4367009290932 436700929
hash
4d3ff90dc645b17aNone
Click image to open full size in new tab
BANK LIQUIDATION. SAN FRANCISCO, August 26, 1877. The Merchants' Exchange Bank, of this city, announces that it will go into liquidation immediately. The liquidation is caused by a piethora of idle capital, stagnation in mercantile and stock circles, and decreased business uuder ruinous competition. The bank is perfectly solvent and will pay dollar for dollar.
Click image to open full size in new tab
Several of these banks, notably the New York and Metropolitan, hold large reserves of specie, as the detailed statement elsewhere shows. But that is not the point of danger at present. INDUSTRIAL OUTLOOK IN GREAT BRITAIN. The New York Daily Bulletin makesthis abstract of its English files down to the 18th lust.: Trade and manufactures bad not experienced as yet the hopeil-for revival. Textiles, according to the Manchester Eraminer, were *virtually a little worse." Food prospects in India and China were deemed of themeever sufficient to inspire caution, apart from the more Immediate effect of over-supplied markets. Heavy goods, however, weresching freely on Turkiels account, and there was also 11 fair demand for the South American markets. The coal and iron trades continue about as blue' us heretolore. Throughout South Wales trouble about wages continues, and In the north of England business was pretty much at a platiuetill. An endearor in being midd to arranze n anding ecalu between the Cloveland miners and the mine-owners to regulate the wages question by the relling prices of material. l'ho condi. tion of allaire in Shefield is thus described: The general depression which has BO long lung over this district continues without rehef. For Irun there is almost no demand. and the alight improvement ju the Australian ordere for steel is a very pour ret-ut the loss in other markets. Many of the collieries are idle, and but for the ex. purt trade nearly the whole of the pits in this disrict would have to be set down, In the cutlery trade, however, 11 may be said that a marked lui+ provement is seen. From Australia, large orders have been received, and there la also a fair trade dulug with the Continent (except Frauce) and America. The American house are sending large consignments of spring knives. which, ou account of their superior quality as Shelfield make, find a ready sale." THE NEW YORK STATE BUPERINTENDENT OF BANKS, The result of the trial of Superintendent Ellis, of the New York Bank Department, has been his removal from office. The vote of the Senate, sitting at Saratoga, was 21 for removal to 7 against it. The Scuate, in executive session, adopted a resolution that the Superintendent had been guilty of culpable negligence, but afterwards, in public seasion. declared that he bad not been guilty of any Intentional wrong. THE MENCHANTS' EXCHANGE BANK OF BAN PRANCISCO. The Merchants' Exchange Bank of San Francisco is about to retire from business. It was organized seven years ago with a nominal capital of $1,000,000. This had been paid in and gradually in. creased (11) It reached $5,000,000. From January, 1872, to August, 1870, the bank paid monthly dividends of 1 per cent, and since then 0 per cent per year has been paid. The cause of the retirement of the bank from business is that there are too many banks in San Prancisco for the business to be done. LEGAL EXPENSES OF THE CONTINENTAL LIFE. The legal expenses of the Continental Life aluce guing into the hands of & Receiver have been enor. uous. Under Receiver Anderson $10,539 were
Click image to open full size in new tab
Porter also made addresses. Gov. Young, of Ohio, made the closing speech. THE notes stolen from the Keesville. E Y., National bank have been returned. The money and bonds are retained by the robbers. FRED W. COFFIN & Wm. Roscoe Lyon, E paper dealers on Beekman street, failed on the 27th; liabilities $102,000; assets $119,000. THE new Edison telephone was tested a New York on the 26th inst., over the extra ordinary distance of 240 miles. Music was , transmitted distinctly. , THE New York Domocratic state convention is called to meet at the Delavan House, P Albany, on the 11th of September. THE British Rifle Team arrived in New f York city on the 25th inst., and were accord1 ed a hearty reception. THE WEST. $ THE government of the Mormon church has passed into the hands of the 12 apostles, ten of whom were present at the funeral of Brigham Young on the 2d inst. Two of them : James Smith and Orson Pratt are in Eng$ land and it is not likely there will be another president of the church appointed for some time. THE Iowa state prohibition convention, at Oskaloosa, on the 31st ult., nominated Hon. Elias Jessup, of Oskaloosa, for gover: nor. It made no other nominations. THE authorities of the Cineinnati, Hamilton and Dayton railroad have issued a circular to their employes, declaring that on and after Sept. 1, 90 miles run shall consti tute a day's work. Heretofore 60 miles has counted as a full day. Much dissatisfaction is expressed by the employes that no increase of pay accompanies the increased labor. THE Lawrence and Southwestern railroad, extending from Lawrence, Ks., to Carbondale, Osage county, 38 miles, was sold, on the 29th, pursuant to a decree of the Circuit Court of the United States. It was bid off by Robert C. Carr, of St. Louis, for himself and associates for the sum of $48,335. The road was built seven year ago at a cost of about $16,000 per mile. Mr. Carr is president of the Kansas Pacific railroad company. Whether it is bought in the interest of that company is not known. THE Illinois State Savings institution, at Chicago, made an assignment to Abner Taylor, on the 26th. This bank has been established some 20 years, and from the prestige of its early reputation has secured the patronage of a great majority of the poorer classes, who deposit in saving institutions here. The failure will fall with crushing weight on these people, many of whom have invested their all with that bank. BEN DE BAR manager of De Bar's Opera House, St. Louis died in that city on the 28th. THE Indians attacked a party of settlers at Grizer Basin, Montana, on the 24th, killing seven men. On the 26th they met another party of whitesand killed nine of them. IT is thought that a Howe truss can be thrown over the break in the railway bridge at Council Bluffs. If it can be done trains will be running over the structure inside of four months. THE Merchants' Exchange Bank of San Francisco, on the 25th, announced that it would go into liquidation. The concern is perfectly solvent, and will pay dollar for dollar. A PARTY of twenty persons who left Deadwood, a few weeks since, en route for the Little Missouri river, returned on the 25th. They report having been attacked by the Indians on the 21st inst. Thos. H. Carr, quartz recorder of the Deadwood mining district, was killed. Twenty-seven horses belonging to the miners were also killed.
Click image to open full size in new tab
Official Press of King County. Wednesday, Sept'r 19, 1877. # MORE MONEY WANTED. In 1870, the Merchants' Exchange Bank, a corporation formed under the banking laws of California, started business in San Francisco with a cash capital of two and a half millions of dollars. Three years later, it had so increased its business as to warrant an increase of its capital stock to five millions, of which the President of the bank, Alvinza Hayward, held one-fifth. It has just gone into liquidation, calling in its loans and paying off its depositors in cash, dollar for dollar. The cause assigned for this corporation's retirement from business is that the low rates of interest on money loaned on real estate in San Francisco, do not afford sufficient profit on the money invested, and the loaning of money upon mining stocks, as heretofore practiced by nearly all the banks in San Francisco, is too risky a business. Accomodation loans to merchants and manufacturers, secured by pledges of merchandise, only pay one and a quarter per cent. per month, while loans upon real estate pay from 7 to 10 per cent. per annum, according to the improvements upon the mortgaged property. We wonder if some of the capitalists composing this corporation could not be prevailed upon to send a portion of their idle funds here for investment? A merchants' bank to assist business through dull seasons, is just what is required in Seattle; and there is no city on the coast (that we are aware of) which offers as good inducements to capital seeking investment. There are no "wildcat" mines here, no fraudulent Mexican land grants; all the lands here are either patented directly to the holders thereof by the Federal Government, or else still vested in the Government itself. What Seattle wants to improve its property is more money and at cheaper rates of interest. We do not claim that, in the present scareity of money, the rates of the local bank here are too high; we merely urge that the establishment of another bank in this city would render money more abundant, and for that reason, cheaper for the borrowers. An unwise law now cumbers our statute books, excluding foreign capital by its unjust discrimination, while the banks in Victoria are overflowing with idle money which would be cheerfully sent here for investment if these injudicious restrictions were removed. Let our legislators see to the removal of this financial "jam," at the approaching session. To exclude English or Scotch capital from our towns, is as unjust as to prohibit Scotchmen or Englishmen from working in our mines. Capital is but the savings of labor, after all.
Click image to open full size in new tab
THE STOCK MARKET. The market was very dull yesterday, as the San Francisco Stock Exchange was closed, on account of the funeral of Martin Bacon. An attempt was made to transact business in the Pacific Board, but it fell rather flat. The Virginia Enterprise says: Explorations in the north end of the Con. Cal. & Va. below the 1650 level are being advanced in new ground, and the official letter of Superintendent Lyman last week showed an increase in the amount of ore extracted. The ore discovery of 1886 was made in the vicinity of present operations, which were suspended early in 1887 on account of gas from the combustion of the drift timbering, making it impossible to continue work at that point. The ore resources in that vicinity were not exhausted by any means when work was suspended, and the outlook for turther developments in that part of the mine are flattering should no fuflow of gas interfere with explorations. NOTES. Fred W. Hadley, secretary of the San Francisco Stock Exchange, is confined to his residence by serious illness. The Merchants' Exchange Bank, which is in liquidation. has declared a dividend of $2 per share, payable immediately. Silver was heavy at 631/2C in New York yesterday and 291/4d in London. The South Eureka Mining Company has levied an assessment of 1 cent per share, and the Natoma Vineyard Company one of $5 per share. Twelve carloads of silver bullion have recently
Click image to open full size in new tab
RECEIPTS OF INTERIOR PROD UCE FOR 24 HOURS. Flour. gr. sks 13,410 4,838 Eggs. doz 612 Oregon 100 Quicksilv ver, flasks Wheat. ctis Leather. rolls 73 7.190 Barley, ctis Hides, no 1,608 Corn, ctls 2,650 540 Pelts. odis Nebraska 400 Wool. bis 1.169 Potatoes. sks 1,380 50.400 Wine, gais Onions. sks 12 Brandy, gais. 2,465 260 Hay. tons 120 Lime, bbls 245 Middlings, sks. Beans, sks. 224 Bran, RKS 24 2,090 Hops, bls Butter, ctls 258 Raisins. bxs 2,100 57 Cheese, ctls THE STOCK MARKET. Values were lower yesterday, the best prices being from 2c to 1Cc under those of Monday. Business continued quiet. The close was weak. Alpha is assessed 5c. The assessment on the Con. Cal. & Va. will be delinquent in office to-day. The annual meeting of the Bulwer Con. takes place to-day. The Chollar reports a cash balance of $13,570 85. A bar of bullion valued at $2200 has been received from the Gray Eagle, being the result of a few days' run of the mill. Telegrams from the Occidental state that the ground on the 750 level is getting considerably softer, showing that they are nearing the ledge on that level. They are still crosscutting from the Edwards shaft and are in gold ore assaying $6 per ton. They have some distance further to run before reaching the wall, and the management is very hopeful of getting into an ore body within a few days. The First National Bank of Monrovia has declared a dividend of $2 50 per share on its capital stock, which was paid April 1. The First National Bank of San Diego has declared a dividend of 3 per cent. The surplus of the bank is now about $23,000. The Merchants' Exchange Bank of this City, in liquidation since 1875, has declared its thirteenth dividend of $1 per share, payable on the 8:h. The weekly report of the Chollar is as follows: In the south stope 450 level they continue to assort the old fill. and are preparing to raise on a streak of fair grade ore two feet wide, exposed on the east side. In this stope above crosscut 2 this level they fare working north and south on the sixth floor in fillings and bunches of fair grade in places. On the 550 level they have completed the repairs on tue north lateral drift and have put in a chute in the raise leading to the south stope on the 450 level, under which it is proposed to prospect further. Have saved and shipped to the Nevada mill for reduction during the week 761/2 tons of ore, the average battery sample of which with that previously accumulated in the ore bins was $21 88. POTOSI-The south compartment of the raise from the 450 level south drift has been completed to the tenth floor. It has cut bunches of fair grade ore, which has been saved. On the 650 level they have completed eighteen feet of the main west Grift, making its totallength 368 feet. A considerable portion of the week has been occupied in putting in a blower and air pipe at this point. On the tunnel level the southeast drift has been upraised and retimbered 330 teet from the switch, seventy feet having been completed since last report. Are repairing in the main incline and elsewhere as is found necessary. It was reported yesterday that Jere Lynch, president of the Hale & Norcross, and James Cronin had arrived on the Comstock and that the mine was to be opened up at once. Assessmnents Pending. Following is a list of assessments now pending: