Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-24
CLOSING SCENES.
CONFIDENCE IS RESTORED.

NtNElDhNGE - hEoIOhEDs
NEW YORK. September 23.-Up to
two o'clock this evening the monetary
situation might have been summed up
in a sentence, Confidence is restored. :"
The banks are conducting business as
usual, but just as the street was Begin
ming to feel that the end Of the panic
had been reached, a rumor was started
1t twenty minutes to three O'Clock that
the house of Henry Clews & Co., had
suspended payment. As soon as it was
announced that the doors of the house
we're closed, large crowd gathered in
front OF the building. The word that
their checks were refused payment at
the Fourth national bank reached the
lanking-hOuse about half-past two in
the evening, and the closing of the
doors followed the announcement. It
Is stated that an arrangement will be ef-
'ected by which an early resumption
viii be effected, as there is abundant se-
curities in possession OF the house. I'M
nediately after the closing Of the doors
: number Of prominent capitalists were
EAGERLY HUNTING MR.. CLEws,
1hs was not in the Office, and the
assistance necessary to pull through
would undoubtedly have been given
hsd there been any suspicion that the
banks would have refused payment.
rhe news OF the fact Of the suspension
created as much excitement rs the sus-
pension Of Jay Cooke & Co. The news
left the street at the close of business in
condition Of great excitement, and the
Roadway made in restoring confidence
was in a great measure lost. The run on
the savings banks continued to-day, but
as the most Of them adopted the time
rule Of paying depositors, the
EXCITEMENT SUBSIDIZED.
Whenever a case Of necessity trans
pires, or a person wishes to draw few
hundred dollars for "business purposes, -
the banks accommodate them but where
excitement causes the withdrawal, the
banks do not Oblige them. At some of
the banks the officers say that the en-
forcement Of the time-rule, regarding
the drawing OF deposits, was demanded
by their largest depositnrs, and in one
case it was adopted in Difference TO such
suggestions. Several Of the largest banks
are paying all demands without regard
10 the amount. Some OF the poor peo-
pie Of Brooklyn became alarmed re-
garding their deposits in various savings
banks and drew them out. Only one
hank took advantage OF the time-rule,
the others paying as usual. The run
was not heavy, and the banks have
gone through the panic
50 FAR ALL RIGHT.
II must be remembered, however, that
since Saturday the business Of the banks
has been simply with the merchants, the
=. l.
firms having, by reason OF the closing
up Of the exchange, been suspended.
These firms probably have at least five
hundred accounts with the banks. Fri
days and Saturdays business at the
stock exchange has still to be settled.
Should the exchange open, the money
lenders who have failed to get a response
on the loans called tonight would rush
in and force sales under the rule, which
would throw everything into a panic
again and injure the banks. To prevent
this state Of affairs it has been recon-
mended that the governing committee
appoint a subcommittee tomorrow to
prescribe the regulations by which set
tlenlents may be made before the ex-
change is opened. IT IS the duty, at the
present time, OF all Lenders and borrow
ers to treat parties to contracts with as
much Hberality and forbearance as, is
consistent without absolutely saeri-
ficing their legal rights. There will un-
doubiedly be found
A MERCILEsS CLASS
who will demand their pound Of flesh,
with or without blood, but is for the in
terest Of all that, concessions should be
made for the public good, which now
emphatically means the good Of indi-
viduals. We trust the committee will
act promptly on this suggestion. This
afternoon Mayor HavemeyeT, after con-
sullapon with several gentlemen, de-
cidsd n issue an address on the present