Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-30
THE WASHINGTON BANKS.
Business frightening under the New
Arragement-Satis working
of the System OF Certified Checks.


to be running along smoothly, and the business
portion Of the community are becoming familiar
with the system of exchange adopted by the
clearing house association by the certihcation
of checks. The system, when fully understood,
cannot fail to become popular. Ample security
is held by the association, and assurance is
doubly assured from the fact that instead of a
single bank being indebted to an individual
who holds such a check, the association of banks
acts as sponsor for the bank issuing the same,
backed by securities deposited safely in burglar
proof vaults. The business community to-day
are accepting such checks, and the banks are
willing to issue them in small amounts for the
accommodation of the general public. 1t is
understood that the checks are recei vable for
the pay ment of taxes and special assessment by
the District government. That the system is
becoming popular by the banks adopting the
same Is evidenced by the fact that the de-
posits even In currency at the National
posted one month ago. The National
Metropolitan bank continues TO transact
| the usual business, no dimunition in their daily
receipts being perceptibe. Even small deposi-
tors, who were in a measure panic stricken ten
days ago, and who made a heavy run on the
Freedmans Bank, are returning their deposits,
and gradually, as confidence is restored, green
backs which have been locked up are making
their way back to the institutions from whence
they were drawn There Is some talk that
rangements will be perfected in day or two by
the clearinghouse association to issue medium
of exchange for small amounts, which will be
for the payment of which the clearing house as
ISOLATION will hold themselves responsible.
There can be no doubt that, with the co5pera-
checks properly certified and amply guaranteed
las they are) that the stringency of currency
will sooR relax and all avenues of trade will re-
sumo their wonted condition.
THE CERTIFIED CHECKS.
A prominent merchant said to-day that he
had already accepted several certified checks in
| payment for goods, and should continue to take
all that offered. He said there could be no
doubt whatever that these checks are good, and
that he would much prefer them to the notes of
individuals. He could not, of course, afford TO
give currency in change, unless the differences
between the bills for goods and the checks were
small, but where they were large would give his
note for the balance, payable November l.
Merchants and business men generally express
their readiness to accept the checks, believing
them to be entirely good; They also indorse
to the security of the depositors as well as their
own solvency.
Mr.. Ruff, treasurer OF the Washington City
Savings Bank Is still confined to the house by
illness, but Mr.. Zimmerman has so far recov-
cred that he was able to be at the bank to- day
to-day and assist Mr.. Mattingly, the receiver.
A bank president informed a reporter of The
STAR to-day that thus far but few certified
checks have been issued, and that at a meeting
OF the controlling committee Yesterday after
association were rendered, it was found that
but about S14 900 in these checks were issued
vent to YORK S 9h s b asbt Of 70 the
present at the opening of the stock exchange to-
day, and to ascertain from personal observa-
market. 1t is generally believed that the
opening of the stock exchange will have ten
dencyt to improve the condition of the finances
not only in New York but all over the country.
FAINT, WASHINGTON & co.
The many friends of FAINT, Washington &
Co. will be glad to learn that the doors of their
5anking-h house have been thrown open for the
settlement of accounts, and that everything
looks favorable for the early resumption OF
regular business. This firm had about two
hundred drew out their deposits before the
house suspended. Messrs. FAINT and Washing
ton have made arrangements with the remain
ing depositors, whose deposits amount to alb at
$50 600, by which the firm has been given from
one to three months time. This arrangement
has been entered into cheerfully by the deposi-
tors, who repose entire confidence In the honor
and ability of the firm, and those who desire il
are given ample security against loss. Mean
while the bank is making collections as usual
and in this connection it may be stated that no
bank doing business with the firm has with
drawn its bills for collection. Under this state
of affairs, the members of the firm are hopeful
that they will soon be in situation to resume
business.
THE ASSOCIATED BANKS.
Most Of the banks of the association recently
organized still continue to pay out currency in
small sums, and several of them have as yet
given but very few certified checks. The ex-
CltmcHt may Dc stu W nave almost, IL not
quite, died out at all of the associated banks,
and no unusual activity is visible at any of
them. In fact, it may be stated that in almost
every instance the daily business shows an ex-
the number of depositors is steadily increasing
THE WASHINGTON CITY SAVINGS BANK.
paper was circulated yesterday, setting
sorth the entire confidence of the business men
of Washington in the solvency of the Washing
ton CITY Savings Bank and the faIthfulness and
efficiency OF its officers. that thew believe ITS
assets to be sufficient to meet all its liabilities,
and requesting as many of its depositors as
were able to do SO to meet at the board of trade
rooms at O'Clock yesterday afternoon, to con-
slider plan whereby the Supreme Court of the
District may be induced TO vacate the order
appointing receiver, and the bank allowed to
resume its legitimate business, they believing
such course will be for the best interests of
the depositors, and continue to the community
a well managed institution, which has hitherto
been conducted to the great advantage of all
classes, and which was only compelled to sus-
pend its business operations by season of I'M
paraleled stringency In monetary affairs, such
as was never before witnessed.
This paper received the signatures of III.
Polkinhorn, H. NJ. Hall, j. NJ. Latta, G. +.
Watson, H. A.Willard, Thomas L. Hume, J.
Hallet Kilbourne, G. 8. Palmer, NJ. Truell,
Frederick Koones, John Little, j. g. McKeldeH,
Samuel Polkinhorn, VIM. Stickney, Perry *
j. Sweet, j. d. Kitch, John o. Evans H. S.
Johnston, Joseph l.. Pearson, K. s. X. b.
koones, by F. X.
Pursuant to this call large number of per-
sons, including many ladies, assembled at the
board of trade rooms at the hour named. MIR.
Richard Wallach was chosen chairman, and
Mr.. William III. Clagett secretary. The chair
briefly stated the object Of the meeting and in
vited suggestions.
Colonel william H. Bramhail then offered a
resolution that a committee OF thirteen be sp-
pointed by the chair TO consult with the officers
Of the Washington City Savings Bank, Judge
Humphreys, ". F. Msttingiy, ESD, receiver,
and the depositors, 80 far as they may be able,
and ascertain whether q plan can be success
fully matured whereby said bank may be able
to resume its business 80 as to fully protect all
its present depositore and in due course of time
pay off its liabilities, said committee to report
the result of their inquiries, together with a1y
recommendations they may deem 1t advisable
to make, at an adjourned meeting to be held
this Tuesday, afternoon, at 8 O'Clock, at the
board Of trade rooms
1t was moved that Mr.. G. G. Crandell be re-
buested to withdraw his legal action, which
resulted in the appointment Of receiver, when
the chair said 10 How do we know, even IL he
does it, but what some dissatisfied party NAV
to- morrow go and do the same thing as
Crandell?'
The resolution was passed unanimously, and