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Bank, Suspension in New Orleans. NEW ORLEANS, March 18.-The Southern Bank has suspended. Depreciation in securities, especially consolidated city bonds, is assigned as the cause. Mr. Thomas Teyton, the president, expresses the belief that depositors will eventually be paid in full.
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P P Bank Suspension. NEW ORLEANS, March 18.-The Southern Bank has suspended. -
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The Southera Bank at New Orleans has SGSpended. Depreciation in securities, especially in consolidated city bonds, is assigned as the cause. Mr. Thomas Layton. the president, expresses the beliefthst depositors will eventually be paid in full..
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DANA DUSPEND TEMENT OF ITS CONDITION. 's Appointed-Who are the ferers. lay morning, shortly after the the Southern Bank suspended and was taken possession of by Iff, under an order from the Fourt Court, issued in an amicable suit by Mr. C. E. Girardey for the t of receivers. nk has been considered shaky e past, and in consequence has e commercial business. It sphere s been more that of custodian charitable associations than that exchange, and consequently its vill not materially hurt the busines ty, and for this reason, also, the other banks will not be affected efore no apprehension in regard ntertained. ncipal sufferers will be beneficiarie ritable funds which the bank 13 dition of the institution on March tement published in the DEMOCRA shows the total liabilities to 5, and the assets $1,013,161 20. f assets, however, includes six seventy odd thousand dollars in bonds, which.i sold at their , on the day the statement uld not have brought more that dred and seventy odd thousan aking a difference of $400,000, redue sets to $613,000 and leaving a defici 3 15, and if the judgment of the city re the Supreme Court, be added, ase the liabilities and consequenti; '000'98$ 1 r this difference of $345,058 15 $334,500 of what is called dead weigh te, long loans, etc.,), whose not at present be estimated. ectors of the bank think that its 3 such that they could have pulle f it had retained the public conti : they appreciated the fact that they stand a run. and at the first in , they determined to suspend opera hat the interest of none of the ould be jeopardized, and to further hem they took the proceedings er which the seizure of the bank I which were as follows: tition of C.E. Girardey, filed in strict Court, averring that he ome time past keeping an individual ith the Southern Bank; that on 1 day of March, there being to he bank about one hundred dollars ew his check for the said amount nted it to the paying teller of who declared, in the name of ; the same could not be paid; that , paramount conditions of the law ch the bank was created, organized een doing business, is that it should y pay all checks of depositors, and ilure of the bank to pay relator's an act of insolvency which deter: forfeiture of its charter, and that interest of all parties concerned charter be declared forfeited, and $ of the bank liquidated; that the ff be ordered to take possession of of the bank; that three commisat once appointed to liquidate the aid corporation; that an inventory 1 to be taken by a notary public of ets of said bank; that appraisers ted to value the same, and that, g possession of the said assets, the T be ordered to deliver the same issioners appointed, who shall he same under the direction of it an attorney be appointed to , creditors and stockholders of the nt from the State, and that all against said bank be stayed. and
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THE BANKS. HOW THE ACTION OF THE CLEARINGHOUSE WAS RECEIVED. Talk of Depositors About the Southern Bank. Theaction of the Clearing-House in deciding to allow no checks against deposits for a greater amount than $200 for the next nine days was decidedly unexpected and created no little consternation for a short time, particularly among a certain timid and excitable class of depositors, who at the outset regarded the move a3 preliminary to a complete suspension. On sober second thought, however, it was generally agreed that, though the action was somewhat, if not wholly, revolutionary in its character, and great temporary inconvenlence would result from it, still it was the best and most proper thing which could be done under the circumstances, as it will enable all the banks to call in their outstanding credits and other resources, and be able to meet any and all demands made upon them at the expiration of the time fixed, without sacrificing any of the assets, which they would have been compelled to do to meet and withstand a rush. As the matter came to be viewed in the right light, there was a noticeable decrease in that feverish excitement, which has prevailed in business and financial circles for several days past, and people who had been viewing the situation with considerable anxiety breathed easier, satisfied that the panicky feeling was dying out, and that as soon as the banks resumed regular business, trade would travel smoothly and quietly on in its old channels. The city banks have already called on the banks in other portions of the country for their balances, and it is said that there is between three and four million dollars on their way to this city, which, with the amount already on hand, will be sufficient for all contingencies which may arise. The cash, it is expected, will be here within the next ten days; just in time to permit all the banks to resume payment on demand, and before some enterprising lawyer shall have time to influence depositors to sue the bank, file the petition, and overcome the legal delay of ten days allowed to all defendants to make answer to a legal demand. At all events, in case any legal demand were made of a bank, the defendant would have fully ten days to pay the claim, and would probably settle at the end of that time rather than be placed in jeopardy, for the amounts that might be sued upon during even a fortnight would be comparatively small and easily provided for, although the expected $3,000,000 might not have reached here from New York within that time. At the meeting of the bank officers on Wednesday night, it is said that the proposition of suspending was not unanimously entertained at first, the president of the Canal Bank, particularly, objecting to the adoption of such a step by the meeting, saying that his bank was perfectly able to meet the demands of all its depositors, and yesterday it was notoriously known that both the Canal Bank and the Louisiana National Bank honored all checks presented to them for payment. There was considerable talk among the depositors of THE SOUTHERN BANK yesterday about the difference between the amount of deposits on the day the statement of the institution was prepared and the balance remaining when the bank closed its doors the difference being about one half. That is, the statement on March 1 shows six hundred and odd thousand dollars due depositors, and when further payment was suspended, this amount had, it is said, been reduced one half. What the depositors want to know is, who got all this money which was drawn out in just eighteen days, and in what manner it was drawn. And on these subjects there is considerable speculation and many rumors. There is considerable complaint against the three receivers appointed by the court, for two reasons is that they are the officers of the bank who have managed its affairs until the cessation of business, and the other is that their interest in the deposits are very small, the largest balance of any of the three being, as stated, not over $400 There was a meeting of the depositors, yesterday to take measures to protect their interests. Their proceedings were private, but it is very probable that all the matters as above set forth were considered, and that the action in reference to them, if there was any, will be made public at the proper time and place.
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Financial Panic in New Orleans. NEW YORK March 20 -The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and Mechanics & Traders' Bank, but there are others and more important reasons tor the existing states of affairs in New Orleans. The bonds of that city have greatly depreciated in value of late in consequence of non-payment of interest and somewhat demoralized the condition of the city's finances. The Southern bank which recently went under is understood to have had its capital invested in these bonds. Again the non-payment of interest in Louisiana consols has caused Jarge shrinkage in the market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans The decline in their securities has been 80 great that parties borrowing on them could not keep their margins good, and in some cases the banks have become forced owners of the bonds. New Orleans banks today telegraphed their New York correspondents for currency to help them out, and money will go forward to night.
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LOUISIANA. Financial Difficulties. NEW ORLEANS, March 20. Owing to a run on small banks, the clearing house passed a resolution this forenoon to suspend payment by other than certified check for ten days. The immediate cause of the run is believed to have been the suspension of the Southern Bank and Mechanic and Traders' Bank. Quite a panicky feeling prevails. All the clearing house banks have resolved not to pay on checks more than $200 to any one depositor on any one day till the 29th. NEW YORK. March 20. The immediate cause of the monetary panic in New Orleans can be traced to the failure of the Southern Bank and the Mechanics and Traders' Bank, but there are other and more important reasons for the existing state of aftairs in New Orleans. The bonds of that city have greatydepred inted in value of late, in consequence of the non-payment of interest and somewhat demoralized condition of the city finances. The Southern bank, which recently went under. is understood have had its capital invested in these bonds. Again, the non-payment of interest on the Louisiana consols has caused large shrinkage in their market value, say from 85 to 40, within the past two months. These bonds were speculated in very extensively in New Orleans, and many banks there held them either for accounts or as collateral for loans. The decline in these securities has been so great that parties borrowing on them could not keep their margins good, and in some cases banks have become forced owners of the bonds. New Orleans banks to-day telegraphed their New York correspondents for currency to help them out, and money will go forward to-night.
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FINA NCIAL. Our banks reported a quiet day in general business, a moderate amount of exchange coming in and money still In slight request. The most troublesome problem our banks have had to contend with is what to do with the heavy funds on hand, and even investments in four per cents has been resorted to, that some employment might be found for idle money. The great object of attention was the pante and suspension of currency payments by the banks of New Orleans. The general Idea among our merchants appeared to be that the difficulty originated In local circumstances and the trouble would spend itself where it began. The Southern bank WHS stopped from the city of New Orleans having gained a decision against it involving $86,000, and the Mechanics and Traders stopped the next day from weakness that the excitement caused by the Southern bank's fature was too much for. The third day, yesterday, came a general rush, and the banks suspended currency payments in selfdefense. The St. Louis Republican, of Wed says: "It was noted, something like two weel ago, that there had been some stiffening in the loa market, and this week there has been a still arther tendency that way. Yesterday, especially, there W&t a very active inquiry for call money on mark stab collaterals, and It is pretty well determine 1thr some local borrowers, who have been accommode in New York on call, have been required to pay, ⑉ direct result of which is a brisk hustling aroun here to get loans from local banks. The New York banks are evidently gathering In their resources as a conservative precaution against the first of April settlements, and the chances are that the money market will be decidedly stiffer for the next thirty days at least." In our I cal market exchange quoted: New York, 1/4 discount; all points in New England. with grace. 38 discount: New Orleans, 4 discount. and sell on all points at par. Money per ent. Shelby county scrip quoted 80@86 buying, 88 selling. Last sales were: Memphis gas stock, 80, now asking 821/2; Tennessee, new issue, 40841; Mississippi and Tennessee railway first-mortgage bonds, 115; second mortgage, 90; Memphis gas bonds, 91. ex-coupon; Hernando insurance stock, 117; Bluff City insurance, 71 50; Home insurance, 40. [BY TELEGRAPH.] PARIS, March 20.-Rentes, 114f. 71/2c. NEW ORLEANS. March 20.- Sight exchange on New York at par; sterling exchange, bankers' bills, 485. LONDON, March 20.-Consols-money, 97 1-16; Illinois Central. 83; Pennsylvania Central, 3534; Reading. 13; Erie, 2418; preferred, 44; 5-20s of 1867, 10334; 10-40s, 10834; new 5s, 10648; 41/28, 10718; 4s, 1011/4. NEW YORK, March 20.-Money market active at 407 per cent., closing sharp at 7 per cent. Prime mercantile paper, 4000 per cent. eterning exchangebankers' bills unsettled, 48614; sight exchange on New York, 489. Government bonds closed firm; coupons 1881, 10618; coupons 1867, 1021/s; coupons 1868, 1021/2; new 5s, 10414; new 41/23, 10 41/2; new 4s, 9958; 10-40s, registered, 10114; 10-40s coupons. 1018; curre ncy 6s, 1211/2 State bonds dull; Tennessee 6s, old, 83; Tennessee 6s. new, 2734; Virginia 6s, old. 32: Virginia 6s, new, 32; Missouri 6s, 10412. Railroad bonds active. Stocks were irregular in the early dealings, but during the afternoon an advance of 3180358 per cent was established, Northwestern common leading the upward movement. Erie declined in consequence of reports that the company Intended to Issue a new loan, but these being denied officially by President Jewets the stock recovered. Western Union was strong, though in the final dealings there was a reaction of 1/8/5/8 per cent. from the highest point. Coal stocks were strong. Transactions aggregated 139,000 shares. of which 18,000 were Erie. 8000 Lake Shore, 10,000 Wabash, 25,000 Northwestern common, 10,000 preferred, 15,000 St. Paul common, 13,000 Lackawanna, 6000 New Jersey Central, 6000 Michigan Central, 14,000 Western-Union, and 2000 St. Louis and San Francisco. The following were the closing quotations: Western Union Telegraph, Quicksilver, 1242; Quicksliver preferred, 35%: Pacific Mail, 1258; Mariposa, 3; Mariposa preferred,41/g: Adams express, 514; Wells & Fargo's express, 991/2; American ex press, 481/2; United States express, 471/2; New York Central, 114; Erie, 241/8; Erie preferred. 431/2: Hartem, 150; Michigan Cer tral, -; Panama. 128; Union Pacific stock. 7314; Lake Shore, 70%; Illinois Central, 8078; Cleveland and Pittsburg. 901/2; Northwestern, 3418; Northwestern preferred, 851/2; Cleveland, Columbus, Cincinnati and Indianapolis, 41; New Jersey Central, 374s; Rock Island, 1291/2; St. Paul,3844;St. Paul preferred, 821/4; Wabash, 191/8; Fort Wayne, 1051/2; Terre Haute, 234; Terre Haute preferred, 6; Chicago and Alton, 781/2; Chicago and Alton preferred, 108: Ohio and Mississippl, 101/2; Delaware, Lackawanna and Western, 46; Atlantic and Pacific telegraph, 3614, ex-div.; Missouri Pacific. 11/4; Chicago, Burlington and Quiney, 131 Hannibal
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The New Orleans Banks. New YORK, March 21.-The New Orleans banks have been severely crippled by the decline in all Louisiana securities, or in securities, as they are termed here, though the Southern Bank, which was the first to tumble, was broken by the drop in city bonds. It is intimated that the government will wind up the suspended National Banks in New Orleans, for suspended they virtually are, being unable, as they are required by the national law, to meet their deposit liabilities on demand. But it may be doubted whether extreme measures will be resorted to at once. Comptroller Knox has been lenient with banks at the North under similar circumstances, and in treasury circles here it is held that mild measures rather than harsh ones will rule in the present case. Money was also sharpened, as this New Orleans drain was an unexpected one on our banks, and came at a most inopportune moment. Louisiana consola fell to 48 on the news, then sold up to 491, and then at 48 again, seller 30 days; the sales were about $100,000.
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Compared with the report of the 6th of December it appears that the loans and discounts have decreased since that date by $723,000. The legal tender notes have increased by $518,000. The amount due from approved reserve agents-from New York banks, that is to say-has increased by $869,000; while on the other side of the account the individual deposits have increased $1,544,000. The other stocks, bonds, &c., must include all the State and city bonds held by these seven banks, and the amount, it will be seen, is trifling. The statement is considered a good one, though there is a large increase in the amount of funds in New York banks, which was but $372,000 in December, against $1,241,000. The total deposits in all the New Orleans banks are reported to be about $10,000,000. In 1859 they were $21,000,000; in 1860, $19,000,000. This shows the considerable decrease since then of the business of the city. A LOUISIANIAN'S EXPLANATION. Senator Jonas, of Louisiana, who left New Orleans a week ago, said to-day that at that time the national and State banks generally were complaining of having too much money on hand for profitable business. The demand was very light and at this season of the year money was flowing into New Orleans rather than leaving it. The Southern Bank which had suspended was only a State bank, and, though conducted on safe business principles, had large investments in what are known as city consolidated bonds, which were purchased at about one-half their par value These bonds were protected by legislation which provided that the interest should be paid out of special taxes, and which also provided for a sinking fund to meet their redemption. The constitutionality of this special legislation was tested before the State Supreme Court and decided adversely, which depreciated the city consols fully twenty per cent, and as the Southern Bank held about $600,000 in these bonds the loss necessarily embarrassed the bank, and hence the failure. It was, however, only a, bank of exchange, he says, and did no discount business whatever. So sound was its management that in 1873, when the New Orleans banks were compelled to do just what they are now announced to have done, the Southern Bank was able to keep out of the mutual protective operation and paid its depositors on demand dollar for dollar. The suspension of the bank has, he says. no importance whatever. None of the old banks, he adds, have loaned money on State securities except at a very large margin, and this class of securities are not accepted by the New Orleans banks save upon the safest margin. There is just now a searcity of currency in New Orleans by reason of the large deposits in the banks on private deposits and, said Senator Jonas:"The demand for money is so small that the banks have no opportunity of paying out that which they would be glad to loan on good security. I see by the New York papers that nearly $1,000,000 has gone forward to protect the credit of the banks which have the confidence of our business men, which means that this scare will put them to the cost of paying for the transportation of funds between New York and New Orleans only to return the same in a few days. I am sure the action of the banks is purely of a prudential character, and the strong have united with the weak in order to do precisely what they have done before to restore public confidence momentarily disturbed." GENERAL GIBSON ON THE SITUATION. General Randall Gibson, who represents New Orleans in the House, and who is familiar with both the financial and the industrial condition of the city and State, said in answer to the question why the banks had suspended:"I have no private advices. The suspensions and panic reported in the newspapers are undoubtedly caused by the want of confidence excited in the community by the discussions in anticipation of the Constitutional Convention. They are unreasonable, for the convention is called in the interest of econ. omy and good government; but vague apprehensions have been aroused, and private as well as public credit has been impaired. In my judgment both will be benefited by the convention. There had been a gradual decline in real estate since 1868 until the Nicholls government was installed, when exaggerated hones were entertained. Real esiate and the State
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Dillon of the United States Circuit Court has decided to be invalid, because their issue was not specifically authorized by the city's charter. He intimates, however, that the city can be made to refund the money received for such bonds, and he affirms the validity of certain other bonds issued in renewal of bonds given in payment of stock in gravel roads subscribed for by the city under a general act of the State of Missouri. In confirmation of the point which has been frequently urged by THE SUN against the inflationists of the West and Southwest, that what that otton of the country needs is not an increase of the national currency. but better credit on which to borrow the money already in existence, we find the Hon. Randall Gibson of Louisiana saying to a Herald correspondent: "I have an estate of nearly ten thousand aeres, with seven houses and machinery, ready for the plough. and the colored people have remained upon it. cultivating small patches: but, while it would require $50,000 to put it in operation, I could not at any time raise $10,000 secured by a mortgage upon the whole of it in the last ten years. and I should have been compelled to pay a ruinous rate of interest. It has lain idle. This is the condition of hundreds of planters, What we need is credit: we have the lands and labor. but no money and no credit." The Southern Bank of New Orleans, the failure of which led to the prevailing suspension of the other New Orleans banks, holds $611,000 of the new consolidated bonds of the City of New Orleans, on which there is $111,000 due for unpaid interest. It has, besides. $172,000 seven per cents, on which there is accrued interest of $44,000. The total cash value to-day of these nominal assets of $938,000 is something like $225,000. When the bank closed its doors the assets on hand at the present market value were about as follows: Currency and gold, $115.000: city securities, $221. 000: bank building, 40.000; State bonds, $37,000: other assets. $100,000-n total of $513,000. The liabilities amount to $782,000. so that the creditors will get at least 70 cents on the dollar. The Consolidated Virginia Mine in Nevada has raised during the last six years 682.385 tons of ore, yielding $26,000,000 of gold and $34,000,000 of silver, and has paid out $41,000,000 in dividends. The California mine, in the same region. raised in the last four years 486.244 tons of ore, yielding $21,500,000 of gold and $21,500,000 of silver, and has paid out $30,000,000 in dividends.
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THE NEW BLEAN - FAILURES AND NEW YORK SHARP PRACTICE. The New York and other newspapers recognize that the recent financial occurrences in New Orleans were due purely to local causes; therefore, there, as in Memphis, not a ripple of inconvenience occurred in the way of transacting business. Here exchange with New Orleans follows uninterruptedly the usual course. In St. Louis all risk is on the holder of exchange. The New Orleans Picayune, of Saturday, says, in plain terms, of the Southern bank that, though trusted by the public, the president, directors and others in a position to know the undercurrent of waters, were aware of its want of solidity. The result, in connection with the failure, is so plain, the Picayune says, that it must appeal to the lawmaking power for remedial legislation. It transpires now that there are privileged creditors who will swallow up nearly all that 18 left of the wreck. The bulk of the assets have been hypothecated to bankers in New York and London. These creditors were at first secured by city consolidated bonds, but as these depreciated margins were called for, and they now hold sufficient to reimburse themselves every dollar they have loaned. As the money of the people was taken in on deposit at the counter, it was sent to London I and New York to privileged creditors, and the former are now left nothing but a few very small bones to pick. To make the matter worse, these privileged creditors are the proprietors of the bank. They are the print cipal stockholders. The Chemical bank of New York, for example, holds one-eighth of fi the stock of the Southern bank, and is one of its principal privileged creditors. Its faith in the consolidated bonds of New Orleans, which were pledged to it years ago, was not suffi0. ciently strong to prevent it from calling for o margins with each drop in the market value. th Its losses as a stockholder, too, were being d made good by the steady stream of additional p collaterals which poured into its coffe These Γ ca stockholders were the proprietors, and kept in the mill running in New Orleans as a specuW lation. They lost nothing by the skrinkage of M the bonds, and had everything to gain by a fro ne rise. A ltogether it was a very comfortable little
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# FINANCIAL. The financial history of the past week in in this city has not a feature distinct from those of the week before, so even runs the course of trade. Exchange remains in fair supply, bathe almost absence of the exporters from the active market has diminished the amount; rates without change. Money has become firmer in the east on account of the anticipated strait on the first of April, but here rates are as before, with no increase in the demand. The bank failures in New Orleans have been the principal subject of interest during the past few days, but not a ripple of influence from their fall has been felt here. The amount of money in the hands of the Southern bank from banks here having correspondence with them was $1250. in our local market there has been the usual want of movement. There has been some inquiry about Memphis as company stocks and bonds, but those who hold them show no desire to part with them. Some Bluff City Insurance stock sold by auction at 72. The New York Herald says: "The haunt in speculation at the present moment may be traced to the fear of possible stringency in money rather than to any other cause. An apprehension of a 'squeeze,' though it can only be a temporary one, acts like a chloroformed sponge applied to the nose of speculation, rendering business drowsy." In our local market exchange quoted: New York, 14 discount; all points in New England, with grace 38 discount; New Orleans, 14 discount, and sell on all points at par. Money @10 per ent. Shelby county scrip quoted 80 buying, 86@88 selling. Last sales were: Memphis gas stock, 82½; Tennessee, new issue, 40¾; Mississippi and Tennessee railway first-mortgage bonds, 110½; second mortgage, 90; Memphis gas
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agreement he would request Judge H. D. Ogden, one of the committee, to state what had transpired between himself and the commissioners. Judge Ogden took the floor and stated that the committee felt that its first duty was to get possession of the books and assets of the bank by the appointment of new commissioners, and the cheapest and best way to do this was amicably If possible. Accordingly, he had called at the bank and had seen Messrs. Layton and John T. Moore, and had represented to them the condition of affairs, the opinion of the public and the feelings of the depositors, and both gentlemen had expressed a willingness to resign, but said that they desired to consult with the other commissioner, Mr. C. E. Girardey, and their counsel. This was but just and proper, and he agreed to await the result of the consultation. Messrs. Girardey and Bermudez (the latter the counsel of the gentlemen) were sent for, and on their arrival the matter was presented and discussed. A number of objections were raised (not by Messrs. Moore and Layton, however,) and overcome, and at last all three gentlemen agreed to resign, on condition that the new commissioners appointed to take their places should be satisfactory to them. This was considered a just and equitable demand and it was conceded, and the speaker suggested several names, among others that of the chairman of the meeting, Mr. Henderson, who was accepted. It was suggested that in the matter there were two parties interested, the stockholders of the bank and the depositors, and on the board of liquidators there should be a representative of each, and the third man chosen should be one in no manner interested. This was acceptable, and the speaker retired, It being well understood that the only question still to be determined was who were to be the commissioners. This (Tuesday) morning the speaker had called at the bank, but found Mr. Layton alone. That gentleman told him he was going to see Mr. Bermudez and wanted him to accompany him. The invitation was declined. Later in the day Mr. Layton was again seen, and on this last occasion informed the speaker that Mr. Bermudez had advised that If the commissioners withdrew they would admit that they had been at fault and it would look bad, and therefore there would be no resignations, and thus the matter ended. Mr. McGloin submitted the agreement, which provided for legal proceedings to unseat the commissioners and for an assessment of 1 per cent on the amount on deposit for lawyers' fees and expenses of court, payment of expenses and fees exceeding this to be contingent on the amount realized from the assets of the bank. The agreement was signed by a number of those present, and it Was announced that the paper would be placed at the office of Mr. McGloin to-day, where all who desired so to do could attach their signatures. The following RESOLUTIONS, offered by Mr. Victor Sere, were referred for action to a committee composed of Messrs. Sere, Henderson and E. Doherty. Whereas. C. E. Girardey. Esq., proceeded to force the liquidation of the Southern Bank. at the request of the president and directors of said bank: and Whereas. Thos. Layton and John T. Moore were acting as directors thereof when the suspension of the bank occurred: and Whereas. said persons are BA incapable to 11quidate as to manage the affairs of said bank: and Whereas. they are now to render the account of their management to themselves; Be it resolved, That we hereby declare all of said nominations as highly improper, and that we deprecate the refusal of said parties to tosign their trust as commissioners to liquidate said bank. Resolved, That we elect two attorneys to take charge of our Interest, whose duty it shall be to proceed to the fullest extent of the law. The meeting adjourned subject to call,
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350 LATEST Home and Foreign News. HOME NEWS. The Toledo National Bank has been robbed by the Janitor of $2.000 in coin. Randall has been elected speaker of the house. The Republicans have carried the election in New Iberia, Louisiana. Mexico is anxious for more intimate commercial relations with the United States. A United States man-of-war has gone to Alaska on account of the disturbance there. Work on the International Exhibition building in Mexico has begun. The Southern Bank of New Orleans, has suspended. The border country between the United States and Mexico has never been in such an orderly condition as it is now. Hull has been sworn in and taken his seat in congress. They had grand times in some of the northern cities on St. Patrick's day. The great international walking match in New York came to a close amidst tremendous excitement. Under the arrangement the winner was to take fifty per cent. of the gate money, the second man thirty per cent., and the third man, making 450 miles, twenty per cent. The contest was narrowed down, by the with drawal of O'Leary, to Rowell, Ennis and Harriman. Rowell took the belt and first place, making 500 miles. Ennis the second place, with over 473 miles. Harriman was lame and suffered greatly, but he managed to turn his 450th mile, and secure his share of the money amid immense applause. When he completed his 450th mile a man had to carry before him several immense bouquets presented him by his lady friends. He carried also a small American flag, which served to increase the enthusiasm. Rowell, the winner, being a foreigner, was hissed unmercifully. attempts were even made to forcibly take him from the track, and these were only foiled by the vigilance of the police. Mr. Hayes will shortly issue a proclamation, throwing open for sale all pablic lands in the state of Florida, except the government reservation at Pensacola. This is in accordance with a bill passed at the last session. According to the proclamation the lands will be thrown open on April 15th next, after which they will be subject to private entry, according to the laws governing such transactions. The local land office in Florida will have charge of the matter, and will cause the conditions, etc., to be advertised. WASHINGTON, March 22.-The reconstructed senate committee on frauds in the late elections, known as the Teller committee, met to-day, but transacted no business, beyond authorizing Chairman Wallace to appoint a clerk and other officers for the committee, and adjourned until Wednesday.
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General Summary. t Fifteen thousand telegrams went from the French Chambers announcing the fact of MacMahon's resignation. A bill is before the Italian Parliament I 1 granting $10,000,000 to the Roman munici$ pality. to make the city "a more worthy capital of the kingdom. Cohen Davis, 60 years old, of the arson and perjury club, was sentenced in New York to seven years for perjury in the recent arson trials of Beinstein. Freeman and Perlstein. Davis, who was the sexton of a Jewish synagogue, is suffering with the asthma and a man of family. The judge was lenient, otherwise he would have got twenty years. It is not expected, however, he will live ten years. New Zealand. like Australia, groans under the rabbit pest. A Mr. Cowan killed 26,000 on 29,000 acres in four months. The cost of destroying them was three pence each, or over $1,000, and the skins only fetched half that sum. A member of the Legislature said that they had rendered whole districts worthless. It is estimated that a couple of rabbits will, in four years, increase to the enormous total of 250,000. Rowell and Ennis have signed articles of agreement for an international contest in London, June 16. The championship of England contest is set down for April 25 and the Weston-Rowell contest for May 5. As Brown, Hazael and other good walkers are entered for the former match. and as such entry would virtually bar them out of the Ennis-Rowell match since the intervening time is too Alkinson has prevailed upon Sir John Astley to postpone the date of the international walk to June 16. The has been something like a panie in financial circles in the great cities, caused by the suspension of all the banks in New Orleans and the partial suspension of the clearing house. There are eighteen banks in New Orleans, and thirteen of them (having a total capital of $6,600,000) are members of the clearing house. The immediate cause of the trouble was the suspension, recently, of the Southern Bank, and the Mechanics and Traders' Bank. It is also stated that New Orleans bonds have greatly depreciated in value of late in consequence of the non payment of interest and the somewhat demoralized condition of the city's finances generally. The long Vanderbilt will case in New York has ended in a decision that the will of Commodore Vanderbilt and its codicil are valid and should be admitted to probate. Charles Diekens's son, Alfred, who has lived in Australia for several years, has lost his wife and little girl by a terrible accident. A runaway horse overturned their carriage, killing the little one instantly and injuring the young mother SO that she soon died. A brave little Altoona (Pa) miss, left to tend her father's store, was assaulted by a lecherous old scamp, but she pluckily felled her assailant with an iron weight, and then locked him in while she ran home to bring her father. It is an interesting fact that every foot of our eastern sea-board from the northern coast of Maine to Florida, is now lighted. There are a few miles of uninhabited coast in Florida not yet illuminated, but along the whole coast north of Florida there is not a spot which does not come within the lighted circle of which some light house is the center. There is no concealment of the fact that cases of yellow fever have occurred sporadieally all winter in the Mississippi Valley, and the experience of former years points inevitably to the recurrence of the outbreak as soon as the warm weather sets in.
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THE NEW WORLD. THE National House of Representatives was organized, on the 18th, by the election of Mr. Randall as Speaker; Mr. Adams as Clerk; Mr. Thompson as Sergeant-at-Arms; Mr. Field as Doorkeeper; Mr. Stewarta Postmaster, and Rev. Mr. Harrison as Chaplain. These were the officers of the last House. Mr. Randall received 144 votes. A SCIENTIFIC examination of the sulphur, which fell in the shower over the Lehigh Valley, the other day, proves it to be the pollen from a species of pine, caught up on the wind and carried from*the Jersey forests. THE President sent in the following message to Congress on the 19th: FELLOW-CITIZENS OF THE SENATE AND HOUSE OF REPRESENTATIVES: The failure of the last Congress to make the requisite appropriations for legislative and judicial purposes, for the expenses of the several Executive Departments of the Government, and for the support of the army, has made it necessary to call a session of the Forty-sixth Congress. The estimates of the appropriations needed, which were sent to Congress by the Secretary of the Treasury at the opening of last session, are renewed. and are herewith transmitted to both the Senate and House of Representatives. Regretting the existence of the emergency which requires a special session of Congress at a time when it is the general judgment of the country that public welfare will be best promoted by permanency in our legislation, and by peace and rest, I commend these few necessary measures to your considerate attention. RUTHERFORD B. HAYES. (Signed) WASHINGTON. March 19. 1879. A HAVANA (Cuba) dispatch of the 19th says the British steamer Bolivar had collided with the Haytien steamer Michael, in West Indian waters, and that the latter sank, and sixty persons were drowned. Two MEN were instantly killed and four seriously injured by a premature explosion of dynamite in the Pottsville (Pa.) Colliery, on the afternoon of the 19th. A TRIANGULAR shooting affray occurred at Vicksburg, Miss., on the night of the 18th, which resulted in the instant killing of Capt. W. H. Andrews and W. L. Greene, and the fatal wounding of Capt. W. F. Fitzgerald. The trouble arose over an election of officers in the Hiternian Society. REV. DR. DEKOVEN, of Racine, a distinguished Episcopal divine, died on the 19th, from apoplexy of the heart. Dr. DeKoven was once elected, by the Diocesan Convention, Bishop of the Diocese of Illinois, but the Standing Committees refused to confirm the choice. ON the 19th, Surrogate Colvin rendered a decision affirming the validity of the late Com. Vanderbilt's will. It was stated that the contestant would appeal. A HOUSE a few miles from Ponca, Nebraska, was burned a few days ago, and Mrs. Bigley, ninety years old, perished in the flames. ON the 20th, the Republicans of Rhode Island met in State Convention and renominated the present State officers. The State Convention of the Democracy was also in session and nominated Thomas W. Logan for Governor; J. D. Bailey for Lieutenant-Governor; David S. Baker, Jr., for Secretary of State, and Charles H. Page for Attorney-General. AGENERALCOURT-MARTIALhas been ordered for the trial of Col. Stanley, of the Twenty-Second Infantry and Col. Hazen, of the Sixth Infantry. The Southern Bank of New Orleans, the oldest bank in the city, failed a few days ago, and was placed in the hands of receivers. The amount of loss involved is stated to be $700,000. The Mechanics' and Traders' Bank followed suit, and, as soon as the facts became known, a panic ensued, and a run was precipitated, the objective points being the Canal, Louisiana State, Germania, Union and People's Banks. On the 20th, the Clearing House, as a measure tending to allay the excitement, passed a resolution declaring until March 29 no depositor should draw out more than $200 in one day, and that all other drafts should be paid in certified checks. The following is a list of banks whose temporary suspension was announced on the 20th: Germania National; Hibernian National; Louisfana National; Mutual National; New Orleans National; State National; Union Na. tional; Bank of La Fayette; Citizens' Bank of Louisiana: Citizens' Savings Bank; Lou-
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The banks of New Orleans have resumed payments. The New Orleans Savings, the Southern, and the Mechanics and Traders, have failed and their assets have been placed in the hands of receivers.
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Yesterday evening Mr. McGloin resumed his argument on behalf of the plaintiffs in the various suits growing out of the suspension of the Southern Bank. He stated that since the courts had last sat jointly the first exception urged by defendants, viz, that owing to the judgment of forfeiture rendered by the Fourth District Court the present suits could not be prosecuted, had been disposed of by a decree of the Supreme Court maintaining the suspensive appeal taken from that judgment. He argued that the statute under which the bank's directors were proceeded against was remedial, as well as penal, in its character, and therefore the rule of strict construction of statutes wholly penal could not be invoked by them. That the directors were liable solidarily, the very words of the statute precluding the idea of an obligation merely joint. He closed by quoting numerous definitions of the words whereby every director was made individually liable for all the debts of the bank under the facts alleged in the petitions. Mr. E. T. Florance was the next speaker. He maintained that plaintiffs had three causes of action against the directors, arising-1. From their infringment of the free banking act in the matter of discounts and loans; 2. From the publication of false statements regarding the condition of the bank's affairs; and, 3. From their acceptance of deposits when they knew that the bank was insolvent. His argument and authorities were mainly intended to show that the suits were not premature, as the mere failure of the bank to cash checks on demand gave creditors the right to sue without a liquidation of its affairs being first effected or proceedings in insolvency instituted. J. O. Nixon. Esq., followed, assuming that the exceptions filed amounted merely to the proposition that the assets of the bank must be distributed before such suits as those at bar could be brought, which position, he argued, was untenable. He thought that the statute under discussion was purely remedial in its nature, and could be proceeded under by any creditor of the bank, not by the State authorities as contended by his opponent. He argued that if the position taken by defendant's counsel were correct that such suits, if not brought by the State authorities must be instituted by the liquidators, the law might sometimes lead to the absurdity of requiring persons as liquidators to bring suit against themselves as directors, He reviewed and commented at length upon the authorities cited by defendants' counsel to show that they were inapplicable to the present cases, as they were construing statutes which differed from the Louisiana law, in that they made directors liable only for the deficit which might exist after a liquidation of the assets of the corporation. Upon the conclusion of his argument further discussion in the case was continued to Friday evening next.
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NEWS OF THE CITY. THE BROKEN BANKS. "Their Present Condition and Prospects for the Future. The excitement and clamor which followed the failure of a few of our local banks in the early part of the current year has BO subsided that the liquidators now flnd little trouble in pursuing their work. The depositors have either resigned themselves to a certain loss, or concluded philosophically to await the result of events, but they no longer congregate In the banks and ply the officers with Interrogatorios. Occesionally one of them drops in to ascertain what the future may have in store, but they seek information rather than to complain. During the past couple of months Mr. W. 0. Black has been administering the affairs of the Savings Institution on Canal street, his fellow-receiver, Mr. J. H. Oglesby, belog absent. This bank paid 16 per cent Immediately after the suspension, and has sold someten or eleven pieces of property, which, with the redemption of mortgages now going on. will probably enable them to pay another 25 per cent by the first of the new year. There are yet some outstanding mortgages that will probably be paid, and some that It will be necessary to foreclose and sell, and on the whole the depositor will be doing well if be receives an aggregate of 60 per cent on his book. To those who are in immediate need the bank Issues certified checks for the coming 25 per cent, and these have been sold at as birth as 95. The bank building would have been sold long before this, but It was found that & fair price could not be realized upon it, and It was accordingly retired for a more onportune occasion. The Southern Bank is in the hands of the commissioners appointed by the court, who expect to be able to pay 5 per cent as soon as the necessary authority 18 obtained from the court. This bank owes $376,000 to depositors and about $175,000 to other banks. There is now to eight about $150,000, and the ultimate amount realized will be contingent on the deelsion in the consolidated city bond case. Should this be decided in favor of the bank, the entire assets will sum up about a million dollars. but until a decision 18 renobed everything will be vague and uncertain. In this connection It may be mentioned that Mr. Thomas Layton, the late president, is now in Bau Francisco, holding the position of supervisor of the London Joint Stock Banking Company in that city. An expert has recently been appointed to examine the books and papers of tue Louistaua Savings Bank, on Camp street, and It is understood that the commissioner will make a public statement as soon as he shall have compiled his reports, giving all the details and fixing the responsibility. It Is understood, however, that the bank will soon be in & position to meet its Indebtedness to the depositors.