The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-02-26
THR SOUTHAMPTON on rRE Fouarn ID

80 Nh coF6HpiV6sSOr thh cUUhTH ma
TIoSAt BANK IN PHItAoEGrHIA.-The
Philadelphia Ledger Of Wednesday says.
"The Fourth National Bank Of this CITY,
located on Arch street near Eighth, sus-
pended payment on Tuesday morning. The
bank has not been in good credit for o year
and o half past with the few most init
mately acquainted with the manner in
which it has been operated. For the last
three months it he's been under close watch
of the board Of bank presidents, and
enough that was irregular was discovered
in the conduct of the cashier Of the bank
to warrant request from the board for his
resignation, which was subsequently made
and at once formally rendered. The resig-
nation took place in the forepart of last week,
and the fact becoming known, vafious sur
misses we're started, and the banks troubles
were necessarily Increased, A committee
Of the board of presidents made ali e$ami-
nation on Thursday or Friday last, and
though they detected some Irregularities,
and reported positive fraud to the amount
of $4,000, they nevertheless expressed
their belief that the bank was able to 60 on,
and united in a resolve to sustain it through
its present emergency. The old cashier
having left, the investigation of the books
of the bank was continued, and Monday
being dies non in the business of the bank,
two or three clerks from other banks were
brought In as experts to aid in the e1aml-
nation, and continued their labors until
late at night. The accounts were found in
q very unsettled and disordered state, over
drafts and fraudulent entries being detected
to the amount, in round numbers, of at
least one hundred thousand dollars. On
this showing the board of bank presi-
dents advised o suspension Of business
until thorough examination could be
made, and under this advice the bank
closed it's doors yesterday morning. One
of the directors of the bank, We under
stand, was dispatched to Washington to
have Mr.. Roberts, the president, appointed
receiver, and word was at the same time
sent to the Comptroller of the Currency to
have an examiner make immediate investl-
cation. Of course the Fourth National
does not appear in the weekly clearing
house statement of averages. By its last
statement, on the 10th, it showed liabili-
ties on account of deposits to the amount
of S508,93S, and resources to the amount
VI TlCU,GIO III lebdi tcuueI6, dnu Pot' WV
in loans and discounted paper-in all,
$727. 1854 from which to pay $50S,938 of de-
pcsits. Back Of this there is the cashiers
security Of SIS 1000, and beyond that again
the capital of the bank, 1925, 900 more.
How much Of the assets now on hand
are undisposed Of, and how much are good, is
of course at present unknown. 1t is the
opinion of the president Of the bank that
there can be no loss to depositors-th note
holders are of course protected-and he
hopes that even the capital Of the bank is
unimpaired. There are two things deVe-
loped in the failure of this bank worthy of
note; the first is, the value and Importance
of the board of bank presidents in disco
vering and exposing any irregularity lead
ing to weakness or failure of any of their
number, and, second, to the insecurity and
utter worthlcssness of the examinations
made by the examiners sent out by the de-
par:ment ut Washington. The Fourth Ma
tional was visited last month by one of
these, and reported, as we are informed, all
right. S. J. Macmullen, the late cashier,
is still in the city. He says, we are in
formed, that the missing money from the
bank was lent to various parties, from
whom he expects to recover considerable
part. He has not named the parties, but
says he will"