Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-10-09

BOSTON, Sept. 29.-The bank presidents of
this city have decided to make only small cur
rency payments, and to issue SIC, 600, 900 of
loan certificates.
feeling prevails in financial circles in this city.
Bank officials do not apprehend any further
trouble of much consequence, and things are
going along smoothly.
The members of the firm of jay Cooke IL
Co. express much regret that any creditors
should be influenced by the efforts of specula-
tors to buy up claims at heavy discounts, feel
ing confident of their ability, if not needlessly
embarrassed, to meet all their obligations with
a full and satisfactory settlement. 1t was re-
marked by one of the senior partners ''Within
Is months from this time We will show the
people what the house of Jay Cooke & Co. is.
1 would say in six months. if there was a
reasonably decent money market"
WASHINGTON, Sept. 29.-The Secretary of
the Treasury is no longer troubled with tele-
grams of inquiry from financial sources. No
excitement whatever exists in that department,
and the Executive Department is equally free
from it, since the official announcement that
the President and Secretary could do nothing
more to relieve the pecuniary embarrassment
Jay Cooke & Co. is much better than was ex-
pected, and that advices received at the Treas
ury show decidedly improved condition of
affairs throughout the country.
NEW YORK, Sept 3O.-An advices to-day
touching the financial situation at home and
PHILADELPHIA. Sept. 3O.-Financial matters
mercantile firm of Benjamin Bullock's Sons
created slight ripple. No other failures are
apprehended.
In the West.
CHICAGO, Sept. 26.-The report that the
banks of this city had agreed to close their
places for the present is incorrect, and had its
ipin in a arti in AT
tional sheet, the Chicago Times. The most
the banks did do-indeed the only thing they
did--at their meeting, was to pass resolution
| recommending and authorizing the banks not
| to pay large checks until the present unexam-
| pied scarcity of currency shall have been re-
| 1ieved. The New York banks adopted the
same rule several days ago-those of Phila-
delphia, st. Louis, New Orleans, Baltimore
and Cincinnati have done the same. Indeed,
| every bank in the country must, for the pres
ent, govern itself by this rule-that is, pay
out currency only when absolutely necessary.
and i'll limited amounts, or it will be crippled
and pushed to the wall by having its cash re-
sources entirely drained out of it.
This precautionary action was not rendered
| necessary by panic, but in order to prevent a
panic. 1t is not confession of Insolvency,
! but measure of prudence for the protection
of themselves and the general business of the
| community. The Merchants Exchange-an
organization of the heavy mercantile houses
heartily indorses this action of the bankers.
All the Chicago banks made their clearances
"high and dry" yesterday. This don't lool
| like suspension.
CINcINNAT1, Sept 25.-Matters were in a con
dition on Change to-day to render it difficult
to furnish quotations. There panicky
feeling whatever.
KANSAS Cry, Sept. 25.-Cattle receipts
1,1O4; shipments, 861. The action of the
banks causes a complete stagnation of bust
ness at the yards, cattle being driven into the
country to feed.
DETROIT Sept. 25.-There was quite fiurr,
to-day, and considerable run on some of thu
banks. F. Lutz Co., private bankers, hav'
suspended.
ST. LOUIS, Sept. 2j-The St. Louis bank
kept up bold front until to-day, when tn
| news came that the banks of Chicago an,