, 1873-09-26
MONEY AND COMMERCE,
MONETARY.

OIL tho Hurlaco. mnch tllo eAano rs yesterday
thoro haB boon nh important change iii tho gon-
cral fecling. Yestortlay thoro waa undoubtedly
moro confidence Tint tho unreasonable eurroncy
panic would gradually subsido. tint gradually
moro and moro cllrrotcy would find It's way Into
tho banks, md that, in turn, they could
gradually pay ont curroncY moro literally
TO every owner ct a bunk bala1,co.
But this morning, the Chicago Times
did Its best to destroy confidence by The pubtsca-
$ion Of thinning cnnard with stunning headlines
ta tho effect TINT the Chicago banks !" Ind sua-
pended busineBa." Tho uttor fa1sity OF tho
statement WAS shown by tito fact tllat this morll-
Ing evory bauk in tho city was open and doing
business just aB they had boon ever since Mon
day morning. Tho public mind, however, as
everybody knows, has beon In nh e1tromoly e1-
citable etate for tho last week. rooplo l,ayo
becn roady to believe any report unless they
had tho most nne1ttiyocal demonstration
Of its untruth. Tho falso report
OF tue suspension Of business by tho Chicago
banks aeolns to have boon tolograpliod carly this
.snoTning to nil parts OF tho country with m
alacrity tint savors Of q proconcoTted design to
forco the banks to suspend. At an eatly hour
this morning private dispatches began to como
to the banks from avorywhore, making tie IN
q,liry: ''uavo tho Chicago banks Busponded7
The unanimous reply to this to tho banks'
here was: "No banks all open and doing busi-
neas az usual" It waB too 1ato, however, to pre-
vent the offcct OF tho lncondiary report, and be-
forc noon It was shown In tte tolegraphtc report
OF the run on. tho banks Of Memphis
and the suspension of payments by Tho
banks Of Nsw Orloana.
Tho report In question had
NO FOUNDATION
except resolution not unnnimouBly assentod to
Ivy tho members Of tho Clearing -Houso, ut
meeting last evoning. Tho resolution itself
amounted to nothing but q declaration Of faets
which have been publicly known to e1iat for tho
last three days, viz: TINT owing to tho scarcity
OF currency tho banks could not pay large de-
'nands for currency. This was not the gu
nouncomont OF any now departure no change
in tho policy Of the banks from what had bocn
tho rule for throo days. Moreover, IT was not
tho public acknowledgment
OF ANY aE0RET.
In CUR money article Of this morning (Sopt.
25) 1t vas donnitely stated that tho position Of
cisely
THE sAME As THE NEW YORK RANKS, VIZ:
That III consequence OF tho unreasonable de-
mand for currency (wo ropoat from our money
article OF this morning) "the banks simply say
Tow days, until tho currency excitement blows
!pyor."
IA this was we'll established and publicly &C.
kncwlcaged fact, md had been. 30 for at least
mailing It tho subject Of q resolution OF tho
Clearing House,, nor any special Importance
In tho ract that Bucli q resolution, wns
passed, A resolution that :" There is a
nance. That <lore is q panio, mud very absurd
one, everybody has known for several days.
30 much for tho absurd resolution which las
hcen n'ado the pretcxt for the canard about
"Ru.:5iision of buaineBs.h
Tho effect Of the sensational report above re-
ferrel to- Inns undoubtedly beon unfayorable Oh
tho
SITUATION TO-DAY.
The banks in this city to-day have all paid cur
"sua|l check"' there is q groat diGorcuco
Of apiuion Ut different banks. At ono
bank 4 ''anall check" means probably
e25; At another it may mean $500
por cent Of mans baIanco, aud ut another Is
or 50 per cont AB general thing, city deposlt-
ora havo been ablo to get all the currency which
their real uecesHitios called for. What ls to bo
the net result OF this dong out Of cur
there is u grcat diversity Of opinion among
bankers themselves. A fow banks, that wero
Fortunate enough to have comparatively large
stock Of currency when the panic began, and
hold OF considerable amounts Biuce, seem to fool
confident tbat they can 50 through anything, aud
that they will bo able to moot any de-
nands their customers TOLL make. But with fully
acknowledged that they believe that tho cur
fency ia bling gradually drninad out OF thom.
and that though perfectly solvent they cannot
be expected to do impossible thiugs Their ar
into tho banks Until confidence is in n measure
restored, and that tho only Thing that will restore
confidence is for the banka to ceaso claiming
they can do what their depoBitors know is inn
possible, viz pay currency for all their deposits
at onco.
Tlloro is undoubtedly good deal OF currency
coming into the city to merchants BONE OF it
is deposited by them in tho banks, but auy mai
can guesB how much, By asking himsolt whothor
he would deposit the currency in q bank now Or
not.
Thoro Ia OF course no quotable money market
now. borrowers as we'll as lenders, for ordinary
purposes, arp put Of tho marriott. For specula-
tion in grain money (currenoy) is worth any
where from 100 to 200 per cent per annum. ac-
cording to the fluctuations Of the difference be-
"Beller Octobor."
THO situation is, l,oweynr,
DY NO MEANS HOPELESS
even in respect to the continuance OF currency
payments on limited Bcale for tho present, and
gradually increasing the amounts. The main
SURF sarronoy nc m from tho East. rho % o1citemo%St % has
much alated in Now York, aud, il the advicaH
from thore tomorrow should DO favorable and
the New York banks respond to the demand
OF the Chicago banks for currency, tho loss of
confidence to-day would be quickly regained to-
morrow.
TIE olearings Of tho banks wore made to-day
without any moro difficulty than for tlio las!
three days. There WAS Bomo talk to-day among
tho banka of adopting the plum OF iss,ling Clear
ing House certificates for the settlement oi
Clearinghouse balances, but thero ia nc
unanimity Of feeling among the banks, and
nothing was done about it. This il the great
difficulty With the Chicago bnnhs III tho prevent
emergency, they are not united OH tho contrary,
they aro trying to gel tho advantage Of each
other.
Local quotations. nro giran BY Mesars. Pres
ton, Kean i Co., as follows:
DaMna. SdlIfng
q. 8. e. Of 81 B1.....,.................1l4I ...
p--9s U! u s...s.s.-.-...l4V
p-+vd " b4....-.s ..s.+t+lW 80,
s-20s Of 'G5 Jim. and Ju!y...........1l2 So.