Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1853-11-17

4u4pS o AoAAocE VI Ddukc, 6eo1 aAiu
West, has failed. We give below such
information as we have. In regard to
the rumor about the Southern Bank Of
Kentucky, the Louisville Journal says:
Kentucky BGnks.-It seems from
our Cincinnati dispatches that an alb
surd rumor has gained circulation there
in regard to the solvency of the Ken
lucky Banks. We have the best author
ity for saying that our banks have new
er been in a more sound condition than
they are at this present time"
Cincinnati, Nov. 8.
The notes on the Patchin, Buffalo,
Owego and Tioga banks are refused
here to day.
Baltimore, Nov. 8.
The Patchin Bank of Buffalo suspen-
ded yesterday, in consequence, it is said,
of large loans made to the Buffalo and
York railroad. Patchin, president of
the bank, is also president of the rail-
road, and has assumed the liabilities on
its behalf. There is good deal Of ex-
citement in regard to this matter.
OuOego BGnE.-The failure of this
safety fund bank, which has been an
nounced, is said to be connected with
the suspension of Henry Dwight, ban
ker of New York. Its capital was
100000. The Journal of Commerce
says that the safety fund, on which its
creditors might in theory rely, is de-
funct, exhausted, and overdrawn. 1t
is Just possible that the Legislature may
provide some indemnity for the bill
holders, if the assets of the bank prove,
as they doubtless will, insufficient to re-
deem them. The charters of most of
the safety fund banks have expired, and
the rest soon will. No such charters
are renewed.-Er.
MAssILLoN BANK.-It is not yet def
nitely known what will be the loss to
bill holders on the Bank. The proba-
bilities are (as we think, that the hold
ers will not realize over fifty per cent.
on them, and we don't. know of any
body that will buy them for that sum.
The facts, or rather rumors we hear
amount to about this: Mr.. Dwight, for
some years, has been the principal
stockhOlder, and has used its circula-
ton, &C., in his business operations
1t was authorized to issue S4OO, 900 in
bills, and it seems that about $3.50, 900
were out at the time of the suspension.
1t is said that Dwight has 81, 10000
of property in his hands. Enough to
all his liabilities and leave
large surplus, if they could be con-
verted into cash. But that is the rub.
He has $4,000 of bonds of the Pitts
burgh road, in his possession, and if
they are returned, the road will redeem
them with cash. This would leave
S150,OO0 to be met from other sources.
The Chicago and Mississippi road has
been using $500, 900 of the bills of the
bank, but what amount the company
owes the road at this time, we are not
informed.
The Massillon Bank was one of the
old banks, chartered in 1885, and has
stood all the rubs of the times from
that day to this, without bending to the
blast. But it was bad day for it when
one man, and that one stock specula-
tor, obtained the control of its means,
and shaped its policy to suit his pur-
poses. A deposit of a sum sufficient
TO protect the bill holder, as collateral
is the safest and best plan
we advise those of our
who have Massillon money, to
lold on to it for few days. Don't let
he brokers make too deep shave upon
your pockets.-StGte Journal.
BANK OF MAss1LLoN.-The Cleveland
Herald of Saturday evening says:
"With pleasure we give the informa-
ion received from a Cleveland banker
ust returned from New York, that Mr..
Dwight stated that he had sufficient
lssets to pay all his liabilities, and as
Don as he had time to make them
he aOould redeem every dollar
f the Bank Of Massizlon's bills. We
.dvise holders not to submit to heavy
have upon them at the hands of
'rokers."
Clinton Bdnk.-We are surprised
hat any body should be humbugged
nto the belief that the Clinton Bank
las failed. Every body in Columbus
.nows the rumor to be false. There is
lot shadow of foundation for it. The
'ank was never in better condition. 1t
las the entire confidence of our bust
ess men. There is no run upon it, no
xcitement, nothing to justify any sus-
icions of its solvency. The character
f its managers is such that rumor of
his sort gains no credence here. We
ope all the banks in the country are
qually sound.-Ohi State journal.
We see it stated that a committee,
ppointed by the Cincinnati Chamber
Commerce, to examine the subject,
eport to that body, recommending the
'anks to receive the notes of the Bank !
Tennessee, The Planters Bank of
ennessee, and the Union Bank of Ten
essee, the same as the notes of the In J
lana, Kentucky, &C., Banks. They
link them safe, and as there is great :
ant of more currency to do the legiti- c