64-0032
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AUGUSTA, Ga., Sept. 25. The National Exchange Bank, the Merchants & Planters' National Bank of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning.
Cotton is coming in freely, but there is no money to move it.
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FINANCIAL Reports From Various Cities NEW YORK, September 25.-Stocks for sale at auction to-day withdrawn. The advertised have been that Express the / says that the announcement Government has stopped buying bonds caused deep disappointment to-day. No little indignation was expressed net agai Secretary Richardson for cur- his decision. Yesterday reports were that the Government stop and we were officiale-to rent buying, denounce ordered would by the the remalicious. The of England's rate to Treasury port Bank as advance four shipments peree in the is & natural result of the This morning gold opened owing to the of rate, but gold. Bank 111 England advance afterwards in rallied the declined to 111g, and still later 111 When it was announced from 1874 Washington that the bonds of would not be anticipated by the Treas ury the rates paid for carrying ranged from five to six per cent. The crowd in Broad street shows a material decrease, and few transaction stocks have been consummated. in Prices are marked up and down, and according to the view of the parties, fair quotations can be ascertained. The no prices current are nearly as possi- 29: these New York Central, 19 to 19 C. ble C. & 21; Union Pacific, and to Lake Shore, 75: Ohio 20 (ississippi, 22 to 33; Pacific Mail, Rock to 30; Northwestern, 39 to 41; Island, 85. A Washington dispatch says that Secre Richardson has stated tarv would be good policy for all banks farther currency payments bee that the suspend is rumored President has of Couadvised to call an extra session b gress. PHILADELPHIA, September 25.- mer hopeful feeling exists among chants, more and the prices of goods continue All steady. Third street is quiet. the very National Banks, Savings Banks Banks, as and such other of the State business in did not enspend continue Board of usual manner. The that the have adopted a resolution checks Brokers otherwise ordered, certified until the associated bills on any of or due will be received in settlement the banks contracts between members of Board. NEW ORLEANS, September 25 -At this morning of all the it Bank was meeting Presidents in the city except two, than no checks for more decided hundred to pay dollars. All larger checks one to be certified. This arrangement action are is continue thirty days. This they to consider precautionary to prevent drain. The Produce Exchange to-day sdopted the following resolutions of WHEREAS, The critical condition commercial interests of the coun- rethe requires immediate relief by the fortry moval of the block in negotiating eign exchanges, therefore Resolved That we respectfully Treasury eugthe Secretary of the this exgest the following plans for relief in that c traordinary emergency First, to banks be immediately issued evidence rency bankers upon satisfactory deor has been placed in special that gold in the Bank of England to credit their correspondents posit in London to the solely the United States, to be bills used of exof in purchasing commercial President of the and that the of the change, States and the Secretary order the United United States Treasury are immediate respectfully prerequested of to the outstanding loan of the payment States, due January 7, 1874. United The steamship Cambria brought $32,500 in gold. Na. September 25.-The AUGUSTA, Exchange Bank, the Merchants Augustional Plantere National Bank of t and the Planters' Loan and Savings 13, and have suspended. The runs the Banks banks have been heavy, especially this morning. CHICAGO, September 25.-The Clear House Association held an import the ing meeting last night to consider ant situation. After an animated one financial which lasted till nearly offerdiscussion, the following resolution, of the o'clock, by Mr. Coolbaugh, President adopted ed Union National Bank, was Clearing Resolved by the Chicago of ChiAssociation of the city of disturbed cago. House view That of the until further other condition action, cities, and in New York and balan affairs difficulty in converting advice of and the currency, and on the be into Bank Examiner, its members suspend reccomended the and authorized to decurrency payments on any large country mands upon them, either from over their counters. banks number or of bankers opposed Chicago such a A claiming that the condition, a course, being in 3 sound banks paying, and thus sid gener* finalal could business go on The resolution was ly adopted unanimously CINCINNATI, Sept. The Cincinnati the Clearing House has just adopted fol lowing That for the protection of interests, Resolved, commercial resolution and for cur- the our of preventing a demand bankers of purpose the banks and do hereby agree rency city, from we in to adopt New this the plan adopted out n e viz: They will not pay with the on checks except for upon eubetantially rency York, optional banks small certify sume, curto be drawn but they will whom drawn on balances Clearing in their checks hands, pavable through the r only. n 8 House market for everything this action morn* of The entirely nominal. The effort t the ing is banks this morning in their
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Suspension Everywhere.
Waiting to get a New Start.
The British Rushing in with Cash to get Bargains.
Opening of the Chicago Exposition.
Another Fatal Experiment with a Balloon.
The U. P. Quarrel About Termini.
Other Items of Interest.
CHICAGO, Sept. 25.—It transpires that an excited meeting of the Clearing House Association was held last evening, lasting until 1:30, at which it was resolved to suspend currency payments. The proposition was made by Mr. Coolbaugh, of the Union National Bank, and was strenuously opposed by Henry Greenbaum. The point was only carried by Mr. Coolbaugh declaring that the Union National Bank would suspend any way this morning.
At the stock yards it is impossible to transact any business, and the railroad companies have issued orders to points not to receive any more stock, as the yards are full. On the street the sales of country produce are extremely light, being confined to supplying the wants of the retail trade. Transactions are now made only for currency.
A feature of the day was the arrival of several Canadians loaded with United States currency to buy grain. There is no trace of a panic here although business in grain and live stock is interfered with.
SPRINGFIELD, Ill., Sept. 25.—There exists some little excitement among business men and more among bankers, but the banks are going on as usual. The bank Presidents and Cashiers are holding a meeting to-night with closed doors, and are now (11 P. M.) still in session, but positively refuse the press any information as to what line they propose to pursue. I have an idea, from what I can learn surreptitiously that upon the question of the Chicago policy or not our bankers are about evenly divided.
QUINCY, Ill., Sept. 25.—The feeling here in business circles is somewhat excited over the news from the eastern money centers, but no anxiety is felt regarding local banks. Business proceeds without serious interruption, except the movement of cattle and produce, which has come to a stand still. The action of the Chicago banks in suspending currency payment is considered by our bankers and business men as wise and timely, and it is believed, if followed up in the large cities generally, will arrest the panic, and open the way to speedy relief.
PEORIA, Ill., Sept. 25.—Our banks have resolved on a suspension of such payments as would embarrass legitimate commercial transactions. The general feeling among the business men here is that the banks have taken the right course.
ST. LOUIS, Sept. 25.—A slight run having been made on the banks in Kansas City yesterday, it was decided at a meeting of the bankers there last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides.
Our banks this evening adopted substantially the system practiced in New York. Two millions in Clearing House certificates will be issued.
DESMOINES, Sept. 25.—The monetary panic creates a great deal of interest, but not a dangerous excitement. The general belief seems to be that coolness and calmness on the part of the people for a few days will bring things out right. There is a general disposition to treat the banks with friendliness and confidence. No inclination has been developed to make a run on any of the banks here, and all of them are in a quiet and safe condition, doing all their regular business without excitement or interruption. The action of the Chicago banks to-day is very generally commended. Our business men will sustain the Des Moines banks in a like action if it becomes necessary. Our bankers are confident that the panic will end speedily and without serious injury to any part of the country. There are in this city two national banks, two private banks and two savings. One of the national and the two private banks are owned by B. F. Allen, President of the Cook County National Bank of Chicago. Public confidence has not been disturbed in a single one of our banks and but for the temporary stagnation in the grain and stock trade, nothing out of the usual course of trade would be noticed here.
COUNCIL BLUFFS, Sept. 25.—There is but little excitement here and no disturbance of business beyond the stoppage of the grain trade. Our banks do not anticipate trouble and approve of the course of the Chicago banks and will adopt the same measures should the occasion seem to require it.
INDIANAPOLIS, Sept. 25.—Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, and this excitement was heightened by the suspension of the private banking house of Wooden, Webb & Co.
MEMPHIS, Sept. 25.—There is great excitement in this city on account of the suspension of banks, caused by their inability to realize on securities in New York. The following named banks have closed up today: First National Bank, DeSoto Bank, and it is reported the Freedman's Savings and Trust Company. There is a heavy run on the others.
NASHVILLE, Tenn., Sept. 25.—The National Banks have suspended payment on all checks exceeding $200.
SELMA, Ala., Sept. 25.—The Selma Saving Banks suspended to-day.
ATLANTA, Ga., Sept. 25.—The Dollar Saving Bank, of this city, suspended today. It has ample securities.
AUGUSTA, Ga., Sept. 25.—The National Exchange Bank, Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended.
NEW ORLEANS, Sept. 25.—All the banks have suspended currency payments.
A meeting this morning of all the bank Presidents in the city except two resolved to pay no checks for more than $100, all the larger checks to be certified, the arrangement to continue for thirty days.
The merchants generally approve of the course the banks have determined upon.
BALTIMORE, Sept. 25.—The officers of the Associated Banks of Baltimore met this afternoon and resolved, in view of the present financial panic, not to pay out money on checks except what may be required for legitimate business purposes.
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stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.
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NEW carpet company, the details of which were presented in the HERALD some weeks ago. Appleton, it appears, made large advances to Woodworth on securities which are not now considered sound. The bank officers decline to furnish press representatives any statement, but It is declared in New Brunswick financial circles that the entire surplus and capital were swept away by the deficit. and that papers are now out for the apprehension of Appleton and Woodworth. The Boston Banks Conservative. BOSTON, Mass., Sept. 25, 1873. The course of the Boston banks during the existing financial crists in New York appears to be simply cautious and conservative, restricting and reducing loans as far as possible. even at a large interest, and keeping as much currency as possible for cashing checks in the regular course of trade. Philadelphia Getting Back to Business. PHILADELPHIA, Sept. 25, 1873. A more hopeful feeling exists here among merchants : nd prices of goods continue very steady. Third street is quiet. All the national banks, savings banks and such of the State banks as did not suspend pursue business in the usual manner. The Board of Brokers continues in session, and have adopted the following resolution:Resolved. That, until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settlement of contracts between members of the Board. Chicago Imitates the Example of New York. CHICAGO, III.. Sept. 25, 1873. The Clearing House Association held an important meeting last night to consider the financial situation. Alter an animated discussion, which exlsted till nearly one o'clock this morning, the following resolution was adopted: :Resolved, That, until further action and in view of the disturbed condition of affairs in New York and other cities, and the difficulty in converting balances into currency, and on the advice of the Bank Examiner, our members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. the of Action Cincinnati Clearing House. CINCINNATI, Ohio, Sept. 25, 1873. The Cincinnati Clearing House Association has just adopted the following resolution:Resolved, That, for the protection of our commercial interests and for the purpose of preventing a drain of currency from banks and bankers of this city, we do hereby agree to adopt, substantially, the plan adopted in New York, viz. -We will not pay out currency on checks except for small sums, to be optional with the banks upon which they are drawn. but will certify checks drawn on balances in their hands, payable through the Clearing House only. Each member of the Clearing House Association is required to deposit such sum in approved securities as will at all times cover the amount of his clearings. Government bonds are received at their par value. Railroad and other stocks and bonds and bills receivable are received at seventy-five per cent of the value fixed on them by the committee. Loan certificates are issued by the committee, which can only be used in the settlement of balances between the banks and are not negotiable. Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.
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Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bank, the Merchants and Planters' National Bank, of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coining in freely, but there is 20 money to move it.
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Citizens' Bank. Bank of America. Union National Bank. Germania National Bank. New-Orleans Nat. Banking Association. Teutonia National Bank. Canal Bank. Louisiana National Bank. Mutual National Bank of Hibernian National Bank. America. Bank of Lalayette. State National Bank. People's Bank. Pike Bros. & Co., bankers. Clearing-house certificates at the rate of 75 cents on the dollar will be issued on collaterals deposited by banks, and certified checks of the Cleaning-house will be used instead of currency. IN GEORGIA. AUGUSTA BANKS SUSPENDED-NO MONEY TO MOVE COTTON. AUGUSTA, Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta; and the Planters' Loan and Savings Bank, have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in treely, but there is DO money to move it. A BANK SUSPENSION AT ATLANTA ATLANTA, Sept 25. - -The Dollar Savings Bank of this city suspended-to-day. It has ample securities.
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AUGUSTA, CA. AUGUSTA, Gs., Sept. 25.-The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta, and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it.
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NEW HAVEN, Sept. 24.-The Savings banks are enforcing the legal delay in paying depositors. There is no serious run. NEW ORLEANS, Sept. 25.-A meeting of all the bank Presidents except two, resolved to pay no checks over $100. The larger checks to be certified. This lasts thirty days. MEMPHIS, Sept. 25.-The First National Bank of Memphis has suspended. AUGUSTA, Sept. Business is blocked, the cotton market has suspended operations on account of no currency to buy cotton. The First National Bank paid out as usual, but there appears to be no serious run on it. The President will pay as long as there is a dollar in currency in the vault. There is confidence that it will withstand the storm. The suspended banks have ample assets and will meet every dollar of their liabilities when the pressure eases off. Commercial circles are hopeful. There have been no suspensions of business men. ATLANTA, Sept. 25.-The Dollar Savings Bank has suspended, but has ample securities. AUGUSTA, Sept. 25. - The National Exchange Bank, the Merchants' and Planters' National Bank of Augusta and the Planters' Loan and Savings Bank have suspended. The run on the banks has been heavy, and especially this morning. The cotton is coming in freely but there is no money to move it. JACKSON, MISS., Sept. 25.-On account of the monetary panic and the run on all the banks in this city, two of which have suspended, business is almost entirely suspended.
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It was rumored, in Washington, on the 25th, that the President had been advised to call an extra session of Congress. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day, and resolved to adopt the plan of issuing Clearing-House certificates. A Newark (N. J.) telegram of the 25th announced that the State Bank of New Brunswick had suspended. This is the bank that was crippled by the irregularities of Appleton, the Cashier. 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 that the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially susper led 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 Bank, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company, and the Southern Bank of Georgia. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. A Wapello, Iowa, dispatch of the 25th says that on the afternoon of that day Professor