15684. Continental National Bank (New York, NY)

View Charter #1389 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1389
Charter Number
1389
Start Date
May 13, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
4d46b884

Response Measures

Full suspension

Other: Suspension appears tied to market crash and failures of brokerage firms (Dyett & Co., Hatch & Foote, etc.).

Description

Multiple newspapers (May 13–15, 1884) report the Continental National Bank refusing to certify a large block of checks (about $200,000 of $700,000 presented by the brokerage A. Dyett & Co.), producing excitement in banking and Stock Exchange circles. There is no clear statement that the Continental suspended or was placed in receivership; later reports indicate the brokers would deposit cash and checks would be paid. Classified as a run-only episode (heavy withdrawals/withdrawal pressure without suspension).

Events (1)
1. May 13, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Large checks presented by the failing/ distressed brokerage A. Dyett & Co.; concern about over-certification and exposures (connections with John C. Eno/Second National) led the Continental to refuse certification and customers to be anxious.
Measures
Refused to certify certain checks (about $200,000), required deposit of cash/securities from the brokerage; declined to assume further risk for A. Dyett & Co.
Newspaper Excerpt
the stock commission house of A. Dyett & Co. drew checks on the Continental National Bank...the bank refused to certify some of these checks to the amount of about $200,000, ... caused some excitement in banking and Stock Exchange circles.
Source
newspapers

Newspaper Articles (4)
1. May 14, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 14, 1884

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Article Text

WARD'S VILLANY. Col. Fred. Grant Classes His Family as Fools and Denounces Ward. NEW YORK, May 13.-Col. Frederick Grant said to-day, in an interview with a reporter: "When I first came to this city from Chicago I had about $57,000. I was introduced to Mr. Ward, and after a short acquaintance he asked me to join him in a speculative venture which turned out to be successful. Atter that he proposed a partnership, and eventually my brother and myself entered into a partnership agreement. It was represented that Ward & Fish were worth $250,000 each. Ward had charge of the books and safe of the firm, and in fact everything was intrusted to him by the other members of the firm." Col. Grant closed with this remark: "I admit that I have been a fool; so has my father, the General, and my brother, and there is nothing too strong to say against Ward at this moment." NEW YORK, May 13.-The Tribune of Wednesday will say: "The Directors of the Marine Bank held an informal meeting Tuesday morning, but did not remain in the bank afterward as on previous days since the failure. President Fish was at the bank for a short time only and was accompanied by Col. Fellows. A rumor that he was in custody was circulated but was contradicted positively by his son. ALMOST ANOTHER CRASH. The World of Wednesday will say: 'The stock commission house of A. Dycett & Co., at No. 80 Broadway, drew checks on the Continental National Bank, Tuesday, to the amount of about $700,000. During the day the bank refused to certify some of these checks, to the amount of about $200,000. and this fact, in connection with circumstances which led to it, involving the names of John C. Eno, and the Second National Bank, caused some excitement in banking and Stock Exchange circles. The recent disclosures about over certification of checks have made banks cautious. Thus yesterday the Continental declined to assume any risks for Dyett & Co., who have been old and heavy depositors. It has been stated that Mr. Eno had involved the Second National to the amount of $2,000,000, and that the bank would have been obliged to suspend had not Amos R. Eno come to the rescue and made up to the bank the amount of his son's losses. Dyett and Morton, of the firm of Dyett & Co., said that they would be all right to-day. They said they had deposited $960,000 worth of securities with the bank. To-day they will deposit the necessary cash and checks will be paid. They declined to make any statement in regard to Mr. Eno whatever. Mr. Eno made a sweeping denial of all reports." Late to-night it was made known that President Eno, of the Second National Bank, has resigned. The directors announce that all losses have been made good, that the capital is intact, and that the bank is prepared to meet its obligations on demand.

2. May 14, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 14, 1884

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Article Text

ALMOST ANOTHER SMASH. Close Call fora Bank President and the Stockbroking Firm of A. Dyett & Co. NEW York, May 13.-The World to-morrow will publish the following: "The stock commission house of A. Dyett & Co., No. 80 Broadway, yesterday drew checks on the Continental National Bank to amount of $700,000. During the day the bank refused to certify some of these checks to the amount of about $200,000, and this fact, in connection with circumstances which led to it, involving the names of John C. Eno and the Second National Bank, caused some excitement in banking and Stock Exchange circles. Recent disclosures about overcertification of checks have made banks cautious, thus yesterday the Continental Bank declined to assume any risk for A. Dyett & Co., who have been old and heavy depositors. "The principal rumor on the street yesterday was one which affected the credit of the Second National Bank, No. 190, Fifth avenue, and of which John C. Eno is president. Mr. Eno is a son of Amos R. Eno. the principal owner of the Fifth Avenue Hotel, who is estimated to be several times a millionaire, his money being chiefly invested in real estate up town. It has been stated that Eno had involved the Second National to the amount of $2,000,000, and that the bank would have been obliged to suspend had not Amos R. Eno come to the rescue and made up to the bank the amount of his son's losses. The report that the bank was in trouble was denied early in the afternoon, but when it became known that the firm of A. Dyett & Co. was in trouble it was remembered that Jno. C. Eno was one of the principal customers of the firm, and this gave rise to further speculation as to the extent Eno had become involved in the rapidly declining stock market. At the office of A. Dyett & Co., in the basement of No. 80 Broadway. there was an anxious throng of creditors all afternoon. Late in the day Dyett returned from the bank At first, members of the firm. Arthur Dyett and A. R. L. Norton, declined to make any statement, but finally they were pursuaded. They will be all right to-day. They said they had deposited $950,000 worth of securities with the bank. To-day they will deposite the necessary cash and the checks will be paid. They declined to make any statement in regard to Eno whatever. This gentleman was at the office of Dyett & Co. up to 6:30 last evening. He was also in the adjoining office of Goff & Randall, through whom he is believed to have carried on some of his operations. Mr. Eno made a sweeping denial of all reports." The board of directors of the Second National Bank held a meeting to-night at the bank. After several hours' session the following announce ment was made: The board of directors of the Second National Bank take pleasure in informing the public that whatever loss has been incurred has been made good, that the capital is intact. and the bank prepared to meet its obligations on demand. O. D. ROBERTS, Cashier. It is also learned that John C. Eno, the president, has resigned, and James A. Trowbridge appointed in his stead.

3. May 14, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 14, 1884

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Article Text

his father to keep away. The father again started towards him, and the pistol was discharged accidentally. Emphatically Denied. New YORK, May 13.-The story curin Wall str et that there has been rent detal ation of $2,000,000 in a national bank, % is emphaticaly denied by the officers of the banks. Colonel Fred is Interviewed. NEW YORK, May 13.-Colonel Fred Grant said in an interview with a re" When I first came to this city I from porter, Chicago I had about $75,000. introduced to Mr. Ward, and after to was short acquintance he asked me which a him in a speculative venture, be join turned out successful. After that proposed a partnership, and eventually into a brother and myself entered partner-hip my agreement. It WHS repre worth sented th it Ward and Fish were of the $250,000 each. Ward bad charge fact loke in I safe of the firm, and in and everything WAS entrusted to him Col. other members of the firm." I ad Grant the closed with this remark my that I have been a fool, 80 has father, mit the General, and my brother, say and there is nothing too strong to against Ward at this moment." The Copiah Murder Trial HAZELHURST, Miss., May 13.-Erastus Wheeler, defendant in the Copiab Wedmurder B. trial, testified: "On the teld me before the killing. Scott intended nesday that Matthews said he over. twice kill me before the election was beto went to the polls 15 or 20 minutes in I the election. I took mv Matthews gun through fore a window before Mat I said, Good morning, and CAME. He came in fro t of me 'I thews.' 'What do you know?' I said, you sud, damned sight of something back know think a I know.' He walked was a don't forth 1 little, and said he there. and and had a right tostay ticket challenger 84 Matthews handed his his As soon started toward me. He drew got m. in be and turned. I had not his gun pistol to my shoulder when he fell, pistol at his stde." Movements of Cubans. WEST. May 13.-Castro has of left the KEY either for Nashus or some himself here. keys. ide disguised moustache thoroughly, opper shaving off his a conwhiskers. He took with Several him Coand sum of money. Cubans siderable missing. Some of the The anbans are that they have land d captured. claim believe they will be Four thorities have been coming here. cases. Arms it is gaid, in organ to lead lots hope eame, of Cubins seems to be when The into Cuba. this country look for the windependence of independence of independence of independence of mon y they are raising activhere, They and there seems to be some ity among the leaders. No Discrimination. May 13 - The Governor insurance has BOSTON, the bi to prevent life against companies signed from discriminat ng colored people. kumors About the Banks. YORK, May 13.-From commission the World NEW Wednesday: The stock Broadway, of of Dayett & No. 80 Continenhouse drew checks on the amount of yesterday National Bank, to the bank re tal During the day the checks $700,000. certify some of these fact, to in fused to of $200,000, and this which the amount with of connection led to it involving the names National had Eno and the Second bankJohn C. caused some excitement circles. in ReBank, and Stock Exchange certificates ing sclosures about over cautious. cent a have made banks il de on checks yesterday, the Continent Dayett Thus, assume any risks on A. heavy olined & Co., to who have been old and depositors. principal rumor on the street credit yesThe one which effects the 190 Fifth terday Second was National Bank, C. Eno is of the and of which John that Eno avenue, It has been stated to the President. involved the Second National the bank had of $2,000,000, and that suspend had Amount have been obliged to are fath would R. Eao, his million made up to not Amos to the reseue and losses. er, came the amount of his son's trouble the ank that the bank afternoon, was in but The report early in tue Dayett & was denied because known that remember A. d when it in trouble it was the princiCo. were C. Eno was one of this gave that customers John of the tirm, and to the expal further speculation as become inrise to which Eno bad declining tent to in the rapidly firm of volved market. Members of Norten the said stock Dayett and 1. R. L. worth of Arthur deposited $960,000 they they had with the bank. Today and the securities the necessary cash declined to will deposit will be paid. They in regard checks statement whatever at the make Eno. any This gentleman was to 6:20 last office to of Dayett & also Co. in up the adjoining evening. He was ndall. through whom

4. May 15, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 15, 1884

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Article Text

WALL STREET. The Scenes of "Black Friday" Nearly Repeated. SEVERE CONTRACTION OF LEADING STOCKS Result in the Announcement of Numerous Failures. THE METROPOLITAN BANK TO OPEN FOR BUSINESS THIS MORNING. More Hopeful Reports of the Situation. INCIDENTS OF A DAY LONG TO BE REMEMBERED. How the Markets of the Country were Affected. GENERAL GRANT AND HIS SONS FINANCIALLY RUINED. NEW YORK, May 14.-Not since Black Friday has Wall street presented such scenes those that were witnessed in)thelvicinity of the StockiExchange this morning. The market, which has been so steadily falling off for days, opened the continued erder, and depression reigned supreme. Sudden. lya failure was then came another and another until five well known and eminently re spectable firms were posted having succumbed to the condition of affairs. The names of O. M. Bogert & Co., J. C. Williamson, Goff Randall, Nelson, Robinson Co., and Hatch & Foote followed in quick succession, the failure of the last named being published 11 o'clock. The street was growing wild. Men and boys were rushing and fro, forcing their way through the crowds that gathered on the sidewalk and in the middle of the street. Wall street, New street, Exchange place and Broad street were filled with excited people anxious to get all possible The offices of the unfortunate firms were filled with masses of people that made ingress and egress alnost impossible. In front of Hatch & Foote's office in Wall street the crowd was 80 great that the stages turned into side streets to get to and from Broadway. People asked one another "Is this another Black Friday?" Nobody seemed able to answer. Old men shook their heads grave anxiety and the young ones were for once silent and perplexed. Messenger boys were hurrying bither and thither, and some women who were evidently on tour of inspection through that part of the city, asked their escorts to leave the apparently growing bedlam. The cause of the failures is generally put down depression the market. The principals of the respective defunct houses had little or nothing to say about their affairs. Mr. Foote, of Hatch & Foote, said "Our failure is entirely due to the shrinkage in stocks There is no other cause." He voiced the sentiments of his colleagues. It was impossible to get even an approximate idea of the amount of liabilities or assets. O. M. Bogert Co. give preferences for $86,000. Later was stated that Hatch & Foote's failure was precipitated by the action the Phoenix Bank in refusing to certify their checks. (10.30 M.) The scene at the Stock Exchange was one of intense excitement this morning. There was rush to sell stocks partly for the of brokers who soon their inability to meet their engagements. Before 10.15 m., Nelson, Robinson & Co., and Goff Randall their suspension the Stock Exchange. There was drop in prices of to 5% per cent as compared with yes. terday' closing, the dow ward being accelerated by rumors that several bull pools were being foreed liquidate. AS compared with last night, Louisville and Nashville broke 5% to 35, Western Union 3½ 511/2, Union Pacific 2% to 43, Northern Pacific preferred 31/8 to 47, Pacific 39, St. Paul 21/4 Lackawanna 1% to Northwest TransconOregon 1% 1051/2, tinental toll, Pullman Palace Car 104 and Canada Southern There was of 1 per but 10.30 the market began to decline Dyett again. issued the following notice: Wm. Heath Co., will settle with of the Stock Exchange for stock bought, sold, borrowed or loanby previous (10.35 M.) O. M. Bogart have nonnced their sus pension the Stock Exchange. The Chairman the Stock Exchange has announced from the rum that the National Bank is solvent confidence. and worthy Messrs. Nelson, Robinson & Co., announce that all active stocks carried by them were day good prices, and people carrying them in loans need not alarmed, show their books, proving that money ole them. The New York Clearing House has received the following from National Bank Examiner Schriba: investigation of the Second Bank I find ely sound Iliams has announced bis suspension at the Stock Exchange Hatch Foote have announced their suspension at the Stock Exchange. Friends Dyett say that they will protect their This will them from the anticipated failure. M.) The share market at this time ragged, some stocks showing sharp recovery, while are the at lowest the day. The failures have stopped for the moment, bnt the thick with rumors further suspensions. Few know precisely where they stand, and the situation Bogart Co. have assigned to John Wheelpreferences $86,000. All stocks ateed by Nelson, Robinson Co., are good delivery. 11.45 M.) The Metropolitan Bank has just suspended. Doors shut tight. Mr. Geo Seney president. The bank was 8500 debtor at the clearing house this morning. last week's statement to the clearing house, the Bank figured for the following items: Loans, 79,000; tender, $491, deposits, $8,425,000 (The Metropolitan one largest national banks country. capital stock is $3,000, has by returns about Its between and George Senev president, failure of Nelson, Robinson brokers, the immediate cause the bank. Nelson. that firm, a son-in- of President Seney.) (11.50 A.M.) Secretary of the Treasury Folger is in town, and he has teleg aphed dering the immediate yment of the 127th call for bonds. necessary, 000. he order another call for $10,000,The Secretary further promises that such steps shall be taken as will the present situation. (NOON.) The financial complications of the past week, supment plemented of the by Second the revelations National Bank the manage in the resignation the president, has brought about eeling financial situation that at the opening business the Exchange this morning. that disaster imminent. Before long one failure after was announced, firms until had announced their suspension, and the Metropolitan been National Bank had closed doors the its president, Geo. has Seney, prominent most speculators the Exchange, and was rated high world. The failure Hatch Foote likely involve some country nrms, they held accounts of many private bankers side lew York, well Westand South. Secretary Folger, who the city has telegraphed to take bonds of the call on presentation. The bonds intil not are June due Money per cent. good collateral. Prime mercantile paper about 406% per cent. (times are too unsett any correct ver Foreign exchange weak rates. Governments lower. State bonds dull. Railroad bonds 1/2@5 cent. lower. Stocks weak and demoralizhd. Holders making efforts obtain cash for their stocks, and the bulk sales are way The greatest decline prices was per cent. This Missouri cific touched slightly betfeeling as we write, and Missouri Pacific is up to 701/4 meeting of the Clearing House Association has been 1.30 m. today, to consider the financial situation The banks are crowded with anxious depositors and is simply impossible to get near any one in The Board Trade bulletins the suspension the Continental National and Second National, both New York, but Bos ton bank men reports. The Conti nental has capital ,000,000 and deposits and Second National capital deposits Bogert Co's failure is considered most important they have been large dealers in and paper. They dealt a solid in privihouse. Broad aud New streets, surrounding the Stock Exchange are filled with surging masses, and the trading room crowded to repletion. The excitement manifest on sides almost unprecedented. door the Exchange and though there but little new business done the sales for the account suspended firms make show business. the situation decided panicky and further failures are looked for Distrust the most prominent feature and the banks scrutinizing accounts. Phoenix Bank fused checks of Hatch Foote, and this was immedi has cause their suspension. Secretary has been the Sub- Treasury all morning and has been visited almost the prominent financiers treet. expresses ination use the the ernment to the limit panic, his authority. will act promptly (NOON.) At this hour Wall street is one mass of people from Trinity Church lustom House both sidewalks and carriageway being impassable manity are closed denser, and many disconsolate faces doors.