, 1873-10-14
CHICAGO, TUESDAY, OCTOBER Id, 1873

Tho clearinghouse Committee appointod, on
application Of Proaidont Ellis. Of tho Bank OF tho
Commonwealth, to Investigate the condition OF
that establishment, with Wow to q rofutation
Of tho atatomonts Of Receiver Dailoy, reported
today fully sustaining tho ohargos' Of Mr.
Dailoy
DnEADsTTFFs.
Tho flour p1arlot waB exceedingly duIl and
heavy. Old family wintor wheat and spring
Ieid. Good euporino teali steeaadliy and fatty
aotiyo. At tho close tho market waa
lower for low and medium grades. Little ohango
In tho valuo Of wheat, but tho 1nfavorab1e noWs
from Europe nnd liberal atrivals give buyers IN
day Ia moro nctivo lomnnd for commercial
sterling. The market closed With demand
o1fo1y for export.
FnE1duTs.
Tho market for freighta was fairly active, but
r8atoB wore not materially changed, though
tonding in ehippers' favor. In tho ol1artor-
Ing line thoro WAS q moderate demand for vcsacls
aultablo to TUG grim trade at previous ratos.
Nrw Yonn oos ' isfspe1s % ~5ro sorvod to-
dhy, in tho suit Of William Scott, Of Eric, Pa.,
againBt Konyon 1Cox l. 90. This suit is intend
cd to restrain Dantol Drew, who is a special
partner in the Arm, from disposing Of his prop
eacaro his liabilities III connection With tho Ca1~
ada Southern Railroad bonds which woro aaid to
canse tho fniluro Of Kenyon Cox l. Go.
. Tho National Trust Company resumed buBi-
moss to-day, paying its aepoHltors in certified
their Clearing House.
Tho bank Of tho Union Trust Company has
not yet begun to pay Its deposltore.
Judge D!atchford to-dny modified tho fnjuno-
sell the securitlos hold for money loaned to G.
Bird Grinneu l. Go. This decision may throw
OF tho market II, 900 registered Lake Shore d
Michigan Southern sinking fund bonds.
The injunction waa modified on condition tliat
Blake Bros. 4 Co: flle q sworn statemonto Of their
sa1os in the 0lerk's Office Of the United States
District Court in bankruptcy, to await such nc
ton A. m Assignee in bankruptcy may take,
providing, such Assignee bo appointed TO collect
mud distribute tho assota Of drlnnel1 j. 90.
Loading houaea In tho piano trade today dony
any intension Of reducing wages. A few Of tho
smaler houses have ceaBod operations for q
short timo owing to inability ut present Of maxi
ing collections.
TIE WALL STREET F1NANu1Ens on TIE pnEs1-
DENTS VIEW OF TILE PANIC.
Wall street bank officers ridicule President
Grants views on the rocont panic. Roforring
to tho fattor'a atatomont that silver is on par
VIII currency, they dony u. and say there Is .
cent, and thnt 30 for % the
country boing able to absorb between 5000 o00,- ;
600 and e300, 0,000, 900, It womb probably use no
moro than .a40,Qo0,0Qo, tho preaout amount
Of fractional currency in circulation: Silver is
ANSt6ttA INtAAf aN" 80 ASs ASbeA-toA AaA
moro than S. and when on specie basis is re-
gardod aa something Of n nuisance. They call
intention to the Presidents wishes for the ra-
sumption Of Bpeclo pnymont, ind ask how ho ean
reconcile such wish with tho projected action
recommending the Issue OF tho 94l 600 600 resozvo
which Immediately starts the country upon now
ora of infintion. Thoy characterize his aohome
for Post Office Bank aB impraoticablo. While
no recommends tho prohibition on tho part Of
National Banks Of tho payment Of interest," lie
proposes to establish a
poeT-oFF1CE RANK,
operated by the Government, which ahall allow
per cent on deposits. Tho result Of this would
bo that por cont would bo tho minimum rato
for interest. Whom capitalists had moi.oy which
they could not otherwise dlgposo Of, they would
deposit It With tho Government 1eceiv.
ing per cent, mud when they. could
1oan it or could use 1t otherwise
tloy would draw 1t out. Tho same eyi1 which
private bankers complain Of would DO felt BY
tho Government. At d time tho deposits were
MOST NEEDED
thoy would be withdrawn. Again, tho question
is asked, how tho Government proposes tt
Becuro per cont interest. Docs 1t propose to
60 into regular banking business ? II 80, ar
era Of
FRAUD, pEFALoATIoS, AND WILDCAT OPERATIONS
generally will be the result. In addition to al
thi4 aupposing tAnt tho bunk was practicable
1t would DO too great II Capitalization Of powoi
in tho hands Of the Government too great {
political instrument to be placed in it's hands.