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BANK LIQUIDATION. SAN FRANCISCO, August 26, 1877. The Merchants' Exchange Bank, of this city, announces that it will go into liquidation immediately. The liquidation is caused by a piethora of idle capital, stagnation in mercantile and stock circles, and decreased business uuder ruinous competition. The bank is perfectly solvent and will pay dollar for dollar.
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Several of these banks, notably the New York and Metropolitan, hold large reserves of specie, as the detailed statement elsewhere shows. But that is not the point of danger at present. INDUSTRIAL OUTLOOK IN GREAT BRITAIN. The New York Daily Bulletin makesthis abstract of its English files down to the 18th lust.: Trade and manufactures bad not experienced as yet the hopeil-for revival. Textiles, according to the Manchester Eraminer, were *virtually a little worse." Food prospects in India and China were deemed of themeever sufficient to inspire caution, apart from the more Immediate effect of over-supplied markets. Heavy goods, however, weresching freely on Turkiels account, and there was also 11 fair demand for the South American markets. The coal and iron trades continue about as blue' us heretolore. Throughout South Wales trouble about wages continues, and In the north of England business was pretty much at a platiuetill. An endearor in being midd to arranze n anding ecalu between the Cloveland miners and the mine-owners to regulate the wages question by the relling prices of material. l'ho condi. tion of allaire in Shefield is thus described: The general depression which has BO long lung over this district continues without rehef. For Irun there is almost no demand. and the alight improvement ju the Australian ordere for steel is a very pour ret-ut the loss in other markets. Many of the collieries are idle, and but for the ex. purt trade nearly the whole of the pits in this disrict would have to be set down, In the cutlery trade, however, 11 may be said that a marked lui+ provement is seen. From Australia, large orders have been received, and there la also a fair trade dulug with the Continent (except Frauce) and America. The American house are sending large consignments of spring knives. which, ou account of their superior quality as Shelfield make, find a ready sale." THE NEW YORK STATE BUPERINTENDENT OF BANKS, The result of the trial of Superintendent Ellis, of the New York Bank Department, has been his removal from office. The vote of the Senate, sitting at Saratoga, was 21 for removal to 7 against it. The Scuate, in executive session, adopted a resolution that the Superintendent had been guilty of culpable negligence, but afterwards, in public seasion. declared that he bad not been guilty of any Intentional wrong. THE MENCHANTS' EXCHANGE BANK OF BAN PRANCISCO. The Merchants' Exchange Bank of San Francisco is about to retire from business. It was organized seven years ago with a nominal capital of $1,000,000. This had been paid in and gradually in. creased (11) It reached $5,000,000. From January, 1872, to August, 1870, the bank paid monthly dividends of 1 per cent, and since then 0 per cent per year has been paid. The cause of the retirement of the bank from business is that there are too many banks in San Prancisco for the business to be done. LEGAL EXPENSES OF THE CONTINENTAL LIFE. The legal expenses of the Continental Life aluce guing into the hands of & Receiver have been enor. uous. Under Receiver Anderson $10,539 were
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Porter also made addresses. Gov. Young, of Ohio, made the closing speech. THE notes stolen from the Keesville. E Y., National bank have been returned. The money and bonds are retained by the robbers. FRED W. COFFIN & Wm. Roscoe Lyon, E paper dealers on Beekman street, failed on the 27th; liabilities $102,000; assets $119,000. THE new Edison telephone was tested a New York on the 26th inst., over the extra ordinary distance of 240 miles. Music was , transmitted distinctly. , THE New York Domocratic state convention is called to meet at the Delavan House, P Albany, on the 11th of September. THE British Rifle Team arrived in New f York city on the 25th inst., and were accord1 ed a hearty reception. THE WEST. $ THE government of the Mormon church has passed into the hands of the 12 apostles, ten of whom were present at the funeral of Brigham Young on the 2d inst. Two of them : James Smith and Orson Pratt are in Eng$ land and it is not likely there will be another president of the church appointed for some time. THE Iowa state prohibition convention, at Oskaloosa, on the 31st ult., nominated Hon. Elias Jessup, of Oskaloosa, for gover: nor. It made no other nominations. THE authorities of the Cineinnati, Hamilton and Dayton railroad have issued a circular to their employes, declaring that on and after Sept. 1, 90 miles run shall consti tute a day's work. Heretofore 60 miles has counted as a full day. Much dissatisfaction is expressed by the employes that no increase of pay accompanies the increased labor. THE Lawrence and Southwestern railroad, extending from Lawrence, Ks., to Carbondale, Osage county, 38 miles, was sold, on the 29th, pursuant to a decree of the Circuit Court of the United States. It was bid off by Robert C. Carr, of St. Louis, for himself and associates for the sum of $48,335. The road was built seven year ago at a cost of about $16,000 per mile. Mr. Carr is president of the Kansas Pacific railroad company. Whether it is bought in the interest of that company is not known. THE Illinois State Savings institution, at Chicago, made an assignment to Abner Taylor, on the 26th. This bank has been established some 20 years, and from the prestige of its early reputation has secured the patronage of a great majority of the poorer classes, who deposit in saving institutions here. The failure will fall with crushing weight on these people, many of whom have invested their all with that bank. BEN DE BAR manager of De Bar's Opera House, St. Louis died in that city on the 28th. THE Indians attacked a party of settlers at Grizer Basin, Montana, on the 24th, killing seven men. On the 26th they met another party of whitesand killed nine of them. IT is thought that a Howe truss can be thrown over the break in the railway bridge at Council Bluffs. If it can be done trains will be running over the structure inside of four months. THE Merchants' Exchange Bank of San Francisco, on the 25th, announced that it would go into liquidation. The concern is perfectly solvent, and will pay dollar for dollar. A PARTY of twenty persons who left Deadwood, a few weeks since, en route for the Little Missouri river, returned on the 25th. They report having been attacked by the Indians on the 21st inst. Thos. H. Carr, quartz recorder of the Deadwood mining district, was killed. Twenty-seven horses belonging to the miners were also killed.
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Bank Changes in Two Months. The past two months have been fruitful in bank changes throughout the country. There have been numerous failures and voluntary retirements in several of the States, including New York, Pennsylvania, Ohio, Maine. Massachusetts, Connecticut, Illinois and Missouri. Nor has California escaped. San Francisco conces in for her share. On the 22d August, the Union Bank of California was incorporated with a capital of $2,000,000, of which $124,000 is reported to have been subscribed. including $100,000 by two directors, $20,000 by another. and 1,000 each by the other four. This bank has not yet opened for business, and it is doubtful whether it will under the management of the incorporators, It is not n good time for the starting of banks, even with names better calculated to inspire confidence than those associated with the Union Bank The next change in order was the voluntary retirement of the Merchants' Exchang. Bank with n paid up capital of $5,000,000 and $690.000 in deposits The official notice announcing this change was published on the 24tn Aug. The depositors were promptly paid in full. The bank, however. has been dong poorly for some time and there was no other course left it to pursue. It is probable that stockholders would have realized more bad this step been taken earlier. About the first inst., the Fidelity Savings Bank wasincorporated It had a bad parentage. and was hardly s nine days' wonder. having retired on the 9th under a foreclosure from the Sheriff for the furniture bill. The bank paraded a rapi I of $250.000. ant the officers as sert .d that $50,000 bai been paid up. It is now believed that there was not n dollar paid up. and the capital was composed of brase and cheek. On the 8th inst. the community was apprised of the failure of the Pioneer Land and Loan Bank. This bank had n much longer name, but it is not necessary to give it ⑉ full It is now known as Duncan's Bank. and it that depositors better is: pitv had not realized with that fact before. As a rule hanks n long neme have a weakness some. where. The weakness in Duncan's Bank consisted in having too much Durcan. He appears to have been the only stockholder. and to have run through most of the money left by confiding creditors. On the 13th the Swise-American Bank gave notice of will drawal from the Clearing Houss, owing to a change in the character of the business. The line of deposits with this bank has never been large, and it has given up that branch of the busi was and will ounfine its operations to huring " d sel ing exchange and Eullion.-Bullatio.
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Receipts of Produce FOR THURSDAY, FEBRUARY 21 408 Flour, qr sks Rolled Barley, etls 2,000 7,000 Wheat, etls 219 Leather, rolls 5,105 80 Barley, etls Tallow, etls 360 Oats. etls 82 Hides, No 20 60 Pelts. No Middlings, sks 2,930 Potatoes, sks 546 Lime, bbls 320 Onions. sks 600 Sugar, etls 259 Hay, tons 73,400 Wine, gals 25 Lumber. M ft 130 Straw, tons 333 30 Feed, sks Quicksilver, fisks. THE STOCK MARKET All Exchanges Stand Adjourned Until Monday-Southern Nevadas Heavy and Comstocks Firm The Stock and Bond Exchange stands adjourned till Monday. There was very little doing on this exchange yesterday, either in bonds or stocks, and there were no fluctuations worthy of comment. In mining stocks the Southern Nevadas were soft and heavy, and most of the variations were downward. A large list of sales was run up in Red Top Extension. The Comstocks were firm as a rule. with business light. The new mining exchange will open on Monday morning and will call informally from 9:30 a. m. to 2:30 p. m. At a meeting of the stockholders of the Merchants' Exchange Bank (in liquidation) Wednesday a stock dividend of $1 per share was declared. making the third. or $3 for the year. and a total of about $107 per share upon the stock of the bank since it went into liquidation in 1878. The depositors were paid in full within a year after it was decided to wind up the affairs of the bank. It is said that the stockholders will eventually receive par and good interest for their shares.