National Bank (New York, NY)

View Charter #923 on SPMC View balance sheet

Episode Information

Episode UID: 92300885
Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 9230 national
Charter Number: 923
Start Date: September 22, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 54eb09dee119a365

Response Measures

None

Receivership Details

Date receivership started: 1907-10-25
Date receivership terminated: 1908-02-10
OCC cause of failure: Losses

Description

Sources give mixed accounts: some state the First National suspended while others report it stayed open an extra hour and paid out; bank ultimately did not fail.

Events (6)

1. March 21, 1865 Chartered

Source: historical_nic

2. September 22, 1873 Suspension

Cause: Macro News
Cause Details: Systemic financial panic following the failure of Jay Cooke & Co.; Clearing House resolutions led banks to suspend currency payments and certify checks.
Newspaper Excerpt: BANKS SUSPENDED - At 3 o'clock ... the Banks of New York suspended payment, closed their doors
Source: newspapers

3. September 26, 1873 Other

Newspaper Excerpt: The First National Bank ... kept open an hour later to give depositors an opportunity to withdraw their money ... it had received more money than it had paid out.
Source: newspapers

4. October 25, 1907 Receivership

Source: historical_nic

5. February 10, 1908 Restored To Solvency

Source: historical_nic

6. November 22, 1928 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (25)

1. September 19, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 19, 1873

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cashier came and told me personally of what had happened." "Will the failure effect the operations of the Syndicate: will you make different arrangements regarding the sale of the funded bonds?" "The failure can have no possible effect on the Syndicate, and therefore I shall pay DO attention to it. The Department has simply a contract with certain firms known by the name of Syndicate. It is not a question of appointment nor design. It is a subject of contract, and it must be carried out by the parties who have made the agreement. The Department has nothing to do with Jay Cooke & Co., but with the Syndicate as a whole." "The First National Bank 18 a Government depository, is it not " "Tis," answered the Secretary; "but I do not think there was very much money in it belonging to the Government : besides. we have bonds that will more than cover any losses, and we shall be fully protected. You can say with perfect truth that the Government will not loose a dollar." Notwithstanding the Secretary's confidence, it is generally believed here and it is even asserted by Government officers that the Treasury will be a heavy loser. So far as the First National Bank goes, and there is even reason to believe that the Secretary himself, within a few days, furnished about $100,000 to the bank in fractional currency without collateral, which must, of course, be a total loss. "I have saved." said the Secretary, "a million dollars of the Navy fund by stopping the payment of a draft sent by the Navy Department yesterday to Jay Cooke, McCulloch & Co., London. It was sent for the use of the Navy in foreign waters." The deepest sympathy is felt for Henry D. Cooke, the head of the business in this city. There is not a more peculiar man in the city, and he is respected by all classes on account of his large charities and generosity. No appeal by the needy or friendless was ever disregarded by him: he had no intimation of the pending calamity to his house, and was on the street during the forenoon in his usual buoyant spirits and spoke confidently of going to Europe for his family in about a fortnight. He said he needed a vacation. and was glad beyond measure to be relieved of the business of the office of Governor of the District. He spent his entire time during the afternoon in his private office in the rear of his bank. He said he was as much surprised as anybody at the news. "I knew. of course." said he, "that we were weighed down with the Northern Pacific bonds, and we had felt anxious about it, but I had hoped that it was all arranged. I knew nothing of the condition of affairs We have money, and can pay dollar for dollar here, but I don't know the condition of affairs in Philadelphia and New-York. I closed the doors to-day merely as a precautionary measure. I hope the suspension will be but temporary." Are you not embarrassed with District affairs? Does not the District Government owe you largely? Have you not dealt heavily in District paper?" "No, Sir," he answered, we have never dealt in District securities. My position as Governor and President of the Board of Works made it indelicate for me to do so. The Government of the District will not lose a dollar and has been in no way responsible for the suspension. The fact is that the Government is somewhat in our debt. A few days will determine our course. I have no information as to the extent of our liabilities in the Philadelphia house, but all will be known in a few days. So far as I am concerned I intend to discharge my duty to the public. If the worst comes I will sell the coat off my back and begin life anew in a country printing office."

2. September 22, 1873 Evening Star Washington, DC

Article from Evening Star, September 22, 1873

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THE SITUATION IN WASHINGTON. THE STORM ADOUT OVER. A Better and More Hopeful Feeling The excitement in this city, occasioned by the compension of Jay Cooks a Co., and other firms in New York, Philadelphia and elsewhere, is subsiding. A bobier Sealing is beginning to prevail, and the senseless run on a few of our banks is about over. There 18 a marked calm and quiet on 15th street, and that thoroughfare shows even less bustle and activity than it did previous to the financial troubles. Our people have evidently come to the conclusion to calmly await events, hoping for the best, yet prepared for the worst. The general interest now center in the news received from Wall street and from Philadelphia, which to-day is of a very favorable character. EX-COVERNOR COOKE eft for Philadelphia last night to confer with the officers of the parent house in that city The firm of Jay Cooke & Co., in this city, still keep their deers closed, although a large eler ical force is employed in adjusting the account of the firm. It is probable that the exact con dition of the house here will be presented in the statement which is expected to be issued by the Philadelphia house to-day. PRESIDENT GRANT arrived in this city on the early morning train. Between 9 and 10 o'clock 2. m. he called at the Treasury department and had an interview with Hometary Richards of upwards of three quarters or an hour duestion. The situation a that time remained inchanged, although the Scoretary had been advised that the banks of New York city had suspended currency pay ments and were issuing certified checks. This he thought was a wise measure on their part. He also received information that bonds were being offered for sale quite freely at the As sistant Treasury in New York city. WHERE THE MONEY TO BUY BONDS IS COMING FROM. There will be a sufficient amount of currency in New York to-morrow belonging to the government to buy all the bonds that may be offered. The Secretary of the Treasury has all that is necessary, and will look out that there is enough in the hande of the Assistant Treasurer to buy everything in the shape of government bonds that are presented for sale. Judge Richardson says he will look out that the government does its duty within the law and he knows exactly where to get all the funds that are necessary, but does not intimate a word about the much talked of legal tender reserve furnishing a part of the money to go to the Assis tant Treasurer at New York. THE U.S NAVY FUND IN LONDON. The Secretary of the Treasury emphatically denies the statement that the navy account fund of the United States has been transferred from the banking house of Jay Cooke, McCulloch & Co., in London. There is no intention of making such a transfer. THE FREEDMEN'S BANK. Unusual quiet prevails at this bank to-day The reporter of Tax STAR was in the institution upwards of half an hour and not five depositors called for settlement, although several made deposits. No further run is anticipated. Mr. Wilson, the cashier, who has been out of the city for several days returned this morning. He assured our reporter that they were in a firm healthy, financial condition, and prepared for any contingency. THE GERMAN AMERICAN SAVINGS BANK on 7th street was in its normal condition of quiet prosperity during the day. There were no signs of a run and the officers of the bank were engaged in transacting their business as usual. President Hits states that on Friday and Saturday last the deposits exceeded the disbursements, and that the bank has gained number of now depositors since the panic commenoed. Business deposits can be withdrawn try check at - time, but according to a rule of the bank, entablished, which nasalways been observed, other depositors are required to give fourteen days' notice before drawing. As a rule the Germans who constitute a majority of the depositors here, are less affected by such excitements than the Americans, and in this particular instance, the depositors, being guaranteed from loss by a provision in the law which makes the directors personally responsible, feel comparatively secure. The deposits here generally range from $100 upward. AT THE WASHINGTON CITY SAVINGS BANK this morning a line of perhaps 100 was formed by the applicants for their money before 9 o'clock, but by noon nearly all had been waited

3. September 22, 1873 Wilmington Daily Commercial Wilmington, DE

Article from Wilmington Daily Commercial, September 22, 1873

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BANKS SUSPENDED -At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.

4. September 22, 1873 Wilmington Daily Commercial Wilmington, DE

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THE UNION TRUST co. IN THE HANDS OF A RE" CEIVER - THE BANKS ABLE TO MEET ALL DE" MANDS. NEW YORK, Sept. 22. The Union Trust Company has gone into the hands of a Receiver. The Stock Exchange remains closed. A meeting of the Governing Committee will be held tomorrow. All the banks are said to be fully able to meet the demands likely to be made to-day. ONE MILLION IN BONDS PURCHASED. New York, Sept 22, 11 A. M. The Sub Treasury has bought one million in bonds. Large crowds are waiting to sell. SETTLEMENTS AT THE CLEARING HOUSE-RUN COMMENCED ON ALL SAVINGS BANKS. All the banks have settled their accounts at the Clearing House, except two, and those are now settling through a loan committee. A run has commenced on all the Savings Banks. One has paid out half & million. Much excitement prevails. The Government has purchased two millions in bonds, and the Clearing house has issued two millions in loan certificates. THE BANKS ALL RIGHT AND " CLEARED." New YORK, Sep. 22. The Clearing House statement is issued, and shows that all the banks made their clearing, satisfactorily, including the two heretofore reported in doubt. THE GOLD EXCHANGE CLOSED-U 6. BONDS IN GREAT DEMAND-RUN OPENED ON THE BEAMANS SAVINGS BANK. The Gold Exchange has been closed, and 12 has been established as a basis of settlement for gold. U.S. Bonds of all descriptions are being purchased at the Sub-Treasury at the rate of 101/3 with accrued interest in coin. Payments are being made in currency. A run has commenced on the Seamens' Saying Bank. The excitement in Wall St. is much less than on Saturday. THE RUN ON THE BANKS CEASED. There is no run on any of the Banks and a feeling of great relief prevails. All is quiet in Brooklyn, also.

5. September 22, 1873 The Daily State Journal Richmond, Alexandria, VA

Article from The Daily State Journal, September 22, 1873

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[SUNDAY NIGHT'S DISPATCHES.] NEW YORK, September 21, 8:10 P. M.-President Grant and Secretary Richardson, have been in consultation with Vanderbilt and other leading capitalists, bankers and merchants since noon. No action reported yet. LATER-RESULT OF THE CONFERENCE, NEW YORK, September 21.-The following is the result of the conference at Avenue hotel, between the and others, as to of the remeans President the Fifth overcoming difficulties the best from the recent financial President positively sulting The declines disasters action to interfere in the matter, as any be of his in connection therewith would unconstitutional. committee of bankers and mercome down to to the government, chants proposition The had the to issue final $80,000,000 of the legal reserve. Reverdy Johnson is said to have given his opinion to the effect that to use the legal reserve is unconstitutional. Secretary Richardson opposes the placing at any considerable sum of the reserve To of the disposal of the New York banks. use his own words, quoted on the authority of one of the committee 'This, gentlemen, is not my funeral." VANDERBILT PAYS $2,000,000 INTO THE UNION TRUST COMPANY-GI ERAL CAUSE OF THE SUSPENSIONS CONDITION OF HEVARIOUSTRADES NEW YORK, September 21.-At a late hour last (Saturday) night, it was stated in one the clubs that Commodore Vanderbilt into the Union the day $2,000,000, the during had of paid Trust amount company due the by the Lake Shore road thus enabling Trust company to restime business Monday morning. The general cause of suspension on the of the banks and bankers yesterday part inability to convert securities into Even government not of except at be cash. was disposed the bonds immense officers could yester- loss. action of the bank difficulty is done away by depositing in the day, By Any the bank, this hands obtain with. of committee good securities, can amount of can an be in the clearing business the used equal certificates, which instead into of legal tenders. The certificates will go effect to-morrow (to-day). The dry goods men believe that Jay Cooke & Co. will pay the last cent of their liabilities. The tea trade is in a healthy cendition, nearly all of that branch of business being done through foreign bankers. The wholesale druggists fear nothing, in unless the stress continues. Sales other branches of trade run along in the same old channels. [TO-DAY'S DISPATCHES.] September 22.-It is offiannounced that Secretary continue to buy bonds at cially NEW will YORK, Richardson Richard- Saturson quotations. Secretary the last he did not see to do more than buy said day's power night bonds, he without had and offered, will be bought or " The government," the all delay 5-20s red tape." secretary says, trust company or loan is doubtful if congress and "is not it a would institution, power." sancsuch construction of my alludes to the using of 000 of the tion [The any above reserves.] $40,000, Thirty savings banks have resolved to rigidlv enforce the previous notice clause. The Union trust company is in the hands of The a receiver. New York stock exchange remains closed to-day. The manager of the clearing house says check passed through clearing will no every paid. He says the banks are in danger, be and that they were never stronger. is The suspension of Marvin & Brothers announced. All banks have pulled through except loan the two settling through the two committee. All the savings banks are having a run on them. The clearing house loan committee have issued $2,500,000 certified checks. The government has bought a million to in bonds. Large crowds are waiting sell. Montreal and Europe are buying stocks at the shrinkage. The gold exchange is closed, 112 has been established as the basis of settlement. The rate of interest is fixed at 7 for carry70-100. ing. The sub-treasury is buying 5-20s at Arun on the Seaman's bank has commenced. They pay all sums of $100 law's and under. Larger sums must wait the delay* WASHINGTON, September 22.-In President the of the morning, the called at the treasury department course Richardson. and had conference with Secretary a of it may be the fact The result that subsequently inferred secretary Associated from stated the of the New York to the President will do bethe law, but in no go within Press the that agent particular will anything main+ clear legal authority. He tain yond the safety of the treasury department, States protect the credit of the United financial and from the influences of the present London house. embarrassment. Jay Cooke reassures the solvency of the PHILADELPHIA, September 22. The the savings uks has subsided. run on September 22. The savings of the banks CHICAGO, give notice of the enforcement sixty days' notice.

6. September 22, 1873 Wilmington Daily Gazette Wilmington, DE

Article from Wilmington Daily Gazette, September 22, 1873

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BANKS SUSPENDED.-At 1 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, f Sept. 27th, 1873, at Reynolds & Co.'s sale. I

7. September 24, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, September 24, 1873

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NEW YORK, Sept. 24.-Gold opened firm at 112g, but after frequent fluctuatiens fell to 111g. The rate paid for carrying was 7 per cent, to flat for borrowing. Foreign Exchange is demoralized and quotations are almost nominal. NEWYORK, Sept.24--At the meeting of Bank Presidents to-day it was resolved, in addition to the issuing of $10,000,000 of loan certificates and the suspension of currency payments in large amounts to stand by each other with all assets, and any member faiiing to do SO will be expelled. Each member was appointed a committee to ascertain where ten million government bonds or any part thereof can be purchased on account of each bank and sold to the Treasury, any loss accruing thereby to be sustained by the banks according to their deposits in the clearing house. The committee request the President and Secretary of the Treasury to anticipate the payment of bonds due January 1874. FROM PHILADELPHIA. PHILADELPHIA, Sept. 24.-No failures are reported at Allentown, Bethelem, Harrisburg, Pa.. and Trenton, New Jersey. WILKESBARRE PA., Sept. 24.-Brown & Gray, Bankers, have suspended giving the failure of Clews & Co. as the cause, but stating that they will resume in a few days. The mining clases are large depositors with this firm and much excitement exists. They were considered good and reliable men.

8. September 25, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 25, 1873

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a relief. Yet it served to excite and depress the less observing and logical. The sales on the street, which began immediately on the announcement that the Stock Exchange would not open during the day, were at fair rates compared with those that ruled at the close on Saturday last, so that altogether there appeared reasons to be encouraged rather than depressed by these sales. The next event to influence the street was the announcement of the resolutions passed by the Clearing-house Committee. The first resolution issuing an additional $10,000,000 of loan certificates had been anticipated, and the effect had been "discounted." The proposition to obtain $10,000,000 Government bonds to be sold to the Treasury by banks was also accepted as an indication that the Clearing-house banks understood the needs of the hour. But the last proposition, resolving that the banks should not cash heavy checks for currency, but should certify such checks as good only when passed through the Clearing-house, was at once translated to be a practical suspension of all the banks. The discussions which followed, however, convinced many that the resolution was a wise precaution. It prevents panic stricken depositors from drawing out their money and hoarding it, thus taking greenbacks out of the street and from business. It was stated and understood that the banks will liberally provide for all legitimate business and manufacturing firms who need money to pay employés and to continue their exports and imports. The action soon came to be looked upon as beneficial as the suspension of business on the Stock Exchange, since it helps to allay excitement and prevent individual transactions, which can benefit no one. By the time of the official close of business confidence had largely returned, and the depression was not so marked. There was less croaking heard of probable disasters on the morrow than has marked the close of other days of the panic. At night, too, at the Fifth Avenue and other hotels, the excitement was much abated; and the night closed with a better feeling and far less agitation than any for a week past.

9. September 26, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 26, 1873

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NEW-YORK DAILY TRIBUNE, FRIDAY, SEPTEMBER 26, 1873. Liverpool for New-York to-day. Of this amount the and Cincignati banks, which were at first reported as that it was unnecessary to take any special action; NOVsteamship City of Brussels took $150,000, and the steamhaving totally suspended, and the excitement was hightortheless all are agreed that there is no possible fear of a ship Adriatic £35,000. ened at noon by the suspension of the private bankingDanie here, of a run on the banks, or of any inconventence A STORMY ERIE MEETING-PRESIDENT WATSON house of Woollen, Web. & Co., owing mainly to the reat all. Indeed, one of the Presidents thinks THANKED--HE WANTS THIRTY MALLIONS. turn of their drafts on the suspended Trust Company of the worst effect it can have directly is to New-York. Public confidence became 80 shaken that LONDON, Sept. 25.-The meeting called by create temporarily a slight uncertainty in the Mr. Watson to consider the affairs of the Erie Railway there was a heavy run on Ritzinger's Bank and on the matter of taking New-York drafts on deposit. as Indianapolis Savings Bank by a class of generally small Company took place to-day. and was attended by 1,000 the banks in this city have always received depositors, and a few persons withdrew their money persons, including many Americans. The session is New-York funds without charging any discount or perfrom other banks. The First National Bank, instead of described as stormy. A resolution of thanks to Mr. centage, no matter how the rates of exchange stood. Of closing at the usual hour, kept open an hour later to give Watson was unanimously adopted. The names of Biscourse, 80 long as the present feeling continues, people depositors an opportunity to withdraw their money if choffsheim and Henry were greeted with a storm of will be anxious to get rid of their New-York funds, and they wished, and when it closed it had received more mingled hisses and cheers. Mr. Watson, in an explanathe banks may find them on their hands to excess. money than it had paid out. The unquestionable soltion of the affairs of the Company, said there was some As New-York is largely indebted to us the banks cannot vency of all the city banks, together with the fearless apparent dubiousness about the accounts, but he besend on checks and get greenbacks. Indeed, one cashier way in which they met the excitement, seems to have lieved they were correct. They wanted $30,000,000 imgoes 80 far as to say there is but one bank in New-York sent home the crowds, who througed the streets until mediately to finish improvements already begun and to independent enough to have it in its power to send Bosafter the banks had closed, in a better state of feeling, lay a third rail. ton checks for greenbacks. and it is not thought that there will be any further COMMENTS OF THE LONDON PRESS-FIVE HUNDRED There is another point in this regard where our banks trouble. Previous to the excitement, the banks in conTHOUSAND POUNDS TO BE SENT TO AMERICA. are strong in comparison with the New-York instituference had decided to go ahead in the usual way, and tions. Their country correspondents are all New-EnLONDON, Sept. 26.-The Daily Telegraph, in this determination will still be followed. gland banks, and form but a very small proportion of another article on the American crisis, says it cannot be their depositors. Nevertheless there have been rumors, too strongly enforced that there is nothing radically unIN MISSOURI. and unpleasant ones, too. sound here or in the United States. The great mass of GENERAL SUSPENSION OF THE BANKS OF ST. LOUISOne rumor prevailed here to-day that checks to a very capitalista is not affected by the trouble in New-York. large amount had been sent on to be cashed, but it FLOUR SHIPMENTS IMPEDED. The Daily News remarto in the adsance of a aya. proved to be entirely unfounded. One banker said to an St. Louis, Sept. 25.-A slight run having tem of long credits, the materials for a panic among Advertiser reporter: cashed in one check one-third of been made on the banks of this city, it was decided at a American trading houses do not exist. It believes the the whole amount that was called for yesterday." This worst is over. meeting of bankers, held last night, to suspend the paywas a check which was by no means hastIt is said that bullion to the amount of £500,000 stel ment of checks or drafts, ither in currency or exchange, and former the ened on account of the panic. The genuntil the excitement in the East substuce ling will be withdrawn from the Bank to be sent to tleman continued: "We do business on an condition of the markets is restored. Shipments of nour by next Saturday's steamers. entirely different bagis from that of the New-York

10. September 26, 1873 New-York Tribune New York, NY

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and Cincignati banks, which were at first reported as having totally suspended, and the excitement was-hightened at noon by the suspension of the private bankinghouse of Woollen, Web: & Co., owing mainly to the return of their drafts on the suspended Trust Company of New-York. Public confidence became 80 shaken that there was a heavy run on Ritzing er's Bank and on the Indianapolis Savings Bank by a class of generally small depositors, and a few persons withdrew their money from other banks. The First National Bank, instead of closing at the usual hour, kept open an hour later to give depositors an opportunity to withdraw their money if they wished, and when it closed it had received more money than it had paid out. The unquestionable solvency of all the city banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds, who thronged the streets until after the banks had closed, in a better state of feeling, and it is not thought that there will be any further trouble. Previous to the excitement, the banks in conference had decided to go ahead in the usual way, and this determination will still be followed.

11. October 3, 1873 Pioche Daily Record Pioche, NV

Article from Pioche Daily Record, October 3, 1873

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Foreign News. Carlist Dissension in Spain--Cable for the South American Telegraph MADRID, Oct. Dissensions in the ranks of the Carlists are increasing. The leaders, Dorregar- their rey, Roda and Lizzaraga, have left commands and arrived at Bayonue. PANAMA, Sept. News is received at Valparaisothat the had arrived at Pernam miles of cable for steamer buco with Hooper 1,400 that the com- line to Jamaica, and it is expected munication with the United States and Europe by that line will be established in October. NEW YORK, October 2. A dispatch from Fort Klamath, dated five yesterday, says Captain Jack and his associates will be hanged Friday morn- the ing at 10 o'clock sharp, and to-day the carpenters drove the first nail into structures that is being erected to meet the requirement of the sentence. They will all be suspended from one beam, into and at a given signal will swing eternity together. The execution will be public, to allow the Klamaths and neighboring Indians a full view of the manner is in which law of the United States meted out to transgressors. CHICAGO, Oct. 2. A Washington special says: In reply inquiries this evening, Secretary stateto Richardson reiterated his former ment that he believes the Government of will not lose a dollar in consequence the failure of Clews & Co., or Clews, dolHabicht & Co.; that a few thousand lars may possibly be lost thereby, but he thinks the indications are that the company will pay all its debts. Further- 33 more, if Jay Cooke & Co. pay even cent., he believes the Government per which stands in position of a preferred the creditor, will not lose anything by failure of the First National Bank in this city. No proposition of compromise Co., has been made by Jay Cooke & through yet the receivers of the First National Bank, to the Treasury Department. Co. Richardson says if Cooke & will 50 per cent. cash, Judge pay with and interest- three bearing notes for one, two years for the remainder of the company's indebtedness, as has been reported will probably be their proposition for settle- far ment, all will be well, especially so the the Government is concerned in First as National Bank at Washington, and will it is probable that the latter concern be able to pay up its entire indebtedness. Mr. As to the affairs of the syndicate, Richardson says they will not be directly disturbed by the failure of Jay Cooke & Co., though it is possible that the result of the financial panic in this country sale may retard or injuriously affect the of our new bonds in foreign countries. Pacific Coast. Sudden Death - Fleeing Culprit Heard From-The Execution of the Modocs-- Final Preparations for the Execution of the ModocsContested Election Case DecidedFlour and Wheat-California State Treasury. SAN FRANCISCO, Oct. 2. Patrick Kelly, barkeeper on the died corMarket and Battery streets, in his saloon suddenly ner of yesterday. The cause of his death is unknown. One of the mates of the ship Sunrise, who fled from here, was heard from yesterday in Nevada. Measures have been taken to secure him. The members of the crew now say they haye been bribed to say no more about the matter. PORTLAND, Or., Oct. Large fires are raging in the woods north of the city. JACKSONVILLE, Or., Oct. 2. From Mr. Obenchain, who left Fort Klamath yesterday, we learn some particulars of the closing preparations for the execution of the six Modocs now unof death. Mr. the scaffold is erected just says der sentence Obenchain outside the fort, and is built strong enough, to all appearance, to hang twice as many as

12. October 3, 1873 South Branch Intelligencer Romney, WV

Article from South Branch Intelligencer, October 3, 1873

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n Es-President ANDREW JOHNSON had sixty thousand dollars on deposit in the First National Bank in New York when it suspended. Should the Bank be unable to discharge its obligations, a contingency which is not improbable, Mr. JOHNSON will be laft almost penniless.

13. October 3, 1873 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, October 3, 1873

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Telegraphiq APPLA CARLIST DISSENSIONS DEMORATIZATION OF INSURGENTS-MONRY OF October 1.-Diseensions in MADRID, ranks of the Corlists are increasing. and the leaders Derregarray, Roda and Lizzaraga The have left their commands arrived at Bayonne. Edward October 2-Sir LONDON, the celebrated painter, isdead. from Landleer, October 2. Dasortere and inMADRID, report emoralization the insubordination. Cartagena A majority of but are desire to surrender, more surgents overawed by liberated coavjole and desperate BERLIN, volunteers. October 2.4"Trade A (panic specila on tion is almost suspended the The bourse King is of apprehended Saxony is dangerously sick. LONDON, October Robert Bigby, the English October writer, 2. is dead. Despatches from MADRID, sections of the country represent The all much better feeling prevails. in the re-establishment that of discipline in the served to restore confidence all insurrections. ability army of the Government to suppress relegraphic-American Matters. CONVIOTED-DEZAULTING_CA CASH KU ER-COTTON KLUX DAMAGED IN TEXAS-JUS STATES "RAID" OF UNITED SOLDIERS TIFIABLE IN MEXICO-VELLOW FEVER DEATHS-AID TO SUFFERERS-SIOK AND PUOLLIST-RESUMPTION OF BANKS BROKERS-THE MODOO SUSPENSION- DEMO PLATFORM OF THE NEW YORK CRACY, &0., &0 BROWNSVILLE, TEXAS, October 1.heavy rains have damaged entire Continued cotton crop throughout the have the Rio Grande Valley. Worms lower appeared on a number of plantations The in vicinity, doing much damage. inches this are covered with several the lowlands of water, stopping the work of gathering crop. charge of the Vose Publico, that The United States soldiers When had again the armed invaded Mexico, is untrue. the steamboat Little Fleta stranded on Army Mexican bank of the Rio Grande, with Paymaster Nichols was a passenger, who of United States soldiers, a guard in saving the cargo and guarded landing it assisted and the paymaster's safe after it from the wreck N.O. October 1. The Courts first RALEIGH, Klux trial before, the State Johnson Ku off before Judge Watts, at and came Superior Court, this week, resulted County in the conviction of the parties white, the murder of two men-one of other colored. They went disguised whipped the the colored man's house and to to death on the 6th of September and senhim were convicted o-day. of No tenced They to be hanged on the 13th vember. 3,000 articles have been entered Over exhibition in the coming State instant Fair, for commences on the 13th of the which D. W, Voorhees, the orator the 15th. Hon. will reach here on society, The citizens are making preparations large the ccommodation of the crowd for of visitors that is expected. October Millard FillBUFFALO, the International Exposimore Redmond, of New opened D. Orleans, large. followed tion. The audience is very Ste ST. Louis, Odtobernia Cashier In of the St. Lbula Mutual Life with Company, is from the safe. His surance $6,500 ven#, missing, accounts do not ap- bepear correct, and his friends lieve he embezzled the funds. Nashyille, on Wednesday the In day of the Blood Horse ASHOCIA- heats, second the first race, two mile tion won races, by Arizona, beating Lampie, 3,4634 Carrington was and Duster-time heats, The second race. mile Sur3.441/4. won by Quartermaster, bearing and Lady vey, was Fiprence, Emer Florence Greenfield. YORK October,1--Mid-night- banks NEW visitits the different savings fears on A city, to dayshaw that all vauished, this of depositors haye their the part large numbers who drew out it. and last week have returned money are about $13,000,000 in green- all in the vaults, which, signs of any run are There backs passed, will when be distributed through other channels. NEW YORK, October -The Danforth half Locomotive Works is working on in They have plenty of cashed. money time. but can't get a check bank, John C. Heonan is fatally sick, with hemorrbage of the langs. 386 delegates to the Evangelical morrow, Convention, which assembles to have arrived. Grinnell & Co., brokers and bankers, Paton G. B. & have Co., suspended. one of the oldest dry

14. October 4, 1873 National Republican Washington, DC

Article from National Republican, October 4, 1873

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# SHALL THE BANK SUSPENSION CONTINUE It is very much to be feared that the banks will over-do the "financial business" in main-taining themselves in a state of slege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the con-sequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feel-ing is now rapidly gaining ground that no real necessity exists for the banks maintain-ing closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not ar-rived when the banks should manifest a dis-position to return to the normal condition of affairs. In a case of this kind a mere doubt in the public mind becomes a positive and threaten-ing danger, a danger as pregnant with dire-ful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situ-ation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institu-tions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some re-laxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a mag-nanimous public indulgence to speculate upon the people. Every day this suspension is maintained adds to the danger of the situation. Mechan-ical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings in-stitutions for their savings against an emer-gency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to per-mit this state of affairs to continue. If the banks fail to meet the emergency the emer-gency may overwhelm the banks in the com-mon disaster that is threatened. In connec-tion with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely: "Resumption is the sure refuge of the banks; it will save them from the disasters of the whole-sale depreciation of securities and products which a protracted suspension would almost cer-tainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may over-whelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplasterinundation. We say nothing here about the bankruptcy act further than this: that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."

15. October 9, 1873 Eaton Weekly Democrat Eaton, OH

Article from Eaton Weekly Democrat, October 9, 1873

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, OHIO, THURSDAY, OCTOBER 9, 1873. Cincinnati had followed the example of New r THE FINANCIAL CRASH. York. They at once yielded to the presSS sure. There is no apparent excitement on the to streets. The Situation in New York and the e, CHICAGO, Sept. 27.-Yesterday the financial is East. tidal wave caused the first real damage in this 1city. At 10 o.clock a. m. it was announced NEW YORK, Sept. 25.-The feeling in Wall from the Clearing-House that, an account of street was much quieter to-day. No more the extraordinary situation, no deposits would failures have been reported, and it is believed g, for the present be received and no checks confidence will soon be restored. There was n would be paid by the following banks Union less excitement on the street than for any day 7. National Bank, Cook County National Bank, for a week. The crowds which have assemk Second National Bank, Manufacturers' Nabled in Wall and Broad streets for some days tional Bank, National Bank of Commerce. y past were not visible. A feeling prevailed that These banks all claim that their suspension is a general suspension of the banks would be only temporary, that they have ample assets necessary. and a rumor was current that the to meet all demands, and that they will reSecretary of the Treasury had advised that d sume business so soon as they can convert course. This rumor, however, was authoritae those assets into curreney. There is a strong tively contradicted, the Secretary declining to d belief that the crisis of the panic has been advise the banks in any way. It transpired reached and passed, and that there will be no k that the Sub-Treasury in New York had dismore suspensions. bursed $25,000,000 in greenbacks in the purThe mercantile classes do not seem to have chase of bonds, and that a portion of this had d been thus far affected. and have been able to come out of the so-called reserve of $44,000,meet all their obligations as they matured. y 000. At this point the purchase of bonds was Deposits are still made in all the banks. That e, stopped. there has been a withdrawal of currency for The action of Secretary Richardson in stopa the purpose of hoarding it in private safes is ping the purchase of bonds, and in refusing to y obvious; but if the banks continue to meet anticipate the 5 per cent. bonds of 1874, due the requirements of their customers a few Jan. 1. was eagerly discussed, and, so far as 1, days longer, most of this hoarded currency could be ascertained, met with but moderate n will come forth. The receipts of currency approval. The Stock Exchange still remains here by express are large. The country must closed. The views of those prominent in the n have the breadstuffs and the provisions which dry goods trade are encouraging in the greatS are packed in our warehouses and stock-yards, est degree. Business is abont as good this n and to get them the money must be sent here. month as it was during the same period last A dispatch from Leavenworth, Kan., ang year, and shows hardly any more of a falling nounces the temporary suspension of the folo off than would properly accompany the end of lowing banks: Frst National, Second National, the season. The produce market remains in a Leavenworth Savings, Clark & Co., Newman & nominal state. Large amounts of grain have Havens. Good feeling prevails among merarrived here which were intended for shipg chants, all seeming to appreciate the situation. ment, and now remains in the warehouses in e consequence of the inability to negotiate CHICAGO, Sept. 29.-The two most important foreign exchange. developments of Saturday were the suspension of the Third National Bank, and the anNEW YORK, Sept. 26.-The general feeling in 1nouncement that the Cook County National, financial circles has decidedly improved. The which closed on Thursday, would resume on t day's record closes with some confidence in the Monday (to-day). The suspension of the belief that the bottom of the panic has been Il Third National, though not unlooked for in reached in this city, and thereis a fair prospect banking circles-the run on it having been that, when the Stock Exchange opens, there of heavy-created a feeling of depression in the will be little room left to arrange in the way of le community. The bank was the second largest settlements between brokers, so that there will be no new failures to announce. in the city, its deposits amounting to about $4,000,000. It is said the institution will soon The Loan Committee of the Clearing-House 11 resume, as its securities are all right. and can has issued about $1,500,000 in loan certificates be made available with little delay. to-day, making the entire amount issued about W All the banks, with the exception of those $18,000,000. that had suspended, passed the Clearings Mercantile paper falling due at the banks is House with flying colors. This fact, added to e being paid with remarkable promptness. the cheerful news received from abroad, There was an extraordinary excitement in served to re-establish confidence, and renew the gold markets to-day, which at one time and strengthen the spirit of moderation that threatened remarkable results. The price has been generally manifested since the panic moved up to 1141, against 1111 at the opening. began; and it came to be the accepted theory A private telegram from London says that the suspension of the Third National $4,500,000 has just been drawn from the Bank ff marked the turning-point of the crisis, that of England and shipped to New York. the storm had spent its fury, and the sunlight The total liabilities of the Union Trust Comwas about to break through the dark clouds. pany are $6,273,518; assets, $7,491,276. The An immense volume of currency is flowing institution will probably resume in a short time. into the city. Over $4,000,000 has been received by express in the past forty-eight NEW YORK, Sept.29.-Wal street is as quiet as h hours. usual, and matters are beginning to assume S The total assets of the Union National their normal condition. The crisis is over, (familiarly known as Coolbaugh's Bank, and although the scarcity of currency is seriously the largest in the city), which suspended last felt, and will be for some time to come. a week, are given at $5,600,000; liabilities, $4,The feasibility of resuming specie payment 300,000. n is exciting attention among our leading finanThere is little or nothing doing at the stockciers and business men, and especially those yards. There is over a million dollars' bankers who issue bills of foreign exchange. worth of stock in the yards, and the pens are a An argument heretofore set forth, that to reso full that no more stock can be received for sume specie payment would depreciate values, the present. can hardly be advanced, now that stocks and CINCINNATI, Sept. 29.--The financial situation securities are flat. here to-day appears to be improved. At the e The suspended firms are rapidly reorganizclose of business an improved feeling was ing, and promise a resumption of business plainly manifest. before the end of the week. Howes & Macy ST. LOUIS, Sept. 29.-Quietnessreigne among & have practically resumed already. Clews the banks here. All are paying checks under Co. and Fisk & Hatch will resume within a the rule, and everybody seems cheerfully to few days. acquiesce in the arrangement. The feeling on The following table shows the prices curChange was better, and prices for some arttrent for leading stocks on Wednesday, Sept. cles are stiffened materially. d 17, the day before Jay Cooke & Co. failed, and CHICAGO, Sept. .-About $4,000,000 in curthose current on the street to-day rency has been received in this city within the Sept. 17. Sept. 29. 1 last 48 hours, making about $11,000,000 for New York Central 86 10014 the last five days. Three of the suspended 91 Lake Shore 62 r banks have resumed. The Union National Northwestern 571/2 371/2 83 Rock Island 1031/2 (Coolbaugh's) has gone into voluntary liquiPacific Mail 29 431/4 dation. Produce markets active. Wheat and 27 St. Paul 451/4 corn are advancing. The storm is practically 89 Western Union 55 over, everything is serene, and people wonder Wabash 41 591/3 g why they allowed themselves to become so ex19 Union Pacific 24 1/8 a cited, 37 1/8 Ohio and Mississippi 241/2 OTHER POINTS S BOSTON, Sept. 29.-The bank presidents of Detroit, Cleveland, Toledo, Milwaukee, Duthis city have decided to make only emall curbuque, Keokuk, DesMoines, and in fact nearly t rency payments, and to issue $10,000,000 of every Western city and town heard from, reloan certificates. port an improved feeling in financial circles.

16. October 9, 1873 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, October 9, 1873

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DOMESTIC. of the York telegrams of had the closed evening on a more New that the week The greenback refinancial down from 27th serve cheerful say had been drawn aspect. Clearing-How desired, $34,700,000 certificates and $12,000,000. demanded or these and to been issued as with the aid of had was thought that National currency the crops and failure averted. of could it small be infusion moved of and mercantile embarrassment closed Chicago, The Third National Bank, The Cook County of that Na Manufacturers' tional, its doors one on announced of the the 27th. suspended its resumption. National banks banks The had first its city, decided had to go and into of Second liquidation. the Chicago banks The assets Union that at closed National, its the doors, and its had liabilities announced resumption at $4,300,000 of met busi- and on $5,600,000, notice of its speedy Association animated given The Clearing House and after an resolved discussion ness. the evening of the 27th, not to issue Clearingsays House certificates. St. Louis of the warehouse, 27th A telegram from the five-story streets, the rear wall of and Chestnut on the corner opening a gap in to the the roof. One had that fallen, of Second ground building injured. fifty feet wide from killed the and two seriously 28th says that man New had been York dispatch First of the National Bank of A President of the immediate resumption such city had the ground that the payment, urged or the positive that relief to action of specie will add $60,000,000 the money Washington market. telegram of his the determination 28th says A President had expressed the adoption of to the recommend to Congress The Secretary of of the the system of free banking. the anticipation had ordered interest. The following payment Treasury letter of the had November been sent by the President 1873. to the parties named: CUTIVE MANSION, Sept. Anthony 28, H. B. EXP Clailin and Charles to the L. views President you have Messre. GENTLEMEN: In response the he using by the legitimate trade to restore the honor to desirous of docurrency communicated commerce. as to have confidence Government and present commu and following: The to relieve the holding back it ing of business of the country market the condition the immense all in its power resources to affairs, the seaboard which people and now the law first ing transportation on the part of the condition and its avert acthing Confidence needed to destruction relieve this of classes business of people. with willing To the threatened disasters, all Government 1 is but evident company this feeling the at its command. will aval active co-operation country re-establish to take all legal that measures no urgent efforts of the bank With of without moneyed the corporations paid of out the the withdrawal purchase of and $14,000,000 already and the banks the Government lebtedne the Treasury policy the on their are large deposite enough from to adopt system a liberal of discounts. Should to sus restrong by general of the country. of part, the and business interests pursued the $14,000,000 the Treast tain course be money in as the cirbe will given serve such a will be demand consider of public necessity require. Close at- by at their to cumstances meet the of the country the may course command pursued of to trade those who tention have aid the nece means essary to restore With view of rendering all and condition. out the measures proper channels those who carry already been Novem- issued strengthening indicated, orders interest have accruing President in above the prepayment of U. S. GRANT ber. for According to a dispatch from town Denver, of Fair- Col. over two-thirds of the consumed mining on the United 26th. play, Col., stores, had been printing offices, express the office, States All the land office, business post-office, places, with two or hotels exceptions, and other had been utterly destroyed. say the three New York dispatches trade of the had 29th become alsituation in finance hopeful and and cheering, country. not only together more parts of the overmoney pressure a larger advance had in The that city but had in been all was being gradually business in the come; of there dividend-paying stocks; produce market; price gradually improved in the as to the moving the gloomy apprehensions to brighter hopes; of there had been to the United only a of the crops England had continued yielded large shipments States, not and coin from of security pervaded and Western that day over general market, feeling but that all the Southern $3,000,000 in lower, curmarkets. On released. Gold had been sold as greenbacks. and rency at had one been period during the day The was Glenham suslow as Mills, 110 in at Glenham, N. Y. had a leader Tribune had of specie pended. Woolen The immediate resumption prepared signifiadvocating the following There the since payment, language: closing with The the country the is war. passing legal- its grandest cant opportunity since passage of the that crisis has not act, been, any financial situation inviting or to resump held by? tender out all its hands The crisis calls for firm hand, all. To-day's so tion. Shall That's we let clear it go head and opportunity determined party, for purpose. for the dominant issue his is for the the President President. country, Let Congress in an extra or ten eight the proclamation convening days' notice, with the call. For session sole object at stated distinctly people have in the done almost ten days past stand the in front of their rapid balance- and nothing sheets and but inventories, values, and see and a there's no constant shrinkage where it will in stop or financial when, for hard- the knowing reason that there is no back to specie; simple time we must get When will pan. Some Why not now? would the be a better time? benefited by it than that's there admitted. be more When statesmanship whole country ought to be practinow? There in Congress to devise a Grant simple, settle it enough method. Let President convening Concable is concerned by of gress as far and as he putting upon it the responsibility meeting the emergency.' to a Washington dispatch National of Bank the According depositors of the First exceed fifty 29th, of that the city would not receive to cent. of their deposits. had reper In Chicago, on the 29th, normal business condition. very nearly its banks had resumed of the receiving deposits Three sumed business and were suspended panic. and Over payon checks as before the received during ing out currency had been Traffic had $3,000,000 forty-eight hours. railroad, and the preceding the various lines of drawn off, fallen off on trains had been the and large night many number the men Union discharged. of National Bank At a late of Chicago, hour in

17. October 10, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 10, 1873

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WASHINGTON. The Currency. WASHINGTON. Oct. 9.-The treasury reserves are now being daily drawn on to pay only the actual expenses of the government. There are no apprehensions at the department- that the drafts upon the $44,000,000 will be very heavy in the ordiaary course of business. The out standing legal tenders, now shown to be over $356,000.000, will be reduced again to those figures at the earliest practicable moment, it may be b fore the issue of the next public debt statement. All ideas that it is the intention of the Secretary to make any permanent inflation of currency are erroneous. The Secretary emphatically asserts that the outstanding legal tenders are not to exceed the minimum figures a day more than the absolute demands of the government requires. The Yellow Fever and the Postal Business. The ravages of vellow fever South are caus ing the Postoffice Department much embarrassment. The quarantine has practically interrupted all through Southern mail routes.Soutbern mails have been ordered to be despatched along the western boundary of Texas. The government will not interfere with the State quarantine laws. Treasury Balances. The following are the Treasury balances today: Currency $2,673,581; special deposits of legal tenders for redemption of certificates of deposit $11,325,000; coin $79,948,110, including $39,938,400 in coin certificates; outstanding legal tenders $358,966,488. TheSenate Chaplaincy. It is said tha+ Rev. Dr. Newton. Chaplain of the United States Senate, will not return from his inspection of consulates during the present year. This will render necessary the election of a new chaplain. Concerning Caterpillers. The Agricultural Department has issued a circular to all its correspondents in the southern States, asking for information relative to the use of paris green and other poisons in destroying caterpillers. It is stated that the total loss by the common caterpiller sometimes amounts to $40,000,000 or $50,000,000 in a year, and that the loss of a quarter of a million of balls in a year when insects prevail would be deemed a light infliction. Paris green and flour, mixed, have proved very efficacious in destroying the potato bug. The same mixture has been used for the cotton insect, but with what result is not established. The Polaris Servivors. The United States steamer Tallapoosa arrived at Washington navy yard last evening and was anchored in the stream. No communication is permitted from the shore with the Polaris survivors. Tbe Buddington Party. The Secretary of the Navy, accompanied by a personal friend, arrived at the navy yard this afternoon. He proceeded to the headquarters of Commodore Patterson and after a short conference was driven to the wharf where the Tallapoosa is lying, where he was received by Capt, McRitchie of that vessel and shown into the cabin where Capt. Buddington and party were assembled. After some conversation of a general character, the Secretary stated that the members of the party must be exceedingly careful as to their statements and say nothing but what they were willing to swear to. After about twenty minutes conversation, the Secretary had a brief private correspondence on shore with Capt. McRitchie, atter which he left the yard. Capt. McRitchie informed Captain Buddington and his men that the Secretary had placed no special restriction over their movements and that they were all at liberty to go ashore if they desired, but they would be expected to return "clean and sober by eight o'clock to-morrow morning.' Soon after Dr. Bessel came down the gang plank with a long leather covered map case strung over his shoulder, and left the yard. When accosted by a reporter he answered quickly and hurried away as if desirous of evading all questions. The Secretary of the Navy, in a conversation to day, said he did not credit the reports that Capt. Hall's death was the result of foul means. It appears that all who were present at the former investigation are convinced that the commanding officer's death was from natural causes alone. Ind an Council, The Commissioner of Indian Affairs, under date of Fort Sill, 7th, telegraphs that the council wita the Kiowas and Comanches is still proceeding.and he has intended to leave Fort Sill for Caddo to-day. The President and the Cooke Failure. NEW YORK, Oct. 9.-A despatch from Wash ington denies the rumor circulated lately that the President had a special deposit in the First National Bank of that city. He was not allewed interest on his balance and his amount covered his salary, which the bank drew and placed to his credit, to be checked out precisely like any other deposit. Three days before the suspension of the bank his accounts showed an over draft of $71. This over draft has since been paid to the receiver and the account clos ed. The President never had a little tin box on deposit, and he was in Pittsburg the day it is said to have been carried over to the White House by him. He did have, however, a box in the bank of Jay Cooke & Co., containing his private valuable papers, among other things registered Rawlins bonds, which he holds in trust, but not a dollar in money. The box was taken away the week after the bank closed.

18. October 16, 1873 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 16, 1873

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# GENERAL NEWS. Frederick Chase Hutchinson, one of the family of singers, is dead. Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics. It is expected that the New York banks will resume currency payments next week. Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts. The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome. Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church. T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70. The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day." Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance. The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out. The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week. They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders. Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor. "You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on. In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia. The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-

19. October 17, 1873 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, October 17, 1873

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TELEGRAPHIC. Reported Expressly for the Bulletin. FROM NEW YORK. WOMAN'S CONGRESS, NEW YORK, October 16.—The first congress of the association to promote the moral, intellectual and physical well-being of women was begun yesterday at League hall, and was numerously attended, Letters were read from Emily Faithfu and others, last evening. Mrs. Mary Ol-ivemore was chosen president, and among the secretaries were Mrs. M. Loomis, Thos. Piumer, P. M. Sherwood, Rev. Elva T. Wilkes, Colorado; Mr. E. S. Tupper, Iowa; Mrs. F. Emlard, 1lle.; Mr. L. Woods, Mrs. Frances Miner, Missouri. The executive committee includes Mrs. Augusta Chapin, Iowa; and Professor Maria Mitchell, of Vasser college. STOKES' TRIAL. In the Stokes trial to-day, Thomas Hart, doorman at the ladies' entrance of the Grand Central hotel, and the principal witness against the prisoner, admitted on cross-examination that after the last trial, being sick and out of employment he called on Chapin & Co., Fisk's brokers, and from them he went to Mr. Coner, Fisk's former managing agent and was by him sent to the private secretary of Mrs. Fisk, from whom he received fifty dollars. The rest of the witness' evidence was as on former trials. Judge Friedman and jury, in the supe-rior court to-day, tried the suit of Charlotta Gilbert against the New York and Charleston Steamship company, claiming $10,000 damages for being excluded from the state-room of the steamer Manhattan in 1870. The plaintiff obtained a verdict in her fayor for $75. Phillip, Spier & Co., Scott, Strong & Co., and Alcott & Co., had their stock sold out under rule for thew ccount of Grinnel & Co., as follows: 3,000 shares in the Union Pacific at 18@19, 3,700 Lake Shore at 66@67; 300 New York Central at 83½; 100 Pacific Mail. STOKE'S TRIAL. Phillip Farley, hotel porter, contradict-ed the testimony of Thos. Hart, as to Stokes saying he knew nothing of the shooting. Farley was the man who seized Stokes, and he heard everything said. Witness also stated that he searched for the pistol in room number 207 about half-past four and found none. MONEY. Money closed at 1 1-16@1 3-16, but just before this when the bank accounts were made up, offers went down rapidly on small amourtesaamarcantverki that it was regarded by some as having connection with current speculation in stock exchange, as prices were bid up rapidly. At the very close of the market, greenbacks were less active at ½@¾. At the final close quotations were ½@¾. The premmum demand for foreign exchange for 6 months at 5½ to 6 for long and 6½ to 7 for short. Commercial bilis in good supply and dull at 4½@5. Custom house receipts $171,000. Gold heavey and lower, declining from ½ to 7/8, which price has not been before reached since June, 1865. When the closing rate was 8c. The assistant treasurer disbursed $76,000. Government's firm early in the day but closed lower in sympathy with gold. The quietest decline was in 67 and 68's. Railroad and miscellaneous speculations irregular, but prices in main higher. Adding, the 'Express' says: "The question of the banks resuming greenback payments now being actively discussed in financial circles, especially as it has an important bearing upon the general situation, while the New York banks are in a state of suspension the people in the interior have a good excuse for not paying the debts to the Atlantic cities, and consequently collections are much lower than they would otherwise be. In different parts of the country the national banks are gradually resuming currency payment, and these banks could make still greater headway if the banks of New York, and Philadelphia, should resume. The Philadelphia banks have about $300,000 of their reserve in this city, and they cannot remit until our own banks do. It does not follow that this money would be withdrawn from New York in case of resumption, but, on the contrary, it would probably remain, as the Philadelphia banks would not draw it as soon as it became apparent that they could get it. Resumption by New York banks is an important step in the restoration of confidence, and this can only be accomplished by giving up the present system of pooling greenbacks, which has always been an injustice to strong banks, able to take care of themselves. These banks have carried safely through the recent panic about a dozen weak banks, and its but right that they should deserve resumption. These weak banks would no doubt be called upon to liquidate largely in consequence of the withdrawal of deposits and cancellation of accounts, and possibly some might have to to be wound up, but our banking business would be placed, on a strange basis, and moral effect and resumption would be felt here though not in the country. The deposits of our city banks now range from a hundred and forty-four to a hundred and fifty million dollars, and greenbacks on hand are from fifty-five to six million dollars. By this it will be seen that the per cent, of greenbacks on deposit is only apout four per cent, and adding the city bank circulation of twenty-eight million dollars, the per cent of greenbuck

20. October 18, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 18, 1873

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ESTABLISHED MARCH 30, 1835. FINANCIAL WASHIN GTON. / New York Confessing Her DelinBureau Report on the Cotton Crop. quencies. Favorable Weather Needed to Make More about the Pool Operations. it Equal to Last Season. WASHINGTON, Oct. 17.-The average condition of the cotton crop has fallen off Over $22,000,000 Loan Certificates from 80 to 78 per cent. since the first week Based on $5,000,000 Currency, in September. The October status of the / crop is materially reduced. The season must be of average length and comparativeAlthough Government Poured out ly favorable for picking to insure a crop $16,000,000. equal to that of last year. The State aver/ ages are as follows: Virginia, 90; North The Sinews of Trade Still Locked up Carolina, 88; South Carolina, 80; Georgia, 82; Florida, 76; Alabama, 78; Mississippi, in Safe-Deposits. 75; Louisiana, 65; Texas, 80; Arkansas, 83; I Tennessee, 90; Missouri, 90. Views of the Express. Ex-President Johnson NEW YORK, Oct. Has made affidavit to his claim for $73,000 The Express says: There was renewed against the First National Bank. discussion in financial circles on the ques Special to the Louisville Courier-Journal. tion of the banks resuminz currency pay WASHINGTON, Oct. 16.-The serenade ment. As the matter now stands New to ex-President Johnson bas been deferred York virtually is disgraced and must be re by his own request, but will probably come deemed from this position at an early day off on Saturday evening next. He has When the panic started our banks had 34 been requested by a number of leading basmillion dollars in legal tender notes, but this amount was reduced to 16 million when the iness men, including at least one prominent Radical official, to present his views upon pooling arrangement commenced, and to the present distracted political and financial $6,500,000 in one week afterwards. Still late condition of affairs; and it is probable that the amount decreased to five million dol he will enter upon some general discussion lars, notwithstanding the treasurer paid ou of the causes of the present troubles, bring$12,000,000 legal tenders for bon is parchas ing in the topics of the day, the panic and ed, and over $4,000,000 for other disburse banks, the transportation question, the ments. Millions of legal tenders are now Credit Mobilier: and other rings. The Seclocked up in the safe deposit companies,old retary of the Navy has been requested to ockings and maltresses, and nothing but a low the Marine Band to give the serencomplete restoration of confidence wil ade, and it is supposed that he will do so, empty these hoards. Confidence has beer as he gave the same permission lately in partially restored, but the clearing house the case of a ring official. The ex Presinow stands in the way of completing th dent is naturally somewhat grave and conlast link between the people and the banks cerned touching the prospect of getting back An improvement was reported in bank his large deposit in the First National circles to-day but yes the le al tenders re Bank. ported to the Clearing House are only $6, Civil Service Examinations. 600,500. What we want is a greater in The Board of Examiners for the Treasury crease than this, which can be accomplished by the banks resuming currency payment Department, will hold a series of examinaThe present system of posting is gotter u tions, commencing Oct. 28, to fill vacancies for the benefit of the weak banks, especial in clerkships of class one. These will be ly those paying 4 per cent. on deposits the first examinations held in that departThe sound and conservative banks should ment under the new civ I service rules of insist on redeeming New York city from providing for examinations by districts. It is understood to be the intention of the its present false position and thereby tak an important step in restoring confidence Treasury to make appointments as far as Will London Have a Panic? practicable from districts having less than their proportion of clerks in the department, The announcement of further shipment as most of the candidates will dou tless be of 665,000 pounds sterling from England t America caused considerable comment i from the viciuity of the District of Columbia, which already has more than its probanking circles to-day. This thing canno portion, only such vacancies as must imcontinue without the Bank of England ad mediately be filled will be filled from examvancing the rate of discount still highe ination in Washington. The remainder which may produce some d'sturbance a will be left open till the district examinaLondon. In fact the opinion of many i tion about to be held in New York, Cincinthat London will have to pass through th nat', St. Louis and Savannah are comexperience of Vienna and New Yo k in re f pleted. gard to speculative bubbles.

21. October 21, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 21, 1873

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duced below. POLICY OF THE BANKS. THE STRONGER INSTITUTIONS UNWILLING TO SHARE THEIR LEGAL TENDER RESERVES WITH THE WEAKER ONES MUCH LONGER-VIEW OF PROMINENT BANKERS-RESUMPTION OF CURRENCY PAYMENTS FAVORED. A TRIBUNE reporter, in search of information relative to the prospects of an early resumption of legal tender payments on the part of the banks, called, yesterday, upon the officials of the largest banks and bankinghouses, and received their views. Moses Taylor, President of the City Bank, No. 52 Wall-st., thought the payment of legal tenders by all the banks should be resumed at once, but be could not say that it would be, because a committee of bank officers had the entire disposition of the subject, and they had not yet held a meeting in relation to it. He believed an immediate resumption would restore confidence 80 far that money would flow in from the country in ample voime to relieve any temporary pressure on account of anxious depositors, though be felt sure that most of the banks had enough currency in band even now to meet any demands made upon them. In fact, so far as the accommodation of merchants and depositors is concerned, the large banks have never ceased to afford all aid demanded and had felt DO great strain upon their resources. They were to-day accommodating the mercantile community as freely as they had done two months before the panic, and be saw no reason why they should not continue to do 60. The resumption of legal tender payment was, in fact, a condition arrived at, 80 far as the large banks are concerned, but he thought its formal resumption the Bank Officers' Committee an important by matter. It would tend to equalize values and prices, relieve the minds of Western and Southern merchants, and unlock the hoarded greenbacks. Smaller and weak. er banks might feel a strain upon their resources somewhat at first, and some of them might experience great distress in consequence, but they could draw in their supplies and prepare for it at a moment's notice, and 80 be able to tide over it. He was very much in hope the formal resumption would be ordered at an early meetIng of the bank officers, and thought the proposition would be carried if the small banks did not oppose it. A HOLLOW ALLIANCE. The officers of the First National Bank said they were paying currency, and had been doing 80 all the time. Probably a dozen banks in this city are and have been doing just the same all through the erisis. Their busiDEAR is mainly with the country, and they had steadily shipped currency to the country banks as it was required. The result is that at present they are getting currency in return faster than they are called upon to pay it out. Indeed, very few of the best banks in the city suspended currency payments at all. The weaker banks felta severe pressure, and rather than increase their embarrassments the leading banks kept quiet as to their own ability to pay; but in fact, 110 depositor at these banks was denied a cent due him. The "pooling" process, the system by which the Associated Banks have united in an apparent suspension of currency payments for what was supposed to we mutual protection. will

22. October 23, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 23, 1873

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MONEY AND COMMERCE. MONETARY. WEDNESDAY EVENING, Oct. 22. Money matters are very quiet in this market, and we find no considerable change to note in the aspect of affairs since the beginning of the week. New York exchange continues scarce, and sold between banks to-day at 500 per $1,000 premium. Shippers' bills drawn against grain in transit are taken at ¼ and also at ¾ of 1 per cent discount. The amount of this class of bills is, however, very small, compared to what it would be under ordinary circumstances at this season of the year. One obstacle to the free movement of grain is, that shippers of cargoes cannot get the usual advances from their New York consignees, because the latter cannot get the usual accommodations at the New York banks. The movement of Western crops to market is therefore being done mainly on Western capital. The scarcity of money in the Eastern markets also has its effect upon the prices of products, as well as of the foreign exchange made against the shipment of the products to Europe. There is a very moderate but steady flow of currency from this city to New York, but the stock of currency in the banks here is very large, and some of it can very well be spared. The main cause of the great accumulation of currency here is that the banks of this city are still acting on the policy of keeping their whole reserve here in greenbacks, instead of keeping half of it in New York exchange, -as the Nationals are permitted to do by law, and as has heretofore been their custom. The recent panic gave the Western banks such a scare that, even after New York banks resume currency payments, it will be a long time, perhaps a year or two, before the New York balances of Western banks will increase to anything like the proportions they had attained just before the panic. The accumulations of money caused by the increase of banking facilities, are, however, bound to accumulate somewhere at certain seasons of the year. No amount of currency-tinkering to make the volume of currency "elastic," will prevent this accumulation of bank credits, even if the much-denounced system of paying interest on deposits were entirely discontinued. These accumulations once made, there is no question that inducements of one kind or another will be offered to draw this temporarily unused money out into the prosecution of enterprises and speculations that could not command the money under any other condition of the money market. In the foregoing connection, we print the following ably-written communication from a banker at Eau Clairo, Wis., in DEFENSE OF INTEREST ON DEPOSITS: To the Editor of The Chicago Tribune: DEAR SIR: By common agreement the "system of paying interest on deposits subject to call," seems to have been chosen as the goat over which to confess all the iniquities of the children of Mammon, and, putting their transgressions in all their sins upon his head, they are going to send him away by the hand of a fit man into the wilderness. The fit man in this case may prove to be President Grant, who proposes to recommend a law absolutely prohibiting the practice, which he, as well as all those whose views on the subject find expression in print, calls by very hard names. It must be agreeable to those who have been tinkering at our finances in a legislative and administrative way, to be assured that the real cause of all the recent trouble is a natural outgrowth of competition in the banking business, and nothing for which they are in any way responsible. They will thereby be cheered and encouraged to proceed. It is encouraging, also, for those who may have taken desponding views of human nature to observe the zeal and the high moral tone with which metropolitan bankers are advocating a return to sound and legitimate banking principles, especially in this direction. There is something quite touching in the circulars with which they favor country bankers now-a-days, -the old matter-of-fact inducement style of that literature having given place to something very like gush. So also their opinions, given as the results of interviewing, and reflected in financial columns. No doubt the enthusiasm of good resolve, which always comes to men in times of adversity, has much to do with this feeling-but the idea will suggest itself whether the leaven of selfishness is not in some degree responsible for this particular uprising of the spirit of reform? However, manner and motives are beside the question which I beg permission to put, which is: Will so radical a reform as is proposed in the matter of paying interest on deposits be productive of good? Will it result in making the banks keep a larger reserve, and so become safer depositories, -better able to withstand the shock of panics, -while at the same time affording legitimate accommodations to the business community? In short, will it make them fitter to fulfill all the functions which pertain to banks? This is, in effect, asking-and perhaps this is a more pertinent way of putting the question-will it endow bank-managers with a greater degree of sagacity, judgment, and honesty? Will it make them brave without recklessness; prudent without timidity; firm without obstinacy; amenable to counsel, yet not vacillating? All this, and more, will it do if we are to take literally the somewhat extravagant talk on the subject; yet, when thus put, no one would probably answer the question affirmatively. We must reduce it, then, still further, and ask: Will the contemplated reform remove any of the allurements that lead men away from the paths of correct banking? Will it free the business from any of the dangerous vicissitudes we are so familiar with? Has the much-abused practice no element which dissuades from undue expansion in some directions as much as, if not more than, it encourages it in others? It is the object of this article to assert-no matter how indifferently the assertion be maintained-that these are at least open questions. It is indeed much too extended a subject to be satisfactorily discussed within the limits of your space, or the time and patience of the reader of a daily paper. The best argument to be urged against loose talk on any subject is the logic of facts. Statistics have come to be regarded with a good deal of respect, but, unfortunately, not very much statistical information bearing on this subject has thus far been collected, and, such as there may be, is not accessible to the writer. It is a matter of general knowledge, however, which of the leading banks of the country have the largest number of country correspondents, and, therefore, pay interest most largely, and if the practice is necessarily fraught with so much danger, it is evident that we shall see these banks betraying the greatest weakness in times of panic. Take, for example, the two banks which have confessedly the largest deposits of this kind in New York and Chicago, respectively. The Associated Press dispatch of the 17th, from New York, says: "The present system of pooling was gotten up for the benefit of weak banks, especially those paying 4 per cent on balances." Would the writer include the National Park Bank in that category? and yet that bank probably pays more interest in that way, both absolutely and relatively, than any bank in New York, while all advices, public and private, agree that the Park Bank is sound, if any of them are (I say probably because at this distance one can only make a qualified statement of this kind, and I therefore write under correction). The Chicago bank referred to is, of course, the

23. October 27, 1873 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 27, 1873

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# FINANCIAL. SATURDAY, October 25, 1873. There is a continued improvement in good feeling in financial circles in all the principal cities of the country, but stocks are yet unsettled in almost every locality. On Thursday the New York stock market was weak and lower during the day, but closed with a slight recovery from the extreme depression. On Friday the general list was more steady, with a slight decline. At a meeting of the New York Clearing-house on Thursday a resolution was offered proposing to use national bank notes in settlement of differences at the clearing-house. The resolution was voted down by a large majority; but in view of the improved condition of the banks it was resolved to abandon the "pooling" process on the 1st proximo. In reference to this action the Baltimore Sun (money article) of to-day says: "It is indicative of preparation for a speedy re-sumption of full currency payments. Some of the banks are said to be already paying on all demands when preferred to the certification of checks, and the difference against the checks of other banks that decline to pay out large sums of currency is only ¼@½ per cent. Some of the first class of banks are not only helping their neighbors to greenbacks and sending currency to their country corre-spondents, but they are paying out their debtor balances at the Clearing-House, as a matter of choice, in greenbacks, in place of relief certificates. No bank that hopes to retain their old accounts of value, or expects to acquire new accounts of a desirable character, city or country, as the smoke of the panic clears up, will deem it prudent to have it known that it is behind its neighbors. It is quite confidently asserted, however, that the New York banks generally will resume full currency payments by the 1st November. It is hardly thought the Philadelphia banks can follow the example. A large amount of dividends have to be paid in Philadelphia at that time." Papers supposed to be in the confidence of the Administration say that so far as the Government can do so it is already assisting towards the equalization of currency with specie. Secretary Richardson states that the Government will pay out silver as soon as it can be profitably and conveniently coined for that purpose, and the treasury is following, as far as possible, the policy of specie payments.

24. November 14, 1873 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, November 14, 1873

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laid was on the first. the 2d. bridge on over the Niagara A train with officials passed on the 1st that over the thought in New York not be of Claflin of the firm pelled It was house to suspend. that Members & Co. the would Institution suffering was had a positively asserted and, although would come entirely solvent, made little temporary proposition had been which out all right. A of all the firms with their the members connected to protect the by creditors Spragues by a trust-deed, bankruptcy and thus Statistics prevent proceedings returns in to the Bureau ending of SeptemOfficial during the quarter New York 68,588 show ber 30, that 1873, there arrived 38,613 at were males, and emigrants, of whom There died during the arrivals voyage 29,970 970 females females. The total 13,190; 40 males and 37 were 15,399; Ireland, 24,381 England 257; Germany, from 2,791; Wales, Norway, 2,024 Scotland, 926; Sweden, 2,139; Switzerland, 640 Austria, France, 1.740; 851; Prussia 1,208; Poland, Denmark, 526; 1,029; Holland, born at sea, Spain, 92: Italy, 581; Hungary, 313; San for Francisco 29 About 500 Chinese left on the 1st. Among im their native were twenty country -seven women recently 1st the them ported. received in New Orleans dated on Colfax, letter J. Merrill, of Judge Charles 29, gives the details from Parish, October to have been perpe Grant outrages alleged of New Or horrible the Metropolitan police Governor Antrated by there by Lieutenant Governor Kelleans, (sent the absence of Judge says it was believed toine Dunning in instigation. The had sent up forces there logg), or at their there that Dunning to give the it rewas that the Metropolitan for revenge, and had said at negroes negroes chance Colonel De Klyne could do as colored ported ball that as they now were the under the protection of his Washington Star the they pleased, soldiers. of the house 3d says of The been asserted that borrowed from it had & Co., which of that city Jay the First Cooke National had Bank since their and failure de nearly withdrawn $800,000, $200,000 in railway Secretary bonds of the Treas the posited them with for the $200,000 advanced their failure. by ury Secretary as security few days First before National and this, Jay The creditors of the complaining of Gov& Co. Bank are know why the They Cooke would like to creditor. saying they should be preferred $200,000 it belongs to to say ernment if the Cookes Government have has no right and the dividend. Di them, them of their report of the the of rector Mint fiscal year deprive The forthcoming shows annual the total amount June of ending gold coined during the $35,249,337 of silver, in the 30, 1873, to have been total amount of gold of silver, $2,945,775 The $135,000,000; October is set down at month of and since $5,000,000. country During approximated the $14,000,000, last the gold April coinage last the coinage has maintained at Iowa, steady increase. was burned to death overJesup, A Mrs. Schultz few evenings ago, by the of lamp. on the the turning An official announcement and Michigan was made Canal would con3d that the Illinois 20th of this month and be closed on of Rafferty, twice shooting tried of a Chi the victed The case voliceman, of murder for has the been another remanded trial, on by the the Supreme cago Court court for below erred with which in ruling the were to ground out the offering that of the seeking warrant to arrest, as it, evi- the two policemen and all testimony that, in regard if the warrant of dence, Supreme Court holding it were illegal, then the of or the serving manslaughter of and not murder. counties fense was returns from ninety 22,236. during Official give Carpenter's Cicallo, majority of Memphis (who supplies Iowa Ex-Acting Mayor the illness of Mayor Johnson) contribthat officiated been accused of drawing sufferers, on the pre- and they to his own has uted for the yellow- were for widow lady, use A of shield tense then appropriating the 2d them says he had himself admitted in the the facts dispatch charged, but to would the Mayor to learning control that the law giving power of the supplies. public, On Cicallo took distribution would be made to the lady's them house, an and offered the armful matter of ill-gotten articles to her, but she rethat fused to take them. of the 3d announces points quarantine A Selma, Ala., restrictions telegram against all in Chicago had The been recent removed. municipal one, election and resulted People's in the was very of exciting what was styled the the Citizen's Law triumph opposed to victory is thus Ticket" Order as candidates. The Law party. The D and the anti Sunday Liquor to 10,000. H. States with from 5,000 Express majorities range the United His Colvin, agent of Mayor of the city. since Company, is the new L. Bond, acting Mayor opponent Medill's was L. departure for Europe. on evening Mayor thought in Milwaukee had carried the It the was 4th that the Reformers and that Taylor's 5,000. Wisconsin of State election, would be about majority for Governor indicated that the Democrats Legislatu The returns Reformers also had carried elected the their tickets several counties and The Anti Monopolists in Illinois and Kansas at The in the recent Conservative elections. ticket in Virginia is elected is by large majority. majority in Democratic. Baltimore The Democratic The State is also resulted in about The 13,000. New York Democrats. election has The Tammany of majority Cox victory for carried the the city by is a elected to ConDemocrats 15,000 to 20,000. unexpired S. S. term of the late and to fill the The Democrats by Congressman gress Brooks. Stateon the night of the at at his Liberals claimed 15,000 the to 30,000 majority. residence election Louis Gaylord Y., Clark on the died night of the Clark 3d, after was the editor of the exist. an Piermont, illness of N. only Knickerbocker few hours. Magazine Mr from 1832 till it ceased to dispatch of the 4th says A Washington Williams had "received saying that the torney-Gene ev-General Governor Kellogg, aiding the civil gram from Grant Parish, La., of the military in arrest the perpetrator after the authorities to did not arrive to have taken Colfax Parish massacre, outrage is alleged says that the latest of place. Grant The telegram that also the outrage the is sameda fabricaadvices A indicate New Orleans dispatch the Grant Parish outtion. "The account of November 1, shown arsays: telegraphed hence perpetrated after the rage, accounts, was Metropolitans, and had been by all there of the publication in Sunday's meetrival confirmed by the of the public fully proceedings the subject. papers of in the Alexandria to consider been known to the that ing The held above when facts he should sent his have dispatch of strength the 4th Kellogg Attorney General obvious Williams. of the to It having Canadian become Ministry was falling off, and

25. July 29, 1893 The Sun New York, NY

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PRICE TWO CENTS. # SAVINGS BANKS CONFER. APPLICATION OF THE 30-DAY AND 60-DAY RULES ADVISED, It is Referred to the Trustees of Each Bank In New York and Kings, and May Not Be Approved-The Clearing House Banks Advised Against It-Great Picking Up of Bargains in Wall Street Yesterday-A Tremendous Bear Raid on General Elec- trie Followed by Recovery-The Company to Pay Its Dividend and Its Floating Debt in Cash-$2,150,000 More of Loan Certifi- cates Taken Out for the Benefit of the Mercantile Community by Strong Banks. During the last few days the withdrawal of deposits from the savings banks of this city and Brooklyn has been so large that the of- ficers of those institutions have been dis- turbed. Evidence is not wanting that a large part of the money withdrawn from the savings banks has been attracted to Wall street by the extraordinarily low prices for securities. It is possible, of course, that some of the money has been taken out because of the gen- eral reduction in wages and shutting down of mills, factories, and other industral establish- ments on account of the widespread contrac- tion of business. Laborers whose incomes have been reduced have doubtless been com- pelled to some extent to fall back on their savings. Whatever the causes may be the withdrawal of deposits has been upon a scale that brought the active managers of the savings banks to- gether yesterday afternoon to discuss the situation. Before the meeting was held sufficient infor- mal discussion had taken place between the Presidents of certain savings banks and the officers of some of the Clearing House banks to bring out the fact that the first named were in favor of taking advantage of the provisions in their charters authorizing them to require depositors to give thirty and sixty days' notice of the withdrawal of their deposits. It is to the credit of the Presidents of the Clearing House banks who were consulted that they unanimously advised the savings bank Presidents against taking such a step. They argued that the financial situation is gradually improving, and that one of the evi- dences was the appearance of a large number of small investment orders on the Stock Ex- change. It appears, however, that this advice was disregarded, and that at a meeting of the ma- jority of representatives of the various sav- ings banks held yesterday afternoon it was de- cided to recommend to the various Boards of Trustees that they should take advantage of the time limit regarding the withdrawal of de- posits. This was the most important financial news of the day, and it is evident from the manner In which officers of savings banks responded to inquiries about the matter last evening that they had intended to keep their action secret until each institution could act upon the recommendation of the meeting. The meeting was held in the Emigrant Sav- ings Bank building at 2 o'clock yesterday afternoon. It was a meeting of the Presi- dents of the savings banks of this county and of Kings. President J. Har- sen Rhoades of the Greenwich Savings Bank presided. The officials present after a long and full discussion of the financial situ- ation, decided unanimously to recommend to the trustees of the several banks that the banks should avail themselves of the pro- vision in their by-laws which allows them to require notice from depositors of an intention to withdraw their deposits. It was recommended, so it is understood, that thirty days' notice should be required on sums of $300 and under, and sixty days on sums over that amount. This applies to ap- plications to withdraw the total amount on deposit, and it is understood that the bank of- flicials will exercise their discretion in mak- ing payments on account in individual in- stances. The recommendation goes to the savings banks of New York city, Williams- burgh, and Brooklyn, which are represented In the association. None of the savings bank officials who were seen in this city last night was willing to dis- cuss the subject or to give any information about the meeting at which this decision was reached. For two or three weeks past there have been steady withdrawals of deposits from the various savings banks, though there has been at no time anything like a run. It was suggested that if this was continued it would result in calls on national banks, trust companies, and other depositories for the sav- ings bank funds on deposit with them and so bring about a further locking up of currency. President F. D. Tappen of the Gallatin Na- tional Bank said last night: "I think that the savings banks have taken a very wise step, and it should cause no alarm. It is only placing all deposi- tors on the same footing, and providing against a calling in of money now in use in the trades, manufactures, and commerce of the country. This would bring about evil far in access of the inconvenience to small de- positors arising from groundless alarm." President Edward Wood of the Bowery Sav- ings Bank declined to say what the action of the meeting had been, as did President Stur- giss of the Seamen's Savings Bank. The lat- ter said that President John Harsen Rhodes of the Greenwich Savings Bank, who had pre- sided at the meeting, must be its mouthpiece. He had gone out of the city for the night. Ap- plication in other quarters was unsuccessful. Although the Presidents have recommended that the banks avail themselves of the right to require notice it does not necessarily follow that the trustees of the individual banks will follow their advice. The same action was taken by the savings bank Presidents at a meeting held on Sunday afternoon, Sept. 22, 1873, but only three of the thirty-six savings institu- tions then in existence took advantage of the rule on Monday, and one of these continued payments on demand until 5 o'clock in the afternoon of Monday. On Tuesday, however, nearly all of the banks posted the ruler equiring notice, though in some it was applied only to sums of over $100. The savings banks of New York and Kings counties carry more than $400,000,000 of de- posits. Freeman A. Smith, President of the Provi- dent Institution for Savings, which is the largest of the Jersey City savings banks, said last night: Jersey City savings banks, so far as he knew, had not been consulted or invited to join in the movement. He said that he had taken some pains to find out the condition of all the banks, both in Jersey City and Newark, and none of them had been having any trouble, His own bank, he said, had been paying out

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Bank runs are almost always and everywhere a deterioration of bank fundamentals.

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