0d59d9edAccommodated withdrawals, Full suspension
Other: Placed securities with a trustee to secure depositors and circulation; cashier announced plan to resume business in 30-90 days; one article states the bank 'made an assignment' which may indicate winding up but later statements indicate intent to reopen.
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The Fontenelle Bank Bellevue, N. T. has suspondedy- ion $100,000. will Time Haven's hand The Western Exchange Bank at Omaha, N. T, has made an asignment We understand that the Fontons thank Bank has a stipulated right in charter to suspend thirty days. Wemey reasonably expect more jum ping titlen among the territorial banks, and casenon the part of bill holders is quite tial to sefety TIDERS
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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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Stand from Under. The Western Exchange Bank at Omaha in this Terrirory has suspended. Also the Fontenelle Bank at Bellevue. 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. We have not a doubt but that the run upon all Nebaska banks will be such as to require them to suspend for the present. Some of them may and doubtless will recuperate.-Brotensville Adv. Platte Valley Bank was redeeming its notes with specie on the 26th inst.
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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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Financial, Telegraphic advices from the eastern eities to the 30th still speak of the effects of the financial crisis, with but little indication of change for the better. The Boston banks, following the example of those of New York, have resolved to increase their line of discounts to the extent of three unillions of dollars during the week. This amount of money thrown into circulation in the cities named, ought to afford a considerable measure of relief. The Governor of Pennsylvania has called a special session of the Legislature to convene on the 6th inst., to take action upon the bank suspensions. Some measure of relief will undoubtedly be adopted. There is a want of good under standing among the Philadelphia banks, which aggravates the troubles already existing there. At Chicago, two large banking houses have been forced to close their doors this week. E. I. Tinkham & Co. suspended on the 29th. and R. K. Swift, Brother & Johnson the following day. It is announced that both suspensions are but temporary. Nebraska Banks.-T. H. Benton, jr. has issued a circular announcing the fact that, owing to the run made upon them, the Western Exchange and Fontenelle Banks will be compelled to suspend the redemption of their issues for a time: but expressing an assurance that the suspension will be temporary only, and that the paper will ul timately be all redeemed. The Council Bluffs Bugle says that the Western Exchange Bank, at Omaha, has made an assignient; that the Fontenelle Bank, at Bellevue, has a circulation of $100,000, and has a stipulation in its charter allowing it to suspend 30 days. LATER.-The telegraph reports that the Bank of Florence was thrown out at Chicago yesterday. We presume that the reason of this is the deposit for its redemption in that city has been exhansted. We understand that Cook & Sargeant, the endorsers of this money, sent more specie to Chicago yesterday for its redemption. It will probably be received again to-day. It is still current here.
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Western Exchange Bank. For the information and benefit of holders of notes on the above Bank, we publish the following items, clipped from the Nebraskian: OMAHA, Neb. Oct. 5th, 1857. EDITOR OF THE NEBRASKIAN :-Dear Sir:-Allow me, through the columns of your paper, to express to the business men and citizens of Omaha, my gratitude for the general expression of confidence which I have received at their hands since my return. The causes which combined to produce the suspension of the institution with which I have been connected, are known to you in parta more particular explanation I shall reserve for a future time. Since my return here a few days since, I have determined that nothing shall be wanting on my part which shall tend to restore the confidence formerly reposed in the Western Exchange Bank. With that view, I have made to the bankers of this place, a statement of the affairs of the bank, which I am assured by them is entirely satisfactory; and in addition to the assets, which are of themselves sufficient to meet the liabilities, have placed in the hands of a trustee, securities equal in amount for the further safety of depositors and the outstanding circulation. I now leave again for the East-shall return in thirty or forty days, resume business, and probably be able to meet in full all demands against us in sixty days, and positive in ninety days from date. On my return, by the exercise of a determination and well-directed energy, which will not fail to secure success, I hope to place the Western Exchange Bank on its former footing, aud prove worthy the continued confidence of the public. Yours respectfully, L. R. TUTTLE.
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R. Tuttle, Cashier of the Western Exchange Bank:Omaha, N. T., Oct. 5th 1857. The intelligence has probably reached you ere this, of the suspension of this Bank, which took place on the 21st ult, during my absence. The causes which combined to produce this sad result shall in due ime be made known. My pre ent purpose is only to inform you that I returned a few days since; have mads to the Bankers and Citizens of this place, a statement of the affairs in the Bank, which I am assured by them is entirely satisfactory; and, in addition to the Assets, which of themselves are sufficient to meet the liabilities of the Institution, have placed in the hands of a Trustee, securities equal in amount, for the further safety of Depositors and the outstanding circulation. I now leave again for the east, shall return in thirty or forty days, resume business, and probably be able to meet all demands in full against us in sixty days, and positively in ninety days from date. I shall resume my former position at the office, and with the determination and well directed energy which will not fail to secure success, hope to place the Western Exchange Bank on its former footing, and prove worthy the confidence of the public. Yours, Respectfully, L. R. TUTTLE, Cash'r.