The New York Herald Newspaper, September 21, 1873, Page 6

of THE CRISIS. The False Bottom Fallen Out of Wall Street. Clearer and Brighter Financial Outlook Through the Clouds. A Second Round of Smaller Failures. The National and Union Trust Companies Both with Closed Doors. A STARTLING DEFALCATION. Continued Run on the Banks, Lit- tle and Big. ‘CLOSING OF THE STOCK EXCHANGE. Partial Relief from Stringeney Afforded by Purchase of Bonds by Government and by Action of the Clearing House Committee. —r+—__——. SUSPENDED FIRMS ON THE SITUATION. Jay Cooke, McCulloch & Co., of London, Collapsed. Failures Throughout the Oountry Conse- quent Upon the Great Crash. Yesterday was another day of intense commp- tion in Wall street. More important failures @tartied the street, ana between the fast recurring announcements of suspensions came a rumor of a heavy defaication in the Union Trust Company. Fraud and tatlure went hand in hand, The news that the Clearing House threw out the certitications of the North American Bank, the Mechanics’ Asso- ciation and Bank of the Commonwealth, in other words declined to be responsible for the credit of these institutions, had avery alarming effect at first, but a much quieter feeling eventually suc- ceeded. There were the same large crowds as on the day before, perhaps even larger, for the weather was every way desirable, and everybody who had | time to spare made it @ point to look in at Wall street for a moment or two. The phrase, “The bottom has fallen out of the Street,” suffered nothing {from repetition yester- day. It seemed to be in every man’s mouth who had any opinion to give, It would be an improve- ment on the idea conveyed by this expression to say, “The false bottom has Jallen out of the street,’ and the solid one remains for all good and practical purposes. The best experienced men who can control their thoughts at this juncture and look a little before and behind, have no appre- hensions of the future. Frothy speculation will disappear after this crisis is over. Honest and legitimate banking business will be more honored and regarded. Wildcat railroad bonds will be relegated to the sawdust operators. The street will be swept of the decoy ducks who have made our financfal practices the reproach of the world. It will do no good for people to cherish un- necessary alarm over what has happened, and the truth is every way the eye glances something is to be met oO! assurance that the collapse of afew banking firms does not imperil the prospects of the community. The country was Dever so rich, gud the present durry will be soon ended if there is paticnce and moderation in an average degree. In the succeeding coluimns will be jound the fullest particulars of the day’s doings, the trouble with the Union Trust Company, the continued run ou the Fourth National Bank, the suspension of tue | National Trust Company, of the Bank of the Com- monweaith and the emvarrassment of tle Me- chanics’ Association. The principals of the suspended firms and the | presidents of the most prominent Wall street banking firms and the management of the Stock Excl , WS Will be seen, have been intervie | and their opimions and statements given. Mr. Vanderbilt, as may be observed, is not disposed to be too communicative. He is satisfied that the Union Trust Company, unless a detalcation has hap- pened in its accounts, is able to meet its engage- | ments. The following are the names of firms that have failed or suspended :— NEW YORK FAILURES, Jay Cooke & Co,, No. 5 Nassau street, F & Hatch, White, Defrejtas & Rathborne. Beers & bdwards, Eugene J. Jackson. Thonias Keel & Co. W. H. Warren. * George Boiton, Alley & Co, Greenleaf, Norr 8,& Co. Theodore Berdell: Amos M. Kidder, S. H. Smith & Seaver. Day & More. Hay & Warner. Vernam & Hoy. Fitch & Co, W. E. Conner. Whittemore & Anderson. Tacob Litt a E. D. Randolph & , G. White & 00. Keichum & Belknap, W. G. Moorehead & Co. Saxton & Rogers. Wiliains & Bostwick. | the immediate vicinity of the company’s oMice, be- ‘to keep out of tne view of the public. in and out several tim 200 and greenbacks were NEW YORK HERALD, SUNDAY, SEPTEMBER 21, 1873—QUADRUPLE SHEET. to think that Secretary Richardson had it in his ] the street during the day they have sustained the condition of high strung excitement in the evenings at the hotels up town. Nor can they have slept much since this terrible storm burst‘ Scattering wrecks on every side and darkening the vista of the future, The scene on the floor was pretty much similar to that of the day before; probably a trifle wilder and more irregular. Asan instance of the utter demoralization among the operators Lake Shore } was selling at 83 in one corner of the room, while at the same moment 88 was being offered twenty feet away in another group of addie-headed bro- kers. What wonder if the management of the Stock Exchange concluded in the end to close the doors of the institution and wait for the turbid waters to settle und grow clear? Ag @ rule the men (young for the most part) who conduct the stock market come to the work of buying and selling every morning with a trim elegance of erson, ‘They dress well, and unless entirely roken they live and feast well. Iv may be said that the youth of Wallstreet, hard as they struggle in the Exchange and the Goid oom, shouting them- selves hoarse from day to day and keeping up a severe tension of the faculties, yet live a iree and easy life. They look upon the world as & morass, they who step lightly through it fare the best, These young men were neither trim nor bright in dress or features yesterday. They were inordinately anxious, and ail earthly and other considerations were subordinajed for the moment to the one consideration of stocks and margins. They rushed into the Exchange tooking like a mob of dissipated revellers unkempt, unwashed, unreireshed, desperately under the weather, and most unhappy every way. They were not a pleasant sight by any means, and their voices (terrible to hear at any time) seemed to have acquired a more demoniac quality than hitherto, In five minutes after this crowd assem- bled all the air around was echoing with shouts periectly unintelligible to the stranger's ear. When @ great shrill clamor. mounted yp from the throats of a score of wild and spparenhly angry men,'a deep bass voice might be heard to strike in like the bray of @ loco- motive in a concert of tin whistles, This appeared to change the key, of the many, and the voices fell to @ harmony with me bass, Then a@ .falsetto screamed out above the deep rumble of sounds, and made itself distinctly heard all over the floor. This ingenious practice of surmounting, by the peculiar pitch of the voice, the great babel of voices is a common feature of the Exchange, but needs lon; bent to reach perfection. ‘The wildest efforts of the wildest tribe ol barbarians could hardly eclipse the tremendous din that prevailed if they shouted tll the crack of Doom. The gallery was thronged, and several ladies were there—as much a novelty to see in that particuiar place as @ biush rose ina “potato patch. 1t was only a brief time aiter the as- .Sembling of the Board that the President, in his usual firm and unrufiled manner, rapped emphat- ically with his gavel and abated the flerce roar of voices toa low murmur. Then the people on the floor crowded forward towards the Vresident’s desk and unusual silence followed, The President announced that the government would accept proposals for $10,000,000 bonds at noon, The news was received with thunders of acclamation, which lasted but a brief time, for the brokers put too high an estimate on the value of the fleeting moments, and were soon at their work agaill. The next statement was:—‘l have just received the announcement that the firm of ©. G@. White & Co., No, 25 New street, have sus- pended payment,” said the Vice President. The audience received the news without any mark of emotion, and were about to recommence. the babble of business when another announcement was read out that Ketchum & Belknap, of No. 24 Broad street, had also suspended payment. Only a brie( time elapsed, and the crowd on the floor was looking more and more be- wildered, when the gavel came down with an im- perative rap, and a clear Voice sang out, “William G. Moorhead & Co., of No, 20 Wall street, have sus- pended payment.*” These three announcements, coming one on top of tie other, raised something -that resembled a howi from the mob. It was a simultaneous burst of sound from a hundred threats, and might have meant anything and everything. The work of buying and selling started afresu with more vim than ever, and when the excitement was at its highest Mr. Wheelock, President of the Board, entered | the hall advancea to the desk. Kepeated rappin: comparative silence, and then the President an- nouuced that by his order the change was de- clared closed until such time as he should declare. An immeyse shout that reached and shook tie roo! followed, and a ferrific rush for the doors w made, Out ‘swept che stream of itfe into crowded strect, and soon the news spread all over the neighborhood thot the Stockh Exchange w: closed, Whicu to many Was a great relief | The Union ‘crust Company. The Union Trust Company announced in the early fereneon that they were compelled to sus- pend “until Monday, at ten A.M.’ On the day previous, it will be remembered, the run on the bank was prompt!y met by the officers, and just as | fast as depositors came along with their checks | they were paid. Indeed, the promptness with | which every demand upon them was met resulted | finally ina sort of reaction among the very de- | positors (and heavy ones at that) who had alread drawn tie full amount of their credit, and many ofshem before the closiag hour of the bank ro- | turned and redepostted what they nad previously | drawn oui. Te announcement of the suspension | this morning was therefore i QUITE A SURPRISE TO DEPOSITORS generally; but, strange as it may seem, there was little or no excitement about the building. All the rumors that were sct afloat and printed during the day that “a surging crowd of depositors sur- rounde the building on all sides,’ were just so much “b The general unconcern was aston- ishing, Depositors came in to talk with the oMicers, and went out again as cheerful looking as though all they had to do was to draw their checks for any amountand have them cashed on the spot. A certain party, who has his place of business in coming aware of this general feeling of contidence, Dailed a notice on a telegraph pole that he would “BUY CHECKS" ON THE COMPANY; and buy he did all the afternoon at the general average of seventy-five cents on the dollar. Many persons who were sadly in need of money found that they could easily get their checks cashed at this and other places s0 long as the checks were certified; and certifications were freely given by the bank clerks, who knew the depositors perso- nally and were familiar with atmounts credited to them on the ledgers. The feeling of confidence among the depositors had been engendered, It wes believed, by no less a bait than that Commodore Vanderbilt. had put in an appearance at the office at an early hour, and, what is unu- sual with him, had made no attempt He passed , looking as placid and com- ‘placent, and smoking is cigar with as much non- ‘ehalance, a8 though Central was being quoted at reater than the demand, He retused to talk about the affairs of the company when questioned. He and Mr. Worcester, the treasurer of the Central road, and several of the directors of the company were closeted together during the loreneon and when the Commodore went away he appeared in the very best of humor. It was rumored that ne had made arrangements with the directors, by which they could without Milicr & Walsh, E. Haight & Co. . Lawrence Joseph, P. M. Myers & Co, Pansig, Fisher & Co, Dunning. ©. G. White. Marvin & | Union Trust Company. Natioua) Trust Company. Bauk of The Commons ealth, Bank of North America, Tay Cooke, Mc ra E. W. Clarke De Haven « Gelbough, Boni & Bro, George H. North . . 8. . KE. Yerkes, Charles P. Bayard. Jonn P. Lioyd. Henry H. Douglass. HH. el Heory » Fell. Union Bank C BANY FAILURE, T. Squire & Co., pankers. CHICAGO FAILURE. Franklin Bank Co. WOBURN, MASS., PATLURR. Horace Conn, leather manufacturer. TORONTO, CANADA. H. J. Morse & Co., bankers, WILLIAMSPORT, PA. Powell & Co., bankers. ST. LOUIS. Taussig, Gemp & Co. See) at the Stock Exch No sooner were the doors of the Stock Exchange thrown open yesterday morning than the mob of members guiside made arash for the floor like a storming party of soldiers bent on routing and driving away an enemy in possession, The large area of the Exchange Was very quickly filled, and it seemed as if every man present deemed the pass- ing moments more precious than the whole span of bis previous existence. Most of the operators had @ pallid and anxious expression of faee. They Dave been up late these few nights past, and |. looked calm and undisturbed; but Mr. Schell is a | then doubt * REOPEN THE OFFICES FOR BUSINESS on Monday morning. Mr. Schell all day long man whose feelings, a8 a general thing, are not {easily detected by his outward look. No one had doubt but that he felt the suspension of the com- pany very keenly, At any rate he refused most positively to talk about its affairs, He simply con- tented himseif with saying to a HERALD reporter who questioned him on the subject:—‘The suspen- sion is only temporary, and everything will be all right by Monday.” To questions put to him as to the alleged defalcation of Mr. Carleton, the secretary, he replied that he had nothing to say. “(tis rumored on the stand,” sald the HRRaLD reporter to him about noon, ‘‘that the defaication wi ainount to $1,000,000." Mr. Schell chuckled qfletiy, and as he passed along to the further end ot the bank, remarked laconically :— “one? “Has there been @ defalcation at all?’ persisted the reporter. Mr. Schell turacd round as he took hoid gf the knob or La de omice door, and half inquiringly exclatme defaication!” He josed the voor, saying:—‘l will see yon again”; but the “again” hever came during the day, aud Mr. Schell was too busy to confer with outsiders. Mr. Wesley, the Acting President of the com- pany, in the absence of the President (who is in Hurope), Was on hand all day, but could give no | information. ‘Ihe reporter mét one of the direct- | OFs of the bank, however, and asket him:—‘Are | you willing to give me any facts in your posses- sion about the suspension of the company ft’? “Quite willing. (There has been a defalcation, has there not? | 1 atu sorry to say there has been, and that’, T. Carleton, the secretary, is the defaulter, I } Yery sorry for his sake, as he was re A RE. Ick in every WAY You took him.” “Please teil me all you know about the matter,’ “J will on one condition, not mention my newer’ and that is that you will Tae reporter consented to th the director went on:—“You see Corea, ‘he real active man about here. He was, in fact, the Trust Company, and everybody who’ knew him liked him. He was quite popular with ail of us and the leading depositors generally, nd Mr. Wesley feel the defaication was not in ti wer to fol eh” ‘Well, you a he was missed about noon, or a @iter passing through the ferce tusmoll ef little after, on Thursday; and things were at that twme #0 shaky and the run bad woe H0 #4 at noon, serious, that his absence was soon noticed. Of all umes he ought to have been on hand then, BUSPIOION WAS EXCITED ae and an examination was at once commenced. Werk was continued in looking over the books until long after mid t last night, and it was finally discovered that Carleton was a def#ulter beyond @ doubt.” “To What extent “I do not think that 1t will amount to over $300,000 at the very utmost.”” “Can you give me an idea of what kind of a man Carleton was?” “i can, He was, 1 should say, about twenty-eight years of age. He was one of the quietest and most retiring men I ever knew. So far as 1 Know he had no fast habits. At least it he had there never was anything about him to show that he had. About two or three weeks ago he lost his wife, and the sad event seemed to op- rem him very much. 1 saw him at his desk oue ay WEEPING LIKE A CHILD, and when I spoke to him he scarcely knew who I Was for a stort time. He lived in Brooklyn, and I believe he has two cnildren.”” “Do you think he has leit the city #”? “I have no doubt of it.” “What did Carleton do that brought about the detalcation—I mean what special cause was there at the bottom ot ity’? a “I think he got into stock speculation and was borne down in the siorm that we have been wit, nessing for days past. When the rum on the com- pany occurred he knew that he would be dis- covered, and, therefore, got out of the way.” A short time after the reporter had this conver- sation with the director, Captain Lowery ‘and De- tective Samson and two “ward oificers,” of the Twenty-seventh precinct, in plain clothes, came into the directors’ room and soon became engaged in conversation with Mr. Wesley. The latter, in his excitement, was heard to exclaim “Follow him up!” ‘There 1s but little doubt that the company have jound a clew to Carleton's track and mean to get hold of him if possible, 18 THIS TRUE? A gentleman, who is a depositor with the com- any, Whom the reporter met at the entrance late in the aiternoon, stated that the company would never have gone under for an hour had it not been lor the government. He said that on Thursday at noon $1,000,000 in government bonds were sent to the Sub Treasurer, with the request that he would advance on them $1,000,000, and when the govern- ment sale Was made to put this $1,000,000 worth of bonds down as the lowest bid for that amount, no matter how low the bid of aurpeey else might be. “This proposition was refused" added the gentle- man, “and so the folks went under.” There was a rumor about the office, it may be added, that Commodore Vanderbilt had on Thurs- day promised to lend the compa! 1,500,000 in lees tenders on Friday if they got pinched, but when called upon failed to faudt ie promise. The Commodore's friends connected with the company deny the story in toto. . Mr. Worcester and the directors generally de- clare that the suspension will last but for a day or 80 at the very longest, and that the assets of the company are so ample that every depositor would be certain got a dollar for every dollar due him, even though the deposits were greater thau they really are. : ctor fof the Union Trust Company Another dj made a statement to the HERALD reporter, in which he sald that at the last monthly meeting of the directors a report was submitted by which the surplus was shown to be $1,050,000, Since that time he said that the last dividend of,the Lake Shore Kallroad had been paid by the Union Trust Com- pany. and that the railroad company is to-day in- debted to the ‘Trust Company $41,750,000; that George B, Grinnell, the partner of the jate Horace Clark, was indebted to the Trust Company for money loaned on security not less than $400,000, and probably more than $900,000; that $395,000 had been loaned toa Wall street broker on railroad stocks, worth at par $440,000, and that Mr. C. T. Cariton had leit tne Union Trust Company at about twelve o'clock yesterday with not less than $300,000. STATEMENT OF "AUGUSTUS SCHEL The Vice President of the company, Mr. Augustus Schell, was seeu yesterday evening by a HEXALD reporter, and ‘the various poinis of the directors’ statement were presented him. He said that the $1,750,000 paid by the Union ‘rust ‘Company, but tuat only a part of the money was out of tile com- pany’s junds; that 4 portion oi it was borrowed to li out the required amount, but that the Lake Shore Railroad did owe the Union Trust Company $1,750,000, or avout that amount. He said that Mr. Grinnell did not owe the com- pany more than $200,000, he thonght, and that the loan tothe Wail street broker ad not come under uis notice; but he presumed it was ail right, as the securities were in the market. As to the deiatcation of Mr. Carlton, he was not prepared to say What tie amount was, but Mr. Carlton had Gaeepewed aud there was undoubtedly a deialea- ion. Suspension of the National Trust Com- | pany. : Generally speaking the public bas borne up under the financial depression of the past two or three days quite heroicaily. With the exception of the shght run on the Fourth National Bank and Union Trust Company on Friday, none of the otuer banks seemed to be affected. Yesterday morning, however, when the Union Trust Company an- nounced their suspension, a run was made on the National Trust Company, located at Nos, 261 and 263 Broadway. Payments were freely made uatil when the Executive Committee, at a meeting heid for the purpose, decided to recom- miend au suspension, Notice of this fact was ac- cordingly given, and furthe ments stopped. M. Darius R. Mangam, the I’ rogated as to the immediate cause of vhe suspen- sion, stated that “owing to the tightness o1 the money market the securities held by the bank could not ve converted into cash unless at a fear- tul sacritice. Even government bonds could not be negotiatell unless at a great loss. While tae com- pany held in their vaults yesterday morigng a very heavy account of collaterals, incfuding $500,000 in government bonds, waich, under ex- isting circumstances, wouid compel us to suffer a terrible ‘siaughter’ if we had listened to the pressing demands of excited depositors, hence our directors, alter mature deliberation, conciuded*to adopt’ the wisest policy possible— that of closing our doors temporarily until the rates of the money marker will Warrant us to dis- pose of our securities. This instivution is amply able to meet every obligation, aud mot a single depositor Wiil lose one farthing; but ap the pres- ent moment it would be suicidal to con¥inue busi- ness until some oder was again established.” The capital stock of tue National Trust Company 4s $1,000,000, and among its directors are many wealthy merchants and capitalisis; many of them indiviaually worth as muca as the wealth of the company and more, ‘The following is a list of the officers of the com- Se —D, KR. Manga, President; B. L. Solomon, Vice Presidcut; b. F, Bancroft, Second Vice Presi- deni; James Merrill, Secretary. Directors—Darius R, Mangam, Bemamin F. Bancroft, ?homas Christy, William F, Aiicn, Geogge Buckham, Norris Wins- low, Thoma? Cornell, Silas H, Witherbee, Thomas W. Shannon, Napoleon J. Haines, Jona R. Cecil, William M. iKvarts, Daniel S. Appleton, Barnet L. Solomon, Alfred B. Darling, Kovert H. Berdell, George A. Fellows, Williain B. Shattuck, Lewis J. Phildps, J. U. V. Arnold, Jacob 8. Carter, Willard Ives, William S. Whitlock, Henry ©. Carter, Robert A. Forsyth, James Merrill, John L. Melcher, Charies G. Landon, George @. Lake. Suspension of the Bank of the Common- wealth. The suspension of the Bank of the Commonwealth created @ great deal Of excitement, and all day long crowds gathered about the building specu. lating as to the cause of the sudden closing of the doors. A H&RALD reporter called upon Mr. Ellis, the President, during the day, and asked him what the real reason of the suspension was. He made the following statement :— “The suspension has been caused by the fact that Mr. Edward Haight, of the firm of Edward Haight & Co., yesterday overdrew his account about $225, Besides, we had a littie ran on us yester- day caused by the run ‘ows the way on the Fourth National more than ything else. It was onlya diipping of the run on the otber banks, bowever, and was so glight that the public were not aware of it. When Mr, itaignt’s over-draft was discovered, I, myseif, went to his business house, and asked that it snould be made up. Mr. Haight could not make it up, and I begged that the house shonid do something to make it up. But iu vain. About three o'clock his son came with $60,000 of the securities, saying they were all that could be given. I again went over to see if could not get some- thing better, but it was allof no use. Lhey said they could not meet their deficieney, This morn- ing the bank was iuil of people ready to draw money a8 fast as it could out; and although learning of our straightened circumstances, to help ua we col positors a fair share, say, however, that Mr. Haight says every dollar of the amount he owes will be made good, Mr. Charles A. Meigs, United States Bank Exam iner, took charge of the bank about eleven o'clock, and at once telegraphed to the Comptroiler at Washington for instructions, There was but little excitement during the day among the depositors of the bank, although several the heaviest * were loud in their denunciations of the the officers for allowing Mr. Haight to overdraw his account to such alarge amount on such a panicy day as Thursday, ga The Fourth National Bank. The run continued on the Fourth National dar- ing the day, anda large crowd, made up in great part of sight-seers, who had nothing better to do than to stand on the street, with their hands in their pockets, gazing up at the windows of the building and wondering what was going on inside, was congregated from early forenoon in the neigh hood. ‘The scared depositors were quite numerous in the early part of the day, but they dwindied down to very small numbers _ before two o'clock, and it became evident that ail demands upon the bank were promptly met. Indeed, the depositors who were anxious ‘© put money in the bank instead of taking money out of it increased to such an extent about three u O'clock Faas the oMicere decided Ww Kean tan DADS ned Sident, veing inter- | 9) until four. Mr, Cathoun, in answer to IBRALD Feporter, about four o’clook, said :— “We have weathered the storm and met all de- Mands made upon and bave plenty of money left, We can stgnd the run ior a couple of days long 3% id then iy of came alter ean’ and we’ P paying out just as long as depositors want money, and after that too, STATEMENT OF SEXTON & ROGERS. Atan early hourin the forenoon the failure of this firm was announced, A few moments after the announcement @ HERALD reporter called at the office of the firm, No, 13 New street, and saw Mr. Rogers, In answer to the question as to whether the firm had suspended, Mr. Rogers answered that he was sorry to say the report was true; that he thought matters looked dubious yesterday, but that this moruing the suspension became in- evitable, The action of the firm was entirely due to outside influences and not to any personal speculations, Customers nad been called on for Margins, and yesterday some of them re- sponded, but that this had only served to bridge over the difficulty for the time being. Reportsr.—Were you interested in any par- ticular stock? Mr. RogEns—No, sir. We did a legitimate bank- ing business, and only operated for the account of others, Everybody says we can probably resume in @ few days. Idon’t know what I shall be able to do, Let us hope for the best. Everybody is going up, and I can assure you we will not be the last to doso, This will be a much more terrible panio than we at first expected, Ter I don’t think that many of our soundest houses can stand long such a pressure as this, FAILURE OF KETCHUM & BELKNAP, This important firm suspended about eleven o'clock in the morning, but the failure caused hardly a ripple or excitement. Matters were too much mixed, and every man was too anxious about his own affairs to pay much attention to the Misfortunes of others, The disastrous news of the renewed panic and the further tumble in stocks was received witn less excitement than on any day of the panic previous to this, Even the sus- sion of the Union Trust Company, and the clos Ing of the doors of the Bank of the Commonwealth, events of immense importance in ordinary times, were referred to with a complacency which par- took of the features of cali despair. The Hgravcp reporter called at the office of Ketchum & Belknap, and saw one of the partners, Who said that the firm held large amounts of stocks, and that while many oi these were for individu owners—that is to say, customers who had pur- chased them on margius—a large portion also was for account of the firm. The sudden depreciation all round had made things so bad that there was no help for it but to suspend. ‘The firm had had hopes that the trouble was over the night bofore and that the day would bring forth Rett page but they were disappointed; afd, Anding it Impds- sible to realize any money, they had decided the. only thing to do was to (ollow the example of so many of their irethren and suspend. The line of stocks they had were maialy Vanderbilt's stoeks, and the shrinkage in these was too well known to need any explanation, Whether there was any hope of recovery just at present the member of the firm could not state, but, of course, he hoped that things would go better in a few days, STATEMENT OF EDWARD HAIGHT, A HERALD reporter called on Mr. Edward Haight, banker, of No. 9 Wall street, who suspended in the forenoon and shorty before the cl igsing of the Stock Exchange. i$ gentleman did not express himself as being desirous of maxing any state- ment. He said that the suspension of his house was caused as much by the witndrawal of depos- its as by the fact that customers did not come up in time with their margins to cover their stock, and the house was the loser. Reportsk—Mr. Haight, the statement has been made in the street, and seems to be generally be- lieved, that your failure was caused by the suspen- sion of the Bank of the Commonwealth. Mr. Hatgur—This 13 @ mistake, but a natural one, under the circumstances. ‘The tact is that, instead of the Commonwealth Bank owing me woything, I owe the bank some money, uniortu- nately. ‘| deposited iQ that bank and was once its President. RerorTeR—Is the statement, then, true that the bank had over-certitied your checks ? Mr. Hai@nt—It is; and that is tae way in which I come to owe them money. REPORTER—What hope lave you of recovery ? Mr. Haleut—Matters are too vague to speak about now with any degree of certaiuty. It greatly depends on how my customers act, and greatly also Ou the state of leeling among men on Monday. With such times as we have just passed through 10 man ought to desire to resume, and it would, no doubt, have been advantageous lor some to have suspended before they did, INTERVIEW WITH MILLER & WALSH. A reporters called upon these genticmen at their house, No. 19 Broad strect, but only obtained emeuts of the cause of their suspen- aber of the firm told the reporter that tue general cause o/ the suspension, told as briefly As possible, was that the customers failed to come up with their margius. It was the same old story, and only went to sow that their firm was no more able to bear tic’ pressure than many others who had gone under be The house did not person- ally speculate \o any extent, and no trouble was brought on from that reason. As to tue future there Was no reason to base ap opinion one way or. the other, Things looked rather dark than otuer- wise, but the sky might possivly clear up by Mon- day. But it was useless making any calculations Upow that now. WILLIAMS & BOSTWICK’S AFFAIRS, ‘This is a weil-kKuown firm in Wall street, and bas stood for years in & good position. The biow yes- verday Was too imuci lor them, however, and they had to go under, Theygealt a good dealin gold exchange. cause of their failure was the same 4s in other cases, want of margins, and, ano doubt, from What canbe gathered, holding too much Vauderblit stock, allof which has suifered so se- yerely. ‘The firm expresses no opinion as Ww future operations. ©. G. WHITE'S AFFAIRS. G. White was @ broker and member of the change, who cleared through f odet, 0. 25 New street. His suspension was insig- nt, and seems to have been brought about rrying too heavy @ load. Anoiuer small named Brodhead also failed. MARVIN & BROTHER'S SUSPENSION, ‘This Grim suspended late in the aiternoon, and a » reporter called at their house shortly ai- rd. A statement of the cause of the taflure jrom one of the firm ran as follows:—We had a great many loans out, and had given stock as se- curity to several of the banks, when this troubie began and money became so scarce it became im- possible to borrow cht the firm was, of course, unable to withdraw their security from the banks. ‘This also necessitated a failure to fulfil contracts in delivering stock ; and 80, in the afternoon, find- ing that in no way could the money be obtained to get this stoek from the bank, there was no way for it but to suspend. Directly the monoy was ob- tained, however, the stock would be delivered; but when that happy time would come was more than the firm dared to guess at. OSBORN AND CHAPIN'S MATTERS. A Startling rumor pervaded the street late in the afternoon tiat the well known house of Osborn and Chapin had been obliged to suspend. A HERALD reporter called at the office of the firm and jound on inquiry that the rumor of the sus- pension was denied on official authority. The Feport originated irem the fact that Osborn and Chapin were ong, of something between 100,000 and 200,000 share® of stock which they had not been able to deliver, as many of the firms who had made contracts to receive the stock, had failed. ‘This threw this enormous amount of values, which would have realized millions of proiit if it had been taken, back on the hands of the firm. This was the story current in Wall street, but it is certain there was no suspension, STATEMENT OF FEARING AND DUNNING. This firm mainiy effected clearances for small Operators, but did not transact business in stocks on thelr own account. ‘The fact of their failing to deliver the securities negotiated through them caused their suspension. THE OFFICE OF TANSIG AND FISHER, No. 82 Broad street, whose failure was also an- nounced on ’Change, was visited by a HERaLp re- porter, who found on the door @ notice that the “Firm had suspended,’”’ and an endeavor to see any of the members proved futile, as they had either gone away or locked themselves in. Tats house has a branch at St. Louis, Mo, uader the style of Kemp, Tansig & Uo. P. M. MYERS & CO., another establisument reported suspended before the close of the Stock Exchange, are also a minor concern, which Was unable to stand the financial storm of the past few days, and they also express the hope of being able to resume business very shortly. STATEMENT OF LAWRENCE JOSEPHS. During the short time the Stock Exchange was in operation yesterday Morning, and among the Various suspensions announced, Was that of Mr. Lawrence Josephs, 01 No, 14 New street, On being asked the cause Mr. Joseph stated that owing to the Jallure of the National Commonwealtu bank Le was unable to have his checks certified, hence he was compelled to suspend. Mr. dJeseph stated that he eel mn deposit in this bank upwards of $20,000, and if this institution =. pays twenty-five cents on the doliar his debts and liabilities can all be covered, This gentieman seemed to feel his condition very keenly. es he ascertained that hi by broke As soon place of deposit had {ailéd, anc he was compelled only for that and no Other regsofi ve publicly announce his suspension, fears, not for the Sorbepes losd Seipg young gnd pr pérou: he actuaily shed of his money, bus, y business, he dreaded tic aipgiac faiiure, temporary though it, that if the bank makes any kind o: will resuine business as soon as the Stock Excuange peasy or a8 Soon as Securities can again be nego- tiated, Affairs at the Sub-Treasary. “What is the Secretary of the United States Treasury doing to help the money market in the Present dire contingency,” was a question asked by many prominent brokers during the exeite- GBS OLreaterdgy and Friday. Rvecbody seamed 4 in hed to the | were opened to the public, power to come to the rescue, and particular stress ‘Was laid on the $44,000,000 currency reserve lying dormant in the strong box of Uncle Sam at Wash- ington, which the command of the Secretary of tho Treasury might launch upon the street ad libitum, without law or enactment. General Thomas Hillhouse, the Assistant Treas- urer, Was engaged all day in telegraphic com- munication with Washington on this very subject. He was visited by bank officials who suggested plans for relief and every facility was given them, as far as Possible, but no tangible plan was arrived at, by which the tide of the panic could be stemmed, Mr. W. G. White, the cashier, was kept busy with the negotiation of five-twenty bonds, of which the Secretary of the Treasury ‘authorized the purchase Of $10,000,000, . The call Was issued in the morning for proposals, ane at twelve o'clock the iollowing George Vermilye & Co. W. atch & Son he & Content . phase & Higginson, Wood & Davis. Total. seeeee seeeees tee Bids were received for $2,600,000, but the above sum was only paid out, About hali-past two ip the afternoon a despatch was received irom Secretary Richardson granting authority to the Sub-Trea- surer to purchase $250,000 worth of five-twenty bonds at the average price, which had been proi- Jered during the day, At the close of business the following exhibit of the day’s transactions was issued:— Unite States Treasury, New You, Sept. 20, 1873. Gold receipts. $1,043,036 Gold ps ments. Currency pa; Currency Customs... Under act of Congress of June 8, 1872, certificates of deposit are held by national banks as reserves, which can be converted by them at any time into currency. About one month ago these reserves of the city banks amounted to $23,000,000, Since then a heavy inroad has been made on these col- laterala On Friday the payments to this source amounted to $1,220,600, and yesterday $2,600,000, The latter is the largest sum ever paid out in one day since the establishment of the national bank- ae system, it was Officially stated at the Sub-Treasury that, Secretary Richardson would leave Washington last night for New York, and that he will remain here for some time, General Hillnouse gives it as his opimion that the small o@ering for tne sale of government bonds yesterday consists in the lact that these are about the only secarities commanding public confidence at the present moment, which the holders have no desire to part with, | Interviews with Commodore Vanderbilt and His Brokers. Commodore Van‘erbilt was called upon at his residence No. 10 Washington place, last evening, by @ HERALD reporter. He said he knew nothing of what had transpired on the street except from Tumor and through the papers. The reporter, whom the Commodore insisted on calling “Johnny,” asked if there was any truth‘in the ru- mor that he had gone to the Union Trust Com- pany’s office, and deposited there one and a half million dollars, Mr, Vanderbilt said he had gone to the office prepared to help them, but arrived too late to prevent the suspension. he turther said in his opinion confidence would be restored, and the market quieted on Monday. In his opinion the ‘Trust company: was a solvent institution and would be all right on Monday morning. When the reporter naked what he thought of the action of the committee of the Clearing House and the bank Presidents the Commodore said, “Johnoy, I couldn't say.” The HERALD reporter also paid g visit to the various gentlemen who are known to be brokers for the Commodore—viz.. Messrs. Osgood, Kissam &Co., Davison & Freeman and Scott, Strong & Ce., but nodetinite information could be obtained from them as to the aggregate amount o! stocks purchased by order of Mr. Vanderbilt since the tailure of Jay Cooke & Co,, as they stated it was impossible to gstimate the amount, but it was un- doubtedly very large. The following interesting figures of the highest and lowest quotations of Vanderbit stocks during the panic was obtained : jance. Sock, Highest Lowest, New York Central......$90,0,000 1013s 89 Western Union. 40,000,000 OL BOM Lake short 50,000!) 93 7934 and 75 cash ‘Harlem.. 9,000,000, 130 85 ‘The Bank of New York and the Union Trust Com- any, Were stated to be the principal institutions which the railroad king kept is funds, A sub- Ject which was ofttimes alluded to in the street was that Mr. Vanderbilt had paid very large amounts to his friends, “for the purpose ‘of pre- venting the ‘boys’ from veing hammered in the Stock Exchange.’ A well-known broker, speaking about Vanderbilt’s wealth, said that “he is kuown to own $15,000,000 of Western Union Telegraph Company, and thas six monchs ago he drew inter- e3t On $45,000,000 of New York Ceuirai, Lake Shore and Harlem stock. i Meeting of the Bank Officers. The meeting of the bank ofiicess held at the Mer- chants’ Bank in the afternoon, pursuant to the call issued on friday before, was fully attended, Every national bank in the city was represented, The meeting was a strictly private one; but it is un- derstood that a long discussion of the situation was indulged in and that even those who had at the informal meeting of the day before considered it unnecessary to take auy measures jor an organ- ized plan of relief, changed their mtuds and argued strenuously for immediate action. It was finally resolved that $10,000,000 im certificates should be issued by the banks, to be used in the “ciear- ings,’ instead of legal tenders. F. OP. Tappan, ©. P. Leverich, George S. Coe and ©. F. Hunter were appointed a com- mittee on the part of the Clearing House Association who will be the judges as to what banks are entitled to certificates when in need while the crisis lasts. Each bank wen in want of assistance must place in the hands of the commit- tee good securities for the full amount of the legal tenders they stand in need of, To such banks the certificates will be issued and will be used tn the clearing business instead of legal tender. It will thus be seen that a bank when short of greenbacks and which has good securities can easily get a cer- tificate which will enable it to stand up against any risk of not being considered good at the clear- ing house, The certificates wiil go into effect to- morrow. The Sixth National Bank. The following circular was sent out yesterday by the redemption agency of this institution, con- cerning the stability of the bank:— New Yor Coury Nattowat Bank, } New Youk, Sepi. 20, 1 5 Checks on the Sixth National Bank 'of this city will be received through the exchanges by this bank Until fur- ther notice, EORGE H. WYCKOFF, Cushier. The City Deposits. Arumor was extensively circulated about the City Hali yesterday that the city had $1,250,000 in the Bank of the Commonwealth and $300,000 in the Union Trust Company. Deputy Chamberlain Whitmore contradicts it, and declares that all the city 1unds, about $1,500,000, are in the Irving, Man- hatian, Merchants’ and German-American banks. THE EFFECT THROUGHOUT THE COUNTRY. How Philadelphia Takes the Financial Tidal Wave. PHILADELPHIA, Pa., Sept, 20, 1873, One of the leading morning papers, in reviewing the situation of financial matters, speaks as fol- lows:— Business in Philadelphia is conducted upon a- much more solid basis than in any other city of the country. Our regular banking institutions have strength and oharacter, and are generally un- tainted with the vice of stock gambling. Our mer- chants are noted for their conservatism, aud con- fine themselves to legitimate trade, leaving the getting up of cornersand immense speculative [ Ventures to their faster brethren of New York and Chicago, They may be slower than some of their neighbors, but that they are also a great deal surer is aoundantly shown in the present stress of Qnancial didiculties, and has been proved in nu- merous crises hitherto, By the time the journal was in the hands of its commercial readers @ rumor arose that a promi- nent institution had closed its doors, and right in face of the editorial was announced the failure of the Union Banking Company. This company was @ State institution, invested with pretty much the same power as @ savings bank, and did a large business in discounting draits and orders. This morning the anxious crowd gathered about the doorway could gain no furtaer explanation of the ed tuan that expressed in tue following card :— Owing to the hoa’ ressure of demands upon us Pde we will be compelled to suspend for # few Up to the time of the present writing there have been no other failures, though the run upon Several institutions has been exceedingly large. Atan carly hour this morning, in fact the very instant the doors of COMPANY THE PIDKLITY TRUST ¢ @ stream of people be- gan pouring in and out, but the demands of every one Were tully satistied, as they were yesterday, wheu at three o'clock an officer of the bank ap- peared at the door and said :— m an o hour for closing this has arrived. anpoatce fy man depositors inside, all of whom will be paid as rapidly as they present thoir checks. All persons out ‘and within the range of mv yoice holding paper againss us are request to enter ‘And they will be paid after the doors close. ‘The tact thas ais chegka oreaen ted were orquiptiy cashed renewed the pabite confidence, so that, though the run is still going on there, it is in no measure 50 immense as it was an hour or two ago. Yesterday about $900,000 were drawn out. night the wildest rumors were afoat, PRESIDENT GRANT WAS IN TOWN, at the residence of the banker, Mr. Borie. fhe rumor afloat concerning the President's visit here is thus condensed by @ recent telegram :— Wasutnaton, Sept. 19, 1878, From despatches and letters received trom ‘almost every city of the Union, urg'n, the immediate acceptance of the resignation of the present Secretary of the ‘Lreasury, and the significance of the Presidents visit to Philadelphia with a view to investigate, personally, ho far the Secretary is, or ba: becn Mentifed withthe most thorough and complete organization for a ‘’bear” move. ment in stocks, bonds and gold, having in view an entire ruin, firs of the banking iuverest, then the railroad, and 0 that they would be re! . expression of one ‘of the conspirators, “by th ee load.” Isought the house of Drexel & Co., and sent my card into the firm, I was at once led back to the Devas ope and warmly welcomed by Mr. Drexel, who said:— “{ will be very glad to give you all the informa- tion that I possibly can conce: ning anything you desire to learn at the present moment or that you may care to know at any other time in future. Tthen asked him, “Do you know of any consul- tation held here with the President concerning Shepcal mater OF any nature 1” ir, DREXEL—I do not, Reroxrgr—Do you know anything of interest concerning the Pennsyivania Raiiroad or the truth of 1t8 present condition ? Mr. Dagxei—Uhe statement has been made im the New York papers that our firmis the agent of the railroad of which you speak, but I assure you itisnot true. Our house in New York has nothing to do with THE PENNSYLVANIA RAILWAY, neither has our house in Philadeiphia, The UG of this company is David Solomon. of New Ce and the account is kept with the Bank of Ne' York. Of the financial condition of the road 1 wilb speak as follows ‘he President, Mr. Thompson, and also the Secretary, Mr. Smith, both have as sured me, very recently, that their circumstances are very easy, and yesterday they discounted their own paper in large amounts. They have sold oo worth of their bonds in Europe, and all, draw money as fast as they need it. ‘This 1 T belie tion of, REPORTER—Do you Know anything about the a) plication reported to have already been sent irom different secitons of the country, urging the proper authorities to accept the resignation, rue mored to have been made by the Secretary of the Treasury? Mr. DrExeL—I donot. Thus terminated the interview. No sooncr had 1 leit the gentleman than all the bulletins m town made the announcement that the government had devoted $42,000,000 from the re- Serve fund of $45,000,000 for the relaxation of the money market. When the telegram was made known the excitement upon the street grew to its old proportions, though it was ofan entirely dif ferent nature from that o1 the last two days. Mr. Charles Yerkes, Jr., statesithat the rumor that his jailure was caused id the large amount of Pennsylvania which he had on lus hands is wholl untrue, while Clark & Co, say that their stateme! will be ready by Monday. THE NORTH PENNSYLVANIA RAILROAD lose nothing whatever by the failure of the house of Jay Cooke & Uo., because the former is largely indebted to the latter, ‘This statement has beem made by General Nettleton, agent for one branch of the road, ve, Shas 1 can give you any informae THE DRY GOODS MEN seem to believe that Juy “ooke & Co. will pay the last cent of their liabilitice, and say that the city i3 now 1ull of Southern aud Western merchan whom none of the recent failures can possi alarm, no more than they can affect the house! upon which these persous are dependent for their goods, They say that the great Masonic gathering to occur next week will increase their trade a hun- dred told for this moment, and hence their facea are not at all drawn down, THE TEA TRADE is ina healthy condition, and one dealer informs me that, as their business is lor the most part ne-~ goliated thxough foreign bankers, these failures cannot possibly affect the tea trade. There has been not the Slightest fluctuation in groceries other than that which is constantly taking place. The wholesale drug meu fear nothing uniess the stress continues. Prices at present are the same here, and will not change unless the excitement refuses to become subdued, while the sales in hardware, wines, as Well as the business of the aue- tion room, run along in the same old channels, in- different to the crash of Jalling firms upon the street, The Philadelphia Inquirer thus speaks of the present extraordinary ron, and at the same tune gives the following sterling advice to the people and the banks:— GOOD ADVICE. We say now to the people who have stocks and bonds to hold on to them. ‘hey are worth exactly as much to-day as they were on Wednesday last. We say now to people who have money deposited in our monetary iuistitnuons, let it stay where itis. Th very best bauk that ever was may be destroyed in pani umes by compelling it to sucritice ity securities upon & depressed market {a order to meet instantaneous de- mands. We say now tothe banks show the community that you are worthy of contidence by extending your accom- modations. Any other course will pat tend to spread the impression that your boasted strength is a lie, As lor the sense‘ess, surging, impecunious crowds of “buminers” who hang about the doors of our strong moneyed institutions, creating fears in the minds ol others, the police shoulg make them move on and keep moving them on. They Mave nothing at stake, nothing to lose, and no more represent our business men than crows represent eagles. THE CLOSE OF AN ANXIOUS DAY. ‘The day closes with no failures or suspensions save that of the Union Banking Company, an- nounced before. A prominent lawyer in this city and one of the most distinguished men in the State assures me that the suspension of this concern is bul temporary, his Knowiedge of its business en- abling him to state that it wal in a very brief time resume, [called at No. 1,025, which 18 the resi- dence of Mr. A. E. Borie, who entertained the President last night, upon four different occasions to-day, and jound that he was out of towu. | was informed at my last call that he was at his country place, and he left word that in case he did not revwurn at an hour earlier than that in which lmade my final visit he would not return at all to-night, but would go out to nis country place. Hence the import of Presid Grant's visit last evening, or the truth of the sta ments made by newspapers concerning 1t, must for the present remain matters oi conjecure, concern- ing which every one is at liberty to hold a different opinion. It is Supposed that several houses whose suspensions have been noticed during the iast two days will open their doors the same as usual at the first of next week. The Panic in Massachusetts. Boston, Sept. 20, 1873. On Wednesday last the firm of Horace Conn & Co,, of Woburn, Mass., extensive leather mannfac- turers, suspended payment. Their liabilities amount to $100,000, and it is estimated that their assets are $150,000, Since the suspension Horace Conn, the senior partner, has disappeared, causing great anxiety to his family and friends. Search has been made for him in all directions, . The Franklin Bank, Ghicago, Sus- pende Cnicaqo, Sept. 20, 1873. ‘The Franklin Bank, a private banking instita- tion, corner of Madison and Dearborn streets, closed its doors to-day, being unable to settle at the Clearing House. The amount short was only $9,000. 8. A. Briggs, Vice President of the concern, states that their embarrassment is merely tem- porary. It is stated that a majority of the teachers of the public schools are aie in this bank; therefore ita early resumption is especially to be hoped for. Suspension of an Albany Banking House. ALBANY, Sept. 20, 1878. J, Squire & Oo., bankers, announce to the public their temporary suspension until iurther advices from New York. How the Dominion Takes It. MonrTREAL, Sept. 20, 1873, The only effect here of the panic in New York, has been to make the bankers more cautious and less which are ample for sree eles Commercial demands. The discount rate for good bills varies from seven to eight per cent, according to the standing of names. Faltlure in St. Louis. St. Louis, Sept. 20, 1873, Messrs. Taussig, Gemp & Co., of this city, closed their doors this alternoon after the announcement of the failure of their New York house, Messrs. Ye ire contident Taussig; Kiam ia stew days und state that no une will lose a dollar by them. This house dealt pretty extensively in raliroad securities on their own ac- count. Bank Suspension at Toronto. TORONTO, Ont., Sept. 20, 1873. H. S. Morse & Co., bankers and brokers, in this city, have suspended payment, owing to the fail- ure of Jay Cooke and sevgral other prominent houses in New York. THE EFFECT IN EUROPE. TELEGRAMS TO THE NEW YORK HERALD, Feeling on ’Change and Value of Amerie can Secarities in Londo: Lonpon, Sept. 20—12:30 P. M, ‘The news just received irom New York by cable causes a better feeling im American securities, United States five-twenty bonds, 1865's, old, 95345 18678, 9644; new fives, 914; Erie Railway shares, 44 ‘The Continental Bourses Disturbed. Lonpon, Sept. 20, 1373, The Continental Bourses ara disturbed by tha bows Kom Now Tork.