The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1873-10-04
(TlSCNsC.

"A Circular VIII ne lSSucu Ouio hiVi II
ing by the City Bank of Dallas, an
nouncing that in consequence of the
inability Of the bank to control its
funds, both at home and abroad, the
demands of depositors will be met only
by certification of checks, and also
giving aconcise statement OF the assets
and liabilities Of the bank. This
course, on the part of this old and pop
ular institution, is caused by combi-
nation OF circumstances wholly un-
looked for by even the officers of the
bank itself up to Thursday morning,
and as we have stated, is but tenn
porury. The bank has made no
losses; on the contrary, has home assets
already overdue, secured ny good and
abundant collatcral5, fur in excess of it's
liabilities, besides others falling due
within thirty days. 70 force payment
on the assets, overdue at this time,
would result in great damage to the
business interests Of the city. 1t is
confidently believed that the bank will
resume payment in currency in ten
days at furthest.
We have been intimate with the
President of this bank for the past
seven or eight years, and feel no hesi-
tation in indorsing his assertion of the
perfect security of the institution, and
believe that the course now pursued
was a wise precaution to secure the de-
positors, and to the very best interest
Of the business community of our city,
und that it will result in ultimate
good.
The bank will resume regular bnsi-
ness this morning, and certiiics all
checks drawn by dcpositors, which
checks will pass among our merchants
as freely as money.
We clip the following from the Kan
sas City and Savannah papers, show
ing the action of the leading banksnn
bankers in these cities, and it is only
TO he regretted that our banks had not
pursued the same course.
meeting of the bankers of Kan
sas City, held "Wednesday, evening,
September oath, 1878, Mr.. j. Q. Wat
kins was chosed president, and Mr.. }.
d. Bancroft, secretary. The follow ng
resolutions were unanimously adopt
ed:
WHEREAS, That during the present
financial disturbances, we deem 1T de-
sirable for the preservation of the in
terests of all parties interested that
panic be prevented from reaching this
city and vicinity, and that the assets
of the banks be preserved unimpaired
until all confusion and shrinking of
values elsewhere shall lave passed
away: therefore be it resolved,
First. That we decline payment OF
checks or drafts over our counters, Ell
ther in currency or exchange.
Second, That clearinghouse balances
shall be carried to the extent of sew
ty-five per cent of approved collaterals.
Third, That the above resolutions,
signed by each bank, be published
in the morning and evening papers.
First National Bank, ID. o. smart q
Co. Kansas City National Bank, Conn
mercial National Bank, Kansas City
Savings Association, j. Q Watkins *
Co, Farmers and Drovers' Savings
Bank, the Mastin Bank, Missouri Val
ley Bank, Long, Grant 4 Co, and
Kansas Stock Yard Bank.
The meeting adjourned subject tothe
call of its President,
J. ID. BANCROFT, Secretary.
CHAMBER OF COMMERCE. MEETING.
SAVANNAH, September 2j.-The
chamber of commerce heldan adjourn
ed meeting at late hour last night,
to receive the following report OF the
committee, which was adopted:
Resolved, That the banks and bank
ing houses of Savannah be recon-
mended TO meet the demands OF de-
positors by certiiicatiOns, to be used as.
the necessities of holders may require,
until the temporary difficulties be re-
moved, and till exchange can be regu-
lated aud currency be received to
move the crops.
The committee also reppn that
they had waited on the banks, I'd
bankers and had submitted the resolu-
ton 10 them, and that ii met with
their acquiesccnce, an then read the
following preamble and resolution
adopted by the banks aud bankers:
In view of the unprecedented panic
prevailing in New York and affecting
all parts of the country, pardlyzing
legitim lte business, and for the pur.
pose of protecting the commercial
interests of our community and
enabling the banking institutions OF
G'he city to furnish facilities essential
TO forwarding the crops of the country
with safety TO all parts,
Resolved, That the banks and bank
inghouses of Savannah viii only meet