New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-24
BANK FAILURES.
The Panic at an End. i.


New YORK, September GA number o:
persons are gathered around the Dime
Savings Institution awaiting the opening.
The presidents of nearly all the prOmi.
nent banks express the opinion that the
crisis is over. several banks have ceased
discoCnting.
Many refuse 20 receive checks as cash fol-
prudential reasons.
All the morning journals unite in express.
ing the opinion that the panic is over.
The Stock Exchange will hot be opened
to-day. The governin. committee meets
again tomorrow morning.
The excitement on the street SCENE wear.
ing itself out. The brokers have formed z
street market before the Exchange. West.
ern Union Telegraph sc bid, 20 asked.
The government bought bonds to-day to
the value on s350.Oo0. The Gold Exchange
is open. The latest quotation is IiI3..
There was quite q full meeting O; presi.
dents OF saving. institutions. /, was re.
solved to enforce lega! notice before paying 2
deposits.
forcing the CaiUn Trust Company inio
Bankruptcy.
Proceeding have been commenced TO
force the Union Trust Company into oank-
ruptev. The Bank of Commonwealth is still
closed. The run on the Fourth National!
Bank has ceased. There was moderate
run on the savings banks. The clearance.
in the Gold Exchange today were satistac.
tory. Henry Clews i Co. suspended to-
day. AT present they have no statement
to make. save that a temporary suspension
has been deem ed advisable by the firm.
The Panic Again Broken Out-The Failure
Of Henry Clews.
The failure OF Henry Clews left the street
at the close of business IN a state Ot wild
excitement. and the heaiway made III re.
storing confidence up to one o'clock to-day
ha. been lost. Many damaging yumors are
again current. A report was circulated
that Jay Cooke. Mccullough Il Co. OF Lon.
don. are throwing out the drafts drawn by
Jay Cooke Il Co. which have come TO hand
since the news OF the suspension was re.
an authentic source.
Speculations in stock were untavorable at
the close Of business.
After the suspension Of Henry Ciews &
Co, two per cent per Gay was offered for
money. No regular price was established
today, lenders making their ewn terms.
The cashier of tue Fourth National Bank.
which threw out Clews & Co.'S checks. TO
the amount OF 100000. says the bank did
So simply because their account was not
good. There was no Overdratt. but there
would have been had the bank allowed it.
Closing Prices.
There will be a meeting of the associated
banks tomorrow at ten O'clock. at the MeV.
chants Bank.
The following are The closing prices on
the street to-day:
Western Union s.; a 81: Pacific Mail 81 81;
New York Central $3.50: Erie )! q 5.,: Rock
Island s. a 80: Michigan Southern :. IA a ~:
Northwestern A. a 1912: Columbus, Chicago
and Indiana Central % a -: Wabash a3 a -:
Ohio and M,sslssipp, 29 a 80, Union Pacific
1919 q 20: Harlem 10: I0:.
Ehec. of the Clew. Failure.
The suspension OF Henry Ciews & Co. has
had = tendency to destroy the improved
feeling and revive the excitement. the
Erin paid out 81, ,2JO 900 N legal tenders 10
deposltors during the pas: few days. and
II wa. the general Impression they would
pull through. but to-day the Fourth Ma.
ttonal tank refused 20 clear their checks.
although the firm had SS00.00O Of securities
deposited. against which S300.0 had been
drawn.
Rumors.
The rumors circulated this afternoon Of
the failure OF some promin.n: dry goods
houses here proved. on investigation, to be
entirely without foundation.
oduh AHdTs LAuuIHCus
Isaac II. Bailey, receiver Of the National
Bank of the Commonwealth. and Mr..
Meigs, government bank examiner, have
gone through the examination of the affairs
ot the bank. They express full confidence
that depos tors will receive every dollar
due them. The president OF the bank states
that there Is no intention whatever of max.
ing any attempt to resuscitate the bank. as
ii is felt tina. II never could be done.
Relief.
An evening paper says that during the
last two da,s iJ90 shares of Rock Island
stock have been transferred to the names of
outsiders who have invested. the lots rang.
ing from five To 100 shares. II the Exchange
is KEEP; closed - few days these outside pur-
chases viii afford important relief 20 clear
;n-s OF gold.
Failures In Petersburg.
RICHMOND. Va. September 23-The Ner-
chants National Bank. the Planters and
Mechanics Bank. the Peoples Bank. and
the First National Bank, all Of Petersburg,
suspended this morning.
The Citizens Bank. OF Petersburg, though
not suspended. declines making payments.
Rumors OF heavy commercial failures are
rife ID that city.
The banks of Richmond are all quiet
L
news from Petersburg.
Excitement In Richmond.
The feeling here this afternoon has been
one of nervousness, resultingtprincipally
from the news from Petersburg. There
have been no runs on any of the banks: in
fact. some of them claim to have done more
business in receiving deposits than usual.
The directors OF the Dollar Savings Bank
have decided upon suspending tomorrow.
The president states that the assets are
more than enough to pay all the deposits,
bat being principally collaterals, they are
not immediately available.
At meeting of the directors of the
Fourth National Bank and State Bank of
Virginia and the Mechanics Banking and
Insurance Company this evening, it was re-
solved to sustain each other. They expect
to have sufficient funds tomorrow to stand
any run that may be made Public cent?