New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
PRESSURE Upon THE BANKS.


CROPS MUST BE MOVED.
A reporter of THE TRIBUNE called, yesterday,
/ upon the Presidents Of many of the leading down
town banks to ascertain their views The questions
asked had reference chiefly to the demand for loans
from city and the drain from banks out Of
! town. The reporter found marked difference be-
tween the banks doing business for the brokers and
| those transactng a strictly mercantile business.
Money was scarce everywhere, and discounts could
not readily be obtained. The best commercial paper
was offered at two per cent day, but the money
could not be had.
| OUTSIDE DEMAND PoR LOANS.
| w. X. Kitchen, President of the Park Bank, told
the reporter that the calls on the bank not
very great from the city, they paid large amounts
only on certified checks from the Clearing house.
and the demand for loans was not so large as one
might suppose. The demand from country banks,
however, was simply enormous, and could not be
met. The deposits in the city banks belonging to
banks in the country amounted to vast sum,
which could not be raised in an hour. The banks
haven't got it they ought to have taken on Satur-
day the action which they took Monday, and it
was great mistake that they failed to do so.
| To a customer who called for loan-We will let
| you have the money as soon as we can. SEND
around to your customers and make them pay up.
This is a good time to collect in money.
THE COMMERCIAL WORLD NOT AFFECTED.
| Geo. s. Coe President of the American Exchange
Bank said that his institution was not a brokers'
bank, and the demands for loans from merchants
were not greater than usual The commercial world
was not affected in the least yet, and he saw no
reason why they need be. The Out-oftown demand
for money is always large at this season of the year.
but is larger now than usual owing to the panic.
Their deposits small in proportion to their capt.
| i, ID Ill
He looked upon the troubles as a stock brokers' af-
fair which need not troubln outsiders The stock
gamblers, he said, were drawing money from the
banks and stood ready with it in their pockets to
buy up stocks whenever they could put them down
low enough.
MONEY NEEDED FOR MOVING CROPS.
John L. Williams President of the Metropolitan
Bank told the reporter that they did strictly com
mercal business, and were not affected III any way
by the panic. There great demand from out
Of town for money with which TO move the crops.
That was the cause OF the trouble. "Our wealth in
grain made poor in currency, and when Jay
Cookies failure created sudden call for money iii
Wall-st it was MT in the city The wheat crop was
never so large nor the foreign demand so
eoodD Every one was in hurry to get
his crop to the sea- and his bank sent
out 100000 day for five or six weeks. The de-
mand had somewhat increased, and some of
the country bankers had gone wild. One man was
IN day or two ago who had $4,000 on deposit and
$4,000 i'll Teenbacks in his pockets, aud still
wanted TO get "A discount. Mr.. Williams told him to
20 home and cool off. The national currency, Mr.
Williams said, is all out of the city; there Is prob
ably not more than 81 100000, and perhaps not more
than half a million in the banks. IL they had all
been paying out gold they would have been com
IL No llp We Q Y
the large amounts of worthless railroad bonds and
stocks forced the market by false representations
A JUBILANT BANK.
AT the Fourth National Bank the aspect of things
had greatly changed since Monday. There were
few persons at the paying telleTs desk, but there
was a long line of deposiors at the window OF the
receiving teller reaching half around the bank.
At o'clock the line had not been shortened, and
half an hour later it numbered 26 Mr.. Lane the
cashier told the reporter that they had found them
selves a creditor bank at the Clearlng-hou and
were feeling quite jubilant over H. heretofore they
had been on the debtor side. The worst of the
trouble he thought, over; there would still be
ruin among the bankers, but the trouble of the
banks he thought was over.
After the suspension of Henry Clews d Co re-
port was circulated on the street that the Fourth
National Bank had suspended. The reporter re-
turned and was told that the report had probably
arisen from their refusal to clear for Henry Cews
Co.. but that the situation was unchanged since the
former visit The cashier pointed to the line of de-
positors, if this were sufficient answer 10 all
questions Of their solvency.
A THRUST AT BROKERS BANKS
w H. Scott President of the Hanover National
Bank said that they kept no brokers' accounts, and
there was no unusual city demand while the num-
her of their depostors had largely increased since
the manic began. Demands from the country were
pouring in, and could not be met there was not
currency enough in the city to meet them. lie had
no fears for the banks which did strictly banking
business the bankers who dealt i'll stocks would
probably have to 20 down before things became set
tied.
BROKERS MAKING SETTLEMENTS.
F. d. Tappan. President of the Gallatin National
| Rank. said that the demand for loans was light.
The brokers seemed to be settling up their affairs,
exchanging stocks and getting rid of collaterals,
rather than mourning new obligations. There was
process of liquidation going on all around. They
had no correspondents except in Philadelphia, aud
the out-of town demand was limited to that city,
but the demand from there was heavy.
| NO UNUSUAL CITY DEMAND.
The reporter found everything quiet at the Con
tnental National Bank T. g. s. Flint said that
report had been teleqaphed all over the country
on Saturday that the bank had suspended; and the
result was that their out-of-town customers were
calling IN their deposits. There had been tremen-
dous run by letter and telegraph all day Monday aud
Yesterday, and they did not know what was the
cause until yesterday They had responded to all
calls, and unless there were a change within few
DAYS they would lquidate their entire out-of-town
| indebtedness. The false report was circulated IN
the country and there had been no unusual city de-
mand lie could not say how much harm the ru-
NOR had caused them, but it had certainly been in