Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1856-11-20
LOCAL AFFAIRS.

a.
resignation Of the President of this institu-
ton on Friday last gave rise to some rumors
affecting its standing, and considerable run
was made on Saturday. On Monday it was
continued but with the impression on the
part of most folks that the election of officers,
which took place on that day, was the prin-
clpal cause. OF all this little or nothing was
known here until Monday afternoon, when
news came to hand that the notes had been
thrown out by the Philadelphia banks. As
the greater part of our pauer circulation was
IN notes OF this bank, much alarm and anxi-
ETY. were created as to the result. In n
Tuesday afternoon, the majority entertained
hopes that the storm would blow over, but
these hopes were dissipated by the announce
ment that the Bank had suspended. The
following Is the notice posted up on Tuesday
morning at Lancaster:
''A0tice: A run having been made unon the
Lancaster Bank, and its notes having been
refused by the Philadelphia Banks, the Off
GERS deem 1t Impossible to meet the liabilities
OF the Bank as they are presented, and are.
therefore, compelled to close the Bank.
The note holders are advised not to sac
rliice the same, as the assets of the Bank are
supposed to be sufficient to meet the circpIa-
ton and deposits. A statement. however
Will be made to the public, as soon as the Off
GERS eject can make an examination of the
condition of the Bank.
IL. RATIIEON, Cashier"
On Tuesday several stores received the
notes in payment for goods, but Yesterday
nothing could be done with them except at =
discount of % per cent, at which rate the
mill store sold goods and the Lewistown Mill
furnished -four, sc. Both of our banking
houses paid out great part Of their funds in
this money, and in consequence Of receiving
1t IN payment Of notes and on deposit UP to
Tuesday afternoon, have probably crippled
their resources SO that for some weeks at
least no paper will be discounted.
What effect this suspension will have upon
business here is as yet difficult to tell. Should
the notes depreciate to any extent or become
worthless, the loss will be severe, as almost
every business man in the county, as well as
LtGlE
possession varying from S. to hundreds
Even cur humble self. who belong to class
that seldom have any money at all, was
caught with $50, which had been laid by to
meet a paper bill. \ few instances have
come to our knowledge where parties hold
from 5000 to S400-ard another Of two gen
tcmen about starting west with $500. Com
ing from a quarter so unexpected, it will do
much to impair public confidence in paper
money, as our citizens had yet hardly gotten
over the severe blow given to business and
capital by the failure of the Lewistown Bank.
If the following from the Lancaster Ex-
aminer at all approximates the truth as to
its circulation, the notes may be good:
The liabilities of the bank, so far as we
can learn, consist of about 100000 of ci-cu-
lation and S250,000 Of deposits. The notes
in circulation will of course be redeemed. ul-
timatelv, at their full value, as they will be
first paid out Of the assets: and the Stockhol-
ders are, moreover individually liable to the
note holders to the par value Of the stock
held by each one. That is, for every share
OF stock held by any person he is liable to
the amount of 500 to make good the redemp-
no" ot an t!ie n9!es IA c,rcuaIioh' III case
for that nrrrosn Tndnr tho ,rnrS+ m-;o
aspect of the case, therefore, there is no room
to doubt that the note holders will all be paid
to the last cent. The only Inconvenience
months more or less, " 7''-''
The Stockholders will moat On SATURDAY. 70
decide what course is to be n,lr~ucd.
IHE AAInhR.~I nc appearance of snow
on the top OF bI"c% LOG Mountain iast week.
together "'''! cnlli'h6 WINDS anu col" rams
give uhin''laNeaOle evidence 'liaI warm sun