Article Text
THE MONEY PANIC Action of Rock Island, Moline and Daven$ port Banks. Last evening, (the 26th) a consultation of the officers of all the banks in Rock Island, Moline and Davenport. was held at the Rock Island National Bank in this city. The following were represented First National, Rock Island. Rock Island National. Rock Island. First National, Moline. 0 Moline National, Moline. e First National, Davenport. . Davenport National, Davenport. d Citizens National. Davenport. t The Davenport Savings Banks were also 1. informally represented. e After discussing the situation. Hon. e Hiram Price introduced the following: WHEREAS The partial suspension of the New York and Chicago banks has locked up the currency and other means of the banks of the West. so that we are unable for the present to procure currency to meet the demands of our customers; therefore Resolved. That the banks of Rock I-land, Davenport and Moline will, hereafter. and until further e. and better arrangements can be made, only pay in S currency our depositors $100 each. where the depositor has that much on deposit. and will certify d all other checks. which certified checks will be taken by all of said banks of Davenport, Rock 1-1or and and Moline. n The above resolution was agreed to and sk signed by all present except the Moline d National. the representative from that inle stitution being of the opinion that they d could weather the storm. no This action is simply following in the line ey of precedent set by secure banks in the nd Eastern states-not to pay out currency in he large amounts. When Chicago and St. ot. Louis banks refuse to pay out currency for the benefit of New York banks why should rt our banks do so? It seems to be a matter he of self-preservation for our banks to he pursue the course pursued elsewhere and ks wait a bit, for the clouds to clear away re rotten concerns will be wound up, but sound he ones will be all the better for being rid of ple the gamblers and speculators. Prices will not fall temporarily, and men who have cash acin their pockets can take advantage of the ur times and buy grain, stock. or other prop se erty at prices which will pay them a big re profit. Those who are not obliged to sell 10should keep quiet and wait for things to ex settle. is The strongest assurances are given tha ti each bank in this city has assets very large of ly in excess of its liabilities, and that bu little time will be required to resume i full. e is REMOVAL.- - Balch, Frazer & Co. hav removed their office to the old C., R. I. & un27dtf P. passenger depot. of
