Evening star. [volume] (Washington, D.C.) 1854-1972, 1866-05-04
q THE MBROHANrs' NATIONAL BANK.
We have obtained the following particulars

We have obtained the following particulars
in reference to the suspension Of the Mer-
chants National Bank. There rs dine from the
Bank 10 the Treasury Of the United States less
than four thousand dollars, but as we have
stated in our first edition, there were several
disbursing officers and agents Of the Govern
ment who deposited the pu bile funds entrusted
10 them, in the institution to the amount prob.
ably Of 85OGOO0. OF the total amount so de-
posted they have no record in the Treasury
Department, as the depositors belong to differ
ent branches Of the public service.
In any event the securities in the Treasury
will be applied, as far as they will go. to the
liquidation of all indebtedness 10 the Treasury
and to Government officers and agents
The Immediate cause of the suspension is
stated to have been the failure Of a Baltimore
concern. La b. Bayne, Of Baltimore, one of
the heaviest stockholders, within short time,
has obtained S76O,OO0 "on call" He first got
S150,OOO to keep himself afioat before the di.
rectors knew OF il, and afterwards calling for
more, the directors, to save themselves-as
they thought he would weather the storm
allowed him to draw further, and honored his
drafts, at the same time he assuring the bank
that he would send down his collaterals and
that they We're sufficient to secure them.
Yesterday check for something over hun
dred thousand dollars, Government funds, was
presented. which could not be met. Last eve
ming, a committee of the presidents OF the ma
uonal banks here went to Baltimore TO exam
Inc Bayne's collaterals, and this morning a
telegram was received from them to the effect
that the collater?ls held by Bayne were not
regarded AS sufficient.
1t is alleged that the true state of affairs has
been kept from some of the directors, who,
only within the last few weeks. have become
cogniZant OF the magnitude Of the dealings of
this bank with that in Baltimore. At meet
Ing In February inquiry was made in regard
TO the collaterals of Mr.. Bayne, and the pres
ident (Hnyck) informed the directors that they
were good.
The capital Of the bank was SoOe,UOO conse-
quenty Its circulation, under the law, was
SlSO.OOO, which is OF course secured. The Ii
abilities Of the bank. aside from Government
deposits, is estimated at about S2JO.U0O. An
unpleasant report is afoat that special de-
posts Of some of the customers OF the bank
have not been kept intact Among the special
deposits was one of Sd, 900 by Mr.. X. w Car.
ter, dry goods merchant.
Rumor mentions amongst the sufferers nv
the disaster, Mr.. J. b. Stewart OF the Wash
ington and Alexandria Railroad-either he or
the road, or both. The esteemed President of
the Board OF Aldermen, Thos. f. Lloyd, Esq,
is victimiZed TO the extent of about 500, which
he thinks rather hard as following upon com.
bined attack Of rheumatism and typhoid fever
Some feeling has been created by the state
ment that the bank received deposites and sold
drafts throughout bank hours yesterday at n
time when II must have known It's shaky con-
dition; but we hear it stated that the bank will
make good all deposits, &c, made since We'd
nesday, when its officers first had reason to
apprehend disaster.
The stockholders are responsible to the ex-
tent of the amount of their stock. dosing there
by twice Its amount) and consequently In the
desire to get rid Of it, TO avoid responsibility il
has been offered exceedingly cheap to day-as
low for instance two cents on the dollar
and even lower.
The committee on examination of the Balti-
tomorrow we shall probably have q statement
from them, which Ii 10 to be hoped will present
more cheerful look to the affairs Of the bank
I han prevails to-day.