The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-25
EXCITEMENT IN WALL STREET.

.'he Bank OF North AmerlcR-A Default
AnR Firm Overdraws S85O,OO0-sud-
den Death OF the President of the
! Bank, Etc,
The affairs of the National Bank Of North
merica have been the subject of considerable
discussion and comment since the death Of Its
President, MIR. Yelverton, which occurred about
u O'Clock yesterday, and this interest developed
self into immense excitement in Wall street
ater in the day, when rumor was spread to
he effect that a delalcation OF S250,OOO had
cen discovered by the officers of the Bank,
nd that 1t was the shock of this discovery
hich caused the sudden demise of Mr.. Yel-
Ierton.
The excitement continued throughout the
4ab, and was almost solely the topic of con-
5efsatioR at the Exchange, gold board, and
ther such institutions in and around Wall
lfeet, where the affairs of the bank were
uxiOussy iLquired into and the stability of its
ofectOrs and the honesty of their dealings ami
natedly discussed. Other rumors, which of
Ourse tended to increase the public apprehen-
BON, we're added to the first, and the anxiety
hus created was only partially allayed when 1t
vas announced that, from an investigation OF
Ihe facts, that there was no detalcation what
.ver, nor even was IL clear that fraud had
0een committed
Still later in the day the directors made the
.bllowing statement:-"There has been no de.
Rlcaton; but the bank suffers by overdratt of
broker of this city, II the entire sum
Ss lost, the Surplus of the bank will not be i'm
haired more than oIe-halfn II was also an-
4 Bounced that a meeting of the board will be i'm
hediately held, the books examined, and a state.
nent, signed by the officers of the bank, pub
Iiehed, giving the loss sustained, together with
Hhe amount of accumulated surplus of the bank.
4 CHICAGO BROKER THE CAUSE OF THE Diff
GUILTY.
\ The following facts show pretty clearly the
Groundwork OF the rumOrs which created so
much excitement and apprehension: Three
Years ago broker from Chicago came 10 this
lty al started business under the firm name
8f A. ]. Meyer & Co., at the corner of Broad
treet ana Exchange place, aud soon after
pened an account with the Bank OF North
america, having been recommended by city
Merchants of good standing. Their business
sfad been carried on on a large sCale-at tunes
3eachipg the sum of SO, 900, 600 a week, but their
paper had been invariably hOnOred, and was
lways made good punctually to time.
On Wednesday application was made to the
paying teller 10 certify to some of the checks of
.Meyer q Co.. but that officer declined to assume
:. he responsibility, as the amounts we're very
HaTge, and there were no deposits of the firm III
3he bank. Mr. Yelverton was then applied to,
Ind he, having the highest confidence that de-
,Rosts would promptly be made to meet the
&hecks, certified them without hesitation. He
bad soon cause to regret the act for it became
&pparent towards the close of the day that
*and his anxiety was increased still more when,
0pn making inquiries, 1t was stated that the
fjTm had been ruined by ventures in Pennsyl-
lRania stocks, and other reports said they had
been ruined by the failure of another firm.
y Still, although there was sufficient truth on
1he face of these reports to attach Importance
10 them, nothing definite or certain could be
earned in relation to the affairs of Meyer. and
fhe anxiety produced by this suspense as to the
heal state of affairs, added to the fact that he
pad assumed the responsibility of certifying
= he checks, worked so severely on the mind of
Mr.. Yelverton, who was of a very sensitive
hature, as to bring on a fit of apoplexy, OF which
BE died a few hours after. There Is not the
east suspicion attached to the conduct of Mr..
KelvPrton, and none more regret his melancholy
md than his associates and the Board of Direc-
ors of the bank, all of whom speak of him in
he highest manner, and reposed in him the
Hhiphest and most unbounded confidence.
Meyers friends state that he did not intend to
lefraud the bank, but that he was unable ia
|neet his obligations in consequence of having
sustained heavy losses himself; yet it is barely
possible that a compromise will be effected, a:
.here are persons in this city who are under
toOd to have large amounts in securities il
their possession belonging to Meyer.-N Y
Herald of today.