The Portland daily press., 1873-09-26


currency currency payments on airy Urge demands
maue upon them, either from country banks or
over their counters
Act ON of Baltimore Banks.
BALTIMORE. Sept 25.-The banks today vot-
Gu not to pay out money On checks except those
required for legitimate business The banks
are oeileved to he in a very sound condition
oomeI tlghtness pmoney is felt in mercantile
tcipated
Trade is restricted but il is thought BUSINESS
Will soon recover.
The Washington Conference.
=, WASHINGTON, Sept. 25.-The Secretary of
Tue Treasury, with Assistant Secretary Sawyer
and Attorney Genersl Williams have been in
consul alton at the treasury department for a
long time to-day. The conference lasted nearly
Two hours. There was full and complete ex-
cnange OF views on the prevailing financial
troubles, and the propriety of further action by
Cne government. 1t seems certain that deter
nlnaton was coucurred in by all present that
Tue government snould not use any portion Of
she legal tender reserve for the purchase of
pouus, although this reserve may be temper
army encroached upon for the absolute wants of
tue government, but then not to any great ex
tent and not with any view to initiate other cur
rencv, as the Secretary, even ii forced by Cir
cumstances to put out any portion of the legal
lenders beyond the $356, 100000, will, as he did
IN The first two or three months of his admin
lstratIon, reduce the amount to that standard
again at the earliest and most practicable time.
The present understanding is that the depart
ment has helped tine banks far as public
SAFETY and consistency will admit, so that at
present there is no Intention of issuing addl-
uonal instructions for bond purchases.
Ihe Washington City Savings Bank has
posted the announcement that it will require
SIXTY days notice for the payment of deposits,
~ accordance with the provisions of its char
ter.
The Navy Department is paying all its en-
Ployees to-day, in anticipat on of the usual pay
day, In order to lessen the stringency of the
money market, caused by the scarcity of cur
rency.
Cabinet Meeting Called,
Rumors have reached here that the Secretary
of the Treasury advised temporary suspen-
sion of all banks Secretary Richardson as
serts that further than helping the banks by
the bond purchases which have been made, he
has nothing to advise and only to look to the
interests of the government.
The situation so far as the government is
concerned is unchanged since the close of bust
ness yesterday when the purchases of bonds
stopped.
The arrival of the President tonight may
possibly result in additional instructions, but
this is merely problematical. There will be
Cabinet meeting tomorrow, which will have
the weighty financial matters for general con
sideration blythe heads of the government de-
partments, and considerable interest is felt in
there will be a called session oil Congress, with
a view to relieve the financial difficulties
Suspension at Indianapolis.
INDIANAPOLIS, Sept. 25-There was consid-
cradle excitement here this morning by the
announcement of precaut olary measures
adopted by the Chicago and Cincinnati banks
which were at first reported as having totally
suspended, aud the excitement was heightened
at noon by the suspension of the private bank
ing house of Wooden, Webb 4 Co.. owing
mainly to the return of their drafts of the sus-
pended Trust Co. Of New York. Public conf
dence became so shaken that there was quite a
heavy run on Rtzinger's bark and on the
indianapolis savings banks br class of gener
ally small depositors, and some few persons
withdrew their money from other banks. The
FIRST National bank instead of CLOSING at usual
hour kept open an hour later to give any opor-
tunity to withdraw money if wished, and when
it closed it had received more money than paid
out. Previous to the excitement the banks
iu conference decided to go ahead in the usual
way, and this determination will still be follow
ed.
Lonn Certificates i'm Richmond
RICHMOND, Va, Sept. 25.-The panic has en-
tlrely subsidized. There is no visible excitement
on the street. At a meeting of the bank Of
ficers this morning 1t was unanimously resolved
to adopt the system Of issuing loan certificates
as now in operation in New York, Philadelphia
aud Baltimore. so as to give relief to the COM
mnnity.
The reported failure of McElwayne & Co.,
of Petersburg is contradicted.
All the banks here paid promptly today, and
the excitement has greatly subsidized
Flour Shipments stopped.
ST LOUIS Mo-, Sept 25-Shipments of flour
to the east have been virtually suspended by
recent advance in railroad freghts The board
of directors have petitoned the railroad COM
panies to restore the old rate during the pres
ent financial troubles,
A slight run having been made on the banks
of this city, it was decided at meeting of
bankers held last night, to suspend payment of
checks or drafts, either i'll currency or exchange
till excitement in the east subsidies and the for
mer condition of markets is restored.
The Situation in Georgia.
AUGUSTA, Sept. 25.-Business here is block
ed. The cotton market has suspended opera
tons, and there is no currency TO buy cotton.
The banking house Of John j. Cohen 4 Sons
has suspended. Bonds and stocks cannot be
sold, and there is no market for the best securi-
ties, even at a sacrifice.
Three Banks suspend.
AUGUSTA. Ga, Sept 25.-The National Elk
change hank, the Merchants md Planters Ma
tional bank of Georgia, and the Planters loan
and savings banks have suspended. The run
on the banks has been heavy, eS Jecially this
morning
Cotton is seeming in freely but there is no money
to move it.
A Southern Pauic.
LOUISVILLE, Sept. 25.-There is some excite
ment here on account of the depressed condi
ton OF affairs in New York, but the banks are
uniformly in good condition. No alarm what
| ever exists among the depositors, and there is
| no anticipation of panic.
Excitement in Memphis.
| MEMPHIS, Sept. 25 Great excitement pre-.
| walls in this city on account of the suspension
| of banks which is due to the inability to realize
on their securities in New York.
| The First National aud De Sato hanks closed
today, aud it is runored that the Freedman
| savings and Trust Co., has also suspended
There is heavy run on other banks.
1t is expected that all of the suspended banks
will reopen after the panic s. ides
Suspension Mt Nashville.
NASHVILLE Sept. 25.-The National bank
| in this city have agreed to suspend cure c,
] payments on all balances exceeding $780, Th
| board of Trade have unanimously approved o
| this course. A general good feeling prevails
| There are no symptcms of panic.
Still Another.
SELMA, Sept. % The Selma savings banl
| suspended today. There were no sales of cotton
and collections are impossible.
LITTLE Rock, Sept 25 The money panic
| in til city continues. While large numbe
! of merchants decided to-day to continue takin;
the city money as formerly, a large number, in
Guiding nearly all the produce and grocer
| Dealers nave SiSueu dH dgreetDeub uoG " LAX
it, so long as the banks refuse to give eastern
exchange for it. The excitement is very great
the money having lie N the only circulatin.
| medium in use for several years.
LITTLE Rock, Ark, Sept 25.-The excite
mant over the city currency and reported fail
ure OF the banks in Memphis has caused al
unusual commotlon here. Nearly all the mer
chants refused to take money to-da, an,
throughout the day there was heavy run OF
the banks by depositors. As yet they have me
every demand promptly and claim they cal
weather the storm.
SAVANNAH, Sept 25. - run commenced
| early this morning ON the savings department
| of the Savannah Bank and Trust Company ant
the Southern Bank of Georgia. Large crowds
are congregated. The banks are paying dollar
| for dollar. Business is at stand still for wan
of currency.
The Run stopped.
The run on the Savannah Bank and Trus
Company ceased at noon That on the Bank
of Georgia continued up to closing. Both ar
fully able to meet all demands
CHARLESTON, S. c., Sept 24.--Money is 81
stringent here that no obligations are contract
| ed and all business is limited in amount. Their,
is some demand for cotton at low figures, bu
the difficulty In negotiating exchange STOP
| nd liaf hot lie eli pa