New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-25
BANK FAILURES.
The Financial Crisis.

l 4
! Company. has friends who are in treaty
with the bank ter the settlement OF his de-
| talcatiOn,
| Henry Clews claims that hi. securities are
| far more than ample in ordinary times. He
may resume when the money market i'm
| proves. Published. their correspondents
| include twenty.four national and State
| banks. and l5S private bankers.
! Rumors ere atloat Of yellow fever at Har.
! rison street. Brooklyn. One case fatal.
It il stated that Western shippers Of
grain are advised to hold Off on account Of
the difficulty to meet sight drafts.
| The Stock Exchange remains closed until
| further orders.
The SubTrea.ury is Offering no bonds
| this morning.
| Western Union 81 bid: 6i asked.
/ Howes Il Macy have suspended.
Later The Sub.Treasury has bought
| S500000 bonds.
The bank presidents are autf orized to
issue $4,000. 600 more loan certificates.
| March. Of the house of Howes g. Macy,
| says all houses like theirs. having a large
| number of depositOrs, must suspend.
Brown Il Watson have suspended.
/ 2P. Mall quiet about the savings banks
| throughout the city. The directors appear
| to be more confident.
$50 2. M-Wall street is very quiet at
this hour. The day closes hopeful. but
rather gloomy.
Two and a half millions of loan certif.
Gates were issued today by the Clearing
House.
The government bought over s?.5o0.oo
Hugh McCulloch'. Opinion.
Ex-Secretary McCulloch, of the firm Of
Cooke McCulloch &. Co.. Of London, stated
| tonight. to a Tribune representative. that
advices from the London firm were Of the
,@,,y 1a{A
London there was no suspicion OF financial
revuisIon here. There is demand for our
abundant crops at good prices. He saw TO
| reason for a spread OF the present panic.
Al! financial panIcs were senseless, and
that of 1871 was caused by the failure
OF Ohio Trust Company. When that panic
subsidized it was found there was no reason
for it. and it will probably bs the same in
| this instance. Everything depends upon
| the maintenance of confidence. The chief
| trouble is that men become frightened and
| hold on to all the finds they possess. He
| counseled confidence in the resources OF
| the country and the ability OF a greater
| part of the mercantile community to pay its
liabilities. Distrust and suspicion only ag-
I gravate and extend a calamity which could
| be avoided if the community only act. sen.
sbly aEG Giscreetly.
Cincinnati Firm.
ClSC,SEATl. September !i.-There is no
| change here in the condition of financial af-
| fairs. The banks are discounting sparingly
and are still pursuing a policy that will
| tortify them. RumOrs were early circu
| lated on Change that the Baltimore banks
| had suspended. which produced depress'
| ing effect. This was supplemented by
another report tina: the New York banks
| had generally suspended. which served to
| increase the dullnsss in general business.
7 a. Il yNap
received with prolonged applause. and
! served to relieve the disquiet. During the
afternoon there was an improved feeling in
Third street. with no evidence OF excite
neHt in any quarter.
Baltimore Bankers Run 70 Death.
BALTIMORE. September 2i.--Brown. Ian.
caste, 81 Co. we'll known bankers in this
city and agents Of the Chesapeake and
| Ohio railroad having branch houses in New
York and Richmond. suspended this alter
! noon. The firm states that the suspension
was caused By an unexpected and unpre.
cedented run.
pi,tsbarg Clearing liOhse All Right.
PIr1sBuRG. September "a netting
o! the P!ttsburg Clearing House to-day the
| following resolution was adopted:
Resolved unanimously by the banks coiL.
prism. the P.ttsburg Clearing House AS.
sociation. ali bein: represented. That they
do not consider it necessary TO make any
change IN tle.. customary rule o. dong
business.
From that it would seem tha: the leading
:inancler. in this city don; think the situa-
ton demands any action on their part.
The SViJkesbarre Failure.
WILKEsB.KRE. Pa. September 2i.-Brown
| & Gray attribute their failure to Henry
C.ews. The miners were large depositors.
The Panic at Little Rock.
LITTLE Rock. September .i.-The money
panic in this city continues. While large
number of merchants decided to-day to
continue taking city money a- formerly,
large number, including nearly all the pro.
duce and grocery dealers. signed an agree.
menc not TO take i, a. long al the banks
refuse to give Eastern exchange for it. The
excitement is very great. city money hav.
ing been the only circIlat!n; medium in
Us. tor several years.
Failure. Mt Richmond.
RICHMOND. Va, September :i.-The Dol.
lar Savings bank closed this morning. and
I.aacs. TAYLOR l. Williams. bankers. sus.
pended on account OF the scarcity OF eur
rencv. their assets being double their liza.
biiities. In both :hc above concerns the
stonecutters employed a. lie government
stoncyard were depositOrs 70 large amounts.
There ;s considerable excitement III the
s a run of the smal! deposi:ors on the
banks. bu: all are holding out az yet.
A general meeting OF the members o; the
Chamber OF Commerce, the corn exchange
and tobacco association and the leading
merchants will be held at one O'Clock. to
consid.y the state Of affairs and adopt Some
| measure to strengthen public confidence.
Action OF the Richmond Merchants.
| The meeting of merchants and manufac.
turers, including members Of the various
commercial associations of this city, held
! to-day. was the largest Of the kind ever
held here The greatest interest was mani.
| tested in .he present financial crisis. The
/ following resolutions were adopted:
| The present condition of affairs in Rich.
| mond has arisen from causes and Influences
! external to the banking and mercantile
| business thereof, and in nowise attributed
( to irregular operations or undue expansion
on the part of bankers OF merchants. That
the banks of this city are a. present be-
lieved to be undoubtedly solvent, and that
no loss can result; tha. the meeting depre-
Gates the uneasy feeling prevailing In the
city as tending to produce panic and
| run on the banks thereby being Likely to