The New York herald., 1873-11-12
ITlE MONETARY SITUATION.
"A Quiet Day on Change, Without
Fresh RumOrs.
The Defalcation in the Sc
curity Bank.
Report Of the Committee Of the Clear
ing House on Bank Reform.

A0UOrJ Ol tu0 OOuAAOOOV Va t4kO OAO0A
ing House on Bank Reform.
ing on the whole an improved feeling. Some un-
easiness was expressed in consequence OF the r.
vaIry OF the two great dry goods houses OF the city
in cutting down prices, as TO It's effect upon out
standing dry goods paper OF smaller houses, who
may find themselves crippled by the unexpected
OppositiOn Of the large houses in channels OF trade
usually left to the occupation OF smaller concerns
That It is an i'll wind blows nobody good is CON-
monty accepted formula, equally true IN its anti
thetical relation. Its good wind blows nobody III.
TINS rivalry-if rivalry there be-between Claim
and Stewart. while fruitful Of good in some direc-
TONS, is Q serious menace in others.
REPORTED FAILURE IN LONDON.
Dispatches from London yesterday announced
the failure OF william Alfred b Arthur Burns h
Co., metal merchants, with liabilities stated at
s400o0oo. Inquiry was made by the writer, subse-
quentiy to this announcement, at the office OF
Phelps Dodge Co. respecting the American con-
nectton Of the suspended firm. Mr.. Dodge stated
that the name Of Burns b Co. was unfamiliar to
him, nor was there any william Alfred Arthur
Burns that he knew Of He likewise supported the
inference which the inquirer drew, that II there
was such house and 1t had failed, its American
connection must be but slight
DEFALCATIoN ON A SMALL SCALE,
involving not quite $4,000, was brought to light
. few days ago at the Security Bank, State m
stitution doing business at No. $40 Broadway. On
the morning Of the 5th inst. the cashier, Henry D.
Loves, was missing. A despatch was sent to his
residence on Staten Island, but an answer came
back that he had been absent from home since Mon
day night.
It appears from the statement obtained from the
janitor OF the building that the cashier Of the
bank came to the once, which, on account OF the
election and it being legal holiday was closed to
business. Having duplicate keys to the doors and
safes Loves spent some time in the bank, and
when he left took with him the contents OF the
teIer's box, consisting Of currency, large and
small bills, TO the amount Of about $24, 700 and this
3 the last that was seen OF him.
Mr. Charles A. Colby. the Vice President Of the
bank, was visited, and his statement including
.he above, is to the effect that 'the abscond-
ng cashier was the most trusted Official In the
sank.n At its organization this man had been ap-
pointed teller coming
HIGHLY RECOMMENDED
rom the Ninth National Bank. where he had been
sookkeeper. Mr.. B. II. Dewey, then cashier, re-
agned and young Loves was promoted to I'LL the
,acancy. For four years he held that responsible
Afnce to the utmost satisfaction Of the directors,
md not o shadow OF suspicion had ever been
Nrected against him. Loves, being man OF
hmiiy, was supposed to be strictly domesticated;
nat he would eschew the society Of lewd
emales. But the sequel demonstrates that such
man was smitten with some syren. to whose tastes
Ae was compelled to pander, and. election morning
epea q III svaSe as
.s::d lay hands on, and succeeded 10 getting away
im6unt and several thousand dollars in gold lying
ued up in bags within the safe, Loves left un-
:ouched. This TACT tends TO show that the theft
yas not premeditated, but evidently inspired on
she spur OF the moment and
IN ALL PROBABILITY
tie young man Is still in the city, otherwise he
would have provided himself with gold coin. On
being appointed cashier Loves gave bonds IN the
the the being
dead, the executors OF the estate have been notified
OF the liability. Thus the bank win recover within
about $1,000 OF its entire loss.
Mr.. Colby regrets the occurrence solely on ac-
count OF the family OF the errlng man, whom the
ofncers have made thorough examination OF the
late cashiers accounts and found everything kept
With the stricsest puncsilio Not false entry was vas
Tor keeping the loss q this money
Loves Lowe would be found and the FUNDS Stolen re-
stored. Competent detectives have the matter in
charge, with every prospect Of attaining this de-
Mr.. Benjamin H. Dewey, whom henry D. loves
succeeded as cashier has been induced again to
accept his Old position, and as such Of6ciateS in
the Security Bank. Messrs. Edward Clark, Pres-
dent; Charles A. Colby, Vice PRESIDENT and the
Jonathan Odell, A. w. Gill, George Hencken and
others are wealthy men and ready to make good
any amount q needed oy the co 81 t
plus more than sufficient to cover the defalcation,
even II the sureties were unable co make good the
amount. The Security Bank transacts its business
at the Clearing House through the Metropolitan
National Bank.
A BAD FAILURE
occurred on Monday among line OF business
which ranks as the best In mercantile circles.
This was the young house OF Battershall Co., No.
This nrm has been In existence only three years,
and was regarded enterprising and thoroughly
creds to nearly S Among those
who trusted this firm were Israel Nash Co., OF
Boston. to the tune OF $4,000; Heineman, Payson
4 Morgan, $35, 600; Thomas j. Daily Co., OF this
city, $4,000; A A. Low 4 Brother, $1,000, &C..
Nj. Battersha, member OF the Arm, stated in
Yuptcy. that they had suspended payment on ac-
count OF business being demoralized. They could
liabilities. but that they intended to pay 100 cents
on the dollar, with interest. In few days they
expect to have statement ready for their
A HERALD representative visited several large
respectable and old established tea importers, and
from them he learned that the suspended firm had
been looked upon as plucky, enterprisng men,
but lattery the members thereof had been living
The The failure Of Battersnan 4 Co. is virtually
OF no significance In this line OF business, and no
others are anticipated to occur.
THE LABOR ISSUE.
There is no feature OF the present monetary
situation more deserving OF attention and careful
study than Its relation to the labor OF the country.
From all sides learn daily OF the closing OF fac
tories, with consequent discharge OF operatives.
Or the reduction OF time or wages OF operatives
where factories are kept running. Throughout
the country It Is satisfactory note the ready
quicscencc Of the working people In these conipro-
mleces Notwithstanding the belief abroad, SEEM
1ngly not without foundation, that in many cases
tnese suspensions, partial entire, were not Alb
s0lutely necessary, but, being permitted BY the
c0ndtion OF trade, the opportunity was avaied OF
20 bring about a reyoution In labor. And such