Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-10-02

rites, they must eventually run short of
greenbacks. There had been, On Tuesday. an
Indication of panicky run on this house,
consequent on the fact that it is in the same
building with Clews & Co., who had Just
failed. OF course the suspension to-day had
very depressing effect. but it was nothing
like that which ensued yesterday ON the clos
ing of Clews & Co.
1t started run ON Vermilye & Co., renewed
that on George Opdyke d Co.. and there was
a shower of depositors clamorous for their
money at the windows of Belmont & Co., but
none of these houses showed the slightest in
dications of weakness. Howes & Macy's fail
ure, if indeed it may be called SO, is not
looked upon as serious. The chief fear is that
the temporary suspensian will affect the COM
pany's correspondents in other cities, and so
help to keep up the excitement which all are
anxious to allay.
Upon the heels of this suspension came the
news that Clews d Co. had swamped their
London house of Clews, Habicht Il Co.
The over-drafts ON the London house are
estimated at 81. 200, 600, or about the amount
which Ciews Il Co. paid out previous to their
suspension. The information to-day leads to
the supposition that Clews d Co.'S failure is
complete-certainly complete as that of Jay
Cooke 4 Co. Howes x Macy may resume
shortly, when matters are quoted down, but
few hope for such good luck for Clews Il Co.
Southern securities and railway bonds have
finally been their ruin.
The next event to influence the street was
the announcement that resolutions had been
passed by the Clearing House Committee rep
resenting the various banks. The first resou-
ton, issuing additional SIC. 0OO 600 for loan
certificates, had been undisputed. and caused
good feeling, and was encouraging. This
proposition to obtain SO, zoo, OG0 of Govern
Inent bonds, TO be sold to the Treasury by the
banks. was also accepted as an indication that
| the banks were laboring wisely and well but
the last proposition, resolving that banks
should not cash heavy checks for currency,
| but should certify such checks as good only
when passed through the Clearinghouse, was
at once translated to be practical suspension
of the banks of the Clearing House Associa-
ton. There was good deal of feeling OH the
announcement of the adoption of this
resolution. But the discussions which
followed have proved that the resolution
was a wise provision. In the first
place, it prevents panic-stricken depositors
from drawing out their money and boarding it,
| thus taking greenbacks out Of the street and
from business. In the next place it facilitates
| business by making more liberal the certif-
cation of checks through the banks, thus bal
ancing accounts without the employment of
much money. The savings banks have been
perfectly quiet. In fact there has been no
| time during the panic when the officers of
| these institutions were doubtful of their abil-
ity to meet all demands made upon them, and
the confidence of del,ositors has been most
remarkably displayed. The panic mas not ap-
parently seriously affected mercantile houses
and the principal trades. The principal dry
| goods men report no lack of confidence among
buyers. no marked decline in prices, and little
| excessive apprehension for the future.
The reports from Boston. Philadelphia, Bal
timore, Chicago, st. Louis, Richmond, New
Orleans and Hartford are very encouraging.
| 1t is believed the worst has passed.