Morris tribune., 1886-09-29

NE" 1OtNN> A<Pl. W
special to The Sun SAYS: Treasurer Jordon,
referring Friday to the alleged threat of sew
eral national banks to withdraw from the
national banking system, said:
You can rest assured that no bank will
carry out that threat. First, because the sit
uation of them is not at all stringent and
they are in no danger of being driven to the
wall or even cramped by those bond calls;
secondly, because there are no state laws
under which those banks can reorganize
profitably If any of the states had laws
under which these banks could issue cur
rency there might be some temptation to
them to go out of the system, although |
doubt if their circulation would be accepted
generally.
am inclined to believe that these banks
would not for good deal lose their status
as national banks, for the reason that much
of their business would go to the remaining
national banks This would be especially the
case with small depoSitprs, whose suspicious
are easily aroused and to whom the word
national III banks title has always seemed
great protection for their small Investments.
Again, money now commands 5 and per
cent, and the banks can not afford to retire
their circulation when it is as valuable as
that. There never was time when the
banks were making as much money as now.
Ii money We're as cheap as it was some
months AGO there might be some sense in
these reports, but it is nonsense to talk of it
now.
1t is rumored at the treasury department
that the forced substitution of other bonds
for the called per cents will not be pushed
very rapidly, and that plenty of time will be
given the banks to make the change. The
called bonds deposited by the banks will be
the last to be taken up for liquidation and
no bank viii be crippled by these calls
The Business Outlook.
IL
to Bradstreets reports a continued full vol
uIne of general business though there have
been less favorable advices from several
points. While the movement of staple pro-
ducts from Boston has been good it has been
less regular, notably in dry goods, which,
however, is regarded as natural after the ex-
ceptional activity enjoyed of late. At st.
Louis new business continues to be reported,
but the rate of increase is less than previ
ously noted. There is a quieter tone to trade
at New Orleans, where the predicted earth
quake appears to have prevented the appear
ance of country buyers to some extent. The
retail trade at Savannah has been checked
since the late disturbance of the earth, and
there remains, of course, much to be done at
Charleston before the commerce OF that city
reaches its former proportions. Owing to
late failures on the Pacific coast business at
San Francesca is more quiet and somewhat
unsettled At most other cities the full vol
ume Of commercial transa ctions already
noted exceeds totals of like periods in inlme-
diately preceding years, and in nearly all in
stances meets the more conservative of the
hopeful anticipations reported within two
months past.
The Orange Crop = Failure.
NEW YORK, Sept. ga special to The
Sun from New Orleans says: The Louisiana
orange crop is usually marketed about this
season. Reports from Calcasieu, st. Bar
nard, St. Mary, Cameron, Lafourche, and
other parishes in which the orange is princi
pally grown say that the crop is complete
failure this year. 1t usually averages from
10000, 900 to 80, 000, 900 year, but will not
be 100000 this year, in consequence of the
severe freeze last winter.
Maj. MorSan's Resignation Demanded.
CINCINNATI, Sept. 27.-Maj. Morgan, who
was arrested Friday on the charge of indoors
ing fraudulent warrents as a member of the
old board of public works, Saturday morn
ing presented a communication to the board
of public affairs asking whether or not he
should continue to discharge his duties as
member of that board Confidence was ex-
pressed In Mr. morgan, IL being tne teenng
of the board that until the charges are SUBJ
stantiated or disproved the board should rec
ognize him as member with full power to
act in that capacity as heretofore. A spe-
cial from Columbus, however, says the gov
ernor has demanded Maj. Morgan's resigna-
ton from the board of public affairs.
A complete ransacking of the big safe in
the office of the city clerk fails to discover
tha bonds nf nolI Happon and Tucko1 IF tho
defunct board of public works. The bonds
of Morgan and Springmier are all right, but
the others are missing. The bonds are for