28600830 2860
national
d0c40dc4f93f1108Capital injected, Full suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
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PHILADELPHIA. A National Bank in Trouble. PHILADELPHIA, Feb. 20.-It is reported that the Cashier of the Fourth National Bank is a defaulter in the sum of over one hundred thousand dollars, and has made his escape. There was a regular run on the bank to-day, but its doors were not closed.
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News Items. KEY WEST, February 20.-The Persian iron-clads have arrived. MEMPHIS, February 20.-The Arkansas militia who killed Davis, near Mound City, were arrested Monday, court-martialed Tuesday, and shot Wednesday. NEW ORLEANS, February 20.-The Cuban refugees have addressed a protest to the Governor, against the charges by the Spanish Consul of designs on their part to provoke an outbreak between the slaves and Spanish residents. They declare that notwithstanding their political opinions, they do not design to infringe upon the laws in any manuer. BALTIMORE, February 20.-Charles A. Gambrell, an extensive flour manufacturer, is dead-aged 64. PHILADELPHIA, February 20.-It is reported that the cashier of the fourthnational bank in this city is a defeaulter in the sum of $10,000, and has fled. There was a slight run on the bank to-day. CHICAGO, February 20.-The General Assembly to-day, by a vote of 51 to 30, passed the bill restoring capital punishment. CHARLESTON, February 20.-Arrivedsteamers James Adger, New York; Prometheus; Philadelphia.
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PFNRSYLVANIA. PHILADEPHIA, Feb. 20. It is reported that the Cashier of the Fourth National Bank is n defaulter in the sum of over $100,000; he made his escape. There was a slight run on the bank to-day, but the doors were not closed.
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Reported Defalcation and Flight of a Bank Cashier. PHILADELPHIA, February 20.-It is reported that the cashier of the Fourth National Bank of this city has filed, being a defaulter for $10,000. There was a slight run on the bank to-day.
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Defaulter. PHILADELPHIA, February 20.-It is reported that the cashier of the Fourth National Bank is a defaulter in the sum of $100,000 and has made his escape. There was a slight run on the bank today but the doors were not closed.
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A Defaulting Cashier. PHILADELPITIA, Ftb 20.-It is reported that the taabier of the Fourto National Bank 14 & ceralt. er in the sam of ever $100,000. and his made tis escape. There was a enght run on the bank w day, but the docrs Here nut closed.
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FOURTH NATIORAL BANK-IT SUSPENDS PAYMENT-THE CASHIER AN ALLEGED DEFAULTER TO THE SUM OF $60,000.-Considerable excitement was created in the city this morning by the announcement of the fact that the Fourth National Bank, in Arch street, near Eighth, had suspended payment in consequence of certain trouble in the institution. Long before banking hours a large number of persons were congregated in front of the bank. and the presence of the officers soon after 9 o'clock gave evidence that something was wrong. Taen followed the announcement of suspension. This created a surore among those assembled, and all sorts of rumors were afloat concerning the cashier. bank. directors, etc. An investigation on the part of our reporter disclosed the following:some days since, Mr. MacMullin, cashier of the institution, resigned, and another gentleman was elected to supply the vacancy. The accounts were gone over, and deficiencies were found to exist. At first the amount was put down at $10,000, but now the sum in default is estimated at $60,000. The old cashier has not left town, as reported some days since. He was in consultation with the directors last evening, and what transpired between them we are unable to lay before our readers. We only know that in consequence of that interview, and from further investigation of the books this morning, the bank suspended payment. Mr. Albert C. Roberts, President, desires the public to understand that in a few days everything will be right. He says the depositors will not lose a penny, and the only ones to suffer, If any great loss has been incurred, will be the stockholders. The amount of capital invested is ample to meet all demands, and no fear 18 entertained of a "smash-up." The President and directors are anxious to make a thorough investigation of the books, papers, etc., and until that 18 done the bank will be closed. They expect to reopen in about one week.
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SUSPENSION OF THE FOURTH NATIONAL BANK OF PHILADELPHIA. PHILADELPHIA, Feb. 23.-The doors of the Fourth National Bank were not opened this morning owing to the defalcation of Cashier Mac Mullen. The suspension caused a large crowd to collect in the vicinty of the bank. Mac Mullen is here, but refuses or is unwilling to give any information. The police have him in their possession. The bank has been in bad odor for some time and the event has not caused much suprise. The capital of the bank 18 $225,000, the deposits $500,000, and the circulation $130,000 at the last report.
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PENNSYLVANIA. ANOTHER BANK DEFALCATION. PHILADELPHIA, Feb 23.-The doors of the Fourth National Bank are not open this morning, owing to defalcation of the Cashier, Mr. McMullen. The suspension caused a large crowd to collect in the vicinity of the Bank. McMullen is here, but refuses or is unwilling to give any information. The police have him in their possession. The bank has been in bad order for some time, and the event has not caused much surprise. The capital of the bank is $2,250,000, deposits $500,000, and circulation $130,000 at last reports.
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Failnre of a Philadelphia Bank. PHILADELPHIA, February 23.--The Fourth National Bank of this city has closed. The amount of deposits at time of suspension were $500,000. The failure is attributed to the defalcation of the cashier.
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WEST, February 20. The Persian iron-clads have arrived. MEMPIIIS, February 20. The Arkansas militia who killed Davis, near Mound City, were arrested Monday, court-martialed Tuesday, and shot Wednesday. NEW ORLEANS, February 20. The Cuban refugees have addressed a protest to the Governor, against the charges by the Spanish Consul of dosigns on their part to provoke an outbreak between the slaves and Spanish residents. They declare that notwithstanding thir political opinions, they do not design to infringe upon the laws in any manner. BALTIMORE, February 20. Charles A. Gambrell, an extensive flour manufacturer, is dead-aged 64. PHILADELPHIA, February 20. It is reported that the cashier of the fourth national bank in this city in a defaulter in the sum of $10,000, and has fled. There was a slight run CHICAGO, February 20. The General Assembly to-day, by a vote of 51 to 30, passed the bill restoring capital punishment.
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PENNSYLVANIA. Suspension of the Fourth National Bank of Philadelphia, PHILADELPHIA, Feb. 23, 1869. The doors of the Fourth National Bank were not opened this morning owing to the defaication of Cashier MacMullen. The suspension caused a large crowd to collect in the vicinity of the bank. MacMullen is here, but refuses or is unwilling to give any information. The police have him in their possession. The bank has been in bad oder for some time. and the event has not caused much surprise. The capital of the bank is $225,000, the deposits $500,000, and the circulation $130,000 at the last report.
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Suspension of the fourth National Bank of Philadelphia. PHILADELPHIA, Feb. 23.-The doors of the Fourth National Bank were not opened this morning owing to the defalcation of Chaster Mac Mullen. The suspension caused a large crowd to collect in the vicinty of the Bank. Mac Mullen is here, but refuses or is unwilling to give any information. The poice have him in their possession. The bank has been in bad order for some time and the event has not caused much suprise. The capetal of the bank is $225,000, the deposite $500,000, and the circulation $130,000 at the last report.
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It is reported that the Cashier of the 4th National Bank, of Philadelphia is a defaulter in a sum said to exceed $100,000, and that he has made his escape. There was a slight run on the bank, yesterday. but the doors were not closed.
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TELEGRAPHIC NEWS.D NEWS FROM THE CAPITAL. SPECIAL TELEGRAM TO THE DISPATCH. WASHINGTON, February 24,1869. THE DIPLOMATIC APPROPRIATION BILL. The conference committee on the diplomatic appropriation bill has decided to report in favor of the appointment of a United States commissioner, at a salary of $3,000, for Honduras, San Salvador, Nicaragua, and Costa Rica, in Central America: for missions to Ecuador, Bolivia, Peru, and Uruguay, salary not to exceed $3,000. The salary of the Minister to Chili is not disturbed. THE HOUSE BILL REDUCING THE ARMY. The House Military Committee to-day decided to offer an amendment to the House bill reducing the army to thirty regiments of infantry and five regiments of cavalry, in place of Blain's amendment, said to be in accordance with General Grant's suggestion. THE SUFFRAGE AMENDMENT. The conference committee or. the constitutional amendment on suffrage had a meeting to-day without definite conclusion. Another meeting is suggested for this evening, but the indications are that the committe cannot agree. SUSPENSION OF A NATIONAL BANK. The Comptroller of the Currency yesterday received information in regard to the condition of the Fourth National Bank of Philadelphia, which has been compelled to suspend on account of the defalcation of its cashier. According to this information the officers of the bank are in hopes that they will be able to make a satisfactory arrangement and reopen for business, and give the assurance that every cent of the deposits shall be made good. This bank withdrew its securities as a Government depository early last month. DISCHARGE OF EMPLOYEES, &c. About fifty female clerks now employed in the loan branch of the Treasury will be discharged on the first proximo. Although the fund for paying the salary of those employed under the acts authorizing the national loan has been very nearly expended, enough has been retained to pay the women about to be discharged. The great discharge of clerks from the Treasury will not begin until the latter part of March, as Mr. McCulloch declines to take any action in the matter. Preparations are being made to take possession building of immediately the north wing after of the the inaugura- Treasury tion; will it occupy the Internal the greater Revenue portion of department it, and is room the thought of the that Secretary the office and the and offices reception of assistant secretaries will hereafter be in this part of the Treasury. WALLACE. ASSOCIATED PRESS TELEGRAMS. CHANGES IN THE DISABILITY BILL. WASHINGTON, February 24.-The Reconstruction Committee is considering the Senate amendments to the disability bill. The progress is slow. The name of Shackleford, of Virginia, has been stricken off. That of Judge Parker, of Virginia, whom Sumner called atrocious, was retained by a vote of four to three-Mr. Bingham voting aye. Nothing of importance was done in either House this morning. VARIOUS ITEMS. It is believed that General Grant will notify his Cabinet officers between now and Monday. It is conceded that they will be moderate Republicans. Caleb Cushing's treaty for a ship canal across the Isthmus of Darien is favorably considered in the Senate Committee of Foreign Relations. Colonel Parker, of Indian descent, and heretofore on General Grant's staff, is prominently spoken of for Commissioner of Indian Affairs. General Sherman is expected here Friday. General Sheridan will succeed General Sherman as Lieutenant-General. The body of Captain Wirz was to-day delivered to his friends. The Senate Judiciary Committee has resolved to take no further action this session on the removal of political disabilities. The progress Reconstruction to-day considering Committee bill the made Senate little amendments to is more strong political that disabilities, nothing the House and will the impression be done removing this session, the House being certain to erase some of the names, which will involve the return of the bill to the Senate for concurrence. Both Houses will caucus on Tuesday next on officers for the ensuing session. New members are earnestly urged to be present. Further business by either House is improbable.
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From Philadelphia. PHILADELPHIA, PA., Feb. 20-P. M. It is reported that the Cashier of the Fourth National Bank of this city is a defaulter to the amount of tep thousand dollars. He has fled the city. There was a slight run on the bank to-day.
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THE SUSPENSION OF THE FOURTH NATIONAL BANK IN PHILADELPHIA.-The Philadelphia Ledger of Wednesday says: The Fourth National Bank of this city, located on Arch street near Eighth, Buspended payment on Tuesday morning. The bank has not been in good credit for a year and a half past with the few most intimately acquainted with the manner in which it has been operated. For the last three months it has been under close watch of the board of bank presidents, and enough that was irregular was discovered in the conduct of the cashier of the bank to warrant a request from the board for his resignation, which was subsequently made and at once formally tendered. The resignation took place in the forepart of last week, and the fact becoming known, various surmises were started, and the bank's troubles were necessarily increased. A committee of the board of presidents made an etimmnation on Thursday or Friday last, and though they detected some irregularities, and reported positive fraud to the amount of $10,000, they nevertheless expressed their belief that the bank was able to go on, and united in a resolve to sustain it through its present emergency. The old cashier having left, the investigation of the books of the bank was continued, and Monday being a dies non in the business of the bank, two or three clerks from other banks were brought in as experts to aid in the examination, and continued their labors until late at night. The accounts were found in a very unsettled and disordered state, overdrafts and fraudulent entries being detected to the amount, in round numbers, of at least one hundred thousand dollars. On this showing the board of bank presidents advised a suspension of business until a thorough examination could be made, and under this advice the bank closed its doors yesterday morning. One of the directors of the bank, we understand, was dispatched to Washington to have Mr. Roberts, the president, appointed receiver, and word was at the same time sent to the Comptroller of the Currency to have an examiner make immediate investigation. Of course the Fourth National does not appear in the weekly clearinghouse statement of averages. By its last statement, on the 16th, it showed liabilities on account of deposits to the amount of $508,938, and resources to the amount of $180,278 in legal tenders, and $547,676 in loans and discounted paper-in all, $727,954 from which to pay $508,938 of deposits. Back of this there is the cashier's security of $25,000, and beyond that again the capital of the bank, $225,000 more. " How much of the assets now on hand reundisposed of, and how much are good, is of course at present unknown, It is the opinion of the president of the bank that there can be no loss to depositors-the noteholders are of course protected-and he hopes that even the capital of the bank is unimpaired. There are two things developed in the failure of this bank worthy of note; the first is, the value and importance of the board of bank presidents in discovering and exposing any irregularity leading to weakness or failure of any of their number, and, second, to the insecurity and utter worthlessness of the examinations made by the examiners sent out by the department at Washington. The Fourth National was visited last month by one of these, and reported, as we are informed, all right. S. J. Macmullen, the late cashier, is still in the city. He says, we are informed, that the missing money from the bank was lent to various parties, from whom he expects to recover a considerable part. He has not named the parties, but says he will."
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Memphis, Feb. 20.-The Arkansas militia who killed Davis, near Mound City, were arrested Monday, court martialed Tuesday and shot Wednesday. Chicago, Feb. 20.-The Assembly by 51 to 30 passed bill restoring capital punishment. Philadelphia, Feb. 20.-It is reported that the cashier of the Fourth National Bank of this city is a defaulter in $100,000, and fled. Slight run on bank to-day. Boston, Feb. 17.-John W. Coleman is under arrest, charged with absconding from Baton Rouge, La., with funds belonging to the freedmen's bureau, with which he was formerly connected at that place. He denies guilt, but proof is said to be strong against him. St. Louis, Feb. 16.-A very rich gold mine has been discovered near Virginia City, Nevada. Missouri Legislature has passed a bill prohibiting prize fighting.
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PHILADELPHIA. The Failed Bank. PHILADELPHIA, March 5.-The - Commercial List says the government examiner appointed to examine the affairs of the Fourth National Bank which suspended on the 23d ult., reports its whole capital stock of $2,500,000 has disappeared, but depositors will secure all their money. The defaulting cashier has vanished.
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THE FOURTH NATIONAL BANK OF PHILAiELPHIA.-Philadelphia, March 5.-The Commercial List says the Government examiner reports the capital stock of the Fourth National Bank, which suspended on the 23d ultimo, amounting to $250,000, has disappeared, but the depositors will secure all their money. The defaulting cashier vanished on hearing that a warrant was issued for his arrest. The charter has been purchased by & number of gentlemen, headed by John B. Austin, who have subscribed new capital, and will endeavor to reorganize the concern.
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CITY INTELLIGENCE. CITY CRIMINAL CALENDAR. stripped the Clothes Line Store Rob. bery Wanted a Coat. Yesterday a certain John Smith was ob served with bag under his arm He arrested and the bag hed. contained quantity of still dripping washed clothes. was subsequently ascertained that they had been stolen from the line the yard of dwelling on Dauphin street east of Front, Our friend John was committed by Alderman Heins. Last night liquor store No. 233 South Delaware avenue WEB entered and robbed The thieves wanted to wet their whistles, They got into the place by breaking open the panels of door opening on a side alley, Six dollars in money was taken from thetill and a num ber of whisky gathered together to be removed juncture Harbor Policeman Denard happened along and arrested one of them. His name is Henry Givin He will have a hearing this afternoon at the Central Station Although the weather yesterday was warm, John Hughes thought ne would like an overinclination the means or the hadn' He cost. to buy one. and so he walked into the entry of the dweiling portion of the Sixth Ward Station House. on Cnerry street, west of Fourth, and deliberately took one from the rack That was venturing pretty near the lion's mouth but he got $10 worth of cloth by 80 doing. Frank Dougherty owned the coat and. discovering its loss, gave Information Poor Hughes was arrested whilespreading himself in at Eighth and Vinestreets Officer Kensali, of the Eighth district, did the arresting. John was held by Alderman Carpenter in $800 bail. THE FOURTH NATIONAL BANK Excitement ad speculation institution somewhat subsided. Under new regime its doors were again opened for the transaction of business this morning Before 10 o'clock a goodly crowd of persons were in and out of the place, but they were not, however, the merely Idle. keeking after some new thing. battparties directly interested in business. The whole Bank has been reor organized. renewed, and reconstructed. The very books in the place are new. and before 9 o'clock this morn nnolled with ing were figures. inky Mr. Charles Callender, the Special Agent of the Treasury Department who has been investigating the difficulty is still present directing and watching. It is his inten. tion to remain for some sixty or ninety days further. or until the new institution has been fairly and successful launched. He expresses himself in terms of the highest commendation in regard to the conduct of the old stockholders, out of whom new board of directors has been organized. He says, and justly, that their bold. ready. and praiseworthy action. after having lost through the mismanagement of the old institution some $250,000. in subscribing 8200,000additional to the new for the purpose of preventing the bank falling into the hands of a receiver. proves their honesty as well as their business foresight Instead of obstructing they have cordially aided him in all hisinvestigations. Tt. now appears that the legitimate losses of the bank arising from the nature of the business as formerly conducted. have been very small: and it is expected enough will be realized by the reconstruction in the course of a few months to pay the old stockholders a handsome dividend. great deal of the money supposed to have been lost will be recovered. This morning, when the institution again opened, notwithstanding all the hubbub which has been raised about it, before a single check had been presented for payment, several deposits were received. New books have been issued to the depositors. Now everything is going along smoothly When the design of the new certificates was about being prepared by a happy idea it was conluded to make the medallion phoenix arising from its ashes The applicability of the rep resentation is seen at once. Last night Mr. Callender sent a report of the progress of theIreorganization to the depart ment at Washington. He stated that it must prove a matter of just pride and gratification to the department that the bank had been so completely reconstructed that no fear need be entertained of any further suspension. He gave credit to the gentlemen comprising the present new board. and to the old stockholder for having afforded him every facility in their power towards a thorough estigation and 10% coming forward so readily with fresh funds to prevent the institution going into the hands of receiver The new officers of the bank are as follows:A. C. Roberts, President J.B. Askin, Vice President. Directors-Robert Clark. Samuel Miller James C. Kelch John Fareira, S. J, Cresswell, J. Bardsley E. A. Sballeross. L H. Raser. AssistantCashier. THE CAMDEN MUNICIPAL ELECTION, which took place yesterday, resulted in a decided triumph for the Republican ticket in the city at large. Last November the vote of the city stood as follows:Governor. President. 1945 2055 Republican 1582 Democratic 1604 473 Rep. maj 341 Hon.Charles Cox. Republican, the present incumbent, was re-elected Mayor by a ma. jority of about 500, fully maintaining the majority received by the Grant electors, and showing a large increase on the Republican majority for Governor. Mr. J. Kelly Brown the Republican candidate for Marshal, received about the same majority as the Mayor, The Republicans electe ed their entir ticket in the North ward by a majority of over 300 votes. and nearly, if not quite, every candidate on their ticket in the South ward The returns are now being counted, but will not be completed untillate this afternoon. The election yesterday passed off very quietly all the drinking saloons being closed, in strict compliance with the law of e State DEVOTED STILL.-Last evening, the large room in the Soldiers' Home, Sixteenth and Filbert streets. was crowded to excess on the OC casion of a complimentary concert to the soldiers in that Home It proved a ided success in pecuniary view and gave the utmost satisfaction to all present The ladies under whose immediate auspices it was gotten up, have reason to be gratified at the delightful entertainment At the same time, their friends witnessed their devotedness to the care and protection of those who perilled their lives in behalf of the country during the late war, with the same interest as when the Rebel armies were confronting and engaged in the great struggle with the Union armies, and when the lympathies, care, and attention of the ladies were 80 much needed and so effective. Ladies. we join our thanks with the soldiers for the evening's enjoymant. and the vast good that must flow from 11 VETERINARY.-The Pennsylvania College of Veterinary Surgeons held their annual meeting at Diligent Hall yesterday. The following officers were elected for the ensuing year:James McCoart, President: William A Wisdom. Vice President Robert Koldewey Recording Secretary James A. Marshall Cor responding Secretary Thomas B. Ravner, Treasurer. Censors, B. Rayner M. W Birch, R Jennings, T. J. Corbyn. James McCoart, and John Rayner Faculty, Isaiah Michener, Pro. fessor of Theory and Practice of Medicines R. Jennings, Professor of Pathology and Surgery M.W Birch. Professor of Materia Medica and
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The Philadelphia, Fourth National Bank Fraud. PHILADELPHIA, March 5. The Commerical List says: "The Government examiner appointed to examine the affairs of the Fourth National Bank, which suspended on the 23d ult., reports that its whole capital stock of $250,000 has disappeard; but the depositors will secure all their money. The defaulting Cashier has vanished on leaning that: a warrant was out for his arrest. The charter of the institution has been purchased by a number of Philadelphia gentlemen, headed by John Austin, late President of the Southwark National Bank, who have subscribed the new capital, and will attempt to reorganize the concern.
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NEW YORK, 10th. The Times' Washington special says, the President will to-day send to the Senate the following nominations: For Secretary of State - Hamilton Fish, of New York. For Secretary of the Treasury-Geo. S. Boutwell. Minister to France-Elihu B. Washburne, of Illinois. The Tribune says, Ex-Gov. Boutwell will surely be made Secretary of the Treasury to-day if he will accept. Major-Gen. Dix will soon return home his as to been having resignation accepted, Minister and the usual France letter of recall has been forwarded by the Department of State. The Inman steamship City of Brooklyn, which left Liverpool Feb. 24, arrived here yesterday, and brings 2 days' later news. A letter from Rome says that the Holy Father is much at annoyed the France. project to erect a statue to Voltaire, in A despatch from Constantinople announces that a detachment of Bashi a of irregular Turkish cavabout on realry, Bazou, prowling corps the frontier, Prussian met a detachment at a called cently troops place Kermanshaw, of near Both bravely from till 3 p.m., Bagdad. morning sides fought when retire. the Bashi Bazou were compelled to In Constantinople the fight is attributed to motives of religion, the Persians being a dissentient sect from the Church which racognizes Mahommed as its founder. The bulk o." the Turkish army is now at Bagdad, preparing to march on the Persian frontier as soon as the weather permits. NEW YORK, 10th. Ripe tomatoes, hot house strawberries and cucumbers are now offered for sale in Broadway fancy stores. The injunction of Judge Barnard, upon of the R. and the proceedings Directors, subsequent Union Pacific H arrest of Ames and Dillon, end of excitement. causes Oakes no Sidney The Fifth Avenue Hotel seems to be favorable for Fisk's arrests. The cause of the diffiis the same as last year. Fisk be a subscriber a claims culty to to large amount of Union Pacific stock. The Directors insist that there is no validity in his claims. Opinions vary, but has the many believe will succeed in Fiske he sympathy of carrying who his It is ones not to pry too knowing point. thought advisable far into the by the affairs of the Union Pacific. PHILADELPHIA, 11th. The Fourth National Bank was reopened yesterday, undera new regime. amount embezzled does not of fall The short total $1,000,000. $200,000 has already been subscribed by stockholders to the institution prevent from going It is hands of a receiver. that in a short thought into the time the bank will be in a flourishing condition. The death warrant was read to Twitchell and Ervan by the Sheriff yesterday. They will be executed April8th between the hours of 10 a.m. and 2 p.m. It is reported that Twitchell contemplates a confession to his spiritual advisers. LONDON, 10th. The Spanish Government has teleto Gen. Dulce to graphed insurgents suspend con- the proposed execution of demned to death in Cuba. PETERSBURG,VA., 10th. In the convention to-day, there was some excitement. A colored sergeantwas appointed, a white man levelled his at-arms against pistol while at- whom to make an arrest. tempting the police. The latter A was taken in charge by motion to ask the mayor to withdraw the police was defeated, but the officer shortly afterwards withdrew the force from the hall. The nominations resulted as follows: For Governor, H. H. Wells; Lieut.Governor, Dr. J. D. Harris (colored) Thomas Atty.-General, H. R. Crane. Bowden Congressman at large, A. NEW YORK,10th. A Harrisburg despatch says, the constitutional amendment was passed to a fecond reading in the Senate last night. Gold 1314.
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FALSE REPORT.-We find the following in the Wilmington Journal and Statesman. We copied the same statement from the Times, and cheerfully make the correction. The Smyrna Times of last week announced that the contractors of the Queen Anne's & Kent Railroad Company had failed, on account of losses sustained by the defalcation in the Fourth National Bank of Philadelphia. We, in common with other copied the report. We are state that there is not one ath in the statement of the essrs. Stearns & Co. the COI ave not failed, and do not in this or any other contract they Mertake. And moreover, they never had any dealings directly or indirectly with the Fourth National Bank of Philadelphia, and consequently are not affected by its suspension. The whole story is gratuitous, and the Smyrna Times owes it to the character and business reputation or the contractors to correct the statement forthwith. The oad is now in excellent condition, and the wor k progresses finely. The grading and bridging is all complete, to within two miles of Centreville, and the cross ties are ready. As goon as the Townsend end of the road, now being built by the Delaware Railroad, is finished, the track will be laid without delay, and strong hopes are entertained that it will be completed by the first of May. We have received the following letter from Mr. Stearns, in contradiction of the above report: WILMINGTON, DEL. March 8th, 1869. Editors Middletown Transcript: GENTLEMEN :-In your paper of March 6th you state that Stearns & Co. have failed on account of the defalcation of the 4th National Bank, Phila. Allow me to say to you we never had one dollar dealing with the said Bank. We have not failed, neither do we intend to: Our liabilities will be paid at any time presented, and the Queen Ann's Rail Road will be built by myself, and not by other parties as you represent. Please correct your statement in the issue of the 6th. Yours with respect GEORGE STEARNS.