Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-09-25
,Ehc MnnefnrK PnnIr.

FALSE EUMoRS OF FAILUREs-QUIETA ABOUT
THE SAVINGS BANKs-CLEws e co.
PROMISE TO RESUME.
NEW York, Sept 22-8:40 a. m.
Further testimony is published this
morning showing that there was abso-
lutely no foundation whatever for the
reports yesterday afternoon of the fail
ures of some of the leading New York
dry goods houses. There are no crowds
around the savings banks this morning.
President Haincs of the Union Dime
Savings bank says the amount paid out
by them yesterday was one-quarter less
than the average. The run on the saw
ings banks here, it is believed, has stop
ped Clews 4 Go. say their securities
would be far more than ample to set
them right in ordinary times. When
the money market improves they may
resume. For four days there was an UNI
interrupted run upon them. The pub
lished list of their correspondence en-
braces twcnty-four national and State
banks and one hundred and tiftY-eight
private bankers. The firm consists of
Henry Clews and l.. S. Fowler 1t is
reported that several financial friends
have offered to come to their relief.
TIE STOCK EXCHANGE To REMAIN CLOSED.
1910 a. m.-The Stock Exchange will
remain closed until further orders. Gold
opened at 1875
1920 a. m.-The following are street
prices Central, 9O@91 Lake Shore,
so bid; Pacific Mail, 32@35 Western
Union, "a Gold, III, III bid.
1920 a. m.-No bonds have been of
fercd at the sub-treasury this morning.
The feeling on the street is rather ner-
vous. Brokers are congregated in front
of the stock exchange, but doing little or
no business. Opening quotations: Cen
trail, 81 offered Rock Island, Sc offer
ed Western Union, 81 bid, Ga offered
Pacific Mail, 80 bid, 50 offered Union
Pacific, 81 bid Lake Shore, so bid. A
meeting of the bank presidents is now in
session to take action in regard to proper
measures in the present emergency.
Henry Clews & Co. say they will re-
main closed until the tightness in the
money market gives way and affairs be-
come more settled.
1910 a. m.-Howes 81 Macy have just
suspended Wall and Broad streets al
ready present an unusually lively as
pect for, in addition to the presence of
regular dealers, hundreds of the general
public have been drawn by curiosity,
Henry Clews & Co.'S clerks are busily
engaged fixing up the books of the cs-
Enlistment. On account of the closing
of the stock exchange considerable bust
ness for cash is being transacted by bro
kers in the streets.
1915 a. m.-The bank presidents are
in session in the Merchants bank. A re-
port is expected about II o'clock.
1886 a. m.-The sub-treasury up to
this hour has bought half million bonds
lilo a. m.-At the meeting Of bank
presidents another issue of $4,000, 900
in clearing honse loan certificates was
The sub-treasury has pur-
chased $780, 900 in bonds up to this hour.
Gold 118@114. Mr.. Macy in reply to a
request for statement of the affairs of
the firm, said the only explanation of
their suspension was that which applied
under existing circumstances to all firms
having large number of depositors.
Such houses must suspend. His firm
had yielded to the inevitable result of |
the present financial crisis, and would |
when the crisis should be over.
GOOD PROBATION.
11:45 a. m.-The clearing house banks,
at meeting to-day, resolved not to pay |
any more currency, but to certify all |
checks payable at the clearing house
only. This is intended to prevent any
lookup of greenbacks. 1t is understood,
however, that small checks will be paid |
as usual, the rule to apply only to checks
for large amounts.
THE SALE OF BONDS.
10 MP to this hour the sub-treasu-
ry has purchased twelve hundred thou
and bonds, and numerous sellers are still
IN line. Effort is being made by the SUBJ
treasurer to distribute the greenbacks as |
much as possible, and with that view no |