Ocean National Bank (New York, NY)

View Charter #1232 on SPMC View balance sheet

Episode Information

Episode UID
123200864
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12320 national
Charter Number
1232
Start Date
December 13, 1871
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
c319bf551b34fb85

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1871-12-13
Date receivership terminated
1882-04-20
OCC cause of failure
Losses
Share of assets assessed as good
66.5%
Share of assets assessed as worthless
33.5%

Description

Receiver appointed Dec 13, 1871; bank remained in government receivership with later dividends paid.

Events (4)
1. June 6, 1865 Chartered
Source
historical_nic
2. December 13, 1871 Receivership
Source
historical_nic
3. December 13, 1871 Receivership
Newspaper Excerpt
Controller Hulburd ... the bank suspended payment, and Theodore Davis ... was appointed receiver of the Ocean National Bank (according to its President).
Source
newspapers
4. December 13, 1871 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Clearing-house examination revealed large indebtedness, misuse of funds (Callender checks), and illiquid/near-worthless securities leading to Clearing-House suspension.
Newspaper Excerpt
the bank suspended payment, and Theodore Davis, a lawyer ... was appointed Ocean National receiver.
Source
newspapers

Newspaper Articles (22)
1. December 13, 1871 New-York Tribune New York, NY
Article from New-York Tribune, December 13, 1871

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Article Text

FINANCIAL TROUBLES. SUSPENSION OF THE OCEAN NATIONAL BANKFAILURES ON THE COTTON EXCHANGE. Business circles were much agitated yesterday by the announcement of the failure of the Ocean National Bank, the rumored suspension of the Union Square National Bank, and several extensive failures on the Cotton Exchange. For about a year past, the Ocean National Bank, at No. 229 Broadway, has been regarded with suspicion by the officers of the associate banks in the Clearing-House Nothing occurred, however, to give cepecial direction to their distrust until within H few weeks past. when the Ocean National Bank was proved to be a debtor to a large amount almost every day. This continued so long that it was resolved to investigate the affairs of the bank, in accordance with the requirements of the Clearing-House Association, and on Monday, when the Ocean National Bank appeared as a debtor to the amount of $83,000, Messrs. Leverich and Tappen of the Bank of New-York and the Gallatin National Bank respectively, members of the Clearing-House Committee, proceeded to the Ocean Bank and made an examination. They found the affairs of the bank in A very critical condition. The officers of the bank informed them that there were legal-tenders or cash to the amount of about $90,000, but came to examine for themselves they found in and about when $20,000 they legal-tenders. memorandum Examiner checks for the of William Callender, United States Bank Southern District of New-York, to the amount of $75,000. and These checks astonished the Committee, they applied for information with regard to them, and were told that they represented money ad vanced to Mr. Callender for purposes and operations of his own. They continued their investigations long enough to discover that the bulk of the assets of the bank were in notes and mining. canal, and other miscellaneous stocks utterly unknown in this market, and which, if forced to a sale, would not realize anything like the amount advanced on them. As it was essential that the indebtedness of the bank at the Clearing-House should be met, Messrs. Leverich & Tappen obtained some of the securities that were negotiable, caused the money to the Clearing-House and, having reported of the bank to the Committee on to the be condition paid Association. Suspenthe bank was suspended from the Callender's connection 80 unsatisfactory, Mr. the was telegraphed to at sions. having troller Bank-Examiner of proved Currency, Hulburd, with yesterday. Washing- the bank Concame on at once, arriving here ton, the bank was unoficially its and at about 11 o'clock the fact suspension, In the and morning, numbers early informed had of become inter- of known, causing large excited persons to hurry to the Hulburd and Examiner ested the very rumor. generally and Controller suggestion bank Callender to of verify Mr. took charge of the bank, and, at the M. Hulburd, the bank suspended payment, and Theodore Davis, a lawyer and friend of the President of the bank, was appointed Ocean National receiver. Bank (according to its President) The established about 1850, has a capital of $1,000,000, was been a member of the Clearing- House since the of that institution. It stood many of Greenwich and Dey-sts., in foundation at and the has corner bonds for and by persons June, years robbed of a large amount of an adjoining basement bank vaults. Some time walls who 1869, occupied was into the and since Broadway broke it through was and removed to the which building it is at said the to corner own. The of Directors are Barclay-st Stevenson, H. N. Morgan, J. E. Hodges, E. L. C. S. J. M. Lea, C. Corson, and Coe Adams. C.S. been President for about a year, William M. Tweed was a Stevenson Fancher, Hartshorne has is cashier. connection and director with it some time since. To his but attributed resigned mome of the distrust attaching to met it, with alis the President said Tweed had never though Steveuson, Receiver Davis, and Examiner them. Mr. state that the bank will pay in full, but those will bank, who know its affairs, say of the kind, an it is too outside Callender nothing of the badly impaired. that It fol- In do statement, its averages were reported as Saturday's Loans, $2,659,400; specie, $108,000; legal tenders, Its lows: deposits, $1,462,100; circulation, $796,800. $222,000; therefore, was only 14.56 per cent, when it should reserve, have been 25 per cent, according to the National Banking law. m. yesterday, Receiver Davis did intimation not know being of At 5 p. checks for $75,000, his first matCallender's the of a TRIBUNE reporter in relation to the query Mr. Davis, however, promses a statement to-day It ter. shall show the true condition of the bank. 18 a stated which that Mr. Callender used the $75,000 in building canal in Michigan. answer to a call issued in the morning by the ChairIn of the Clearing-Hous Joint Committee, a very was man of the Clearing-House Association afternoon at the Merchants' at which DX Vermilyea large No. held in meeting Wall-st., the National presided. stated Bank, that Mr. Chairman of the Joint Committee, had, for cause, suspended the the Association. The action of the Leverlch, Committee the Committee Ocean demand Bank was from indorsed by the Association, and a Bank Examiner Callender Union Square National Bank had inade promptly As the that should redeemed that be it removed. through also Ocean National Bank, itswas belived bauk stated suspended; the it had not but lost the President a dollar, and of the would former redeem today that through the National Shoe and Leather Bank. COTTON FAILURES. Three failures have been officially announced at the Cotton Exchange, namely, William P. Wright & Co., Nos. 95 and 97 Pearl-st.: Adolphus C. Schaefer I& Co., No. 111 Water-st., and J. Leaycraft, No. 60 Wall-et. These fulfill fallresulted from the inability of the dealers to ures their contracts in consequence of the sudden advance in the market, because of short receipts and fears of a shortcrop. & Co. place their indebtedness at $39,000, They and Wright to compound at 50 cents on the business dollar. in a expect are ready to settle their affairs and continue few days. & Co. and Mr. Leaycraft have failed for conSchaefer amounts, but declare themselves unable conti- to siderable of their obligations. They profess and dence state the in their sum ability to settle with their creditors continue business. the solvency Many rumors but have no been other afloat failures affecting have been officially of other firms, Some of the dealers reported to be in diffannounced. confessed to serious embarrassment, when that quesculty on the subject, but expressed a belief they tioned would be able to tide over" the trouble. INCOMPTIVE THREE MEN

2. December 14, 1871 New-York Tribune New York, NY
Article from New-York Tribune, December 14, 1871

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Article Text

THE BANK CRASH. TWO MORE FAILURES. THE UNION-SQUARE AND EIGHTH NATIONAL BANKS IN THE HANDS OF RECEIVERS. Wall-st. was filled with startling rumors of bank failures, yesterday, and anticipations of more to day, but when the facts were uscertained. it was diecovered that the only banks which had actually sum pended during the day, were the Union-quare National Bank, and the Eighth National Bank, at No. 660 Broadway, neither of which was a member of the Clearing-House Association. On Tuesday, when failure of the Ocean National Bank was announced, suspicion at once fastened upon the Union square National Bank, us it redeemed through the former, and, it was believed, conld hardly fail to be affected by the sudden stoppage of its clearing facilities. A TRIBUNE reporterfcalled at the bank in Union square, in the evening, and was informed by the President that a meeting of the directors WHE then in progreen; that the Union Square Bank did not lose fo dollar by the saspension of the Ocean Bank, and that it had made arrangements whereb the National Shoe and Leather Bank. at Chamberent. and Broadway, would become its redeeming agent in the Clearing-House from and including Wednesday. This information WAR verified at the Shoe and Leather Bank, which, on Tuesday evening and yesterday morning, caused notice to that effect to be seut to the different banks connected with the ClearingHouse. Later in the morning, however, they sent another notice to the banks, revoking the former, and declaring that the Shoe and Leather Bank would not be the Clearing-House medium for the Unionsquare Bank. This created new distrust, and the latter bank, though it continued to do business for some hours, was compelled about noon to cease payments. and, by the action of Controller Hurlburt, to accept as receiver Honjamin F. Beekman, President of the Merchante Life Insurance Company of this city. A. .Stout, President of the National Shoe and Leather Bank, when applied to for information concerning the reconsideration of the Clearing-House arrangement, stated that the collaterals which bad been promised by the Union-equare National Bank to secure the former bank in its dealings with the Latter, were not forthcoming, and although Mr. Stout urged them to present them at once, they did not do so, and his bank was compelled to send out the second notice to its associates. It IN believed and stated that the Union-square Bank did not have the necessary collaterals, as it had been impaired to a considerable extent, though by what means 18 not yet known The officers of the Union requarefBank admit that Bank Examiner Callender of this district had the name facilities with them that he had at the Ocean National Bank, only not to NO great an amount. his memoraudum checks in them representing only about $15,000 or $20,000. The bank has been in existence about 1) years and has a capital of $200,000. The Receiver states that he has not yet familiarized himself with the affairs of the bank. but hopes to make a statement soon, and to pay the depositors in full. It 18 stated by the bask officers that the assets will be sufficlent to moet the liabilities. Much excitement was ex hibited by dealers with the bank when it was authoritatively announced an suspended. THE EIGHTH NATIONAL BANK. This bank suspended business at about 10 a. ro. yes. terday, in consequence of the refunal of the Butchers' and Drovers' Bank, at Bowery and Grand-st., to advance them money, or to act as their redeeming agent in the Clearing House any longer. The Eighth National Bank had transacted business with the Butchers' and Drovers' Bank since the former's foundation in 1866, and had always met its obligations until recently when it was compelled to depend upon the Butchers' and Drovers' Bank for assistance. The refusal of the latter bank to extend any further aid was not due to any loss sustained by it, but at a meeting of the Directors, on Tueeday evening, the recent failures were taken into consideration, and it was deemed necessary to discriminate in advaneing loans. The President declined to state how much the Eighth National Bank owed the Butchers' and Drovers', but he said that he held sufficient security for advanced. the amount Many of the depositore, upon the announcement of the failure of the Stuyvesaut and two Savings Banks, becam frightened, and withdrew their deposite with the view of placing them in a larger and safer institution. This weakened the bank considerably, as a great amount of its assets was locked up in real estate, one portion of which is the old Maison Doree building OD Union-square, now occupied by clothing-house. Among the deposits is the Police Monument Fund. amounting to more than $15,000. The sum necessary to pay off the Tremont Police, amounting to $400 or $500. was also deposited there. Several of the officials at Police Headquarters had accounts iu the same bank Yesterday afternoon a TRIBUNE reporter applied for information at the bank, the iron doors of which were locked and guarded to prevent unpleasant demonstru tions from excited depositors, who had flocked to the bank in the earlier portion of the day. A gentleman behind the desk handed the reporter the following communication, remarking that it contained all the information be could impart at present the " The immediate occasion of the suspension of Righth National Bank was the refusal of its request to continue redemption through the Clearing-House, its assets not being available for such prompt realisation as the present unsettled state of the public mind required. Albon Man of No. 194 Broadway has been appointed reoelver by Controller Hurlbut, and has taken possession to-day, but cannot at once, of course, give a full state ment of the bank's affairs. It is hoped that the deponitors will be paid in full. A statement will be prepared at the earliest possible moment." The statement of the bank, on Saturday, showed the following: ASSETS $165,900 Legal tenders LIABILITIES. $354.400 Deposite 250.000- $584.400 Circulation. The cupital of the bank is $250,000 and its officers are President, Union Adams Cashier, Charles Hudson D1 rectors, Union Adulted, Charles G. Cornell, Henry Smith, George Caulfield, Maltby, G. Lane, Thomas McLellan, John Fow Jer, jr., William Wade, and Alfred T. Conklin. THE OCEAN NATIONAL BANK. Additional feeling has been excited against Bank Examiner Callender by the announcement that when he examined the Ocean Bank, early in October, he had checks to the amount of several thousand dollars, which were marked as legal-tenders in the cash. some of these checks. it is represented, were on banks in which Mr. Callender had NO money. The resolution passed at the meeting of the Clearing-House Association, Tuesday, in reference to Mr. Callender is appended Resolved That is is the deliberate and natured delaion of the bank of Dears here researc that theiscombeat of the office iner of Bashe for this city has caused to command the confidence of the this attys and of banks Recoved That the President of the Clearing House Association be requested to address & letter tothe Controller or the Currency asking that is place. his of the matter con not ob-

3. December 14, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 14, 1871

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NEW YORK CITY. NEW YORK, December 13.-At the scenes disorderly Republican primary occurred election in last several called night of the districts. The police had to be in to preserve order. Judge Cardozo, of the Supreme Court, decided that an band suit for a yesterday may bring divorce insane against hushis wife by his next friend. It is proposed to make the office of t Register, which is now worth in fees $7,500 per year, a salaried office at $5,000 per annum. It is stated that on investigating the affairs of the Ocean National Bank, the only assets in the bank were $90,000. of which $75,000 were checks of the United States Bank Examiner, Callendar, COVered notes of the and other stocks at unknown by miscellaneous mining, this market, canal the West, were entirely comparatively to Callendar worthless. in The used $75,000 aud to in a promises advanced build a canal statement Michigan. to-day. The Receiver of unpaid laborers yesterday made threats and Cady on the A number Paymaster against Comptroller account of Green of wages. althat their families are non-payment lege The suffering laborers trouble for fuel and food. The cause of the is that the pay rolls are withheld at Tweed's department. National is number of The a Eighth regular Bank, the which assessed the Butchers banks, not modations was by to-day refused further and Drovers accom last statement of the Eighth was: seems to in $584400. Bank. National The Confidence Assets, $155,900; be shaken liabilities the banks by the the Bank ing that outside Examiner, disclosures of the Callender, Ocean showthe money build the that two in are had Bank rumors been to using Portage other Canal. banks There are a difficulty, but it is not verified. NEW YORK, December 13.-The sus pension of the 3th National Bank has been announced. R. B. Phillips, of Princeton, had his pooket of sixteen in stage a Broadway picked yesterday thousand River afternoon. dollars Monfound in East on day to be that of S. a merchant and once a formerly The proves body B. Turkington, candidate for the mayorality of San Francisco. The statement of the Receiver of the Ocean Bank, to-day, shows the liabilities Of to be $1,316,000; assets $2,600,000. the latter $1,630,000 are good. of a pilot boat a ferry boat gave rise to A collision this morning with unfounded reports of serious disasters on East river. The stock of the Ocean Bank sold nt 20 per cent to-day agaiast 80 per cent two daysago. St. Petersburg papers received to-day by Java express tion given to the at the ship reception great the satisfac- Grand Duke. The German papers ridicule the reception. Atnoon to-day a report obtained circuWall street that was in a lation tional in Bank House difficulty. it Eighth On ascer- Na inat the Clearing was this bank is not a of the but did tained quiry Association, that Drovers' its member clearances Bank. through the Butchers' and Upon inquiry among the Wall street banks it showed that there was good foundation for the rumor-that the Butchers' and Drovers' Bank had this morning discontinued their accommodations to the Eighth National Bank, The statement of 8th National Bank on Saturday showed the following: Assets, legal-tenders, $155,200; liabilities, deposits $854,400; circulation $250,000. Since the disclosures in the Ocean Bank case, where among the assets. was included a $70,000 check of Callander, Bank Examiner, on the Portage Canal, security and confibeen shaken in of the banks, a in statements dence has and into the their close weekly vestigation is being made true character. The Clearing House Association has re solved that Bank Examiner Callender has ceased to command the confidence of the banks, and ask the the Currency to some one place. appoint Comptroller in his had of B. Davenport, of Brooklyn, his pocket picked to-day of $6,000 in Government bonds. Grand Central Depot and the of the Franklin on Mill street, building Company, The Patterson, Manufacturing N.J. were burned this morning. 000. insured in Largely New Loss York $150, City and Hartford companies. At 2 P. M. to-day the Eric Railway restored 50,000 shares of Erie stock English Company claimed by bondholders. to CommisThe certificates were handed sioner White, who transferred them to the counsel for the claimants. The re. maining 10,650 shares claimed by Gould & as their personal Fisk property, to decide are still held subject to reference the ownership

4. December 15, 1871 Public Ledger Memphis, TN
Article from Public Ledger, December 15, 1871

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NEW YORK. The Ocean National Bank Failure The Internationals-Pugilistie. NEW YORK, December 15.-The meeting of depositors of the Ocean National Bank, called for noon yesterday, was largely attended, and a committee of five was appointed to examine the securities and condition of the bank and report. Sam Kelley, the well known English pugilist, has challenged Joe Coburn to fight for $2500 aside, to come off within one hundred miles of New Orleans, within four months of signing the articles. Kelley named Rufus Hunt as stakeholder. Generals Wrobleowsky and Megy, Communists, are in New York. Wrobleowsky was reported dead. The suit of Jane Madden against the Staten Island Ferry company for $50,000 damages for the loss of her husband by the Westfield disaster, resulted in the same manner as the first trial, the jury disagreeing, when they were discharged accordingly. A meeting of the Board of Police yesterday discussed the revocation order of the Governor prohibiting the International parade. The Commissioners passed an order directing the Superintendent to take all necessary steps to prevent a breach of the peace, and protect the public from disorder and violence. Mayor Hall proposed a resolution that the Board of Police memorialize the Legislature to pass an act to regulate processions. The resolution was laid on the table. The excitement in financial circles over the failures of the national banks continues. There was a run on the Bank of the Commonwealth yesterday, in consequence of groundless rumors, but the officers of the Clearing House testified to its solvency, when the excite-

5. December 15, 1871 Public Ledger Memphis, TN
Article from Public Ledger, December 15, 1871

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FINANCIAL AND COMMERCIAL. MONEY. PUBLIC LEDGER OFFICE, MEMPHIB. TENN.. December 15. 1871. The monetary situation is unchanged, and rates of discount remain steady at 10 to 12 per cent. Checking is active at all of the banks, and business generally is active. Exchange is offering more freely and the supply is now largely in excess of the r demand. Rates remain steady at I to 1c discount buying on cotton bills, and to 1 discount selling on Eastern checks. I Gold is worth 109 to 1091 in New : York to-day. Dealers here pay 109 to I 109 , and get barely sufficient to supply the local demand. f Local securities are quiet and without marked change. Mississippi warrants and Alcorn money are in demand at 80c 8 for the former and 85c for the latter. City securities are held firmly at 60c for the currency bonds and 63 to 64c for the gold issue. County warrants are strong at 93 to 95c buying and selling; Tennessee money is held at 88 to 90c. There is now outstanding of the old issue but $581,312 and of the new issue $1,685,712. Memphis and Charleston railroad shares are steady and held firmly at from 45 to 50c. Arkansas levee bonds are weak and large amounts could not be sold at over 23 to 24c, if they would even bring that price. Memphis and Little Rock railroad shares are held firmly and sellers cannot be found at less than 12 to 13c. The affairs of the Ocean National Bank of New York, which suspended, are in a much better condition than was at first supposed. The receiver states that its assets are over a $1,000,000, while its liabilities are but $17,000. Its suspension will not in any manner affect its correspondent here, and it is more than probable that the Ocean National will again resume business in a few days.

6. January 26, 1872 The New York Herald New York, NY
Article from The New York Herald, January 26, 1872

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THE OCEAN NATIONAL BANK. Depositors Paid a First Dividend of Thirty Per Cent-Statement of the Receiver. The Ocean National Bank on yesterday made its first dividend to depositors since the suspension of the institution. Daying thirty per cent on all deposits. The officials of the bank have been able to realize considerable money on its securities, such as loans, mortgages, stocks and bonds. The prospect of the depositors now begins to wear a more hopeful aspect, and the receiver expresses his confidence that they will be able to pay the full amount of its indebtedness, and stockholders will receive eighty cents on the dollar. The prompt action of the committee appointed to watch the affairs of the bank on behalf of the depositors has contributed in a great degree to bring about the satisfactory state of things at present. When the bank suspended payment, some tour or five weeks ago, there was very little chance of a speedy settlement, as the assets and liabilities of the bank seemed to be hopelessly complicated; and it is very cheering to the depositors when they find that there is now a fair chance of full payment or their claims. Ms. Theodore M. Davis, the receiver, says that the full amount of all claims will probably be paid three months from date. when the securities will have been realized. Quite a large number of depositors attended at the bank yesterday to receive their money, but there was not anything like a rush or a panic. A single policeman was on duty, and his efforts were amply sufficient to preserve order. Each depositor on entering presented his bank book at the desk, and If his claim was found to be valid a printed form was filled in. with his name and the amount of his deposit. He then took his place 1a the line, and when his turn came, on handing in his paper the thirty per cent was promptly paid by the cashier. The total amount to be paid on the first dividend at thirty per cent will amount to $385,000, and or this more than half was accounted for yesterday. Nearly all the city depositors have been paid, and to-day those from the country are expected to come in. As the bank is a government institution it cannot resume business after being placed in the hands of a receiver. The following is the official statement of Mr. Davis:-

7. January 26, 1872 The New York Herald New York, NY
Article from The New York Herald, January 26, 1872

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STATEMENT OF THE RECEIVER. Resources. Nominal Value. Estimated Value. Loans $417,859 17 $282,859 00 Bills discounted. 659,000 UC 914,574 48 Stocks and bonds 443,431 68 233,431 OU 5,793 33 5,793 33 Mortgages 213.513 48 Real estate. 188,000 00 Furniture and fixtures 21,552 € 62 10,000 00 00 77,000 111,149 34 Suspense account 884,098 49 384,098 49 Cash in United Stated Treasury Cash in bank 22,459 49 22,459 w Total $2,535,432 08 $1,867,641 31 Liabilities. $1,280,328 Amount due depositors Excess of resources at estimated value over 587,313 02 liabilities $1,867,641 31 Total I have made the above estimate with great care. and, in my judgment, the full amount thereof, to wit, $1,867,641 31, will be realized. With good management and good luck, the assets ought to yield a much larger sum. THEODORE M. DAVIS, Receiver of the Ocean National Bank, New York. A Card from President stevenson. NEW YORK, Jan. 25, 1872. To THE STOCKHOLDERS OF THE OCEAN NATIONAL BANK:I have refrained from communicating with you since the action of the Clearing House in suspending this bank. My reason was that I preferred to wait until Mr. Davis, the receiver, made his first official report of the liabilities and his estimate of the assets of the bank. This he has done, showing the liabilities to be $1,280,328 29. The liabilities, so far as the circulation is concerned, against the bank ceased when the Comptroller sold the United States bonds: the government now has to redeem the notes. The assets, Mr. Davis estimates, will yield $1,867,641 31, leaving an excess of $587,313 02, which, of course, belongs to you. My reason for addressing you is to advise you not to seil your stock at the present market price-twenty or twenty-two cents on the dollar. I know the estimate Mr. Davis has put upon each item of asset, and he has very properly put it at a low figure. Still, 1 believe and think the result will show me to be correct, that the assets will produce $100,000 more money than Mr. Davis estimates. It is not improper for me to say to you that I believe a better selection for receiver could not have been made for your interests, and that Mr. Davis will get all the monev out or the assets that another man could under the circumstances. C. S. STEVENSON, late President.

8. April 3, 1872 The New York Herald New York, NY
Article from The New York Herald, April 3, 1872

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I was Just proposing to get back what was justly my own. but could not do nt I would not thought of these things If 1 had not been poor. SIGNING THE QUITTANCE. By Mr. Co State how you came to sign that release. A. Mr. Davis had detective or an ficer of some sort standing there. with little cane in his hand: he said to me he had a document writ ten and prepared for me to sign: told nim would not swear to any such document: then he told me down and write a letter yself and swear 16: told write him letter sign would and It, but would not swear to this is the letter wrote under and it wrote marked threat B. of Mr. Davis have me I signed it also in the of sum consideration $100. of did. Did you the money Is all your in this All handwriting ? A. except a portion of the two items below. office of Where was this signed? A. In the Davis street, What is his business? A. A lawyer Has he any other business A. He was reNational Ocean the of Bank. ceiver me He A. Did he give you the money gave a check for $100. On what bank A. do not remember. 9" What do you mean by eleasing all claims A Sumply that would release him from all obligathe under tions; when threats: lid thing Davis pronosed to arraign me said it was three years affairs the were bank since was the and closed, it ery remarkable thing to talk about prosecuting after three years me bank been had wound up: the Comptroller thought had failed in adminis tering the adairs or the Dank It should have been done years ago. LETTER WRITER. LUMINOUS Q Have you written any letters subsequent to that Yes, sir: have written hat full Q. Of the same tenor as that or October A. do character the have not know written persuasive letters and others: intended to get back the money to did that and when stop. By Mr. SMITH You remarked that the consideration had failed: what consideration You said you intended to get back the money because the con. sideration had lailed A. No. sir: said there was no consideration. for received none: have papers and memoranda which, had, could answer your questions more satisfactorily By Mr. MERRIAM W uere are they? A. Some of are in New York. them THE MAN WITH THE LIBRARY'S ADVICE Q Have you been approached since you have been here by any party in regard to your testimony to prevail upon you not to come so. by Whom When Washington came regrette exceed ingly that had written that letter to Mr. Randall did not suppose he was going to give the lettertothecommitte did not want to come and reall committee. would give now right arm it had not done it, because don't o give even facts to injure people: when came to Washington called upon Mr Albert Pike, an quaintance of mine from Tennessee: went to odice, and found him disabled. and theu went to private room to him and ask him about this thing: told should be called upon to say things that would reflect upon certain persons, and did not wan to do in could avoid it: said he, "Mr. Rutter, have but little in this world, outside of here: -that you library see but my advise you to go before that committee and tell straight ward, unvarnished story, let 10 hit Whom it may and bin. THE MAGIC NAME ON THE CARD. Q It has been testified here that you had been approached by Mr. Hulburd? met Mr. but when nobody's took to came burd, Washington went to get from Mr. Halburd tact to relieve the impression made upon the puolic that had robbed that bank or currency. stated in the NEW YORK HERALD: stopped the Owen the over and by sent colored House, card boy a Mr. Hulburo just simply my name upon and Mr. that asked came over Hulourd 11) card; about the matter spoke of. and he promised to furnish to me, but so far he has not done so; we had. the sir. conversation is The following are the letters referred to in the testimony HUNGRY I'M PAY UP. 1870. Oct. 3, YORK, DRAR STR- enclose draft upon 8500 and pay possible clearest due me. justly If does know not is not know hands the are You justice of the and hope you the lugging let make firmly from which me, family destroyed me fit. useless he only and not would pain at with the money once without me on and Bank, paya order else authorized one collect my your health draft My bad money TTER GEO. deplorable. Lewis & Co., 14 Wall street, New York. H.R. HULBURD, 1580 HE MUST PAY MR. LETTER "B." M. THEODORE 1867 made present of a carriage Washington city fortune. myself find want family rage upon my and Mr Hulburd was willing present this return pecuniar present he thus relieve greatly Yours d act my GEO. R. RUTTER. DEC. 13, 1870. THE QUITTA CR. G R. RUTTER Es pay you $100 in full for said carriage and harness THEO. M. DAVIS. Yours truly DEO. 13, 1870 DAVIS accept your proposition and release all claims to GEO. R. RUTTER. property. DEC. 13. 1570. THE EVIDENCE OF DAVIS. Mr. Theodore M. Davis, a lawyer, of New York, and receiver of the defunct Ocean National Bank of tnat city, was called in relation to the statement Mr. Rutter that ne (Davis) transacted the carriage business between himself and Hubbard He lated a long conversation between himself and Rutter, and told a fearful tale about Mr. Rutter's transactions. He denie story or Rutter's that he had offered him money to keepaway from Washington lu relation to the affairs of the Ocean National Bank. of which he ceiver, he sala Mr Callender was indebted to it $117,000. He then related the following as conversal non between himself, Hulburd au Callender:- Mr. Hulburd was in my office and said to him, Do you know Callender is borrowing money of the Ocean Bank He said No.' The next day, Caliender being in my office. asked the question, What was about his borrowing money he very much surprised and said. I intend to take to-morrow Mr. Hulburd said the thing must be stopped: he ltd not care what the security was money was borrowed it must be done outside: Callender went on to say a great deal: Mr. Huibure spoke very severely of what Callender had done. and Mr. said must Hulburd 10; resented Callender stop, and spoke very sharply about it: interfered because was a friend to Mr. ulburd: Callender had told me time ana again that his matters were all straight with the Ocean Bank, and old not know they were not until about two days before the bank failed, THE RESIGNATION. These are the material allegations on which the majority of the committee based the resolution in lavor of Mr. Hulburd's removal. The Comptroller was present at all the examinations. acquiesced at least what was in silence and by done The majority of the committee claim that make defence to ought made to nave he had he any it before them instead to Mr Bout In day will decided. question be whole the two said that ptroller Hulburd has placed resignation in the hands of Secretary Boutw To-day Mr. Hulburd turned over the Currency Bu

9. May 25, 1872 New-York Tribune New York, NY
Article from New-York Tribune, May 25, 1872

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Dividend Notices. CEAN NATIONAL BANK DIVIDEND.-A o DIVIDEND of TWENTY (20) PER CENT will be issued to the depositors of this bank on the 27th of May, 1872. Payable at the office of THEODORE M. DAVIS. Receiver. No. 19 Nassan-st. JOHN JAY KNOX. Controller of Currency.

10. May 28, 1872 New-York Tribune New York, NY
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Dividend Notices. CEAN NATIONAL BANK DIVIDEND.-A DIVIDEND of TWENTY (20) PER CENT will be issued to the depositors of this bank on the 27th of May, 1872 Payable at the office of TREODORE M. DAVIS Receiver. No. 19 NHSBRU-ST. JOHN JAY KNOX. Controller of Currency.

11. January 7, 1874 New-York Tribune New York, NY
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A WRECKED BANK'S TREASURE. REPORT OF THE DEPOSITORS' COMMITTEE AND THE RECEIVER CONCERNING THE ASSETS OF THE OCEAN NATIONAL BANK. A meeting of the depositors, creditors, and shareholders of the Ocean National Bank was held yesterday, in the First District Court-room, for the purpose of receiving the report of the "Depositors' Committee" who were appointed when the bank suspended two years ago. Charles J. Everett presided, and S.A. Walker read the report. It states that the Committee was appointed on Dec. 4,1871, and that the National Currency act" under which the affairs of the bank are in liquidation does not in any way recognize the authority of creditors to control or influence the disposition of the assets of the insolvent institution. The Controller of the Currency and his subordinate, the receiver, are given sole authority and responsibility in reference to the whole subject. It rests in their discretion to bring and defend suits. to sell securities, and, in case of a deficiency, to enforce the liability of stockholders. The records of their proceedings are not filed in court, as is usual in ordinary receiverships, but are official records of the Government, not to be examined except by consent, and in reference to which there is no process of law to compel disclosure or assist investigation. Although the position occupied by the Committee seemed to involve responsibility, it really invested them with no authority to fulfill it. There then followed in the report a letter to the Controller of the Currency, signed by Charles A. Meigs, Bank Examiner; F.D. Tappan, President of the Gallatin Bank, and Jacob Vermilye, President of the Merchants' Bank, which states that they had examined the accounts of the receiver and found everything to be correct. The next letter in the report was one from the Committee to the Controller of the Currency, stating that the assets in September, 1873, were as follows: Cash in the bank, $40,000; suspended bills and stocks, valued by the receiver, $89,500; 10,000 acres of land in Illinois, worth, if sold at auction, $30,000; West Virginia iron-works property, can be sold for $75,000; railroad bonds, worth $25,000; total, $259,500. But if time is allowed the receiver to sell the total estate he can make $40,000 more on the Illinois land and $105,000 more on the Virginia iron property, making the total assets considered good, $404,500. Liabilities: Remaining due to depositors, $380,000 ; judgment recorded against the bank in an old commercial suit, $20,000; judgment recorded against the bank for losses growing out of the bond robbery, $52,000; other claims against the bank for losses growing out of the bond robbery for which suits have been begun, $287,559; total liabilities, $739,559. Seventy per cent of their claims have been paid to the depositors. Receiver Davis is contesting the bond robbery claims, and hopes ultimately to defeat their payment; but no further dividend can be made to the depositors upon the $380,000 still due them until these suits shall have been decided in favor of the bank. or a sum equal to 70 per cent on the contested claim of $339,559 shall have been accumulated, to be retained by the receiver, to await the result of the litigation. Or, to recapitulate in figures, the receiver must have on hand the sum of $414,000 before he can pay to the depositors a further dividend of 10 per cent. It will be two years yet before the bond robbery claims are settled. In conclusion, the Committee ask that an assessment be made upon the stockholders of the bank of a sum sufficient to pay the depositors. The Controller replied to this letter stating that in the assets they did not include the Portage Lake proporty, which will realize $200,000. and that as the stockholders think there will be a surplus after all claims are settled, the stockholders would probably refuse to pay the assessment. The Chairman then said that the report was open for discusion. Henry L. Clintou, who appeared in behalf of some of the stockholders, asked what was the total liabilities in January, 1872. Mr. Walker replied that they were $1,456,706 77 ; assets. $2,086,695 59; surplus, $629,988 82. He also said that the Committee, in their communication to the Controller of the Currency, forgot to include the item $200,000 for Portage Lake property; 80 that the assets in September were really $604,500, instead of $404,500. Mr. Davis, the Receiver, said he had paid out since he entered upon his duties the sum of $1,056,233.77 He had paid $944,233.77 to the depositors and $112,000 to the Clearing-house. He then read the following statement of the affairs of the Bank on Oct. 31, 1873:

12. March 19, 1874 The New York Herald New York, NY
Article from The New York Herald, March 19, 1874

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THE COURTS. The Ocean Bank Case--Continnation of the Trial of Charles Callender. BUSINESS IN THE OTHER COURTS. A Verdict in Favor of the City-Action for Alleged Conspiracy-Decisions-Business in the Court of General Sessions. The Trial of Charles Callender-Further Testimony for the Prosecution. The trial of Charles Callender was resumed yesterday, in the United States Circuit Court, before Judge Benedict. The defendant 18 indicted for having accepted a pribe of $76,000 to influence his official action, as bank examiner, in making a report upon the affairs and condition of the Ocean National Bank. Mr. A. H. Purdy, United States Assistant District Attorney, appeared for the prosecution, and Mr. William Fullerton for the defendant. The Judge said, with regard to the question of evidence submitted yesterday, he would in this case, for the purposes of this trial, permit the Distriet Attorney. on the question of intent alone, to prove other similar transactions by the defendant at other national banks. It was only on the question of intent and for that purpose he would permit the evidence. TESTIMONY OF B. T. BRUNDIDGE CONTINUED. Mr. B.T. Brundidge, late cashier of the Union Square National Bank, was further examined by Mr. Purdy. He said:-At the time I was cashier of the Union Square National Bank Mr. Callender kept an account there: know that he borrowed money from the bank; the books of the bank are not here; there was a loan, several loans-I think five or six-made to Mr. Callender; 1 referred the loans to the President; the application for the loans was made to me remember tbat collaterals were left at the same time; the date of the last loan was November 3, 1871, for $4,000; the dates of the other loans were September and October, 1871, and before that: these loans have never been paid; the collaterals for the loan of November 3 were $10,000 of Portage Lake bonds; the other collaterals were stocks of $20,000 of the Albany and Brunswick Railroad, and a note of Alfred Wild with the endorsement of D. R. Martin; the grand total of the loans 18 $17,000, and they have not been paid; the Union Square National Bank failed December 13, 1871, the day after the failure of the Ocean National Bank; I was familiar with the affairs of the Union Square National Bank; the bank was not loaning money at that time 1 do not think the bank loaned money on collaterals except to Callender discounting paper was the business of the bank, not loaning money 1 think Mr. Callender's first application was made to me, and I turned him over to the President; I would have loaned money on that day to John Jacob Astor; I did not know the value of the collaterals at that time, or any thing about them: did not know anything of Mr. Callender's responsibility as it stood on that day-1 knew nothing about it. Q. Had you any knowledge that be bad any property? A.1 had no knowledge at all on that subject. I knew nothing of the value 01 these collaterals. Q. On that state of facts would you have loaned that money to Mr. Callender on those collaterals? Mr. Fullerton objected to the question. The operation upon the mind of the witness made no difference, and the evidence would be worth less for any purpose whatever. Q. Why did you refer this loan to the President of the bank Objected to. Judge Benedict-Ask him If Mr. Callender said anything. Q. Do you remember what was said by Mr. Callender in regard to the transaction A. knew of his making the application for the loan, and reterred him to the President: think some of the loans made to Mr. Callender prior to this time were paid; 1 do not think any loans on Portage Lake bonds were paid; there was an overdraft by Mr. Callender for $6,000 or $7,000; the bank had no collaterals for that money, not even Portage Lake bonds. Cross-examined-The overdraft was paid; it is not unusual for folks to overdraw their bank accounts: Mr. Callender kept an account in the bank; the collaterals left for the loan of $4,000 were $10,000 of Portage Lake bonds; do not think there was a note also left as security on that loan; think may say am quite certain of that; the collaterals were handed to the President, Mr. Henry Beekman, and he placed them in his tin box atd not see them after that: heard Mr. Callender say that for that loan he would leave $10,000 of Portage Lake bonds; he first preposed to me to get the loan; do not remember whether there was a note or not; do not think there was a note endorsed by D. R. Martin leit for that loan with the President :) could not say what securities the President had in his tin box think there were other loans to Mr. Callender of $8,000 and $5,000; I think that for one of those loans a note of Alfred Wild's, endorsed by D. R. Martin. was leit as security: think the application for the loan was made directly to the President: the collaterals were handed to the President; do not remember what transpired between the President and Mr. Callender regarding those loans; prior loans were paid by Mr. Callender: 1 cannot say the amount, probably $10,000, at three or four different times. Q. Do you mean to say that that was the only instance in which loans were made by the bank on collaterals A. think so; the loans of the bank were made mostly on paper; am not positive that money was loaned by the bank on collaterals to other parties besides Callender: do not think the President made loans on collaterals to other parties besides Callender the books would show 11 he did; the bank iailed on the 13th of December, 1871. Q. What was the occasion of its failure Objected to. Q. Where did the bank keep its account? Judge Benedict-That IS not material. The jury will not infer that the bank was broken by the 1088 of $17,000. Mr. Fullerton-Mr. Purdy thinks so. (Laughter.) Witness-This loan of $17,000 was never paid. My connection with the Union Square National Bank ceased in July, 1871. It IS from what saw in the ledger of the bank that state the loan has not been paid. Redirect-Either the President or the cashier allowed the overdrafts to Mr. Callender; very probably allowed them; do not taink Mr. Callender overdrew his account more than two or three times; $6,000 was an unusual overdraft on the Union Square Bank, but it was a usual thing allow to overdrafts. Q. You have said that there was a Wild note among these securities. Is It not a fact that all these securities were wild? (Laughter.) Judge Benedict-You had better avoid punning. This case has serious aspect. Q. You know that the bank holds these collaterals A. Yes; saw them yesterday in the hands of the receiver of the bank: they have not been sold: I do not know whether there was more than one note of Wild's; one Dote of Wild's was for $10,000. Judge Benedict-De you know how long it was prior to the failure of the bank that Callender made a report of its condition to the Comptroller A. could not tell; do not think that Mr. Callender made an examination or the affairs of the Union Square Bank for a year before its failure: he used to come into the bank. look over the statement book and take figures from the statement: he would not count the cash; the statement was made every day, and Mr. Callender was almost every day looking over the statement book. Mr. Fullerton- Was the statement correct?

13. March 20, 1874 New-York Tribune New York, NY
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THE TRIAL OF CALLENDAR. BANK EXAMINER MEIGS STATES THAT THE OCEAN NATIONAL BANK WAS INSOLVENT BY A MILLION. At the resumption, yesterday, in the United States Circuit Court of the trial of ex-Bank Examiner Charles Callendar for accepting a bribe of $76,000 for reporting favorably upon the condition of the Ocean National Bank, National Bank Examiner Meigs was recalled, and he testified that he had examined the state. ment-book of the Ocean National Bank: that in his judgment, the books show that the bank was insolvent on Oct. 3 and 4, 1871. Ex-Judge Fallerton objected to the witness's giving the result of his judgment, and Judge Benedict ruled that he must confine himself to telling just what the book in question showed, and that it was for the jury to determine whether, according to such showing, the bank was insolvent on the days men* tioned. The witness then said the book showed that on Oct. 3 and 4, 1871, the assets of the bank did not differ materially from its assets on Dec. 12, 1871, when it failed. It was then shown from the book that on those days the assets of the bank amounted to $1,535,000, and that, after paying all its liabilities, it had a surplus of $130,000. The witness was asked if he knew the value of those assets or securities on or about Oct. 3, 1871, and answered that, with a few exceptions, the assets or securities had no quotable market value. and that they were not worth within $1,000,000 of the amount stated in the book. The witness then stated that he had discovered an irregularity in a real estate transaction. where real estate said to be worth $216,000 had been taken as security for money loaned when it was not worth any such sum. The witness also said that the real estate was 'sold for a great deal less than what it was taken-for," and that its alleged value, $216,000, was credited to the loan account. The cros3-examination elicited nothing new, except that Mr. Meigs had only a general knowledge of the value of Portage Lake bonds, Marietta and Cincinnati bonds, Susquehanna bonds, Grand Rapids bonds, and Decatur and Mattoon bonds, and other collaterals given by Callendar for money borrowed from the Ocean National Bank. Mr. Purdy resumed the direct examination, and asked the witness what kind of a report he would have made if he had examined the affairs of the Ocean National Bank, on or about Oct. 3. 1871. Ex-Judge Fullerton objected, and the question was not allowed. Re-cross-examination-Q You say that the Ocean National Bank was insolvent on Oct. 3, 1871, by over $1,000,000; how do you make that out A. By taking off the following amounts from the items stated as assets: From the item of loans, 8200,000; from the items of bills discounted, $400,000; from the items of Portage Lake bonds, $90,000: from the item of Brunswick and Albany Railway bonds, $60,000; from the item of Susquehanna bonds, $29,000; from the item of Decatur and Mattoon bonds, $50,000: from the item of realestate, $100,000; from the item of furniture, &c., $11,000; from the item of suspense account. $20,000; from the item of suspended debt, $20,000; from the item of expense account, $24,600; from the item of legal tenders, $50,000; from the item of discrepancy account, $519; from the item of general bond account, $100,000; total, $1,158,119. F. D. Tappan, the President of the Gallatin National Bank, testified in substance: On Dec. 11 or 12, 1871, the Ocean National Bank owed the Clearing-house about $83,000; and on one of those days Callendar told me that the Ocean National Bank was solvent, and that it only needed a little assistance to get out of a little difficulty; he said also that it would in a few days obtain all the money it wanted; the Gallatin National Bank then agreed to loan the Ocean National Bank enough money to pay its debt to the Clearing-house.

14. March 24, 1874 New-York Tribune New York, NY
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THE COURTS. TRIAL OF CALLENDAR. EVIDENCE FROM VARIOUS SOURCES. At the resumption yesterday in the United States Circuit Court of the trial of ex-Bank-Examiner Charles Callendar for accepting a bribe for reporting favorably upon the condition of the Ocean National Bank, Edward Wolcott, a clerklin the office of the Controller of the Currency, produced certified copies of Callendar's reports upon the condition of the following banks in this city Union Square National Bank, American National Bank, Atlantic National Bank, and the Commonwealth National Bank. These reports were favorable to the banks, and, as they either failed or went into liquidation soon after they were made, Mr. Purdy claimed that they were 'blackmailing reports, or false reports, for the making of which Callendar received bribes." T. O. Edaugh, who is also a clerk in the office of the Controller of the Currency, produced Callendar's report upon the condition of the Fourth National Bank of Philadelphia, and his reports upon the condition of the following banks in this city: Continental National Bank, First National Bank, Third National Bank, Mechanics' National' Bank. National Currency Bank, Central National Bank, Ninth National Bank, Metropolitan National Bank, Broadway National Bank. None of these banks have failed, and only one of them, the Fourth National Bank of Philadelphia, went into liquidation. Mr. Purdy introduced the reports referred to only in connection with the fact that Callendar had borrowed money from the banks reported upon and the allegation that he had threatened to m ake unfavorable reports if the mony he wanted were not loaned to him. Mr. Stevenson, who was President of the Ocean National Bank when it failed. repeated his testimony to the effect that Callendar's first transaction with that bank took place in January, 1868; that the bank's reserve fund was not up to the standard on Oct. 3, 1871, and that to raise it to the required amount Callendar's checks for about $50,000 were counted as legal tenders. The recently-published matter of Callendar's indebtedness to the Ocean National Bank was again considered, but nothing was elicited from the witness, except that, as was claimed, the bank had, on Oct. 3, 1871, loaned Conant, Wild & Co. about $100,000 more than it had any right to loan, and that, at that time, it had $112,000 in Portage Lake bonds, and $100,000 in Decatur, Sullivan and Mattoon bonds. Au examination of the statement-book of the bank corroborated National Bank-Examiner Meigs's testimony that it was insolvent by over $1,000.000, and that it had on hand when it failed about $1,811,450 in unavailable bonds, stocks, and notes. It is claimed by the prosecution that the bank had that amount in such bonds, stocks, and notes on hand for two years before it failed, and that Callendar knew it when he reported that the bank was in a prosperous' condition. It also appeared that the unavailable paper referred to was supposed to be good security where money was loaned on it, and that since the failure of the bank over $152,000 worth of it had been paid. It was further shown from the books, that between July and October, 1871, the business of the bank had increased to the extent of $30,000, and ex-Judge Fullerton remarked that such increase corroborated Callendar's statement that the bank was in a prosperous condition. Isaao H. Bailey, the Receiver of the Common wealth National Bank. testified that he found in that bank notes showing that Callendar owed It about $30,000, and that the notes were indorsed by Wild, Avery & Conant, and Callendar, but that Callendar appeared as the borrower. The Court then adjourned till to-day, when Frank L. Taintor, who is serving out a term of seven years' imprisonment for embezzling the funds of the Atlantic National Bank, will be a witness for the prosecution.

15. March 8, 1875 The Rutland Daily Globe Rutland, VT
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DAVIS THE DEFAULTER. The committee on banking and currency made two reports on the subject of the Ocean National bank of New York. Five members signed one report tending to exonerate Theodore M. Davis the receiver, and five signed the other report, which condemns the receiver.

16. June 28, 1876 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, June 28, 1876

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THE HARDMAN FURNACE.-J. Chambers Hervey, the auctioneer, yesterday sold for C. W. B. Allison, special commissioner, the Hardman furnace and fixtures located in Preston county, this State, to Theo. M. Davis, receiver of the Ocean National Bank, of New York, for the sum of $210,000. The late George Hardman, the original owner, we understand, was offered $500,000 for the above property before his death.

17. March 24, 1877 New-York Tribune New York, NY
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OCEAN NATIONAL BANK ASSETS AT AUCTION, MARCH 27, 1877. For catalogue apply to ADRIAN H. MULLER & SON, 7 Pine-st. or to the Receiver, 21 Nassau-st. THEODORE M. DAVIS, Receiver.

18. March 28, 1877 The New York Herald New York, NY
Article from The New York Herald, March 28, 1877

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MEMENTO OF A GREAT BURGLARY. THE OCEAN NATIONAL BANK'S LAST REMAINING ASSETS SOLD AT AUCTION YESTERDAY-THE GREAT ROBBERY IN 1869 AND THE SUBSEQUENT FAILURE. The remaining assets of the Ocean National Bank having been carefully swept together, were yesterday disposed of at auction in the Exchange salesroom The event attracted a good many persons other than buyers, who manifested an eager interest in the proceedings. The stockholders, it supears, desired post ponement of the sale until such time as they could investigate the work of the receiver, and at meeting at the office of ex Mayor Opdyke, a few days ago, a committee was appointed to call upon the Comptroller of the Currency and ask such postponement On Monday, Mr. Knox telegraphed Mr. Morrel, of the committee**I decline to order postponement of sale." Property of various kinds was sold, comprising mainly real estate, collaterals and judgments. The Irondale coal and iron property in Preston county, W. Va. comprising 1,120 acres of land, together with structures and improvements, was sold to James Hodges, one of the shareholders of the institution, for $20,000. This was the most Important item on the schedule. Seven thousand acres of prairie farming land in the southern portion of the State of Illinois was sold in tracts at seemingly low figure; 1,260 acres of 11 in Massac county brought thirty cents an acre, Jackson county lands brought from thirty cents to $2 80 an acre; Williamson county from twenty five cents to $4 acre, and Johnson county from $2.27 to $2.30 an acre. A farm lot in Carbondale, III., was knocked down for $12. mass of call loans, collaterals and judgments were sold at from $1 10 $100. On call loan of J. K. Gapin for over $41,000, 150 shares of Portage Lake Canal Company stock as collateral, were sold for $15 50. This is the same security that was deposited by Bank Inspector Callendar on call loan when he became in, the time the failure, A number of notes and drafts sold from $1 $5 each. BONDS, STOCKS AND LIFE INSURANCE POLICIES. A list comprising 500 shares Warner Petroleum Min ing Company of Indianapolis, Ind 200 shares Anticlinal Oil Mining Company of Indianapolis, Ind. 1,000 shares Houman Gold Mining Company of Colorado, and 10 shares Salisbury Economic Fuel Furnace Company New York sold for $6 10 shares CarbonRailroad Company of Illinois $2: 485 shares first preferred stock of the Brunswic and Albany Railroad Company and 970 shares Brunsw and Albany Railroad Company. common stock, sold for $18 SOU shares Portage Lake and Lake Superior Ship Canal Company sold for 100 shares and Gordonsville Railroad Company and $5,000 of bonds issued by the Logan County Mining and Manufacturing Company, of Virginia, sold for $12; $500 bond of Mount Vernon Railroad Company, of Immois brought $10 470 shares Washington, Alexandria Georgetown Railroad Company stock and 420 shares Merchants National Bank, of Washington, D. brought $21 first mortgage bond the Toledo, Lo gansport and Northern Indiana Railroad Company for $1,000 brought $15 lot 800 shares Gold Hill Min ing Company stock, 50 shares American Plate Glass Company, 178 shares Waterbury Kuitting Company, 50 shares Craftsmen's Life Assurance Company shares Miners National Bank, of Salt Lake, and 754 bonds issued by the Brunswick and Florida Railroad Company, brought the astounding value of $55 50. paid up policy for 1.650 on the life Mutual Benefit of Newark, James the Davett, sold for $505. paid up policy in the Mutual Lile of Alfred Jr Smith, brought life $3,570 on the $2,450. policies on the life of Samuel S. Bowman one the Home for $5,000, and one the Manhattan for $10,000, sold respectively for $1,150 and $3,025. The total proceeds of the sale. which was made by Adrian Muller & Son, auctioneers, will reach per haps $35,000 Mr M. Davis, receiver of the bank, stated yeater day that ne should pay deposito another dividend of three per cent on April 5. not from the proceeds of this sale, which will make seventy-five cents paid thus far in all. BANK STORY THE THK OF with The Ocean National Bank has history filled events that are well fixed the memory of the pub lic. It was organized first State bank. about twenty years ago. After the noted robbery took place, in 1869, the institution gradually Bunk dow until was finally enguifed in bankruptcy in 1871 During the latter year had for one its directors no less a per Bouage than Mr William M. Tweed, who resigned alter a months term of office, RORBERT. GREAT THE The robbery of the Ocean Bank, on the 27th day of June, 1869, was remarkable for its skillal contrivance and successful execution. It created sensation at the time, and afforded the detective epartment such case for vestigation as seldom presented. The bank's office was then ou the corner of Greenw ich and Fulton streets. Below upon nent floor, leased to one O'Kell. were the offices of brokors, where, about two weeks before the robbery. desk room was obtained by stranger. who soon altor blazoned out sign over the Fulton street entrance of Newcomt & O'Neil. The actions of the newcomor were little singular from the outset. but not sufficiently 80 to cite any grave suspicions. He rarely spoke to other occupants, and gentleman occupying an Joining room was surprised to find one day that the systerious stranger had pailed down the sash intervening window. and had introduced as part his office furniture huge wardrobe, reaching nearly to the celling. He little thought, however, that this wardrobe served screen bide operations that were then progressing of cutting a hole through the overhanging floor the bank On Monday morning. the 27th of June, 1869, the porter of the bank discovered that an amazing burglary had been perpetrated. A strong smell of powder lirst attracted his attention. Scattered about the floor were half dozen caps, and a like number of overcoats, blouses and overalls, such as are usually worn by machinists. Oil cloths, rubber shoes, saws. jack screws, lanterns flasks, drills and other instruments, forming a burglar cabinet of fully 400 pieces, confusedly thrown around. Tne vault was open and all about in heaps were strewn bonds: arrency, gold coin, small wedges, pieces chilled iron, copper coin, gold and various other articles heavy bag of gold had been lifted from vault and placed on top of the receptacle. Tin boxes had been smashed and securities flung about the most reckless manner, When the public learned gathered crowd excited an operation the about great the bank, and the police had great difficulty in keeping back the frightened depositors They were finally quieted through the assurances of President Marun and Attorney Davis, who afterward became receiver. EFFECTED HOW Those who perpetrated the robbery did their planning well, and apparently with much consideration. On Sunday afternoon or evening, the 27th of June. 1869, they effected an entrance to the office the the lorced President of means through aporture by from the basement The job appeared to have been worked from the upper well as the under side of the floor, which formed strong argument favor of suspicion that the robbers had an accomplice in the employ of the bank. After gaining access to the office they openeo the outer door of the safe. having combination lock, without using any force whatever Just inside the first door hung the keys of the door leading to the interier of the vault which they passed, and forced open third door by means ol a power rful screw. Two sales 10 the inner department of the vault were broker open and rifled, one which contained the boxes belonging special depositors. The bank lost by the robbery about $40,060; but the loss to special 000. nearer $500, The deed was clothed with many suspicious circum. stances hich led great nquiry and public Indig. nation, though no person was over punished for the crime or complicity therein. A portion of the stolen property was found one morning in box trunk in Elizabeth street addressed to Police Superintenden Jourdan, Civil suits were instituted by depositors and the institution finally forced into insolvency. FAILURE OF THE BANK On the 12th et December. 1871. the Ocean Bank was suspended from the Clearing House and receiver ap pointedthesamo day The failure also brought about the ruin of the Union Square National Bank, and at about the same time several other similar institutions became involved, hich created the famous bank panic of that year. At the time of the insolvency of the Ocean Bank C. Stevenson was president and J. Hartshorn cashier The capital of the concern was $1,000,000, and its securities consisted mainly of real estate, which it was difficult to realize upon. was estimated that the depositors would be paid in fuil, but, as usual in such instance and as shown in the above. the expectation will not be realized. COMMISSIONERS OF EMIGRATION

19. April 5, 1877 New-York Tribune New York, NY
Article from New-York Tribune, April 5, 1877

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CEAN NATIONAL BANK.-A DIVIDEND of FIVE PER CENT will be paid to depositors on the 5th day of April, 1877, at the office of THEODORE M. DAVIS, Receiver, 21 Nassau-st. JOHN JAY KNOX, Controller of the Currency.

20. April 6, 1877 The New York Herald New York, NY
Article from The New York Herald, April 6, 1877

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THE OCEAN NATIONAL BANK. Theodore M. Davis, receiver of the Ocean National Bank, commenced paying yesterday, at his office in Nassau street, a dividend of five per cent to the depositors in that institution.

21. April 6, 1878 New-York Tribune New York, NY
Article from New-York Tribune, April 6, 1878

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in several cases brought against Connecticut stockholders, by Theodore M. Davis, receiver of the Ocean National Bank, of New-York, under the section of the National Bankrupt Act which makes the holders of stock liable for double the amount of their stock.

22. May 23, 1879 Evening Star Washington, DC
Article from Evening Star, May 23, 1879

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A Dividen NEW YORK, May 23.-Receiver Davis. of the Ocean National Bank, began paying the final dividend of five per cent. to-day to depositors. At the same time he paid thirty per cent. of accrued interest. The amount he has on hand for paying the balance of the principal is $58,383.14, and for interest, $58,346.99. The total amount paid in dividends by the receiver is $1,172. The bank suspended in 1871.