The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-21
THE MONETARY CRISIS,
The Failure of the agra and Master
mans Bank.


Late this evening an Official notification
ceIved that the doors OF the AGRA and Mastermans
Bank would not reopen tomorrow. Tne event
been caused by the receipt OF unfavorabe lntelli-
Rence irem lnuia, and by the dram upon resources
Oeca,iohed through The dscouragmG reports re.
spectng the credit of the establishment. The fact
was announced at such en- advanced period of the
evening, that it was impossible to ascertain the
tent oil the debts and Liabilities 1t nevertheless,
presumed that they will be very large, and must be
spread all over the world.
The information Will no doubt be received by the
public with great regret, because the bank has had
TO contend the last three weeks or month against
the "evil tongue of rumor" and the steady sales of
the operators for the fall. Yesterday the sales
negotiated ut the low price OF 10, but they subse-
even better: lhIs morning they rallied and were
done at IL, being temDorany called IL To 20, Later
they Went TO 10 TO l6; and II stated that between
and z. NJ they were sold at il.
1t would, nevertheless, appear that the secret of
the suspension was exceedingly well kept and it
reflects great credit upon those VINO had the final
arrangement OF the business to lind that nothing
was al owed prematurely to ooze out before the
actual result was known in official form. The title
of the Az gra Bank was originally the Agra and the
Uniteu ~e,Uce Bank; and the Mastermans' Bank
was that OF the old private firm of Messrs. Master
mans Pe!ers Co. Inc amalgamauon OF the two
banks, with "hmted Inability" took ace some two
years ago under favorable auspices. rne subscribed
capital is fS0OOOOO; the amount paid mp is f1 50O
000; and the reserve fund is stated at 100000.
branches agencies the last dyGcnd BENZ 20
cent. The branches extend from Edinburgh to
Paris, and throughout India and China 1t is feared
that the stOppage Will entail deal of distress,
because both The Indian services are largely inte-
rested and great confidence has been placed IN the
bank. The magnitude OF its transactions may in
some degree be estimated b, the last published ac-
counts, owing total on either size of ELY S32 259
1t is believed that the ARRANGEMENTS for amaIga-
nation were much facilitated through Mastermans
& Col assessing the advantages OF the clearing"
and that the extension Of business subsequently
arose through the Indian connection of the Agra
and United Service Bank. Everybody will allow
that the directors have made bold fight TO the last
and now that they have succumbed il is only to be
hoped the loss to tbs shareholders will be less than
is generally anticipated: Subjo'ned are the docu-
ments forwarded Tor pubiicauon:-
TO THE EDITOR.
The Agra and MasteImans Bank (I4mited), Incor-
porated bv Royal Charter, Nicholas lane, Lom-
bard street, London, June 6. 1866
SI:-I enclose q copy OF a circular we have
addressed our shareholders, and shall reel Obliged
iyOu will insert II in your money article tomorrow
NJ. BALFoUR, General Manager.
COPY OF CIRCULAR TO SHAREHOLDERS.
The Agra ana Mastermans Bank (Limited)
Nicholas lane, LomUard street. London, June 8
1866.
sn;-I am instructed by the directars to inform
yOu with deep regret, that they compelled to
suspend payment The false reports OF the banks
failure, recently circulated throughout Europe,
Calcutta and Bombay branches having in conse-
Queuce telegraphed for assistance, which the
& Iof f. IN oI6 16e Son tSo sSere c are
securities they deem most to the interest of the
creditors and shareholders to suspend further pay
ments, and place the affairs OF the bank in legal
liquidation at once
The directors have no doubt that the creditors will
in the realization OF the assets the loss OF pald-up
capital will be ineonsiderable:
am, yours faithfully,
(Signed) M. BALFoUR, General Manager.
The demand for discount at the bank mode
rate. The transactions now approach an ordinary
level. In the open Market the sums available are
much larger than they and the terms range
from 81 TO 10 per cent Frst-class paper, however.
continues extremely scarce ana owing to the rapid
accumUa Uati0D OF money the expectation is tnat the
official minimum viii before long be reduced.
The directors viii no doubt do it at the earliest
opportunity, with the view Of assisting q restOra-
tion OF confidence, out with such disaster as the
suspension OF Rra and Mastermans bank hanging
over our heads \ cha ge will hardly take place TO.
morrow. StIil the stock of bullion will have been
greatly augmented, and there is also to be-
lieYe that the reserve OF notes will have been IN
creased. Supplies OF specie will continue to come
dates thence, though they had received integencC
of the events OF the 1lth and 18th of May. thu
size, speak with httle apprehension of the Iuture
The jointstock banks have followed tbe course o
the open market, and are working on more favor
able terms.
TIE amount Of gold sent into the bank to-day wa
E228 600 from America. This makes q total TOR g.
week OF FL 254 600. The remit ances bV the Net
York wl'l be mp tomorrow, and the principal poT
fon Of these will be sent into the Bank Some sIna
parcels OF gold have been taken for the Continent
There ia no demand, nor there likely TO be at Die
sent for silver 10 the East. The current IN tina
direction las altogether stopped.
We have the European mails by the steamC
dat IN no n