Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-09-22


| 10 be Called En-COndifisn Of the New
York Ranks List of Failures up to
Yesterday.
There was scarcely any diminution OF excite
| ment among the bankers and brokers in New
York yesterday. The central point of interess
was the 9TH avenue hotel, where were the Pres
idont, Secretary Richardson, Senator Morton
and General Babcock, who had met there 10
listen TO the representations of prominent bust
ness men, and to take such measures as in their
judgment wOuld tend to allay the excitement
and restore tie money market TO a healthy con
dition. Below give the result of this confer
ence, together with the weekly bank statement
and other interesting data relative to the grss.
financial revolution.
THE CONFERENCE WITH THE PRESIDENT
Among those present at the conference of
Wall street and mercantile interests with the
President were Commodore Vanderbilt, Henry
Clews the Seligman Brothers. George III. Op-
dyke, Isaac II. Bailey, president Western Union
Telegraph Company, and large number OF
others. After an hour spent in this way, and
after listening TO the reading of the written
views of several prominent members Of the com
mittee, President Grant and Secretary Rich
aTdson informed the committee that nothing
eouid be done until the precise proposition had
been submitted.
A STARTLING PROPOSITION.
majority of the committee proposed verbal
ly that the Government shOuld, If necessary
place the whole legal reserve OF s44, 0OO, 900 iD
New ork city banks. Secretary Richardson
opposed this suggestion in the strongest terms
and said he was utterly and inflexibly opposed
to issuing any considerable portion of the legal
reserve for use Of the city banks. TO use Rich
ardson's own words, quoted on authority OF one
of the committee, "Ihis, gentlemen, is not my
funeral"
THE RESULT OF THE CONFERENCE.
The following was the result of the conference
at the Fifth Avenue hotel. The President pos
itively declined to interfere in the matter, as
any action of his in the matter would be unoon
stitutional. A committee OF ban kers aud meT
chants had come down 70 make final pFOpus
ton TO the Government 10 issue thirty millions
Of legal tender reserve. Reverdy johnson Is
said to have given his opinion TO the effect that
to use the legal reserve for this purpose is un
constitutional A proposition made by Wander
biit wac declined.
COMMODORE vANDERDrLT's VIEWS.
President Grant and Secretary Richardson
requested the committee to agree on and pre-
sent to them report embodying their views as
to what ought to be done on the part OF the Gov
eminent, supulating that the name of each ons
Of the committee mast be appended b the pro
position. About O'Clock Commodore Wander
bilt entered the hotel, and it is said made the
proposition to the President TO authorize the
Secretary OF the Treasury to place - 900 900 OF
legal reserve in the banks Of New York city
and on that condition he Commodore Wander
bilt) would add $40 100000.
OLE Man GETS ExCITED.
President Grant replied sAss he arxzouay de-
srsd % do sH - his posG y psHsvs As prse-
sut hsassial sASssssS-nsss ssd 70 pesvs..
fmpesting dtsa.ssr. He mast, kousver, con
form 10 the sos-Stausn. At this petnt l.. r.
On sssas b.sse fsy2 d .srvsss And 60 I'd 70
h hias 0acesHss aess. n Ah n.sssr. He sal1
already 7ssp,s Ma begun - ssDsusd tAs baaka
Of the atty, GTTe-sag thar sss~nfinA aon 6
wait sp al night and make q rush on the opsn-
ing of the banks this morning.
An UNLIMITED QUANTITY OF BsaDs TO lie
CALLED IL.
The conference finally resulted in an order b
Ssb-Treassrer Hillhouse to advertise for an
unlimited amount of hvs-twenty bonds and 'SI
bonds at par in gold.
At an informal meeting OF the presidents
sf savings banks OF New York city and Brook
lya, yesterday, At which some shirty banks were
Represented, a resolution was adopted anani
DOesiy that tho rules aud bylaws gov6Iau
savings banks, requiring aotioe previous "
payment, be rgidly enforced.
day GOsld expressed his opinion last nil h,
that the ONLY safety for the mepeanttle comma
nity and general public is in a general suspsa-
son OF banks.
THB WEEKLY BANK STATEMENT
q the New York city banks shows loss Of
81 ,597 200 in specie, S2409 300 in legal tenders
eontractie OF s6,1A 500 in leans, and
~ ,27T 400 less OF deposits than last Saturday.
uf rseervs il q 90 ,ss0 IN gold and gIsnbasts,
and the rec action in Eabili DIES q, 20 800, on
which 70 per scst is S2-Sl1 go fifs bank
therefore ls~s - ly q aS5 80 Of actaal
and are - ,2i1 ,O75 below % per sent the line Of
national bank msthsd OF calculation. After
the suspcssion Of the Union Trust Company,
on Saturday, Mr.. L. Is. Wesley, stOskholdsr
and trustee, and 3 member OF tho executive
committee, was appointed receiver at suit of
depos1tor.
TAR UNION TRUST COMPANY.
1t was stated on Saturday night that on Sat
urday Vanderbilt paid So 900 900 10 the Union
Trust Company, that being the amount ds-
from the Lake shsre road, and that the Trast
Company welld be able 70 resame to-day.
Disbursements for the United States Navy
department, held by Jaw Cooke, heCaloch 4
Co., London, are transferred to Henry Usws II
Co.
WHY TIE UNION TRUST WENT UNDER.
A gentleman, who Is a depositG with the
Union Trust company, whom the reporter met
at the entrace late in the afternoon, stated that
the company would never have gone under for
an hour had it not been for the government.
He said that ON Thursday at noon 81 900 900 in
government bonds were sent TO the sub
treasurer, with the request that he would al
vance on them Al 900 900, and when the govern
of bonds down as the lowest bid for that
amount, no matter how low the bid of anybody
else might be. 'TThis proposition was Reused"
added the gentleman, "and 80 the folks went
generally declare that the suspension will last
but for day or 30 at the very longest, and that
the assets Of the company are 80 ample that
every depohtor would 30 certain 10 get q dollar
for every dollar due hin, even though the
deposits were greater than they really are.
sTATENKNr o. AUGUSTUS soHELL.
The vice president Of the company, Mr..
Augustus Schoil, was seen yesterday evening
by Herald reporter, and the various points Of
the directors statement were presented to him.
He said that the S1,TSo zoo was paid by tie
Union Trust Company, bat that only part of
the money was ont Of he company's funds; that
| a portion q 1t wss borrowed to all out the re-
quired azoasf, bat that the Lake Shore railroad
did owe 6s Union Trlst Company 81, 80 ,000
or about that amount. He said that Mr.. Grin
nell did net eve the company more than
| 500 200, he thought, ald that the loan to the
Wall street broker had not come under his
notice; bat he presumed 1t was all right, as the
| securities were In the market. Az to the deSal-
| cation Of Mr.. Carlton, he was not prepared To
l say what the amount was, but Mr. Carlton had
disappeared, and there was undoubtedly de-
4 faleaGon.
RUN ON TIE SAVINGS PAHks ANTICIPATED
1t was expected last night nat . run would
| be made on the savings banks to-day. There
were at least fosr hundred people In line around