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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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payment by the banks of interest on deposits. These the banks must loan out in make themselves and thus they deposits whole, become order before too to much there extended. Early in the season, and were of financial in the too low. The trouble. any banks signs were disturbance. the he thought, reserves the about Strong banks are now helping weak that will calm the He that the dealers in were thought ones, over. and railroad troubled bonds action waters. largely responsible for the panic; that the of the Clearing-house Committee would tend torestore confidence, and that as there were hoserious failures in the West, the prosperity of the country would not be seriously affected by the disaster. NATIONAL PARK BANK. W.K. the President, and J. Worth the the National Park Bank, cashier Kitchen, of L. said The bank that they considered the trouble about over. stopped last Friday, but was for reasons while the At prudential discounting panic this lasted. only on country banks are received as cash. down of the was the cause present market. The no they checks breaking thought, railroad of the crisis. bond the bonds of now in the made the many Inability constructing to negotiate country failure The railroads crisis of came of those dealing in them inevitable. when money was most in demand. Whether the trouble would be over in a day or two or not would depend a deal upon the people themselves. If they in on the would be prolonged. were persist naturally good running banks, Those who the with- crisis likely to fail have failed, and those who have stood the shock thus far may be considered sound. CHEMICAL NATIONAL BANK. J. Q. Jones, the President of the Chemical National Bank, said the business of that institution Their customers were not specuto any extent, but and channels of trade. lators others was not in in affected. the stocks ordinary merchants natural Mr. Jones busihad 80 much occupied with the Bank that he not to attention to the panic. ness pay been of much the Chemical had He had thought in time railthe trouble had its origin in the speculation road bonds. He believed the trouble would be over in a day or two, but that there would be less borrowing future. IMPORTERS' AND TRADERS' NATIONAL BANK. the cashier of the Importers' and Traders' Bank, said the panic of its business to any alturbed E. H. the Perkins, National course had extent, in not disthough the deposits have declined some consebank continues to to reguquence. The discount its as and has no This erisis, he thought, for one or two years, the future. and negotiated that the bonds have been have produced this crisis. was no naturally lar to in proaching which customers railroad usual, anxiety There had in been the manner regard would fears apreason for its lasting any longer, except in of the community. He would counsel patience and forbearance on the part of the people. The country he considered in splendid condition. The Fall business seemed to be opening well, and he had every confidence in the country's prosperity. CHATHAM NATIONAL BANK. Nathaniel Hayden, the President of the Chatham National Bank, said the business of that concern with merchants and small manufacturers. had no accounts with was the excitement. wasmostly not The affected bank by There brokers, The is little and disat present in the bank. cause of the was excessive dealing in The had spent more money had, counting storm brokers done than railroad they bonds. He and lived ten years ahead of the trouble substantially over, the thought had better. the times. The and mercountry's prospects were never he owed less than they considered the action of ago. chants. He said, the did the bank six country months presidents judicious. The prosperity of might receive a temporary check, but the effect would be wholesome in the end. CENTRAL NATIONAL BANK. A. Wheelock, the the Central Bank, said that was William National President crisis. institution There of not affected by the had withdrawals of been particularly some deposits by He thought country banks, but none by banks in the city. about over; that the causes artificial-the natural were the trouble altogether results of the portions of crisis too railroad building in the undeveloped If the excitement were to the country would much of now the the country. damage be only stopped moderate. He regarded the action of the Clearinghouse as wise, and if carried fer enough it would afford permanent relief. NINTH NATIONAL BANK. J.T. Hill, the Vice-President of the Ninth National said their business was principally with merin that neighborhood, and, as are genthe bank was not chants erally Bank. sound, affected apprehension. they by the panic. He thought there was no cause for The action of the Clearing-house would tend to strengthen the money market by inspiring confidence, and the panic would not spread to mercantile circles at all. CITIZENS' NATIONAL BANK. the President of this bank, said had been no extra drafts on that S. R. there Comstock, the in institu- good tion. The merchants, he said, were never so as now. and there was no The action of the bank a for condition a panic. effect. real presidents occasion If the would, he thought, have the desired alarm should stop now the damage to the interests of the country would be trifling, but, if continued the end could not be foretold. MARKET BANK. Mr. Bayles, President of the Marlet Bank. had from the city during the of and but on his return, been Friday absent Saturday, troubles yesterday when be found everything as quiet as he among depositors, no unusual of norun upon the expression left-no morning. excitement anxiety, of bank-in deposits fact no in the average or stood ready to customers in the way of their withdrawals. especial regular change They when accommodate discounting, the even under very heavy pressure, for confidence'of depositors is shaken it means trouble to the bank. The crisis had evidently culminated. FULTON BANK. The President of the Fulton Bank, Thos. Monathat there had been no run upon that inaccounts had been and they had deemed it to stitution. ing han, the said day, New offered advisable them durThere are sixty banks doing busithe Clearing-house. as as he they are all sound or refuse ness is aware, through them. but five and, six-that far is, all but that number are strong enough to meet be made unon them in a
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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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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-