Chicago Daily Tribune Newspaper, August 30, 1877, Page 4

THE CHICAGO TRIBUNE: 'THURSDAY, AUGUST 30, 1877 RY MAIL—IN ADVANCE—POSTAGE PREPAID. Day a ot ay Clubof twenty. Specimen copies sent tree, ‘io prevent delay and m{stakes be mre and qive Post Crt:ce addres in full, Including State and County. Remittances may be made either by dratt, express, Fost-Office onter, or in registered letters, at our risk, TERMS TO CITY SUNSCRIDERS, Pally, delivered, Buovas excepted, 25 cents per week. Lally, delivered, Sunday tactnded, 90 canta per week. Address THE TRIBUNE COMPANY, Cornet Madieon and Dearborn-sts,. Chiengo, I. Orders for the tlellvery of Tux Trintxn at Evanston. Foulewood, nol Myde Park teft in the couuting-room will recetye prompt attention, “AMUS Honley's Theatre. Tandoiph street, between Clark ant Lesqle. En- gayement of Miss Mary Cary. "Poor Jo.’ MeVicker’» Theatre, ‘Madison street, between State and Dearborn. ** by." Adciph! Theatre. Monroe sitget, corner of Dearborn. "The Flagof Honor.” Cotton's Opern.itoute. Monroe arect. between State and Dearborn. Bleuth, the Detective.” “old Exhibition Bullding. Michigan avenve, opposite Adi State Induareti Tater- YORK CHAPTER, No. 148, Tt, A. M.—Rpectat Focaths day (Thureday), Aug. 40, at p. onthe sad M. EM. Deerees. "tte cation wD. mt. Work onthe foynt wItation to visitin THURSDAY, AUGUST 80, 1877. CHICAGO MARKET SUMMARY. The Chicago produce markets were generally steady yesterday, with Iese doing. Mess pork closed he per Url higher, at $13.30 for September October, Meats were drmer, closing at luorw shoulders ond’ 6%s¢ for do short ri freihts were less active and easy, at ‘tc Highwines were steady, at $1.00 Wheat closed firm, and O7e for September, corm to Buffalo. per gallon, Flour was duit, at $1.00, for Augue Corn clured steady at September, Outs clos ¢ for October. A sed frm, at O7ajc for September, vod demand, and were tem at Tucaday's advan Sales were at $4.00@5.95. Cattle were active, and averaged lower, with sales of inferlor to extra at $2.0026:25. Sheep were unchanged, One hundred dollars in gold would bny $101.25 in greenbucks at the close. ————— * Greenbacks at the Now York Stock Ex- change yosterday closed at 952. The Democrats of Iowa have concluded that Jonx P, Intem is as good a man as any to be defeated in the Gubernatorial race, and havo nominated him .on n demand for the repeal of the Resumption act, tho re- monetization of silver, aud the placing of teilroads under State control, ‘Tho Conven- tion succeeded in Onding out that Mr. ‘Cire pen should bo President, bat ian't, and that | Mr. Hares ought to have originated a bad policy, but didn’ Another raflrosd bridge, also supposed to bo strong cnough to “Inst for ages,” had collapsed,—this timo on the Chicago, Rock Island & Pacific, a few miles from Des Moines. The span.was over a emall/ecreck, which, swollen by sudden. and terriblo rains, aroso to the dignity of a river, washod out the foundations of a culvert, and prepared a trap for a flying exprosa trafu. Twenty persons were killed or drowned, and tho- dreary work of reseuing’the mangled bodies is still under way. . Tieronam Youna, the Mormon saint, died at Salt Lake City yeaterday, of cholera-mor- bus, at the ago of 76 ycars, Io had suffered but a short time, but his demiso was not ultogether unexpected, as hia years wéighed heavily upon him, and be was not in physical condition to withstand the ravages of his malndy, In bly death Briomass Youna has solved a pecullarly troublesome problem, for it is questionable if Mormonism, which reat ed upon him, aud which, notwithstanding his support, has been badly shattered by the weight of public opinion, can long stand ogaiust the outery of the civilized world. Upon the application heir counsel, the cight rioters condemned to from two to four ionths’ imprisonment and a fine of 850 for interfering with tha operation of the Toledo, Peoria & Warsaw Railrond were discharged from further duranco yesterday by Judgo Devastoxp, In his opinion, which partakes somewhat of the uattre of a reprimand, the Judge shows a strong determination to pro- tect the dignity of the law and tho property of people whenever called upon, and the riotously inclined should paste hiv remarks in their hats for reference when tempted to assnil any road gifted with a United States Receiver, ‘There was a movement on foot yesterday, among a number’of tho ercditors of the State Savings Bank, to convgne a mecting of the depositors with o view of asking the Court to appoint a Receiver, and also to se- lect three or four prominent bankers to ad- view and counsel with tho Receiver in regard to the asscts of tho defunct concern, and the Dest ugd quickest way of converting thein inte tuoney and paying over tho procecds tothe depositors, The ides running in their heads Was, that tho creditors ought to havo some. thing to say in regard to the person who iu | ' to act on behalf of the 14,000 depBuitors in saving what ix left of tho rotten concern, , warrant hos begn-ixsugd for the arrest of Gsucerra for uttering language insulting tu President MacMauoy, in a recent speech, and he will be tried straightway before the Correctional Tribunal, ‘bere are 8 number of vounts agalust him, for which the punish. nent ranges all the way from flve days’ im. Prbuument and a tine of 25 franca, to im- _ brisomment for five yéars and 6,000 francs fine, ‘This effort to dispouo of Mf. Game. netta will be watched with considerable in- terest, ‘Iho chances that the Repubficans will demand his elevation of the oftice of Premier yin the event to tho por. petuation of Republican rule aro duily growing stronger and augmenting the nocessity for having Lim somewhere out of avsch, aS Unwarned by the recent failure of Capt. Naxes to reach the Pole, and his declaration that it can never be reached, Capt. How- Gate, of the United States army, has already commenced guother effort to reach it, apd hus dispatched a well-known Arctic naviga- tor, Cupt. ‘Prsox,in command of the schooner Florence, for a preliminary expedition, which is intendud only to prepare the way for the foundation of a regular colony at Lady Franklin Bay with referonce to futnre ni- vances toward the Pole. Capt. Howoate's instructions wero issned July 19, and direct Capt. Trson to make his winter quarters at Cumberland Island and reach Disco by the 1st of Auguat, 1878. After leaving the out- fit for the colony, he is to return to New Lonion, Conn., whenca he sailed on the 2d inst, and await farthor orders. This is tho first step in the work of discovery, but, even should the discovery ultimately be made, cut bono? From the lack of interest manifested by the Administration in the Paris Exposition to take placa.noxt year, it is questionable if there will be any official representation of tho United States unless Congress shall di- rect, Daring the Centennial Exposition France displayed not a litue indifference, and, instead of dignifying itself by sending as ‘Commissioners men of rank, it intrusted its interests toa few subordinate attachos, while other nations sont men of consequence and experionce., This excited considerable Freeentment on the part of tho Inst Adminin- tration, which hasbeen inherited by thé prea- ent,and the action of the French authorities, coupled With tha unstable aspect of political affairs in the epudlique, throatchs to mili- tate against any official notico of the coming show by the powers at Washington, Later accounts of the famino in India present a most horrible pictnro of suffering among the natives, In Southern India, the district most affected by the famine, thera are some 24,000,000 peopla, of whom, accoril- ing to authoritative statements, one-sixth, or 4,000,000, must die of nctunl want. The dis- tance to be traversed botween this afflicted district and tho productive portions of Indinis so great that, with tho utter absence of means of transportation, except wagon-teains (which cannot carry enongh for their own -subsist- ence), the task of rellaving the starving millions would be impossible, Somo fearful instances of sufforing in the streets of Madras are recounted, whore infants are abandonod by their mothers, and left to perish by tho roadside. ‘The most horrible phase of tha visitation yet mado known is given in a re- port from the province of Mysore, whero . two cases of cannibalism arc suid to have oc- curred, A member of tho Relief Committee in that quarter fears that this practice must, under the circumstances, become wicesprend. —_—_—_—_ Several of the posts of tho Grand Army of tho Republic have drawn up a series of reuo- lutions embodying a plan for frontier pro- tection very much after tho manner in which Austria, n century ago, protected hor- self agaist Turkish invasion, ‘Tho object is to guard the frontier by n cordon of posta, garrisoned by veterans of the Inte War, occu- pying tho country os actual colonists, The Government is to give each actual settler who sorved in the Into War 160 acres of the public lauds, farnish a sow-mill ond grist. mill for cach district, and also establish a qunrtermaster's department for the purpose of issning all necessary anpplicas of lumber and materials to build 9 house aud to farnish grain and vegetables for planting, with farm- ing utensils ond one horso and cow to cach man, Tho colonies are to consist of 1,000 men in ench district, divided into compantes of 100 men cach, who will choose their own officers, receivo arms and ammunition, trans- portation and subsistence in timo of war, and pay for three-yoars, At the tnd of this time a porfect title shall be givon to all real and personal property issued to each settler. The billis now inthe bands of Secretary Sonunz for oxamiuation, and will bo brought up in Congress at the noxt session, Ca a eee GOVERNMENTAL SAVINGS BANE. ‘That tho time has come when thero shall be some goverttmental interferonca to pro- tect tho industrial classes agninst frauds awd swindles under tho namo of insurance com- panies and savings banks and kindred organi- zationa, will hardly be questioned. T'hese things aronot new, Thoy have bson prac- tieod in other countries in timer post just a3 extensively os hero; but other conntries havo -long sinca roached two pointa: 1, Tho ox- tension of governmental protection to pre- vent swindling, % Tho prompt and sevora punishment of such swindling whon it docs take place. The rocent failuros’ of savings banks at Bt. Louis, and sericg of failures of savings banks in New York aud Brooklyn, and in va- rious parts of New England, show that tho whole system on which savings banks exist in thig country affords no protection or ‘s0- curity to depositors, who are periodically and alinost systematically robbed. It 18 a epociat gricvance that, in all casos of tha failure of sav. ings banks, the loss falls upon tho worthy, in- dustrious, economtcal poor,—the most desery- Ing of all classus; tho glais who have learned and practice the mout difftcult of all lessons, that of sclf-toninl,—sevoro saving. out of scant carnings obtained by hard work. Savings banks in the United States are generally organized without any substmtial responsibility, - Depositors aso rulo have no protection save auch ag fs afforded by tho honesty and ability of the menngors, If the affairs of the bank are badly managed, if thoy are dishonestly managed, if thoy,are illegally inanaged, the depositors, as a goneral result, have no redreas, and must submit to tho sore lows, whatever {t may be. Considering the vast sum of money which. socks safety in these institutions, and tho class of persons who own this monoy, ond that it is tho say- ing of the hard carnings of labor, the result of sacrifice and the denial of many comforts and even necessities, thero should be some interposition of the law to protect these funda from the frauds which aro inhumunly practiced upon them, ‘The Governmont of Great Britain several years sinco provided for this busincss, It has made itself 9 vast savings bank, for the protection of the thrifty, industrious poor, The Governmont, after witnessing the fall- ure of various systems of sgvings banks, and the logs of tens of roillions of pounds, estab- lished ucarly twenly yoars ago,tho ‘ Post- Ofice Savings Bank System.” ‘he Poat- master at all Post-Oillces of a certain class is made tho Governmont ogont of the savings Louk, He receives all deposits, giving a book or certificate, or outering it in a pass. book, of the amount roceived. ‘Ihe money {a forwarded to the Genera) Ofiice in Lon- dou, whero it is invested in British consols, boaring 3 per cent, hore is paid to tho depositor 2} per cent interest. At the end of 1876 there were on deposit about $136, 000,000 in these Post-Office banks, ‘Ihe difference betwoen the rate of interest on tha bond and that paid to the depositor is intended to cover tho cout of management, We saw a statement ju tho Loudon Z'tanes not long ago which reported the amount of monéy at the end of 1876 doposited with the Government at about $140,000,000. It would be much more were it not that the Government refuses to receive more than £25, of $125, from any one person. At the end of 1875, tho aversge amount standing to the deposit of each person $73, which would indicate nearly trea millions of depos- ftors. ‘The £25 limit is got around hy sev- eral persons in the same family opening an account, so that an ordinary sized family may have 2400 or 3500 in the Government Savings Bauk. Why shoutd not a similar arrangement bo possible in the United States? Every Post- Office authorized to receive registered lottera might be made a receiving office for savings doposits, This money might be forwarded to the Bnb-Treasnry and aol for coin, and with tho coin callin 6-20 bonds drawing 6 percent interest, or purchase 6-203 with currency in the open market, whichover would be best,- With greenbacks worth 93 or more, there would not be much losa in buying that class of bonds which draw high interest in gold. ‘The Government conld jifford to pny to tho depositor 3.65 per cent interost, which would leave.n suficient margin to pay the cost of inanaging those trust funds, That rate of interest in easy of computation. Itis one cent a day on onch $100. Itis half a contaday.on $50, and two and n quarter conta o day on $225. It ia 70 cents a weok on 31,000, Every depositor could rendily compute the nmount of interest dno him at suy moment. In England, as wohave said, thore is a limit to the sum deposited by any one persou, which limit is, we think, twenty-five pounds, or 2125, the purpose be- ing to furnish safe investments for p.rsons of etnall mfhna and of industrions and thrifty habits... Wo have no question that, with de- posits limited to 8300 by any ono person, there would in very fow yenra ba many hundreds of millions of dollara seck this National Savings Bank inthis country, It would be safe beyond all quostion or suspicion, Tho . details, of course, would bo such ns might bo sug. gested for such ‘a largo undertaking, but overy man, and woman, and child depos- iting $1 or $500 would have tho fullest nd- surance of eafety from loss by defalcation, embezztement, fraad, or mismanagement. So long as the American nation continned to exist, their deposits would bo absolutely safe, the intercst certain, and paymontwould bo beyoud ‘all doubt, Tho Post-OMico banks in England aro not Prohibitory. Private savings banks cxist, and they invest the deposits in consols which pay 3,35 per cent interest, and they pay depositors 3 por cont, At tho end of 1876 the whole savings-banks deposits, in- cluding Government Post-Ollice and pri- vate banks, was about $363,000,000, of which nearly one-half the amount was in the Government Post-Office Savings Tanks. Evontually, so far as the small doposite aro concerned, the Post-Office Savings Danks will supercede tho thera, In this country the large rato of interest hitherto paid by tho savings banks has been n means of fraud, banks which lack substance and responsibility suc- ceasfally attracting customers by offering higher rates of interest than substantial banks could afford to pny. Tho State Savings of this city paid G per cent after it wos well known that such interest could not be afforded except at a loss,. Our people who mako uso of savings banks have been accustomed to such high rates of interest that they may ot first refuse, as thoy did in England, to accept tho lower rato, even with absolute security. This, however, will bo an objection which time and experionce—aud the experience promises to be an oxponsive one—will in time overcome, absolute security, certain paymont of prin- cipal aud interost whon wauted, with tho power to assign the crodit at any timo, will render tha Post-Offica Savinga Banks tho universal depository of sinall savings and ac- cumulations, Whilo other savings banks may exist, and may offer a highor rate of in- tereat than 3.65 per cont, the wages classes will in time become educated up to the point that safety is worth something, nnd that 3.65, with national security, ia better than promisos of higher interest without any substantial seonrity. » ‘Tho matter at stake ia nn immense ono, Though the octual figures dro not known, tho estimate gonerally placed on the doposits of tho several safety and trust banks in the United States has boon $1,000,000,000. ‘The Comptroller of the Currency placed it in 1875 at more than that, One thousand millions of dollars, assuming that the amouut is no inoro, is o very large sum, representing tho savings of not Iqas than two and a half mill- fons of ‘persons, and constituting the very bone and sinew of the city and tows popula. lon of the nation. It is too vast an interest not to bo afforded the opportunity or tho choice of being investod iunational securitics, on call, at arate of interdst not oxcceding 3,08 pedbont, ‘That atateaman who will ma- (nro messnre providing euch» a system of Poat-Office Savings Banks will render the country a great service aud confor a blessing .| upon every industrious, honest, aud thrifty man, woman, and child in tho land. HOW TO WIND UP THE STATE SAVINGS INSTITUTION. The collapse of tho State Savings Institu. tlon {s inthe nature of a publio calamity and it should be so regarded, tspecially # the matter of fnvestigating its management aud converting its awets, It is this fact that lends to the suggestion that -tho settlement of its affairs shall not be intrusted to any one person, but to a committee of gentlemen who will accept the responsibility as a sort of pubMo trust. Mfen should be selected whose names and characters will bo a guar- anty of good faith, business on¢tgy, and un. relenting disposition to expose fraud and pursue criminals if any are’ found. »As indi. cating (ye class of men from whom such a committee should be welected, wo may men- tion among the bankers Gzozoz L, Ori, of the Commercial National; Son Sauru, of the Merchants’ Loan & Trust Company; Joun DeKoven, of the Merchants’ National ; and J, Invina Pearce, of the Third National; and among gentlomen not in the banking business, Jouw H. Dunnam aud Joan Went. wont, Three such men, called upon in the present emergency, would give their timo and abiliy to the settlement of the bank's affuirs in the same spirit that would actuate thom if somo great public trust wero im. posed upon them. ‘There aro two things to be done, and both require brains, pluck, and disinterested motives, The first is to convert and distrib. uto a3 promptly as possibly tho assets of the concern, Observation has taught that tho liquidation of bank nssots, in-a state of a suspension, is a ulow and tedious process in tho ordinary way, The circumstances of this case demand greater promptness aud energy. ‘Tho liabilitics to depositors amount to nearly $3,000,000, and this large sum of money is owing to s class of men and women who need quickly whatover proportion of their deposits they are destined to receive, Their assets aro mostly of achuracter that will not improve by keeping. Good ‘com. mereiul paper and -good securities, The offer of |, what there may bo of such assets, can be readily negotiated now; the wild- eat stocks and bonds, and other un- certain securities, will not bring any moro in a year from now than they will nt present. The policy shonld be one of rapid but judicious renliza- tion on the assets, and thoir distribution as rapidly ns sufficient monoy may be accumu. lated to pay off a few conts’ dividond at n time, The poor people who ‘have been swindled by the bank mnst not now bo further abused in the winding-np of its af- fairs, “Whatever they are going to receive, they shonld receive promptly and at as small nn expense ns porsible. 'Tho other thing to be dono is to makoa shrewd and thorongh inquiry into tho management pf the bank. ‘hero in a strong auspicton that thera has beon dishonesty; bn even if there has been nothing more than recklessness or carelessness, the responsl- bility should bo fixed just where it belongs. If there bas been conduct on tho part of Srexcen or any of his subordinates that makes them amonnble to criminal pros- ecution, it needs to be discovered, nnd tho prosecution should be nefive and relentless. Tho statute makes bank-ombezzlemont lar- cony, and awenring to falso statements is perjury. If thoro lias been any conduct which comes under the statute, the indignation of the swindled depositors and consideration forthe public good alike demand prompt, and energetic, and relentless prosecution, If Srescen has in any manner nsed tho money of tho depositors to nequiro the £272,300 of stock which stauds in his name, or if the money of depositors lins heon nsed to buy in the $200,000 of stock held by the bank itself, and for tho purpose of releasing the former owners of thoir individual lability, such action will probably be held to be embezzle- ment, and the person or persons guilty of it be sent to the Penitentiary for larceny, To givo perfect assurance that these two things will be done aa thoroughly as they need to bo done, a Commitice of Trustees should bo selected, with an eminent legal adviser, ofl of whom shall feel themselves | under 8 peculiar responsibility to the dipos- itors and the public to wind up the offairs of “the bank at tho cartiest possible moment, to distribute the money amoung the creditors ns rapidly as may be, and to bring ony scoun- drels to justice whoso foot-tracks may bo found among tho ruins. —_—$—— SPENCER AND HIS VICTIMS, Notwithstanding tho prblic shock occa- sioued by tho failure of the Stato Saviugs Institution, it was oy widely apprehended in financial and commoroial citclqg as tho fayjura of the Cook County Nation: k, with which its President had previously boen as- sociated. It was only tho massos—tho me- chanics, artisans, small trades-people, clerks, and womon—who were iguornnt of the dan- Ber; thoy wore deceived by the historical prostige of tho concern, its imposing build. ing, aud the reputation {t had carned under former management, As o mattor of fpct, howover, there has beens waning of confi. donce in the solidity of tho institution and tho integrity of ita management over since D. D, Srexcen was elected President and Buccceded to the control. ‘There was from the firat an impression in banking and- busi- ness circles that its monagement would bo of tho same charkctor as‘ that of tho Cook County National, and it is useless to dingnisa the strong probability that investigation will show that this old and substantial concorn has been practically disomboweled. ‘Tho saddest fenturo of this revelation is that tho loss falla upon a class of mon and women who nro least ablo to sustain it. This is truo at all timcs whon a savings bank fails, but it is especially true at thia, time and in the cage of the Stato Savings Institution, The confidence which its name had inspired among tho savings-doponit classes induced its patrons to trust it implicitly with all thoir surplus carnings, aud theygro now doprived of thom when they were looking to thoir savings to Hvo on after a long ern of con- strained idlgness or reduced pay, Thp win- fer stares many of theso people in tho faco, and now finds them ponniless and robbed evon of the accumulation of their industry, thrift, and aclf-sacrifice, It {a ovonta like this that swell the ranks of the Communists. ‘What avail, say tho worklngmon, that wo should deny ourselves, work hard and late, atint onr familics, in order to Isy up savings to be swopt away by the men to whom we intrust thom for safo-keeping? Such o fail- uro is a positive oncouragement for improvi- deuce. It furnished o standing excuso for thoso who desire to spond théir money os they go, and seems to teach those who live from hand to mouth that they are bottor off than thoso who aconmulate: substance to be gwasted or stolon by others, Of course, there is an answer to all this, but thoro is no mse in making it now; the fact makes a stronger improssion than any theory can, If tho assets of the State Savings Institu- tion turn out to be comparatively worthless, —dead cats and -doys, like those of tho Brencen-AniEn concern known as the Cook Cqnnty Bank,—thore will be prina fucie cvi- denco of greater criminality on tho part of tho President and chief managers than there was in tho other case, Itis bad enough to ‘usg the deposits of a National Bank for per- eghal schemes or to enable friends to specu. late, without proper security; but it is in- Anitely worse toemploy savings-deposits intho same fashion, ‘The savings-depoalt {a mora of a ‘trust than tho ordinary commer. cial deposit, which jis mainly om- ployed for busiuess convenlenco to draw against or to form the basla of borrowing, It ia universally adunitted that the mauago- ment of the savings bank should be moro consefyative and prudent than that of a commorcial. bank, ‘There iv an implied pledge on tho part of ita managers that it whallbe, It has advantages for obtaining securities which aro denicd the commercial banks, since it may loan its funds on longer time and real-cetate securities. If, thon, it turns ont thot a large part of Me assets of the Stato Savings Institution consists of collaterat securities in wild-cat schomes, such ea Donptxs’ railroad and Bowss's folly, then thero has boen a diversion of the funds which may not technically como under the criminal code, but which damns those who are responsible for it in the oyes of honest men, @ ‘There is another point which this failure suggests conspituously, The payment of 6 per cont interest on deposits in these times, sud the extensive efforts made by circularsin all languages to secure deposits at this rate, is prima facie evidence of fraud or bad jadgmont. As 9 rulc, savingy-bank funds cannot now be loancd on proper security for more than 8 per cent; this has boon the case for the past two years, There mast mecessa- rily be a largo reserve of gpsir funds to meet the exigencios of demands by depositors for their moncy; there aro unavoidable lapses between the payment of mort- wages and the reloaning of the funds; it iv safe to say that at the very ,| aud useless, least one-quarter of the deposits nat con- stantly lie idlo in tho vaults, To this must be added tho large expense for offico-ront, clerk-hire, books, stationery, stamps, adver lising, etc. Without figuring out the situa- tion in detail, it {s certain that tho savings banks wero. not oreranfo in paying 6 per cent interest whon they contd Jonn thoir fands readily at 10 per cent; now, when it is diffeult to invest the funds with propor sccnrity at 8 por cent, tho continua- tion of tlio old rato ign constant menacd of collapse, Itis high timo for savings banks to reduco tho rato of intorest they allow on deposits, or gb out of brsincss, In the case of the Stato Savings Inatiiu- tion, howover, the failnra has manifestly not beon owing to legitimate causos; for, if thia wero tho case, it would have been tho Inat instead of the first to muccnmb, since it was tho oldest nnd Inrgest institution of the kind in the city, and onjoyed the’ greatest goneral confidence. But it has been weakened hecause this confidence has beon abused. Tho withdrawal of near. ly $1,000,000 of deposits within tho last three months shows that the atreet talk and suspicions of the knowing ones had spread. To megt thia oxtraordinary draft, the bank has buen drained of all its cash and exchange, of its United States, South Park, county, and school bouds, and probably of the most of its collaterals that could be made immediately available; if it wore ngt co, it would have beon ablo to renlizo enough ‘on its securities to tide over o ran which has not been greater than may be expected at any time by savings banks. If the stock of the bank were distributed among responsi- blo men as it was formerly, the depositors might hope for something frop tho law which makes every stockholder liablobeyoud his stock for an nmonnt equal to ‘the par valuc thereof, But Sresozr has mnie the concern a more personal business, and, of the $500,000 of stock, there aro but a few thou- sinds owned by other parties; what Sres< cen does not hold in his own uamo is nom- inally owned by tho bank, and was taken at exorbitant prices for bad debts. And Srex- cen, fluaucially and morally, soems to bo a sccoud ‘ALLEN. THE The crisis of tho ‘Lurko-Russian war, for the present scason’s campaign nt Tepst, hangs upon tha- fate of Sghipka Pass. Yt is now evident thgt, after the bhttlo of Plevna, Osstan Pashn nlone, notwithstanding the severe blow ho dealt tho Russians, was not able to follow up tho advatilago Ly striking another immediate blow, neither Was Me-, HEME? Azz able to form a junction with him and Jaurl their combined forees upon tho shattored columns or.suddenly turn to gle South and crush Gen, Gourfka’s corps be- tweon. their armies and Sutritan Pasho'y army, which had occupled Eski Saghra and Kesanlik. Meouwhilo tho Russians wero rapidly recalving reinforcemonts, and delays wero dangerous. Their lino was deflected eastward until it occupictl nearly n straight line from Sisfova td Schipka, with Osway Pasha on their right and Meurer Azt on their loft, Instead of attacking and forcing absttle, in which Meueser Aut might not be able to tako immediate part, owing to the conformations of the country through which he would havo to travel, they changed their plan of operations radically, aud Sunxpran Pasha was ordered to forco tho Schipl:n Pass and then completo tho ‘Curkish Unogaither by massing his forces at Gabrova, where he would be ready to tako part in any combined movement, or strengthen the other two armios by reaching out his left to OdMan Pasha ond his right to Menearer Aur: Upon. tho forcing of this pasa hangu the {snus of tho cathpaign, It is evident that it 1s n moro desperate task than the Turks imagined. It ‘is equally evident that it must requiro moat desperate fighting and involve desperate Josses to accomplish it, but tho very fact that tho Turkish officers havo alrondy sacrificed 10,000 of ‘their best troops on those bloak monntiiu-sldes shows how important thoy doom it, while tho reckless way in which the Ruasiaus are hurrying reinforcemonts from fm anny hommed‘ in betweon two other armics shows that they too look upon it as the turning point of the campaign, How. over the issuo may be, it must procipitatea general battle in Bulgaria, If Sunensan Fasha succeeds in forcing tho pags and foema nfront at Gabrova, co-oporating with tho cther two arinies, or makes a junction with olthor, the three armies aro virtually one and con close in upon the Russians with crush. ing forco upon both flanks and in front, with the not improbablo result of driving them over the Danube. On tho other hand, however, should Svzeman Pasho fail in forcing the passand be kept at bay by n small force, ono ‘Turkish ‘army, mnde up of Deut troops in the service, would be com. pelled to Me south of tho Balkans crippled ‘Tho Russians then would be unskilled indeed Yt thoy did not strike o powerful blow from thelr strong position ‘between the other two armfos, holding off one by concentrating a force at Tirnova while they attacked the other with superior. numbers at Plevna, A few days must decido the issue. How it will oventuate is not casy to calculate, a9 now elemonts oro constantly entering into tho calculation not previonsly kuown, It is evident, howover, that the Russian forces destined to tako part in this great conflict are now substantially mousod in Bulgaria. Sorvia is preparing to throw herself into the struggle,but she isso worn out with the losses | of last year's campaign that she cannot at tho maximum furnish over 25,000 and prob- ‘ably not over 15,000 men, and those, oven if they should immediately take the fleld, would not actively assist Rusuis, but occupy a po- sition along the Timok on tho Servian fron- tier to resist any attack from the Turks which a declaration of independenco might proyoke. Bosnian cae. do nothing, , her instrgents having but recently beon defeated and driven over the frontior into Austria for the second time within a few months, Tho Montenogrins of neces. aity must confine their Sighting within thoir owp mountain walls, not venturing forther from the crags of Czernagora than the plain of Niksic, oumania, alfhough she has in- trusted her independence to tho arbitrament of war, has not lent very material aid to Tussis, chafes under Russian discipline, and is hampered by financial embarrassments. Greece and Crete are held in check not only by fear of the Porte, but also by the strong influence of England. Meanwhile, it is ro- ported that tho last of the Russian reinforce- ments will reach the front in September, afd awhole corps lies idle in the manihes of the Dobrudscha for some mysterious pur. . Upon the Turkish side, it is to be Eiea into account that their numbers have been underostimated from tho vory tnt. ‘They have in the field a force which is nearly, if not quite, as large as the Russian, and the whole Turkish population isin arms. It iv virtually a levy en masse of tho most desporute and reckless fighters in the world. ‘The same ake has been made with reference to their offieera, It is now known that the Turkish army in led substan. tially hy foreign officers, ‘The fat, indolent, and incompetent Aupt Keane hay been shelved and his place supplied by Mrneser Att, a Prussian by birth, who has been edu- cated in tho best modern military schools. There is very probable evidence to rhow that Osstax Pasha fs ng leas person: than Mar- shal Bazarxr, tho dingraced French hero of Matz, Varentom Baxen, the socintly dis. graced English officer, holds an important eommand andor Surentay Pashia, and Itxoua Pasha, commanding in Roumelin, ia’ stated to bo at Austrian. Tho General second in command to Musutran Pasha in Armenia, and who won tho battles of Zowin aud = Delibaba, is on Hungarian, and Honanr Pasha, the Turkial: Admiral, isan English officer, Frenelt, En- glish, German, Austrian, and Hungarian en- gincers nud subordinate oficors aro plenti. fully scattered through the army. Tt is now aleo known that the Tarks are better armed, than the Russians, having Mari{ni-Ienry re. peating-riflos and Krupp cannon, afi thas for have conducted their campaign upon tho plan of fighting behind intronchments, while tho Russians havo followed their old tactica of mnasing heavy columns in the open field, —with what result lins been shown by defeat after defeat bah in Europo and Asin. So for na the irreguinrs nro concerned, tha Coz. sacks sud Bashi-Bazonks appear to be'evenly matched, while, os between the regular armies, the question of superiority is yet to bo proved by n ‘pitched battle. ‘That battle may decide the present campaign, but it ean. | not decide the war. If the other Powers do not interfere, tho victory must evidently rest with Russin. It is impossible that o nation of $0,000,000 can ba overcome by one of 28,000,000, Some little iden can be formed of the cons dition of tho Stato Savings Bank from tho investigations already made by Col. Anyen Tayzor and his corps of clerks... The books of the bank make this showing on their face: . e o giRsov Loans secured by mortgage: Loans xeenred yy collaterals ‘Taxes advancein funn Gruagy County bond Uethlund Park bon South Park bond Fort Dodge Coal cal catata, en Cash on hand BLOL. eevee TOtAl sree sgeesessesces MAIL, Duo to envings ilepositura Credit of tepostt...6see Due to payne a dep ie. P the surface indications, The $1,167,850 of “loans accured by collaterals" are found to bo of little value. ‘They include on immense sum invested in Calumet Canal aud Dock Company bonds and atocks. The $181,000 of South Park bonds cannot be found, it is said. Ono roport is that thoy were divided up among tho stockloldors oy the controlling clique. Tho bank building and its deposjt vaults nro not worth what they stand on the books for by a grent deal. The investiga. tions of yesterday leave the improssion that the assets of tho bank will not realize moro than 60 to GO cents on the dollar to tho. do- positors, A closo bunt should be mado aftr tho $181,000 of Couth Chicago Park bonds which wore in tho bank a fow days ngo. Where are they? If sold, to whom, and what was done with the money? -- ‘ ' PERSONAL,» Sir'Stafford Northcote recently informed the House of Commons that {t iad **a place anda position to maintain In the vyes of the world and of foreigixcountries, At recont incoting of.. tho lesseos of tho Globe Theatre, In Boston, it was stated that Mr. Cheney, the proprietor, lost $8,000 by the encage- ment of Edwin Mouth last year, Tho last number of tlf Snternational Re- tle comintte tho unpardonable error of noticing Morris’ **Sigurd the Voleung” under the heading of **Recent American Bouks,"* Dr, Schliemann has resolved to exhibit his Trojan collection at the South Kenalngton Muse- um, London, when echolare will have ample ap- portunities to detect any Inaccuractes into which ho may havo inadvertantly fallen, Capt. Jamos Eads thinks ho migh bridgo the Bosphorus at a cust not to oxceed 825, 000, 000, ‘Vhisis ux good av the speculation of the boy who looked into a pastry-cook's window and wished he had o hundred dollars to lay out jn the purchase of Ameal, Marshal Courtwright, of ‘Texas, thought to frighten his wife by playlog burglar. “She rose tothe emergency with « slx-shooter, and he was not slow In neecrting hia rights as a husband,—one of which is the right not to be Shot for foolish conduct, Tho Princo of Wales’ collection of live stock, which was one of the fucat in England, han beon disposed of at auction, The cnilre eate-real- teed £2,696, nnd wda sgid to bo fur motives of economy: but auch s sain niust be a merovagatelto fora Prince. i ‘Tho Inst session of Parlinment was the firat: Sor forty years in which Mr. Disracll has not been & prominent Ogiro. Ile voluntary exile tu the House of Lords hae deprived the Commons of a Tost active momber, whatever insy bu thought of Lle usefulness. . ‘Tho Rogistrar of Deeds at Nashua, N, H., contly treced the mawe of Nollins back through wo centurics, Io that pertod the spelling had changed nino timos, as fallows: Rawlings, Mawl- Unge, Rating, Ralling, Rolins, Nolings, Mallings, Rollings, Hollins. Dr, Edward Hitchcock, of Anherst College, has reprinted for separate circulation a bouk en- Ulled **Stady and Longevity," the object of which “hs to whow nog ouly that Intellectual labor la vorable to good health and a Jong life in a general way, but that the greatest thinkers generally lead the longest Iives,"* It is surmised that John Habberton is the author of the second act of **fhe Daniter.” the play attributed to Joaquin Miller, and now in course. of ,performance at the New Brondway ‘Tucatre in New York. .The déerald points outa remarkable coincidence between the secon act of the play and tho frat story fo the new book by Usbberton called **Sume Fulks." Toso ytinge, the actress, las always re. fuscdto have her photographtaken, An unsceopu lous photographer in Sau Francisco recently captured her, without her consent, Just sw she wae emerging frote the sea altcra Lath. She consented then to have photographs taken ata regular sitting on condition that the negutive of the bathing gos- tune period should be destroyed, Mr, Jaines Taylor Inuos bas in the fifth aupvloment of thy Popular Sclence Jtonthly an article entitled ** The Trial of Jesus Chelet," which isexpectcd to make a yenulne litcrary sensation, Ue reviews tho trial from ao legal standpolot, aubjects the ovidence to a searching cross-examil+ bation, and prayes that, judged by what students know of the old Hebrow law, it was illegal from beginglng to end. A classical correspondent of the Washing- ton Sar contelbutes the following from** The Sup- pilcante" of Euripides to show that the Greek taragudian bad studied tho lsbopproblom and ihat it basnot changed essontially in twenty-two bua- dred years: aeach Bint. ans Ne cach Stat Ais Fishiate linieas ail thelr thodetnsisseore Aspirings tuey that struggle with tuelr wants, Euort of (ba weave of lie, are clamoruus, rude, Tocuvy much adulctod ‘galnss the rica Almmlug cucir biitsrauafte aud ted saay Guardiansof order, abd the country's laws, UNDEMAL Fearful Accident to a Train on the Rock Island & Pacific Road. D. Three Coaches Break Through a Culvert Weakened by Flood. ey eee Two of the Cars Completely Telescoped in the Descent, * Twenty Dead Boies Taken from tho Wreck at Last Advices, 4 The Wounded Number in the Vicinity of Fifty. Lista of the Killod, Injured, Missing, and Escaped. + Speetat Dispateh to The Tribune. Des Moinss, Ia, Aug. 20.—That aceldents Will happen on the best manazed railroads has just been proven by a terrible disaster on the Chieago, Rock: Isfand & Pacifle Rallroad near this éity. ‘This road ts one of the beat and most carefully managed fn the country. It has double stect thacks almost throughout {ts entire length, and its bridges agp of the most substan tial and durable construction, Not a road in the country hat, up to the present time, been freer from serious accidents than this one. In , justice tothe managers of the road {t must be sald that mo amount of foresight could have prevented the acctdent yesterday morning. The track between Des Moines and Altoona, where the accident occurred, fs in the best condition, and the urched stone culvert which yaved way, and which caused tho dieaater, was so tvell con. structed that It was thougnt . IT WOULD LAST For ages, ‘Mr. Huch Riddte, President of the road, who returned from o tour of Inspection over his road yesterday morniug simultancously with the dispatch announcing the ‘calamity, passed over that identical spot the evening before and found everything in te best conditlon. Mr. Roya, Division Superintendent of that Divtaion, was On the fatal train lmaelf, but was not tojured, Ho made all possible efforts to alleviate the sufferings of the wounded, and had the bodies ofthe Killed tenderly cared for.. As soon ag possible he sent full particulars of the accidents to Mr. Iddle, the President, and in justice to the latter gentlemen it must be sald that he made no efforts to keep anything from the re porters, but kindly PLACED ALL HH INFORMATION 4T HAND At THEIR DISPOSAL According to all necounts recelved here, there prevailed amost furlousatorm justaboutthe tine the aceifent occurred and some time previous. The rain came down fn torrents, nod ft 1s stated that it never rained so hard before, ‘The creek which was bridged by the {stal culvert ls very small. and tsaually has ttle water init; Bat the heavy rain swelled It suddenly to ayarge stream, which . UNDERMINED THE FOUNDATIONS, Tho train,—tho Pacific expréss,—which left Chi- cago at 10:15 Monday morning, was coing along at the ordidary spced, and wag neafly ou tine. Hg! tho train safely passea the fatal culvert, the calamity might have been a hundred tics worse. It was ascertained after tho disuster -that s good-sized bridge, just one mile west of tho scene of disaster, had been washed out, Aad the train gone down this chasm, it {s hard- ly probable that any of those on boant would have escaped unhurt. : Tho Company had, duting yesterday, con structed temporary bridges, and trains arc run- ning through again as usual. a SUPERINTENDENT ROYS? ACCOUNT, Mr. Roys, the Division Superintendent, who was on the fatal train, hat tha accident oc- curred at Four-Mile Creck, threa miles west of Altoonn and seven miles east of Des Molues, at about 2:300.m. yesterday morping, lt was ralolng terribly; never ralucd harder. The creek, which ordinarily has but Jittio water, Is, spanned by anarched stone culvert, which fs supported, as an additional precaution, by wooden pillars resting on stone foundations. ‘The train consisted of an engine, Barnum's ade vertising car, one baggage car, threo sevaches, and a sleeper, and was ranning at the ordinary speed. It approached: the culvert, and the engine had run partially across, when there wos eel A.BUDDEN CRASH, and all but the sleeper, which became detached, went down the chasm. The engine was thrown against tho embankment clear across, Dar uum’s biggage-car, which was next to the cn- gine, was completely demottshed, the baggage car crushing clear through to the opposite bank, aloogeide the engiuc, partially covering thd latter. Thg first coach telescoped tho see ond, and both of these went half way’ through tho thirdyand the three Jay with thelr ends is tho water. The telescoping was cyidently caused by the elevation of thy rear ond, as cach pitched over the bank. The slceper remained stanling on the track at the end of the culvert, and the occupants escaped unhurt. As far os known, a SIXTEEN PERSONS WRAB KILLED OUTRIGHT, and alarge number wounded. It Is probable, lowever, that tho Ust of killed will be increased, ns it is feared that a number of bodics are stlil under the wreck, It 1s also supposcad that ser eral have floated down the gtrcam, The water lo the channel at the time of the accident was very decp, KILLED AND INJURED, During the afternoon Mr. Roye sent the fok lowing dispatch, giving the names of killed, in- fured, and missing, a8 tar as could bo ascere talucd: KILLED. William Rakeatraw, coulncer, Stuart, Ia. Willlam Gunning, newsboy, Alice, daughter of Sirs, K, Balt, aged about 8 eure. be Mrs, Emily Babcock, Auduluss, The followlog,with Barnuw’s advertising cary all killed; George Rockwell, John Purcell, Joba Breeze, Charles Thompson, A. Mack, F. Be Baker, k DuURED, «© A. J, Partridge, conductor, Davenport, scrlousty burt on head-and neck. | B. UM, Trucks, fireman, Stuart, bruised on hip. J. L, Graham, Des Molnes, Is., jujured about head und arm, not serious, P Mrs. J. L. Grubam, Des Molves, not much wart, Javob Spring, Albany, Athens Co,, O., brale ed on head aud anu, not serious.” , Cob C. W. Lourio, slightly infured about the hee, Als. Col. Lourie, severe bruises on Imbs, 008 dangerously, Ms F. Hume, Des Moines, slightly fojured oa ankle. . . 8. L. Spencer, Lathrop, Ia., iujured ou breast, not serious, : David Morgan, New Sitaron, Is., very slight on nese, Jolin 8, Ferguson and wife, Andulusa, IL, slightly. Mrs. D. A. Stivbios, Pauther Creek, Dallss Co., Ia., broken arm, bad bruises op bead and linbs, : W. P, Cadwell, cut on beadand face, and burt on backs don't kuow resluencd Theodore Kraft, Kaukakec, J11., slightly cat on kace. George W. Spurlock, Compglive, Wappells County, Ia., cut about the head’aud bruised. Etcanor Curkendall, Canifu, Fulton County IL, slightly injured about the breast, din. Elen MeCrill, Newburg to Atlantis, slight injury om bead. Airs, Jonn K. Bolt, seriously tpjurcd about the head und Hinbs. Alvan 8. West, with Baruuu’s cur (revldenoe Tay