The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-15
BY TELEGRAPH
TO THE
WHEELING REGISTER.
Press Report. by Western
Union Line, otfice Northwest cor.
of Main and 18th Sts.
DOMESTIC NEWS.
suspe aston Of the Bank of the state


Suspe aston OIL the BANK Oh the St"se
I'M Y.
NEW Yo K, March 1.-the Euening
Post says that the Bank of the State OF
York closed its doors to- day, by reason Of
its having been thrown out OF the Clear
ing House. This action Of the Clearing
House committee was taken after an in
vestigation suggested by the bank exam
iner, MIR, Meigs. He found the affairs of
the bank in bad condition, there hav-
ing been large overdrait by spectators
in merchandise There will be full
meeting OF the Clearing House, to rstiiy
or disprove the action of the committee
The capital of the bank is s., 2,OOO,O 900; By
last Saturdays statement it had
loans of S3,9SO000; specie, 1925, 800;
legal tenders, S1,095,000; circulation,
$25o,000, and deposits s2,S55,OOO. At
the clearing house this morning, it was
debited at 100000, which was paid. The
dcpositors in the bank will lose nothing,
neither will the note-holders. The total
loss will fall on the stockholders, and it
is thought that the capital is impaired
one-half. The enumeration of the affairs
of the bank was begun by Meigs some
DAYS ago. He found that irregular loans
had been made to produce dealers, and
that great many bad debts were the re-
suit. Among these debts are the &c
ceptances Of Duncan, Sherman L. Co. to
the amount of $4,000. There are other
debts IN sums varying from SlO,O0O to
$4,000. When these facts were
ascer,ained Mr.. Meigs reported it
to the clearing house committee and at
q meeting this morning it was decided
that a receiver ought TO be asked and the
bank closed. In accordance with this
view Meigs at once teegraphed to Comp
troler of Currency, John d. Knox for
the appointment OF receiver. The re-
suit OF the investigation OF the book ac-
counts tends to show that its failure will
not affect any other banks and it is
thought that the failure will not be
followed BY other financial disasters.
Mr., Patrick Vice President, under
went an examination betoi the clearing
house committee this morning.
1t is Stated thatthe Bank of the State
OF New York permitted one concern to
oveldraw s447, 600 and accepted as Sc.
curity for the overdraft patent about
which little is known, and further lent
the same concern $426 500 on time, Sc
cured ~ malt to the value of about one
half that sum. Another concern CON-
nected with the southwest trade over
drew S225,000, and tho bank accepted as
security for the overdraft an assignment
of their book account. The vice presi-
dent owes the bank almost S230,000, Sc
cured bv real estate. An individual
check for $4,000, drawn by the vice
president. was counted as cash. 1t is
understood that the bank Las protested
paper to the amount of $4,000. The
tepositors of the bank will lose nothing.
The whole loss is estimated OF about one
halfthe capital, and will fall on the stock
holders.
1t is further reported on excellent au-
thority that over drafts 10 the extent OF
! about $250,0O0 were made on the bank
bv Southwestern produce commission
house, whose business is largely in Ken
tucky and that these were secured only
| by an assignment OF book accounts. A
prominent member Of the Stock EY-
! change SAID tDlS AFTERNOON tue ldiiuTc
would probably cause affairs In Wall
street to be unsettled for II few days, but
that any excitement occssioned by it
would soon die away. He could not
see any reason why it should cause any
other failures.
John Thompson, Vice President Of
the FIRST National Bank, said: Il can
only look upon it as failure that will
not strike disastrously any person except
brokers, vino kept accounts there, and
got their checks certified there. In
point of reality the failure is of
No Commercial or Financial Import.
Rnce.
The entire effect will not be one
fourth US great n that OF tho failure OF
Duncan. Sherman Il Co. 1t was found
that advances to considerable amount
had been made on grain in transit, some
of the bills for which are still remaining
in the bank, bear dates two years old. 1t
is said that the Vice President of tie