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A Suspended Bank. (Special to the Democrat.] Sr. LOUIS, June 20.-It is stated that the assets of the National Bank of the State of Missouri, recently suspended, are sufficient to pay depositors in full, of which fifty cents on the dollar will be paid very soon.
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NO LOSS TO DEPOSITORS BY THE ST. LOUIS SUSPENSION. ST. LOUIS. Mo., June 20.-It is stated that the deposits in the National Bank of the State of Missouri were yesterday $2,000,000. In this amount is included $240,000 belonging to this city, and $130,000 officially placed by assignees, registers, and Master 111 Chancery, all secured by bonds. It is claimed that the depositors will receive payment in full, of which 50 cents on the dollar will be paid very soon, the assets of the bank being amply sufficient for that purpose. The suspension was voluntary, an examination of the condition of the bank resulting in an unanimous vote to wind up the business. No new business has been taken by the bank since that vote. The great shrinkage III real estate and other values is one of the causes of the suspension.
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The Suspended Missouri Bank. ST. LOUIS, June 20.-It is stated that the deposits in the National Bank of the State of Missouri were yesterday $2,000,000, including $240,000 belonging to the city and $130,000 officially placed by assignees, registers and master in chancery, all secured by bonds. It is claimed that the depositors will receive payment in full. It is said the officers of the bank were examined by the special examiner from the Treasury Department recently, which resulted in the election of new directors, who determined to suspend business. Great: shrinkage in values is one of the causes of the suspension.
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MISSOURI. Financial. ST. LOUIS, June 20. It is stated that deposits in the National Bank of the State of Missouri were yesterday $2,000,000. including $240,000 belonging to this city, and $130,000 officially placed by assignees, registers and master in chancery, all secured by bonus. It is claimed that the depositors will receive payment in full. It is said the affairs of the bank were examined by a special examiner from the treasury department recently, which resulted in the election of new directors who are determined to suspend business. Great shrinkage in values is one of the causes of suspension.
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MISSOURI'S INTEREST. ST. Louis, June 22, 1877. To allay any fears growing out of reports or intima tions that the suspension of the National Bank of the State of Missouri will prevent the payment ot the July interest on the State bonds it may be stated positively that there will be no default, as ample means will be in New York to meet the interest on the July coupons.
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No Default in Missouri Interest. Sr. Louis, June 99 -- - -To allay any fears growing out the reports or intimations that the suspension of the National Bank of the State of Missouri will prevent the payment of the July interest on the State bonds, it may be stated positively that there will be no default, as ample funds will be in New York to meet the interest on the July coupons.
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The old National Bank of the State of Missouri has concluded to wind up its business. on the ground that reasonable profits cannot be expected from its continuance. The directors wisely acted upon their resolution before the funds of the city of St. Louis, to the amount of three-quarters of a million of dollars. had been placed on deposit there, in accordance with the intention of the municipal Government. Had this money been poreived before the suspension, considerable embarrassment would have been caused. as the amount was to be used for the current expenses of "the city, The deposits of the bank amount to about two millions of dollars. and the depositors will probably be paid in full, though they will have to wait a long time for the assets to be realized upon. The sto kholders will. no doubt, lose the capital of $200,000. and have to make up a deficit The bank is one of the oldest in the West.
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HERE AND THERE. The Abdnetress of Mary Masterson Sentenced to Five Years in the Penitentiary. PHILADELPHIA, June 25.-Fannie Brown, arrested in St. Louis, was brought here on a charge of abducting Mary Masterson, aged ten years. She plead guilty and was sentenced to five years' imprisonment in the penitentiary. Captain Lowe, of the Navy, Crosses to the Other Shore. PHILADELPHIA, Pa., June 26.-Caps tain William M. Lowe, of the United States navy, is dead. Death of Robert Dale Owen. TROY, N. Y., June 25.-A dispatch from Lake George, announces the death of Robert Dale Owen. Receiver of the National Bank of Missouri. ST. LOUIS, June 25.-W. P. Johnstone, of Washington, has been appointed receiver of the National Bank of the state of Missouri.
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Receiver of the National Bank of the State of Missouri. [Special to the Democrat.) ST. LOUIS, June 25. W. P. Johnson, of Washington, has been appointed receiver of the National Bank of the State of Missouri.
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Sr. LOUIS, June 25.-The Globe. Demo. crat says W. P. Johnson, of Washington, has been appointed receiver of the National Bank of the State of Missouri.
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The old National Bank of the State of Missouri has concluded to wind up its business, on the ground that reasonable profits cannot be expected from its continuance. The directors wisely acted upon their resolution before the funds of the city of St. Louis, to the amount of three-quarters of a million of dollars, had been placed on deposit there, in accordance with the intention of themunicipal Government Had this money been received before the suspension, considerable embarrassment would have been caused, as the amount was to be used for the current expenses of the city. The deposits of the bank amount to about two millions of dollars, and the depositors will probably be paid in full, though they will have to wait a long time for the assets to be realized upon. The stockholders will, no doubt. lose the capital of $200,000, and have to make up a deficit. The bank is one of the oldest in the West.
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THE National Bank of the State of Missouri, at St. Louis, suspended payment on the 19th, on account of a serious impairment of its assets caused by the general shrinkage in values. It is claimed that depositors will be ultimately paid in full.
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Captain Lowe, of the Navy, Crosses to the Other Shore. PHILADELPHIA, Pa., June 26.—Captain William M. Lowe, of the United States navy, is dead. Death of Robert Dale Owen. TROY, N. Y., June 25.—A dispatch from Lake George, announces the death of Robert Dale Owen. Receiver of the National Bank of Missouri. ST. LOUIS, June 25.—W. P. Johnstone, of Washington, has been appointed receiver of the National Bank of the state of Missouri.
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St. Louis is now engaged in running on her own account a first-class, lifesize financial panic, The failure of the National Bank of Missouri started a run upon all the banking institutions in the city, and no less than six have suspended within the past fortnight. These are the, German Bank, Butchers' and Drovers' Bank, Lucas Market Savings Bank, North St. Louis Savings Association, Bank of St. Louis and Bremen Bank. The excitement is subsiding and it is believed the actual losses will not be excessive, but no reliable estimate of the damage can be made until the smoke of the smash-up clears away.
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Cerro Colorado Mining Company's Affairs. We have a letter from San Francisco of date September 27, which says: On the 2d of October, the stockholders of the Cerro Colorado Mill and Mining Company will hold their annual meet ing. The company's affairs have been at a stand still for the past six months, owing to the suspension of the Nation. al Bank of Missouri at St. Louis. Parties had subscribed and paid into this bank $100,000 for the purpose of forwarding a splendid 25-stamp mill to the mines, and the company is waiting the resumption of payments by the bank. The company hopes to make arrangements with San Francisco parties to pay the freight on the mill to its destination and set it a-going. In this connection, we have heard from other sources that there are parties in San Francisco who have favorably considered the proposition to bring the mill from St. Louis and put it up and a-going.
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Suit for a Million and a Half Dollars. Sr. LOUIS, Mo., Feb. 4.-Parties representing the National Bank of Commerce, of New York, entered suit to-day against the National Bank of the State of Missouri for a million and a half dollars. The petitioner recites an agreement entered into Dec. 26, 1866, by the two institutions, whereby the former loaned the latter one million dollars in the form of a continuing loan. Of this amount $40,000, with interest, is still due. It is further claimed that the St. Louis bank is indebted to the New York bank for half a million dollars, for moneys paid on account up to the date of suspension. A third half million is claimed for money lent in the course of banking accommodation to the date of suspension. The State bank is in the hands of a receiver.
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MISSOURI. A Big Bank Suit. St. Louis, Feb. 4.-Parties representing the National Bank of Commerce of New York, entered suit to-day against the National bank of the State of Missouri for $1,500,000. The petitioner recites an agreement entered into December 26th, 1866, by the two institutions, whereby the former loaned the latter a million dollars in the form of a continuing loan. Of this amount four hundred thousand dollars, with interest, is still due. It is further claimed that the St. Louis bank is indebted to the New York bank for half a million dollars for money paid on account up to date of the suspension. The third half million is claimed for money lent in the course of banking accommodation, to date of suspension. The State bank is in the hands of a receiver.
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Sued for a Million and a Half: ST. LOUIS, February -Parties representing the National Bank of Commerce of New York entered suit to-day against the National Bank of the State of Missouri for a million and a half of dollars. The petition recited an agreement entered into December 26, 1866, by the two institutions, whereby the former loaned the latter one million dollars in the form of of a continuing loan. Of this amount $400,000, with interest, is still due. It is further claimed that the St. Louis bank is indebted to the New York bank for $500,000 for moneys paid on its account up to the date of suspension. A third half million is claimed for money lent in the course of banking accommodations to date of suspension. The State Bank is now in the hands of a receiver.
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AN INSOLVENT BANK SUED. ST. LOUIS, Mo., Feb. 5, 1878. Parties representing the National Bank of Com. merce, of New York, entered suit to-day against the National Bank of the State of Missouri, for the re. covery of $1,500,000. The petition recites an agreement entered into by the two institutions on the 26th of December, 1862, whereby the first named bank loaned the other $1,000,000, in the form of u continuing loan. or this amount, $400,000 with interest, IS still due. It IS further claimed that the St. Louis blank is indebted to the New York bank 16 the sum of $500,000 for moneys paid ou us account up to the date of its suspension. Another half million dollars 18 claimed for money loaned in the course of banking accommodations to the date of the suspension. The State Bank of Missouri is now in the bands of a receiver.
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General News. Jacobs M. Jacobs, aged one hundred years and two months, died at Oswego, N.Y., Monday evening. He was in the United States Naval service during the war of 1812. In the Ohio House, yesterday, the House joint resolution asking Congress to repeal the resumption act was adopted by a party vote-the democrats voting in the affirmative and the republicans in the negative. The National Bank of Commerce of New York has entered suit against the National Bank of the State of Missouri, at St. Louis, for $1,500,000 loaned and paid on account since 1862. The Missouri institution is in the hands of a receiver. The public school board imbroglio in Allegany county, Md., has been definitely setttled by the resignation of Judge Buchanan, which places the newly-appointed board in power, that board having also the official recognition of the comptroller of the treasury. Dr. Clemence S. Lozier, of New York, has failed, with $112,000 liabilities, of which $110,000 are secured by bond and mortgage on city property; nominal assetts $4,000, real $452. Downer, St. John & Co., drug brokes, New York, have failed with $172,000; assets $66,000.
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Missouri. SUIT AGAINST A NATIONAL BANK. ST. LOUIS, February 5.-Parties representing the National Bank of Commerce, of New York, entered suit to-day against the National Bank of the State of Missouri for the recovery of one and a balf million of dollars. The petition recites a broken agreement on the part of the Missouri Bank from 1862 for money loaned in the course of banking accommodation. The Missouri Bank is now in the hands of a receiver.
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AN INSOLVENT BANK SUED. ST. LOUIS, Mo., Feb. 5, 1878. Parties representing the National Bank of Commerce, of Now York, entered suit to-day against the National Bank of the State of Missouri, for the re. covery of $1,500,000. The petition recites an agreement entered into by the two institutions on the 26th of December, 1862, whereby the first named bank loaned the other $1,000,000, in the form of u continuing loan. or this amount, $400,000 WILD interest, IS still due. It IS further claimed that the St. Louis bluk is indebted 10 the New York bank 10 the sum of $500,000 for moneys paid ou ILS account up to the date of its suspension. Another half million dollars is claimed for money loaned in the course of banking accommodutions to the date of the suspension. The State Bank of Missouri is now in the bands of a receiver.
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Suit for a Million and a Half Dollars. Parties representing the National Bank of Commerce of New York, have entered suit against the National bank of the State of Missouri for a million and a half dollars. The petitioner recites an agreement entered into Dec. 26, 1866, by the two institutions, whereby the former loaned the latter one million dollars in the form of a continuing loan. Of this amount $40,000 with interest is still due. It is further claimed thatthe St. Louis bank is indebted to the New York bank for half a mil lion dollars for monies paid on account up to date of suspension. A third half million is claimed for money lent in the course of bank ng accommodation to the date of suspension The State bank is in the hands of a receiver.
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their cordial sympathy and prompt and noble benefactions to the afflicted and distressed citizens of Tennessee during the late terrible epidemic. Governor James D. Porter, the outgoing Executive, to-day delivered his Message to the Legislature. On the subject of the State debt he said:The State has issued 49,393 bonds, amounting to $49,173,316 66; the number cancelled is 28,385, amounting to $28,163,016 66; the number now outstanding as a liability against the State is 20,219, amounting to $20,221,300. In ten years the State has paid three instalments of interest, seven are past due, amounting, after deducting $149,050 paid to educational and charitable institutions, to $4,052,717. making a debt of principal and interest of $24,274,000 17. The settlement of this debt is paramount to all questions of legislation that can engage the attention of the General Assembly; it involves the honor and good name of the State, the credit and honor of every one of its citizens. It is a liability that was voluntarily contracte 1, and whether it was wisely created or not cannot now be a question. In December, 1877, certain creditors of the State proposed to adjust that part of the debt held by themselves upon a basis of fifty cents for principal and past due interest, and offered assurances that the great body of the creditors would accept the same terms; this proposition was submitted to an extra session of the Fortieth General Assembly and its acceptance earnestly recommended. I am satisfied that the creditors making this proposition would still make the adjustment; settled at fifty cents the debt would amount to $12,137,000; the annual interest upon this sum, at six per cent would amount to $728,220. I do not hesitate to again urge the acceptance of this proposition. I cannot be mistaken in the opinion that the people of the State are anxious to be delivered from a further discussion of this question and from a longer postponement of its settlement. If this recommendation is adopted the Comptroller should be invested with authority, after a day to be fixed by law, to make publication, with notice to financial agents of the several counties, announcing the number of old bonds returned and cancelled, with the number of new bonds issued and the amount of revenue to be provided to meet the interest, with the amount assigned to each county; upon this publication and notice the county courts should be required to make the necessary levy to meet the interest without further legislation. MISSOURI FINANCES-THE CONTEST BETWEEL THE GOVERNOR AND STATE TREASURER IN REFERENCE TO THE MASTIN BANK FAILURE. Sr. LOUIS, Mo., Jan. 8, 1879. Governor Phelps' message to the Legislature is , lengthy document. It reviews the relations of the Governor with the State Treasurer, and the connection of the latter officer with the defunct Mastin Bank, which was one of the State depositories. It says the State Bank of Missouri, from its incorporation to its close, was the financial agent of the State. When it failed, a year and a half ago, there was no law prescribing where and how State funds should be deposited; nor was there any law giving the Governor or Auditor any supervising power over the matter. The Treasurer was simply required to give account to the Auditor of receipts and expenditures. The constitution requires the State's money to be deposited in a bank selected by the Treasurer and approved by the Governor and Attorney General, but the passage of a law was necessary to give force to this requirement, and the Legislature failed to pass such a law. In this condition of things, if the surety of a Treasurer became insolvent or removed from the State, neither the Governor nor any other official had power to demand another bond; neither did, nor does, the Governor possess power to remove a Treasurer for neglect of duty. Before the failure of the Mastin Bank the State Treasurer had no understanding with Governor Phelps as to the deposit of the State's moneys. When the Mastin Bank failed State Treasurer Gates had about half a million of the State's funds in it. The Treasurer had the bond of the bank for $1,000,000, also some valuable securities, the sale of part of which has realized $220,000, leaving in the Mastin Bank about $280,000. Last fall the Bank of Commerce, of St. Louis, and the Exchange Bank, of Jefferson City, were made depositories of State funds under the law, both giving satisfactory bonds and depositing in the hands of trustees in New York securities of the United States and of this State for the faithful performance of their contract. State Treasurer Gates brougat suit against the Mastin Bank and its bondsmen immediately after its failure for the recovery of the State funds. No legal proceedings have been instituted by Governor Phelps against the State Treasurer or his bondsmen, as it is thought the State has no right to sue until the Treasurer is forced to give a new bond. The State Treasurer was indicted at the October term of the Criminal Court of Jackson county for alleged criminal transactions with the Mastin Bank. Governor Phelps immediately instructe the Attorney General to assist the Circuit Attorney of Jackson county in prosecuting the State Treasurer, as well as his predecessor, who was also indicted. The State could not proceed in the case at the last session of the Court on account of the absence of witnesses. The Governor says if the State Treasurer is guilty he should be punished. The Executive will protect no one from punishment. The law must be executed against all, without distinction, but as an act of justice to the State Treasurer, the Governor says, he has demanded a speedy trial.