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From Chicago, TWO BANK FAILURES REPORTED. CHICAGO, Sept. 26. The Second and the Manufacturers' National Banks have failed. STILL MORE SUSPENSIONS. The Cook County National Bank has suspended. Three other National Banks havealso suspend ed.
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erable excitement among the business men, and the grain trade shows the effect. Mr. Coolbough, President of the Union National Bank, is severely consured by the other bankers and the whole community, as his extreme course was believed to be wholly unnecessary. 6 m.-Theffollowing is a correct list of the banks which have suspended in this city: Union National Bank. Cooke County National Bank. Second National Bank. Manufacturers' National Bank. National Bank of Commerce. ACTION OF THE CHICAGO BOARD OF TRADE. CHICAGO, Sept. 26.-The Board of Directors of the Board of Trade, at a full meeting this morning, unanimously passed the following resolution, which was greeted with applause and universally approved: Resolved, That all the rules of the Board authorizing the Board of Directors to consider and act on complaints for violation of contract be suspended, 80 far as such complaints are based on contracts for the delivery of property in future. made between the passage of this resolution and the further order of the Association: and further, that the Board shall not entertain complaints for the violation of contracts claimed to have been closed during the time indicated by reason of the non-deposit of a margin, provided that this resolution shall in no case be held to apply to any trades made in the settlement of existing contracts. RAILROARD BUSINESS MUCH IMPEDED. CHICAGO, Sep. 26.-The Chicago, Burlington and Quincy Railroad, the Illinois Central, the Miehigan Central and the other railroads doing business in this city have felt themselves forced by the suspension of the banks here this morning to discontinue the practice of taking certified checks in payment for freights. They demand currency, and in but one or two instances will accept anything else. Mr. Sargent of the Michigan Central has called upon the other roads to arrange a system of exchange of due bills, and establish a sort of clearing-house among the roads. This system has been occasionally used in the general run of business, and would be of great assistance in this emergency. Very little, if any, freight has been shipped from this city within the past two days.
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ILLINOIS. CHICAGO, Sept. 26. It is just announced that the Union National Second National and Manufacturers' National Banks. have suspended. A notice on the dcor of the former savs the bank has abundant securities, but is compelled to suspend payment on account of lack of currenev until able to realize. Nothing has been lost from failures. and depositors will be made safe. The Cook County, City National and National Bank of Commerce, have followed the example of the Union National Bank. and closed their doors. There was a run for an hour on coin at the Exchange Bank. but. as everything was paid. the run stopped. Some who drew have redeposited. This bank is considered very strong The other National Banks are paying regularly. There is considerable excitement among business men, and the grain trade shows the effect. Coolbaugh, President of the Union National Bank. IS severely censured by other bankers and the whole community. It is suggested that there must be something rotten in his bank. though it has been regarded as very strong.
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THE FINANCIAL CRISIS. THE SITUATION IN THE PRINCIPAL CITIES YESTERDAY. SCENES ON WALL STREET. GOLD SPECULATIONS. Etc., Etc. NEW YORK. NEW YORK, September 26.-Twenty-four hours' notice is to be given before the Stock Exchange opens. The Sun says that Adams's Express Company to 000, has out scenes on street The been and has the carrying carried United daily Wall States about the Express interior were $500,000 much Company $1,500,- daily. less excited to-day. The crowd of brokers who have hitherto blocked up Broad street in front of the Stock Exchange was much less this morning, owing to the action of the police captain, who directed his men to disperse all groups which threatened to interfere with side-walk traffic. The brokers by this means were driven into the roadway, but they fared no better there, as the police ordered the trucks to be driven through the crowd, and so compelled the brokers to scatter in all directions. The general feeling among them is more hopeful, though there are many who persist in regarding the situation in its blackest aspect. There was wild excitement in the goldroom to-day. The gold speculation, which begun just before noon, was the feature of the day, and at a quarter to 1 o'clock the price was 1123, and at 1 o'clock heavy sales were made at 1133. The great necessity for much of on was a drew the the hoarded, borrowing the speculative gold created gold, the feeling and market large the from demand fact the that really street and in being way of stock, for which there were two sets of prices. The excitement in the Gold-Room was intense, and in a few minutes everybody seemed vild-prices spreading to 1131. Gold closed at 114. WASHINGTON. W ASHINGTON, September 26.-The following suspensions are announced this morning: Wooten, Webb & Co., Indianapolis; Kraus & Smith, Toledo Bank of Ansonia, New Hampshire; Fant, Washington & Co., Washington ; the Union National, Manufacturers National, and SecondNational banks of Chicago. and William Fisher & Sons, Baltimore. The latter complain of delinquencies, and request a short indulgence. The Star says that at the instance of President Grant, Secretary Richardson has appointed Jay Cooke, McCulloch & Co., of London, the fiscal agents for the Post-Office and State Departments, vice Clews, Habetsch & Co., suspended. The Cabinet session to-day was informal. Only Richardson and Williams were present. Finances were discussed, and it was determined to stand by the results of last night's consultation at the White House, and take no further action regarding extra currency disbursements. PETERSBURG. IMPROVED SITUATION-CONDITION OF BANKS-THE FACTORIES-OTHER MATTERS. [Correspondence of the Richmond Dispatch.] PETERSBURG, Septeinber 26, 1873. To any, the least observant eye, the improved situation of finances here, and the heightened tone of public feeling, cannot fail to be readily manifest. For the first time since the Black Tuesday, which will ever be memorable in our local annals, business has to-day worn a really brisk appearance, are while money of course is source, it is gradually creeping back into circulation, while the rigid cash rule which prevailed yesterday has been happily relaxed in many cases, The meeting of yesterday did something to accomplish this result, and the discovery of the favorable condition of the affairs of the People's Bank did perhaps even more, as it had been teared that every cent of the funds of the city had gone to the woodbine. The plan by which it is hoped to rectify matters and to accomplish some abatement of the present pressurema be briefly stated, though the details will of course depend on future developments and A gentleman well in all conditions. leading this mended city capitalists and by Congressman in Richmond and merchants has Platt been and known here recom- by for appointment as receiver. An effort will then be made-and it is only just to say that Mr. Platt is exerting himself in this direction with commendable energy and spirit-to maket the surviving national bank in this city a United States depository, by which the funds of the banks in course of liquidation can be retained here until from time to time they are divided among the depositors, instead of their being removed to the capital. Thus, also, the money collected by the United States revenue officers for this district would be retained here instead of being conveyed elsewhere and deposited in the banks of other cities. The banks here that have not suspended manifest every disposition to accommodate, and their staunchness has done much to allay the excitement. A meeting of the stockholders of the Citizens Bank was held this afternoon, at which the cashier, General D. A. Weisiger, made the following statement of the assets and liabilities of the institution: ASSETS.
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The Manufacturers' National The Cook County National. The Second National The National Bank of Commerce. at is name The of The reported, announcement first failure the of the the not Stock suspension being Exchange given several a temporary reasdepression, Chicago but banks Press created dispatches, suring in tone. soon resorted confidence. Over twelve million dollars worth of bonds having been purchased by the treasury department since the commencement of the panic, the annual saving of interest to the government will be about $750,000 in gold. CHICAGO,S Sept. 26. -There is a great exeitement here regarding the erisis at the Clearing House. The Union National the Cook County, the Second Third and Fourth and the Manufacturers, did not a make their clearings. There has been heavy run on the Corn Exchange Nation al. National bank examiner. Spink, pronounces all our banks in a solvent condition. CHICAGO Sept. 26. -Midnight The ex press companies report the receipt of one million in currency within the past 24 hours. It is useless to disgutise the fact that Chicago pride has been greatly hurt by the bank suspensions to-day. The Clearing House Associatoin is now discussing the New York loan certificate plan. so successfully adopted in Cincinnati. Indian apolis and elsewhere. Mr. B. F. Allen says if this can be done the banks will at once resume. MILWAUKEE. Sept. 26 Our banks are now in as good condition as before the panic. A quarter of a million of currency has within a few days been received from the east. e DUBUQUE, Sept. 26. -The Merchants a this A. M. No one en a National tertains suspended doubt of its speedy resumption. le The First paid only small checks, while the Commercial transacted business as th usual. ST. LOUIS, Sept. 6.-The general mar en ket is very much depressed. There is no disposition to bu7 or sell not enough doing to make the quotation of any article. CINCINNATI. Sept. -The second day under the new bank arrangements has passed satisfactorily At a meeting of the clearing house association, held this A. M. after banking hours, the general opinion appeared to be that matters were working favorably. The association resolved that of the currency deposited hereafter may be drawn upon at the depositor IC. future a new it to the old ones. et from quar This and rule will from makes invite that for currency applying the the will of deposits many the ters where it is now lying unused. ty. INDIANAPOLIS Sept. 26.-Uuder the of rule adopted by the clearing house last the night.nearly all the banks report that their endeposits have been larger to-day than the in of amounts drawn out. The Savings Bank ers have met all demands on them promptly ble and like the other banks, their deposit have been in excess of the amount calle rolfor ug TOLEDO, Sept. 26, The failure of th ock banking house of Krouse & Smith is an ohn nounced this morning, an assignment hay ing been made after bank hoursyesterday It is understood that the causes of thi failure are traceable to embarrassment arising several years ago, the most prom nent among which were realized to a larg qual real estate operator. The bank had on ord, posit $80,000 of county and city funds. l be $28,000 of Toledo school funds. Th Rock of amount of liabilities and assets cannot be stated. There is no excitement. t. BUFFALO, Sept. 26.-Everything in t) financial and commercial circles wears cheerful aspect here to-day. NEW YORK, Sept. 6.-The scene Wall street was much less excited to-da The crowd of brokers who have hither blocked up Broad street, in front of t was much to the acti captain of the Second Pr Stock of the the morning, Exchange, police owing energetic less than men to groups to wi were einct, sidewalk who which traffic. directed threatened The his brokers interfere disperse by means but no IIL be better driven there. into The the police road, ordered tr they far to driven through the crowd, and co pelled the brokers to scatter in all dire tions, Driven from Broad street Iowa most inveterate E and held carnival the the stone change brokers Court, adjourned speculators high to the and Gold some eur S with half E for geant drovethem about of Police, fifteen minutes, when a dozen the m refu Broad street with hac The and the police crowd filled helter-skelter from their was broken and, Sept. 26.-The circles is feeling NEW in YORK, financial up. decidedly gene Drain proved. The day's record closes with so w3m confidence. The belief is that the bott of the panic has been reached in this C1 and there is a fair prospect that when stock exchange opens there will be but er, tle left to arrange in the way of set ments between brokers, so that there be no new failures to announce. The ba RN. are ready to pay to and business have issued a rolls,salaries, Howes & Macey family currency meet expens circu to their depositors, saying: Up. pose as in on receiving to continue special deposits business trust We usual and. accounts pledging ourselves to
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Telegraphic Dispatches SPECIAL TO THE PIOCHE DAILY RECORD. Eastern Dispatches. The Finances-- Disappointment at the Action of the Government--Lo Bonds Found-Alabama Bank Suspended-=Georgia Financies-Phila delphia Races: Goldsmith Maid Heats Fullerton - New Jersey Bank Suspends-913,000,000 - of Greenbacks Disbursed since Saturday - Arrival of Wilkie Collins-Banks Suspended - Bank Closed in Washington. NEW YORK, Sept 25. There has been no panic on Wall street but a quiet The action of pression. to-day, the feeling Government of dein its bond even suspending purchases, intense if it is to be temporary, creates A of the states disappointment. Secretary Treasury telegram from that vis- the his official duties will prevent him from iting New York and consulting with the Clearing House Committee. the examination During this Union morning Trust of the large safe of the a box belonging to Company, found the missing to Secretary was opened and contain $25,000 in United States bonds which had been supposed to be lost. Howes & Macy have resolved to open their doors and solicit special deposits on trust obligations, to be paid as fast as they can realize on the securities of foreign exchange. NEW YORK, Sept. 25. The London Times of the 12th has the from Verdun, dated 11: "An incident Sept. following telegram occurred become yester- pubwhich did not or it might day licly known, happily have produced much excitement. At 11 o'clock, at the moment when financial questions were believed to be entirely settled, the Germans suddenly declared that another million francs was due them for having kept up the postoffice on behalf of the French Government during the occupation of French departments. On being asked to give details of this claim they replied that they had accurately estimated what was due them, and if the million was not paid they would prolong the ocThe matter was cupation. to Government, and immediately referred the upon an order from Versailles the Receiver of Taxes at Verdun this morning paid the sum claimed. SELMA, Ala., Sept. 25. The Selma Savings Bank suspended to-day. Assets are believed ample to pay all liabilities, and save the capital stock nearly entire. SAVANNAH, Ga., Sept. 25. on the and Trust has on The Company run Savannah ceased. Bank That the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Other banks are proceeding as usual, The ex25 eitement is diminishing 680 100 100 trustee To wart Thos, Truste Hart Than PHILADELPHIA, Sept. 25. The race for a purse of $5,000, bey a tween Goldsmith Maid and Judge Fulr. lerton was won by lhe Maid. Timele 2:22, 2:21 1/2, 2:23 1/4 ATLANTA, Ga., Sept. 25. y The Dollar Savings Bank suspended to-day. ror NEWARK, N. J. Sept. 25. The State Bank at Brunswick suspenThis is the bank crippled e by of ded the to-day. irregularities Appleton, Cashier. is NEW YORK, Sept 25. k The actual disbursements of greene backs for the purchase of bonds by the Sub Treasury since Saturday, are $13, ot 000,000 r. h, Wilkie Collins is among the arrivals is from Europe to-day. eCHICAGO, Sept. 26. e, It is announced Union just that the s, Second National, National 1facturers' National, banks have and suspend Manuay ed. A notice on the door of the former atsays the bank has abundant securities, ce but is compelled to suspend payments, in on account of the lack of currency until nt it will be able to realize. Nothing has ne been lost from the failures, and deposito tors will be made safe. The Cook County, City National, and National Bank of Commerce have fol ay lowed the example of the Union National n8 and closed their doors. There was he run for an hour on the Commercial Ex
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THE RUTLAND DAILY GLOBE, SATURDAY MORNING, SEPTEMBER 27, 1873. Pharmaceutical Associa. SUSPENSIONS IN CHICAGO. Dedication of Masonic BY TELEGRAPH. tion. PRILADELPH CHICAGO, Sept. 26. SECOND DAY. THE GREAT FINANCIAL PANIC. In the line of procession It is announced that the Union national, Manufacturers' national and Second nomaster masons from nearly ev cedings of the second day of the city in the East and West, at tional banks have suspended. A notice were interesting and instructhe Southern states, governo many valuable papers that were on the door of the former says that the The Excitement Subsiding. officers of grand commandery bank has abundant securities, but it is come suggestions presented in their vania, city officials and men pelled to suspend payment on account of legislature. The new mason Gates, of Stowe, read a scienthe lack of currency until able to realize. universally conceded to be th r on "What preparations of THE EFFECT IN ALL PARTS. Nothing has been lost from failures, and most imposing structure CE emedies give most positive redepositors will be made safe. masonry in the world. SUSPENSIONS IN MEMPHIA. Lodges and Commanderie r called out a discussion by Dr. MEMPHIS, Tenn., Sept. 26. Resumption of Specie Payment. Templar are here from man . F. Rider of Middlebury, and It was rumored last night that one or representatives from foreig er of St. Albans. two of the smaller banks were involved, Business is generally suspend ennie of Windsor presented a and other failures will occur to-morrow. timated that 200,000 persons V per entitled "Ought prescripNEW YORK, Sept. 26. Suspensions are simply from want of curin Broad street. The process filled more than once without SETTLING DOWN. rency, and both the suspended banks claim nearly three hours in passing , physicians." Affairs are quiet. Twenty-four hours' assets largely in excess of liabilities. The SECOND DISPATCH er also elicited much discussion notice is to be given when the stock excollections and general business of two Currier of Burlington, Dr. BedPAILADELPHIA banks were turned over to the State Na. change opens. 4. Dutcher, Rider and Green. To-morrow the Masonic to Gold 111₺. tional bank, which suffered no run, and is Patten, from the committee on open to Masons living twent DISCOUNTS. believed to be solyent. The run on the nt's address, reported recomthe city. On Monday the Union and Planters' bank closed at 1 The banks yesterday discounted notes e election of delegates to the for the first time since the excitement. Masons will dedicate the po o'clock, after which it received deposits amIedical Society, and also that temple devoted to their meet A JUST DETERMINATION. ounting to nearly two-thirds of the sum er accept a query for investiTuesday next ceremonies will drawn out. A number of stockholders of the State y this means only could the inparade of Knight Templars. -
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NEW YORK, Sept. 26. SETTLING DOWN. Affairs are quiet. Twenty-four hours' notice is to be given when the stock exchange opens. Gold 1111. DISCOUNTS The banks yesterday discounted notes for the first time since the excitement. A JUST DETERMINATION A number of stockholders of the State bank of New Brunswick, the suspension of which was occasioned by the defalcation of the cachier, have pledged themselves to pay depositors in full. Almost up to the last moment, depositors implicitly trusted the bank, and its trouble has thrown the town into a ferment. STOCK OPERATIONS Noon. --The committee of seven appointedby the governing committee for the purpose of preparing a plan for clearing stocks, submitted a report to-day to the governing committee. No action was taken in connection with the report. BANK SUSPENSIONS A special dispatch from Chicago says the Second and Manufacturers' National bank is closed. A Charleston special says the People's bank and the South Carolina Loan and Trust company are repo ed sus. pended. THE FINANCIAL SITUATION. Every movement thus far for relief by the clearing house association, stock board of government, decreases business, and the consequence has been there is no fuel for the flame to feed upon. The uneasiness has now extended to commercial circles, especially the shippers of grain and other produce, who are compelled to accept bills of exchange: these they cannot exchange into greenbacks. and hence there is danger that the immense volume of breadstuffs pouring into this city from the west and south will be detained here for want of an available market, and good prices await them. This phase of the financial revolntion is just beginning to be felt. Unless relief is soon obtained, orders for consignments from the west and south will soon cease altogether. The clearing houseassociation held no meeting yesterday. Thus far $17,000,000 of loan certificates have been issued. In reply to a question concerning a rumor of the return by government of bonds purchased during the panic for the price paid for them. General Hillhouse said yesterday he had heard nothing of the kind. Mr. Grain. of the firm of Duncan. Sherman & Co., said the stoppage of the purchase of bonds had resulted in no pressure upon the money market yet, and might not. He believed the stoppage was unwise. but thought purchases would be resumed when the president was advised of the necessity for continued purchases. The heavy shipments of bullion from abroad excite the very general opinion that they cannot af feet affairs here at all. One first received $132,000 on Wednesday from Hamburg. shipped ten days before, and have more on the way, but the shipments generally were useless as a speculation. Officers of express companies report they are carrying from the city more money than they bring in. A great many bills are sent for collection against banks and firms, which give them much trouble. as in many instances it was impossible to collect them. The officers say, however, the drain from the city is always greater at this season of the year than at other times, but much greater now than at any previous time. AT THE FIFTH AVENUE HOTEL The crowd at the Fifth Avenue hotel last night was very small, and loungers in the corridors were quiet and listless. Few heavy operators were preesnt. THE PANIC TO HASTEN RESUMPTION or SPE CIE PAYMENTS. A Washington dispatch says Dr. Linderman. the director of the bureau of the mint, predicts that the effect of this stock panic will be to hasten the resumption of specie payments. He says he is getting ready and has issued orders to all mints for largely increasing the coinage, and that more bullion will be coined during the next three months than at any previous time in the same period. No export of crude bullion will be made for several months. Large orders have been telegraphed to London from New York for the importation of sovereigns, which, at the present condition of sterling exchange. will give a large profit. PLEA OF THE NEW YORK TIMES FOR FURTHER ACTION BY THE GOVERNMENT. In a double-leaded editorial the Times says: We are no alarmists but it is impossible to be blind to what is now going on. We venture to suggest to the secretary of the treasury the propriety of once more considering two of the least objectionable measures which have been pressed upon his attention, the payment of the 1874 bonds due next January, which will release about $8,000,000 of greenbacks, and the purchase of sterling bills of exchange to the amount of at least $5,000,000. The latter device would reseue the export trade from its present deadlock and set exports free They are both urged by the and our and merchants most regain. experienced bankers. conservative of THE WORK OF THE CLEARING HOUSE. of the clearing an of legal the Mr. equalization Camp tenders housesays at that clearing house took place yesterday for the
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Iowa Merchants Approve the Action of the Chicago Banks. CHICAGO, III., Sept. 26, 1873. Despatches from the best informed sources, received at the office of the Associated Press in this city from most of the principal cities in Illinois and Iowa, in reference to the present financial troubles in the East, concur in saying that the action of the Chicago banks in following the course of the New York banks, in suspending payment of large sums of currency. is almost universally sustained and commended by bankers and business men as wise and timely and calculated to arrest the panic and pave the way to relief from the present difficulties. The following IS a correct list of the banks which have suspended in this city:Union National Bank. Cooke County National Bank. Second National Bank. Manulacturers' National Bank. National Bank or Commerce.
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in currency, and Mr. S. B. Cobb deposited over 8200,000 in another prominent bank. Such public-spirited and plucky citizens deservo infinito crodit. If others would put out their money Instend of hoarding it, the stringency would moon coase. Actions like those are noble, and do not look like a lack of confidence in Chicago business. PERSONAL. In the list of Directors of the Union National Bank who pledged themselves as personally liablo for the obligations of the bank the name of Daniel Thompson, one of its most responsiblo representatives, was unintentionally omitted in yesterday's issue. THE SUSPENDED. The only suapension of Chicago banks yesterday was that of the Third National. Every other bank cleared on Friday passed enfely through the Clearing-House yesterday. The list of B116pended numbers six, as follows Union National, Manufacturors' National, Second National, National Bank of Commerce, Cook County National, and Third National. LINCOLN PARK WAS crowded with people listoning to the music, and there was as many teams and carriages as on any other Saturday. This shows that the panic has not seized the people, whomo exomplification of common BOUBO in the crisis we have passed through was the finest over shown by any people. AN UNFOUNDED RUMOR. The rumor on the street yesterday that Field, Letter & Co. had recalled from the railway depots goods once platformed for shipment to country purchasers was uttorly unfounded. To a TRIBUNE reporter Mr. Leiter yesterday stated that the firm was doing business as usual; had refused no shipments, discharged no employes, and saw no necessity for either measure.
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MONETARY. Since our last issue there has passed a week of great anxiety and fear throughout the country, the best of financiers and the wisest not being able to forsee what S day might bring forth. In New York there were but few or no more important failures and the panic has gradually subsid ed and business is assuming its usual activity The Gold and Produce Exchanges were ecarcely more than closed till they were opened again. The Stock Exchange remained closed till Tuesday morning at 10 o'clock when it was opened and immediately filled by the crowds rushin in at the three entrances on Wall Broad and New streets. Stocks at first rose and then remained etationary or fell. Dividend paying stocks generally held an ad vance. The day passed and closed as fa. vorably as was expected-perhaps more favorably. The Secretary of the Treasury paid out $14,000,000 for the purchase of government indebtedness and then declined paying out any more. His declining to purchase any more bonds had a depressing effect but the orders for the prepayment of the interest accruing in November and the President's letter on the situation and the USJ of currency to restore confidence and legitimate trade and commerce had a reassuring effect. During tne week the financial stringen cy reached Chicago and six National Bankssuspended,namely-Union Natioual, Cook County National, National Bank of Commerce, Second National, Third National, Manufacturers National. The Bank Officers held several meetings but could come to no agreement as to the course to be pursued. Two plans were before the meetings, one to issue Clearing House certificates as 1 New York to be used in the settlement of balances, the other to go on as usual A motion to issue Clearing House certifi cates was voted down and the last meeting adjourned. Two of the suspended banks, Manufacturers National and Sec ond National, went into liquidation last week. On Monday three of the suspended banks, Unlon National, Cook County National, National Bank of Commerce after a suspension of two business days. reopened at the usual time and continued open till the hour for closing without any unusual rnn on the banks. On Tuesday one of the three, Union National Bank of Chicago, did not open, and gavo notice that it had gone into liquidation. The reason given by the Union National for going into liquidation was that it had out on their would soon out currency paid Monday $400,000 all be drawn and and the bank would become crippled,but by going into liquidation it could in thirty or forty days pay all demands, save the capital and have a surplus left. The Union going into liquidation had an un favorable effect but all the banks including the other three which reopened on Monday went safely through the day and paid their clearances as on Monday. Altogether the prospect Tuesday night was that the crisis had passed and that business was assuming a healthy tone. y Yesterday was an encouraging day. All the bank in Chicago doing business passed e safely through the day, many or all receiving n more in deposits than was withdrawn. The produce trade is reviving and prices advanc. ing. The general aspect is more cheerful o and confidence is becoming more general. e There have been no bank suspensions in Milwaukee and it is thought there will not d be. Business has been partly suspended by the adjournment of the Chamber of Commerce but otherwise is passing on about as usual. n In New York the panic seems to have n subsided, business being transacted and n confidence increasing. Boston has thus n far had no panic, no bank failures, and h not much suspension of business. I. Gold to a large amount is being imkported from England and currency to very large amount has been transmitted g and is being transmitted by express from y the East to the West. Of the currency st transmitted Chicago has received and is receiving it by millions. The produce er and pork business cannot be fully carried g, on without the use and assistance of the gy e banks. And this cannot be had without naccommodation on the part of the banks de and confidence by the banks in each other and in the banks by the people. The
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body known as the "People's Party;" repudiates party fealty as a tyrannical rule, sinking the citizen to a servile partisan; condemning the system of using money corruptly in elections; condemning all political rings and cliques formed to control elections; pledging the party to civil-service reform and to resist all Credit-Mobilier contracts with finance companies; denounces the present system of the distribution of lands and grants of lands to railway and other corporations; opposes all kinds of subsidy by Federal, State, county or municipal governments; opposes the present tariffs; favors taxing solvent debts; favors the eight-hour law; opposed to Chinese immigration, and also opposed to the election of the President for more than one term of four years. The last resolution indorses the stand taken by Governor Booth in behalf of popular rights against the encroachments of politicians and railway corporations. A dispatch from Denver, Col., states that over two-thirds of the mining town of Fairplay, Col., had been consumed on the 26th. All the stores, printing offices, the United States land office, post office, express office, hotels and other business places, with two or three exceptions, had been utterly destroyed. The Right Rev. Geo. M. Randall, Episcopal Bishop of Colorado, New Mexico and Wyoming, died at Denver, Colorado, on the 28th, of typhoid pneumonia. The Third National Bank, of Chicago, closed its doors on the 27th. The Cook County National, one of the suspended banks of that city, had announced its resumption. The Manufacturers' and Second National banks had decided to go into liquidation. The Union National, the first of the Chicago banks that closed its doors, had announced its assets at $5,600,000, and its liabilities at $4,300,000, and given notice of its speedy resumption of business. The Clearing-House Association met on the evening of the 27th, and after an animated discussion resolved not to issue Clearing-House certificates. A dispatch from St. Louis of the 27th says that the rear wall of the five-story warehouse, on the corner of Second and Chestnut streets, had fallen, opening a gap in the building fifty feet wide from the ground to the roof. One man had been killed and two seriously injured. In Chicago, on the 29th, business had resumed very nearly its normal condition. Three of the suspended banks had resumed business and were receiving deposits and paying out on checks as before the panic. Over $3,000,000 currency had been received during the preceding forty-eight hours. Traffic had fallen off on the various lines of railroad, and a large number of trains had been drawn off, and many men discharged. A St. Louis dispatch of the 29th says that while Joseph H. Fore, who attempted to kill his wife, on the 4th of June last, was being tried in that city on the 29th for that offense, he threw a heavy cut glass inkstand at his wife as she was giving in her testimony. The missile missed her, but struck her counsel full in the forehead, inflicting an ugly and dangerous wound. At a late hour on the night of the 29th the Union National Bank of Chicago, which had resumed business on that morning, and during the day had paid out $400,000, decided to go into liquidation, under the provisions of Sec. 42 of the National Currency Act. A call has been issued for a Northwestern Farmers' Convention, to meet at Chicago on the 22d of October, to consist of delegates from Granges and farmers' organizations. In Chicago, on the 30th, matters had very nearly resumed their normal condition, so far as the banks were concerned. The effect of the late panic was just beginning to be felt by merchants and traders. Trade was unmistakably dull and collections difficult to be made. A Madison, Wisconsin, dispatch of the 1st announces that the Bank of Madison had failed. A dispatch from Springfield, III., of the 1st, says the Leland House of that city had been damaged by fire to the extent of $10,000.
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Federal, State, county or musicipal governments; opposes the present tariffs; favors taking solvent debts: favors the eight-hour law; opposed to Chinese immigration, and also opposed to the election of the President more than one term of four years. The last resolution indorses the stand taken by Governor Booth in behalf of popular rights against the encroachments of politicians and railway corporations. A dispatch from Deaver, Col., states that over vo-thirds of the mining town of Fairplay, Col., had been consumed on he 26th. All the stores, printing offices, the United States land office, post office, express office, als and other business places, three exceptions, had been utterly destroyed. The Right Rev. Geo. M. Randall, Episcopal Bishop of Colorado New Mexico and Wyoming, died at Denver, Colorado, on the 28th, of typhold pneumonia. The Third National Bank, of Chicago, closed its doors on the 27th. The Cook County National, one of the suspended banks of that city, had announced its resumption. The Manufacturers' and Second National banks had decided to go into liquidation. The Union National, the first of the Chicago banks that closed its doors, had announced its assets at $5,600,000, and its liabilities at $4,300,000. and given notice of its speedy resumption of business. The Clearing-Ho Association met on the evening of the 27th, and after an animated discussion resolved not to issue ClearHouse certificates. A dispatch from St. Louis of the 27th says that the rear wall of the five-story warehouse, on the corner of Second and Chestnut streets, had fallen, opening gap in the building fifty feet wide from the ground to the roof. One man had been killed and two seriously injured. In Chicago, on the 29th, business had resumed very nearly its normal condition. Three of the suspended banks had resumed business and were receiving deposits and paying out on checks as before the panic. Over $3,000,000 currency had been received during the preceding forty-eight hours. Traffic had fallen off on the various lines of railroad, and a large number of trains had been drawn off, and many men discharged. A St. Louis dispatch of the 29th says that while Joseph H. Fore, who attempted to kill his wife, on the 4th of June last, was being tried in that city on the 29th for that offense, hethrew heavy cut glass inkstand at his wife as she was giving in her testimony. The missile missed her, but struck her counsel full in the forehead, inflicting an ugly and danger wound. At a late hour on the night of the 29th the Union National Bank of Chicago, which had resumed business on that morning, and during the day had paid out $400,000, decided to go into liquidation, under the provisions of Sec. 42 of the National Currency Act. A call has been issued for a Northwestern Farmers' Convention, to meet at Chicago on the 22d of October, to consist of delegates from Granges and farmers' organizations. The South. A dispatch from Richmond, Va., of the 23d, says that the Merchants' National, the Planters', the Mechanics', the Peoples', the First National, and the Citizens' banks, of Petersburg, had suspended. A Baltimere telegram of the 24th announced that all the banks of that city had stopped currency payment. Brown, Lancaster & Cowell, agents of the Chesapeak and Ohio Railway, having houses in Baltimore, New York and Richmond, had also suspended. A Little Rock, Ark., dispatch of the 24th says the money panic in that city continued, caused not 80 much by Eastern financial complications as by the refusal of the city banks to take the shinplasters that have been current there. A dispatch from Richmond, Va., says that the Richmond Dollar Savings Bank had suspended, and that Taylor & Williams, bankers, had failed. A dispatch to the Associated Press, from Brownsville, Texas, of September 24, says that a series of butcheries and robberies had recently been committed in Mexico, the victime every case being Americans. The perpetrators of these crimes were arrested, and their guilt fully established, yet not one of them had been punished, the authorities being either indifferent or powerless. The facts had been reported by the Consuls to Washington, in the hopes that redress would be demanded. A Memphis dispatch of the 25th says that the First National and De Soto banks, of that city, had closed their doors. A dispatch from Nashville Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th. says the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially suspended payment on the 25th, according to a dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had suspended: National Exchange, the Merchants' and Planters' National, the Planters' Loan and Savings Banks, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.: Savannah Bank and Trust Company, and the South ern Bank of Georgia. A dispatch from Shreveport, La., of the 25th, says the fever, which seemed to have abated on the preceding day, had broken out with renewed violence. The interments numbered twenty-two. A dispatch from Shreveport, La., of the 29th says that within the last four days sever al of the most prominent and useful citizens of that city had fallen victims to the epidemic. The dispatch adds: "The population has been fearfully thinned out by sickness and death We no longer have funerals. The hearses, followed by one or two carriages, dash through the streets like a section of artillery in a battle seeking position. A few men are drummed up, the coffins shoved into the hearse, and driven rapidly to the cemetery. This is the case even with the most prominent citizens. The Howards have opened an orphan asylum, and are feeding about two-thirds of the resident population. There are fewer deaths and new cases, because there are fewer people.' A Jackson, Miss., dispatch of the 29th says Governor Powers, acting under the advice of Attorney-General Morris, had issued proclamation postponing the State election. The Governor says that he will convene the Legislature in extraordinary session as soon as possible. The Pilot, the State organ, has pronounced the Governor's movement incendiary, and calculated to lead to revolution and anarchy.
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At last it turns out that of the twenty-one National banks of Chicago before the panic, three have gone into liquidation, viz: the Union, the Second National, and the Manufacturers'. The three other banks which suspended have all opened again, and are moving along as usual. Rapidly currency is coming into Chicago, and the best and most hopeful teeling prevails. It is confidently expected that the three banks which have gone into liquidation, will pay everybody, depositors and all.
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CHICAGO PREPARED. No Present Distress in the City-Business Active and Unhampered, but the Winter Dreaded-A Table of Receipts and Shipments. CHICAGO, Nov. 3, 1873. Less, perhaps, than any large city on the Continent has Chicago been affected by the panic which commenced with the suspension of the Buchu banker of Philadelphia and continues with the failures and rumors of failures in Rhode Island. The panic among our banks was short and sharp, but all have weathered the storm save the Second National and Manufacturers' National, both of which have gone into private liquidation, and the Franklin, a small institution, which has been declared bankrupt. The liquidating banks will pay dollar for dollar, as Chicago never adopted the plan of issuing Clearing House certificates. Each bank stood from the outset on its own bottom. and the result is that all our other banking institutions are in excellent condition, doing business as usual, save that discounts are not granted as readily as of old. The savings banks having decided to stand by time rule, are all intact, and as their line of deposits was very large, frugal poor people. who were almost entirely their customers, will have a resource in case of distress. There has not been a single failure of note in mercantile circles, and BUSINESS IS ACTIVE AND UNHAMPERED, except by the difficulty of making collections. Take, for example, the dry goods-line:Mr. Leiter, of the firm of Field, Leiter & Co., the heaviest house here, declares that we are better prepared for hard times than any other section of the country. Business is flourishing and our orders average 100 a day. The past week was the best we have ever seen in the way of filling orders. It 'is our largest week on record. Our banks are in superb condition: they were never better. Not a single manufacturing house has thus tar shut down. THE PORK PACKING SEASON has not, however, fairly opened, and the prospect is at present that general scarcity of money will prevent anything like the business of former seasons. As this is our principal industry in winter, it is greatly leared that much distress will prevail among a large class dependent upon it for their winter's sustenance. No building operations have been suspended. The city goes on with its improvements, employing thousands of men, but the season for this kind of labor will close about the 1st of December, and if the packing houses are not in full blast men who usually work at anything in summer, and in the packing houses in winter, will suffer in the cold. As a rule the railways having shops in the city, or anywhere in the Northwest, have made no considerable, if any, reduction in their force; but the Chicago, Burlington and Quincy, Northwestern and LakeShore lines have cut down the wages of all their operatives from seven to ten per cent. I hear that THE WHOLESALE CLOTHIERS will not employ a large number of tailors this winter, and as the manufacture of clothing was carried on largely here it is likely that there will be much suffering among those depender upon this line of industry. Business upon 'Change is lively, though there is net 80 much speculation as usual, owing to the feeling of distrust among operators. To indicate how little trade in grain has been affected, I send a statement of receipts and shipments of breadstoffs and live stock at this point during the past week, comparing them with those of the corresponding week of last year :RECEIPTS.
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It is stated that David A. Gage, city treasurer, of Chicago, is short in his accounts to an amount which will reach nearly or quite $400,000. A portion of this amount is locked up in the suspended Second National and the Manufacturers' National Banks. It is said that Gage will be able to secure the city from any ultimate loss.
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FINANCIAL The tendency of the loan market in towards on case increasing supply of funds, and A corresponding weakness in rates. The shipments of produce such a and which have begun, though they do not reach has volume as WAS hoped for, release the money which the in use here to carry them, and embarrass no banks been with additional surplus. If there has been ther good in the accumulation of grain and provisions, conhas enabled the banks to find employment for a other siderable t portion of their loanable resources. In respects, the financial situation remained unchanged, Morcanbeyond a slight increase in counter business. tile operations are restricted, and manufacturing Intershares in the depression that has come upon this eat everywhere. Rates of discount at the banks are 8310 per kind cent of to good outside borrowors who have the right made. securities concessions of several per cent are The number of such borrowers is very small. On the street, business is light. Rates are 6318 por cent. New York exchange remains steady at premium between banks for $1,000. large, The movement of currency to the country is not The clearings were $1,000,000. THE SINKING FUND AND THE TREASURY. current fiscal year ends with the 30th of this to month, The and the accounts of the United States show are a be balanced for that date. They will not of bankrupt Government, as the inconsiderable Kelley, doubt Pennsylvania, crazily puts it, but there is no $25,there will be a deficiency of $20,000,000 or the that The calculations made for the year Internal by 000,000. Department were that the customs, takTreasury and miscollaneous receipts, would yield, taxes, revenue, into account the effect of the increased the about ing $300,000,000. This was to be expended for ordinary expenses of the Government, $275,000,000, fund, and for the purchase of bonds for the sinking $31,000,000. But the receipts have failed to respond includ. at all to the increase of taxes, the expenditures, and the those for the sinking fund, have gone on, yearly result ing will be at the and that the Government's and income has been about $234,000,000 or leas, is its expenditures $300,000,000 or more. This has not the best kind of Ananciering. but the Treasury abundant means-$64,000,000 of cash gold, for instance -to meet the drain on Its resources. THE SITUATION IN CANADA. The good times which Canada has been enjoying with its railroad-building and general speculations have been followed by something which appronehes A punic. The suspension of busthouses we have already announced are succesded ness by others equally serious. The closing of the doors of the Jacques Cartier Bank is sufficiently serious to make IL advisable for the other banks to come to Its aid. A lumber firm of QuebecBenson. Bennett & Co.-bave falled, with liabilities of $1,000,000. The banks appear, from the reports by telegraph, to be pursuing a policy that will intensify to the distress. They are curtailing their advances merchants. The opposite course is a safe and sure antidote to a crisis of this character. The Bank of England has learned this by periious experience, 1800* and seted upon It with great effect in the panic of The action of the Canada banks seems to be occasioned, if not caused, by the ill-advised circular of the Finance Minister, informing the banks that the Government was about to withdraw its deposits. ENGLISH THADE. The London Times of June 5, in its money-article, discountenances the hope that a general revival of trade is at hand. It maye: The revival shown in our foreign commerce anticipa- during the month of April has given rise to sanguine throughout tions that trade generally was improving manufacthe country. Advices, however, from the in the turing districts, more especially those engaged a cheerwoolen and metal branches, give by no means Trade ful account, and it is probabl that the Board of whether for May, due on Monday, will show, returns it be any trustworthy indication $8 to the future course in of our export trade or not, that the advance made the proceding month has not been sustatued. The wide rauge of the phenomena which are at present so conspicuous in our markets is shown by 8 the Intest mail advices from Manchester, June 4: The pressure to sell causes buyers to have an to advan- purT in price, but this does not tempt them delivtage except in small lota, and for inimediate B chase, The sales of to-day and of provious days cloth-mar- this wook ery. nearly np to the production. The E ket are is not But. Although the financial troubles may they not have affected the operations of the larger firms, T undentably induenced the dealings of the smaller adhave The unfavorable rate of exchange and bad F 01104, from nearly all quarters, are subtident in themsolves victs to provent much enterprise at present. I INSOLVENT NATIONAL BANKS AND RECEIVERS. E It is A defect in the National Banking law, to which attention has been called by THE TRIBUNK, that It permits banks that are in bad condition to go into voluntary liquidation under the administration of the men who have reduced them to bankruptcy, and very whose interests, to put it mildly, are not one with those of the creditors. The cases of the Manufacth turers' National and the Second National of this city tv gave plenty of illustration of the hardships that deB positors undergo in such liquidations. The National as Board of Trade has before it for discussion the following with regard to an amendment to the National Banking law to cover such casos: Resolved, That Congress be memorialized to the no amend the National Banking law that, ID case of Fl failure of any National Bank to promptly redocin, on W presentation, any of its obligations payable on doCo whether of circulating notes or any other class Oa mand, of its indebtedness, that It shall be the imperative Its duty of the Comptroller of the Currency to immediate- noBa by cause the bank to be placed in the hands of a Gr ceiver. who shall at ouco take charge of and proceed FI to realize upon its assets. as is provided in caso of the Br appointment of a Receiver under the existing laws: On provided, however, that If within thirty days after the Be appointment of such Receiver It shall be shown to that the 1'o satisfaction of the Comptroller of the Currency Ia such bank is then In a condition in all respects to meet Ta its obligations, as they are likely to be presented in the usu ordinary course of business, and to resume business 14 under the law, the Receiver may, in the discretion of Ca the Compiraller, be relieved, and the bank be perSh & National Bank. mitted to resume its regular standing and business us If HI At the Inst session of Congress, an amendment of We I'o this purport, generally understood to have been Lu drafted by Comptroller Knox, who knows how to do it Su if any one does, was submitted to the House Banking La to pass it. Committee. An effort should be made next winter SA GOVERNMENT BONDS. / Bid. Ashed. 128 United States Co of "81 1201 Pot 117% United States 5-20m of '02 11812 Po United States 5-20a of N4 118% 110% Eg 1234 United States 5-20s of '0' 12216 Ch 12311 5-20s of 05-January and July, 1241, Dr 124 V 1235 6-308 of '67-January and July Be 1249. 1214 4-20g of 188-January and July, Hn 10.40m 114% 11934 Hu 117% 118 United States new 54 of '81 Fn 1217 United States currency 6a. Gold was 1185@117% anst FOREIGN EXCUANGE. bu Sterling exchange was 438@401 cable transform, London, 492; Paris, 51036. Other rates of foreign ex-
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THURSDAY, AUGUST 5, 1875. REPUBLICAN STATE TICKET. FOR GOVERNOR, HARRISON LUDINGTON. FOR LIEUT. GOVERNOR, H. L. EATON. FOR SECRETARY OF STATE, H. B. WARNER. FOR STATE TREASURER, HENRY BATZ. FOR ATTORNEY GENERAL, JOHN R. BENNET. FOR SUPT. OF PUE. INST'N., ROBERT GRAHAM. CAMPAIGN LIES EXPOSED. WE do not publish the following letter from Major Bætz because we think that any one believes him guilty of the charges made against him; but now that they have been circulated, it is but justice to the Major to give his plain concise refutation of the vile slander heaped upon him by that most depraved of all Wisconsin newspapers, the Milwankee News: Milwaukee, July 26. To the Editor of the Sentinet: Will you kindly permit me to notice, through the medium of the Sentinel, a few pasages in the Madison letter of Saturday's Milwaukee News, by which the anonymous writer tries to impeach my integrity as a former State officer. He says : The fact that Baetz, as treasurer, had some $12,000 of the State funds in the Second Nationa! Bank of Chicago hen it failed, $15,000 in the broken City Bank of this city, $6,000 in Wisconsin Central Railroad lands, and $4,000 in that digest of laws which was printed under a special act, is telling strongly against him. To the first charge I plead guilty, except that the amount is overstated. This bank was considered sound and safe, but the panic of 1873 forced it to go in to liquidation, The State Treasurer's Chicago account had been kept with it for years before 1 came into office. I
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he Republican. Reform Malignity. : Republican State Ticket has n the field now over a month, as been made the target by the cratic light artillery The is have been SO weak that no imon has been made nor a single iscovered. Their guns are get so dirty that they recoil upon gunners. They may keep up a noise, but people are get use at kind of warfare. Chinese will not answer in the place of hot. Every charge nade has satisfactorily explained or dis1% ER are they dn pamming E Major Bætz deposited money in , which the Madison Democrat as direct violation of law." teform Treasurer Kuehn also demoney in banks, and what is in his own bank, and loans Cut tate money to his own customers. othered the Democrat, which ands crawfished by saying that uestion is not in issue, and that been "sanctioned by custom." re the Reformers are at a disad94 Major Bæetz has $12,000 in one and $10,000 in another bank, 1 banks at the time of the panic to pay in full. But did the lose the money? Not a cent. I Major Batz left the office, he 1 over the full amount of public for which he was accountable. successor, the present Reform urer, taking his receipt therefor. ears have elapsed, and it is only his nomination that any fault has found. As to the case of one we will let the Milwaukee News r its own charges as follows: en Mr Bætz went out of office, Jan. 74, he had about $12,00 of State on deposit in the bankrupt Second al Bank, of Chicago, of which J A. formerly of Madison, was cashier. am 01 pood эркш ziecy ** inom There is no default nor deficiency in cality, so far as Mr. Bætz is concerned ain; Gen. Mills was Treasurer of isabe Hospital at Madison, and enerally understood to be conI with the bank of Madison. etz had some $10,000 in This in anticipation of the quarterly ent soon to become due. He Mr. Mills a check for the amount : a receipt on account of the tal appropriation. Mr. Mills the amount to the Hospital what has the State to do with atter? Major Bæz has accountthe State for the money, and Mills has settled the same with ospital. The bank failed soon and he asks as a private matter,