Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-24
The ShylOeks May Preclpitate a Panic
Jay Cookies London House Throwing
81 out His Drafts.
Four Bank Failures in Petersburg, Va
The Cooperative Plan.I

Four Bank Failures In Petersburg,Vl
The Cooperative PIan.I
NEW YORK, Sept. 25.--Every banking
institution in Brooklyn with a single excep
ton was represented &C the meeting of tht
presidents yesterday. 1t was determined
that in case Of run on any of the bank
all of the others would come to its assist
ance. 1t was also resolved that the saving:
banks, If necessary, should take advantage
of the thirty days clause in the charter. A
number of poor women and laboring men
have gathered at the savings banks await
ing their opening, but nobody seems tC
think that anything like a run will take
place.
The Priests AIIsyIng Panic.
VIM. Quinn, Vicar General of New
York, was at the Emigrant Savings BanE
yesterday, advising depositors to leave their
money with the bank where it was safe
Hs promised to be on hand to-day.
Gen. Hillhouse has declined to give the
names Of the sellers of bonds, on the
ground that some sellers are connected with
savings banks. To announce that thef had
sold bonds might bring discredit upon theiI
banks, which the facts do not warrant,
10 A. nj.
The governing Committee Of the Stock
Exchage have decided not to open to-day.
10:45.
The Gold Exchange is opened and regu.
lar transactions being made. The excite
ment on the street seems to be eeasing and
wearing itself out, and better feeling ap.
pears to exist. The brokers have congre-
gated in front of the Stock Exchange and
formed street market, all the sales being
for cash. The following are the quotations:
Central 81 to 92 bid; Harlem los bid to ITO
offered; Lake Shore 81 bid; Wabash 80 bid;
Rock Islsud SS bid; St. Paul 35 bid; Ohio
and Mississippi 80 bid; Union Psciic 81
and % bid; q. G. & L. G. 2l bid; Hannibal
and st. Joseph 90 bid; Western Union Tel
egraph Sc bid to 10 offered; Pacific Mail "a
to 36 bid.
Noon.
Ten million of bonds have been bought
at the Sub Treasury.
The Process of Imitation.
The Assistant Treasurer has received 20
100000 greenbacks from Washington, and
is ready to buy all bonds offered.
2:8OP. M.
The suspension of Henry Clems & Co.
is announced. They say that at present
they have no statement to make, save that
temporary suspension has been deemed
advisable. This failure tends to revive ex-
element. The firm paid ST, ,25G, 900 in legal
tenders 10 depositors during the past four
days, and it was the general impression that
they would pull through, but to-day the
Fourth National bank refused to clear their
checks, although the firm had 100000 of
securities against which 100000 had been
drawn.
Bpm.
GoI1 closed a. 1123. The Assistant
Treasurer to-day bought $3,205, 900 bonds.
Henry Clews & Co. state that during the
past four days they have paid out one and q
half millions in money, and made the ut
most efforts to-day to raise money on their
securities, but finding it impossible to do 60
were compelled to suspend.
The Ten Million Bank Pool Used Up.
Mr.. Camp of the Clearing House, states
that the ten million Of loan certificates have
been used up to tonight. There win be a
meeting of associated bank RS tomorrow at
10 o'clock at the Merchants Bank ITO de-
bate the advisability Of issuing more certi-
ficates.
Might Dispatches-AnOther Surprise
Like Jay Cookies.
Up to two O'Clock this evening the none
tary situation might have been summed up
in a sentence: coincidence is restored and
the banks are conducting business as usual"
Just as the street was beginning to feel that
the end of the panic had been reached
painful rumor started st 20 minutes TO 3
O'Clock, that the house of Henry Clews &
Co., had suspended payment. As soon as
the announcement was made large crowd
collected in front of the building. The word
that their checks were refused payment at
the Fourth National Bank reached the
banking house about half past o'clock,
and the closing of the doors followed the
1t is stated that an az
rangement will be effected by which an
early resumption will be secured, as there are
abundant securities in possession of the
house. Immediately after the closing of the
doors number of prominent capitalists
were eagerly seeking Mr.. Clews, who was
not in the Office, and the assistance neces-
sary to pull through the day would un-
doubdtly have been given had there been any
suspicion that the bank would refuse pay
ment of Henry Clews & Co.'s checks. The
fact of the suspension created as much ex-
element as the suspension of Jay Cooke
& Co. The news left the street at the close
Of business in a condition of great excite
ment and the headWay made in restoring
confidence may in great measure be lost.
The Savings Banks, etc.
The run on the Savings Banks continued
70 day, but as most of them adopted the
lime rule for paying creditors, the excite
nent soon subsidized. Where yer case of
necessity transpires or that person wishing
o draw requires q few hundred collars for
. business purpose, the banks accommodate
hem ;where excitemen. causes the with
travail the banks do not oblige. At some
If the banks the officers say that the en-
orcement of the time rule regarding the
lrawing of deposits is demanded by their
srgest depositors and in one case it was
adopted in Difference to such suggestion.
several Of the largest banks are paying all
demands without regard to amount. Some |
,f the poor people of Brooklyn became
Harmed regarding their money in the vari-
'us Saving banks there and drew it out. |
)nly one bank took advantage of the time |
ule, the others paying IS usual, The run
vas not heavy.
Further Panic at the Option of tn |
Sky1Ocks. |
The Post says the banks have gone |
hrough the panic so far all right. 1t must |
'e remembered, however, that since Satur- |
sy the business Of the banks has been |
imply Yith merchants, the active accounts |
f stock exchange firms having by rea, on of |
he Claring up Of the exchange been sus- |
ended. These firms probably have at least
90 accounts with the banks. Friday and |
jaturdsy's business ct the stock Exchange |
las to be settled. Exchange money lenders
yho have failed to get responses on their
Dan called, might rush in aud force sales |
nder the rule which would throw. every
hing into panic again and injure the banks.
70 prevent such state of affairs it has |
'een recommended that the governing com.
nittee appoint sub committee tomorrow
o prescribe regulations by which state
nents may be made before the Exchange
; opened. 1t is the duty at the present |
ime of lenders and borrowers 70 treat |
srties to contracts with as much Iiberality
: forbearance sc is consistent without |
bsolutely sacrificing their legal rights.
here will undoubtedly be found merci-