Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1873-10-02

pTlCeS, loI ueI SLaPle CIop' DuL aS Llo Ciaoi
was inevitable, it could not have come at a
more favorable time for our people-just at
the commencement of the season-when they
can better afford to hold back their crop and
await favorable change with better prices
That reaction will soon take place there car
be no possible doubt, and our advice to the
farmers is to patiently await that time.
While it is almost impossible, in one news
paper article, to give detailed and succinct
account of the extent Of the damage and in
convenience caused by the crash, yet the fol-
lowing summary, made up from our exchaug
es, will give general idea of how the failure
of one New York house can affect the banking
interests of the entire country:
THE CHARLESTON BANKS.
In Charleston, the suspensions so far an
nounced are those of the Loan and Trust
Company, the Peoples Bank of South Caro-.
lima, the Peoples Savings Institution, and the
Planters and Mechanics Bank. The Citi
zen's Savings Bank and the Freedman's Bank
each requires from depositors notice for the
withdrawal of deposits, though as there has
been comparatively no run on the latter insti.
tuition, the cashier has paid out small amounts
using his discretion in the matter. The First
National, the Peoples National, the Bank Of
Charleston and the Union Bank, all remain
intact, and promptly pay out every demand
made upon them. The aggregate capital OF
these last.named banks is $4,000 cooper.
haps three-fourths of the banking capital in
the city. The News and Courier is sanguine
that prudence and forbearance will enable
Charleston to pass through the ordeal without
severe injury. The trade of the city is repre-
sented as unusually brisk, and in many
branches better than it has been at any time
since the close of the war.
COLUMBIA.
A dispatch from Columbia to the Ne,us and
Courier, dated the 9th, says there was con-
siderable anxiety manifested among the bust
ness men of the city on that day-much more
than on any previous day-though the officers
say they will be able to weather the storm if
it be not of immoderate duration. A meet
ing of the Board of Trade was held with a
view to take action to sustain the banks. A
resolution endorsing the action of the two ma
tional banks was unanimously adopted. A
resolution was also adopted as the sense Of the
board that, inasmuch as the cotton crop is
still in the hands of the farmers as material
to command currency, there is no reasonable
ground for apprehension that the financial
embarrassment at the North should seriously
affect the South. There is nothing like a
panic, and no run upon the banks is anticipa-
ted. In his Introductory remarks, the presi-
dent of the board, Mr.. E. Hope, stated that
the only cause of the scarcity of currency in
the banks was that they were carrying some
four hundred thousand dollars for the State
government.
OTHER POINTS IN THE STATE.
A dispatch from Orangeburg says the tight
ness in the money market is felt there and no
business is doing in cotton. Exchange can
not be negotiated. There is, however, no ex'
citement at the branch of the Citizens Saw
ings Bank at that place.
In Chester business is generally suspended.
No cotton is offered, and currency is not to
be had. There seems, however, to be but lit
tie alarm among either the merchants or the
farmers. There has been no run upon the
National Bank at that place, although it has
a large savings deposit.
Owing to the impossibility to negotiate ex-
change, the cotton business in Sumter is almost
entirely suspended. Very little of the staple
is coming in. Price nominally Is cents. To-
tai shipments since the first of September 500
bales, against more than double that amount
for the same time last year.
In Greenville the crisis has had a depressing
influence upon the cotton market, but other
wise it has had no noticeable effect.
NORTH CAROLINA.
None of the banks in this State have sus-
pended. There has been no run or unusual
demand upon any of them, and business, with
the exception of depression in cotton and
naval stores, has been comparatively uninter-
rupted.
NEW YORK.
The most notable suspension in New York
during the last week is that of Henry Clews
& Co. The run on this house was not made
known to the public until about 2.30 P. NJ.
on Tuesday, when the doors of the bank were
suddenly closed in the faces of the crowd
without. 1t is asserted that the firm paid out
during the morning nearly 100000 on de-
mand, and then went about the street with
mercantile paper endeavoring to raise more
funds; but his offer, or rather entreaty, to be
allowed to pay two per cent day-73O per
cent year-for advances upon good mercan-
tile paper, were unheeded. Failing in every
legitimate effort to raise money, without hope
of further aid from the government. he closed
his doors at % o'clock. The result of the sus-
pension of house which had speculated so
largely and been otherwise prominent could
not but be depressing. The excitement was
renewed and increased by this disaster, and at
once there were general croakings heard as on
Saturday and Sunday.
OTHER LOCALITIES.
In Montgomery, Ala, resolutions of full
faith and confidence in the local banks have
been adopted by the merchants. Cotton is
arriving freely, but not bale can be sold for
want of currency.
The business men of Atlanta have resolved
to assist the banks of that city by free depos-
its and light drafts J. H. James, banker,
has suspended, though it is claimed his assets