, 1873-09-21

SATURDAY EVENING, Sept. 20.
Tho aBpeots Of financial affairs have chnngcd
30 rapidly today TINT expectation has vibrated
nlmoBt from hour to hour botwoon tho extremes
Of hopo and fonr. tn tho morning everybody
Ind road ovory word il, all Tho dispatches from
Now York, Ind compared the pricoB Of stocks
with tl,oec Of yesterday and compared opinions
with ovory ono thoy met. Tho general roB,l1t of
this WAS an almost unanimous opinion TINT
EVERYTHING LooKED DETER.
Tho announcement that tho Secretary of tho
Treasury l,nd ordered tho purchase Of s1o,00o,-
900 Of Government bonds for currency reyiyod
tho confidence Of many porsons who did not
understand tho situation any better than TO be-
liovo that tho panic waa tho result Of deficiency
OF currency. But, nH might reasonably have
beon expected, tho proposal Of tho Treasury to
buy bonds Ind no material effect. Tho banks
Of New York are, Of course, short OF
currency, but II every Unitod S.ates
bond thoy hold MS coltatorals wore
converted into currency at once, 1t would not DO
=" a tlrop In tue buckos." AS for othpr holders
Of Uuitcd Btatoa bonds than banks. fow of them
would caro- to convert their investment into cur
some bank Whereas thoy could hold iho bonds
In their pocsots, or In their private eafos.
Nevertheless, tho nbaenco OF any bnd nowa from
Now York mp to about II O'Clock induced large
majority of people to think and say that tho
worst was over. but, when tho telegraph sud-
denly announced that tho Union Trust Company
Of Now York had closed its doors, tho ontiro
financial aBpoot
CHANGED IN An Ar1NHTANT.
Prices of stocks in New York foil from to
per cont and In lens than hBlf All hour tho prices
OF wheat aud corn In this market fell oyor couta
per buBhol For while there was great uncnsi-
moss manifest III to what might como noxt. This
gave way, however, to feeling Of relief Us soon
as 1t MAS announced that that hot-bod Of ru-
mors, and suspicion, and panic, tho Now York
Stock Exchange, wns closed. Everybody felt
as though 1t would DO o blessing II that Internal
place was not opouod again for 3 month. II
naty 1t WIS announced. on what Was believed to
be good authority, that tho Secretary Of tho
Treasury would iasuo aB much Of tile "9d4,-
000 600 reserve" rs wRB required to restore con-
hdenco; in other words, that the Government
would expand its credit and mako direct loanB to
tho New York banks by dopositng portion or
all Of tho GA 100000 Of gIeenbaoks with thom.
THIS seemed to lovivo confidence hero III Chicago
at once.
EVERYBODY FELT RELIEVED,
Tor, although there are few people who will de-
fond tho principle Of Government interference
III the money market any moro than they would
tho same Interference In regard to religiouB be-
Lief, there ia no question that tho proposed REM
edy would. In this instance, produce the dcaired
result Of restoring confidence in the Now York
banks, which is now worry much shaken, Tho
only question ia aB to the advisabiity of setting
precedent tint will bo coming back to plague
us on evory trivial OCCASION for the sako Of sub
Bubelo Of itself.
When It Is remembered TINT therc has bcon
no considerable loss Of property in any part OF
the United States Bince tho Boston fl o that the
collapse Of tho Northern Pacific and othor bub-
beB has been foroBeon for year, and thnt pr1-
dent mon havo kept clear Of entang!ements in
1t and finally TINT tho United StatoH Ia rich in
tho possession OF unusually large crops Of cotton
and wheat, both Of Which arc III domard for for
erations, VIC eay, ought to convince anybody that
thofe can DO no prolonged criais, no permanent
depression of prices Of anything that ought not
to be deprosaed. Tho farn,ors and tho mer-
chants and the banks Of tho United States arc,
as rule, solvent. No bank ia ever expected to
have logal-tendor fuuds on hand to pay every
depoBitor in full on domnnd but every bauk
has securities which will soil for as much al
they over did, and the notes OF solyout merchants
that will he paid in full. just as soon as reason
is restored. Notwithstanding all the frauds, de-
falcntions, and Encouragement OF tho past year
in the Now York bankH, there iB probably not
ono that would not be ablo to wind up aud pay
off every depoaitor In full within month, Still
! another rcassnring feature Of great Importance
in the present criBH H., that there ia no danger
| OF loss in the currency.
| IN THIS CITY
the amount Of regular financial business trans
j. "
In tho prescnt excited condition Of tho public
! mind the banks of course feel deposed to dis
count just as little rs possible, though at tho
| same tino they are meeting any reasonable de-
mands OF their customers.
New York Exchange was practically unsalablo
today, for tho obvious reaHon that our banks
do not want to increase their Now York balances
until tho panic in that city is oyor. This however,
ia no objection to sliPPera' bills drawn against
grim, and accompanied by tho bill OF laling,
except tho fact that currency is Hcarco as it has
| boen for q month past.
Tho country demand for currency WAS Lighter
today, as it always is on Saturdays. Tho couu-
| try banks haye drawn for 30 much currency
during the past few wefhs that, as q rulo, their
bnlancoa here are small, and they cannot check
for much moro. 1t Ia tho same with the Now
York balances Of tho Chcago banks; the do
maud for money to move tho crops had called
| ago.
THE FRANKLIN BANK,
OF this city, was uuab!o to meet tho debit bn1anca
| againat It at the clearinghouse today, and
has deposits to the amount Of about $500 0000 Of
| Which nearly 100000 is Savings deposits. tile
officers Of tho bank state that they will bo able
to pay everybody IS BOON as tho panic is oyor
and they can call in their loaue. The Franklin
Bank has not had q dzYt-class reputation, oven
for Z small bank, since tho fire. Its III
ability to pay $4,000 debit balanco was known
to tho other hanks Of tho city as early a. IL
| o'clock, and II thoro had been any disposition to
bolster up weak concerns, tho knowledge Of tic
woakness Of the Franklin Bank could eaBily have
boen kept from THO public by tho other monl-
bers Of the Clearing House, but thero is no such
| disposition.
| Tho cloaringB Of tho Chicago banks for tie
| week were:
Date. CTearff,g8. Bdlances
Monday ay............. q, ,235, ,87680 $528, ,3B9 0a
Iuesdoy. 6,160,1390{ 40, ,GG3. 80
wednesday, ............. t,191, ,03l04 A15,B33. II
1hufBday.. 1851, ,e40G9 $780, "
Friday. $500, ,80755 405, 1884
estufday day..,..".+..."... 4,708, ,655H 249,9l 7.19
Toal.-. $40, BAL 1501l 5000, ,243 81
oorzesp8 week last year,. a. 112 231 "a
! 4 COMFORTING OPINION.
| The following dispatch from AIr. George s.
Goo, Fres!dont Of tho American Exchange Ma
] tfonal Bank, New York. to tho State Savings m