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BANKS SUSPENDED — At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.
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BANKS SUSPENDED.—At 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, Sept. 27th, 1873, at Reynolds & Co.'s sale.
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SHALL THE BANK SUSPENSION CONTINUE? It is very much to be feared that the banks will over-do the "financial business" in maintaining themselves in a state of siege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the consequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feeling is now rapidly gaining ground that no real necessity exists for the banks maintaining closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not arrived when the banks should manifest a disposition to return to the normal condition of affairs. In a case of this kind a mere doubt in the public mind becomes a positive and threatening danger, a danger as pregnant with direful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institutions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some relaxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a magnanimous public indulgence to speculate upon the people. Every day this suspension is maintained adds to the danger of the situation. Mechanical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings institutions for their savings against an emergency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to permit this state of affairs to continue. If the banks fail to meet the emergency the emergency may overwhelm the banks in the common disaster that is threatened. In connection with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely: "Resumption is the sure refuge of the banks; it will save them from the disasters of the wholesale depreciation of securities and products which a protracted suspension would almost certainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may overwhelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplaster inundation. We say nothing here about the bankruptcy act further than this; that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."
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, OHIO, THURSDAY, OCTOBER 9, 1873. Cincinnati had followed the example of New r THE FINANCIAL CRASH. York. They at once yielded to the presSS sure. There is no apparent excitement on the to streets. The Situation in New York and the e, CHICAGO, Sept. 27.-Yesterday the financial is East. tidal wave caused the first real damage in this 1city. At 10 o.clock a. m. it was announced NEW YORK, Sept. 25.-The feeling in Wall from the Clearing-House that, an account of street was much quieter to-day. No more the extraordinary situation, no deposits would failures have been reported, and it is believed g, for the present be received and no checks confidence will soon be restored. There was n would be paid by the following banks Union less excitement on the street than for any day 7. National Bank, Cook County National Bank, for a week. The crowds which have assemk Second National Bank, Manufacturers' Nabled in Wall and Broad streets for some days tional Bank, National Bank of Commerce. y past were not visible. A feeling prevailed that These banks all claim that their suspension is a general suspension of the banks would be only temporary, that they have ample assets necessary. and a rumor was current that the to meet all demands, and that they will reSecretary of the Treasury had advised that d sume business so soon as they can convert course. This rumor, however, was authoritae those assets into curreney. There is a strong tively contradicted, the Secretary declining to d belief that the crisis of the panic has been advise the banks in any way. It transpired reached and passed, and that there will be no k that the Sub-Treasury in New York had dismore suspensions. bursed $25,000,000 in greenbacks in the purThe mercantile classes do not seem to have chase of bonds, and that a portion of this had d been thus far affected. and have been able to come out of the so-called reserve of $44,000,meet all their obligations as they matured. y 000. At this point the purchase of bonds was Deposits are still made in all the banks. That e, stopped. there has been a withdrawal of currency for The action of Secretary Richardson in stopa the purpose of hoarding it in private safes is ping the purchase of bonds, and in refusing to y obvious; but if the banks continue to meet anticipate the 5 per cent. bonds of 1874, due the requirements of their customers a few Jan. 1. was eagerly discussed, and, so far as 1, days longer, most of this hoarded currency could be ascertained, met with but moderate n will come forth. The receipts of currency approval. The Stock Exchange still remains here by express are large. The country must closed. The views of those prominent in the n have the breadstuffs and the provisions which dry goods trade are encouraging in the greatS are packed in our warehouses and stock-yards, est degree. Business is abont as good this n and to get them the money must be sent here. month as it was during the same period last A dispatch from Leavenworth, Kan., ang year, and shows hardly any more of a falling nounces the temporary suspension of the folo off than would properly accompany the end of lowing banks: Frst National, Second National, the season. The produce market remains in a Leavenworth Savings, Clark & Co., Newman & nominal state. Large amounts of grain have Havens. Good feeling prevails among merarrived here which were intended for shipg chants, all seeming to appreciate the situation. ment, and now remains in the warehouses in e consequence of the inability to negotiate CHICAGO, Sept. 29.-The two most important foreign exchange. developments of Saturday were the suspension of the Third National Bank, and the anNEW YORK, Sept. 26.-The general feeling in 1nouncement that the Cook County National, financial circles has decidedly improved. The which closed on Thursday, would resume on t day's record closes with some confidence in the Monday (to-day). The suspension of the belief that the bottom of the panic has been Il Third National, though not unlooked for in reached in this city, and thereis a fair prospect banking circles-the run on it having been that, when the Stock Exchange opens, there of heavy-created a feeling of depression in the will be little room left to arrange in the way of le community. The bank was the second largest settlements between brokers, so that there will be no new failures to announce. in the city, its deposits amounting to about $4,000,000. It is said the institution will soon The Loan Committee of the Clearing-House 11 resume, as its securities are all right. and can has issued about $1,500,000 in loan certificates be made available with little delay. to-day, making the entire amount issued about W All the banks, with the exception of those $18,000,000. that had suspended, passed the Clearings Mercantile paper falling due at the banks is House with flying colors. This fact, added to e being paid with remarkable promptness. the cheerful news received from abroad, There was an extraordinary excitement in served to re-establish confidence, and renew the gold markets to-day, which at one time and strengthen the spirit of moderation that threatened remarkable results. The price has been generally manifested since the panic moved up to 1141, against 1111 at the opening. began; and it came to be the accepted theory A private telegram from London says that the suspension of the Third National $4,500,000 has just been drawn from the Bank ff marked the turning-point of the crisis, that of England and shipped to New York. the storm had spent its fury, and the sunlight The total liabilities of the Union Trust Comwas about to break through the dark clouds. pany are $6,273,518; assets, $7,491,276. The An immense volume of currency is flowing institution will probably resume in a short time. into the city. Over $4,000,000 has been received by express in the past forty-eight NEW YORK, Sept.29.-Wal street is as quiet as h hours. usual, and matters are beginning to assume S The total assets of the Union National their normal condition. The crisis is over, (familiarly known as Coolbaugh's Bank, and although the scarcity of currency is seriously the largest in the city), which suspended last felt, and will be for some time to come. a week, are given at $5,600,000; liabilities, $4,The feasibility of resuming specie payment 300,000. n is exciting attention among our leading finanThere is little or nothing doing at the stockciers and business men, and especially those yards. There is over a million dollars' bankers who issue bills of foreign exchange. worth of stock in the yards, and the pens are a An argument heretofore set forth, that to reso full that no more stock can be received for sume specie payment would depreciate values, the present. can hardly be advanced, now that stocks and CINCINNATI, Sept. 29.--The financial situation securities are flat. here to-day appears to be improved. At the e The suspended firms are rapidly reorganizclose of business an improved feeling was ing, and promise a resumption of business plainly manifest. before the end of the week. Howes & Macy ST. LOUIS, Sept. 29.-Quietnessreigne among & have practically resumed already. Clews the banks here. All are paying checks under Co. and Fisk & Hatch will resume within a the rule, and everybody seems cheerfully to few days. acquiesce in the arrangement. The feeling on The following table shows the prices curChange was better, and prices for some arttrent for leading stocks on Wednesday, Sept. cles are stiffened materially. d 17, the day before Jay Cooke & Co. failed, and CHICAGO, Sept. .-About $4,000,000 in curthose current on the street to-day rency has been received in this city within the Sept. 17. Sept. 29. 1 last 48 hours, making about $11,000,000 for New York Central 86 10014 the last five days. Three of the suspended 91 Lake Shore 62 r banks have resumed. The Union National Northwestern 571/2 371/2 83 Rock Island 1031/2 (Coolbaugh's) has gone into voluntary liquiPacific Mail 29 431/4 dation. Produce markets active. Wheat and 27 St. Paul 451/4 corn are advancing. The storm is practically 89 Western Union 55 over, everything is serene, and people wonder Wabash 41 591/3 g why they allowed themselves to become so ex19 Union Pacific 24 1/8 a cited, 37 1/8 Ohio and Mississippi 241/2 OTHER POINTS S BOSTON, Sept. 29.-The bank presidents of Detroit, Cleveland, Toledo, Milwaukee, Duthis city have decided to make only emall curbuque, Keokuk, DesMoines, and in fact nearly t rency payments, and to issue $10,000,000 of every Western city and town heard from, reloan certificates. port an improved feeling in financial circles.
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GENERAL NEWS. Frederick Chase Hutchinson, one of the family of singers, is dead. Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics. It is expected that the New York banks will resume currency payments next week. Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts. The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome. Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church. T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70. The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day." Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance. The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out. The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week. They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders. Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor. "You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on. In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia. The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-