New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-01
CHICAGO FINANCES.
CHE UNION BANK GOES INTO LIQUIDAuoN-EFFEC
ON THE CITY AND COUNTRY BANKS.
(BY TELEGRAPH TO THE TRIBUNE

ON THE CITY AND COUNTRY BANKS.
(BY TELEGRAPH TO THE TRTBUNEl
CHICAGO, Sept. 3O.-The course of the Union
Bank in going into liquidation after series Of unde
cded msneuver the chief event IN financial circles
here this morning. What effect it viii have does
not yet clearly appear Bankers very reti'
cent and affect q buoysnt tone when ques-
tioned. number OF them express the opinion
that the condition Of affairs ,has been materially
ameorated here within the past few days. and that al
though the action Of the Union Bank can hardly fail to
cause sensation IT scarcely do any practical harm
The country banks which were largely depositors
with Mr.. Coobaugh, are greatly excited about
A. President Eames OF the Commercial National
Bank one OF the most trustworthy hnanciers
Of the CITY, said to-day that deposits were coming into
hA bank more and day. He thinks CONNER
cal houses Of good standing will endure the strain,
even It be continued longer. Mr. Greenbaum. the
salwart President OF the German National Bank which
IS dong business ana paying and receiving money as
though there such thing panic said to-day that
the going Of the Union National Bank into liquidation
did not greatly affect the city banks. IL the country
banks that deposited with the CoOlbaugh institution
that would be incommoded. The effect 10 the city has
been mainly to quiet business not TO create any
ctement Alfred spiuk the bank examiner said to-day
that tue effect OF Mr. Coobaughs action would be bene-
cial as would teach the country banks that they
could not make random runs the Chicago banks
LATER-The Union National Bank having suspended
for the second time, and gone into voluntary quida-
ton under tire 42d second section the National Cur
,encv act its affairs will be up as rapidly as
possbe and great institution, which has for the last
Six or seven years exercised more potent influence
man any other bank ia the North West, will
cease 20 exist. How soon lts affairs can
he wound up under the existing disOrganzed
condition Of business II Is imp1ssiDo 70 say. Under
ordinary circumstances IL would not take probably
more than 60 days the difficulty OF collecting bills
reoeiyable now renders any ordinary calculations
less The effects Of panic on the affairs OF bank are
Illustrated by the following figures obtained from the
Ulcers giving comparison or ITS cOndluoh ihst even
ing with the condition sept Toe nguIes are given
without the fractions OF hundreds OF thousanns'
on Sept q the aggregate deposits OF the pank were
5000 900; the aggre gate amount OF cash ana
1ssOOOOO: the bulls receivable S. 100000 Sepb ~ aee
closing the second time, the deposits had Oeeh
10 900; the cash aud exchange 10 Sl4OVVV "ni
The bills receivable still amounted 10 $l.5oOOO1
According to these figures, the sum OF 2'sOOH" ~"
been paid out in the liquidation Of deposits, while com
paratively nothing accomplished In collecting ln'
bilis receivable. Toe capital, surplus, ana unNlsluS
earnings OF the bank are about S,3)0iO0. NOt"i1n
standing that the amount Of casD ana eXchahSt J.
stated al $4,000, 10 Is learned from the director
of the bank that the actual amount y s6IoWJ
b2t tAst ths amount ID h'"idds0 v"