New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-08
FINANCIAL LEIHARGY.

NATIONAL BANK OF THE COMMONWEALTH.
Dizziness in financial and commercial circles,
yesterday, relieved by single incident-the failure
OF the firm of Wye Knevals sugar dealers, at No 81
wallst. This failure not regarded especially
significant the firm having been embarrassed for some
tme owing heavy purchases Of sugar and the unsa
factory condition OF the market.
There Is an indication that the contest the affairs
OF the Bank OF the Commonwealth will be prolonged
The following card from the President OF the Bank If
addressed to the creditors and stockholders:
In view Of the statement published in reference TO inc
condition OF this bank. purpOrng To be made by isaac
H. Bailey claiming TO be Receiver OF the Bank have
state that about year ago Mr. Meigs, the BANK bn
amner who now makes such a disastrous exhibit, made
official examination OF the affairs OF our bang, anu
10 the Controller OF the Currency, ana on lhdt 'he
0'''A'''' w.,Hseros Nov. 1872
Prd>at Of he Nattona Baak Of ne Commonwealth
have received the BIaDineI. report Of The condition o. your
alton appe very improved the last pre-
vous examination, and by pursuing the present policy the anh
VERY respectfully, ions J. KSoT, Controller
The bank is to-day in as sound financial condition it
was year ago except as 1t may be affected by the
overdraft OF Mr. Hagh, when this report OF MT helss
was made and the letter OF the Controller written
Of nearly $500 600 after paying all ITS debts Perhaps his
Willingness be the receiver OF salary Of 5000 year
aha OF the bank His right to its property win be
tested In the United States Courts and beg you WI,
suspend your Judgment Of the bank and s officers unhl
they again have their books and the means OF tns
Tense. GEORGE ELLIS, fresluent
The Committee OF the NeW-1 Shnco-
citation received a Communication signed by John h
Williams President Metropolitan Bank II. F. VAIL
Cashier Bank OF Commerce. T. ]. Blake, President her-
oantile Bank, Shepherd Knapp, President Mechanics
Bank ID. c. Hays. President Union Bank, G. W. Dner,
President Bank OF State Of NewYork and John Parker
Cashier Phoenix Bank, requesting that Mr. Ellis shouid
be afforded hearing. In compliance with TINS request,
F. d. Happen, Chairman Of the Clearinghouse COM
mittee called meeting yesterday, at which Mr. Ellis
def LEGAL rights. At It's close
the following adopted
Resolved. That a special Committee OF FIVE be ap-
pointed by the Chair, which Committee snail win the
President Directors OF the National Bank OF the
Commonwealth, make an examination into ITS ahalTs'
and report at future meeting Of the Association the
assent Of the Controller OF the Currency Doing hs' oo
tanned
Messrs jenkins, Lowrey. Duer, Montague, and
Everett were appointed the Committee. The STOCK
Exchange Committee Of Investigation examined, yes
terday President Ellis Of the Bank OF the Common
wealth in relation the overdrafts of f. L. Haight
Co. Judge Woodruff of the United States Circuit Court
granted ON Sept 90 citation requiring the Controller Of
the Currency and Isaac H. Bailey to show why the
latter should not be removed receiver Of the National
Bank of the Commonwealth in this city. The citation
being returnable yesterday, and Judge Woodruff not
having returned L. l.. Kellogg OF counsel Tor the bank,
brought the matter before Judge Blatchford who de
cned to hear on the ground that he Is sockhoder
in the bank and granted adjournment till next Tues
day. This first under the Banking act OF 1863
which allows an application TO be made for the removal
Of a bank receiver appointed by the Controller Of the
Currency.
The Loan Committee Of the Clearing yesterday
reduced the temporary certificates about sOOOO Green
backs are quoted from to II per cent.
Secretary the Treasury Richardson arrived in tins
city Yesterday and had interview with Assistant
Treasurer Hlhouse who when applied 10 for inforna-
ton concerning the object OF the formers visit said tnat
he believed it to be on strictly private business OF 10
public interest," ana that the interview reIeeu 10 "ds
simply accidental,
THE FoRTY-FoUR MILLION REsERVE-PARI OF ii
ALREADY USED.
IBY TELEGRAPH TO THE TRIBUNH.l
WASHINGTON, Oct. 7.-SeuatOr Cameron ar
rived here to-day and sought the White House in haste
He had long interview with the President, and reports
that the latter well himself Is strongly opposed to
drawing on the forty-four million greenback
reserve The Senator is firm In his belief that the
Secretary has no right TO use the reserve, and
TO use his own words the money ought TO be covered
into the Treasury and thus put end TO further dis
cusslon here As for the use Of the money in question
there doubt here that the Secretary has already
used several millions OF the funds 10 the first quar-
ters Indebtedness, and so far as known nobody who
denied it, How the President therefore, opposed to
its use, asserted by MI Cameronis beyond finding
out
APPOINTMENT OF CLEws, HABICHT 4 CO.'S Sue
CEssoRs.
have been appointed fiscal agents OF the Department OF
State al London place Of Clews. Habicht Co. The
appointment was made by Secretary Fish some days
ago with the appreciation OF President Grant. The
Secretary telegraphed the fact TO Minister schenck
through whom the other Ministers in Europe were in
formed of the change SO they might not as formerly
draw upon Ciews Habicht Co. for their quarters
salary due October but upon their successors VINO
will also protect all the drafts DIR avn for accounts OF the
FINANCIAL NOTES.
The steamship Austria, which left Liverpool
Yesterday for St. Johns y. f., and Halifax, took out
$4,000 In specie.
The Exchange Bank of j. o. Short g. Co. OF
Danve H.. has asked extension from it depostors,
and II the request is not granted the Bank will probably
be compelled to suspend.
The report of the Receiver of the Washing
ton City Savings Bank shows that the deposltors will
ultimately be paid the presenting surplus
over obligations, counting the various securities at
par.
The Union Banking Company of Philadelphia
proposes creditors shall take 80 cent Of their
claims in the stock OF the Bank and the Bank shall then
business placing the other 80 per cent In cash TO
credit.