Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-10-04

trust company will resume Monday
morning Kidder & Co., settled at fifty
cents on the dollar, and resumed. The
expulsion of Grinnell & Co., from the
stock exchange was caused by their re-
fusal to answer impertinent questions
asked them by the governing commit
tee relative to bankruptcy proceedings.
WASHINGTON, DC.
WASHINGTON, October 3.-Secretary
Richardson has written letter TO the
president of the chamber Of commerce
! OF Charleston, South Carolina, refusing
his request that five hundred thousand
dollars be deposited with the assistant
! treasurer at Charleston for the purpose
of buying New York exchange from
banks. The secretary states that he
has declined all similar propositions
! from other places.
! YOUNasTOwN, CHIC.
! YOUNGSTOWN, October 3.-The panic
| has made scarcely any disturbance here.
| There has been no run on the banks,
/ and they pay out to depositors as usual,
/ except requiring notice on time deposits
as a precautionary measure. Among the
classes there seems to be a general feel
! ing of confidence, as the banks are also
strong and have a large surplus.
DAYON, OHIO.
DAYTON, October 3.-The financial
situation is good, and there have been
no bank suspensions and DO symptoms
of any. The banks have been strength
| ing daily, and are discounting only
enough to meet the imperative business
demands. All checks and drafts have
been and are likely to continue to be
promptly honOred. There are seven
banks here, three national and four pri-
vate. Confidence and cheerfuilness
prevails, and ali business proceeds as
usual.
COLUEBUs, OHIO.
COLUMBUS, October 3.-The financial
crisis is the only topic of interest here
to-day. The bankers refused to agree
upon any plan for mutual protection,
and this news becoming public, small
depositors made a general run on most
all the banks, making the strain hard
one for all. This morning Rickey's
bank suspended. The Commercial bank
this morning was known to be very hard
run, but up to half past ten o'clock had
paid all small checks and certificates of
deposit presented. The business of both
banks has been conducted in legitimate
channels, and they have the sympathy
of the people. President Sessions, of
the Commercial bank, has tried to con-
vert bonds into currency, without Sue
cess; but says that the assets Of his bank
are worth more than twice his liabili-
ties.
Lateral eleven o'clock the Com
merciaI bank closed its doors. There is
considerable excitement on the streets,
and other suspensions are announced.
The report that the Commercial bank
had closed its doors at eleven o'clock
this morning was premature. This arose
from the fact that they refused to pay
large checks. This bank is still Iaying
small checks and certificates of deposit
to women and poor persons who really
need their money for immediate use.
Bartlette & Smith are also folio sing the
same plan, when they are satisfied the
parties mean to use their mOneyin busi-
ness They intend to discourage a run.
Other banks are feeling hopeful. Sew
eral large manufacturing establishments
that feared they would be compelled to
reduce their force, have been assured by
3 national bank that they can have all
the money they need on their paydays
on ninety days paper. The feeling is
more easy than this morning. One of
the largest dry-goods houses advertises
that they will take thirty-days certified
checks in payment for goods.
LATEsT.-The feeling in financial cir
cles is very much easier than at noon.
The Buckeye bank, which closed this
morning, opened again this afternoon,
and until the close of banking hours
paid small checks and certificates Of de-
posit to needy persons. They think they
now can weather the storm.
CINCTNNA1I, OHIO.
CINCINNATI, October 3.-This has
been a day Of comparative financial
quietness. There was some anxiety
early concerning the results of the day
at the New York stock exchange. But
this soon disappeared in the face of fa-
vorable news from the movements in
stocks in the financial field generally
in New York. The bankers at the close
of banking-hours to-day were very much
encouraged. In the walks of general
business there are still m any who look
with solicitude to the future, but much
larger number to-day have expressed
confidence in the ability Of the country
to soon lift itself from the stagnation into
which it has fallen, Nearly all classes,
however, are growing elamorous for
currency resumption in New York in
lowed by resumption throughout the
country and the early restoration of con-
/ fidence.
The Commercial bank is doing some
thing. Bartlett and Smith have all day
paid small checks, only refusing to al
| low the withdrawal of money deposited
with them or certificates, as member
of their firm is en- route here with large
supply of currency. They say their
troubles are over. Several other private
banks have paid all day small deposit
ors. The national banks are paying in
full all checks presented, and several Of
them at the close of banking hours had
more money in hand than when the
bank opened this morning.
Most persons who have thus far drawn
their deposits are those Of small means,
who know but little about financial mat
ters, and are easily scared. Merchants
are showing their confidence by deposit
/ ing all money not absolutely needed
/ in their business. Haydenis bank and the
| Citizens bank withdrew from the clear
| ing-house association this evening, be-
| ing unwilling to agree to allow the asso-
citation 10 issue certificates. Hayden's
bank has received a shipment of sixty
thousand dollars in gold and silver from
| Iew York.