Bull's Head Bank (New York, NY)

Episode Information

Episode UID
622241090879
Episode Type
Suspension โ†’ Run โ†’ Reopening
Bank Type
state
Bank ID
62224109 hash
Start Date
March 20, 1873
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
78401fb6dd93a925

Response Measures

None

Description

The bank suspended in March 1873 due to internal fraud, which triggered an 'excited crowd' (run) at the doors; it successfully reorganized and reopened in April 1873.

Events (6)

1. March 20, 1873 Run
Cause
Bank Specific Adverse Info
Cause Details
News of the bank's suspension and officer defalcations caused depositors to gather and demand funds.
Measures
The bank was placed in charge of police officers and later a receiver.
Newspaper Excerpt
it is surrounded by an excited crowd of depositors
Source
newspapers
2. March 20, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defalcations and criminal conversion of funds by bank officers and clerks.
Newspaper Excerpt
It is stated that the Bulls-head bank of this city, suspended this morning
Source
newspapers
3. March 24, 1873 Receivership
Newspaper Excerpt
Isage H. Bailey has been appointed receiver of the Buil's Head Bank
Source
newspapers
4. April 23, 1873 Reopening
Newspaper Excerpt
The bank will be open at the usual hour this morning, when all demands will be paid in full
Source
newspapers
5. September 22, 1873 Run
Cause
Macro News
Cause Details
Panic of 1873 systemic financial distress.
Measures
Demands were met promptly; bank was prepared to pay every dollar.
Newspaper Excerpt
Up to noon yesterday there was a very slight run, but the demands were met so promptly
Source
newspapers
6. January 1, 1878* Other
Newspaper Excerpt
At a meeting of the directors of the Bull's Head Bank, of New York, it was resolved to wind up the affairs of the institution.
Source
newspapers

Newspaper Articles (22)

Article from Wilmington Daily Commercial, March 21, 1873

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The Bull's Head Bank of New York city suspended yesterday, owing to "defalcations" by some of its officers. The Senate of New York yesterday adopted a resolution condeinning the increase of Congressional salaries. The ferry steamer Exchange, of the Philadelphia & Gloucester line arrived at the H. & H. Co.'s, yesterday. for repairs. The New Jersey legislators who voted for the free railroad bill were serenaded in Trenton on Wednesday night and made speeches.


Article from Wilmington Daily Gazette, March 21, 1873

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The Bull's Head Bank of New York city suspended yesterday, owing to the "defalcations" by some of its officers. According to the last report of the bank its capital stock was $200,000, and its surplus $90,000. Its deposits are reported at $1,300,000. The loss is estimated at $200,000.


Article from The Wheeling Daily Intelligencer, March 21, 1873

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NEW YORK CITY. New YORK, March 20.-There is nothing new in reference to the apprehended strikes among the working. men. The Journeymen Wood Carvers' Union held a general meeting last evening, but the subject of strikes was not considered. At the semi-monthly meeting of the Workingmen's Union last evening, the resolutions recently adopted by the EmProtective and ployers' unyielding absolute Association, opposition declaring to the demands of the Trades Unions, were reterred to a Committee for consideration. No further action was taken, but several of the members asserted that there would be general strikes within a couple of months. A medical college here graduated ten female doctors this week. A number of laborers on the Harlem Railroad near Harlem, recently demanded higher wages. Their places were supplied by non-society men from the neigh. boring States. Some trouble was apprehended, but the strikers did not interfere. It is said that the recent advance in the price of pork here is owing to the heavy demand from the larger and wealthier countries of Europe for pork to be converted into bacon for army food. The fact that one or two houses in this city hold great quantities of pork here has given rise to rumors of an intended corner, but no well founded statement on the subject is made. An Erie official interviewer says the legislative investigation will disclose nothing. which has not been already published. Hints had heretofore been sent from Albany that the investigation could bestopped if the Erie people wanted it, which was interpreted to mean money. It is stated that the Bulls-head bank of this city, suspended this morning, and that it is surrounded by an excited crowd of depositors. Last night, the harness trimming factory of William Waldron and the neighboring buildings on Beekman street, were burned. The losses were about $33,000. An arrest was made to-day of Warren alias George McDonald, A passenger on an in-coming steamer, on suspicion of being one of the perpetrators of the late forgeries on the bank of England. McDonald had $3,000 in gold, and diamonds and other articles on his person. It is said the suspension of the Bull's Head Bank was caused by the defalcation of some of its members. An examination is going on. The bank is in charge ot the police officers. The suspended Bull's Head Bank is a State institution, with a capital of $200,000, and was represented in the clearing house of which it was not a member by the Metropolitan Bank. The Metropolitan, however, has sufficient assetts to cover all losses. Daniel Dwight, alias Philip Stanley, was arrested to day, charged with being implicated in the late fraudulent issue of Ft. Wayne & Wabash Railroad stock. Samuel Joseph Phillipson, charged with forging drafts in Manchester, England, to the amount of $6,000, was arrested to-day in Brooklyn, and will be sent back to England Saturday.


Article from The Wheeling Daily Register, March 21, 1873

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NEW YORK. NEW YORK, March 20 -The - failure of the Bull's Head Bank on becoming known attracted a crowd of depositors around the building who made strenuous efforts to obtain an entrance. The officers refuse to admit that the Bank is insolvent and say that the suspension for the present 18 rendered necessary by the detalcation of an officer in the Bast, the amount of which is not yet apparent, and that the examination is now going on. Many of the books were found badly mutilated and full of glar. ing errore. It was discovered this morning that their capital was seriously impaired and, theref re, the officers have resolved to suspend temporarily Erastus F. Mead,act President of the Bank, says be believes the losses will not fall short of $200 000 which is the exact amount of the Bank's capital. The Doomed Man. To-day is Foster's last day. Thearrangements for the execution are nearly completed, the scaffolding has been in course of erection all day. It is the same scaffold used at the execution of twelve other murderers. Foster's wife visited him this after noon for the last time, and had a long interview with him, their actions, however, being closely watched by the deputy ameriffs. It 18 reported to-day that Foster's counsel intends to make another effort to obtain a writ o prohibition, to prevent the execution. Foster's mother visited him about two o'clock this afternoon while his wife and her brother were still in his cell.The interview was deeply affecting Several ,clergymen called during the day.


Article from The Wheeling Daily Intelligencer, March 21, 1873

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COMMERCIAL AND FINANCIAL. MARKETS BY TELEGRAPH. New York Money and Stock Market. New YORK, March 20.-The suspension of the Bull's Head Bank was a feature in financial circles to-day, and caused a depression and low prices; on Stock [Ex. change, succeeded by a steadier tone. The bank is a State institution, and though its defalcation wipes out its capital and surplus, its depositors and bill holders are believed to be amply secured. The total loss is supposed to be about $290,000. MONEY-Active and stringent. The bulk of call loans at 1-16 per day, with a closing business at 7 per cent gold. STERLING EXCHANGE-Dull at 1081. GOLD-Steady at 115a1154, closing at 115a115t. Loans at 4u7 per cent gold for carrying. Clearings $42,000,000. Treasury disbursements $41,500. Customs receipts $333,000. GOVERNMENTS-Strong.


Article from Alexandria Gazette, March 21, 1873

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The Bull's Head Bank Suspension. NEW YORK, March 21.-The officers of the Bull's Head bank say they are unable to learn who mutilated the books or as to the defaulters. No official statement will now be made until a meeting of the stockholders is held under the direction of the court which will appoint an examiner. The bank was the favorite place of deposit for butchers and drevers. Many builders also kept accounts in it. These classes will be seriously incommoded. Several had given orders upon their deposits in the bank which they are now unable to meet.


Article from Delaware State Journal, March 22, 1873

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In General. The Bull's Head Bank, in New York, has suspended, with liabilities estimated at $200,000. The Massachusetts Legislature has refused to expange the resolutions censuring Senator Sumner. The Meade Memorial Association has decided to erect a $100,000 memorial status to General Meade, on the Gettys. burg battle-field. The political agony in Baltimore is over, and Washington Booth has been appointed Collector, and Gen. Adam E. King, Surveyor of the Port. ...


Article from New-York Tribune, March 22, 1873

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New York Daily Tribune. FOUNDED BY HORACE GREELEY. SATURDAY, MARCH 22, 1873. TRIPLESHEET. A motion was made in the British Parliament about the rules under the Treaty of Washington. The Caldwell debate was continued in the U. 8. Senate, but no action was taken. "What will the Senate do with the Charter 1" is the main question at Albany. - It is feared that the New-Jersey General Railroad law will not allow a competing line across the State. James McElhaney was hanged at Boston for the tourder of his wife. A William Foster was hanged at the Tombs. wealthy man was murdered in his house, in Brooklyn, by burglars. === The Erie Railway depots and the Pavonia ferry-house were burned, in Jersey City. The Bank of England bonds have been recovered. Jay Gould testified before the Erie Investigating ComTwo car ruffians were sentenced to prison mittee. The awards and assessments have for 15 years. Efbeen made in the Kingsbridge-road widening. forts were made to put the Bull's Head Bank into the hands of a receiver. Gold, 115g, 1158, 115g. Thermometer, 32ยฐ, 37ยฐ, 35ยฐ.


Article from Evening Star, March 24, 1873

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THE BULL'S HEAD BANK FAILURE.-Isage H. Bailey has been appointed receiver of the Buil's Head Bank, in New York. Henry Clews and Thomas Murphy justified as sureties in $100,000 each. The creditors have taken st eps to have the bank thrown into bankruptcy, and the United States marshal has seized the institution pending the issue of application.


Article from The Daily Dispatch, March 24, 1873

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The Bull's Head Bank Defalcation. NEW YORK. March 22.--A number of the creditors of the Bull's-Head Bank to-day petitioned to have the bank adjudicated as involuntarily bankrupt, and Judge Blackford granted an order for the bank to show cause on the 29th instant why the prayer of the petitioners should not be granted; and he also granted a provisional warrant for the United States marshal to seize and hold the property of the bank pending the issue of the application. In the proceedings which had taken place previously in the State Court a receiver had been appointed, and - there was a race between the Marshal and the Receiver as to who should first get possession of the property. The Marshal won, and now has possession.


Article from New-York Tribune, March 25, 1873

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The revival of the old system of receiverships which ruined Barnard, and Cardozo, and Coleman, and Nathan, would be a very unfortunate step for any of our new judges to take, ignorantly or by design. There isn't one of them who can afford to do it. But there are, we fear, some who may innocently fall into such an error; and 80 we give warning. The appointment on the application of a creditor of the Bull's Head Bank of Mr. Isaac H. Bailey to be receiver with Messrs. Thomas Murphy and Henry Clews as his sureties, and John I. Davenport as his counsel, is an error the consequences of which to the depositors and himself we are sure Judge Fancher did not contemplate when he made the order. Two sets of depositors have asked for a receiver. To appoint one who is not asked for, on the appeal of a single creditor for a paltry sum, is to make it possible for men in whom the public have little confidence to commit a great wrong. But worse than all this, it looks like beginning to revive the system, from which only last year a great struggle and a difficult victory relieved us. Stop it right here !


Article from The Daily State Journal, March 27, 1873

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New York Items. NEW YORK March 6.-Typographical Union No. 6, of this city, reports that the subscriptions to the Greeley monument are coming in rapidly from the printers throughout the country, and there is every prospect of success. In the great suit brought in the name of the people of this state against Tweed, Connolly. Ingersoll and others, to recover $6,000,000 taken from New York county by what are known as the audit frauds, Justice Hardin has decided the demurrer of Ingersoll, that the people of the state have no right of action against Ingersoll. He bases his opinion on the broad ground-fatal to the whole suit, if sustained-thatth county, and not the state, are the real parties in interest within the meaning of the code. The committees of the depositors and stockholders of the Bull's Head bank, lately suspended, have agreed to increase the capital stock of the bank to an amount sufficient to make up the deficiency, thus placing the bank again in working order. The loss, so far as ascertained, is $350,000.


Article from Nashville Union and American, March 27, 1873

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THE BULL'S HEAD. Promisenous Looseness-8349,000 Miss. ing and No Defaulter. NEW YORK, March 26.-The depositors and stockholders of the Bull's Head Bank, lately suspended, had a conference to day. The stockholders' committee announced that they had agreed on a proposition to increase the capital stock of the bank and allow the depositors who are most interested to take preferred stock enough to make full the amount of the deficiency, thus placing the bank in working order again. The Express sta'es that circumstances come to light indicate that the bank was in a hopeless condition weeks before the officers formally closed the institution. The widow of a former cashier had deposited with the bank for safe keeping six thousand dollars worth of stock and other property, and when she wished to take it out of the bank she was put off from day to day, and finally the cashier confessed he couldn't find the box, remarking however that it was safe and he would send it as soon as found. Mr. Halstead, a depositor and stockholder, left a box containing twenty thousand dollars worth of United States bonds for safe keeping. A short time ago he demanded them. The cashier informed him after a short time spent in the vault apparently looking for them that he could not find them just then, but they would be found the next day, at which time the cashier informed Halstead that the bank had taken the bonds a few days before in a temporary money strait and hypothecated them. The value of the bonds was returned in notes and other securities. The total loss so far as ascertained is $349,000; capital stock $200,00; surplas $92,000; current deposits 57,000.


Article from Wood County Reporter, March 27, 1873

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the President, and accompanied by a letter requesting its early presentation to the new Government. News from the Modoc country on the 15th, says that about 600 troops are in the field waiting orders. Canby's plan seems to be to surround the lava bed and starve the Modocs. For that purpose four posts will be established on the outskirts of the lava sections and on the shore of the lake. A German named Albert Goetze was brutally murdered in Chicago, on the 18th, by one of a gang of rowdies who entered a saloon where a dance was being held, and grossly insulted a girl who was in company with Goetze, at which the latter attempted to eject them. The murderer escaped. The U. S. Attorney-General denies the statement that he had rendered a decision declaring the eastern terminus of the Union Pacific Railroad GO be at Council Bluffs. Near New Albany, Ind., a. few nights since, a boy and girl, the children of a colored man named Reed, were burned to death in their house, in the absence of their father. An older boy escaped from the burning building. A man named George MacDonald, supposed to be the chief operator in the recent Bank of England forgeriers, was arrested on the steamer Thuringia on its arrival at New York on the 20th. About $10,000 in gold and a quantity of diamonds were found in his possession. He protested his innocence. The Bull's Head Bank of New York City has failed, and it is stated that large defalcations have been discovered on the part of some of its officers. It was a State institution and carried a large amount of deposits, especially from butchers and drovers. A dispatch from St. Louis, 20th, says: "The strike on the St. Louis, Kansas City & Northern Railway is practically ended. Everything has been quiet to-day, and trains have run without molestation. The Company has now over fifty new engineers, and freight trains will resume running to-morrow. About forty strikers, and those engaged in obstructing the road, destroying property, and interfering with trains, are now in jail at different points, and are to be prosecuted to the utmost extent of the law." Another mysterious murder has occurred in Brooklyn. Charles Goodrich, a wealthy resident of that city, was found dead on the morning of the 21st, in the basement of a residence where he was in the habit of sleeping alone. Three pistol shot wounds were in his head, two of the bullets being imbedded in the brain. It is thought that some thief was aware of the fact that Goodrich was in the habit of sleeping in this house alone, and supposed that he carried considerable money about him, and that he had broken into the basement, and on Goodrich's $ coming down stairs had waylaid, murdered and robbed him. A dispatch from Lewes, Del., says that E the bark Jens Larsen, from London for Phil$ adelphia, went ashore at Indian River inlet ) on the 20th. The captain's wife and daugh5 ter, the first and second mates, and two seaI men were drowned in attempting to land. ) Near Wickenberg, Arizona, March 11th, I the Apaches murdered Augustus Swain and e James McDonald. Their bodies were horrit bly mutilated. Swain was one of the first e settlers, and for a long time a Government e guide.


Article from Rutland Weekly Herald, March 27, 1873

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The Bull's Head Bank. NEW YORK, March 26. The committee of depositors and stockholders of the Bull's Head bank, lately suspended, had a conference today. The stockholders' committee announced that they had agreed on a proposition to increase the capital stock of the bank, and allow depositors who are most interested to take preferred stock enough to make up the full amount of the deficiency, thus placing the bank in working order again. The Express states that circumstances have come to light which indicate that the Bull's Head bank was in a hopeless condition weeks before the officers formally closed the institution. The widow of a former csshier had deposited with the bank for safe keeping $6,000 worth of stock and other property, and when she wished to take it out of the bank she was put off from day to day, until finally the cashier confessed that he could not find the box, remarking, however, that it was safe and he would send it as soon as found. The total loss so far ascertained is $340,000, as follows: Capital stock, $200,000; surplus, $92,000; amount of deposits, $57,000.


Article from Alexandria Gazette, April 5, 1873

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The Bull's Head Bank Failure. NEW YORK. April 5.-I is rumored that President Williamson, of the Buil's Head bank, has beon arrested on indictments found by the grand jury. The receiver reports that after the depositors have been paid, there will remain $40,000 to represent the capital and surplus of the bank. The receiver says the money was taken by some one in the bank who had access to the books. New directors were chosen last night.


Article from The New York Herald, April 23, 1873

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THE BULL'S HEAD BANK. The Bank To Be Opened This MorningThe Meeting at Demilt Hall Last Night. A meeting of the depositors of the Bull's Head Bank was held at Demit Hall, corner or Twentythird street and Second avenue, last night. It was expected that a written report would be read, but such was not the case, as no statement was made further than that contained in the speeches. Mr. SAMUEL WILLETS, who was elected president of the meeting, introduced Mr. Cameron as the first speaker. In the course of his remarks Mr. CAMERON said the Bull's Head Bank was now on ON A SOLID AND SUBSTANTIAL FOUNDATION; that it was better prepared to meet and stand a run to-morrow-at which time it will be openedthan any other bank in the city. Mr. MOTT was next on the floor. He said he had little or nothing to say further than that this was the only successful attempt to reopen a collapsed bank that he had ever heard of, and that it was an achievement of which the depositors might well be proud. A resolution was passed THANKING THE COMMITTEE OF SEVEN for their energy in bringing about the reorganization of the bank. The bank will be open at the usual hour this morning, when all demands will be paid in full


Article from The Wheeling Daily Intelligencer, April 23, 1873

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NEW YORK CITY. NEW YORK, April 22.-The case of Stokes was before the Supreme Court, to. a day, on a preliminary motion, as to proceedure in error. The Court will give a decision to-morrow, when the argument on the main motion will be heard. The number of passengers booked to cross the Atlantic this season is 213,000. A fire in the Immigrant Savings Bank building this morning burned out a great number of lawyers' offices, and made the closing of the bank necessary. John Fitzgibbons, for killing John Ohera, was sentenced to-day to imprisonment for life. General George C. McKec, ex-member of Congress, from Mississippi, was married in Grace Church, to-day, to Miss Anita Horteuse Camp, daughter of Benj. Camp, Esq. The Produce Exchange at a meeting today declared unanimously in favor of the bill now pending in the Legislature having for its object the funding of the canal debt. Arrived--steamships City of London from Liverpool, West Philadelphia from Hamburg, and Persia from Brest. Charles G. Hampton was arrested yesterday for having in his possession $50,000 worth of railroad bonds, and taken before a police justice to-day. A representative of Fitch & Otis appeared and stated that he represented Col. Phillips, of Pitts. burgh, owner of the bonds. The prisoner was committed to await a requisition from Gov. Hartranft. Mr. Sparks, agent of the White Star Line, has secured the certificate of the government officers of emigration at Liverpool that there were provisions enough on the Atlantic to last thirty-two days. Official documents were received showing that the quantity of coal on board when she left Liverpool was in excess of the average supply for ocean steamers. Capt. Williams, it is claimed, therefore, only used discretionary power in running for Halfax. Mr. Sparks says that the contiued confidence of the traveling public in the line is shown by the fact that of the 100 saloon tickets sold for the coming voyage only 8 have been returned. 54,489 emigrants arrived here since January 1st, against 46,783 the same time in 1872. The petition to have the Bull's Head Bank declared an involuntary bankrupt has been discontinued, on the payment by the bank of nearly $6,000 of accrued costs. A party of artists, men of letters and bankers assembled at Leo's Club last evening to dine and wish a pleasant voyage to Col. Thomas Knox, who sails for Europe to-morrow on the Minnesota.


Article from The New York Herald, September 23, 1873

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Other Banks. A visit among the other banks showed also that matters had improved to a surprising extent. All panicky feeling seemed to have gone, people walked in and out in their usual manner, there were no "runs" and everybody appeared happy after the terrible strain of the past few days. The President of the Bank of Commerce, Mr. Vail, said that he thought the action of the government in buying the five-twenties was a wise measure and had done a great deal to relieve the pressure. The President of the Third National, Mr. Jordan, was of the same opinion, and he said that now all banks would, no doubt, go on in their usual manner. Mr. Morrison, of the Manhattan Company, was of opinion that the issuing of the loan certificates had done more than all else, and that it was the second time the measure had proved salutary. Mr. Kennedy and the Bank President also believed in the soundness of the measure, and others said that unless such a measure had been resorted to they did not see how the banks could have puiled through. The cash value of stocks was the best proof of the improved feeling. As all stocks had recovered splendidly, it told a good story of the confidence which was beginning to reanimate the whole mercantile and financial community. The officers of the Bull's Head Bank, No. 340 Third avenue, stated yesterday that the bank could not possibly be in a sounder condition than it is at present. As soon as the first alarm or danger had been heard the President of the. institution set about preparing for an emergency, and succeeded in placing the bank above every chance of being taken unawares, Up to noon yesterday there was a very slight run, but the demands were met so promptly that whatever fears might have been felt by depositors they were soon speedily dispelled, and during the rest of the day the confidence of depositors in the bank was apparent. The receipts yesterday were $122,000, against $61,000 ior the same day last week. The amount paid out yesterday exceeded that paid out on the same day last week by $11,000. The bank officers say that they were prepared yesterday to pay every dollar on deposit in the bank. As it turned out, the depositors having shown their confidence so plainly during the afternoon, this bank was enabled to help some other banking institutions that were somewhat pressed. The officials at the Broadway Bank, opposite the new Post Office, state, "No run and more expected deposits than usual." Importers and Traders' National Bank states, No run whatever and hope the press will not increase the panic." Merchants' Exchange National Bank-"No run and quiet as a Sunday." in the Murray Hill bank the deposits amount to about $600,000. Yesterday there was more money received on deposit than was paid out, and depositors, to judge by their absence yesterday, seemed to have confidence in the ability of the institution to pay all demands made upon it. The mone at the disposal of the bank is about twenty-five. or thirty per cent of the total amount on deposit. The Fifth National Bank was not disturbed yes. terday by the current rumors of panic or monetary distress. Business went on about as quietly as usual. Yesterday not more than $10,000 was drawn from the bank, a sum less than is usua on some Mondays. The total amount of deposits in the Fifth National is about $700,000, covered by twenty-five per cent of that amount, as is required by law. The Oriental Bank, 122 Bowery, has about $1,000,000 on deposit. It has a capital or $300,100, with a surplus of $340,000. According to the bank officials the deposits have increased $50,000 since Saturday last. Everything was quiet yesterday, full confidence being shown toward the instituton by the patrons. The Butchers and Drovers' Bank was as qilet yesterday as if there was nothing unusual gang on in the money circles. Not a semblance of a run occurred, and the bank officials had nothing to do but congratulate themselves that depositors had no fears.


Article from New-York Tribune, January 15, 1874

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BANKING THEORIES. THE STATE BANKING DEPARTMENT ABSTRACT OF THE ANNUAL REPORT OF SUPARINTENDENT ELLIS - DEFECTS OF THE NATIONAL BANKING SYSTEM- - A PLAN FOR FREE BANKING. BANK DEPARTMENT. ALBANY, Dec. 29, 1873. To the Honorable the Legislature of the State of NewYork: During the last fiscal year 12 new State banks have been organized, six of them entirely new institutions, six by conversion from National banks The Mutual Bank of New-York has discontinued business. The whole number of banks which reported on the 13th of September, 1873, is 80. The Bull's Head Bank of New-York suspended payment on the 20th day of March last, and was for a short time in the hands of the United States authorities in bankruptcy. Illegal and criminal conversion of its funds by some of its officers and clerks was the cause. The depositors were paid in full, leaving the capital largely impaired. On the requisition of the superintendent, the impairment was made good, and the capital increased from $200,000 to $300,000. The bank reorganized with new and efficient officers, and has since done a prosperous and profitable business, and commands, as it deserves. the confidence of the business public. The following statement shows the gradual progress of the free banks in the State during the last year, as well as the extent of the operations of these institutions. Condition of the banks of the State Sept. 21, 1872, and 1873:


Article from The Milan Exchange, January 10, 1878

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G. W. Gustin and W. H. Dessin, two young lawyers of Macon, Ga., fought a duel with pistols on the 27th. Both missed. George B. Bigelow, a prominent Boston lawyer, is charged with embezzling $40,000 belonging to a trust estate. He has given bail for $60,000. John Bonner & Co., a well known firm of New York brokers, failed on the 21st, with liabilities amounting to some $400,000; no assets. The suspension also brought down the Bankers' and Brokers' Association, with which they had large dealings. The Legislatures of New York and Pennsylvania convened on the 1st. Governor-elect Holliday of Virginia was inaugurated with public ceremonies on the 1st. The old Bull's Head Bank of New York City is to be wound up. Its capital is said to be impaired to the extent of $500,000, but depositors will be paid in full. Marshall Jewell, President of the Charter Oak Life Insurance Company, informs policy holders that unless they consent to the scaling down of their policies 40 per cent. the company must go into bankruptcy. T. S. Lambert, ex-President of the American Popular Life Insurance Company, of New York, convicted of swearing to false reports, has been sentenced to five years at hard labor in the State-prison. The Legislatures of Maine and Maryland convened on the 2d. At Ferndale, Northampton County, Pa., on New Year's night, John Haddock, an unsuccessful suitor for the hand of Miss


Article from The Centre Reporter, January 17, 1878

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NEWS SUMMARY. Eastern and Middle States The Rockland County National Bank of Nyack, N. Y., has suspended payment. The body of Herzberger, the engineer in the New York candy factory, where the recent terrible explosion took place, has been recovored from the ruins. By an explosion in a mine near Wilkesbarre, Pa., seven persons were injured, one mortally. Seventy-five thousand tons of Seranton coal were sold in New York at an advance on previous prices. The trustees of the West Boston Savings Bank voted to close up the institution in the most economical manner possible. After a trial of several days Mayor Ely withdrew the charge of inefficient and capricious enforcement of the laws, made against the police commissioners of New York. George M. Brooks' bank of Lowville, N. Y., has suspended payments, the liabilities being placed at $60,000. At a dinner given to General Banks in Boston Hon. Benjamin F. Butler made a speech, denonuciatory of the President for not upholding Packard and Kellogg in Louisiana. Five buildings were burned in Jamaica, Long Island, and a loss incurred of $12,000; and in Westerly, R. I., several houses were destroyed by fire, the damage being estimated at $80,000. At Boston, Mass., the arrest of George B. Bigelow, a well-known lawyer, took place on the charge of having misappropriated the sum $40,000, which was held in trust by him. The New York Legislature met in Albany and organized, James W. Husted (Republican) being elected speaker of the assembly. John Bonner & Co., well-known stock brokers of New York city, failed. The amount involved by their failure is about $1,000,000, and upon the heels of the financial fall of the firm came the suspension of the New York Bankers' and Brokers' Association, of which Mr. Bonner was president, and all of whose available resources be had utilized. Many bankers and brokers had left securities in the hands of the firm as collateral for loans, and these securities could not be found, as Bonner had fled from the city just before fhe crash. Three more bodies have been recovered from the ruins of the New York candy manufactory. The Pennsylvania Legislature met at Harrisburgh and organized. One hundred failures and assignments were reported in New York in December, the aggregate liabilities of which were nearly $8,000,000. Miss Lizzie Davis, aged nineteen was stabbed and instantly killed in her home in Ferndale, Pa., by John Haddock, aged twenty-one, who then proceeded to his house, & few doors off, and shot himself through the heart. Jealousy is believed to have led to the double tragedy. Thomas 8. Lambert, ex-president of the American Popular Life Insurance Company, of New York, recently found guilty of perjury in swearing to false statements of the company's condition, was sentenced to five years' imprisonment at hard labor in the State prison. A fire at Salem, N. J., destroyed a number of buildings in the business part of the place, doing damage to the extent of about $40,000. Two excise bills and & New York city charter amendment have been introduced in the New York Legislature. At a meeting of the directors of the Bull's Head Bank, of New York, it was resolved to wind up the affairs of the institution. Governor Conner was inaugurated at Augusta, Me., and Governor Rice at Boston, Mass. Four of the former managers of the Charter Oak Life Insurance Company, of Hartford, Conn., have been indicted for conspiring to defraud the policy holders, as alleged in the complaint. The Woburn Five Cent Savings Bank, of Woburn, Mass., has been enjoined from doing futher business : and the Rollinsford Savings Bank, of Salmon Falls, N. H., has given notice that it will pay up depositors as fast as possible and retire from business. A fire in Harrisburg, Pa., destroyed the malt house of B. M. Greider & Co., causing a loss of $70,000, on which there is $55,300 insurance and A fire in Franklin, Pa., burned down Bailey's block, causing a loss estimated at $30, 000, on which there is & partial insurance. Several vessels were wrecked and many lives were lost by a severe storm of wind and snow along the Atlantic coast in the vicinity of Cape