Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-20

The market. The assistant-treasurer de-
Z cllned to accept any.
ALL SORTS OF sToBIEs.
NEW YORK, September I9.-Day &
Morse and Hay & Warner have sus-
pended.
Everybody now on the streets seems
/ to have their own story, and the un-
I scrupulOus have no hesitation ia pro-
claiming firms In trouble that are now
/ standing up nObly. Vernlilie d Co
I were thus alluded TO, bat w. r. YER
nyiie pronounced the story baseless.
/ He adds, however, that If the move
ment now making to get the secretary
/ OF the treasury TO come TO the relief Of
/ the market with about ten million dol
I lars should fail, it would not surprise
I him If there would be a general suspen-
1 sion Of 0anks and all.
I MEETING OF PRESIDENTS.
New YORK, September ia meet
| ing of baHk-pTesidsntsi now being held
in the clearinghouse.
NEW YORK, September lathe bank
presidents met at this case ofnecessity,
and viii report tomorrow. The latest
rumor on the street is that the govern
ment will come to the rescue tomorrow
by buying five million bonds. Govern
ment aid must come in a more decided
shape to be of any effect. The clearing
house is to arrange measures 30 facilitate
Clearinghouse operations in case there
should be run upon any Of the banks.
No trouble is anticipated at any Of the
banks, but q temporary use Of the loan
certificates at the clearinghouse will
prevent the formation of any bank
panic. A committee was appointed to
perfect plan for relief in case Of neces-
sity and will report tomorrow. Our
latest rumoF on the street is that the
government will come to the rescue to
morrow by buying five million dollsIs
Of bonds.
The presidents of the national banks
of this city held a meeting this after
noon at the Fifth Avenue hotel and, it
Is stated, decided to unite in support
Of eacn other to the disregard of re-
strictions in to-moHow's dealings.
THE NORTHERN PACIFIC.
New YORK, September 19.-Samuel
Wilkerson, secretary Of the Northern
Pacific railroad company, speaking OF
the suspension of Jay Cooke Il CO., says
it VIII have no effect on that road, and
thst the road will be constructed; there
are those supporting it who would not
allow the work to be abandoned; the
board Of directors alone represent many
millions; the company had not q dol
lar of unpaid paper up to the present
time; not a note of theirs was ever
seen in Wall street, and not bond was
hypothecated by the company, and con-
sequently the company had no liabili-
ties hanging over il that might descend
without warning; the interest on the
cOmpany's bonds was not due until the
first OF January next, and it would then
undoubtedly be met; that portion of the
road already built was earning more
than was anticipated from it; that pOr-
ton of the road running to the Red river
country had already developed q fine
carrying Tade; he believed the road
MOuld be hindered much more by the
hostile Sioux Indians tuan BY financial
revulsion. Neither force, however,
could prevent the successful completion
of the road. Two members Of the firm
were directors Of the Northern Pa
cific railroad company. The result
will be that the work of construction
will be somewhat retarded. 1t is more
than probable that congress viii! be
asked to grant an extension of two
years to the company beyond that al
ready granted to enable it To complete
the road. No such enterprise has ever
before been attempted by private capi-
tai as that of constructing a railroad
twenty-five hundred miles in length,
across an unsettled continent. Congress
should have come to their aid by extend
ing the credit of the government to the
undertaking. 1t would have done 50
but for the demsgogical cry that corpO-
rstions were grasping the entire domain,
and overriding the rights Of the people.
The rolling-stock is as follows: Loco
motive engines, Y; cars, passenger, Is;
baggage and mail, 9; immigrant, 4
Dumps 25; freight platform, II box, 80.
No account of the earnings can be given
The expenditures have been as follows:
Surveys, S1O9, l54; construction, ,Sl2, 200,-
500; rolling-stock, 81 ,9OS, SSS; tools, ma
chinery and stock supplies, SS5S, ,S5l;
haFb0r Improvements at Duluth, f245,-
06S; total, SIS, s0i,SS4.
SECRETARY RICHARDSON STATEMENT.
Secretary Richardson has been spoken
to on the subject OF the sus-
pension OF J. Cooke & Co., and says:
The government will not lose dollar II
the failure is complete. Jay Cooke has
not dollar Of government money IN
his possession. He may have bonds,
hut lie had to buy them, and pay for
them. We do not give bOnds to them,
or lend them, unless they are paid for.
The syndicate have the s6lling of the
bonds. They open subscription, and
when they sell bonds or have market
for it, they come to the treasury and
paw money for Ii. No bonds are given
10 the syndicate until their equivalent
in money has been determined TO the
treasurer Bonds are sold under the
regulations of the committee, composed
of persons selected by the firms COM
posing the syndicate from their own
number. The amount Of bonds disposed
OF since last March being about sixty
million dollars, the Cookies have de-
posted more bonds than they have
drawn against on syndicate account, and
the department owes them at least one
hundred Thousand dollars in syndicate
bonds, and the anOQnt may reach
two hundred and fifty Thousand dollars.
The suspension OF Jay Cooke 4 Co. can
have no possible effect on the syndicate,
and therefore shall pay no attention
to it. This debt vas simply 3 contract
with certain firms, knawn' BIZ the name
of the syndicate. 1t is neither q ques-
ton of appointment nor design. II Is
subject of contract, and it must be car
ried out by the parties who have made
/ agreements. The debt has nothing to do
with Jay Cooke & Co., but with the syn
dicate, as a whole. The FIRST national
bank is a government depository, but l
do not think there was very much
money in il belonging to the govern
ment. Besides, we have bonds that will
more than cover any losses, and We
snail he fully protected; the government
I viii not lose dollar. The secretary
also says that be has saved million
dollars Of tie navy fqnd by stopping
/ payment Of 3 draft sent by tie navy de-
| partmeDt TO Jay Cooke, McCullOch &
| Co, of London. 1t was sent for the use
Of the navy in foreign waters
INSTITUTIONS REPRESENTED BY SAY
COOKE.
The following are the banking insti-
/ tutions snd trust companies for which
Jay Cooke 4 Go. ere tinsncial agents in
/ this city: Freedmen's savings and trust
/ company, Huntsville, Alabama; Freed
mems savings and trust company, No
bile, Alabama; Jay Cooke 4 Co., Wash
| ington, District Columbia; Jay Cooke 4
/ CO., Philadelphia, Pennsylvania; First
national bank, Washington, District
! Columbia; Freedmen's savings and
trust comany, Jacksonville, Fldeida
{ Freedmen's savings and trust company,
Tallahassee, FLORIDA; Frsedlnen's saw
| ings and trust company, Ne'g Orleans,
'olisalai First national bank, Duluth,
- e. W. Clark 4 Bro, DHluth,
Iow Iowa, lanes y Brady Go, Pittsburg,
Penn. PennsvIvania; sance,Hle 4 Jones, Pitts
burg, Pennsyivsiliss, MS'Son pSn5'
Montreal, Canada; Jay USeke, M '1i'
loch & Co., London, England.
THE sOUTHsIDE RAILWAY COMPANY.
New YosK, September 19.--The Pres
ident of the Southside railway company
denies the truth Of the rumors eircula-
ted lately, tending to weaken public
confidence in the company. The
financial condition OF the company is
good. Coupon interest is all paid to
date, and the amount required to pay
that due November first is already in
bank.
The members of the eleventh regi-
ment imprisoned for insubordination,
have been released on an order from
General Fink.
Judge Blatchford to-day granted an
order, returnable October Sd, for the
New York and Oswego Midland
railroad to show cause why