, 1873-09-30


Bcrvatsm would insure our SUCCESS.
Reporter-How have your operations boen to-
Mr, wheeler-Tho 1enand upon us has been
heavy, and our cash balances have been reduced
over $400, 900. Wo havo felt uttorly unable. in
view OF tile outstanding amount, to maintain
such heavy drafts whtlo unable to collect out
standing obligations due.
the bank think il viii be able to % discharge ali
obligations Z
hir. Wheolor-'wo havc no doubt Of either,
and to this tho peraonal word of our Directors
and stockholders is pledged.
Roporter--What WAS the amount Of your obli-
GntionB ut the time of your first suspension
Mr. Wheeicr-I cannot tell that. It was 30
large compared with our Immediately available
cesstv.
Reporter---1n that conclusion, we're tho Dt-
rectora OF tho bank unanimous2 Did thcyagree
viii H. NJ WhosiatS osSe.s8S aereoa with Mr. ooo,h.r
and believed IN tho aoundness Of his Judgment.
Roporter-What was the immediate occasion
Of your sueponsioo aside from tho general Baom-
ing ndversity?
Mr. Whocfer-we had worry large country cor
respondence, and wero dealing with bauks
throughout tho Northwestern country. Here arc
$50 country banks. bowling for money and clam
oring for currency, and their denands wore i'm
! md called upon us in an emergency which nel.
tier wo nor ant. other bankers In the.country bud
| anticipated In time.
Reporter When you received on tho day Of
] your suspension telegram from leading New
York bank an authority to call upon thom for
$500 000 would 1t not hayo beon possible for you
10 have availcd yourself Of this credit and main-
/ tanned your own standing7
Mr. Wheoler-No, eir on that credit wo could
! not bayo drawn currency, which was tho
article Immediately domanded. We had
not tho available current funds to continue bust-
neBs and had continued against our better judg-
ri n nf1T {n-
ca1 bankers which would have afforded gome So
| 2ution Of the difficulty. But without this no
wose compelled to act upon our own RESPONSE
| bility, md assumcd position which we rcgrot-
"Noportor-Thero have been rnmoEs, Mr.
Wheelor that the bank or It's officers have Of late
been largely engaged in speculntlons. 1a there
any foundation for this report?
hfr, Whoeler-No, sir. Tho bank has not en-
gagged in any speoulattons, nor has any Of it's
officers,
Roporter-To bo moro specific has tho bank
or my Of ltg officers engaged in corn spccula-
| tiona since tho commencement Of tho present
| criAiB Z
AIr. Whceler-Neither tho bank nor its officers
! hayo.
Roporter-What arc your obligations
| Mr, Whoolor--I believe wo owe about 23,-
| 100000.
Reporter What iB tho sum Of cash on hand
| Mr.. Wheeier-1 do not know exactly. Our
balance Of cash on haud from tho timc Of former
suspension has been reduced over s400,0o0. We
may have now 1900, 600. Perhaps not so much.
Koporter-Will you be able to realize Oh col
late-aIa and resume
Mr. Whccler-Tha NO do not anticipate. Our
J securitiea arc good, and VIC expect to be able to
pay obligations. But We havo gone into yolun-
tary liquidation, and cannot rcsumo the bank
ing business.
THE COMMERCIAL NATIONAL
folks were happy and serene. Feeling confident
Of tho suLsi1ing Of the waves, and that they
wore in safe harbor yesterday, this bank was
paying in full tho checks of every depositor. 4
thoin during Tho day, and deposits had boen very
largely In excoaB OF PAYMENTS 80 strong and
confident werc they that oven discounting had
been resumed to some extent aud in q safe way.
hfr. Earnes, tho preRident, spoke in most con-
fiaont manner Of tho present, md looked for
ward to only brighter and better realizationB in
tho imm ediate future.
AT THE TRADERS NATIONAL
full business was resumed without aslling fayors,
aud every draft Of depositor was honorod,
whilo the deposits for tho day wero grcntly In
e2coss Of tho Withdrawals. Without seeking (as
none of tho banks did) now accounts, q number
wcro opened, and the affable President, Ar. J.
the reporter could nevor aeo any seuge in, but
which he uses in deforenco to popular Judgment,
Looked !" as smiling as basket Of clips.''
TIE NATIONAL DANK OF COMMERCE.
reopened its doors for business yesterday, and
WAS pursuing very much tho courao adopted by
tho Union National. It did not attempt to clear
at tho Clearing House but over its counters
mot and responded to every obligation. 1n q
day or two 1t will resume In full the ordinary
course Of business, as ia Affairs ara reported in
excellent shapo.
Ar THE CENTRAL NATIONAL
matters seemed to DO moving easily along. The
President was chatting chcorfuly with hiH cuH-
tomors, mono Of whom looked as II they wero
oyorbu1dencd with tho unhappy train OF thought
which arises upon the return on a business
mans, hands Of g quantity Of what Le vainly
{b1. Ara} 1$nNrr
the President satisfied tho reporter that, in the
financial ship Mr. Endicott was saililg, every
thing WAS tant. and trim. She had wsatheEed
tho broakers, and, with skillful pilot and leads
The result Of the panic, he sald, would be that it
would teac tho pooplo not to carry too much sail
and. with this result attained, even though much
distress must como bofore it Ia accomplished,
evil. Wo thought one OF the great evils which
prevailed among bankers at the present day was
the prevalent desire to do 10 big business. !"
Many bankers with limited capital are running
profits Of which could DO realized out Of q
much smaller one. Afr. Endcott explained .
system BY which loan certificates might be issued
on basia which could hardly, full to be agree.
time for ,thcir necessity may be conaid-
cred past, It Is hardly worth while mentioning,
More than that, the strong point Of tho system
is the depositlng hyY the bank recurring such
| c9ELluC2GGh, IN aQQ1L40u TO d bet proportion OF
securities, 25 per cent ct tho amount Of tho Sc
curites in currency. With regard to tho posi-
tion OF the banks, Mr. Endicott, who illustrates
his explanations with freeness Of nautical OK
Fenimo1e Cooper, stated that every day showed
an improvement, his customers willingly doing
all thoy could to make matters move smoothly.
Highly pleased with the result Of this inter-
view, the reporter moved eastward to
| THE CITY NATIONAL 3 AMI
whore tho President was busily engaged trans-
acting tho business Of little knot Of customers.
Their little wants having been apparently sup
press his satisfaction at the way in which tho
week had opened. "ThingB," ho said, "looked
we'll on Saturday, but they look better now"
The cash RESOURCES Of the bank wero increasing
day In thinking that the end Of the trouble had
boon reached. 1n hls opinion the final result Of
tho proBcnt trouble will bo the end OF tho cnr-
renoy question. When everything came to be