The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-07-16
ST. LOUIS.
Suspension of tho Butchers and
DrOVerS' Bank OISt. Louis,
A Scary Day In St. LOuIs--IEunS
on Numerous Banks.

ST. LOUIS, July lab. NJ. Chambers
President Of the Butchers and Droyers
Bank Of this city, made announcements
this morning, Of the suspension OF thai
bank. He says only 80 per cent OF the
capital stock has been paid in, giving
$4,000 to be divided from that source il
found necessary 10 secure depositors.
He also says his wife and sisters stand
ready TO give deeds Of trust on several
hundred thousand dollars worth Of prop.
erty, 10 secure any balance that may be
due depositors, provided such time IA
may be necessary TO realize on the assets
Of the bank Is given them. The suspen.
sion grows out of run on the bank, a
year or two ago, which took from it near.
ly a million Of dollars, and although the
bank had, to some degree, recovered from
that, the recent failures created such dis.
trust that the bank lost ground again, and
1t was deemed best to close up.
ST. LOUIS, July 14.-A run was started
this afternoon on the Boatmens Savings
Bank, but the bank kept It's doors
open till half past six o'clock this
evening and promptly met all de.
mauds. The run was not very great, the
largest single amount being $1,000. The
business OF the bank progressed nearly as
usual, the amount received by it amount.
ing to nearly half as much as was paid
out. What started the run is not exactly
known, but it probably grew out OF the
closing Of the Butchers & DroYers' Bank
and the distrust which resulted from re.
cent failures. 1t is believed by those in
q position 10 know that the bank is entir-
sound and fully able to meet all demands
upon it.
Runs were also made on the Union
Savings Association, Provident Savings
Association, North st. Louis Savings As.
sociation, franklin Avenue German Sa.
wings Bank, Lafayette Bank, Citizens
Savings Bank and the Bank OF St. Louis,
but they were in no sense extensive. The
demands were almost exclusively made
by small depositors Of the laboring class,
an d were met promptly, except in some
cases where time deposits were called for,
and the banks stood upon the usual 60
days notice.
The aggregate drawn from each, was
comparatively small and was easily met.
Very few, il any, regular merchants or
business men joined in the run. 1t is be.
lieved, at least, and is confidently ex.
pected, that whatever excitement or
anxiety exists among these small deposi.
tors to-day, will subside by tomorrow
and business will resume its regular
channels by Monday.
The officers OF the Boatmens's Bank
say that they can receive money from
New York and other points faster than
it can be paid out here, and they have no
apprehensions whatever Of being the
least crippled, even though the run is
kept up for several days.
There is nothing new regarding the
Butchers and Drover's Bank, except that
Mr.. Chambers, It's President, is perfect.
tectirg the guarantee promised in his
statement this morning, that large
amounts Of property would be pledged
to secure the depositors il necessary.
The Insurance Commissioner this after.
noon made an application for the appoint
ment Of receiver for the Charter Oak
Life Insurance Company. The petition
sets forth that the assets Of the company
are so much less than the liabilities that
1t is necessary that a receiver be appoint.
ed and the charter annulled. The Judge
Issued a temporary injunction. The
sherif'served papers on the officers, which
requires them TO answer the allegations
on Monuay next and show cause why a
receiver ahould not be apnninted.