Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-30

Of the stock exchange. on Saturday
afternoon, 1t was resolved that nothing
in the action OF the governing committee
of the New York stock exchange shall be
construed as absolving any member
from his obligations to the rules. That
all parties to existing unsettled con-
tracts who were solvent at the closing OF
the exchange, but who shall refuse to
surrender satisfactory principal or ftif-
nish margin IN cash or securities shall
be regarded as insolvent. That so much
OF article twenty-five Of the bylaws as
authorizes an officer Of the board to
close the contracts Of parties in default
be suspended as to existing contracts
during three days. After the opening Of
the exchange the president shall appoint
a committee of three, which shall be in
session from quarter past two until
fOrty-five minutes past two each day, to
determine on an equitable market price
10 which the margins shall be made to
conform, and also to determine the mar
ket price at which contracts Of default
ing parties shall be settled. That all
contracts shall be settled by checks GER
titled as good through the clearing
house, but where a check is rendered
upon bank which Is not satisfactory,
the parties must agree upon what shall
be satisfactory, but no demand for green
backs or currency shall be allowed.
That all government coupon-bonds on
which interest is payable November LIST,
shall be called ex-eoupons from to-
morrow.
WORDS OF WISDOM.
Very many, and among them some of
the shrewdest heats OF the exchange,
hold 10 the belief that it is yet too early
to set in motion the wheels Of the stock
exchange machinery, assuming that, al
though to a great degree confidence hiss
been restored in this center, the evidence
by checking the runs on the banks,
bAnking-hOuses and savings institutions
vet throughout the country q longer
time must necessarily elapse before
a feeling of security can be engendered.
On the other hand, II is claimed that the
moment the stocks can be regularly
traded in legitimately the greenbacks
and currency which have been boarded
during the last week or ten days, will
be generously sent in here for the pur-
pose of buying stocks, and thus gain a
general circulation again and eventual
ly find their way into the banks, thus
swelling their resources.
AN OLD ESTABLISHMENT SUSPENDED.
NEW YORK, September 29.-The
Glenham manufacturing company, a
fiOurishing corporation for more than
fifty years, having extensive wOOlen-
mills at Glenham, New York, and its
office at 295 Broadway, suspended this
morning. President Dart said it was
due to the depression Of business, and
resulted directly from the financial
panic, which had prevented merchants
from going on as they otherwise would.
Previous to the disturbance in Wall
street the outlook for business was good.
He was not prepared TO make even an
approximate estimate OF the assets or
liabilities, and could not tell whether
the suspension would be final or only
temporary, before learning the dispO-
sitiOn of the creditors. He was also
unable to say whether the creditors were
chiefly individuals or corporations, as it
is impossible at present 70 tell where the
paper Of the company is placed. The
company was organized in 1920 by Peter
II. Sehenck, grandfather Of President
Dart James Dart, brother OF the lat
ter, is treasurer, and the organization is
wholly a family affair, The original
capital was one hundred and forty thou
sand dollars, and it has always been
maintained at that figure. Mr.. Dart
says that at least one million dollars
have been expended on the company's
property, which could not be replaced
for that sum. The company owns two
hundred acres Of land at Glenham, with
large factories for the manufacture OF
wooden goods, and dwelling-hOuses for
all of five hundred operatives. Mr..
pension would result in throwing all
these operatives out of work, as this
would largely depend upon the action of
the creditors.