The Portland daily press., 1873-09-20

ance in the National bank repositories. This
will stop the pressure, make money easy and
preVenS any furtherfailures The President is
Iuiiy determined to meet the emergency at
once
Resumption Promised.
n Washington despatch says Henry
u Cooke says that their house
Will soon resume business and the depostors
VIII lose nothing. He also says the suspension
OF the Washington house was matter of eXpe
diency and that time will show them to be in q
sound condition.
secretary. Richardson, who is advised as to
tne cause OF the suspension of Jay Cooke q
Co, expresses the opinion that their suspension
WI 9e temporary only and their assets will be
1ouhd largely in excess of their liabilities.
A Test.
some idea of the relative extent of the panic
may De derived from the fact that Rock Island
WhIeh declined to par on Black Friday
90 Today. Outside capitalists purchasing
sIocks Tor Investment at the low figures con-
tributes to sustaining the market. Evening
papers say that Fiske aud Hatch will soon be
aDie 70 meet their obligations and resume.
A Wild Scene.
Inc ) took Exchange has been scene of the
widest excitement throughout the morning
Ih9 volume of business having been so large
anu the fluctuations of such proportions, as to
make lt well nigh impossi lie to keep a record
OF the business AT each time when failure
was announced, great rush was made to sell
STOCKS which was almost regularly followed by
some recovery. The decline has ranged from
L TO 81 per cent.
OminOus.
NEW YORK, Sept. ia telegram from
PhllaGelphia announcing the failure of Deha-
Vens BROS. created great excitement. That the
contaglon affecting the financial houses of New
en olh Is Spreading is evident by dispatches
from all parts of the country telling of disas-
ters and probable ruin. Whisperiags are atloat
ABOUT wall q Broad streets which are ominous.
The Reason Why.
The suspended brokerage firms all give as
the reason of their suspension the failure of
the,r customers to respond to their demands
and the heavy decline in stocks The failure of
Thomas Reed & Co., is due to the holding of a
large amount of Harlem.
Danger Ahead.
w. r. Vermge says that if the movements
now making to get the Secretary of the Treas
ury to come to the relief with $40, OOO, 900
should fail there will be general suspension
of banks and others.
Opdylke All Right.
George Cpd, Ike publishes card saying any
loss sustained fron the financial complications
of the Midland Railroad will not effect bis f.
naDcial position. He added that 1T was deemed
best to have receiver appointed for the road
of George Opdyke & Co. This is erroneous aud
the Times itself desires the contradiction to be
circulated.
VIC ting of Bank Presidents,
The Presidents of the National banks of this
city held an informal meeting this evening at
the Fifth Avenue Hotel, at which they decided
to unite in the support of each other and disre
gard the rescne of restriction in to morrow $
dealings. This will give great relief to the fl
nancial community by enabling banks to meet
the demands made upon them by their deposit
tors and do much to restore confidence.
The Failure and the West.
CHICAGO, Sept. 19-The Iuter-Ocean pub
fishes a report of an interview with a number
of prominent bank officers of this city, from
which it appears to be the opinion that the fail
ure of Jay Cooke & Co.. will have very little if
any effect upon business here or in the west
generally as Jay Cooke & Co., have never been
interested i'll the commercial business of this
section of the country.
Five Philadelphia Failures.
PHILADELPHIA, Sept. 10. Fl. H. Douglass,
c. M. Bayard. j. H. Yerker, John LLOYD, Gil
bongh Bo d & Co., have failed.
The Fidelity Trust Company are paying all
demands promptly.
Bulletin from Jay Cooke.
PHILADELPHIA, Sept 19-The following was
posted this morning at the door of Jay Cooke
& Co:
10 Ouf uepUSl LOTS. OOille Iltle Ilue Is re-
quired. to adjust our accounts and to hear from
our different offices, when statement will be
prepared showing the condition of our affairs,
which will he forwarded to you through the
post office. Until then we beg your kind indul
gence, assuring you that every effort will be
made to lquidate our entire Indebtedness with
the least possible delay. JAY Cooke & Co.
The London house Safe.
PHILADELPHIA, Sept. 19.-Jay Cooke & Co.
received d despatch from London this morning,
declaring that their London house is solvent
and that the feeling u London towards Jay
Cooke, McCulloch s. Co.. is very friendly. The
liabilities of the London house, unlike those of
the American branches, are not all due on de-
mand, but at regular we'll known dates.
Government EgeIp.
WASHINGTON, Sept. 19.-The Freedman
saving bank is paying its demands.
There is comparative by little excitement in
banking circles.
The Secretary OF the Treasury this morning
stated he would pay all bills against the Gov
eminent and thus put in circulation as much
currency possible.
There is slight run on the Washin gton City
savings bank and other banks of Was hington
but both are paying promptly.
Undecided.
Many enquiries are made concerning the flu
ture NOV ements of the Secretary of the Treas
ury in furnishing relief to the present condi
he has not yet decided what he will do, thus
implying he has the subject under consdera
ton.