The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-12-14
PRICE TWO CENTS.
GREAT PANIC IN SARATOGA.
DISASTERS FOLLOWING THE COUNT
TREiSURER'S DBFILCITYOM
The Last Two Baniss In the Town tIisinx e!r
Doors-One Of Them believed to be Hope
IessiY Observation-Disclosures nj "a StnndstjtI

| The Last Two Banks In the Town q J,sin9thc,r
Doors-One Of Them Believed to be IIopo-
IessiY InsoIvent-H -Husiness at "a StnndsiitI
SARATOGA, Dec. f. A perfect panic pre-
| walls hero. The suspension and deialoatlon of
| James ii. Wright County Treasurer was mnds
public last Monday. Since then thcro have boon
various reports OF losses on tho part Of; the
banks and others growing out of the complica-
lions with Mr.. Wright as his bondsmcn and en-
dorsors. which have led to disastrous conso-
quences. Tho run which was begun on tho
First National Bank on Tuesday resulted to-day
in the closing OF that bank. When the fact be-
came known dcpostors swarmcd into the Conn
mercal National Bank and the officers. know
Ing that they could not stand the drain. decided
to suspend. Tho banks had n capital OF
tloo'OOO each, divided into OUO shares Of 500
cuch. The First National Bank was generally
considered sound. its stock selling at 1920 The
Institution. however is hopccssy insolvent.
the directors admitting that the capitnl stock
viii he used up in making good the deficiency.
inc appointment OF receiver has boon asked
Tor Tho Commercial Bank has not been con-
sidercd extra strong since tho Congress UnIi
failure, 10y which il lost 900 900 Tho or1ncrs
claim that the bank is solvent and can rrsurno
~ ,he peuple VIII attempt 10 restore confidence.
INC general opinion prevails. however. That th1
bank must 20 TO the wall Business In nj a
slahdstil nll pf the merchants having deposits
~. ~ Wy ''h't " lu' NUnkS lNcy Ufr iii-
uDlc 10 purchase drafts or exchanges and hayo
no lunds To- meet mnturiug OBLIGATIONS. Ihe
town and village authorities nrc In sad Drc-
dcament. Tho Receiver Of Taxes is rnuuir.d
by law 10 mako a deposit every twenty f1uT
hours, nnd consequently all the funds Nrcol-
ing shuuDO are tied up. There " not n banking
ihsttuttun lett. every one of tho four inuka
h1y.ing closed in u little over year.
IL ls generally believed that the failures will
chu-r several oi the leading ctiIrns tu sue
rumh. Startling developments are urouii4pl
" la sN!d tnut on" ul the directors Of the Com
merelal itahH recently cont, -7ed Judgment in
iiNor ul ms wlic Tor several thousand dollars
Ine most suspicious circumstance connected
WIN the failure was the ling to-day of n bill Of
salo and chai" mortgages amounting to
tZOWWO. by Jacob II. FHrrington and John s.
lcakc. directors of the Flr-t National Rank In
iaNor o! John L., Barber the First National
Blnk. Isaac IL. Harrington. Iurrctia L. Far
rlngtnn. AMI others. These Instruments wnre
dated Dec and 10. IL is rumured that others
their hands. and II is feared that there is vooJ
Erouhu Tor the rumpr. EN-C Congressman Mnr-
YIN ls Ircsidcnt Ol the First National Bank nnd
VIII sustain heavy loss. the receiver Of tho
proktn Union Savings Bank was 20 have sold a
Iot OF securities tomorrow. but rs the flnds OF
parsons y WHO could purchase them are tied up.
tho sulc was postponed.
amount due dcpDsitors in the CONNER
cinl lnnk. at the closingof the bnnk today was
slu3.JJ.6s TO meet which there WINS n cash
balance on hand Of fl9.ig6.lS. At the First Ma
uonal BANK the amount due depositnrS il
Si4ohlO3i. and the cash on hand SGSiaO7
The First National has paid out sGS 900 since
bAnk officials attribute the failures to the great
shrinkage Of values since 1873. There Is reason
10 Tear that some OF tho directors have been tha
best ouetoiners OF the banks.