f0718dc8Accommodated withdrawals
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THE NATIONAL BANKS. THE FIRST NATIONAL, Immediately after the confirmed report of the susponsion of the Third National, which somewhat startled the public, there was a rumor of a heavy intended run on the First National, and some apprehension was realized As to the ability of this bank to stom the tide. True enough, the
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: port. Appeal for Help for Shreve Accidents, etc., etc. y f Sep. 27 The Third payments National of CHICAGO, has suspended large somewhat of currency The Cook by the I run Bank on the First. There has into been suspension County Na- re- a Bank, led on Monday action of the invites the active corresponsume tional payment. of Union, its and northwestern will coI operation dents. There appears financial to and be a commercial slightly a improved marked circles feeling in but business exhibits cash property currency falling Some was more to-day, off. urgent, The investment inquiry indicating for in that grain. cur is arriving for obtained considerable a deof the banks express to-day and in evince spite of the action termination rency by of banks to work in other through sections of the I a After protracted night country CHICAGO Sept. 27 House Association to the improvit is ing prospects, debate, resolved the Clearing that, in inexpedient view of to issue the Maufac Banks t loan The certificate Second declare National their and intention to go into turers involuntary liquidation. deposits in our banks t tion of for The the decrease past 40 per week cent of is $11,000,000, The outlook a to-night diminu- of the is very reassuring Sept. 27.-A meeting was held last CHICAGO House Association adjourn until half by past all Clearing night and did not It was attended of the one this members morning including yesterday the officers clearing A propthe suspended to issue a of the osition banks that purposes loan received on majority account of votes renewed, but house was not adopted The discussion necessary was united late hour strong opposition and, it being action, declared the following to committee to take some was appointed for adoption at a the plan Mr S Mr consider and report the clearing house for settlements in Corn Exchange Mr. RutRumsey; of the Fifth National Mr S of the Traders and Mr It ter, Lombard, Hibernian of the National: National; National Green Clark, was baum. of to adjourn until meeting of the then At a that they of the voted the German subsequent resolved 8 'clock this will to evening. they plan similar in report their system, the Clearing committee the New York adoption only through of a and that checks will House. ST. be LOUIS, paid Sept this 27. morning. Quiet has All reigned every are among the banks under the rule and in the checks cheerfully acquiesce Change is paying body seems to The feeling on articles are better arrangement and prices for The some volume in of some busstiffened materially somewhat, obtained. and, Mer iness increased figures were be more hopeapprehension cases, chants, ful,but higher there generally, is still and seem but strong to little under disposition current entirely to of The do very day much has passed circles trading. quietly The almost in excitement financial subsided, and commercial day has positively an im feeling among and of the previous and there was all classes. Prices some materially, on proved Change stiffened higher figures panic. than A num- since articles brought mencement of the this afternoon against that they currency will pay deposits. ber the of comme banks announced all currency checks are Matters curquiet on the only trouble. have, with new PHILADELPHISTREET Third Sept the scarcity Many of great large raised exertions, full wages. e rency manufacturing being concerns sufficient amounts of curJo Sam rency PHILADELPHIA applicant to pay for Sept. Cooke proceedings & Co., of the has in bank state- with ment n the drawn made of the assets sephs, ruptcy the against suit in Jay consequence and liabilities of out cur paid are discounting circles. in banking 27. rency City firm. when banks freely, needed have giving generally to pay an wages, easier and feeling of the close manifest. they Some of the paid out. f business an banks Sept. as was much curThe Secretary rency WASHINGTON as is Sept. no longer 27 financial troubled sour with in of the Treasury of inquiry from whatever exists De is telegrams No excitement and the Executive An ar made ces. that department, equally free from by it. which the e McCullough rangement partment has of been Jay Government Cooke, drafts & Co. the agency. is a There Sept.27. & London the Co. London Beyond will house honor house this all there of Clews, has been Habrecht no change sit the in AUGUSTA here to-day Ga, but There is no otherwing dostateuation feeling is unchanged. want of currency. bank cotton for The to n ing NEW in YORK. be Sept. ready for committee publication has resolved to ited amounts. is day ments The will not issue clearing loan house certificates the to opinion unlim NEW YORK, Sept. 27. with steadily financial bright , of persons that conversant the prospect Savings is institutions meet are la ments ening. Banksand more freely to it is stated, of offers bor to prepay millions. the paying pay out rolls, money and government, November interest last met , fourteen Libraover Some prominent rooms of the Mercantile rela ing Association, in the and after condition of financial follownow tive commercial to the present affairs, adopted the should commer and ing That all our efforts of trade greatest and efficiency Resolved directed to the promoting support their the vast be and to in carrying incidental on to exchanges possible of harvest. recommend to happily banks the and our bountifu That we their union, that so it be Resolintenance of request resolution to dised count begun, freely, ented commercial which by joint on a paper like of occasion in character,
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(SPECIAL TO THE DAILY SENTINEL.] NEW YORK. NEW YORK, Oct.2 The Court of Appeals reversed the judement of the lower Court. and dismissed with costs the complaint against the Staten Island Railroa Company. There were the famous Westfield explosion cases, A denial is given to the statement published to the effect that the mis. sion of Cardinal Bonnechaz to Rome was for the purpose of inviting the Pope in France. to consecrate Henry as King. It is stated that the mis sion of the Cardinal has no reference to the monarchical question. The Danforth Locomotive Works. New Jersey, will place the employes at their founday on half time, or work two gangs on alternate days. Forty employes of the Morris & Essex Railro d. at Hoboken. were discharged vesterd IV. and about 150 at other points. because of the inability of the company to obtain the necessarv currency for disbursements. A dispatch from Fort Klamath, dated vesterday. says: Captain Jack and his five associates will be hanged Friday morning at 10 o'clock sharp. and to-day the carpenters will drive the first nail in the structures which are being erected to meet the requirement of the sentence. They will be suspended from one beam. and at a given signal will swing into eternity together. The execution will be public. to allow the Klamaths and neighboring Indians full view of the manner in which the law ef the United States is meted out to transgressors.' ILLINOIS. CHICAGO, Oct. 2. A Washington special says, in reply to inquiries, this evening. that Secre tarv Richardson reiterated his former statement that he believes the Government will not lose a dollar in consequence of the failure of Clews & Co., or Clews. Hobacht & Co.: that a few thousand dollars may possibly be st thereby. He thinks the indica. DS are that the company will pay all its debts. and furthermore, that if Jay Cooke & Co. pav even 33 per cent. he believes the Government, which stands in the position of a preferred creditor. will not lose anything by the failure of the First National Bank of this city. No proposition of compromise has vet been made by Jay Cooke & Co. through the receivers of the First National Bank to the Treasury Department. As to the affairs of the syndicate. Mr. Richardson savs they will not be directly disturbed by the failure of Jay Cooke & Co., though it is possible that the result of the financial panic in this country may retard or injuriously affect the sales of our new bonds in foreign countries. DISTRICT OF COLUMBIA. WASHINGTON Oct. 2. The public debt statement shows the total debt $221 496.164. and the total interest. $32.083.523. Cash in the treasury (coin). $80.246.757; cash in the treasury (currency), $3.289.032. Special deposits held for the redemption of certificates of deposit. as provided by law. $11,250.000. Total in the treasury, $94,785,789. Debt. less cash in the treasury. $2.218.703.898 decrease during the month. $1 1.901.467 Bonds issued to Pacific RR. compan'es, interest payable in lawful money, principal vet outstanding. $64 4 623,512. Interest account, and not vet paid, $969.352. Interest paid by the United States, $20,447,986. Interest repaid by the of the maila
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MONEY AND COMMERCE. MONETARY. THURSDAY EVENING, Feb. 12. Notwithstanding the large amount of money absorbed in carrying grain and provisions in this market, the supply of loanable funds in the market is greater than finds employment. It is frooly offered on domand lonns nt 8 por cont, and on time loans at 10 ; but there seems scarcoly any inducement to put the rates of money lower than these figures. In this market, when a borrower wants money at all, he wants it bad enough to pay 10 or 8 per cent for it, and the difference of 1, or oven 2, por cont on short time loans would not be sufficient to induco him to embark in any onterpriso which be otherwise would not. In the Eastern markets it is different. Speculators BOOKER up 1001x0 ] U 01 [vop which fluctuato less in price than Western prodnote, and when the rate of interest ou money gets below the average rato of dividends on cortain stocks it is borrowed to carry the stocks or speculate in them. In this market, however, the supply of money, be it over 60 abundant, soldom puts the rate of money below 8 per cent on domand and 10 per cont on sixty or ninety days. What is not used at these ratos either lies idlo or Is sent East, where the Now York banks pay 4 per cent on current balances. Now York exchange continues weak at 75c por $1,000 discount. Currency shipments to the country are still pretty large. CHICAGO BANKS DISCUSSED IN LONDON. It scems that the Chicago banks are doomed to be belied in regard to the position they took during the panio last fall. Hero in the West, even our rivals, Cincinnati and St. Louis, were honorable enough to acknowledge that, while the banks in every other large city in the United States stopped currency payments, the Chicago banks continued to pay currency on demand of their depositors throughout the panic. The New York papers, however, with the exception of the Now York Journal of Commerce, ignored the fact, and said that all the banks in the United States suspended currency payments. An article on " The Panio," in Harper's Monthly Magazine, boldly asserted the falsehood that the Chicago banks suspended, as well as all others in the West. But now comes the most unconscionable misrepresentation of all, from the mouth of Mr. R. Potter, the President of the Grand Trunk RailGrand only JO " 1V 10 AUM Trunk Railway Company in London, reported in the Times of that city, Jan. 23, Mr. Potter dolivered bis report of the working and financial condition of the road. In this he took occasion to Bay that he sailed for America in September, and whon he arrived found that a great commercial storm had commenced, which swept over the whole country, reducing the value of almost overything. He then," BAYS the Times' report, described the state of things during the whole panic, both in New York and Chicago. For a whole mouth,' said Mr. Pottor, 'there 1008 only one bank that continued business in Chicago, and that was their Canadian bank, to which the American people brought their capital. If Mr. Potter is interested in the Canadian bank which has a branch in this city, he would this Sumplin Sujop 10 Suides 10J oppronold en was honorable to bring it into notice, But to tell in London a wholesale falsehood for the sake of giving his bank a prestige to which it was not entitled by any of the circumstances of the case, and in SO doing to misrepresent rival bank in the city, was not only dishonorable every in Mr. Potter, but doubly 80 from the prominent position ho occupies as President of a trunk line of railroad. If Mr. Pot- great tor had not been in Chicago during his visit to America, there might be some excuse for his statemoute, on the ground that he had heard such reports. But Mr. Potter was in Chicago, and must have known, if he know anything about Chicago during the pauic, that the First National, the Commercial National, the Morchants' National, the Corn Exchange National, the Fifth National, the Northwestern National, the Merchants' Savinga, Loan & Trust Company and several others, continued to pay currency on the demand-checks of their depositors throughout the whole panie, or and that, in order to do this, they brought