The New York herald., 1873-09-22

lend $75O.O0O on 81, 900, 600 worth of government
bonds; What truth is there in SO exit aordinary
Mr. MoRRIsoN-rnis matter requires expans-
ton. Some few days ago anticipated from wnat
saw that the Union Trust Company might nnu
itself In difficulties. So sent our cashier to them
one evening as he was going home to tel! their e,
carly in the morning all the deposits he could, as
If there was rush they had not enough with US to
S Ss Tas ns
posit with which TO pay on whatever cheeks they
had given. My anticlpations proved correct for
pany had had sent us. The other s2oo, 1000 600
up to the company, telling them by all means to
send down money Just as they got IN sums how;
would pass It out but told them Would s not 60
over the amount OF their deposit with us on any
account. Sure enough, next day-that was yester-
Suddenly tGefs Vas stop HeD anu no more S money
with checks IRON them increased every momeht.
sent up to tell them how matters were, but no
money came, aud the rush was such that actually
nad 10 ask the people waiting Tor money TO stand
back 10 let our own customers in. AT length their
President came down and told me he had 81, 600 600
leave this as security II would continue to pay
out on them to the extent Of the demands Of the
came n ,n ne d dd not not say or
go into any transaction, as that would be robbing
our own depositors, and II my drawer got empty
and run began on us then we should be IN
trouble. He continued to ask me. but refused,
and nnally ne went away, promising to send money
down as soon as possible. The people outside were
impatient. and at three O'Clock l shut the doors
and allowed no more in. About this time some
money arrived and | went around to eacn one
asking now much were their checks, and when all
was through counted up and found had money
enough to pay them, and succeeded in doing 1t in
The reporter went to MIR. Ii. g. Chapman, the
PRESIDENT OF THE STOCK EXCHANGE
the Stock Exchange He said :-"I have no reason
to doubt 1t. 1t was the best thing we could do,
anu prevented o much worse time than we nave
suffered already. There Is no telling what would
have happened had we not done this The Gov
srnipg Committee did it after mature deAOera-
REPoRrER-Will the stock Exchange open on
Mr.. CHAPMAN-1t has not yet been decided.
don't know, and II all depends on circumstances.
THE PRODUCE BANK,
corner OF College place and Robinson street, has o
capital Oh $200, 900. Mr.. Raymond, It's President,
states that his bank has very little business with
brokers' and that the deposits on hand VIII average
held meeting for The purpose of declaring dlvi-
dend, but 1t was thought advisable to postpone the
the 18TH prox. Our balances at the Tradesmen's
Bank which ia our redemption agency, are 100000
In excess OF the sum agreed upon. Our directors
are gentlemen OF large means. and II contin.
| gency arose for an increase OF capital we could
easily quadruple the amount OF our present pos.
| sessions as bank. Our business has been quiet
and not the first indication OF run has occurred
on the contrary. our daily deposits largely exceed
| the payments oil checks.
| Mr.. Shepherd Knapp,
| PRESIDENT or THE MECHANICs' NATIONAL BANg,
said to the HERALD reporter that. in his opinion,
the action taken by the Clearing House Association
at its session on saturday afternoon was the most
| jucicous and practicable that could be devised
certificate authorizaton viii materially help the
| finances OF the city banks and cause money to
relax from the still rates demanded. At oil events,
public &C nfdence must be restored when the knowl.
edge becomes difYused that the banks are able and
willing to meet their obligations He was present
measure adopted and, II the $10,000,0O0 does not
sunice, we can increase the sum to s2o.ooo,ooo.
| Colonel Christian Schwarzwaelder,
| PRESIDENT OF TIE GERMANIA BANK,
No. 1876 Bowery, who was one Of the COOKERS on in
the Vienna" OF the financial mart on Saturday, on
being questioned as to his opinion OF the present
state OF monetary affairs replied :-"As far as our
bank Is we Are oar IN mo way n 30
Bowcry we pursue cur regular course OF business
| Stocks and bonds don't come in our line, as VIC
ness. AS a matter OF course, the tendency OF tht
last two days. failures Of eminent houses has mad,
not essened d the supply, and only made it q iitt,
harder and more expensive to obtain"
What the Merchants Say.
| INTERVIEW WITH II. B. CLAFLIN.
Horace B. Claim, the dry goods merchant, wa
met on saturday bys HERALD reporter In Wa
street, having just been to learn the result OF tn
meeting OF the bank presidents. In answer to
question as to his views Of the situation, MI
Claim expressed himself very hopefully, and SAL
that he did not believe this money crisis woul
have any permanent effect upon trade.
1.-THE credit of the country" said he, sis at the
bottom good, and the country itself was probabl!
never more really prosperous than 1t Is at present
1t is true, we have INDUCED in great deal Of owe
speculation, and some men have lnortgaged them
selves up to their necks in their race Tor fortune
But oil this is not to say that the merchants wht
represent the great industries are not In goot
/ condition. / look on this panic in the city as
parely speculative one, and don't believe it viii
affect us-that is. fit stops where it is, and be
lieve .ltts1
THE END HAS BEEN REACHED.
| The action Of the Clearing House Committee to
day has been very wise one, and will, have nj
| doubt, restore universal confidence. The system
proposed is o safe and good one, and will worl
| well. On Monday think all this trouble will bt
over and things will 60 on well. In no manner car
trade be affected by this, and have no idea tina
| the panic will touch us. Had 1t continued, GER
tainly think the results might have been very
coming into town now with money and stoppagt
! OF the circulation OF currency would he very Sc
rious disaster But all Is right now."
| Yesterday, at the Filth Avenue Hotel, Mr.. Clanr
seemed to have completely changed his mind and
was one Of those most anxious to prevail on the
| President to do something to relieve the financial
| MR.. +. wETHERgLL'S OPINIONS.
This gentleman, well known dry goods mer-
! chant. was of opinion that the situation demanded
| some very radical remedy. II that remedy did not
| come at once 1t was not hard 10 see that fearful
| trouble would ensue the end OF which could not
be seen. IL was evident that ali wanted the
direct interference Of the President at the
pt''h put the banks upon their feet feet ' and re. e
! iieve the terrible monetary pressure. 1t was
| question whether the strongest houses could
stand this state OF affairs much longer. They must
| either rely on the Presidents adopting curative
| policy or suspend. There seems TO be no alter
| native. rr.
| Mr.. JAMES MACKIN,
produce dealer at Fishkill, member Of Assembly
| tional Bank OF Nshkili Landing told HERALD re-
| porter that the trouble bad called him home TO
| New York. He considered the aspect OF affairs as
being much better and that the banks will tide over
| the difficulty. HIS bank cleared through the Third
| National Bank OF this city, which was GIL right
| However, II tho city banks did want money from
| the country banke he was very much afraid they
| would not succeed In getting It. Money was too