, 1873-09-29

THE FIHBT NATIONAL.
Immediately afsor tho confirmed report Of the
suspension Of tho Third National, which Botno-
what startled tho public, thoro sas runlor OF
heavy intended run OIL tic First National, and
some apprehension wns realized as to tho ability
Of his bank to stern tho tide. Truo enough, tho
lomaud at tho counter Of tho Flrst National
grow strong, but there WAS nothing like tile
aombla,ce OF q panicky run. From II o'clock In
tko morning until 2 o'clock tho afternoon tlero
was conssant aud steady demand for co11rrenoy
ut this counter, mud ovorycheck was met prompt
Is by smiling Cashier, who aisbnrHoa greonbacka
to tho groody. Thoro WAS nothing liko confusion
or cxcltemont about tho bank. and tho street
rumors, as usual, exaggerated tho reallty.
THE SECOND NATIONAL
Is regarded as lopelesBly iNsovont, and the pre-
dctoua by tllo boBt posted iinalciorH aro that It
will not ieaun!o. As reported IN yossordays
TRIBUNE, tho bank Is making such adjustments
Us it can with forboaring creditors, and Ito Off:
eera hope to be permitted to go into quiet and
voluntary liquidation. Tho diaaatcr that has
oyortakon tl,em iB not wholly attributable to the
prcaont crisis. but to unfortunate previous dlH-
appointments, and tho present has crushed 3t; tho
;7aaiutain TINT their securities arc good md thas
every dollar of obligation will lo paia It time IL
granted and no hard measures are adopted to
force them into bankruptcy
closed its doors In tho morning, r notice boiug
pasted on the door setting forth that, owing to
tho continued financial etringoncy, tho manage
mont desod Il proper TO susrond business lor
the present. This was signea ~ tho troglaens resident
poarco, felt contidont and eoreno, and 30 did all
who had accounts with tho bauk. Thore was no
11,uaBnoass; it WAS matter Of a. tow days. and
oil would DO right. Tho best feeling prevailed,
and there was no abatement Of tho confidence
that H0u Ntrhva HYHfnI tho community
toward the institution. ...'...
THE COOK cOuSTY NATIONAL
had suspended operations OIL Friday, put MIR.
D. r. Alon, tho prosident, announced lia lnt9n- qI
oxpcTonco for finances. Tie present Danking
LAW should be altered. Senator Logan, who hap
poned in, remarked that there was no tlexibiity
to it, aid 1t should bo changed. Dir. Allen
Thought tho people behaved magnihcontly, and,
having settled down to the conclusion tint they
could not get currency Immediately, were con-
tent to wait, and in that thoy wcro sonaible.
Things having reached tie bottom, would look
upward from this OIL, and tho outlook WAS not
THE MAsurAcrunERs' NATIONAL.
At tho Manufacturers National Bunk 1R1D'
uSE reporter found all air Of suhl1od quiet pre
willing, and tho President, Ira Holmes, placill5
seatcd ut bis desk awaiting further do
yelop1nouts and tho arrival of customers. Who1
ualel as to what was the latest financial ovontE
which had como tudor hia notice, he i1lhcaltat
ingly answered, "Wo aro going into liquidation
At meeting Of our shareholders, hold yesterday
it was resolved TINT tho bank 20 into liquidation
under tie terms Of Sec. AZ, Art. D."
Roportor-How do you expect tho bank tt
come out 7
Mr, Holmes-Wo shall bo ablo to pay our do
posits in full. The figures show that to pa
5000 900 no hnve 91,5U0,000, which must b.
looked upou as 0 satisfactory state Of affairs.
Roportor-How do your customers look upol
tho arrangement?
Mr.. Hoimcs-I may say that they are NIL vel
pleased with it. hayo Ind nothing but til
very kindest feelings from every man who ha
an account with us.
Roportor-How long will It take to wind u
Mr.. Holmes (meditatiyely)-1 think no ,ough
to bo nblo to sottlo with I'LL dcpositors satsfac
torily within from twenty to al.ty days,
Ioportor-UoW s0nn do you consider rolle
from tho present state OF aiE"lrs may be locke
Alr. Iolmcs-It's long rona that knows, n
turaing. At present there are no aigua OF iu'
proyemont. .
Its articles upon the panic has fully shown Il
the CAUSE of tho disastor?
Mr.. HolmeA-I do, but would add this, tha
think TINT, il the counsels Of Mr. Coolbaugl
Expressed at tho first meeting Of tho Clearing
HouHo, had been needed, and tho banks Ind q
closed thoir doors. u1d takon t!me to considt
the l,uturo Of tho disaster, tho boHt means
meet it and to alovinto public oxctement, Il
permanent trouble would have occurred. Aft
haso mot together and considered min
ters. Currency payments being suspen'
ed, Clearing House certificates; would
issued until tho banka understood ono nuothot
position. Tie Chicago banks would have be'
nblo to retain enough curroncy to keep orlina
business going, md to keep tic laboring c!ass
supplied With suificient funds toheep thomaoly
going,
TIE UNION NATIONAL.
Afr. Coolbaugh, proaitlens Of the Union n
tional, after ball]iing hours yesterday kindly /
vored TuE TnusuSE reporter with lengthy a
astnto survey Of tho financial altuatinn.
would be an injuHtlcu to this distinguished finn
cer to attompe, whom tho reporter tooi no not
rorsation. to report Nir, Coolbaugll's Ia
f,1aso, Ills views of tho situation were re-
Grated al Expressed to otllor leading hnnnolt
with whom ilo has boon in consultation duri
the pnst wook md ho declared them to bo &C
flrmod by Developments III tho monetary wo
since thoir first advancement
Without botraying my Of tllo conf1donco
posed in the writer, or attempttng to give .
t;oolbaugh'a language, q brief summary of
Tho presiaent Of tho Union National is p
fectly confident Of tho wisdom Of tho oou'
adopted BY tho Dank; ho fully appreciates t
harsh criticisms that huyo boon passed npon j
since tho sHsronEion, and realizes fully that
haa sacrificed Temporary reputation and
r,remacy, but hazards his reputation upon
Wisdom Of tho courno adopted. and tho sequol
to result. No ono. 10 sayh. moro rogeets
sion than llmBo!f and tho otlpr officers Of
hank, but, in thoir united Judgment,
ciycu1nata1lcca boyooud their CONTROL It F.,
utterly impossible for tho banks OF Chicago
hold out With currency Payments when oy
ntAer city III tho country had suspended. I
currency was hold at premium. Had th
heau concerted action OIL tho part OF Il
banks, developing aon,o temporary ronlody
1,onling tliitloaltios. though !iazardoua,
cllasn, botwoel. suspension and tnll .paym
might have beon hri1god oYor. nnt whom y
conalruction could not bo accomplished. prop!
tion for tho fanoIod inevitable hosiooyod eY
eouBcryatiyo and aafo investing lntoroBt. It
asimpraoticable for tho banks ot Chicago to N!
ta,u bualllaas on a currency bsaa at prem
III this hour Of uncertainty mud gloom gu 1t We
be to attempt special resumption on tue part
one cIty wh!to tic balauca OF tho nation was
ing business on legalizod promises to nay.