The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1878-06-01
TWO OF a KIND

| The First NntyeBAl Hank os DstIas
GEM so join she late State saving
TwenBy-tBo Tnousaaa Hsfstsr- du.
Loesi t,ers-AppItcasies, :or -
Receiver.
After struggle of four days against
the pressure brought to bear il cense
quenee of the suspension of the State
Savings bank, the First Natioual bank
! of this city was compelled 10 go into
liquidation at the close Of bankirp
hoors yesterday evening, and the fol-
lowing telegram was sent 10 the comp
troller of currency, ut Washington:
DALLAS, May 30, ISIS.
! To Hon. John J. Knox, Comptroller OF Cur
rency, Washington, IL C.
Owing to continuous run for three
days, and our inability to realize fur
ther from our assets at present, we ask
that you appoint receiver, in whose
hands we shall place our affairs.
FIRST NATIONAL BANK,
Dallas, Texas
| The late hour at which the suspeo-
sion occurred, preclndes the possibility
| OF giving u detailed statement Of the
affairs of the institution. The liabiii
| ties in round hunters, as reported ty
MIR. Kerr, the president, are ff.y-fiv,
Thousand dollars, Twenty-Five thon-
sand of which are by local depositors.
The nominal assets are put at one hun
dred and ten thousand dollars. Mr.
Kerr expressed his ht lief that the bank
would pay cut dollar for dollar.
The. baik started business ia 1874,
with an authorized capital OF five hum
bred Thousand dollars, seventy five
thousand of which wss paid in.
On the lst of February Of the pres
cot year, the deposits amounted to over
ninety thousand dollars, and good
business has been done up to the first
of this month, when it became known
| that the bank was getting weak and
shaky, by reason OF shrinkage in its
collaterals.
Mr.. Kerr stated at the close OF bust
ness yesterday evening that after
consultation with the directors, held n
few hours before, they all came to the
conclusion that it was useless to strug-
gle any farther. He said that he had
made arrangements on Monday with
Donuell, Lawson & Co, of New York,
which he thought would be all they
would need, but the continuous
run on the bank from Monday up
TO the hour Of closing yesterday
Becessitated an appeal to the other
banks for assistance, but he co,,ld ge,
hut little aid from that source.
When the State Savings bank sus>
| pended, these was forty-two thousand
dollars in cash on hand, but the first
day Monday over one thousand dol
lars was paid out. Anticipating "a
heavy run on Tuesday, which came,
Mr. Kerr thought the excitement
would end that day, as thirteen thou
sand dollars were paid out, but
he was very much mistaken, for
| on Wednesday, seven thousand dol
lars more was paid out when the bank
had to ask tor time. He was inclined
to suspend that night, but waited the
result Of yesterday, at the suggestion
| of iriepds.
"A number Of parties indebted to the
bank were called on yesterday for their
accounts, but failing 10 make cOllec-
tione, aud checks for various sums,
amounting in the aggregate to eighteen
thousand dollars having been pre-,
sented, and the bank receipts
being only thirty-four dollars the
First National had TO succumb.
A call by a representative of THE
HERALD WAS paid to all the other
banks, but il being after banking
hours, nothing more than general
/ knowledge of their affairs could be
learned. 1t is not believed hat anoth-
er failure Will cccnr, e.: strong feel
ing of confidence in all the remaining
banks Was expressed on the streets