The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-26
THE FINANCIAL SITUATION,
Reports From Various Cities

advertised lOr sale at duCllou lo"uaf
have been withdrawn. The Express
says that the announcement that the
Government has stopped buying bonds
caused deep disappointment to-day
No little indignation was expressed
agai nst Secretary Richardson for hi
decision. Yesterda Y reports were cur
rent that the Government would stol
buying, and we were ordered by th'
Treasury officialsto denounce the re-
port as malicious. The advance in TIT
Banl, OF England's rate TO four per cent
is natural result OF the shipments o.
gold. This morning gold opened firm
at lllS, owing 10 the advance in the
Bank ofEnglands rate, but afterwards
declined to ll15, and still later rallied
to lll3. When it was announced from
Washington that the bonds OF 1874
would rot be anticipated by the Treas,
ury the rates paid for carrying ranged
from five to six per cent.
The crowd in Broad street shows
material decrease, and few transsc ions
in stocks have been consummated
Prices are marked up and down, &C
cording to the view of the parties, and
no fair quotations can be ascertaned
The prices current are nearly as posi-
bic these: New York Central, l9 to 29;
IC. C. Il |. c., 81; Union Pacific, ~ tc
20; Lake Shore, "A to IS; Ohio and
Mississippi, % to SO; Pacific Mail %
to 30; Northwestern, 90 to Al Rock
Island, S5.
A Washington dispatch says Secre'
tarv Richardson has stated thst il
would be good policy for all banks 10
suspend farther currency payments 1t
ia rumored that the President has been
advised to call an extra session oi Cou'
gress.
PHILADELPHIA, September 25.--A
more hopeful feeling exists among mer-
chants, and the prices OF goods continue
very steady. Third street is quiet All
the National Banks, Savings Banks,
and such other of the State Banks as
did not suspend continue business IN
the usual manner. The Board OF
Brokers have adopted resolution that
until otherwise ordered, certified checks
or duc bills on any Of the associated
banks will be received in settlement OF
contracts between members OF the
Board.
New ORLEANS, September 25.-At a
meeting this morning OF all the Bank
Presidents in the city except two, it was
decided to pay no checks for more than
one hundred dollars. All larger checks
are to be certified. This arrangement
is to continue thirty days. This action
they consider precautionary to prevent
g drain.
The Produce Exchange to-day
adopted the following resolutions.
WHEREAS, The critical condition ot
the commercial interests Of the coun-
try requires immediate relief by the re-
moval Of the block in negotiating for
eign exchanges, therefore
Peso!0ed, That we respectfully eug-
gest TO the Secretary Of the Treasury
the following plans for relief in this ex-
traordinary emergency: First, that cur
rency be Immediately issued to banks
or bankers upon satisfactory evidence
that gold has been placed in special de-
post in the Bank OF England to their
correspondents in London to the credit
OF the United States, to be used solely
in purchasing commercial bills OF ex.
change, and that the President Of the
United States and the Secretary Of the
United States Treasury are respectfully
requested to order the immediate pre-.
payment of the outstanding loan of the
United States, due January 7, 1874.
The steamship Cambria brought
&32. 500 in gold.
AUGUSTA, September 25.-The Ma.
tional Exchange Bank, the Merchants
and Planters National Bank OF Angus.
t., and the Planters Loan and Savings
Banks have suspended. The runs on
the banks have been heavy, especially
this morning.
CHICAGO, September 25.-The Clear
ing House Association held an import.
ant meeting last night to consider the
financial situation. After an animated
discussion, which lasted till nearly one
o'clock, the following resolution, offer.
ed by Mr.. Coolbaugh, President Of the
Union National Bank, was adopted:
RssolrsA by the Chicago Clearing
House Association OF the city of Chi.
cago. That until further action, and
in view Of the disturbed condition o.
affairs in New York and other cities
and the difficulty in converting balans
ces into currency, and on the advice ot
the Bank Examiner, its members be
recommended and authorized to suspend
currency payments on any large de-
mards upon them, either from country
banks or over their counters.
A number OF bankers opposed such 8
q course, claiming that the Chicago
banks being in q sound condition
could 60 on paying, and thus aid gener.
al business. The resolution was final.
Iy adopted unanimously.
CINCINNATI, Sept. 25.-The Cincinnati
Clearing House has just adopted the fol-
lowing resolution
Resolved, That for the protection o.
our commercial interests, and for the
purpose OF preventing demand OF cur
rency from the banks and bankers o
this city, we do hereby agree to adopt
substantially the plan adopted in New
!. York, viz: They will not pay out cur
reucy on checks except for small sums
to be optional with the banks upon
whom drawn; but they will certify
checks drawn on balances in their
hands, PAYABLE through the Clearing
House only.
The market for everything this morn'
ing is entirely nominal. The action o.
the banks this morning In their effort