Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-29
The PANIC DEAD.
The Prospect IN New York Still
Frightening Finance and
Trade Rapidly RecOt;
ering.
A Genbral Reaction Setting in at
All POints-A Few Hours, and
All will be We'll.
Latest Opinions end Developments
tan Points Of Interest
Meetings and Dis
cUSSiOns.
The Car Factories and Shipyards
at JeiIersOnviIle, Ind, Con.
forming to Circum-
stances.
Meeting Of the Chicago Clearing.
HOuse-COOlbaugh Defended
Press Opinions.
Important Letter from President
Grant-The New York Bull.
letin's Extra on the
Panic.
Meeting of the Chicago Clearing.
COOlbaugh Defended
Press Opinions.


! uldbttISt ~ say li6 ltdSl Vi IL, are no
worse at those points where danger
| is most to be apprehended. The feel
/ ing among bankers is better, and they
are evidently helping their customers
| freely. The suspended settlements of
| stocks and exchange have been so got
/ ten out of the way, that governing
committees have announced the open
/ ing of doors tomorrow. From all the
symptoms there is an improved feeling,
and better prices for securities may be
reasonably anticipated. The timely
liberality of the banks to their custom
ers has done much toward staying the
spread of the panic to all branches of
trade-a danger which hasunqUestIon-
ably been closely impending. Mer-
chants have SO far proved able to hold
their goods, instead of slaughtering
them at panic prices, which is a most
favorable feature. II matters can only
be held a day or two longer as they now
stand, the irrepressible buoyancy nat
ural 10 our people will speedily carry
US into a reaction that will issue into a
recovery"
The corridors of the Fifth Avenue ho-
tel were almost deserted tonight, form
ing a striking contrast to last Sabbath
evening when the hotel was crowded
with an anxious and excited throng of
bankers, brokers and merchants. The
letter of the President and favorable
news from Chicago, will no doubt exert
beneficial influence here tomorrow.
AT INDIANAPOLIS, IND.
INDIANAPoLIs, September 2S.-Fi-
nancial matters remain quiet. No
further run on the banks is anticipated.
AT TJEFFERsoNvILLE,I IND.
JEFFERsoNvIILE, September 2S.-The
financial excitement has produced an
effect in this city. The sudden force and
capriciOus state fOf money matters in
Louisville has increased already an in
tense feeling among depOsitors, and
quite a run was made during Saturday
on the First national bank, which
was paying all checks and clos
ing its doors at the usual hours.
At the Citizens national bank there
was considerable excitement among
many crowding around the doors dis
cussing the financial condition. No run
was made.
The Ohio Falls car and locomotive
company, employing seven hundred
men, has suspended work in all their
shops, except the foundry, thus throw
ing out of employment four hundred
men. This firm failing to secure sufii.
cient currency to pay off the employees,
suspended, although they. offered the
best of paper. The Southwestern car
company reduced their force, and was
unable to get currency to meet their in
debtedness on Saturday. The ship
yards Of Ames, Howard q Co., who en-
plOy heavy force of men, succeeded in
securing a limited amount of currency
here and there, to pay two-thirds Of the
wages due employees. A deduction of
the force has been made, and several
boats now on the stocks will be finished,
notwithstanding the stringency of cur
rency. The effect of the panic is also
felt at the ship-yard of B. B. Moore, but
no reduction Of the force is made.
AT SPRINGFIELD, ILL.
SPRINGFIELD, September 2S.-The
banks have taken no action, doing busi-
ness as usual. There is no excitement
whatever and everybody is easy. De-
posts were larger in amount yesterday
evening at the closing than at the OPEN
ing in the morning. 1t issthOught that
no bank here will entertain the sugges-
tion Of suspension.
AT CHICAGO, ILL.
CHICAGO, September 2S.-At a meet
ing of the clearinghouse association last
night, two places transactfng business
by means of loan certificates were pro-
posed but were rejected, and it was voted
inexpedient to issue certificates at all.
This result, although a surprise, is gene
rally commended. 1t is thought that
the improved condition of affairs iustifies
the banks in keeping open their doors
frNr tho frataGaatipr1 ~ hsreis,aus5 pyA 20
sufficient currency is coming in to make
up for that drawn out of the banks by
country customers. The officers of the
Union national bank announce that they
will resume business in the morning,
opening as usual at ten o'clock. The
following gentlemen, resident directors,
have signed card pledging themselves
for the payment Of deposits now on hand
or that may be made hereafter: John
V. Farwell, NJ. f. Coolbaugh, David
Thompson, c. T. Wheeler, Asa P. Kelly,
Jas. w. Odell, Albert a. Manger, G.
Briggs and Asa Dow. The card of the
officers is a strong defense of the house
and of the bank in suspension,
but acknowledges they deem it necessa-
ry to bow TO public sentiment. They
say they exhausted every means in their
power to secure united action among
bankers before suspending. They yet
balieve it impossible to permanently
maintain any different position from
that accepted by more than two thou
sand national banks of the United
States, and hope that this unity ofaction
may be secured, believing it to be SOL
emn duty in this emergency to share
the common lot of their customers, and
to act with them il sustaining-by all
legitimate means in their power The
commercial interests of the country,
have determined to open their doors at
once for the resumption Of business.
Jno. Young Harmon comes to the
defense of CcOlbaugh in this mornings
Inter- Ocean in pungent article, which
makes war on the opposing bankers.
He esays that COolbaugh has more brains
than all those who complain of his
course in the present difficulty.
The other solvent bankers who
agree with him have done all they could
to save their depositors and help the
public. The responsibility for the pres
ent disaster must rest ON those selfish
monopolists who have opposed free
banking and sn elastic currency. The
Cooke company national also resumes
in tie morning. The papers speak in
tiOn the influx of currency 10 Chicago
for the purchase of grain as a sure source
of relief, as the produce of the country
constitutes a strong arm Of the lever.
The Tribune says the banks that re-
mained closed with large amounts of
currency in their vaults are the worst
enemies of business in times like these,
and calls on the comptroller of currency
to take steps to compel them to settle
their affairs under the national banking
act. The Inter- Ocean will in the morn
ing urge the President t. call a special
session of congress to mend the bank
ruptcy act.
AT CHARLESTON, S. c.
CHARLESTON, September 2S.-A bet
ter feeling prevailed at the close of busi-
ness Saturday, the national banks hav-
ing received larger amount of green
backs on deposit. No suspensions have
occurred beyond those announced Fri
day.
AT WASHINGTON, D. C.
WAsHINGToN, September ga
number of bank directors, officers and
bankers met Saturday, formed an assc-
citation, and resolved that the banks and
bankers Of the association NAV certify
checks for their customers in lien OF
paying currency for all deposits held by
them to this date, but will open
special accounts of currency, pay
able in currency. The certified checks
viii be received by the different
banks and bankers of the association on
deposit in payment Of notes due them,