Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-28

port published in the morning Sentinel
that the banks here had suspended pay
ment of sums larger than two hundred
dollars is q mistake. No such action has
been taken, and the banks are doing
business as usual, except that they have
stopped advances on produce until the
eastern banks are ready to respond.
AT PHILADELPHIA, PA.
PHILADELPHIA, Pa, September a.
The board Of brokers to-day adopted
the following:
WHEREAS, The embarrassed state OF
the country, growing out of the scarcity
Of currency; the too rapid development
OF railroad interests, and the system OF
over trading, have given rise to a panic,
in which the idea of intrinsic values is
entirely forgotten; therefore, be ii
Res0tOed, That we heartily indOrse
I the actionof the secretary of the treas
ury in his efforts to stay the tide Of ruin
by attording temporary relief and his
wise discrimination in the use of the re-
sources at his command.
! ResOiUcd, That We urge upon him the
necessity of bringing before congress a
/ plan for a general banking law, through
| which the benefits of our present sys-
/ tenn may be more generally extended
and serve more fully the growing inter
ests Of the country.
| ReSOtUed, That as the great sources of
! wealth, our crops and general produc-
! tions, are more promising than ever,
and that, therefore, the enterprises OF
/ the country have greater chance for
| profits and success, the sudden and
| wild decline in values is the result of
/ panic and without any reasonable cause.
ResOlved, That we deem it our duty
/ to in every way indiscriminate in the
/ sacrifice of securities, and to express our
/ hearty condemnation of those who, for
| personal profit, attempt to exaggerate
/ evils and cause a still greater decline in
values at the board.
a committee was appointed TO confer
/ with the bank officers on the financial
/ situation.
Samuel Josephs, an applicant for pro-
| ceedings in bankruptcy against Jay
/ Cooke d Co., has Withdrawn his suit in
/ consequence of the statement made of
the assets and liabilities of the firm.
The city banks have generally paid out
currency when needed 10 pay wages,
and are discounting freely, giving an
easier feeling in banking circles.
AT SALE LAKE, UTAH.
SALT LAKE, September 27.-There is
considerable excitement here to-day.
The First national bank did not open
| its doors to-day. A note on the door
states the cause: "Failure of eastern
houses and inability to obtain currency
Their liabilities are amply secured by
government assets. Depositors need
not feel any uneasiness as to ultimate
loss, as the assets cover three hundred
and sixty thousand dollars. The liza
bilities are two hundred and seventy
seven thousand, III excess of the personal
property of Warren Hussey, who holds
himself responsible for the bans'sindebt-
edness. The bank was a government
depository. The Salt Lake national and
Deseret national banks are open and
meeting all demands. Walker Brothers,
Wells, Fargo d Co., 7. +. Tracy & Co.,
and White & Mccormick, are also pre-
pared to meet demands. a slight run
was commenced on the latter, but no
fear Of succumbiDg. The excitement in
financial circles has generally subsidized.
The run on White q Mccormick was
brief and confidence is restored. The
firm meets all demands and have a sur
plus. All the other banks are in the
best condition. Warren Hussey, presi-
utAlN Vi lllE Il lAEl LhetllOldi Bdllhs says Tie
institution is perfectly solvent, has met
with no losses, is able to pay all its in
debtedness, and the capital and surplus
are unimpaired. Little time is asked.
AT READING, PA.
READING, September 27.-The extens-
i've banking house of Bushing & Bros,
earring over two millions on deposit, is
sustaining heavy drain to-day. De-
pOsitors from the country having fifty
dollars in the bank were paid that
amount and no more, The city mer-
chants are receiving certified checks on
this firm for produce. There is every
confidence in the solvency of the firm.
AT ST. LOUIS, MO.
ST. LOUIS, September 27.-Quletness
has reigned among the banks this morn
ing, and all are paying checks under the
rule. Everybody seems to cheerfully
acqulesce in the arrangement. The
feeling on change was better, and prices
for some articles stiffened materially
The vellum business increased some
what, and in sCme cases higher figures
were obtained. The merchants gene
still strong undercurrent of apprehen-
sion, and there is but little disposition to
do very much trading.
AT CINCINNATI, OHIO.
CINCINNATI, September 27,-The fol-
lowing resolutions were to-day unani-
mOusly adopted by the Cincinnati cham
Der Of commerce, at full meeting of the
chamber:
"ResOiued, That the action of the
banks and bankers in this city in refus-
ing to pay out large sums in currency,
was timely wise and necessary, and
meets the approval of this chamber.
"ReSolued, That the merchants and
business men of this city have full faith
and confidence in the solvency of the
banking institutions Of this city, and in
the integrity and character of those who
manage them.
"ReSOlred, That the banks and bank
ers be, and that they are hereby request
ed to extend all possible accommoda-
tiOns to merchants and manufactures of
this city,"
The financial situation here to-day ap-
pears to be improved, and at the close of
business an improved feeling was plainly
manifested. The adoption of the TesO-
luton of Hon. George +. Davis by the
chamber OF commerce, cOmmending the
action of the city banks and expressing
confidence in their management, and
asking them to extend all possible ac-
cOmmodation to the commerce and man
ufactures OF the city, appeared in itself
to improve the feeling of the members
voting upon it. During the discussion
of the question, Hon. j. l.. KOck,
who was the author of the
last resolution, spoke specially Of
80 ,F I,,.-;
men, as well as bankers, exercising to-
ward one another the largest possible
accommodation until the pinch was
over. The expression of this sentiment
received warm applause. There was no
particular change in the general mar
ket, and there is no hope OF much do
ing until there are better facilities foI
effecting exchange. Still, there is no
panic in prices. Nothing is actually
pressing on the market. The hanks and
bankers generally report having passed
through the day in q satisfactory man
ner. The new arrangement worked
more smoothly than at any time since
the first step was taken. Some of the
banks report having received as much
currency as they have paid out, and this
Notwithstanding that it was supposed
this was to be the pressing day of the
week, owing TO the large sums needed
for the pay of operatives in manufacto-
ries. The manufactures have generally
been supplied with funds to meet their
immediate wants.
AT BOSTON, MASS.
Boston, September 27.-The bank
presidents of this city have decided to
make only small currency payments,
and to issue ten millions of loan certifi-
Gates.
BOSTON, September 27.-The disturb
ance in financial affairs has seriously in
terfered with the wool trade. The mar
ket is quiet and prices nominal as fol-
lows: Ohio, medium extra, double ex-
ira and treble extra, 50@5S; Michigan,
4SG5l; New York, Wisconsin and In
diana. 47G50; combing and delaine,
55665; unwashed western 55956; su--
peTfine and extra pulled, 35957.
AT LOUISVILLE, KY.
LOUISVILLE, September 27.-Con-
siderable excitement prevailed to-day
caused by the suspension at an early
hour of the following banks: German
Security, German Insurance, Masonic
Savings, Western bank, Central Saw
ings, German bank and Louisville
banking company. Business in general
isquiet, and prices nominal for all lead
ing articles. No run at the close of
banking hours upon any other banks.
AT LITTLE ROCK, ARK.
LITTLE Rock, Sentember 2T.-The