, 1873-09-27
MONEY and COM MERGE.
MONETARY.

kransplrct in that connection III this city, llnloss
IL was tito uttor confusion Of tho first fow days
after tho great fro. Tho suspension Of busi,,oBs
ht tho Union National Bark, to-day, gave
krcater allock to confidence, not only In this city
but throughout tho Woat, tl,an amy other Incl
dent that has happened since tho beginning
)pf tho panic. Thcro is no question but
that this was the circumstance that determined
mt 1caat two of tho four other bnnlsa TINT
hayo suspended to-day to alopt tho sa,no course
b-they Haw that tho suspension of tho Union,'
with its extended business relations, would llnve
such farroaching Objects that loue bnt bauks that
'aro peculiarly situated could expect to wonthor
this storm, Whcthcr tho suspension OF tho
Union was inevitable or not iB n quos-
hion that would bo difficult for
Sny unprecedented mind to docido. We arc In
Sclnod to think TINT III tile existing state Of tho
h,lblic MUD, It waH inevitable, and II 30, tho
jeooncr tho botter for all concerned.
Tho five ba,1kn that stopped business and gavo |
nsidenco Of it by not going into tho general
iclearngs at the Clearing House woro tho Union.
}Cook County, aIanufacturors', National Bauk OF
Commerco, and Second National.
A weok ago the Union National Bank had do
}posita to tho nggrogato amount Of $4,000. 600.
'Thoso have been reduced, hy tho run OF their
.depoAitors in tho last week, to an aggregate Of
f%t, ul MlllCA Jltst AUOut OuS-NAll rs Auo
ito country banks throughout The West md
Northwest. From Mr.. G, T. Whcoler, tho Vice.
president of the bank, we learn TINT the bunk,
thad OH hand, whom 1t closed business, about
}e600,000 in currency and about $4,000 Of checks
}on other Chicago banks, besides as00,O00
iof New York exchange. OF this latter item,
se2O0o 900 WIS sight exchange, the remaining
}6G00 900 being III time-bills drawn against ship
}mcnts OF grain, nnd would be maturing right
}nlnng from day TO day, tho longest being, per-
)hapB, fifteen days from now. According to
Itheso figures, If tho Union Ind kept open to-day,
She ASSURANCE received by it from tho MotrOpol-
sitau National Bunk of Now York to-day, giving
|the Union authority to ovordraw its account for
s$50o, 900 currency, would havo placed the Union
4n possession Of at least S. 200, 900 of currency
between now and Monday morning. The aid
31rom the Metropolitan, however, camo few
ahours too late.
Tho Cook County National Bank had deposits
D week ago to tho aggregate amount Of $780,
1000, Of which 100000 WAS duo to country
fdays tho bank las paid out, mainly in
ireraitances to country banks, just about
1e500,0O In currency, and only stopped when ita
'etock of currency had boon reduced to about
$3.50 ,0o0 and the demands from its country bank
!customers had suddenly been groatly Increased
on Wednesday, and Thursday.
Tho Manufacturer National Bank has boon
i paying some currency to all depoBitors who pre-
Hented checks. To those who demanded tho
whole Of their accounts, it has paid
|some currency, and for the balanco
bhas turned over bills receivable, so
as to got clcar Of great many accounts. In this
way it has reduced its deposits from 81 100000
before tile panic to 5000, 900 now. The bank re-
ffused to go into the clcarings to-day because
Mr. Holmes, tho President, proposes to settle
with his own dopositors rs fast as possible, i'll
istoad Of doing it through another bank.
Tho National Bunk Of Commerce had s90O, 900
deposits weok ago. or this it has paid Off in
'tho lust four days s300,o00 leaving s5U0,0o0 due
ftlepositors whom the bank closed business
ion Thursday evening. or this amount $3.50 000
lis due to country correspondents, and something
'pyer 91G0, 900 to city accounts. The bank has On
'hand sG0,000 currency, and $4,000 Now York
and Boston exchange. It has experienced no
run from it's city depositors, and has stopped
'Himply because the demands OF Its country cor
Respondents havo been equivalent to demand
'pf their entire balances.
OF the present condition OF the Second Nntion-
al wo have no figures. ItH average deposit for
p year or two past has been about 100000. 1t
lis one OF the Oldest Nationals in the city, mud
was organized boforo tho passage Of the Inv re-
qniring all Nationals in redemption cities to hayo
ia capital of at least ?2O0, ,000 Tho Second has,
atherefore. capital of only S10O.000-tho small
est of my National III tho city.
Tho foregoing five banks arc tho only ones
sthat wero not represented in tho general clear
singa to-day.
Tho City National and tho German National
put in an appearance ut tho cloarings to-dny, und
settled their balances but at their counters they
sare paying no considerable amounts of currency.
All aepositors, however, who have presented
checks for the balnnce OF their accounts, have
9boen satisfied with Eastorn exchange, or some-
thing equivalent.
There was run on the Third National from
Its city depostors that luRtod until the close Of
business. A few days ngo the bank had s., ,6O0-
1000 deposits, By o'clock this afternoon con-
siderably over S1,o0o000 of this had been pad
or The bank has large country correspond
:ence, and, as tho news Of the run on it will in
evitubly reach them today, it would leave little
chance that the bank could meet the demands on
1t tomorrow.
There are q number OF banks In this CITY
whose stockholders either own or control 10
large proportion of the deposits that thor
business is more manageable than that of many
other banks. These stockholders not only lot
their own deposits ren,an uncalled for, but they
50 around to other dopositors, md got their
mid In sustaining the L1,lks. Among these
are the First ESsional, tho Commercial
National, the nlerchants' National, tho
Corn Exchange National tho Fifth National,
the Northwestern National, the Merchants Say
inga, Loan Il Trust Company, There arc others
that aro probably much in tho same position,
nud We refrain from mentioning them only be-
cauae We hayo no doanito Information on the
subject.
For any Of the National Banks that have not
the assistance Of wealthy Directors on the spot
10 help them with funds, aud help them to inau-
nnce depoaitorB. there Is ono course which is un-
doubted'y the best, viz: to give notice unilor the