The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-26
The Latest from Cincinnnti.

ClNClNNATl, Sept. S5-iz Il. NJ
The all absorbing question to-day has been the
action OF the members OF the Cincinnati Clearing
House Association this morning. substantially fol-
lowing the action Of the New York banks with
reference to the payment OF depositors. Com
paratively few persons suspected the event
was to transpire soon, II az all. Many pcrs Ons
in commercial and financial circles wer G
anxious about the future, but the lar ger
portion were OF the opinion that unles the
troubles In the East should become NOR, aggra-
waited, the BANKS mere would be able TO pull
through. The consequence was there was
no run on the banks that was visible
to the public eye as TO excite general
apprehension, but depletion was, nevertheless,
going on. Cincinnati was honoring all demands;
all balances were promptly tran smitted; but while
this was proceeding the balances in her favor
nom elsewhere were not forthcoming. Besides
this, occasional heavy depositors apprehensve Of
their deposits and placing them III the SAFE Deposit
Company or elsewhere, where they would be more
such circumstances the banks felt that without
some change In the general situation II was only
question Of time as to taking ing steps , looking
the business OF the city. There was no reasonable
prospect Of the change hoped for, and 1t appeared
should be taken now, when the banks had
strength to help carry on the ip9usIlal and
commercial interests OF the city, or Wa
finally be compelled to take such action after
they had submitted to complete drain Of cur
rency ana they be LETT IN situation In which
the interests OF the community must have looked
to them In vain for help. The decision
was reached to take the step at once,
and was publicly promulgated by 'Change hour. II
was know by large number OF business men OF
the city. Business on Change, though the
attendance was large, was In consequence
cared to move until they had clearer view OF the
situation, but there was nothing ike panicky
feeling. The opinion prevailed that 10
was best TO walt some days before doing much
in general business. During the afternoon the
action was freely discussed In commercial circles,
and though there are some prominent business
men who doubt the expediency OF the act,
believing 1t was, under the circumstances, the
best thing to do. A noticeable feature was the
absence or excitement throughout the day. Bust
ness men commenced the work OF adapting
themselves TO the changed circumstances, aud
towards the close Of the day there was an i'm
proved feeling in almost all circles. The
opinion prevails that the business inter
by the work OF the day. The banks have
paid ont since Monday morning currency vari-
ously estimated at from s5OO,0o0 TO s2o00,0Oo.
About So, 600 000t Is sad remain, and this with the
Judicious management promised by the banks. ~ IL
believed viii enable them to meet the more press
ing wants OF business There Is some dis
position to place future deposits OF cur
rency or exchange on different footing
from deposits made prior TO to-day, and
although no general action has been determined
on some OF the banks have sgnifed their inten-
ton OF paying their deposit0rs OF tins sort IN kind
1. e., currency exchange hereafter deposited TO
pay at the discretion OF the depost0r.