Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-09-03
From the Cleveland Herald.
Money Matters --SkicS Bright.
ching.

The week, VIC arc glad to note, opens up
on shorter faces and with prospect deci-
dedly Of brighter hue than has rested up
on financial matters for the past six days.
The Board of control for the State Bank
Of Ohio, has effected an arrangement with
the Ohio Life Insurance and Trust Compa-
ny by which all claims against that Com
pany III favor of the Branches of the State
Bank, will be secured or paid by as
signment of bonds and mortgages upon
property in the counties Immediately ad-
joining. Although general disaster would
not have followed, even the absolute loss
of what is due the State Bank Branches
from the Life and Trust Company, still
this arrangement perfected Saturday, has
restored confidence and nerve to COM
munity, and business cicles, which COM
pletely counteracts any symptoms of panic,
or any forebodings as to the future.
The failure of Atwood d Co., Bankers
of New York, is sincerely to be regretted.
That house had well deserved reputation
for integrity and honesty, which will Gre
ate unbounded sympathy, and all convers-
ant with the house, are confident that this
reverse is but temporary. Unfortunately,
Messrs. Atwood q Co. hod correspondents
and customers from the same sections with
the Ohio Life d Trust and many Ohio and
Western Banks had accounts at both places.
Consequently, on the failure of the o. L.
d. L. Co., these banks were forced immedi-
at.ly to draw largely from Atwood & Co.
to meet previous drafts made upon the o.
L. q Z. Co. Messrs. Atwood q Co. could
not, on the spur of the moment, gather
themselves, and yielded to pressure.
A business house in this city sends us
the following:
We noticed in your last evening edition
as we'll as in this morning papers,, an al
lusion to the Messrs. Atwood & Co..
Messrs. Atwood q Co. have enjoyed the
confidence Of their correspondents in the
West, to an unlimited extent, and we have
no doubt they will speedily resume. The
following despatch received from them,
Saturday, indicates only suspension:
"Messrs. --, Cleveland, Ohio,
We have been compelled to suspend
Remittances and collections turned over TO
Continental Bank for the credit of owners
Signed, ATWOOD & Co."
Although at the first news of the failure
of the Ohio Life and Trust Company SEEM
ed to be blow which would more severe
ly injure Ohio than any other section, we
are satisfied that such failure will bring
less real disaster here than elsewhere. Our
Banks are SO strong, their circulation
and this is the great secret of Ohio's
present ability TO meet this trials so Sc
cure that fear does not reach the masses.
Advices, to-day, announce the closing of
the Hollister Bank in Buffalo, but causes,
no doubt entirely outside of the New York
failures have produced this result.
The Cincinnati Times of Saturday says
that the feeling there is improving. The
sales of the checks on the Trust Company
are few, bringing 75@sO and 90 cents on
the dollar, and that the large creditors OF
the Company seem to have no desire to
dispose of their debts.
The New York Tribune of Saturday
says:
No Receivership of tho Ohio Trust has
yet been made, but the matter will be be-
fore the Court tomorrow, and if no opposi-
ton is made by the creditors, Mr.. Lane |