Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-10-09
OHIO, THURSDAY, OCTOBER 9, 1873.

Cincinnati had followed the example of New
York. They at once yielded to the pres
sure. There is no apparent excitement on the
streets. ..
CHICAGO, Sept. 27.-Yesterday the financial
tidal wave caused the first real damage i'll this
city. At 10 O'Clock a.. m. it was announced
from the CLEARINGHOUSE that an account of
the extraordinary situation, no deposits would
for the present be received and no checks
would be paid by the following banks Union
National Bank, Cook County National Bank,
Second National Bank, Manufacturers Ma
tional Bank, National Bank of Commerce.
These banks all claim that their suspension is
only temporary, that they have ample assets
to meet all demands, and that they will re-
sumo business SO soon as they can convert
those assets into currency. There is strong
belief that the crisis of the panic has been
reached and passed, and that there will be no
more suspensions
The mercantile classes do not seem to have
been thus far affected. and have been able to
meet all their obligations they matured.
Deposits are still made i'll all the banks. That
there has been withdrawal of currency for
the purpose of boarding it i'll private safes is
obvious but If the banks continue to meet
the requirements of their customers a few
days longer, most of this boarded currency
will come forth. The receipts of currency
have the breadstuffs and the provisions which
are packed in our warehouses and stock-yards,
and to get them the money must be sent here.
dispatch from Leavenworth, Kan, an
lowing banks FIRST National, Second National,
Leavenworth Savings, Clark q Co., Newman d
Havens. Good feeling prevails among mer-
chants, all seeming to appreciate the situation.
CHICAGO, Sept. 29.-The two most important
developments of Saturday were the suspen-
sion of the Third National Bank, and the an
nouncement that the Cook County National,
which closed on Thursday, would resume on
Monday (to-day). The suspension of the
Third National, though not unlocked for in
har,lr n how hoaT
heavy-created a feeling of depression in the
community. The bank was the second largest
in the city, its deposits amounting to about
81, 600 900. 1t is said the institution will soon
resume, as its securities are all right. and can
be made available with little delay.
All the banks, with the exception of those
that had suspended, passed the Clearing
House with flying colors. This fact, added to
the cheerful news received from abroad,
served to re-establish confidence, and renew
and strengthen the spirit of moderation that
has been generally manifested since the panic
began; and it came to be the accepted theory
that the suspension of the Third National
marked the turning g-point of the crisis, that
the storm had spent its fury, and the sunlight
was about to break through the dark clouds.
An immense volume of currency is flowing
into the city. Over "a, 100000 has been re-
ceived by express in the past forty-eight
hours.
familiarly known as Coorbaughs Bank, and
the largest in the city), which suspended last
week, are given at 55,6OO,O 900; liabilities, $4,-
800, 900. o. .-
There is little or nothing doing at the stock
yards. There is over a million dollars
worth of stock in the yards, and the pens are
SO full that no more stock can be received for
the present. .-.......
CINCINNATI, Sept. 29.--The Financial situation
here to-day appears to be improved At the
close of business an improved feeling was
plainly manifest. -.l-f....
Sr. LOUIS, Sept. -Quietnessreigns among
the banks here. ALI are paying checks under
the rule, and everybody seems cheerfully to
acquiesce in the arrangement. The feeling on
Change was BETTER and prices for some artt-
cles are stiffened materially.
CHICAGO, Sept. 30.-About Sd, 900, 900 in cur
rency has been received in this city within the
last 48 hours, making about S11, 600 900 for
the last five days. Three of the suspended
banks have resumed. The Union National
(Coolbaugh's) has gone into voluntary iqui-
dation. Produce markets active. Wheat and
corn are advancing. The storm is practically
over, everything is serene, and people wonder
why they allowed themselves to become so ex-
cited,
OTHER POINTS
Detroit, Cleveland, Toledo, Milwaukee, Du-
buque, Keokuk, DesMoines, and in fact nearly
every Western city and town heard from, re-
port an improved feeling in financial circles.