Mechanics National Bank (Peoria, IL)

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TELEGRAPHIC. Suspension Everywhere. Waiting to get a New Start. The British Rushing in with Cash to get Bargains. Opening of the Chicago Exposition. Another Fatal Experiment with a Balloon. The U. P. Quarrel About Termini. Other Items of Interest. CHICAGO, Sept. 25.—It transpires that an excited meeting of the Clearing House Association was held last evening, lasting until 1:30, at which it was resolved to suspend currency payments. The proposition was made by Mr. Coolbaugh, of the Union National Bank, and was strenuously opposed by Henry Greenbaum. The point was only carried by Mr. Coolbaugh declaring that the Union National Bank would suspend any way this morning. At the stock yards it is impossible to transact any business, and the railroad companies have issued orders to points not to receive any more stock, as the yards are full. On the street the sales of country produce are extremely light, being confined to supplying the wants of the retail trade. Transactions are now made only for currency. A feature of the day was the arrival of several Canadians loaded with United States currency to buy grain. There is no trace of a panic here although business in grain and live stock is interfered with. SPRINGFIELD, Ill., Sept. 25.—There exists some little excitement among business men and more among bankers, but the banks are going on as usual. The bank Presidents and Cashiers are holding a meeting to-night with closed doors, and are now (11 P. M.) still in session, but positively refuse the press any information as to what line they propose to pursue. I have an idea, from what I can learn surreptitiously that upon the question of the Chicago policy or not our bankers are about evenly divided. QUINCY, Ill., Sept. 25.—The feeling here in business circles is somewhat excited over the news from the eastern money centers, but no anxiety is felt regarding local banks. Business proceeds without serious interruption, except the movement of cattle and produce, which has come to a stand still. The action of the Chicago banks in suspending currency payment is considered by our bankers and business men as wise and timely, and it is believed, if followed up in the large cities generally, will arrest the panic, and open the way to speedy relief. PEORIA, Ill., Sept. 25.—Our banks have resolved on a suspension of such payments as would embarrass legitimate commercial transactions. The general feeling among the business men here is that the banks have taken the right course. ST. LOUIS, Sept. 25.—A slight run having been made on the banks in Kansas City yesterday, it was decided at a meeting of the bankers there last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides. Our banks this evening adopted substantially the system practiced in New York. Two millions in Clearing House certificates will be issued. DESMOINES, Sept. 25.—The monetary panic creates a great deal of interest, but not a dangerous excitement. The general belief seems to be that coolness and calmness on the part of the people for a few days will bring things out right. There is a general disposition to treat the banks with friendliness and confidence. No inclination has been developed to make a run on any of the banks here, and all of them are in a quiet and safe condition, doing all their regular business without excitement or interruption. The action of the Chicago banks to-day is very generally commended. Our business men will sustain the Des Moines banks in a like action if it becomes necessary. Our bankers are confident that the panic will end speedily and without serious injury to any part of the country. There are in this city two national banks, two private banks and two savings. One of the national and the two private banks are owned by B. F. Allen, President of the Cook County National Bank of Chicago. Public confidence has not been disturbed in a single one of our banks and but for the temporary stagnation in the grain and stock trade, nothing out of the usual course of trade would be noticed here. COUNCIL BLUFFS, Sept. 25.—There is but little excitement here and no disturbance of business beyond the stoppage of the grain trade. Our banks do not anticipate trouble and approve of the course of the Chicago banks and will adopt the same measures should the occasion seem to require it. INDIANAPOLIS, Sept. 25.—Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, and this excitement was heightened by the suspension of the private banking house of Wooden, Webb & Co. MEMPHIS, Sept. 25.—There is great excitement in this city on account of the suspension of banks, caused by their inability to realize on securities in New York. The following named banks have closed up today: First National Bank, DeSoto Bank, and it is reported the Freedman's Savings and Trust Company. There is a heavy run on the others. NASHVILLE, Tenn., Sept. 25.—The National Banks have suspended payment on all checks exceeding $200. SELMA, Ala., Sept. 25.—The Selma Saving Banks suspended to-day. ATLANTA, Ga., Sept. 25.—The Dollar Saving Bank, of this city, suspended today. It has ample securities. AUGUSTA, Ga., Sept. 25.—The National Exchange Bank, Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended. NEW ORLEANS, Sept. 25.—All the banks have suspended currency payments. A meeting this morning of all the bank Presidents in the city except two resolved to pay no checks for more than $100, all the larger checks to be certified, the arrangement to continue for thirty days. The merchants generally approve of the course the banks have determined upon. BALTIMORE, Sept. 25.—The officers of the Associated Banks of Baltimore met this afternoon and resolved, in view of the present financial panic, not to pay out money on checks except what may be required for legitimate business purposes.