New-York tribune., 1881-12-03

the hands OF the receiver on November last ~ nau
capital Of & surplus OF and q surplus
are lost through the criminal conduct OF tne
cashier and the stockholders are ,,o p,iail ppanitai
stock The depositors will, Is estimated. receive at
the outcome from 60 to so per cent of their cisn
holders and that received from the estate Tor Whose
benefit tho funds OF the bank alleged to nave
receiver appointed by the court This bank vas many
times examined by skilled accountants OF gref, nave dis
closed the robbery Of the cashier II he hwe bren
nGt & been n ass ~ & es tSoronh experts such
disasters do not exhibit the weakness OF tio i
ysse, pt r"tes @ SnH strong and carefully and
elabOratey guarded Private companies anu in, ~
uals are continuously suffering from emDo"~'''N'"''
The Pacific National Bank OF Boston SUSPENDED , on
November Is utmo The last report OF the eNlllina-
ton of this bank gave what seemed be thorough eA
hiDii OF its affairs long communication Whs -
by the Controller to the directors of the bank on teD
riary 10 last Informing them of such Irregularities as
then existed In the conduct OF business Icy W. m
specially informed thai irregular and legal placu.e
Of loaning the credit OF the baLk by the issue OF %
tincstes must be discontinued. rhe directors mus @ @
fun Information iii referenco to tie rIeEun E,sd its
illegal methods Of the bank which have since ca'1u s
ruin. Such letter, in any properly condueteyui
addressed by the Controller TO board OF dlreUti
composed. the In this Instance, ol
merchants and business men, should nave Dee n i str
10 correct TIE abuse and save the Dark rom t c an
which has occurred. The law should certain! 20 20 ~ ~
amended make it criminal offence for an oineeI VI VI
bank clnnuestlney to make loans either Dy tno " VI
certificates, as IN this case, OF otherwise. ,t. .,
The urst Information ever given upon the tu,goot va
the proportion OF bank cnecks used In tlls country mo
complied 1871 by President Carrie q, VINO wac
well known careful investigator OF eco oloInlo suo
cce. THIS inquiry embraces the operations OF l9
carefully scler ted bangs The total rectlpts VIZ
$l57 900 900, which 1t found that IL per ceh
casn and SO per cent III checks and drafts, ~
The receipts OF ali the National Banks, = l32 III num-
Der, September II $29J.233,110. Ol tuis sum
Si,07S,0i4 consisted OF gold com, S5OO3Ol O sll.oi
com. ana gl3,O2O,J1O Of paper money Inc rehhIluei
amounting 10 s27762s.e62, consisted Oi oheGha anu
drafts, andF6, ,59Z 337 or Clearing House cerllhcue
the gold com equaed 13S per cent OF l inc r Co'nr
recep,s the silver CON- OH of one per cent tho php
money, 436 per cent, ami the checks ana dIar Yi.oo
per cent, the Checks drafts ana Clearing hoso
certificates together equal TO 81 90 per cent oI te
whole On September IL therefore, tue total per ceH'
age OF casn 5.9l per cent only. . ,..
The checks received by the banks In Ncw-1Ork Wy,
including both state and National on the JOh OF june
1881, ana which cleared on the following cay
amounted 10 $lil,OOO,OOO. OF TINS ainOAht,
9lI3.UUO,O00 cicareI Oy % banks all Ol "hlch
to "A greater less extent with broKefs
From examination the cearings OF eacn OF theso
2J BANKS IL tLat tc oal OF eerilled CHECKS
tnat day amounted to about @SOO0OOOJO, OF Wtlch
t PROBABLE tnat least 30 per ccnt, or T'ZuOOoOV
represented stock transdclOns About 10 per oent VI
tAls amount Bnuuld De allowed for tue day payment
and TcborrOwing OF loans by brokers, which ls hc-
cJmpshca by Of certified cnecks IL u therefore
estimated by those VINO arc CDnYcrsdnt WIN h''o Hup
irCIs tnat tIe SlIlOOO,OOO OF exchanges ADou'
9oj,VOU,OOO represent STOCK exchange trans'ctohs'