New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-26

Suspension OF the Banks.

4 meeting .: h. presidents OF our city
bank. va. held on Wednesday night, to
| take INTO cons!GeIat.oU the present tinan-
ba1ic etfec: upon ou: local institutions.
! After considerable discussion a .uspen ION
was agreed upon, and the following address
drawn NJ and signed:
The undersigned. incorporated banks and
! bankers o! the city %. New Orleans, desire
! I" inform the community OF the motives
| that actuate then: II partially suspending
the payment ct currency upon ihe!r GemanI
ob. cations.
Owing % the partial suspension Of cur
rency Payment. bv the associated banks OF
New York and other Northern cities. and
the con uuent refusal .. Western and
other banks 70 receive checks on New
York. a. il :egpis. c.urs. in settlement OF
collections. made here :or their account. 1t
is asce;rainet cha. very large rem ttances
of cUrrenc: hence have been made upon
peIemv.o-y order. within the past tive
days.
To suc.i az extent. indeed. has this pre-.
vailed. ina. at tA. same rate only few
dav. :Eus. e.a;.e before our vaults and the
Community would b.. entirely depleted of
the means essential to the ordinary move.
ments OF trade.
At the :,rescn. moment foreign exchang sc
is unsaiea oie in New York. and as We derive
from til. scu;c. on. man supply OF cur
iency. We ara now thus deprived of our
only means Of restoring the amounts lost by
shiDment. 70 the West and to the interior.
We have therefore taken this step as a
means of self protection. and for the benefit
OF the Agricultural as well as commercial
interests. and as the only manner through
which the incoming crop. can be moved
without cuinous sacrifices i'll prices.
The duration OF this protective policy is
limited {. i period OF thirty days. during
which time We are confident the daily re.
ceipts o. cotton and sugar will afford us
prompt ant ready Ieiiet. and compel cur.
Iency to seek this market.
Citizens Bank.
Union National Bank.
!1erman.a National Bank.
IeutOnia National Bank.
louisiana National Bank.
iIiberna National Bank.
B,uk of Lafayette.
State National Bank.
New Orlean. National Bank.
Bank of America
New Orleans National Eankin. Associa.
ton.
Canal Bank.
Mutual Na,iona! Bank o: America.
Peoples Bank.
Pike. Brother & Co.. Bankers.
This circular wa. signed during the day
yesterday by the presidents of all the banks
except the Southern and the savings banks.
The understanding arrived ct is that no
check for more than 500 will be paid; but
Messrs. Jonas. Schneider and irwin are a,,.
pointed committee. who will receive the
securities from the portfolios OF the different
banks. issuing to them seventy five per cent
OF :l.eir value in Clearing House cevtif.
Gates. as foliows:
$1,000. NEW ORLEANS. -. lS.-.
CLEARING HOUSE CERTIFICATE.
". the undersigned. trustee. represent.
inc the banks and bankers ot New Orleans.
pa.t,e. tn al act passed. before Theodore
Gnyol. notary putiic. on the twenty fifth
day Of September. 1913, do hereby certify
that the -, o. New Orleans. has de.
posted N!t. them co!!a:e.als 20 SECURE the
payment Of S!05y.
Iii. certificate i.rece.ratie liz settlement
ci balances be:He-.! the banks.