The New York herald., 1877-08-30
THE EFFECT IN THIS CITY-wHAr BANKErs.
REAL ESTATE AND INSURANCE PEOPLE THINK

THE EFFECT IN THIS CITY-wHAT BANKERS,
REAL ESTATE AND INSURANCE PEOPLE THINK
OF IT.
The announcement of the failure OF the State
Savings institution OF Chicago and the strongly sup
ported runor OF the suspension Of half dozen SIM
ur concerns in that CITY, were tho staple Of conversa
ton ana speculation, not only in financial circles
yesterday, but among all classes of citizens The
tdings cnmc upon them like re-echo Of the financial
thunderbolt o. 1873, and the excitement OF the nrst
sudden announcement prevented accurately gaug.
ing the rca extent or magnitude OF the consequences
But as soon as calm reason and cool judgment were
brought to bear upon the question quickly seen
that business ana financial affairs, either East or West
would not be scnsbly affected by the crash and that
the only deporabe result would be the hear; pains ana
disappointment to many OF the humble but Industrious
of Chicago Wall street for a brief spell more or
less excited by the intelligence; were bankers in.
surpnce men and real estate dealers but their ordinary
equanmity speedily returned, and the almost universal
opinion among them in the afternoon that the
pulse of business would not be scnsibly affected by
what one of them called hs last accidental collapse
Mr.. Bard, president Of the Continental Bank No
Nassau street, had had advces from Chicago which
warranted him in saying that the failure OF tho State
Savings Institution would have only merely local
effects. ana thai they would be widespread NJ that
He Acknowledged that the dissatisfaction and dsau.
ponfment among the poor industrious classes who had
deposited their savings In the institution would be deep
aud long c!t, but the general business OF the country
would experience neither halt nor hitch by II.
Mr. Evcritt. the cashier OF the Broadway National
was decidedly oil the opinion that evil results would
HOW from the failure Business men IN Chicago IN ust
have been prepared, he conendcd for the State Saw
ihes upshol lts rickety and unsound condition was
known for ns,dcrabe time previous TO tho final
catastrophe, and all cautious had got IRON under
in good season If they didn't, he remarked. their
forced withdrawal from business will do business but
little harm. Mr. George D. Scney cashier OF tho Motro.
poitan Bank No los broadway, though having re-
ccived auy special adviccs from Chicago when the re-
porter called gave expression 10 opinions nearly SIM
liar to those OF Mr.. Everl!. AZ tho Emerant Savings
Bank, NO 81 Chambers street. the officers lei. strongly
convinced that the Chicago smash would not in the
least influence their business.
A gentleman connected with insurance business
who had known the state Savings Institution IN its
painy days, was completely surprised wnen u read
the announcement OF its failure IN yesterday morn
ihgs HERALD. During sojourn In Chicago the bank
had certainly encountered some tidcs INC
reputation OF ITS directors was high, and tner
ton and cOnscicnt,ousness IS we'll known that other
banks always came to their MD when immersed IN
dihculties Tho present officers must have 'tradcd
upon tho good name OF their predecessors. he shared
IN the belief that business would not be a all affected
uy the failure OF the bank, as IL was, great
sure, the depository OF and small traders
Neither does he think that any other Of tho savings
banks OF Chicago VIII be materially injured by tho
ailure of the state Savings. Another TACT forth
by Chcasoans resident IN New York is that tho
Officers OF the bank, knowing its shaky condition had
OF late resoricd TO the Practice Of subsidizing
phthisicky newspapers in Chicago In return Tor edit
toria, pulling OF tho tcfunct institution, and that
thereby great numbers OF worthy poor people were
fecced OF their all.
Among real estate men the feeling was strop o, v
akin TO that obtaining with the baokcrs