The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-07-16
Ram Suspension.

ST. LOUIS, JULY lab. NJ. Chambers,
president OF the Butchers and Drovers
Bank OF this city, makes the announce
meut this morning OF the suspension OF
that bank. he says only so per cent of
the capital stock has been paid in, giving
$4,000 to be derived from that source,
if found necessary 70 secure depositors.
He says mis- wife and sister stand resdy
to give deeds of trus. on several hundred
thousand dollars worth of property, TO
secure any balance that nay be due de-
positors, provided such time IS may be
necessary - realize on the assets OF the
bank Is given MIN. The suspension
grows out OF \ run on the bank year
or TWO ago, when took nesrly SI,OOO,OOO,
and although the bank h al TO some de-
gree recovered rom that, the recent fall
are. created such dlstrust that the osnK
lost ground agsin, and 1t was deemed
best 20 close.
\ run was started this afternoon on
the Boatmen's Savings Bank, out the
bank kept its doors open till hslf-past six
o'clock this evening, and promptly met
al demands The run was not very
great, the largest single amount drawn
being $4,000. The business OF the bank
progressed nearly rs usual, and the
amount received by it amounts TO nesrly
half AS much Is was paid out, Whist
started the run IL not exactly known, but
It probably grew out OF the closing OF
the Butchers and DfOveTs Bank, and
the QIstrust winch resulted from recent
failures. l. Is believed by those IN posi-.
ton TO know tbs, the bank is entirely
sound aud 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
ISOLATION, Franklin Avenue German Saw
ings Bank, Lucas Bank, Lafayette Bank,
Citizens Savings and Bank OF ST. Louis,
but they were IN no sense extensive. The
demands were almost exclusively made
by small depOsitors Of the laoorlng class,
and were met promptly, except IN some
cases where the deposits were called tor,
and the banks stood upon the usual sixty
days notice. The aggregate drawn from
each WAS comparatively small and WAS
easily met Very few, if any, regular
merchants or business men Joined 10 the
runs L. is beleyed-at least 1t is conf
IDENTIFY expected-that whatever OF e1-
element or anxiety among these small
depOsltors to-day will subside IL. morrow,
and that business will resume its regular
channels by Monday.
The officers of the Boatmen's bank say
they can receive money from New York
and other points faster than 1t can be
paid out mere, and they have no sppre-
uenslons whatever of being in the Ieast
crippled even though the run is kept up
several days.
There is nothing new regarding the
Butchers and Drovers', excepting that
Mr. Chambers, It's president, is pertectlng
the guarantee promised in his statement
this morning, that large amounts OF
property would be pledged to secure the
dePositor- II necessary.
ST LOUIS, July l5.-AIl the papers
th, morning donated good deal OF
space to the financial situation, and the
run on the banks yesterday. The latter
Is treated quite lightly, and is not re.
garded AS in any sense serious or likely
to result in disaster The L. S. Fire In.
sursnce Co, Of this city mas reinsured
81! It's policies 10 the Scottish CONNER
clsi, OF Glasgow, and closed up its affairs.
Dizziness of business is the chief cause of
winding up. 1t will pay all debts, and
return ninety per cent. - the stOckhold-
ers