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Heavy Drafts for Currency from Ohio and Other Places for Rediscounts. Gotham Financiers, However, Feel Greater Concern for the Situation in Philadelphia and New England Just Now. Deposits of $38,000,000 Drawn from Gotham National Banks Since March. The Stock Exchange Will Proceed Against G. H. G. Weil, Who Was Caught Circulating Evil Reports Without Foundation. WESTERN BANKS HEDGING. Greater Part of $1,500,000 Sent to Indian. apolts and Cincinnati Yesterday. NEW YORK, July -The banks reported the condition as fairly easy and, to some extent, better, inasmuch as the demands for accommodation were light. The most notabledemands for assistance to-day were from Ohio. The orders for currency to-day were light The subtreasury was debtor the clearing house, this morning,only $118,000, and that sum was paid in notes, What caused the treasury officials to pay in notes to-day. instead of gold, as they have done for the last week. could not be ascertained, but it was assumed that the protests of the banks, through the press, against the in. convenient method of settling the clearinghouse balances in gold had caused them to see the absurdity of the practice. The dications to-day were that a considerable amount of currency was being received from some sections of the country by the banks in this city, but that it was being offset by shipments to o her places. The leading banks received $250.000 on,Saturday while shipmen ts were nearly 60 much, but on the other hand there were some banks on Saturday that shipped a great deal of currency without any receipts to offset those shipments. From the demands received to-day from Ohio and some other places for re-discounts, it is believed that the shipments of currency to those sections this will be heavy. In many instances during the last few days gold has been shipped to the country instead of currency. and more will probably follow. The banks asking for the accomodation are providing themselves distrust sweeps over their localities. Speaking of the great number of Western banks hich closed Saturday. the president of one of the largest national banks in this city said to. day that he believed that in the majority of cases they were not failures, but only suspensions: that they were perfectly solvent, and that they would resume busi. ness again in a few days stronger than ever. The situation in New England is attract. ing a great deal of attention in this city now,and especially in regard to the manufactories. the office of Watson & Gibson, No. 555 Broadway, it was said that their advices from Boston were the effect that money was practically imlendable in that city at 6 per cent.. and that stocks were being carried at per cent. I consider,' said Mr. Gibson, the situation HB regards the New England factories the most serious factor in this market. The failure of the Milwaukee National Bank on Saturday was very generally diecussed in this city to-day. The failure was not entirely unexpected by wide-awake bankers. some of the most conservativo whom had been aware of its real condition for sometime. One of these bankers said to. day the report that the failure of the bank was due to the failure of the Soblesinger syndicate was not true. The bank's failure, it was said. was due to it having overloaned to certain parties with which the Schlessinger syndicate had nothing to do. Several banks this morning reported their inability to make collections in Philadelphia, or obtain payment of the large balances they have to their credit with some banks in that city. One bank here has between $500,000 and $600,000 in Philadelphia, which is unable to obtain without recourse to measures which would probably cause trouble to the banks referred to in that city. New York banks, as rule, are now refusing to accept draits from their customers on Philadelphia banks, except for collection at the depositors' risk. In some cases where merchants in this city have had large drafts on Philadelphia they have sent them there by special messenger for collection over the counter. The course, how. ever, involves trouble of identification, and when it has been adopted a liberal commission has had to be paid for New York exchange, currency not being obtainable, According to the reports the Controller the Philadelphia national banks were as well supplied with cash on July 12 as were the national banks of this city. Those ports show that on that day the reserve of the national banks of Philadelphia amounted to 30.39 per cent. of the deposits, It is cause of some wondermen there. fore, why the Philadelphia banks should beso slow in making the remittances to this city. The shipments of currency by the banks to the interior to-day amounted to $1,500.000. Of this snm $400,000 was obtained at the subtreasury in exchange for large bills, Most of the money went to Cincinnati and Indianapolis Some money went to Chi. cago and St. Louis. The Post says: It appears from the state ments of the New York city national banks submitted to the Controller under date of July 12, that with a shrinkage since the March report of $17,725,597 in specie and legal-tender holdings, of $38,151 in individual deposite and of 910,392 in amount dueother banksand bankers mostof which also was deposits- the aggregate loan account bas decreased only $14,798,170. This is a fair measure of the courage and liberality with which our city banks have faced the crisis. It is true that the calling in of loans, even to this extent, must necessarily have resulted in corresponding reduction of deposits; 80 that the total decrease in deposits 18 by no means proper measure of the extent of actual money withdrawals. By what is in one way or another hoard. ing of money is novertheless strongly reflected in the comparison. and it the banks which have boldly counter balanced such movement by their use of clearing honse certificate. Figures show. indeed, from what a pinch of senseless panic the New York banks saved us. They also show why the banks are wisely refraining from sudden contraction of certificates now outstanding. That these certificate are not being increased is a negatively favorable sign. and, indeed. they have never risen within $4,000,000 of the issue in the panic time of 1873.
