The New York herald., 1873-10-14
THE CINCINNATI BANKS.
The Embargo Removed by the Clearing
House and Full Currency Payments
Resumed.

CINCINNATI, Oct. 13, 1873.
This has been the most notable day, financially,
that this city has Witnessed in many years. Since
the action Of the banks ana bankers suspending
currency payment, save as to limited sums in the
discretion OF the banks, the desire to know
when tits embargo ON the commerce OF
the city was to be removed has Increased
from day to day. Though there has been, as far as
possible, an adaptation to the peculiar circum-
stances, still the pinch on the mercantile classes
increased in intensity the period of suspen-
sion heightened. The merchants OF the city have
borne the privations with great heroism, and gen.
orally without complaint. They mainly have ac-
eepted the situation as the best that could be en-
joyed under the circumstances, but there was still
great anxiety to have day fixed for general re-
sumption, and when the announcement was made
that the Clearing House Association, at its meet
ing on Saturday evening. had determined on lull
ceived with the greatest satisfaction. The mere
whispering on Change on Saturday that the Asso-
clation was TO hold an important meeting at the
close OF the day was construed into a hopeful In
dlcation and thereby gave tone to the general
markets that was an Improvement over the pre-
While there was great confidence in the solvency
OF our banks. there was much interest felt to see
what developments would be made during the
earlier hours OF the opening day. At the usual
hour TINS morning every bank and banker in the
ber-commenced full and unequivocal resumption.
There was excitement. There was
thing about the appearance OF the banks
that Indicated run. The business OF the
day commenced and continued to the close with q
degree OF quiet that was remarkable so far as is
KNOWN not an anxious deposltor presented him
self at the bank. The amount drawn by the depos-
ltors was probably less than usual ON Monday;
certainly Ii did not exceed the usual demands OF
the nrst business day OF the week. While this
true the deposits OF currency were liberal and
beyond the expectation of the banks. The larger
number OF bankers report that they received more
currency than they paid out. One national bank
received IN currency, 500 600 more than they were
called upon to pay.
The satisfactory results OF the forenoon put
new face on the merchants who assembled on
'Change. The attendance was larger than had
been or days, ana every person seemed to oe en-
couraged. The general markets were improved in
tone, and the impression prevailed that we had
entered fully upon the work OF recuperation, and
that restoration would proceed with rapidity. AT
the close OF banking hours all acknowledged that
the success OF the hrst dag OF currency resumption
had been complete.
OF $462 900 III Clearing House certificates S165 600
OF certificates unredeemed. or the latter amount
under the action OF the Clearing House, twenty
five per cent will be retired tomorrow and
twenty-f five per cent each week thereafter. For
the purpose Of equtaby distributing certificates 1t
was decided on Saturday that the banks should
hold them until retirement in proportion to the
business done bo them respectively within o def
mite period therein named.