The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-30

LNG, NV aV A..5IESU
resolved that nothing in the action oi the
governing committee Of the New YORK
Stock Exchange shall be considered as
absolying any member from his obliga'
tions to the rules; that all parties
to existing unsettled contracts who
were present at the closing OF the
Exchange, but who shall refuse TO sur
render satisfactory principal, or furnish
3|margin I'M Icashyor securities shall be re-
1 garded as insolvent; that so much oi
article 25 Of the bylaws as authorizes an
officer Of the Board to close the contracts
OF parties In default be suspended as "a
existing contracts during three days after
the opening oithe Exchange. The Presi.
dent shall appoint q committee Of three
which shall be in session from 2;l5 until
2:45 each day to determine on an equitable
market price to which margins shall be
made to conform and also TO deter
1mine Ethe market price Eat (which the
Icontracts ofSdefaultipg parties shall be
Isettled, and that all contracts shall be set.
tied by checks certified as good through
the Clearing House, but where the check
Is rendered upon bank which Is not
satisfactory the parties must agree upon
what shall be satisfactory, but no demand
for greenbacks or currency shall be al
lowed, and that all Government coupon
bonds on which interest Is payable No
vember the 1st, shall be called ex.cou.
pons from tomorrow. Very many, and
among them some Of the Oldest and shrew-
dest heads OF the Exchange hold to the be;
lief that 1t Is yet too early to set In motion
the wheels OF the Stock Exchange ma
chinery, assuming that although great
degree OF confidence has been restored 10
this centre as evidenced by the checkingo oi
runs on the banks, banking houses
and savings institutions, yet through
out the country "a longer tine Fa
must necessarily elapse before a
Feeling of Security can be engen-
Idered. On the other hand, 1t acclaimed
that the moment stocks can be regularly
traded in legitimately, greenbacks or cur
rency, which have been boarded during
the last week or ten days, will be sent in
here for purchase OF stock, and thus gain
general circulation again, and eventn-
ally find their way into banks, thus swell
ing their reserves. III
Business is decidedly improving at the
Produce Exchange, and much more
hopeful leelingis expressed. 10 TACT, bus.
mess isssid 10 be getting back into Old
channels, and tho gloomy apprehensiops
as to foreign exchange appear to b9 yield
ing TO brighter prospects. =
A meeting of the Clearing House Asso.!
citation was held at the Merchants Bank
this afternoon, to take action on
the proposition submitted to it by
the Committee Of the Produce Exchange
to the Committee OF Bank Presidents this
morning with view Of aiding foreign e1s
change. David Dows and Mr.. Humphrey
represented the Produce Exchange and
spoke in, behalf o., their plan. They do.
sired the Clearing House Association 10
appoint committee OF five, representing
as many different banks, to buy commer:
cial bills,with bills oi lsding attach cd sand
make d fequisition on the loan Commit.
zee for the issue of Clearing Honse cerplie
Gates for the benefit Of shippers. The pro.
position was referred to the Loan Commit.
tee for report at o future meetingSp which
will probably be held tomorrow: - :
IS. Wesley, receiver Of the Union ] Trust
Company, this morning, denied the report
that Commodore Vanderbilt bad returned
to the Company their loana q. 4 10 the Lake
Shore railroadcy5b a aUhHaiis ,Li2s.a q
10 The Loan Committee ;ofnthei Clearing
House met this morning 10 conclude the
issue Of tie loan certificates. Manager
Camp said that, everything looked favor.
able.ior the banks and the publlc, and he
could see. no reason for further disaster.
The Glenham Manufacturing Company,
q flourishingi, corporation for more than,
Is years, having extensive woolen mills at
Glenham, New York, and Its office at 203
Broadway, suspended this p, NJ. President
Dart said that 1t was due to the depres.
sion OF, business, and, resulted directly,
from the financial panic which had pre-.
vented the merchants from going on as
they otherwise would previous to the dis.
turbance in Wallstreet. The outlook Tor
business wasgood. He was notprepared
to make even an approximate statement,
and could not tell whether the suspension
would be final or only temporary, before
learning the disposition OF shis creditors.
he was also unable to say whether the
creditors were chiefly individuals or cor
porations, as 1t Is impossible present TO
nIaced The combany wssl oreanized In,
isoo hv Peter II. Schneck. .erandiather
Of President Dart, James Dart brother
Of the latter. d, treasurer, and the organi-
zation Il wholly a, family affair. The
ORIGINAL capital was $40 600. 1t has al.
ways been maintained at that figure,
but MIR. Dart said that at least 81 900 900
I'll han, oxnondad on tho (ion panu'a