Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-27

Macey nave issued a circular TO thel
dspositors, saying: ave propose tc
continue our business as usual by receiv.
ing special deposits in trust to new ac.
count, pledging ourselves to use those
deposits only in payment of your re.
, spective checks against the new ac.
count, and as fast as we can collect and
realize from our loans and securities, tc
pay your pro rata instalments on oul
present Indebtedness, until the whole
shall be Iiquidated, the same drawing
/ the usual rate of interest until paid. Il
this plan meets your appreciation,
and you will 90 hand i'll hand with us
in this extraordinary emergency, the
business can go on at once without
further interruption, which, we are con-
fident, will be for the highest advantage
of all concerned
THE GREENBACK FAMINE.
New YORK, September 26.-The city
J is being drained of money at a pretty
. lively rate. Since Saturday last the
. outgoing moneys through the Adams ex-
press have been about 81, 100000 daily,
while that coming, exclusive of what
went to the treasury, amounted to about
100000. The United States commits
sion have been sending out from $780,
600 to SS00,0O0 day for several days
past, while the receipts through that
medium are very small. The National
express company is carrying away an
amount about three times as large as
usual at this season of the year, and the
American express company is doing
likewise.
EXCITEMENT IN LONDON.
LONDON, September 26.-American
securities are excited, with a large busi-
ness doing at wide fluctuations. There
is much uneasiBes3 in the market.
United States $40 bonds, 1S65s, sold at
944; 1868, 95; 10-4Os, 9l8; new IS, 81.
4:45 P. M.-The market for all Ameri-
can securities is fiat, and prices have
declined heavily.
A LITTLE TALK OUT OF SCHOOL.
! New YORK, September ga mem
Der of the governing 'committee of the
/ stock exchange said this morning that
many bank-officers had expressed a
willingness to extend the time of call
/ ing in loans from members for ten days
after the exchange reOpens, but that
general misrepresentation seemed TO eX-
| ist among them in reference to the po-
/ sition of the stock exchange. The COM
mittee for guaranteeing certified checks
/ simply desire that the banks refuse to
/ give anything but certified checks.
/ They will receive certified checks as
cash, remaining at liberty to make any
reservation they please as to the method
of certifying, including a rule that no
bank shall certify a check unless the
money is on deposit. The first failure
at the produce exchange reported a very
respectable, though not one of the larg-
est, houses, whose credit has hitherto
been first-class, has been forced to sue
eumb in consequence of the trouble in
the export trade.
AT WASHINGTON.
WASHINGTON, September 26.-There
was no regular meeting of the cabinet
to-day, as there are only three members
in town-Secretaries Delano and Rich
ardsOn and Attorney-General Williams
The two latter gentlemen called about
noon, and were in consultation with the
President nearly an hour in regard to
the financial troubles. After a full dis
cussion it was determined that the poll
cy of the government could not be
changed, and therefore it will remain as
announced last evening.
! SUDDEN REvERsIoN OF FEELING IN ST.
LOUIS.
ST. LOUIS, September 26-The action
of the banks of this city last night seems
/ to be generally approved by the meT-
chants and community. An improved
and comparatively blOyant feeling was
manifested this morning, but when the
news came that several Chicago banks
had closed their doors a deep anxiety
and apprehension Immediately sprung
up, and business on 'change was almost
entirely nominal, and except for settle
ments for grain and an occasional sale
for future nothing was done.
Many of the regular banks have so far
done their usual business in paying all
checks presented while others have
conformed to the rule adopted last night,
and paid only small amounts. Most of
the savings institutions have been run
upon by the smaller class of depositors,
whose demands have been met in most
cases, but some banks have paid only
twenty-five per cent. of the deposits.
There has been no excitement, however,
and when the situation has been ex-
planned to the depositors the majority of
them have been satisfied, and many of
them left their deposits untouched. 1t
Is generally believed that the storm will
he successfully weathered, and that the
banks and business men will come out
whole.
AT SAVANNAH, GA.
SAVANNAH, September 26. - The
chamber of commerce held an adjourned
meeting late last night to receive the fol-
lowing report of the committee, which
was adopted:
ResOlOed, That the banks and bank
ing-houses of Savannah be recommend
ed to meet the demand of dep0sitors by
eertifcations, to be used as the necessi-
ties of the holders may require until the
temporary difficulties are removed, and
until exchange can be regulated and the
currency be received to move the crops.
The committee also reported that they
had waited on the banks and bankers,
and had submitted the resolution of the
chamber to them, and that it met with
their acquiescence; and they then read
the following preamble and resolution by
the banks and bankers.
In view of the unprecedent-
ed panic prevailing in New York
and affecting all parts of the coun-
try, paralyZing legitimate business, and
for the purpose of protecting the COM
mercial interests of our community and
enabling the banking institutions of the
city 10 furnish facilities essential to
forwarding the crops of the country
with safety to all parts,
"ReSoiUed, That the banks and bank
ing houses of Savannah will only meet
the demands of depositors by eertifica-
ton checks to be used as the necessities
of holders may require until the tempo
rary difficulties are removed, and until
an exchange can be negotiated or cur
rency be received to move the erops.n
The banks TO day are acting according
to this resolution.
THE CHICAGO BOARD OF TRADE.
CHICAGO, September 26.-The board
of directors Of the board of trade at a full
meeting this morning unanimously
passed the following resolution, the read
ing of which to the board of trade was
greeted with applause, and universally
approved:
ResolUed, That we shall not entertain
complaints for the violation of contracts
claimed to have been closed during the
time indicated by reason of the monde
post OF margin: Provided, that this
resolution shall in no case be held to ap-
ply to any trades made in settlement of
existing contracts.
Resolved, That all rules of the board
authorizing the board of directors to con-
slider and act on complaints for violation
OF contract be suspended so far as such
complaints are based on contracts for