The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-25
Heavy Drafts for Currency from Ohio
and Other Places for RediscOunts.
Gotham Financiers. However, Feel Greater
Concern for the Situation in Philadelphia
and New England Just Now.
Deposits of S3S,000,000 Drawn from
Gotham National Banks Since March.
The Stock Exchange Will Proceed Against G.
Il. 6. We'll. Who Was Caught Circulating
Evil Reports Without Foundation.
WESTERN BANKS HEDGING.

WESTERN BANKS HEDGING.
Greater Part of 1900. 900 Sent TO indian.
6poiis aud Ctncin natl Yesterday.
NEW YORK. July 24.-The banks reported
the condition as fairly easy and, to some
extent, better. inasmuch as the demands
for accommodation were light The most
notable dem ands for assistance to-day were
from Ohio. The orders for currency to-day
were light. The subtreasury was debtor az
the clearing house, this morning only s1lS,-
coo. and that sum was paid in notes. What
caused the treasury officials TO pay in notes
to-day. instead of gold. as they have done
for the last week. cOuld not be ascertalned.
but it was assumed that the protests OF the
banks. through the press. against the IN.
convenient method of settling the clearing
house balances in gold had caused them 10
see the absurdity of the practice. The in-
dications to-day were that consid-
erable amount of currency was being
received from come sections of the
country by the banks in this city, but that
it was being Offset by shipments 10 o her
places. The leading banks REQ eiyed $780,
600 or. Saturday. whils shipmen Is were not
nearly much, but on the other hand
there were some banks on Saturday that
shipped a great deal of currency without
any receipts to offset those shipments
From the demands received to-day from
Ohio and s0me other places for re-dls-
counts it is believed that the shipments OF
currency to those sections this week Will
be heavy. In many instances during the
last few days gold has been shipped TO the
country instead of currency, and more will
probably follow. The banks asking for
the accommodation are providing themselves
against rims as the wave of distrust sweeps
over their localities. Speaking of the great
number of Western banks which closed on
Saturday, the president of one OF the
largest national banks In this city said to-
day that he believed that in the majority
of cases they were not failures but only
Suspensions: that they were PERFECTLY
solvent. and that they would resume bust.
ness again IN few days stronger than
ever.
The situation in New England is attract
ing q great deal OF attention in this city
now. and especially IN regard to the manu-
factories. At the office of Watson x Glib
son, No. 555 Broadway. 1t was SAID that
their adyices from Boston were to the effect
that money was practically unlendable IN
that city at per cent. and that stocks
were being carried at per cent. Il con-
sider." said Nh Gibson. the situation ne
regards the New Englsnd factories the
most serious factor In tnfs market"
The failure of the Milwaukee National
Bank on Saturday was very generally dis
cussed in this city to-day. The failure was
not entirely unexpected by wIde-aweke
bankers. some of the most conservatIvp of
whom had been aware of Its real condition
for some time. One of these bankers said to-
day the report that the failure of the hank
was due to the failure of the Sohles.
niger syndicate was not true. Tne
banks failure. 1t was said, was due
to 1t having overloaned TO certain
parties with which the Schlessinger syndi-
na6 In a
this morning reported their inability TO
make collections In Philadelphia. or obtain
payment of the large balances they have to
their credit with some banks in that city.
| One bank here has between S500.000 and
| $1,000 600 in Philadelphia, which IL Is unable
| TO obtain without recourse to measures
| which would probably cause trouble TO the
banks referred TO In that city. New York
| banks as a rule. are now refusing to accept
drafts from their customers on Pbila-
| delphia banks. except for collection at the
| deDositors' risk. In some cases where
merchants in this city have had largo
| drafts Oh Philadelphia they have sent
| them there by special messenger for collec-
| tion over the counter. he course. how
| ever, involves trouble OF Identification. and
when it has been adopted liberal COM
| mission has had TO be paid for New York
| exchange. currency not being obtainable.
According to the reports to the Controller
| the Philadelphia national banks were as
| well supplied with cash on July II as we're
| the national banks of this city. Those re-
| ports show that on that day the reserve of
| the national banks of Philadelphia
amounted to 80 per cent of the deposits.
| lt Is a oause of some wonderment. there
| fore. why the philadelphia banks should
be SO slow in making the remittances 20
| this city.
The shipments of currency by the banks
| to the interior to-day amounted TO Sl.5O0.-
| 900. OF this sum f400.0 was obtained at
! the subtreasury in exchange for large bills.
Most of the money went to Cincinnati aud
| Indianapolis Some money went TO Chi.
| cago and So. Louis.
ments of the New York city national banks
| submitted to the Controller under date OF
July II, that, with a shrlnkege since the
| March report of 7.795 5g7 in specie and
legai-tendeT holdings. of s3S. .l5l. .2S9 IN indi.
| vidual deposits and of SS7. 1872 In amount
| due other bsnksaBd bankeTs-most OF which
also was depOsIts-the aggregate loan ac-
! count has decreased only sl479S. 1i0. This
ia fair measure of the courage and lIber-
ality with which our city banks have
faced the Crisis. Ii Is true thai
the calling in of loans, even
60 this extent. must necessarily
have resulted In a corresponding reduction
of deposits; so that the total decrease in
| deposits Is by no means a proper measure
OF the extent of actual money Withdrawals.
by what Is In Que way or another hoard
ing OF money Is nevertheless strongly re-
| fiected in the comparison. and lt 10 the
! banks which have boldly connterbslaoced
such a movement by their use al clearing.
hOuee certificate. Figures show. indeed,
from what q pinch of senseless panic the
| New York banks have saved US. They elsS
show why the banks are wisely refraininq
from q sudden contraction of certificates
now outstanding. That these certificates
| are not being increased is a negatively
! favorable sign. and. indeed. they have
never risen within 81. 100000 of the ISSUE in
the panic time OF 1873.
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