Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-21

s782 0G0; Francis 7. Walker = sIrl.
900; E. swsscS.s wsSs q Co., s1I 500; Weston
& Debilier. 5000; George p. Rakst,
Sl47, ,leO; VerfAilis Z Co, $500, 600; w.
6. Hatch d Son, s450, 600; Reed & Con-
tent, SlS, 400; Chase & Higgins, $780,
600; Wood & Davis, 100000. Total,
s., 407, coo.
COOKIES LONDON HOUSE CoRREgT.
WAsHINeToN, .Septen1her 2s..Gf'he
following was received from London To-
day by the secretary OF the treasury:
"The syndicate account is in perfect
order. There is universally kind feeling
toward Jay Cooke, McCdlluch & Co.,
who continue business rs bsHal.
lsignedl A. G. CATTEL-
THIS EFFECT AT MONTREAL.
MONTREAL, September 20.-The only
effect here Of the panic in New York has
been to make the bankers more cautious
and less willing to let out their funds,
which are ample for all legitimate COM
mercial demands. The discount rate for
good bills ranges from seven to eight per
cent, according to the standing Of the
names.
THE GOVERNMENT RESPONDS.
New YoRK, September 20.-The sub
= I LIEA1ulCE hnH HDCLCu u HDllCG EIdllL&
that he has been instructed by the Sec
retary Of the treasury to purchase ten
million dollars OF bonds to-day. The
prompt response of the government to
the request made for relief by the bank
ers yesterday gives apparently addition
al strength to the strong and encour-
sgement to the weak. A better feeling
prevails, and it looks now as il tie
worst was over. The stock market
showed an improvement Of five per
cent. The Union trust company an
noHnces that it will resume on Monday.
LONDON PRESS OPINIONS.
LONDON, September 2O.-The London
Times, commenting on the financial
panic in New York, says in view Of the
extraordinary prosperity of the United
States, and the high price Of goverro
ment bonds, the present question
must be marked as simply an effort Of
the financial system to get nd Of its
dishonest elements.
The Daily Telegraph says that such
local troubles as the suspension in New
York seem to be, are merely the rank
Outgrowth Of an exubersnt prosperity,
and accessories to progress which does
not halt for money.
SOUND INSTITUTIONS.
PHILADELPHIA, September 2O.-The
Fidelity Trust company did not close st
three O'clock in the evening, but con-
tinued to meet all demands, receiving
checks as late as five o'clock, at which
hour over nine hundred thousand dol
lars had been paid out. Mr.. Brown, the
president, said he would keep open until
midnight, if it was necessary, to show
depOsitors that that institution was in
sound condition and able to meet all
claims. The Union banking company
was run upon up to the hour of closing,
at which time about five hundred thou
sand dollars had been paid out. There
was run on the First National bank,
but it did not amount to much. It ia
authOratively stated that neither the
State nor city founds are disturbed. the
State and city treasurers having no con-
nection whatever with Jay Cooke & Co.,
or any Of the endangered houses.
Third street is comparatively quiet
this morning, the run on the Fidelity
Trust company has almost entirely SUBJ
sided.
THE HOBoKEN BANKS CONDITION.
NEW YORK, September 2O.-The sus-
pension of Fisk & Hatch is said to make
probable the embarrassment of the Ho-
boken bank for savings. A defalcation
Of nearly seventy thousand dollars was
discovered IN the bank lately, and the
directors disposed Of some securities to
make up the deficiency, depositing with
Fisk Hatch for safe keeping ninety
four thousand dollars OF the amount re-
allied. The suspension of this firm
makes this sum unavailing at present. A
number of kilograms were received at
the postoffiee yesterday, requesting the
postmaster to withhold from delivery
letters bearing the stamp Of the firms
sending the messages, and which were
addressed to Jay Cooke & Co. The
postmaster could not comply with the
request, as the postal regulations provide
that after a letter has passed from the
mailing Office the delivery Of it cannot
be prevented or delayed by the alleged
writer. The court Of general sessions
was adjourned early yesterday to give
the jurors and court officers an Opportu-
nifty to look after their bank accounts
and securities.
oS WALL sTREET-RUMoRs AND CONsE-
QUENT EXCITEMENT.
New YORK, September ga special
from Washington says: It may be
stated, on the highest authority, that
should the order to purchase ten million
dollars Of bonds fail to check the fiDan-
cial excitement, it has been decided on
by Secretary Richardson to issue any
part Of the forty-four million reserve
necessary to restore confidence. There
were thirteen propOsalssto sell the bonds
to the government at the sub-treasury
sggregsting 81, ,672, $50 at from 100 to liz.
The National Trust company has Just
closed its doors. Certificates of the Me-
chanics' banking association and Conti-
mental bank have been thrown out of the
clearinghouse. The crowds and ex-
citement in Wall and Broad
streets are unprecedented, and even
in the neighbOrhood Of these financial
eenters groups are gathered discussing
the situation. At nearly one O'Clock,
the ten millions promised from WASH
ingtOn cannot be made available, ewing
TO the red tape requirements Of opening
and reading, offering to sell bonds, and
telegraphing to know If rates are &C.
ceptable. The tills of the best and
strongest houses must be getting low,
having stood the run nov OF nearly three
days. Under the order issued by the
president Of the stock exchange forbid
ding members under penalty of expul-
sion to engage in operations outside, il
is not possible to realize on securities
and each mans own vault IS now his
only standby.
In the office of Fisk & Hstch
the following notice has been placed:
a. Drafts drawn by Preston, Kesve
q Co., Chicago, Illinois, on Fisk
q Hatch, will be hOnored by Messrs
Stephens & Allen, No. 25 Pine street."
Mr.. Merrill, secretary OF the National
Trust company, when questioned, said
the company is perfectly sound, and de-
clared that no depositors would lose O.
cent on the collatersls Of the company
He added that they were rs sound as
any institution could make them.
AN UNNBRvED SECRETARY.
New YORK, September 20.-Another
story in connection with the suspension
Of the Union trust company is that the
excitement OF yesterday so unnerved the
secretary that instead of calling in three
million dollars be made mistake and
only called for three hundred thousand,
thus leaving the company without funds
and causing its suspension. The friends
OF the secretary are positive he has no
participation ia any deRslcation thar
may have occurred in the institution.
TREASURY TRANSACTIONS.
Two million four hundred and eighty
| three thousand dollars of bonds were ac-
cepted at from 100 to 1I1.25. All offers
of bonds under 1ll.25 are accepted by
the government. The payments made
to-day by the
! MANHATTAN BANKING COMPANY,
on account Of the Union Trust company,
were on checks drawn directly on them
previous to this morning, and against
money deposited by the Trust company.
FROM THE TREASURY DEPARTMENT.
A Washington special ssys that Sec.
retary Richardson has instructed As
sistant- Treasurer Hillhouse at New York
10 purchase at private sale bonds to the
amount of ten million dollars, at the
average price paid to-day. Similar In
structions have been issued in Philadel-
phia. 1t is hoped the stock exchange
viii
SUSPEND THEIR SESSION
until after the squall st the opening
hour of Monday, as such action will aid
in restoring confidence. The large mails
arriving tomorrow will bring more than
the usual amount of drafts and checks,
which must be met on Monday al the
early transactions, but the banks are
to-day preparing TO meet them, and
generally announce their ability TO do SO.