The Portland daily press., 1873-09-29
THE STOCK PANIC.
SUSPENSIONS BECOMING GEN
ERAL.
Stock Exchange Opens
Tuesday.
IMPROVED STATE OF FEELING.
Foreign Exchange Still Blocked.
Action of Boston Banks.

Foreign Exchange Still Blocked.
Action of Boston Banks.
BOSTON. Sept. 27.-The Boston banks at
meeting to-day voted as a precautionary meas
ure TO adopt the plan of the New York banks,
oy slspending currency payments in large
sums, and committee of five was appointed
with full power to issue loan certificates to the
amount of $10,000,000.
Conference 10 be Held.
NEW YORK, Lept. ga committee of the
produce exchange have been appointed to con-
Ter with the loan committee and clearing house
committee, with view of effecting
langement by which the moving of the foreign
exchange may be accomplished.
GreenbacIks at a Premium.
Greenbacks are at premium af 2 to 81 per
PEI per cent: over the National bank currency.
Inc bank settlement owing to a lack of uni
lormlty will not be made this week.
The stock Exchange will open Tuesday
morning.
Amount of Relief Afforded.
NEW YORK, Sept. 2S.-The amount of money
which will be brought into the market by the
action of the Treasury IN paying the interest on
coupon and registered bonds is estimated at
Slo, COO on the coupons, but as most of the
bonds are held in Europe, the relief from them
VIII not be felt for some time. The amount
on registered bonds will be about $4OO0,OO0.
The registered bonds are nearly all held in this
country.
Resumption of Specie Payments Urged.
The President of the First National bank
here urges the immediate resumption of specie
payment on the ground that such an act would
Immediately add $S,000,000 of positive relief to
the currency of the country.
The loan committee have been authorized to
issue loau certificates at their discretion. The
amount issued will not be made public.
At the Produce Exchange there is a rather
more cheerful feeling. The grain commission
house of Shutwell Brothert of South street.
a heavy grain commission firm, is announced
suspended this morning Messrs. Shutwell at
tribute their embarrassment to the present cri-
sis in financial matters.
1t is denied that the $44, 100000 reserve has
been trenched upon.
From inquiry among merchants the fact is es-
tabshed that there is a greater scarcity of the
smaller denominations of bank bills iu the
banks than of large. Very few of the banks
are paying out bills of smaller denomination
than five dollars.
1t is stated on very good authority that the
Government yesterday purchased 81 $780, 600 of
exchange on Lone on for the current expenses
of the Navy Department, and 500, 900 for the
State Department. The transaction is said
to have been made through private banking
house. The Government deposited security
for the exchange in the Bank of England.
n NEW Eniiaueipnia Platform.
PHILADELPHIA, Sept. 27.-The board of brok-
ers of this city to-day passed the following pre-
amble and reseutions:
Whereas, The embarrassed state of the e.
nances of the country, growing out of the scar
city OF currency, the too rapid development of
railroad interests and the system of over trad
ing, have given rise to panic in which the in
trinsic values is entirely forgotten, therefore be
it
Resolved, That we heartily endorse the az
ton of the Secretary of the Treasury in his eff
forts to stay the tide of rrin by affordIng tenn
porary relief and in his wise discrimination in
the use of the res ources at his command.
Resolved, That we urge upon him the neces-
sity of bringing before Congress plan for a
general banking law, through which the bene-
iGs OF our present system may be more gener-
ally extended and serve more fully the growing
interests OF the country.
Resolved, That the great source of wealth of
our crops and general productions are more
promising than ever, and that therefore the en-
terprses of the country have greater chance
for profit and success that the sudden and wild
decline in the values is the result of the panic
and without any reasonable cause.
Resolved, That we deem it our duty to arrest
in every way the indiscriminate sacrifice of Sc
curities and to express our hearty condemna-
tiun of those who for personal profit attempt
to aggravate the evils and cause a still greater
decline in values at the Board. John Barker
George S. Fox and Thomas A. Biddle were APP
officers on the situation of affairs.
ALLENTOWN, Pa. Sept. 27.-The bankers of
this city resolved to follow the example of New
York and other cities.
Suspensions.
MILWAUKEE, Sent. 2S-There was some ex-
citement here yesterday caused'by statement
that all the banks had suspended currency pay
ments on sums over 5000. The report was UNI
true but caused many poor people to draw small
| sums of money from the banks which were
promptly paid. The banks are paying all de-,
mands and transacting business as usual the
deposits during the week being in excess of
drafts. Business has been dull but no failures.
There have been but few sales of wheat Over
million bushels are here waiting shipment to
the East.
A Resumption.
DETROIT, Mich, Sept. 27.-David Preston e.
Co., bankers, resume business to-day, after
suspension of two days.
semi-OficiaI Announcement
WASHINGTON, Sept. 27.-The Republican an
nounces on the authority of the President that
the Government does not intend to make any
change in the Naval fiscal agency in London
| the President being convinced that the suspen-
sion of Clews & Co., which involved the sus-
pension of their London house of Clews Ha-
bicbt & Co., was the result of unavoidable mis-
fortune, and that no dishonorable faint attaches
| to them on account of it.
Action of the Washington Banks.
WASHINGTON, Sept. 2S.-At meeting of the
bank Presidents, directors and bankers to-day
| the following regulations were adopted
| The banks and bankers of the association
| may certify checks for their customers in lieu
of paying currency for all deposits held by
| them up to this date, but will open special
| accounts of currency, payable i'll currency
| The certified checks will be received by the diff
| fereot banks and bankers of the association on
| deposit and in payment for notes due. which
certified checks shall be redeemed by the part
les certifying in loan certificates issued by the
controlling committee upon deposit of collateral
security. As agreed upon at their daily meet
ings, each bank will regulate its own exchange
with other cities
Dubuque Suspensions.
DUBUQUE, Iowa, Sept.-The Commercial Nal
tional Bank of Dubuque is the only Nationa
bank in this city that is meeting demands in
full in currency. and to day their deposits con.
siderobly decreased. The Merchants National
Bank has suspended payment entirely.
Chicago Bank.
CHICAGO, Sept. 27.-At the Clearing House
meeting the suspended banks were permitted
to vote. The assets of the Union National
Bank were given at 50, 600, not over $780,
GOO of which was doubtful. There is now in
the bank $1.000.000.
Chicago Rejects the New York Plan.
CHICAGO, Sept. 2S.-The Clearing House As
socation held az. djourned meeting last night
The committee appointed to report plan sub
mitted two reports, which were essentially the
same the olly difference being one recommend
ed the adoption of the New York plan in all its
details, while the other recommended the New
York plan or something similar to it, After a
prolonged discussion both reports were tabled
by majority vote. The situation here is there
fore essentially unchanged
considerable amount of currency arrived
yesterday, a large portion of which went into
the banks, and there has been no serious draw
on either National or savings institutions.
Some of the suspended banks promise an
early resumption, and only the Manufacturers
National will go into liquidation, and this will
be able to pay dollar for dollar,
The people generally are taking matters very
quietly, and there seems to be considerable con-
hdence among bankers that with prudent man
agement and no further trouble East they will
be able to pull through.
Vote of Confidence.
CINCINNATI, Sept. 27.-The Chamber of Com