The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-27

stock OF oregon stesm Nav1RaGon.. l.oU,uuU
Loans 10 Pacific R r. Go. on bonds
Second mortgage R. r. bonds, stock,
oec... ..............,........... s,oou oSo
Total. al......................... $lg,7lb,sll
The above exhibit OF liabilities 10 exclu:
sive Of 81, ,70l ,140 loans. OF the firm, which
are fully secured by good collaterals.
The excess Of collaterals upon these loans
has been estimated and included In the
assets. The firm expects soon to submit
proposition for settlement with It's cred.
itors, which 1t believes will be ac-
ceptable to the latter, although 1t
will Of course require time. On conver.
ton OF assets, the handsome showing
made, leaves no doubt OF its ability TO
pay every dollar Of its Indebtedness, with
interest, and still 10 have a surplus Of
several million dollars. A gratifying
feature in the above exhibit Is the fact
that although some Of the embarrassment
OF the firm has been occasioned by It's
large advances to the Northern Pacific
Railroad Company and the connecting
roads which 1t was carrying on during a
period OF unprecedented monetary strin.
gency, lis resources outside of these ad-
yances are amply sufficient to secure all
its creditors from ultimate loss.
Yesterdays Chicago Suspensions.
THEY ALMOST PRRcIPrTATE A APANIc.
CHICAGO, Sept. 26-The financial sit.
uation in this city, which last night ap-
peared to promise speedy improvement,
was given altogether q different aspect
this morning by the announcement that
the Union National Bank, considered one
Of the strongest in the city, and doing
an immense business throughput the coun.
try, had closed its doors, and when in
rapid succession similar announcements
were made In reference to the Manufac.
turer's National Bank, the Second Ma
tional Bank and the National Bank OF
Commerce. Matters began indeed 10 look
serious, and regular panic seemed In.
evitable, and the coolest and most con-
servative showed symptoms ol alarm.
An excited crowd soon gathered In the
vicinity OF the Union National, but
though many uncomplimentary expires.
sions about the officers were heard, there
were no violent demonstrations. On the
door Of the bank was posted written
notice, signed by the officers stating
that owing to the active and increasing de.
mands Of their depositors Tor tcurrency
over the counter, and the requirements
Of their country correspondents, which
they saw no way Of continuing for any
length OF time TO meet, they were COM
pelled to suspend further business for
the present, course, which, under the
circumstances, they believed for the best
interest Of the depositors and stockhold.
ers. The card asserts that the bank was
perfectly solvent, and had met no losses
In the East or elsewhere, and has in cash
and good demand and time paper matur.
ing within 60 days, abundant assetslto
pay all its liabilities to depositors, leaving
capital stock and surplus unimpaired. 1t
says that II permitted they will without
delay arrange equally and fully with their
depositors. 1t also announces that all col.
lections in their hands maturing in the
next few days, and all remittances re-
ceived, will be turued over to
the Merchants Savings, Loan and
Trust Company unless otherwise ordered.
The notices posted on the doors OF the
other banks named were to the same Ell
feet as that OF the Union. There was
much feeling manifested among many Of
the bankers and other business men over
what they deemed to be unnecessary and
|precipitate action ofthe Union In closing
It's doors after the action taken, blythe
urgent advice iot Its President, by. the
Clearing House Association; and where
there has been no run. There were
others, however, who believed that the
course pursued was the only one possible
under the circumstances. The officers OF
the bank assert that the demands Of their
country customers were constant andim.
peratiye, and 1t was simply impossible for
the bank TO stand the drain that was be-
ihg made upon, 1t. The same report was
made by the officers oil the Cooke Comfy
National Bank: which with deposits
OF over $1,000, 900 paid out yesterday
within 5000. Of the entire amount, and
this morning were called upon by country
banks for 800, 900 MORE y = n
The National Bank Of Commere With
deposit Of 100000 had paid out allshut
about 5000. Similar reports arc made
by all The other suspended banks. The
securities Of oil these banks are positive.
ly asserted to be perfectly good, and the
ultimate solvency sof all Of them certain.
The Post say the Bank Examiners ,ex.
press confidence based upon personal ex.
animation within twenty-iour hours,
In the solvency Of the banks, and their
ability 10 liquidate with The depositors
and 90 escape being wound up by receiv.
ers. The natural effect Of the failure of
the i've banks mentioned was to cause q
considerable run upon q number OF banks
which were still! open, but no crowd
gathered, at any OF them, and with only
one or two exceptions II cannot be learned
that there was any serious drain upon
them, and several reported surplus Of de.
posits over payment f'
The session OF the Clearing House was
larger than usual to-day On account OF
some difficulty In getting balances, but
the following banks, which includes oil
but those mentioned above, went through
all right at the 1st National Bank: Third
National, 4th National, 9th National,
Merchants National, Northwestern Ma.
tional, Mechanics National, Commercial
National, City National, Merchants Saw.
ings, Loan and Trust, Corn exchange,
Traders National, Lunt, Preston d
Kean, Hibernian Banking Association,
National Bank Of Illinois, Prairie State
Loan and Trust Company, German Na.
tional Bank Of, Montreal, international
Bank, National Hide and Leather Bank,
Union Trust Company, State Savings In.
stitutlon. ol these banks at least eight
or ten are known TO be in such
o condition that their ability to
continue 70 pay all demands is'almost be.
yond question, and doubtless o much
larger number might safely be placed on
the list There are Others, however,