, 1873-09-23
maet any extraordinary demands; and in aoms
cAaes, suspension was rendered necessary.


| TIE STATE DANK or PHILADELPHIA
waa compelled to rof.1Ho payment on aomo Of
tho checks presented ut its counter on Saturday.
This Tas on account Of tho action OF tho f3a~
tionel Banks mentioned above. Tlis morning
tno doorn wcro opened nt tho usual hour, and ID
short time aftorwards tho paying-Tellor COM
m9co4 4oaaa san,ing Ghocs as they wefo presented.
sued q circular to tho deposttors, In which lo
saya: "1n consequence CT tho great drain upon
our out resources for aomo time past, aud part{cu-,.
raan 'ns sblo to low eaF days VI G hayo n9s
upon, us an promptly as Desirable. We
would, however, assure i'll onr dopositorp tint
we have ample means' aud, within a short tin,o,
Ia located At No. 2i6 Market street. /. began ',
operations March 4. 1872, with M authorized
capital Of $4,000 o.
THE FIRM RESUMED PAYMENTS
at an carly lour-about IL m. to-day. Mr. Dc.
puo, tho Cashier whom intorrosatel by mo as to
tho cAuao OF suspension, snit. "Tho National
Banks throwing out our checks brought tta
holders to us asking that they bo casl,cl Ne.
suspossston vas inevitable. "'''o oao o ot
onr Directors vent out early this
morning, and promised to bring in noteB suill.
cient to meet tho demand. ue is now returned,
and ne l,avo ample funds to moot NIL demands"
| THE BTATE FINANCIAL INSTITUTIONS
| IN Philadelphia one by ONO suspended payment,
In consequences of tho inability on thoir part to
secure currency: Tho ono cry is " "Groonbackst
| no response.
This morning tho Keystone Bunk, on Chest
nut street, opposite tho Miut, refused to CASH
checks, believing that Justice would be bottot
Of paying on tho start como fifteen OF twenty
dopostora to tho exclusion of tho rest. Thu
Bank las on hand any a'nourL Of securities, but
ALL ARE HOLDING THEIR anEENnAcKs
| for their own particular purpose. The difficulty
in not III tue drawing out Of largo amounts, but
! all arc retaining their deposits to meet their own
payments, fearing that d call upon tho bank
would MT be promptly met Tho National
| tain amouAts in curroncy, but instead they sent
| their cheexB. Tho officers have been saying to
those who called with checks that tloy hoped to
| pay currency in tito morning.
| THE KEY-BroNE BANK
1926 aud 1928 Chestnut street. By tie last pnb-
lished report made to the Auditor General, I'M
were balanced to $3.50. .427l7. Included in tha
former wo1o about s430,000 in bills mud notea
discounted; mortgages held and owned by tho
bank a aamounting to s42 300; real estate on which
s5o33o Ind been expended and .$30,771 duo
list Of liabilities, at that % date. woro s1o zoo zoo
IN capital stuck actually paid in; a33i, i,o46
in deposits 1861, ,4o2 duo to other bauks; and
surplus contingent or sinking fund Of 34G,9J0
ItB authorized capital is 100000.
This morning
| THE CITIZENS BANK susrEvnED.
Depoaitors woro on land at an early hour, and
al soon as the bank doora wero oi:enot tney
presented checks for tl1er fnl balances. Bo-
Loving that thero was determination on toit
part to drain tho bank, tho officers
,sohd notda IN thea 5ia that 10 10 more money
stood out against tho storm, and passed over TIL
counter the enormous sum Of S100.00 being
100000 more than the average payments. III
| AN INTERVIEW WITH a1s. REIN,
| be declared that The National l}unkH wero til,
cause OF the failure, inas.nucb Ms they were tin
enenlies Of the Stnte banks. and throw out their
checkB Whenever presented. Tho Girard Daus
where they deposit all their country chceAB re-
turned those received on Saturday, instead o.
cashing them, as il uB,lal
This morning the bank being without cur
rency.
but a!l they could get was slo,o00. Knowing
that they would not Inst the day out, they deter.
mined to stop business for Wllilo.
The Citizcns' Bank in a State institution doing
| business at tho southeast corner Of Second I'd
1saco ntreets. lts authorized capital III $500,D00
THE rEoPLEs uASK
| ia another State institution, and III located on
Chestnut street, above Fourth. Tue Hon. ", s.
KemLic: tho President, had on smiling counte'
nanoo this morning. mud. In RESPONSE to the
question, Any cash here ?" said, " Plenty
The paying-toer was handng out the money
for all checks presented. There has buen no
run on this rank.
| TELEGRAM FROM r1TTsDuRaH
states tha. two hanks closed there tu-day,-tht
| Security Trust Company and James Brady i Co,
The latter placed the following notico on the
/ door Of their banling-house
| "As a result Of fasvhnods published in regard tt
this bank, causing run on us, We Ahve suspended"
| AT THE BOARD OF Dn0HERs,
| place that for four hours Of every waek-day Is
a perfect Babel, thero arc no extraordinary
scenes. Business IL moro active, pricoa are
firnor aud, after tho whipping of thu past feN
days, dealers arc inclined to be cautious.
At every step this morning one could heat
| the action OF tho Government or tho Now York
| clearinghouse discussed.
TIE OPINION PREVAILED
that tho toning down Of tho popular excitement,
and the dissipation Of doubt aud 1nisgiving wora
more due to tho action Of the Clearing Houae
than the action Of the Government. which dis
| appointed many. III pooling their funds for the
slccess Of any bank that mil ght bo run upon, tha
Presidents OF tho New York National Banks gave
m indication Of their intontion to combine for
mutual support. Our people drew the conclu-
son that, II the case wore urgent enough our
| banks would in like manror combine, and 1ondef
! the suspension of any for want OF funds impos-
| eible.
THE CLEARINGHOUSE,
a. 1t il formed. is au association Of bank oicorn
| for tho purpose Of sxpeditiouHy settling At the
close OF each day their accounts with each other
| As there waa no indication Of Il run On any one
Of our National banks. no extraordinary action
| such At taken In Now York WAS doomed neceB-
| sary.
GOLD FOR TIE PHILADELPHIA suH-TnEAsunY.
l. ALI iH4orMtA eHat tuo onu- lI6AHuIer ~ tula
| city to-day received from Washington, 9l5, 000,-
000 which are subject to tho order Of the Socro-
tarJ Of the Treasury, and which will probably be
thrown on the market II necessary.
| [7o the Associated Iartss.]
| PHILADELPHIA, Sept. 22.-The normal condi-
ton Of finances is rapidly obtaining in this city.
This afternoon it wan publicly stated that Hona
| Of tho State Banks OF this city had suspended,
| and that others would inevitably follow suit.
An investigation proves that this WAS an oxag.
| gorated way OF stating tho case. All OF tAe
| 6tase Banks are thoroughly solvent, but experi-
enoing some annoyances from scarcity Of cur.
| renoy. They ascribe the trouble to q refusal
thus throwing them upon tloir own resources.
OF tho banks that wore specifically named
- having suspended, viz: tho Citizens, tha
Iron, the State, and tho Keystone. All assert.
nonnd. 1t ia probable that all will promptly and
fully meet their demands tomorrow.