New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-28
THE CRISIS.
The Situation al Wa.kicrf.0.

The Situation al Wa-hingfaa.
WAsHlN.ToN. September .7-Sirce In,
positive Vuicy 0! The government was an.
nouNeeI-that nothing more could be don.
tof ihe Iellef o; nnances-Ho one seems dis
! posed 20 pay foy dispatches IT auvIce 20 the
Secretary OF .ne Treasury.
! competitive examination 70. receivers
o; crippled :!ati"na! Danks j. noo:ed. They
are lucrative places.
| Government drafts on C'ew., Habichr &
| Co. VIA Ue nOnCred by Cooke. NcCuiIocl
Il Co., beyond his. no change mas been
made III London.
| Many vi the employees OF factories inter.
es'ed III railroad utensils have been as.
charged. The others have struck on ac.
count o! wages and hours of labor.
| lhe government agency. Ruff. bank. is
IN the hands OF receiver. Tier. are .wo
Thousand depcsito's. The deposits aggre.
gate $40, ,ocJ. TAis IS the Washington City
| SaviHgs Bank.
Nearly all .he Northern an,. Western
| cities have adopted conservative bankin ?
measures. Nol.minou. dispatches yescl
| here.
! The Secretary Of The Treasury will no..
tor the present. issue the programme FOX She
sale o: gold and pi,rchase of bonds.
| The bank presidents held meeting "a.
night, and resolved to adopt the New York
| plan. George ". Riggs bank refused 70
| join in the movement.
| The week closes with great ,.iscOnten,
and anxiety. Capitalists hope that par.
| 'la! :uspenslOn viii save them and move
! crops. The i.aitia! suspension is generally
| The :uie. BEN. Oh the part OF the savings
bank. 70 demand notice. 70 which they
, claim themselves entitled by their charter
| q: '.el. bylaws, an! other institution. TO
pay oni smal, checks. Further aid from
! The treasury can not be expected Z re.
qu-:es aid Itself 70 meet It's navai and I.p!v-
! matte obi CATIONS abroad.
New York.
New No,.E. September 9?.-Gc'd . ex.
cited otherwise Wall street is uuiet
'";iiing doing i'll stocks. Western Union
:l:i
In answer 20 :he suggestion o: she
seek Exchange committee. the bank
ing committee cay the proposed
mode of rellei seems 70 looE to .he
convenience ana safety Of the Stock Ex.
! charge. without comprehending banker.
ami II. Inconvenience involved to banks
Tne day closed with q decidedly improved
feeling.
The decision of 'he governing committee
70 open ,he Stock Exchange On Tuesday
started stocks On he street, which advanced
fifteen per cen. IN less than fifteen minutes,
Western ynion Telegraph i! ~.
The president oi The Stock Exchange ha.
issued the following notice: "The New
York Stock LHchange will open for pu.!.
ness on Iues'!ay next at the reg liar hour.
Details OF business will be arranged on
Monday morning tv the governing CON.
m!tteG.'
The Clearing Hcus. committee a: a mee.
ing today resolved ~ is5ue loan certificates
to an unlimited amount.
The bank s;atelnen: will not be ready 20.
day.
The Clearing House committee have Sc.
c,ded hereafter not 10 make public the
a,no'n. OF loan certificates issued.
Foreign exchange closed with al :na.
proved tone. the last quotable rates having
been !oi a !".'o for prime bankers. Bank.
CTS demand ia.'. a 1853. for cable transfers
and 10. I0,; for sixty day commercial. and
loi iors three days sight. There was no
regular rates for money this afternoon.
loans having ranged from q rev day to :
per cent per annum.
ihe action II 'he governing committee |;
III deciding Z" open the Stock Exchange on |!
Tuesday "as unanimous, reports from al. |!
.uo-."lnmittees heip. favorable 1t is re- |;
ported that the banks will afford every pos
sibe facility Tor the resumption o. business.
although NOT wiling 20 COmmi; their stock.
holders to any particular course OF action
Detail. Ht dealings after the re-openinc
Will h" settled az u meeting of the govern
!ng committee to be held at ib3O 4. NJ
Monday. 1t was not deemed tAred.ent 20
open the Exchange on Monday TOR tn.
reason that Sunday affords opportunity tor !
III. circulation of unfcunded vumors. which
can nor be contraGicted in time to neutralize !
theIr effect on business the next morning. I
Washington telegram this afternoon.
saying that prepayment. OF the November |
interest will begin without rebate Monday. |
had good deal to do with the improve
:nent
The grain business is still seriously affect.
ed hv the deadlock in foreign exchan &c.
and dealers say that, unless some channel !
Is soon opened by which the large amount |
ot gram stored at the West can flow TO Eu.
rope. serious consequences will ersue. as
bat two months remain in which canal nav.
gatlon will be open. Grain merchants are !
.nxi"usly awaiting the application of some
remedy for the present trouble
|! reIiei does not soon come shippers will
De compelled 10 receive grain by railroad at
high rates. II is thouyh. ;ba,
he unsettled marke. of last week ha. |
ocked mp tor the winter about :O0c t6O !
bushels, which amount may be !arg.i; VA .
!ea-.d II 'he present Hncertsintvcon Times !
the gram dealers Of the Produce Lx- .
hanre are AWAKE - the importance OF
ONE decided action 70 relieve the present
IIihculfE. nHd conference. hav. been held | ,
urns IA" past few day-. a. which 10. sub .
ect has been .arne>ti; discussed. Various J ,
an- were eCgg' .ted. and il was finally de | =.
ldeG - ap:'"d! 10 tn- banks Tor a certain ! .
mount III accommodation, 10 euatie s.cp- ; =
. be moved.
Ihe provision market il in nominal !
onditlon. Buyers are scarce and no pur
hases are made unles. dealers need goods !
Ji present wants. The stock OF provisions u
n hand, however. is light and th. helps
, relieve the market. n" failures are yet
eported. but many shippers operating on
commission OF ~. per cent, who bought r
Ills OF exchange here few days before the
ec!ine. have suffered heavy losses not.
the difficulty experienced by
lippers in buyiDg bills of exchange. Ex.t
orts by the different steamers to-day do
OF seem to be much less than the amount :,
,rred before the present financial crisis. d
The quantity OF cotton shipped, however. u
not as large usual, and large amount IL
as received direct from Southern ports
nd Immediately transferred to Liverpool a
essels. The managers of few lines, in | u
der 10 complete cargOes. have taken grain %
slight reduction per bushel but the Z
,neral rate tor wheat is still I30I4d for !.
e shippers who had engaged freight room n, "a
r to days steamers. AZ
1t is impossible to paw the rates de. aet ~
snded, and the managers of the principal :.
ies, 1t ls said. in view of the panic " ,.h -
IS taken place since the contracts Har.