, 1877-09-25

ncrirkson Btatesf that about twO wccka ago son1n
friends ot h!r, who arr epoeitrrs In the Itielt-
ty, rame to hin to seek attr!cc to uhnt they
Rlnnltl do. lie went for the,n to t',e bank anl
saw The oiiltefs. They considered tic tnnk sol
| <ent, and 20 assured him. Mr. Iiaincs, how
| cser, thought thcy Would like to
MAkEALoAH
of s1lo, 600 on their securities. md Mr.. Derrick.
| ton undertook to arrange this 1onn for them.
IN the ronse OF co,i'!e OF 'lnye he hal seen
rron,tsc,! to advance tlIc needed funds lIy that
Tine, however MF. lIatnea had rcronstdcrctl.
md thought he woHtl try to ret along without
my at't, ~ the excitement seemed tn be dylng
Last Fti,lny tlIe tlcptsttors who applied IL him
f. thn frat instance ramo agatn 10 Mr..
11crlcksou and told him That the rules
Of tho hank, bad heen changed. go that
even after their notices lnsl been giseti
per zen. per month: lie ti,en went again to .ho I
hank and Eoun,i THAT 4 MAS true: lie told Mr:
business t!.et; sat tic pntlic would rilicuIe il,
would fnatst TINT tho bank was not rs sound M
represented. Tlercupon NJ. Ifaincs tnrtte,l
him to tnkc look nt the ntfifrs ot tho ttstitu.
Thit lit. DerIck.on ron.crtc,! to Dc, With The
cxpress understanding that II le ea,ne II tho
conclusion Tint Tie bapk was tnsolvfnt llu
st,o.til 1,c Mt tibesir TO say %. Ito commenced
10 o'clock Friday night. lie left tho bans tate
wltl, tho strong conviction on his mind that tho
couLn NOT GO THROUGH,
although ltc did not communicate Its viows to
NJ. llaines Or any oue else that nteht.
After thinking nfA,nt It over night he wns stilt
confirnt that the bank Was mt solvent. Then
hc went ovcr to har. to Mr. 1Inlucs that he lid
tu oil Hst,tsa rules, lie ought to c1osr his loors
as bankt anil co,lsttler II In condition of
liquidation. He found ii difficult to tuakc Mr.
ualncs anil the Young men at the bank
HRALtzK THE SITUATION.
hut, nttcr discussing with them Al, hour or so
they ali bctnu,u convinced that there was NJ
hope Of sustaining the banK rs Il bank.
DurtnR lfs examination II cntHc to Mr.. Der
icksOnfs knowledge that Afr. Hnlncs had turned
ALL his PRIVATE PROPERTY
10 the use OF The hank. For IN instant he was
surprised at this, anil u occurred ~ HIN that
this might have l,cen done preparatory to mn
examination. Uron Investigation. lIowuvcr. he
found that this WAS not 50. All tic private
propcrty tnrncl In l'as becunic In every ecnse
tic property u the bank. ana will be fuund
among Its assEts. Even tho property OF West
fnn uuIen street, which has been &truptctl By
tho kIalnes family as d homestead fur twenty
ave yoars' Will he fou'i among tho aascts Of tho
str Dcrickson says the public will Gud !.
NO UurTED nANK:
nobody IN tho management has Eot rich out Of
tllo ucpositors' money; nnI when the ban+s goes
Will, H., 0uatriatly.. Tho derosItors will NM
doubtedly f1ntl that there has bcen conaticrnbtc
shrnkaEe In tho securities, and this ia tho rnusc
0t the failure.
"H0w about AssetstH
Mr.. Derirkspn thought II would bo very i'm
prudent for him tu say anything ut prrscnt
about wlmt he asecrtntned In regard to usscts.
He would Jay IN q general way, however, TINT
by ca:rfu1, prildeut management he felt certain
that tho ,leposttors would rraltzo not luss tllan
ID nor moro than 90 crnts on n dollar.
ADDITIONAL pACT3,
From gentleman WHO has Original sourccs
OF Information It was learned thnt tho casli at
present on hand in tue Fidelity IS about S7D,O
The land belonging 10 tic bank iu thu nrtg!,-
borlool OF Central lark consists OF twcnsv
acres. Tho South Chicago lands ARD In part utI-
der water, but mostly IN gool location. Thu
bank does not own the lot nurtil uf the Stutu
Savings Bull!!iaa. but only an equity INTEREST
therein, which Is vu1ued ut S7,NE
by tho bank officers. Tho land ricar
ccn.rai Park j. valued At sl5,Ooo: Tue lank
building, With tts dcpost-vaults, Gust S3lh,.
000. Thu ground cost 81, 1,0o0 pur foot. Tho
depreciation in rca estate. of course, lias re-
luccrthis estimate. Tho lot corner Of Filth
avenue aud Madison street is vall1cl ut $t,UUU
per foot. It s claimed that thcro arc assets tn
tho bank which will realize over *lUo,0oO within
tho next thirty days. There IS proposition 10
rcorGnn!zc tho banl..by making up tho deficiency,
but 1t is only matter talked Of, mud ilas taken
no tangible shape.