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Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

Volume 2 - ElectricCanadian.com

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86 HISTORY OF THE BANKJust about this time a meeting of the shareholders of theStadacona Bank was held at Quebec and it was decided to windup that institution, which was only a small one. Writing toSenator McMaster, who was at the time on a visit to England,Mr. W. N. Anderson said: "The Consolidated Bank suspendedon the afternoon of Thursday and last1 I was somewhatapprehensive that the country people, on attending marketin the cities and towns on Saturday, might be<strong>com</strong>e excitedand proceed to make demands on some of the other banks.This, however, I am glad to state, has not happened. Therewas a little temporary excitement at Belleville and Woodstock,but it passed away almost immediately without any resultwhatever beyond verbal expressions of disappointment."But the end was not yet. On August 6, an uneasy feeling wasobservable in Hamilton and Sarnia with regard to the positionof the Exchange Bank of Canada, the head office of which wasin Montreal, and the following morning it suspended. Nextday came the suspension of the Banque Ville Marie, 2 andrumours regarding the solvency of the Banque de St. Hyacinthe,the Banque de St. Jean and the Banque d'Hochelaga. Toquote Mr. Anderson again: "On the 9th [August] the run uponthe City and District Savings Bank [Montreal] was serious, andthe aggregate withdrawals of deposits were estimated at$500,000. There was also a run upon the Molsons Bank inMontreal, the Bank of Hamilton in Hamilton, and the MerchantsBank in Hamilton, and financial matters generallywere looking decidedly un<strong>com</strong>fortable. The disturbance ofconfidence in Hamilton was no doubt occasioned in some degreeby the failure of the Consolidated and Exchange Banks, butmainly perhaps by the destruction by fire of the Mclnnes andSanford block, in which the Bank of Hamilton and the MerchantsBank were respectively located. On Saturday afternoonthe run on the City and District Savings Bank stopped.'July 31, 1879.The Exchange Bank of Canada and the Banque Ville Marie were able to resumepayment after the panic had subsided.

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