The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-10-04
PRICE TWO CENTS.
FAILURE OF THE ARTISANS BANK, NEW
YORK


The recent trbulations of the Artisans Bank q
New York, had partially prepared the public 70
the reception of the announcement of its liquida
ton. The Post, of Tuesday afternoon, says:
The doors of the Artisans Bank were closed to
day, an event which has not taken the communit,
altogether by surprise. Itwas chartered in Angus
| or September, 1856, with a capital of 5000, ,000.-
Harvey Burdell was of the original directors
and held his office up to the time of his mysteriou
murder in Bond street. Nathan G. Platt, of tn
firm of Platt d Brother, was the first President
| and has remained in office until the present time
| Charles 7. Leake was the first Cashier, and r. A
| Tooker the last one.
Hardly had the organization been effected whe1
| the panic of 81 came upon the community. BY
some means this bank survived the pressure, but il
| was at cost that entaied continued troubles anC
10Stant difhcutles, from which it never recovered
Chahges We're made in its management, but an
actve hostility seems to have sprung up 10 cripple
| and finally close it.
Some months ago Mayor Wood appointed Mr.,
flatt chamberlain OF the city, although that Office
was not vacant. Hereupon arose expensive liti-
CATION and newspaper warfare, which, as the Bank
was interested to the amount of the depnstes of the
city funds it is fair to presume was conducted and
PAID Tor by the institution. Mr. Platt was success
lui and the bank had the business; but the COM
ments OF the press upon the whole matter had
frightened depositors and dealers.
A lew weeks ago the associate banks refused to
exchange with them, and yesterday a run was made
NP'H sPecles AT q quarter OF three the doors
were closed.
Ihe misfortunes of the institution are wholly
traceaDe to the opposition Of other banks and indi
vlduais, and to political opposition. Yesterday a
heaVy drain was made for specie, and at late b0ur
a check for Sl3 900 was presented bpt as there was
not enough specie on hand to meet it the directors
tnought best to go into voluntary liquidation nav
all outstanding claims, and at proper time resume
operations. The City Chamberlain business has
gained many opponents to the bank, and the news
papers have helped to keep up the excitement
ne assets are more that enough to meet the labil-
tiles. III the funds entrusted to the care of the
Oity chamberlain have been transferred to the Park
BANK AS soon as the matters are settled salisfac.
torlly the bank will go on again.
Ihe Express says The Artisans Bank has closed
its doors, declining to pay even trihing warrants
araWn py the CITY, Its last statement the Clear
ing House stands thus:
Loans hs.''.....'........... ........,. 81 1886
Specie ''..'....'....,.......... 2s5,431
Deposits ''''''.'''' sS'I4
Its circulation is secured by SiOO, 900 Of New
ork State Gs, and should not be sacrificed by any
one. Inc pank will now go into the hands of a
receiver. Its troubles are of long standiug, poino
back before 1851 when it paid largely for TEMPORARY
aid In its late difficulties it paid q per cent per
day for specie.
EXCITEMENT AMONG DEPosrToRs AND CHECK HOLDERS
From the Herdld.l
The suspension ofpayment by the Artisans Bank
on Monday morning last created no little excite
ment In the city yesterday. Large numbers of
anu peISOns WHO Hau deposited their
money In this bank continued to besiege the place
from the opening to the closing of the establish
ment. The cashiers and tellers' Offices were closed
TO the public, and written notices to that effect
posted on the windows and doors of the bank.
Within the usually busy interior of the establish
ment everything appeared dull and dreary except
the officers and clerks, who seemed to look upon n
bank stoppage as one of those pleasant incidents
that serve to vary the routine Of their ordinarily
monotonous life, and went on moving about their
ueSkS ana writing their bOOks o5 If in
the world had occurred to disturb public eouanim-
ity. Not so with the bearers of checks, who every
now and then dropped in, expecting to realize a
little ready cash. The startling announcement,
wv are not paying anything at present SIR" did
not strike their in any very harmonious strain
and we saw several men who walked in very
Drlskly crawl out very slowly. Many of those who
presented checks, it was clear, did not know any.
thing OF the true state of affairs; but on hearing
the sad tidings they retired with ANYTHING but
smiling faces Others who already knew the worst
stlil perseyered in the desperation of last hope to
draw out whatever TREY had on deposit; but it was
no go any way. The managers and cashier were
lneXorable, and every feint to take them by sur.
prise failed to produce the desired effect At one
time an applicant who had failed to obtain the cash
ior ms check, and who seemed to take his disap
Polntment in very good part, on coming out of The
Dank sald, loud enough to be heard bv all around
wei, am very lucky-I have got out every cent
OF my money; here's the check for it'-shOwinp
the rejected draft to a bystander. The effect was
electric. There immediate dash of the for
lorn hope for the bank; but what was the result o
the foray we cannot say, although it may well be
suTmised.