, 1879-05-23
Suspension Of the Broadway Saw
tngs Bank, III St.
Louis.
Tho 13anl<'s 'DcIsnaltora Lett 10
tho Extent Of About
100000.
Of Course, They Will Get Every Cent,
and There Will Do. Money
Laft.
The Lowell, Mass., Fl7c-Cont Savings
Dank Enjolncd from Doing
business.
Deposits OF $2,2Bo, 900 Already
in the Sinking 1nsu-
tution.


Ic general business community tint the bank
vas III u failimg condition. 1t was supposed
hat t1ssro wan no safer monetary institution In
Lle city, tts stock all along having commanded |
a gopa prre. This morning Mr. !. Pill !
ksIcgcr, Cashier oil the bunk, was Interviewed,
md sold tint .l.c cause OF all tho trouble was
that sosno Of the Directors had worked a1ainss
the bauk. One Of the Directors, in particular,
had done 60. lIa won't to work asld drew ort
oil his own moncy some time ago, at,i tsIen pcr-
suadcd hts frieuds and relatives to follow tllc
same courso The CASHIER further said: Al Ind
d loan OF $4,000 IN New York, and some Of thu
Directors refused to 10 On noo Of renewal, 50
WIS forcel to pay that mute. have also
had to pay es0,0N over to tho school
Board. and, owing to tho action OF one or two Of
tic Directors, lcro have Gecn e10o,000 worth of
dcooalts drawn out III tie lust wcck or SO.
Since the frat Of tho 1nutth, counting Tho above
nmount, 1 hayc hal to pay cut 3220,003. This
Is what causyd thu suspenston." 1t Is probable
tl,at there will bc come very sensational deycl-
opncnta. TIC State Inv makes It u crime ior
tic Directors to take deposits when lucy believe
tile bank to bo In Il falling condition. Dut few
dcpositors put IN MI appearance Mt tic bank to-
day, lnl but listc excitement seeinrl to exist
uver thu BusntDslnti.
ST. Louis. MAy M.-1llc HrnndwAy Savings
Bank closed LIS tloors this morn[,ig, IL acvursi-
atlcc with tho decision reaefe4l nv thu Dire2tnry
At late hour lust night, md 11'ade m assfEn'
nent to John UieEborEcr The prlne1phl reason
Ut ahout s1uW 000 OF deposits since May !, hnt
tllrrc are rcports curreht that so,,e OF tue DI-
rcctors OF the bauk envo worried aEanst tue H.
tcrcsts of tilr eonecs,l, Whtch nidSa 'nnteTsnHy
nru pitt ut ubout S7U0 G03 Its assrts cannot bu
stated, but tic President of the hank thinks
tic ucposltora will bc bald IN full, anu thcrc
will be something orcr fur tle stockhoders.
Considerable excitement exsstoI among tie de-
posters to,tlay. anu tfsero has bHe'1 quito Il
crowd about lhu oaLk I'LL tic n,orilng, but 1t
has bccn orderly, The 1uoostoss In sotnc
other SAYINGS institutions felt sums tlncaslncss
md there have been rumors OF runs 0tc., but
Among thc depos,ts IN the bank Ia about
690,D10 be!ungEng t. tho pnh'lc Schuol Donrsl,
buttaIs IL secured by good bond. tor lnueli
az ztat %l' !hs aS announcement
strlke tue people u st. Lous tla laorunE fiat
which VIA retarded us u marvel of prosperity
n,ni fnirness, sas closed Its dnoys. It haI for
It's prcsldcntJ. fhilip krieger. ST., a lnaa III
whom St. Louis has often r'aceA smpassans
trusts, and u man who hits never proved un.
worthy Of tllc condolences rcposcd tn him; nild 1t
is nut ust to Aay hero that tu tpis eannty tticrs
yet npprars nothing Wh'eh will letsast ~ l,e
least from the reputation Which he haa 30 well
earned.
~ 4 o'clock yesterday afternoon there was o
meeting of tho hoard Of Dreetors 1t tho instit''
lion, ald 1t waa tiicn tlut sl.e determination tO
r'oso was arrived at. A. halt.pase y S's!esk !ass
night they a.a!n met, hisl rclnatnca III scssot
nearly three hours, dlsclssn. the situation, NM!
mnklt,t, ss1rn that they weru not nclhH aEnt1ast
tho iutGrests OF tho bank In what they Ind d.
cIilutl to Ito. They aliAercd TO their purpose,
| md sl,ost!y before nliluIght = 4rlyI adyestlse-
tnent was brought to the RepabittAl office max
| lug the rold announcement Ut cosgd duors 10.
lay. ..---~
III view Ut the fact that tho public wonld hot
te satisfied with tIsv paucty Of Information ior
whic! The notice Is conspicuous Hej,Ab,icaH re-
purtcr wna Dispatched Immediately 10 t]lc rts!-
deuce vi Sir. Kf!eger, No. 8l5 Garrison avenuc,
! and shortly after midnight ha arrived there.
IT, Kssser s HI himsc @ Ta ha avins arrived NJ nos
but few n'o,nc,lts before. ati1 l,c said tlat he
wus mol surprised at tho cali. lIu would cheer.
| fully give what Information ho could h, rcgnrd
| to ,lss susner'son. In answer to tile rcporters
| aucsttons Mr. krlcecr gayu Information which,
| arranged lu order Ut events, was aa follows:
"l'lo Broadway Savings Bunk WA establish
cd BY my sun tn 1Sd0, mud opened 'tn TO butineas
was originally s30o,oo1 hut last year, shortly
puforc thu lst ot August, at which
t[ne, as you know. all the banks lsa,l
tsaussa is It t to ' ssS5 aSss w %o sas havo 5
examination every three noptts, By
committee Of dirnctors, Us III other banks, and
statctucnts Ut tllu condition Ut tlD hank hayl
been submitted IA result Of eneA examination
knew. however, tint In fnnklns tllese oxana!na
tlons, aIl the assets, without discrimination
wcse considered ns rood, tile assGts IL Now Yorh
hunks being figured III Is caatE. Under that srs
tcm Of calculations, wo always ealllo out al!
i iiut In tho early nart Of last April l tnslstei
upon having sperdnl examination mlude uIld tll'
ussrts all carefully assortcd md valued at villa
1nttea consisting of Henry roJr'nan. thu Vice
President, Morris l.yuns and Henry Ohermucl
lcr was nbpolnte1 mid tMpy maio lt,etr exaitna
tlon on April =. They Norket! With the a.rictcs
rare, for had only btcn Ireslacnta short tiRlc
nnl wantcd to know thn cxact situatton. MI
j.. nargen WIS my Predecessor, o. President, mn
whun Du took B!rk last May was clectctl to III
tend to at ts,at Tins, nn.l consequently trustc
almost entirely to my cashier to keep lnattus
straight.
III was reelected President In .JanuarY, llow
ever, and .len | determined tl!at, as sSu!d 10
Tho bank too, Alnl as this latter WIS Ut untir
| ttc greater Importance. would abandon NJ
, private business, which did. VOL, rs sal
before, thIs examination wis tnato ou April
, We Undermined not 10 count anythtns US q goo
asset Which had tho shallow Of u doubt upon Il
7 Our chtaf assets wcre exchange tHaturlng.' ail
; 'nwctl by othsr 0a1as.' WI put aside gil assei
| HuhGA NJ UtSkHEa "V+kN&Dept " hEpAA bNb '
/, ono class, In another We plia such assets Il
: lad shasow u doubt attaching to them. ]
tllu third w9 put such assets US w Regarded 4
good a. c4st,. Eo counted up tho perfeetl
Eoot assets, an,i then cnuntrd up tho !ab'sitinl
1)cuuctng The total OF liabilities from tic tuts
. u good asscts, and VIC had a batanco Of 9lDi
t 0oo to 10 applied On stuck. Our capital stnc
at That time waa S150,U00, with a surplus {
$l23. .U0. Thus, Us you scet nur eapItat stoc
MAS Impaired to t!se extent of $lt |0oo Il We ha'
), cstly considered onay our gaoa assets.
'Ihe qucstlon With us was, WHAT p tho Ia.
mud how 10 We stanaf An c1amInatIon Of u
Inv showed that tho capital stuck must not
impaired tnosu thau rs per cent; und that Il
n Instant It ducltnea to that figure lilc bank mu
u ceaeu DUNG buetuess. Twenty-Five uaE ceut
t kl6O, ,lUo u *01,5oO. lIencu tte gxtent VI OF
y impairment "aa not vltnln ssl,0o OF tl'e lstt!
Il fixed br law, without considering hut 4
. doubtful, asseta lnust reullxa sntnethIns I.
ns; Ws took 10 ael!9n at y 1nt !,,' tns' a1tnou :
j. close watch uu tho aiIairs Of tbs bAuk, Rll "a
little announcement to cpntnMs ~ Ut! attsm
r 1naue VI, examination of thu books, anu foui
), that ou! deposits had fallen otf lust 3lt0, y
1 .l..k,t S.,i Auk-.