Platte Valley Bank (Nebraska City, NE)

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Stand from Under

The Western Exchange Bank at Omaha in this Territory has sus. pended. Also the Fontenelle Bank at Bellevue. 111 Also the Nemaha Valley Bank in this City. Mr. Hallam, the Cashier, informs us that Mr. McKoy, the President, will be here in a few days with ample provisions for the redemption of all the Bills. chall wheelf It is also reported that the Platte Valley Bank at Nebraska City, has closed doors for the present. We havenot a doubt but that the run upon all Nebraska Banks will be such as:to require them to suspend for the présent. Some of them may and doubtless will recuperate.

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Nebraska Finances

Just as we were going to press last week news reached this city that the Western Exchange Bank at Omaha and the Fontenelle Bank at Bellvue had suspended. Also that the Platte Valley Bank at Nebraska city had exhausted her supply of gold and consequently was on the suspended list.— These reports caused a general and sudden rush on the Nemaha Valley Bank in this city. The new company having but recently came in possession of this Bank-not yet gotten it fairly started, were poorly prepared to meet я run. Mr. M'Koy, the President, had left but two or three days before for the East, to make preparations for the fortification of the Bank against an expected run. Under all these circumstances Mr. HALLAM could not meet the demand, and consequently was forced to suspend temporarily.Such was the confidence Mr. Hallam had in the Bank that he paid out, in order to keep until close of Bank-hours/some two thousand dollars of Brown & Hallam's gold. MQ At the request of the Cashier Dr. McPherson and the Editor of the Advertiser made a careful examination of the Bank's condition, and take pleasure in saying we found it creditable indeed. To out the matter short, without going more into detail than our space-will admit, we found the resourStock Notes, $73,000,00 Disdue in 30 and days, $5,000; Casho hand over $1,000; Notes of the Bank in circulation $33,000,00, which includes the Riddle, Barkalow and McKoy issues, Those who ought to know best, yet have every confidence in the Nemaha Valley Bank. We are pleased to learn too, that & reports that the Platte Valley Bank at Nebraska City had suspended are uatrue. We learn from a gentleman from that city, that such was the confidence of the citizens that all who had any gold or silver went in and deposited with the Bank. The Western Exchange Bank we learn has made an assignment, which of course winds it up. And as, we learn the Fontenelle Bank is owned and managed by about the same stockholders, the fate of one may safely be considered the fate of the other. The Bank of Nebraska SO far as we are able to learn holds its own. The Florence Bank we have heard nothing from during the present run. It has been reported suspended several times of late. As to the truth of the reports or its condition we are unable to say a word. It is not our business, or desire to act as panic maker, or to sing a lul-aBaby when we think astorm approachQS.) We think the crash in Nebraska about at an end. A few weeks will partially at least, restore public confidence and matters will jog along again. Just now times are pinching. 3 We are confident, however, that we here, do not feel, or suffer, from the smash up as do other portions of the Territory where everything has been given over to speculators. Our growth as a town has been steady and healthy-no mushroom prices of property-no lots or other real estatel unpaid for which extravagant prices are due. In short our condition is such that we think after the storm blows over, we will, rather than otherwise, derive a benefit therefrom. DEATH OF THE LAST SLAVE.-The Brooklyn (New York) Star announces

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The Nebraska Banks, [Fr the Omaha Nebraskian, Feb. 41 When the first bank of issue was organized in Nebraska we deprecated it as an unfortunate event believing as we did, that its ultimate effect would be an Injury to the peo. pie. Indeed, 80 strong was the feeling in the first year of the Territory, and in the first Legislative Assembly against banks, that the party who asked for the first charter dare not ask for a charter granting emphatic privaleges BS n bank, but effected their object by procuring & charter for an insurance company, authorized to receive deposits, and "under such regulations as might be prescribed by the laws of said company to issue certificates therefor. Under this clause, the company proceeded to organize R regular bank of issue, and, in the similitude of bank bills, put in circulation certificates of deposit to a large amount. This company-Western Fire and Marine Insurance-continued from its organization up to September last, to onjoy a high degree of credit, when it burst up and disclosed the fact that it had done business for a long time on credit, its capital stock having been with drawn by its owners. Que bank of issue having been instituted, it became comparatively easy, through the agency of a weak kneed Governor, to procure the charter of others Accordingly, the succeeding Legisla ture chartered five banks. This was followed last winter by the creation of two more. Taking advantage of A general law of the Territory in relation to corporations. two other banks have been put in operation. This law, however, was repealed by the Legislature of last winter. which puts a quietus to any more creations in that direction. Owing to the failures that have occurred, and a consequent general feeling against the creation of any more new banks, no serious swempt was made in the late Legislature, which has just expired, to procure any more new charters It may, therefore, be set down as a fixed fact that no more banks will be created in Nebraska. or the above ten banks three have failed, one is now in a failing condition, and one other is giving premonitory symptoms of dissolution, judging from a recent act of the absquatulating Legislature, at Florence, by which M in authorized to suspend for six months, and without requiring it to have any specie in its vault, to issue three dollars of paper for every one of its capital stock. We allude to the Platte Valley Bank, at Nebraska City. One of the before mentioned three (the Bank of Fontenelle, at Bellevue) is a dead cock in the pit, and sleeps the sleep that knows no waking. Nemaha Valley Bank. at Brownsville, and the Western Fire and Marine Insurance Company, at this place, claim to be only suy. pended. They shut down on the holders of their bills and depositors in September last, and have since given DO evidence of vitality at their respective places of doing business in Nebraska. We understand, however. that their currency bas been kept in circulation in Illinois by certain parties interested in them there. The Bank of Florence has been for some time in discredit although it has continued to redeem its issues, provided not over fifty dellars was offered at one time Its bills have also been forced into circulation in eastern Iowa by the credit of Cook. Sargent A Co., of Davenport They are not taken in the Territory at all, and it may be considered a defunct institution.

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Bags of Iron Washers Saved Territorial Bank from "Run"

KANSAS City bank was saved A a disastrous run the other day when a "black wagon" loaded to its capacity with bags of gold and silver and guarded by a detail of police. backed up to the front door of the institution, slowly forced its way through the crowd of anxious and milling depositors and unloaded its precious cargo on the marble counters of the institution. An official of the Federal Reserve bank in Kansas City is said to have mounted a chair in the lobby of the bank and to the great heaps of money displayed on the counter as evidence that the bank was solvent, able to pay all demands on it and satisfy every depositor.

The ruse worked splendidly. Having seen the money there, the depositors were quite sure that all was well with the bank and its management, and retired in orderly fashion.

Years ago-long before any present resident of Nebraska City can remember the incident-the Platte Valley band, a territorial organization, became immersed in financial difficulties. the same sort of trouble that sent every other "wild cat" institution down and out. Depositors in Nebraska City, which was but a few years old, gathered bout the front door of the bank and demanded their money. The banker, rather nervous himself, attempted to assuage the temper of the crowd by asserting that steam boat, which was then about due had on board several sacks of gold which he had ordered for this particular occasion. realizing that word of the difficulties which other territorial banks had suffered would reach here and stir up the suspicions of his customers. The crowd did not seem entirely pleased with the announcement: in fact, disbelief was expressed open-

Within a short time there was heard the deep blast of a steamer's whistle. The banker, followed by a large portion of the crowd, hurried to the fevee. The boat stopped, the banker went aboard and soon returned with two heavy canvas bags which he proceeded to carry up town. The crowd had followed him, the story goes, and forced its way into the bank The bags were placed on the counter and the banker then proceeded to make speech. 'Your money is in those bags,' he said, 'enough to pay you off and leave a reserve for us. If you want your money say so, but I can assure you that this bank is solid and able to meet all its obligations. If you draw out your deposits you'll have your money, but we'll close up shop. If you leave your money here, the bank will continue and you will be safe After some quiet conversation on the part of the leaders of the crowd the people dispersed and the banker gave a sigh of relief. The heavy bags which he had carried up from the steamboat contained not gold. but shiny, iron washers which his quick wit had discerned might, in their cloth covering, save his institution. They did save the bank and it is of history that the Platte Valley Bank, in Nebraska City, was the only institution which weathered the storm by the Panic of 1857, paid its notes in full and withstood the onslaughts of "run." Later on the Platte Valley institution invited the public to witness an "intendiary" fire which it started in front of the bank, at which time $65,000 worth of its notes, redeemed at par, were destroyed, not be to reissued.