The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1873-09-25

pectedly that they eo1id not be readi-
iy met. There was no time lrfs in
+ which TO obtain money from the as
sets Of the firn, OF to get any funds
due the house. lie could not endeav-
or TO give any detailed statement Of
the liabilities, until he had calmly
considered the whole situation in con-
I nection with his partner and the
7 friends Of the firm. The enibs rrzss-
ment % Fisk & Hatch, he could safe
ly say, had not been caused by loan
] ing money on hazardous enterprises.
The house has not speculated, nor
met with losses. THE trouble has
been produced by the general feeling
Of distrust IN regard 10 moneyed in
stitutions, which Precipitated 2 de-
mand upon the firbz which they had
not sufficient time 70 meet. He
would make 10 statement at present
which he might De called upon tn re-
tract. He hoped for the best, and
thought il the firm were allowed to
manage tile business Of the house
I without interference, every creditor
would undoubtedly be paid in full.
The announcement Of the failure OF
Fisk & Hatch, which was followed
rapidly by reports OF the suspension
Of other firms, caused the widest ex-
element ON the street, and the scene
in Wall street and ifs neighborhood
has probably never been equaled.
NEW YORK, September 20.-Short-
ly before noon, in the midst Of the
panic, the Governing Committee of
the stock Exchange, determined to
close the exchange.
ufho TTa-srIr7 srfffOrfafIry FcUiQ<vfrl0
the Wall street disaster, says that
though several of the best known
banking houses have been destroyed,
still it cannot have the effect Of some
previous panics upon the business in
terests of the country or like that of
;57. 10 general crash is TO be feared.
It concludes: Never has the failure
of reputable brokers done 50 little
harm or taught so wholesome a lesson.
The business interests of the country
are unaffected"
The Tribune thinks the worst OF the
panic is over, and that aside from the
failure of Jay Cooke & Co. and Fisk &
Hatch, il has been not all commercial,
but purely a fancy stock crash. Not
a mercantile house is affected; not a
savings bank troubled; nothing is
more certain, thatin a very few weeks
there will be plenty Of money in Wall
street. ai ~
The Tines repeats its assertion of
yesterday, that banks have been de-
parting from their legitimate line Of
business in lending such large sums
on railroad bonds, and in thus doing
they have entered into the business Of
contractors, brokers and speculators.
It does not see how the government
can restore confidence, and business
men must mutually assist each other
to tide over the present difficulties.
The conference st the Fifth Avenue
Hotel to-day, IN relation to the best
measure Of averting financial disasters
in Wall street, has absorbed the pub
lie interest in an almost unprecedent-
ed degree. The fact that President
Grant, Secretary Richardson, and
other high officials of the government
had come here to consult with the
leading bankers and merchants, was
4 GENERALLY known this morning, to-
gether with tho fact that those invited
to the conference would meet the
President and financial officers of the
/ government in the Fifth Avenue Ho-
tel during the day. In consequence,
not only bankers, brokers and mer-
chants were in attendance, but the
general public fiocked thither and
listened to the groups of Wall street
men, here and there, discussing the
situation. The general public, al
though knowing little of the technic-
alities of stock and gold speculation,
or of the causes which tended to pro-
duce the present slarrn, nevertheless
seemed to feel that the occasion was
fraught with Importance to all.
President Grant, Secretary Rich
RrGson, Senator Morton and General
Babcock, were ready before noon to
hear the views and suggestions of
prominent merchants and flnauciers,
some of whom had previously held q
conference and reduced their plans to
tangible shape.
First, q general proposition was
made by committee appointed that
the present financial difficulties should
be relieved by drawing on the legal
tender reserve. The committee had
not agreed at this time as to the
amount Of such reserve which would
be probably required to effect the OBJ.
ject sought to be attained. President
Grant and Secretary Richardson. sent
for many members of the committee
in turn, and heard their views on the
- = 9ak,fftst4ti' zIJvr=ru an uUur spent IN
this way, and after listening to the
reading of the written views of sever
al prominent members of the COM
mittee, President Grant and Secretary
Richardson instructed the committee
that nothing could be done until some
precise proposition had been submit
ted.
The majority of the committee pro-
posed verbally, that the government
should, il necessary, place the whole
legal reserve of S44 ,000,0 600 in the na-
tional repositories in this city.
Secretary Richardson opposed this,
and seid he was utterly and infiexibly
opposed to issuing any considerable
portion Of the legal reserve, for tie
use of the city banks. To use Mr.,
Richardson's own words, quoted on
the authority of one Of the committee,
This gentlemen, is rot my funer.
al.
General Grant anI Sscfetary Rich
ardson requested the committee of
fnanciers to sgres on and submit to
them in writing, and as briefly and
plainly as possioie, what they (finan-
ciers) thought should be done on the |
part of the government, STIMULATING
that the name of each one recon-
mending the course to be agreed upon
be appended TO the paper.
The committee had retired TO agree |
upon the proposition to be submitted |
to the President and Secretary of the !
Treasury, and Commodore Wander |
bilt entered the parlor in which the |
President and his finanee officer were
seated. The rooms and corridors ad.
joining the audience chambers were
quickly thronged with the crowd, |
awaiting impatiently for the exit Of
the railroad king, and nervously inn
patient to CLEAN even the faintest |
idea of what might be the result of
his visit to the President.
F Commodore Vanderbilt made q |
proposition, that the President au-
thorize the Secretary of the Treasury
to place $50, ,0O0, 900 of the legal reserve |
in the banks of this city, and on that
condition he Commodore VanderbiItl |
would add $4,000, 900.
President Grant replied that he was /
anxious to do all in his power to re-
lleye the present financial EN- b Sarass-
ment, and to prevent the impending |
disaster. He must, hoWeYe-. con. I
form 10 the Constitution.
Mr.. Opdyke and Others. represent
ed to President Grant and Secretary
Richardson, the necessity for fmme-
diste action, but they were insarmed
that the Constitution could not be vio-
lated.
At this point, Mr.. l.. r. Cutting
broke forth In nervous and excited
remarks, on the importance. Of the
taking Immediate action
in this matter. He said that alreEdy I
people have begun to surround the
banks Of the city, expressing
their determination to wait up all
night and make = rush on the opening
OF the banks tomorrow morning.
A rumOr now spread with light
ming rapidity among the crowd and
was generally believed, that Richard
son had come to the decision that they
could place nopart Of the legal reserve
at the service of the New York city
banks and created intense consterna-
ton among the crowds which throng-
ed the corridors of the hotel.
There were some who said that no