The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-18
The Financial Situation in New
York.

New York, Oct. 1.-THE ErpresS
says: "There was q renewed discussion
In financial circles on the question Of the
banks resumipg currency payments. As
the matter now stands New York is vir'
tually In disgrace, and must be redeemed
from this position at an early day. When
the panic started our banks had $S4 O0O,-
900 In legal. tenders, but this amount was
reduced 10 $16,O00000 when the pooling
arrangement commenced, and to $6500,.
900 in one week afterwards. Still later
the amount was decreased 10 $4,000, ,O00'
Notwithstanding the Treasury paid out
Sl2 900 900 in legal tenders for bondspur-
chased and over "a ,000,0 900 for other dis
bursements, millions Of legal tenders are
now locked up in safe deposit companies
old stockings and mattresses, and nothing
but a complete restoration Of confidence
will empty these boards. Confidence
Is partly restored, but the Clearing House
now stands in the way Of completing
the last link between the people and the
banks. An improvement was reported in
the bank circles to-day, but yet the legal
tenders reported 10 the Clearing House
arc only $6,605,000. What we want IS o
greater increase than this, which can be
accomplished by the banks resuming
currency payments. The present system
Of pooling was gotten up ior the benefit
oil The weak banks, especially those pay.
ing per cent on deposits. The sound
and conservative banks should insist on
redeeming New York city from It's pres
ent false position, and thereby take an
important step in the final restoration Of
confidence. The announcement oi iurth'
er shipments Of e605,000 sterling from
England to America caused considerable
comment In the banking circles to-day.
This thing cannot continue without the
bank of England advancing It's rate oi
discount still higher, which may produce
some disturbance in London, in fact 1t Is
the opinion of many that London may yet
have to pass through the experience Of
Vienna and New York 10 regard TO spec
ulative bubbles.
The Post reports that the banks have
gained very largely In legal tenders, near
" one million dollars at the Clearing
House this morning. The banks having
the most numerous out Of town connec-
tions also report large receipts Of Nation
al bank notes, and this class Of currency
the banks prefer TO have, for 1t is as
good as legal tenders to pay out, and can
not be taken away from the banks
receiving 1t to put In the clearing house
pool. Information from up town mer-
chants Is good, and on the whole the sit
uation shows a healthy improvement.
The chief danger now, says the Post, u
that spectators at the Stock Exchange
will lump TO conclusions and run prices
up, which they did yesterday, and BY con
tinuing which they are sure tc
bring about q collapse. The banks are as
vet 10 no condition to foster speculation
and If any are disposed To, their disposi
ton will, 1t Is believed, be promptly mod
flied by such measures as are deemed nee
Cssary by conservative and mercantile
banks, which comprise large majority
10 the clearing house league, which now
practically controls each bank.
The Times tomorrow will publish the
following: Several statements having
been published 10 the effect that Daniel
Drew had effected several mortgages or
his estate 10 order to raise funds TO enable
him to meet his liabilities arising from
stock transactions in Wall street, the re-
cords OF the Registers office were searched
o,day. From this investigation II ap-
pears that on the Goth ol September last
Mr.. Drew gave three mortgage bonds
Of $4,000 each on his property
corner OF Union place and Seventeenth
street, for security Of the moneys held By
him In trust Tor Antoinette Cozzens, Jose
phine Cozzens, Georgia Everett, ane
Louisa II. Eddy, daughter Of the late r
W. Kelly, for whose estate Mr.. Drew wa
made joint administrator, with Mr.. Ell
Kelly and Chauncy n. Weeks.
Colonel John A. Bridgeland, Of Indiana
sails for Havre on Saturday, to assumt
tho duties Of U. s. Consul ut that point,