New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-26

| pay out currency on checks except for small
! sums, TO be optional with the banks upon
! which they are drawn. bat they will certify
checks drawn on balances in their hands
! payable through the Clearing House only.
! Each member Of the Clearing House As.
soc!ation ia required to deposit such sumpi,
| approved securities as will az all times cover
| the amount OF his clear.ngs. Government
| oonfs are received at their par value: rail.
road and other stocks and bonds and bills
receivable are received at seventy-fve per
cent OF the value fixed on them by the
committee. Certificates are issued by the
committee. winch can only be used in the
settlement o: balance. between the banks
and are not negotiable.
Matters were in that condition on Chan %
to-day TO render II difficult to furnish quo.
tatlons. There was no panicky feelin.
whatever. but general feeling TO stand
still on the par, Ot buyers and sellers OF
everything.
The action of the bank. here was gene.
rally unexpected. and a discussion of this
consumed much time. There are some who
believe the course ruin0us. The prevailing
opinion is that it was precautionary
measure. justified by the obligation which
banks owe 10 the general banking commu.
nifty.
Chienso Clearing House.
CHICAGO. September 25.-The Chicago
Clearing House resolved until further ac.
ton and in view of the disturbed condition
of affairs in New York and other cities. and
the difficulty of converting balances into
currency. and on the advice Of the bank
examiner. thatlmembers be recommended
and authorized to suspend currency pay
ments on any large demands made upon
them from country banks and over their
counters.
New Haven Savings Bank.
New HAVEN. September 25-The saw
ings banks are enforcing the legal delay in
paying depos!sors. There has been no &c.
Cl0uS run.
Excitement In Memphis.
MEMPHIS, September 25.-Great excite.
inent prevails here. on account of the sus.
pension of banks, caused by the inability
to realize on securities.
The following samed banks have closed
to-day: First National Bank De Soto Bank.
and it is reported the Freedmen's Savings
Bank and Trust Company. There is
heavy run on the others.
1t is expected that all will reopen after
the panic subsidies. The excitement at
present is intense.
On account of the monetary panic and
run Oh all the banks in this city. two Of
which have suspended. business is Almost
at a standstill.
suspension IN Sts LOUfSs
Sr. LOUIS. September 2j.--It was decided
at the meeting OF bankers. held last night.
to suspend payments ON checks or drafts.
either in currency or exchange. until the
excitement in the East subsidies and
flrmec condition OF the markets is restored.
Resolutions of the Associated Banks.
AT 4 meeting OF the associated banks at
the Clearing House tonight the following
SOlrlrlOD aDlmnusI Il '. olcnral.
Resoired, That for the protection of our
commercial interests. and for the purpose
OF preventing drain of currency from the
banks. we hereby agree to adopt sub.
.tantaIiy the plan adopted in New
York. viz: Not to pay out currency on
checks except for small SUNS, the
amount to be optional with the banks on
which drawn, but we will certify checks
drawn on balances in our banks, payable
through the Clearing House.
The committee of management: 0: the
Clearing House We're directed to issue
immediate Clearing House certificates of
500 each. amounting in the aggregate
to s2.o0o,OO0. Tor the purpose OF set.
ding balances between the banks: each
baIk being entitled to pro rata amount.
based on the clearings for the last quarter.
the certificates to be secured by ample col.
lateral: the character and value OF said col.
lateral to be determined by a committee
appointed ior that purpose. This arrange.
Inent 70 remain III force Till November J..
Little Rock.
LITTLE Rock. September .j.-Thc excite.
men. over city currency has creased.
The failure OF the banks i'll Memphis
caused unusual excitement. Financial
matters are the only topic OF conversation.
Near!r all the merchants refused TO take
city money to-day. and throughout the day
there was a heavy run on the banks by de.
pos:ovs. As vet they have met every de.
mand promptly.
Savannah.
SAVANNAH. September 2j.-The run on
the Savannah Bank and Trust Company
ceased at noon. and continued on the South.
ern Bank of Georgia to the close.
The Chamber OF Commerce is considering
matters.
Atlanta.
ATLANTA. September 15.-The DaikOn
Savings Bank has suspended. The secu-..
ties are ample.
Augusta.
AUGUSTA. September 2J.--The National Ex-
change Bank. Merchants and Planters Ma.
tiona! Bank. Bank of Augusta, and Planters
Loan and Savings Bank have suspended.
The run on the banks Ia. been heavy.
especially this morning.
Cotton is coming il freely. but there IL 70
money TO move it.
I'll. cotton market has suspended opera
tons: no currency TO buy il.
The Firs; Nationa! Bank paid out as
usual. but there appears 20 be no serious
run on it. The presiden: vii! paw as lon.
as there is dollar of currency in the vaults |
There Is confidence that il Will weather tn. l.,
storm. The suspended bank. have ampl. |
assets. ana viii! NEE: every dollars I!.-
biitie-.
No suspensions anon. tie business men
A LARGE meeting of the merchants wa. held |!
az the Exchange rooms. and appointed q |
committee to wait upon the directors of the |
Georgia Railroad and Banhin, Company |
and other banks. to issue some medium of |
exchange 10 bridge over IL" present crisis. |
John }. Cohen * Sons have suspended. |
Their assets are ample.
Bonds and stocks can not be sold. There |
!. 40 market :ov the best securities even al !
= sacrifice.
Indianapolis.
I:DiAEArOLfs, Ind, September 2j--Con.
excitement Wa. caused here TIN. |,
morning by the announcement of the pre-
measures adopted bv the CHI.
oago and Cincinnati bankers. which We're
At rirst reported a. having totally suspend
ed. and the excitement was heightened az
noon by the suspen sion of the private bank
hg hous. OF Woolien, Webb & Co.. owing
mainly to the return OF their drafts on the
Trust Company of New York.
and public confidence became SO shaken !
hat :here was quite a run on Ritzingers
,ans and on the Indianapolis savings.
banks. By \ class Of generally small depos.
tors. and some few persons withdrew their
money from othe. banks.
The First. National Bank. instead Of
losing at the usual hour. kept open an
lour later to give any depositor al! oppor-
unity to withdraw his money if he wished,
md when il closed 10 had received more |