New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-29
THE CRISIS IN CHICAGO.

HEAVY RECEIPTS OF NEUTRALITY-SUSPICIOUS. OF
THE THIRD NATIONAL BANK-FALLISG OFF IN
RAILROAD BUsINEss-BANK RESUMPTION TO-DAY
a CARD FROM THE UNION NATIONAL-EDITo-
RIAL COMMENT on THE SITUATION
lBr TELEGRAPH TO TIE TRIBUNE.l
Chicago, Sept 28.-Ihere has been much
better feeling this city and the surrounding country
to-day and yesterday. The receipts Of currency here
Saturday Sunday reached s365,OOO In addition to
this the Adams Express Company has notice OF 100000
TO arrives making a total Of si,OOOOOO in i5 hours
Much of this currency lcomes consigned to private
mission houses for the purchase OF grain The influx
mas already revived business in the Board of Trade and
prices advanced Saturday with ay active demand III
was reported Saturday morning that number Of manu-
faeurers had decided to discharge their employees but
an investigation showed that the rumor was ground
less. The Bank meeting last evening wisely decided
not to adopt the loan certificate plan in vogue in New
York.
The Third National closed its doors yesterday
ing notice being posted door setting forth that
owing TO the continued financial stringencg, the man
agement deemed proper to suspend business for the
present. This signed by tho President and cashier
The President Irving Pearce, felt confident that IN
few DAYS bank would be able to resume The savings
banks Of this city still continue undisturbed Their
business is lighter than it would be In ordinary times,
but there have been and the notices for with
drswal have decreased very decidedly
The effect OF the prevailing distress on the railroads Ia
very noticeable. The Chicago Alton and ST. Louis Rail
road report that their freight business had fallen OF
immensely since the setting In OF the panic Before the
present excitement they were running To- freight
trains, while now they only run about so trains
a day. This reduction has compelled already the
discharge about 200 men, and should the pressure con
time much longer the services OF many Others would
have TO be dispensed with Stock shipments had entirely
ceased, and the business In grain ana produce had
greatly fallen of. They still bringing IN about 2OO
carloads a day. All the larger shipments OF the
Michigan Southern have been checked because the
sbippers cannot draw on New-York. Still employees
have been discharged, and none VIII be unless
the panic continues much longer Louis Viele,
General Freight Agent OF the Chicago Rock
Island and Pacific Railroad, on being asked by
a reporter A" How Is your freight business y answered.
at il going HI fast 1t can" Mr. Vele stated
that he teegraphed all the agents yesterday to stop
all shipments OF grain and produce STOCK shipments had
already been stopped several days they had taken
off their freight trains and discharged thus far about 900
men He was in hopes that this panic would be over In
few DAVIS II not the railroads aud the banks would
90 nm together. The Chicago, Burlington and Quincy
road are still moving their usual number
~ freight trains, though the trains arc much
smaller than usual. They are stu 'ing
everything except cattle II shippers had no money to
nay for their reghts they receiving grain In pay
mont
hove been given 10 reduce the force IN accordance with
the falling of OF business
The Union National and Cook County National Banks
tainy and the National Bank OF Commerce probably,
,yll open their doors tomorrow morning and resume
ovment There Is not and has not at any time doubt
hat that the banks perfectly solvent. Their
bonds show abundant assets IN excess OF their
c,ttal and Liabilities. IL u probable that they have
more than 80 per cent of their Liabilities In case IN
,beir vaults. ample 10 meet all cur
roney demands in ordinary times. IL is understood
,,at the Third National will resume in few days. The
,oving card issued by the officers OF Union National
is OF interest
Union NATIONAL BANK, CHICAGO Sept. 49, 1873.
The Union National Bank, believing That ~ would be
banks ana business men OF chicago 10
tinue for any length of TING 20 carry on Their IMAM
si nd commercial affairs oIlny other basis than that
adonted in all the commercial centers 81 the cOun-
cre any concert action among the bankers discon
Timed It's active business for two days, In nope That
hnsIness men of city would the lmp0ssblity OF
ncr:uanently maintaining any different position than
mai accepted By than 1000 national Banks OF
lie United states. The officers OF the bank yet ueneye
A. impossible aud hope that this unity Oi action may De
ec1fed but recognizing the confidence III tnem Tor so
rsnv wears and knowing the solveDCy OF their bank,
and believing IL TO be solemn duty ia tins emergency
a. share the lot Of their customers ana 10 act
Win them m sus aiming by all legitimate means Ia
their power tue cVulneroai incIeaIs vi suo country