The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-11-13
PITTSHuRGH.


The Pittsburgh Commercial of Monday
gave q sketch of the great banking house Of
Ira B. M'Vay & Co, which failed on Fri
day last. We extract as follows:
The banking house of M'Vay & Co,
had by far the largest business of any con-
Germ IN this city with the country banks
located within a radius of a hundred and
fifty miles from Pittsburgh, and was on
all hands considered as one of the most
reliable of our home institutions. The
partners were young men, but with means
ability, and experience coupled with a
reputation for the strictest integrity.
When Jay Cooke & Co, failed, they were
losers to a small extent only, but IN the
run which ensued their country cores
pondents checked heavily upon them and
they were subject to a fearful drain upon
their resources. Confident of their uItI-
mate ability to meet the claims of every
~depositor they Withstood the strain man
fully until their deposit line which, on
September 18Th, was almost one million
dollars, dWindled rapidly away TIL at the
date OF their closing their doors, four hun
dred thousand dollars will probably be IN
excess of all their liabilities. Even this
depletion they could probably have with
stood had not q considerable portion OF
their funds been locked up BY the failure
OF the firm OF GIliough, Bond & Co, New
York, which hrm owed them moneys aris-
ing from the sales of bonds, and later an
other large sum was rendered unavailable
to them by the suspension OF Lloyd, Ham
llton d Co New York. On the failure OF
the last named house, the firm here were
Of the opinion that their balance with
them was out small, but II appears that a
number of checks for a large amount had
been carried West, and consequently were
returned to PIttsburg for payment. which
payment was uniformity promptly made
up to the hour of their suspension. In
common with the rest of the banks. thew
were unable to realize upon their dis
counts, and hence their action is explain
ed.
The house at present feels confident of
paying OF every Item of indebtedness, and
having still a handsome surplus. They
are engaged making up q statement for
the benefit OF their creditors, and a meet
ing OF the latter Will shortly be called.
when 1t Will be submitted to them and
action taken thereon.
The Post of to-day says: Two more
bank suspensions ale reported yesterday
the Mechanics Saving Bank No. IS
Smithield street, and the banking firm OF
Thomas Mellon & Sons, in Melons build
ding The reason assigned for the first
named suspending is that the directors
are unable to negotiate their securities,
unless at ~ruinous. The suspension oil
Mellon & Sons was brought about by the
failure on Monday of the East Liberty
Savings Bank. Yesterday moraing the
doors were opened as usual, but the large
crowd of depositors waiting to draw out
their deposits indicated that the run
would be two heavy to meet, and the an
nouneement was suspended.
Dudly and Wales are on trial IN the ..
S. Court charged with forgery. 1t seems
they were mail agents some years ago on
the Lake Shore from Toledo to Buffalo.
A draft for 81, 800 from Governor Wash
burn, of Wisconsin, to a Boston house
was extracted from the mails. Wales
forged the Boston firm on which Dudly
drew the money.