69800885 6980
national
6cca0a0d5f898902Accommodated withdrawals, Capital injected, Full suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
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List of the Failed Banks. CHICAGO, Sept. 26. The following is it correct list of banks which have suspended in this city: Union National Bank, Cooke County National Bank, Second National Bank. Manufacturers' National Bank. and National Bank of Commerce.
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The Financial Panic. Washington, 27. The Republican announces on the authority of the President, that the Government does not intend to make any change in the naval fiscal exigency in London. The President being convinced that the suspension of Clews & Co. which involved the suspension of their London house, Clews, Habicht & Co. was the result of unavoidable misfortune, and that no dishonorable taint attaches to them on account of it. Chicago, 27. At the clearing house meeting which continued to au early hour this morning, the suspended banks were permitted to vote. Mr. Coalbaugh handed in a communication to the public, signed by the President and Directors of the Union National Bank, saying they would hold themselves personally responsible as individuals for the payment of all deposits now held by said bank or which may hereafter be made with it. Cincinnati, 27. A series of resolutions to-day were unanimously adopted by the Cincinnati Chamber of Commerce at a full meeting, resolving that the action of banks and bankers in this city in refusing to pay out large sums in currency, was timely, wise and necessary, and meets the approval of the Chamber. Philadelphia, Pa., 27. The Board of Brokers of this city, to-day, passed the following preamble and resolutions : WHEREAS, The embarrassed state of the finances of the country growing out of the scarcity of currency, the department of railroad interests, and the system of over-trading have given rise to a panic, in which the idea
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LIST OF FAILED BANKS.-Chicago. Sept. 26.-The following is a correct list of banks which have suspended in this city; Union National Bank, Cooke Couny National Bank, Second National Bank, Manufacturers' National Bank of Com. merce.
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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] Finance al Affairs. NEW YORK, Sept. 30-12:30.-There is considerable pressure to sell and realize on stocks and prices have declined from one to three per cent, from the opening quotations. The following are the prices at this hour, the market being feverish and unsettled : New York Central, 90; Pacific Mail, 33. Brokers gener; ally display disinclination to operate for custo mers on margins before affairs become more settled. LONDON, Sept. 30-3:30 p. m. -The of bullion withdrawn from the Bank of Eng. land on balance to-day is £50,000. LEAVENSWORTH, Ks., Sept. 20.-There is much indiguation among the stockholders and depositors of the First National Bank in this city in consequence of the Vice-President or7 dering the bank to suspand and at the sametime drawing from the bank nearly $100,000 in currency to sustain the credit of Scott & Co., brokers, of which firm the vice-President. Lyman Scott. is a partner. The German's Savings Bank and Insley, Shire & Co., bankers, re-opened yesterday and are abundantly well able to meet all demands. The other banks here are paying checks in limited sums. LONDON, Sept. 30--5 p. m.-The demand for discount at the Bank of England, as well as in open market to day has been heavy at the rate of 5 per cent. NEW YORK, Sept. 30. The sub-Treasurer paid out $6,500 on discount of the November interest. Smith & Seaver, who were reported suspended on the 19th inst., announce that they will pay all demands in full and continue business as heretofore. LONDON, Sept. 30.-A special dispatch from Berlin to the London Hour hints at financial troubles in Germany. Fancy stocks and bank shares are not saleable, and some have fallen as much as 20 per cent. There is some talk of government interference. CHICAGO, Sept. 30.-The directors of the Uuion National Bank, after paying out about $400,000 yesterday, decided at a meeting last night to go into liquidation. The officers state that the assets are abundantly sufficient to pay all liabilities in full. NEW YORK. Sept. 30.-The announcement was made iu the Stock Exchange that Smith & Seaver would pay in full in cash all claims against them. This was received with cheers and hailed as a good omen. The impression now prevails that all the leading houses will pull through. There was a decided improvement in foreign exchanges, which was looked upon as a favorable symptom of returning confidence Leading bankers advanced their rates to 1.064 for sixty days sterling and 1071 for sight, but actual business was at a reduction from these rates. Gold has been weak and lower. The price declined from 1124 to 111 and then recovered to 1124. At the opening loans in gold were made flat to 1 32 for use, but afterwards 1 32 was paid for carrying gold. Southern State securities are dull and without a feature. CHICAGO, Sept. 30.-The City Council have passed an ordinance authorizing the issue of $300.000 in Treasury scrip with which to pay the current expenses of the city during the lock up of currency. There is much difference of opinion along business men as to the expe dieney of this issue. MEMPHIS, Sept. 30. - At a large meetiug of the Chamber of Commerce this morning to cousider the financial situation, a resolution was received from the banks of the city to the effect that they would not suspend but would open in addition to the u ual business an exchange account to be paid in kind for the purpose of moving cotton, which was unanimously adopted by the Chamber. PROVIDENCE, R. I., Sept. 30.-An adjourned meeting of the Providence banks, this noon, received and adopted the report of the committee recommending a liberal policy on the part of the banks toward each other and their customers, that each bank should request its depositors to draw checks payable through the clearing house and should certify checks payable through the clearing house; that deposits made in the banks in currency be paid out to such depositors in currency, and that deposits made in certified checks be paid in kind. LONDON, Sept. 30.-The steamship Donau, which sailed from Southampton for New York to-day. took 136.000 pounds in bullion. LONDON, Sept. 30. ..-The 50,000 pounds drawn from the Bank of England on balance to-day is to be shipped to New York.
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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.
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3 Work on the new tunnel of the Delaware, Lackawanna and Western Railroad, under Bergen Hill, has been suspended on account of a panic and over four hundred employees discharged. The Hoboken board of education has abolished the school limits. This allows children to attend any school in the city without regard to locality of residence. Tudor, the colored burglar, who broke from the Somerset county jail a few weeks ago, was sentenced to nine years in the state prison yesterday by the Mercer court at Trenton. A small building on South Orange avenue, Newark, occupied as a candy store by John Vonab, caught fire yesterday morning and was damaged to the extent of seven hundred dollars. Mrs. Vonab, in attempting to escape with her child, was almost suffocated. In Chicago the Union National Bank goes into liquidation, and the city council orders the issue of three hundred thousand dollars in Treasury scrip. The resources of the Boston banks have been reduced five millions. The American and British Mixed Claims Commi-sion has finished its work, having examined claims amounting to ninety-five million dollars, and made awards of nearly two million dollars. The New York stock exchange was reopened without causing a renewal of the panic, and at the close of the session it was announced that there was neither a failure nor a delinquency on past contracts. Preparations for the session of the Evangelical alliance have been completed.
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On Sept. 30, alter closing the second time, the deposits had been reduced to 83,750,000, the cash and exchange to $120,000, while the bills reIceivable still amounted to $4,300,000. According to those figures, the sum of 62,900,000 has been paid out in the liquidation of doposits, while comparatively nothing was accomplished in colSecting the bills receivable. The capital, surplus, and undivided earnings of the bank are about $1,300,000. Notwithstanding that the amount of cash and exchange is stated at 8420,000, we learn from the Directors of the bank that the actual amount Is $570,000, but that in this amount is included the currency deposited yesterday, which has been kopt separate, and considered special deposits. We have been, and are yet, inclined to the belief that the failure of the bank in this panio was inovitable. Its country bank accounts were HO numerous and 80 large, that its business WAB ontirely unmanageable in a crisis like the present. This dangerous feature in the Union National Bauk has been well known and often commented upon by other bankers of this city in times of apparent security before the panic. Mr. Coolbaugh also know this perfectly well, and as soon as the spread of the panic to the West became a settled fact, lie accapted it as a foragono conclusion that bis bank must fail, and this, too, before there WAB any great uneasiness in other banks. The hasty suspension of the bank in the first instance might be exoused on the ground that it way Letter to suspond while there was currency enough in the bank to pay all the depositors some decent percentage of it, instead of stauding a run and letting a few have it all. The roopening, howover, for one day, in inexougable on any ground. BONDS IN THE MARKET. Messre. Preston, Kean & Co., quote as follows this p.m.:
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Bank Suspended. CHICAGO, Sept. 30. The directors of the Union National Bank. after paying out about 8400,000 yesterday decided to go into liquidation. The officers state that the assets are abundantly able to pay all liabilities.
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THE great financial excitement which the past two weeks has brought to cities and large commercial centers has reached but faintly to our little town. Of course, comparative etagnation in produce trade was the immediate result, and this has not been re lieved. One or two days last week, upon the announcement of the closing of certain Chicago banks with which most of our business is transacted, evident symptoms of the disease of larger places were seen. The Union National Bank of Chicago, is we believe, the correspondent of both our local bankers. This house, after a brief suspension, re-opened Monday, and now our latest news indicate that it has again closed-this time permanently, by going into liquidation. This will in no wise effect our bankers, we can confideatly as sure the public, except to temporarily curtail their line of loans and discounts.
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CHICAGO FINANCES. IMPROVED CONDITION OF AFFAIRS - TRADE REVIVING. [BY TELEGRAPH TO THE TRIBUNE.] CHICAGO, Oct. 1.-Settlement day has passed with the happiest results, and people at last dare to believe the worst is over. The banks all made their clearings, and nearly all report largely-increased deposits over those during the crisis, The Union National is busy with the preliminaries of voluntary liquidation. Deputy Controller Maeruder, who has thoroughly examined its affairs, reports a capital and surplus of $1,300,000, unless the panic results in greater disaster to the commercial and mercantile interests. Mr. Coolbaugh has been all day a target for country bankers. whose dispatches and verbal protests have been almost overwhelming. Reports from the Iowa towns indicate the transfer of large accounts to the Cook County National, under the presidency of B. F. Allen, for years a successful financier in Des Moines. On 'Change to-day cash wheat rose nine cents per bushel, and transactions were large, chiefly on Canadian account. The Board of Trade rescinded the rule against ocean trading, and heavy sales for future delivery were made. This will set in motion the vast volume of grain still in the hands of farmers. The receipts of wheat for one day in August reached 1,145 ear-loads, while for to-day but 13,000 bushels came in. Charters for the shipment of a half million bushels were made this afternoon. The lights in the wholesale quarter this evening are deceptive, for with the mercantile community trade is reduced to a feeble condition and collections are next to impossible. The North-West is, however, still bare of supplies, and the ranks of jobbers are not broken by failures. It is believed that with the restoration of wholesale trade the reign of plenty will begin. The banks are pursuing a generous course with each other. and the 18 largest commercial institutions will doubtless weather the storm in safety. They are making loans sparingly on marketable collaterals, such being negotiated to-day in the open market at 10 per cent. Shippers are selling New-York exchange at four per cent discount. payable in certified checks in New-York. For the five weeks previous to the panic Chicago sent out into the North-West fifteen millions of currency, much of which must flow back on the return of confidence.
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THE SITUATION. Yesterday was the first day sinco the panic began that signa of a roal ronction and improvement began to manifest themselves in local financial circles. Thore have been days when affairs wore a cheorful exterior, and peoplo falt botter without exactly knowing why. Yesterday everybody seemed to lenoto that thero was a change for the bettor. In the first place, the price of wheat advanced G conts por bushol, and before the closo of the day gained 31/3 cents more, closing at 81.031/6 cash, against 94 conta the previous day. Corn also advanced 4 cents, with shipments of 140,000 bushols on Tuesday, and a demand for freight-room for 750,000 bushols yestordny. Prices of grain aro now higher than at any time sinco the panio began. Foreign exchange has advanced in Now York to a point which insures the rapid and regular movement of the crope. General trade was more active than on any previous day, and the streets presented a livelier appearance than before, while the harbor was fairly alive with shipping. The savings banks report more doposits than notices of withdrawal. The receipts of currency by the express companios were about 83,000,000. The banks have commoncod croditing their customers for checks on other city bauke of good standing, instead of waiting pass them through the Clearing-House. The D fast freight linos are doiug a grain business fully equal to their capacity. The railroads are also p carrying great loads of the cattle, and the tom0 porary blockado at the Stock-Yarda has been ro0 moved. They are now in a condition to receive 3 and caro for all tho cattlo that may bo sont forward. There is also a healthier feeling in Now York consequent upon the advance in sterling oxchange. Certified checks, however, are quoted B at 2 to 3 per cent below par, which is not unnatural in view of the fact that $22,000,000 of o loan-certificates have been issued. The slight of decline in stocks is accounted for in two ways ; it (1) An indisposition to speculato, and (2) or sales of collaterals to meet matured B paper. The suspension of the banking house o of Northrup & Chick is attributed to the demand that has been made on them by their Westorn correspondents. The majority of thoso are in 1 Kansas, Missouri, and oven as far south as Texas ; there are but two or three in the four States of Illinois, Iowa, Wisconsin, and Minno,sola. One of the most encouraging signs in n, New York is that the domand for currency from ethe country banks has materially decreased. in Ordera for money are countermanded a and oven greenbacks that have been drawn out nare being returned. Now York is beginning to on traco the immediate cause of the currency lockh, up to our of Jay Gould's stock cornors. The in suspension of Paton & Co., a dry-goods firm, is 80 only temporary, occasioned by the contraction 10 in curroncy; it is iutimated that thoro will be a 11liberal policy of extensions on any commercial paper that may nood it, owing to the transient or stringency of the money market. Elsowhere throughont the country thore are on the samo ovidences of a restoration of public in confidence that are to be found in Now York and ok in Chicago. In Memphis, the banks are resuming and the cotton trade is improving. The solid St. on Louis bankora have already begun to regret the n00 adoption of the policy of issuing loan-certificates. The notico of voluntary liquidation by the Union alNational Bank, of this oily, has caused no susit, pensione among its country correspondents, he as It was feared might be the case, The farmto era' notos in the country banks falling duo the olfirst of the month are boing mot promptly. The ryoutlook is brighter from every possible point of da view. m-
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Withdrawn from store yesterday for city consumption: 5,092 bu whent: 464 bu corn; 2,092 bu oats 2,258 bu ryo 4,722 bu barloy. The following amounts of grain have been inspected into store this morning up to 10 'clock: 168 cars wheat; 261 cars corn; 40,050 bu No. 2 do by canal; 1:11/1 cars oats: 8 cars ryo ; 351/4 cars barloy. Total (470 cars), 228,000 bu. leading produce markets were active and strong to-day, with a much bottor feeling all round, as a consequence of a roturn of that confidence which was HO rudely dashed yesterday by the report that the Union National Bank of this city had closed its doors for good (?). As we stated in our report this morning, it was widely expected yestorday that the result would bo a stringency in the country that would involve the closing of a considorable proportion of the 201 banks in the country that corresponded with the Union National, and a consequent rushing to this market of the grain held by thom as collaterals on money advanced to their customors. It was also thought probable that the delivories of grain on the option of seller October would be largely in OXCOSS of the ability of receivers to pay therefor, and be an additional cause of a break in prices. But in both these respects the facts were 60 completely at variance with the expectation that the well-wishers were most agreeably disappointed. They found that the country is safe, though the Union (National) could not be preserved. The country banks did not suspond, nor did thoy find any reason for wanting to do a 80. Thoy may have been short of currency, as rule, but they found that the country around them was BO full of it that payments were mado with surprising promptness. Not only did they not want to encrifico anything, but not a fow were ablo to sond in money to this city to meet the indebtedNOBB of country merchants, and to buy grain at the ridiculously low prices which they thought would rule to-day. So, too, it was found that there was very little grain prossing on the markot this morning, and that was all picked up at an early hour, though every Shing had been dolivered that could be, and a fow found themselves unablo to pay the full amount due on deliveries till they lind opened the market with their sales. This was soon lover, and then a strong, almost buoyant, feeling supervoned, and mon shook hands with each other, extending mutual congratulations that the storm lind far subsided ns to allow them onco moro to slinko out the reefH, and steer close to the wind. The feeling of relief was 80 general and so complete, that the proposition mado by the Directors of the Board of Trade to lift the injunction ou option trading met with unanimous approval. The following resolution was passed at noon, without n dissentient vote, the rules requiring twenty-four hours dolny having first been suspended by n vote without a negative: WHEREAR, This Board, ou the 26th ult., adopted by au upanimous vote n resolution suspending certain of its rules until the further order of the Association; and WHEREAS, It is now believed that said suspension line accomplished all it was intended or expected to do, and na the financial status of affairs in the city and country has in a large measure resumed its previous course; therefore. Resolved, That the time during which said suspension shall continue shall ceaso on the adoption of this resolution. Of course, this action does not mean that operators on 'Chango shall immediately pay up the differences agreed to on settlements made of trades adjusted since the Now York panic began. But all now trados will be subject to the ordinary rules with regard to margina, and the former differences will be in order of payment justa fast as tho debtors can get hold of the money. It may be well for operatora to remember that " Blow and sure ¹ is a very good motto, now as over, but especially so now, and not to launch out too largely till the clouds have more nearly cleared away from above the financial horizon. Our wholesale merchants folt very much better to-day, and for a better reason than simply because home matters seemed to be improving. Not a few bad sent out theirbills to the country, to be presented to-day, and found a large proportion of them honored with the ready cash, which enabled them to meet their own bills promptly, or to arrange to do so to-morrow when the money paid iu the country to-day arrives hero by express. Henco they were filling orders with a little more alacrity, though the day was not an active one. the number of orders being somowhat below the average, as for two or threo days past. There was plenty of money here today in produce circles, and more outside. Grain buyers were really numerous, and prices advanced to the top figures of Monday, the declino of yesterday being completely recovered from. Ilouco the shipping movement was very active, more so than on any previous day this season; and, the receipts being below the recent avorage, the rapid diminution of our stocks in store formed an additional oncouragement to holders to hope for still higher prices. There was no change in the general features of the dry goods market. Quiet provailed in all departments, and values were steady, as previonely quoted. Groceries were moving n little more freely, and the general market wore a rathor bottor look. The romittances of currency from the country were noticeably larger than on yesterday or Monday, and a more hopeful feeling prevailed all around. The quotable chauges
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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.
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Report says that the Union National Bank Chicago, which suspended and went into voluntary liquidation, W ill proba biy resume in n few days.
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CHICAGO. The Union National Bank. CHICAGO, October 13.-The Union National Bank, which, for the past three weeks has been alternately in a state of suspension, resumption and liquidation, again contemplates resumption. From all that can be learned it appears that in case the authorities at Washin gton offer no serious opposition the bank will resums business in a lew days.
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The I Union National Bank of Chicago has restimed on a sound basis.and will, beyond doubt. proceed as usual. At the time of the panic this bank had over $6,000,000 on deposit, and it was impossible for it to meet it all at once. A large part of these deposits was from country banks, and they all wanted it. The bank had consequentIv to succtumb. Settlement has now been made with all of them. and all is well with the bank.
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The Union National Bank of Chicago, which took the initiatory steps towards going into voluntary liquidation some time since, on Oct. 14 again opened its doors mild and resumed business. All the banks and bankers of Cincinnati resumed currency payment, Oct. 13. The suspended National Trust Company of New York resumed payment Oct. 13.
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AN AWFUL "BUST Up."-The State Saving Institution, at Chicago, closed its doors on Friday. The concern is a million of dollars short. The assetts foot up at their face $2,337,496.23 while the true value is only $869,000. The amount due depositors is $3,050,017.17. All the available cash to be found in the Bank was about $24,000 out of the millions deposited by the 15,000 depositors. The Cashier, David D. Spencer, is in Europe. His own individual note for $500,000 was found among the assets. A general run is being made on all the Chicago banks and some more of them may close their doors before the panic is over. But, then Chicago can stand almost anything.
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W. F. COOLBAUGH, of Chicago, committed suicide with a revolver, by shooting himself in the head, at the Douglas monument, where his body was found yesterday morning. He was President of the Union National Bank on which there is a great run; although his troubles were domestic unhappiness, his wife being given to the use of stimulants and narcotics.
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Thirty Years Ago. Nearly $5,000,000 in currency reached Chicago by express and was distributed to various banks to help avert further Senate committee on disturbances transportation was in session in Chicago looking into charges of discrimination The old on part of the railroads Union National Bank of Chicago went Into liquidation as a result of the Black The trial of the great Friday panic Credit Mobilier case began at Hartford, Conn La Salle, Ill., celebrated 200th anniversary of founding of Fort St. Louis at that point by the French explorer La Financial panic and bank Salle failures were added to woes of Memphis, which was already fighting epiFifteen thoudemic of yellow fever sand people attended opening of interstate exposition in Chicago: Senators FailLogan and Oglesby attended ure of Henry Clews & Co. in Wall street was followed by suspension of banking house of Howe & Macey, one of the strongest private concerns in New York The panic in Wall street took a fresh start. and the banking house of Henry Clews & Co. failed; $10,000,000 in clearing house certificates absorbed, with no apparent benefit; 2 per cent a day offered for loans.
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Thirty Years Ago. Nearly $5,000,000 in currency reached Chicago by express and was distributed to various banks to help avert further Senate committee on disturbances transportation was in session in Chicago looking into charges of discrimination The old on part of the railroads Union National Bank of Chicago went into liquidation as a result of the Black The trial of the great Friday panic Credit Mobilier case began at Hartford, Conn La Salle, Ill., celebrated 200th anniversary of founding of Fort St. Louis at that point by the French explorer La Financial panic and bank Salle failures were added to woes of Memphis, which was already fighting epiFifteen thoudemic of yellow fever sand people attended opening of interstate exposition in Chicago; Senaters FailLogan and Oglesby attended ure of Henry Clews & Co. in Wall street was followed by suspension of banking house of Howe & Macey, one of the strongest private concerns in New York
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Thirty Years Ago. Nearly $5,000,000 in currency reached Chicago by express and was distributed to various banks to help avert further Senate committee on disturbances transportation was in session in Chicago looking into charges of discrimination The old on part of the railroads Union National Bank of Chicago went into liquidation as a result of the Black The trial of the great Friday panic Credit Mobilier case began at Hartford, Conn La Salle, Ill., celebrated 200th anniversary of founding of Fort St. Louis at that point by the French explorer La Salle Financial panic and bank failures were added to woes of Memphis, which was already fighting epiFifteen thoudemic of yellow fever sand people attended opening of interstate exposition in Chicago: Senators FailLogan and Oglesby attended ure of Henry Clews & Co. in Wall street was followed by suspension of banking house of Howe & Macey, one of the strongest private concerns in New York The panic in Wall street took a fresh start, and the banking house of Henry Clews & Co. failed; $10,000,000 in clearing house certificates absorbed, with no apparent benefit; 2 per cent a day offered for loans