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NEW ORLEANS BANK FAILURES. New Orleans, Sept. 11.-The Bank of Commerce, a state institution, failed to open its doors this morning. New Orleans, Sept. 11.-Special.-The Bank of Commerce closed its doors today. There is nothing particularly sensational in the closure. The depositors and other indebtedness will be paid in full. Business is very much depressed and the public pulse is feverish. New Orleans, La., Sept. 11.-SpecialThere is a run on the Peoples' bank and they may suspend.
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CRISIS AT NEW ORLEANS. A Run on the "People's Bank" Is Reported But No More Failure in That City Today. SITUATION IS SHAKY. But Worst of Panic May Be Over. . Defalcations In Union National Nearly $500,000. New Orleans, Sept. 12.-There has been a lively run on the People's bank. Depositors flocked to the institution and formed into line before the paying teller's window. So many people were in line that it extended clear into the street. There is considerable excitement but no trouble of any kind. All checks for $100 or under are being rapidly cashed. The failure of the Bank of Commerce which everybody thought would be able to weather the wave of distrust and suspicion which the recent wreck of the American National bank has caused a very shaky feeling among depositors. There was a large crowd outside the People's bank buteverybody wsaorderly and all the blue coats had to do was to clear a passage way for the pedestrians to pass on by the walks. The manner of surmises and opinions are being freely aired. The arrest of the book-keepers of the Union National bank was made last night. The arrests were made in order to hold the men pending a further investigation. The total defalcations discovered amount to over $470,000. Some of the defalcations occurred eight or ten years ago. The Bank of Commerce which failed yesterday was founded in 1887, with a capital of $1,000,000. In that year several prominent business men got together and deeming that the banking facilities of New Orleans were insufficient, made up their minds to remedy the defect as much as possible and the Bank of Commerce was the result. The plan of the institution was to do a general banking business in such a way as to furnish accommodation to all classes of patrons from men of millions to the wage-earner and also to do a collecting business. It found a fruitful field before it and its success-up to the present had been such as to justify the highest hope of its founders.
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HALF A MILLION Is the Amount Crooked Bookkeepers Are Alleged to Have Stolen From a New Orleans Bank. New Orleans, September 11. ..The Bank of Commerce which everybody thought would be able to weather the wave of distrust and suspicion which the recent wreck of the American National Bank caused, was compelled to close its doors this morning. At 1:30 this afternoon there was a lively run on the Peoples' Bank. Depositors formed into line. There is considerable excitement. Checks for $100 or under are being cashed. New Orleans, September 11.-Frank D. Leefe and Louis Colombe, bookkeepers in the Union National Bank, have just been arrested by U. S. Deputy Marshal. The arrests were made in order to hold the men spending a fur'ther investigation. The total defalcation so far discovered amounts to over $470,000. Bookkeeper Colombe took a dose of morphine this morning and has been unconscious all day.
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Run 011 the People's Bank. NEW ORLEANS, Sept. 11.-At 1:30 this afternoon there was IL lively run on the People's bank. Depositors flocked to the bank and formed into line by the paying teller's window. So many people were in line that It extended clear Into the streets, There was considerable excitement. but no trouble of any kind. The officials of the People's bank do not seem to be worried over the run, and all checks for $100 or under, were rapidly cashed.
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THEFTS WRECK A BANK Two Bookkeepers Are Charged With Filching $500,000. ONE ATTEMPTS SELF DESTRUCTION The Tangled Afairs of the Union National Bank of New Orleans-Almost a Financial Panic In the Crescent City-Four Recent Bank Failures. NEW ORLEANS, Sept. 12.-The rottenness in the Union National bank was made known when United States Bank Examiner Johnson swore out affidavits against the two principal bookkeepers, charging them with embezzling the entire amount of the deficits. One of the guilty men sought escape by suicide. Mr. Johnson reached the conclusion that these were the guilty men after working hard for two days on the books and lost no time in notifying District Attorney J. Ward Gurley of the situation. He went to Mr. Gurley before the latter had breakfasted and explained his haste to he due to the fear that the guilty men would escape unless arrested at once, The first affidavit charged Bookkeeper Frank B. Leefe with embezzing $185, 558.79. The second charged Bookkeeper L. Lacombe with the embezzlement of the remainder, in round figures about $406,000. The amount of the embezzlement, so far as can be ascertained, is $592,000. The bank examiners have 60 far failed to implicate any of the other officials. It has not been ascertained, either, when the men began the peculations charged. Bookkeeper Leefe had been in the employ of the bank for 19 years and has been considered the soul of honor. He was very devout. Mr. Lacombe has been in the employ of the bank 16 years, and while he lived very well for a man on a salary of $150 a month no suspicion has ever been attached to him. Bookkeeper Leefe Arrested. Leefe has been arrested and placed on bond of $10,000. When the United States marshals went to serve the papers on Laoombe, it was found that he had learned of his discovery and attempted to commit suicide by taking a dose of morphine. He was placed under guard at his home. He is in a comatose condition, and it is thought he will live but a few hours. The panic is about over. The rottenness in the affairs of the American Na. tional and Union National, from which $1,000,000 was taken, caused the people to lose confidence, and the run they made on the Mutual and the Bank of Commerce, neither of which was very strong, caused the Mutual and the Bank of Commerce to close. There was a slight run on the People's, but It was soon stopped, and now the panio is over. Six out of the 18 banks in the city have closed their doors within the last year and four within the last month. New Orleans has never known such a panic since the days of 1873.
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NEW ORLEANS, Sept. 11.-This afternoon the two individual bookkeepers of the Union National bank, Frank Leefe and A. Colomb, were arrested on affidavits made by Cashier Labarathe. Colomb, it appears, is only "constructively" under arrest. The charge against Leefe is for violating United States statutes by falsifying his books and accounts. He pleaded not guilty and was placed under bonds of $1,000 which he immediately furnished. There are intimations that President Chalderon's mind is affected. There was a persistent run today on the People's bank.
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ANOTHER BANK CLOSED. New Orleans Purnishes the Third Pailure in Three Days. COULD NOT STAND THE HEAVY RUN Bank of Commerce Forced to Go Into Liquidation- 188018 Are Doubie the Sum Due the Depositors. New Orleans. La, September 11.-The Bank of Commerce. which overybody thought would be able to weather the wave of distrust and suspleton which the recent wreck of the American National bank caused, was compelled to close to doors this morning. There was a large crowd outside the bank, but everybody was orderly and all the bluecoats had to do was to char a passageway for the pedestrians to pass on the aldewalks All manner of surmises and opinions were being freely aired, but the sum and substance seemed than the Bank of Commerce had schopted the only course left to sit. President Nichole gives the following explanation: "The unprecedented run on the bank for the past six weeks and the impossibility of realizing with sufficient rapidity on the nasets and consulting with the vice president of the clearing house and submitting a statement to them, we deemed it advisable in order to protect the Interests of depositors, in order that they might be paid in full in a short time, as well as the stockholders, to take this step of liquidating-a step which none feel more than we do." The bank owes depositors between $300.000 and $400,000, while the ussets of the bank are about $800,000. The bank had quite a ong list of small depositors. The Bank of Commerce was founded in 1887 with a capital scook of $100,000. In that year several promisent business men got together. and deeming that the bank facilities of New Orleans were InsufBelent made up their minds to remedy the defect as much as possible, and the Bank of Commerce was the result. The plan of the institution was to do a general banking business in such a way as to be of accommodation to all classes of patrons, from men of m/Hons to wage earners. It found a fruitful fileld before it and its success up to this morning had been such as to justify the highest hopes of its founders. At 1:30 this afternoon there was a lively run on the People's bank. Depositors Blocked to the Institution and formed into Ince before the paying teller's window. So many people were In line that it extended clear into the street, There was excitement. but no trouble of any kind. The officials of the People's bank do not soem to be worried over the run and all claims for $100 or under are being rapidly cashed.
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Third New Orleans Failure. New Orleans, Sept. 11.-The Bank of Commerce, a state institution. did not open its doors this morning. The bank has deposits of between $300,000 and $400,000. while the assets are about $800,000. The bank had quite a long list of small depositors. At 1:30 this afternoon there was a lively run on the Peoples' bank. Depositors flocked to the Institution and formed into line before the paying teller. So many people were line that it extended clear into the streets. There is considerable excitement, but no trouble of any kind. The officials of the Peoplés' bank don't seem to be worried over the run. and all checks for $100 or under are being rapidly cashed.
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Another Bank Suspends. NEW ORLEANS: The Bank of Commerce, which everybody thought would be able to weather the wave of distrust and suspicion, which the recent wreck of the Union National engendered, has been compelled to close its doors. There was a large crowd outside the bank but everybody was orderly. All manner of surmises and opinions were freely aired by the crowd, but the sum and substance seemed to be that the Bank of Commerce had adopted the only course left to it. There was a lively run on the People's Bank. So many people were in line that it extended clear into the streets. The officials of the People's Bank did not seem to be worried over the run, and all checks for $100 or under were rapidly cashed.
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FOURTH NEW ORLEANS BANK GONE Excitement Intense in the Big Southern City. New Orleans, Sept. 12.-The Bank of Commerce, which everybody thought would be able to weather the wave of distrust and suspicion which followed the recent wreck of the American National bank, was compelled to close its doors this morning. There was a large crowd outside the bank. All manner of surmises and opinions were being freely accepted by the crowd, but the sum and substance seemed to be that the Bank of Commerce had adopted the only course left to It. The Bank of Commerce was founded in 1887 with a capital of $100,000. The plan was to do a general banking business, to furnish accommodations to all classes of patrons, from the man of millions to the wage earners, and also to do a general collecting business. It found a fruitful field, and its success had been such as to inspire the highest confidence in Its founders. At 1:30 this afternoon there was a lively run on the People's bank. So many people were in line that it extended clear into the street. There is considerable excitement, but no trouble of any kind. The officials of the People's bank do not seem worried over the run, and all checks for $100 or under are being rapidly cashed.