The Portland daily press., 1873-09-22


shape Among those present at this confer
ence OF Wall street and the mercantile interests
were Commodore Vanderbilt, Henry Clews, the
Seilgman Brothers, George H Opdyke, Isaac
a. Bailey, William NJ. OrtoU, President of the
W. u Telegraph Company; Prospect p. Sharp,
James ID. Burke, William s. Scott of the Erie
lPenn.) Bank Robert Lennox Kennedy, Horace
H. Clat1ln, Gen. E. S Sanford OF Adams Ex-
press Company, Mr.. Vail of the Bank OF Com
mtfce, Senator West of LOUISIANA, and John
,nn,oey, President of Adams Express Company.
ihe committee first made a general proposition
that the present financial diff "ultes should be
d r,i by drawing on the lega-tender reserve.
Inc committee had not agreed at this time as
70 the amount of snch reserve which would be
PROBABLY required to effect the object sought to
De attained. President Grant and Secretary
Richardson sent for many members Of the COM
mittee IN turn. and heard their views on the
SUBJECT After upwards of an hour spent in
tnis way, and after listening TO the reading of
the written views of several prominent mem
6ers Of the committee, President Grant and
secretary Richardson instructed the committee
'hat nothing conid be done until a precise prop
ostion had been submitted. The ms jority of
Tue committee proposed verbally that the Gov
eminent should if necessary. place the whole
legal reserve of S44,Ot0,OOO in the New York
city banks. Secre airy Richardson opposed this
suggestion in the strongest terms and said he
was utterly and infexiby opposed to issuing
any considerable portion of the legal reserve
AoA ohC use VI Guy DdukS. 10 use MI. Glcna u
sons own words, quoted on the authority of
one OF the committee, This, gentlemen, is not
my funeral"
Gen. Grant and secretary Richardson re.
quested the Committee to agree on and present
their report embOdying their views in as brief
a form as possible as what ought to be done on
the part Of the Government STIMULATING that
the name of each one of the committee must be
appended to the proposition. The committee
retired to draw up their report. About
-3al. al w "a
tel and passing along its corridors the crowds
falling back to make way for him went up to the
room occupied by the Presidential party. The
advent of the Commodore created intense in
terest. The fact of his presence spreading
among the assembled throng with electric
rapidity. The faces of the leading business
men present assumed an eager look as Commo-
dore Vanperbilt made his way to President
Grants rooms, and the corridors adjoining it
quickly became thronged with crowd await
Ing impatiently for the exit of the Railroad
King, nervously impatient to CLEAN even the
faintest idea of what might be the result OF
his visit to the President The following is
stated on reliable authority to have transdiled
at the interview:-Commodore Vanderbilt
made proposition to Gen Grant to authorize
the Secretary of the Treasury to pledge $780,
000,0 600 of legal tenders reserve in the banks of
this city and on that condition he (Com. Van
derbilt) would add S10,000,000 Gen. Grant
replied that he anxionsly desired to do all in
bis power to relieve the present financial en-
barraSSrnent and to prevent disaster He mus
however conform to the constitution.
The rumOr which spread with lightning ra-
p:d ity and was generally believed that Grant
and Richardson had come to the stern decision
that they could place no part of the legal re-
serve at the service of the New York city banks,
created intense CONSERVATION among the
crowds who thronged the corridors of the hotel
There were some who said that no decision on
the subject had been arrived at, and that an
other conference was to be held during the eve
ming. The following is officially announced as
the result of the conference. Gen. Hillhouse is
instructed to advertise for an unlimited amount
of $40 bonds and of bonds of 1881 at par in
gold The President and Secretary of the
Treasury, as previously stated. refuse to place
any part of the legal reserve at the disposal of
the New York banks.
Previous to this conclusion there had been
conference of several hours in room 10 in tine
hotel comprised of several leali G bankers, cap
italists and bauk Presidents, at which a petit
ton was framed formally requesting the Pres-
dent to authorize the Secretary of the Treasn-
ry to loan S20,000.000 to the banks of this city,
they to furnish loan certificates to the extent
of S10000,G00. There was quite an animated
debate of this petition. Several geltleme n
contendDg that the sum asked for was not
large enough, while many were opposed to ask
ing for government aid. The debate continued
till past six o'clock, and at that hour it had re-
ceived so few signatures that it was not taken
to the President.
Senator Morton, Secretary Richardson and
the Presidents Secretary were in room 50 dis
cussng the state of affairs and also consulting
suting upon the possibility of drawing upon the
S44, 000,0 600 reserve. 1t is believed tina. at this
conference conclusion was arrived at Short
~ after 6 O'Clock the rooms of the Union
League CLUB On arriving at the club the par
ty proceeded to the diuihg han where they
were joined by Senator West. Henry Clews
George jones aud Messrs. Selgnan, and during
the dinner the whole question Of relief to the
financial community was discussed jy each of
the above gentlemen briefly and on the removal
of the cloth by request of the President The
officers of several of our proninot banks were
sent for and held short interviews with the
President and Secretary Richardson at hch
the plan of the government buying bonds at par
gold to such an extent as mi2 bit be Offered was
discussed and the bauk officials generally
being convinced that this was the ult-
matum gave it their commentator, sew
eral, however, expressing the opiuiou that
more liberal policy would be preferable. 1t
was held by the President and Secretary that
it was the limit that the government was
bound to, and it is now considered that there
will ee no difficulty with the banks Tomorrow.
This conclusion was arrived at and Sub Treas
urer HlllhouSe, who was present, was instruct
ed to act accordingly. The party then separat-
ed the President proceeding to the residence of
a friend aud Secretary Richardson left in the
niue O'Clock train for Washington.
Philadelphia Bank Smashed.
PHILADELPHIA. Sc pit. 20.-The union Bank
ing Company is Lot open to-day. A placard on
the door states that owing to the heavy de
mands suspension of few days has been
resolved upon 1t sustained heavy run YES
terday, paying about 100000 1t states that
the institution is issuing no notes. and the sus-
pension only affects the depositors At Jaw
Cookies matters are progressing quietly. The
clerks are busy preparing a state mt to be laid
E-l.~
which cannot take place until after the arrival
of the steamer Russia, as two partners are pas
sengers.
Excitement Abating.
The excitement over the failures has abated
and matters are assuming a right shape al
though the stock market is somewhat feveris h
to-day yet AFFAIRS on the street more settled
owing no doubt to the promise of sthe Secretary
of the Treasury to make use of S44, 00O,O 600 OF
the reserve fluid if desired. The failure of the
Union Banking Company of this city had but
little effect on the public mind as it was small
concern. The Fidelity Trust Company met all
obligations to-day. The ruu On this institution
was not as heavy yesterday. Only about
100000 being paid out. Indications are that
Monday will see an active change for the bet
ter in money matters here. Ga the first days
run on the Fidelity the Pennsylvania Railroad
Company promptly lifted its Paper to the
amount of $175000, and generously tendere
this large amount OF money for the relief, but
the offer was thai kfully declined. The compa-
ny knowing It's resources TO be ample.
Pennsylvania e. IL. safe.
| For ten days past reports have been current
| that the Pennsylvania Railroad Company had
| become endorses on paper to the amount of
| $2000,000 to raise money for the construction
| of the Texas Pacific Railway, one of which
| notes for large amount matured yesterday
| Fears were entertained that the excitement of
Thursday might induce parties to let this note
| go to protest, but it was paid and several en-
dorses have agreed to divide the responsibility
| andtake up all notes in their order. They are
aDleto do so, all being even of wealth.
The Feeling in 81. Louis.
| ST.. LOUIS. Sept 2f.-The feeling here since
Saturday regarding monetary affairs in New
York has been anxious. but there has been no
| alarm or excitement. The banks have curtal-
ed their discounts but slightly A majority OF
all the good paperi is passed promptly and there
| little or no distrust The markets on change
| were unsettled and corn and oats declined q
cent or two, bu there has been no panicky feel
ing whatever.
The Panic Beaches On icago
CHICAGO, Sept. 20-The Franklin Bank. a
private banking institution, closed to-day being
unable to settle at the clearing house. The
Gnount short was only $1,000 S. A. Briggs
wee President, states that their embarrassment
Is only temporary. 1t is stated that majority
e do