The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-19

Page Il Bacon's Cireular-Ran ON tho BANK
Tvss aolvency OF So. Louis Bankcrs-Stand-
ing OF Page q Bacon, cse.
CIRCULAR OF PAGE 4 BACON.
ST. LOUIS Jan. 13, 1855.
N heeomes our painful duty transmit You the card
nelow issued in st. Louis papers this morning AT
40. m which YOU have personal interest and for which
yeu may reasonably have some solicitude.
We bog leave to .tate that we have made
both those In hands and all received
q, and after date at the Bank OF the State OF Mis-
sur for the credit OF or remittance 70 the proper par
Hes All collections and moneys received aud after
this date from home and country correspondents hav
ing current accounts with us, win be placed 10 the
hands OF our esteemed and responsible fellow
Robert Hennng, Esq who Will directly advise of and
account for the same.
advised of the state of his account
30 SOON cast about us and ascertsia our
precise situa alton shall make fall statement of
afrs: mean whtle ask the indulgence Of friends
Ger the amount of time requisite for this, with house
whose operations extended ours, assuring them
an that the deepest and sincerest emotion have
this unfortunate uncure Is one OF less socitude for
ourselves than OF regret Tor tue temporary inconve
nenee and misfortune Of such as may be involved with
as. PAGE BACON,
NOTICE.
Al outstanding drafts drawn on Page Bacon by ].
Hunn of Springfield, ILL.,, will be duly honored on pre-.
sentaton At the Office OF Henning Il Woodruff.
st. Lors, January 10, $780,
From the st. Louis Republican, Jan 1871
THE MONETARY AFFAIRS OF ST. LOUIS.
The announcement contained In yesterdays issue,
OF the suspension OF the banking house OF Page Bacon
created a wide spread sensation in our community,
which not diminished but rather increased by the
fact that Messrs Loker Renck Co., bansers did not
spen their DOORS Ordinary business was left unattend
Cd TO- and the public mind seemed absorbed at first in
TIE public calamity of the stoppage OF Page Bacon,
and afterwards IN the which &C mmenced the
ether banking houses OF the CITY
econ after O'Clock A. n. 1t manifest that
had commenced upon Lucas Simonds, l.. A. Benoist
Co., and the Boatmens savings Institution, and 1t was
continued unnterruptedls but without any manifesto
ton Of unpleasant feeling, until o'cock--the usual
hour closing Satardays-when those three estab
h@hm.nts closed their for the day, having prompt
ly met every call OF their depostors Other banking
houses subjected to somewhat than oriina
e.ls and all sustained themselves without faltering
Many persons presented the notes of ths BANK Of the
State Of Missouri at s COUNTER and received specie for
them but tharss TO The fact that. in the most trou
Dled times have bad that institution has
iled in single meet in gold md SILVER, all
demands upon it and 70 the further fact, we'll kno
~ exist that it has ample at hand Tor auy
ReDcy, nothing ike upon it vas attempted, nor
have We the least idea there will be-
1t evident throughout the day that the panic
not to any considerable extent, among the substantial
merchants OF our city. Some Of them doubtless drew
their deposits but TO meet the liabilities OF tue day
than any fear with regard TO the safety Of their
money No observer the different houses could have
failed 10 see advised the fact was that IL was
the small depostors that composed the bulk of the
srnwds Indeed, know OF many OF our citizens hav-
Ing thousands deposit where others had tens wac did
net 6raw cheek or maze any move Indicative OF unea-
sine Of feeling but the contrary expressed openly
their regret they had not the TO increase their de-
peis. 1t mas marked feature in the street CONVERSE
Mons that expressions OF unsind FEELING fowaris the
bankers were heard; showing deepseated conviction
n the minds OF depostors that their money was In the
hands Of of the highest integrity, who whatever
might be the result o. the days pressure, were above s
suspicion Of any sorthy desire, purpose or act
We look back upon the proceedings OF the day
with feeling Of upmDgled regret that without,
conceive, any sufficient reason, such excite.
neDt, eacinR to such run upon our bansers, should
s r MI wham IKE others haa no connection
whatever constituted ground for upon the lat
Ter While the day lasted 1t was. hosever, man'isstly
# 49, n.tnna dad ntar
Impression the public mind. Unfortunately, peca
mary excitements seem to deprive many men OF the
capacity we'll disposition tn look calmly at or to
Isaton dspassionately upon the circumstances OF the
hour But the day, with all its anx'etes AMI events
hss c,ofsd and day o. rest tervenes wnzh we nope
will Lead 10 something like serenity and reflection
Every hour that this excitement continues Ia deriment
70 all the interests OF city; every mao vino con
uhutes to keep alive assumes weight OF respons'-
bity from which he might well shrink. Ever citizen
Who abors to calm the public mod down to sober and
reasoning basis deserves the thanks OF the whole com
nonity.
We uphestatingly declare our conviction that this
PANE has not otecied from any imprssaon on The
pablo MIND that Lucas Il Siuoncs Benoist Co, OF
the BoaimsD's Institution, in themselves unable
o meet all legitimate demands upon them in the resa
lsr course OF business. Not man Who ~Tithdres
hts etlo.its from them, II he could have aDs weret
eso,y would have affirmed that his ast Tas the rs
Every teposior with Lucas l. Sinonds knew. as thu
vhse community does, that the senior member oil tina
heose Is this day worth, upon moderate esttna,e .e
and hall millions u dollars to say nothing OF the pro
party Of the other members, and the assets 81 tas hrIn
It's equally well Known that p-nott Co. are men :. o
1yRe wealth. sho have conducted their business with
great prudence; and that the Boatmsn's Institution i
managed by some of the most careful and upright ousi
in city, and that it's loans are IN every 10
stance short paper, secured by three names Yet
With these facts we'll nown and without single Ia
siSn Of nsety or n a IN th ~, nSSsss
ssa caused by tie disaste Of led to the result
Ne have mentioned.
We are thankful that, 80 far no injury has resule
hsm those uDtoward movements, and depositnra wi
nake any attempt Mt sober consideration Of what Ia
paced and Of what their duty IL uuer tAe crcumsau
ses, we feel an undouotng certainty that conadeDc
Will be immediately restored and matters assume thei
vented course.
OHIO AND MISSISSIPPI RAILROAD.
We pctiee some anxiety IN the community relative
The present eesditioD u sEs road rs - sxnesss
a ,ps suspension of Page Bacon the financial agent
Of the company, will stop wora upon the road aud 60
ny it's completion TO Vncennes We 90 not, however
any such result IL Is 10 be remembered tina
Mere Ia no Gnapcial COM econ btween the Illinois III
vision and the eastern division OF this great work tn
former stands ao1 O. s stock has never been consoi
dated with tina. OF the eastern end and by large pc
septage valuable the cost OF con truction per MI
beng immensely less than in inaana ana ONO. W
ssired to complete the road TO Vincennes but expec
20 hear Of speedy meeting OF the Board Of Directors
and report from the Chief Engineer. We understand
hsvevcr reliable authority that less than BOO
win fully prepare TIE road bed for the laying OF tn
track and that the monthly recep,s Of the road nov
from SO 600 10 SIS Oo0 WI after dedu sting cost o
operation leave sufficient funds in tine hands OF the
yany TO pay for laying the track. Sufficient iron l. OF
hand here and ut vncsnues 10 complete the road.
Assuming the above TO be true-and We have no doub
the report the Chief Enginee, will corroborste ever
gateruept-tbe question at arises: shall the road
upder state of the money market BE- allowed 20 st
for day3 One hundred thousand dollars gives us di
yect communication with the Eastera cities, shorter
levsn with the temporary dvergnx right TO Terr
Haute by seventy Ave eighty miles, than the presen
round about journey by Chicago One hundred thousa
dollars gives good paying road taking, from the da
Of Its completion more than half the travel Of the Chi
eago and Mississippi Railroad probably two thrissf al
tsat Eastern travel which IA nos compelled TO pas
through tO
Nor this alt The heavy subscription Of the city an
county Of St. Louis 10 this road in which every cit
has interest must be protected The compilation O
the road the seven hundred aud atty thousan
dollars Of stock wned and paid for by the city aud
IT, good payii stock, which WI speedily rank with tn
best stocks IN the mirket. Let the road remain AZ
nfard still and IL comm IyelY Morthass Beside