New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-30
WHOLE NUMBER 1889.

change, made the following proposition.
> I That the Clearing House Association aps
point committee of five, representinr as
many different banks. to buy commercial
bills with bills of lading attached, and make
requistiOn on the loan committee for the
issue of Clearing House certificates for the
benefit of shippers.
| The proposition was referred to the loan
committee, which will probably report to-
morrow.
Money to-day closed at seven
Jay Gould said yesterday: Il think the
panic is Ovtr. l have every faith now in
the advance of prices and believe that the
market will be more buoyant than for q
| long time past"
Wall street has been cleaned out of the
great part OF worthless stocks and so-caIled
securities by, the purging process of the
panic, and there are comparatively few
stocks now quoted except those of real
value. In all cases prices are now too
low. and in that of good dividend pay ing
stocks very large advance is necessary to-
bring them to their actual worth
The reasons for an advance are that the
money market will become easy as soon as
the Stock Exchange is opened, owing to the
very large quantities of greenbacks which
have been disbursed by the government in
its late bond purchases; that an immense
amount of capital has been put into circua
lation by the action of the banks in issuing
| clearing House certificates. which displace
a corresponding quantity of currency; that
England Is sending over millions of golds
which will come into active use immediately
on arrival, and that speculation has had
| such long sleep that it will be all the
more lively when it wakes up again
! Affairs are becoming more settled on the
street. The stock market is little better.
with considerable doing
| The street quotations are: Union Pacific
1921: New York Central 80 09O; Pacific
Ma. 81 932; Lake Shore 72074; Rock Isl.
and. 81 12 bid; Northwestern, al bid: Ohio
and Mississippi 281 03O; Western Union,
63 asked; Harlem, log bid.
! Ldter.-Ihe stock dealings to-day have
! Deen, as durlhg last week. entirely of an
irresponsible character, but the following
are the closing streets quotations: New
YORK Central 81 Y 093; Lake Shore 1916
Rock Island 9014 091h; Lackawapna $50
80; Western Union 6S G69; st. Paul 33h0
"a, Pacific Mail 341a; Ohio 80 03l Harlem
ITO; Erie 5l062 Wabash 44a4 a As: North.
| western 43 044 Union Pacific 2l e22
Both Clews u Go. and Howes g. Macy
| have done good business to-day, a large
| number of their depositors having resumed
| business with them.
There is nothing new relative to Fisk T.
| Hatch. or Jay Cooke g. Co.
1t IS stated that several heavy business
men OF this city, on Saturday last, paid as
high as four and five per cent a month to
obtain money to meet passing engagements.
One large dry goods house issued a circular
to its customers offering two per cent
month discount ON all paper due them for
cash.
The president Of the Glenham Wooden
Manufacturing Company, which suspended
to-day, Is not yet prepared to make any
statement. Its capital is estimated at over
Sl,Co0,0UO. The company owns 900 acres of
land at Glenham, with large factories and
dwellings for 500 operatives.
The suspension of b. Bul1oci's Sons. In
Philadelphia to day, was caused by the
suspension of the Glenham Company,
which owes the firm abort 5000, 900
At the Produce Exchange to dav there
was decidedly improved feeling and bust.
ness IS working back into its old channels.
The apprehensiOns as to difficulties in
o6tainin: exchange are gradually being
dispe.led.
Augusta.
AUGUSTA. Ga. September :9.-Aii the
banks have partially resumed currency pay.
ments. but the cotton market continues
dull and nominal: only ffty-two bales were
sold to day.
ticksburg.
F1cKsrURG. September a9--T'he yicks.
burg Bank. E. S. Butts. cashier, continues
business as usual.
CairOs
CAIRO. September 23.-I'he banks Of thls
city have suspended currency payments.
Charlotte.
CHARLOTTE, n. c.. September sG...Thg
banks are paying as usual to move cotton.
Savannah,
SAvAHNAH. September 2o.--The Mer.
chants National and Anderson. banker.
continue to pay currency.
Louisville.
LOUISVILLE, September Ga majority
OF the banks formed a clearing house asso-
citation yesterday and resolved to suspend
paying currency in large amounts. The
banks that suspended last Saturday are
making arrangements to 90 into the clear
ing ASSOCIATION. The Bank of kentucky
declines to go into the association, and con.
tlpues to meet demands. There is no run
upon it. however.
There is no excitement In financial cir.
cle5. and the action of the Clearing House
Association was approved by the Board of
Trade to day.
The German banks. seven IN number.
which closed their doors Saturday morning.
made application for membership in the
Clearing House to-day and were received.
Two other banks were admitted. mailing
twenty,one in all. The banks wole pa, ing
out limited amount OF currency to-day.
and me chants are generally satisfied with
the cer'i fed check basis,
Manufacturers anticipated the ineonve.
nience iu getting funds 60 pay off their
hands. but the banks have pledged them.
selves to look after their interests as far as
possible. 1t is generally believed that the
pressure will be of short duration.
Charlottesville.
CHARLOTTESVILLE. September .3.-1n
consequence of the money crisis in she va.
rleus cities, the University of Virginia has
arrangements for credits. All the students
are temporarily embarrassed by tba same.
Canton.
CASIoH. H.. September :'.--The banks
have suspended.
Philadelphia.
Benjamin Bullock's Sons, extensive wool
dealers. suspended this morning for large
sum. but have ample assets TO pay all their
obligations. This suspension was caused
by the failure of the Glenham Manufactur-
ing Company. of New York, who owe them
about 5000, 900.
Joseph Bullock, one OF the members. il a
director Of the Cora Exchange National
Bank. but they owe that institution only
Sio.0Oc. which IS covered with co.laterals
for twice that amount
Ihl. affair has caused no nnuslfaI excite.
ment. and IN business circles generally
there Is confidence.
st. Louis.
81. LorIs, September 29.-Curry & K4ra
by. at Jefferson City. and two banking
houses at ChillicOthe, have suspended.
Inc financial situation has been very
quiet to-day, and much more confident
1ceilnS has been manifested in nearly all
circles. There is no lack Of currency with
which TO transact business and discOuutiny
is quite limited, but the banks are mostly
paying checks in kind, and there is de-