National Trust Company (New York, NY)

Episode Information

Episode UID
1479944390885
Episode Type
Run → Suspension → Reopening
Bank Type
private
Bank ID
147994439 hash
Start Date
September 20, 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
87ef34f793e83048

Response Measures

None

Events (3)
1. September 20, 1873 Run
Cause
Macro News
Cause Details
Panic following Jay Cooke & Co. failure and general money-market crisis causing heavy withdrawals and inability to sell securities.
Measures
Directors called in securities and attempted extraordinary efforts to convert securities into cash to meet withdrawals.
Newspaper Excerpt
there had been drawn out between $500,000 and $600,000
Source
newspapers
2. September 20, 1873 Suspension
Cause
Macro News
Cause Details
Unable to realize on securities amid market panic and severe discounting of bonds, directors suspended to protect institution and depositors.
Newspaper Excerpt
Soon after 11 o'clock ... the National Trust Company ... suspended payment.
Source
newspapers
3. October 9, 1873 Reopening
Newspaper Excerpt
The National Trust Company ... has resumed business and is paying obligations.
Source
newspapers

Newspaper Articles (24)
1. September 21, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 21, 1873

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ae Carlicton, 18 reported to be 8 defaulter. it is also said he has not been seen since yesterday afternoon THE NATIONAL TRUST COMPANY say they could have to. came on the street this day. They kept up payment morning with their securities but could find NO buyers, except at A DISCOUNT OF 30 TO 40 PER CENT. to sell at such N and for a better of them. suspended They refused protection sacrifice, selves and customers BONDS ACCEPTED Two millions four hundred and eighty three thousand dollars in bonds Were sc. cepted, at from 109 to 111-25 All offers of bonds under 111-27 are accepted by the government A BIG MISTAKE 20-3 Another NEW YORK, September p.m.story in connection with the sus. Trust is 80 unnerved that the pension the of excitement the Union yesterday company, secretary that instead of of dollars he made three millions calling a big mistake, and only called for three hunthus the without Ired thousand, funds, leaving company and causing its suspension. the they no The re positive friends of he has secretary participation say in any defalcation that may have occurred in the institution It is understood the company has called in two millions its numbers of of Co. visited the Man. loans. Union Trust Large paper holders of but as no to the credit of the been hattan deposited bank to-day, funds com- had pany, they were compelled to return with. out money. Mr. Haiburger cashier of the bank, could not positively say how much money had been paid out yesterday to those holding checks of the Trust Co., but be thought haf a million He considered largely exceeded the dollars. amount that the directors of the pany taken a sensible course pending had until by com- sus. Monday; and said they were making extraordinary efforts now to convert their securities into money, although he thought the difficulties of the Institution could be overcome when their securities were converted into greenbacks In the office of FISK & HATCH the following notice is by Kean & Co., "Drafts Cbicago, drawn Preston, posted f on Fisk & Hatch will be honred by Mesars. Stephens & Allen, No. 25 Pine street. HE COMMITTEE OF BANK PRESIDENTS. September 20. 4 committee NEW YORK, of p.m.-The bank presidente, appointed o a plan of relief in the condition perfect of present affairs, is composed of Fredrick D. Tappan, C. B. Levery, Geo. S. Cole and C.F. Henter RICHARDSON COMING. A special dispatch fror Washington 98 Washays Secretary Richards rk. A gton this evening onference will be he mora. what g at the sub-treasur ction he will take in of the Shortly before noon of the anic, the governing took Exchange determined to close the & Exchange. Immediately afterwards ommittee of associated banks met at the and it was association that ted ew York by the clearing house, they would sue certificates, pledging themselves for e to be issued the whole. These certificates, y manager of the clearing house, and I bank the or assets. The of onds, y associated securities against deposits, effect is action would enable all the to their sets rna in into community convert solvent conmoney temporarily, and withit any sacrifice to themselves. The 1 tock Exchange, ordinarily, is a t converting 8 edium sh. In for securities simply into the prevailing panic the arcity of money this I securities offer. ing accomplished, prevente 1 being from for sale at constantly decreasing prices ( thout finding buyers, unless to the enor1 ous loss of sellers. By the issue of the , nk certificate, any bank can realize I oney upon its assets, and will thus be d le to extend to its customers all b for which ( immodations n find the they acsecurity, without com. lling the sale or any sacrifice assets offered. The whole machinery T erefore of conversion is once set P is likely to run operation, all and smoothly more t d concerns which have will I no in them into a difficulty This converting assets, e oney. action of the banks at the r meeting, gave to a feelearing confidence house t : of on the street that no ad. ional failures are likely to occur, and C , impression obtained that the panic is over. 80 g LEADING FOREIGN EXCHANGE FIRMS, S: h as Brown & Brothers, August Bel. fo & Co., and do not give organ nt, Henry & Co., Clews any Drexel, sign of ling the pressure of the past three days

2. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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that he has not been seen since yesterday afternoon. The National Trust Company say they could have kept up payment to-day, and that they cameon the street this morning with their securities, but could find no buyers except at a discount of thirty to forty per cent. They refused to sell at such a sacrifice, and suspended for the better protection of themselves and their customers. Two million four hundred and eighty-three thousand dollars in bonds have been accepted, from 109 to 111.25. All offers. of bonds under 111.25 are accepted by the Government. Following were the sellers of Government bonds to-day: Vauschaick & Co., $763,000; Francis T. Walker & Co., $18,000; E. sweet & Co., $11,500; Weston & Debillier, $5,000; Geo F. Baker, $147,100; Vermyle $500,000; W. T. Hatch & Son, $450,000; Reid & Content, $13,400; Chase & Higginson, $100,000; Wood & Davis, $400,000. Total, $2,407,000. The Usion Trust Company. NEW YORK, September 20. Last night it was stated at the clubs that Vanderbilt had paid to the Union Trust Company two million dollars, the amount due that Company by the Lake Shore Railroad, which it is said will enable the Company to resume busic CSR to-morrow.

3. September 22, 1873 Delaware Republican Wilmington, DE
Article from Delaware Republican, September 22, 1873

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PANIC IN THE MONEY MARKET.-The failure of Jay Cooke & Co., on Thursday last, to meet their liabilities, produced quite a panic in Palladelphia, New York and Washington.The flurry produced the suspension of sixteen brokers firms, including Fitch & Hatch, in New York; and in Philadelphia, DeHaven & Bro., and Clark & Co. There were runs on several of the Savings Banks, but the demands were generally met. At the meeting of the Presidents of the yarious Banks of New York on Friday it was resolved to disregard the law requiring the keeping of a reserve of twenty five per cent. in their vaults, so that they might be able to relieve the wants of their customers. The excitement continued in New York on Saturday, and several more failures were reported.Among the suspensions are the Union Trust Co., White & Co., Edward Haight & Co., E.C. Moorehead, Ketchum & Belnap, Saxe & Rogers, and others. The National Bank of the the Commouwealth suspended, and the Clearing House threw out the certified checks of the Continental Bank and the Merchants Banking Association. The Bank of North America at Albany also suspended, and a defalcation of half a million is reported in the National Trust Co., New York. The extensive leather firm of Horace Carr & Son, of Woodbury, Mass. also suspended with liabilities of $100,000, and assets $15.000. The senior partner has disappeared.

4. September 22, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 22, 1873

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President Grant, Secrotary Richardson, and Gen. Babcock were in consultation in Now York yesterday with the leading bankers and business men of that city to devise some means of rolleving the financial condition. The propositions of the Now Yorkers, which were submitted in writing to the President, all urged very strongly the issuing of the so-called greenback reserve to the amount of forty millions of dollars. Reverdy Johnson reinforced their appeals by a written opinion, in which he said that, although the action proposed was unconstitutional, it was demanded by public policy, and if he were President he would not hositate to take the stop. Secretary Richardson's opposition to this movement was very strong, and the President stoutly supported him. The Secretary said, in very vigorous slang, that he would nover consont to it, as this was none of his funeral. The result of the conference was an order from the President that the Assistant Treasurer at Now York buy bonds on Monday to any amount offered. How much relief this will afford doos not appear. Government bonds were a drug in the market on Saturday ; the National Trust Company, which had nearly a million of thom in its possession, being unable to raise a dollar therewith to BAYO itself from suspension.

5. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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OTHER BANKS CRIPPLED. SUSPENSION OF THE NATIONAL TRUST COMPANY. Soon after 11 o'clock, on Saturday, the National Trust Company, having offices on the first floor of Nos. 261 and 263 Broadway, suspended payment. The Secretary of the Company, Mr. Merrill, stated to a reporter of THE TRIBUNE that the immediate cause of their suspension was the failure of the Company to realize on their securities. Early in the day the President, B. R. Mangam, went down to Wall-st., taking with him $800,000 of securities, most of them U. S. currency sixes. The conversion of these securities would have involved a very great loss, and the Trustees therefore determined to suspend, believing it would be for the best interests of all concerned. The capital of the Company is $1,000,000, and after the declaration of the last dividend, there was a surplus of about five per cent of the capital. On Friday and Saturday, up to the time the Company suspended, there had been drawn out between $500,000 and $600,000. The Company is entirely solvent. The cause of the suspension was the utter impossibility of realizing on good collaterals. As soon as these can be disposed of at a fair price the Company will resume. The amount of deposits before the run began was about $5,000,000. The Company is in no wise interested in railroad stocks or bonds. The depositors need not be alarmed. This statement was corroborated by the President, B. R. Mangam.

6. September 23, 1873 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 23, 1873

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NEWS BY MAIL. Dr. Bissel, of the Polaris, ridicules the story that Dr. Hall was poisoned ; he died from appoplexy. The suspension of the Union Trust Company, the National Trust Company and the National Bank of the Commonwealth, runs on the Fourth National and Manhattan banks, the closing of the stock exchange and the failure of eleven firms were the events of the financial panic in New York, Saturday. An immense defalication was discovered in the Union Trust Company, and that with the re-

7. September 23, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 23, 1873

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The National Trust Company. The above well known institution, of New York, which has suspended, has for its Secretary Mr. James Merrill, the former cashier of the Rutland County National Bank, of this village. About $1,000 of its stock is owned in Rutland. A private letter has been recently received from Mr. Merrill, since the suspension of the bank, saying that they are all right and will pay dollar for dollar, the stock being unimpaired. This is good news for the stockholders here, and to the many friends of Secretary Merrill in this vicinity.

8. September 25, 1873 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, September 25, 1873

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Panic in Wall Street. The financial world was shocked last Thursday by the announcement that the heavy firm of Jay Cook & Co,, of New York, had suspended payment This firm, as is well known was one of the heaviest banking houses in the world, having advanced immense sums of money w the gov erument during the war when the national credit was gone, and being now one of the leading members o! the syndicate, besides having advance ed millions of dollars to Railroad companies. Th bank suffere a run on Thursday morning. an was com pelled quate early 1a the day to clust The phuosophy of this future, which led to many other suspensions, must be sought in the fact that, instead of attending to a. legitim t banking bu-mess, speculative enterprises were entered into. Immense loads of railroad bonds, in which capitalists are now slow to invest, were taken and the result we see in a financial crisis, whose extent will never 1, known, because of the heavy loss on tailed upon holders of railroad stock responded of at a she " after 1. panic occurred. Among the new vailures we notice the following: Fish & Hatch, N " Y ik; the Fax National Bank of Washington, the New Your Unen Trust Company; he National Bank of in Common wealth, N.W York the National Trust Company. New York; the Bank of America, Non York; the Union Banking Company. 01 Philadelphia. These froms," of them at least. were intimatey associated with Couke & Co 111 their business trans actions, and the financial distress will be more of less wile-spread in proportion to the permanency of the failures. If the alone soff l' ed from the panic, the financial dis turbance would excite little sympto thy, but as it entailed losses upon many who had their all invested in radroal securities, which they sold at he ay loss, the panic is J. plorable. The effect produced upon the floor 01 the Stock Exchange may be intere red from the fact that last Saturday the extreme factuations on some clocks were as follows: Harlem 30 per cam; Panama, 18; Rook Island 91; Western Union. 9; Hammbal & St. Joseph, 9, with other stocks flue tuating from 2 to 8 points. The government came to the relief of the money market by purchasing U. Bonds. By this meaus, togeth. er with the action of Bank Presi dems, through the Clearing House loan certificates, many millions of greerbacks were released, with III touching any portion of the $44,000. 000 reserve now In the National Treasury.

9. September 26, 1873 Sunbury American Sunbury, PA
Article from Sunbury American, September 26, 1873

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New Jersey. PATTERSON, Sept. 25.-In consequence of the financial crisis in New York and the general depreciation in new railroad securities, orders for locomotives for three months ahead, at the Rogers locomotive works, in this city have been cancelled, and 585 of the workmen were discharged today. It is feared that 500 more may be discharged at the same works, several hundred a Danforth and at the Grant works. SUSPENSION IN WILKESCARNE.- - Wilkesbarre, Sept. 24.-Brown & Gray, bankers. suspended this morning. A card posted on their doors gives the failure of Henry Clews & Co., of New York, as the cause, but states that the firm will be all right in a few days. The mining classes are large depositors with them, but they have not yet learned of the suspension. It is the great topic of conversation among bankers and business men, and much excitement exists. They were considered good, reliable men. The bank doors are locked, and no further information can be obtained. The following is the afficial list of failures in New York since Thursday last. It is a long one, and represents much of what was a little ago esteemed the financial strength of New Yord:Jay Cooke & Co., No. 5 Nassau street. New York; Fisk & Hatch; White, Defreitas & Rathbone; Beers & Edwards Eugene J. Jackson; Thomas Reed & Co W. H. Warren; George Bolton Alley & Co; Greenleaf, Norris & Co; Theodore Berdell ; Amos M. Kidder; S. II. Smith & Seaver; Day & Morse; Hay & Warner; Vernam & Hoy; Fitch & Co : W. E. Conner; Whittemore & Anderson; Jacob Little & Co E. D. Randolph & Co ; George B. Alley; Robinson & Suydam ; Richard Schell; William Bend ; C. G. White & Co; Ketcham & Belknap; Saxton & Rogers ; Williams & Bostwick; Miller & Walsh : ; E. Haight & Co; Lawrence Joseph P. M. Myers & Co ; Tausig. Fisher & Co; Fearing & Dunning; C. G. White; Marvin & Brothers ; Union Trust Company; National Trust Company; Bank of the Commonwealth Bank of North America.

10. September 26, 1873 Bozeman Avant Courier Bozeman, MT
Article from Bozeman Avant Courier, September 26, 1873

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The Statement of Jay Cooke s Co, NEW YORK, September 22. Jay Cooke & Co. are out with a statement giving the names of banks and banking houses who will pay the drafts of their correspondents. All dratts against deposite made since their suspension will be paid on presentation to the National Trust Company, corner of Warren street and Broadway, which suspended payment on Saturday. It is stated that the liabilities do not exceed $4,000,000, and that the capital and assets of the company exceed their liabilities, The officers of the company state that they bave ample funds to satisfy depositors and stockholders, but they are composed of bands, stocks. etc., which cannot be disposed of until confidence is restored.

11. September 26, 1873 The True Northerner Paw Paw, MI
Article from The True Northerner, September 26, 1873

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The Result of President Grant's Visit to New York. A New York dispatch of the,21st says "President Grant, Secretary Richardson, and Gen. Babcock were in consultation in New York yesterday with the leading banks and business men of the city to devise some means of relieving the financial condition. The propositions of the New Yorkers, which were submitted in writing to the President, all urged very strongly the issuing of the so-called greenback reserve to the amount of forty millions of dollars. Reverdy Johnson reinforced their appeals by a written opinion, in which he said that, although the a tion proposed was unconstitutional, it was demanded by public policy, and if he were President he would not hositate to take the siop. Secretary Richardson's opposition to this movement was very strong, and the President stoutly supported him. The Secretary said, in very vigorous slang, that he would never consent to it, as this was none of his funeral. The result of the conference was an order from the Presi dent that the Assistant Treasurer at New York buy bonds on Monday to any amount offered. How much relief this will afford does not ap.. pear. Government bonds were a drug in the market on Saturday the National Trust Company, which had nearly a million of them in its possession, being unable to raise a dollar therewith to save itself from suspension."

12. October 2, 1873 Eaton Weekly Democrat Eaton, OH
Article from Eaton Weekly Democrat, October 2, 1873

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The Result of President Grant's Visit to New York. A New York dispatch of the 22d says: "President Grant, Secretary Richardson, and Gen. Babcock were in consultation in New York yesterday with the leading banks and business men of the city to devise some means of relieving the financial condition. The propositions of the New Yorkers, which were submitted in writing to the President, all urged very strongly the issuing of the so-called green-back reserve to the amount of forty millions of dollars. Reverdy Johnson reinforced their appeals by a written opinion, in which he said that, although the action proposed was unconstitutional, it was demanded by public policy, and if he were President he would not hesitate to take the step. Secretary Richardson's opposition to this movement was very strong, and the President stoutly supported him. The Secretary said, in very vigorous slang, that he would never consent to it, as it was none of his funeral. The result of the conference was an order from the President that the Assistant Treasurer at New York buy bonds on Monday to any amount offered. How much relief this will afford does not appear. Government bonds were a drug in the market on Saturday; the National Trust Company, which had nearly a million of them in its possession, being unable to raise a dollar therewith to save itself from suspension."

13. October 2, 1873 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, October 2, 1873

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The following is a list of the New York firms and individuals which suspended on the 18th and 19th: Jay Cooke & Co., Fisk & Hatch, Union Trust Company, National Bank of the Commonwealth, National Trust Company, Gold Exchange Bank, Jacob Little & Co., E. D. Randolph & Co., George B. Alley & Co., W. H. Warren & Co., Greenleaf, Norris & Thomas Reed & Co., Whittemore & Anderson, Beers & Edwards, Eugene J. Jackson, White, De Freites & Rathborne, A. M. Kidder & Co., Smith & Seaver, Theodore Berdell, Hay & Warner, Day & Morse, Vernan & Hoy, Fitch & Co., W. E. Connor, Ketchum & Belknap, Taussig, Fisher & Co., C. G. White, Williams & Bostwick, Peter M. Myers & Co., Lawrence Josephs, Fearing & Dillinger, Saxe & Rogers, Brown, Wadsworth & Co., Miller & Walsh, Edward Haight & Co.

14. October 5, 1873 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, October 5, 1873

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EASTERN DISPATCHES NEW YORK. NEW YORK, Oct. 2.-The match game of billiards between Garnier and Daly, for the championship and the diamond cue, was won by Garnier in 47 innings. NEW YORK, Oct. 3.-A very destructive condition of affairs exists in Central Asia. Civil war is raging in Kohakan. It is believed that the Emperor of Russia will be obliged, in selfdefence, to occupy the territory and reduce it to condition as a Russian province. The sentence of the Modoes Slolux and Branacho is commuted to imprisonment for life at Alcatraz. The National Trust Company will resume Monday next. Kidder & Co. settled for 50 cents on the dollar and resumed. A Grand Evangelical Conference assembled to-day. Steinway Hall was filled to overflowing. Several Oriental delegates appeared wearing turbans. W. E. Dodge called the Convention to order and extended a cordial welcome to the delegates. Rev. M. Prochet, from Italy, said that the Pope is conscious of his diminished power, and that priests don't generally believe in his assumption of authority. Affairs in financial circles continue to improve. The closing day of the three days of grace, which have been allowed to brokers making up private settlements, brings with it no new disaster beyond the suspensión of the small broker house of Albert Cole, which exercised no influence on the market. Only 1,000 shares of various stocks were sold out under the rule for delinquent parties. There were considerable purchases to-day, divided between paying securities Eu opean accounts. The savings banks and investors were free buyers of Government bonds. All mercantile obligations are being met with promptness. NEW YORK, Oct. 4.-Peake & Opdyke have suspended. Their liabilities are $2,500,000.

15. October 9, 1873 Evening Star Washington, DC
Article from Evening Star, October 9, 1873

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TELEGRAMS TO THE STAR This Afternoon's Dispatches Associated Press Reports. THE FINANCIAL SITUATION. Good and Bad Signs. Progress of Resumption in New York and Chicago. NEW YORK, October 9.-Some of the downtown banks have virtually resumed payment of greenbacks. The managers of the clearing house says that since the issue of loan certificates there has not been seen so many greenbacks as were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought green backs had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back on the plan which has been followed during the past two weeks as a measure of safety. There seemed no reason, he said, why the payment of legal-tenders should not go on; trade was prosperous. The National Trust company, it is understood, has resumed business and payment of obligations. THE UNION TRUST COMPANY TO RESUME. It is understood that measures have been taken by the managers of the Union Trust company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. Later-Depression in Wall Street. GENERAL DECLINE IN THE STOCK LIST-GOLD DOWN TO 109. NEW YORK, October 9.-There was a marked depression in Wall street to-day resulting in heavy depreciation of values. There were rumors of mercantile failures none of which however could be fully authenticated, and the banks were pressing brokers to take up loans Money was close at 1-16 and % per diem. Greenbacks were quoted at 1/2 and 1 per cent premium. Foreign exchange heavy, and prime bills were offered at 106 1/2. Gold has declined to 109. The rates paid for carrying range from 4 per cent to 1-32 per diem. Government bonds weak and lower. Southern state securities lower throughout the list. Stocks opened weak and declined 1/2 to 2 per cent. up to first board. At the call there was recovery of 1/2 to 1 per cent., and later a general decline, the prices current at midday being 1/2 to 634 per cent lower than at the opening. Western Union fell from 68 1/2 to 61%, Lake Shore from 73 to 70%, New York Central from 92 /4 to 90 Rock Island from 92 to 88 1/2. Wabash from 45% to 43 1/2, Pacific Mail from 33 1/4 to 32, Union Pacific from 19% to 19, St. Paul common from 33 to 321/2 Northwest common from 43 1/4 to 42 Erie from 49 1/4 to 48 X/, and Panama from 95 to 90. In som cases there was a slight recovery after noon. NEW YORK, October 9, -Gold, 91/2. FORTY THOUSAND POUNDS STERLING were received at the assay office to-day. Total amount since Monday, £644,000. Resumption in Chicago. CHICAGO, October 9.-The Third National Bank, which suspended September 27, resumed business yesterday with/gratifying results to its officers. Suspension in Reading, Pa. READING, PA., October 9.-Bushong & Bros., bankers, suspended this morning. They will keep their bank open for the adjustment of accounts. Their assets will meet (ii) their liabilities. Temporarily Susp nded. PHILADELPHIA, October 9.-It is rumored here that the Bushong Brog., of Reading, have temporarily suspended.

16. October 9, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 9, 1873

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Financial Affairs. LONDON, Oct. 9-12.30 p. in.-At -- 12.15 o'clock the Bank of England Directors posted their card announcing that the expected change in the rate of discount had not been made. The rate for money at the Stock Exchange on Government securities is 24 per cent. NEW YORK, Oct --The National Trust Company, it is understood, has resumed business and is paying obligations. NEW YORK, Oct. .-Gold opened at 109. Some of the down town banks have virtually resumed payment of greenbacks. The manager of the Clearing House says that since the issue of loan certificates there has not bee 11 seen SO many greenbacksas were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought greenbacks had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back to the plan which has been followed during the past two weeks as a measure of safety. There seemed 00 reason, he said, why the payment of legal tenders should not go on; trade was prosperous. CHICAGO, Oct. 9.-The Third National Bauk, which suspended September 27th. resumed business yesterday with gratifying results to its officers. LONDON, Oct. 9.--Three thousand pounds of bullion were shipped from Liverpool to day per steamer Celtic. LONDON, Oct. 9--3.30 p. m. - -The bullion in the Bank of England has decreased 617,000 pounds during the past week. The amount gone into the Bank on balance to-day is 13,000 pounds. NEW YORK, Oct. 9.-It is understood that measures have been taken by the managers of the Umon Trust Company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. NEW YORK, Oct. 9. - Forty thousand pounds sterling were received at assay office to-day total amount since Monday, 644,000 pounds. LOWELL, MASS., Oct. - -Pierce's defalcation is DOW stated by the Merchants' Bank officials at $63,000.

17. October 9, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 9, 1873

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THE FINANCIAL NEWS. A comparison of the reports from other citics with the monotary and commercial nows collected in Chicago yestorday cannot fail to afford mattor for congratulation to all who are intorcated in Chicago's welfare. From every point of view, Chicago ocoupios a better position with referonce to the recont panic and its effects than any prominent city in America. It is the only city of great population and commercial importance in which the banks are pursuing anything like their ordinary business. From St. Louis it is reported that the Union National Bank has gone into liquidation, that currency is scarce, and business dull. In Detroit, the railroads, which pay employes on the 10th inst., will only pay about one-half the wages in currency, giving certified checks for the other half. In Pittsburgh, there has been a failure in the dry goods trade, the prominent firm of McElroy, Dixon & Co. having susponded. In New York, greenbacks are still at a promium, ranging from Mito 18/4 por cout, In Chicago, we have no nows of this kind, and there are no present indications of the financial distress which must be incident to those announcements from elsowhere. The bank deposits are increasing, and there seems to be ample currency to transact the business. The Third National Bank, which reopened its doors yesterday, was not at all bard-pressed. The banks in liquidation are settling rapidly with their creditore, and will without doubt pay dollar for dollar. A movement is also reported having for its object the resuscitation of the Union National Bank. The Stock Exchange in Now York was in the same flurry yesterday that it has suffered for two or three days past, with wide fluctuations. The Vanderbilt securities were particularly ununsettled, and a still greater fall is predicted New York had a report yesterday that Senator Camoron had been in consultation with President Graut about the $44,000,000 "reserve," and that both coincided in opposing its issue or any part of it. It is suspected that the report was intended to "bear" the market; but oven the fact that somebody is drawing on the "reserve" every day does not seem to have the effect of " bulling" the market. The amount of outstanding legal-tender has been still further increased, and is now stated to be $358,966,488. The most favorable nows from New York is that the National Trust Company has resumed (which probably means that it is doing business on the same basis with the other Now York banks), and that the Union Trust Company is making preparations to resumo on the 15th inst.

18. October 10, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 10, 1873

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THE FINANCIAL NEWS. Decline of Stocks in New York Yesterday from 1 to 10 Cents. Failure of a Bank in New York and Another in Reading, Pa. Prospect of the Carly Resumption of Currency Payments in New York. Conflicting Statements in Regard to the $44,000,000 "Reserve" Further Information Concerning the Affairs of Jay Cooke & Co. The Monetary Situation Throughout the West Unchanged. NEW YORK. Special Dispatch to The Chicago Tribune. NEW YORK, Oct. 9.-Rumors of an unfavorablo character, reflecting upon the stability of several mercantile houses, were circulated at the opening of business in Wall street. Notwithstanding that they were proved false, they had a depressing effect upon the market. This depression was accelerated by the announcement that special banks had CALLED IN THEIR LOANS, and caused a heavy sacrifico of stocks by the operation. Among those whose stocks were said to have been forced to sale was Honry N Smith, who wont largely long of Western Union with a view to twisting Jay Gould, who was originally short, and thus revenging himself for his treatment in the Northwestern corner. Later in the day, the FAILURE OF GIBBON, CASANOVA & CO., bankers, No. 50 Exchange Place, who had became embarrassedby reason of the withdrawal of Western deposits and advances made to the Jacksonville, Northwestern & Southeastern Railway of Illinois. Another and small dealer, named S. B. Hard was announced to the Exchange as suspended. The stock market was very much depressed, declining from 1 to 10 per cont in the entire list. Western Union declined 101/4 per cent, the annual report being regarded as unfavorable. GREENBACKS are selling at from % to 1 1/4 por cent premium. It is in contemplation to hold a meeting of the Clearing-Houeo on Saturday, and, if possible, to resume the payment of legal-tenders, which action, it 18 thought, will restore matters to their normal condition. THE NATIONAL TRUST COMPANY will resume on Monday. [To the Associated Press.] GIBBON, CASANOVO & CO. NEW YORK, Oct. 9.-Gibson, Casanovo & Co., stock brokers, say their suspension 18 our of the results of the recent panic. The depositors drew out their funds, and securities became unavailable. People indebted to the house were unable to pay, and in some cases failed. Added to this, a large amount of capital was locked up in a new railroad. They express the bolief of their inability to pay in full. NEW YORK, Oct. 0.-A Washington special eays Owing to the small receipts from the revenue, Treasury officials say that it will be necessary to issue 88,000,000 or $9,000,000 of the $44,000,000 reserve, to meet the current expenses of the Government for the present month."

19. October 14, 1873 The New York Herald New York, NY
Article from The New York Herald, October 14, 1873

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AFTER THE STORM. The National Trust Company Resume Payment-Action of the Clearing House in Regard to the Bank of the Commonwealth-The Union Trust Company to Resume. The National Trust Company, at the corner of Broadway and Warren streets, resumed payment yesterday. The rush at ten o'clock, when the doors were opened, was very great, but when the depositors saw that all checks were promptly paid, many of them went away without drawing their money. During the day about $300,000 was paid out. Fifty deposits were also received. Mr. D. P. Mangen, the President of the company, said in conversation with a reporter of the HERALD, "We have paid out only comparatively small amounts, and not more than one-third of what we expected to pay out today. You see how many people there are outside waiting for their money, but you must remember that we have about 2,800 depositors, so that it is but a small line after all. Our company is as safe and as sound as when we first stopped. We are able to pay every dollar deposited with us, and have neither sacrificed any stock nor sold any securities at a loss. The majority of checks drawn have thus far been only for a portion of the accounts of the respective depositors. This is proof that we still have the confidence of the public." The Bank of Commonwealth, which is in the hands of a receiver-Mr. Isaac N. Barley-was expelled from the Clearing House Association yesterday. A meeting of the association was held at the Merchants' Bank, and the report of the Special Committee on the Bank of Commonwealth was read confirming the statement of the receiver and refuting the charges of Mr. Ellis, the former President, who had denounced the receiver's report as an ex parte statement. The report was adopted, so that the bank will go into liquidation. There was a rumor yeaterday that the Union Trust Company intended to resume business. The only foundation for this rumor was that the Examining Committee was to have held a meeting yesterday afternoon. The committee 18 composed of Augustus Schell, Freeman Clark, S. D. Fairchild, J. B. Johnston and J. M. McLane. There was no quorum, and nothing could therefore be done. Both Mr. Schell and Mr. McLane assured the reporter that the company would resume payment at an early day. Mr. McLane thought they would probably be able to resume before the 1st of December, as the affairs of the company were in a very good condition.

20. October 14, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 14, 1873

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NEW YORK CITY. New YORK, Oct. -The trial of EdS. Stokes was resumed this morning, but up to noon no additional jurors had been obtained. Mrs. Charles Backus, formerly Kate Newton, a well known actress, died here yesterday. Her funeral will take place Wednesday. The Federal Council of the International Workingmen's Association had a meeting yesterday, when the Committee on Cheap Transportation recommended as the best meaus of facilitating transportation, the opening of a large water way under the control of the Government, at rates covering running charges and repairs. A committee was appointed to wait on Mayor Havemeyer, to see what could be done about modifying the contract system, so as to give 5,000 persons, who were last year depending on the Commissioners of Charities, some means of earning their own bread. The committee reported that he would do nothing, and that he said he did not care if one million of people were without a chance of earning a livelihood this winter. The steamship George W. Clyde, at Key West, October 8, from Galveston for New York, reports that during the severe hurricane of the 6th, Capt. Cole, the second officer, chief engineer and one 3eaman, were washed overboard and drown. ed. The failure of P. H. Stevens has been announced this morning at the Stock Exchange. A Washington special says that the German Minister has just received intelligence.from Berlin, stating authoritively that Mme. Von Bismarck is not only not dead, but is not sick. The story was probably invented by the Ultramontainists to coincide with the arrival of Victor Emanuel at Berlin, SO it will appear that Bismarck had suffered this affliction for the King of Italy. The National Trust Company resumed business to-day, paying the depositors in certified checks on the Central National Bank, their Clearing House Bank. The Union Trust Company has not yet begun to pay depositors. The Delegates of the Evangelical Alhance Conference left this morning for Philadelphia. A short stay will be made at Princeton where the delegates will be received by President McCosh and laculty of Princeton College, and distinguished residents of the place. Judge Blatchford to day modified an injunction sufficiently to permit Blaker Bro's. & Co., to sell securities held as collateral for money loaned to G. Bird, Grinnell & Co. This decision may throw on the market 10,000 registered Lake Shore & Michigan Southern registered sinking fund bonds. Nine jurors have been obtained in the Stokes case. The Grinnell injunction case was modified on condition that Blake, Bros. & Co. file a sworn. statement of sales in the Clerk's office of the U. S. District Court in Bankruptcy, to await such action as an assignee in bankruptcy may take, providing such assignee be appointed to collect and distribute the assets of Grinnell & Co. In the case of the colored men against Wallack, for the refusal of admission to the Orchestra circle of his theater, Jodge Barrett to-day allowed the defendant to put in an unverified answer. It is reported that ex Governor Hoffman will be nominated by the Democrats for Congress as a successor to James Brooks. The leading houses in the piano trade to-day deny any intention of reducing the wages. A few of the small houses have ceased operations for a short time, owing to their inability at present of making collections. Two thousand three hundred emigrants arrived to day.

21. October 17, 1873 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, October 17, 1873

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toms, $188,089,522; internal revenue, $113,729,314; lands, $2,882,312; miscellaneous, $29,037,055. Receipts from customs have decreased since the report of last year about $28,250,000, and those of internal revenue, $16,900,000. The increase from miscellaneous sources was about $4,500,000, and that from lands, $300,000. The net expenditures on account of. the War Department were $46,000,000, and the Navy $23,000,000, against $36,000,000 for the War Department last year, and $21,000,000 for the Navy Department. Expenditures for diplomatic service have decreased about $300,000, and those for the judiclary have increased about the same amount. Expenditures on account of the public debt were $843,555,945, against $529,324,414 last year, a decrease of $185,767,469. The balance in the Treasury June 30, 1873, was $131,178,137. which differs from the figures of the Secretary and Register $161. The conscience fund, during the fiscal year, independent of the Congressional back pay, was $25,551, making the total receipts from December, 1863, $154,695. In addition to this, the sum credited to this fund on account of back pay, was $196,513. During the year there was received from the United States of Colombia, $114,307. The Treasury holds from National Banks, to secure circulation, $309,410,550. and to secure the Government deposits of $15,560,000-an increase in the first item of $10,000,000 over last year, and a decrease in the latter of $200,000. The business of the Treasury, transacted through National Banks, was $114,000,000. A special from Shreveport, La., of the 9th, says the back-bone of the pestilence had been broken. Rev. Father Leasont, Secretary of the Bishop of Natchitoches had died, making the fifth priest of the diocese who had been stricken down by the scourge. The number of deaths from the fever on the 9th had been The in little of on very ten. pestilence signs abatement Memphis had the shown 9th. Fifty-six nurses had been sent from New Orleans. Several of the first citizens of that city had died during the day. A New York dispatch of the 9th says that currency had become more plenty, and that currency payments would soon be resumed by the various banking associations. The National Trust Company had decided to resume in-full on the 13th. Gold sold as low as 108% for greenbacks. The firm of Gibson, Cazenova & Co., had failed. John T. Irving, who acknowledged to a San Francisco detective that he could indicate the murderers of Nathan, had reached New York. A dispatch from Reading, Pa., of the 9th, announces that Bushing & Bro., of that city had suspended, with liabilities amounting to over $2,000,000. A Washington dispatch of the 9th to the Associated Press says that the Treasury reserves had been drawn upon to the extent of $3,000,000 to meet the current expenses of the Government.

22. October 17, 1873 The Fremont Weekly Journal Fremont, OH
Article from The Fremont Weekly Journal, October 17, 1873

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NEWS ITEMS. Horses are scarce in Europe. The Canadian crops are reported good. The colored population of Washington is 8,532. The Azores Islands are styled a paradise in mid ocean. The estimate of the corn crop this year is 177,000,000 bushels. The prices of products will ad vance fifty per cent this fall. The tobacco crop of Ohio this year is estimated at 30,000 hogsheads. John Johnston considers the old worm fence the cheapest for the farmers. An Iowa preacher at a donation lately got beans enough to last him 30 years. Yellow fever of a very malignant type is still making fearful ravages at Memphis. New York sheep men are abandoning the Merinos for the Cots. wolds and Downs. One thousand emigrants settled in Georgia last year, but 20,000 of her citizens left the State. Complaints of a stagnation of business come from the lumbering regions of the far North-west. A "honeymoon car" is now run on the Pacific Railroad for the accommodation of bridal parties. In boring an artesian well at Rives, Mich., recently, a solid oak log was struck 146 feet below the surface. The difference in value between gold and greenbacks since the panic is less than at any time since the war. A Peoria man claims to have a stone that Washington threw at a wood-pecker on his father's cherry tree. The National Trust Company of New York has resumed business. The Union Trust Company will soon follow. Eight million feet of white birch lumber is annually cut in Maine and sold to manufacturers of spools and shoe pegs.

23. October 18, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, October 18, 1873

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Saturday, the third day of the financial panie, was an intensely N exciting one in Wall street-so much SO that it was found necessary to close the Stock Exchange, and to pass a rule forbidding the members from making any transactions in stocks either on the street or elsewhere prior to the regular session of the Board on Monday. A large number of additional failures were reported, among them the Union Trust Company (the cashier of which was said to be a defaulter to 'the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Seeretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the

24. November 8, 1873 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, November 8, 1873

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The Union National Bank of Chicago, which took the initiatory steps towards going into voluntary liquidation some time since, on Oct. 14 again opened its doors mild and resumed business. All the banks and bankers of Cincinnati resumed currency payment, Oct. 13. The suspended National Trust Company of New York resumed payment Oct. 13.