Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-26
TIE CRASH AND ITS CONSEQUENCES.
Summary OF Last Nights News.



suddenly checked in their progress to the sea-
board; that the grain already here cannot be
shipped; that foreign exchange is almost en-
tirely extinct, and that We are gradually getting
back to the primitive system of barter" and
the Times suggests to the Secretary of the
Treasury the propriety of considering the paw
ment OF 1874 bonds due next January, which
will release eight million greenbacks, and the
purchase OF sterling exchange to the amount of
i've millions, and says, If the government does
not like to adopt either of these exped euts it
will be W, II to ask the sanction of Congress with
as little delay as possible.
HOwEs AND MACY
are out in circular, in which they propose to
continue business as usual, receiving special
deposits in trust to new accounts TO be used
only in payment of the respective checks of
depostors, and to pay off their present Indebted
ness as fast as they can collect on their loans
and securities. The firm state that they have
not pledged any of their colaterals, and owe no
borrowed money. Their resu mpton Is recog-
nized as an encouraging sign of the financial
situation, and meets with favor from their Gus
TONERS.
THE NEW YORK BANKs.
The presidentsof the New York savings banks
report that number of people who gave NOTCH
on Tuesday and Wednesday of their Intention to
draw their money have since withdrawn their
notices. The banks in the clearing house asso-
clation are pooling their greenbacks, as agreed
on Wednesday. One or two which stood excep-
tonally strong refused at first to put in their
legal tenders, but finally concluded to do so
rather than be expelled from the association.
The loan committee of the clearing house
issued, up to last night, seventeen millions in
certificates.
PROPOSITION TO OPEN THE STOCK EXCHANGE.
The proposition advanced to open the Stock
Exchange for the settlement OF last Friday and
saturdays business and sales under the rule is
in allegiance. 1t is claimed that this would give
investors chance to buy stocks and bring
money into the street. The government COM
mittee Of the Stock Exchange this evening APP
pointed sub committee OF seven to arrange a
plan.
PANIC NOTES.
1t is estimated that two millions gold have
been shipped from New York TO England since
the panic began. The actual disbursement of
greenbacks for the purchase of bonds by the
sub-Treasury since Saturday was Sl3 300, 600. A
newsboy was arrested yesterday for libelously
crying out "the suspension Of the First \ ati0nal
Bank, ," but was released on explaining that he
meant the First National Bank of Memphis.
No cases of bankruptcy against suspending
bankers OF brokers have been brought forward
on account of the non-lapsing OF the fourteen
days required by law after paper has gone to
protest.
THE SOUTHERN SUSPENSIONS.
The banks at Danville, Virginia, have sus-
pended; also the Planters bank and the Com
mercial bank at Townville. The English and
American bank at Townville is still paying.
Lancaster & Co., of Richmond, have suspended
N consequence OF the suspension of Brown,
Lancaster & Co., of Baltimore. The Tredegar
iron works have discharged between six and
seven hundred workmen employed in building
cars. At meeting yesterday of all the New
Orleans bank presidents. except two, it was re-
solved to pay no checks for more than 500. All
large checks are to be certified. This arrange
ment is to continue thirty days, and is taken to
prevent draiu. The merchants generally ap-
prove this course.
The suspension of the First National bank of
Memphis yesterday, was followed by run on
all the banks, which caused q suspension Of the
DE Soto bank within an hour. There were no
other failures, though it was feared that there
would be to-day. The collection and business
of the two banks that fsiled were turned over
10 the State National b INK, which suffered no
run, and 1t is believed to be solvent The run
on the Union and Planters bank ceased at one
o'clock, after which 1t received deposits which
amounted TO nearly two thirds of the sum that
was drawn out. Business is almost entirely sus
pended.
Business at Atlanta, Georgia, is blocked, and
the cotton market is without operation, there
oeing no currency to buy cotton. The First
National bank paid out as usual yesterday, but
there appeared to be no serious run on 1t, and
here was confidence that it would weather the
storm. The suspended banks have ample as
sets, and will meet every dollar OF liabilities
when the pressure eases of. Commercial cir
tles are hopefl al, and no suspensions OF Business
men are reported. The Selma, Alabama, Saw
ngs bank suspended yesterday on account of
icing no sale for cotton Its assets are believed
70 be ample.
THE GOVERNMENT DEPOSITS WITH HENRY
CLEws g. co.
Washington dispatch says the loss to the
government by the suspension of Clews, Habicht
q Co. will not be large even If the suspension
prove failure. The only relation which this
firm held to the government is that of fiscal
agents for the State department in Europe. The
disbursements of this firm as agents of the State
department are not made through advances
direct from the Treasury. Uncer the newIcon-
fees with the agent, designated by the govern
ment, anu are not permitted even TO retain
their salaries. These fees are deposited with
quarter consuls and diplomatic officers draw
against them for their salaries and expenses
The general aggregated average OF these fees
is not equivalent to the salaries and expenses of
the consular and diplomatic officers, and 1t
usually happens that at the end of the quarter,
the balance is in favor of Clews, Habcht & Co.
This suspension having occurred before the
close Of the quarter, it is probable that con-
siderable amount Of fees have been deposited
with the firm, against which drafts have not
been made, and that the government may con-
sequently suffer some loss 1t Ia considered that
this loss will not exceed $500, 900. The books OF
the Treasury now show a very SIN all balance in
deed due from the firm. Several gov eminent
officers here have deposited with Gle Wa q Co.,
in New York.
The New York Herald, noticing the fact that
the purchase Of bonds at the sub-treasury in
that city Is to cease for the present, says "This
action can scarcely prove any serious cmbar-
rassment, as the crisis appears to be sufficiently
uded over to render more currency unneces-
sary."
MERCANTILE BUSINESS USDIsTuRBRp.
The same paper says: cit is co1soling to re-
fleet that, with all the distracting elem.n of
the financial situation, the commercial world
moves on without jar or commotion. The great
dry goods houses and the mercantile firms gem
orally have been marvellously exempt from the
effects of the great storm. They report them
selves In a fiourishing condition, and feel but
slightly EMBARRASSED amid the warning ele ments
of Wall street. In fact, they say business is
much better now than at this time last year"
TIE NATIONAL BANKS.
The Washington correspondent OF the New
York Times says; "The contingency of the
suspension Of all national banks In New York
has been considered at the Treasury, but 1t is
not believed, even should such Suspension oc-
cur, the Controller Of the Currency would con-
slider it incumbent upon him to take any gen.
erai immediate notice Of the suspension, with
the view to the appointment Of receivers. The
mere suspension Of q national bank does not
warrant the appointment Of receiver, but the
law requires the Controller 70 directly appoint
Q receiver upon receiving notice that any note
Of the national bank has been protested"
cARLroN's DH1ALoArIoN 100000.
The Times says cat 10 O'Clock p. m. our re-
porter called ct the ONCE Of the Trust Company
FOR the purpose Of obtaining the full statement
Of it, Affairs, which he had been informed