New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-23

payment by the banks of interest on deposits These
deposits the banks must loan out in order to make
themselves whole, and thus they become too much
extended. Early in the season, and before there
were any signs of financial disturbance. the reserves
in the banks were too low The trouble he thought,
was about over. Strong banks are now helping the
weak ones and that will calm the troubled waters
lie thought that the dealers in railroad bonds were
largely responsible for the panic that the action OF
the Clearing house Committee would tend torestore
confidence and that as there no serious failures
In the West the prosperity of the country would not
be seriously affected by the disaster.
NATIONAL PARK BANK.
w. X. Kitchen, the President, and j. l.. Worth
the cashier of the National Park Bank, said that
they considered the trouble about over The bank
stopped discounting last Friday, but this was only
for prudential while the panic lasted. At
present no checks country banks are received as
cash. The breaking down of tho railroad bond
market. they thought, was the cause of the crisis
Inability to negotiate the bonds of railroads now
constructing the country made the failure of many
of those dealing IN them inevitable. The crisis came
when money most in demand Whether the
trouble would be over in day or two or not would
depend good deal upon the people themselves. II
they persist in running on the banks, the Crisis
would naturally be prolonged. Those who were
stood tine shock thus far may be considered sound.
CHEMICAL NATIONAL BANK.
J. @. Jones' the President OF the Chemical
National Bank said the business of that institution
not affected. Their customers were not specu-
ators in stocks to any extent, but merchants ana
others in the ordinary channels of trade Mr. Jones
had been much occupied with the natural busl-
of the Chemical Bank that he had not had time
to pay much attention to the panic. He thought
the trouble had its origin in the speculation IN rail-
road bonds He believed the trouble would be over
in day or two but that there would be less borrow
ing in future.
IMPORTERS AND TRADERS NATIONAL BANK.
L. II. Perkins the cashier of the Importers and
Traders National Bank, said the panic had not dis
turbed the course of its business to any extent al
though the deposits have declined some III conse-
quence The bank continues to discount to Its regu
lar customers as usual and has no anxiety in regard
to the future. This crisis he thought, had been APP
preaching for two years, and that the manner
in which railroad bonds have been negotiated would
naturally have produced this crisis. There was no
reason for its lasting any longer except in the fears
of the community. lie would counsel patience and
forbearance on the part of the people. The country
he considered in splendid condition. The Fall busl-
ness seemed to be opening well, and he had every
confidence in the cOuntry's prosperity.
CHATHAM NATIONAL BANK.
Nathaniel HAYDEN the President of the Chatham
National Bank, said the business of that concern
wasmostly with merchants and small manufacturers.
The bank had no accounts with brokers, and was
not affected by the excitement There is little dis
counting done at present in the bank The cause OF
the storm was excessive dealing in railroad bonds.
The brokers had spent more money than they had,
and had lived ten wears ahead of the times lie
thought the trouble substantially over, and the
country's prospects were never better. The mer-
chants. he said owed less than they did six months
ago. He considered the action of the bank presi-
dents judicious. The prosperity of the country
might receive a temporary check, but the effect
would be wholesome in the end
CENTRAL NATIONAL BANK.
William A. Wheelock, the President of the
Central National Bank, said that institution was
not particularly affected by the crisis. lnere had
been some Withdrawals of deposits by country
banks, but none by banks in the city. lie Thought
the trouble about over that the causes OF the Crisis
were altogether artifcal-the natural results OF too
much railroad building in the undeveloped portions
of the country. If the excitement were stopped
now the damage to the country would be only mod
crate. He regarded the action of the Clearing
house as wise, and if carried FIR enough 1t would
afford permanent relief.
NINTH NATIONAL BANK.
1T Hill. the Vice President of the Ninth National
Rank. said their business was principally with mer
chants in that neghborhood, and as they are gen
orally sound the bank not affected by the panic
He Thought there was no cause for apprehension
The action of the Clearinghouse would tend to
strengthen the money market by inspiring conn
dence and the panic would not spread to mercantile
circles at all.
CITIZENS NATIONAL BANK.
G r Comstock the President of this bank, said
that there had been extra drafts on the lnshtu-
ton The merchants he said. were never III so good
a condition as now and there was no real occasion
for a panic. The action of the bank presidents
would he thought have the desired effect III the
alarm should stop now the damage 10 the interests
of the country would be triling, but, if continued
the end could not be foretod.
MARKET BANK.
Mr. Bavles. President of the Marhet Bank. had
been absent from the city during the troubles OF
Friday and Saturday, but on his return, yesterday
morning be found everything as lquiet as when he
left-no excitement among depositors no unusual
expression of anxiety, norun upon the bankin fact
no especial change in the average of deposits or
Withdrawals. They stood ready to accommodate
their regular customers in the way of discountiDg
even under very heavy pressure, for when the con-
fdence of depostors is shaken 1t means trouble to
the bank. The crisis had evidently eliminated.
FULTON BANK.
The President of the Fulton Bank, Thos. Mona
han. said that there had been run upon that in
stituton. New accounts had been offered them dur
ing the day, and they had deemed 1t advisable to
refuse them. There are sixty banks doing bust
ness through tho Clearinghouse. and, as far as
he is aware they are all sound but five or six-that
IT, all but that number are strong enough to meet