5278301cAccommodated withdrawals, Partial suspension, Full suspension
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Another Bank in Trouble. PROVIDENCE, April 26.-The Mechanics' Savings Bank, the second largest in this city, today commenced to enforce the charter provision requiring notice of withdrawal of deposits. The statement of the trustees shows a surplus of $300,000 to $400,000 over all liabilities,
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Bank Affairs. PROVIDENCE. R I., April 26.-The Mochanics' Savings Bank, the second largest in the city, commenced today to enforce the pro vision requiring notice of withdrawal of de. posits. NEWBURYPORT, MASS, April 26.-Fraudu lent bonds 00 the Newburyport horse railroad to the amount of $5,000 have come to light,and more are anticipated. The directors are making an investigation. The bonds were issued under the former treasurer, Mr. Binney. NEW YORK, April 26.-A run was begun this morning on the Dry Dock Savings Back, and ist the hour of opening the Baok more than three bundred excited persons, mostly women, with their bank books in their hands, presented themselves. and asked for their money. They were ranged in long lines extend. iog up and down the entire length of the block.
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Savings Bank D fficulties. NEW YORK, April 26.-The run was continued this morning on the Dry Dock Savings bank, and at the hour of opening the bank more than 300 excited persons, mostly women, asked for their money. They were ranged in long lines the entire length of the building. Every person having a deposit of less than one hundred dollars was paid at once, while deposits exceeding that amount were required to give 60 days notice. The run is attributed to the feeling of insecurity caused by the collapse of the Teutonia and Six-penny saving banks. PROVIDENCE, R.I., April 26.-The Mechanics' Savings bank, the second largest in the city, has commenced to enforce the charter provision requiring notice of withdrawals of deposits. A statement of the trustees shows a surplus of between $300,000 to $400,000 over all liabilities. NEWARK, N. J., April 26.-The Chancellor to-day enjoined the Rahway Savings bank from demands of depositors, and appointed Silas Whitehead to examine the condition of the institution. The last report showed $523,753 assets, $496,236 liabilities.. Over $200,000 have been paid out since Jan. 1st.
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HERE AND THERE. Memorial Day in Georgia-Railroad Accident-Horses Being Shipped to England-Coal Miners' Strike-Bank Irregularities, Etc. MONTREAL, April 26.-Six hundred horses were shipped to England yesterday. An affray occurred in Griffin Town, a suburb of this city, between Orangemen,young Britonsand Catholic unionists. James Harvey, a Catholic, was fatally shot. HALIFX, N.S., April 26.-Her maj esty's steamship Sirius, from Bermuda, brought as a prisoner a seaman named Flynn, taken off the bark Arlington, from Philadelphia to Queenstown. He is charged with being ringleader in a mutiny on that vessel. Four other sailors of the Arlington were placed in irons by the men of the Sirius and left on board of their own vessel. NEW YORK, April 26.-The steamship Harold, which left Rio Janero, March 18th, for New York, put in at Bahia, April 4th, having lost three engineers and a carpenter from yellow fever. Harrisburg, Pa., April 26.-In the house of representatives to-day, a resolution was offered that the Pennsylvania representatives in congress lend their aid and influence in behalf of the bill now pending in congress relating to the Southern Pacific road, was referred to a committee. ST. LOUIS, April 26.-Advices from Belleville Illinois, twelve miles east of here, says the coal miners of that re. gion struck for higher wages. It is not unlikely all miners in St. Clair county, from which St. Louis draws much the largest part of hir coal will join the strikers. ATLANTA Ga, April 26.-Memorable day was generally observed here. Stores all closed. Citizens and soldiers repaired to the cemetery. Grounds decorated and orations delivered. NEW YORK, April 26.-A run began this morning on the Dry Dock saving bank. Every person having deposit of less than one hundred dollars paid at once and those having deposits exceeding that amount required to give sixty days notice. MASON, Ga., April 26.-Memorial day was celebrated. The ceremony of laying the cornersstone of the Confederate monument was performed under the auspices of the Grand Masonic Lodge of Georgia. A letter from Jeff. Davis was read by J. L. Salesbury, of Macon, and an eloquent oration delivered by A. H. Colquitt, governor of Georgia. The Second Georgia battalion and other military organizations were in procession. The largest crowd ever known on Memorial day were present. PROVIDENCE, April 26.-The Mechanics' Savings bank, second largest in this city, to-day commenced to enforce the charter provisions requiring notice of withdrawal of deposits. The statement of trustees shows a surplus of $300,000 to $400,000 over all liabilities. Governor Van Zandt, upon` application of the officers of the Paicoag Savings bank, has appointed a commissioner to examine the affairs of that
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PROVIDENCE SAVINGS BANKS. PROVIDENCE, R. I., April 26.-The - Mechanics' Savings Bank, the second largest in this city, to-day commenced to enforce the charter provision requiring notice of the withdrawal of deposits. The statement of the trustees shows a surplus of $300,000 to $400,000 over all liabilities. Governor Van Zandt, upon the application of the efficers of the Pascoug Savings Bank, has appointed a commission to examine the officers of that institution. A temporary injunction will probably be asked.
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MECHANICS' BANK OF PROVIDENCE-A LONG RUN STOPPED. [BY TELEGRAPH TO THE HERALD.] PROVIDENCE, R. I., April 26, 1878. The run on the Mechanics' Savings Bank, which has lasted over three months and which has drawn out of the treasury over $1,500,000, ended to-day, when the directors decided to enforce the following provision of their charter, which forms part of the contract with the depositor:No money shall be withdrawn except on the second Wednesdays in January, April, July and October, and one week's notice of the intention of withdrawing the same shall be given to the treasurer in writing. CONDITION OF THE BANK. The soundness or this bank has been shown beyond all question, but the blindness of the depositors was so intense that they followed each other like sheep, and continued to draw out their money in the face of the most positive and most trustwortby assurance that the bank was ull right. The bank has beer vg.rly and cautiously managed, and the wonder is tous 1. the universal shrinkage of values this insti ution should have suffered so little as to be able now to show a surplus of over $300,000 after deducting all liabilities. At its last report the bank had $5,329,027 invested in mortgages, nearly all in this State. Tue question that now troubles the trustees is how best to convert these mortgages summarily into money without bringing great distress and ruin upon one or two thousand ot the people who have hired the money on ample security and built houses and engaged in business upon the understanding that the loans could be repaid at conventence, provided the interest was paid and the security maintained, As usual the most importunate depositors are those who have large sums in the bank which should never have been received. The Finance Committee of the bank has reported to the trustees, stating that they regard the assets of the institution as capable of meeting all obligations, "The assets of the bank to-day are tuily $325,000 more than the amount of its liabilities. Your money was taken by us in trust, not io be hoarded in our vaults, but to be invested for you and for your profit, according to our best judgment. It was a sacred trust, and the trustees congratulate themselves thut they have so diseharged its duties as that 10 passing through this period of unexpected depreciation of all values they have saved the depositors from loss. The securities which shey hold embrace among other things nearly eleven hundred mortgages, amounting to nearly $5,000,000. Probably eleven-tweifths of this amount is upon property in this City. We have been nearly twenty-four years in receiving and investing this money, and though nearly every mortgage 10 due, it will be readily seen how utierly impossible 16 would be in times like these se collect and return it to the depositors immediately, " THE RUN. Ailuding to the heavy draw by depositers the com'mittee says:-We have gone on in a quiet way, 00/lecting and paying, uptil at the close of business yesterday we found that we had paid out more than $1,250,000. Dia the calls average only $8,000 to $10,000 a day we could easily meet them, and could go on collecting and paying for an indefinite time; but for the last week the calls have been steadily increasing, until for the last two days they have reached $50,000 to $60,000 a day, with the prospect of continuing on this liup through this, and, perhaps, the following days. Though we still have about $1,100,000 in notes, acceptances, public stocks. bonds, money and other securities, it must be apparent that we cannot collect money 80 fast as the present calls demand without greatly distressing an already distressed community." Tuo run on the bank has been a foolish one, for the institution is Que of the safest in the State, and If left alone would go on in prosperity without fear or hindrance. A BANK TO BE INVESTIGATED. Governor Van Zandt, upon the application of the officers of the Pascong Savings Bank, has appointed a commission 10 examine the officers of that institution. A temporary injunction will probably be asked.
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The Teutonia's Trustees Offer to Wind Up Its Affairs. PANIC IN PROVIDENCE. Disastrous Failures in Massnchusetts, Ohio, Michigan and Louisiana. Anxious to Head Off the Repeal of the Bankrupt Law. The run on the savings banks, which for a time throatened to become general, has fortunately subsided, and a few days, is is said, will #00 the end of the troubles, with a loss of interest to the depositors who were foolish enough to draw their money and a corresponding gain to the banks. The centro of excitement was at the German Savings Bank, corner of Fourteenth street and Fourth avenue. The sixty-day rule has not been enforced there, and It is not the intention of the officials to enforce it. Although a greater number of depositors drew their money than on the previous day, all were paid in full. At the Dry Dock Bank there were not over a hundred callers-more than usual and much less than the day before. The sixty. day rule will be enforced or some days to come. In the case of the Teutonia Savings Bank Judge Westbrook reserved his decision in regard to the appointment of a receiver, the trustees having offered to close up the bank without this unnecessary ex. penditure. The other city banks were not affected by the recent troubles. THE GERMAN SAVINGS BANK. There was Increased excitement at the German Savings Bank. Before the doors were opened a large crowd of depositors blocked up the sidowalk and a portion of the street. The female element largely predominated. When the doors were unbarred the crowd rushed in, almost completely filling the space within the building and presented their books. The scene was very disorderly. Over three hundred persons wore present at eleven o'clock. They were be. ing paid with interest to January 1. at the rate of fifty per hour. It was impossible to pay off all that came before the closing hour, and many will have to wait till Monday. The reason for the great number of persons withdrawing their money, and for the continued run, lies in the non-enforcement of the sixtyday rule, which, as in the case of the Dry Dock, would keep away the larger depositors. Mr. Philip Bessinger, the president, said that it was undoubtedly the failure of the Sixpenny and Toutonia banks which had shaken confidence tn and caused the run on the German Bank. Mr. George F. Amthor, treasurer of the Institution, said that they were paying all depositors who called for their money in full, and did not intend to enforce the sixty-day law. He thought the excitement would die out early next week. The liabilities of the bank were, OD January 1, to 25,472 depositors, $10,666,661 50, with accrued interest to January of $216,603 05, making total of $10,883,264 55. The assets were $11,493,445 81. leaving surplus of $610,181 26. or these assets about $5,000,000 could immediately De turned into cash. There are in bonds and mortgages $4,224,744 28 on property which is valued at over $13,000,000. The banking house is put down at $450,000 and the real estate at nearly $115,000. Aline rate of $150,000 day the bank could stand a run of thirty days before calling in their morigages or disposing of their real estate. It is estimated that over $200,000 have been drawn from the bank since the run was begun. When asked how much had been paid out Mr. Amthor refused to give any particulars, alleging as reason that "the people might not comprehend them. " He however, that 300 people called the first day. As there were tue same number yesterday, making a greater number than at the Dry Dock, where the sixty day rule was enforced. THE DRY DOCK SAVINGS BANK. At the Dry Dock Bank there were about one huo. dred callers during the day,but not more than twenty at any one time. The business went on as usual, and quite # number of deposits were made. Sents had been prepared for the expected crowd, but no crowd came. the run here IS regarded as virtually ended. Mr. Webster, the secretary, said that $50,000 had been paid out on Friday. Less than third of that sum was paid out yesterday. President Mills was gratified In receiving letter from Mr. Henry 1. Lamb, Bank Superintendent at Albany, congratulating him on the dying out of the troubles, and highly approving bis course in enforcing the sixty day rule. Both the German Savings Bank and the Dry Dock were open for business from six to eight 'clock last night, and all who called for their money were paid off with prompt. ness and despatch. THE TEUTONIA. All was quiet around this bank yesterday. Mr. St. John and an assistant remain Still charge, no receiver having been appointed. A hearing was had before Judge Westbrook, of the Supreme Court, in the Court House at Hudson City, on Friday afternoon, at three o'clock. The attorney for the Teutonia Sav. ings Bank appeared and admitted the substantial correctness of the report of the Bank Examiners The Attorney General also appeared and moved the appointment of receiver. He conceded that the bonds Issued by the towns of Staten Island, of which the bank he represented held $109,900. were valueless, as the Bank Superintendent claimed in his official communication to the Attorney General. He also conceded the insolvency of the bank, and did not oppose the appointment of re. ceiver. The Bank Superintendent had made personal inquiry of well known residents of Staten Island respecting the validity and value of the town bonds 18. sued by towns on that island, portion of which were beld by the Teutonia Savings Bank as stock investment. The uniform opinion was that such bonds were worthless. This inquiry was made aiter the receipt of the report of the examiners, and fully sustained the same in respect to the bonds referred to. Counsel interposed no opposition to the continuance of the injunction, but asked for the postponement of the hearing in regard to the appointment of receiver Int one week. He said there was case pending in the Supremo Court to obtain judgment on some or the bank's town bonds in which lavorable decision was expected. He also said that the trustees were willing to take charge of the bank's affairs and close It up without costing the bank a cent. He did this in the interest of depositors, as the expenses of receiver would be very heavy. Judge Westbrook his decis on. reserved It claimed by people who say they are familiar with the affairs of the bank that If receiver ap. pointed at least eighty per cont will be paid back to the depositors. On the other hand, if the trustees are allowed to close 11 up they expect to pay dollar for sollar. Some fear was expressed that the panic might ex. lond to the Bowery Savings Bank, but all was quiet Incre. A SAVINGS BANK PANIC IN PROVIDENCEDEPOSITORS EXCITEDLY WITHDRAWING MONEY AND LOSING THEIR INTEREST-ENFORCING THE SIXTY DAY RULE. [Br TELEGRAPH TO THE HERALD.] PROVIDENCE, R. I., April 27, 1878. The excitement which has prevailed in this city since the Fall River defalcations, and which came to a head yesterday in the action of the Mechanics' Savings Bank in deciding to enforce the sixty day rule for paying out deposits, has been Intensified to-day by other rumors of trouble with our city banks. These rumors naturally had the effect of exciting the public mind and shaking the general confidence even in the strongest of our moneyed Institutions. . SUSPENSION OF THE PASCOAG BANK. Following the recent saving bank difficulties in Pawtucket and in Newport came the news that the Pas. cong Savings Bank, of Burrelivile, had temporarily suspended, and the Supremo Court of the State this morning granted an Injunction restraining that Institution from paying out money or receiving de. posits. Governor Van Zandt appointed Alexander Farnum, Albert L. Sayles and Josnua Wilbur, Board of Commissioners to investigate the affairs of the bank. The result of this state of affairs is that to-day there has been general run on all the savings institutions in the city and to Illustrate the unnaturat state of excitement which prevails, some of the oldest and soundest banks in the city are sclected for the largest withdrawal of deposits.
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The old and wealthy city of Providence, R. I.. is agitated at present by a run upon savings banks. The Mechanics' Savings Bank and the Providence Institution for Savings each hold over six millions of dollars. and against them the run has been chiefly directed. It seems impossible to remove the impression that these institutions are unsound and ill managed. In accordance with the usual custom of New England savings banks, their deposits are largely invested in mortgages. Indeed. the high rate of interest paid to depositors has made it necessary for the banks to seek some other investment than United States bonds and other high-class securities bearing low interest. The result is that the Mechanics' Savings Bank has not less than $5,000,000 in mortgages. the foreclosure of which would cause widespread ruin and distress.
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HERE AND THERE emorist Day in Georgia- Ratiroad Accident- Horses Being shipped to England-Cost Miners' Strike-Bank Irregularities, Ese CINCINNATI, April 20.-Rev. B B. forgan, of SL John's Episcopal hurch, last night formally announced withdrawal from the fellowship of church, on account of its Romish endencies, and his intention to unite the Reformed Episcopal church CHICAGO, April 29.-H. H. Walker failed, NEW LONDON, CONN., April 29-ProCity, of New Bedford, of the Bed/ord and New York Steamcompany, with freight and pass for New York, is ashore on the outh end of Fisher's Island. Long Sound was :n & fog Saturday Bilged is filling rapidly. The assengers and crew landed safely TROY, N.Y., April 20.-Senstor Morwas struck with paralysisof right yesterday and is helpless. He speak but partakes of food NEW YORK, April -The run on German savings bank continued day. The officers state that they no intention of enforcing the days clause. The run on the Dry savings bank it abated. LONDON, April -The Manchester uardian says the struggle in the cottrade continues, but the prospect & peaceful settlement appears somehat less remote. MONTREAL, April 26 -Six handred were shipped to England yesAn affray occurred in Griffin Town, suburb of this city, between Orangeen,young Britonsand Catholic unionJames Harvey, a Catholic, was shot. HALIFX, N S., April 26. -Her maj steamship Sirius, from Bermuda, rought as 8 prisoner a seaman named lynn, taken off the bark Arlington, Philadelphia to Queenstown. is charged with being ringleader a mutiny on that vessel. Four sallors of the Arlington were in irons by the men of the and left on board of their own NEW YORK, April 26. -The steamHarold, which left Rio Janero, Sarch 18th, for New York, put in at April 4th, having lost three agineers and N carpenter from yelfever. HARRISBURG, Pa., April 26 -In the of representativesto-day, & resowas offered that the Pennsylre presentatives in congress lend aid and influence in behalf of bill now pending in congress reto the Southern Pacific road, referred to a committee. ST. LOUIS, April 26.-Advices from elleville Illinois, twelve miles east of says the coal miners of that restruck for higher wages. It is not nlikely all mine in St. Clair county, hich St. Louis draws much the part of hir coal will join the ATLANTA Ga April 6.-Memorable Was generally observed here. all closed. Citizens andsoldiers epaired to the cemetery. Grounds ecorated and orations delivered. NEW YORK, April 26.-A run began morning on the Dry Dock saving Every person having deposit less than one hundred dollars paid once and those having deposits exeeding that amount required to give days notice. MASON, Gs., April 26.-Memorial was celebrated. The ceremony of ying the corner-stone of the Confedmonument was performed under suspices of the Grand Masonic of Georgia. A letter from Jeff. was read by J. L. Salesbury, of Iacon, and an eloquent oration delivby A. H. Colquitt, governor of leorgia. The Second Georgia battalion other military organizations were procession. The largest crowd ever DOWN on Memorial day were present. PROVIDENCE, April 26.-The Mehanics' Savings bank, second largest this city, to-day commenced to enthe charter provisions requiring of withdrawal of deposits. The atement of trustees shows & surplus $300,000 to $400,000 over all liabiliGovernor Van Zandt, upon applica of the officers of the Palcoag Savbank, has appointed a commisto examine the affairs of that stitution. A temporary injunction probably be asked. RICHMOND, Va, April 26.-An acci occurred, between four and five elock this morning, to last night's ail train on the Richmond and Danrailroad, near Dover, one hundred ninety six miles from Richmond, hich resulted in five persons being B. F. Gravely, of Patrick Virginia, manufacturer of the iravely brand tobacco, was fatally
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which is to surmount the monument to that statesman in Chicago, was unveiled in that ity Wednesday. George R. B. Enslow, alias George Winslow was arrested on the arrival of the Bath boat at Union wharf, this morning, for stealing a horse, buggy and barness valued at $400, from John D. Miller, at Waldoboro, Me., July 11.-Boston Traveller. The watermelon is more frequently referred to than almost any other fruit as unwholesome, and yet an investigation of the results of indulging in eating will prove that it may be eaten almost with impunity. The pulp is cooling and refreshing, and when eaten in moderation produces excellent effects. The Mechanics Savings Bank at Providence, after a period of suspension, has resumed business, and is paying money to depositors on call. Foreign advices indicate that the conclusion of peace is likely to stimulate mercantile activity and improve the demand for money. The decline in the price of English consols is regarded as due to the conversion of these securities into money intended for more protitable investment, and the talk about railroad construction in Asia Minor and elsewhere marks the beginning of a new. of active business. A national reunion of soldiers and sailors of the Northern and Southern Armies and Navies is to be held at Marietta, Ohio, on the 3J, 4th, 5th, and 6th of September. At the same celebration last year 20,000 were present, and it is believed that the number will be much larger this year. The managers have secured from the Government a large supply of tents, ordnance, ammunition, and camp equipage, and the troops are to be provided with fuel and all other necessaries. The total eclipse of the sun, on the 29th of this month, is the last eclipse that will be available for observation in the United States in this century. It will be total in parts of Montana, Idaho, Wyoming, Colorado, Indian Territory, and Texas. The Government expedition for the taking of ob. servations will include not only the astronomers of the Naval Observatory, but Directors of many of the leading observatories of the United States. The average duration of the total eclipse, at the stations selected, will be 2 minutes and 50 seconds. Virginia Enterprise, 7th: "Yesterday afternoon about 3 o'clock a large funeral, under the auspices of the Chinese Masons, passed through the city. There was a large turn out of carriages and many Chinamen on foot followed the hearse. These wore badges of various kinds. Instead of heading the procession the band followed behind. It consisted of a number of women in a fourhorse chariot, who made dolorous music on gongs, guitars and tom-toms. This is the second funeral of the kind seen here in the last two months." The late Professor Henry was once sitting on the wharf at Rouse's Point, dreamily watching a Lake Champlain steamer, when he happened to notice a peculiar sparkle of the waves near the side of the steamer. His acute scientific sense wasat once on the stert for an investigation. As he was watching the /flashes of light, first upon one side of the steamer and then upon the other, a Customs inspector approached and asked "Looking at them flashes "Yes," said the Professor, "I wonder what they are?" "Ob, them's hot ashes they are throwing out of the ash-pits." The Professor was nonplussed for a moment; then saying, quietly, "Well, well, live and learn-live and learn," he lapsed into silence.