Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-10-02

the oath, the authorities had been disappoint-
ed at the renewal of the financial trouble in
New York on that day. 1t was reported that
the Secretary of the Treasury had telegraphed
to the President that, in his judgment, the
purchase of bonds should cease whenever the
amount of currency used should reach $l2,-
100000. The President had not replied to this
dispatch. An application had been made to
the Secretary by leading financial men to an
ticipate the redemption of the $20,0O0,O00 OF
five per cent gold bonds falling due in Janu-
AIRY next.
A Milwaukee (Wis.) dispatch of the Oath
says the Chamber Of Commerce of that city
had suspended operations, and that there
would be no trading in grain until further no
tice.
A telegram from W1lkesbarre, Pa, of the
oath announced that Brown & Gary, bankers
of that city, had suspended.
A Baltimore dispatch of the Oath announced
that all the banks of the city had stopped
currency payment. Brown, Lancaster Il Cow
ell, agents of the Chesapeake Il Ohio Railway,
having houses in Baltimore, New York and
Richmond, had also suspended.
Little Rock, Ark, dispatches of the Gath say
the money panic in that city continued, caused
not so much by Eastern financial complications
by the refusal of the city banks to take the
shinplasters that have been current there.
According to a dispatch from Richmond,
Va, the Richmond Dollar Savings Bank had
suspended and Taylor d Williams, bankers,
had failed.
A dispatch to the Associated Press, from
vii Of lar hat
a series of butcheries and robberies had re-
Gently been committed in Mexico, the victims
in every case being Americans. The perpe-
traitors of these crimes were arrested, and their
guilt fully established yet not one of them
had been punished, the authorities being either
Indifferent or powerless. The facts had been
reported by the Consuls to Washington, in the
hopes that redress would be demanded.
Information had been received at Washing
ton, on the oath, that Collector Weidner, of
the Second District of Alabama, was a default
er to the amount of $4,000. Orders had been
issued for his arrest.
The wheat crop, according to the returns to
the statistical division of the Agricultural De-
partment, published on the oath, presented an
average of 80, which is about the same as the
September report of 1872 The area of cult
walton had been much larger this year than
last.
The Chicago Journal of the 25th says that
it had become necessary to say that the banks
of Chicago had not suspended payment or
closed their places of business. The action of
the preceding night was not in consequence of
panic but to prevent panic. They had not
ceased business, were continuing to receive
deposits and pay out such sums as might be
needed for ordinary business transactions, but
where sums were demanded to hoard or with
drawn from business operations they had re-
solved to delay the payment of these until the
financial storm had passed. The currency
stringency in that city had had the effect TO
bring The extensive hog and cattle trade to a
stand still, it being impossible to make cash
sales. The Union Live Stock Yards contained
10000 hogs and 10000 head of cattle, all that
the yards could possibly accommodate, and
the live stock commission merchants had no.
tilted the railroads and country shippers that
no more live stock would be received until
further notice.
According to dispatch to the Associated
Press the Cincinnati Clearing Il ouse Associa-
stantially the same as that adopted on the
oath by the banks of Chicago.
A dispatch from Kansas City, Mo, of the
18th, says that the banks of that city had
suspended.
Memphis dispatch of the 25th says that
the First National and De Soto banks of that
city, had closed their doors. There was great
excitement in that city in consequence.
New York dispatch of the 18th says the
day has been a comparatively quiet one in
Wall street The means of relief adopted by
the banks in effecting bank cearances by loan
certificates had eased the pressure on them
selves but had not materially aided others
The extreme caution of those institutions,
and their anxiety to protect themselves, had
| added largely to the actual scarcity of money,
| and there were grievous complaints from the
great commercial world and the Produce Ex-
change in particular. Earnest appeals had
been made to the Government for relief, and
resolutions had been adopted by the Produce
Exchange suggesting to the Treasurer the is
sue of currency to the banks and bankers on
| evidence that gold had been deposited in the
Bank of England to the credit of the United
States to be used only in buying exchange.
The breadstuffs market was still under the in
tluence of the block in exchange
Washington dispatch of the 18th saws that
the President had returned to that city
permanently. At a consultation held between
the President, the Secretary of the Treasury
| and the Attorney General the latter officer
held that the bonds of 1874 could not be
redeemed legally before maturity. 1t was
therefore decided that the Treasury could take
no further steps to relieve the New York mar
ket, except as it was affected by the regular
transactions of the department. Dr. Luider-
man, the Director of the Bureau of the Mint
had predicted that the effect of the stock panic
would be to hasten the resumption of specie
payments. He said that within a month.
it was his belief, that silver and gold coin
would be medium Of circulation at currency
rates. In anticipation of this result, he had
ordered the mints to largely increase the coin
age, and stated that more bullion would be
coined during the next three months than at
any previous time in the same period Secre
tary Richardson had stated that it would he
a good policy for all the banks to suspend fur
Their currency payments. 1t was rumored. in
Washington, on the 25th, that the President
had been advised to call an extra session of
Congress.
A dispatch from st. Louis, of the 25th, saws
that the banks of that city had held meeting
l,