The New York Herald Newspaper, September 28, 1873, Page 6

i ad et aig | } Cy Wy sf NEW YORK HERALD, SUNDAY, SEPTEMBER 28, 1873—QUADRUPLE SHEET. THE FINANGUL PLUSTER. The Situation in Wall Street as It Locks Under More Smiling Skies. FURTHER GOVERNMERT RELIEF. Proposed Prepayment of the November In- terest on United States Reg- istered Bonds. Millions To Be Thrown on the Market. SPECIE RESUMPTION URGED. Is the Present a Favorable Moment to Re- turn to the Old Basis of Business? The Stock Exchange to Open on Tuesday. Affairs at the Clearing House, the Sub-Treasury and the Banks. THE SHIPPING TRADE. Money, which has been active during the week, on best collaterals ranging from one-half to two per cent per day, closed last night at seven per cent per annum. This result prefacing the vermination of the panic is largely due to the associated banks of this city, whose action has been so closely followed throughout the Jeading cities of the Union. In 1857 the ~banks went under at the very first signalot danger, and, contemning their own issues, precipitated wide- spread ruin. In this crisis the banks, warned by the early notes of distress, ironted the situation boldly, and by their united action stemmed the tide of distrust that was creeping on todemoraliza- tion. Why was this? The explanation is very simple, TBE BANKS OF TO-DAY have not their circulation endangered, hence they are removed {rom the pressure of an unintelligent mass of people who, holding their notes, might have stormed them ior their redemption. On the contrary, free from an embarrassment of this kind, instead of being the victims of the unwelcome situ- tion, they were ina position to become its masters, as they are. The issue of bank certificates as tokens of exchange may have in it the taint of empiricism in the conceptions of those great legal doctors who are always ready to doubt a recovery brought about by means not regularly provided for in the schools. But desperate ills re- quire desperate remedies, and in this case the empiricism of our banking institutions has furnished a remedy in a great crisis unforeseen and unprovided for by the faculty in council, and beyond the licensed treatment of the regular practitioners, There is cause for congratulation in this result, concerning which more may be said anon; but it is worth while to add that, m acoun- try }ike ours, whose government is boastingly prociaimed as that ‘‘of the people, by the people, for the people,” it is absurd to arraign fiductary Institutions like the banks, fot having entered ‘nvo an arrangement with their customers, whereby na A COMMON STRAIT, they accepted a common.medium of exchange, the entire value of which, resting upon a common con- fidence, made it simply their common property. It is a proud record for New York that in this crisis it spoke thus, not alarmingly, but confidently, that im mutual help and mutual reliance rested a com- mon satety. ‘The oanks in other cities availing themselves of the precedent established here in the action of the associated banks of this city, have thus stood firmly throughout the excitement, confining within a very small limit one of the most causeless panics that ever imposed danger or distress upon a commervial community. That danger and distress are, happily gow nearly at an end, and, from the indications observable at the close last night, Monday prom- ises to show 4 heaithiul reaction in every depart- ment of trade. The reduction in the money rate, showing a freer supply, seems to give assurance THE DEADLOCK IN FOREIGN EXCHANGE now existing will then be removed. This matter of foreign exchange is the keystone of the arch upon which the whole structure of our commercial atness rests, and this, loosed from its place or ixed awry, threatens universal destruction. Upon the free operation of this market depends our ability te market our surplus produce. Europe may extend its hand to us, begging and pdeseeching us to give bread toher starving mil- lions, but we Could not even supply her with tne alternative stone, unless we had the means to pay the carrying tates. This matter of moving our pe involving the use of foreign exchange, is one of the most delicate and intricate problems. In an easy condition of the money market, when no interruption occurs, te COMPLEX MACHINERY whereby the baker of London or Paris or Berlin Obtains the American flour is not seen or thought of, but let but onc wheel in this intricate scheme become stopped or deranged, and the baker may ask and the farmer may proffer without avail to the hangry masses between. Let us recit ‘he farmy sells his grain to the country store re ‘Ne. country storekeeper, In turn, disposes of the game to receivers in the large cities west. These receivers ship to merchants in New York, and draw upon such consignee for a large portion of the market value, say 75 per cent of such ship- ment. The merchant here sells to a foreign shipper, who in turn selis his bill of exchange drawn against his consignee abroad. with the bill of lading attached, to a foreign exchange banker, many o! whom cover their own bills with com- mercial exchange. Bankers’ bills alw: sell higher than commercial bills, and in tl dif ference is to be found the profit of the banker in his transaction. The shipper having sold his commercial bli, bill of lading at- tached, gells the gold which he obtains for it and ta currency, Wherewith he pays the receiver in Kew York, irom whom he purchased the grain, and with which payment the latter honors the aight draft made upon him, and the Western agent 4s placed in funds to start another load, and so on ‘until the crop is exhausted. It will be readily seen in explaining this machinery how easy of disar- Po tog yd it is, if the money market or the gold market become disturbed eitner by high rates for money or undue speculation in gold, especially on the bear side, when the value of the commercial bill is unduly depreciated in its transfer into cur- rency. At the fens time, however, the depre- ciation of these bilis is not to be found in the gold market, but in THE INSUFFICIENCY OF AVAILABLE CURRENCY. ‘The ease which prevailed at the close last night gives nepe of relief in this regard, which, being gained, we confidently look fer a complete re- eovery from the existing stagnation. Below will be found a careful examination from various standpoints of the situation as it 18 with the views poles f leading men in regard to the future, The Offer of .the government to PE THE NOVEMBER INTE! ‘withont rebate prongas, some relief to the short in- terest in gold, and likewise helps, to aid the im- porters in marketing their goods. THE STOCK EXCHANGE, by resolution yesterday, decided to reopen on Tues- ony, is, perhaps, wise now, as most of the settlements have been made, and many sales under the rule need not be apprehended. The course of the market on the first lew hours is likely to be @ al rally at the start from present street prices, a juent decline, and, following this exciting period, @ calm but hesitating feeling until the big * operators begin to show their hands. Thus closes the week upon restored confidence, inereased hopefuiness and generai congratulation. Preposed Prepayment by Government of the November (nterest to Relieve the Market—Its Effect. At alate hour in the afternoon the following de- syatch was received in the street from Washing- ton :— Wasninatox, Sent. 27, 1878, The government has decided to anticipate the Novem- perinferest on conpon-and registered bonds. The order will, in all probability, ne issued to-morrow night, but it is nOt positively known yet A Hemaxp reporter, on seeing this telegram in a private banking house on the street, just after Wall street men jiad left their oMces, called at the Sub-Tremury. General Hilthouse, the Sub-Treas- urer, hai left the building, but Mr. White and Mr. Belknap, his representatives, were still busy footing up . TRE PIQURES OF THE DAY. ‘The rejorter was introduced to Mr. White’s oMice, and, in reply to his question, that gentle- man statid that they had not yet received any Notice at he Sub-Treasury as to the intention of Secretary Richardson to prepay the interest due on registeted an@ coupon bonds next November, nor could je say whether such telegram was ex- pected, | SUTEMENT AT THE SUB-TREASURY. ““How much interest will be really due on regis- tered andsoupon bonds altogether, Mr, White ?”” asked the ‘eporter, Mr. Whte here carefully examined the state- ment of tle pubjic debt for August, and replied :— “About nelve millions and a half; at all events, from twele to thirteen millions of dollars. Most of these bods draw six per cent per annum in- terest. onene, known as “‘the new loan” boncs— registered,by the -—draw five per cent per ap- num interst, and the interest is payable quar- ny In the case of the bonds drawing stx per cent the payments are made every six months.” “Does ths met Mr. White, tnat the govern- ment is alout to throw this immense amount of money in iiterest, without rebate, on the market immediatey 7” asked the reporter. “I do notknow about the rebate,” was the an- swer, “butthe er portion of these bonds are heid abroal, larly the coupon bonds, The money for te registered bonds which are held here will, of CORRE, be thrown upon the market imme- Will, doubtiess, have some effect upon te he cise o! the coupon bonds which are held abroad, off which the coupons are al: cut and sent here imnedistely, of course if the exchange market ta lower than pally market, perhaps holders of bonds will buy of exchange in pref- erence to buying gold,” . ae hat, as @ it, would leave the money at this jer “Oertainlyit would benefit our market.” “About h¢w much of our bonds id abroad, the intereston which becomes due in November ?”’ “About tyo-thirds, I beltev. The reporter then called on a prominent banker in the striet to ascertain the exact amount of money this proposed action of Secretary Ricnard- son will thow on the street and the effect it have on the market. This gentleman was unwill- ing that hidname should be made public. In reply to the reperter’s questions he made the following very clear ad intelligible statement :. A BANKER’S STATEMENT, “You see,’ he said, “almost all the coupon bonds bearing inbrest in coin are held abroad, Now it 80 happens that unless these coupons are already cut at the «ther side and are actually discounted tnrough the banks. im advance we can really hope for little rdief to our money market by the pre- | ctr ofthe November interest in coin on these onds. Eve should these coupons be cut on the receipt of the cable telegram at the other side that Secretary Richardson intended to repay the interest on the _ five-twenty onds without rebate, it would take some days before these coupons, the bonds of which are scattered al over Europe, could be collected, and it would bebetween twenty-five and thirty days before they could reachus. If we are not out of our trouble by that tim we will never be out of it. Ofcourse, by that time the exchange market will have settled to its natural level, an people will, no doubt, buy billa of exchange instead of gold. In that way the money ma! be Kept here eventually; but, as I said, unless thee coupons are discounted in advance—and the usial course has been to cut p them, as I understand, tbout the middle of Octo- ber at the other side (nh Europe)—we cannot de- rive any immediate reief in this crisis from the pronayinene of the iiterest on the ,coupon onds. Of the “five-twanties” where are abroad :— Coupon bonds of 1862, payalle in November... .$187,' 00,00) Coupon bonds of June, 1564 34,000,000 Coupon bonds of 1865, 000 Total. +. 340,000,009, The interest to be pati on this is three per cent for six months, and woud amount to ten millions and a quarter {n round mmbers. But the real, immedate relief in the money market, which we look for in the present crisis, from this action of the government in prepayiny the November interest, is from the registere | bonds. Of these there are held here, the interest on which is payable in Nevember Bonds of 1862.. $28,000,C0) Bonds of March, 1664. 1,000.00 Bonds of June, 1864 000, Bonds of June. 1865. Total.. The new loan of registeted bonds, pi verly at five per cent, amoants to $143,500,000. The’ interest on all these registered bonds will amount to $4,000,000, which will be thrown on the market immediately, and this is the only substan- tial relief we can count on fom this,action. Specie Payments. Mr. J. Thompson, the Vie} President of the First National Bank, has issue¢ @ circular, in which he states the following propasitions :— By ag tmmediate restioption of specie payments all the gold and silver in Sg Conatey, and many millions that are stire to come to us from foreign countries, would become at once clreulating medium, The adoption of this measure would afford more reliet than all the expe- dients #0 vigorously pressed upon the government. or 60 unfinuncially adopted by Clearing House Associations The time las come when nobody has moey to hoard. Prices are, or soon will be such, that property or invest- ments will be better than money. Nobody now wants gold for export, tor the exchanges are all {n our favor. ‘the gold and silver in this country. if thus utilized, will become currency, and will add $30,000,000 ‘ot positive re- ef. A reporter of the HERALD called upon Mr. Thomp- son gesterday in reference to this circular, and in the course of conversation the latter said that there was in this country $50,000,000 of gold out- side the Sub-Treasury. “There 1s also $70,000,000 or $80,000,000 of gold in the Sub-Treasury which the banks are represented as holding in Sub-Treas- ury certificates. Now we are approaching such a deep line in prices that the money which is now in the hands of the people will rapidly pass into prop- erty and merchants’ securities, because they are cheaper than gold. ‘There will be secarity in this state of things, and, with a basis credit of the two paper currencies that are in the hands of the peo- ple—namely, certified checks and greenbacks—gold will go into currency if we are but wise enough to grasp the opportunity. It has become necessary to familiarize ourselves with the three currencies in order to obtain all the relief! we can out of each. The circulating currency of the nation js almost run out. Those who are abie to own this currency will continue to hold it until prices have declined so as to make it an induce- ment to use it.” REPORTER—How do you propose to utilize gold, Mr, Thompson? Mr. THoMPsON—The scarcity of currency and the low rate of exchanges in all foreign countries make this a desirable opportunity to move tnis gold out, as the currency which is now held as property really takes currency to carry gold when so held. By placing gold on the same looting as greenbacks we certainly augment the available means of the nation and bring it into use asa re- lief to the community. In relation to the matter of gold, my view is that we shall import not less than $25,000,000 in three months. When imported it is no help to the general public, unless we resume specie payments and recoin that gold into a useful shape here. The necessity of the people which demands a currency that shall enable them to buy produce and pay debts, will throw this gold into general circulation, and there will be no desire to retain gold when itis puton the same footing as currency. REPORTER—How is this to be accomplished—by a & natural or by a eens law? Mr. THoMPsON—Neither, entirely. On the arrival of gold, tor example, from Europe, I would let the Sup-Treasury turn it into available gold currency, and against that gold I would issue greenbacks, making it incumbent upon the Sub-Treasury to exchange a $5 bill, for instance, for gold, at par. REPORTER—That would bring down values to their natural level, would it not ? Mr. THomPson—Certainly, and that is what this es will certainly do. Stocks will be brought lown twenty to twenty-five per cent, real estate twenty per cent and labor about fifteen per cent. poke at will be brought down to a gold basis, for our magalficent export, which our new devele} ments in coal and iron will be certain to give us, will give us favorabie exchange, and the opportu- nity ought not now to be lost to accomplish this great good, and put an end to the enormous mis- chief of inflated values, The Stock Exchange. The Stock Exchange remajped closed all day, and there were fewer people in Broad street and its immediate vicinity than has been the case on any day this month. The fact that the Governing Com- mittee was to hold a meeting during the forenoon drew a few anxious brokers to the Wallstreet doors in groups, but there was no real excitement. A petition was started on the street during the meeting of the committee, asking them to open the Board on Monday, but before many names had been obtained as petitioners the meeting of the committee came to an end, and they announced that the Exchange would open on Tuesday morn- ing next, settlements to be made according to rules and regulations to be furnished at a meeting of tne committee to be held to-morrow. It should be stated that the committee held a meeting about half-past nine, but no business of any importance was transacted during the session, aithougn the propriety of opening the Exchange on Monday was actually debated, At the second meeting thc communication in answer to their roposition of @ few days ago was received from tie Clearing House Association and elicited rather A warm debate, but as the answer settied their proposition detinitely no action other than cour- teously receiving it and bos cr hy on the files was taken upon it, or, in fact, could have been taken to Dave had any effect. There were those among the members at the second meeting who contended that the opening of the Exchange on Monday wonld give entrance to outsiders and others who had obtained large loans during the past few days,.and who could go right their n the ‘Tuesday, with the qualification that at the meeting some ‘plan for settlements will be upon, so that every facility will be tendered to brokers to make good their contractsin the matter of time and conditions, according to each indi- vidual’s situation. A The Gold Exchange. During the earher part of the forenoon the Gold Exchange was the scene of a little excitement, a8 it got bruited about that the Canadian capitalists were going to buy in immense quantities. The “ahorts” were ina terrible stew about noontime, and knowing that they had to keeps sharp look- out to avoid disaster, were very natorally exer- cised at the rumors as to what the Canadians in- tended todo. The price of gold opened at 11434. In a short time 1s fm d to 115, then fell to 114%, took @ leap trom igure to 115%, again touched 114%, then changed to 114%, and, alter fluctuating in tae wildest kind of style all t! neighborhood of 114% to 11433, at which is said @ large amount was sold, it closed at 11334. ‘There were rumors late in the afternoon that a anes deal of the gold sold for delivery was bought speculatora, who intend to stow away instead of using it at once, thus endeavoring to make coin scarce in the market. . The Clearing House. AM the banks made their clearances correctly yesterday morning. The usual weekly statement of the Clearing House was not given, but the follow- ing circular was made public:— ‘New Yorx Curanuva House, Sept. 27, 1878, Owing to want of uniformity in the returns, the weekly statement will not be made up this week. W. A. CAMP, Manager. The $20,000,000 of loan certificates authorized by the Clearing House Association were all exhausted yesterday morning. But as will be seen by the report of the meeting of bank presidents, the Loan Committee was permitted to issue an unlimited amount of those certificates. A resolution wi also passed by the committee rejecting the pro sition made by the Stock Exchange Committee with reference to the clearances of stocks, The Bank Presidents. ‘The meeting of the bank presidents took place at eleven o’clock yesterday morning at the Mer- chante’ Bank, in Wall street. There was a fuli rep- resentation. The committee appointed to con- sider the Stock Exchange proposition made last Wednesday gave their report as follows :— To TH AgsociateD Banks, New Yorx Crry — Ata meeting of the Clearing House Association Com- mittee, to whom, Was relerred the communication ad- dressed to the New York Clearing House Committee, trom the New York Stock Exchange, dated the 2éth inst. We beg leave to report that th gravity of the subject and the high respectability and intelligence of Messrs. Baylis, King, Cutting, Chapmian a Garland demand trom the committee a caretul consideration of the points presented by the stock Exchange Committee, ‘the first part of-the communication is devoted to de- vising means for making payments by ed checks on banks instead of greenbacks. The on of the Clearing House on the very day that the communication was received trom the Stock Exchange provided for all that which the suggestions of the Stoc change aim to provide. Itis obvious, theretore, that fur" er com- ment on that point is unnecessary. The Stock Exchange Committee’ suggest a plan for the nof the associated banks, in the following terms, e true plan for the present emergency is, that those banks who wore content 10 make clearances with each other should, to the extent of their associated capital, gustantee the pavinent, of checks certitied by thé winks allowed to enter with the Clearing House.” To your committee ‘this seems impracticable. The banks (whose certitcation would be all dealers with erchants, brokers and others) could not be expected to voluntarily guarantee the p. ment of checks of each and every bunk, without te: ence te the amount, especially when they could have no control over the action of tellers, who might carelessly or corruptly certily to. millions more than the customers could respond to, yaruicularly when the associated bank: not having itin their power to sorce sich action, ‘oul never have security in hand to indemnity th such gratuitous hazard of their stockholde: One of the saseguards set forth is that “ba ances are made one hour earher than at pres would shut out all receip:s trom the mor which are now included in the exchanges, a likely the banks would consent to that delay lection of remitiances. Indeed, it is tar tron that in law they would be justitied mm malins change. : ‘The committee say also that they would possibly have request the banks to remain open until halt-past three o'clock if they changed the hour of delivering stocks in order to find out the resulis of the clearances of the pre- vious day. ‘The gentlemen cannot fail to see that the adoption of this change would tend to much derangement of aftairs, which have been running in grooves so long, especially as many banks, having little or no connection with the rations of the stock Exchange, could not see why their business should be varied from the regular course from such a cause. ‘The associated banks are further requested to adopt a resolution that they will not, for ten days after opening the stock Exchange, call in'any loans to brokers which are sufficiently secured, but, on’ the contrary, will make Rew loans on approved collateral. Itscems to the Bank Committee that the New York Exchange Committes could hardly have reflected on the full import of this.re- ne “fie banks in their present condition are asked to make loans to the extent of their ability, but to forbear calling on those indebted to them. * Your committee is quite sare that this pro quires no cominent and they have only to add that, with the heartiest wishes to work in harmony with the Stock Exchange—whose action in closing the Exchange and keeping it closed the Bank Commiivee most highly ap- prove—they yet regret to say that the suggestions and modes of relfet proposed seein to your committee to look too exclusively to the convenience and safety of the Stock Exchange, without Setblod comprehending the ex- ~arom rom celia tent of the dangers and inconveniences to which a com- liance would involve the associated banks in fll pepe bility: Respecitully submitted. JOHN E. WILLIAMS, R, H. LOWERY, W. L, JENKINS, R. M. KENYON, D. HAYS. Areporter of the HeraLp talked with Mr, Ver- milyea on the refusal of the banks to concur in the Stock Exchange proposition. He said :— “I am astonished that men of intelligence, as are those who made the proposition, should consider such a thing practicable. It would be laying the banks open to fearful risks, and none of us could jpeg etl allow such latitude in our institutions, The Stock Exchange nust understand this. They cannot give such unlimited power as this action would do to tellers, The overdrawing on the Bank of the Commonwealth and the Bank of North America has been lesson enough to us, I should think, without any further tests. I don’t belteve there is @ bank President in the city who would consent to such an arrangement, REPORTER—The Stock Exchange is determined to open its doors on Tuesday. Mr. VERMILYEA—Ah! is that so? Then I sup- pose it is in consequence of gur answer to their re- oe Weill, nobody can tell what will happen nen. ‘The Association also @uthorized the Loan Com- mittee to issue as many more loan certificates as would be found necessary to mect the present emergency. . The Banks. All was quiet during the day and the regular business was done, the rule being adhered to as to paying large amounts in greenbacks. This rule, owever, In the case of employers who had to pay their men, was not enforced, The Sub-Treasary. At the Sub-Treasury business went on in the Tegular way and there was no excitement what- ever. Mr, White, the Deputy Sub-dreasurer, on being asked by a HERALD reporter, who called at tne office late in the afternoon, remarked—“We are going on fa as just as though nothing had happened in Wall street. There has veen, itis true, to-day considerable of a rush by parties who wanted to exchange large bills for bills of a smaller. denomination; but nothing more. We have re- ceived no new instructions from Washington, and We are just as quiet to-day as we were yesterday.” The Shipping Trade, In conversation with the freight agents con- nected with the several steamship lines plying be- tween here and Europe a HERALD reporter learned that the panic had not materially lessened the out- bound freights. The City of New York left this port on Friday with a full cargo, and the City of Mon- treal left yesterday with an extraordinary cargo of - rain and general freight. The agent of the Na- 1onal line told the reporter that it would probably be six weeks or two months before any effect would be felt by the steamship companies on ac- count of the lack of grain from the West. At pres- ent, he said, there was enough grain in the city, or on its way here, to give work for half @ dozen steamers. Some of the companies were obliged to contract for new sreight some of the merchants that had been booked having failed to produce their consignments. The lists were readily filled. The Crisis in Havana. The reported failures tn Havana of two large commission houses of old standing was the theme of conversation yesterday among the Spanish and American merchants of this city engaged in the Havana trade. Up to@ late hour no tidings had been received by wire on the subject, confirming or denying it. The terribly high rates of exchange on London and New York now prevailing at Havana are thought to be a certain index that the tottering fabric of commerce in that city is in a most critical condition, and that it is impossible that affairs can go to a jower depth. Exchange on New York at sixty days’ sight in currency is fifty and on a gold basis sixty-five per cent premium, while on London for paper at sixty days’ sight, Riuvety per cent premium has to be pald, Condition of the Hoboken Sa’ s Bank. The committee, consisting of Messrs, Shippen, Stiastny and Huesmann, appointed to raise econ- tributions to supply the deficit of some $60,000, have referred the matter back to the Board of Man- sgers, The reason assigned by them for this ac- tion is the fact already published inthe Hrraxp, Charles Clinton was made President of and subsequent to ita suspension $94,000 worth of bonds of the United States were taken from the vaults of the a a sold in New York and deposited with Fisk & Hatch without most desirable to, ation of the littl any collaterals. No explan: At 4 transaction has yet been given. be expected, the gentlemen composing the above named committee became disgusted with the action of the Finance Committee, and to solicit contributions. It being probable, however, that Fisk aud Hatch will speedily resume payment, the savings bank must get back all, or nearly all, of the amount loaned to them. Then with @ thorough reorganization of the Board of Managers confidence could be restored, and the creditors might receive dollar for dollar of their deposits. This may be prevented by the influence of specula- tors who are reported to be purchasing passbooks at usurious discounts, and it is of course to their interest that the present state of doubt ahd sus- Pense be prolonged. Should a crisis be precipitated &nd the appointment of @ receiver become neces- sary the outraged depositors will at least expect the nomination of a receiver who shall need no re- Mmuneration Jor his services, THE “CRASH” IN THE COUNTRY. it of the Receiver of the First Bank of Washington. WasHInaron, Sept. 27, 1873, The following is the report of the receiver of the. First National Bank of Washington, just presented to the Comptroller of the Currency :— WASHINGTON, Sept. 26, 1873. Hon, Jomn J. Knox, Comptroller of the Currei cy :— Sir—On the evenihg of September 19, under your instructions, | entered upon the duties of receiver oi the First National Bank of this city by taking possession of its books, records, and, so far as prac- ticable, of its assets. The bank had been engaged u business, especially the collections redemption of mutilated notes. Bumber of banks corresponding and dealing with it was wuuusuaily — large. Its sudden and abrupt suspension ip the midst of its business devolved upon the Receiver much labor in addition'to inquiry into the condition of the bank, From time to time I have reported to you verbally and have followed your instructions, A comparison 01 its resources and liabilities is the informatfon at present of chief interest to tie creditors of the kK and to yourself, acting in trust for them. ‘This comparison, resting .partly upon intormation derived from the books of the bank, must also in part be the re- sult of the judgment and approximation, Accounts, too, especially with other banks, extending over much time and many transactions must be taken subject to verification, and perhaps correction, by means of the accounts and youchers of the banks or persons with whom the First National dealt, and subject also to pos- sible controversy between it and some of them. But, while @ precise comparison cannot yet be made, careful examination causes me to believe that the following statement of the resources and liabilities of the bank, qualified by the remarks while een it, is us accurate an one as can now e Inade :— assets. Loans and discounts; actual vaiue estimated at 9 (ies, remarks following this summary). Premium on same United States bonds to secure United States de- pos im on sAINe States bonds on hand Premium on same. District bonds est Due trom banks and bank: Real estate, turniture and fx! tures estimated. . of Minin Nat‘onal Bank notes. ies banks on account of burnt notes Notes of this Bank Real estate loans Bonds in litigation. .... Bonds held by Jay Cooke’ & Go Premiumen same.... im Jay Cooke & Go., coin: | Due trot nd iitigat W.600 1,708 Currency.. —— 756,453 Total....eecess Sapte 2... 82,973 Lian Capital stoc! Cireulation Tudividual United states ay stated above unde Due to banks and banke Total........ Aeeeee The loans and advances included in the foregoing statement to various persons upon securities, cer- tificates of settlement, and other vouchers under the District of Columbia government, including the Board of Public Works, amount to $36,097 75, and the securities, certificates and vouchers upon which they are made represent in the aggregate a tair value of $44,030 42, The indebtedness of the bank to the District government is $7,698 35. the loans and discounts are three no Northern Pacitic Railroad Company, aggregating -$100,000, and maturing October 18,1873. ft has been stated to me that this ’ indebtedness will be paid at maturity. I have notitied the treaserer of the company that payment at maturity is required, But ff this indebtedness be wholly omitted from the value of the loans and discounts, or if the value of said indebtedness be ely estimated, then $100,000, which is the amot ol the surplus entered on the books of the bank as haviag been invested in the business of tne bank, would, it is estimated, cover the losses Among 8 of the 3 that may*be sustained in realizing the rest of the loans and discounts, lt appears from the foregoing statement that were the indebtednegs of Messrs. Jay Cooke & Co, to the bank to be paid in full, the creditors of the bank could be paid in full and its capital stock would be unimpared. The proportion in which the debts of the bank can actually be paid must largely depend upon the extent to which the in- debtedness to it of Messrs. Jay Cooke & Co. shall be discharged. This it is not in my power to estimate. Detaiied exhibits of the aggrevated items, presented in the foregoing statement, liave been prepared, and as soon as copies can he made they will be iorwarded to you, and meanwhile I will in person submit to you the information there- in contained. I have called upon the various banks indebted to the First National Bank to remit the sums due from them and also upon the depositors whose accounts have been overdrawn, to make good the deficiency, As soon as the currency and coin in bank could be counted I deposited it. to the aggregate amount of $95,612 26, in the Treasury of the United States, subject to your oraers, in trust for the creditors of the bank. The proceeds since received by me, resulting from remittances by other banks for their indebtedness, trom payment of loans and from collections of other indebtedness to the bank, have also been in the same way deposited in the Treasury of the United States for the benefit of the bank creditors. The mutilated currency to the bank might also, in my judgment, be forwarded to the Treasury. This action has been delayed by a revison of the accounts relating to mutilated currency and b' claims presented by some of the banks irom whic! the currency has been received for the return to them of the amount forwarded. This question will be the subject of consultation with you, but whether the amouuts claimed shall be returned or whether all of the currency be forwarded to the Treasury, the First National will, in either event, be entitled to credit as an offset to its indebted- ness. As reported above biank forms have been pre- pared for the presentation of claims against the bank, It is not necessary here to discuss questions which may be likely to arie in the collection of the assets of the bank or the examination of claims against it. If they arise I will, as they present temselves, avail myself of your instructions, and also of the advice and aid of ‘the law officers of the ree in enjorcing legal and just demands, ior the largest indebtedness of the bank is to the United States. EDWIN L. STANTON. The Washington City Savings Bank. Wasuinoton, D. ©., Sept. 27, 1873. In the Washington City Savings Bank—now in the hands of @ receiver—there are about 2,000 de- positors, whose joint deposits will reach upward of $700,000. The assets are supposed to be suffi- cient to cover the entire responsibility of the bank. All Qaiet im Baltimore. BAutTimoreE, Md., Sept. 27, 1873, The day has closed on business in this city with- out additional excitement or reports of any fall- ures whatever. The stringency in money con- tinues, butall the banks have paid out liberally on small checks, to supply business demands, Monetary Stringency in Philadelphia. PHILADELPHIA, Pa., Sept, 27, 1873, Matters are quiet on Third street, a scarcity of currency being the only trouble experienced from the panic, Many large manufacturing concerns have, with great exertions, raised a sufficient amount of cur- rency to pay full wages to their employés, while other firms have been able to pay only fifty per cent of wages due. ‘The Board of Brokers in this city to-day passed the iollowing preambie and resolation: Whereas the embarrassed state of finances of the coun- try, growing out of the scarcity of currency, the too rapid development of railroad interests and the system of overtrading, have given rise to a panic in which the idew of intrinsic values is entirely forgotten; therefore be it artily endorse the action of the hu efforts to stay the tide of f, and in his wise dis- t his command, Resolved, That we urge upon him the necessity of bringing béfure Congresss a plan for a general banking law, through which the benefits of our present system may be more generaily extended and serve more fully the growing interests of the country. Renolved, That, as the great sources of wealth, our crops and general produ 6 more promising than ever, and that, therefore, the enterprises of the country have a greater chance for profit and success, that the sudden and wild decline in values is the result of the panic and without any reasonable cause, Resolved, That we deem it our duty to ‘arrest in every way the indiscriminate sacrifice of securities, and to ex- press our hearty condemnation of those who. for personal Broft attempt to aggregate the evils and cause ® siill greater decline in values at the Board. Messrs. John Barker, George S. Fox and Thomas A. Biddie were appointed a committee to confer with the bank officers on the situation of affairs, Samuel Josephs, an applicant for proceedings in bankruptcy against Jay Cooke & Oo., has with- drawn the suit in consequence of the statement made of the assets and liabilities of the firm, Boston on the Defensive. Boston, Sept. 27, 1873, A meeting of the Presidents of the various Bos- ton banks was held to-dav. at which it was unani- mously decided to suspend currency payments in large amounts, A committee of five was also ap- pointed and authorized to issue $10,000,000 in loan certificates upon substantially the same basis as they are issued by the banks in various other cities. This action is represented to be a conserva- tive atep to prevent any raid that may possibly be made from outside banks. Of the jorty-two banks in this city nearly all are on the surest and safest foundation. ‘There may be one or two, having the accounts of country banks, which might be depieted If some little temporary assistance was not rendered. This assistance the strong banks can amply afford to give, and the resolution passed tends to bring it about, The issue Of $10,000,000 of certificates will enable the banks to perfect the clearance and prevent the panic which might otherwise have been created, The action 18 favorably received by the business community, who leok upon the movement as one of unavoidable necessity, aud sure to be reached socner or later from prudential considera- tions. Beyond the interruption to the export trade, by the dificulty of pele Joreign bills of exchange, the general trade o1 the city is progressing sat! factorily, although the stringency 0! the money market is working against the mercantile classes, who require at this season of the year larger finan- Clal means than usual. There 1s a strong mane of hopelainass, however, in business circles, and it is believed that affairs in a few days will assume a more satisfactory condition, ‘Yhe Boston banks adopted the following pream- ble and resolutions :— Whereas as the banks in all the large cities in the United States have deemed it prudent and expedient to pend currency payment for large amounts, therefore bet Resolved, That the Boston banks, as a precautionary measure for themselves and the mercantile community, and to prevent the consequent drain of currency from} them, do from this date and until further action adopt the same me ire. ta committee of five be appointed by Resolved, the Chair who shall have power to issue loun certificates fo the amount of $10,000,000, uj on substantially the same basis as Issued by the banksin New York city, The following named gentlemen were appointed = the committee provided for by the last resolu- ton :— Franklin Mason, George C. Richardson, Benjamin ine Lokaaeg Thomas Lamb, A. J. Benyon and J. H. eal. Secretary, Henry B. Groves, . The Cincinnati Chamber of Commerce. CINCINNATI, Ohio, Sept, 27, 1873, The following resolutions were to-day unani- mously adopted by the Cincinnati Chamber of Commerce at a full meeting :— Resolved, That the action of the banks and bankers in this city in re(using to pay out large sums in currency Was timely, wise and necessary, and meets the approval 8 and business solvency of th the integrity and c ty, and ier of those Who manage them. Resolved, That the banks and bankers be and that they are hereby’ requested to extend all possible accomimoda- tions to the me¥chants aud manufacturers of this city. ‘The financial situation to-day appears to be im- proved. At the close of business an improved feel- ing was plainly manilested, The adoption of the resolution of Mr. George F, Davis, by the Cham- ber of Commerce, commending the action of the Cincinnati banks and expressing confidence in their management, and asking them to extend all possible accommodation to the commerce and manufactures of the city, appeared in itsell to prove the feeling of the members voting upon it. Paring the discussien of the question, J. L. Keek, who was the autor of the last resolution, spoke especially of the necessity at this time of all busi- | ness men, as well as bankers, exercising towards mmodation until the pinch ‘The expression of this sentimeny was received with warm applause. There was no particular change in the general ta, and there is no hope of doing much until there are better facilities alfecting exchanges. Still there is no panic in pr pressing on the markets, T banks and bankers generally report having passed through the day in @ matis! The new arrangement worked mor moothly than at any time sin trouble began. Son received as much currency as they have paid out, notwithstanding it was supposed this was to be the pressing day of the week, owing to the large sums needed (o pay of the operatives in the manuiac- tories, The manu'acturers have generally been supplied with funds to meet their immediate wants, The Chiezgo Clearing House Association, in Session, CHICAGO, Il, Sept. 27, 1873. At the Clearing House meeting, which continued to an early hour this morning, the suspended banks were permitted to vote. Mr. Coolbaugh handed in a communication to the public, signed by the President and Directors of the Union National Bank, saying they would hold themselves personally responsible, as individuals, for the payment oi all deposits now held by said bank or which may hereafter be made with it. Mr. Coolbaugh also addressed the meeting as fol- lows :— He had been advised that the banks in Ci St. Louis were doing businers on other basis, He believed, in view of the chang cities, that it would be as impossible tor Chicago to do business on a currency basis as it would be tor it to dy business for the surrounding country on a gold basis. For the information of those present he would say that the entire assets of the bank amounted to $4,300,00), nor over $50,00 of which was doubtful. In sixty days $4,000.00 avould mature, and at the present time there was in the hank $1,010,000, He made this statement be- cause it was due tothe associated banks, and besides the Union National Bank would then know ‘that it was tar from being insolvent. A meeting of the associated banks will be held to-night, at which the New York plan will up- doubtedly be adopted, An Exciting Keport in Milwaukee, MILWAUKER, Wis., Sept. 27, 1873. Quite an excitement was caused here to-day in financial circles by a statement in the Sentinel of this morning, asserting that all the banks in the city had resolved to suspend, currency payments upon all sums over $200, An extra edition was sent to all the places of business denying the first statement as soon as it was discovered to be un- true, but the report caused a few hundreds of the poor people to call for their deposits which were promptly paid by the banks. When the people learned that the state- ment was untrne and the banks were ready to meet all demands upon them, the excitement sub- sided after an hour. The fact is, at a conference of the bankers yesterday it was decided to con- duct the business as usual, there appearing to be no reason why they should do otherwise, as ali the banks are in @ sound condition, and have currency enough on hand to ‘neet all demands, The de- posits this week are ir excess of the amount with- drawn. The banks are all paying over thetr coun- ters as called for, and all are now confident of being able to tide over this crisis in safety, Al- though business has been duil for the past wee there have been no failures so far, : ‘The Chamber of Commerce bas been closed since Wednesday, and but few sales of wheat have been effected on account of the stagnation in business in New York. Over 1,000,000 bushels of wheat is stored here, awaiting shipment to the Kast. The receipts of whegt at this city since January 1, 1873, are 1,866,750, against 1,390,134 bushels for the cor- responding time in 1872. Benks Suspended in Louisville, LOUISVILLE, Sept. 27, 1873. The following banks suspended payment tem- porarily to-day:—German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, German Savings Bank and Central Savings Bank. Arun on these banks has been steadily increasing for the past three days. All of them have abundant resources, many being able to pay two dollars for every ono on deposit out of tneir assets. The other banks in the city are heavily drawn on, but they are all right. The suspended banks are all savings insti- tutions, conducted and owned chiefly by Germans. The lack of systematic action tended to suspend these institutions, every bank looking out for its own safety. Sait Lake City Affected. SALT Laks, Crry, Sept. 27, 1873, The Eastern commercial crisis has reached us, Depositors have drawn heavily for a week past ‘The First National Bank elosed this morning and announced that it had $90,000 more assets than Nabilities, and that depositors need feel no un- easiness at any ultimate ‘loss. There is consider- able excitement tt the princtpal streets, but no run 18 made on the banks. Mr. parent of the First National, meets the issue manfally, and assures his depositors that his own personal property is far beyond the entire liabilities of the bank, He will sacrifice every dollar rather than allow a depositor to suffer. Mr. Hussey is very wealthy in real estate and in mines, but his Eastern correspondents could not supply cur- rency against bullion. Our situation is like a man with his pockets full of gold pieces, for which he cannot get greendacks. There is no danger of a douar being lost in Usah. The First Natibnal has the tympathy of the other banks, and will probably resumé business in a few days. LOWENSTEIN FORMALLY CHARGED WITH MURDER , Aupany, N. Y., Sept. 27, 1873, Lowenstein, the alleged murderer of John D. Weston, of Brooklyn, 1m this city last August, was brought here from Canada to-day and arraigned on vhe charge. He said he was too poor to employ counsel, and the Court assigned him counsel, The trial will take place on the first Monday in Decem- ber. The interview between Lowenstein and his wife was very coul on his part, though he pro- tested Inpocence, ; nothing is actuatly } TOROUGH THE HEART OF AFRICA, ‘The German, English and French Expe- ditions Moving from the West Coast Across the Continent. UNTIMELY DISASTER TO THE INSTRUMENTS Interesting Letter from a Corresponding Mem- ber of the American Geographical Society. WANTED--ANOTHER STANLEY. The following important letter from the West Coast of Africa was received yesterday by the American Geographical Society. It gives the latest information concerning the important explora- tions now going on in the Equatorial regions, and contains the gratifying intelligence that an attempt is to be made to traverse Africa along the line of the Equator. Dr.,Bushnell, the writer and corre- sponding member of the American Geographical Society, Is an intelligent authority on Africa, hav- ing read papers of value on that Continent before the American Geographical Society :— “GABOON, August 4, 1873, “Chief Justice CHARLES P. Daly, President of the American Geographical Society :— “Srr—I nave the pleasure to inform yon of another enterprise in bekaif of unexplored Ethiopia. About two weeks since two members of the German ex- ploring expedition called here en route for Cahenda, @ town about thirty-three miles north of the Congo River, which they intend to make the starting point and base of operations for exploring the tn- terior, The expedition had a magnificent outfit of scientific instruments and other necessaries, cost- ing about $10,000, which unfortunately the mem lost on the steamer Aigratia, which was wrecked near Sierra Leone. Tnis will retard their prog- Tess, but, we trust, not seriously endanger their success. The expedition is composed of scientific men, and we may hope its achievements may do honor to the society and nation that has sent it out, Ibelieve vant the plan is to proceed gradu- ally eastward from Cahenda, keeping up commum- cation with the coast, hoping ultimately to cross the Continent and establish communication with the Western and Eastern coasts of Africa—a grand undertaking. “The Enghsh Grandy-Livingstone Relief Expedi- tion was, at latest dates, at St. Salvador, the ancient capital of Angola. “The French expedition, under the Marquis de Compeigne, is at Inenga, on the Ogovi River, and the French Admira!, from Gaboon, has gone around to Cape Lopez with two steamers, on board one of which he hag ascended the Ogovi some distance, “An experienced English naturalist is now trae versing the upper waters ef the Gaboon. “Of the progress of these different expeditions in our vicinity, iu which your honorable society will feel a deep interest, i will endeavor tokeep you informed from time to time. But where ts the en- terprising American who will come, Stanley-hke, and eclipse them all in noble daring and doing? Very respectfully yours, ALBERT BUSHNELL,” JOHN HOWARD PAYNE. ab Ee Unveiling the Bust in Prospect Park= An Immense Concourse of Spectaters— Addresses of Commissioner Stranahan, Congressman Kingella and Corpora- tion Counsel William C, De Witt. The ceremony ot unveiling the bronze bust of John Howard Payne, the gift of the Faust Club of Brooklyn, to the Park Commissioners, was per- formed yesterday alternoon at Prospect Park. The Park, always crowded on & Saturday afternoon, was more so than usual yesterday, and it was esti- mated that no less than 20,000 witnessed the un- veiling ceremony. The site of the bust, which Is of very large proportions and mounted on a pedestal some ten or twelve fcet in height, is on the sum- mit of a knoll to tne right of the dairy and over- \.vo Yug the spacious croquet lawn. ONE FEATURE OF THE AFPAIR of yesterday was the presence of some 600 chil- dren of the public schools, who were clustered hear the bust, and during the exercises saag Payne’s immortal song, “Home, Sweet Home,” | with thrilling effect. A platform for the speakers and the distinguished spectators was erected to | the lett and slightly to the :ront of the bust, while the balance of the upland was enclosed and fur- nished with benches lor spectators who had been provided with tickets. The immediate vicinity was densely thronged with people, and beyond them were many who, although they could hear nothing of the addresses, witnessed the unvéllin; of the bust. On the platiorm were seate Mayor Powell, the Park Commissioners, Judge Pratt, Wiliam C. Kingsley, Commissioner of City Works; William A. Fowler, H. H. Wnecler, Corpo- ration Counsel William C, De Witt, Thomas T. Witt, Major Wheeler, William OC. Hudson, Congress- man Thomas Kinsella, Andrew McLean, ward Lamb, John Carroll and other well known Brook-, lynites. John G. Saxe, the poet, was also there. Mr. Wilkie Collins, the English novelist, was among the spectators too, and he kept n the back- ground with some friends, The exercises opened about half-past three o’clock with music by a iull band, which was fol- lowed by the chorus ‘America,’ sung by the school childreu with great effect. PRESENTING THE BUST. Mr. Kinsella, President of the ist Club, then stepped forward and on behalf of the Clud pre- sented the bust. In the course of his address of presentation Mr. Kinsella said :— ‘The present is from a‘club made up, for the m ofjournalisis artists, dramatists, musicians and acre ‘This present is made becaase the Faust Club desired to - contribute something to the attractions of this popular do- main; to add something to the means of cultivating and gratifying pubile taste; to perpetuate the same of one who tnay be said to have labored and succeeded in a ma- ority of the callings 1 have enumerated; to show that nth ion It 18 not all ‘of life to a to incite, it may be, cit izens of greater’ aMuence to ‘follow their example, so that in time the coanterfeat presentments of the representative men of all nations may be found in Pros. ect Park, and side by side with them the statues and he men whose names light up our country’s 1 whose deeds give weight and character and the word American. From the beadroll of the reat names of native born men we selected John joward Payne—because he was connected with so man: professions; because he was among the. first of Ameri. cans whe established a reputation an actor and an aatho: was not fortunate; becau: ve been neglected: because he ls connected by residence stry with Long Island; because his remains en allowed to mingle with the dust of a foreign land ; because—and I contess it, sir—there was runni through his life a streak of Bohemianism which Is not in Europe as in his life he 1s memory seems to hi without its attraction to men who folk Hons which contribute less to.the mesesavies Sran'te the the euiture and th mi ¢ refinemen: asa man. he will never need any other imtroduction isthe author of “Home, Sweet Homes Ne The bust was then unveiled by Mr. Henry Baerer and the children sang “Home, Sweet Home,” the assemblage joining in the chorus, REPLY OF PRESIDENT STRANAMAN, Mr. J. 8. T. Stranahan, President of the Park Commussion,jaccepted the bust and delivered a brief address, during which he said: The duty Imposed on me is mainly accomplish@d in ro- colving. at youn needs thls beck, oo Au, locpted, sur. rounded by and associated with the scenes of pastor: iife, and by its very situation suggesting the quiet a repose to which, though vainly sought by him, he gave xpression in the tenderest strains of song. You have delicate and appreciating discrimination ting John Howard rayne as the man who desery this commemorative honcr. Hisname will hereafter ™ ir to the people. casi natural re Tiitde anor the limliad extent of such efforts in thts coun try todg honor to men of mark, while the increasing de- mand for park grounds4s places of popularrecreation and Chioyment suggests the Atting receptacle of these vi memorials of departed greatness. trust that the work otenriching this pleasure ground with such, monuments has simply begun. As the years roll away their number should and will be increased till atlentgh the best charac. feristic of Prospect Park will consist in memorials placed here in honor of those Whose career has been fraught with blessing to their country and the world. Mr. Saxe read an ode written for the occasion, THE ORATION OF THE DAY | was delivered by Corporation Counsel De Witt, and at {ts conclusion there was more singing by the children and music by the band. The exer. cises were then brought toa close, and the vast audience dispersed, HORRIBLE ACCIDENT AT YONKERS, Jon Moran, a brakeman on the Hudson River Railroad, was ran over by 4 freight train, which completely severed the head from the body, at Yonkers, Westchester county, yesterday after- noon. It appears that the train on which the de- ceased was employed broke in two, and while en- deayoring to signal the engineer from the roof of a car he was knocked down by a portion of the drawbridge foot of Dock street, when several cars Re over his neck. The deceased, who lived at Alppny, | was about twenty-five years old and un. . the masses this—he