, 1879-03-24
TIE NEW ORLEANS PANIC.

The Failure 7yhtcl. rrtu'ritnt cd the Dsaster.
-st,e 0fttnns T1n'rs.
At the usual hour for opening business Tues
day morning, the Southern bank closed its
doors, n,ml the report Of It's suspension spread
Ike wiitl-lrc through tho streets.
THIS disaster was nota surprise to those we'll
informed III IlnM,lcin circles. The statement of
tlic bunk up 10 .Mnsch !, published IN the Demo
cral Mnreh :, ut once uttraclcl the attention Vi
experienced observers.
The statement then made showed the assets
To bo $1,0l3, 1920, md the liabilities to DO
s05s, ,058, Is. but careful examination, particu-
lurly OF the lnurket value OF tfc asaets men.
tIoued In tlit. statement as convertible tntU cash.
1,a,le the rcal condition Of tic bank clear.
i brief a,1tnlnaryof the exhibit will bc readily
ccmprehc1uicll. Under the alrad Of liabilities
may be found:
Pss aoi oa:;ts ,ss:s So: :
Other ltAll!ttttK. .:............ !js|. NJ
Tota1. ............ ........,.. .29,9t o53. Is
To this has been added judgment In favor
Of tile City Of Now Orleans Tor Ss5.09, whel,
would mako the totnl liabilities S1,Ui3, ,05S,1o.
ln tile ituns OF assets fs q statement, '.otlcr
cash assets [stock>, st7o, 1o3;:o," which, upon
investigation Ut the State Trcasurcs's office,
proved tn 10 sixty-oile consolidated city bonds
nf Sl,01u, St3B,1Db city 9-pcr-ccut bonds, mud
Sl207 Suite eonsols.
Estimating tllcsc at their markct value Feb.
o3, tile tlny ,ic statement was made, Tho cxact
yai,1u Ut the securities IL found, Us follows;
GIL consolidated city bon,s, sd11, = 900, ....
Lii I'D city 3:pcr:cent honds, ii ; H. III 81 Il
l!0, 700 Stato cons0ls, al 4DA ....... TO, OH "a
Iotal ....... ..sa73 Ho. i.
Tic market value Of the assets ut this llatc
would lG:
Specto. ....'''s.'' -. -. '.''''...'...S H92i s0
Loans OH demand. ...... ............. TO- :.BD t5
Due by other hanks :.... ~. ~, olS. II
Market yAlno Of bonds. ........ 27. 600. II
Caal ynlo Of total asscts. so2. o..
r.s wosa s99 leave tho amount short to dcpost-
Amount sl.ort according to statement, s,43,-
6511a.
Amount short OIL total liabilities, S5ao, go II,
Unusual Importance ts attached to the SITS
pension IN consequence Of ts,e great sacrifice
which It is beloved 1nltst bo male Of tllc city
consolidated bonds.
The rllior h that the greater portion OF these
tcrnrltcs is held by The Chemical Bunk Ut Now
York, and It Is n rlllc III oankiug that thu mu-
mcnt another bank having pledges within It's
vaults suapenls, Lie securities must to At once
placed uphD the market, anil that tile SUSPENDED
tmn, beGotnes liable for thu tl!!TcrctIce bctwecn
tho mt proceeds of tle sale and Tho full amount
Of tho debt.
Thnso upon the streets acquainted with tllcsc
uctntla asprennsu tumhr IN th!s class Of &C.
cus'tlea, nun the lacL tnat tne oliy opponent 70
the tIrotil1uIl,nond pan Is stt,rNcn down, nnsl
t,lnt Hs su!t, HoW lenulsie nGiore , the suprcsne
Coorl OF the ul,iteu ssates. NIL probably not he
prosecuted, II tlo oninlol OF t!o streett, will
i'nve al!e eiiset g. nlaellg premiums and city
eofso'tuatea M!t'ls tllah ttu aan'e level.
AprnIt's u tiie saspenslou, T. n'ay bo slated
that tio eoHultiosl q ttle bank III represented
~ tne 1oregolns ex!l9lt was KNOWN TO- tts pro'n-
il1cht o!tccra several days N.Y. Flse assl,r::
anecs @ thel, EiSen Ssrc tttat , tllo interests Of
tilc acpos!toTs WoMla 90 iuilY protected, and
That, hAt1lllwllc, thc bnHk, 4 permitted 70
quietly Mrsue IT'S accustomed cnlirso, vault
conserve ile Interests 1l US stoekhol!lets nuh
prevent WHAT " thls lpf1ni WIS decmet cxcceh-
'lr!y DISASTROUS Al'ylhlts Apgolgl!llIE nansc
tireat confluence Mas exlfeeaetl ~ ie irtctitl-
shin nA ntt.illg ia!tll ~ tic bank u the dtos-
!tors, a,!a u was ,n!'natea TINT il.asm,,yh as
i,nm ,.,s H ~ ,,rns,rt .,,nni,cJ - sa.i.s, 80, o
inasm,ci, nj M, up:,rrl,csion then oTistr,l INV
cUu1nc,,ts conccr,'jl. thu bank Wcro urly coj,ni.
lated to 10 sartu. -
.tu,,cInw finn, tl,u SEQUEL, other ontn,ons seep
+n h.vn nrny.it.d ia T. was rifrttntI H. no"~'r