, 1876-08-21

lsanwater, now Police Commissioner,
Tns sTg,ns The .vIee-Pfesident Of tho hank.
aud IN June list / vas fund necessary to % Wind
up It's niflra: Tho dcpositors, II Is thought,
VIII lose nothing, hut tho s!ockholdsrs, as
nsnal, VII suffer TO great extent.
III. Ilo goth day OF The same month saw the
~, TIE GUARDIAN sAVtN0s INSTITUTION
Tho Guardian WINS organized In TIM Interest Of
paTty OK Roman Catholics, IN April, 1879. The
s',Gserted capital was $3.50 ooo 70 rcr cent ot
TIC end Of its tcther, and on tic Wi Of iast
June IT. ceased btatncss An examination into
ih books showed The same gross CAY clessncss ami
gad management that characterized al The others
tent, They, and tho other ol[ieerss however
lay MI tho blame upon Dcrnard j. Reilly, now
notorious bankrupt, who discharged Ills du.
tles in tue most lnfano.,aly c5rrup. man
most positively .has 'oa'' on several vera 'essss oesa
money Of others for Investment, lie
put u In his own pocket; IN tho words 81 the
to e'GHsf * ., h,f sappsd sead md nt;;s
career the bank WAS constantly harasscd by its
own stocktoldcrs, who, by constant litigation,
helped very materially to ruin Il. At ons time,
when an assessment was made upon
German, enpposing tlis to 30 q foreshatlowing
Of coming weakness, laid It under an injunction,
and closed II up for week, 80 that an Envcstf-
Cation might bo ma.le- THIS was doubtless The
bank went lnto liquidation,
The dspostors may be paid tn full but tho
stoskhollcrs lose every cent.
THIS brings me to the disastrous failure Of
THE CENTRAL aAylNOS BANk,
which, for long aud successful y-contfnucd
course Of shameful swindling, has, / faficy, bit
wa4 started il iss9, with ! paid
" Pos sagta a.norpbs Ss st: s sua a q sos J11
last., Though the finale has conc only 80 re-
Gently, ono Of the most prominent bankers in
has been utterly bankrupt. This was wuli
of wnom would during 9hat thno tolcfl
ths banks the Teller wns not permitted
even, to- allow one Of It's checks
in Il ras handed to m messcnee1 @ kept I'm IN xsit ut
Ing for that purpose, to demand its Immediate
paynent- BQmo may won.ler ut this state OF
affairs existing so long, but the reason Is TINT
the dcpostors conaisted Of poor laborers, WHO
noranco ] of financial affairs eencrailTy
prevented them from becoming cogutzant Of t!io
true character Of the Institution Iii which they
confded.
The bank WAS managed by most
UNsCnurULDuS KtNu or MEN,
who used II pretty much as they pleased for
their own private benefit, The directors were
ysa q aa m mse cashier, spS 'usS Esy
ulliccr Ind heavy accommodation paper
u The directors failing, they ii eycry enss ict
tho bank IN for. rs aucl. as possible. Apart
from this, there has hardly been failure Iii the
city, during the existence of the Ccntra! Saw
iugs, In which IL hus nut been bitten. This i1l-
stitutton was rotten to tle core. Tho Invest
n,cnts were bad, and loans were made ~ favor
!trs With open-hanIcd lll,crality, on the most
sunk In real estate and stacks, upun which, III
consequence Of depreciation III value, little could
be rculizcd.
Ono Of tho transactions OF tne bank WIS a
loan OF $4,000 upon stock Ut the Mine In
Motto, largc portion Of which, instead Of go-
Ing Into tho working fund Of the luine, got iito
tho pocket Of ono q tts principals. Almost
every cent Of this will be lost h[r. Farish, the
from Ncw York, and has published card stat
Ing that this money will all be recovered. No
rcdenco ss given to the statement
One Of the pieces of property owned By the
bank Is the old qlobs building, which was ~
Gated by that journal some years ago, and the
unly tcslant II bus had since then was u man
who sold walki,g.caues, and paid a rent Ut
about Sl.5o per week. III the fss9e OF the GIo!e-
Democrat, Of Aug. =, rrport of Mr. Green, the
under discount, aud thoir securities. Bankers
here generally say that 1t is
THE WORST LOT or PAPER
that ever crossed bank counter. The notes arc
ISy nearly all given by bankrupt men. and many of
BY men equally Us pcnnilcss as the
dorsed by. the Cnshler himself, and
tn some OF the most al'aky OF them tho collat-
Cashier, Of course, knew were little short Ut
worthless. There arc notes OF incu to whom
other bankers and brokers say they would not
lend t5 cents. As this Is tile ,inture OF tho IN
per generally, AZ idea eau be formed III to whit
Gun be renliZcd from 1t.
Since thu failure tue bank has been constants
for years had been sunk by tue ct,ncern. I
number Of meetings have bcun held Ut wlitcf.
lbs I swinlied aepostors. Ths e1panstio5's d of
tho officials lave been interrupted by angry
threats against their lives, and holna
o. o., the gatLeFlnXs hava broken W in
w to cretors m es qpse1ta s II vii a nat
bc over txenty-Ayc per cent. The leading DR.
rector OF this bank, Henry q. 8pallnllorat, wns
delegate to tho 81. lUnts Convention, and
would hayo been the Democratic nominee for
LlcutepaHt-G Governor, had the failure been de-
layel few weeks later.
The latest collapse, thus fnr, Is that OF
THE 7itHRnNIAN sAv1na5 INSTITUTION.
This cencsrn Opened for business IN February,
4otDt Will HuUfEEtoeu CtltlAl u DsoU1VooI ~
per cent OF which was altogether paid up. After
q brlct run Of three years # went fnto llquL1a-
niouey, but lost heavily, both In discounts
and sl'eenlatlons. The dernsitoEs may ,,Ihe he
stoekholdefs will In MI probability lose every.
thing.
TllH SOUTH ST. LouIa SAVINGS BANK
waa organized IN 1871. Capital subscribed,
s25o! !ooo, md 10 per cent Of II pnid up, Tho
bank did not cyes, pay expenses, az it was
opened ia close proximity t.; tbs Carondc-
let Sayings 1nstitutIon, which vas doing
all the business III that portion
Of The city, and 80, falling to draw anY of that
business , . awsy. thS South y. Louis VIZ forced
tho Caronlelet Savings Bank. The dcposttors
wero Pald IN full, but the stockholdors have re-
celved llttlu Or nothing.
Tif1 HANK or THH WKnT
opened under good auspices, ard llad II been
propcrly manaEsd would douGt!uss hnyc slollu
fuir blBneas. fhc immediate cause Ut It's fall
urc WIS loau to D. G. Alexander Of $:,a 10N on
furGea cottun receipts. THIS, nf course, was u
total loss, and tho capital ot the bank moi ex-
cceaing $4,000, pcrlud was put to lts exist