Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-28

j OOlLS UuStD65S on auOtL6r D5Slu0 Curr6Dcl
basis. he believed that in view of the
\ changes made by those cities it would bt
as impossible for Chicago to do business OF
a currency basis as It would be for it to dC
business for the surrounding country on Q
| gold basis. The enire posits of his baRl
amounted to, $4 800, 600 not over $4,000 o
which was doubtful. In sixty days 1900,
/ 900 would mature. At the present time
there was in bank Sl,000,00O. He had
hoped the meeting would adopt unsni-
1 mously some measures for the relief of all
IS had been done in other cities. It was
/ imperatiyely necessary that something O
the kind should be done. tt
L The meeting of the associated banks tC
te held tonight will undoubtedly adopt the
New York plan. '
1t is announced this morning that tile
Third National has suspended.
Cincinnati Wants Currency-NO Panic
i'm Prices. a-t
CINCINNATI, Sept. 27.-Resolution were
to-day unanimously adopted by the Cham.
ber of Commerce, endorsing the banks and
closing as follows: ca
Resolved, That the banks and bankers
te, and that they are hereby requested to
extend all possible accommodations to
merchants aud ~manufac .urers of this city.
The financial situation here to-day ap-
pears to be improved. At the close of bus
mess an improved feeling was plainly mani
fest. There was no particular change in
general markets and there is no hope of
much doing until there are better facilities
of effecting exchange. Still there is no
panic in prices, nothingactually passing on
rha of he -
having received as much currency as they
have paid out and this, notwithstanding
it was supposed this was to bs ths pressing
day of the week, owing to the large sums
needed to pay off operatives in the manu-
factories. The manufacturers have gener-
ally been supplied with funds to meet their
immediate wants.
st. LOuis-Not Very Much Trading.
ST. LOUIS, Sept. 57.- Quietness has
reigned among the banks this morning. All
are paying checks under the rule and every
body seems to acquiesce in the arrange
ment. The feeling on Change was better,
and the prices for some articles suffered
materially. The volume of business has
increased some what aud in some cases
higher figures were obtained. Merchants
generally seem to be more hopeful, but
there is still strong under current of ap-
prehension and but little disposition to do
very much trading.
F1liladelphia-ImpO Resolutions
PHILADELPHIA, Seps. 27.--The Board of
Brokers to-day adopted the following:
Whereas. the embarrassed state Of the
finances of the country growing out of the
scarcity OF currency, the too rapid develop
S.fr roilrc II 0f
oVer-trading have given rise to panic in
which the idea of intrinsic values is entirely
forgotten, therefore be it
Resolved, that we endorse the action of
Secretary Richardson and urge upon him
the Ne; essity of bringing before Congress
plan for a general banking law through
which the benefits of our present system
may be more generally extended, and serve
more fully the growing interest OF the
country.
Resolved, that as the great sources of
wealth, our crops and general productions
are more promising than ever, and that,
therefore, the enterprises of the country
have the grester chance for profit and sue
cess, that the sudden and wild decline in
values is the result Of panic and without
any reasonable cause.
Observation-Disclosures Wages.
The city banks have generally paid ont
currency when needed to pay wages, and
are discounting freely, giving an easier
feeling in banking circles. Matters are quiet
on Third street, the scarcity Of currency be-
ing the only trouble. Many large manufac-
turing coDcerhs have, with great exertions,
raised sufficient amount of currency to pay
full wages to their employees, while other
firms have been able 20 pay only so per
cent of dues.
4 Heavy Drain at Reading, Pa.
READING, Pa, Sept. 27.-The extensive
banking house of Rushing & Bros, carrying
over two millions on deposit, is sustainiDga
heavy drain to-day. Depositors from the
country having fifty dollars in bank were
paid this amount and no more. City mer-
chants are receiving certified checks on this
firm for produce. There is every confidence
in the solVency of the firm.
Savings Bank Gone.
WASHINGTON, Sept. 27.-The Washing
ton City Savings Bank is now iu the hands
of Receiver. There are about two thou
sand depositors, whose joint deposits will
reach upwards of 100000. The assets are
supp ECU culuCkSnts
Boston Falls into Line.
BOSTON, Sept. 27.-The bank Presidents
of this city have decided to make only
small currency payments and to issue ten
millions Of loan certificates. The wool
trade is seriously interfered with.
Salt Lake.AnOther Government De.
pOsitOTy Fails.
SALT LAKE, Sept. 27.-- There was con-
excitement here to-day. The
First National Bank did not open its doors,
aud notice on tie door stated that the
cause is the failure of the eastern house
a I'd its inability to obtain currency. Liza
bility amply secured. The bank was the
Government Depository. The Salt Lake
National and DeSeret National ale open,
aud meeting ali demands. Walker 81 Bros,
Wells, Fargo & Co., I. F. Tracy 81 Co.
and White & Mccormick ara also prepared
to meet demands. A slight run commenc.
ed on the latter but there is no fear of sue
CumbiDg.
MIL Yankee DOesn't Suspend, bat Re-
ufses Sight Drafts.
MILWAUKEE, Sept. 27.-The report pub
lished in this mornings Sentinel that the
banks here had suspended payments Of
sums larger than two hundred dollars, is q
No such action has been taken |
and the banks are doing business as usual,
except that they have stopped advances on |
produce until eastern banks are re2dy to
r.- tr.
.-HaIEa- Dozen Banks
S0spend Against Paying Wages.
LOUISVILLE, Sept. 37-The following
banks have suspended payment. temporari-
y to-day: The German Bank, Masonic
Savings Bank, Western German Insurance
Bank, Louisville Banking Company, West
ern German Bank aud Central Savings
Bank. The run had been steadily iucreas
I'd on the banks for the past three days.
The Presidents met last evening, and
knowing Saturday to be heavy day for
small manufactures, and the panic among
small depositors increasing, they agreed to
close thei banks in the morning. Ali of
hem have abundant assets; many able to
bay two dollars for every one on deposit
'ut of the assets. The other banks of the