New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-23
BAN1K FAILURES.
The Condition of Affairs Monday Norninc

Il
change has closed, the same as :he Stock
Exchange: ll2 has been established as the
basis OF settlements. The room will re.
main open for the purpose of settlement.
The rate of interest is fixed at seven per
cent for carrying.
1t is officially announced that Secretary
| Richardson will continue to buy bonds at
Saturdays quotations. He ISecretary
Richardson) said last night he did not see
that he had the powe, to do more than buy
bonds. and all tive-twenties offered Will be
bought without delay OF red tape.
The government the Secretary adds,
us not trust company or loan institution,
and It is doubtful whether Congress would
| sanction any such construction CT NV
power The above alludes TO using the
Sio.0Uo.ooc reserves. Thirty savings
banks have resolved 10 rigidly enforce the
| previously noticed clause.
! The Stock Exchange remains closed 20.
day.
! \ message from the Clearing House office
| says that every check passed through the
! Clearing House will be paid. l. says the
| banks are i'll no danger; they wes. never
| stronger.
Al the banks have pulled through except
the two settling through the loan committee.
All the savings banks ''runned" the Clear.
| ing House.
The loan committee issued $500. 900 gov.
ecnment certified checks and $l,o00000
bonds. Large crowds are waiting to sell
Montrea! and Europe are buying stocks at a
''shrinkage. The sub-treasIrv is iuyiny
ive-twenties at 10 ..-l00.
The run on the Seamen's Bank has com.
Menced. They pay sums of 500 and TN.
der: Larger amounts must await the laws
delay.
When the doors of the irving Savings
Bank. No. 80 Warren street, were opened
this morning a crowd of depos!tors rushed
in. ciamovng for their money. The paving
teller immediately set to work. and com.
menced to satisfy their demands. When
the majority saw how willingly money was
being paid out they became uuieted and
left. Up TO two o'clock the bank had paid
out abuu: $4,000. and received a consider.
able amount in deposits.
AT the Broadway Savings Bank. No. !!
Park place. cuisines. was be!n. done a.
usual. Little or no excitement prevailed.
The amount paid out up to Two O'Clock did
nos exceed $4,000. while proportional
amount had been received.
The bank officials do not anticipate run.
Shortly after the Bowery Savings Bank
opened It's doors this morning large mum.
5ers of depositors began arriving, and it |
soon became evident there was going 70 be !
yum The trustees met and decided to |;
pay allowances, as they did no: believe the |
run would last. The trustees stated that !
nearly all OF the depostors drawing out |
their money were small. accounts. The !
trustees say that they have 90; $4,000. 900 |;
government bonds and abou: S2000.00c in
New York and 100000 in Brooklyn which
they could draw on immediately However,
II the run lasts they will take advantage OF
the thirty days notice clause in the by laws. !
bur vii! ever! then pay out sum. up 70 $500
OF :3ot. so as to save tkeir depos!tors from |
any inconvenience.
The New York Savings Bank. Sixth
avenue. has run. All checks are being
eashed. The Greenwich has a
slight run. which is being promptly met.
III" Blocker is paying ali checks upon pre-.
There is a large crowd in at.
The Atlantic is paying all checks
,1 500 and less upon presentation. Checks
)t greater amount are required 20 ABIDE o.y
he sixty days bylaw.
Feeling of Relief.
The feeling among all classes :s one Of
great relief. There are no runs on any OF
he national or State banks. and the crowds
II Wall street are mainly curious .pecta.
ocs. There IS considerable inquiry tor |
tocks on the streets. investors with green.
)achs seeking purchases. but the prohibi.
ion OF the Stocl. Exchange preciudes trans.
.cti0ns.
Jay Cooke l. CD.'s Creditors.
No me.tiI. OF Jay Cooke & Co. : cred. !
tor. vii. be held until tul! statements have
,scn received from the variot.. branch .
t:ice. they have throughoUt the couc.
~: these are now being prepared with !
he utmost dispatch. The firm san no. at !;
resent say anything with regard 70 the .
.U'ation OF their suspension.
The Clearin. House has issued state.
uent tina: all the banks made .re'r clear. |
ngs satisfactorily. including lie .wo here.
otorc reported in doubt.
The following are the street d'.otatiors. | ,
hcwn. I'll. falling OF: New Yo.: Central .
%. Harlem !0o. Erie Jl. Rock Island 81.
'anama IS.
How it Is Arranged.
Holders of drafts drawn by the under
of Jay Cooke & Co.
re referred for honor to the banks and
,ankers set opposite their respective names. |
Drafts drawn against money deposited
since their suspension will be paid upon
to Jay Cooke, McCulloch
L Co., Lordon; Drexel, Morgan &
%; Home Insurance and Banking Com
,any, Galveston: American Exchange Ma
ional Bank; Planters and Miners Bank.
Centreville, Georgia; National Park Bank: ! ,
feorgia Banking and Trust Company. At
anita, Georgia: Hopkins, Dwight & Trow-
fridge Savings Institution, Mobile; Metro
,olitan National Bank.
What the Express Says.
The Express says: after all but one bank |
las suspended and two trust companies
The banks both here and in Washington, as it
urns out, we're worse scared than hurt, and
indeed half the panic has been a scare. 1t
g understood that the loan coyn-7;fte. of |