The New York Herald Newspaper, September 20, 1873, Page 4

4 THE GRASH. Failure of a Score of Wall Street Magnates. INTENSE EXCITEMENT IN THE CITY. Curious and Stirring Scenes in the Brokers’ Offices, RAIDS, BUNS AND RUMORS. Interviews with the Bursted Financiers. Pictures of the Street and the Stock Exchange. ————_——_ RUN ON THE FOURTH NATIONAL BANK: Crowds Thronging the Office of the Union Trust Company. SYMPATHY FOR THE UNFORTUNATES. The Feeling Throughout the Country. EFFECT IN EUROPE. Mas. Hard Pan Touched ? y STS. THE PANIC IN THE PULPIT. Been De Witt Talmage on the Disaster and Its Lessons. Meeting of Cooke’s Oreditors To-Day. Few such days as yesterday have ever been wit- nessed in Wall street. This famous rendezvous of speculators and money brokers has been the thea- tre of many exciting scenes within the past twelve Years, but never, not even on the dismally familiar Black Priday of a few years back, did the atmosphere of thia financial centre seem so charged with the elements of panic and disaster. The very weather of the day, dark and rainy as it Was, seemed to sympathize with the gloomy out- look of the fisancial situetion. Spiteofrain and mud and gloom, however, Wall and Broad and Nas- Sau streets were throaged with people in almost every condition of life. The news of the day pre- vious had gone all over—sach news, too, as comes home to every man who has any stake in the country. Rumor, wlth indated wings, went abroad breath- Ing the startling whisper of “panic’’ in the banks, and this was canght up and exaggerated beyond measure, till every man with a penny anywhere invested felt instinctively alarmed, however his reason might be convinced of the strength and stability of the country’s wealth and resources, New_York laid down to uneasy slumbers last evening. A sum of twenty-five failures in the course of four hours was A FEARFUL REOOKD TO CONTEMPLATE, and made the minds of many men whose equa- nimity is not easily disturbed troubled at the pros- pect, The cool heads of the street paused to fathom the length, breadth and depth of the disas- ter, and took heart at thinking that after all there ‘was less cause for alarm than the visible tokens of panic indicated. They reasoned that this crash, far from being unexpected, was plainly apparent and inevitable to anybody who had taken the trouble to observe the course of certain prominent banking firms during the past fow years, When banks go outside of their legitimate fleld of operations and undertake great pubiie enterprizes with the funds of their confiding depositors they become no better than the reckless and unscru- pulous men who, from time to time, in places of public trust, use the funds commiteed to their charge for purposes of hazardous speculation. When all has blown over—and the bope is that few innocent people may suffer—the evil of yesterday will be found to have been productive of good. Banks will hesitate to engage in advancing large sums of money to Paper railroads beginning nowhere aud ending nowhere, asthe phrase foes, Examples of the recent past are pregnant with the teaching that ruin Waits upon the policy of banks stepping outside their legitimate vocation to take exclusive hold of undertakings that have only the prospect of problematical success, THE BXCITEMENT OF THE DAY was not confined to the street, It spread over the length and breadth of the city; but, fortunately, as this people seem schooled to financial em- barrassments, there Was mo such panicky feeling created ss if the crash bad no precedent Among us in the past. As eels, they say, grow sed to the skinning process and endure It with serenity, 60, 1t would appear, the people of the United States can aiford to bear patiently with the vagaries of Wall street banks and speculators, In the columns that follow this introduction of the day—the not inappropriately named Black Friday No, 2—will be found copious accounts of all ‘hat has happened so far. Tne scenes in the brokers’ offices were of the most éxciting charac. ter. It was & reguiar field day for this class of people, and they made the most of it. The run on the Fourth National Bank was one of the stirring Incidents of the day, and was watched by numbers of people with intense interest, The frm of Ver- milyea & Oo. give a statement in. con- tradiction of the rumor of their failure. A singular spptieation was made by tne correspondents of suspended firms to the Post. master General, requesting the return of their let- ters. The reply seut back was that no authority exits for complytng with such a demand, A num. ber of interviews will be found with the principals of the suspended firms, and it wiil be observed that @ Toneral tone of cheerfulness per. vades the minds of those men who have unbappi succumbed to the pressure of the hour, @re quite unanfmous in asserting that their bus! ness was one of commission, and that they acted Dot for themselves but ior their clients, The scene in the Stock Exchange was one of those wild, frenzied exhibitions that periodicaily occur tn that remarkable institution, and are the wouder and bewilderment of the stranger, THR OROWDS 1N WALL STRERT. From the top of Wall street at Broadway down to the corner of Hanover, there was oue mass Of men on either side of the tho hfre, Transversely from the Post Office along Nassau street, down Broad to Exchange Dace was another dense crowd moving slowly hither and thither. Weaving in and out like shucties I were the busy Spd ey t, aodgi oups ere and uating 6! se lVOR ugh the moving muitivude with considerable dexter- The people on the sidewalks for the most part @ &@ bewildered expression, as if they woented something mysteriously portentous in the air, knew not what it meant, but satisied them- selves it Was iraught with staruing and perilous NEW YORK HERALD, SATURDAY, SEPTEMBER 20, 1873—TRIPLE SHEET. effects. That part of Wall street at tho corner of Broad was the chief centre of attraction, Men stood gll around the guadrangie formed by the junction of the streets, and talked nervously or quickly, as temperament or interest cou ed, ey LINRD THE CURBSTONES Up and down this vicinity, and, to & sti er, would give the impression or an gesomnbings anxtous! Waiting the appearance of some public Spectaclé on the streets. So large and singular & multitade—for the most part shielded by umbrel- las—must have possessed certain striking outlines ‘to the ore} for, bigh up on the stone balustrades of “the . Sul ‘Treasary were numerous spectators, in the midst of the belting. rain, gi down Upon the scene below with as much rapt curiosity as if they wore seated in the gallery of a theatre watcuing a series of transformation per- ances, rm ‘The building containing the bank of Coo! Co, wag scrutinized with as keep an a ae it it ho been the theatre of some ab- Nobody passed without bestow- rest dy. Aung is. Of course it was closed, ing a look upon esterday afternoon the reporter again called at the bank, when Mr. Calhoun stated that his tablisument had paid out that day about $300,000, nd for the accommodation of the customers pank- ing hours were prolonged until four o'clock, and even later, in order to facilitate payment and certification of checks. At thi named hour the doors of the establishment were wide open, and while the reporter was present a check was certified. Mr. Calhoun states that the bank 1s able and fully prepared to meet any and every demand that may be made upon its resources, The Union Trast Company. On the failure of Jay Cooke & Co, becoming known, on Thursday, the Union Trust Company ‘was, by some means, connected with the suspen sion. Very little alarm, however, seemed to exist in the minds of the depositors, and no extra de- mand was made upon them for extensive pay- ments. Yesterday, however, when affairs began tolook as squally ag the equinoctial storm and fallure upon failure was announced, a perfect panto thatthe face of a clerk occa- tlonally "appeared at one of the windows with @ look of supreme self-satisfaction, the public euriosity were centred iu him hig all wos quiescent and forlorn within. There are stout fron railings extending along the tront of some ofthe basement brokers’ offices in Wall street, and these railings were made yesterday to serve as perches for cipey Ie pgp we ihe streot e70) are, always disposed to give gratuitous inio) fnaucial Thuttors to the inexperienced. Essays on stocka, &c., were furnished to little GROUPS OF GAPING STRANGERS along by the iron railings, and this, as one of the features of the Btrect, Was not the least interest- ing. The broken down operators of long ago, with no money in their pockets, like to live their days over jn in periods of such excitement, by spiu- hope to regume early. iad ning yarns about past speculations and uttering Repaeroys predictions to those who are willing to isten. The entrances of the Stock Exchange on Broad snnin. Won streets mere. neras (0 soqu surrouns jcemen were Cbg: order and prevent an indiscriminate rush to the public gallery. THE RXCITEMENT AT NOON, At noon, when the news ol the failure of Fisk & Hatch went abroad and spread all over like a rairie fire in August, the street was exoneaay 11, locomotion was slow and made awkwara by the multitude of umbrellas, A mob disposed to re- volution might have been dispersed by the heady. soaking rain that fell in the afternoon; bat th! mob, affected where most vulnerable—in the pocket—cared not @ row of beans for Tain, nor thunder aud htning. As a rulé, the financtal upheavats in Wali street attract a crowd to the main front of the Gold or Siock Exchange; but the great flurry of yesterday Magnetized people to very remote places. As far away as the Post Uffice were hundreds engaged in discussing the situation, and out on Broadway, along the line of tho insurance offices, moneyed men fingered their watch chains and talked — incessantly the impend- ing panic, All the restaurants and drinking saloons were well patronized. special 80 was Delmonico’s haven of refreshment, Cham- agne Was Lot particularly conspicuous, but whis- eee played. prominent part in making the talk over the cause and effect of the day’s disaster clear ae mud. TNH FISK & HATCH COLLAPSE. When Fisk & Hutch were known to have caved in men looked up at every well-known sign along the streets, and speculated whether such and such a one of even high and tried credit would weather the storm and come out right side up. There was great talk about Henry Clews & Co. Now you heard that he was “bu’sted,’’ and again that he was as solid as the Rocky Moun- tains, dreading nothing, and with means to tide hum over the collapse of the Treasury itself, Ru- mors came thick and fast upon the wind of this house and that tottering toa fall. ‘If not to-day, to-morrow or the day after,” seemed to the tenor of much cold-blooded speculation, To say there was one universal appearance of bewil- derment in the ranks of all that great mass of money¢d men who went down to Wall street yes- terday, and migbt be sald to represent the fnan- cial brains of the country, would be exactly cor- rect. It was not A FEELING OF PANIO, such as overcomes an army and passes beyond human control. This was morea sense of tem- porary stupefaction and amazement, banishing for @moment the faculty of calm reflection and dis- torting the reality out of proportions. Men were overcome with astonishment at a series of fatiures so large and ected, bdear- ing in mind how great the country’s Wealth and how exhaustless its resources. But a little reasoning showed how plainly inevita- ble the crasn that occurred, yet the natural im- Pulse to alarm and anxiety was too strong for the ime being to be restrained, and the uninitiated many who came to see Wail street in Its agon; Went away full of the dread phantom of panic an une. sppeared to seize upon depositors, and a vigorous run commenced upon the concern, Broadway and Rector street were lined with anxious people. The steps leading to the banking house were literally packed, as was also the inside of the bank. Cap- tain Lowery, of the Twenty-seventh precinct, and half a dozen men were required to keep the surg- ing mass in order. The officers of the institution houored every oheck presented, but the cashier or paying teller did not seem to exert himself much in his movements and mado haste but slowly. Smaitdemands were paid in currency, while larger drafts were paid in checks on other banks, The President of the Trust Company was not at the bank, or he refused to be seen. One of the officers—or at least he said he was an oficer— from behind the wired grating of the office, whee at @ desk was seated Augustus Schell, said tos HERALD reporter, In answer to an interrogation ag to the liability of the Truat Company :—‘“We are able to pay two doliars for every one we owe, and that without asking any favors from anybody.” An excited depositor, who was not in line, held a pass book in his hand, and offered to give a hand- Some sum to any one Who would get the $5,000 he had deposited in thia bank, But, like the Fourth Nauional Bank, the Union st_ Compan: pee until the last moment, with the difference t! the latter closed business at three o'clock. The Status of Vermilyea & Co. Frenzied people on the street, who, in their wild, disturbed imagination, have. no regard for persons and institutions, mixed up the name of Vermilyea & Co, among those who failed, The writer called at the office of this establishment, which, like other banking houses, was filled with people, either cus- tomers or spectators. Mr. Vermilyea. the senior partner of the firm, although very busily en- gaged, nevertheless found time to receive the HERaLpD reporter very kindly, and to assure him that there was not a tithe of trash in the report. ‘Our house,” sald Mr. Vermilyea, ‘is a8 sound as ever, and there 1s now & measure on foot, the particulars of which I can- not impart to you, which, I trust, will abate the existing panic. It 18 no use to disguise the fact— to-day’s affairs are a decided panic. If our plans work right, matters will rest right here, If not— here Mr. Vermllyea paused, md, being asked by the reporter the alternative, he repiied—then will follow a general suspension.” Stopping Letters to Suspended Firms. Numerous telegrams bave been received by Postmaster James requesting him to stop the de- livery of letters addressed to Jay Cooke & Uo,, ‘which Mr. James wes compelled to decline, fortuly- ing his action by the ruling of the Post Oiice De- artmen in the ease cited below and the section fr which reads;—*‘After a lester has passed from the mailing office the poltvery of it cannot be pre- wee or delayed by She allened rler letters containing remittances 86) could be recalled ad dibitum would be damagin; debtors gladly liquidate their Habilities, unscrupulous men, who have for- ‘warded remittances prior to learning of a suspen- sion, might recall their letters and contents, and, 4f delivered up by the Post Ofice autvorities, ten: 0 embarrass failing house stil! more. ‘A PARALLEL OASB ocourred last February, which served ® prece- dent in the above, as will be seea by the annexed nd = Raby RYE Borraro, Feb. 11, 1873. troubled with the fancy of @ universal crash like that of '67, AMONG THE — AND BRC- Panio, despair and ruin were stalking abroad among finances and financiers yesterday, and it veritably looked as if the bottom of all stability had dropped out and the substance been left to Moat of on the sea of destruction. It may very properly be said that the business of the day, yesterday, began at an earlier hour than usual, Restless and wueasy spirits, who had time to cogitate over night on Thursday's memorable events, happenings which engulfed one of the most honored and trusted financial firms in the wreck of suspension, if not bankruptcy, hied to their places of tradic earlier than usual, in order to be timely observers of the cowing battle, and maybap in all probability take an active part in the struggle. Scenes in Brokers’ Offices. Ten o'clock was anxiously awaited, and the various bankers’ and brokers’ offices were filled with either customers or curlosity seckers, The stock indicator was jealously watched for the tni- tial announcements of quotations. The first click set everybody in motion, and in order to facilitate information to the assembled mass, some one in the crowd read off the fgures as the instrument tele- graphed the facts. Half-past ten arrived, and the news spread like fre among dried grass on a prairie that the great house of FISK & HATCH FAILED, Dismay was depicted on every countenance, and to the credit of these sordid speculators be it said, that a great deal of sympathy was likewise ex- pressed for the mis/ortune of this popular firm. On all sides the question was asked, how 1s it pos- sible that such a house must go under, when {t was thought to be as firm ag a rock. Great heavens! who next? And where is all this to stop? The whirhgig of time rapidly revolved, and, at ated periods, another and yet another failure was announced. The annotator of values ground out in doleml ticks the depreciations in stooks and securl- ties, Western Union, irom its rapid downward tendency, was the most observed, and its twenty per cent tumble since Thursday was the wonder- ment of the operator. THE CROWDS IN THE BROKERS’ OFFICES, were composed of & most heterogeneous mass, Operators in securities, as a matter of course, pre- dominated, but a very large portion of the assem. blies included many prominent merchants who looked out of place in such a Lesonethef and it could be readily seen from their frantic manner that they were totally unused to scenes of excitement, Their demeanor showed @ vast contrast to the im- mobility of the habitud of the Stock Exchange, The countenance of the latter was a8 placid as a rivulet under the moon’s rays, while the former was Dushed and overwrought with nervousness, GRORGE BOLTON ALLEY & 00. SUSPENDED ‘was the next cry, Those unacquainted with the | gentlemen eagerly inguired who they were. The pedigree of Mr. Alley was very soon recounted by @ knowing one. He was the owner and trainer of the famous trotter, Dexter—a generous hearted gentleman and Vy wind operator on ’Change. War- Ten & Co, Read & Co., Greenleai, Norris & Co., Whittemore & Anderson, Beers & Edwards, Eu- fee Jaskson & Co., and so on through the entire jat of failures, which are fully given in these col- umns, Every fresit announcement of a suspension added to the - opp! lon of the assembled perso. and served to depress financial affairs more and more, The moment for the close of busi- ness was eagerly awaited, ay, as anxiously looked for as a commander ef an ariny closely pressed by the enemy figs for the cover of nignt, to end the fight. After the closing of ’Change it was antici- ee that the panic would subside antl confidence restored in anticipation of quiet days to come. The Fourth National Bank. It being known on the street that Messrs, Fisk & Hatch were heavy depositors with the Fourth National Bank, it was generally thought that this | institation was affected by the suspension of the | firm, This bank has an extensive patronage from brokers, and in such panicky times only a whis. per against the fair fame of a monetary concern Qcts like magic and instantly militates ugainat its credit, Check after check was made out by the Scared depositors, and in I8ss time than it takes to describe it the banking house, corner of Nassau and Pino streets, was besieged hundreds of @nxious persons, each one having in his hand the slip Of pay upon the bank for payment was wrivter yas ths Mm. A8 the mninu tue crowd tucreased, and in wanort “uline the spacious banking oor was iilled to repletion, and {t became necessary to send fora number of police- men to regulate the crowd. A cordon of the Knights of the Locust was ostablisued in short order and 4 post line arranged in which to approach the cashier's counter. Mr. Calhoun, the Presideat of the bank, was sought by @ HERALD representative and found in his ofice, surrounded by Mr. George Opdyke and other weil known fi gentienan, ir. oun deprecated the su; won that the sudden demand for deposits was anything like a run, and he characterized it only as an extraordl- nary desire to have small checks certified for cur- rent business and to meet payments of stocks and securities, 9 rapidly changing hands under the prossure of the existing Danic. At five o'clock Pe lastsen, Now Yor ba tay ted Mills & Gibbs, 419 Brosdw yew oor directed 268, ted this way, New Yor! » pam ost Pot bs ld Fins? NATION! BANK, General Jones, the Postmaster of New York, tele- graphed to Washington for instructions, which elicited the following reply :— Post Orrick Daranrurnt, } ‘Agminaton, D, ©., Feb. 17, 187% Posrmasren, New York City :— Sir—In reply to your inquiry of the 14th inst. you are informed that, aftor a letter leaves the wailing oftice, it passes from the control of the writer and must be delly- Cred to the person addressed. Should, however, that party not be found tho letter will be returued to the bender. either through the Dead Letter Office or In. ac- cordance with the return request, if there be such on the enyelope. This ruling applies as Well to registered as to ordinary letters. The telegrams iorwarded by you aro herewith returned, in order that you may make the re r Ully,,, proper reply thereto. Very j uy TRRROLL, ‘Third Assistant Postmaster General, AMONG THE INSOLVENT. FIRMS. Reporters were sent to the various offices of the brokers and bankers who yesterday suspended to give a correct estimate of the general feeling of those who were in this unfortunate position, The feeling among these gentlemen seems to be much more buoyant and hopeiul than could haye been expected under such disastrous circumstances. Men seemed to feel that there was a better time coming, and all the people seen by our reporters said that they thought the present trouble would pass over and leave in afew days few traces be- hind it. Brokers, when they converse en the subject, tell their side of the story, and very possibly give it a rose tint which subsequent developments may destroy; therefore their statements must be taken with the necessary grain of salt, That underneath all this there is the most widespread terror, that the panic may continue and make durable what in some cases is now only temporary ruin, can hardly be denied by the most sanguine. Almost all those who failed yesterday went down to their offices confident that no trouble would happen them. But the crash was too great for them, neverthe- less, and the same story may be repeated to-day, @ud probably will be. Interview with Fisk & Haten. A reporter who called upon this firm was véry kindly received, Mr, Fisk very kindly offered to give the particulars of his firm's suspension. He substantially mado the following statement :— “When We opened our office this morning we did Not suppose that we would be called upon for the immense heavy payments of loans which subse- quently came tn. Panic reigned supreme on the Street. The financial standing of many houses was impugned. A sudden rush was made upon us. Call loans of one and & half millions were Presented which could not be honored at the mo- Ment, owing to the scarcity of money, and we were compelled, tn self-defence and for the benefit of our creditors, to suspend payment for the time. As soon as this announcement was made on the street the rum commenced. It is im ple to obtain money on any kind of collaterals, and we could not afford to sacrifice our securities. Several bank oillcers well informed on the existit nic, who called on bo were consulted the probability of obtaining funds to meet payments, and it was impossible to obtain any encourage- ment from this source; hence our suspension.” “The report on the street is that your house was peer Boe ee wl Ke, aod stock of the esapeake an 0 road Com) of the Central Puce.» ean? 48 Also cted large business in the ne he id. We havo iy; in of the latter we disposed of about $40,000,000." « panid precipi ted oY jostercays fatlares completely unsettied the markét for all securities. All Kinds of collaterals were thrown gn the mar- ket; In fact, public confidence was shaken com- letely in financial matters, and the tempest that lowed conid no more be stayed than a heavy: tide stemmed by a frail craft. We are too mucl hurried now with explanations to callers to make any detailed statement. @ day or two, of 4s soon a8 wo can get at the bottom of our affairs, we will make @ full and complete statement to the public, All we want is time, so a8 not to be compelied to sacrifice our securities, and we hope that we shall be enabled to pay 10¢ cents on the dollar, Thus jar the kind. lest feelings have been expressed to us by our friends and creditors, and customers who have dealt here and whom we did not personally know came in and offered us not only their sympathy, but also all the time necessary to straighten out our affairs.” Messrs. Fisk & Hatch, on having determined to suspend payment, issued the following card, a copy of which was transmitted to ali their creditors :— Orrick or Fisk & Haron, No. 5 Nassau Staxer, Pi Naw Your, Sept. 19, 1873. 3 it to be compelled to announce the bn of our FD, oceasioned by our inability to eet at once er ry the heavy demands made upon us for loa! deposits, on account of th existing financial disturvances and thé widespread distrust occasioned by the occurrences of the past few days. We shall prepare, aa sgon as possible, a fw statement wih of our affairs, whic! ibinitted to our erditor "inthe meapelase roast your ki forbs ry 0 4, forbearance, an express the hope that we may be to make mich an justment or our affairs that no ultimate loss will be sus- fr Very respecttully yours, FISK & HATCH Interview with C. D. B. Randolph. When a reporter called in to sce Mr. Randolph this gentleman was seated in the rear room of all of his oMces, upon Nassau street, in conversation with several gentlemen, talking, no doubt, upon his own affairs, He sald, however, that he could 8e¢@ no objection to telling things just as they were. ReEporTER—| wish to know in brief the reasons of your suspension. Mr, RaNDOLPH—It is about the same story, I pre- sume, that all of them would tell, I was taken un- Swares and was really obliged to give up. Indeed, T carried things on too far. If I had given up the ship a little sooner matters might have been bet- ter than they are at present for me; but I had re- solved that I should keep up to the last. My failure was precipitated by the fact that the Fourth National Bank did not certify our checks in time, which caused a rush upon us, But chis ‘Was only the straw which broke the camei’s back. Earlier in the day I had been surprised and pained to receive a telegram from a person who was look- ing out for money ior us, stating that a man who owed us money—a large sum, and he a per(ectly good man—could not come up with it in time to do us any ood. ‘the fact 18, one can hardly conceive the diMeulty of getting money until be ia placed in such a position as 1 have peen to-day. In ordinary times you can always get Money, though sometimes you may have pay enormous r but to-day we could not get 8 for it; money at any price, it was not to be found, Some people,.no doubt, had money, but they distrusted the market, and shares to-day wore of little more to-borrow money upon than mere waste Paper, it 18 generally supposed that you a 4 relationships with Tron Scott, and that your-Jatiure will affect Pennsylvania Central. How is this? Mr. RaNDOLPH—These reports are entirely false. We have no business reiatious with Tom Scott whatever, pers Mr. H. W, Beckiey, 18 the son-in-law of Tom Scott; but with our house there is no conuection whatever. If sucha matter as this affects Pennsylvania Central then there can be no question that the street has gone crazy. Tom Scott is at present in Europe, and knows nothing of our trouble. We have not applied to him to relieve us. It would be of no use for us to go on-at present, as there is no telling what is coming. RerorteR—Do you expect to resume ? Mr. RANDOLPH—Of course we do. I would not say a5 much as I have done if it were otherwise; but how soon I cannot say. This matter makes me feel shockingly, as | could not have antic.pated it for a. moment. What the future will bring forth a8 noe know. Let us hope it will be an improve- en! The interview here ended. faterview with Gr leaf, Norris & Co. This firm, ono of the best known and oldest in the street, failed at an early hour in the forenoon. After that of Fisk & Hatch the suspension of the house was'one of those most noted. During the afternoon.a HERALD reporter called upon Mr. Norris and had a short interview with him, It ran substantially as follows :— REPORTER—Were there personal speculations, or was it business on commission that caused your suspension? Mr. Norrrs—Our firm has not done any specula- tion in stocks on its own responsibility for ten years, Our business is entirely on commission. But I wisn you would simply state that we have suspended, REPORTER—Your reputation ts too well known to pass over your suspension go lightly. Mr. Norgis—Well, 1 guess we have always stood well. Ishould like tosee the man who would say otherwise. Our reputation has always been first class and we have never done harm to any man. We were not carrying many shares at the time of our suspension—about 3,000 or 4,000 for customers. ‘When the break took place they failed to respond and then we closed our doors. In.fact, our sus pension was a mere matter of prudence—no, I ‘won't say that; but I mean to say——— Rerortes—That if you had pleased you could have beid on longer? Mr. Norgis—Undoubtedly. But in the state of ‘things as they existed this morning it was useless and would have been folly, It wgs the wiser and more honest plan for all parties that we should suspend operations. We shill, I hope, be able to settle up our affairs in a few days and resume ‘business. But until then. I should prefer as little paplicity as possible being gree to. our suspension. e have always A No 1 onthe street, and this isa blow. But it was go sudden and unexpected that there was no way of guarding inst it, As things at present stand we are looking over our books and prepar- ing @ statement 93 quickly a3 possible. Consider- ing the aspect of ti all round, I do not look upon the situation as being as bad as it wight be. Interview with A. M. Kidder & Co. A reporter calied at the brokerage office of A. M. Kidder & Co., No. 4 Wall street, and saw Mr. McCiel- lan, the partner in the firm. Mr. McClellan was quite willing to make a'statement of the aifairs of his firm. An interview then followed. RerorTER—What has caused your suspension? Mr. MOOLSLLAN~It has been caused altogether by the sudden depreciation fn values. When the fall came up today we called upon our clients to come up with their margins, but in a majority of cases they did not respond. Infact it was im- possible for them to find money in the present State of the market. Besides that, many of them are in the Weat—in Chicago and Cincinnati—aud cannot be got atimmediately. The great majorit; of them are entirely good and will make goo the margingupon their stocks, Another reason of our Jatiure is that we had about 4,000 shares of stocks thrown back upon our hands which we had expected to realize on. We sent them out yester- —, ‘Qt the regular price, and the parties were un- able to P y for them, This, of course, made them Buspend, Dut it put usin no better position, and, having this large amount of values thrown back upon us, we could only sell at the mar- ket price and a great decline, and _ this of itself was enough to cause us to suspend, However, 1 think, we shall have all our troubles settled up In a few daya and may then be able to resume business. Ina panic such as this we cannot count on anything as certain, but of this rest assured, that we did no business on our own account, and did not personally own a single share of stock.” Interview with W. H. Warren & Co, Shortly alter the suspension of this firm, which took place in the forenoon, a reporter called upon Mr. Warren ond asked him the usual question as to the cause of his suspension, Mr. Warren said:— “1 don’t care about making any long statement about our affairs, but the main cause of our trouble has been that we have been holding a large amount of stocks on margins for customers, and to-day we found that our clients were not coming up with their additional margins, and we suffered in consequence. Our suspension was in this mauner forced upon us. The whole troubic ‘took place this morning. Yesterday we had no idea that we should be in any trouble, and it came upon us like a clap of thunder. ReEPORTRR—What stocks did yon principally hold? Mr. WARREN—Our largest losses have been on Western Union, which was affected so much yester- day; but we had a whole line of stocks which haye cee to-day to even a worse dogree, BYORTER—W iat hope have you of a fesumption? Mr. WARREN—It is at present impossible to say, but I trast that things will short: ue ant that we sball get out o/ our trouble. In a panic like this the end cannot be foreseen, and we must almply awalt the turn of events, Interview with Beers & Edwards. Areporter called at the office of this firm, at No. 38 Broad street, during the afternoon, and found Mr. Beers playing checkers with some gentleman and taking matters very philosophically. The gentie- man rose when the reporter entered; and, in answer to a question as to what the reason of the trouble with his firm was, Mr. Beers sald:— “I can only put it down to a general shrinkage in values, We had no personal interest in the stocks which we held. They all belonged to customer who, a8 you no doubt found in other cases, failed to come up with their margins. I should have been able to get over the trouble if I could only have borrowed money. But Ifound this perfectly impossible. I travelled ail over Brookiyn this morning to the banks and 1n- surance companies, but they would not lend money n stocks at all, deeming them insufficient secur- ity. When I found that money was so tight and yalues so doubtiul { thought the best thing to do was to suspend, HerontTEe Did you make no effort to find money in the street? Mr. BaERs—NO, it was useless. There was offered less on the street for money this morning—144 and 2 per cent a day, and the value of cash was further proved by the fact that Western Union was Sold in the Stock Exchange at 7334 regular, and {t was offered at 70 for cash, making ac- tually the value of money 344 per cent per Rs in view of tuis state of affairs [ found it torposaible to carry our stocks any longer for customers, and gave up. Whether it will be temporary or not I cannot at present tell. Interview with Smith & Seaver. A reporter called at No. 6 Wall street, during the afternoon, upon this firm, which had failed during the morning, Mr. Seaver was seen and he said:— “This guapension of ours is only temporary. We Shall be all right by Monday. We had nota cent of borrowed money, and so we don’t owe anything | in that way, Our suspension was caused by the insuMctency of the margins on the stocks which We held for customers, We had not a share bought on our own respousibiiity, It was all for customers, Weare in no way what cau be called a clique or pool house. Pays tered ear < be very certain, Mr. * » Can ne: in ene paren’ Siese of be marker ene aie ir. SEA we have 68 ee pote set us all right. but which Wwe could not reach to-day, a palitaa you hold any particular line of }OC! Mr, SEaveB—No; we had all kinds and just as customers wanted regs may say thai 9 we are certal resume an morrow—Saturday. ae dhl Interview with Hay & Warner. A reporter went to see the members of this frm also, and met Mr. Warner, a young gentleman with great animal spirits, He appeared to ;be in the very best of humor and said he would cheerfully give any information needed. The usual question as to the cause of the failure was asked, and Mr, Warner spoke as follows :— “Z had not the slightest idea when I left the office last night but that we were ina perfectly sound condition, I even came down at eleven o’clock this morning, thinking that matters were safe. However, when the panic assumed such enormous proportions I telegraphed to several of our largest customers, notifying them of the con- dition of affairs, The answers that I received showed. me that it was entirely useless e. further remittances to-day. I then sap anette cnaidaa of affairs was and made up lay mind that we had to “bust.” Even mapy of our customers in town did not come up in time to gave us from breaking, I suppose, however, it’s ali right; all our customers are men of means who will not go back on their engagements, but who will meet them just as soon as they are able, It was their inability to find large sums of money at a moment’s notice, which reacted on’ us and caused our suspension. We have never owned a doliar’s worth of stock in our own name. Our business was entirely a commis- sion one, and We can no more be blamed for the suspension than can our customers for not helping us out of a difficulty which they could not foresee. Ihave just made up our books and find that mut- ters are not 60 bad as I expected.” Interv: with Day & Morse. Areporter calléd at the: offices of this firm, No. 16 Wall street, and saw Mr. Day. This gentleman stated that the failure of his firm was inevitable from the moment that it became apparent that customer’s margins were insufficient to meet the general siirinkage in values, ReroRTER—Can you inform me whether you Operated in any particular stocks? Mr. Day—On our own account we operate in no stocks, but for our customers we find that we principally held Vanderbilt stocks. You are aware of the fearful fall of these and it is not sur- prising that the margins upon them, as held by us, were inguificient. I think that this trouble is only semporaty, and we shall be able to weather it in & few days I have no doubt. In such a panic as this ig NO real stability about any house. Some ly More unfortunate than Others—we hap- among the unfortanates. er are pen to Interview with Vernam & Hoy. Areporter went to see these gentlemen at their Offices 34 Exchange place. Mr Hoy readily re- sponded to the invitation to state the causes of the disaster which had overtaken his firm. The trouble with him was rather different from that of others. He said:— p Our dificulty nas been caused by our inability to Praise money. We had a large amount of loans out. Yesterday I went into the street and borrowed money at one-half per cent, but to-day I could not it it at any price on Be- curity. The” ‘$100,000 T norrowed the,” day tell you, I could not repeat this operation even though I had been willing to do so, and there ‘Was nothing for it but to suspend. I told the Upland who had given me the loans to hold on the stock for @ day and I should then either authorize them tosellout the stock or should make the leans good. Very few of our customers have proved derelict, and, irom the examination which my partner und myself have just made of the books, not a single customer but has given us ample margin to cover his investments. We are, then, perfectly secure on this ground, and will no doubt be able to resume ina day orso. Had we been able to cover the loans we should have been solvent to-day. Interview With Fitch & Co. A reporter called at the offices of this firm at No. 19 Broad street, and saw one of the younger Fitches, He stated, and was afterwards sustained by his father in hts views, that the firm waseutirely & commission house and did no business but for clients. They held a large amount of stock on ac- count of customers, and their trouble was the same as that of all the others—according to their own account—want of promptness on the part of cus- tomers to cover their speculations with proper margins. They also said they believed their dim. culties were only temporary, aud thut they would be able to resume operations, Interview With George Bolton Alley. The suspension of George Bolton Alley & Co., No. 11 Broad street, was announced on 'Change at a quarter past eleven o’clock A. M. On calling at the office of this firm, Mr. Alley stated that the un- heard of decline of all kinds of stocks and securi- ties caused their failure. He satd, “Our labilittes are very small, and if we have only half a show our suspension will only be temporary.” Mr. Alley seemed to be very much depressed and felt ms misfortune keenly, in his opinion the “bottom of the market bas dropped out,” and he predicted many more and moie important fail- ures, The exact account of the liabilities of this firm could not be ascertained, as their affairs are not im apy condition to find out at once, Interview with White, Rathbone. In answer to the question addressed to one of the members of the above firm the facts elicited were the ‘oit told tale’’—the general depression in stocks ¢n1 securities, The gentleman sta.ed that up to this (yesterday) morning they were solvent, and had every hope of going Do Freitas & on with thoir business, but the sudden bresk in stocks of the morni rendered their efforts tutile, and, being unable to meet the calls made upon them, they were compelled to an- ounce their suspension on the Stock Exchange. Western Union bad not much to do with their aimi- culties; in fact, they could asoribe it to no particu- lar security, only in general terms. They hoped that thelr embarrassment was pal temporary; and if proper time Wéfé granted them by their creditors the firm would ve on resume busi- ness. Their labilities were comparatively small in comparison with their assets. Interview with Jacob Little & Co. ‘This firm, a successor to the old and well known house, has been in business for seven years as a Tather important tnstitution. The reporter saw Mr,.0, W. E. Schack, @ member of the firm, who said that theirs was an entirely legitimate banking business; that they were in no way mixed up in pools, corners or anything of that description; that their suspen- sion was due to the impossibility of getting money even at ruinous rates, and that with an improved and firm market no doubt they would be able to resume busincss ot an early date, Other Failures. Among the other suspensions were Whittemore & Anderson, bankers, No. 31 William street, whose failure was caused by “the tightness of the money market; Thomas Reed, No. 6 Wail Street, whose suspension was owing to the insuMiciency of margins on the great shrinkage of values; EF, 4, Jackson, No, 66 Exchange place, whose failure was due to the ( je gauaes: Theodore Burdell & Oo., who stated nat their early resumption was probable, their failure having been caused by the temporary tight- ness of money, and William ©, Connor, whose movements during the day were among the many unfathomable mysteries attendant upon the panic. SCENES IN THE STOCK EXCHANGE. een Here it was thé tragedy and farce of the day were enacted. Such a frantic, bellowing crowd was Hever seen in the wildest days of the war, The Stock Exchange has @ noble altitude ot interior, a great vauiting roof, that springs upwards to @ focal point in the middle of the ceiling with astrength and grace not often seen so happily blended, Over the expansive surface of the ceiling @ brilliant Mourish of colors in ro- nalssance design is spread. in the centre of the ceiling is @ cluster of gas jets, and yesterday they iliaminated the duil and murky at- mosphere with @ golden light. At the end opposite ig @ gallery for the public. ‘ta, and it is weil there are not, for eager throng of spectators that pent forward to view the counterielt of Pandemonium on the floor wor have broken benches of cast fron had they stood in the way. Behind the Taised desk stood the President of the Board, er his strong tenor voice out ever and anon over the warring tumult oO! sounds beneath and ground him. At either side of him were several demure gentlemen seated at Clerical duties, and two large biack boards stood off to the rigs and left, bearing in chalk marks the figures incessantly fluctuating stock quotations. Tele- graph wires connect the Exchange with thousand indicators throughout the city led into the great hail, and the figures, big with pregnant meaning to many, were momentarily Nashed lar and wide. On the wide, capacious floor, unobstructed by pillars or furniture, save one small sate, whereon @ large basket of flowers rested, the wil mob of brokers and broker’s clerks surged to and fro, filling the immense space above them wits reverberating sounds of most unearthly melody. The floor ia portioned off to twenty different groups. Here we have one toss- ing New ork Central to and in this corner. Near another howling over the mercurial fate of Wabash, Northwest is jump- ing up and down, as if aMicted with St. Vitus? dance. In the middie of the hoor is Rock Island, going dowa like a burned out rocket and springing Up again like a lark. Pacific Mail is beaten witl clubs im a remote corner, Harlem ts rising lke 8 silk balloon inflated with pure hydrogen. Other stocks are going up and down and all is extreme noise and contusion worse con-~ founded, ‘The roar of voices 1s like the tumult of the sea in midwinter on a lee shore of coral roc! and it is heard faintly in the street as it rises an was through fin dors and windows. The spec- ight tan ‘The uninitiated apprehend every instant a among the mob, They square off at each other, they shake their heads; they scream and yell and violently filng their arms around, till the whole scene is that of bediam ~* and pandemonium, Blackwell's Island and Reddy the Blacksmith, broke loose and struck with lightn- ing. Yesterday was truly a great day in the Stock Exchange, and it is to be hoped we may never look upon its greatness again. MEETING OF BANK PRESIDENTS. Anout noon the excitement which prevatied on the street after the announcement of the failure of Fisk & Hatch, was intensified byia report that a formal notice had been sent. out to all the bank presidents in the city to attend a meeting at the Clearing House, when the panic would be dis- cussed and measures taken to/prevent it from be- coming more general, A notice of this kind was quite naturally enough taken as evidence by nine people out of ten that the crisis had, indeed, reached a point that was truly alarming, and for a short time there was not a banker in the street who did not show SYMPTOMS OF FRIGHT. It was finally ascertained, however, that no formal call had been issued by the Clearing House for a meeting of the bank officers; but that, at the sug- gestion of two or three ofthe most prominent bank presidentsin the city,'an invitation had been sent . out to others to meet them at the Clearing House, in order, in an informal way, to discuss the situa- tion and compare views, This absence of ail for- mality in the matter went@ great way toward aliaying the apprehensiom-which the frat rume asto the origin Of the meeting had created, am everybody consequently breathed more freely. THE MEETING was held about one o'clock, in the rooms of the . Clearing House, over the Bank of New York. There were twelve bank officers present, every bank which has intimate dealings with Wall street being represented either by its President or Cashier. Tae situation was fully discussed, and before the meet- ing had been over a quarter of an hour in session it became evident that there was by no means a unanimity of feeling as to the io among the Officials. Several of tho gentlemen declared it as their candid opinion that it was but a passin; storm, and that by to-morrow at noon there woul be a clear sky and fair weather in financial circles. THE BANKS NOT SCARED, ‘They fortified this view by showing that the banks were, one and all, confident, and that, de- spite the terrible strain that had been put upon them, to lay the excited state of public feeling, not + one of them had given the faintest sign of weak- ness. Among those present was one of the officers - of the Fourth National Bank. On being questioned as to the reason of the crowd about the bank doors all day, be said that the bank was all right, and that most of the parties who had catled at the institution had called to get checks certified, Other parties had become ex- cited by idie rumors that a run was being made on the bank, and because of the throngs that had gathered in its immediate neighborhood. The question aa tothe probability of the savings Danks getting drawn into the whirlpool waa touched upon incidentally after the meeting bya | few of the officers who had taken part init, and , one of them, a president of a bank in Wall street, ° { remerked, “I cannot see why they should become 1m apy way involved. The panic has been brought about by matters with which TAH BAVINGS BANKS have had no hand whatever, and there ought to be no apprehension as to them at all. It would be cruel on anybody’s part to start even a rumor as to the possibility of their getting in any way mixed up in the present troubles," The meeting of the bank officers finally closed after definite action had been taken, the full por- tent of which can be pesnen from the following resolution, which passed unanimously :— | | Resolved, That a, committee of five be appointed to submit to the Clearing House Association. at a meeting to be held to-morrow, 20:h inst, at the Merchants’ Na- Aional Bank, a plan for measi of ietiel trom the Present stringency. > A PLAN OF FINANCIAL RELIEF. The r of the Cleariug House stated that he was not at liberty to give the names of the committee, in view of the fuct that the meeting was nota formal one. He added that, owing to the diversity of opinion as to the panic bei only a forerunner of greater danger ye to come, which had cropped out during tne meet- ing, it was by no ineans certain that the comiit- tee would adopt any plan whatever. However, if they did adopt one, the Ulearing House Association will have the last word to say in the matter to- morrow; so nothing official can be relied upon as to the future action of the banks until the decision Of the Association is made. JAY COOKE'S CREDITORS. It was announced officially late last evening that there would be a meeting of the creditors of the firm of Jay Cooke & Co. on Monday morning, at eleven o’clock, in Uheir late banking house, at the corner of Wall and Nassau streets. It is then proposed to take some action on the statement of its affairs, which the suspended firm has phe ot | to have ready by that time. This state- ipen will ave & complete é of assets and abilities, and will comprise a succinct account of the firm’s operations in the capacity of fnancial agents of the Northern Pacific Raliroad. This state- ment is looked forward to with great anxiety. Yesterday the membors of the frm had nothing new to communicate. EXCITEMENT IN BROCKLYN. There was nothing talked about upon any side in Brookiyn yesterday but the financial panic which has suddenly fallen upon the money brokers and bankers and their creditors. “What is the latest from Wall street ?” was an oft repeated question on the streets, and the whole tenor of conversa tion was bent in the direction of stocks, securities loans, Mabilities and assets of this, that, or the ‘ other moneyed institution. The trite but ex: pressive terms, another “Black Friday,” and thi » “panic of '57” outdone, also met the ear repeatedl) ‘wherever business men met to converse, The offi cers of the Western Union Telegraph and o1 thi district telegraph companies were kept busy dur ing the business hours of the day receiving an despatching messages to and fro, between Nev York monetary centres and solid men of Brooklyn “Have you heard anything very recently, sir from New York?” asked 9 notvous elderly gentle man of the writer, whi Passenger on a Cour Street car yesterday alternoun, Upon bemg answered im the negative, th. stranger remarked that he was in receipt of telegram from his son, who was an official in Wall street bank, requesting lim to come over im | Mediately, as serious trouble was impending.’ « ae Said the old gentleman, “that my 80 would not telegrapi for me to come over unies Whe necessity IE my prosence was most urgent. @ eve Of a perio ad Ta) period oi great tinancis RECUPRRATIVE RESOURCES OF THE COUNTRY are vast, [am well aware, but this financial feve will ‘spread like wild fire.’ " It is “an til wind that blows nobody good,” an) the current of events which created such a whir | , wind among the paper rep! ting thousands ¢ / fortunes blown away turn out a source of prot to Brooklyn vankers, This latter class of busines men early in the forenoon took from the. Strong iron-clad repositories great bundles « money, all they could possibly spare, and hastil Piggeeded to Wall street, where they loaned it 1 high advantage upon government bonds. The oj portunity for this jadicious investment of the ban funds upon “governments’’ was regarded ag grand thing by the bank ofMfcials, and they wer very smiling, and asserted their opinion that “th excitement would ALL BLOW OVER IN A FEW DAYS, if people will but keep quiet and endeavor to cal the fears of their more nervous neighbors.” tor the Brooklyn banks, they all claim to be “sour as a dollar,’ and do not anticipate any “run” dimculty ‘owing out of the present calay tous condition ‘airs. Despite these ¢ surances, the fry depositors” we beginnin ¥ irda, afternoon to fe uneasy about their slender hoardings in the stro: vaults, and many palms grow itchy in tho desire clutch their money, while wila visions of diss <= ‘Mr. Wheelock. in snowy shirt front and pecktie, | Dearing greanbacks flied their dreams, This fe