Tenth National Bank (New York, NY)

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Episode Information

Episode UID
30700837
Episode Type
Run Only
Bank Type
national
Bank ID
3070 national
Charter Number
307
Start Date
September 25, 1869
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
773a39f2222057ea

Response Measures

Accommodated withdrawals, Capital injected, Books examined

Description

Run occurred during the Black Friday/Gold Room panic tied to Gould and gold speculation.

Events (3)
1. March 10, 1864 Chartered
Source
historical_nic
2. September 25, 1869 Run
Cause
Macro News
Cause Details
Panic stemming from the Gold Room/Black Friday gold speculation and related market turmoil (Gould/Fisk operations and Treasury gold sales).
Measures
Paid out large cash (about $1,000,000), kept doors open late, met all demands; received transfers (city funds) that helped stabilize it.
Newspaper Excerpt
The Tenth National Bank was subjected to a run during the day, and paid out one million of dollars, keeping open their doors until six o'clock in order to oblige their customers.
Source
newspapers
3. November 23, 1877 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (14)
1. September 25, 1869 Evening Star Washington, DC
Article from Evening Star, September 25, 1869

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THE MARKETS TO-DAY. Telegraphed Exclusively to The Evening Star. BALTIMORE, Sept. 25.-Cotton dull; nominaily 28 cents. Flour dull and high grades are lower-Howard street super, $6a$63.5 do. extra, $6.5Ua$7.50 do. family, 85a$9; City Mills super, $6.25a86.50; do. extra, $6.508$7.75; do. family, 88a$10.50; Western super. $6a46.25 do. fextra, 8625a do. family, 87.25a87.75 Wheat dull and weak; choice red $1.50a$1.53. Corn dull; white, $1.25a@1.29; yellow, 81 208 $1.24. Oats dull, 90863. Rye $1.10a@1.20. Pork quiet at $33. Bacon firm with up ward tendency: rib sides, 19%; clear do., 20 is: shoulders, 16%; hame, 24a25. Lard quiet at 19X820. Whisky very dull at @1.29a@i.21. BALTIMORE, Sept. 25.-Virginia sixes, old, 45 1/2 bid, 46% asked; do. 1866, 54 asked. NEW YORK, Sept. 25 -Stock market dull, with but little doing; prices off a shade from the opening. Money sharp. seven and commissions of a quarter to thrre eights are paid. 5.20's, 1862, coupon, 21% 10-40's, coupon, 9. Virginia 6's, ex-coupon, 57, do. new, 5s. NEW YORK, Sept. Flour dull with prices nominally unchanged. Wheat dull and nominal. Corn dull, and 1a2 cents lower. NEW YORK, Sept. 25.-Money is almost im possible to get at any price, but is quoted at per cent. and 12% per cent. is freely paid for turning. The stock market is dull. The houses reported yesterday as having suspended are still in the same condition. It is rumored that they will not be able to go on. The Tenth National Bank is in trouble, and there has been a run on it all morning. It is reported that it will have to suspend unless other banks assist it.

2. September 26, 1869 The New York Herald New York, NY
Article from The New York Herald, September 26, 1869

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and stated Belden bust prepared The if of ness. extent any, be out ing in the inquiries, office on Monday of the failure, is until order estimated of specniations The last that Mr. Belden had cannot the chaos three in or which four days all left the are the involved. city indignantly THE denied by his friends. GOULD HOUSE in the crowded densely became morning. Some day. business gold opera transacted, and the with tions. close the been seemed establishment paratively BO quiet but entirely during distinct of the from day the confidence considerably Mr. the was perthat firm Martin increased. its safe, and that fectly gold operaMonday be The would scenes satisfactorily adjusted. in tions and around TENTH the NATIONAL of were absorbing to the M. late whole until known stock some were very different, community and from nine that A. one-half time the purchased the occaFisk-Gould on Friday in the of afternoon. this bank had party, been and the among distrust was by the and brokers circles in the following paragraph the the of which gioned ago by by this knowledge on communicated to all money article of officers respecting of Bank, National Co.) (Smith, their vesterday, were unsparing in trouble bitter in the Gould, Tenth Martin of certifications day. checks followed. kept checks had been The later Rubetantially 000 where The their ramor this account, concern cern made and large in report. the course however less the 18 than that on the bank rule. usefulness properly willing this quickly trouble a amounts capital of under its belongs, present upon to be out for sold charge nominal season really in control the that the the ruined $200,00 plame president for to will future Gould and rest where directors, of a and who trust yet which continue they could the created impression in the involved estabTenth crash not This of National paragraph Friday, Bank blocked and all was the up hopelessly approaches by an Policemen immense to the crowd while were stationed anxiously nighment were for their deposits. preserve order, the and storm the employes clamorous at the doors to watched slowly in upon the bank their omcers private office the checke flooding arrived. The examined from and cashed o'clock the exhausted, and were returned the bank. the At two bank were banks nearly sent out for currency must be at the Clearing certified funds in checks with of other the reply House that before accounts the checks to almost have against settled would be cashed. of the bank stemming geemed the tide nervously The officers the hope hurried of consultations with the tellers, the last, just in the and came them. communicated abandoned and after from as time the to supply time funds were of currency on almost exhausted establishment. in delay obtaining until point at of giving gave out, renewed life few to moments' have funds would in the and of the which affairs state crash all day been impending was kept until open longer caused a suspension no doubt of precipitated over score of leading twenty the time windows were closed, slowly disperse. that The run state directors minutes had firms. The past book and three, the at crowd which commenced upon to the to by bank about brought combination it, that the crush City and State, to Park own banks refused certified by them Tenth National. Co. also They have $100,000 to the their credit deposited that have only been checks refused & and checks presented say that Smith, to Martin in bank, were and that one the by for Smith which Martin $1,000,000, yesterday of to be withdrawn bank ask.ed consequence and for two small to-day, checks payable amounts & in Co., the who pank. debt are they announce business to amounted to William close Heath of the in day's the morning out during the fears day expressed that At the the deposits and that they $100,000 paid on hand. to No weather will state be about $1,100,000, 1.000,000, by leaving them of that their on ability Monday they prepared to conbeen mind have the are storm, and for all they ontingencies. the and that relieved. siderably prevalled by the HO will far pame Monday subsided a BO the exit safe from Beriinsure have which perils ously with oircles financial disaster. threatened is be that money tively easy expected comparati as the as soon Bank Gold resumes payment Exchange to and of the that gober to-day dealers, refections a in will up the ease result disposition go on by the firms that Tuesday financial weakened off may and have busicleared atmosphere its Messrs. ordinary chaanels Heash William yesterday and cards failed, published the that their assert as with their usual. business A ness Underhill, Haven denying Co. and that two they from had will proceed rumor gained currency yesterday to considerable in the that effect broker residing had Williamsburg by himself through suicide shooting in a of the his head by caused insanity paroxyam the of rush and panic The losses Friday. was as, the ment, though however, unfounded, to the cide had alluded actually deceased occurred. in in his never stock lifetime operaengaged or or if the on the tions dealings, evidence to of it. any falled inquest for Bontw Secretary of the Sale Gold Yesterday. 25, 1869. Sept. WASHINGTON. some Secretary Boutwell he time would and gold purchase well known that the policy the that interests of would dictate. be the any respect as ago settled upon bonds only He did options not propose of Wall his Mr. street, had been. McCulloch, Mr. to UP to this had adhered vesterday Boutwell He of of with the heard strict fight fidelity. with bears supreme coldness It which made Even suffered. the not move excitement of bushels received bankers, prominent the policy bulls difference and of the to him past lew telegrame daysdid from and read Jay in New organ the When all him. He 00. and other of the ralical gold. without effect. its the height, however, Cooke frantic & appeals last to Wall gell street reached Secretary and him Boutwell requested is This the the York since excitement Thursday President in went to to sell expla- gold corner.' the from policy departure to and which approve to break of Mr. the Boutwell's out for himself. HIS best judgment, of the he nation bad heretofore marked believe, adhered. did ordering not the Assistant he had 18 reason $4,000,000 gold. his supe there step he took at New yesterday was York ordered to sell mortined to do it by at the and use the day did Treasurer n because President he is the greatly Gold Room to the vesterday Secretary's rior. of his The name made as in peing opposed before

3. September 26, 1869 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 26, 1869

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FINANCIAL AND COMMERCKAL NEW YORK, September 25-Noon.The gold board has adjourned to 10 a. m., on Monday. A committee of three was appointed to request Butterfield, the Assistant Treasurer, to postpone the sale of the $4,000,000 in gold to some future day. No gold transaction of today will be recognized by the board. Stocks dull and little doing; prices a shade off from the opening. Money 7, with 1/4/3 commission. No gold quotations given. 62's 215/; Tennessee's, ex-coupon, 61; new 55; Virginia's 57; new 58. Louisiana's, old, 68; levees 65; 8's83; Alabama 8's 90; Georgia 7's 901/2; North Carolina's, old, 521/2; new 46. Flour and wheat dull, and nominally unchanged. Corn dull, and 1@2c. lower. Pork quiet, at 31.50. Cotton quoted at 29. Freights dull. 7 P.M.-It is almost impossible to get money at any price; 7, with 1/2 commission, is freely paid for turning stocks. Houses reported vesterday as having suspended, are still in the same condition, and, it is rumored, they will not be able to go on. The Tenth National Bank is in trouble, and, it is reported, must suspend, unless the other banks assist it. Later despatches say a few loans are made on governments at 7, gold, and 1 @11/2 gold nominal. The gold sold was only $2,000,000. The bank statement shows $3,000,000 decrease in loans; $5,000,000 decrease in deposits. No other markets changed. Governments unchanged. State bonds dull. Stocks very dull. The Tenth National Bank has paid all demands against it, to date. Cotton is heavy; sales 700 bales, at 29. Flour favors buyers-superfine 5.90@ red 6.10. and Wheat amber heavy, Western and 1.47@1.51; 1@2c. lower- white Ohio 1.55. Corn 2@3c. lower-mixed Western 1.07@1.09. Whiskey dull, at 1.20@1.25. Pork dull and heavy. Lard heavy. Freights dull and drooping. CHARLESTON, September 25.-Cotton quiet, but irregular; sales 70 bales-middling 261/4 receipts 1,455. SAVANNAH, September 25.-Receipts of cotton 2,187; market dull and quotations unchanged. AUGUSTA, September 25.-Cotton market easier; sales 330 bales; receipts 476middling nominal, at 26; stock on hand 1,777. MOBILE, September 25.-Cotton in good demand, and closed firm; sales 800 bales-middling 251/2; receipts 1,510. NEW ORLEANS, September 25.-Cotton firmer; sales 2,300 bales-middling 2634 receipts2,388. Flour 5.85@6.05@6.12 Corn-white 1.071. Pork 34.00. Whiskey 1.30. Gold 34% LONDON, September 25-Noon.-Consols 9234. 62's831/4 LIVERPOOL, September 25-Noon.Cotton firmer, but not higher-uplands 1214; Orleans 121/2. The sales yesterday reached 12,000 bales. LONDON, September 25-Evening.Consols closed at 923/4 Bonds steady. PARIS, September 25.-The Bourse opened steady-rentes 70 and 60-closed at 70. LIVERPOOL, September 25--Evening.Cotton closed firmer-uplands 1214@ 12% Orleans 12%(11%%; sales 12,000 bales; export and speculation 4,000. HAVRE, September 25.-Cotton opened dull, both on spot and afloat-tres ordinaire on spot 1451..

4. September 27, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, September 27, 1869

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THE FINANCIAL FLURRY. NEW YORK, September -The Assistaut Treasurer accepted three million dollars of five-twenties offered to-day at from one hundred and sixteen and seventeen to one hundred and eighteen and eight one-hundredths. The amount bid was seven and a half million dollars. It is almost impossible to get money at any price-seven, with half commission, freely had tor turning stocks. The houses reported yesterday as having suspended are still in the same condition, and, it is rumored, will not be able to go on. The Tenth National Bank is in trouble, and, it is reported, must suspend, unless other banks assist it. LATER.-A few loans were made on governments at 7, gold, and 1 to 1}: Gold nominal. Gold sold, only two millions. The bank statement shows three millions decrease in loans, and five millions decrease in deposits. No other markets changed. Governments unchanged. State bonds dull. Stocks very dull. The Tenth National Bank paid all demande. A broker named Solomon Wahler suicided to-day. Cause, gold losses.

5. September 27, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, September 27, 1869

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THE FINANCIAL FLURRY. NEW YORK, September 25.-The Assistant Treasurer accepted three million dollars of five-twenties offered to-day at from one hundred and sixteen and seventeen to one hundred and eighteen and eight one-hundredths. The amount bid was seven and a half million dollars. It is almost impossible to get money at any price-seven, with half commission, freely had tor turning stocks. The houses reported yesterday as having suspended are still in the same condition, and, it is rumored, will not be able to go on. The Tenth National Bank is in trouble, and, it is reported, must suspend, unless other banks assist it. LATER.-A few loans were made on governments at 7, gold, and 1 to 1}. Gold nominal. Gold sold, only two millions. The bank statement shows three millions decrease in loans, and five millions decrease in deposits. No other markets changed. Governments unchanged. State bonds dull. Stocks very dull. The Tenth National Bank paid all demands. A broker named Solomon Wahler suicided to-day. Cause, gold losses.

6. September 27, 1869 New-York Tribune New York, NY
Article from New-York Tribune, September 27, 1869

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failures reported in some of the morning papers, with one or two exceptions, were due to this cause; and if the Bank, on Monday, 18 able to pay out the balances now held belonging to the street, the panic will have blown over with less than the usual number of failures, although the losses on the advance in gold exceed anything ever known in the street. The balances of the Gold Exchange Bank for Thursday were $324,000,000, and it is believed that when Friday's balances are struck that it will show the transactions for that day to have been $500,000,000, which exceeds in Wall-st. amount anything ever known in the history of speculation. The profits of the cliques cannot be stated at anything near the actual figures, but the difference in their favor on Friday was $11,000.000. The short interest was enormous. $20,000,000 of contracts were settled privately at 148@150, and the settlements in the open market were many times that amount. When the business of the week is closed up it will probably leave the bulls in gold with all the coin in the street on hand, and they will be found to stagger along under the load or sell out at a sharp decline in price. The feeling in the street to-day indicated that the trouble was about over, and there was an entire absence of excitement. The Tenth National Bank was subjected to a run during the day, and paid out one million of dollars, keep. ing open their doors until six o'clock in order to oblige their customers. The cause of the dis. trust came from the fact that a controlling interest in the concern is owned by the Erie direction, and it was feared that in some way it might be compromised by the operations of its owners. Mr. Callender, the Bank Examiner, however, pronounces the bank to be in a sound condition. In regard to the reported failure of Smith, Gould, Martin and Company, it is proper to say that they met all their maturing obligations to-day. Wm. Heath & Company will undoubtedly resuine on Monday, as well as the balance of the brokers operating for the clique whose money was locked up by the Gold Bank. At 11 p. m. the Gold Exchange Bank commenced to pay out gold balances, and will be prepared on Monday to resume business. Gold sold privately throughout the day at 133@136, and the bulk of transactions at 135. Government bonds were dull but firm under the purchases made by the Government. The sales were moderate in amount and confined to cash transactions. The bids for the $4,000,000 gold advertised by the Treasury to be sold at noon, under reservations, were very numerous-$9,337,500 in amount. The Treasury accepted offers to the amount of $2,000,000 at from 1321 to 134₫ P cent, as follows:

7. September 27, 1869 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 27, 1869

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TELEGRAPHIC NEWS. The Excitement in the New York Money Market- - Gold Board Adjourned to Monday--Suicide of a Broker-..Failures Bank in a Hard Place--Scareity of Money, &c. NEW YORK, September 25 - Noon. - The Gold Board adjourned at 10 o'clock this morning until Monday. A committee was then appointed to wait on Mr. Butterfield, assistant United States treasurer, and ask him to postpone the sale of the $4,000,000 gold to some future day. No gold transactions of to-day will be recognized by the Board, and there are no quotations. Stocks are dull with little doing, and prices a shade off from the opening. Money 7 per cent., with 1/2 to 3/8 commission added. Five-twenties, 1862, 121% Tennessee 6's-Ex-coupons, 61; new, 55. Virginia 6's-57 ; new. 58. North Carolina 6's-old, 52 1/2 ; new, 46. Second Dispatch. NEW YORK, September 25.-Afternoon.Solomon Mahler, a broker, committed suicide to-day because of his losses at the Gold Board. The Assistant United States Treasurer accepted $3,000,000 of 5-20's offered to-day at from 116 17-100 to 118 8-100. The amount bid was $7,500,000. It is almost impossible to get money at any price. Seven per cent. with 1/2c. commission was freely paid for turning stocks. The houses reported yesterday as suspended are'still in the same condition, and it is rumored will not be able to go on. The First National Bank is in trouble, and it is reported must suspend if the other banks do not assist it. Third Dispatch. NEW YORK, September 25. - Evening.-A few loans have been made on Governments at 7 per cent., gold, and 1@1 1/2, goid, commission added. Gold is nominal, and only about $2,000,000 were sold to-day. The bank statement of the week shows a decrease of $3,000,000 in loans and $5,000,000 decrease in deposits, and no other marked changes. Governments are unchanged, State bonds dull, and stocks very dull. The Tenth National Bank has paid all demands.

8. September 27, 1869 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 27, 1869

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FINANCE AND TRADE. New York Money Market NEW YORK, September 25. The gold room was crowded early this morning. At ten o'clock the Board came to order, when the following note was received from the president of the Gold Exchange Bank: "The bank will not receive any clearing statements from dealers to-day. The statements received yesterday are nearly all effected by the failures, and It is impossible as yet to learn the balances. Dealers must be prepared to take up the tickets of those in default which they have sent in, as that is the only mode of adjusting the movement. The will use every accounts to a prompt bring bank resolution exertion settlement." to to The Board then passed a adjourn till Monday, to recognize no transactions made to-day, and appointed a commi of three to wait on the Assistant Treasurer and request him to postpone the sale of four millions of gold till Monday. The Board then adjourned. There have been no transactions in gold to-day. The Assistant Treasurer declined to accept the request of the gold committee, but states no award for gold will be made until bids are telegraphed to Secretary Boutwell. The purchase of bonds will not exceed the sale of gold. The bank officials are straightening out accounts between the gold brokers and themselves. The clearings yesterday at the Gold Exchange Bank aggregated five hundred millions of dollars. Wm. Heath & Co. have not failed, and are doing business as usual. It is stated Smith, Gould, Martin & Co. will settle their accounts and have a balr ance of several millions. At 2:20 P. M. S money was almost impossible to get at 0 any price. It was quoted at 7 per cent. One and a half per cent. is freely paid for turning stocks. The stock market is dull. The houses reported yesterday are in as having suspended Itisrumored still that the same condition. they will not beable to get on. The Tenth National Bank is in treable. There has been a run on it all morning. It is rereported it will have to suspend unless other banks assist it. [LATEST.] The day closed quietly in Wall and Broad streets, and everything now wears a calmer aspect. The run upon the Tenth National Bank ended about 3:15 P. M., the bank having met all demands upon it. It is presumed the o bank, on Monday, will cease to decline t the acceptance of its checks. The B ability of the bank to satisfy all claims has materially checked the growing e panic, and there is a marked recovery of confidence in the several/departments of business. It now only remains to be 5, seen what Monday may bring forth r. from the disclosure of the closely kept a securitie$ of the Gold Exchange Bank. The Tenth National Bank held, in de-

9. September 28, 1869 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 28, 1869

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bulls rushed madly to the rescue, and immediately jumped the price up again to 160; At this juncture the bears returned to the attack, and the contest was very bitter for a short time, but the bull army was forced back again to their intrenchments. and the price tumbed to 135. The bear fraternity could not be restrained at this point and cheer after cheer went up in the room and on New street. Suddenly the bull generals rallied their forces and up went the price. "The cheers were soon on the other side of the house. The excitement ran so high that some of the bears threatened to shoot the leading brokers on the bull side. One of these brokers then stepped forward and dared any one to shoot him. "None of the bears accepted the invitation, however, and the excitement had scarcely died out, before in rushed the bears once more. Another attack was made on the market, and down rushed the price to 134, but afterwards rallied to 126½, and then settled down again to 134@134½ and the game was up." The New York Post says about twelve o'clock Friday a notice was posted on the bulletin board at the entrance to the Assistant Treasurer's office, announcing that that officer would at noon on Saturday sell $4,000,000 gold and buy four millions bonds. When this news was received there was a sudden break in the price to 133 and a panic among those who had bought during the morning. Saturday closed quietly in Wall and Broad streets, New York, and everything wore a calmer aspect. The run upon the Tenth National Bank ended about 3:15 P. M., the bank having met all demands upon it. The ability of the bank to satisfy all claims has materially checked the growing panic, and there was a marked recovery of confidence in the various departments of business. The Tenth National held in deposits Saturday morning $1,100,000, and paid out during the day about $1,000,000. Mr. Clarendon, Bank Examiner, inspected the condition of the Bank Saturday, and pronounced it satisfactory. Many banks were, Saturday evening, throwing out checks on the Gold Exchange Bank, and some banks were served with injunctions and legal notifications against paying checks paid into the Gold Exchange Bank Friday. These checks, however, were certified, and came regularly through the customhouse this morning, and, of course, had to be recognized. Bids to the Assistant Treasurer at New York for gold, Saturday, amounted to $9,837,500, ranging from 125 to 134½. The Secretary of the Treasury instructed Gen. Butterfield, by telegraph, to limit the purchase of gold, Saturday, to $2,000,000, unless bids should be over 34; to reject all bids under 32. The total amount sold was $2,000,000, at 32½@34½. Cable dispatches Saturday report that large amounts of gold have been withdrawn from the Bank of England and Bank of France for shipment to New York. The New York Bank statement u is nfavorable, and reflects the general disarrangement of affairs in Wall street:

10. September 30, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, September 30, 1869

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OUR NATIONAL BANK SYSTEM. From the Chicago Republican. The recent press despatches from New York contained an item which probably attracted little more than a passing glance from the general reader, yet it involves a world of meaning. We allude to the following statement:- "The Tenth National Bank is in There has been a run on it all this It is to trouble. morning. reported that it will have Ten suspend unless other banks assist it." years ago, such a state of things surrounding one of the prominent financial institutions in the money centre of this country would have been regarded as portentous in the extreme, and have become a principal topic for newspaper discussion in every direction. Now the pecuniary disturbance directly interests and flurries probably no more than the depositors and a few others. To-day, if any merchant, in any part of the Union, should discover among his funds a $100 bill on the Tenth National Bank of New York, he will likely enough nonchalantly count it in the sum of his resources, just as he would a bill of the same denomination on any other bank, instead of being thrown into a fever of anxiety, as he would have been one decade ago, and instantly cautioning his employes to be on the lookout for issues of that institution. What causes the difference in the impelling motives now and then Why should a person who is the holder of a bill on a failing bank, in the year 1869, feel no apprehension, while the same circumstance happening in the year 1859 would have aroused him into instant caution? It must be because the latter fact would have indicated danger or loss through immediate depreciation of the current value of the note in his possession, while now the embarrassment of the bank does not work positive or lasting detriment to the bill or the holder. Here we see conspienously exemplified the abundant advantages and safety of our present banking system over that formerly in vogue under State auspices. it the excessive by By the undue multiplication competition of banks, induced and by their arts and devices to obtain an undue share of the circulation, is prevented. Limited in number, capital, and issues, and subject to national supervision, these institutions cannot resort to those malign and dangerous practices which were once adopted to elude responsibility and eke out profits by which the currency was alternately distended and contracted, the public deceived, and the banks themselves put in jeopardy. Under the present system a bill-holder cannot be subjected to ultimate loss, even though the bank should fail. In the hands of the Government remain at all times assets fully sufficient to satisfy the claims of those who hold the bank's issues. It is well to bear such facts and contrasts in mind when Democrats of the Pendletonian stripe raise a hue and cry against the national banks as bond-holding oligarchies, feeding with rapacious insolence upon the hard earnings of the people, and putting a bit in the mouth of commerce. Whatever imperfections our banking system may be blemished with, nothing is more certain than that it is far in advance of anything which we have ever had before in this country, and that Democrats, while essaying to demolish it, do not propose any substitute that can fulfil its functions or inspire the business community and the people with equal confidence. It is a

11. October 1, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, October 1, 1869

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THIRD EDITION DOMESTIC AFFAIRS. How Smith & Gould are Settling Up The Gold and Bond Quotations -Fast Time by the Juniata - Police Offenses. FROM NEW YORK. How Smith, Gould & Co. Are Clearing Up. Special Despatch to The Evening Telegraph. NEW YORK, Oct. 1.-It is reliably reported that Smith, Gould, Martin & Co. are giving due-bills for the other half of the gold, the total sum being six millions, one half of which they receive and pay for. The other three millions they accept by giving duebills for the difference between 135 and 160. Despatch to The Evening Telegraph. NEW YORK, Oct. 1.-Money easier at 6 gold, and 7 currency. Governments decided strong, with an advance of 1/4 all round. Stocks strong and buoyant, with an advance on the whole list, caused by the the heavy share interest. The gold market is quiet at 1301/4. The only demand being for customs and counter business. Foreign exchange, as usual on Fridays, is firm; the rates are 10814 for 60 days and 108 14 for short sight. What Saved the Bank. It is said that the city funds were transferred from the Broadway Bank to the Tenth National on the day of the run on the latter institution, and that the transfer was all that saved the bank. Sales of Gold. At the Government sale of 1,000,000 to-day, the aggregate of bids were 2,429,000, at rates ranging from 126 to 130-17. The awards have not yet been made, but it is thought the limit will be from 120% to 30. New York Stock Market. NEW YORK, Oct. 1.-Money, 7 per cent., in gold. Gold, 1301/6. Five-twenties, 1862, coupon, 119; do. 1864, do., 119; do. 1865. do., 119;do. do., new, 117 %: do. 1867, 117% do. 1868, do., 117%; 10-40s, 109. Virginia 6s, new, 50% Virginia 6s, 851/; Canton Company, 52; Cumberland preferred, 29; New York Central, 17314; Reading, 931/2; Hudson River, 153; Michigan Central, 1201/; Michigan Southern, 84 1/4; Illinois Central, 141; Cleveland and Pittsburg, 94. Chicago and Rock Island, 1081/: Pittsburg and Fort Wayne, 184 1/2 Western Union Telegraph, 361/4. New York Produce Market. NEW YORK, Oct. 1.-Cotton steady and unchanged; 300 bales sold at 271/c. Flour dull and without decided change; 7500 bbls. sold. Wheat quiet; sales of 36,000 bushels winter red, $1.45@1.48. Corn heavy 34,000 bushels sold: mixed Western, $1'02@1'04. Oats firmer; 26,000 bushels sold at 63@64c. Beef quiet. Pork firm; new mess, $31.50. Lard quiet; steamrendered, Whisky firm at $1.19@1.20.

12. October 28, 1869 The Democratic Press Ravenna, OH
Article from The Democratic Press, October 28, 1869

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The Great Excitement in New York. The recent great gold gambling operations in Wall Street form the topic of interest in New York at the present time. Ben. Butler was in the city on. Friday, collecting material to enable him immediately after the opening of Congress to move for a committee of investigation, with power to send for persons and papers. The Grand Jury were in session on Friday, and a number of witnesses had been subpoenaed but none had been examined. The charges made by Fiske and Gould implicating General Grant's family in the affair, are looked upon by journals that had kept aloof from the controversy as a serious matter. It is said that the friends of the Administration are doing their utmost to stifle all investigations. The foreman of the Grand Jury has had a long interview with prominent officials. All the papers now, without distinction of party, call for Butterfield's removal, and the great scandal eclipses for the time being all other matters. It is confirmed that Butterfield, the Assistant Treasurer, has put all his property out of his hands. The scandal about him is so great that it is not believed he can be retained in office much longer. It is distinctly charged by several Wall Street brokers, that Secretary Boutwell was in with the bear ring throughout September; that at the instance of the bears, when he saw that Grant would not allow him to sell gold, he placed bank examiners in the Tenth National, when he knew the bank was safe and sound, and caused the great run on the bank, thus creating a distrust and panic, and aiding the Loyal Leagues who were short of gold to make all the money they could

13. November 3, 1869 The South-Western Shreveport, LA
Article from The South-Western, November 3, 1869

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IN as TEXAS.-We MILITARY ATROCITIES copy follows from the Houston Telegraph of the 24th ult.: We learn that while a party was assembled at the residence of Mr Hargreave in Reed's prairie, Grimes county, on Thursday night. to attend the marriage of Mr. H.'s daughter, and a few minutes after the ceremony had been performed, a company of soldiers, in pursuit of some one supposed to be there, surrounded the house and demanded its surrender. Mr. Hargreave offered to surrender the house and every one in it, and went out to the captain of the squad. The report to us is that while Mr. H. was out, a pistol in the hands of a young man in the house went off accidentally. The soldiers in front of the house immediately opened fire. A Miss Russell had just stepped upon the gallery to get a drink, when she was hit in the head with a minie ball and in the leg with as buckshot and instantly killed. A Mr. Fowler was also killed. Rolla Pearce and Mrs. Autery were wounded. With the first shot, the gentlemer in the house started every one to lie down flat upon the floor. But for this, our informant thought many more lives would have been lost. The groom and several others were arrested and carried off. We forbear making any comments upon this unfortunate affair until we receive further particulars. BOUTWELL TOOK A HAND IN THE SPOILS.-We copy as follows from a Washington dispatch of the 22d: It is distinctly charged by several Wall street brokers that Secretary Boutwell was in the ring throughout September ; that at the instance of the bears, when he saw that Grant would not allow him to sell gold, he placed the bank exchange in the Tenth National, when he knew the bank was safe and sound, and caused the great run on the bank, thus creating distrust and panic, and aiding the Loyal League, who were short of gold to make all the money they could. Corbin has told Mr. Gould that Boutwell is aiming at the Presidency, and doing all he can to favor the ultra-Radicals. All these revelations are today the great topic of conversation everywhere, and journals that have kept aloof from the controversy, and ridiculed the charges brought by Gould and Fisk against Gen. Grant's family, now look upon it as a serious matter, and all express the opinion that where there is so much smohe there must be some fire. 1

14. August 3, 1928 New Britain Herald New Britain, CT
Article from New Britain Herald, August 3, 1928

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dollar money pool create waves in the big markets. As a matter of fact some such grandiose scheme has been tried before. It is remembered in history as the "Gold Conspiracy" which precipitated "Black Friday." September 24, 1869, possibly the most terrible day Wall Street ever has experienced. Gold then ruled the markets and Jay Gould ruled gold. He guessed that the United States treasury might during 1869 suspend gold sales, and convinced his confreres that under such circumstances an advance in the premium on gold would stimulate exports of wheat and benefit the farmer-also Gould and his associates. Gould, James Fisk and others organized a "gold pool." The Treasury suspended its sales. The pool advanced the gold premium from 132 to 144. Operators in the "Gold Room." center of trading in those days, plunged and pyramided. The corner in gold became so effective and the situation so acute that the Grant administration became interested. The Treasury decided that it must provide some relief for those whose losses were enriching the pool operators. It ordered its agents to sell $400,000,000 gold and buy $400.000,000 bonds. Gould's partners, with the exception of Fisk. scented trouble and liquidated their holdings. Receipts of the Treasury orders threw the "Gold Room" into a panic and sent the gold premium crashing from 162½ to 133. The Gold Exchange Bank was unable to clear gold transactions. which exceeded $4,00,000,000. Gould's Tenth National bank over-certified his checks $7,500,000 on that one day in an effort to stave off panic. His 50 assisting brokers repudiated their contracts. His brokerage house refused to disclose its clearings until a committee took charge and showed that the firm had received 1 more than $20,000,000. but had delivered only about $7,500,000. The S ultimate result was suspension of clearances for a month and of gold f trading for a week, a government investigation, denunciation of Gould and the pool and widespread losses.