Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-27
OTHER CITIES.
Scattering Failures at Various Points
The Chicago Grain Trade Stalled.
New Orleans Discounts Certificates )
per cent.
ChicsgO-Six or Seven Banks Sus-
Pend-The Board of Trade Suspend
Their RuIes-NO Grain Market

penu-Eho BOARD OF Trade Suspend
Their RuIes-NO Grain Market.
CHICAGO, Sept. 26 1t is announced
that the Union National, Second National,
and Manufacturers National banks have
suspended. A notice on the door of the
former, says that bank has abundant secu-
rites, but is compelled to suspend payment
on account of lack of currency until able to
realize. Nothing has teen lost from failures
aud the depositor will be made safe.
LATER.-Cook &. Co., the City National,
and the National Bank of Commerce have
followed the example Of the Union National
and closed their doors. There was a run
for an hour on the Corn Exchange Bank,
but everything was paid and the run soon
stopped. Some who drew have redeposit-
ed. The bank is considered very strong.
Other National banks are paying regularly.
There is considerable excitement among
business men and the grain trade shows the
effect. CoOlbaush, President of the Union
National, is severely ensured by other
bankers and the whole community, as his
extreme course was wholly unnecessary.
1t is suggested there must be something
rotten in his bank, though it has been re-
garded as very JstTong. 1t was M. Co..
baugh that on Thursday offered the reso-
luton adopting the loan certificate system.
The Board of Directors of the Board OF
Trade at a foil meeting this morning uran-
imously passed the following resolution, the
reading Of which was greeted with applause
and universally approved.
Resolved, That all rules of the board
authoriziny the board of directors to con-
slider and act on complaints for violation of
c5ntract be suspended SO far as such COM
plants are based on contracts for delivery
of property in the future, made between
the passage of this resolution and the fur
ther order of the association; and further
that The board shall not entertain complaints
for the violation of contracts claimed to
have been closed during the time indicated
by reason of the non deposit of a margin,
provided thai this resolution shall in no case
be held to apply to any trades made in the
settlement of existing contracts.
The bank failures brought operations on
Change nearly to sst3nd still and the action
of the board suspending The rules brought
everything to full stop except on occa-
sional settlement of trade or still rarer
cash operation.
The following banks continue to transact
business as usual: The Commercial Ma
iional, the Third National Bank, the Mon
treal Central National. the Corn Exchange,
the Fifth, First, Fourth, Germapia, Inter.
national, the Merchants National Bank, the
Illinois, the Northwestern Traders Bank of
Chicago, the Union Stock Yards, Merch-
ants Loan and Trust Company, the Ger
man National, Mechanics and Marine Com
psny. There has been no run upon any of
these institutions, although some of them
have paid out considerable amounts of cur
lency- To the above let should be added
the City National Bank, which the officers
say have paid all demands on presentation.
There appears to be very little excitement
among the people on the streets, beyond The
intense feeling CT indignation against Cool
baugh, President of the Union National,
who is bitterly denounced by macy as hav-
ing unnecessarily precipitated this suspen-
sion to-day. IL is authoritstively stated that
CcO.baugh this morning received Telegram S
from his New York correspondents author
ling him to draw for the entire amount of
bis balance there and 100000 additional,
which offer he refused.
ST. Louis OBSERVATION-DISCLOSURES Banks
Paying Currency and Others Issu=
ing Loan Certificates.
+ ST. LOUIS, Sept. 26.-The action of the
banks in this city last night seems 10 be
generally approved by the mercantile com.
munity, and an improved and Compare
lively buoysnt feeling was manifested this
forenoon, but when news came that several
Chicago banks had closed their doors, deep
anxiety and apprehension iInmed ately
sprung up, and business on Change almost
entirely stopped. Prices became entirely
nominal, and except for settlements tor
grain and an occasional sale for futures,