The New York Herald Newspaper, September 23, 1873, Page 6

“RELIEF. Calm and Order Returning to Wall Street. A BETTER TIME AHEAD. The Stock and Gold Exchange Still Closed. STATEMENT OF JAY COOKE & CO, Oyer Six Million Dollars of Certificates Issued by the Clearing House. THE BANKS BUOYANT AND HOPEFUL. An, Unnecessarv Run on the Savings Banks. WHAT THE MERCHANTS SAY. Effect of the Panic on Our Securities Abroad. The Union Trust Company in the Hands of a Receiver. burst in Wall street, and they have mnch to learn about what has happened. Mr. McCulloch con- templated this vit to the United States over three months so that his advent at this moment is not to be ascribed to se premnonlica wag. e ofthe late disaster. The action of Clearing House had a cheering effect, and the arrangement with the banks went far towards reassuring the mares of @ quick release irom the present dii- culties. STATEMENT OF JAY COOKE & CO, NEW YORK. Holders of drafts drawn by the undersigned cor- respondents of Jay Cooke and Co. are referred lor honor to the banks and bankers set opposite their Tespective names, Drafts drawn agatifst money deposited since their suspension will be paid upon presentation, Ryerred to ugene Kelley & Co. wird Sweet & Co. ‘hird National Bank, N. Y. frat Natho First National Bank, San Francisco. ral be Too:e & French, Boston ||: sempie & Jone oy. Cooke, London People's Bat taine, Ohic Mercantile + Ste Olmsted, Freeland & Cs First National Bank, Hel- -Drexel, Morgan & Co. First National Bank. Bank of Commerc ‘Lathrop & Engs. N.Y. Y. ena, won A. Corbin. Comihereia ; bus, ohio German-American Bank, German German American Bank. 0, Wi Milwauke Nassau Bunk. g,'s. Rickiey. Columbas 0... OE MO ne’ Oe, Pourth National Bank. Manhattan Company ‘ark Bank. Park Bank. Park Bank. Park Bank. Park Bank. letropolitan Bank. -Bank of Commerce. Ontai ‘ Molson’s Bank, Windsor, Ont Bank, Lendon,On Bank, >t. Thoma, etropolitan Bank, in ouanal, Dover. Ohio. Ninth National Bank, c| ank, Kansas ‘City, Moe. .Saunders & Hardenburg. A. Bates, New Philadelphia, “ -Merchants’ Bank, jamk-) American Exchange Na- fon, Yexas } tional Bank. Co, Chi- Galv Kean & cago, Til se tol Bank, Topeka, Kai ters and Miners’ Bank, Cartersville, Ga. Allen, Stephens & Co....... National Park Bank. National Park Bank. Benton, Myers & Cleveland, Ohio. Slateman & Fulton. Georgia Banki and aut Hopkins, Dwight & Trow- ri Six Millions of Currency Dis- bursed by Sub-Treasury. —_— Meeting ot the Jay Cooke Firm To-Day. THE “CRISIS” IN THE COURTS ‘The change in the aspect of Wall street from the Surmoil and painiul agitation of last week was strikingly noticeable yesterday. The closing ol the Stock Exchange, the government declaration to Duy an unlimited offer of five-twenties, the action of the banks in resoiving to issue loan certificates, and the intervention of the Sabbath all contributed to calm the troubled waters and induce a better and clearer view of the situation. Friday and Sacurday wilt long be remembered for the flerce ‘and unprecedented excitement of the street. It Was uncommon and at times feariul enough to make men tremble for the pros- | pect ahead. A deep pall of impenetrable clouds tung over the monetary skies, and no ‘Where seemed to appear a solitary ray of light to filuminate the course of the future. Sunday evening the darkness broke, and Monday morning Wall street, with a iew exceptional features wore its OLD-TIME APPEARANCE, There were no hurrying crowds, no pale and anxious groups, no heavy fringe of vacant eyed Spectators on the sidewalks, In fact, had not the Stock Exchange been closed there was little to in- dicate that the street had so recently passed through a terrific financial nurricane. A tolerable Gaim settled down in the morning, and there Was every appearance when the day ended that the Period of pavic was passed, and that with ordinary | prudence the oid state of things will in a few days prevail. THE ACTION OF THE PRESIDENT on Sunday night was very generally canvassed, but the preponderance of opinion was in favor of the course he selected. Had he yielded to the clamor of the big guns of the monetary world and stepped outside the law by loaning the currency reserve to the banks, those who, in the rash thought of the moment, implored him to commit the illegality might have been the first to condemn him, The feature of yesterday, in connection with the panic, ‘Was the unusual withdrawal of money by deposi- tors from the savings banks. ‘This is to be deplored, for of all other institations the savings banks should be triply guarded from the disastrous in- Muence of a panic originating among speculators in Wall street. HERALD reporters visited yesterday | THE SAVINGS INSTITUTIONS on the east and west side of town, and farnish ‘accounts of what they saw in another column. The Policy of keeping THE STOCK EXCHANGE Closed until further notice met with general ap- Proval, 48 there is yet some time needed to ar- range matters and allow the excitement of tne | hour to die out, When this is accomplished, and when the Exchange opens again, reasonabie prices for settlement can be made. THE GOLD EXCHANGE ‘voted to keep the Gold Room open, but to allow no Gealings in wold on the penalty of joss of member Slip. It was resolved to place the quotation of oid at 112 as the price aud as 4 basis of clearance. There is still a good deal of talk over THE PLAN DISCUSSED atthe Fifth Avenue Hotel, Sunday, to meet the Crisis. Itappears the first proposition was that the Treasury shouid put anywhere from $20,000,000 ‘to $40,000,000 legal tender in the banks as a deposit for which the associated banks should be respon- sible, Commodore Vanderbilt offering to deposit With the sub-Treasurer $10,000,000 as an additional guarantee. The proposition was declined because Of no legal authority Jor the act, and for the rea- son that a lew banks would reap the whole benefit and proiit, to which the banks, not government depositories, would not assent. pian that was Gnally agreed upon was that the Treasury should boy ive-tWenty bonds at a fixed rate, privately, as Were offered, until, if necessary, the legal tender reserve und the currency balunce were ex- bausted. To this pian, which, it cannot be denied, works so fur only in a ‘milk and water ‘way, the objections are that it obliges people to sacrifice the best securities in the market and ‘which are sate to keep at any time; that the peopie ‘who hold these bonds are not those who need the Money, and that the institutions having these bonds, where they are savings banks, will proo- abiy prefer to use their reserved right ‘of thirty to winety days’ notice from depositors, rather than accept & low price tor their bonds, and that insti- tutions like insurance companies ‘will consider it the most prudent thing to bold on to their ponds. ‘The Treasury received offers tor $3,349,150 FIVE-TWENTY BONDS YESTERDAY, these bei the issues to which purchases were confined, Along with the amount taken in on sat- urday, it 000,000 currency will be | thrown on the market, irom’ which it | may be expected much relief will be experienced. With the exception of the Bank | of North America, the Bank oj the Commonweaita | and the Fourth National Bank, there was conipara- tively no run on the rest of the banks. Tie com- mercial houses abstained from increasing the ex- citement, and few large amounts were withdrawn except in cases where business imperatively de- manded, To-day will, im all likelihood, be as quiet as yeaterday. It will be devoted chiefly to consul tation, TH the opinion prevails that the Stock Ex- change id remain closed, and as @ consequence, ‘there will be no quotations; the volume of stock ‘transaotions will be reduced, The condition of THE TWO TRUST COMPANIRS’ affaires will be found narrated in another place, and the statement of Jay Cooke & Co. cannot tail to be Tead with interest. The HERALD reporters supply & Mass of information, peeneree from bankers and others, on the effect of the panic on American secu- rities ad, and the views of leading merchants Ob the situation are also given. The way in which | the Bank of New York buliding, and just below the Company, Atlanta, Ga... ge. Bragman "Bui Bruaiels......L, Vou Hoffman & Co, Harper & Goadby. P. Browne & 0o., Toro Pipe Na rT tee Drexel, Morgan & Oe. _NEW YORK HERALD, TUESDAY, SEPTEMBER 23, 1873—QU Gus Schell does the same thing. They’re a pretty pair!” exclaimed a disappointed depositor. “Well, ain’t shells made to be broken?” said a And so the talk went on until about the hour of opening the doors, when the people in attendance who haa money in the Trust Company formed in line and waited patiently in this manner, Ten o’clock struck at Trinity church, but no dours opened; and, after waiting @ few moments more in an expectant silence, the people began to grow clamo:ons, Still no sign of lite appeared, and it became pretty evident after a short while that the doors were not gotng to be opened. Then there Was some rattling at the entrance, until a policeman came along and preserved order. Then, wituin a few momen s, a lean clerk came out and posted upon the door the following NOTICE. The Union Trust Company will ina short gime make a full statement. Depositors are warned not to make a sicrifice of thelr claims A recelver has been ap- winted. This notice brought with ita how! of disappoint- Ment from the men aud many exclamatrons of chagrin from the ladies. It by no means dispersed the crowd, however, Many announced that they would stay on the spot until all the troubie was over anu they could get thelr money. They at any rate salu they wanted some statement irom a receiver as to how matters were. This dilly-dally- ing with their money in this way didn’t please them. This sort of talk was universal about the piace, and the greatest disappointment Was mani- Jest that the promise to open on Monday should have been broken, INSIDE THE INSTITUTION the scene was an animated one, and a casual ob- server would have thought that business was in jull blast. The clerks were busy at their books, the oflicers were assembled in the director's room, and the deepest interest seemed to be manifested by ali present, This was accounted for hy the presence of the new Receiver, Mr. E, V. Wesley, who walked into the ofice at an early hour an took charge. He immediately ordered an exami- nation to be made into the books of the concern, and the work was progressing satisfactorily when a HERALD reporter entered the place alter no small amount of oppositiegn trom the doorkeepers and other people placed at the entrance to abuse the bi aii depositors, and thus add insult to in- jury. In answer to a question as to whether he had any communication to make public Mr. Wesley said he had not as yet been able to make any ex- amination, and, therefore, would say nothing, but that just as soon as he had come to sowething definite he would immediately make known his conclusion, and he would then publish a statement setting forth the affairs of the company. It appears that the $750,000 or government bonds offered and sold on Saturday by Van Schaick & Co, to the government belonged to the Union Trust Company) and this Was the means by which they a PROPOSED TO RESUME BUSINESS on Monday. Unfortunately, however, the money or securities which were owing to the Trust Com- a. Ann Arbor Savi: Bank, Ann Arbor, Nick. eee ve Dick & Co., Meadville, D6. tay, rines, Ont. Rmerson it 3 Geet Trust rane pan Jompan y Samuel tazii, Washini ton, Gay & ville, Mich. Deposit Savings Associa- ‘on, Mobile, Ala... MeKiniey Bros, Pontiac, Mich ; First Natio pensburg, Pa Joun Gallagher First National Bank, Me- chanicsburg, Pa.. & Mechanics’ Bank, Harris- burg, Pa Farmers’ lowa, *. bbott, Waterbury, Metropolitam’ Nattonal baud> ster City, lowa. Northray '& Lyman, Now case, Ont.... Ae © Blaine, North vings Loan ciation, Garrettsville, Obio..... : Achre, Wick & ville, Pa 4. Wad: Sandusky, Ohio. . Thomas Mackey, Shelby, Chicago, Iil.. Emmett, Jones’ &' Go., Wa NOTIYs OM Oss. 3- dons necacs Vaught & Fuirbank, Pe- trolia, Ont Henry Ont... Emerson, West ham, Greeley, © Holden, Lentz & Tayio ilies ~s Saliada, Williamsport, Pa... V.&. Buck & Co, St Jo- Bea MO. aan Oil City Savings “Bank, City, Pa +0 eee Harrisburg Nationai Bank, Harrisburg, Pa. . American Exchange Bank. THE CLEARING HOUSE. The Loan Committee of the Clearing House As- sociation, composed of Messrs. Tappan, Leverich, Coe, Hunter and Moses Taylor, met yesterday morning at an early hour, on the second floor of Clearing House itself. The committee immediately went into session, and took Into consideration the applications of the banks Jor loan certificates, au- thorized by the meeting of bank presidents on Sat- urday. The books containing the certificates lay on the table before the committee, having been in process of printing during Saturday and the whole of Sunday. They were in the shape of check books, with margins, upon which were inscribed the amounts named in these certificates, The number of bank clerks in attendance upon the committee was very large. The process was to admit one at a time, take the name of the bank he represented, examine the letter he brought from the Board of Directors, then examine the securl- ties, ana, if found satis‘actory, give the certificate asked for, By twelve o’clock the amount of certificates dealt out to banks amounted to about — $3,000, the close of the business total amount | given out During the | and at the day the $6,600,009. was entire day the committee was kept incessantly | busy signing these certificates. Few of the securi- | ues offered were rejected, in spite of the examina- tion being very strict. This may be accounted for by the fact that banks which possessed doubtmul securities must have feit how utterly useless it was to endeavor to force them on the committee for ones. Almost all the banks in the city applied jor the accommodation, the others are expectea to apply to-day, though a small number of banks may possibly not need the certificates at all. These certificates will be received this morning, and hereafter in lieu of greenbacks, representing, a8 they do, money value. A HERALD reporter saw Mr. ate tor a few Moments yesterday afternoon and he stated that already the benefits derived from this system of exchange were being felt, not only by the financial institutions, but by the public at large. The fact, therelore, that it was a wise measure had already been vindicated. The committee will continue to sit to-day. THE TRUST COMPANIES. cca nenepeeeitetline The Union Trust Company. From an early hour yestcrday morning the scene around the building of the Union Trust Company Was a lively one, Groups began to collect and dis- cuss the prospect of a reopening of the doors, ‘The general opinion before banking hours seemed Wo be that the company would redeem its promise Gud arrange matters so as to resume business ag usual at tue proper time. In the crowd which bad gathered were many ladies, all of them de- Positors in the institution, and showing by their pale faces and tearful eyes the state of suspense im whicli they Were placed, and the bitter trial this was to them. Between the oMcers of the in- Atitution and Commodore Vanderbilt the feeling Of indignation seemed to be pretty evenly divided, “If the Commodore bad $10,000,000 to lend the | banks, why did not he come down here and pay the $1,760,000 he owes the Trust Company,” saia | one. the Brooklyn banks weather the storm is also told, nd the reader is referred to the financial columo dor turther statistical and speculative iniormation. THE JAY COOKE FIRM, Messrs. Pitt Cooke & McCulloch arrived yester- Gay by the Egypt. To-day they will meet the other partuers in the firm of Jay Cooke & Co, and hold a Consultation on the affairs of the firm. Buth these gentlemen decline to speak in relerence to the Crus, ‘They say thay Were gt sea when the storm “He wanted to get another dividend out of some other company, no doubt Jor the Lake Shore road,” said another, “These speculative fellows, I don't care how rich they are, ain’t got any conscience,” added a third, pany by the Lake Shore Road and which were ex- pected from Commodore Vanderbilt, was not paid to the company, and a permanent suspension then became necessary. Whether this suspension will much weaken the company, as far as depositors are concerned, 18 a question which no person could decide authoritatively at present, The Trustees of the Union Trust Company held a meeting yesterday and appointed a committee to investigate the affairs of the Company under the supervision of Mr. Wesley, The committee con- sisted of Mr. Chittenden, Brooklyn, John V. L, Pruyn of Albany, Freeman Clarke of Rochester, George W. Cuyier of Wayne county, and Messrs, Hutton and Willets of New York. The committee was hard at work all day and did things very slowly, one member o/ the committee is deaf, and another nearly blind, 80 tne progress they make may be imagined. Such slow examination of secu- rities was never beiore seen, and Mr. Wesley was greatly impeded in his movements. The excuse oi the Lake Shore Railway Company for not paying up the $1,750,000 which it owed to the Union Trust Company, and which would have saved it on Saturday is that it used its earniugs to pay ior additional locomotives, freight ana pas- senger cars wnich were demanded by an increase of business, and that is why it appeared in the hght ofa borrower. ‘he money for the August dividend, it 18 stated, was fairly earned and was not bor- rowed. The road is SAID TO BE PROSPEROUS and in good condition, and Mr. Wesley, the Re- cefver, says that its securities in the hands of the Union Trust Company are all excellent, but not immediately realizable. The statement that the tate Horace F. Clark was a constant borrower from the company is denied, and therefore the allega- lion tuat many of the directors were very small depositors seems to have more foundation. That they were very careless in looking atter the affairs of the institution 18 certain, ‘The statement 1s also made, on the authority of the Receiver, that Carleton, the Secretary, only actually got away with $2,000 of the company’s money, and that $2,000 was returned indirectly to the company yesterday. The amount of the deialcation of the absconding oficer was employed by him in specu- lations, in which he was a loser, je statement is also mude by one In authority that Carleton will be in the hands of the Union ‘Trust Company in less than lorty-eight hours. He is not supposed to be tar away, and some people will be able to find him without much trouble. ‘The amount of his detalca- tion is not yet known, but it is in the neighborhood of $400,000. No one, of course, suspected this state of affairs, The fault consists in having allowed a young man like Carieton so much irre- sponsible power. Some say that parties have offered to secure Carleton to justice on the pay- ment of a certain sum. One of the trustees of the pea f and a depositor told the HERALD re- porter that if his brother directors had not been a lot of ‘old grannies” this thing could not have thappened. When Carleton is arrested it is sup- posed that he will make some important revela- tions touching the brokers ne has been doing bust ness with. Alderman Van Schaick says that the Union Trust Company 13 IN AN EXCELLENT CONDITION, and will be open by next Monday. The money due by the Lake Shore road will be paid in two days at the farthest. 1t 1s also stated that some of Carle- ton’s brokers obtained loans on worthless checks, and that they knew that he was abstracting secu- rities from the company to speculate with, and oe in this manner they were aiding and abetting m. Yesterday morning, it 1s said, Carleton’s father, the Rev. Dr. Carleton, a prominent Methodist divine, went to the Union Trust Company jor the purpose of redeeming some $16,000 of securities which had been loaned to him. It was then found out that the son had abstracted the securities, so that one of the officers of the company took the Reverend Doctor's check, certified, and when he got it mto his hands informed him (the Doctor) that the Sacto k would hold the $15,000. The Reverend Doctor felt very bad. Commodore Vanderbiit was not heard from yes- terday by the Union Trust Company, and he did not apparently feel inclined to part with any of the $10,000,000 which he offered to loan the government in payment of the $1,750,000 he owes the company for the Lake Shore account. ‘this payment would enable the company to resume immediately. Some statement of ailairs will probably be made to-day. The National Trust Company. Yesterday the Executive Committee of the Na- tional Trust Company terminated the investiga- tion which was being made into the affairs of the institution, and all the securities were found to be quite correct, The committee say that the condi- tion of the company is sound, and it notified all depositors that the funds in their keeping will be | properly accounted for to the last dollar, This morning the Board of Directors will nold a meet- ing, when the report will be presented by the Ex- ecutive Commitiee, One of the trustees of the company, Mr. Robert H. Berdell, told the Heratp reporter that the National Trust Company has somewhat over $800,000 in government bonds, $100,000 1n first class mortgages, and that the re- mainder of the securities are in good, interest paying bonds and stocks, with @ margin of twenty er cent. Pone total assets of the company are $5,350,000, The government securities are government sixes which have not been bought by the Assistant Treasurer. Mr. Hilllnouse, it is stated, has written to eee hing to persuade the government to purchase this class of bonds, If the government should adopt this plan it is thought more than likely that the company will be able to resume business in a@ few days. The comabeny, indeed could resume immediately, it is stated, but for the fact that one and one-Lalf per cent premium is asked for greenbacks, and this is considered too high arate of interest ior ready cash to make tm- mediate resumption a wise measure, It is Hioagns better to wait and do things more surely. Tue company thinks the outlook so promising that this resumption is merely a question of the time it wiil take to make money easy, good securities con- vertible and the public mind confident. The report which will be made this morning, it is promised, will be very reassuring aod satisiactory to depositors, RUN ON THE SAVINGS BANKS. It was but fair to suppose that after the terrible financial excitement which has reigned in this city for the past few days that a feeling of anxiety would be engendered in the minds of those who have funds deposited in savings banks, That these runs are in the majority of cases foolish and unreasonable, few people doubt. People by their blindness help to bring ruin on thelr own and others’ heads by these runs, forgetting that they are compelling the banks to sell their securities at ruinous prices, or, to quote a Wall street phrase, slaughtering them to pay their depositors their pressing demands.” Several banks ayalied them- selves of the clause In their bylaws which allows them to request notice from the depositors of their imtention® to withdraw their funds by giving thirty to sixty In another group the Schells came in for their share of general abuse. “Here Dick Schell busted the other day, and now days’ notice. As may be imagined this new order of things caused great sorrow and wailing among the poor women and poos men who raed upon drawing money for sickness, &c., on the spot. The general effect, It is but fair to say, when the determination was made known, begot general consternation, and many people declared that their ruin was inevitable, Many of the savings banks made payments yesterday as and de- clined te avail themselves of the time clause, The geueral opinion among the bank presidents was that confidence was on the eve of being restored. The President ot the Union Dime Savings Bank stated that his institution netted y y over $3,000 by people withdrawing tl joney and sacrificing the interest their deposits had gained. At the Bowery Savings Bank an old woman withdrew several thousand doeliars, and when she was told that she would lose the interest thereon for siX months, she almost, witn veurs in her eyes, begged the cashier to put it pack into the bank, which he eventuaily consented to do. To-day it is generally believed the run on the banks will be greatly diminished, Run On the Union Dime Savings Bank. At an early hour yesterday morning a systematic run was inaugurated upon the Union Dime Savings Bank, situated at 398 Canal street. People elbowed each other ferociously to get into the building, and everal members of the police force, under the command of Captain Petty, were iound necessary to quiet the applicants, An excitea woman, not understanding the duty of Captain Petty, at- tempted, amidst some laughter, to pull him down from the steps and make him take his proper place in the fle of candidates for admission, The crowd poured into the building without losing a second when they had the chance—and ii they rushed in quickly the money was handed to them with equal despatch, so that not a moment’s time was lost in keeping the bail moving. Several people, who withdrew their money, walked away with it a coupie o! blocks, and then redeposited it, aiter waiting perhaps an hour. During the height of the run a reporter of the HeRacp gained admission to the private office of the President, who made the following expiana- tuon:— “We are paying all who come along, and I am happy to say the bank has made over $4,000 to-day by people withdrawing their deposits and sacrific- ing the interest which had accrued upon their money. Up to three o'clock to-day we have paid out $90,000, and to-night we have an ‘evening ses- sion’ and may probably pay out $20,000 or $30,000 more, I can tell you (laughingly) we are not afraid to face the music, and will pay all that come along. We have received a great many deposits to-day— about $10,000, 1 think. Our surplus reserve fund Was $800,000 on 30th last June, taking our securi- ties at market value. ‘This bank has been in exist- ence for fliteen years, and 1873 has been the most successiul year it ever had, Our net profits irom lst January to 30th June were $63,000, ‘e are well provided with funds (here the President pointed to a pile of $400,000 greenbacks), and are able to pay. ll that come along. We have received offers 01 sistance from our iriends, but have de- clined them, as we are able torun our own cun~ cern. 01 course, we don’t like runs, but we are not afraid of them.” Franklin Savings Bank. No payments were made to the excited throng which flocked to the Franklin Savings Bank and besieged it allday; but, at an early hour, the fol- lowing placard wagaflixed to the window:— Fequlre of daposcores mene neennnnrsennthe 2ne n0 2000: The trustees of this bank require of depositors gthe usual notice of sixty days for the payment oj all deposits, in accordance with the bylaws of ithe bank and in conformity with a resulution o13 gthe representatives of savings banks held on} the 2ist inst. By order of the Board of Trustees. J. P. PECK, Secretary. OOO LENE DO IOLE REDE IDIE DEDEDE ODL DDD OOLE A large number of withdrawal notices were ac- cordingly handed in, The following financigl exhibit was also dis- played on a placard :— ASSETS FRANKLIN SAVINGS BANK, SEPT. 22, 1873, Par Value, Cush Value. Bonds and mortgage: $907,500 $907,500 United states 6-20 Bon New York City and Co Brooklyn City bond: Qswego city bonds, New York State town bonds... 37, Real estate, banking house cash in April, 1871, the sum of Total assets. Due to depos Peers Excess of assets liabilt In conversation with & uBRALD tary of the bank stated that several sums of $5 had been loaned to poor women in distress. le also said that the bank would undoubtedly resume payment within a iew days, when the panic was over. The bank was perfectly solvent, as the statement given above shows; but it would ve stupid to slaughter their securities by placing them upon the market at the present moment. He said many of their depositors had declined to give the sixty days, and preferred waiting till matters cooled down, when they could withdraw their funds in the usual manner. ‘Therbank was open irom five to seven o'clock last night to receive the sixty-day notices. New York Savings Bank. A run,was made upon this institution, situated at Fourteenth street and Eighth avenue, and only small amounts were paid to depositors, @ de- mand of $600 being refused. One of the directors started down town to obtain $100,000, and, it was reported, successiully. Broadway Savings Bank. At the Broadway Savings Bank, No. 4 Park place, business was being transacted as usual. They had paid out $20,000 up to two o'clock, and had received & proportionate amount. North River Savings Bank. Aconsiderable run was made upon this bank, but the President decided to avail himselfof the sixty days’ notice, and payments were accordingly not made, Irving Savings Bank. This institution, situated at No, 96 Warren street, paid out about $10,000 yesterday; but re- celved several deposits. There was no perceptible run on the bank. Abingdon Square Savings Bank. This bank, like several others, is insisting upon the sixty day privilege, and very few notices were served upon them. The Greenwich Bank. The Greenwich Bank, at No, 73Sixth avenue, had a slight run of about 150 depositors, which it promptly met without the sixty days’ notice, but it also received many deposits, The Emigrants’ Savings Bank. A run was made upon this institution, in Cham- bers street, by depositors, but owing to the timely presence of the Very Rev. Vicar Quinn, who helped to allay the anxiety of the large crowds, persuaded them toretire. The very reverend gentleman has promised to attend to-day and reiterate his e- Mr. Hoguet, tiie President, said:—“We have paid out to-day about $100,000, and have re- about $12,000. We hold about $11,000, ‘pot and we consider ourselves ae of the strongest tinancial institutions in the city.” East River Savings Bank. The East River Savings Bank, in Chambers street, paid yesterday ali the demands made upon it. The bank has at its command $1,500,000, and paid out yesterday about $10,000 more than usual on any aay except on interest day. It was the opinion of the bank officers that the crisis shall not affect them, and they believe the run on the savings bunks wiil not prevail to any extent to-day. The Mutual Savings Bank. The Mutnal Savings Bank in Printing House square availed themselves of the sixty days’ law and suspended payments, There was no Tush of Tepositors about the building. =o Bank. ’ law, and it paid only in sums not exceeding $100, The bank ofMicers say they nave $150,000 tn cash and $400,000 1n government bonas, About $2,000 was paid out yesterday to depositors, The Citize: Savings Bank. ‘The Citizens’ Savings Bank, Bowery, near Canal street, had @ heavy run onit. The bank officers had anticipated a trouble from the rumors that had prevatied on Sunday, and had made ample provision to meet everyemergency. During the forenoon everything was quiet and no particular influx of aepositors occurred, About one o'clock im the afternoon the rush began, and ina very | short time the spacious offices were filled with anxious people, clamoring for their money. The police were speedily on duty 1m and around the building, and during the rest of the afternoon were kept busy in keeping the crowds tn order. Inside, around the paying tellers’ windows, long files of men and women patiently awaited their turn to be served. On the seats ranming along the walls numbers of depositors sat Thy looking atthe expectant files and hoping that taeir own hal might speedily ve. the entrance the crowd was p: doo 80 Closely together that it was with difficulty tl ea he police officers aaia keeps e way Clear, Other crowds of t- seers gathered on the 8 immediately in front of the butiding, people inter- 2 in the payneste by tue a Sroporion of those who wed the ergs aga wapiy 4, wwe bank ADRUPLE SHEET _ was solvent, and, being assured of this, they did pot he A Sen money, A iew people, who had come @hder the influence of a scare in the part of the afternoon, and drawn their money, an who then went away, ntly returned and again deposited their money. The bank officers say that they looked upon the action of the great buik of tl depositors as very foolish, They did all they could to assure them that the bank was perfectly solvent and abundantly every dollar that nt y did not desire to pay the largest deposits. Sums of less than $1,000 were paid as fast as the corps of assistants ‘were able to prepare the: There are about $8,000,000 deposited in thisbank. The bank officers say that they will continue to pay as they were aying yesterday, but should the other savin, Banke agree on a united action the Citizens’ Ban! will be in tull accord with them, and will act in harmony with them. The bank Kept open uniil seven o’clock last evening. Up to that hour the crowd continued around the building, and became an object of attention jor all the passengers in the Cars travelling up and duwn the Bowery. The Bowery Savings Bank. There was along and a strong runon this bank during the entire day. ‘he bank offices were crammed, and the street in front of the building was thronged with anxious groups of People. As inthe Citizens’ Bank police officers were stationed in tne building and outside of it to preserve order, The rush was constant and threat- ening. More than at any other banking insutution in the city depositors focked here, a3 rumors had been riie relative to the run upon it. The stream Of people Wanting to draw their money was cou- tinuous, and fast as the clerks could supply it the money was piaced onthe counters. The facility with which anxious people were miprtod with their Accounts helped to send many others away who had been in serious trepidation as to the safety Of their savings, ‘the principal officers of the bank stated that it was with great. regret they Saw depositors acting so foolishly, as, of course, by drawing their ast they were losing the three months’ interest, ‘hey stated, furthermore, that they intend paying as long as dupusitors appear to demand their money, They do not, however, in- tend to is in cash the Maar amounts en de- sit, for this could not possibly do any good, but those whe have very large deposits in the bank they give certificates, which, tor ali business pur- 08es, are just as good asthe money. In this way hey mean to continue untif'the run ceases, They had no fears whatever yesterday as to the result of the run upon the savings’ bunks, and anticipated that to-day would see the end of it. The bank haa @ full reserve on hand yesterday morning, in all about fourhundred thousand dollars, The total deposits amounted to about nine hundred and filty vhousand dollars, Germania Savings Bank. ‘The Germania Savings Bank has about $1,118,000 on deposit, and from $400,000 to $500,000 available at any moment to meet demands. There was no rush yoaterday and business went on about as usual New Amsterdam Savings Bank. The New Amsterdam Savings Bank, Bowery and Rivington street, went on as usual, without any particular draw upon the deposits or especial lodgments by customers, The officers were ready for an emergency had it arisen, Bleecker Street Savings Bank. The Bleeoker Street Savings Bank had nothing very special to announce yesterday in connection with the institution, There was no rush upon the bank, and depositors showed no particular anxiety as to the security of their money. Deposits were made in the usual way, and nothing worthy of special notice occurred in the amounts drawn from the bank. The bank officers say they have not even harbored the thought of availing themselves of the thirty or sixty days’ law. Abvuut $19,000,000 are ani depostt in this bank, amply covered by assets. Mechantes’ and Traders’ Savings Bank. There was no particular demand made by de- positors yesterday on the Mechauics’ ana Traders’ Bank, No, 283 Bowery. About $3,000,000 are de- posited in the bank, an‘ this sum is covered by @ surplus of $300,000, The bank will avail itself of ‘the thirty or sixty days’ Jaw if necessary. People's Savings Bank. The People’s Savings Bank, No. 301 Third avenue, have taken advantage Oo! the sixty days’ law. They will, however, pay all small sums that may be ap- plied for, but any demands made under the intlu- ence Of the panic shail be refused. ‘the deposits in the bank amount to from $.',090,900 to $4,000,000, covered by assets slightly exceeding that amount. The Third Avenue Savings Bank. The Third Avenue Savings Bank, No. 354 Third ayenue, was very quiet yesterday, it having been announced early in the day that the bank had availed itself of the sixty day law. Very few per- sons visited the bank during the day, and the bank oMicers were in no Way troubled by excited people who were in dread of the Suciy of their money. Security Savings Bank. The Security Savings Bank, Third avenue and Thirty-fourth street, aunounced at an early hour that it availed itseif of the legal right to demand sixty days’ notice from depositors, and in a short time after this announcement was made the bank officials were not very persistently troubled. A few anxious people, however, dropped in during the day to inquire as to the state of affairs, The Seaman’s Savings Bank. This bank, known to be one of the oldest in the city, was eagerly inquired a.ter, especially when it was made known that a committee of its managers held a meeting and decided to avail themselves of the thirty days’ privilege, in case a run was made upon the bank, Confideuce ia the institution, however, was strong, and nothing of the kind oc- curred, business being conducted as quietly and systematically as before the financial trouble began. A HERALD reporter visited the institution, and, seeking an interview with the Secretary, was in- formed by that officer that all day long they had been receiving deposits and paying out money, but the receipts were largely in excess of the moneys aid out, and he believed that the customers of he bank so firmly trusted it that tue present crash would not shake their faith, and, what is more, added that gentleman, they and outsiders also Know that we have $1,000,000 surpias capiial to fall back upon in case of need, but we anticipate noth- ing of the kind and thereiore feel pertectly safe. NATIONAL AND DEPOSIT BANKS, by, The general feeling yesterday among the banks after the scare of Sunday was surprisingly good. Of all the banks in the city, ouly one in the after. noon—the Park Bank—relused to give out green- backs, and confined itself to certified checks, All others paid in greenbacks, all day long, though some announced that where the demand for green- oacks was suspiciously large it would be refused and certified checks given. That, however, was a necessity very little resorted tu. The consolidation plan, which was spoken of on Saturday, and which ts generally calculated a good one in times of local monetary stringency, was not favored much yesterday by houses in good stand- ing—just those ones which could do most in re- storing contidence. It appears the consolidation would simply have been one in which the sus- pended banks and the weak ones would have been aided at the expense of others, and it was thought much better to jollow the other plan—of issuing joan certificates, guaranteed by the Ciearin; House and received at the Mu House as legal tender, being issued apon good and undoubted se- curities. The fact that the system worked well was proved by the generally, easier feeling, the rally in the price of stocks, Western Union bringing 65, cash, and New York Central selling at par and other stocks showing @ like increase, and the amount of money on the street—one firm, William Heath & Co., lending $15,000 at seven per cent. The North American Bank. During the morning a ramor prevailed about the street that the Bank of North America had overs certified for one individual to the extent of about half @ million, The rumor became rapidly curren: in all the brokers’ofices, and was commented on in @ manner which presaged no great good to the bank itself, A reporter of the Hrraup called around at the institution in Wall street, and waited some time before Mr. Donaldson, the Presi- dent, would give the iniormation needed regard- ing this defalcation, He then told the reporter that Mr. A. D. Williams had had checks over-certi- fled to the extent of $460,000 on Saturday, and that in spite of being called on to make good this defl- ciency Mr. Williams had not been heard of since, in answer to a question how it was possible tor & Gepositor to have his checks over-certitied to suc an extent, Mr. Donaldson said that Mr. Willams had been an old customer of the house and had always been a financial man in good standing; that he had ior general partner a gen- tieman named F. bP. James, who was immense! Tich and who was good for almost any sum, an that when Mr. Williams’ checks were once certl- ea in this manner it way thought that the money ould be deposited in the bank during the after- noon, to make them good, This had not been done, however, and the bank bad taken measures to have the poney returned. Already Mr. Willtet: brother had returned $250,000, and the rest waa ex- peowe Within twenty-iour hours, At Tate the a good cond! there was trouble other jan this. eens went on 8 ‘asual, tee boon bank had a Surplus far above te sum Jaige sceoer aaron We paring ot eae —__-— oP. on the Comping tae, eroraerd eR poi rss a; Feturned enough other Es securities to an of sum whieh had » Judson Jarvis, Order of Arrest was in the bank at one time, and his name was asso- Clated by many with some action Ce wi the moucy centre, and iis’ appearance ‘ereaved @ money centre, an ‘nuine sensation, as it wan contidently believed yy those who saw him that some big defalcatio! had happened which demanded his presence. Mr. Jarvis’ movements were very mysterious, and not even the reporters, who dogged him from to place were able to find out his os ney Oe sociated him with the return of the $260, by Williams’ brother, The only mystery in connection with this 1s, Where are the other $200,000, and what has become of Mr. Williams himself? He could not be found at his oifice in Wall street, nor had he been seen by any of his Wall street acquaintances yester- oe ‘he aifair created a genuine excitement for 8 time, Bank of the Commonwealth, ‘This banx is now 1n the hands of the temporary receiver, Mr. Meigs, the Bank Examiner, It is alrpady known that the cause of the suspension of this institution was the jact of having over-certi- fied tor the firm of Edward Hoight & Co. on Satur, day. Mr. Haight was one of the bank's best cus tomers, and had at one time been tts president, When called on the firm was unable to make the loan good. However it may be well to state that since the close of the bank on Satur@ay severat payments have been made ou the overdraft, und there can be ite doubt tuat ultimately the whole of the amount now in the hands of Mr. Haight will be turned over tothe oank., The securities now held by the bank are suiicient to pay one-half of the amount, It is stated on good authority that the other creditors et Edward Haight & Co. will be dealt with fairly, an equita- ble adjustment being* made all round, With the exception of U is overdraft by this cus- tomer the accounts. of the bank show well, ve few over-certifications having come to light, ‘and they only in small amounts, incidental to almoss every bank. .1t is stated that the bank will pay every cent i®owes to depositors, and that a per- manent receiver las been appointed in the person of Isaac H. Bailey, formerly of the Custom House, A statement will, no doubt, be made very shortly showing the condition of affairs. en the moneys in the bank are paid to the depositors it will, no doubt, serve iurther to Alleviate the monetary distress. It is one more of the indica- tions, say people who are posted, that the panic is Tapidly blowing over. Fourth National Bank. This bank opened yesterday morning, and the run continued for a time almost as bad as it had been on Saturday. As the feeling began to sub- side, however, the depositors were less urgent for their money, and it was evident from appearances that the run was about to terminate. In this man- ner payments continued to be made until about a quarter of an hour aiter banking hours, and them there were no applicants left. For some time after the receiving teller cqntinued to receive de- posits. A HERALD reporter saw Vice Preai- deut Stewart, who suid that his opinion was that this whole panic originated in reckless ratlroad speculation, and that the scare originated by the consciousness of this was now over and that the panic had run its course, He beileved the mercantile community to be in @& state ol great prosperity and in @ sound condition, and the best proo! was that the banks nad with- stood the enormous pressure 80 weil. Now that things were seen with calm eyes he could sce no reason why values and business should not re- sume their nominal conditioa. The communi ea ee through a severe test and respondet nobly. : Other Banks. Avisit among the other banks showed also that matters had improved to a surprising extent. AIL panicky feeling seemed to have gone, people walked inand out in their usual manner, there were no “runs” and everybody appeared happy after the terrible strain of the past few days. The President of the Bank of Com- merce, Mr. Vail, said that he thought the action oi the government in buying the five-twenties was a wise Measure and had done a great deal to re~ lieve the pressure. The President of the Third National, Mr. Jordan, was of the same opinion, and he said that now all banks would, no doubt, go on in their usual manner. Mr, Morris of the Manhattan Company, was of opinion thi the issuing of the loan certificates had done more than all else, and that it was the second time the measure had proved salutary. Mr. Kennedy and the Bank President also believed in the soundness ol the measure, and others said that untess such @ measure had veen resorted to they did not see how the banks could have pulled through, The cash value of stocks was the best proof of the im- proved seeling. As all stocks had recovered splen- didiy, it toid a good story of the contidence Wuich was beginning to reauimate the whole mercantile and financial community, The officers of the Buil’s Head Bank, No. 340 Third avenue, stated yesterday that the bank could not possibly be in a sounder condition than it is at resent. As soon as the first alarm of danger had een heard the President of the: institution set about preparing for an emergency, and succeeded in placing the bank above every chance of pemg taken unawares, Up to noon yesterday there was a very slight run, but the demands were met so prompey that whatever fears might have been felt y depositors they were soon speedily dispelled, and during the rest of the day the confidence of de- positors in the bank was apparent. The receipts yes- | terday were $122,000, against $61,000 ior the same day last week. {be amount paid out yeste exceeded that paid out on the same day last weel by $11,000. Ihe bank oilicers say that they were! prepared yesterday to pay every dollar on deposit in) the bank. As it turned out, the depositors having! shown their confidence so plainly during the after-| noon, this bank was enabled to help some other/ banking institutions that were somewhat pressed.) The officials at the Broadway Bank, opposite th new Post Office, state, “No ‘run and more ex: pected deposits than usual,” | Importers and Traders’ National Bank states, “No run whatever and hope the press will not in- crease the panic.”’ Merchants’ Exchange National Bank—“No run’ and quiet as a Sunday.” in the Murray Hill bank the deposits amount to about $600,000, Yesterday there was more mcney Teceived on deposit than was paid out, and deposi- vors, to judge by their absence yesterday, seened to have coniideuce in the ability of the instituion to pay alldemands made upon it. The mone at the disposal of the bank is about twenty-five. or thirty per cent of the total amount on deposit. The Pin National Bank was not disturbed yes. terday by the current rumors of panic or monetary distress. Business went on about as quietly as usual, Yesterday not more than $10,000 vas drawn from the bank, a sum less than is usug on some Mondays, The total amount of deposits m the Fifth National is anout $700,000, covered by twenty-five per cent of that amount, as is requted by law. Bank, 122 Bowery, has about The Oriental $1,600,000 on deposit. It has a capital of $300,100, to the bank With & surplus of $340,000. Fests J officials the deposits have increased $50,00u since Saturday last. Everything was quiet yesterday, full confidence being shown toward the instituton by the patrons. The Butchers and Drovers’ Bank was as quct yesterday as if there was nothing unusual gang on in the money circles. Not a semblance of a tun occurred, and the bank officials had nothing todo but congratulate themselves that depositers aad no fears, THE MERCHANTS ON THE PANIC. ‘The firm of Arnold, Constable & Co. was visted yesterday by a representative of the HERALD. Mr. Johnson, of that house, expresses his strong telies that the present financial panic will be conine@ almost to Wall street. There is no good reson why it should spread outside of the speculative ele- ment about the Exchange. The country never was jn amore flourishing condition. Our imports are low and exports great. There is a balance of nany millions in favor of American trade, as compared with last year. Merchants, farmers, miners, nana- facturers—all are doing well, and the couniry is flourishing. People are generally able to meet their iablities, unless they transact business through the doubtful medium of unsound sprcula- tion, The President bas observed @ judi- cious and legal course in the way he has directed the action of the Treasury Department, by piacing government securities in the market at so criticala moment,. This will efficiently aid in allaying the panic, which must be stopped inorder to prevent a run on the banks that are geseraliy sound. The press can be of much use in throwing otion the troubled waters by not counenancing alarmist reports. The harricane will soon exhaust itself, and things must speedily return to their wonted normal condition. Mr. Arnold thought sales would be duli after the crashes saifered im Wail street; but it was @ mistake to imagine so. Yesterday's sales were, if anything, in advance of whe corresponding day last week, Instead o: empty venches, which were expected in the estaplish~ ment, they appeared fully as thronged as ever with urchasers, who seemed unconscious of what had ty pened on Change In proot of this, th rece able Mr. Johnson showed the reporter all ti ne the numerous departments of the vast mercantiie emporium, of which he 18 @ member, where hun- dreda of shop people and operatives of both sexea were as busy as cutting, serving, fitting, selling, packing, &c. ue, nue a nate goer ir. ted, O1 ars 0 jouse, stated that their firm had aiready fee some of the effects resulting from the suspensions im Wall street, It was a natural consequence, ‘The tallure of such houses as Jay Cooke & Co., Fisk & Hatch and others, shook Oraah im Wall street, like tha public confidence, Thea Oeculations of am