New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-27
IN ILLINOIS.
EXCITEMENT IN CHICAGo-FIvE BANK SUSPENSIONS
CONDITION OF THE CLOSED INSTITUTIONS.
[BY TELEGRAPH TO THE TRIBUSE.l


CONDITION OF THE CLOSED INSTITUTIONS.
lBY TELEGRAPH THE TRIBUNE.l
CHICAGO, Sept. 26.-The excitement in finan-
cia in this city to-day certainly exceeded any
thing Of the kind occurred here before unless
it was the confusion Of the first few days after the
great fire. The suspension of business at the Union
National to-day gave greater shock to confidence
not only this city but throughout the West, than
any other incident that has happened since the
beginning OF the panic There is question but that
this was the circumstance determined at least two
OF the four other banks that have suspended to-day
10 adopt the course They saw that the sus-
pension OF Union, with its extended business rea
tlons would have such farreachng effects that none
but banks that peculiarly situated could ex-
pect TO weather the storm. The five banks that
stopped business and gave evidences OF II oy
not going TO the general clearings at the
Clearinghouse the Union. Cook County Manu-
facturers' National Bank Of Commerce. and Second
National. week ago the Union National Bank had
deposits the aggregate amount of s6SOoO0o These
have been reduced by the run of their deposOrs the
last week 10 an aggregate of AiOOO0O, of which just
about onehah is due TO the country banks throughout
the West and Northwest. The bank had on hand when
it closed business about sO0OO IN currency and SOO"
Of checks other Chicago banks beside 100000 OF New
York exchange. The Cook County National Bank had
deposits ago to the aggregate amount OF sl5SONO
of which ssO due TO country banks During the
last four business days bank has paid out mainly In re-
mttances to country banks just about 100000 IN currency,
aud only stopped when its stock Of currency had been re-
duced TO about sOO and the demand from IT'S country
bank had greatly increased on "Wednesday
and Thursday. The Manufacturer National BANK mas
reduced it's deposits sGOOOOO before the panic TO
100000 now refused to into the clearngs to-
day proposes TO settle with its own depostors
as fast possible instead Of doing through another
bank The National Bank OF Commerce had 100000
deposits a week ago. or this 1t has PAID
off in the four days sSO000 leaving $4,000 due de-
positors when the bank closed business Thursday
evening The present condition Of the Second National
Bank is not known deposit for year or two
mast has been about 100000 1t has capital OF only $780,
600 the smallest of any national bank in the city The
foregoing five banks the only that were not
represented in the general clearlngs to-day.
Among these are the First National, the Commercial
National, the Corn Exchange National, the Fifth
National, the Northwestern National, the Merchants
Savings Loan and Trust Company. The Irioune IN its
monetary article will say tomorrow:
The amount OF specie this crisis has started
from England and Canada to TINS COUNTRY affords me
onnorunity for great currency revolution" III this
country which would bring an unexpected blessing out
OF what now appears to most people only great caam
Congress- and let u repea the Legal render act making
greenbacks legal tender only iGT uepas eondrae1ed
on specie basis, but IL would give us immediately the
most abundant suPP III @ OF rS and ys
coin and bullion III this country: Az the rate specie
coming 10 this country 70 Duy our COTTON Wbeat,
and corn, which England and France must have ana
cannot without 1t will probably be only few weeks
before should have an aggregate stock OF s25ooOO
OF specie. the Legal Tender act were repealed before
this specie driven out OF the country again by the
uatOn specie would become the basis Ot
nrces in all parts United States the greenDacks
and National bank notes cannot be driven out and as
they would still be legal tender Tor all DEBTS made prior
70 the repeal they would be Obliged to circulate.
The City National and the German National Banks APP
peared at the cearings to-day and settled their bal
ances but at counters they paying consdera
bic amounts of currency. All depositors, however
have presented their checks for the balance their
accounts have been satisfied with Eastern exchange
something equivalent. There was a run OH the Third
National from its city depostors Ihat lasted snt me
deposits by O'Clock this afternoon considerably
81 Of this had been paid off, The bank has large
sp0ndence and as the news OF the run
IL will ine vitality reach them to-day, IL will leave little
chance the bank 10 meet the demands on 1t tomor
There are number OF banks in This city whose stock
holders either own or control 80 large proportion OF
the deposit, that their business is more manageable
tnan that Of many banks These stockholders
only their deposits remain nncalled FOR, but they
go other depostors and get their aid IN
taining the BANKS
FIVE BANKS SUSPENDED IN CHICAGO.
CHICAGO, Sept. 2G.-It is just announced
that the Union National Manufacturers National, and
the Second National Banks have suspended notice
on the door former that the bank has abund
ant securities but is compelled TO suspend payment
on lack of until aLle 10 realize
Nothing has been lost failures aud deposors will
be made safe.
N-The Cook County. the city National aud the
National Bank of Commerce have closed their doors.
There was "A run Of the Corn Exchange Bank,
but everything was paid the run soon stopped Some
who drew have returned and deposited Their money
again. The hank considered strong The other
National banks are paying regularly Ibere 10 eOned-