cb8a1d79Full suspension
Other: Banks adopted certification of checks and temporarily stopped paying large currency amounts; placed collections to special deposit accounts.
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NEW YORK Sept. 27.-A special from Louisville says the German Insurance, Masonic Savings, German Central Savings, and Western banks have temporarily suspended. There is no run on the other banks. The Louisville banking company has also suspended.
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n LATEST TELEGRAMS. it h AMERICAN PRESS ASSOCIATION. VIA N. P. ANDEA. TELEGRAPH COMPANY. Specials to the Ledger. THE PANIC. suspensioner the Louisville Banks, LOUISVILLE, September 27, 9 a.m.-All the German banks of this city, eight in number, the Masonic Savings Bank and y Central Savings Bank, refuse to cash I checks this morning and close their , doors at 10 m. LATER. $ 12 m. - The Louisville Insurance h Bank, Theodore Harris, President, closed doors at 11 o'clock. The German National and the German Security Banks are not closed. ST. PAUL, September 27.-Inquiry last evening shows that our banks are not disposed to follow the example of the banks in turning or certifying checks. There is still an anxious feeling. The bankers are confident they can continue as usual, except they decline to discount new paper under orders from Mil waukee and Chicago. The purchases of wheat have stopped, and quotations throughout the State are nominally very low. Limited sales are reported at fifty cents. DES MOINES, IOWA, September 27.-No panic has been felt here as yet. Banks have resolved net to pay out more than $100 per day to depositors. Buying and selling of exchange has ceased, and but few outsiders' stocks are taken on deposit. Merchants and business men have every confidence in the banks, and are increasing their deposits, The grain and live stock trade has almost entirely ceased. All classes are anxiously watching the course of the panic, and until it is settled all branches of trade will be light. $ CHICAGO, September 27. - Another meeting of the Clearing House Association was held last evening, at which all the banks were represented. The t president stated that he believed the meeting had been called to take action on the advisability of issuing Clearing e House certificates to settle balances. j After a long discussion, a resolution was passed that the Clearing House issue certificates as a last resource. A committee of five was appointed to suggest a t form of certificates, but their use not to f be compulsory. The meeting then ad1 journed. f
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Banks Louisvilie-Half-a-Dozen Suspend Against Paying Wages. LOUISVILLE, Sept. 37-The following banks have suspended payment. temporarily to-day: The German Bank, Masonic Savings Bank, Western German Insurance Bank, Louisville Banking Company, Western German Bank and Central Savings Bank. The run had been steadily increas ed on the banks for the past three days. The Presidents met last evening, and knowing Saturday to be a heavy day for small manufactories, and the panic among small depositors increasing, they agreed to close the banks in the morning. All of them have abundant assets; many able to pay two dollars for every one on deposit out of the assets. The other banks of the city were heavily drawn on, but are all right and will not be affected. The suspended banks are all Savings banks condueted and owned chiefly by Germans with large lines ofsmall German deposit ors. It is believed there will be no more trouble as confidence seems to prevail. The officers of the suspended banks met this evening to devise measures of relief. Nothing of importance was done save the appointment of a committee to devise and report a plan to facilitate exchange among banks with a vie to early resumption. The lack of systematic action among the bankers has tended to suspend these banks. Every bank is looking out for its own safety. The suspended banks will place all collections to the credit of owners as special deposits, and receive deposits as special deposit banks subject to the drafts of depositors. There is no prospect of a run on these banks Monday, as all others have prepared for an emergency. Baltimore. BALTIMORE, Sept.26.-The - day closed in this city without additional excitement or reports of tailures. Stringency in money continues, but all banks have p-id out lib. erally on small checks to supply business demands. Allentown, Pa. ALEENTOWN, PA., Sept. 27.-The bank. crs have resolved to follow the example of o her cities, and adopt the system of certi fication of checks instead of paying currency in larger amounts. The Frst National all Right. MEMPHIS, Sept. 27.-The report of the committee's examination into the condi-
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Banks Suspended in Louisville. LOUISVILLE, Sept. 27, 1873. The following banks suspended payment temporarily to-day :-German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, German Savings Bank and Central Savings Bank. A run on these banks has been steadily increasing for the past three days. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of tneir assets. The other banks in the city are neavily drawn on, but they are all right. The suspended banks are all savings institutions, conducted and owned chiefly by Germans. The lack of systematic action tended to suspend these institutions, every bank looking out for its own safety.
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LOUISVILLE, LOUISVILLE, Sept. 27.-Considerable exoitement prevailed to-day, caused by the suspension at an early hour of the following bauks: German Security, German Insurance, Masonio Savings, Western Bank, Central Savings, German Bank, and Louisvillo Banking Company. Business in general is quiet and prices nominal for all leading articles. No run at the close of banking hours upon any other banks.
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of intrinsic values is entirely forgotton, there. fore, Be it Resolved, That we heartily endorse the action of the Secretary of the Treasury in his efforts to stay the tide of ruin by affording temporary relief, and in his wise discrimination in the use of the resources at his command. RESOLVED, That we urge upon him the necessity of bringing before Congress a plan for a general banking law through which the benefits of our present system may be more generally extended, and serve more fully the growing interests of the country. RESOLVED, That the great sources of wealth of our crops and general productions are more promising than ever, and that therefore the enterprises of the country have a greater chance for profit and success; that the sudden and wild decline in the values is the result of the panic, and without reasonable cause. RESOLVED, That we deem it our duty to avert in every way the indiscriminate sacrifice of securities, and to express our hearty condemnation of those who by personal profit attempt to aggravate the evils and cause a still greater decline in value at the board. John Barker, George S. For, and Thomas A. Biddle were appointed a committee to confer with the hank officers on the situation of affairs. Baltimore, 27. The day closed without additional excitement or reports of any failures. The stringency in money continues, but all the banks paid out liberally on small checks to supply the business demand. Knoxville, Tenn., 27. The Exchange Deposit and Knoxville Banks have suspended payment of checks for currency this morning in consequence of the sudden demands of depositors. The commercial banks also suspended payment of all large amounts. Augusta, Ga., 27. There is a better feeling in this city to-day, but otherwise the situation is unchanged. Nothing is doing in cotton for want of currency; some few bales of middling were forced at 15 cents. It is believed the suspended banks will resume currency payments early next week. Allentown, Pa., 27. The bankers of this city resolved to follow the example of New York and other cities. New York, 27. A committee of the produce exchange have been appointed to confer with the loans committee and clearing house committee with a view of effecting an arrangment by which the moving of foreign exchange may be accomplished. Salt Lake, 27. There was considerable excitement here to-day. The first National bank did not open their doors. A notice states that the cause of suspension was owing to the failure of the eastern houses and their inability to obtain currency. Their liabilities are amply secured. Washington, 27. The Secretary of the Treasury, will not for the present, issue his programme for the sale of gold and the purchase of bonds next month. Louisville, Ky., 27. The following banks have supended payment temporarily to-day: German bank, Masonic savings bank, Western bank, German insurance bank, Louisville banking company, German savings bank, and the Central savings bank. A run on this bank has been steadily increasing for the past three days. All of them have abundant resources; many being able to pay two dollars for one on deposit. The other banks in the city are heavily drawn on, but are all right. The suspended banks are all savings institutions, conducted and owned principally by Germans. The lack of systematic action tended to the suspension of these banks. Every bank is looking out for its own safety. Dubuque, Ia., 27. The Commercial National Bank of Dubuque, in this city, is the only National bank that is meeting demands in full in currency, and to-day their deposits considerably decreased. The Merchants' National bank is paying in bills receivable, and small amounts in curren. cy. The run on the German savings bank and Peoples' savings bank seems to have entirely subsided. Chicago, 27. Business continues very quiet on the exchange, but there was more inquiry for cash grain, mainly by outsiders, who have brought in currency with which to buy at the present low rates, and prices were firm and generally higher.
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two hundred dollars is a mistake. No such action has been taken. The banks are doing business as usual, except that they have stopped advances on the produce until the eastern banks shall be ready to respond. ### THE CLEVELAND BANKS. CLEVELAND, Sept. 27. There is but little excitement among business men in financial circles in this city over the monetary troubles. A feeling of confidence prevails, and there is scarcely a doubt but what the Cleveland banks will get through all right. The savings banks have adopted the sixty days' notice plan, merely as a precautionary measure. A RESUMPTION. DETROIT, Sept. 27. David Preston & Co, bankers of this city, resumed business to-day after a suspension of two days. ### THE TOLEDO BANKS. TOLEDO, Sept. 27. The banks of this city passed over yesterday in good condition. Several of them are stronger than at any time since the beginning of the run. The single failure of a banking house, Kraus & Smith, has had less effect than was apprehended. IN PHILADELPHIA. PHILADELPHIA, Sept. 27. Matters are quiet on Third street, the scarcity of currency being the only trouble experienced from the panic. Many large manufacturing concerns have, with great exertions, raised a sufficient amount of currency to pay full wages to their employes, while other firms have been able to pay only fifty per cent. of the wages due. CLEARING HOUSE OPERATIONS, CHICAGO, Sept. 27. At a meeting of the clearing house association a committee was appointed to draft a plan for the issue of loan certificates to be used in the clearing house in settlement of balances. ### THE STOCK EXCHANGE TO BE OPENED TUESDAY. NEW YORK, Sept. 27, 2.45 p. m. The stock exchange will open for business at the usual hour on Tuesday morning. This announcement indicates improved feeling on the street this afternoon, which has been brought about by a generally believed report that Com. Vanderbilt's brokers have to-day effected a general settlement in their heavy stock transactions. Very few transactions this afternoon. The following are the latest street cash quotations: New York Central 86; Lake Shore 64; Western Union 54; Pacific Mail 29; Rock Island 83; C. C. and I. C. 20; Union Pacific 18; Wabash 41. The details of business for opening the stock exchange will be arranged at the meeting of the governing committee Monday morning BANK COMMITTEE REPORT. At a meeting of the bank committee to-day a report was received from the committee to whom was referred the proposition of the committee of the stock exchange. The first suggestion of the latter had been anticipated by the action of the banks and the suggestion that the associate bank should guarantee payment of certified checks to the extent of their associated capital appears to the bank committee impracticable. In answer to another suggestion of the stock exchange committee the banking committee say the proposed modes of relief seem to look exclusively to the convenience and safety of the stock exchange, without comprehending danger and inconvenience involved to the bank. The clearing house committee have decided hereafter not to make public the amount of loan certificates issued. A special from Louisville says the German Insurance, Masonic savings, German Central savings, and Western banks have temporarily suspended. There is no run on other banks. The Louisville banking company has also suspended. AFFAIRS IN CHICAGO. A Chicago special says the Third National bank is reported closed and nothing doing on change. RECEIVER'S REPORT. WASHINGTON, Sept. 27. The report of the receiver of the first national bank shows that one hundred thousand dollars—the amount of surplus—will cover its losses from realizing on its loans and discounts. If the indebtedness of Jay Cooke & Co. is paid in full its capital stock will be unimpaired. MORE HARD CASH. LONDON, Sept. 27. The steamship Java, which sailed from this port for New York to-day, took £500,000 in bullion.
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Latest Financial LOUIVVILLE, Sept. 27. SUSPENSIONS The following banks suspended payment temporarily to-day German Bank. Ma. onic savings bank, Western bank. German Insurance bank. Louisville Banking Co., German savings bank, and Central savings bank. The run on these banks has been steadily increasing for three days. All have abundant resources. Other banks have heavily drawn on the suspended banks All the savings institutions are owned chiefly by Germans. PANIC CONTINUES. LITTLE Rock, Sept. 27. The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible collaterals. to get any money with any sort of CONFIDENCE. CHICAGO, Sept. 25. People generally are taking matters very quietly and there seems to be considerable confidence among bankers that with prudent management and no further trouble East they will be able to pull through. AT CINCINNATI. CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new deposits, and certify checks in checks. A currency against deposits fair mechanics amount of currency has been paid to and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE. I., Sept. 27. The Commercial National Bank is the national bank in this city that is meetdemands in full in currency. only ing all The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided. AT PHILADELPHIA. PHILADELPHIA. Sept. 27. A committee of the stock board had a this afternoon bank at which the latter it presidents, conference with stated the that was not the intentions of banks to force any securities upon the market and they would not do anything that would tend to cause a decline of securities of the stock board. AT CHICAGO. CHICAGO, Sept. 27. The clearing house association held adjourned meeting last night. The committee on Friday night to a plan, submitted appointed report two consider reports and which were essentially the same, the only difference being that one recommended the of the New York adoption recommended plan in all the its details: while the other adoption of something similar to it. After e a prolonged discussion both reports were 1 tabled by a majority vote. The situation 1 here is therefore essentially unchanged. currency a of which went has been no serious e or savings S either and large Considerable there portion national arrived into yesterday, institutions. drain the banks upon e Some suspended banks promise early resumption, and only one, the Manufacturers' National admits it will go into a liquidation and this will pay dollar for dollar.
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LOUISVILLE, LOUISVILLE, Sept. 27.-Considerable excitemont prevailed to-day, caused by the suspension at an early hour of the following banks: German Security, German Insurance, Masonio Savings, Western Bank, Central Savings, Gorman Bank, and Louieville Banking Company. Business in general is quiet and prices nominal for all leading articles. No run at the close of banking hours upon any other banks.
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BOSTON. BOSTON, Sept. 27.-Bank presidents this city have decided to make only small currency payments, and to issue ten millions of loan certificates. The Farmers' National Bank of Newcastle, Del., suspended on Saturday. The steamer Java, which sailed from Liverpool on Saturday, took £500,000 in gold for New York. David Preston & Co., bankers, of Detroit Mich., resumed business yesterday, after suspension of two days. The Secretary of the Treasury will not for the present issue a programme for the sale of gold and the purchase bonds next month. The Allentown, Pa., banks have decided to the of checks Enstead of out currency in adopt system paying of certification large amounts. United States coupons maturing Nov. will be paid on and after Monday, Sept. 29, upon a rebate of interest at the rate of six per cent per annum. The Milwaukee banks are doing businest as usual, except that they have stop. ped advances on produce until the Eastern banks are ready to respond. The panic continued in Little Rock on in of this so city money Saturday. has money Never been the stringent. history It is impossible to get any with any sort collaterals. A feeling of confidence provails in Cleveland, and there is searcely a that the banks will get through coubt all right. but The savings banks have adopted the sixty days' notice plan, The Exchange, Deposit, and Knoxville banks of Knoxville, Tenn., have suspended the pay- of checks for currency. The Commercial Bank has suspended on all large amounts. At: meeting of the bank presidents of Boston on Saturday it was decided to adopt the New York plan, that is, to make only small currency payments, and to issue $10,000 000 of loan certificates. The Commercial National Bank of Dubuque is the only national bank of that city that is meeting all demands in full in currency. The Merchants' National Bank has suspended payment entirely. The National People's Bank and Home Bank of Clinton, III., have suspended payment until the financial crisis 18 over. The reason given 18 the regent action of the banks in Chicago, Cincinnati, and elsewhere. In Toledo the banks passed over Saturday in good condition. Several are stronger than at any time since the beginning of the run. The failure of Kraus & Smith has had less effect than was apprehended. An arrangement has been made by which the London house of Jay Cooke, McCulloch & Co., will honor all Government drafts on the London house of Clews, Habicht & Co. Beyond this there has been no change in the agency. A better feeling prevailed in Charleston S.C. at the close of business on Saturday, the national banks having received a larger amount of greenback on deposit than they paid out in checks. No suspensions have occurred beyond those announced on Friday. Bushing & Brothers, brokers, of Reading, Pa., who are carrying over $2,000,000 in a on The counSaturday. deposits, were paid sustained $50 depositors and heavy from the drain The try no more. city merchants received certified checks on this firm for produce. The banks of Atchison, Kansas, are doing business as usual and declare they do ot intend to suspend currency payments. Three of the banks kept open until five o'clock yesterday. Business men heartily sustain the banks in their determination not to suspend. The Cincinnati Chamber of Commerce passed resolutions on Saturday praising the for to sums in banks in currency, refusing expressing for all possible pay confidence out banking large them, and asking accommodation for merchants and manu facturers. There is little prospect of an end to the stagnation in forwarding until exchanges can be effected. The following Louisyille savings banks suspended payment temporarilly on Saturday. German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, German Savings Bank, and Central Savings Bank. A run on these banks has been speedily increasing for the pagi three days All of them have abundant resources. The committee to examine the condition ot the First National Bank Memphis re port its demand liabilities at $374,000. against unquestioned and available assets of $555,000. The doubtful and unavailable assets are $101,00C. After paying all the liabilities the stockholders can Iealize par on their shares. After the reading of the report $200,000 was subscribed