The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-10-03

news came that the banks of Chicago and
Cincinnati had followed the example Of New
York. They at once yielded to the pressure.
There Ii no apparent excitement on the
streets.
CHICAGO, Sept. T.-Yesterday the financial
tidal wave caused the first real damage in this
city. At 10 o'clock a. IN. it was announced
from the Clearing House that on account OF
the extraordinary situation, no deposits would
for the present be received and no checks
would be paid by the following banks: Union
National Bank, Cook County National Bank,
Second National Bank Manufacturers Ma
tional Bank, National Bank of Commerce.
These banks all claim that their suspension is
only temporary, that they have ample assets
to meet all demands, and that they will re-
sumo business SO soon as they can convert
those assets into currency. There is strong
belief that the crisis of tho pane has been
reached and passed, and that there will be no
more suspensions.
The mercantile classes do not seem to hive
been thus far affected, and have been able to
meet all their obligations as they matured.
Deposits are still made in all the banks. That
there has been withdrawal Of currency for
the purpose of boarding it in private safes is
obvious but if the banks continue to meet the
requirements Of their customers a few days
longer, most of this boarded currency will
come forth. The receipts of currency here by
express are large. The country must have the
breadstuffs and the provisions which ale packed
in our warehouses and stock-yards, and to get
them the money must be sent here.
dispatch from Leavenworth, Kan, an
nounces the temporary suspension of the fol-
lowing banks: First National, Second Nation
al, Leavenworth Savings, Clark d Co., Insley,
Shire u Co., Newmans Ravens. Good feel
ing prevails among merchants, all seeming to
appreciate the situation.
CHICAGO, Sept 29.-The two most i'm
portant Developments of Saturday were the
suspension of the Third National Bank, and
the announcement that the Cook County
National, which closed on Thursday would re-
sumo on Monday (to-day). The suspension Of
the Third National, though not unlocked for
in banking circles-the run OH it having been
heavy-created feeling of depression in the
community. The bank was the second largest
III the city, its deposits amounting to about
100000 1t is said the institution will soon
resume, as its securities are all right, and can
be made available with little delay.
All the banks, with the exception of those
that had suspended, passed the Clearing
House with flying colors. This fact, added to
the cheerful news received from abroad.
served to re-establish confidence, and renew
and strengthen the spirit of moderation that
has been generally manifested since the panic
began and it came to be the accepted theory
tnat the suspension OF the Third National
marked the turning-point of the crisis, that
the storm had spent its fury. and the sunlight
was about to break through the dark clouds.
An immense volume of currency is flowing
into the city. Over "A, 900, 900 has been re-
ceived by express i'll the past forty-eight
hours.
The total assets of the Union National
(familiarly known as Coolbaugh's Bank, and
the largest in the city,, which suspended last
week, are given at $4,000, 000 liabilities, 81
800. 600.
There is little or nothing doing at the stock
yards. There is over a million dollars worth
of stock in the yards, and the pens are so full
that no more can be received for the present
CINCINNATI, Sept. 29.-The financial situation
here to-day appears to be improved. At the
close OF business an improved feeling was
plainly manifest.
the banks here. All are paying checks under
the rule, and everybody seems cheerfully to
acqulesce in the arrangement. The feeling on
Change was better and prices for some arti-
cles are stiffened materially.
OTHER POINTS.
Detroit, Cleveland, Toledo, Milwaukee, Du- |
buque, Keokuk, DesMoines, and in fact every |
Western city and town heard from, report an |
improved feeling in financial circles
CHICAGO, Sept. 30.-About "A, 600, 900 in cur
rency has been received in this city within the |
last 4S hours, making about S11, 0O0, 900 for
,he last five days. Three of the suspended |
banks have resumed. The Union National
,Coolbaugh's) has gone into voluntary lqui-
iation. Produce markets active. Wheat and
,orn are advancing. The storm is practically
over, everything is serene, and people wonder
Why they allowed themselves to become 80 ex-
,ited.