The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-29


From the Louisville Courier j ournsl ed
A bare dssyllable startled The business circles
Of Louisville yesterday as they have not been for
quite an age. That ominous word was, simply
and purely, "CB-o s-B-DVi traced 10 rather
modest characters and tackled upon the front door
Of Charles 7. Tucker Co., bankers, corner of
Fourth and Main streets. 1t stood 10 full view of
the great multitude that constantly surges around
that corner, and at very early hour in the morn
ing the failure of Tucker Il Co. was the universal
topic. We have seen nothing equal TO the sgita-
ton thus produced since the river disaster.
Crowds Of men might have been observed in all
parts OF the business center earnestly csnysssing
the why's and wherefores of the shock which had
startled them as If our section of the planet had
been knocked into cooked hat. All Inis hus-
tration " was entirely natural, for the banking
house Of Tucker Co. had the public confidence
to degree unsurpassed. and the head OF the
firm, Mr. Charles 4. Tucker, Was regarded as one
OF the fairest and most trustworthy bankers 10 The
country.
While DO one was prepared for the failure of
so apparently staunch monetary concern, the
general disposition was TO deprecete the misfor-
tune and 10 reason the occurrence into as favora-
BILE en- aspect as possible. But every citizen was
more or less exercised, and some were really in
ceDsed. These latter industriously put forth the
ugly side of the case and bruted many stories in
imical to the fairness and squareness Of the col.
lapsed bankers. In the absence of any authentic
data, these street rumors as TO the cause of the
failure are to be touched with very long pole.
BONE OF lle cODlectures, however, may nave ap-
preached very near the truth. The more sober
minded of those who claimed to have figured be-
hind the scenes, ayouched that the failure was the
result Of i'll advised speculation in stocks between
the house Of Mr.. Charles Tucker and that Of his
brother Ia New York. Even this is a vague theory,
and entitled to very little credit. 1t Is said fur
Their indicative of the secret OF the smash.up that
q creditor of the house called upon Mr.. Tucker
early yesterday morning and paid in about four
teen hundred dollars, when hr. I. remarked that
If ell other creditors would do likewise he could
go on with his business and place it upon healthy
footing. - ....
The populace were as much If not more per.
picked in regard to the cause Of the failure than
they were about the word closed " itself. From
the time that the news leaked out until late in the
afternoon the institution was besieged by anxious
inquirers. But the doors were barred, Mr.. Tucker
and the other attaches OF the house were not ae-
cessible, ard Of course nobody got the desired in
formation. Hence the many absurd stories put
soat. These partially, at least set at rest By
the card from Mr.. Tucker. He therein says: In
consequence Of the rapid absorption Of the cash
means of my firm by heavy losses and involve
ments by others, during the past three years. and
the great shrinksge in value OF remaining assets,
find II impossible to continue aremunerative bust.
ness without risking the means of others largely.
After more than twenty years of prosperous bust.
ness and uninterrupted credit, yield with reluct
snce to this depressing state Of the case, and sus
pend all payments for the present"
Ii Is not known outside OF the banking company
what the liabilities are, but this generally desired
information will doubtless be given from the
proper source in due time.
Mr.. Tucker was formerly treasurer Of the South:
ern Mutual Life Insurance Company, but resigned
that Office on the 22d of November, and does not
owe the company anything. We understand they
kept all their funds fast as accumulated invest
ed In first class Kentucky bonds.