Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-26
New Orleans, Little Rock and
Nashville in the Tolls.
How they Worked
Out.
TIe Outlook - Prospect for To
day-What we May EX-
pect-COnfidence Still
Ceming.
Etc, Etc, Etc, Etc.

Etc, Etc, Etc, Etc
STATEMENT OF Mr.. HOWEs.
NEW YORK, September 25.-Mr.
HOwes, of the firm of HOwes q Macey,
suspended, says that they have rot bor-
rOwed dollar, and did not intend to
borrow one. We have plenty of the
very best of securities, but We do not
/ propose to sacrifice them at the prices
! now current. The fact of the matter is
! a general suspension of the large bank
/ ing institutions has become a necessity,
I aud the sooner it takes place the better.
! The smaller houses can afford to hold
out, perhaps, but the larger ones must
suspend or go under. People who bring
/ their money to Us, and expect TO get a
/ per cent. interest, must not think that
/ we put il into a corner to look at; no, we
/ invest il, and we cannot convert our in
( vestments on the jump without great
/ damsge to ourselves. At any rate, we
/ don't propose to be the authors Of our
own ruin, so our depositoTs will wait.
THE NAVY DEPARTMENT PAYS UP.
/ WASHINGTON, September 25.-The
navy department is paying off all en-
I plOyees to-day, in anticipation Of the
Z usual payday, in order to lessen the
I stTingency OF the money market caused
/ by the scarcity Of currency.
BUSINESS IN CHARLESTON, S. C.
CHARLESTON, September 24.-Money
1 is so stringent here that no obligations
D oil q
tied in amount. There is some demand
I for cotton at low figures, but the diff
Guilty in negotiating exchange stops
sales, and relief from that source is slow
Z in coming. Factors would at any mo-
ment accept low rates for most articles
Of produce. Paper falling due is re-
newed in full, or with a small payment
on account, and creditors are disposed
not to be indulgent. No failures have
been reported, the banks pay checks as
, usual, and there has not been the first
7vmptOm of run.
I'VE KEW HAVEN, CONN, BANKS.
NEw HAVEN, September 25.-The
managers Of the savings banks Of this
citv have voi,1d it prudent to require a
notice uf withdrawal of large deposits,
but continue TO pay email sums on de-
mapd. Thus far there has been no run
upon any of the savings banks, national
banks, State banks, trust companle :, or
private bankers in the city, but the
course Of the savings banks has been
followed to protect borrowers ana De
positors alike Every savings bank In
the city has had some surplus above Its
liabilities, and depositors feel no uneGsi-
ness.
NEW YORK PRODUCE EXCHANGE
ADVISES.
NEW York, September 24.-The pro-
duce exchange to-day adopted the fol-
lowing resolution:
WHEREAS, The critical condition Of
the commercial interests Of the country
requires immediate relief by the re-
moyal of the block in negotiating fore
ign exchange; therefore,
ReSOlUed, That we respectfully sug-
gest to the secretary Of the treasury the
following plans for relief in this extraor-
binary emergency: First, that currency
be Immediately issued to banks or
bankers upon satisfactory evidence that
gold has been placed on special deposit
In the bank of England by their corre-
spondents in London, 10 the ereditof the
United States, 10 be used solely in pur
chasing commercial bills of England,
and that the President Of the United
States and secretary Of the United States
treasury are respectfully requested to
order immediate payment Of the out
standing loan Of the United States due
January /, 1874.
ON THE sTREET-sTOCK SALES.
NEW YORK, September 25.-The
stocks advertised for sale at auction to-
day were Withdrawn. The Express
saws. "The announcement that the gov
eminent has stopped buying bonds has
eSused disappointment to-day. No lit
tIe indignation was expressed against
Secretary Richardson for his decision
Yesterday. Reports were current that
Ihe Government would stop buying,
and we were induced by treasury Off
ciaIs To denouncc the report as mali
cjous. The advance Il: the bank OF Eng
land rate 70 four per cent. Is the natural
result of the shipments OF gold this
morning. Gold opened firm at llIs,
owing to the advance In the bank OF
England rate, but in the afternoon oe
clined TO llll and still later rallied 70
liza When il was announced from
Washington that the bonds OF 1874
would not be anticipated by the treasury
The rates for carrying ranged nom NAT
10 six per cent, The crowd In Broad
street shows a material decrease ana
few transactions in stocks have been
contaminated. Prices are marked up
and down according 30 the views oi
narties. and DO fair quotations can be
ascertaiued. Prices are as nearly a
possible TO those current: New York
Central, s9G9l; Cincinnati, Columbus
and Indiana Central, 2l@22; Union Pa
cific. l9G 20; Lake Shore, 74(975; Ohio
aud Mississip ppi, 2292S; Pacific Mail, %
IA 80: Northwestern, 39d4l; Rho e
Island. S5Gs6; Western Union, 5695S;
st. Paul, blank, So; Harlem. l05; Rock
Island and Wabash, 396)4l; Hannibal
and st. Joe common, q. Foreign ex-
change has been fixed at l06 for sixty
day bills and l07 for sight by leading
bankers, but actual business Is lower
than government prices. The commit
tee Of the stock-exchange will meet at
two in the evening"
HOwEs a MACY TO RESUME.
NEW YORK, September %. How d
Macey have resolved TO open their doors
and solicit special deposits on trust.
Their former obligations viii he paid as
fast as they can realize the amount 10
securities.
NO PANIC, But DIsArrOiSTHENT.
New YORK, September 25.-There
has been no panic in Wall street to-day,
but A quiet feeling Of depression. The
action OF the government in suspending
its bond purchases, even If It Is to be
temporarily, creates Intense dissppoint-
ment.
-, ,-oprrc1 FXcHANGE BANRERs
A member Of the foreign exchange
bankers. in this city, has suggested to
the government at Washington the
purchase Of foreign exchange as meas
IRE OF relief for the stringeRcy OF the
currency market. The suggestion Is
said to be now under consideration by
the treasury ofiicerE. Tie following is
an EXPLANATION of the terms OF the sug-
gestioIl as made. The foreign bankers
of New York offer these terms to the
loan committee of the clearinghouse as
soeiadon: We will pour our sixty-day
bills on London apd take in payment
I loan certificates We pArpese to take
| these certificates 10 our bank and place
/ them TO our credit. We will then buy
the bills on Europe drawn against the
shipments Of produce, and draw our
checks therefor on your banks, payable