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LATEST TELEGRAMS. AMERICAN FRESS ASSOCIATION. VIA 8. P. AND/IA. TELEGRAPH COMPANY. Specials to thelLedger. Suspension of Banks. NASHVILLE, September 25.-All Na. tional banks in this city suspended at 11:30 a.m. KOITA NEW ORLEANS, September 25.--All the banks here have suspended, but are paying large cheeks which go through the clearing house.
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IN LOUISIANA PARTIAL BANK SUSPENSION IN NEW-ORLEANS. NEW-ORLEANS, Sept. 25.-At a meeting this morning of all the bank presidents in the city except two, it was resolved to pay no check for more than $100. All larger cheeks are to be certified, and the arrangement to continue 30 days. This action is considered precautionary to prevent a drain. The merchants generally approve of the course the banks have taken. It is understood that a meeting of the Cotton Exchange will be called to-morrow to approve of their action. There IS nothing doing on 'Change. There is no unusual excitement about the banks. p n.-The following address was issued by the banks of this city to-day The undersigned, incorperated banks and bankers of the City of New-Orleans, desire to inform the community of The motives which actuate them in partially suspending payment of currency upon their demand obligations, owing to a partial suspension of currency payments by the Associated Banks of New-York and other Northern cities and the consequent refusal of the West ern and other banks to receive checks on New-York, as in the regular course in the settlement of collections made here for their account. It is ascertained that a very large remittance of currency hence has been made upon peremptory orders within the past five days. To such an extent indeed has this prevailed that at the same rate only a few days must elapse before our vaults and the community would be entirely depleted of the means essential to the ordinary movements of trade. At the present moment foreign exchange is unsalable in New-York, and as we derive from this source our main supply of currency, we are now thus deprived of our only means of restoring the amounts lost by shipmeats to the West and the interior. We have therefore taken this step as a means of self-protection, and for the benefit of the agricultural as well as the commercial interests, and as the only means through which the incoming crops can be moved without ruinous sacrifice in prices. The duration of this protective policy is limited to a period of 30 days, during which time we are conftdent that the daily receipts of cotton and sugar will afford us a prompt and ready relief, and compel curreney to seek this market. New-Orleans Nat'al Bank. Citizens' Bank. Bank of America. Union National Bank. New-Orleans Nat. Banking Germania National Bank. Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on sollaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency.
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BY TELEGRAPH THE CRASH. Financial Situation Throughout the Country. List of Additional Fallures and Suspensions. Five Hundred Men Discharged from Employment. WASHINGTON, September 26.-The following suspensions are reported today: Wooten, Webb & Co., Indianapolis; Danville (Va.) banks; Planters' bank, Farmville, Va.; Lancaster & Co., Richmond; Koutz & Smith, Toledo; bank of Ansonin, N. H.; J. J. Cohn, Augusta, Ga.; F. Washington & Co., Washington. RICHMOND, Va., September 26.-The Tredegar iron works discharged about six hundred men engaged in car building. NEW YORK, September 26.-The Sun says Adams' Express Company has carried daily to the interior $1,500,000. The United States Express Company has been carrying out about $500,000 daily. Twenty-four hours' notice is to be given before the Stock Exchange opens. The situation on Wall street this morning presented no new features. Business generally continues in a state of suspense. Foreign exchange has been reduced by bankers to 54@64 for long and short sterling. Gold has been strong, with more activity, and sales were made at 112g. Money 1@1 commission. Several parties are short of gold, and refuse to pay of per cent. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over two hundred dollars. The Board of Trade approves this action. ATLANTA, Ga., September 26.-At a meeting of the business men it was resolved to assist the banks by free deposits and light drafts. SAVANNAH, Ga., September 26.-In accordance with a resolution of the Chamber of Commerce, the banks are certifying checks, but withholding currency. CHARLESTON, S. C., September 26.The Peoples' bank of South Carolina, Peoples' Saving bank and South Carolina Loan and Building bank have suspended currency payments The National banks and other State bankspay as usual. CHICAGO, September 26.--Five National banks have suspended. LONDON, 4 P. M., September 26.--American securities. There was a large business, with wide fluctuations and much uneasiness, WASHINGTON, September 26.-The Star says that President Grant has appointed Jay Cooke, McCullough & Co., of London, financial agents for the Postoffice and State departments vice Clewes, Haviek & Co. NEW ORLEANS, September 27.-The banks have suspended for thirty days, for precautionary measures.
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# BANK SUSPENSION.-- In another place we give the address of the Presidents of the New Orleans Banks, announcing a suspension for thirty days, and giving their reasons for it. Of course this action will produce its effects throughout our State, and cause great inconvenience and distress, which we hope, however, will only prove temporary.
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The Banks of New Orleans. ADDRESS OF THE PRESIDENTS. The undersigned, incorporated banks and bankers of the city of New Orleans, desire to inform the community of the motives that actuate them in partially suspending the payment of currency upon their demand obligations. Owing to the partial suspension of currency payments by the associated banks of New York and other Northern cities, and the consequent refusal of Western and other banks to receive checks on New York, as in regular course in settlement of collections, made here for their account, it is ascertained that very large remittances hence have been made upon peremptory orders within the past five days. To such any extent, indeed, has this prevailed, that at the same rate only a few must before our would be entirely days community elapse vaults depleted and the of the means essential to the ordinary movements of trade. At the present moment, Foreign Exchange is unsalable in New York, and as we derive from this source our main supply of currency, we are now thus deprived of our only means of restoring the amounts lost by shipe ments to the West and to the interior. We have therefore taken this step, as a h means of self-protection, and for the benefit r of the agricultural as well as commercial e interests, and as the only manner through 11 which the incoming crops can be moved r without rninous sacifices in prices. The duration of this protective policy is al limited to a period of thirty days, during is which time we are confident the daily red ceipts of cotton and sugas will afford us a of prompt and ready relief, and compel eurVrency to seek this market. d CITIZENS' BANK. is UNION NATIONAL BANK. ed GERMANIA NATIONAL BANK. ry TEUTONTA NATIONAL BANK. rLOUISIANA NATIONAL BANK. nd HIBERNIA NATIONAL BANK. isBANK OF LAFAYETTE. esSTATE NATIONAL BANK. le NEW ORLEANS NATIONAL BANK. atBANK OF AMERICA. ey he N.O. NATIONAL BANKING ASSOCIATION for CANAL BANK. MUTUAL NATIONAL BANK. PEOPLE'S BANK. of PIKE, BROTHERS & Co., Bankers. all tes At a meeting of the Associated Banks the held this days, itawas. try Resolved, That all deposits made hereaf ter shall be paid its kind, and that againa previous deposits no check exceeding twen ion (25) dollars will be paid in curren the to any one depositor on the same day. LOWIS SCHNEIDER, inGEO JONAS, and PAT. IRWIN, ons Trustees. mClearing House, September 25, 187 nes
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thrown out of employment, including the body of opera- tives who were most prominent in the strike of last Sum- mer, and who, it may be supposed, drew most largely on their savings to support that movement. The Atlantic Delaine Mills are controlled by Hoyt, Spragues & Co. of New-York, though not run in their name. Messrs. Sprague have shown themselves very chary of informa- tion as to the steps they have taken or propose to take in curtailing their production, and seem inclined to allow the cloud, which Rhode Island manufacturers say hangs over all interests in the State from the enormous volume of their obligations, to put on its darkest aspect. # REDUCTION OF THE PRICE OF GOODS BY BROWN & IVES. The Lonsdale Manufacturing Company, which is con- trolled by the house of Brown & Ives, runs five mills at Lonsdale and Ashton, manufacturing villages in the valley of the Blackstone, a few miles from Providence. Here are manufactured cambrics, Lonsdale bleached shirtings, jaconets, etc., and in these five mills are 144,000 spindles and about 3,000 operatives. These mills are still running on full time and with no reduction of wages or employés. The agents state that they desire to keep with them all their operatives, some of whom have been in their employ 30 years and even more, and have as yet decided on no curtailment on account of the financial troubles. Unless matters soon mend, how- ever, they will be forced to retrench. The reduction would probably be made in the wages rather than in hours or force. The agents assert that the operatives have been getting such very high wages that they can well stand a reduction. They look, however, for an early revival of business. The Lonsdale Company this week reduced the price of their goods one cent per yard. Other manufacturers following the example have given orders to their selling agents in New-York to re- duce prices correspondingly. The agents of the Lons- dale Company say that as cotton is falling ½ of a cent per pound daily, with reduced wages they can make a fair profit at the lower rate. The reduction has not been wel- comed by their competitors, who say that they could keep up their mills at full time at the old rate, but must now curtail. Brown & Ives also control the Hope Mill, at Scituate, which makes shirtings. The mill contains 28,000 spindles and employs 350 hands. They also control the Berkeley Mill, in Cumberland, seven miles from Providence, which is a new enterprise. The mill is now running over 300 looms, and, having a capacity of 40,000 spindles, employs about 400 persons. Here are made fine goods, sixties, eighties, and one-hundreds. The Hope and Berkeley mills are running on full time, and at the latter place new looms are being frequently added. The manufacture of the class of goods made at the Berkeley is said to be new in this country. The same policy will be pursued at these two mills as at Lonsdale and Ashton. Beside these a print cloth manufactory in Blackstone, Mass., with 50,000 spindles and some 600 hands, is con- trolled by Brown & Ives. This manufactory was shut yesterday, partly for repairs, but more on account of the depression. The present intention is to resume at full time on Monday next, but action will be governed by the condition of trade. Belonging to the Crawford-Allen estate, and now con- trolled by M. B. I. Goddard of this city, are the Allen Print Works in Providence, the print cloth mill of the Bernon Manufacturing Company at Georgiaville, R. I., the Woonsocket Company's cotton mill at Woonsocket, R. I., and the two mills of the Smithfield Manufacturing Company, one in Alleaville, R. I., the other in Dedham, Mass. Mr. Goddard also acts as agent for the Fitchville Manufacturing Company, whose mill, at Fitchville, Conn., manufactures shirtings. The Allen Print Works, which have a dozen machines with a capacity of about 15,000 pieces per week, and employ nearly 400 hands, stopped a month ago. At these, as at other print works, a stop of a fortnight twice a year, in the Spring and Autumn, for repairs and preparation for the change between light and dark goods, has been cus- tomary. The time of the Autumn closing has been Nov. 1. The panic hastened the suspension this season, and no time of resumption is yet fixed upon. The Bernon Mill, which has 603 looms, 30,000 spindles, and about 450 hands; the mill of the Woonsocket Company, with 13,000 spindles and 170 hands, and the Allenville Works of the Smithfield Manufacturing Company, with 10,200 spindles and 150 hands, all stopped on Saturday, the 11th inst. When they resume-a time as yet not fixed with certainty, but possibly Monday next-there will be some reduction, probably in time. It is thought by the representatives of these mills that a suspension of a few weeks will be lightly borne by the operatives, but longer idleness would drive many of the French Canadians of whom there is a large number employed throughout Rhode Island-to Canada for the Winter, and cause distress among them and trouble to the em- ployers to get labor in the Spring. The Fitchville Com- pany-whose new works have a capacity of 15,000, now running 12,000 spindles-has made no reduction of any kind. Two hundred hands are employed. At the Ded- ham Mill of the Smithfield Company, now running on full time, are 163 hands and 12,000 spindles. # PARTIAL SUSPENSION OF WORK IN OTHER MILLS. The Albion Manufacturing Company at Albion, R. I., runs a mill for the manufacture of print cloths, which has 400 looms and about 22,000 spindles. It will run on full time up to Jan. 1, as it has contracts to fill up to that time. The Monville Manufacturing Company, whose new mill at Monville, R. I., is one of the largest cotton mills in the country, having a capacity for 100,000 spindles, has as yet put in but 1,200 looms, and has been employing 1,000 hands in the manufacture of print cloths, jaconets, &c. On Saturday, the 11th inst., the mill was closed, with the intention of resuming this week on half time. The Chace Mill at Washington Village, Pawtuxet, R. I., which has 4,000 spindles, was closed the same day. The Central Manufacturing Company, which has a mill at Plainfield, Conn., with 10,000 spindles, is now running on two-thirds time. The great cotton mills at Wauregan, Conn., and at Ponema, near Nor- wich-the latter ranking among the chief mills of the country, and having 72,000 spindles, and the former hav- ing 56,000 spindles-which are controlled by Providence capitalists, have been running on half time since Mon- day, the 20th instant. Their agent in this city, Edward P. Taft, says that the operatives are excellently well sit- uated to bear the reduction, being a very thrifty class, and having saved from 30 to 35 per cent of their abun- dant wages. The Warren Manufacturing Company of Warren, R. I., which has near 60,000 spindles, shut down entirely for a few days, and with the Cutler Manufac- turing Company of the same place is now running on half time. Mills in the Quinebaug Valley, in Eastern Connecticut, which are controlled by Rhode Island man- ufacturers, have almost all cut down their running time to seven hours per day for five days in the week. The owners of the large woolen mills at Woonsocket, R. I., and Waterford, Mass., are now considering the question of running only half time. None of the Rhode Island woolen mills have yet stopped entirely. The closing of a woolen mill causes so much more derangement and loss than that of a cotton mill that the woolen manufac- turers are very loth to suspend wholly, even though they cannot sell their goods. The Greene Manufacturing Company, at Norwich, R. I., which has 25,000 spindles, and makes print cloths, shirtings, and similar goods, has been running for a fortnight on three-quarters time. The Luppitt Mill, at the same place, which makes print cloths and has 7,000 spindles, will run full time to Nov. 1, when it will either stop or reduce. The Coventry Mills, at Anthony village, Coventry, R. I., with 10,000 spindles, making print cloths, will pursue the same course. Many other small mills have either reduced their running time or will do so soon. # GENERAL PROSPECTS. NEW-ORLEANS BANKS TO RESUME NOV. 10-A STRIKE OF COLORED LABORERS.
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ORLEANS. PLAIN COUNTRY TALK. It is in no fault-finding spirit we enter our protest against the action of the banks and business men of New Orleans. In truth, we believed and felt when the notice of the thirty days' suspension was first announced that the movement deserved to be universally censured. Under the pretext (in the words of the official announcement) of benefiting "the agricultural as well as the commercial interests, and as the only manner through which the incoming crops can be moved without ruinous sacrifices in prices," the banks of New Orleans united in the suspension movement. In the light of what has transpired it must seem to have been a "ruinous" policy when the banks resolved to close their vaults. How could the incoming crops be moved without the money held by the banks? And how could the banks possibly obtain relief when there were no cotton bales "incoming?" The New Orleans merchant was bound to notify his agent, or his planter, that he could get no money from the banks to pay for cotton, and this was what came by mail, by wire and by newspapers to merchants and planters all over the country. The news fell like a pall upon "the incoming crops," and the blockade of trade and of the payment of debts, as well as the heated pursuit of debtors, began. The very idea of shipping, or selling cotton without a little money, gave the producer the "studs," and the flow of the staple almost instantly stopped. As a consequence, money ceased to flow from the country to New Orleans. The stream had been dammed by the banks, and no supply went down. And now, in the face of this stagnation caused by suspension of the banks, these institutions have agreed to extend the thirty days' suspension indefinitely. Merchants write to their customers, For God's sake draw no drafts upon us. The man, in fact, who has money in his merchant's hands, has had to pay 7 per cent to have his draft cashed, and instead of receiving $100 on his draft for that amount, receives only $93. If it should become necessary to send this $93 to New York, exchange costs 4½ per cent, (when it ought at this season of the year to be at par, if not at a discount,) which reduces the $100 to $88.22½, making the actual loss $11.77½, or more than 10 per cent on money on trust and for a single transaction. Where does the "benefit" come in in this transaction? This is what we are asked to consider financial wisdom! This is what has been done to move "the incoming crops," and "to benefit the agricultural as well as the commercial interests!" In our opinion this movement has more of the features of a combined swindle in the interest of monied men, than a movement for the benefit of commerce and agriculture ought to have. Why should a bank, any more than a planter, refuse to pay its indebtedness to the last dollar in its keeping? What are the banks doing with their greenbacks? Keeping them from circulation to relieve commerce and agriculture? Or, is this same money carried to Carondelet street, and there invested in the certified checks of these same banks at 7 per cent discount on the face of their own checks? If neither of these means are employed "to benefit commerce and agriculture," then what has become of the currency of the banks? It does not come to the country to help "move the incoming crops." Cotton cannot be sold for money in the interior. It is, therefore, real stupidity in the Manager of the Clearing House of New Orleans to tell the country, as he has just done, that "the only remedy we
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# MINOR TELEGRAMS. Beinforcements are going forward rapidly for the government troops before Cartagena. The British ship America foundered off the Newfoundland banks, and the captain and three men were drowned. The crew were out in a boat six days before they were picked up. Bell & Co.'s tobacco warehouse at Hadley, Mass., was burned Monday morning, with 330 cases tobacco. Loss $28,000; insurance $25,000. In a fight between two Chicago policemen and four thieves, one of the latter was shot. Eighteen lives were lost by a late explosion of a magazine in Cartagena. A Washington despatch says there are twenty candidates for the Kansas Senatorial vacancy, and really but two parties in the State, the grangers and the railroad interest. In Chicago a large meeting of workingmen passed resolutions demanding labor of the city when other sources fail. J. W, Morrison's store and outbuildings in Plymouth, N. H., were burned Monday. Loss $3000. Hayti has a political trouble. President Saget will not vacate the presidency except to Dominique, whom the House of Representatives don't want. Yellow fever prevails at Port Royal, Hayti, among Europeans. George B. Noyes was killed at Manchester, N. H., Monday, by being run over by a load of wood which he was driving. Capt. J. E. Michener, chief opener of dead letters at Washington, has been held to the action of the grand jury on the charge of robbing letters. The Catholic Bishop Queretara of Mexico, advises his people to submit to the civil authorities. The government candidate has been elected Speaker of the Mexican House of Representatives. The banks of New Orleans resumed currency payment Monday. A despatch dated at Rome says that on Monday the Pope delivered an allocution and appointed twelve cardinals. A Belgian pleasant is said to have discovered a substitute for coal. He saturates earth with a solution of soda. It gives a strong and steady heat. The St. Albans Messenger says George W. Jones, a well known citizen of Brandon, Vt., has been lodged in jail at Rutland for chastising his daughter with whips and chains. Six thousand dollars was realized for the Centennial by the Philadelphia tea party. In New York last night Maurice Daly beat Francis Ubassy at a game of three ball French carom billiards, by a score of 350 to 303. Internal revenue receipts Monday were $576,725. David Nesbitt of Lindsey, Canada, was hung Monday for the murder of Miss Hapwood last July. Five or six boys ranging from 15 to 18 years of age were arrested Monday in Schnectady, N. Y., for setting buildings on fire. A lot of striking longshoremen in Philadelphia attempted to get up a riot yesterday but were quelled by the police.
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We learn from the New Orleans Picayune of the 23d that the associated banks of that city resumed currency payments the day before, after a suspension of nearly three months Cotton was pouring in the city with unexampled rapidity, one boat alone-the R. E. Leebringing in last Monday 5741 bales, the largest load of the season. The largest load ever brought to that port was 6500 bales; the steamer Magnolia brought it in 1859.
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# New Year's. Before another number of this paper issues, the new year-1874-will have written its name upon the roll of the century. When the last of its years shall have been inscribed on that roll, when its full list shall have been folded up and laid away for ever, and the spotless new roll of the twentieth century opened out before man to write thereon his history with many a stain of tears, and blood, and fire, then the world shall be just as busy and bustling and just as intent upon its own transient interests as now. But how many of us shall take a part in its busy scenes ? This is one view of the case, but it shall not, by any means, prevent us from wishing a happy New Year now to our contemporaries. The present alone is ours. If people are never content with what they have that is the present-let them at least look at the near future only. There we may find a good deal of consolation apparently in store for us. The hard times are rapidly passing away, and green backs are once more coming prominently before the public. Our banks have resumed payment and we can hardly want better assurance that the storm is over. The safe, skilful financiers in control of them, who so prudently shortened sail in the hour of danger, can be relied on as pilots throughout. Then cotton is commanding a better price and fortunately a great deal of it yet remains to be shipped. Very soon people will find themselves entirely over their panic, their pockets well lined and the spirit of adventure growing strong within them. This will set all the wheels a-going -not only commerce, but manufacture and agriculture and building. Improvements on real estate will go forward once more, and mechanics and laborers find plenty of employment. In politics the signs indicate relief. Animosities resulting from the war are disappearing, and the political corruption which plunged the whole country in debt-not only South but North also-is awakening a storm of general execration that will drive it from its bad and impudent pre-eminence into comparative obscurity. Our Northern brethren begin to see that robbers are not safe agents to employ. A Government which openly robs and plunders a helpless section of the country, cannot be relied on as honest in the other sections. Our beautiful New Orleans is spoken of farther North, even by its friends, as the "doomed city," but their sympathy is probably uncalled for. Rivalry and money have thus far been able to check that prosperity to which nature has manifestly destined our queenly city. So far as capital in its thousand appliances of railroads and canals and banking facilities has been able to supersede nature and its works, so far New Orleans has hitherto been doomed; but to all this there is a limit. There is a period when the tidal wave of natural development will burst all the barriers that human skill can interpose to cramp it. In wishing a happy New Year to our friends, we experience a conviction that a day will come when the royal banner of the world's commerce and the world's wealth, will wave from the towers of the Queen City of the South.
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Shotguns and Bank Balances. The mind of the Northern or European may fail to note the close connection between the clauses of the above caption, save in the way of "stand and deliver." However, those who have capital invested in the Southern States and those allied to peace and order, who dwell therein, are perfectly and painfully cognizant of the antagonistic relations of the above two forces. Capital, every one knows is timid; caution is the touchstone of success for the capitalist. The expose of the White League, lately published in the REPUBLICAN, demonstrates the fact that the shotgun party essays to rule. Capital has shrunk abashed, or vanished utterly. It will no donbt be denied by those who are leagued with the shotgun legion that the two clauses of the proposition are correlative, and that the latter is swayed by the former. No one, however, will gainsay the facts as LOW set forth. Four days ago the Teutonia National Bank of this city forfeited its charter on account of violation of the national banking law. The president has been retired, and day before yesterday the back stopped receiving de posits. Application has been made for a voluntary liquidation, but appearances indicate that a government agent will be put in charge. Another one of our national banks has been hard hit by the suspension of a large Texas firm. A prominent State bank is anxiously regarded, and it is hinted that its case will form a staple for action at the next session of the Legislatare. Messrs. Chris. Mehle & Co., engaged heavily in the cattle trade, are involved by the suspension of the house of Allen, Poole & Co., of Galveston. The interest of the first named with the latter firm is estimated at $250,000. The house of Allen, Poole & Co. have resumed on an extension of one, two and three years. It is sincerely hoped that the New Orleans firm will be in a condition to resume next week. Yesterday was one of the dullest in financial matters ever known here. Bank stocks were regarded with holy honor. So much for immediate effects and obstinate facts. If the causes of this financial crisis are denied, the question arises, then, what is the reason of this? Should the White League planter, to whom a merchant has advanced some thousands of dollars, unite himself with a shotgun band and kill his laborers or drive them off for not voting his way ? How is the merchant to be paid ? Won't the merchant think of this before he makes any advances, and won't the banker ponder the problem before he discounts the merchant's paper? Recent events prove that they havn't thought of the matter in this light heretofore. But the long faces on 'Change yesterday showed that all hope in shotguns was gone and faith in peace and order and love of prosperity restored.
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NEW ORLEANS CLEARING HOUSE. Clearings. Balances. August 22 $521,585 17 $71,572 37 August 24 496,548 74 100,699 4 584.762 36 August 25 104,441 56 August 26 410,890 02 38,665.16 372,917 97 August 27 79,746.00 373,751 71 59,971 21 August 28 Total this week $2,765,456 504,095 79 Total last week 3.290.756 92 510,096 66 Total week before 3,724,544.54 493,819 21 We are officially informed that thue far the Teutonia National Bank has pr mptly met all checks of depositors, and has ample assets to cover the balances undrawn. We have been aware of the embarasements of this institution for several days, but omitted to take notice of them, being officially assured that if the bank was not pressed, it would be amply able to meet its liabilities, and, agreeably to the earnest desire of the stockholdera. wind up its affairs to the satisfaction of its creditora, without the aid of a United States receiver. Gold opened at 1091,@10934. against 109% at New York, and after a fair business closed at the opening rates. The sales summed uo $53,000. embracing $11 at 109 is $4000 and $11,000 at 1093, $9000 and $10,000 at 109% and $3000 and $5000 at 109 5. No sales of silver were reported. American half dollars were still quoted at 1031041/2, and Mexican dollars at 971/2 gold. Sterling exchange was a 1-10 ₽ cent higher. The sales comprised £14,000, embracing £5500 bill of lading at $531. £ 500 do at $5321/2, and £4000 do at $5.33% Nothing transpired in france, and rates were unchanged. At the closesterling bills were quoted at $5 31 1/2 @5 33 for bill of lading and Al clear. and $5.37 for bank. and france nominal at 4.721/2 for private and - for bank. The offerings of domestic exchange continued light. and with a moderate demand rates were unchanged. The only sales of New York sight were $10,000 and $20.000 bank at 5-16 ₽ cent premium. The banks continued to check on New York at % cent premium. and commercial sight was still quoted at is @5-16. In stocks we noticed sales of 50 shares New Orleans City Railroad Company at $150. The sales of bonds included $3000 city gold bearing seven per cents at 42 3/4 and two other lots at 43 and 43 k. Quotations are nominal. We also heard that the new State bonds had been offered as low as 24 Nothing worthy of notice transpired in city scrip. City appropriation certificates, Metropolitan Police warrants and time certificates of 1873 continued nominal at about 46 for round lots. There is no market for State warrants, which are still queted nominal at 30@31 for large, 32@33 for medium, and 31@36 for small. NOTE-It can hardly be said that there is any market for securities. All classes are lifeleas, and sales can not be forced unless at very low rates. Quotations are nominal.
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As the voluntary liquidation of the Teutonia Bank, caused by the suspension of Allen, Poole & Co., of Texas, and C. Mehle & Co., of this city, and many reports are in circulation as to the amount of that paper held by other banks of our city, we have ascertained from authority, entirely reliable, that the amounts held by the following banks, will not exceed say Louisiana National 16,000 Canal Bank 5,500 Bank of America 5,000 5,000 Metropolitan and Loan Associati'r. The indorsers upon these amounts will no doubt meet them at maturity, and the banks will not lose a dollar. The following banks have not a dollar of the paper referred to, either as owners or discounters : State National, Germania National, Hibernia National, New Orleans National, Citizens', Mechanics and Traders', Mutual National, Union National.
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NEW ORLEANS CLEARING HOUSE® Balances. Clearings $78,720 61 August 29 $496,710,87 93,970 26 494,423.63 August 31 719 076 86 $6,825 33 September 1 29,175 18 515,505 411 September 2 Thus far this week $2,215,781 75 $293,691 38 2,013,786 79 Same time last week 365,378 58 Total last week 504,095 79 2,765,456 48 Total week before 3,290,756.99 $10,096 66 We learn that two-thirds of the rotes of the stockholders of the Teutonia National Bank have been obtained in favor of placing the institution in voluntary liquidation, and that the necessary papers will be forwarded to the United States Treasurer this evening. The total indebtedness of the banki is now only $ 4500. The board of liquidation is composed of the directors and four come missioners on the part of the stockholders Mr. F. P₈ Beck is the efficient secretary of the board. We also learn that there is a great probability of the stockholders inkg paid a handsome dividend on their shares. Owing to a combination of unfortunate circumstances and unfounded rumors, the depositors of the Citizens' Bank have been for some time gradually losing confidence in the institution, and with drawing their deposits. On the fifteenth of August the latter had been reduced to about $500,000, and on ascertaining. this morning that while they had been drawn to $270,000, the cash fund on hand was insufficient to cover them, it was determined to suspend payment. But up to a late hour this evening it was still undetermined whether the sus pension should be temporary or permanent. We learn that a meeting of the Clearing House was held this afternoon, at which a committee was appointed to examine the affairs of the suspended bank and report at an early day what can be done for its relief We are officially informed that the assets will more than cover the liabilities, and are composed principally of mortgages and real estate. The bank promptly met its balances at the Clearing House this morning. The assets and liabilities, secording to the Clearing House statement of Friday evening showed the following:
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MONETARY. OFFICE NEW ORLEANS BULLETIN, Tuesday Evening, Sept. 22, 1874. NEW ORLEANS CLEARING-HOUSE. | | Clearings. | Balances | | ---------------- | ------------- | ------------- | | September 19 | $742,790 67 | $112.870 90 | | September 21 | 657,003 27 | 42,558 88 | | September 21 | 607,455 91 | 83,725 53 | | Thus far this week | 2,007,249 85 | 239,155 31 | | Same time last week | 1,731,230 02 | 229.065 13 | | Total last week | 3,351,950 88 | 495.699 23 | | Total week before | 3,823,774 49 | 463,220 80 | The Money market continues quiet. The demand for business is of fair extent at the banks, and we notice some increase in the offerings on the street, but nothing has transpired to establish any variation in the quotations for commercial paper, which are nominal. We continue to quote selected signatures, with or without collateral, nominal at 10 ⅗ cent per annum: first-class at 11@14, A1 at 1@18, and second grade at 2-⅗ cent per month. First-class mortgages are still quoted at 10 ⅗ cent per annum, and second grade at -. We learn that the Teutonia National Bank has paid all of its deposits, except the trifling amount of $171, and that the Government has sent $200,000 of United States Bonds (which the bank had on deposit in Washington) to the Merchants' Exchange National Bank, at New York, to be disposed of to redeem the bank's circulation of $100,000. Considering the few weeks in which the bank has been in liquidation, this is certainly a very gratifying exhibit. It is now evident that the bank will be able to pay a larger dividend to the shareholders than was expected at the time of the suspension. We notice that since the Citizens' Bank obtained an appeal to the Supreme Court, its officers have been a industriously engaged in the liquidation of its affairs. Gold opened at 109¼@102½, against 109¼ at New York, and after a fair business, closed at 109¼@109½, against 109⅜ in that market. The sales summed up $46,000, embracing $15,000 at 109¼, $10,000 at 109⅜@109½, and $3000 and $18,000 at 109½. Nothing transpired in Silver. American half dollars are still quoted at 105@105¼, and Mexican dollars at 96, gold. Under the influence of the decline in Domestic Exchange, sterling closed 2-10 ⅗ cent lower. The sales amounted to £30,500, embracing £800 and £1200 A1 clear at 5.25, £2500 bill of lading at 5.25@5.25½, £9000 do and £10,000 A1 clear at 5.26, and £6000 A1 clear at 5.26¼. Francs were also materially lower, but the only sale reported was 75,000 co am reist at -. At the close sterling bills were quoted at 5.25@ 5.26 for bill of lading and A1 clear, -@5 31 for bank, and francs at 4.80@4.78½ for private and for bank. The offerings of Domestic Exchange were of fair extent, and, with a moderate demand, rates were about 1-16 ⅗ cent lower. The sales of New York sight covered $70,000, embracing $10,000, $30,000 and $30.000 commercial at par. The banks continued to check on New York at ⅗ cent premium, while commercial was quoted at - discount@par. No sales of Stocks are reported. We noticed more inquiry for City Gold Bearing Seven Per Cents, the sales of which included $6000 at 37, and $1000 and $4000 at 37½. Last week there were sales at 37¼ and 38. Nothing transpired in City Scrip or State Warrants, the quotations of which continue entirely nominal.
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FAILURE OF THE TEUTONIA BANK. The Teutonia Bank, of New Orleans, has been placed in the hands of a receiver, an investigation by the state bank examiner and the district attorney of Orleans parish having disclosed gross mismanagement and crookedness on the part of several of the institution's officers and employees, resulting in an impairment of the capital and resources to the extent of approximately $800,000. Criminal charges are pending against President Eugene Buhler, Vice President Adam Wagatha, Director Jos. H. Gomila, and former Assistant Cashier Frank J. Braud, while Cashier W. E. Dunn and Assistant Cashier A. E. Mazurette and two or three others have been placed under bond as material witnesses. Dunn and Mazurette have acknowledged falsifying books and securities for the purpose of deceiving the examiners, at the instance and with the knowledge of Buhler and Gomila, who were in complete control of the bank's affairs. T. ,Walter Danziger is receiver for the broken bank and is making such good progress in the work of calling in loans and utilizing resources that he feels confident the depositors will receive fully fifty per cent of their claims. It was at first feared that the failure was such a bad one the creditors could scarcely look for more than a ten per cent dividend. The collapse of the Teutonia naturally made many depositors in the other New Orleans banks uneasy, and some of the more timid began drawing out their deposits, but a rigid inquiry by the clearing house showed all the city's banks in sound condition, and public confidence is being rapidly restored.
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# No Use for a Bank Examiner. That the State has no use for a Bank Examiner and that it is a sinecure which ought to be abolished and his salary saved, has been conclusively demonstrated by the recent failure of the Teutonia Bank in New Osleans. The failure of this bank, in the manner by which it was accomplished, is the greatest scandal in the history of the banking business in this State, and perhaps, the greatest outrage upon the depositors, who are likely to receive but a small, if any portion of their deposits. The cashier, who had embezzled $60,000, was kept in employment for more than a year by a dishonest president and directory—who had alsó converted the bank's money to their own use and behoof—because, as alleged by them, his discharge "might create suspicion and cause a run on the bank." We assume that the bank examiner made the periodical examinations of this bank required by law during the existence of this peculation. He discovered nothing to create suspicion that any thing of a "crooked" nature was in operation. On the contrary, the investigation was either so superficial in character, or his ability so limited, that he found nothing of an irregular, much less of a peculative nature, on a scale of such magnitude, although the bank was in a wrecked condition. In fact, he was first "put onto the job," by being given "a tip" from the outside. Is the bank examiner giving the State value for what he receives from it, when he fails to detect the most notorious instance of bank pillage and wreckage in its history? Could he detect them if similar conditions existed in some other bank? There must be a remedy found, but it is a matter for legislative action. This official has been a failure in this case, and we must judge the future by the past, as to what may be expected of him hereafter. - Alexandria Democrat.
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TEUTONIC BANK DEPOSITORS GETS 25 PER CENT. (By Associated Press.) New *Orleans, Aug. 14.-Hundreds of depositors, representing all classes and conditions of life, crowded through the doors of the defunct Teutonic Bank here today when the first dividend of 25 per cent was paid by the receiver.
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DEPOSITORS CLAMER FOR FIRST DIVIDEND New Orleans, August 14.-Hundreds of depositors representing all. classes and conditions in life crowded *through the doors of the defunct Teutonia bank here today when the first dividend, amounting to 25 per cent, was paid by the receiver. The Teutonia was closed several months ago by the state bank examiner coincident with the arrest of several of its officers on the charge of misappropriation. In this charge was included embezzlement of a large part of its available fund.
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TEUTONIO BANK PAYS DIVIDEND TO DEPOSITORS New Orleans, Aug. 15.-Hundreds of depositors representing all kinds of conditions of life. crowded through the doors of the defunet Teutonic Bank here today, when the first div dend of 25 per cent was paid by the receiver. The Teutonic was closed several months ago by he State bank examiners, coincident with the arrest of several of its officers on the charge of misappropriation and embezzling.
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TWO NEW ORLEANS BANKERS CONVICTED EUGENE F. BUHLER AND JOSEPH GOMILA ARE ACCUSED. WILL BE SENTENCED LATER The President and Directors of the Defunct Teutonia Bank Accused of Receiving Deposits After bank Failed. New Orleans, La.-A verdict of guilty was returned in the case of Eugene F. Buhler, president of the defunct Teutonia Bank, and Joseph Gomila, director and chairman of the bank's finance committee, charged jointly with having received deposits knowing the institution to be in a failing condition. Sentence was deferred. The trial brought to light many startling disclosures of loose banking methods, "kiting," falsifying of records and other methods of frenzied finance resorted to by those at the head of the institution to keep it from going under. When bank examiners finally completed their investigation it was found that more than $300,000 in practically worthless paper was in the vaults. Many notes were signed by $75 a month clerks and others who testified that they never owned property and had no assets. It was also brought out that former Cashier Brand, who eighteen months before the bank suspended had made way with about $60,000, had been retained in the bank several months and his bond of $15,000 never collected.
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TWO NEW ORLEANS BANKERS CONVICTED EUGENE F. BUHLER AND JOSEPH GOMILA ARE ACCUSED. WILL BE SENTENCED LATER The President and Directors of the De. funct Teutonia Bank Accused of Receiving Deposits After Bank Failed. New Orleans, La.-A verdict of guilty was returned in the case of Eugene F. Bubler, president of the defunet Teutonia Bank, and Joseph Gomila, director and chairman of the bank's finance committee charged jointly with having received deposits knowing the institution to be in a failing condition. Sentence was deferred. The trial brought to light many start. ling disclosures of loose banking methods, "kiting," falsifying of records and other methods of frenzied finance resorted to by those at the head of the institution to keep it from going under. When bank examiners finally completed their investigation it was found that more than $300,000 in practically worthless paper was in the vaults. Many notes were signed by $75 a month clerks and others who testified that they never owned property and had no assets. It was also brought out that former Cashier Brand, who eighteen months before the bank suspended had made way with about $60,000, had been retained in the bank several months and his bond of $15,000 never collected.
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WALTER DANZIGER IS STILL MISSING New Orleans, December 28.-The whereabouts of T. Walter Danziger, young financier and real estate dealer, was still unknown tonight, according to reports from police headquarters. Mr. Danziger has been missing since last Tuesday. Accountants are still engaged in checking up the books of various enterprises in which he was interested, and their reports are not expected until some time this week. The real estate firm of Danziger & Tessier has been dissolved. Michael Mitchell is now receiver for the Mitchell-Borne Construction company, in place of Mr. Danziger. St. Clair Adams has been appointed as successor to Danziger in the receivership of the Teutonia bank.