The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1867-02-01
Heavy Failure.
Nav Vorl-


and their account at the bank of North A.
merica, ovcrdrawn, amounts to $4,000.
The bank has reserve of $500, 900 and as
serts of the defaulting firm, which are re
ported to be accessible, which would cover
losses to various parties by the failure.
Meyer came here three years ago from Chi
cago. His house has been in good repute,
its business being said to have reached So,
600 Coo week.
john p Yrlserton. president of the bank
above named, died hast night Of apo
plexy.
1t seems that yesterday application was
made to the paying teller to certify to some
checks of Meyer& CO., but as the amount
was large, and there were no deposite OF
the firm in the bank, that officer declined
assume the responsibility. Mr.. elvertoR
was appealed to, and having the utmost
confidence that deposits Woald be promptly
made to meet the checks, certified them.
The loss sustained by the bank sc worked
on Mr. Yelyerton's mind as to secession the
sad event reported 1t is reported by Mey-
er's friends that he did not intend to de
fraud the bank, but was unable to meet the
obligations in consequence of having sus
tained heavy losses himself 1t Is barely
possible compromise may be effected, as
persons in the city are understood to have
large amounts in securities in them posses
sion belonging to Meyer.
From the New York Post, 24th.
The excitement caused by the Bank of
North Aulerica case was briefly announced
in cur Seccnd Edition. Below We give full
particulars.
At an early hour this morning there We're
rumors that a defalcation of $3.50, 900 had
been discovered by the National Bank OF
North America, and that the death OF Mr..
Yelverton, president Of the Bank, had been
caused thereby
1t appears, from an investigation Of the
facts that there was no defalcation aud 1t
Is not yet clear that fraud has been COM
m.tted
There is noe fact evident however, that
at the present time the Bank Is out OF
pocket to the amount Of two hundred and
nineteen thousand dollars. Whether the
whole or any part of this sum Will hcrcatL-
er be recovered is doubted
The following are tie facts in the case as
nearly as they could be learned: About
three years ago a broker came TO this city
from Chicago, and started business under
the firm name Of A. J. Meyer 4 Co The
Office Of this firm was at the corner OF Broat
street and Exchange Place 1t opened an
account with the B INK Of North America,
having been recommended by merchants IN
good standing. The accounts were Of great
magnitude, and the paper of the firm has
always been made good 1t is said that
their business had reached the Sum OF three
millions Of dollars week
Yesterday Applications was made 10 the
paying teller to cer,fy to s2me OF tn checks
NJ Y, y, l,,,r
large AMI there We're no deposits Of the fru4
in the 3 ,nk, that officer detliuei to as>un7
the responsibiltg. In this emergency, Me-
Yelverton, the president, was appealed to
and that gentleman having the utmost con
fdence that deposits would promptly be
made to meet the checks, he c.rtlhe /
them.
Later in the day. when i, be anne eyid sut
that Meyer 4 Co would not meet their Oh
| legations. the anxiety Of Mr.. Yelverton b,.
came very great The inquiries which wer,,
| made in regard to the brokers only tend !
/ 10 increase that anxiety. 1t was said thai
Meyer had BEEN ruined by ventures in some
| Pennsylvania stocks; while other repori :
said he had been ruined by the failure uf
another firm.
| Nothing cou!l be learned in relation to
t the affairs Of Meyer, and after Mr.. Yelver-
! ton returned 10 lIis bone, h3 was attacked
! by apopieXy, and die at midnl2h-. l. f,
was Of very sensitive nature, and the fa5
that he had assumed the responsibility OF
certifying the checks 50 worked upon Ii !
feelings as to cause his Death.
There is EUs the least suspicion attaching
to the probity Of Mr.. Feirerton, who erjo,,
ed the confidence CT bis associates an tn
| board Of directors
The directors Of the bank make the To-
lowing stat,ment Taat there has been II
detalcaion; but the bank suffers by over
draft of prominent broker Of this cit;. II
the entire sum is lost, the surplus Of the
bank will not be impaired more than one
| half
a meeting Of the board viii be held and
the books examined \ statement, slgnel
| by tue officers of the bank, will be publish
! ed, giving the loss sustained together with
! the accumulated surp u, of the bank
/ 1t Is reported hy .itcy CT . friends that Ia
did not intend to detraud the bank, but
| that lie was unahIe to meet his obligations
IN consequence Of having sustained heavy
! losses himself
| 1t Is barely possible that compromise
| will be affected, as there are peroou- in
| this city wtio are understood t. have large
| amounts III securities in their possession be-
longing to Meyer
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