The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-05-31
TWO OF A KIND,

0onn ~ lola ,hn late STATE SAVINGS
Iw"nly i've Thousand Dollars due
Local bepoHi'ors application tor %
Receiver,
After struggle Of four days against
the pressure brought 10 bear IN oonae.
quence Of the suspension Of the State
Savings bank, the First National bank
OF this city was compelled TO 20 into
liquidation NJ tho close OF banking
hours yesterday evening, aud the fol-
lowing telegram was sent to the comp.
lrollor Of currency, Mt Washington;
DALLAS, May 80, 1875.
To Hon, john ], Knox, Comptroller OF Cur.
foncy, Washington, ID. O.,
Owing 10 n continuous run for three
days, aud our inability 10 realize fur>
lher from our nasotH at present, We nslS
mat you appoint u receiver, Ia whose
hands We shall place our nilnIrs
FIRST NATIONAL BANK,
Dallas, Toxnn.
The late hour at which the suspen-
sion occurred, precludes the possibility
OF giving u detailed abatement of the
Affairs OF the institution. The labili.
ties In round numbers, M reported ly
MIR. Kerr, the president, ara Bity.lvo
thousand dollars, twenty-five thous
sand OF which are by local depositors.
The nominal assets aro put Mt one hum
dred and ton thousand dollars. Mr..
Kerr Expressed his belief that the bank
would pay out dollar for dollar.
The bank started business In 1874,
with an authorized capital OF iivo hun
dred thousand dollara, seventy.ilve
thousand OF which was paid In.
On the lst of February OF the pres
eDt year, the deposits amounted to over
ninety thousand dollars, aud good
business has been done up to the first
OF this month, when II became known
that the bank was getting weak and
shaky, by reason OF shrinkage In lis
oollaterals.
MIR. Kerr stated at the close OF buai-
ness yesterday evening that after II
consultation with the directors, held n
few hours before, they all came to the
conclusion that II was useless to strug-
gle any farther. lie said that he had
male arrangements on Monday with
Donnell, Lawson Il Co, OF New York,
10 furnish them ten thousand dollars,
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
necessitated an appeal to the other
banks for assistance, but he could get
but little aid from that source.
When the State Savings bank sus>
pended, there was f0rty-two thousand
dollars In cash on hand, but the first
day Monday over one thousand dol
lars was paid out. Anticipating
heavy run on Tuesday, which came,
Mr.. Kerr thought the excitement
would end that day, M 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 for time. He was inclined
to suspend that night, but waited the
result OF yesterday, at the suggestion
OF friends.
A number of parties indebted to the
bank were called on yesterday for their
accounts, but failing to make collec-
lions, and checks for various sums,
amounting in the aggregate to eighteen
thousand dollars having been pres
scented, and the bank receipts
being only thirty-four dollars the
First National had to succumb.
A call by representative of THE
HERALD was paid to all the other
banks, but it being after banking
hours, nothing more than general
knowledge Of their affairs could be
learned. IL IL not believed that anoth-
or failure will occur, for u strong feel
ing of confidence in all the remaining
banks was expressed on the streets.