The Portland daily press., 1873-10-03
THE STOCK PANIC.
A Quiet Day in New York.
ANOTHER FAILURE.

New YORK, Oct. 2.-Proceedings in bank
ruptcy against George Bird, Grinnell & Co and
the order and injunction issued by Judge Blatch-
ford this morning, created stir in Broad street.
which shows that 1t is dangerous precedent in
the case. Henry Meyers at whose petition the
order was granted, was customer of the house,
and the payment of balance to his credit was
refused. The order issued by Judge Blatchford
for the firm to show cause why they should not
be adjudged involuntary bankrupts is returna-
BILE the 18th inst, and in the meantime all the
creditors are enjoined against selling any secur-
tiles which may belong to it, The 14th section
of the bankrupt law applies to the case, and
there is probably no relief to the firm other
than to be put IN bankruptcy aud have an as
signee appointed, who would have the right to
sell the securities. 1t forms precedent of ac-
ton for protection to the customers of brolS-
ers which is somewhat dangerous one to the
street Interests it pressed. The case has occa-
stoned furry in the street and depression in
protected creditor can, by such proceedings, be
placed on an equal footing with those who
would ordinarily be preferred.
The fear that Grnuell & Co. would not take
large amount of Vanderbilt stock which was
coming to them. and that these stocks would
be sold out tomorrow under the sule has been
bugbear in the market several days.
The suspension of G. Grinnell & Co.,
brokers and bankers. at "a Broad street, has
been announced at the stock exchange.
In Wall street matters are intensely dull and
calm, pending the result likely to follow the
last three days grace accorded to brokers in
arranging old settlements and contracts. Stocks
are weak and lower on the uncertainty, there
being af1oat some cruel stories that large
house is unable to effect settlement from ina
bliIty to turn other property, and will be forced
to the wall
The Financial SIfuat on Unchanged.
WASHINGTON, Oct. 2.-The financial situa-
ton in Washington remains unchanged. AT
all the banks to-day the deposits exceeded the
disbursements. The business at the clearing
house for four days amounted to SS00OO
A Storm Brewing.
COLUMBUS, Ohio, Oct 2-The financial stu
alton here begins to look little troubled, There
was disposition yesterday on the part of de-
postors &c Withdraw their deposits, and last
night the banks held meeting All but two
banks were represented. 1t was agreed to issue
clearing house certificates. Contingent on an
agreement to this arrangement by the PreSi-
dents of the banks not represented at the meet
ing this morning, and at q subsequent meeting
word was received that Hayden's bank and the
Citizens Savings Bank declined to 90 INFO any
arrangements with the other banks The ex-
element is increasing and the disposition to
withdraw deposits is ST i'll manifest.
Mark Us Recovering.
CINCINNATI, Oct q Things are working
quietly among bankers. The general markets
are recovering aud the demand for some def
mite action in relatiou to an early currency re-
sumption is increasing.
PHILADELPHIA, Oct. 1.-The creditors of
Clark q Co., have voted them an extension,
their affairs being found in a favorable condi-
ton.