The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-01
THE STOCK PANIC.
Gone Where the WOOdbine
TWineth.
STOCK EXCHANGE OPENED.
Letter from Secretary Richardson,
Restoration of Confidence.


When Presd mt Chapman rose to address then
all became quiet. He said: eve are met agaiI
after very momentous suspension, for the pr
puSe of reSuming hnsiness. Your action in th'
interim has met with universal appreciation ant
has been Most satisfactory to yourselves. Busi
ness" he added. ''would be carried on unde
the rules adopted yesterday by the governing
committee" which he0ead, appointing MeSSrS
johnson, Ten Broack and Harthorn a commit
tee to settle contracts Ut detaulting parties. III
conclusion, he added, '.All 1 ask now is tina
You help each other to bear The burden that ha'
fallen upon US, aud 10 SO conduct business as II
make the Exchange carry on its work success
fully." Loud cheering greeted these remarks
and the members proceeded with business. a
much better feeling appeared to exist, aud tn,
opening prices OF stock showed q feeling OF
confidence.
Brokers and Produce Merchants in Ccun
A meeting was held to-day at the Clearing
House ia Wall street to receive delegation
from the Produce Exchange, appointed to APP
ply to the Board of the Clearing House depart
nent for an extension of their paper, OF rather
to consider request that that board would
cash the notes of the producers on easy terms
Nothing of Importance Was done in regard to
the matter, however, and Mr.. Tappan stated he
thought an arrangement was under considera-
ton. 1t was not likely any definite conclusion
as to action would be arrived at be fore tomor-
row.
A reporter called on Mr.. Grant. Supprinteu
dent Of the Produce Exchange during the after
noon. Mr. Grant said be thought the banker,
were the ones themselves who ought to devise
ways to meet the wants of their customers, the
producers, by the use of bills of lading.
Dead Market for Days 10 Come.
A prominent member of the Stock Exchange
holds the following views of affairs at the Stock
Exchange to-day: A rise in prices was unver-
sal y anticipated, but it soon became apparent
that an evident and general distrust existed,
and there was no wish Go specniate evi ced.
The Ouly desire has beeu and is now to sell
small lots of cash stocks to people who will pay
money down. and this desire to sell is evidently
prompted by the hope that the sellers will be
able to take back the stock to morrow. 1t is a
liquidalng market, a general clearing up, aud
it will be dead market for several days to
come. There is about one half per cent. differ
ence between cash and regular payments. The
money from the country which was to be plac-
ed on the street in the protusion reported, either
has not arrived or has been taken up too quick
" to do any good The recipients of it are
holding back COR higher prices. There is m IRE
confidence among brokers than might have
been expected for such a speculative and reck-
less coterle as New York brokers are in general
Stirring up the Menas rio.
Ex-DiStrct Attorney Sullivan has given his
opinion upon the rights of brokers' and bankers
al the Gold Exchange under its recent action in
closdg its doors. He holds that the arbitrary
closing of the Exchange Involved ali entire ab-
rogation of the ordinary powers of the Ex-
chahSe over coutra,Is uo1 1ioSeu pr'or 10 S,ie
suspension OF ouSiness, ana sn0uid the Elk
cbahge "itheu. Tue conseiI Oh an parties CON
cerned attempt to enforce the rules established
for ordinary business, it would be liable to in
junction. He also holds that contracts entered
Into before the closing af the Exchange by It's
I W 60 I'll 'I ~ ow W
.ne NY" ~ S""t S.uu tnGseluie .iie you
,fac's oi tue i,em ioih nVooh EAcuah"e must
oe 3 ;ne" :" i;, a. auJ poIer eAists
III tne AsSoeia'i9Ii 70 auJauicaoe anu ehiorce
pas' 70 e'aIGu eta' sefel"I nport-
ant S9its n-tweel 'ue oui.s anu 9e'rs wert pro
lecteu c1nsequ. nt upon tue suuoen CLOSING OF
the oeock EAcuan@e.
The Weak Poiaf of the situation.
The weak poiut at present is distrust in the
city, which causes move of unconfdence to
SPREAD over the cnantfy' therefore the people
out west Loard tiielf money ahd DO not put 1t
10 tne country BANKS anu III consequence these
lhsfitutions 90 not forward remittan;eS as
Juo2e, u d very i'nPDr'aht element ~, tne ouSi-
ness ieellnS mere, Inc principal dInicalty is ln
negotIatihS exchange so tnat producers can
sup iorwau. "a i.ian w,.o Ships n,s grsIn OF
.. H. Ii''. ,I III ~ III - ainos .
az .'t e. In. ti ,, a ~ t .me pt Hoeeus
~ has, inv Int l,nf.
Sh;,,am. IL n,,n:;or tn ,,a cr;";. IN tha
money market. and there will probably be a
palpable reduction Of impo.ts from the West
in a few days 1t is stated on authority OF the
Clearing House officials that legal tenders were
received from the irte.iUr to-day in consIdera-
BILE amounts.
providence hanss.
PROVIDENCE, Sept. 80 AN adjourned meet
of the Providence be, ks this noon, received
and adopted the report of the committee rec
ommending liberal policy on the part of the
banks towards each other and other customers
that each bank should request its dppositors to
draw checks payable Though the clearing
house, and that deposits M lde IN the ga ks in
currency be paid out to sich depos ltors in cur
rency, and that deposits made in certified
checks be paid out in the kind. The Provi-
dence banks are IN generally sound, strong
and plucky condition.
Eucouragin- Adyices.
w,su,scrov sont sn-Dasn.tohos rooo;u
al ~ H. - C,,rra''as,
I,,nysn" w. Ch;aio,, S,i+ T ~ -, ~
70 nf tIe r,ns, b,nafnI cha.o+ar ,'d oo'.naT
tho ;,mre si,,,, tho, tho 1910 ~ an5ad r, y
snu re ta IT, TSao ."u pap,o - enoeq' Is
th.t the nan,rt,nentn IL the S,ata -,
will exbbit 4 fair raduction in The nnblic deh,
nn+,n;thst,nd;nm tha rara,,as oe tha ott
,uaro comnara,iyeIy Iicht Tho TreaS,,ru AL,
t - 49,. g - y -, n,' 90 70 ~ uio
ornn,a,'t So tbo n,nth on,,inn ia, LIZ W. 80.
!, Io, .ha 90 ore orr W ""' ""' 'eon
eueE ir"in secretary x "naf"son.
The Secretary OF the Treasury has addressed
the following letter to Franklin Edison, Esq,
PRESIDENT OF the New YORK Produce Exchange
New 1ork.
TREASURY APARTMENT,
washington; sept. 81, 1913 J
sir' your letter or tne Zgth INST, covering
TWO resolutions OF the New YORK PrHduce Elk
cnange was feceiVeu; anu tiie scpJec1 matter
tuiiy considered. Line RESOLUTIONS are as fol
lows:
Whereas, The critical condition CT the COM
mercial INTERESTS OF tue country require lmme-
dlate reiief by the femova' OF tne DOCK IN ne
gotlatinS foreign exchange; therefore De IL
, Resolved, That we respeetIaiiT suggest to the
Secr'tary OF the treasury the toliowins plans
Tor relief I'D tins extraordinary emergency lst
That currency be immediately lSsuei aud 6ank
efs upon Satisfactory eVElehce tnat 9oid mas
oeen piacea upon Special depos,e III Tue bahB
OF Eh%iahi ny tIeir g9rtespoururuoe ~ Lonuou
Ia tne credit OF the oniteo STATES, 10 oe USED
'oleiy IN nuIchasi'g commercial OILS OF ex
chahge. ,
oecond, lhaG tne rTesiuehS VI Cue ohitee
States ana Secretary OF Tue treasury are re
specttuliy requested TO ordef immediate nre
payment OF the outstanding ioan Vi tue OniteC
states due Jan. ISL, 1914
nile the government u desirous OF uoihs
all III Its power t. reileVe me present unsettled
condition OF business aHairs as mas alreaul
been announced by the PRESIDENT IL is con
stralueu III all us acts 10 Keep wlthn the letter
ana the spirit OF the laws when tue officers
the GoVerhmeht are sworn 10 support ana .hPA
cannot go beyond the authority which Congress
Fprrfd