The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1873-10-09

- A~SA.O - ES~vssSS~~A INV way sA~sss
market, but all the southern and Western
markets. On that day over ssooo, 600 in cur
rency had been Released Gold had beenlower,
and at one period duzins the day was cold, Is
low ~ ITO in greenbacks. The Glenham
Wooden Mills, at Glenham, N. T., had sus-
pended. The Tribune had prepared a leader
advocating the immediate resumption of specie
payment, closing with the following signih-
cant language: 1.-THE country is passing its
grandest opportunity since the war. There
has not been, since the passage Of the legal
tender act, any financial situation or crisis that
SO held out all its hands inviting to resump-
ton. Shall we let it 60 by: The crisis calls
for . firm hand, clear head and determined
purpose. That's all. To-day's opportunity
is for the country, for the dominant party, for
the President. Let the President issue his
proclamation converting Congress in an extra
session at eight or ten days notice, with the
sole object distinctly stated in the call. For
ten days past the people have done almost
nothing but stand In front Of their balance
sheets and inventories and see rarid and
constant shrinkage in values, and there's no
knowing where it will stop or when, for the
simple reason that there is no financial hard
pan. Some time we must get back to specie;
that's admitted. Why not now? When will
there be q better time? When would the
whole country be more benefited by it than
now? There ought to be craftsmanship
enough in Congress to devise simple, practi-
cable method. Let President Grant settle it
as far as he is concerned by converting Con-
gress and putting upon it the responsibility of
meeting the emergency"
A Philadelphia dispatch of the 10Th an.
nounces that Benjamin Bullock & Sons, of
that city, extensive wool dealers, had failed
for large sum. The failure had been caused
turing Company, of New York, which was in
debted to them in the sum of $500, 900.
The West.
In Chicago, on the 23d, opinions were
freely expressed by leading fnanciers
that the bottom had been reached. The
feeling on the Produce Exchange was excited
and peculiar. In the morning every one SEEM
ed to think that the day would look brighter,
and the market opened somewhat buoyant.
1t could not be kept up, however, and prices
dropped till wheat got below one dollar per
bushel.
The long expected prize fight between
Allen and McCoole came of at Chateau Island,
fourteen miles above st. Louis and nearly
opposite Mitchell Station, on the 23d. The
contest lasted twenty minutes, seven rounds
were fought, and Allen was declared the
victor. 1t was q brutal affair and the dis
patch stated that McCoole had been terribly
punished.
A full meeting of the Chicago Clearing
House Association was held on the evening of
the oath, at which the following resolution
was adopted:
Resolced, By the Chicago Clearing House Asso-
citation Of the city of Chicago, that until further
action, and in view Of the disturbed condition of
affairs in New York and other cities, and the diff
the advice Of the Bank Examiner its members be
recommended and authorized to suspend currency
payments on any large demands made upon them
either from country banks or over their counters.
A Milwaukee, Wis.,, dispatch, of the oath,
says the Chamber of Commerce of that city had
suspended, and that there would be no trading
in grain until further notice.
On the afternoon of the sd, Mr.. G. G. Ly-
on, of the Chicago publishing house of Ad-
ans, Blackmer Lyon, committed suicide by
throwing himself in front of an approaching
at Oak Park, Illinois. Physical
and meatal depression is said to have super
induced the tragedy.
The Democratic and Reform State Conven-
tons Of Wisconsin united at Milwaukee on the
oath and nominated the following State ticket:
VIM. R. Taylor, Governor; Charles D. Parker,
Lieutenant Governor; Ferdinand Kuhn, Treas
urer; Peter Doyle, Secretary; A. Scott Sloan,
Attorney-General Edward Securing, Superin-
tendent Of Schools; NJ. j. Argand, Commits
sioner of immigration. Resolutions were
adopted favoring cheap transportation, the
improvement of the Wisconsin, Fox and other
navigable rivers of Wisconsin at the expense
Of the General Government, opposing protect
i've tariff laws, back pay, monopolies, free
passes to members of the Legislature, Credit
Mobilier, and corrupt legislation, and declar.
ing that the party would vote for no person
whose nomination was the fruit of his own
importantly or combination among partisan
leaders.
The State Liberal Democratic Convention OF
Minnesota met at st. Paul ON the oath, and
decided to make no nominations. Resolu.
tions were adopted advising all Democrats and
Republicans to yield a cordial support to
the nominees of the Owatonna Convention.
The Chicago Journal of the 25th says that
it had become necessary to say that the banks
Of Chicago had not suspended payment OF
closed their places of business. The action
of the preceding night was not in consequence
of panic but to prevent panic. They had
not ceased business, were continuing to receive
deposits and pay out such sums as might be
needed for ordinary business transactions, but
where sums were demanded to hoard or with
draw from business operations they had re-
solved to delay the payment Of these until the
financial storm had passed. The currency
stringency in that city had had the effect to
bring the extensive hog and cattle trade to a
stand still, it being impossible to make cash
sales. The Union Live Stock Yards contained
81, 900 hogs and 10000 head of cattle, all that
the yards could possibly accommodate, and
the live stock commission merchants had no.
titled the railroads and country shippers that
no more live stock would be received until
further notice.
The Cincinnati Clearing House Association
adopted ON the 25th a resolution substantially
the same as that adopted on the oath by the
banks Of Chicago.
A dispatch from Kansas City, NO., of the
25th, says that the banks of that city had sus-
pended. .-"'.-r
A dispatch from st. Louis, of the 25th, says
that the banks of that city had held meeting
ON the evening of that day and resolved to
adopt the plan of issuing Clearing House Ger
tificates.
A Detroit dispatch of the 25th announces
that the schooner w. J. Whaling had been
beached at Grand Haven. Michigan, on the
forenoon Of that day. Vessel and cargo
were total loss. Two Of the crew were
drowned.
The Interstate Industrial Exposition was
formally opened at Chicago on the evening Of
the 25th. The huge structure was thorough
~ packed. It was estimated that fully q, 600
persons were in. Ded;catory speeches were
made by U. 8. Senator Logan, Ex-Governor
Oglesby and others.
The 96th was Chicago's "Black friday
The Union National, the Second National, the
Manufacturers National, Cook County Ma
tional, and the National Bank of Commerce,