The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-26
RESULTS OF TIE CRASH"
Additional Reports from tho Country
The Surplus OF the Ansonia National
Bank (Connectfcutl Swallowed Up.

BRIDGEPORT, Conn.,, Sept 25 1873
The effects Of the Wall street panic have reached
Connecticut 1t is observed in the larger cities by
want OF confidence in the management OF savings
banks, and in an inclination on the part OF small
depositors to withdraw their accounts. Several
instances Of this kind are reported in New Haven,
Norwalk, and in this city. 1t is known
that many OF our savings banks deal In fancy
stocks to some extent, instead OF combining them
selves, as they should, wholly to making loans on
real estate Notwithstanding this 1t is thought
our institutions will weather the storm now
raging unscathed; and few days more will serve
to show their patrons that they are very far re-
moved from financial shipwreck on lee shore.
While hopefully waiting the storm to subsde this
morning the startling news reached this city that
the cashier Of the Ansonia Natona! Bank. Mr.. A.
j. Hine, had illegally used the funds of the bank to
a large amount The news came TO light last even
ing In Ansona, but was suppressed. The an.
nouncement this morning caused excitement, and
at first it was thought the bank would close its
doors; but the Officers say they viii be able
became public the cashier resigned his
position. The bank oficals are reticent about
Hne. Who is over forty years Or age, is Respectfully
connected and OF reputed wealth, used the funds OF
the bank to large extent IN specializing in fancy
stocks in Wall street, and when the panic came
was unable to carry them and was obliged to lose
what he had invested. This afternoon United
New Milford, who was IL New Haven, was tele-
graphed for. He at once appeared on the scene
and an investigation OF the bank affairs shows that
the bank snrpius-S 40, 0OO-is all swept away, with
probably a larger sum to be heard rom.
1t is stated on authority that Mr.. Hine, who lost
personally the greater share OF his estate by the
late depreciation in stocks, has turned over the re-
mainder to the bank. A lew years ago Mr. Hine
speculated in stocks with the funds OF tie bank,
and the directors knew OF It, but they had so great
faith in him this ventures had resulted 80 iav0rably
n n
they Kept the matter quiet. In the market these
stocks were always in the name OF "A. J. Hine,
solvent but It's officers have been badly crippled
by the panic.
Statement Of the New Orleans Banks.
NEW ORLEANS, La, Sept. 25, 1879
The following address was issued by the banks OF
this city today
The undersigned banks and bankers of the
city OF New orlean: desire to MORN ne community OF
payment Of currency upoa their demand obss tons
aw e baf Now an o T
inc to o e s s ne
regular course IN the settlement OF collections made here
he has 5ssn made upon
only DAYS a espse before our our vaults aS s
present. moment foreign exchange i un.aiabe in New
currency We are now thus deprived Of only means
che Interior We 2ave IBIS step
e ss na @ The s1s Of .f ne
SS ;hssfs' fns
thirty ssy during whn nd ms we s that as
and ready relief and compel currency to seek this
Gitizens Bank. Bank of America
Union National Bank. New Orleans National Bank.
Germania National Bank, ing Association
TIeutonia Nstonal Bank, Canal Bank,
Hibernian National Bank, America,
Bank of lafayette, Peoples Bank,
Sa,s Bank fhe Bros Co..
Clearing House certificates at the rate OF sew
entyd cents the dollar, will be issued on COL
iateras deposited by banks and certified checks OF
the Clearing House certificates Will be used in
stead OF currency.
General Spinner Assisting Baltimore.
BALTIMORE, Sept Is, 1874.
The financial outlook to-day was decidedly I'M
proved under the influence OF encouraging reports
from New York. The associated banks held an
other meeting this afternoon and arranged to GER
tfy all checks and pay them through the
Clearing House, and also decided to pay all checks
without regard to amount where the cur
rency is required for legitimate business
purposes. They also made arrangements
with the Assistant Treasurer here and with
General Spinner to exchange their large
notes and certificates Tor currency OF smaller de-
nominations, and In pursuance Of this plan Gen.
s275 900, which. 1t is thought, Will be sum-
cient to meet the demands of business
Is some little fear caused here by the suspensions in
the South, many OF our mercantile and commercial
firms having long credits In that section, but there
has been no embarrassment so lar from that cause
The deadlock In business continues and nothing Is
doing but the Improvement in financial circles
gives rise to hope that business will soon be re-
sumed. The savings banks are intact, and the
other banks are permitted 10 pay out currency &C
cording 10 their individual judgments.