Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-26

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LIEF and compel currency to seek this mar
ket."
Clearing House certificates at the rate OF
| rs cents on the dollar will be issued on col
lattersls deposited by the bsnks, and eeru-
fed checks or Clearing House certificates
will be used instead of currency.
indianapolis UnappaIIed.
INDIANAPOLIS, Sept. 25.-Considerabie
excitement was caused here this morning
by the announcement of the precautionary
measures adopted by the Chicago and Cln-
cinnati banks, which were at first reported
as having totally suspended, and this ex-
element heightened at noon by the suspen-
sion of the private banking house of Walen,
Webb & Co., owing mainly to the return OF
their drafts on the suspended Trust Com
pany of New York, and public confidence
became SO shaken that there was quite
heavy run on Ritzinger's Bank and on the
indianapolis Savings banks by class OF
generally small depositors, and some few
persons withdrew their money from other
banks.
The First Nationa bank instead ofclosing
at the usual hour kept open an hour later
to give any depositor an opportunity 20
withdraw his money if he wished, and
when it closed it had received more money
than it bad paid out, The uDquestionaole
solvency of all our banks, together with the
fearless way in which they met the excite
ment seems to have sent home the croWds
who thronged the streets until after the
banks had closed, in better state OF feeling
and tits not now ANTICIPATED there will be any
further trouble. The banks previous to the
excitement had after conference together,
decided to go ahead in the usual way, ana
this determination will still be N'loWed.
Washington.
WASHINGTON, SeqS. 25.-The Washing
ton City Savings Bank announces that 1t
viii REQUIRE sixty days. notice for payments
of depositors, in accordance with pro-
vision in its charter.
Several bankers of this city called on
Secretary Richardson to-day for the pur-
pose of obtaining currency to meet their de-
mands bat though bonds were offered here,
no purchases were made. The employees of
the several departments are being paid off,
at the request of Gov. Shepherd, for the
purpose of easing the market in this dis
trict.
Richmond SINNERS Down.
RICHMOND, VA, Sept. 25.-The panic
has subsided, ended, and there is no visible
excitement on the sreets. The bank officers,
this morning, unanimously resolved to
adopt the system of issuing loan certificates
SIS now in operation in New York, Phila-
delphia aud Baltimore, so as to give relief
to the community. The reported failure of
McElvain u Co, Petersburg, is contradicted.
CHARLESTON, Sept. 24.-Money is 80
stringent here that no obligations are con-
tracted, and all business is limited in
amount. There is some demand for cotton
at low figures, but the difficulty in negoti-
ating exchange stops sales, and relief from
that source is slow in coming. Factors
would at moment accept the low rates for
most articles of produce. Paper falling due
is renewed in full, or with small payment
on account, and creditors are disposed to be
indulgent. No failures have besn reported.
The tanks pay checks as usual, and there
has not been the first symptoms of run.
Savannah.
SAVANNAH, Sept. Pa run COM
menced early this morning on the Savings
Department of the Savannah Bank and
Trust Company Of the Southern Bank of
Georgia. Large crowds are congregated.
The bsnks are paying dollar for dollar. Bus.
iness is a q complete standstill for want of
currency.
The run on Savannah Bank and Trust
Company has ceased. That on the Bank
of Georgia continued up to the hour of
closing. Both are thought to be fully able
to meet all demands. Others are proceed
ing as usual, and all excitement is diminish
ing. A meeting of the Chamber of Com
merce to cosider the state of affairs is called
for this. evening.
Augusta.
AUGUSTA, Sept. 25.-The National Ex-
change Bank, Merchants & Planters Ma
tional Bank, of Augusta, and the Planters
Loan and Savings banks have suspended.
The run on the banks has been heavy, es-
pecially this morning.
Cotton is coming in freely, but there Is no
money to move it.
Business here is blocked. Cotton market
suspended operations, aud there is no cur
rency to buy cotton. The First NatioF al
Bank paid out as usual. Suspended banks
have ample assets and will meet their lia-
bilities when the pressure ightens up.
There have been no suspensions among
business men.
At a large meeting which the merchants
HClu az b1lC lOOl11cy o
was appointed to wait upon the Directors
of the Georgia Railroad and Banking Conn
pany and other banks, and request them to
issue some medium OF exchange to bridge
over the present crisis. The banking house
of Coohens & Sons suspended. Assets are
ample. No market for best securities even
at a sacrifice.
SELMA, ALA, Sept. 25.-Ssvings bank
suspended to-day. Assets believed to be
ample to pay all its debts and liabilities, and
to save the capital stock.
Atlanta.
ATLANTA, GA, Sept, 25.-The Dollar
Savings Bank of this city, suspended to-
day. Ample securities.
Memphis.
MEMPHIS, Sept. 25.-The great excite
ment in this city on account of the suspen-
sion of the banks caused by inability to re-
alize on securities in New York. The fol-
lowing named banks have closed to day:
First National Bank, ,DeSoto Bank, and it is
reported the Freedmen's Savings Bank aud
Trust Company, with a heavy run on the
others. 1t is expected that all will reopen
after the panic subsidies. The excitement
at present is intense.
The panic in New York and consequent
failure of some banks to respond to the cat
for currency, occasioned the suspension of
the FRS. National Bank of this city this
morning, which was followed by run on
all banks, and led TO the suspension of tie
DeSoto within an hour. The run contin-
ued several hours. 1t is rumored tonight
that one or two of the smaller banks are in
deep water, and that other failures will oc-
cur tomorrow. The suspensions were
seemingly from want of currency, and both
concerts claim assets largely in excess of
liabilities. The collections and general
business of the two banks were turned over
to the State National Bank, which suffered
no run and is believed to have been SOL
vent. The run on the Union and Planters
ceased at P. NJ, after which hour it re-
ceived deposits of nearly two-thirds of the
sum drawn out.
New Haven.
NEW HAVEN, CONN, Sept. 25.-The
managers of the Savings banks of this city
have voted at prudent to require notice Of