The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-26
PROTECTIVE MEASURES ADOPTED BY THE
BANKS IN THE LEADIHG CITIES OF
THE WEST AND SOUTH.
Expedients and Suggestions ut New
York and Washington.
Improved Feeling In PhlIa-
delphia.
Conference at Washington.
The Legal Reserve not to be
Touched.
Afternoon Dispatches.

Afternoon Dispatches.
INTERVIEW WITH A SUSPENDED BANKER
WHAT MR.. HowEs HAS TO SAY.
NEW York, Sept 25.-Mr. Howes, Of
the firm Howes & Macy, suspended, says {:
ave have not borrowed D dollar and do
not intend 10 borrow one: We have
plenty OF money and the best Of securities,
but VIC do not propose to sacrifice them
at the present current prices. The fact
Of the matter Is that q general suspension
Of the large banking institutions has be-
come a necessity, and the sooner 1t takes
place the better. The small houses can
afford 10 hold out, or, perhaps, go under.
The people who bring their money p US
and expect to get three per cent interest,
must not think that we put 1t into cor
ner to look at. We invest 1t, and we can
not convert our investments on the jump
without great damage to ourselves. At
any rate we do not propose to be the au-
thOrs oi our own ruin, so our depositors
will have to watt
NIB. M'cULLoUGH's VIEWS OF THE FAILURE
OF CLEws& co. .-........r'
MIR. Mccullough, ex.Secretary Of the
Treasury, in the course Of Instrumentation
said the only course to be pursued for
safety now is q bold one. free alike Fl ON
fear or excitement. 1.-THE suspension Of
Henry Clews s. Co., I regard as very un-.
fortunate. That firm l have understood
to have been very successful one, and
doing large business. In my judgment
II would have been wise Of its friends to
have prevented such an occurrence at all
hazards: The failure OF house Of Its
prominence does incalculable harm by
weakening the sense Of security in the
public mind. Men get to that stage oil un.
certainty in which they say, to whom dare
we lend now" ..-... .l.f-
PROPOSED PURCHASE OF. FOREIGN Ex-
CHANGE AS A MEASURE OF RELIEF.
A number Of foreign exchange bankers
in this city have suggested to the govern
ment at Washington, the purchase Of for
eign exchange as measure OF relief tor
the stringency Of the currency market.
The suggestion Is said to be now under
consideration by the treasury officers:
The following explanation Of the terms OF
the suggestion Is made: The foreign
bankers Of New York offer on these terms
to loan to the Committee Of the Clearing
House Association: 1--WE will sell our
Ia. day bills on London and take in pay
ment loan certificates. We propose to
take these certificates to our, bank and
place them to our credit. We will then
buy the bills on Europe drawn against
the shipment OF produce, and draw checks
therefor on your banks, payable through
the clearing house. We thus obviate the
necessity or having greenbacks in for
warding grain and produce now filling
our market. Relief can be given In this
way without increasing the demand Tor
greenbacks" ~.
About one hundred members OF the
Chamber Of Commerce have Joined In a
request for a meeting OF the Chamber
this afternoon for consultation relative
to the condition OF financial affairs and
for such action asmay be deemed advisa.
bic to re-establish the public confidence.
ACTION OF THE CINCINNATI CLEARING
| HOUSE.
CINCINNATI, Sept 25-The Cincinnati
Clearing House have just adopted the fol.
lowing:
Rssoirsd, That for the protection Of our
commercial iterests, and for the purpose
OF preventing the drain on the currency
from our banks and bankers, we do here
by agree to adopt substantially the plan
adopted in New York, viz: That they
will not pay out currency on checks ex-
cept on small amounts, to be optional with
the banks upon whom they are drawn,
but they will certify to checks drawn on
laborers, In their hands and payable
through the Clearing House only.
Each member Of the Clearing House
Association Is required to deposit such a
sum In approved security as will at oil
times cover the amout OF their clearipgs.
Government bonds are secured at their par
value. Railroads and other stocks and
bonds and bills receivable, are received OF
75 per cent Of the value fixed on them by
the committee. Loan certificates are Is
sued by the Committee, which certificates
can only be used in the settlement Of bal.
ances between the banks, and are not ne
gotiable = . ~,
The Committee appointed to carry into
eject ana supervise lth Worklngb aIe W u
Hooper, r. R. Springer, N. W. Scar
borough, Jason Evans and other persons
ACTION OF THE CHICAGO CLEARING HOUSE
CHICAGO, Sept. 1.-THE Clearing
House Association held an important
meeting last night to consider the finan-
cial situation. After an animated dis
cussion, which lasted till near one o'clock
the following resolution was offered BY
Mr.. Coolbaugh, President Of Union Ma
!. tional Bank, and adopted:
Resolred, By the Chicago Clearing
!; House Association oi the city Of Chicago
that until further action and In view o
!, lthe disturbed condition Of affairs In New
q York and other cities, and the difficulty
ol converting balances into currency and
ION the advice Of the Bank Examiner, III
!. members be recommended and authoriz.
g cd 10 suspend currency payments O
d money ior large demands made upol
3 them, either from country banks Or owe
\ their counters.
d A number oi bankers opposed such
course, claiming that the Chicago bank