68ee071fPartial suspension, Books examined
Other: Bank was enjoined by Bank Commissioners and put in hands of finance committee; likely wound up.
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RUN ON AN EASTERN SAVINGS BANK. BOSTON, Mass., Jan. 16, 1878. A rumor had gained some currency here that the Dorchester Savings Bank had suspended, but It proved untrue. Some time ago the bank passed its dividend, since which there has been a consiant drain upon it, and the directors decided to require sixty days' notice for the withdrawal 01 sums exceeding $50. There appears to be no reason to. * doubt the solvency of the bank.
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CONTRACTION'S VICTIMS. A Crash Among the Houses in the Morocco Trade-A Long Last of Failures. PHILADELPHIA, January 22-Third street is agitated this morning over the trouble affecting the houses in the morocco trade. The principal house In trouble is E. & C, Stokes, importers of hides and skins. Mr. E. Stokes said this morning that the firm had not decided what course they would take, but mak e a decent to-day. The firm attributes the cause of their trouble to the fall of George W. Hummell & Co., who were unable to meet even the interest on their obligations, and who relied on E. & C. Stokes to meet it for them. This firm is indebted to Stokes to the extent of over $200,000. The following houses are also reported insolvent: John Deemer & Sons, $90,000; W. R Stuart & Co., $12,000; Hammond & Dwyer, $13,000; Harvey, Lynch & Co., $16,000; Stuart Allen $12,000; Edwin Evans & Co., $8,000; C. Backiss, $20,000; J. G. Baker Manufacturing Co., of Wilmington, $180,000; and E. & C. Stokes, who will no doubt make an assignment, are creditors to about three-fourths of all the liabilities of the above named firms. They decline to state the total amount of their own liabilisies, but claim to hold the papers of other morocco firms to the amount of $700,000 or $800,000. NEW YORK, January -S. M. Boxby & Co., manufacturers of blacking, failed; liabilities $123,000. The court appointed Peter Ammerman agent to wind up the Brewers and Malsters insurance. Bennett & Smith, manufacturers and jobbers of web cloth and felt skirts in Leonard street, suspended. Liabilities $75,000. BOSTON, January 22.-The Dorches ter Savings bank has been placed in the hands of the finance committee with instructions to report within sixty days. CHICAGO, January 22.-Samuel Bliss & Co., grocers, failed. ST. JOSEPH, Mo., January 22.-The Buchanan bank of this city closed doors. READING, PA., January 22.-Jacob and John Huntzinger, late president and cashier of Miners' Trust company, of Pottsville, were sentenced each to ty years solitary confinement and five hundred dollars fine, also to refund $2400 and costs. PHILADELPHIA, January 22. H. Shecke & Son has suspended, the cause being the recent suspension of the New York drug firm of John F. Henry, Oman & Co. NEWARK, N. J., January 22.-Samuel Dunn, dealer in sheep skins, and William N. Randall, dealer in house furnishing goods, have failed. 1 ST. LOUIS, January 22.-J. J. Jones, I a wealthy farmer and stock raiser of Winton, Missouri, has failed. Liabilities, $50,000; assets less than one third. 1 Pratt, Hubbell & Co., the largest mercantile firm of Monticello, Ills., Z has failed. Liabilities, $86,000. t
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SHERMAN'S WORK. Failures. CHICAGO Jan. 22,-Samuel Bliss & Co., grocers, have failed. NEW YORK, Jan. 22.-8. M. Bixby & Co., blacking manufacturers have failed, with liabilities amounting to $123,000. NEW YORK, Jan. 22.-The suspension of Bennett & Smith. cloth manufacturers and jobbers, has been announced. Their liabilities are placed at $75,000. A Closed Bank. ST. JOSEPH, Mo. Jan. 22.-The Buchanan Bank of this city closed its doors to-day. In the Hands of a Committee. BOSTON, Jan. 22.-The Dorchester Savings Bank has been placed in the hands of a finance committe for examination and report within sixty days. Winding up an Insurance Company. NEW YORK. Jan. 22.-Peter Ammermann has been appointed agent by the court for the winding up of the Brewers and Maltsters' Insurance Company. Reported Failure of Schenck, the Great Philadelphia Druggist. NEW YORK. Jan. 22.-A great deal of excitement prevails among the drug houses of this city this afternoon, owing to the reported failure of Schenck, proprietor of the largest drug house in Philadelphia. Much talk and feeling exists in drug circles, it being believed that millions of dollars are involved. The Dunning Failure-Meeting of Creditors. NEW YORK, Jan. 22.-A meeting of all the creditors of E.J Dunning was held this afternoon, but the proceedings were secret. A leading druggist said the affair would be settled one way or another. If adversely. then stand from under. The Philadelphia Morocco Trade Fallures. NEW YORK, Jan. 22.-The failures in the Morocco trade in Philadelphia have also attra ted a great deal of at ention. Opinion prevails that it would have been improbable. if not impossible, for any large failures to have occurred in the legitimate line of the trade without it be that it transpired through the interchange of paper between the parties. No serious result is apprehended to New York houses. The failures are, it is affirmed by many parties. a complete surprise. although it is stated at the office of Sterling & Day, leather brokers, that it has been known to them for three days that large failures were about to occur in Phíladelphia, although of the parties and amounts they were unadvised. This afternoon the failure of Henry Zeigler. paint and oil works. was announced. but it is thought they will continue in business, as an extension has been granted by their creditors. A Patent Medicine House Gone. PHILADELPHIA, Jan. firm of Schenck's Sons, patent medicine, doing business corner of Sixth and Arch streets, in this city, has failed. The cause assigned is the failure of Messrs. John T. Henry, Curran & Co., wholesale druggists of New York. The standing of the firm cannot be given to night with any degree of accuracy. Heavy Failure in the Morocco Trade. PHILADELPHIA, Jan. 22.-For some time past there have been subdued rumors of an impending crisis among the morocco manufacturers of this city, and it has come. Some dozen or more firms were being carried along by a single large firm known as E. & C. Stokes, importers of hides and skins, corner of Third and Willow streets. This firm has suspended owing to the fact that the lesser firms were unable to meet their obligations. These smaller firms owed the greater one sums ranging from $20,000 to $200,000. Mr. Stokes states that the total amount involved in the failure is between $700,000 to $800,000. This is the gross sum, fully three-fourths of which is owing to the Stokes firm. The John G. Baker Manufacturing Company. of Wilmington. Del., whose indebtedness is $190,000. is the only important firm out of the city involved in the crash. The list complete is as follows: J. G. Baker $190,000. Goo. W. Hummell $200,000. John Deemer's Sons $60,000. Wm. R. Stewart & Co. $120,000. Hammond & Dwyer $30,000, Edward Ivans & Co. $80,000. C. Buckins $20,000. Harvey, Lynch & Co. $16,000. Stewart Allen $12,000; total, $728,000. These smaller firms have been, according to Mr. Stokes' account, more or less dependent upon his firm for a long time back. the firm having supplied them with the raw material to work up. In return the firm accepted their notes, carrying most of them since 1873, and renewing them for accommodation's sake and to enable the firms to get on their feet.
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THE NEW ORLEANS DEMOCRAT, WEDNESDAY, JANUARY 23, 1878. hoarding of currency and its consequent withstock compaMONEY TO LOAN drawal from the channels of trade and indusof duties the -ONhave try is probably the main cause of the finanusurped DIAMONDS, JEWELRY, WATCHES, SILVERcial stress under which the country is laboris undoubtedWARE, PIANOS, LOOKING-GLASSES this due ing, and it will not cease so long as the Secreis AND FURNITURE OF ALL tary of the Treasury persists in his ruinous our of govDESCRIPTIONS, WALT but ineffectual efforts to resume specie in year power And all other personal property, Guns, Pistols, are we payments without the means to do it with. shows, etc. Also on Stocks, Bonds and other collatthese Day after day we learn of the failure and corporaerals, in large and small sums, at as low rates of us bankruptcy of financial institutions at the interest AS any chartered institution in this money itself. for city. PLEDGES KEPT ONE YEAR. North and West, and there seems to be no their in fierce prospect of a cessation of this calamitous the cause state of affairs while money continues to be they, Hart's Loan Office, 108 on the heard hoarded and becomes dearer and dearer, and 43 43 Baronne Street shall use. all other kinds of property command but Offers t (Opposite the N. O. Gas Co.) nominal prices. The Watche MAURICE J. HART, Agent. We conclude by appending a list of suspenN. B.-Parties not being able to call in person sions taken from yesterday's papers. They will receive prompt attention by communicatthe illustrate more eloquently than any amount expressed ing with the above. men" financial H of rhetoric the financial troubles of the counALL BUSINESS STRICTLY CONFIDENthe commercial try: TIAL. he BOSTON. Jan. 21.-The directors of the Merproperly city The business at No. 48 St. Charles street, cantile Savings Bank are exacting sixty days' Senaover known as "Hart's Broker's Office," will be connotice from depositors. silver the quesSAN FRANCISCO, Jan. 21.-A run was made on tinued as heretofore. ja20 1y 2dp the Odd Fellows' Savings Bank to-day. The far So islature. run extended to the Clay Street Savings Bank. REMOVAL does there PASSAIC, N. J., Jan. 21.-Waterhouse Bros., To the corner of Chartres and Conti sts., No. 85 manufacturers of flocks, shoddy, overcoating over introversy" and suitings. have suspended business. unanimous C. ROUYER. PROVIDENCE, Jan. 21.-The Providence County Senin the Savings Bank, in Pawtucket, issued a circular GALVANIZER, JEWELto its depositors, announcing the omission of its ER. CLOCK MAKER, OPthe of strength usual semi-annual dividend. A charter proTICIAN, respectfully inof monetization vision has been enforced. forbidding the withforms the public that the Elgin drawal of money before the second Wednesday pening of his new estabact. resumption in April. The bank, on the thirtieth of Novemlishment will take place on of measure a 3, ber, had about $3,000,000 in deposits, with $2,228,MONDAY, December 24, 000 invested in real estate and mortgages. Other I have a com and that he is ready to inmaterial he savings banks in Pawtucket require notice for correspond with t please his customers, in choice articles. at exin is adopted the withdrawal of principal. but pay interest on ceedingly reduced prices. Goods, recently retions, Clocks, Bro demand. ceived, per latest European and Northern Legislature, I Make a BOSTON. Jan. 22-The Dorchester Savings steamers. cannot be excelled for elegance and measthat such Bank has been placed in the hand of a finance For further 1 style. These goods consist of jewelry of all withcommittee, with instructions to report within he kinds, watches, chains, clocks, eyeglasses, specpeople no24 sixty days. tacles, church articles, etc. Mr. Rouyer offers CHICAGO, Jan. 22.-Saml. Bliss & Co., grocers, his services as general repairer of watches, jewraise to failed. elry, clocks and silverware. Specialtv-the sale nption ST. JOSEPH,' Jan. 22.-The Buchanan Bank of of table furniture in French silver. Alfenide and do legislators this city has closed its doors. plated. Also, spectacles and eyeglasses, in steel of society. NEW YORK, Jan. 22.-The court appointed Peor tortoise shell. and the resetting and supplyter Ammerman as agent to wind up the Brewde22 im 20 ing of lenses for same. to voter, every ers and Maltsters' Insurance Company. an has equal MALAKOFE BITTERS
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# CONTRACTION'S VICTIMS, A Crush Among the Houses in the Morocco Trade - Long List of Failures. PHILADELPHIA, January 22.-Third street is agitated this morning over the trouble affecting the houses in the morocco trade. The principal house in trouble is E & C Stokes, impor- ters of hides and skins. Mr. E. Stokes said this morning that the firm had not decided what course they would take, but made a deposit to-day. The firm attributes the cause of their trouble to the fall of George W. Hons- chell & Co., who were unable to meet even the interest on their obligations, and who relied on E. & C. Stokes to meet it for them. This firm is indebt- ed to Stokes to the extent of over $200,000. The following houses are also reported insolvent: John Deezer & Sons, $90,000; W. R. Stuart & Co., $12,000; Hammond & Dwyer, $13,000; Harvey, Lynch & Co., $16,000; Stuart Allen $12,000; Edwin Evans & Co., $8,000; C. Backiss, $24,000; J. G. Baker Manufacturing Co., of Wilmington, $180,000; and E & C Stokes, who will no doubt make an assignment, are creditors to about three-fourths of all the liabilities of the above named firms. They decline to state the total amount of their own liabilities, but claim to hold the papers of other morocco firms to the amount of $700,- 000 or $800,000. NEW YORK, January 22.-S. M. Box- by & Co., manufacturers of blacking, failed; liabilities $123,000. The court appointed Peter Ammer- man agent to wind up the Brewers and Malsters insurance. Bennett & Smith, manufacturers and jobbers of web cloth and felt skirts in Leonard street, suspended. Liabilities $75,000. BOSTON, January 22.-The Dorches- ter Savings bank has been placed in the hands of the finance committee with instructions to report within sixty days. CHICAGO, January 22.-Samuel Bliss & Co., grocers, failed. ST. JOSEPH, Mo., January 22.-The Buchanan bank of this city closed doors. READING, PA., January 22.-Jacob and John Huntzinger, late president and cashier of Miners' Trust company, of Pottsville, were sentenced each to ty years solitary confinement and five hundred dollars fine, also to refund $2400 and costs. PHILADELPHIA, January 22.-H. Shecke & Son has suspended, the cause being the recent suspension of the New York drug firm of John F. Henry, Oman & Co. NEWARK, N. J., January 22.-Sam- uel Dunn, dealer in sheep skins, and William N. Randall, dealer in house furnishing goods, have failed. ST. LOUIS, January 22.-J. J. Jones, a wealthy farmer and stock raiser of Winton, Missouri, has failed. Liabili- ties, $50,000; assets less than one third. Pratt, Hubbell & Co., the largest mercantile firm of Monticello, Ills., has failed. Liabilities, $86,000. A Hartford, Connecticut, special says a new effort is being made to have the remaining assets of the Charter Oak insurance company kept out of the hands of a receiver, and to reor- ganize it as a purely mutual company. The stock is to be merged and wiped out, and the policies scaled. Legisla- tive intervention is necessary in order to effect this, and therefore a new char- ter was asked for. The policy-holders will cooperate with the managers in their efforts. HARTFORD, Conn., January 19.-A further postponement of one week was granted by the court on hearing the question of a receivership for the Charter Oak insurance company. NEW YORK, January 19.-Powers, Guston & Co., dealers in boots and shoes, have suspended. Liabilities, $260,000, nominal assets, $255,080; real, $150,000. LIVERPOOL, January 19.-The Abys- sinia, hence from here to-day, took two hundred thousand pounds of specie. NEW YORK, January 21.-Water- house Brothers, woolen manufactur- ers, at Passaic, New Jersey, have failed. Liabilities, $100,000. Depression of business and shrinkage of values as- signed as the cause. BOSTON, January 21.-The directors of the Mercantile savings bank are ex- acting sixty days notice from depositors. PASSAIC, N. J., January 21.-Water- house Bros., manufacturers of shoddy, overcoating and suitings, have sus- pended business. The shoddy mills closed on Saturday night. Two hun- dred and fifty hands are out of em- ployment. The overcoat and suiting mill is still running. It is reported that if settlement can be made with creditors work will be resumed.
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SAVINGS BANK TROUBLES. TWO MASSACHUSETS INSTITUTIONS ENJOINED. BOSTON, Feb. 9, 1878. Two more savings banks are in trouble and have been temporarily enjoined. The Dorchester Savings Bank IS located in Harrison square, an outlying ward of Boston. It was incorporated in 1858 and has done a very fair business, but the shrinkage iu value has brought It to ILS grave. There was a run on the insci. tution a few weeks ago and the directors closed the doors under the sixty day rule. It passed its November d:videna and charged the same off to some losses 16 had met with. Iu its report to the Commissioners, in October, its assets were stated at $454.940 78, and its liabilities the same-the deposits being $440,989 41, and guarantee fund, $750. Since the closing of the doors a large number of notices have been received, enough 10 indicate that the bank would be unable to resume payment after the term of notice had . expired, and there appears to be no probability that the bank will ever resume business. The bank has already passed one dividend, and it IS thought that this will nearly absorb the shrinkages, so that the depositors will ultimately get the lace value of their deposits. During the last year 922 deposits were received, amounting in the aggregale to $56,359 31, while there were 1,332 withdrawals, amounting to $217,557 72. There were 136 accounts opened and 379 closed during the year, and the present number of open accounts 18 1,573 The directors have furnished a statement to the effect that their habilities are $454,940 78 and that they have sufficient securities to make good all obligations, but that their real estate would not bring the tace value of the mortgages. It was enjoined this morniag and bearing appointed for February 26. The excitement in the city 18 increasing and is feeling of uneastness prevails among savings bank creditors. THE ROCKPORT BANK. The other bank closed DV order 01 the Commissioners is the Rockport Savings Institution of Rockport, Mass. This has been in a moribund condition for some time owing to certain troubles two years ago, when it was put under a temporary injunction. There has been no confidence in 118 stability, and it will die for lack of support. January 15 the officers reported to the Balk Commissioners the condition of the bauk as follows:-Assets, real estate, $40,244 14; mortgages, $131,424 71; bank stock, $29,166 05; personal notes, $4,095; government bonds, $5,306 25; cash, $2,991 28; total, $213,227 43. Liabilities-Amount due 955 depositors, $198,332 88; notes payable, $3,000; guarantee fund, $1,400; profit and loss, $10,494 55. Number of closed accounts since January 1, 1877, 434; number opened in that time, 36; number of payments, 2,779; number of deposits, 105; amount of payments, $164,224 64 ; amount of deposits, $11,977 01; number of sleady withdrawals, commencing with November 1. 1877, 54; amount of balances of same, $20,618; total number of accounts drawing steadily, 152; amount of balances of same, $47,226. There is no hope that either will be allowed to resume, and the Dorchesier IS expected to pay about seventy-five cents on the dollar, out 11 is possible 11 the trustees are allowed to wind up its affairs is will pay in full.
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EAST AND SOUTHEAST. The Mercantile Savings Institution of Boston is enjoined for the present from doing business. An alleged miracle is reported to have occurred recently at East Mauch Chunk, Pa. Miss Amelia Greth, aged 36, a devout Catholic, had been for a long time ill with a pulmonary affection. She had a vision, in which her death was predicted at a certain time, and that she would be restored to life and perfect health through the ihtercession of Father Heenan, her pastor." These events followed, it is claimed, precisely as indicated, and both Miss Greth and Father Heenan publicly declare it to be a miracle. The affair causes great excitement, and, while many Catholies accept the facts as stated, others reject them or are non-committal. A Philadelphia man, J. Henry Schrack, successfully imposed upon the credulity of many of his neighbors, by feigning death and then coming to life again, when he told a most marvelous story of the sights he had seen while upon the boundaries of the other world. Investigation shows that the whole thing was a preconcerted fraud, and the imposter has been publicly exposed. Augustus M. Turney, for 25 years Teller of the Bank of North America, New York, has confessed himself a defaulter to the bank to the amount of $100,000. The bank has since recovered some $16,000 of this amount, and, having a surplus of over $700,000, its standing is not affected. Turney is locked up. Archbishop Wood of Philadelphia has pronounced the alleged " miracle wrought by Father Heinan, of Mauch Chunk, Pa., a "delusion," and the deluded father has been counseled to do all in his power to correct the bad impression which may have been created. Peter Herdic, the great lumberman of Williamsport, Pa., has gone into bankruptcy. Liabilities and assets both large, but the latter mainly of such a nature that they can not immediately be made available. The City of Augusta, Ga., was severely damaged by a cyclone on the night of the 7th. Several buildings were totally crushed to atoms. Charles Dives and wife were left dead in the ruins of their house. The track of the tornado, about 300 yards in width, blazed as if on fire. Cardinal McCloskey sailed from New York on the 9th, expecting to reach Rome on the 22d, five days after the assembling of the Conclave. The Dorchester Savings Bank and the Rockport Savings Bank, both of Boston, have been enjoined from doing further business. The Haydenville (Mass.) Savings Bank has suspended payment. The South Side Savings Bank of Pittsburg has also suspended. Theodore Roosevelt, recently nominated by the President for Collector of the Port of New York, is dead. The Troy (N. Y.) Times building was burned on the 10th, including seven stores and various offices, etc. Total loss about $200,000. Hon. Gideon Welles, ex-Secretary of the Navy, died at his home in Hartford, Conn., on the 11th.
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EAST AND SOUTHEAST. Augustus M. Turney, for 25 years Teller of the Bank of North America, New York, has confessed himself a defaulter to the bank to the amount of $100,000. The bank has since recovered some $16,000 of this amount, and, having a surplus of over $700,000, its standing is not affected. Turney is locked up. Archbishop Wood of Philadelphia has pronounced the alleged miracle wrought by Father Heinan, of Mauch Chunk, Pa., a "delusion," and the deluded father has been counseled to do all in his power to correct the bad impression which may have been created. Peter Herdic, the great lumberman of Williamsport, Pa., has gone into bankruptey. Liabilities and assets both large, but the latter mainly of such a nature that they can not immediately be made available. The City of Augusta, Ga., was severely damaged by a cyclone on the night of the 7th. Several buildings were totally erushed to atoms. Charles Dives and wife were left dead in the ruins of their house. The track of the tornado, about 300 yards in width, blazed as if on fire. Cardinal McCloskey sailed from New York on the 9th, expecting to reach Rome on the 22d, five days after the assembling of the Conclave. The Dorchester Savings Bank and the Rockport Savings Bank, both of Boston, have been enjoined from doing further business. The Haydenville (Mass.) Savings Bank has suspended payment. The South Side Savings Bank of Pittsburg has also suspended. Theodore Roosevelt, recently nominated by the President for Collector of the Port of New York, is dead. The Troy (N. Y.) Times building was burned on the 10th, including seven stores and various offices, etc. Total loss about $200,000. Hon. Gideon Welles, ex-Secretary of the Navy, died at his home in Hartford, Conn., on the 11th.
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The city of Augusta, Ga., was severely damaged by a cyclone on the night of the 7th. Several buildings were literally crushed to atoms. Charles Dives and wife were left dead in the ruins of their house. The track of the tornado, about 300 yards in width, blazed as if on fire. Capt. James Trousdale shot and fatally wounded Capt. J. M. May, at New Orleans on the 9th. Both are well known river men. A young lady, a daughter of Senator Rogan, of Hendricks County, Ind., was drowned while fording Walnut Creek, near Greencastle, on the 9th. The Dorchester Savings Bank and the Rockport Savings Bank, both of Boston, have been enjoined from doing further business. The Haydenville (Mass.) Savings Bank has suspended payment. The South Side Savings Bank of Pittsburg has also suspended. P.J. Lemonan, Louisville, Ky., and Hall Brothers & Co., Cleveland, o., both tobacco dealers, have gone into bankruptcy. The Troy (N. Y.) Times building was burned on the 10th, including seven stores and various offices, etc. Total loss about $200,000.