The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-21

cashed renewed the public confidence, so that.
though the run Is still going on there, it is in no
Yesterday about 100000 were drawn out Last
night the widest rumors were anoat.
PRESIDENT GRANT WAS IN TOWN,
at the residence OF the banker, Mr.. Borte rho
rumOr anoat concerning the Presidents visit here
is thus condensed by q recent telegram
From dispatches and letters received from almost
every city q the Union uIs the mmsdiate
s snd the Frssden Si. ito
h C4 ssn nss
thorough ana complete SrsaniSSa for esar
ruin first OF the banking inleres then the railroad
So R Moad be-
expression OF OF the conspirators by the snip oad
sought the house of Drexel Co., and sent my
card in to the firm. ! was at once led back TO the
private ofice and warmly welcomed oy MI. Drexei'
Il will be very glad to give you all the lnforms-
ton that possibly can conce ming anything you
desire to learn at the present moment or that you
then asked him, "Do you know Of any consul
tation held here with the President concerning
financial matters OF any nature 7"
Mr.. DRExEL-l do not.
REPOKrER-Do you know anything OF interess
concerning the Pennsylvania Railroad or the truth
Mr.. DRExEf-lhe statement has been made in
the New York papers that our firm IS the agent OF
the railroad OF Which you speak, but assure YOU
1t Is not true. Our house IN New YORK mas n0tnin8
THE PENNSYLVANIA RAILWAY,
mas our mousse III PnlldueIpula. lHc dkCns
OF TINS company is David solomon OF New YORK,
ana the account is kept with the Bank OF New
York vi the financial condition OF the road viii
speak as follows:-The President, Mr.. thompson,
and also the Secretary, Mr.. Smith, both have as
sured me- very recently, that their circumstances
are very easy, and yesterday they discounted their
own paper In large amounts. They have sold
$40 100000 worth OF their bonds in Europe and
will draw money as fast as they need 1t. This IS
ton of.
REPoRrER-Do you know anything about the ap-
al du hnnn
from different sections OF the country, urging the
proper authorities to accept the resignation, ru-
mored to have been made by the Secretary OF the
Treasury?
Mr.. DREXEL-I do not.
Thus terminated the interview.
No sooner had lett the gentleman than all the
bulletins IN town made the announcement that the
government had devoted $47,O 900 from the re-
fund Of $45 600 600 for the relaxation of the
money market When the telegram was made
known the excitement upon the street grew to its
ferent nature from that OF the last two days.
Mr. Charles Yerkes, Jr:, statesthat the rumor that
his failure was caused Sc by the e. large n6 o.
untrue, while Clark Co. say that their statement
will be ready by Monday
THE NORTH PENNSYLVANIA RAILROAD
lose nothing whatever by the failure of the house
of Jay Cooke & Co., because The former is largely
made by General Nettleton, agent for one branch
OF the road.
THE DRY GOODS MEN
seem to believe that Jay cooke II Co. will pay the
last cent OF their liabilites and say that the city
is now 1ull OF Southern and Western merchants
whom none of the recent failures can possibly
alarm no more than they can affect the houses
upon which these persons are dependent for their
goods They say that the great Masonic gathering
to occur next week will increase their trade hum
dred told for this moment and hence their faces
are not at all drawn down.
THE TEA TRADE
is in healthy condition, and one dealer informs
me that, as their business Is Tor the most part ne
c ne e ere s
been not the slightest fuctuatOn in groceries
other than that which is constantly taking place.
stress continues. Prices at present are the same
here and will not change unless the excitement
refuses TO become subdued, while the sales in
hardware Wines as well as the business OF the auc-
ton room, run along In the same old channels, in
different to the crash or falling firms upon the
street.
The Philadelphia inquirer thus speaks OF the
present extraordinary run, and at the same time
gives. the following sterling advice to the people
GOOD ADVICE.
to to G sSaoy as
To-Day they % r on Ss A
our monetary institutions, let it stay where tits The
times by compelling it to sacrifice Its securities upon
depressed market in order to meet instantaneous de-
We ay to the banks show the community that
the impression that your boosted strength is lie.
"bnmmeTsS VINO hang about the doors # our strong
Others t4o police should make them move and Keep
moving them They nave nothing at stake nothing
lose, and represent business men than
represent eagles
THE CLOSE OF AN ANXIOUS Days.
The day closes with no failures or suspensions
save that OF the Union Banking Company, an
nounced before. prominent lawyer in this city
and one Of the most distinguished men in the State
assures me that the suspension OF this concern Is
but temporary, his knowledge OF its business en-
ablng him to state that 1t VIII In very brief time
resume. called at No. 1,025 which IS the resi-
dence Of Mr. A. Z. Borie,. who entertained the
President last night upon four different occasions
to-day, and found that he was out OF town. | was
informed at my last call that he was at
his country place, and ne left word that
in case he did not return at an hour earlier than
that in which made my final visit he would not
return at all tonight, but would go out his
country place. Hence the import of President
Grants visit last evening" or the truth OF the state
ments made by newspapers concerning It, must for
the present remain matters OF conjecture, concern
ing which every one is at liberty to mold different
opinion. IL is supposed that several houses whose
suspensions have been noticed during the last two
days will open their doors the same as usual at
the first OF next week.
The Panic in Massachusetts.
BOSTON, Sept co. 1873.