The New York Herald Newspaper, September 25, 1873, Page 8

6 — THE CALM. . Confidence Returning All Along the Line. Temporary Suspension of the Firm of Howes & Macy. ne THE BANKS BRINGING ORDER OUT OF CHAOS A General Weeding of Wall Street to Take Place. - THE STOCK EXCHANGE SPEAKS, beet The Commercial World Un- disturbed and Prosperous. Reported Shipments of Gold from Europe. The Run on the Savings Banks Ended. THE EXPORT TRADE AT A STANDSTILL. Six Steamers Waiting for Freight. READY MONEY THE GREAT WANT. Proposed Meeting of the Chamber of Commerce. It would be incorrect to say that the panic is all over. The crisis 1s past, the worst has been en- aured, and the financial patient ison the road to ponvalescence. Undue alarm may prolong the lever, but it cannoié hinder ultimate recovery from vhe recent trying and alarming attack, at least so tay good authorities. HOWES AND MACY'S SUSPENSION. The suspension of the firm of Howes & Macy was the notable event of yesterday. lt was partly an- bicipated; yet, nevertheless, the announcement of the fact struck upon the ear of the street with simost as stunning effect as the suspension of Clews & Co, the day previous. Beyond that there Was no other cause given to make the multitude more apprehensive than before. RETURNING REASON. ‘There was no lack of assurance that returning teason was making itself felt. Supplementing the vise action of the associated banks, the Stock Ex- shange Committee, contrary to the expectations of many, resolved on keeping their building closed (till another day. Time cures many ills, and it is relied on now to help Wall street to an orderly tondition of business, The report of the COMMITTEE OF THE STOCK EXCHANGE, M another column, contains suggestions well worthy of attention. The advice is especially jagacious which is given the associated banks, not ‘or ten days after the reopening of the Exchange ‘© call in any loans to brokers which ire sufficiently secured; but, on the con- jary, to the extent of their ability, io make new loans upon approved collaterals at ir margins, As the true plan to meet the emer- feney, the report recommends that those banks which were content to make clearances with each other should to the extent of their associated capi- sal guarantee the payment of checks certified by ihe banks allowed to enter into the Clearing douse, MEFTING OF BANK PRESIDENTS, The substantial resolve of the meeting of Bank presidents yesterday morning was that further ‘oan certificates to the amount of $10,000,000 should be issued; that government bonds io the same amount should be obtained by the banks wherever it was possible so get them, and that the bonds so obtained should be sold to the Treasury, an¢ the proceeds loaned to such banks as might require currency, any resulting loss to be divided among tife banks, | According to the amount borrowed; that the banks should not cash heavy checks tor currency, but should certify such checks as good only when passed through the Clearing House. THE BOND PURCHASES. The buying of bonds by the Assistant Treasurer | proceeds slowly, because those who hold them are Qot over anxious to part with them at the prices oifered, About half a million of legal tender cer- tificates presented by the banks have been re- deemed, At the present rate of purchasing it will be some time before the entire currency balance is ased up. MERCANTILE BUSINESS UNDISTURBED. Itis consoling tn renect that, with all the dis- tracting elements of the financial situation, the commercial world moves on without jar or commo- tion. The great dry gouds howses and the mercan- | tile firms generally have been marveilously exempt | from the effects of tne great storm. They report | themselves in @ dourishing condition, and feel but | Slightly embarrassed amid the warring elements of Wall street. In fact, they say business 1s much better now than at this time last year. In regard to THE UNION TRUST COMPANY, Judge Fancher yesterday granted their petition to | #0 far modily the recent injunction granted at the time of the appointment of a receiver as to permit the company to continue to act as agent for the purpose of issuing, registering and countersignping the certificates of stock or bonds, or other evi- dences of debt, of any corporation, association, municipality, &c., with whom compensation may have been agreed upon for such services, IDLE AND MISCHIEVOUS RUMORS were set afloat in the street, but were very soon contradicted, that the firms of Duncan, Sherman & Co., August Belmont and George Opdyke had sus- pended. There was no foundation whatever for these rumors, amd they must have origiuated in a Motive of pure mischief. THE SAVINGS BANKS were left to themselves yesterday. There was no Tun on them, nor is there likely to be any, unless some further and more it panic should occur, which is now not so very likely, THR EXPORT TRADE PARALYZED. The shippers of New York are in a bad way by this crisis, and according to an account in another coluinn they wre asking aid from the government and the banks. ‘Ihe export trade is at astand- still. One company has six steamers waiting for freight, and the freigut will not come, for there is Qo money to move it. THE RUMORED GOLD SHIPMENTS FROM ENGLAND. The report of Jar shipments of goia from Europe is not believed in by shrewd people of busi- ness. They say it is 4 dodge to depress the price of gold in the interest of the ring, and untii there is some more reliable wnnouncement than Wall street rumor it is better to wait before building | hopes ol relief on gold shipments irom Europe, THE BANKERS AND BROKERS. Areporter of the HERALD has been among the bankers and brokers, and gives an interesting résumé of their views. ‘They are not downcast, | and, while appreciating the gravity of the crisis, they are meeting it with @ cheeriui and manly | confidence. OTHER CORRESPONDENTS OF JAY COOKE \ In addition to the list puplishéd nesday morning, drafts of the gone banking houses, Jate correspondents of Messrs. Jay Cooke & Co., will be honored upon presentation at the banks pamed :— x, Honored by. stock, ro . Bank of Commerce of Wood: -Bank of Commerc e. Han. / National Bank of State of iNew Ont. R, McKee, Upper Ohio. i York. a Pola oe Fourth National Bank. P. Burt, New Bei Merchants’ National Bank. Pon: ..Metropolitan National Bank -Austin Corbin & Co, BROAD STREET AND THE OUTSIDE EXCHANGE, ., a a Only for the “outside Exchange” in Broad street there would Rave been little for the spectator to Mass. J. ¥. Ouiver see Wo the Amapcial region ef tne city senterdey Exchange piece, and then \ Mr. Grevncuay) NEW YORK HEKALD, THURSDAY, SEPTEMBER 25, forenoon. The regular Stock Exchange was closed, the Gold Room, though open, was comparatively liteless, the Sub-Treasury was a8 grave and silent as the interior of @ Gothic cathedral when all the Worshippers are fled, the run on the Fourth Na- tional had dwindled down to nothing, the crowds of last week were nowhere visible, the gush of messenger boys and brokers’ clerks had sobered down to an easy, unconcerned pace, and tho normal atate of things was almost entirely re- produced. The Independent Order of Brokers, Who don’t carea fig for the rules of the Stock Exchange, and whose proud vantage ground is the curbstone, with the azure dome of heaven for & roof, monopolized the breadth of Broad street. In this dense crowd, just about two or three were doing any actual buying. Plenty of men were there with stocks to sell and plenty more withqut Stocks or stamps in, the world, but there just to listen and look on in the absence, pernaps, of any Other more profitable or industrious occupation. Some sly {ellows, members of the Stock Exchange, poked in and out occasionally and decoyed verdant operators to their offices, witu an off-hand offer flung at random over the head of the crowd to give ‘ull’ price for Northwest Lake Shore, Panama, Quicksilver, and other stocks, M was a very amusing study to see these people, with the penalty of expulsion hanging threateningly over them and with the consciousness im thelr minds that they were closely watched, dodge about among the countrymen who were only too anxious to jump in and make @ purchase ol the tumbled stocks in hopes of winning a tor- tune. Countrymen were shot at by these sly boys and they folluwed the bait to the broker.s oltice, Where they paid their several per cent more than the market price for one stock or the other, and iorked over the cash in tull payment for the aya Sales ol course were on @ small scaic, but in & oy te money market any little dribble o1 green- backs is welcome, On the outskirts of the open air Exchange ol¢ of the street contented themselves by looking on and interchanging such views on the crisis as by this time ave been worn threadbare. Young boys kept pushing in and out, calling aloud for this broker and that with an aflectation of feverish earnestness. The ofMice of this independent exchange, at No. 48 Broad street, was but a lame imitation of the regular concern. The admissien lee of $10 was re- duced to $5, and it is seriously contemplated to muke a further reduction to $2 50 on account of the stringency of the money market and the reiuc- tance of operators to: give their faith and their $5 to an exchange thac has no power to eniorce con- tracts, “It is an ill wind taat blows nobody good,” and if some persons are not enriched by the late visitation of panic and misery it will be a very ill wind indeed that has swept through Wall sireet and the neighborhood, In the aiternoon, however, the scene changed. The crowd increased from one thousand to ten, and Broad street became impassible. Several gen~ tlemen of the press put their heads together about this time, and, as they had no stock operations to disturb their peace, they resolved to devote a few Spare moments to the interests of the municipality and the amusement o! themselves. Accordingly several wagons and heavy drays were diverted from their course up and down Broadway and induced to make a pateere through the crowded thoroughiare of Broad street. These obnoxioys vehicles broke up sales of stock 1n all directions, They separated buyers from sell- ers and broke up the mob into little fragments, Urgent messages were sent to the New street police station to forward a lorce of officers to keep the throng irom reuniting, The police split the mob into still smaller pieces, and to prevent the possibility of their coming together again a line of cabs, by police order, was drawn up, extending trom Wall street down Broad, almost to Beaver. ‘This was the coup de grace which knocked the in- dependent exchange higher tnan a kite. AMONG THE BANKERS BROKERS. ene With the opening of business among the financial operators in Wall and adjoining streets yesterday morning a feeling of confidence was apparent on every face, and the various banking establishments became crowded with friends and visitors, “Will the Stock Exchange open to-day ?’’ was a question asked by many an anxious operator, who bas thus far lost several days, and, perhaps. as many thousand dollars, by the inactivity which they have been compelled to observe since the close of that institution. The wish in this case was only father to the thought. Opinions as to the practicability of resuming business on *Change immediately are greatly divided. All kinds of argument pro and cow are advanced on this subject. The younger members of the Stock Board favor resumption at once; their tempestu- ous, venturesome nature urges them on to mad- cap speculations without once looking ahead into the grim future or counting the results to come. On the other hand, the older heads counsel, not only moderation, but are strongly opposed to any business being transacted at the Exchange while the present uncertainty in the money market exists, and advocate the “observance of a mas- terly inactivity” in prelerence to wild specula- tions in any and every kind of stock. In the opinion of a prominent broker, a gentleman estab- lished as such, adjacent to Wall street, for many years, the money crisis has reached the culminating point. He bases his assertion on the fact that the New York banks have with- stood the greatest pressure of the kind the world ever knew, and with the exception of the AND nor claimed any delay in making payments, large sized draits are presented they have to take the usual course through the Clearing House. This gentleman, who by the way is well informed, stated asa positive fact that many persons have hired iron compartments from the sale deposit companies, and there hoarded greenvacks until they have become mouldy and unproductive. This causes the scarcity of currency. But as there is neither profit nor pleasure in keeping several mil- lion doilars of dead capital on hand where there are so many legitimate ways of safely investing it, the holders thereof must soon become tired oi the procedure, and but a short time will elapse before the incoming cotton and produce crops will form suifcient temptation jor this dormant capital to | come fort! from its stronghold into circulation. SUSPENSION OF HOWES AND MACY. This establishment, one of the oldest and most respected banking houses on Wall street, an- nounced yesterday morning a suspension of pay- ment until further notice, The news swept like wildfire through the street, and created no small share of genume sympathy. This firm has always stood like @ rock throngh many storms, but had to succumb at last to the great force of present cir- cumstances, Bravely have they wrestled with fate, The daily payments over their counters for the past five days have amounted to upwards of $100,000 r diem, First rities on hand could not be negotiated, n of the currency exhausted the in the vaults of Messrs. Howes & M circumstances they were com- further payments until there is Mr. Howes stated supply Under these tryin; pelled to suspenc a@ reaction in monetary affairs. that “his firm does not owe one cent to anybody, except to depositors, It was simply impossi- ble now to convert securities into cash rapid enough for the demand made upon them, Up to last night eg we have promptly paid every check presented, With us it is unlike incorporate banks. These institutions assist each other through the Clearing House, and when one is in diMiculty the others extend help. We are not incorporated, and have no one except ourselves to rely upon. As soon 4s it is in any Way feasible or possible we shall endeavor to convert our secu- Titties into available funds and pay our obligations in full.?? Mr. Howes seemed very much affected by the suspension of his house, a8 did also Mr. Macy. During the time the HERALD representative was at their oMice a number of gentlemen called to offer not only their heartiest sympathy but pecuniary ald, if necessary. As to a statement of liabilities, the firm cannot at present say anything. THE SUSPENSION OF HENRY CLEWS & CO. continues to form the topic of conversation in financial and mercantile circles. All kinds of comments are made on the suspension, but everybody is unanimous in according to this house the credit that it has with- stood shock longer than was thought possible under present circumstances. The report noon that Clews, Habicht & Co., of 11 Broad street, London, England, the branch house of Henry Clews & Co., of this city, had suspended payment added largely to the feverish excite- ment among the broket In the afternoon the manager of the New York house, stated that the London house merel, relused to accept any draits trom Henry Clews Co., of New York, An army of clerks is busily engaged in making out the statement of the firm’s assets and Uabilities, A STRANGE AND ANIMATING SIGHT Was presented to the observer from the steps of the Sub-Treasury, at the hour when all high-toned | business houses’ cease to labor. big sey aiter- | noon, at three o'clock, Broad street, from Wall to | Exchange place, was 'aimost one solid mass of people. The crowds of bankers, brokers, specta+ tors and flag-stone operators were jammed into @ heterogeneous mass, where either real or fictitious Values were oflered or accepted for stocks and other securities. At the moment when the “silver tongue” of ‘Trinity chimes rang at three o’clock the crowd surged and = swayed in every directiion, justly realizing that it was the proper time to disperse. But the orderly intention of the large gathering was trus- trated by the over oficious and thick-hen d po licemen, who interfered at that moment, and pru- tally forced the crowd back in every direction. Had not the assemblage been composed in the main of entlemen these “knights of the locust” might ave fared badly. “NO MORE FAILURES!’ ‘was the ory which some one started, and the word ‘was carried Lay lend to a Po ante vase : alt suppressed cheer away down at the corner o! age atreet became quiet, while the spectators held on to their hope that there still might be sometiing startling to bring the fever of the day up to int where it might be considered dangerous, tunately that hope was providentially frustrated, Condition of the Banks. ‘The feeling among the banks yesterday was al- most unchanged from that of the day before. All the oficers oi the various banking Institutions say that as far as they are concerned there is no trouble to be apprehended, With the svle excep- on of not having enough greenbacks to curry on business as in ordinary times every prospect was excellent. The loan certificate plan had worked admirably and had cleared up all trouble. BANK OF NORTH AMEBICA, The President of this bank stated that though the remaining $60,000 of the overdraft of A. D. Williams had not been paid, all apprehension that 1¢ would not be paid had passed, It was necessary to look over the books before any final action was taken, and then the final payment would be made. “Mr. Williams” said the President, “was perfectly good for all the money which had been overdrawn. It was only the critical position of all financial institutions a tew days since that had made imine- diate action to recover necessary. Money Was pouring in trom the country.”” BANK OF THE COMMONWEALTH, There were no turther developments at this bank yesterday. Everybody was working at get- ting ready the statement, which is not, however, yetready, ‘I'he receiver, Mr, isaac G, Balicy, was very busy, but had no new facts to make public. NATIONAL TRUST COMPANY. Affairs here remain about the same as previously reported. Tne secretary of the institution, Mr, Merrill, said yesterday to a HERALD reporter tuat, while the company hoped ultimately to re- sume, the feeling of ena confidence which had been gaining ground nad again given way to dis- trust in consequence oi the suspension of two more banking firms. He therelore thought the resump- tion of business would be somewhat <lelayed. Under the present circumstances, however, it is just a well to Keep closed, the officers think, for the very safety o1 the depositors. UNION TRUST COMPANY. The same scene of inns prevailed outside the doors 0 the Union Trust Company yesterday, Inside the committce was still at the examination of the securities, which have not been all got through with yet. The oMcers still say that they know nothing ol the whereabouts of Carleton, the alleged deiaulter, Whether ne is in the city or has fled to parts unknown seeins to be equally past the finding of those interested in him. Detective Sampson has been put upon his track and js doing all he can to discover his whereabouts, Tous far the detective is not believed to have had any success, Parties constantly offer them- selves who for certain sums of money otter to tell where Carieton 1s, but in the cases where any trust has been placed in the statements of tnese persons it has been found that the iniormation was false. It is not supposed that Carleton has leit the country, and those who pretend to be best acquainted with him say that he is simply hiding, through fear, but that in case he were guaranteed immunity from pun- ishment he would return, The receiver states that his return would greatly facilitate the work of the examining committee, and that at present his co operation would be invaluable. The state- ment has been made, but the full details cannot yet be obtained. It is, however, said that the de- falcation amounts to $400,000, Alderman Jenkins Van Schaick offered yesterday, in the hearing of the reporter, to buy all ciaims against the Union Trust Company with good securities, He said they ‘Were as good as gold, and that there was no ques- tionof the concern resuming very shortly, THE PARK BANK. This bank, itis stated, yesterday refused to re- ceive the checks of some out of town banks on deposit from mercantile houses. It is said that the effect of this policy, if persisted in, will be to cause business houses to send back such checks to where they came trom and then country banks would insist upon getting all the money they have de- posited or engaged in this city. Such a step would produce, according to commercial options, wide- spread distress, The Clearing House. The Manager of the Clearing House said yester- day that all the banks had cleared satisiactorily wn the morning, and had shown themselves very strong. Of the new $10,000,000 issue of loan certi- ficates $2,500,000 had Qeen taken up. The Bank Presidents, Yesterday morning a meeting of the bank presi- dents took place in the directors’ room of the Merchants’ National Bank in Wallstreet. There was a full meeting, and Mr. Vermilyea, of the Merchants’ Bank, President of the Clearing House Association, had the chair. The CHAIRMAN announced to the meeting that the entire $10,000,000 of loan certificates had been taken up by the banks, and moved that an addi- tional $10,000,000 worth be issued. This was unani- mously adopted. following resolution was then offered and d by anv bank shall be first “Payable through the Clearing A resolution was then offered, which read :— Resolved, That in order to supply the public demand for legal tender notes, and to renew impaired confidence, the Crearing House Committee be authorized to purchase any part ot the $10,00,00 United States bonds, and to procre the redempuon of the same by the secretary of the Treasury, the 0-4 of cost of the transaction to’ be divided among the New York Associated of the amount of their deposits, respect by the return of last week, and that the authorized to assess the share of each ban! the usual manner. It was then resolved that each member should consider himsel! a special committee to find out by draft, in “Commonwealth,” none of them have asked jor | Where such bonds could be had, and to invite par- When | ticipation in this effort of every institution and individual in the community, and report the result to the Chairman 01 the association immediately. It was aiso resolved to meet again at balf-past three in the afternoon. ‘The iollowing important resolutions were then That the of the ident of the United States and Treasury be solicited by the chair- cation, by telegraph, to prepay the out- tutes bonds duc om the Ist oi January, man of this as: standing United 1874. The following resolution was also unanimously adopted :— Whereas, the banks composing the Clearing House Association, in order to allay public excitement and to restore impaired confidence, have united together b: compining and averaging their aggregate reserves, ani to that end have generously relinquished, for the com- mon good, Whatever superiority in position any of them ver their associates; and, whereas, it would any member declining to parti- geinent, should derive fictitious ¢ business of the community by cipate iully in the ar: credit in reputation i our self-sacrifice ; Resolved, That any member so. conducting himselt shall be reported to the Manager of the Clearing House,- who shall forthwith expel trom this body, aud checks upon it shall’be drawn by presentation immediately to a special agent appointed by him tor that purpose on be- halt of the association. The meeting adjourned. Interviews with Bank Presidents. A HERALD reporter called upon Mr. Shepterd Knapp, President of the Mechanics’ Bank, in Wall street, and asked him his opinion of the additional issue of loan certificates, Mr. Knapp sald :— “ As this 18 @ currency entirely among ourselves nobody can be hurt by it, while it vastly benefits us, allowing us to make our clearances without trouble, when there is so great a stringency in money. The additional issue of these certifcates simply means that the first ten millions was not enough, It has no further significance, and only shows how useful this measure has been, Indeed, ithas worked to a charm. You see, the govern- ment plan of buying in five-twenty bonds really does us no good. We have not, as arule, any gov- ernment bonds to sell, and the main part of the money realized in this way goes to the uptown savings banks and to the country banks, I know of one Man Who got $300,000 from the Sub-Treasury to-day} to send to a savings bank in Buffalo, He wanted half @ million, but General Hillhouse said he had enough. And then ail countr, are sending banks in their bonds as UCR a8 possible to realize upon them. So you see that we are not helped by this action of the government to any appreciable extent. {his is why all the New York banks have determined not to pay any large checks. If a man comes in who really wants some money, we give it to him; but if it is to speculate with or to lock w we refuse to give greenbacks, because it woul soon probably exhaust us.” ‘The President of the B of North America ex- pressed himeeif to the same purpose. He said that the city banks would first of all protect them- selves, For a man who did not need money for such purposes as paying off his men, or some such | necessity as this, could do just as well with @ cer- | tined check. The speaker had seen acheck for $9,000 refused in greenbacks for these reasons, and the North America would reiuse a check for $10,000 under like circumstances, Mr. Tappan, the President of the Gallatin Bank, id that lor such a business as the banks had, with debit of $4,000,000 a day in the Clearing House, the original issue of $10,000,000 in loan certificat had not been enough, and, indeed, when origi ally contemplated, $20,000,000 was the sum fixed; but it was resolved to try palf of the sum as an periment. It nad been so successtul that the other $10,000,000 issue had been resolved upon. It was not provable, however, that it would all be taken up. Banks would apply for more when they felt the necessity of it. As to the fact that large checks could not be paid in greenbacks that was natural enough in the present monetary tightness, and would contittue until it was over. No could pay all checks in greenbacks at present, X- Afternoon Meeting of the Presidents. At half-past three in the afternoon there was nother full meeting of the bank presidents com- Posing the Glearipg House Association. Mr. Ver milyea was in the chair, The follov: communication was received from Governors of the New York Stock Exci: gesting means o/ rellefin the present crisis Nuw Yous, Sept. 2i,'. AN OF THE CLEAKING House ComMiTriks Dean Sin—The undersigned have been appointed by the New York Stock bxchinge as a committee to couter with your committee in reterence to the reopening ut our Ke. cordance with your wishes we now present to writing, our views as to the proper course to be d by the banks, 'n the presen. uu‘ortunate state of affairs, tovave themselves trom further complications, and to'enable our xchange to resume its operations with saiety to the bunks and to ourselves and those Whose interests are confided to us. The great obstacle we have to deal with in resuming the operations of the stock Exchanye is not the question of the price at which securities are to be sold, tor that may safely be lett to the returning good sense of the pub- lic, but the mode of settling our transacuons, As long ag the banks on whom our c! ks are drawn are distrusitul ofeach other so long will a condition of unreasoning Panic continue, and the demand on alt sides will be tor “greenbacks" rather than tor “certitied checks,” which may turn out worthle-s thin twenty-ivur hours atter they have been accepied In payment, To reopen the stock Kxchange under this condition of Afluirs would simply, theretore, be the inauguration of & Tun upon the banks for legal tenders, with what results you are betier qualified to judge than ourse!ves. On the other hand, to keep our Kxchange closed for any considerable length of me would en.all quite as reat perils upon the banks, beside working great in- lustice to the public who employ us.and ourselves, There is but one solucion of the diticuliy that we can see; but thatone, if adopted, would, we believe, cure the evil at once. The true pian, in the present emergency, in our opinion, is that those banks who were coutent to make clearances with each other, shouid, to the extent of (heir Associated capital, guarantee payment 0! checks certified by the banks allowed to enier ino the Clearing House. * It may seem invidious or unk nd to deprive any one of the existing associauon of bauks of it connection with the Clearing House, but we submit to your con- ideration the fact that in the present "state of affairs it is necessary to have the moral courage to sacrifice the weak members of your present associauon, rather than have ali the banks of New York suffer the disgrace of a@ suspension of payments, Nor need this step be taken violently, so” as cause undue losses those banks whom the majority may distrust, Such banks may be notified to reduce their habiliies and cutail their en- gagements within aday or two, ind a.ter that time, it the other banks will adopt our suggesuon, we cun with satel reopen the Stock bxchunge, first passing @ law that a transactions of our members shall be satisfied and com- pleted by a certified check on any one ot the banks cn- ring into the mu\ual guarantee. This would at once preciude ail demands jor “iegal tenders” arising out of ‘he operations o! the Stock &xchange and the waniesta- tion of confidence on the part of the banks in them- selves, and the cot ponling evidence of security in the solvency of the banks shown by tae Stock Exchange would, in our jodgman’ so intiuence the public mind that, thstead of suspending paymeuis, our bangs would Able to pass through the present crisis with unim- paired credit Toenable the banks to assent to our proposal to feel that they are not entering into an unlimited guarantee of those whose condition there 1s not now tine toin- Vestigate with accuracy, we would suxgest that the bank clearings be made an hour earlier than at present, and that on the discovery at the Clearing House ot any weak- ness on the part of a bank, the President of the stock Exchange should be at once notified that such bank would, thereatter, be excluded from the guarantee of the associrtion. On our side we would recommend that the hours tor delivering stocks sou'd not begin until alter the clearances of the previous day had been made, as an offset to which we would BrOhaDy: have to extend the time beyond a quarter past two P. M., our present limit for recelving stocks, until three P, M., and possibly have to request the bank to remain open until half-past three o'clock, so as to complete the day's transactions: the whole arrangement of course to be temporary wnuil the present crisis has passed and matters resume their usual course. We would further recommend the adoption by the as- sociated banks of a resoiution that they will not, for ten days atter the reopening of the kxchange, call in any loans to brokers which are sufficiently secured; but that, on the contrary, they, will, to the extent of their ability. make new loans upon approved collaterals, at fair mar- gins. By the adoption ot these measures we belleve the pres- ent panic can be stayed, and that confidence will return, We are, respectiully, yours, ABRAM B. BAYLIS, 5 HENRY G. CHAPMAN, JOHN RB, GARLAND. The communication was referred to a special committee of five members, Messrs, Vermilyee, Williams, Hays, Jenkins Lowrey and Bryson. who Will report at the next meeting upon the plan pro- posed. ‘The following resolution was then adopted :— Resolved, That the following communication be sent to the Secretary of the Treasury, in Washington :— That the Secretary of the Treasury be respectfully so- Ueited to a conference of a committe of this association, with the view of adopting some measures to relieve the present didiculty in removing the crops trom the interior for shipment abroad, and also by preparing such bonds of the government as may be practicable to furnish re- quired currency to meet present demands, The meeting then adjourned. Interview With Another Bank Presi- dent. Mr. G. W. Duer, President of the Bank of the State of New York, was seen by areporter of the HERALD in relation to the wisdom of the measure proposed by the Stock Exchange. Mr. Duer said:— The Stock Exchange propose to the banks that they shall guarantee all checks deposited. This simply means that the banks shall make them- selves liable for Tom, Dick and Harry, and guaran- tee that their checks are good. Now, in ordinary times, if a customer, whom I know well, comes to me and hands im @ check asking me to guarantee it, I look at the bank it is drawn on, and, if it appears to me a good one, | take the customer's word that the drawer of the check is good and guarantee—tbat is to say, that from that moment the bank becomes respon- sible for the check and the customer relieved from all responsibility, If in the meantime the bank should fail the check would be counted among its liabilities. You kuow that no check is usuall guaranteed by a bank until it has passed tnroug! the Clearing House—that is @ period of about twenty-four hours from the moment it 1s deposited, The Stock Exchange wishes to relieve the brokers of all danger or the check being returned after the twenty-four hours, so that he should know exactly where he stands. The arrangment would be exceedingly pleasant for the brokers, but it would be a certain danger to the banks, and I doubt if the proposed measure Will meet with a favorable report trom the banks, We do not object to do as I say—guarantee custom- ers’ checks—but to do 1t Toe penne whom we don’t know is asking too much. As to the proposition that banks shall not call in their loans for ten days, that is a measure which depends upon the solidity ol the bank. We should, no doubt, all like to have our loans in at present, but, perhaps, in view of the fearful effect it would have upon brokers to callin our loans directly upon the opening of the Stock Exchange, it may be possibie that we shall consent to this measure. However, no action can be taken until the committee report upon the mat- ter. THE SAVINGS BANKS. The excitement at the savings banks has almost entirely disappeared, and the usual confidence seems to be restored. In many of these institutions the confidence of depositors in the soundness of them was apparent from the start, while in others, though only a few, a severe strain was felt, owing to the scare which became infectious. But even in those banks upon which a “run’’ was made it was chiefly from the smaller depositors that the demands for settlement came, and in this way the crowds at the banks were continuous as long as doubts as to the solvency of the institutions ex- isted. From a visit to the principal savings banks in the city yesterday, it might be safely con- cluded that all fears on the part of depositors have been allayed, and that the banks, except some un- foreseen monetary disaster should arise, will con- tinue to work along without any special inquie- tude, At no savings bank yesterday was there any unusual crowding of people, nor were the officials worried by the inquiries of perplexed depositors who had had their fears excited by would-be-wise advisers. Business was transacted much in the same way as has been usual, and as a = thing those wno called at the banks on business ex- pressed themselves as entirely relieved from any apprehensions of danger, A HERALD reporter conversed with many of the bank officials yesterday as to the state of affairs arising out ofthe scare and as to probable con- tingencies while the crisis lasts in Wall street. In those banks which have taken advantage of the legal right to demand notices the officials believed that the tt and safest way, even at the begin- ning, was not to pay unless under the notice plan. They said that it Was unjust to depositors to con- tinue to pay with such financial distress prevaliing in all branches of banking interests in the city; and, besides, the surest way to stop the alarms that had been raised was to keep the people's money safe aud to prevent an excitement from seizing them, which would assuredly impel them to hurt themselves. In many instances esterday persons who had drawn their mone: on Monday returned to the banks to redeposit te expressing regret at the same time that they had drawn it at all, In nearly a the banks de- posits were made of the us sums, though the humber of dep rs, perhaps, was not as an average up to the usual number. The bank officials in general expressed themselves as confident that 80 Tar as the savi institutions are concerned no fears need be entertained that any irignt among depositors shall again occur. In those banks that have continued to payin full on demand the a nonncement to that effect was made with some little feeling of elation, and 0! course, as the “ran” has censed, these banks will continue to pay as they have been paying. ‘The banks which have patd in fnil all along, and which paid yesterday, are as follows :—The Green- wich Savings Bank, in Sixth avenue, an old insti- tution; the Equitable hs at Bank, Sixth avenue, @ small concern; the West Side Savings Bank, Sixth avenue, asmall concern; the German Savings Bank, Fourth avenue and Fourteenth street, doing ry s business; the Broadway Savings Bank, Bi ene Park Place; the Bleecker street Savings Bank, Bleecker street; the Manhattan Savings Bank, Broadway and Bleecker street, and the t River Savings Bank, Chambers street, near Chatnam. Those ks upon which the heavy ran was made on Monday have nearly veiled themselves of the thirty or gf a orice, thet offices ‘no. longer continue to ‘be th aged eir oO 0 ——— ee ne Bowmy Savings che Citizens’ Savings very; the Union Dime, nigrant Savings Baok, h of which a heavy run re all working yesterday ne legai notices. At each cated yesterday that, so iar rouble in consequence of the quired, the truth was deposit- or. me to the bank on busi- ness themselves as fully confident in the « Of this action on the part of the trustee» In each of the banks last mentioned small sums were paid out during the day, as well as in all the other savings banks in the not here enumerated, and all of which have ied themselves 0! the legal notices. Sums of $100 or less were puid out in ail of them, but in spectal cases, where legitimate business needed it, there Was no question whatever ag to the amount. It is intended by those banks that have required the legal notice irom depos tors to suspend the order requiring it a8 soon as the settled condition Of financial afairs shall warrant them in doing so. BROOKLYN BANKS, There was no untoward excitement visible at any of the banks of the City of Churches yesterday. A tour Of the leading institutions was made by the writer, which eligited the fact that the anxiety which characterized the action of the panic- Stricken depositors on Monday and Tuesday has subsided, and a better feeling of security was ap- parent., At the Brooklyn Bank, corner of Concord and Fulton streets, where the rnn had been great- est tne day previous, there were not more than twenty-five or thirty people in line at one time, and many of these were persons who had with- drawn their money in haste to repent at leisure. ‘This class of people were returning their money to the saie keeping of the bank, having iorfeited, however, the 1aterest due jor tue past three months. ‘The President of the bank s'ated that he believed the worst had passed over, and that the accounts from abroad were more favorable. He was sorry to see & “run,’’ such ag they had been subjected to, but then the depositors had a periect right to con- tro] their own money; and whenever, in their judg- ment, it was proper to withdraw their money, the banks should let them have it, They had never avaued themselves of the thirty days’ noti- fication provision, as they ‘always man- aged to have the cash. By having such securities, as the best government bonds upon which they could always realize, The administra- tion had acted nobly during the crisis; and were it not Jor the assistance of the government no bank could have withstood the storm. Money was not to be had om checks at any bank in the “two cities,” All the banks could do was to certify their checks, which enabled them to go through the Clearing House. Two hundred and flity thousand dollars of currency was obtained by the Brooklyn Bank yesterday forenoon, When the hour for closing arrived there was nobody to buther the poving teller, At the South Brooklyn Savings ‘ank the same improvement in the condition of attairs was noticeable, There was no crowd, and no- thing for the busy little porter or the special officer todo. The Long Island and Dime Savings Banks also enjoyed a day of pertect rest. EFFECT ON TRADE AND TRAFFIC. The general question among those outside the circle interested in “wild cat” railroad stocks has been:—“What effectis the panic really going to have on the legitimate trade of the business com- munity?’ Not a few representatives of large houses were to be found on Broad street toward two o’clock inthe afternoon, among whom the news that the reported failures of prominent dry goods firms were , INFAMOUS CANARDS, set afloat by interested gold speculators, no doubt was hailed with general satisiaction, Towards three o'clock, however, a report reached the cars of a HERALD reporter that another branch of trade, which has not been hitherto alluded to, was seriously affecced by the financial crisis, This ‘Was the export trade. The rumor, which came to the reporter from the most reliable sources, went on to state that the “panic had completely paralyzed the shipping trade tor the nonce; thata large number of ocean steamers were at present in port which it would be impossible to load up with grain and other cargoes in time for their regular date of sailing, and that some of them would be obliged to lcave New York tor British ports without freight if they were to keep their advertised engagements, It was stated that in most cases New York shippers who had made engagements for the transfer of large quantities of grain trom the West to New York were unable to negotiate bills of ex- change on their European consignees through Brown Brothers, Duncan & Sherman, or through any of the regular channels, and that in conse- quence a large quantity of grain to be imported had not yet moved East; that in other cases where the grain and other commodities had been trans- ferred to New York, which now lie awaiting ship- ment here, the local shippers were unable to nego- tate bills of exchange on European houses for payment of freight; and further it was positively stated that some of the ocean steamship com- panies had actually offered to sell their own billg of exchange on the street to get freight, but could not get prices to warrant tiem in selling. THE ANCHOR LINE. The reporter, to get at the bottom of these state- ments, called first on Henderson Brothers, the New York agents of the Anchor line of steamships, who were reported to have six ocean steamers in port which they could not load up in time for their regular date ofdeparture, The reporter saw Mr. Hendersep, one of tae firm, who, in reply to his question, stated frankly that the financial crisis had ey materally affected the export trade of New York, but he could pot well understand how the reporters had heard of it. “Ig it true that you have offered your own bills of exchange jor sale in the stieet, Mr. Henderson, to get ireight for your vessels?” “No, We have not been obliged to take that course quite yet,’’ was the answer. “Have you heard that any firms have been obliged to do it 7? “Yes; one firm I know of offered to sell £20,000 of their own bills of exchange to-day; but the only offer they could get was 101, Yoa know the regu- lar price was 118, Small exporting firms, who are, ofcourse, very much afte’ ved, have had to offer their bills of exchange for negotiation at what must be ruinous prices—that is, such that no- body can stand, for instance, 102.” “Have your shippers been materially affected up ‘to the present?” “We have not felt it ourselves, but I may frankly tell you that if this thing coatinues everybody must feel it.’” a is said you have six steamships in port; ts it 80 “Yes; we sent the Europa out full to-day, draw- ing twenty-three feet of water. The vessels in port are the Anglia, the Assyrian, the ‘Tvrian, and we expect the Trinacria to-night and the Cali- fornia to-morrow morning. There is another ves- sel here also, but, a8 far a6 we can see, we think we will be able to load our ships up. You see there is a large quantity of grain on the way from the West here, which has already been paid for, and that may keep us going until this thing is ended and matters have been smoothed down. It is only the shy who want money on their bills of exchange om houses to pay their Western farmers, Who are seriously affected. The grain which 18 lying here and the goods West which have not been yet paid for may have to wait until money is easier.” THE WILLIAMS AND GUION LINE. The reporter, after leaving the offices of the An- chor Line, called on Mr. Willams, of the Williams & Guion Line, at No. 69 Wall street, Here he saw Mr. Williams, one of the partners in the firm, who ae the following exceedingly important state- ment: “We have not put out our bills of exchange for Negotiation, but shippers here in New York have been doing their very best for the last few d: to have their bills of exchange on foreign houses sold. This, I believe, they have been unable to do, and I understand that most of the prominent shippers met to-day and agreed to make efforts to have their notes at short dates, for instance, for ten, twenty and thirty days, accepted by Brown Brothers, Duncan & Sherman and other houses through which they do business, It was also re- solved, { beMeve, if necessary, to look for govern- ment aid and the purchase of their papers at short jates. “This action was then, in your opinion, abso- Jutely necessary ?”” ‘ “Yes, absolutely necessary. Our export trade has been seriously injured, and unless somethin, is done the steamers must leave here empty. very small quantity of goods has been shipped this week, and the smaller exporting firms are per- fectly pareve for the time. But we do not ex, pect this thing to last more than avery few weeks at most, and it only needs a littie timely assistance to bring the export trade out of the mire. Mean- time we cannot yet say whether we can fina freight for our vessels right through the crisis. THE CUNARD COMPANY. The reporter then called at the offices of the Cunard Dommpan} , Bowling Green, where, in the absence of Mr. Francklyn and Mr. eee yin saw Mr. Allen, of the freight department. at gentleman said that his firm were very comfort able as yet, and he did not believe the thing would last long enough to affect their trade in particular, or the e: rt trade to any very serious extent. ‘The: Not offered, he said, to sell any of their bills of exchange, and thelr shippers had supplied them with nough to start their steamers at the regular time up to the present, es THE INMAN COMPANY. es ‘The next house visited by the reporter was that of Mr. John G. Dale, the agent of the Inman Com- pany, in Brosdweg. Mr. Dale's representative stated that they bought their bills of exchange terday in open market in the regular way, and Uxperienced Ba alMoulsy whatever about their freichta up to the present. Yestorday they shipped two loads of grain, and they did not believe that any of their vesse s would be delayed by want of freight. It was only the cheap rate firms, he said, that were really suifering. THE WHITE STAR COMPANY, In the absence of Mr. Corliss of the freight de Perhnent of the White Star Company 1p Broadway is representative stated to tne reporter, that the smal! export trade was pennants ruined for the present, He did not believe that there were 10,000 boxes of cheeese expareed within the past week. They had bought bills of exchange at 10634, but he knew that shippers in New York were vainly, Le og the present, trying to raise money on thel i is of exchange, to ship tneir goods, This gentleman said that if the Danio continued and af something were not done in the interim to relieve the shippers, the effect on all the steamship companies would be very serious indeed. If arransements could be made so that shippers could negotiate their bills of exchange, pending @ reliet in the money market, ali would be well. REPORTED SHIPMENTS OF ENG- LISH SPECIE. It was reported yesterday a/ternoon at the Gold Exchange that the largest shipments of gold om record to this country were about taking place from Europe. Without loss of time @ IlERALD re- Porter paid a visit to the well-known firm of J. & J. Stuart, whose office is situated opposite the Post Ofice, to see what statement they might have te make on the subject, Mr. Stuart was found in hia office, and made the following statement :— “In Ireland” said Mr, Stuart, “we used to say, ‘when tue skies fall we shall catch lurks,’ and I am inclined to think that tuts report is somewhat of aninvention. There is a class of men who will spread any kind Of report broadcast, simply ior the purpose of saving their own ends, We hear oiten of large shipments, but wnen the steamers arrive, they have no gold. So we generally look upon these statements as a stategetic movement to depress the value of gold. In the present case the report has been raised to give the gold ring facilities to goin and buy. Tne Bank of Engiand has large gold deposits, [ believe, but if large quantities are withdrawn for shipment to this market—the bank will naturally put up its rates. 1t 1s said, [cannot vouch for its truthiul- hess, that upon the reo,ening of the Stock Ex- change, gold will be sent up at least two per cent; this is merely an idea and must be taken for what itis worth, It is reported that £200,000 in gold has been shipped to-day by the Williams & Guiom steamers irom Liverpool, and that to-morrow the Inman and White Star steamers, also sailing from Liverpool, will bring out gold; 'to have this con- firmed we must, oi course, wait lor telegrams. PROPOSED MEETING OF THE CHAMBER OF COMMERCE. The following is a copy of a petition which waa circulated late yesterday afternoon among the members 0/ the Chamber of Commerce, requesting @ meeting to-day :— To the Hon, WitL1aM E. Dopas, President Cham- ber of Commerce :— Sin—The undersigned members of the Chamber of Commerce respectfully ask you to call a meeting of the Chamber at hal.-past three P. M. to-morrow (Thursday, for consultation relative to the con- ition o: financial aifsirs, and such action as mi be deemed advisable to re-establish public confi- dence. (Signed by about 100 members.) THE SITUATION IN TRENTON. TRENTON, N. J. Sept. 23, 1873. To THE EDITOR OF THE HERALD. In your paper of this morning we see it stated that we have suspended our business in favor of the Trenton Banking Company, of this city, and we would here say there is not one word of truth in such statement, We simply had a break down with our engine, and stopped yesterday aiternoon to repair it, and are now running all right this forenoon. So you will please correct the false statement o! our suspension, for we feel very mucn aggrieved at having such a report circulated without any truth init, WHITAKER & SKIRM. YACHTING. The Cape May Challenge Cup—Letter of the Secretary of the New York Yacnt Club to the Owner of the Enchantress Mr. Loubat’s Reply—Resolved to Sail for the Cup and Claim It, Unless Beaten. CiuB Roos, Sept. 23, 1873. J. F. Lovsar, Esq. :— Dear Str—I have your favor of yesterday and note contents. I saw Mr. Stockwell to-day, and, as far as I can understand It, there appears to be some misunderstanding between you and himself as regards the Cape May Challenge Cup. He con- siders himself still under challenge from the Magic, and until that is settled, either by withdrawal of one of the parties or sailing of the match, that he isnot open to be challenged by any other vessel. Your impression on the contrary, as expressed on Sunday, 1 understood to be that the match was off, It appears to be a question as to how long a yacht under challenge can hold a cup when neither of the parties intends to sail torit. [have my own views upon the subject, but would prefer laying the matter betore the Regatta Committee beiore expressing them. As soon as a definite opinion is arrived at I will advise you. Yours very ee ©, A. MINTON, Secretary. MR. LOUBAT’S REPLY. Union CiuB, New YorK, Sept. 24, 1873. Ons, A. Minton, Esq., Secretary of N.Y.Y.0.:— Deak Srr—In answer to your favor of yesterday's date I beg to remark that, without assuming that “neither of the parties intend to sail,” I must insist that the only proper answer to my challenge ig notice of Intended sailing this season undera challenge which preciudes the possibility of accept- ing mine. There 18 not, nor can be, a misunder- standing. I intend to sail over the Cape May Cnal- lenge Cup course on Tuesday, the 14th of October next, starting from the Sandy Hook Lightship at twelve M., and to claim the challenge cup, unless I am beaten. Yours, very truly, J. F. LOUBAT. Psend a copy of this letter to Captain Stock well. The Brooklyn Yacht Club. The Brooklyn Yacht Club met last night at their rooms in Court street. A notice of the increase of the dues of the members from $12 to $20 was read. Mr. Chauncey Felt then moved that they have their fall regatta and clambake on the 1st of Octo- ber. Some of the members thougnt this was nota good day, as it might interfere with the races of the New York clubs, which were to take place on the 2d, , 9th and With of October, After some’ discussion Mr. Felt moved that the time be fixed for the 8th of October. Commodore Voorhis said he did not think they could get up what they would call a regatta. They had better have a sail daclambake. This was agreed to, and the club adjourned. JERSEY'S RECORD OF BLOOD. A Convict im the State Prison Attacks Two Keepers and ts Shot Dead. A tragic event took place yesterday at the New Jersey State Prison, in Trenton, which resuited im the death ofa man named Luke Marshall, a convict in that institution, Fred. Lowe, one of the deputy keepers, placed an official named Eastlack on re- lef in shop No.8 where Marshall was at work, while the former was absent on some other duty. It seems that an old grudge was existing between Marshall and Fast lack, for some time back, and the criminal seeing that there was a favorable opportunity on hand to give vent to his pent-up anger, approached Eastiack and struck hima fierce blow on the back of the head with a shoemaker’s hammer, which felled him to the ground, and would have suo ceeded in putting an end to the prostrate official’s existence but for the timely arrival of Lowe on the scene of the scuffle, The latter com- manded the enraged convict to desist from beating his powerless victim, but instead of relaxing his fury he turned on Lowe and made @ determined attack on him. The keeper drew nis revolver and fired at the would-ve murderer, lodging @ ball in bis brain, from the effects of which ne died at three o’clock in the alternoon. The deceased desperado was about twenty years of age and had been a troublesome prisoner during the time Of his incar- ceration, ie was rey, @ resident of New and was imprisoned on the charge of burglary, for which he was sentenced at the Union County Court in Elizabeth to Fe had served half his term The real name 01 ee hy milly Teside id from @ term of two years. when he met his deat! it “4 Ld the the first trou wi on ‘ne isth of last July, when he was re; disorderly conduct at meals, Lowe, ti sotres, who put anend to the career of the 10, Dat one arm, and but for hia promp’ action other convicts would have come to the aealatence of Mar shall, and ral ‘Would who con- lack | have resalted titable d tor“ r