Article Text
THE SITUATION ELSEWHERE
THE LONDON TIMES ON THE PANIC. LONDON, Oct. 3-5 a. m.-The Times, this morning, in an editorial retrospect of the late American financial panic says the recklessness and dishonesty lately characterizing the management of some of the greatest undertakings in America have induced a chronic nervousness momentarily liable to become acute. Even Americans, says The Times, are not all smart men or daring speculators. The Times thinks the danger has disappeared for the present, but political and financial causes are liable to reproduce it at any time. A country with an immense field for enterprise and comparatively limited capital is always Pable to panies. The improvements made in Western communications are most useful and profitable, but may cause further trouble. The entire blame for the disaster rests upon the unsound monetary system of the country. FINANCIAL TROUBLE APPREHENDED IN COLUMBUS. COLUMBUS, Oct. 2.-The financial situation here begins to look a little troubled. There was a disposition, yesterday, on the part of depositors to withdraw deposits, and, last night, the bankers of the city held a meeting. All but two banks were represented. It was agreed to issue Clearing-house certificates contingent on an agreement to this arrangement by the Presidents of banks not represented. At a meeting this morning, and at a subsequent meeting. word was received that Hayden's Bank and the Citizens' Savings Bank declined to go into any arrangement with the other banks. The exeitement is increasing, and the disposition to withdraw deposits is still manitest. WASHINGTON BANK PROSPECTS IMPROVING. WASHINGTON, Oct. 2.-The National Metropolitan Bank, which suspended currency payments last Monday, has resumed to the extent of paying small checks. The Second National Bank and Lewis Johnson & Co., also in the certified check combination, are doing likewise to a limited extent. Gentlemen prominently connected with these institutions say they expect in a few days to cash checks without restriction. FINANCIAL NOTES. The First National Bank of Memphis resumed business yesterday. By Wednesday's steamers from Liverpool to New-York shipments of specie for this city amounting to £244,000 were taken. Everybody at Little Rock, Ark., still refuses to take city money. Greenback currency is very scaree, and the stringency in money matters is greater than ever. A large number of merchants of St. Louis have signed a circular to the effect that they will receive certified checks on St. Louis banks in payment of any indebtedness, or for any goods or supplies of any kind that may be wanted. It is believed that this will restore confidence in all departments of trade and give an impetus to business. The Muskingum Valley Bank, at Lawrenceville, Ohio, after a heavy run of several days durationclosed its doors Wednerday. The banking house of Chas, C. Russell & Co. suspended yesterday. The First National sustained a heavy run, but announced its ability to meet all demands. There was also a heavy run on the Union Bank, but the latter institution invited all having claims to present them.
