, 1877-07-17
Two Inconscnncntinlly Rotten
,Depositorics Shut Their
Doors.
The Commercial Banks Pursuing the
Even Tenor Of Their Way.
Condition Of the Louisiana, No., Dank,
Lntcly Blown lip.

were the North 1t, Louis Savings Association
Ani the Bank of 81. Louis. Yesterday some
Lamnginy reports wcro current concerning the
former, ,ard Tits morning, long hefore bauk hours,
largo crowd lad assembled around tue door,
nt,l two policemen were present to maintain
quiet. When tho doors wcrc opened
THE DEros1roRs MADE 4 nusn
tor tho hole through which tho Paying Teller
pccrcd, and presented their checks With great
2romptucss. Quite 4 number Of checks were
paid during the first bali hour. The Board
,of Directors were then In session In
the back part Of the house, and after
their adjournment the Cashier samo
to tho front aud announced that they would
have to close, na they could not pay everybody
at once, at the same time assuring them that
their funds would be safe.
THE CASHIER
walked to the front doors and turned over tho
little placards having the words "opcn" OH ono
side and "closcd" OIL tho other, and left tho
latter hanging outward. Shortly atterwarl Tho
pondcrots doors swung On their hinges,
and the disappointed depositors retired
expressing great dissatisfaction a& their inabilt-
~ to yet Their money Immediately. After tho
dcpositors Of this institution wcrc turned away,
tic Bank OF at Louis closed It's doors BY order
OF slsc President II oppcars that tho latter
bank haa been doing It's clearing business
through the former. and concluded that II WINS
Impossible To transact further business after its
representative In the Clearing House Ind gone
under.
ruE DIRECTORS or THE ST. LOUIS BANK
held a meeting this evening and opposed tho
course of their President, and prepared state
mcnt for publication, that tho suspension OF tho
North b. Louis Savings lnstitntion, together
were locked up III New York exchange not sal
nbfo ut this time, hnd neccssitatcl suspcn.
sion. Tho Directors pledge Themselves 'ndlyid-
unlly to tec that every dollar OF deposits arc
aggregate e100, 900, Of which $80, 1000 nro de-
nlnna deposits. The deposits Of ths North ct:
the floating debt Of the bank, 800, 100: No
statement OF assets could be obtained, hut tic
bank elves the assurance that they ate ample to
pay MI liabilities. That apcsulators hare
tic fact that during the day they paid
no cents on the dollar for muny certificates
oflcpostt. Mnny Of tue other hank'a numerous
dcpositors dropred 10 for candid Information,
and, being told that everything wus safe, went
away satisfied. But there was
NOTHING RESEMBLING 4 RUN.
There Is 4 strong fecling Of dfstrust, however,
through Inc city, ard ctml-hcadcd business mcn
Mt huy moment. The local insurance cumpa-
nica are III trouble rs we'll "a tue 6auks, nlhl
there is no doubt TINT there Will bo a crash
nlnong several Of them within icw duys.
CONTINUED ALARM.
ST. Louis J Juiy iS.@Contrary 70 @ Expectation
The furry oi Saturday regarding lilo condition
cuctt towards noon by the closing OF tho North
st. l.ntis kevngs Association pnd tho bapk Of
81. Louis. As Oh Saturday, l,t'wcrcr, tue per-
suns cngulicl III the rEfn arc almost wholly con-
lined IN bnsil dcpo;it1ra u tue savings lnstttu-
lions and s,nali slorkecpers, no merchants or
business men Of any rresc,!sona taking part In
II. The closing ot Tie North It, Louis Savings
Ia attributed 10
Of slo0oO ut tho Clearing House this morning.
1hc hank ui st. Louls did It's clearing through
ter e!,'seu u Ind &c, ,oto q paper belonging to
tic Bank of g.. Louis. This forced tho latter
II suspend. The action of tho North ct. Louis
Savings Bank has given rise to considerable
THE pAaKs HUN THE MOST ru-pAY
werc the Fourth National, tho Proyidcnt
Savings, the Franklin Ayeuue German Savings,
and the Boatmcpfs Bayfugs. AL current ac-
was ut no tIue a,y noticeable excitement.
Everything. was done IN quiet, orderly mau.
ne1, end The crowds, they can be called
crowds. ut the various hanks were quite small.
certificates, which were freely paid satur-
day and early this morning, should be
subject 10 the Fule ut thirty aud sixty DAYS
e1sss hs ptEsnt @ssa y
ing the demands to considerable c1tcnt, AMI
the yigor of tho run was good deal rcaxed,
and several uthcr savings institutions wcre
thor aSy 1{ sss 81 asa ua sy
The commercial banks arr pursuing the even
tenor ol their way.
TIn sUsrEAsloN or TIE DU1cuxas' pRoyHns'
Mr.. D. II. Chambers, Presldent of tho bank,
was approaehcd by 2 Gsobe- Lkmeerut reporter,
conversation, was very willing to g,yo such facts
rs he could conyetentiuusly sanction. lie httl
not had MI opportunity M yet of making any-
thing like nprrsola investigation Of tho utlnira
auyshlng llku q full statement, In susl!
u condition vi affairs, hc said, ho did
not carc TO colnpro,ntsa tho interests of tht,sx
who were most directly concerned III tho bust,
prxi,natc the, uasrts Vi tho bunk wcru about
kTO:00o. Thts consisted principally Ut rial
rstate, notes. discounts, etc, ThsIe were nc
stoses, WIZ ts SxseItio q x w1rt o.
THU real estate las been put III At what 1t uetu
ally Gust the bank, whether worth that now nI
mot, and .he NOTES had been put Ii
It saneneavd ,sis full .nas t.p' tho Mr. a.vs ca'iss a
greatly Deprecated, especially the real estate
uInl he gave several examples OF tllia. Property
which, whrn worth S1s!,Gu0, they had loantl
sio,0Uu Oh, could not now be realized Oh u
all and vaAt estate, fIou, which, II salahlt
and uuncumDerca, sufficient could tt lcEayet
10 pay up the deficiencies, was 10 incunbcrct
with Judgments, etc.,. that It could not b.
disposed of. The baik hsd not go.e into MI,
wild speeu!atsous: It had not, iii fact, .specl
lated ut ull, aud its suspension could onl.
le attributed to the shsinkako uf values, wlllrl
bad aot taken place, but had e1i4ted n yaruul
kinds u rropersy for some tine. The bAul
lrst experienced somu difficulty last suIll4rr
Nhrn 4 combination Of circumstances led 10
slight run upon il. 1t tilcn hypothccatcd eom
pl its securities to tho amount Ut from Si5UUlI
tu S!D,pO0, nnd thcxs loans upt,eas neither Il
tic liabilities nor asseta. The reccut susbeu
t!ou ot the. statc National Bank tcsusci
lated the nn.tirust OF the people, and I'll
cutIatalees hal a.ncu contributed to tile uug
nIclitatiou Vi this lnislru4t ~ generally ihl
tltrr appeared tu Ie NO outlook Allcau wneEeA
disaster could be avoided. At ,hr meeting Fri
I.,y night The Directors concluded thai ~ til
capital stock, Ut NiIch $laJ.GuD had beea pal!
IN, had been Impaired to the e.teut of Is *:
ecut, they could 1u longer continue buslucsa
Thu President himself could not Take The cat
required ol lin un.!es the new law. The ban
WIS therefore or,leted closed. Tie drItsit