, 1869-03-22
BANK FAILURE.
sh1t National .nank OF, Rockford
CSlzninn1 NskIlEe1es Ia tho ropor.s
,D%ut OF ahe UoRptfcllIr or lhs tuI-
tkRRG1~

Nf1Hk MAt1omAe HANK OF Roc&1of0-
: Cxnntnn1 N.k1iEeaes fo the Rapor
tBHnI OF she UoRptfolItr OF ths tut-
ffspcy~
From tie New Yo.k Register, March 10,
The collapse OF the First Nnttoos Bank
continues to fulnlsh 4 fruitful topic of c1n-
ye1satio and speculation In business q cles,
ard as It's afairs arr Investigated they turn
out to be In y much Torte condition than Was
nj fret anticipated.
organized In the spring OF 1854, and CON
mrnccd business in Jlac OF that ye1r. It's
ofac: rs were Alonzo Wooo. Preaide ent, and E.
q. Grigg1, Cashier. The capital stock,
80 60, WIS mostly owned BY Alouso
md ". ". Wood, Just enough helag
held BY other parties TO qualify them for
the position Of Directors. which the law
required to be not less IN number than hye
Early n 1865 tho Cashier resigned his posi-.
tIon In consequence Of inability - reconcile
h's ideas Of sound banking with those Of the
principal owner, and shortly afterwards
1eorgc ". St1atlon WAS appointed 10 Oil the
vacancy, occupying the position Of Cashier
last week. His appointment, IN view Of the
tact that be was entirely without experience
In the huslt ess, beEo1 want Of couf1d nee
in The bank, which the publication OF It's
succeeding quarterly statements served to In
CREASE. The bank Was some tins Afterwards
visited By Mr.J. Il. Duoham, Of Chicago, who
va, then Examiner for this district, Who
found 1t II sntb condition as, in his fuds-
mcnr, to Justify the government In ordering
It to be wound up, aud, as We undrrs aud /,
be made rrport 10 tue Comptroller OF the
Currency, recommending that corEae. For
eotEe scasou. however, the Comptroller fatled
TO perform his duty and ALLOWED the institu-
t!on 70 continue its business: Il Il said that
Nr. Dunham's rcstgL atrpn OF his office OF EK.
am!rer was CAUSED by thu failure or refusal
OF the Comptroller TO follow bis 1ec ,mmen-
dRti0n. The bank has never possessed the
coahoen &C OF the business commu2ity Of
Rockford, and noue OF our merchants, so lar
as We CAP learn, are 1osers By It's failure. BIZ
9tters Of high rates Of Interest, however, 1t
people to lntrust their savings to Its keepluE,
and Its disastrous fatlure Will cause much
dlstrces and suffering to this class OF dep ,sit-
OF. Bearing the name Of the F.rH NAtlousl,
i has naturally secured the liou's share OF
The collections sent to Rockford. This bust
ness has been transacted In the most irrega.
lay manner, COLI ctiors bavlcg been repeat.
paid l'y our merchants, causlng much Aunoy.
aEce md casting suspicion on the credit Of
some Of our best business houses.
Within tho last lew months the bunk hts
Teen reported to the Comptroller as Ia an
unsafe condition, bet, Is Ia former cases. tho
Observation-Disclosures pi IQG E24mlGcf were dis
reAafded, aud Tho bank allowed to continue.
Il was In euch ill.ropuac he rt that the Other
National Banks refused to receive tts CHECKS
| Of drafts. On Monday eyeninG OF last week
The Cashier left thu city, ostensibiy for the
purpose OF Waiting Chicago ~ raise funds to
cnablc the bank TO 60 on, and On ru-sday At
| noon the doors were closed. On Tucsday last,
the Examiner. 8 r. Scott, Et4., Of Ml waukte,
arrived and took possession. Uppn opcu
Ing the ta.e the total asscts discovered were
sonoc ten dollars In postal currency. All c'&c
had disappeared. Notes, horus, currency,
and securities dcpoaltcd for safe keeping bad
hll been absttacscd. Upon examination II
Was fund thut tho books aud records had
bten extensively mutilated, 10 that no lnfof-
suali0u ls to The condition Of the bank could
be gained irotn them. The Examiner Is still
IN charge, awaiting The appointment Of a
Receiver BY the government 10 close up the
concern.
lis difficult to ascertain the liabilities Of
the bank with any approach TO accuracy ];
but from what We can learn, We do not be-
lleve they viii be found much below Sl0o. 900.
We do not learn that it Is claimed that the
hank Las met With any considerable losses In
Its business, and It ts difficult to resist the
convection that . deliberate and wicked rob-
berg has been peFpetTased. We hope the
matter will be pEobed 10 tho bottom, aud the
guilty parties. 10 matter what their standing
or resptctability, be punished 10 tho utmost
erteut Of the law.