The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12


The most important financial news We
have to-day, is contained in sdssPatch from
ST. Louis, Of the 10th, which states that tie
Bank Of the State Of Missouri, the Msr-
chsuts' Bank and the Southern Bank, had
suspended that morning; the Mechanics
Bank Of st. Louis continues firm 10 it, I'D.
herence 10 specie payments.
A despatch from New York, Of the Goth
aays that the weekly bank statement for the
week ending the oath, shows decrease on
loans Of 81 ,652 ,30s an increase Of specie
Of 32,563,4l3; decrease 10 circulation Of
81 ,202,702 and an increase in deposits Of
84,635,1GI.
The Baltic which arrived ut New York,
on the 18th, brought f73,OOO in specie
In reference 10 the recent bank defalcaton
in Pittsburgh We have the following, com
municated TO the Cincinnati Prize Current,
by correspondent in Pittsburgh.
Since my last, there have been some reve-
lAtions affecting the standing Of the Mer-
chants and Manufacturers Bank. Mr..
Thomas Scott, its President, has a SOD. in
law named O'Conner who is at the head of
the firm Of O'ConLer, Bros. x Co., doing
business AZ brokers. O'COnner has been
for sometime an active operator on the
street, buying good paper at four per cent
per month il seems that he has been in the
habit Of throwing these notes in the NJ. *
NJ. Bank for collection, the proceeds at ma
turity going to the credit of the firm, draw
ing, meanwhile, on the bank for the where
with To buy more. This has been going on
for period Of twenty months and when
the late suspension took place, the directors
on examination Of the books, found that
the account of the firm had never, in all tina,
time been brought up and balanced the
book keeper putting the totals at the foot OF
each page in pencil mark were falsely made
and carried forward in order 10 mslead and
deceive the paying teller and that by this
connivance Of the clerk the firm had over
drawn their account 10 the extent of S3lO,-
600
An explosion took followed, Of course; o.
Conner in the end handed over to the Bank
about all the good paper he had on hand, as
security for the Over-drait, and it then trans
pired that he had yielded to the gambling
propensites OF the times, and bought, ut 4
per cent Il month the paper Of II Philadel-
pha house in the sugar trade which lately
exploded. The bank. however, managed to
secure enough. or nearly enough, of good
paper 10 cover the deficit in the account of
the firm The result of it all, il, that Mr.
Thomas Scott has resigned the Presidency
OF the Bank, and that O'Connor, his brother
and the bank clerk, have ben arrested on u
charge of conspiracy and fraud, and their tx.
animation will take place to-day.
The Directors have since elected II. l..
Bollman, President and having given the
affairs Of the bank thorough examination,
they announce that ia capital and resources
are not in the least affected, and that it is
sound and secure throughout. The notes Of
the bank pass as currency, and are redeemed
at its counter in notes OF other banks. drafts
on the West. or in good commercial paper,
if the holder prefers There is no warrant
for the report sent abroad that the Bank
had failed.
Within the last thirty days. the following
railroad companies arc reported a. having
either gone 10 protest on their floating debt.
suspended or made an assignment OF their