The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-09-22
[suNDAY NIGHTS DISPATCHES, !

[sUNDAY NIGHTS DISPATCHES
New York, September 81, ST.
Z. M.-President Grant and Secretary
Richardson, have been in consultation
with Vanderbilt and other leading capi
talists, bankers and merchants since noon
No action reported yet.
LATER-REsULT OF THE CONFERENCE
| New YORK, September 21.--The fol
| lowing is the result of the conference a
the Fifth Avenue hotel, between tht
President and others, as to the best
means of overcoming the difficulties re-
sulting from the recent financial disasters
The President positively declines to
! interfere in the matter, as any action OF
his in connection Herewith would be
unconstitutional.
The committee of bankers and mer.
chants had come down to the final
proposition to the government, to issue
$50, 100000 Of the legal reserve.
Reverdy johnson is said to have given
his opinion to the effect that to use the legal
reserve is unconstitutional. as
Secretary Richardson opposes the placing
of any considerable sum of the reserve mt
the disposal of the New York banks. To
use his own words, quoted on the authority
OF one OF the committee: "1His, gentlemen,
IS not my. funeral" :
VANDERBILT PAYS $2,O00,OOO INTO
THE UNION TRUST CoNPANY--GEN.
ERAL CAUSE OF THE SUSPENSIONS
CONDITION OF THE VARIOUS TRADES.
New York, September 2l.-At a late
hour last Saturday. night, it was stated in
one of the clubs that Commodore Wander
bilt had paid into the Union Trust company
during the day So, 900, 900, the amount due
by the Lake Shore road thus enabling the
Trust company to resume business Monday
morning. }#
The general cause of suspension on the
part OF the banks and bankers Yesterday
was the inability to convert securities into
cash. Even government bonds could not
be disposed OF except at immense loss.
By the action of the bank officers yester-
day, this difficulty is done away with.
Any bank, by depositing in the hands of
the committee good securities, can obtain
an equal amount of certificates, which can
be used in the clearing business instead of
legal tenders. The certificates will go into
effect tomorrow (to-day).
The dry goods men believe that Jay
Cooke & Co. will pay the last cent of their
liabilities.
The tea trade is in healthy condition.
nearly all of that branch of business being.
done through foreign bankers.
The wholesale druggists fear nothing.
unless the stress continues. Sales in
other branches of trade run along in the
same old channels.
TO-DAY's DISPATCHES.
NEW YORK, September 22.-It IS Off
cially announced that Secretary Richard.
son will continue to buy bonds at Satur-
days quotations. Secretary Richardson
said last night he did not see he had the
power to do more than buy bonds, and
all 5-2Os offered, will be bought without
delay or red tape"
''The government" the secretary saws.
sis not trust company or loan institution.
and it is doubtful if congress would sane
ton any such construction of nv power. -
1.-THE above alludes to the using of $40 .0OO.. /
600 of the reserves.
Thirty savings banks have resolved to
rigidlv enforce the previous notice clause.
Inc Union trust company is in the hands
of receiver.
ny WV ioih BUCK exchange remains
closed to-day.
The manager of the clearing house SAYS
every check passed through clearing will
be paid. lie says the banks are in no
danger, and that they were never stronger.
The suspension of Marvin & Brothers is
All banks have pulled through except
two; the two settling through the loan
committee. All the savings banks are
having run on them.
The clearing house loan committee
have issued SO 500, 900 certified checks.
The government has bought a million
in bonds. Large crowds are waiting to
Montreal and Europe are buying stocks
at the shrinkage.
The gold exchange is closed, 1I2 has
been established as the basis of settlement.
The rate OF interest is fixed at 7 for carry
ing. tfdb
110 70-1O0.
A run on the Seaman's bank has COM
menced. They pay all sums of 500 and
under. Larger sums must wait the laws
delays ~ :" :
WASHINGTON, September 22.-In the
course of the morning, the President
called at the treasury department and had
q conference with Secretary Richardson.
The result of it may be inferred from the
TACT that subsequently, the secretary stated
to the agent of the New York Associated
Press that the President will do anything
within the law, but in no particular 90 be-
yond clear legal authority. He will main
tain the safety of the treasury department,
and protect the credit of the United States
from the influences of the present financial
embarrassment.
Jay Cooke reassures the solvency of the
London house. i.t
PHILADELPHIA, September 22.-The
run on the savings blnks has subsided.
CHICAGO, September 22.-The savings
banks give notice of the enforcement of the
sixty days notice.