New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-02
icu.TlNUED PROM FIRST PAGE.l
next, for the purpose OF receiving subscr p
tions in aid of the Memphis sufferers.
Need no Help.

Need no Help.
III. b. Clafiin N Co. notified the associate
banks at their meeting to-day. through on
of its members, that they were not ia Nee
OF any assistance.
Money and Trade Matters.
The sub-treasurer paid $50 900 ON accoun
of called bonds to-day.
Total shipments tor the week S42b,I3
all silver bars; total imports for the weel
S4,522 ,092, of which 5 1856 was dry
goods and S3,lG3, 499 was assorted mer
cbsndise.
Customs receipts today $50, 600; for the
week 81 ,325 COO
The sub treas urer paid out 5000 on &C
count of the November interest; total thus
far 81, $50 900.
Railroad ENTERTAINMENTS.
The bankers of the Kansas and Pacific
Railroad stated that they had not yet re-
ceived any funds to pay the November in
terest, and did not know when any would
be forthcoming.
The same was said for the Burlington and
Cedar Rapids Railroad Company at the Of
fee of their bankers at st, Louis.
The Chesapeake and ONO Railroad des
faults on their interest to-day. Messrs.
Fisk a. Hatch have issued circular to
bondholders in explanation OF their position,
and the company will make statement on
Mondays
Nearly three hundred men were thrown
out of employment by the partial suspen-
sion of the Planet Carpet Weaving Mills in
South Brooklyn to-day
Fifty hodcarrjers, al work on new build
ing. struck to-day against reduction OF
their wages.
Wall street opened this morning In d
panic 20 far as speculative shares are con-
cerned, the lowest prices on record for
many shares having been reached. The
street was flooded with ruuOrs of mercan-
tile failures but these were not verified.
When it became known that many of the
reports in reference to Cafiin g. Co. were
grossly exaggerated, and that the firm had
informed the associated banks that they
needed no assistance from them, there was
much better feeling all around, and prices
advanced more rapidly than they had
fallen.
The great gain by the banks and the
comparatively few defaults ON the Novem-
Der interest also accounted FOR the i'm
proved feeling at the close. This evening
the feeling in financial circles was much
improved; the huctuations'in stocks were
rapid and transactions increased in volume
notwithstanding the usual dullness off a
Saturday evening.
Effect OF the Recent Failures.
Inquiry among the dry goods dealers to-
light. Dealers are not encouraged to press
business, and the sales are confined to the |
slight wants of current trade. The failure
of Hoyt, Sprague & Co. has had depress-
ing effect, and the rumors set ahoat about |
Claflin Il Co., have served to bring the dry |
goods trade almost to stand still. One |
dealer said to-day that Strengthening was |
about the only thing now taking place |
This dearth Of trade, it is thought, will con-
'tinue until it can be definitely ascertained |
that the difficulties will be overcome In |
this event, business will take fresh start /
Immediately.
On inquiry today at the freight Offices of
the leading railroads 1t was ascertained
that their freight business is suffering
severely from the financial disturbance,
and that in many cases the railroad compa-
MES were largely cutting down expenses by
the reduction of the wages and the dis
charge of workmen.
A visit to the offices of the different ocean
steamship lines this morning proved that
the export trade was never in better cOndi-
ton than it is at present. Almost all the
steamers leaving port to-day are laden to
their utmost capacity, and rates were never. |
as general rule, higher than now.
The import trade has fallen away to |
almost nothing. and the steamers arriving
here are often but half full. This falling
off is especially noticeable in the amount Of |
dry goods imported. The above refers to
trade with Europe. Trade between this
city and Havana has been almost killed by
the existing monetary stringency. The
people in Havana are buying nothing here
but the merest necessares Of lite. The {
price of sugar in that city is lower than its J
actual value and holders refuse to sell;
there is nothing for steamers
or sailing vessels to carry.
In Bankruptcy. q
In the Union Trust Company bankruptcy | c
ease, Judge Blatchford to-day directed all
allegations but three to be stricken out and |
counsel for the company demanded trial
on those, which was fixed for the eleventh |
The Kenyon. Cox IL Co. bankruptcy case j
has been again postponed by consent. A
meeting of the creditors will be called al
an early day. and it is hoped that they will II
see that the plan which has been proposed b
and the execution of it, is the best possible C,
hing which can be done. O.
This in their power to accept Or reject |
out the alternative of rejection will be al
throwing the property into bankruptcy. and | Il
ts sacrifice as necessary consequence, or IL
1t least the imperilliDg of the value of d.
he obligations OF the company. which are | p
leld by their creditors. L. Governor Smith,
If the committee stated that every facility m
vas proffered, the books were opened. and b.
verything done that could be done to facil. pl
tate their labOrs. &C
rust deed, that at present it was not ready al
Or inspection. The creditors of the com | to
any Will see for themselves, when they in | 81
pect that instrument that there is a perfect |
to complete the contract on the at
art OF the trustees acting in the interest of la
ne creditors OF this vast property; so that pa
'hile on the one hand the company, which pr
as met with an immense disaster and is re
overwhelmed, in this hour of adversely, W,
nth unmerited insult, at the same time the ga
roperty of this company is to be preserved in
such a way that the creditors shall see i'd
rat by no bad management or counsel can 70
lis property be subjected TO a sacrifice. ! Sc
an state, on behalf of the company. that fo
lere will be the fullest and most hearty
cooperation on the part of the corporation co
18th the creditors, although the trustees in to
lie management of this property shall see to
at the outside dependencies, or rather me
e parasites which have ted upon the par as
It stem. shall be cut off TO leave intact alb
at manufacturing property which has Th
zen the pride OF this State for SO many Sp
ars. The meeting passed vote of inc
anks to the committee, but, of course | Inc
ok no action concerning the recommended | trr
ms. that deyolying upon the creditors. tro
This phase of the matter is canvassed ert
fh interest, but as copies of the trust am
ed are not yet ready, no clue as to the OF
obable action of the creditors can be Ito
ven. The creditors are very numerous Ing
ID represent every possible interest and Sc,
cling. wi
Ii would not, therefore, be strange if seri OF
IS and insurmountable objections should 1t
raised to individual trustees or the terms j
the trust mortgage under which they are acc
pected to act. The general features of nei
e plan SEEM however, to meet with popu- inc
: approval. av'
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