Click image to open full size in new tab
Article Text
REPORTS FROM THE COUNTRY. Additional Suspensions in Chicago. CHICAGO, Sept. 26, 1873. The Board of Directors of the Board of Trade, at a full meeting this morning, unanimously passed the following resolution, the reading of which to the Board of Trade was greeted with applause and universally approved:Resolved, That all the rules of the Board anthorizing the Board of Directors to consider and act or complaints for violation of contract be suspended so 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, lurther, 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. The following banks continue to transact business as usual:-The Commercial National, Third National, Montreal, Central National, Corn Exchange, Fifth National, First National, Fourth National, Germania. International, Merchants' National, Illinois, Northwestern, Traders', Chicago, Union Stock Yards, Merchants' Loan and Trust Company, German National, Mechanics' and Marine. There has been no run upon any of these institutions, although some of them have paid out considerable amounts of currency. To the above list should be added the City National Bank, the officers of which say that they have paid all demands on presentation. There appears to be very little excitement among the people or the street beyond the intense feeling of indignation against Mr. Coolbaugh, President of the Union National Bank, who is bitterly denounced by many as having unnecessarily precipitated this suspension of to-day. It is authoritatively stated that Mr. Coolbaugh this morning received a telegram from his New York correspondent authorizing him to draw for the entire amount of his balance there and $500,000 additional, which offer he refused. The Cook County, the City National and the National Bank of Commerce have closed their doors. There was a run of an hour on the Corn Exchange Bank. but as everything was paid the run soon stopped. Some who drew have returned and deposited their money again. The bank is considered very strong. The other National banks are paying regularly. There is considerable excitement among the business men, and the grain trade shows the effect. Suspension of sh Washington Firm. WASHINGTON, Sept. 26, 1873. Fant, Washington & Co. posted a notice on the closed door of their banking house to-day, saying:'We are compelled to suspend payment for the present." The Savannah Banks. SAVANNAH, Ga., Sept. 26, 1873. The Chamber of Commerce had an adjourned meeting at ten o'clock last night to receive the report of its committee, who reported the following:Resolved, That the banks and banking houses of Savannah be recommended to meet the demands of depositors by certifications, to be used as the necessities of holders may require_unti the temporary difficulties be removed, and until exchange can be regulated and currency be received to move the crops. The report was received and adopted, and the committee was instructed to communicate the action of the Chamber to the banks and bankers. The committee reported that they had waited on the banks and bankers, had submitted the resolution of the Chamber to them, and that it met with their acquiescence, and read the following preamble and resolution, which were received as information in compliance with the request of the Chamber:In view of the unprecedented panic prevailing in New York and affecting all parts of the country, paralyzing legitimate business: and for the purpose of protecting the commercial interests of our community and enabling the banking institutions of the city to turnish the tacilities essential to forwarding the crops of the country with safety to all parts: Resolved, That the banks and banking houses of Sa. vannah will only meet demands of depositors by certification of checks, to be used as the necessities of the holders may require, until the temporary difficulties are removed and until exchange can be negotiated or currency be received to move the crops. The banks to-day are acting according to this resolution. Suspension of Banks in Charleston, s.c. CHARLESTON, S. C., Sept. 26, 1873. The People's Bank of South Carolina, the People's Savings Bank and the South Carolina Loan and Trust Company have suspended currency payments. The national banks and the other State banks pay as usual. A Correction. PETERSBURG, Va., Sept. 26, 1873. To THE EDITOR OF THE HERALD:The telegram in your paper of the 25th inst. from Richmond, of the intended suspension of the Bank of Petersburg, is entirely without foundation, as we have not and will not fail to meet any demands that may be made upon us. Will you please, therefore, make the correction. Yours, very re neatfully LONIO