The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-28

large amounts. committee OF five was also ap-
pointed and authorized to issue $40 600 in loan
ceruncates upon substantially the same basis a.
they are issued by the banks in various other
cities. This action Is represented to be o conserve
tive step to prevent any raid that may possibly be
made rom outside banks. or the iorty two banks
In this city nearly all are on the surest and safest
accounts OF country banks, which might
be depleted II some little temporary assistance was
can amply AFFORD to give. and the resolution
passes o tends rd 70 BRING It about me issue
banks to perfect the Clearance and eiau orevent
the panic which might otherwise have been
created. The action Is fav0rably received by the
business community, VINO look upon the movement
as one OF unavoidable necessity, aud sure to be
reached sooner or later from prudential considera-
Beyond the interruption to the export trade, by
the difficulty OF selling foreign bills OF exchange,
the general trade OF the city Is progressing salts
lactOrily, although the stringency oil the money
market liz working against the mercantile classes,
who require at this season or the year larger IMAM
cal means than usual. There 10 strong ieeling OF
hOpeiulness however, In business circles and II 10
believed that affairs in q few days will assume
more satisfactory condition.
The Boston banks adopted the following pream
bic and resolutions
Whereas a. the banks in all the large cities in the
United states have deemed prudent ana expede.t to
suspend currency payment ior large amounts
Resolved, That the Boston banks. as precautionary
measure for themselves and the mercantile community,
and prevent the drain Of rom
the same measure .... =. .,,.., b.,
the Chair who Shall have power to issue certcates
g the amour! Of $40 Ooo substantially the same
The following named gentlemen were appointed
on the committee provided for by the last resolu'
Franklin Mason, George q. Richardson, benjamin
f. Bates, Thomas Lamb A. ]. Benyon and j. IL.
Beal.
Secretary, Henry b. Groves.
Tho Cincinnati Chamber Of Commerce.
CINCINNATI. Ohio Sept. q, 1873.
The following resolutions were to-day unani-
mously adopted by the Cincinnati Chamber Of
Commerce at a full meeting:-
Resolved That the action Of the banks and bankers In
this city in refusing to pay out large sums IN currency
timely wise and necessary. and meets the approval
Resolved That the merchants and business men have
i iah ana confidence IN the soivSncy 81 the banking
Ter OF those who manage them. -
Resolved That the banks and bankers and that they
hereby requested extend all possible accOmmOda-
ons to the merchants ard manufacturers of this city
The financial situation to-day appears to be i'm
proved. At the close of business an improved feel
ing was plainly manifested. The adoption Of the
resolution OF Mr.. George F. Davis. by the Cham
her OF Commerce, commencing the action OF the
Cincinnati banks and expressing confidence in
their management and asking them to extend all
possible accommodation to the commerce and
manufactures OF the city, appeared IN Itself to
prove the feeling OF the members voting upon 1t.
Durng the discussion of the question, J. L. Keck,
who was the author OF the last resolution, spoke
especially of the necessity at this time OF all busl-
ness men, as well as bankers, exercising towards
one another the largest possible accommodation
until the pinch was over. The expression OF this
sentiment was received with warm applause.
There was no particular change in the general
markets, and there Is no hope OF doing much until
there are better facilities OF Affecting exchanges.
Still there Is no panic prices nothing is actually
pressing the markets. The banks and bankers
generally report having passed through the day In
o satisfactory maoner. The new arrangement
worked more smoothly than at any time since the
trouble began. Some of the banks report having
received Az much currency as they have paid out
Notwithstanding 1t was supposed this to be the
pressing day OF the week, owing to the large sums
needed 10 pay on the operatives IN the manulac-
tories. The manu- acturers have generally been
supplied with funds to meet their immediate
wants.