The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-26
NEW YORK.
News Items.

4
safe in the Office OF the Union Trust
Company, box belonging to the mis-
sing Secretary. was opened, and United
States bonds to the amount OF 5,00O,
were found, which had been supposed
lost.
1t was expected that large gale oi
stock would be made at the Real Estate
Exchange, but owing to the withdraw
OF securities by ownere, the sales were
indefinitely postponed.
No purchases OF bonds are being
made at the Sub-Treasury, as the Treas
urer is awaiting instructions from
Washington.
Affairs on the street are, In the main
Quiet, and the market for stocks is con-
fined to bids and offers, no sales being
reported thus far.
Secretary Richardson declines TO an
ticipate the payment OF interest On
bonds due December and January next.
Meeting OF Produce Dealers,
The Board Of managers OF the Fro"
duce Exchange held a meeting to-day
to suggest measures OF relief for pro-
duce dealers, when the following pTe-
amble and resolutions were adopted:
WHEREAS. The critical condition OF
the commercial interests OF the country
REQUIRE immediate relief by the reno
val OF blocks in the Negotiation OF ior-
eign exchange, therefore be 1t
Reso!ved, That we respectfully sug-
gest to the Secretary OF the treasury
the following plans for relief In this ex-
traordinary emergency:
First-That currency be immediate
ly issued TO banks or brokers upon eat
isfactory evidence that gold has been
paid on special deposit in the Bank 0!
England, by correspondents in London,
to the credit OF the United States, to be
issued solely in purchasing commercial
bills OF exchange.
Second-That the President OF the
United States and the Secretary OF the
Treasury are respectfully requested to
order the immediate prepayment OF the
outstanding loan of the United States
due January let, 1874.
The Dry Goods Trade.
A visit TO the leading dry goods
houses elicits the fact that the panic
has and is interfering seriously with
that branch of business. Nevertheless
the aggregate sales for the season are
far in advance of those of last year,
Country buyers are now only purchas
ing what they require.
At a meeting of a number OF leading
dry goods men, it was resolved to stand
by each other. 1t was agreed to de-
post as usual with their bankers, an
arrangement having been affected
whereby they can draw what money
they require for business purposes,
Purchase OF Foreign Exchange.
Now number OF Foreign Exchange
bankers in this city. have suggested to
the Government at Washington the
purchase OF Foreign Exchange, as q
measure OF relief for the stringency OF
the currency market. The suggestion
is said to be now under consideration by
the Treasury officers.
The following explanation OF the
terms OF the suggestion is made: The
foreign bankers OF New York offer these
terms to the Loan Committee of the
Clearing House Association: We will
sell our sixty days bills on London, and
take in payment loan certificates, We
propose to take these certificates to our
bank and place them on credit. We
will then buy the bills on Europe drawn
against the shipment OF produce, and
draw our checks therefor on your
banks, payable through the Clearing
House. We thus 0bviate the necessity
of having greenbacks in forwarding the
grain and produce now filing our mar
ket. Relief can be given in this way
without increasing the demand Tor
greenbacks."
HOwes 81 Macy.
Mr.. Howes, OF the firm OF Howes %
Macy, suspended, says they "have not
borrowed a dollar, and did not intend
to borrow one. We have plenty OF the
very best of securities, but we do not
purpose to sacrifice them at the prices
now current. The fact OF the matter
is, q general suspension OF large bank
ing institutions has become necessity,
and the sooner it takes place the bet-
ter The small houses can afford to
hold out perhaps, but larger ones must
suspend or 90 under. People who
bring their money to us and expect to
get three per cent interest, must not
think we put it into corner to look at.
No we invest it, and we cannot con-
vert our investments on the Jump with
out great damage to ourselves. At any
rate, we don't purpose to be authors OF
our own ruin, so our depositors will
have to wait.
Mr.. McCulIoch on The Situation.
Mr.. McCulloch, Ex"Secretary OF the
Treasury, in q conversation said
that the only course 10 be pursued for
safety now is bold one, free alike from
fear or excitement The suspension OF
Henry Clews 4 Co. l regard as very
unfortunate. That firm ! have under
stood to have been very successful
one and doing a very large business.
In my judgment it would have been
well II its friends had prevented such
an occurrence at all hazards. The fall
ure OF one house of its prominence does
| incalculable harm by weakening the
sense of security in the public mind.
Men get to that stage of uncertainty in
which they cay, to whom dare we
lend p"
Protestant Episcopal Convention.
The annual convention Of the Pro-