The New York herald., 1871-10-14
TIKI STUNYESiNT BANK TROUBLE.
the Bank Ruined, But win
ILL Pay It's Debts. 80 :. s
A RECEIVER APPOINTED,

"A II hECEAAv v LR AAIOAN A6Os
80 ~, ~~~~~oc-~<~,~~~~~--~ ,4ro.a., -
MEETING OF THE STOCKHOLDERS
raseg f earH -@3 r ,agss ,sssrh0.s
sse sroupae which has resulted IN the susp4nslSa
n the stuyvesans Bank, reported yesterday, can
now be pretty clearly explained. II y gratifying b,
sose that none Of the iActs which have pecor 40
Known can In any way impeach -r. ~
THE HONESTY OF Irs NANAGENnu
Tne President, Mr. DAVIS C0llamore, discussed
very freely yesterday with visitors the dimculty
INTO which the institution had fallen. snd rsfuseA
no desired information. represents tive Of tAs
HKRALp had with him the following co nversataon:-
''Good morning. Mr.. Collamore. Like . coed
many cener people VINO. suppose have seen you
so-oay, i have come upon an inqnisitive eryand.n 4
''AsOut The bank. OF course'ylwi . pleasant
uuaile>. ~--ss. S-eh-
II would ike to ask one or/two questions which
shsuad, in all Harness. be asked or you arst" eotA
.Iam very willing. sir, to oenlgnren you - much
- possAule.n 3 ...f-as @1E ~
sWhat is the immediate cause OF rhis tRoubleW
'DIscoUETING TOO FREELY"
sis there no more remote causef" e4 &
sNe. sr." 44t l-f-a
.os what character has been the 'suslness OF the
bankw r, t,I-,as.s
'Stnctly legaumate" feEUt
.Qt has never INDUCED in any speculation
s.No, nr. IL has never specuiated In COLO or stock
'soa dollars worth since was chosen President
which was three years ago We have built up Fl
SOMETHING OF A REPUTATION, r.e3 !,
HE bank owns valuable ssn years lease or this
building tas the corner OF Astor place and Broad
Way), and In hitting 1t up has spent forty or 1fty
thousand dollars.p
SHAVE the onieers ever borrowed from the do
posted funds ~ .N10El1L ,a@~
sThe failure OF the bank cannot be attributed to
no ofncers They have not used its money. The
cashier may have borrowed sums at some past time.
myself. my account shows q balance IN my favor.n
>"Nm you pay your depoGtorsSn
sTheze Is no doubt OF IT.
III. MERCHANTS AND AANuFACruRERs, BANK
holds about $3.50 900 Of notes which are maturing ia
cur lavor.n - - .,5~-,sv
"Wm the bank be continuedr'
81 do not think 1t can pe. At any other time this
Ai1nculg would not have crushed us; but Just NOW
you know the money market Ii very close.n osate'
"How wan Its Affairs be wound upY' nc
"A receiver has been appointed and he wfn col
Sect the assets paying the creditors q fast a. posi-
bae.n
A generous confidence in the integrity Of the ON.
esss has led TO many expressions OF 2N
SYMPATHY AND GOOD PEK1N0 a
Srom those who have entrusted the bank with large
sums ofmoney. Some OF the depositors came TO the
Presdens yesterday ana offered 70 place furtner de-
Doats In the hands Of the cashier expressing them
selves Ia the following manner:-- fegae3 1a4..
sf you can 20 on we win stay with your siG
The bank, though not Of such venerable standing
- some Others has inspired confidence by Its strict
aAAefence TO w@ eAH N@ ri-si-iei3l f-A
LEGITIMATE AND uNsPrcu1ArrvB BUSINESS.
The action OF the Merchants and Manufacturers'
Bank on Wednesday In Withdraw wing its support
Wae very sudden and unexpected. IL Is even said
i1 is ue, the event must s Certainly = Be SeWea IA
"A DIRTY TRICK.n .IttfN 4H
The Merchants and Manufacturers Bank held the
securities OF the Stuyvesant 70 the amount OF over
half million OF dollars. This would seem to be
sufi1cent TO obviate ali suspicion Of insecurity,
especially when It is remembered that the haf q
million 10 double the amount risked in the redsmp-
ton OF exchanges. But the Merchants and Manu-
1acturers' Bank thought otherwise; and By its
nasy action has succeeded IN placing The Stuy-
I IN A QUANDARY, s,ssf.~st. 4
which win undoubtedly result In Its permanent
The trouble might have been tideo over had the
money market been In Its normal condillon But
she demolition OF Chicago by the Ftre-Flend and the
Impossible to RAISE any borrowed ' snppors. and nm
der these circumstances the stoppage was compelled
BY the inability 70 continue exchanges. The bank
DiscoUNTINo VERY HEAVILY,
and holds large amount Of paper which has not
deposit and its lack Of funds became -
SERIOUS DIFFICULTY
tne chicago ntsHan osa
began Withdrawing. During "Wednesday the bank
various other banking institutions, but continued
% pay the demands OF smaller and poorer de-
Mr. O. N. B. ARCHER
director OF the Erie Railway Company. and forme
President Of this bank, has been appointed receiver
From what ne already knows OF the affairs OF the
bank he expresses confidence In the fun payment OF
al us creditors and alter this payment It Is thought
there Will be large sum remaining in the bank
Among the poorer depositors yesterday there
noRR x7c;rxvsNy : ,Ts --s.. ...1! 8 80
than among those whose risk Is greater, but who
comprehend more fully the condition OF afairs.
90 the sidewalk in front Of the entrance on Broad
way, and besleged the door long before 1t was
yestiges OF anger and much anxiety. The ihrong,
however, showed itself 10 be wlthai quite
although very earnest in the discussion OF facts ana
possibilities. Later Ia the day, when It became cog
infant OF the real suspension OF payment II DIS
manner. .#f
/ ANXIOUS INDIVIDUALS.
d course continued 70 walk mp to the outlook OF the
paying teller with bank books, but only to receive
THE QUIErUs OF THEIR HOPES.
exchanging ideas and absorbing all tine information
that oy any means leaked out The reporter or the
% Inv w Sne OF xnS
And On THIS premise further remarked that " was
wno Drove rHs sASx,D
they having drawn very heavily on their accounts.
Thn gentleman cvnced . little alarm and said that
Was In the hands Of the bank, and .'he was damned
he wasn't notion to Jake IT," He asked the
. his conscience would permit " reassurc him,
winch was not much. te a-.s IA EaaF \ n
Z REETyG OF TIE STOCKHOLDERS.