19369. Security Trust Company (Pittsburg, PA)

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
trust company
Start Date
September 22, 1873
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
bc617a2e

Response Measures

Capital injected, Full suspension

Description

Multiple articles report a run triggered by falsehoods/AP telegram linking James T. Brady (and indirectly Jay Cooke) which produced a run and led the Security Trust Company to suspend on 1873-09-22. Although papers reported plans to resume in late Sept. 1873, the company later made a voluntary assignment and appraiser's report was filed 1874-01-19, indicating permanent closure/assignment. OCR spellings (Pittsburg) preserved as in sources.

Events (4)

1. September 22, 1873 Run
Cause
Rumor Or Misinformation
Cause Details
A sensational Associated Press telegram and circulating falsehoods (linking Brady with Jay Cooke & Co.) caused a run on local banks including Security Trust Company.
Random Run
Yes
Random Run Snippet
Sensational AP telegram linked Brady to Jay Cooke; falsehoods caused run.
Measures
Placed notice of suspension; suspended payments (closed doors) in response to run.
Newspaper Excerpt
As the result of falsehoods published in regard to this bank, causing a run on it, we have suspended.
Source
newspapers
2. September 22, 1873 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed an immediate run provoked by false reports/AP dispatch about connections with Jay Cooke and failing houses.
Newspaper Excerpt
The Security Trust Company, of this city, suspended today.
Source
newspapers
3. October 2, 1873 Other
Newspaper Excerpt
Brady & Co. owed the Security Trust Company ... a settlement was effected with that company yesterday by Mr. Brady giving notes for the full amount ... paid his indebtedness to the Security Trust Company with these private properties as security. A settlement with creditors was made on the same basis as with the Security Trust Company.
Source
newspapers
4. January 19, 1874 Receivership
Newspaper Excerpt
The appraiser's report in the matter of the voluntary assignment of the Security Trust Company, of this city, which suspended during the late panic, was filed in the Prothonotary's office to-day.
Source
newspapers

Newspaper Articles (17)

Article from New Orleans Republican, September 23, 1873

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WHOLE NUMBER 1983. millions on the thirty and sixty dav rule, and only require oneis paying sums of over $100. The State reets toSavings Institution crowd is very quiet and ery one orderly. The late reports, public and priresident vate, from New York, appear to have had day. It the effect of lessening the anxiety. resident Meeting of National Bank Presidents. im, he A meeting of the presidents of national and the banks was held to-night to discuss the finaninstead cial situation in New York and here. There narrow was a general feeling that affairs were in much better condition in New York than on Saturday, and it is thought the worst is t at the over. It was the unanimous opinion that there is no reason to fear any trouble, but it was agreed that in the event that any at the should arise the banks will stand by each d been other to the end. The disposition shown was in this morning to "run" the savings banks rith the was less marked this afternoon, and there 1. The was apparently very little excitement or paying alarm among the people. Run ou the Trenton Bank. bonds TRENTON, N. J., September 92 -There to this was a run on our Savings Bank to-day. The directors claimed two weeks notice, acof the cording to their charter, and took the grantnames of all who wanted their money. erty of They are amply able to pay every dollar. telphia, Our regular banks were also called upon by a few depositors, and paid them promptly. heir acEach of the three banks in Trenton have a to the surplus of over $100,000. rm deCanada Railroad Embarrassed. ill due. Sr. CATHARINES, Ont., September 22.ged in of that The Canada Southern Railway Company have, owing to the financial crisis in New York, been obliged to cancel all their contracts for the present, and have ordered the ational discharge of all their workmen not emestigathis afployed on regular trains running over the road. all corof the A Pittsburg House Suspended. fy all PITTSBURG, September 22. - James T. r keepBrady & Co., brokers, and the Security dollar. Trust Company, of this city, suspended to-day. c


Article from Nashville Union and American, September 23, 1873

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York Gold Exchange has just been bulletined. This news is accepted 198 an indication of the gravity of the financial situation, and the market for American securities is again depressed. Philadeiphia Quiet [Down. PHILADELPHIA, Sept. 22.--Philadelphia banks no action have taken of with legal regard tenders to issuing certificates in place for settlement at the Clearing House. There is a much better feeling on the street to-day, notwithstanding wild rumors from New of of distrust reached when There York these of were s rumors feelings suspension all here, the manifested but banks. their denial soon made matters quiet, and the Stock Board became firm. The run on savings banks has ceased, and the National Banks experience no unusual demand for capital. Ran on Chicago Savings Banks. CHICAGO, Sept. 22.-There is considerable of a run on some of the savings banks here are back the and sixty resolution upon to-day. adopted thirty They here yesterday adhering day rule, to to and fall the are only paying sums of less than $100. The largest assembly appears to be gathered at the State Banking Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had an effect to lessen the anxiety which was manifest this morning among many bankers and business men. Western Grain Market Stalled, MILWAUKEE, Sept. 22.-The Chamber of Commerce at half-past twelve to-day passed a resolution to adjourn until Wednesday, and no ueliveries of grain shall be made while the Chamber stands adjourned. It was also resolved that no trades in grain made between members during adjournment shall be recognized by the Chamber. Arkanas "Money"- Tempest in a Teapot. LITTLE Rock, Sept. 22.-On account of the financial panic North, the banks here today refused to take city money, (a home currency which has been in circulation at par six years) and as a consequence the greatest excitement prevailed. This money has always been received the same as greenbacks, but the refusal of the banks to take it this morning created wild excitement. A meeting of citizents was held this evening, at which it was resolved to take the money as usual. The general impression is it will be over by to-morrow, and the money be taken as usual. Buffalo. BUFFALO, Sept. 22.-H. W. Burt & Co., private bankers, closed this evening. Pittsburg. PITTSBURG, Sept. 22.-James T. Bradley & Co., bankers, and the Security Trust Company, of this city, suspended today.


Article from The Daily Dispatch, September 23, 1873

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senior partner, has disappeared, causing great anxiety to his famile and friends. Search has been made in fall directions. CHICAGO. CHICAGO, September 20.-The Franklin Bank, a private banking institution, closed its doors to-day, being unable to settle at the clearing-house. The amount short was only $9,000. The vice-president of the concern says the embarros-ment is only temporary. CHICAGO, September - There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back on the thirty and sixty-day rule, and are only paying sums of less than 8100. The latest reports, public and private, from New York appear to have had the effect to lessen the anxiety. BALTIMORE. BALTIMORE, September 21.-While the excitement in the New York market is watched with interest, and the brokers' offices have been visited by crowds to observe the sway and wreck of stock prices, everything has gone on calmly, and business is done at our banks in the usual way. Money continues at 10 to 12 per cent. for best paper on the street, though negotiations are limited, and are for strictly business en. gagements. IOWA. BURLINGTON, IOWA, September 20.-The Orchard City Savings Bank suspended at 12:20. PITTSBURGH. PITTSBURGH, PA., September James T. Brady & Co., bankers, and the Security Trust Company. of this city, suspended today. THE FEELING IN ENGLAND. The London Times says: " In view of the extraordinary prosperity of the United States and the high price of Government bonds the present must be regarded as a simple effort of the financial system to get rid of its dishonest element." The Daily Telegraph says stick local trouble as suspensions in New York seems to be merely the rank outgrowth of exuberant prosperity, ond accessories to progress which does not for a moment halt. LONDON, September 22.-5 P. M.-Much anxiety is manifested on all sides to hear further news from New York. Jay Cooke and McCultoch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in the Stock Exchange is one that the Bank of England holds $300,000 of Jay Cooke & Co.'s acceptances, and that the Roth-childs have $1,000,000 of. the same paper. LONDON, September 22.-4:30 P.M.10-40's are quoted at 904; new 58,911; Eries, 45. 5:30 P. M.-A dispatch announcing the closing of the New York Gold Exchange has just been bulletined. The news is accepted as an indiction of the gravity of the financial situation. and the market for American securities is again depressed.


Article from The New York Herald, September 23, 1873

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BANK SUSPENSION IN PITTSBURG. The Result of a Sensational DespatchThe Security Trust Company and the House of James T. Brady & Co., Suspend-No Panic and No Uneasiness Felt. PITTSBURG, Pa., Sept. 22. 1873. The effects of the financial furry in New York reached here this morning and resulted in the suspension of the banking house of James T. Brady & Co. and the Security Trust Company. The first named are private bankers and have been dealing extensively in railroad and other stocks. About ten o'clock the following placard was strung on the door of their banking house on Fourth avenue:As the result of falsehoods published in regard to this bank. causing a run on it, we have suspended. Mr. Brady assigns as a reason for the run which caused his suspension the publication of a sensa" tional telegram by the Associated Press to the eflect that he was involved with Jay Cooke & Co. Creditors of Ready & Co. will meet in a day or two,


Article from Chicago Daily Tribune, September 23, 1873

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PITTSBURGH. Special Dispatch to The Chicago Tribune. TWO BIGNIFICANT FAILURES YESTERDAY. PITTSBURGH, Pa., Sept. 22.-There have been two failures here to-day, those of James T. Brady & Co., cornor of Wood street and Fourth avenue. and the Security Trust Company. James T. Brady & Co. woro badly spoken of on the streets on Saturday. Their failure is owing to largo drafts upon them by country correspondonts, which is a business they largely courted. As soon as their suspension was announced, an immense crowd gathered in the vicinity. They had a great many small depositors, who made a great clamor to get in. Howover, the police wont on the ground and preserved order. Immediately after the Brady-suspension, THE SECURITY TRUST COMPANY CLOSED its doors. It is a now institution, and is officered by somo of the wealthiest mon in the city, David Grogg being its President, and B. L. Falinestock ono of its Directors. It is said that they were largely interested in Brady & Co.'s. Immediatoly after these suspensions, the Bank Presidents met, and resolved to stand by one another and to 800 every bank out that had collateral scourities, provided a run should be made upon it. The day has been quiet. THE UTMOST CONFIDENCE IS EXPRESSED in our banks. Brady & Co. state it was the evil rumors that caused them to suspend, as it made a run upon them which they at present could not meet. The Security Trust Company has yet made no statement. Its liabilities are not very great. The amount of Brady & Co.'s liabilities are said to be large, but it is believed that there are amplo assots to meet them, if they can only be made available.


Article from The Wheeling Daily Intelligencer, September 26, 1873

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[Signed Citizen's Bank N. o. Nt Bank Bank America Union Ntl Bank Germania Nu Bank Ntl Banking A TeutoniaN Bank Canal Bank Mutual Ntl Bank Louisiana Ntl Bank America Hibern an Ntl Bank People's Bank Bank of Lafayette State Ntl Bank Fike Bro &Co, bankers Clearing house certificates at the rate of 75 cents on the dollar will be issued collaterals deposited by banks and certified checks. Clearing house checks will be used instead of currency. STATEMENT FROM CLEWS & CO. NEW YORK, Sept. 25,-Henry Clews & Co. state that the liabilities which their London house describes as incurred on the account of the New York house, are largely acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom draits will be returned and who will meet them, being prepared to do so by having goods placed in their posses sion, against which acceptances were given. The apparent liabilities, there tore. of the London house will be reduced to the extent to which the acceptances under these credits are provided by the parties on whose account they were issued BRIGHTER SKIES AT PITTABURGH-LARGE ARRIVAL OF GREENBACKS. PITTSBURGH, Sept. 25 -It is learned from authentic sources that three hundred and fifty thousand dollars in greenbacks arrived here to day from New York and Washington city Other large sums are on the way which are expected to arrive to-morrow, and there is a well founded hope that the greenback stringency will be over by Saturday morning if not soon er. The entire outlook is more bright and there is reason for saying that the temporary derangement of our financial houses is to be of very brief duration. The run on the various Savings banks has stopped and no new movement of the kind is apprehended. The Security Trust Company is making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days RUMORED ASSIGNMENT AT TOLEDO. TOLEDO, Sept. 25.-The rumor is current o-night that the banking house of Krans & Smith, has made an assignment. A FLURRY AT INDIANAPOLIS. INDIANAPOLIS Sept. Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, end this excitement was heightened at noon by the suspension of the private banking house of Woolen, Webb & Co. Owing mainly to the return of their draits on the suspended Trust Company of New York and public confidence became so shaken that there was quite a heavy run on Ritzingers' Bank and on the Indianapolis Savings Banks by a class of generally small depositors, and some few persons withdrew their money from other banks The First National Bank, instead of closing at the usual hour, kept open an hour later to give any depos itor an opportunity to withdraw his money if he wished, and when it closed it had received moremoney than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds who thronged the streets after the banks had closed in a better state of feeling. and it is now anticipated that there will be no fur ther trouble. The banks previous to the excitement had, after a conference together, decided to go ahead in the usual way, and this determination will be carried out. AMOUNT OF BONDS PURCHASED NEW YORK, Sept. actual dis bursement of greenbacks for the purchase of bonds by the Sub-Treasury, since Sat Furday, is $13,300,000 There is a rumor that the Jersey City Savings Bank closed this morning Hoboken banks are all quiet, and there has been no run on the Savings banks of Brooklyn or this city, to-day. AT SUSPENSION OF A BUSINESS HOUSE ATLANTA ATLANTA, Sept. 25.-The Dollar Sav ings Bank of this city suspended to-day. BANK SUSPENSION AT NEWARK, N. J. NEWARK, N. J., Jept. 25.-The State Bank of New Brunswick suspended to day. This is the bank that was crippled by the irregularities of Appletons cash ier. THE BALTIMORE BANKS TAKING IN SAIL CITY FINANCIAL INSTITUTIONS AND COMMERCE ON A HEALTHY BASIS. BALTIMORE, Sept. 5-The officers of the associated banks of Baltimore met this afternoon and resolved in view of the present financial situation not to pay out money on checks except what may be re quired for legitimate business purposes of the banks and to certify all good checks which can be used in business transac tions. It is confidently believed here that the banks in the city were never in a more sound condition than at the present, and their action this afternoon Is recognized as a prudent precaution against any panic. The mercantile and commercial interests of the city, while suffering in some de gree from the general pressure and tight ness in money are regarded as being on safe and sound basis. The trade fs very limited. The feeling to-day sympathizing with favorable dispatches from New York, is much better than for several days previous, and it is confidently expected that business will soon revive. THE LITTLE ROCK BANKS HOLDING OUT. LITTLE ROCK, ARK., Sept. 5.-The ex citement over the city currency and the reported suspension of banks in Memphis caused unusual excitement. Financial matters are the only topic of conversation. Nearly all the merchants refused to take the city money to-day, and through out the day there was a heavy run on the banks by the depositors. As yet they have met every demand promptly, and claim that they can weather the storm.


Article from The True Northerner, September 26, 1873

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Subsidence of the Panic in New York. NEW YORK, Sept. 22.-Wall street to-day presented a most extraordinary spectacle. It would be difficult, in the necessarily brief limits of a newspaper report, to give a correct idea of the excitement which prevailed. But the excitement to-day was. apparently, of an entirely different kind to the intense anxiety observable on Friday and on Saturday, which had its origin in a condition's universal panic. The streets, that is to say, Wall street and Broad street, were crowded. It was difficult for a pedestrian to thread his way through the different groups which OCcupied the streets and sidewalks alike. Confidence increased as the day advanced, and about 2 o'clock, there was a sudden shrinkage of the lines at paying tellers' windows at the banks and banking houses. The heavy business done all day had been dispatched with all possible speed, and as soon as it was known among the merchants that the purchase of bonds was uninterrupted, and that the rule adopted by the savings banks, of requiring thirty days' notice for the withdrawal of all large sums, was accepted without any disturbanceat the savinkags banks, the certification of money checks was not pressed, and it was evident at the banks that the depositors were beginning to believe that the storm had passed. No embarrassments are expected in any of the private banking firms who have sustained themselves through the late crisis. The suspension of the Union Trust Company is gener, ally attributed to the defaulting Secretary's neglect to call in the $3,000,000 loans ordered on Thursday. According to general report he completely lost his mental balance. and showed no disposition to submit the affairs of the company to inspection. His whereabouts are still unknown. It is currently reported that the company will be ready to resume business in a few days. It is a little remarkable that only one of the Trustees of the Union Company had any money on deposit in the institution, and that, with the exception of two or three, owned but very little stock. This may account for the bad management of the concern. Messrs. Jay Cooke & Co. are out with a card giving names of banks and banking houses who will pay drafts of their correspondents. All drafts against deposits made since the suspension will be paid on presentation. The National Trust Company, which suspended payment on Saturday, state that their liabilities do not exceed $4,000,000, and that the capital and assets of the company exceed their liabilities. The day closes with confidence greatly improved. with a general opinion that the crisis is entirely over. There seems to be no reason why all the banks should not now go along in a quiet and regular manner. A dispatch from Philadelphia announces a subsidence of the excitement in that city. The State Bank resumed payment. WASHINGTON, Sept. 22.-Judge Richardson said this evening that he believed the storm was over, and that quiet and good order would soon be restored in financial and business circles. The President decided to-day to send $20.000,000 from the National Treasury here to Assistant Treasurer Hillhouse in New York to-night, to enable that officer to buy all bonds that may be offered. A dispatch from Pittsburgh announces the failure of James T. Brady & Co., and the Se. curity Trust Company. It is stated that the Canada Southern Railway Company is seriously crippled by the panic.


Article from New-York Tribune, September 26, 1873

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IN PENNSYLVANIA. PHILADEEPHIA HOPEFUL AND TRANQUIL. PHILADELPHIA, Sept. 25.-A. mote hoveful feeling exists here among merchants, and the prices of goods continue very steady. Third-st. is quiet. All the national banks, savings banks, and such of the State banks as did not suspend, pursue business in the usual manner. The Board'of Brokers continues in session and has adopted the following resolution: Resolved. That untiBotherwise ordered certified checks OF due bills on any of the associated basks wilf be received in settlement of contracts between members of the Board. BRIGHTER PROSPECTS AT PITTSBURGH PFTTBBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new movement of the banks is threatened. The Security Trust Company is making arrangements to resume. The officers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days.


Article from New-York Tribune, September 26, 1873

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BRIGHTER PROSPECTS AT PITTABURGH PITTSBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new move ment of the banks is threatened. The Security Trust Company is making arrangements to resume. The of ficers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days. IN TENNESSEE. SUSPENSION OF THREE MEMPHIS BANKS. MEMPHIS, Sept. 25.-There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New-York. The First National and the Do Sote banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. Itisexpected, however, that all the suspended banks will reopen after the panic subsides. 6. p.m.-The excitement this morning over the suspension of the First National Bank was intense. Crowds gathered in front of the bank building in Madison-st. and attempted to break in the iron doors and shutters but they were scattered by the police. The liabilities of this bank are about $400,000, of which $350,000 is due depositors. Among its assets are overdrafts of solvent firms amounting to nearly $100,000. It is believed the bank can resume if able to realize on its assets. An effort is making to have W. W. Thatcher, its own cashier, appointed receiver. The excitement over the suspension of the First National caused a heavy run on the De Soto Bank, and at 101 its doors were closed. Its liabilities are about $150,000, and its officers claim that their assets are ample to meet all demands if they can realize on them. The State National Bank had an abundance of currency, and weathered the storm to-day. The Union and Planters' also endured a heavy run without flinching, as did also the German National, the Bank of Commerce, and the Fourth National. The Freedmen's Bank was compelled to suspend. The check on business is complete, and the planters will necessarily be greatly inconvenienced, as a failure to sell cotton and receive currency and capital will render laborers dissatisfied and unruly. Financial affairs are the all-engrossing subjects of conversation, and little attention is paid to the yellow fever, which is surely abating. PARTIAL SUSPENSION OF THE NASHVILLE BANKS. NASHVILLE, Sept. 25.-The National Banks of this city, four in number, in view of the present state of financial affairs have agreed to suspend currency payments on all balances exceeding $200. The Board of Trade, at a large and full meeting [to-day unanimously approved of the course of the banks and adopted a resolution that merchants and business men would continue to deposit with and aid the banks by every means in their power. A general good feeling prevails among business men, and there are no symptoms of a panic.


Article from The New York Herald, September 26, 1873

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Relief Arriving in Pittsburg. PITTSBURG, Pa.. Sept. 25, 1873. It 18 learned from authentic sources that $350,000 in greenbacks arrived here to-day from New York and Washington, and other large sums are on the way, which are expected to arrive to-morrow. and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is more bright, and there is reason for saying that the temporary derangement of our financial houses will be of very brief duration. The rua on the savings banks has stopped, and no new movements of the banks is threatened. The Security Trust Company are making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterterday, will resume in a few days.


Article from Chicago Daily Tribune, September 26, 1873

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PITTSBURCH. Special Dispatch to l'he Chicago Tribune. PITTSDURGH, Sept. 25.-The financial hurricane has blown over 80 far as this city lu concerned. No more failures occurred to-day, and confidence seems to bo returning in right good earnest. The Security Trust Company, which suspended on Monday, and the Lawreuce Savings' Bank, which closed yesterday, have not yet resumed, but there is ample evidence of sufficient security to satisfy all depositors. James T. Brady & Co. have not yet made a statement, but it is expected that they will on Saturday or Monday. Money to-day was easier, and procurable on the streets at from 10 to 12 por cent on well endorsed paper.


Article from Marshall County Republican, October 2, 1873

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the capital and assets of the company exceed their liabilities. The day closes with confidence greatly improved, with a general opinion that the crisis is entirely over. There seems to be no reason why all the banks should not now go along in a quiet and regular manner. A dispatch from Philadelphia announces a subsidence of the excitement in that city. The State Bank has resumed payment. WASHINGTON, Sept. Judge Richardson said this evening that he believed the storm was over, and that quiet and good order would soon be restored in financial and business circles. The President decided to-day to send $20,000,000 from the National Treasury here to Assistant Treasurer Hillhouse in New York to-night, to enable that officer to buy all bonds that may be offered. A dispatch from Pittsburgh announces the failure of James T. Brady & Co. and the Security Trust Company. It is stated that the Canada Southern Railway Company is seriously crippled by the panic.


Article from The Andrew County Republican, October 3, 1873

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A BULL IN THE PANIC. YORK, Sept. 22 Wall street to-day It NEW most extraordinary spectacle. brief limsented be a difficult, in the necessarily correct would newspaper report. to give a But its of of a the excitement which prevailed. of idea excitement to-day was, apparently, anxiety an the different kind to the intense which entirely observable on Friday and on Saturday, panic. its origin in a condition of Wall universal street and had The streets, that is to say, Broad street, difficult were for crowded. a pedestrian to which thread ocen- his It through was the different sidewalks groups alike. pied way the streets increased and as the day advanced, shrinkand Confidence about of the lines clock at paying there houses. was tellers a sudden The windows heavy at the age banks and all banking day lind been dispatched it was business possible done speed. and as BOOH the purchase as with all the merchants that that the rule uninterrupted, and of bonds was the savings banks, of of all known among by withdrawal requiring sums. large the thirty adopted day's was notice accepted for the without certification any disturb- of ance at the savings not banks. pressed. and it was evi- bemoney dent at checks the banks was that the the depositors storm had were passed. ginning to believe that are expected in sustained any of the No private embarrasement banking the firms late who crisis. have The gen- easthemselves the Union Trust Company Secretary's pension to the loans erally attributed of through the $3,000,000 defaulting is report. orderneglect ed on Thursday. to call in According his mental to general balance. and he completely disposition lost to submit the whereabouts alfairs of showed the company no to inspection. It is currently His reported busiare that still the company unknown. will It be is ready a little to resume remarkable ness in a few days. of the trustees of the in the Union inthat only had one any money on deposit of two Company and that, with the little exception stock. This may stitution. or three, account owned for the but bad very management of the stateconcern. MOHARM. giving Jay the Cooke names & Co. drafts of are banks out of and with their banking a correhouses ment who will drafts Day against deposits made sincè spondents. the effepension All will be paid on presentation. The National Trust Saturday, Company, state which that their suspended payment on exceed 84,000,000, and that the liabilities capital do and not assets of the company exceed imtheir liabilities. closes with confidence greatly the crisis The day with a general opinion to that be no reason proved. There seems along in is entirely all the over. banks should not now go why and regular manner. a quiet A dispatch of from the excitement Philadelphia in that announces city. The State subsidence Bank has resumed Sept. 22. payment. Judge Richardson the storm WASHINGTON, that he believed good order would ness said was this over, soon evening and be restored that quiet in financial and and busicircles. President decided to-day Treasury to send here 820,- to 000,000 The from the National Hillhouse in New bonds York I f to-night. Assistant to Treasurer enable that officer to buy all the that may be offered. Pittsburgh announces and the SeA dispatch of James from T. Brady & Co. curity failure Trust Company. the Canada Southern Rail- the way , It is Company stated that is seriously crippled by WALL a 0 panic. A STREET RENEWAL FAILURE THE PANIC OF IN HENBY CLEWS & CO. Sept. 23. Wall street that was invaria- quiet NEW YORK, but it was thecalm crowde t this morning, storm. There were no confusion k ble precedes a noise, none of the days n the street, has served, no in the two or the three panic: but, v which accelerate and increase there was past, underneath to this appareut security, yet precipii lurking a great danger, which Men went may to bed last e tate universal confident disaster. that the worst was their over; security. they night confident in increase rose this norning foreign advices helped to failures, 8 The confidence, latest for they spoke an of easy no market. this though some distrust. and the London market t All rejoiced to American know that securities the undamaged, Paris and I and was Frankfort that, firmer. while bourses dealing were limited, on rates wereen- in better ₽ couraging. Stock quotations in they the had street been were on the cloee than the Exchange. t every of Saturday's instance operations officials were on in good spirits, Savings banks reported. t 1 and few runs Gold were Room the price lower for than gold was was exbe placed In the at 112, established, a rate much and settlements were in 8 pected easy. to brokers were much relieved his brokers. by Jay of t Gould's Stock settlement. of stock at through reasonable relieved everybody. rates, which 3 a while there which had 5.000 bankrupted sharen nobody, was and all this cheerful seemed outside to f the that appearance he impending. But, panic of was the and erisis over, encouraged there were people events to hope cc-


Article from The New York Herald, October 3, 1873

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THE PITTSBURG FAILURES. Meeting of the Creditors of James L Brady & Co.-A Settlement Effected with the Security Trust CompanyPoor Prospects for the Creditors. PITTSBURG, Pa., Oct. 2, 1873. A meeting of creditors of James L. Brady & Co., bankers, who suspended some weeks ago was held to-day. Mr. Brady was not present, having left last night for New York with the intention of opening a broker's office in Wall street, but was represented by his counsel. A written statement of the affairs of the firm, prepared by Mr. Brady, was presented by his counsel, from which it appears that the total assets of James L. Brady & Co. are $271,000 and the total liabilities $432,000, making liabilities $161,000 more than the assets. The amount due individual depositors was reported at $190,000. Several propositions were submitted in the way of settlement to creditors present, which consisted of clergymen, merchants, workingmen and a number of women, whose appearance indicated a life of unremitting toil. Brady & Co. owed the Security Trust Company, which closed its doors immediately after the failure or the former, something like $162,000, and a settlement was effected with that company yesterday by Mr. Brady giving notes for the full amount, with interest. at nine, fifteen, twenty, twenty-five and thirty months, with Tennessee lands and Cincinnati and Great Northern Railroad bonds as security. Mr. Brady owns personally twenty-three thousand acres of land in Tennessee and bonds of Cincinnati and Great Northern Railroad to the value of nearly $400,000. it is said, and he paid his indebtedness to the Security Trust Company with these private properties as security. A settlement with creditors was made on the same basis as with the Security Trust Company. Whether the Tennessee lands or railroad bonds are securities of any recognized standing or not is not very apparent; but, whether they are valuable or not, the poor creditors had but little choice in the matter. It was queried at the meeting why Mr. Brady did not make an assignment, while several who were present were not backward in anouncing their intention to above Brady into bankruntcv.


Article from The Wheeling Daily Intelligencer, January 20, 1874

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D PITTSBURGH. ASSETTS OF THE SECURITY TRUST COMPAN PITTSBURGH, PA., Jan. 19.-The ap. praiser's report in the matter of the vol. untary assignment of the Security Trust Company, of this city, which suspended during the late panic, was filed in the Prothonitory office to-day. The assets consist of bills receivable, $109,535 47; its morgages, $116,425 08; accounts, $212, 571 39; office furniture, $547 00; total, $439,078 94. Of this amount $267,995 01 are considered bad and doubtful claims. The finance committee have decided to resume


Article from Chicago Daily Tribune, January 20, 1874

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FINANCIAL. The Pittsburgh Security Trust Company--The Water Bond Frauds. PITTERURGH, Pa., Jan. 19.-The Appraiser's report in the matter of the voluntary assignment of the Security Trust Company of this city, which suspended during the late panic, was filed in the Prot honotarie's office to-day. The assets consist of bills receivable, $109,586 : mortgages, $116,425; accounts, $212,571; office furniture, $547: total, $439,078; $267,775 of this amount are considered bad and doubtful claims. The Finance Committee have decided to rosume the water-bond investigation at an early day. The investigation will include contract estimates to contractors, pipe inspection and laying. and any new points which may ariso in regaid to the misuse of the funds and bonds of the Water Commission. A hearing was had today in the caso of Civil Engineer Kennedy and ex-Secretary Ross, charged with the larceny of the book of the Wator Commission "containing the potty cash account, bonds, and old commissions paid, and accrued interest account. They were hold in $1,000 bail to appear at the present term of court. A Missing Rhode Island Manufacturer Meard from--Petition in Bankruptey. PROVIDENCE. R. I., Jan. 19.-Samuel L. Godman, a Pawtucket manufacturer, who has been missing since the evening of Dec. 23, when he took a train for New York, has been heard from in Liverpool. He writes that he has no recollection of what happened to him after he reached New York until he awoke on a Liverpool steamor many miles from land. He was financially embarrassed when he left. A petition in bankruptcy against the Atlantic Delaine Company was filed to-day. Dry-Goods Failure in Detroit. DETROIT, Mich., Jan. 10.-Frisbie, the most prominent of our dry-goods merchants, want into the Bankruptcy Court to-day, and WRB doclared a bankrupt, with liabilities said to foot up over $100,000 ; at any rate, $25,000 beyond his assets. Savings Bank Rosumed Business. NEW York, Jan. 19.-The Tobotran Savings Bank renumed this morning.


Article from Savannah Morning News, May 16, 1886

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# A Man Who was a Milonaire. From the New York World. About the Gilsey House I meet occasionally a tall, finely built man, with a smooth-shaven, ruddy face, and large brown moustache. He is the picture of health and does not look as if he ever had a care in the world. He might be thirty-five or forty, but it would be difficult to guess his age correctly. It is James T. Brady, once the head of one of the largest Catholic banking institutions in the country, the private banking firm of James T. Brady & Co., of Pittsburg. Brady was a millionaire twice over before he was thirty years of age, He embarked in the banking business at Pittsburg and organized also the Security Trust Company there. His investments were widely scattered. The Jay Cooke failure caught him short. He put all his roperty into the hands of the receivers appointed to wind up the affairs of the institutions with which he was connected and went off West, noone knew where. He hid himself from sight, and was found a year later on the streets of Toledo by Orville Grant, who persuaded him to return to his friends. He had been almost crazed by his losses. It is one of the curiosities of that period of loss and depression that a piece of property turned over to the receiver by Brady and sold to other persons, has since been the basis of a loan of over $2,000,000, its value having increased so enormously as to justify the placing of such a loan on it. It is an illustration of the fact that the men who were swept under in the Cooke maelstrom were not all mistaken in their judgment as to investments. Mr. Brady is now, I believe, practicing law in this city.