New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-29
ed and transmitted to the Exchange in the follow
THE REPORT.

tHuUi'uNf
Committee Of The Netc- YOrA; Stock Exchange: ~,
GENTLEMEN: At meeting OF the Assoclated Banks
the following resolutions presented. approved ana
adopted: 80, MI, ,,.,,t.
TO ne associated Banks, Ncv York Cy: The Commit
tee TO whom referred the communication g.
TO the New-York Clearing house Committee from tle
NewYok Stock Exchange, dated 2iIh instant Deg ie"'o
The gravity of the subject and the high respeetabty
and ntellgenc of Messrs Bayis, KING, cutting, Chp
man. and Garland, who compose tnat td sSnis
mand from the Committee OF the Associated bIuhs
careful consideration OF the points presented Dy no
Stock Exchange Committee. $50, A.
The first part Of the communication Is devoted 70
deysing the means OF making payments oy ,io of
checks banks instead OF greenbdcks Tue aeton VI
the Clearinghouse on the very day the commune %
was received from the Stock Exchange PROVIDED lot an
that which the Suggestions or the OF inc StOck
Committee aimed provide. IL is obvious, therefore,
that further comment on that point Is unnecessary tho
adoption Of the Associated Banks in the following terms
1.-THE true plan in the present emergency is that those
banks who were content to make cearaDces win e.cn
other should extent OF their associated capital
guarantee the payment Of checks certified ny tue odhs
allowed to enter into the Clearinghouse" .
To your Committee this seems impractcabe the banks
Whose certfcaton would be most desirable 10 a' WhP
deal with banks, merchants, brokers, ana 0her cOuu
not be expected TO voluntarily III Py to
OF checks OF each ana every Danh WITHOUT
the amount, especially when they could nave no cOho
over the action OF tellers VINO might careessy vi
rupty certify TO millions more THAN the customers co
respond to particularly when the AssOcate1 pahhs'
not having within their power to oresee sucn acom
could never have security In nand 10 huemhiiy tuS'n
such gratutOus hazard OF their sOckh0ders iuh9s
One Of the safeguards set lorth Is that .no
bank clearings be made an hour carrier tHn az Dr.
ent" TINS Will shut out all the receipts rom the ous
mails which are now Included Ia t1e t, isi IN The
is not likely the banks VIII consent 70 tat ueIay ~ ,Ic
collection OF remtances. Indeed, II Is TAR rom certain
that in law they would be Justified IN making such
change. The Committee say, aso Ihdl Iney Will Pt
siBy have request the banks to remain open uhth
$3.50 o'clock IL they change the hour OF delivering stocks
IN order to find out results OF the cearhgs e preVos
day The gentlemen cannot fail 10 see that the adop-
ton OF this change Will lead to much derangeineht III
affairs which have been running IN grooves so long, es-
peciay many OF the banks which nave te or nOcoh
nection with the operations OF the stock Exchange could
why their business should be varied from tne
regular course from sucn a cause. ,.
The Associated Banks further requested 10 ADOPT
resolution that they will not for ten days after the re-
opening Of the Stock Exchange call III any loans 10
brokers which sufficiently secured put on the con-
trary will make new loans upon approved eolaIera.
1t seems TO the Bank Committee that the NeS-lVlaa
stock Exchange Committee could hardly nave reflected
on the full import OF this request
The banks in their present condition are asked 10 maze
those who are indebted to them. $500 iii,
Your Committee quite sure that this proposition
requires comment, and they have only TO add taat
with the heartiest wishes to work in harmony with the
New-YOIk Stock Exchange, whose action In CLOSING the
Exchange and keeping 1t closed tine BANK ConiuhtLee
most highly approve they yet regret TO that the sug-
gestOns aud modes or relief proposed seem 10 your Oo
safety of the Stock Exchange without apparently com
pretending the extent OF the dahSers ana ncVnse-
niences TO which compliance would lhYONe tue Assn
e Respe 4tH submitted ln JOHN E. WILLIAMS,
\. H. LOWRY, WIN; L. % J ,xls
The Clearinghouse banks finding that the S2OOOOOo OF
loan certificates had been exhausted and that there was
every prospect of large demand for more authorized
the Loan Committee issue the additional certificates
from time to time as circumstances might require. IL is
understood however, that further reports will be
made public OF the issue of sucn certificates. -,
The banks made their clearances as usual III tne
morning without special incident. Inc usudi WeehE
statement OF Clearing house not gwen owing 70
want OF uniformity in the returns as pu0lcy stated
by Mr.. Camp.
At the meeting of the managers OF the Ho-
.KUas pres
ent Charles Clinton the President, told reporter
that the subject of the appointment of receiver was
not discussed aud confidence expressed that the
amount deposited with Fisk Hatch would all be recoy
cred. Several additional subscriptions were made on
Saturday to the required to make up the deficiency
caused by Secretary KlennOn's defacation.
The statement Of the State Bank OF NewBrunswick
has not yet prepared. Ii is expected that re-
ceiyer will be appointed by Chancellor Runyon, who
visited the bank on Friday with Gov Parker 1t is UNI
derstood that the made at the request or the
Examining Committee, that acquisitions should be
issued for Of certain persons who are accused
of having been implicated IN the dealcauons ana VINO
have fled from the State. The defacaon Is believed 10
amount to nearly s5OOOOO Among the heaviest losers
are John Ford, the President and Christopher Meyer
a director the former OF whom advanced 100000 and
the latter sS7, 900 I'm securities.
As previously reported OF the banks would pay
out legal tenders unless for payros OF MANUFACTURERS
In some when the payros were large the checRs
were not always cheerfuly bOnored. In a number OF
instances checks certified and guaranteed as good 10y
empovers were paid TO employees I'm lieu OF legal ten
ders This was because the bank officers had requested
tbe employers 10 all the economy IN the
distribution Of legal tenders eOupauple WIN
,h.ir own interests and those OF their en-
noy6s TO help the banks through their present d1cuiy
I'm some OF the large workshops the men were palu
norou of their wages account and appeared 10 pe
satisfied Herrngs & Farrell, the satc manufacturers
paid their men partially checks greenDacks ana ma
tiona bank notes. j. b. j. NJ cornell IRON FOUNDERS,
in TWenty-sxth.st, corner of Tenth-aVe, who employ
about COO men, paid them in legal tenders Brewster *
Co the carrage-rnakers paid their men with lew eA-
oepons, portion OF their wages on account anu uins
other firms OF the same standing were forced 10 do Ike
wise Washburn d Co.. hat and straw goods manufac-
t corner of Canal and Elmsts.. paid large number
of male female employees IN currency put were put
90 soe Inconvenience the banks refusing 10 cash the
checks they held country banks The clOthhG houses
of Devn & Coz Brooks Brothers, ana others VINO EN-,
uoy hundreds OF clerks CATERS anu taors were enabed
Ia nav them because they nave been receiving ual}
large amounts OF currency from customers ana hd re-
served IL for this purpose -.
In the WOrkingmen's Lyceum which met az Room No.
o. Cooper Union Saturday night proposition was maze
that whereas millions OF bushels OF gram are locked up
in the West for lack or currency ana hlos Oh currency
arc shut M by Eastern workngmeu IN their pockets ana
the savings banks, the wOrklngmens societies should
choose reliable business men for treasurers put large
and say to Them Move this grain ana Other Iood pro
duce into our cellars and gdrres 10 an amount sucen
for our Winters Thus shall we supply ourselves
with food and unlock large amount OF pro
duce and ereenbacks." j. b. HOdgktns, Secretary or
fine Atlantic and Western Railway, was suggested
az friend OF workingmen who would be nj man 10 De
with funds to begin the work, anu he was IN
yted 10 address the Lyceum and the citizens generally
next saturday upon remedies that should be adopted
in this crisis.
STOCK EXCHANGE GOSSIP.
A pETIIIoN TO HAVE THE STOCK EXCHANGE OPENED