New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-30
TIE SUSPENDED HOUSES RESUMING.
HOWES a MACY.


1t is not the intention of this firm to make
any public detailed statement OF their affairs. They
consider It unnecessary in view Of the fact that they
are adjusting matters rapidly possible, with the
purpose of continuing business at as early date us
practicable They in daily receipt of letters from
their customers acceding TO the proposition contained In
their circular, and with the many satisfactory assn
RANGES thus received they determined to resume
operations the plan proposed in the hope that the ex
pertinent will eventually prove successful Mr.. Macy
SAYS the whole financial difficulty assumes very pecu
liar phase. If "A person has money anywhere else than
in his control he cannot get it, People out OF town
who make collections for his house write that
such and such amount is deposited to
their credit in such and such bank But that does not
do them any good that is not what they need all the
exchanges are so bad that certified checks next to
useless If cannot get the money on Them Mr. Macy
had been visited by country correspondent who had
come 10 New-York TO draw large amount OF money
which had deposited in his bank in small amounts,
and which the country banker mad sent TO the city for
investment. But he could not procure the funds mi
available shape and remarked that unless ne could eet
his deposits in bills of sina denominations theY were
no TO him than 30 much brown paper Ml
Macy would have been glad II the government reIef
had been prOiiered through anolher chauHei WHEREBY IL
would have brought money INTO tne country ana dls-
tributed II among the people he Thought SloGVCo IN
the hands OF the merchants at TINS tut "oI 40 more
good than If distributed among the banks The present
outlook not very clear yet they were cheerful ana
Basaam Bros. & Brace of Mount Morris, n Y, and
H. OF CLEVELAND, ONO, deny t1dt thcy are
correspondents Of HOwes d Macy,
HENRY CLEws d co.
This firm is still engaged in the preparation OF its
statement, the tiwe OF completion is uncertain Ii
will exclusively Tor the Information of the creditors
of the house publicity probably being given TO nothing
beyond a report OF assets AID liabilities MIR. Clews
believes the effect of the panic will be felt for He
saws everybody in the street has virtually suspended
tSat is they cannot pay meet their obga
Would he Obliged to suspend, the Of
us" He thought the outlook was Notwithstanding
" With per cent for RreenDacks as against ceTtlntd
checks who could stand II =
JAY COOKE co.
These gentlemen believe the prospect is brighter and
that the good III of the future dependent largely on
the exercise lack Of caution and spirit OF accommo-
daton on the part of creditors against their debtors.
They are rather afraid, however Of the effect Of the
reopening Of the Stock Exchange this morning The
fact is they say banks poor. They hold large
quantities Of stocks security for loans. If they
their claims for the money upon which these coaterds
are held the result will be disastrous and will be felt all
over the country But If the banks are inclined TO be
enient toward their customers the trouble VIII he tded
over and We may before long discern the tokens OF
better times Messrs. jaw Cooke Co. have presented,
in their report OF assets nd Liabilities an Ihey nlehu 70
make pubic. They WILL however issue statement OF
their condition aud accounts for the Information OF helr
customers, together win circular cohlaInuG P.ah vi
resumption. which Will be submitted to their patrons,
and propositions III which the atter vi" Dc asKcd
To accede OF dissent thereilOm
FISK & HATCH.
The members OF this firm, while not shrinking from
reasonable publicity, feel that detailed statement OF
their accounts matter strictly between themselves
and their creditors The public is entitled TO understand
their general condition and prospects, and to cover this
oblipation il is stated that Fisk & Hatch have an
abundance of assets and surplus sufficient 10 pay
everybody and resume business with large margin
Tney are now working with definite object III view,
of winch If accomplished the pubic Will DO fully in
THE UNION TRUST COMPANY.
tba nj fha rufn TTust
yesterday morning denied the report that Commodore
Vanderbilt had returned to the Company their loan to
the Lake Shore Railroad.
FAILURE OF THE GLESHAM MANUFACTURING COMPANY.
The Glenham Manufacturing Company, corporation
in existence Tor than fifty years having extensive
wooden mills at Genham, n " and its office at NO 29S
Broadway, suspended yesterday morning.
The President Russell Dart said that TO give IN detail
the causes Of suspension would involve long state
ment which he was disposed ami had not the time
to make general terms it was due to the depression
OF business ana resulted directly from the financial
panic which had prevented merchants from going on as
they otherwise would Previous TO the disturbance IN
Wast the outlook for business was good lie was not
prepared to make even approximate estimate OF the
assets liabilities ana could not tell whether the sspe
would be final Or ony temporary before leafhhg the
disposition OF the creditors lie was also unhDe 10 sup
whether the creditors where cniefy individuals OF cor
poraons. it is impossible at present to tell where the
paper of the Company is placed %,
The Company was organized in 1920 by Peter H.
SchenCk, the grandfather OF tIcsluchl OdIt Jdmts
Dart brother OF the latter is Treasurer and the or
ganization is wholly family affair T1e original cap
tal was $4,000 and IL has always been maintained al
that figure but Mr. Dart said that at least S0OOO had
been expended the COmpanys property, which could
not be replaced for that The Company owns 200
acres land at Genham with large factories for the
manufacture OF wooden goods, and dwellnghouses for
all of tue operatives. Mr. Dart was unable TO say
whether suspension would result In throwing all
these operatives work this would largely de-
pend upon the action OF the creditors Up 10 the pres
ent the Company had never been involved in any
difficulty
dispatch from Philadelphia announces the suspen-
sion BENJAMIN Bullocks sons extensive wool dealers,
In consequence Of the suspension OF the Genham Com
pany, which Company owes the firm about tGOOODO.
FINANCIAL PECULlARTIES.