The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-21

generally renew their impressions of yester.
day, that the eliminating point of the trou-
bles has been reached. !.
ASSOCIATED Press telcsrams.I
NEw YORK, September 20.--The presidents
Of the national banks held an informal meet
ing this morning and resolved to support
each other and disregard any restrictions in
to-day's dealings. ~A ~
Wall street was crowded at an early hour,
but, however, with less solctude. The
resolution of the banks to sustain each other
and the purchase of ten millions of bonds
BY the Treasury nerves matters.
Two members from Jay Cooke & Co. are
coming On the Russia, which is expected
Monday, when reliable statement of the af-
fairs of the house will probably be presented
to the public. -,.. .@.,.
The following failures are reported this
morning..
Union Banking Company, Of Philadelphia;
Union Trust Company, oil New York /
A. B. White e Co., of New York;
f. G. Broadhead, of New York; ...
ketchum d Belknap, OF New York.
The National Trust Company has closed
its doors. =..r ..ues. --. ..-
Certificates of the Mechanics Banking AS
ISOLATION and the Continental Bank are
thrown out from the Clearing House.
SECOND DISPATCH.
NEW YORK, September20.-Th Stock En-
change is closed, subject to the call OF the
president, to enable members to settle.
a dedication in the Union Trust Company
directors.
G = s,,,,> Dr.
dent Chapman, OF the Stock Exchange, for
bids outside operations by members upon
penalty Of expulsion.
WASHINGTON, September 20.-A. 6. Cot
trel, agent of the syndicate at London, tele-
graphs to Secretary Richardson that their
accounts are all in perfect order.
Additional suspensions: SAKE & Rogers,
New York; National Bank Of the Common
wealth, New York; Quassig Il Fisher, p. NJ.
Myers. Miller d Walsh, Laurcns Joseplls,
Fearing & Dillinger, Brown, Wadsworth
d CO.
900. The officers declare themselves well
afternoons crowd about the bank.
NIGHT DISPATCHES.
MISCELLANEOUS ITEMS ABOUT TIE PANIC.
New YORK, September 20.---Alluding to
the suspension of operations by the men,
bers of the Stock Exchange, the Ecen1ng
Express says h" Too much praise cannot be
awarded to the men who conceived and car
ricd out this master stroke of policy. Bed
lam was running loose and the craze was ra-
pidIy communicating to the outside multi
tude. Nothing remained but to shut the
door and try and bring back the bulls
and bears alike to their senses"
The dctllcation in the Union Trust Com
pany is 100000.
The Bank Of North America has not sus-
pended.
Western Union Telegraph stock, 81.
The Clearing House announces its inability
to make a general clearance on account Of
dealers inability to obtain properly certified
checks.
The New York bank presidents, at their
meeting this afternoon, passed resolution
to issue Immediately ten millions in loan GER
tificatcS.
BANK OFFICERS TAKE MEASURES TO RELIEVE
TIE PRESSURE.
New York, September 20.---The officers Of
the banks and clearinghouse Association,
at their meeting this afternoon, unanimously
resolved that until the 1St of November next
any bank in the clearinghouse shall issue
certificates to the amount of seyenty-ilve per
cent. of cash value of their assets, and that
such certificates shall be accepted in settle.
mcnt Of clearinghouse differences in place
of lcgal-tender notes.
They further resolved TO pool all their
legal-tender notes, and make common cause
against any attempt to break any Of them.
The issue of these certificates will he car
ricd to the extent Of the full assets Of the
bank. if necessary. The practical effect OF
the issue will be to economiZe leSal-tendcr
notes, these certificates taking their place. 1t
is IN expansion of bank credits and faclli-
ties, but not of irrcdeemablc paper.
The banks to which the loall-ccrtifcatcS
may be issued will be charged, il addition
to ! per cent interest, one quarter OF per
cent. to defray the expenses consequent on
carrying out this plan.
lwnY THE EXCHANGE WAS CLOSED.
4 member of the Governing Committee OF
the Stock Exchange, when questioned this
afternoon in regard to the closing. said that
the banks began to refuse each others checks,
and it was useless to attempta continuance
OF business under such circumstances. In
uCI tuc IulCS CNClS HlClhbSl VI YIN S'SNN
Exchange was obliged to recognize any GER
titled check upon any bank in the clearing
house: but affairs were in such state that
a man who deposited 4 certified check and
drew against it did not know how he was
standing. The members of the Governing
Committee met at II o'clock and unan!-
mouSly resolved upon closing UP the EX-
change by l:l5.
The day closed with better feeling
among the banks and With the
BELIEF THAT AFFAIRS WILL MEND
early next week. The closing of the Stock
Exchange is generally applauded and The
opinion is expressed that the Governing
Committee should, after making some ar.
rangemcnt for settlement among brokers
of contracts falling due to-day and Monday.
keep the Exchange closed for few days.
The bank statement is not out.
LATEST ABOUT TIE DEFALcATIoS.
New York, September 2o.-Therc is mucl
difference Of opinion as TO the amount OF tho
dctalcation OF Carleton, the secretary of the
Union Trust Company, the figures ranging
from S250. 900 to $500, 900. The institution
sold 81 ,On0. 900 bonds 70 the Government to-
dav, which places it in funds for next week
and has also over 500, 0OO. 900 call loan which
have been called, and this money Will also
be available next week.
The fact that the checks of some banks
have been thrown out of the clearinghouse
does not necessitate their failure in the pre-
sent disarranged state Of affairs.
WASHINGTON