The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-09-24
THE FINANCIAL CRISIS
ACTION OF THE SAVINGS BANKS
NATIONAL AND STATE BANKS SOUND
CURRENCY By EXPRESS
MEETING OF MERCHANTS AT THE CORN
AND FLOUR EXCHANGE.
Isaacs Taylor e. williams, and The
Dollar Savings Bank Suspend.

tthAtCLy iudlllcSlCu Ou JtlC DuTL vi Tic SUllU
and cool-headed moneyed men and mer.
chants of our city, for fear of general run
upon our banks by the smaller depositors,
of whom there were quite number gath.
cred in the vicinity of the banks and
somo of whom were right much excited.
We are pleased to say that the cool action
on the part Of the larger depositors has
prevailed, and so far no run of any conse-
quence has been made upon them. The
savings banks have taken advantage of
the clause in their charters which requires
depositors to give notice of intention to
withdraw deposits.
The following are the only suspen-
sons: Messrs. Isaacs, Taylor and Will
liams, bankers and stock brokers. This
firm do a large deposit business, and
| will no doubt be able in few days to
meet all demands. The following notice is
posted up at their Office:
In consequence Of the heavy demands
that have been made on us the past
four days, and the great difficulty in OBJ
tanning currency in this or the northern
cities, we deem it best for the interests
of our friends and customers that we
should temporarily suspend business. We
believe our assets are more than abund-
ant, and we ask the kind indulgence of our
| friends"
The Dollar Savings bank and building
fund company, of which Mr.. j. b. Bossieux
is president, also suspended. This institu-
ton is believed to be perfectly solvent, its
funds being loaned on real estate princi-
pally, and are consequently unavailable for
sudden demand Of depositors for their
balances. They have the following notice
posted
''The president and directors Of the Dol
lar Savings bank, after mature considera-
ton, have decided to suspend for the
present. The assets of the bank are more
than ample to meet all demands"
The First national, Natinal bank of Vir-
ginia, State bank, Merchants bank, Planters
national bank and Richmond banking and
insurance company, have met promptly all
demands made upon them, and deposits
have been made as usual during the day,
and at the hour of closing there was
nothing observable about the banks which
would lead lany one to suspect that any
thing more than the usual daily routine of
business was being transacted.
A large amount of currency was received
by express to-day at l p. III. from the
north, so that there need be no fear of their
inability to meet all demands that may BIZ
made upon them.
A meeting called by the presidents Of
the chamber Of commerce, corn exchange
and tobacco exchange, assembled at one
O'Clock to-day in the hall of the corn ex-
change, Columbian Block.
Lewis ID. Crenshaw is president of the
corn exchange Thomas w. McCance.
president of the chamber of commerce,
and b. O. Gray, president of the tobacco
exchange.
A few minutes after the announced hour
of meeting, several hundred of the princi-
pal merchants and other residents of the
city, including representatives of the press,
appeared IN the hall.
On motion, Thomas w. McCance was
chosen chairman, and p. G., Coghlan Sec
retary.
On taking the chair, Mr.. McCance brief
meeting, which was to express the conf |
dence Of the mercantile public Of Rich
mond, not only in the superior manner in |
which banking is conducted in this city, |
but the financial soundness of all our |
banks.
These remarks were received with appro-
udtlOuS anu WcrC lOllOWeu Ill SlIIlllaT SIrllD
by Hon. Jas. A. SeddOn, who added that
he did not believe there was bank 10 exist
ence which could, without notice, stand
run of all of its depositors.
On motion, the chairman appointed the
following committee to draw up resolutions
expressive Of the sense of the meeting,
viz:
j. A. Seddon, L. d., Crenshaw, John
Enders, jr., James ii. Blair, B., f. Gray,
Q. ID. Whitlock, A. L. Elicit, G. L.
Watson, A. Y Stokes, Archer Anderson,
J. b. Pace, M. Millhiser, r. E. Blanken-
ship, N. M. Wilson, s. M. Rosenbaum,
G. w. Allen, and G. r. Palmer. On
motion, the chairman Of the meeting was
added to the committee.
On motion, the meeting adjourned to
meet at five O'Clock to hear the report OF
the committee.