The Portland daily press., 1873-09-23

Financial matters are feVerlsh but business
men and brokers are confident no serions en-
barrassment will be experienced here.
The suspension of Burt u e., is only tempo
rary and was occasioned by the failure of their
drafts, for which ample securities were held
The banks of discount without single excep-
ton appear to be doing the usual amount OF
this kind of business, In several cases they
received more money than had been paid out ID
checks.
PHILADELPHIA, Sept o. The Philadelphia
banks have taken no action with regard to tue
issuing of certificates in the place of legal ten
ders for settlement at the clearing house The
banks are all in good condition and suspension
is deemed unnecessary. Third street is very
quiet and no suspensions are reported.
Run ON Chicago B.snss.
CHICAGO, Sept. %. Considerable run on
some banks here to-day, but they are adhering
to the resolution adopted yesterday to fall
back upon the 80 and 60 days laws. Latest re-
ports public and private from New York APP
lear TO have bad the effect to lessen anxiety
manifested this morning among many bankers
and business men.
Chicago Banks to Stand by Each Oibe-.
CHICAGO, Sept 22-At a meeting of the
Presidents of the National banks to night there
was general feeling that affairs were in much
better condition in New York today than on
Saturday, aud it thought the worst is over. 1t
was the general opinion that there is no reason
to fear any trouble, but il was agreed that in
case any should arise the banks will stand byt
each other to the end. The disposition shown
this morning to run ON the savings bank Is less
marked this afternoon, and there is apparent
ly very little excitement or alarm among the
people.
The Government Policy.
WASHINGTON. Sept 22.-The President had
another interview of more than an hour with
Secretary Richardson at the White House this
morning at which Secretary Delano am POST
master General Creswe,l were present. IL has
been decided to send $20000000 from the Ma
tional Treasury here to assist Treasurer Hill
house in New York to enable that officer to buy
all bonds that may be offered. The President
feels encouraged at the news to-day and will
be governed by circumstances as to whether he
will leave tonight
Secretary Richardson Firm.
Secretary Richardson has been receiving tele-
grams from New York every few minutes dur
ing the day, posting him to the condition on
affairs there. In reply to interrogations this
forenoon he said that everything is more en-
conragng; he had plenty Of money and would
give it out to all who came. with their bonds
When the question was asked whether or not
this money to pay for bonds would come from
the legal reserve? he answered never mind
about that will attend to getting it; the Gov
ernment is all right and intends to keep so"
Run subsiding.
The run on the Freedman's and Washington
City savings banks have nearly subsidized, not
more thnn dozen persons being at either place
at one time during the day.
A Contradiction.
The Secretary of the Treasury contradicts the
statement that the Navy account has been
transferred from Jay Cooke, McCulloch & Co.,
in London.
Congratulations.
Secretary Richardson received the following
despatch from New York to-day: Mercantile
business progressing as usual. Wall street is
CLEARING itself The ppODla INN in pOnyratula-
tions to the President and Secretary Richard
son for their stability The stock exchange
will be opened on Wednesday,
The Panic at an Fad.
In conversation today Secretary Richardson
stated that in his belief the panic is now at an
end and there need be no further apprehension
of trouble. He had no fear of any disaster re-
sulting from this as the country is in very
prosperous condition which was shown by the
fact that throughout the panic there was
no call upon the National Treasury for assist
ance except from New York, slight one from
Philadelphia. a still less one from Washing
ton. From the East, West and South there
had been no request for aid. and he had no
idea that there would be any. He further
stated that the Government wond continue to
purchase bonds as long as they were otfeted
but be did not suppose they would be offered
many days.
A New York banker sent telegram today
that the prompt action of the President bad
beneficial influence in all European markets
to day
The Secretary of the Treasury Sustained.
The Secretary Of the Treasury received the
following telegram this afternoon from Vice
President WILSON,:
Boston. Sept. ed
To William 4. Richardson, Secretary Of The
Treasury, Washington, d. c.. Every one here
praises your action. Stand like a rock.
(Signed) HENRY WILSON.
The Situation at Cincinnati.
CINCINNATI, Sept 22-Confidence continued
throughout the day Applications at the banks
for discount were comparatively light and or
ders from the country for currency were less
than expected. The entire situation this after
noon was stronger and more encouraging than
at at any time since the financial storm in the
east developed.
Railway Contr ,cts Cancelled Owing to
the Panic.
ST.. CATHARINEs, Ont, Sept 22.-The Cana
da Southern Railway Company have, owing to
the financial crIcis in New York, been obliged
to cancel all contracts for the present, and have
ordered the discharge of all workmen not en-
ployed on the regular trains. The cause Of this
is reported to be complications in Dan'l Drew's
affairs, he being large stock holder in the COM
pany.
Apprehens ON Abroad.
LONDON, Sept. GA despatch announcing
the closing of the New York Gold Exchange
as an indication of the gravity of the financial
situation, and the market for American securi
ties is again depressed.
Among the rumors current on the stock ex-
change Is one that the Bank of England holds
$50, 600 of Jay Cooke & Co.'s acceptances and
that the Rothschilds have $4,000 of the same
paper.