The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1873-10-02
MONETARY.


day might bring forth. In New York
there were but few or no more important
failures and the panic has gradually subsld
ed and business is assuming itsusual activ
ityThe Gold and Produce Exchanges were
scarcely more than closed till they were
opened again.. The Stock Exchange re-
NAMED closed till Tuesday morning at
10 o'clock when it was opened aud i'm
mediately filed by the crowds rushin'
in at the three entrances on Wall Broad
and New streets. Stocks at first rose and
then remained stationary or fell. Divi-
dend paying stocks generally held an ad
vance. The day passed and closed as ia.
vorably as was expected perhaps more
favorably. '.'fS 49, A>s ~
The Secretary Of the Treasury
pals oat $14, 100000 for the purchase of
government Indebtedness and then de-
clined paying oat any more. His de-
Ginning to purchase any more bonds had
depressing effect but the orders for the
prepayment of the interest accruing in
November and the Presidents letter on
the situation and the u.s. of currency to
restore confidence and legitimate trade
and commerce had reassuripg effect.
During the week the financial stringen :
CT reached Chicago and six National
Banks suspended, namely-Union Nation
al. Cook County National, National Bank
of Commerce, Second National. Third
National, Manufacturers National.
The Bank Officers held several meet
lings but could come to no agreement as
to the course to be pursued. Two
plans were before the meetings, one to
issue Clearing House certificates as In
New York to be used in the settlement of
balances, the other to 60 on as usual
A motion to issue Clearing House csrtii
Gates was voted down and the last meet
ing adjourned. Two of tie suspended
banks, Manufacturers National and Sec
ond National, went into liquidation last
week.
On Monday three of the suspended
banks, Union National, Cook County
National, National Bank of Commerce,
after suspension of two business days,
ireopened at the usual time and continued
open till the hour for closing without any
unusual rnn on the banks. On Tuesday
one Of the three, Union National Bank of
Chicago, did not open, and gave notice
, that 1t had gone into liquidation. The
reason given by the Union National for
going into liquidation was that it had
paid out on Monday 100000 and their
currency would soon all be drawn out
and the bank would become crippled, but
by going into liquidation it could in thirty
or forty days pay oil demands, save the
capital and have q surplus left. The
Union going into liquidation had an I'm
favorable effect but all the banks includ-
ing the other three which reopened on
Monday went safely through the day an d
paid their clearances as on M'nday. AL
, together the prospect Tuesday night was
that the crisis had passed and that bust
ness was assuming healthy tone.
Yesterday was an encouraging day. All
the bankI la Chicago doing business passed
2 safely through the day, many or all receiving
more danoeifc than yuoa
produce trade Is reviving and prices advanc
Ing. The general aspect is more cheerful
D and confidence is becoming more general.
e There have been no bank suspensions In
Milwaukee and it is thought there will no,
be. Business has been partly suspended BY
the adjournment of The Chamber of Commerce
n but otherwise is passing on about as usual.
In New York the panic Sc ems to have
subsidized, business being tran sacted and
confidence increasing. Boston has thus
far had no panic, no bank failures and
d not much suspension of business.
|. Gold to large amount is being i'm
: ported from England and currency to q
9 very large amount has been transmitted
= and is being transmitted by express from
= the East to the West. OF the currency
transmitted Chicago has received and is
3, receiving it by millions. The produce
and pork business cannot be fully carried
v on without the use and assistance of the
e banks. And this cannot be had wjthou,
l. accommodation on the part of the banks
G and confidence by the banks in each othe,
: and In the hanks hu thn ,,nnnlo I'll .