The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1873-09-27

Ulll wv INIllNN Vl''i wv ll'WlN. wv.
c0ndiIloc 10 NoW Work NJ y O'Clock,
The lrdlnp continues ~ Improve. TIC
run on TIC JosCY City sWlngs Bank
lug cpnsod. NUl1 closed NJ III. Tho
Superintendent Of the clCflnghmlsC
alntea Tint about three million now
loan certificates have been issued, The
governing committee Of the stock
Exchange met lO-dny for the purpose
Of dcyising some plan for clearing
stock. 4 committee Of seven was
appointed, aud brokers requested to
send in their statements.
The following resolutions were pass
cd by the Produce Exchange:
Whereas, The critical condition of
the commercial interests of the coun-
try requires immediate relief by the
removal Of the block in negotiating
foreign Exchange, therefore he IL
Resolved, That we respectfully sug-
gcst to the Secretary Of the Treasury
the following plans for relief in this
emcrgcncy-thatc currency be immedl-
atcly issued to Banks or Bankers upon
satisfactory evidence that gold has been
placed on special deposit in the Bank
of England by their CORRESPONDENTS in
London to the credit of the United
States to be used solely in purc..aslng
commercial bills of EXclage.
Resolved, That the President and
Secretary Of the Treasury are respect
fully requested to order the immediate
prepayments of the outstanding loan
of the United States, due January !,
18Th
NEW ORLEvNs, September 25.-The
following address was issued by the
Banks to-day:
The undersigned incorporated Banks
and Bankers Of New Orleans desire to
inform The community Of the motives
that actuatcd them i'll partially sus-
pending payment of currency. Owing
10 the partial suspension Of currency
pay ,nellts by the associated Banks or
New York and other n0thern cities,
and the consequent refusal OF western
and other Banks to receive cheeks on
New York, in regular course Of settle
ment OF collections made here for
their account. 1t is asccrtained that
very large rcmittanccs of currency
have been made upon pcremptory
orders within the past five days. 10
such an extent, indeed, has this pre-
vailed that nj the same rate only few
days must clapsc before our vaults and
| the community would have been en-
| tircly depleted of the means. essential
to the ordinary movements OF trade.
| Al the present moment foreign eX-
change is unsalcabc on New York,
and as we derive from this source our
main supply of currency, we are thus
| deprived Of our only means of restor-
ing the amounts lost by shipment to
the west and the interior. We have,
therefore, taken this step us the means
of sclf-protcction for the benefit of oul
agricultural rs well rs commercial in
terests, and as the only manner through
which incoming crops can be moved,
without ruinous sacrifices in prices.
The duration of this protective
policy is limited to the period of thirty
days, during which time we are conil-
dent the daily receipts of cotton and
sugar will afford Us prompt, lcadyreliei
and currency will seek this market.
Signed by the Citizens hank, Union
National bank, Gcrmaniu National
bank, Second National bank, Bank OF
Lafayette, State National bank OF
America, National Banking Associa-
ton, Mutual National bank of Ameri-
ca, Peoples bank, Pike Brother 4 Co.,
bankers.
clearinghouse certificates, at the
rate OF scvrnty-iive cents on the dollar,
will be issued on certificates deposited
by banks and certified checks. Clear
inghouse certificates will be used
instead of currency. Merchants gen
orally approve of the course the banks
have determined upon, IT ~ under,
stood injecting of the Cotton GXchNEg,
will be called Tomorrow to approve
! their action. Nothing done III
exchange. No unusual excitement
about the banks.
MEMPHIS, September, 25.-The Ma
tional bank of Memphis has sus,
pended.
PARIS, September, 25.-The specie
1900, 900 francs.
WASHINGTON, September 25.--Secre
tary Richardson refuses to anticipate
the payment of the bonds Of 1874
which fall due in December and Janu
airy.
The City Savings bank, after II rui
of five days, posted the sixty days
notice on the doors and closed.
SAVANNAH, Ga, September 25.--A
run commenced early this morning on
the Savings Deposit, the Savannah
bank and Trust company, and tht
; Southern bank of Georgia. There
were large crowds congregated. The
banks are paying dollar for dollar
Business is at u stand-still for lack o
currency.
MEMPHIS, September 25.-The banl
failures attributed to inability to rea
lie upon securities in New York.
! First National bank and Kelsoe'
bank have suspended. There is rul
on others. a.'
CINCINNATI, September 25.-Th'
clearinghouse association have jus
adopted the following resolution.
Resolved, That for the protection o
or commercial interests, and for TIN
purpose ofprepenrine the drain OF cur
rency from the banks and bankers o
this city, we do hereby agree TO adop
the plan adopted in New York, namely
They will not pay out currency OF
checks except for small sums, to bt
optional with banks upon whom they
are drawn. They will certify checks
drawn on balances in their hands, pay
able through the clearinghouse only.
CHICAGO, September 25.-The clear
iu.shous, resolved To wait further
action, and ask the Banll'ESamiiner i,
authorize the banks to suspend cur.
rency payment of any large demailp
upon them from the country banks OF
over their counters. "
ST.. LOUIS, September 25.--Decideo
at meeting of Bankers heldla night
to suspend payments on checks OIL
drafts. either in currency or Exchange
till tiic excitement subsidies, snd q
iirner condition Of the markets .
restored" ~ I"
| MILWAUKEE, September s5,lPht
Democratic and Liberal Republican
4 Convention nominated w. X Taylor
for Governor and S. ID. Parker fol
Lieutenant Governor. The Reform
Convention, which had adjourned
Joined the Democratic and Liberia
n&@epHon. Hes9lHtipns were adopt
ied. Ii, fiyof Of cheap transportation
river improvements at the expense o
the general government oppose = pro
tective tariff, back-pny steal ANA mo-
nopolies. - M,