129600885 12960
national
f96b36bcc8c94b95Accommodated withdrawals, Partial suspension
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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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NEWS ITEMS. The national banks of Nashville have suspended. The Dollar savings bank of Atlanta suspended yesterday. Secretary Richardson says that beyond the purchases of bonds which have been made to aid the banks he has nothing to recommend. There is a run on the savings banks of Detroit, and they all insist upon thirty days' notice of intention to withdraw deposits. The report that Secretary Richardson had advised a temporary suspension of all of the banks is denied. The steamer Scandinavian left Liverpool for Quebec yesterday with five hundred thousand dollars in bullion. There was great excitement in Indianapolis yesterday and several private bankers suspended operations. There are large quantities of cotton in Augusta, but no money to move it. The run on the banks of Augusta has been heavy, and they have nearly all suspended. The banks of New Orleans have resolved that they will not pay any checks for more than one hundred dollars. The Charleston branch of the National Freedmen's Savings bank exacts sixty days' notice of desire to withdraw deposits. There was a run on the banks in St. Louis yesterday, and shipments of flour have been stopped. The Mutuals beat the Philadelphias in Philadelphia yesterday, 8 to 4. The Newark Democrats have nominated Nehemiah Perry for Mayor, Adolph Schalk for Water Commissioner, Wm. A. Schmidt for Tax Commissioner, and George Peters for Trustee of the Reform School. A. J. Hine, cashier of the National Bank of Ansonia, ten miles from New Haven, Conn., has been using the funds of the bank for speculation. The surplus of forty thousand dollars is all gone. Hine also loses his private fortune. The full extent of the losses is not as yet ascertained. The bank is supposed to be solvent. The Dean of Canterbury has been visiting the public schools of Albany, much his was at large of particularly to surprise astonished and pleasure. the in He all success the proportion schools, and feminine the perfect their teachers masculine with as which they governed well as feminine pupils. The session of the American board of missions at has curious reforeign a significance Minneapolis, when it Minn., is collected that this association organized while Minnesota was yet a howling wilThe board of foreign missions was more agoderness. formed it holds convention than sixty in years what now its was by means a western its over a of which a was journey no westward large part far is untraveled city territory yet when the association was born. Mrs. Henry L. Irwin returned from a week's visit to Red Bank to her home in Lincoln street, near Summit avenue, Jersey City, on Wednesday afternoon. Her husband had promised to meet her Saturday and go home with her, but he and she went afteron did without not, She threw four days ward him. open the house and found her husband in bed. thinking that he was sleeping she did not disturb him, but went quietly down stairs and supper. a seized premonition prepared her, found and she that Then called Mr. the neighbors. They Irwin was dead. The body was decomposed. The county physician's exam. ination showed that the Wednesday, hedied New Jersey of apoplexy. Midland are to resume of between the On road railroad Jersey City control and the state line at Unionville. Possession is claimed on account of the failure of the and Oswego Midland railroad to of their which a company New York lease, comply called with dollars for the payment terms of about two thousand per day for three months, or until the floating about two hundred thousand do:should be paid. have been kept promight debt, lars, instant, but This for when the contract the ceedings of the 18th New York Midland was thrown into and Abrah S. Hewitt was This out of the bankruptcy, control appointed assignee. company's virtually hands. took The New York company retain the Montclair division, which gives them an into New York ; but to form connection to over that a cars through ingress must pass portion Oswego of the the New Jersey Midland lying between the state line and Bloomingdale.
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THE FINANCIAL CRISIS, NEW YORK. NEW YORK, September 26.-Twentyfour hours' notice is to be given before the stock exchange opens. The Sun says that Adams express company has carried daily to the interior $1,500,000, and the United States express company has been carrying out about $500,000 daily. NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual. NASHVILLE. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over $200. The board of trade approves the action. ATLANTA. ATLANTA, September 26.-A meeting of business men has resolved to assist the banks by free deposits and light drafts. SAVANNAH. SAVANAH, September 26.-In accordance with the resolutions of the chamber of commerce, the banks are certifying checks but withholding currency. CHICAGO. CHICAGO, September 26.-Five national banks have suspended. WASHINGTON. WASHINGTON, September 26.-The following suspensions are announced this morning : Wooten, Webb & Co., Indianapolis ; Krans & Smith, Toledo; Bank of Ansonia, New Hampshire Fant, Washington & Co., of Washington. ENGLAND. LONDON, September 26.-American securities are excited. Large business doing with wide fluctuations and much uneasiness. LATER.-American securities flat and declined heavily. The Daily Telegraph, in an article on the American crisis, savs it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists are not affected by the trouble. The Daily News remarks that in the absence of a system of long credits, the materials for a panic among American trading houses do not exist. It believes that the worst in over. It is said that bullion to the amount of £500,000 sterling will be withdrawn from the bank to be sent to America by next Saturday's steamer.
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TELEGRAPHIC Suspension Everywhere Waiting to get a New Start. The British Rushing in with Cash to get Bargains. Opening of the Chicago Ex position. Another Fatal Experiment with a Balloon. The U. P. Quarrel About Termini. Other Items of Interest. transpires CHICAGO Sept. It that excited meeting of the Clearing House lasting Association was held last evening. which it made National Henry The point declar the Bank would morning yards and the railroad have issued orders points the On street full. of the country e extremely light being supplying the wants the retail trade Transactions now made only for cur rency feature of the day the arrival several Canadians loaded with United States to buy grain. There trace of panic here Ithough busi in grain and live stock is interfered with SPRINGFIELD III. Sept. 25 There little among but the men and more among bankers, The usual Presidents holding but learn the question the bankers nivided feeling local regarding serious stand come banks Chicago way to speedy PEORIA Ill Sept. 25 Our banks have resolved suspension of such payments would legitimate feeling The general that the banks the right taken LOUIS. run slight been Kansas in bankers payment of checks drafts, either until the dopted this evening New practiced Clearing House issued DESMOINES. The Sept. deal interest. The the people the the Des the dent without tional One the savings owned private banks the President Bank Public has Chicago confidence not in single one but for the temporary stagn and stock trade. nothin usual course of trade would noticed here COUNCIL BLUFFS, Sept There little but here distu ef the bance of business beyond stoppage Our banks the and course the the Chicago and will adopt should measures the occasion seem en quire it. un INDIANAPOLIS Sept. -Considerable caused here this by the of able the adopted by the Chicago and einnati banks, and this pension of the vate banking house of W ooden. Webb Co. ohn MEMPHIS. Sept 25 There is great citement in this city on account of the L pension of banks caused by their inabili realize on securities in New York following named banks have closed day First National Bank. DeSoto Bar Savir and it is reported the Freedman's and Trust Company. There is heavy: on the others NASHVILLE Tenn. Sept. 25 -The tional Banks have suspended payment all checks exceeding $200 SALMA, Ala. Sept. 25 The SelmaS: TH. ing Banks suspended o-day ATLANTA Ga. Sept 25 The Doll Saving Bank this city, suspended day It has securities g't Nation AUGUSTA Ga Sept. 25 The Exchange Bank Merchants' and Plante: National Bank Augusta and the Pla ers Loan and Savings Bank havesusper ban the NEW ORLEANS ,Sept 25 All have suspended currency ments ent. ba A meeting this morning of all the Presidents in the city except two resolv to pay no checks for more than $100 the larger checks be certified the rangement to continue for thirty days The generally approve of per ! course the banks have determined upon BALTIMORE Sept. 25 -The officers the Associated Banks of Baltimore this afternoon and resolved in view present financial panic, not pay money on checks except what may be quired for legitimate business purposes
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THEPANICACTION OF THE NASHVILLE BANKS. For the last ten days the public have been excited by the financial news from New York and other cities. It was hoped the crisis would pass over without it being necessary for our banks to take any unusual steps. By referring to the lost published statement of our banks, showing their condition at the close of business on the 18th of June, herewith appended, it will be perceived that they are all amply able to meet all their liabilities. But the largest item of assets is always "bills and notes discounted." This represents the money the banks loan to our commercial men to carry on their business, and is of course on time. A bank to make money and to serve its customers must loan its money in this manner, otherwise we would have no use for banks. This money is out where "it can do the most good," and during a "run" it cannot be realized. The fact is, the the bank which does the most good to the public is the least prepared to stand a "run." As we have said, it was hoped that the excitement would pass over this city, but for the last few days there has been evidence of a run, and yesterday the following placard was placed at the entrance of our various banks: In view of the money crisis and suspension in New York and banks of other cities, and also in view of the welfare of our VSrious friends and customers, it is hereby agreed by the four National Banks of this city that we suspend payments on all balances exceeding $200. JAS. WHITWORTH, of the Fourth, JAS. McLAUGHLIN, of the Second, W. W. BERRY, of the Third, A. E.EWING, of the First. The circulation of this news did not produce as much excitement as might have been anticipated. Most persons understood the situation, and all of our business men approve the action of the banks, and a meeting of the Board of Trade yesterday afternoon fully endorsed the course taken by the banks, and expressed entire confidence in their ability to meet all their liabilities. A report of the proceedings of this meeting will be found elsewhere in this morning's paper. As soon as quiet is restored in New York and other cities, our banks will resume business, and will assist the commercial men of the country as formerly. The following is the last statement of the city banks, to which we have referred:
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New-York Daily Tribune. FOUNDED BY HORACE GREELEY. FRIDAY, SEPTEMBER 26, 1873. At a stormy Erie meeting in London, President Watson received a unanimous resolution of thanks, and announced that his road wanted $30,000,000 at once. The French Conservatives claim a majority of 20 in the Assembly in favor of a monarchical restoration; the Republican members threaten to resign in a body. The Spanish Government has demanded of England the release of the Vitoria and Almanza. = The U. steamer Tigress is still searching for the Polaris crew. Secretary Richardson, Attorney-General Williams, and other officials determined, it is said, after long consultation, that the Government should not use any portion of the legal-tender reserve for the purchase of additional bonds. The banks of Chicago, Cincinnati, Baitimore, Nashville, and New-Orleans have suspended the currency payment of large demands. In St. Louis the bank suspension appears to be total. Failures are reported in New-Brunswick, N.J., Selma, Ala., Indianapolis, MemThe schooner Whiting phis, Atlanta, and Augusta. was wrecked at Grand Haven, Mich., all the crew but one being Descued after a thrilling fight with the waves. = An Anti-Kellogg Convention has been called, to meet at New-Orleans Nov. 24. There were no further suspensions in Wall-st., although aid from the Government in the purchase of bonds was entirely withdrawn. The difficulty in getting foreign exchange has affected the export trade somewhat disastrously. The Stock Exchange endeavored, by the appointment of a Committee, to force settlements upon last week's transactions. The Bank Presidents did not favor the theory of the Stock Exchange 10 regard to the resumption of business. ==== Sprague's attorneys endeavored to show that the money for his investments was borrowed from the Brooklyn Trust Company. The Grand Jury issued a public call for testimony. The District-Attorney refused to announce his intentions concerning the jail frauds. The Committee on investigating department affairs or- The Liberal Republican General Commitganized. tees made arrangements for holding primaries, and listened to Gen. Coctrane's remarks on the issues of the campaign. The Kings County Democratic primaries were held. The Newark Democratic Convention made municipal nominations. = An effort to act on the Police Justice nominations falled in the Board of Aldermen. - The Protestant Episcopal Diocesan Convention was addressed by Bishop Potter. - Prominent delegates to the Conference of the Evangelical Alliance, and Wilkie Collins, arrived. Damaging testimony was adduced in the baby-farming examination. The Harlem Rowing Club's Fall races were pulled, and entries for the National Amateur Regatta were announced. = The New-Jersey section of the NewYork and Oswego Midland Railroad is to return to its
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THE FINANCIAL CRISIS. It Reaches Nashville-Suspension of Our National Banks. Considerable excitement prevailed throughout the city yesterday morning when it was made known that our four National Banks had suspended. Before there was time to reflect upon the action taken, there was a good deal of unnecessary alarm, but all sensible people, upon taking the second sober thought, agreed that it was eminently proper to pursue the course they did. When panics occur, such as commenced several days ago in New York, and which has extended more or less to the principal cities, confidence is shaken, and the people throughout the entire country become more or less uneasy as to the result. The first exhibition of a panacy feeling here was no. ticed yesterday, when a considerable number of depositors in the Second and Third National Banks made a run on those respective establishments, and within two hours upwards of $100,000 had been drawn out of the latter, and the cash on hand of the latter reduced to a comparatively small amount. Knowing what would necessarily follow if such extensive runs were continued for any length of time, the officers of the different banks quietly assembled togeth er and after consultation for a short time, wisely came to the conclusion that it would be better for the commercial relations of Nashville that suspension should follow immediately. The representatives of the different banks expressed the opinion that they were able to stand anything like an ordinary run, but if a demand was made for all the deposits in a day or two, they would be compelled to make great sacrifices in order to meet the crisis. So quietly had the interview been conducted that the suspension was not known until the following notice was found posted on the doors of each of these institutions: In view of the monetary crisis and suspension of the New York, and other city banks, and also in view of the welfare of our various friends and customers, it is hereby agreed by the four National Banks of this city that we suspend currency payment on all balances exceeding two hundred dollars. Signed JAS. WHITWORTH, Pres't. JAS. McLAUGHLIN, Pres't. W. W. BERRY, Pres't. G.EWING, for 1st Nat. Bank. The announcement, of course, was unexpected and created considerable uneasiness until the people had time to reflect upon the course pursued, when the unanimous verdict of the commercial community was in favor of the action taken, and quiet and confidence was in a great manner restored. Last evening our business men were to be seen making their deposits as usual, and no one seemed to doubt the ability of each institution to resume as early as any banks in the country. Elsewhere will be found the action of the Board of Trade, in which the course taken by the Banks is sustained.
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THE BOARD OF TRADE. Conference with the Bankers of the City. The Financial [Situation Debated. The Course of the Benks'Endorsed. A called meeting of the Nashville Board of Trade was held at 4 o'clock yesterday afternoon in the office of the Commercial Insurance Company, President H. C. Henslot in the chair, and R. L. Armistead Secreivj tary. President Hensley stated the object was to confer with the bank officers as to what was best togbe done'under existing circumstances. Judge Whitworth, President of the Fourth National Bank, being called upon, said the present state of affairs was a novel one to him. He had never seen anything like it. He was here to consult with the business men as to what was best to be done. The banks he thought were entirely solvent and able within a very short time to meet all their obligations, but could not do it in a day without a great sacrifice of their means and a total destruction of the (trade of the community for the time. Af er a consultation with all the National PAnks it was agreed that they shou'd partially suspend payment on all balances; over $200, but with this understanding that all deposits made after that hour should be paid in full and the business in all respects so far as the public was conceived should be conducted just as it was before the suspension, trusting to the collection of means due the banks and such cash means as they have in bank to pay, off their depositors in full, which he felt confident could be done in a short time. The banks expect to go on as usual and take bills of exchange drawn against shipments to the extent of their ability, which he believed would be sufficient to meet the wants of the mercantile emmunity. He said he had been asked if a check given by a bank here on a bank in New York was not honored, then what would be the result. He replied upon the return of the check dishonored, it would be taken up and paid by the bank suing it. The alternative was presented this day to the banks, as he believed, to take the course they have taken or to be so crippled by a run of their depositors as to be unable to afford the mercantile community any facilities in conducting their business or handling the produce of the country. Mr. Hensley asked the question of Judge Whitworth whether some arrangement could not be made by the banks by which settlements could be made between merchants dealing with the banks by means of certified checks. In reply to which he stated that he had no doubt it could, but no plan had yet been formally adopted, by the banks looking to that end. And also sail that with an appreciation of the situation by both merchants and bankers, there would not be much difficulty in carrying forward the trade and commerce of the country. Mr. Edgar Jones, Cashier of the Third National Bank, endorsed fally the remarks made by Judge Whitworth and referring to the question of certified checks, said he presumed some system would be adapted of that sort, for all settlements between banks belonging to the Clearing House Association in New York were made by certified checks. Mr. John W. Terrass wished to know if the banks would furnish facilities for the moving of produce 88 usual. In response to which the officers of the several banks present stated that that was the object of the partial suspension, and that every facility in that direction the banks could afford, would be given. Mr. Jas. A. McLanghlin, President of the Second National Bank, in a few brief remarks fully endorsed the statements made by Judge Whitworth and Edgar Jones, Esq. Mr. T. D. Craighead offered the following resolutions: Resolved, that the Board of Trade sanction the action taken by the banks to-day, believing it to be the wisest measure that could be inaugurated. Resolved, that we continue as usual to deposit from time to time in the banks and render them all the assistance in our power; and that our confidence in our financial institutions remains unimpaired. The resolutions were adopted by scela. mation, without a dissenting voice, and the meeting adjourced.
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BRIGHTER PROSPECTS AT PITTABURGH PITTSBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new move ment of the banks is threatened. The Security Trust Company is making arrangements to resume. The of ficers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days. IN TENNESSEE. SUSPENSION OF THREE MEMPHIS BANKS. MEMPHIS, Sept. 25.-There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New-York. The First National and the Do Sote banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. Itisexpected, however, that all the suspended banks will reopen after the panic subsides. 6. p.m.-The excitement this morning over the suspension of the First National Bank was intense. Crowds gathered in front of the bank building in Madison-st. and attempted to break in the iron doors and shutters but they were scattered by the police. The liabilities of this bank are about $400,000, of which $350,000 is due depositors. Among its assets are overdrafts of solvent firms amounting to nearly $100,000. It is believed the bank can resume if able to realize on its assets. An effort is making to have W. W. Thatcher, its own cashier, appointed receiver. The excitement over the suspension of the First National caused a heavy run on the De Soto Bank, and at 101 its doors were closed. Its liabilities are about $150,000, and its officers claim that their assets are ample to meet all demands if they can realize on them. The State National Bank had an abundance of currency, and weathered the storm to-day. The Union and Planters' also endured a heavy run without flinching, as did also the German National, the Bank of Commerce, and the Fourth National. The Freedmen's Bank was compelled to suspend. The check on business is complete, and the planters will necessarily be greatly inconvenienced, as a failure to sell cotton and receive currency and capital will render laborers dissatisfied and unruly. Financial affairs are the all-engrossing subjects of conversation, and little attention is paid to the yellow fever, which is surely abating. PARTIAL SUSPENSION OF THE NASHVILLE BANKS. NASHVILLE, Sept. 25.-The National Banks of this city, four in number, in view of the present state of financial affairs have agreed to suspend currency payments on all balances exceeding $200. The Board of Trade, at a large and full meeting [to-day unanimously approved of the course of the banks and adopted a resolution that merchants and business men would continue to deposit with and aid the banks by every means in their power. A general good feeling prevails among business men, and there are no symptoms of a panic.
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All Quiet. Everything was exceedingly quiet in banking circles yesterday, and there was nothing whatever tha+ looked like a panicy feeling. Our business men were making their deposits 25 usual, showing that they had every confidence in our banks, and the course that had been pursued. We were in error yesterday in stating that $100,000 had been drawn out of the Third National bank. The "run" was considerably under that figure.
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The Cash Crisis. The money "equeeze" to which we referred last week has extended to the West and South, and bunks are shutting down in all directions. The scare is out of all to the cause. the four Thursday proportion Nashville Last national banks suspended. It was done as a precautionary measurenot of necessity. The banks claim to be able to pay three dollara for one that they owe. It was plain to the officers that if they suffered a spontaneous raid the of depositors, business sacrificed, of the banks would not only be but the general mercantile interest of the whole community, as well, by the consequent stagnation of trade. They met and agreed to issue the following notice, which was shortly after conspicuously posted in the respective banks: In view of the monetary crisis, and suspension of New York and other city banks, and also in view of the interests of our various friends and customers, it is hereby agreed by the four National Banks of this city, that we sus- all pend currency payment on balances exceeding two hundred ($200) dollars. President JAMES Fourth WHITWORTH, National Bank. JAS. McLAUGHLIN, President Second National Bank. W. W. BERRY, President Third National Bank. A. G. EWING, For First National Bank. This notice at first produced quite a little breeze, and brought good many depositors to the to inquire what They were genbanks a and portended. it meant could erally told every depositor obeck out $200, and that within bal reasonable time, all their ances could be settled, if desired If money was wanted for a legiti- be mate business, it would also furnished to help any merchant out of a difficulty, but when man simply came through th promptings of fear, and desire to check out by wholesale, the would simply call "time" on him It seems evident that had the banks continued to pay cut at call by the end of the week the to would have been co.npelled close, and thus a disastrous pan is might have been precipitated which would have ramified through Middle Tennessee Thi would have ruined trade for thi because the circulating which WAS would have aeason, medium pendent, upon been it the with ol de drawn and stored away in chests and trunks and cupboard and yarn socks, and every othe known receptacle and nook an corner which might have bee measurably considered safer than banks. The crisis was brought to a hea by the Louisville and Nashvill and Great Southern and St Lou and Southeastern railroads refus ing to receive checks on the Nash ville banks inpayment for ineights Per contra, the Nashville and Cha tanooga and St. Louis railroads If ceived the checks in payment. Thursday evening the Nash a ville Board of Trade met and dopted the following resolution by acclamation: Resolved, That the Board o Trade sanction the action take by the banks today, believing to be the wisest measure th could be inaugurated. Resolved. That we continue usual, to deposit from time as time in the banks, and rend them all the assistance in o power; and that our confidence r in our financial institutions maine unimpaired. Rest Thos. B. Kercheval, ra