The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-09-30
THE STOCK PANIC.
The Horizon Light.
ing Up.
Suspended Firms Resum-
ing.
GETTING OUT OF THE WOODS.
The Scare Believed to be Over.
Clearer Skies.

Clearer Skies.
NEW YORK, Sept. 29-Both Clews & Co.,
and Howes & Macy have done good business
today. large number of depositors having re-
sumed business with them.
There is nothing new relative to FISK q
Hatch or jay Cooke & Co
1t is stated that several heavy business men
OF this city on Saturday last paid high as and
per cent. month to obtain money to meet
the pressing engagements. One large dry
goods house issued circular to its customers
offering per cent. mouth discount on all pa
per due them for cash.
The Gle1ham wooden manufacturing compa-
ny OF GIenham, N. T., suspended today. its
President is not prepared to make any state
ment. Its capital is estimated at over $1,0O0,-
900. The company owns 200 acres OF land al
Glenham, with large factories and dwellings
for 500 operatives. The company was over oo
years old
The suspension of B. Bullock & Sons, wool
Dealers in Philadelphia today, was caused by
the suspension of the Glenham company. which
owes the firm about $6U0,G00.
AT the produce exchange today there was
decidedly improved feeling and the business is
working back iuto the old channels. The APP
prehensions as to difficulties in obtaining ex-
change is gradually being dispelled.
Resolutions of the stock Exchange.
The Governing Committee of the Stock Ex-
change met at 30 p. m. to-day and passed the
following resolutions:
Resolved, That nothing in thesaction of the
Governing Committee of the Stock Exchange
shall be construed as absolving any member
from obligation to the rules
Resolved, That all parties to the existing and
unsettled contracts who were solvent at the
close of the Stock Exchange, but who shall re-
fuse to surrender satisfactory principal or fur
nish margin in cash or securities, shall be re
garded as insolvent.
Resolved, That so much of article % of the
rlnxr fha~t1 ,Nf1ga ~ fhn Nnv1f
close the contracts of parties in default be sus
pended. AS to existing contracts, during three
days after the opening Of the Exchange the
President shall appoint committee of three,
which shall be in session from 2:15 to 2:45
O'Clock, to determine on an equitable market
price to which margins shall be made to con-
form, and also to determine the market price at
which toe contracts of defaulting parties shall
be settled.
Resolved, That all contracts shall be settled
by check certified as good through the Clear
ing House, but where check is rendered upon
bank which is not satisfactory. the people
must agree upon what shall be satisfactory, but
no demand for greenbacks or currency shall be
allowed.
Bank Presidents in C. nncil.
At the bank presidents meeting this after
noon, one plan was discussed which was re-
ferred to a loan committee. The committee
has issued at different times loan certificates
as the emergency required. 1t was rumored
thorzed to employ loan certificates to any
amount. 1t is certain that the committee was
entrusted with additional powers, but of
wha, nature Mr.. Camp preemptorily refuses to
make known.
Another Suspension.
ALBANY, Sept. 29-The banks here are work.
ing under the New York plan.
Ford & Fuller, brokers' have suspended.
The Financial Outlook at Pi,tsburg.
PITTsBURG, Sept 90 = The financial outlook
in Pittsburg was brighter today than il has
been any time during the panic. Confidence
seems fully restored and business is being
transacted as usual At meeting of the clear
ing house association this morning to consult
on the present monetary situation it was re-
solved in view of the Frightening prospects
to make no change in the manner of conduct
ing the business of the banks and clearing
house. The Lawrence Saving Bank commenc-
ed paying its checks today
Embarrassing the Money Order Officers.
WASHINGTON, Sept 29.-The refusal of the
National banks in Philadelphia to pay crafts
upon them in currency having threatened to
deprive the postal money order Office in that
| city of resources on which it largely depends
| for remittances from country Offices the post
| master was today authorized to draw for a
| limited amount on the departments reserve
deposited in the sub-TreasuIy at New York.
! Similar embarrassments were foreshadowed
| by numerous kilograms from western post
uldSleTS Oh Tue Out JD0lr generally re-
port today is that the banks have resumed cur
rency payments.
Favorable signs.
This city is free from financial excitement
The recent statements received from the North
of the improved condition of affairs have had a
tranquilizing effect in Washington to such an
extent that several gentlem connected with
| the banking combination say that in the course
| of few days checks for small amounts will be
casbed at the counters of their institutions in
| stead of being as now, merely certified. An
| other favorable sign is that many large depos-
itors in the Washington Savings Bank are
converting with view to the resumption of its
| business.
Extensive C0nfagra, ON.
CINCINNATI. Sept. ga despatch from
| Branham, Texas, Sept. 29th, says that fire
last night consumed two and a half squares of
buildings in the business portion of that city.
The loss is not yet ascertained.
CINCINNATI, Sept 29.-There is an improved
feeling here today In several banks the de-
posits of currency equalled the demand for it.
| The general markets are still quiet With a mod
| flied tone.
A Fortunate City.
CHICAGO, Sept. 29.-The financial prospects
| in this city this morning were brighter.
The Union National the York County Ma
| tional and the National Bank of Commerce re
sumed business at the usual hour. There has
| been no run moon either of them, while there
1
Influx of currency from New York and from
| the country continues large, not less than So.
100000 being received during Saturday and
Sunday Of this incoming currency good
| proportion goes directly into the banks, and
the rest into the hands of commission mer-
chants for the purchase of grain by outside
parties, bnt all tends to relieve present strngen
| cy.
So far as can he learned there is no urgent
demand from country banks upon their cor
respondents here, and iu all quarters confidence
is returning This view of the situation is
based on an interview with number of prom
inent bankers and business men.
More DismissaIs.
JEFFERsoNvILLE, Ind, Sept 29-Tt is re.
ported the Ohio Falls Car Company will sus-
wend work, throwing 700 men out of employ
| ment.
More Bank Suspensions.
ST. LOUIS, Sept 29.-The express lines CEN
| treng here are bringing to this city a much
larger amount of currency than they are taking
away.
The banking house of Curry & Kirby at JEFF.
ferson City, and two at ChilliCothe suspended
ON Saturday. They are all regarded as solvent
Money Wanted.
CHARLESTON, S. c., Sept. 29.-The Cha nbe1
| of Commerce have adopted a resolution asking
for the deposit of $4,000 with the Assistant
Treasurer, to be used in the purchase of Elk
change.
Following the General Example.
LOUISVILLE, KY, Sept. pa majority OF
the banks formed Clearing House Assoca-
ton yesterday, and resolved to suspend payi ne
currency in large amounts
Seven German aud two other banks have
been received into the clearing house, making
| d in all