60901124 6090
national
ef66d8239c090c72None
Click image to open full size in new tab
INVOLVED BY GRAY'S DEFAULT. A Wealthy Boston Banker Compelled to Suspend. Special Dispatch to THE EVENING STAR. BOSTON, August 18.-It was currently reported to-day that Samuel R. Payson, president of the City National bank, has failed. It is now stated that Payson has merely suspended to protect himself against paper of Gray, the defaulter, on which his name appears. He is said to be worth $1,000,000.
Click image to open full size in new tab
LETTER FROM BOSTON. Some Fast Trotting.-Some Queer Features of the Financial Stringency.Winthrop's Coaching Parade. [Editorial Correspondence.] Ten thousand people endured Saturday's intense heat at Mystic park, Medtord, to see less than three minutes of fun. Within that time Nancy Hanks had trotted a mile to beat her record of 2.04. She failed to do it, but made the remarkable fast time of 2.081/4; first quarter, 321/4; half, 1.031/4; three quarters in 1.35 and the last and slowest quarter in 331/4 seconds. She trotted in beautiful shape, but tired herself before the home stretch was reached. Mr. Doble used the whip sparingly on the last quarter, but the great trotter was doing her best and could not keep up the fast time of the second and third quarters. Nancy Hanks was accompanied by a running mate and trotted in beautiful style. Thesameday Nelson, Maine's famous stallion, reduced his record to 2.09. One of the most curious features of the present financial stringency is the scarcity of currency. So much has been drawn out of the banks that they hate to part with any more, and 3 and 4 per cent premium was paid for currency last week. Thisis the first time since 1873 that such a premium has appeared and some people have netted snug sums by selling hoarded money to brokers and bankers. In many cases the banks refused to cash checks and two instances came to my knowledge where checks on Boston banks amounting to $25 and $90 could not be cashed at other Boston banks. At the office of register of deeds here checks of 65 cents are received for recording titles, owing to the scarcity of small change. The 60 days notice which the banks have enforced has prevented any runs on these institutions, but has been a great disapointment to the smaller stockholders. Many of the latter were women who were sure that their money was unsafe in the big Boston banks. Ofcourse in some cases the money was wanted for immeadiate use' In such cases the banks did all they could to accommodate their customers. A great many firm's are sailing very close to the winds and would be wrecked if they were hard pressed by either their creditors or the banks which hold their notes. But money is a little easier than it was last week and everybody is taking a more hopeful view of the situation. One of the prettiest suburbs of Boston is the town of Winthrop, five miles from the Hub, with eight miles of water front and three miles of ocean shore and beach. It is easily accessible by boat or rail from the city and is the permanent home of many Boston business men and the summer residence of thousands of