The Portland daily press., 1873-09-26
THE STOCK PANIC.
General Suspension
THE PRESIDENT FIRM.
PANIC IN THE SOUTH

PANIC IN THE SOUTH.
THE SILVER LINING.
New YORK, Sept. 25.-All business done at
the Produce Exchange is upon strictly cash
basis. Prices are tending downward.
Anxious for Resumption.
Clearings at the Clearing House have been
satisfactorily made. Brokers are anxious for
an early return to stock operations, and the
banks for ar early return to legitimate banking
business.
Currency Issue Demanded.
AT meeting of the Produce Exchange to-
day the following resolutions were passed:
Whereas, The critical condition of the com
mercial interests of the country require imme-
diate relief by the removal of the block in ne
gotiating foreign exchanges, we respectfully
suggest to the Secretary of the Treasury the
following plans for relief in this extraordinary
emergency: First that currency be immedl-
ately issued to banks or bankers.upon satisfac-
tory evidence that gold has been placed in spec
ial deposit in the Bank of England, by their
correspondents in London, to the credit of the
United States, to be issued solely in purchasing
commercial bills of exchange. Second. that
the President of the United States and Secre-
tary of the Treasury are respectfully requested
to order the immediate prepayment of the out
standing loan of the United States due JAN
LIST, 1874
The Bonds of IA.
A Washington despatch says that the Attor-
ney-General had a conference with Secretary
Richardson relative to the financial crisis. The
opinion of the Attorney General was solicited
as to the power of the Secretary to redeem the
five cents dine .I3nuarV 1St 1874 Without
giving an opniOA the conference ended. The
act of March, 1869, known as the Act to
strengthen public credit, says: But none of
said interest bearing obligations not ready
due shall Oe redeemed or paid before maturity
unless at such time U. s. notes shall be con-
vertible into coin at the option of the holders
and unless at such time bonds bearing a lower
rate of interest than bonds to be reduced can
be sold at par in gold" From this it would
appear that the Secretary cannot now redeem
bonds due in 1874.
Modest Proposal.
3:45 o. m.-Messrs. Halves & Macy, who sus-
pended yesterday, are out in Il circular, propos-
ing to continue business as usual, receiving
special deposits in trust to new account. to he
used only in payment of the respective checks
of depositors, the firm to pay off The present
indebtedness as fast as they can collect on their
loans and securities.
The firm state that they have not pledged
any of their collaterals and do not owe any bor-
rowed money Their resumption is regarded
as an encouraging sign of the financial Situa-
ers here.
The banks and brokers keenly complain of
the unfounded statements aud often malicious
rumors sent out from the city by irresponsible
parties, which not only do great personal injury
but add fuel to the excitement.
Cabs we're frequently driven pell nell into
the panic breeding crowds in Wall aud Broad
streets yesterday, in order to disperse them and
prevent their hammering OF stocks
Affairs on the street are still quiet and steady
The street market mostly confines itself to bids
and offers, the transactions being few and far
between.
CIews and the Government
The London house of Clews & Co. held
$3.50, 0C0 of Government money on consular fees
and $4,000 of the funds appropriated for de-
fraying the expe nses of the Geneva arbitration.
A Washington special says the gold business
with j. Cooke, McCulloch & Co. has stopped,
and its account will probably be transferred to
the house of U. s. Morgan & Co. The United
States Gillian Minister, Root, loses $4,000 by
Cooke failure.
The list of Halves & Macy's correspondents
embraced eleven National and State banks and
40 private financial institutions.
A tour among the banking firms and bro
kers' offices and visit to the Sub-Treasury
shows still further improvement in the feeling
Confidence is much restored aud the belief is
provement. Stocks are bought and sold now
for the first time in four days on certified
checks
The members of Jay Cooke & Co.'s firm met
to-day and decided not to sacrifice their securi-
ties in order to meet their obligations but wait
the restoration of public confidence.
The Reason Why.
II is stated that the fact has developed that
the late Sub Treasury disbursements amounted
to $25, 000,Qf0 in currency, and the constant
drain upon the department has reduced the
balance on hand to about S500000. 1t would
seem fIon this fact that the decision reached
last night to buy no more bonds is because there
are no more available funds on hand, aud not
because the Secretary had decided not to assist
the merchants and let the Wall street people
take care of themselves
The creditors of the National Bank of the
Commonwealth held a meeting this afternoon,
but pending the investigation by the receiver
| no action was taken.
There was no meeting of the Chamber of
| Commerce this afternoon the call therefor
having been decided Illegal.
| General Overhauling.
The Mayor and other off ;ials of Brooklyn
| this afternoon engaged large corps of account
ants to thoroughly examine the books of al
the city departments.
The Evil Day Postponed.
No cases of bankruptcy against the suspend
| ing bankers or brokers have been brought for
ward on account of the non lapsing of the four
| teen days required by law after the paper has
| gone to protest
The run on the Jersey City Savings Bank
| ceased this morning.
More Suspensions.
The Dollar Savings Bank of Atlanta, Ga
| and the State Bank of New Brunswick, N j.
| Suspended to-day.
| The Effect on Labor.
JERSEY CITY, Sept. 25.-About 1000 hands
| have been discharged from Rodgers locomotiv
works at Peterson during the week. The Sec
| rotary of the company says this wholesale dis
| charge was caused by the receipt of a lette
| from railroad company stating that owing tt
| the financial condition of the company the,
are compelled to withdraw their orders, and re-
quests the manufacturing company to suspend
work on all engines not already completed til
| the railroad company can see their way cleal
| to pay for them.
Precautionary Measures.
New HAVEN, Conn.,, Sept 25.-The man
ayers of all the savings banks in this city me
this morning and unanimously voted that un
der existing circumstances it will be prudent t
take advantage OF the provisions of their char
| ters and require notice of withdrawal of de
positors. The banks continue to pay smal
sums on demand, but for large amounts the
will require some days notice. The Nationa
banks, State banks, Trust companies and pri
| vate bankers have followed the example of tn
| savings banks, through pTuueUIidl motives,
| protect borrowers and depositors alike. The
banks of New Haven were never in better con
diton.
Failures in Detroit.
DETROIT Mich, Sept, 25.-The run on tn
savings banks was quite extensive today
They all insist upon so days notice for larg
amounts,
Davi. Preston & Co., and f. L. Seitz & Co.
| bankers have suspended.
Loan Ce. tifcates ISSUED.
PHILADELPHIA, Sept. pa more hopeful
| feeling exists here among merchants and pr ce
of goods continue very steady. Third street is
quiet. All national banks, savings banks, ant
such of the state banks as did not suspend, pur
sue business in the usual manner. The board
of brokers continue in session and have adopte
the following resolution:
Resolved, That until otherwise ordered, Ger
titicates or due bills on acy of the associates
banks be received in settlement of contract
between members of the board.
Better Outlook at Pittsbnrg.
PTTsBURG, Pa, Seyt. 25.-Three Lnndre
and fifty thousand dollars in greenbacks arriv
ed here to-day from New York, Washington
and other large sums are expected tomorrow
1t is hoped the greenback stringency will b
over by Saturday. The entire outlook is NOR
bright, and the temporary arrangement G
financial houses will be very brief. The run OF
Savings hanks is stopped.