The Press., 1895-04-25

legislature.
 MosT startling is the news of the clos ing of the First National Bank of Willi- mantle. When the directors met, after the death of CashierO. H. K. Risley, to elect his successor, they found on an ex- animation of the accounts grounds for grave apprehension. Bank Commissioner Michael F. Dooly was notified, and on Monday the bank was closed by his or ders. The capital stock of the bank is $100,0OO, with surplus of 0,00O, and undivided profits of $2 ,3O7, making to- tai of $122, ,307. Its deposits aggregated $275, ,000, with outstanding loans of S325,- 900.
 The death of the late cashier left many things connected with the banks affairs that the other officers could not explain, as it was we'll known that MT. Risley con- ducted the affairs of the bank in his own way and had the confidence of the direc- tors to such an extent that they allowed him to do so without informing them selves at least regarding the details of transactions. When the new cashier, MT. Culverhouse, came to assume the posi- tion, he desired thorough examination of the bank by the examiner, which re- suited in the th finding of conditions which have resulted in closing the bank.
 There is evidence that the late cashier was forger. The Hartford Courant says |: One man who would not make any state ment without facts upon which to base it, told the COurant's reporter to-day that more than $6O, 900 of mercantile paper in the bank bore forged signatures, either makers or endorsers,' and that the for geries were executed by the late cashier.
 The Dime Savings Bank, located in the same building, will suspend payment to avoid danger of run. The bank has plenty of money on hand, but the precau- tion is taken to avoid panic. The Saw ings Bank is a stockholder in the National Bank and is likely to lose at least most of it's surplus of $2O,00O.
 The bank was organized in 1878 and in it's organization absorbed the Merchants Loan and Trust Company, which was founded in 1871, and did a general bank ing business. When the First National bank Was organized the Merchants Loan and Trust company took between $50, ,OO0
 
 ceased doing business, although still re- taining it's corporate existence, and, as can be seen, holding controlling interest in the First National, whose capital was $1O0, 900. Thus any single person who might hold $26, 1000 of the $51 ,OOO of the Merchants Loan and Trust company could absolutely control the affairs of the bank although it's stock was $100,O00 At the same time there would be no personal lia- bility to any stockholder of the Merchants Loan and Trust company beyond that ot the stock; and as the entire assets of the trust company were invested in bank stock, no assessment, as in the case af in- dividual holders of the banks stock could be made which the national bank laws allows to the extent of the amount of their stock.
 There is no general feeling that depos. itors are in danger of losing anything indeed, Comptroller Eckels says that the The closing of the bank, however, will seriously disturb business affairs in the city, as merchants and business men who have been in the habit of carrying large deposits cannot get their money to use for an indefinite time.
 At the latest it seems probable that the loss to the bank will wipe out it's capital stock and surplus -$126, ,OOO. Depositors are likely to suffer no loss except the in. convenience of locking up their funds fo1 time. The bank will be placed in the hands of a permanent receiver, who is likely to be Ex-Bank Commissioner B. A Buck.
 The affair creates profound sensation throughout this section where MT. Risley was so widely known.
 The 14th international Christian En deavor convention, to be held in Bostor July 18th, will not be behind any of its thirteen predecessors in interest. The railroads have made rates of 19 cents pel mile from points nearer than B cents from Boston. Thus round trip rates from Will Iimantic vii be $2.60. Also measures will be taken to secure cheap hotel anG restaurant rates for those attending.
 The sound money league of Chicago has started toulouse canvass of tho city to learn how the people stand on the silver question. The result will be noted with more than common interest. Il Chicago cannot be counted on for sound money then no spot in the west can be