The New York herald., 1871-12-16
THE BROKEN BANKS.
Improved Feeling In Wall Street
Yesterday.
Unfounded Rumors and Their
Result.
The Suspended Bsnks-lhs Ocean. Eighth Ma
tional and the Union square-What They
Say and What They Are Doing

that the fasIty OF the malicious rumors, so ingen
Ousy circulated, regarding the instability OF several
institutions had become established materially d.
minlshed the teverish excitement tina. prevailed the
day preceding INQUIRIES at the Clearing House and
elsewhere fully confirmed the opinion already
expressed-that the condition OF the banks
generally was unusually sound The bold,
though unskilul, manner In which the reckless
stockholders manGHvred was calculated to create
some excitement among those unacquainted with
the willy tricks Of the sharp nrlRders; but when the
scheme failed and when It became well known that
the institutions against which the Rr0unlless re-
ports had been set an0at were sound q very conf
dent and satisfactory feeling supplied that OF doubt
and anxiety. The Bunk Of the Commonwealth
weathered the gale with dying colors and came
to anchor without the loss OF passenger
on the stable craft. In fact, that institution has
rather Jared well by tho excitement am although
slightly strained on Thursday by the storm through
which 1t rode 80 brave,y. the substantial support
pr0ered to 1t In the nour OF apparent distress was
sufficiently demonstrated TO prove that 1t dld not
lack host OF steady financial friends. The com-
mittee Of the Clearing House finally established the
soundness Of the bank in question, and
there the excitement ends. To be sure the
street was Q little feverish In the morning,
but towards noon business had resumed Its
nominal condition. Hints were given here and
there TO the effect that trouble might be expected
III few prominent establishments, but little ia-
vestgation proved these injurious wnisperlngs to ne
entirely without truth. 30 far as could be ascer-
tanned the banks are all In falr condition, as
the several sheets at the Clearing House
show, and tine petty STOCK operators could
possibly c0ntine themselves to their own bust-
ness the mercantile community would frequently
| be spared O great deal Ol unnecessary anxiety,
Inc recent crashes In lew banking establishment
were certainly sufficient TO cause feeling oil al arm
be aggravated by the preconcerted plans Oh neart.
| less SPECTATORS Is matter which requires no ex-
enorts to create q panic, however small the stock.
| lObDerS were low spirited yesterday, Wnilo
saa at Pne pr e Bank X
| Of the commonwealth suDsided to a mere walk,
and depOsltors drew their cheeks Without exhibit
| Ing symptoms OF rapid respiration. Moreover, the
deposits were large, and commence III this nstltu-
ton firmly re-es. aoished. 1t was nevertheless,
remarked III several circles that the affairs oil some
OF the national banks required an 0verhauing, and
that precautions should De taken against future
irregllarities AS 1t Is impossible TO prevent the Cir
Culatlon OF ul-iOundeu reports, l0opholes should
be lett whereby ingenious speculators could find
| naw to cavli at In fine, the feeling was decided
| Improvement and s likely to continue
| The Ocean RaDk-The Dcpositors' Confer.
The depositors Of this concern, OF which Mr..
| Stevenson an old paymaster oil the Army Of the
Potomac, s President, and Theodore r. Davies was
| counsel aud now receiver were more clamor0us
! yesterday than ever. Bitter words were uttered
AND THREATS MADE
| against the receiver, MI. Dawes, and the detec
tive Mr.. Flynn who seems to be doing his duty as
| faithfully as the receivers orders win permit,
but who is now ANXIOUS to sever his
| connection with the bank For several hours yes
terday Mr.. Davies was closeted with the committee
| OF deposltors, and Mr. Flynn refused all admission
to the presence OF the receiver. About three O'Clock
| p M. reporter OF the HERALD secured q moments
audience with the receiver, who lntimateJ
THAT CALLENDERs SECURITIES
deposited IN The bank to cover his de6edness con-
Ivan ana MatGoon Railroad and about $780, 900 OF me
as worth se full amount these oons he re-
aTS sssg1ea y as b neasf 81 Nv
kndcpS Marn L. This was al sns Mr r.
4s2 lS sSss ss
A CONFERENCE WITH THE RECElvER:-
At ten O'Clock yesterday morning the committee
appointed by tie depostors of the ocean Bank to
securities ana assets Of the company met at the
Office Of tho bank and were c0urte0usly received by
M possible to give upon so short noce
| Before the consultation commenced, question
| arose as to whether
REp0Rrsis SHOULD BH ALLOWED
| to remain in the r0Om Mr.. Dawes SAID that per-
sonaly he had no objection to their doing so, but
as MS report very crude and imperfect hastily
gotten up and incomplete IN some OF the details. lie
| it up to a late hour the previous night In order
| TO be In readiness to receive the commit
| and receiver to hold the consultation private, as
| the business to be transacted was more an over
si iSe chairmam OF the commttee. said inat on
| Monday they would meet their cons tituents and
then the press would be furnished with full details,
| and If anything OF importance transpired In the
meantime 1t would also De communicated.
| HERALD reporter saw one Of the committee after
| the meeting and this gentleman stated that II was
absolutely necessary that the proceedings at the
session should not be given to the press
for publication. 1t was, however, satisfactorily
| established to the committee that the depositOr5
| will be paid In full. but that the stockholders will
probably suffer very heavily; From present ap.
e gens through dSaH
O. ns the e Mr.
the conference had ended expressed his belief that
the CONDITION o. & the s;,ni bank waz much
Some 0, the oepos,.ors A ass h the day circulated the
OF a de.ecuye named Edsai, who served under the
late chief or detectives, Captain John Young, but
this statement Is untrue.
| The Eighth National Bank.
The doors OF the above bank were open yesterday,
| and depostors met with courteous responses from
the polite clerks, One OF them stated tnat the delay
In making statement Of Its assets and liabilities
was caused by the fact that about tho
Confusion the Combination was lost ana they were
unable TO open the sales until yesterday morning,
when mechanic forced m open Later rim 10 the day
pressed the belief that every depositor would re-
ceive all u silly due him, but for few days he would
| be unable to give statement to the press
| The Union Square Bnnk-OniciaI Statement
Of Its Affairs.
| The above bank seems to have secured the sym.
pathy Of all banks outside OF the Clearing House,
| and even Mr. Hulburd, Comptroller OF the Cur.
| rency, bears testimony to its good manag emenI
Speaking OF the causes that led to Its suspension Mr
Blxby, Vice President yesterday asserted that the
action OF the Shoe and Leather Bank was the cause
He said that when word was first received OF the
suspension Of the Ocean Bank, and 1t necessary
for the Union square Bank to provide itself with 0
Clearing House agent S24 7e4 cash and collaterals
to the amount OF $50, 620 were deposited IN the
Shoe and Leather Bank, whereupOn tile President,
Mr. Stout, wrote out certificate to the effect that
he Wns the AGENT the Union Suuaro Bank