Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-03-18

Boston March lo) Correspondence Of the n. Y.
Times.
The past week has been the most remark
able ever known in Boston, SO far as fnan-
cial matters are concsrned.. The city papers
have handled the late failure ana us con-
comitsnt endorsements very deiicste'y,
for reasons numerous, but many OF them ncS
Of thu h;sbest order in tho moral or Chriss
tan sr.le A. the matter stands to-day .
National Bank. at Newton, Mass., has been
comp,eteiy swamped, as well % several Of
i,s stockholders, (ncluding two Or three
aged indiv iduals who had saved up from
Si5. 900 70 os0, 900 bv life Of toll IN land
aud go, aad Who are now - poes in cash
o. they were 20 years sse. nseh pessss 10
phy steal health and intellectual vigos. and
hence Noe " we'll fteed e oeAst anow.)--
Two Of the heaviest Of the Dooeon banks.
with combined capital Of "a. 600, 900, have
besa thrown into very embarrassing ciseun-
stances. end between the two they will loss
from o000, 900 to o900, 900. A portion Of
this, consisting ~ checks IN New Yosk. has
already bees settled b one u them, bus
there 10 . dispute IN regard % e0O0,000
which Vas obtained from the Aesehante' BY
che cashier Of the State bank, where's the
truth Of the matter wass sAs house had nsi>
thss funds nor account there. Another city
bank il victimixed. generally understood to
the tune Of $3.50. 900, aaoshef about 1l25,-
600. arotasr to the amount % $4,000
other parties on the street are largely out Of
pocket, one house losing $42 600, another
10000, and quite number NJ smaller
amounts.
The entire loss, in bsice, is estimated At
nearly 81 ,5Ov, 200. Two bauk cashiers, one
bank director, and a sub treasury cashier
stand before the world with reputation
somewhat affected, and, although they
have not ~ yet lost their liberty, the univsr-
cal opinioa 10 that such should have been
the case ere this. But there appears to 10
no ono to make . complaint. Neither Of the
banks which have suffered most seems 10 :
clined 10 move in that direction, lest they
should make mistake or false move which
might affect their case in court, for Il 10 un
desstood the matter il 70 bs decided on 10
legal merits, one party having secured the
services ofJudgs Abbott aod. Mr.. Curtis; the
other Of Ar. Baellsss, and other 6rst-clsss
talent. There 10 no doubt the case will bs
sdroisly handled
hut your readers may ask what this 10 oil
shout. TO 20 back . little, allow Ne to say
Some three " four ysars ago. . nice asw
iron store on Coogrsss street vac occupied
for the first tune By three young men, un-
der the style OF Mellon. Ward . Moves,
with capital q 81. 900, Il 10 sid. They
started veil, bat hsw ed the ending Tbs
0rst two ysass thsv did large aud pros,
porous business. being agents for the eek
Of Government securities, on which thsiI
ce0missioas wsss lasgs, aad o. senuiosieG
stock broksss they also received IN s1cel-
lent share Of that sort Of business, which
was then IN the ''full tide Of suscessful q
pertinent Rut change came oves thu
. spirit Of their dssams. The sals Of 0evssn
msnts bad its run, asd their peollto from
that source rapidly dsclined; the specula'
ton In stocks, which was % rampant il
1864, became . thing Of the past. Ofiic'
expenses aod east Of living we're bed
heavy, and something must BE- done. N
Mower retired from the firm. and, ailes som,
unfortunate operations in gold, retired tt
the Green Mountains. the homo Of his rela'
tives. Msllea 4 Ward kept on, aud I'D
united Carter. . director Of the Fwst Nation
nj Bank At Newton, into the firm. lie il
reported to have paid in $4,000. "B +
things" now begun ~ be talked ef. Carte,
has big idess. lie was building big hous,
: at Newton; he kept . big span Of horses ,ant
! was considered big bug" He was intes
csted in the raising Of swine It is said he 70
Gently had on hand 100 big hogs. lie 500,
conceived Of bls operations in stocks, ant
= matters were arranged for big corner OF
: the Copper Falls. but the thing seemed I,
1 hang fire-thc brokers were shy, and out.
siders cou d not see why copper Falls
which never paid but one dividend, shoult
sell at go per share. Finally. an "ol'
, stsgcr" in Coppers was found, who though
the thing had gone about far enough, an,
Was willing 20 "sell short" Another joius,
him; between them both some 2 1000 share,
wsrc ovsrsold. Now was the opportunity
thought Carter. but money must be used
and freely, too. The entire funds Of tn,
Newton First National were absorbed; tn,
funds VI the United Statse sub- treasury
bad been used through the cashier. II i
said. at one time % high a. 81 200. 900. y,
til suspicion began y ssat upon him. and b.
: could noe 10 on in that way. II was TO,
, much for his nervous organization, and "a.
killing him. His cash was to be examine,
the deficiency was 10 DO made right on *
animation day. What wss to be donss 4
large amount Of gold certificates were pur
chased in New York and sent here. llov
they were paid for. II at oil, does not appear
They were carried 10 the Merchants bank
aud delssited. and loan of 5000, 900 OBJ,
tanned for Meilen, Ward 4 Co That was
something in the way OF working capital "a
carry on the "corncr.' To get the cer,iti
Gates away from the Merchants bank Mr.
Smith, the cashier Of the State, was called
in. lie requested that the depositcrs be al
lowed to remove the certificates to the State
bank. The "point' Was not "sccn' by I'll.
Merchants until Smith stated that the check
Of Mellen, Ward & Co. on that bank was
god. and was willing to certify to il, which,
ne did, and the cert, fcates were removed,
but not 10 the State bank. Down they went
to the sub.treasury, the cashier wishing. q
he told them. to bridge over the first Of ths
month. when he would return them neg,
day. He had no idea Of doing this, hovev.
er, for he was already tired Of the game
HE wife bad found out sbsut il, and il Il
said . dctcotive WAS on his track. The
certificates once in Ne treasury otlce Of th,
custom house, the govsramens cash ~,
made night, the cashier ''reoiened" the c.
tificatee wsrs not delivered . tho Coope,
Falls ring" when they applied for then
The neat nssaiag. The il was up,-th,
chscks u Asllss, Wasd 4 70. wses ssfass,
q The baaks dufing the day-ths explosion
took plece. - very fosusatsly, psshaps
6cr. had The cliqus seain got control Il ID,
certificates % they intended, and Of th,
sub Treasury eashios, tbs saasass. o. ~ q
it 10, might have Odd vesse . nossA .,
40 hence. The osa Who hive sausea III
row ars all yoane. end I'll have nov o. havs
bad bard vosAlag aad frugal ancesoseA 81
, they were not willing . tread in thsis fesG,
steps to acqUieo Wsollh--o shsst out mus
be sssorted 70. They thought they bed Ii,
} game in their haads, aal vSrs espsetIae d
make the 'old fogiss" Of STATE street tab,
J % their hals 70 She0. Il y pussihlo ehol
State stress may b instruu,ensal 10 havina
their heads shAvsd q Charisseovu. ThNs
, father Of The cashier Of The Newton beal
! (who Is thought to have known oil abou,
. the uatter) il said 70 ~ . clergyman at 80.
, mssviils Carter livsd In style q Newton
and moved in tho tiret circles Smith. O.
the State bank, was keeping bic fast horses
and building . large house at Jamaioa
Plains. The director u the bank supposed
be was . prudcnt and economical youn,
man. Hartwell. the sub-treasury cashier
vas keeping up appearances, living in ,
large house with rich merchants fos neigh.