The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-26
THE ST. LOUIS BANKS FOLLOWING THE EX.
"a .. AMPLE OF NEW YORK, T7'-.

tuis 6f6uiub, tue AulluHiuS keoViutioi
was unanimously adopted: mN -,
Resolued, That for the protection Of oul
commercial interests, and for the purpos'
Of preventing a drain Of currency iron
our banks, we hereby agree to adopt sub
stantislly the plan adopted in New York
viz: not to pay out currency on checks, ex
cept for small sums, the amount to be op
tional with the banks on which they are
drawn; but we will certify checks drawn
on balances In our banks payable through
the clearing house.
The Committee Of Management Of the
clearing house was directed to issue i'm.
mediately clearing house certificates oi
$500 each, amounting In the aggregate to
100000, Tor the purpose Of settling
balances between banks, each bank to be
entitled to the pro rata, the amount based
on the clearings ior the last quarter, the
certificates to be. secured by ample col.
lateral, the character and value Of said
collateral to be determined by commit
tee appointed for that purpose. This ar.
rangement will remain In folcs until No.
vember 1st. The committee appointed
consists of R J. Lockwood, J. q. Brit.
ton, Robt. Bartle, John r Lionberger,
VIM. q. Scudder, Jr., and G. 81, D. Black.
EXPLANATION OF TIE COURSE ADOPTED
by THE CHICAGO BANKS.
CHICAGO, Sept. 25-An erroneous idea
OF the action OF the Clearing House As
sociltion Of this city at their meeting last
night, appears to have been formed in
New York. and perhaps other places,
leading to rumors and reports that all the
banks had suspended payment The fact
Is, the association simply followed the
action oi the New York banks In deciding
to suspend payments oi large blocks Of cur.
rency while still paying ordinary business
checks presented at their counters: This
course has been generally pursued today
and without producing any feeling oi ex-
element and insecurity, and some oi the
banks have paid all cheeks presented with.
out regard 10 the amount. There Is no
excitement and the feeling Is still one Of
confidence that the present difficulties
will soon disappear. .sr T..
THE LATEST PHASES OF MONETARY AZ
FAIRS AT CINCINNATI gr.
CINCINNATI, Sept. 25.-The all absorb
ing question, to-day, has been the action
Of the members OF the Cincinnati Clear
ing House Association this morning, sub
stantially following the action Of the New
York banks, with reference TO the pay.
ment OF depositors. Comparatively few
persons suspected that the event was to
transpire so soon, IL at all. Many
persons in commercial and financial
circles were anxious about The fail
ures, bnt the larger, number were
OF the opinion that unless the trouble
east should become more aggravated that
the banks here would be able to pull
through. The consequence was there was
no run on the banks that was so visible TO
the public eye as TO excite general appre.
hension, but depletion was nevertheless
going Oh. Cincinnati was honoIing all
demands, all balances were prompt
ly transmitted, but while this
was proceeding the . balances In
her favor from elsewhere were not
forthcoming. Besides this, occasional
heavy deposltois, apprehensive Of pros.
pective troubles, were quietly drawing
out their deposits and placing them in
the Safe Deposit Company or elsewhere,
where they would be available In the
event OF ultimate disaster. Under such
circumstances the banks felt that without
some change in the general situation It
was only question Of time as 10 taking
steps looking to self protection, and to the
protection OF the business interests oil the
city. There was no reasonable prospect
of a change to be hoped for, and 1t appears
to be only question whether q precau.
tionary step should be taken now when
the banks had strength to help carry
on the industry and commercial interests
of the city, or wait with a strong proba.
bility that they would finally be COMPEL.
ed to take such action after they had sub.
mitted to complete drain OF their cur
rency, and would be left in situation
which tho interests Of the community
must have looked to them in vain Tor help
The decision was reached to take the step
at once, and was publicly promulgated by
Q change Of hour. It was known by y
largo number of business nen Ut the city.
Business on Change, though the attend.
ance was large, was In consequence sub.
stantially suspended. Neither buyers
nor sellers cared 10 move until
they had still clearer view OF
the situation, but there was nothing
like panicky feeling. The opinion pre-
vailed that 1t was best TO wait few days
before doing much in general busi-
ness. During the afternoon the action
was freely discussed in commercial
circles, and though there are some prom.
inent business men who doubted the ex-
pediency OF the act very much, the larger
number approve the action, believing II
was, under the circumstances, the best
thing to do. A noticeable feature was
the absence oi excitement throughout the
day. Business men commenced the work
OF adapting themselves to the changed
circumstances, and towards the close of
the day there was an improved feeling in
almost all circles. The opinion prevails
that the business interests oi the city will
be well served by the work OF tue day.
The banks have paid out since Monday
morning currency variously estimated
from halt 10 one million dollars. Three
millions 1t Is said remains, and this, with
the judicious management promised by
the banks, It Is believed will enable them
to meet the more pressing wants Of their
business. There Is some disposition TO
place the future deposits OF currency IN
exchange on different footing from de-
posits made prior to to-day. And though
no general action has been determined on,
some of the banks have slgnifei their IN
tention Of paying their depositors OF the
sort in kind, that Is, currency or the ex-
change hereafter deposited to pay at the
discretion Of the depositor.
DETAILS OF THE FURRY AT MEMPHIS.
MEMPHIS, Sept. 25-The panic in New
York and the consequent failure Of some
Of the banks to respond to calls for cur.
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