Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-22

notwithstanding the defalcatiOn OF the
abscOndIng officer, and that no trouble
would have occurred but for the facility
some persons have to secure the publi
cation of rGmors calculated to excite q
feeling of distrust.
ATTEMPT AT ROBBERY FoILED.
Four men, wearing masks, attempted
to rob the bank Of Frenchtown, New
Jersey, last night, but were frightened of
by the occupants OK the building in
which the bank was situated being
awakened.
IMPORTANT CONFERENCE.
New YORK, September 20.-Tha
President arrived at the Fifth Avenue
hotel this evening, from Long Branch,
and Immediately telegrsphed to Secre-
taFy Richardson to meet him in New
York tomorrow morning. P. G. CAL
houn, president OF the Fourth national
bank; II. f. Vail, cashier of the Bank
of Commerce; Henry Clews, Henry G..
Stebbins, Mr.. Taylor, aud other promi-
nent financieFs, have been invited 10
hold a conference with the President
and secretary tomorrow, and determine
upon a plan to meet the present crisis.
The President expresses q full detarmi-
nation to Use the entire power OF the
treasury, 10 the extent Of sixteen million
dollars balance and forty-four million
reserve. There is q general feeling of
confidence tonight that the worst is
over.
GRANT AND JOHNSON ON THE PANIC.
NEW YORK, September 21.-At a con-
ference, at the Fifth Avenue hotel to-
day, in relation TO the existing financial
affairs, the President positively declined
to interfere on the ground Of the want
Of authority. A committee Of bankers
and merchants had finally proposed that
the government issue thirty millions Of
Legal reserve. Mr.. johnson, who was
consulted, save his opinion to the effect
that to use legal reserve for the purpose
expressed by the committee, was uneon-
stitUtional, but, 1t is said, added, if he,
johnson, were president, he would be
disposed, in an emergency Ike the pres
enr, to make the utmost efforts to arrest
the impending disaster.
DIvIDENDs AND COLLECTIONS.
WASHINGTON, September 2O.-The
comptroller Of the currency IS paying
dividends Of twenty-five per cent. to
Rockford, Illinois, one hundred per cent.
to the creditors OF the first national bank
of Fort Smith, Arkansas, and thiIty-fve
per cent to the creditors Of the national
bank of NicksbUrg. The comptroller OF
currency has directed the cOllecd n pa
per OF the first national bank of Wash
ington to be deposited for collection with
the National Metropolitan bank, and
correspondents are requested to cores
pond with the latter bank in reference
thereto, anG thus facilitate the business
Of the receiver.
THE BANK STATEMENT.
The bank statement did not appear
until evening, and shows a loss OF Sl5,-
977, 600 in specie, and 81, 409, 800 in
legal-tendess; the contraction of So, ia
500 in loans, and s., ,277 1000 less Of de-
posits than Saturday. The circulation
has increased $50, 500. Loss Of reserve
81, ,006, 500 in GOLD and greenbacks, and
the reduction of liabilities is 81. .246, 500
which 25 per cent. is S2,311 $50. The
banks therefore lose only 81 ,695, $50 O
the actual reserves, and are 81, I'll O7s
below the twenty-five per cent. line o.
the national bank method of calcula-
ton.
INTENSE INTEREST IN THE CONFER
ENCE.
The conference st the Fifth Avenue
hotel to-day, in relation to the bes
means Of avoiding financial distress il
Wall street, has absorbed public inter
! est in an almost unprecedented degree
| The fact that President Grant, Secreta
ny Richardson and other high Officials
of the government had come here L
| consult with the leading bankers aDC
merchants was generally known thii
morning, together with the fact tha
those invited TO the conference woulC
meet the President and the financis
officers Of the government in the
Fifth Avenne hotel during the day,
| In consequence not only bankers, bro
| kers and merchants were in attendance
but the general public fiOcked thithe
and listened to the groups Of Wall stree
men, here and there discussing the stu
alton. The general public, although
| knowing but little of the techniealitie
of stock speculation, or of the cause
| which tended to produce the pTesen
alarm, nevertheless seemed to feel tina
| the occasion was fraught with impO1t
ance to all. President Grant, SecretaFl
| Richardson, Senator Morton and Gen
eral BabeOck were ready before noon t
hear the views and suggestions Of prom
inent merchants and financiers, some o
whom had previously held a conference
and reduced their plans to taDgibl
shape,
AT THE CONFERENCE
and conspicuous were Commodore Van
derbiit, Henry Clews, Isaac Fl. Bailey
| Seligman Brothers, George II. Opdyke
| William OrtoD, president of the Wes
| tern Union telegraph company, Pros
| pect 2. Sharpe, James 81. Burke, VIII
/ liam L. Scott, OF Erie, Pennsylvania
bank Robert LenoX, Kennedy, Horace B
Clsfsin, General Z. S. Sanford, Of Adam
Express company, Mr.. Vail Of thl
| Bank of Commerce, Senator West ant
John Hacy, president Of Adams ex
press company. First, a general propo
sition was made, by az appoint
ed committee, that present fnan
cial difficulties should be re
lieved by draining on the legal
tender reserve. The committee had no
agreed ct this time as TO the amount 0
such reserve that would be probably re
1 quired to effect the object sought 20 b
attained. President Grant and SecTe
tary Richardson sent for many member
of the committee in turn, and hear,
their views on the subject. After up
ward Of an hour spent in this way, ant
/ after listening to the reading Of tn
written views Of several promineD
members Of the committee, Presiden
/ Grant and Secretary Richardson in
I strueted the committee that
NOTHING COULD BE DONE
until some precise proposition had beeI
/ submitted. The majority OF the com
mittee proposed verbally that the gov
ernment should, If nee ssary, place TIA.
whole legal reserve Of forty. four million
dollars in the national repositories il
this city.
Secretary Richardson opposed this
and said that he was utterly and iuhexI
| bly opposed to the issuing Of any consid
erable portion of the legal reserve fol
the use Of the city banks. 10 use Mr.
Richardson's own words, quoted
on the authority Of one o
the corauitte: "This, gentlemen, i:
not my faneral.n y General Grant anC
Secretary Richardson requested th,
committee OF finance to agree and sub
NIT to them ia writing, and briefly anC
plainly as possible, what they though
should be done on the part of the gov
eminent; stipalsting that the name o
1 each one recommending the course to b,
sgreed upon to be appended 70 the pa
per. TIE committee Teii-ed to agret
upon a proposition TO be sub
mitsed to the President and sec
reLary Of the treasury, and COmmOdor,
/ Vanderbilt entered the parlor ia whiel
the President and his finance Office
were seated. The rooms and corridor
adjoining the audience chamber wer
quickly thrOnged with the crowd, await