, 1873-10-05
THE FINANCIAL NEWS,

The report from Now York, which Ia now tho
prlucpat polnt Of monetary Interest," tutlicates d
return to Tho normal condition Of thinga at tho
Stock Exchange, where stocks, nftor temporary
depression, recovered to higher rateB than at nly
Elmo during tho wook. Throe Of tho suspended
brokorB woro ablo to resume, and wofo reatlm,ttod
to tho Bonr1. AB tho lato paulo start.
ed from Wall stroot, tho return to bot
Tor prices thcrc wilt exert moro than usual ir-
hueneo In improving tho financial Bituation.
The banks appear to get on wolf with 'thoir
loan-oertitlcatea In spite Of tho dangers attend
Int upon thoir issue. 4, totnl reduction Of
600 is announced, and while grconbaoka
we're still worth Il Of per cont premium over
certified checks, tho loan.cortlacatos also COM
manded tho same premium ii similar relation.
This would place them at par with grocnbaoka.
At ali events, tho difference is now merely nomi-
mi. a resolution Inns boon adopted by tho
Clearing House Loan Committee instruoting the
Chairman to roquoBt all tho banks that havc
takan out certificates to roturu anil cancel
thau from day to day, and as rapidly as possible.
Tho necessity OF this courBo aoemcd to be fully
reoognizod There was rnmor In New York,
bald to bo confirmed by later dispatches from
Washington, that tho s44,000,000 Ind been
drawn On to the amount Of about $2600000. Il
hna the effect Of strengthening atockg. Tho
suspension Of Peake, Opdykv & Co., prominent
dry~goods firm, suggests tlnt the commercial it,
taroBts may got fool tho effects Of tho currency
loal-up, but probably not enough to occa-
Lon any bad failures. Peako, Opdyke i
Co., whoae liabilities arc 82,500,000, claim
hsurpluB Of 100000. They will continue bus-
nesy, paying thoir indobtodnoss In installmenta,
'bll within oighteen months, with 10 per cent in
teruat. Tho dry-goods firm OF Patton j. Co..
whoHe suspension was announced somo days
pgo. owo 91, ,a00, 900. and havo made arrange-
monts for On extension similar to that Of Peake
0pds ke l. Go. Call loanR a1o reported to have
boon at tho ratio OF per cont per annum, and
ranging from u down to 1-32 bonus. Foroign
exchange was lower than tho preceding day.
The outlook at New York is, all things coneid-
erod, moro favorable than tho most sanguino
would have predicted throo or four days ago.
Tho firm Of Jay Cooke l. Co. have made d
proposition Of assignment In trust to E. Il. Rol-
Inns, Into United States Revenue Commissionor,
,of all the property, real and personal, Of every
member Of tho firm. md OF all the interest their
wtvos havo therein, tho property to be appraised
at its real valuo, converted as rap
Idly as possible, and turned out to
tlo creditors In installments Of 8 per
cont .as fast as realized, the creditors also to
hare the privilege Of taking the property, at in
aividual option, for its appraised value. It is
said that the proposition has boon fayorably ro-
eaEed, aslikoly to occasion loss delay in Bottlo-
Encnt than proceeding in bankruptcy, Tho
First National Bank, Of Washington, will prob
ably pay Is por cent regardless Of tho condition
OF jay cooke l. Co. Rumors OF the uusnfety Of
the Bank Of The Metropolis, with which the Dis
tr1ct Government deposits, were set at res. bv
tie Bank Examiner, who found its afIairs in
good condition.
Pittsburgh and Philadelphia seem to feel the
remnants Of the panic more thau any other
places from which we have adyices. In Phil
adephia, there has been decided reduction in
the wages OF employees aud in tho working force
ut the factories. The Pittsburgh banks have
been badly drained III currency by tho policy of
full payment, and the statement ia made that
tlo manufacturers adopted tho plan of with
holding ha!f Of the employees pay In their intor:
cat. The workmcn haye taken this action in good
part, however, and havo perfect confidence in
their employers. 1t ia still thought that tho
difficulty III making collections may cause aomo
suspensions among the 800 mills Of TINT city.
OF nll cites Of the country, Chicago seoma to
DO the easiest. Evidences OF panic were hard
to find here yesterday. Tho business Of tho dny
WAS az steady and active as it usually is ON the
last day Of tbs week. Now York exchange waa
as slight discount; but, per contra,
many Of our commission men wero In
a condition to notify their country CUE
tomors to draw on them aa usual. AL tho rail-
roads, with Binglo exception, are now taking
eNch checks on tho solvent banks as they would
have taken before tho panic came on. This will
relieve tho shipping interest still further. The
city banAa are not only in a good condition md
eeadily improving, but, bettor than this, the
people understand it. Tho country banks will
probably loarn Of this early in tho wook and re-
aume their regular business in full as trade may
demand.
PERSONAL.
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