The New York Herald Newspaper, September 23, 1873, Page 7

would resume its usual condi- it could not be denied i that suffered. Just now People were un’ ©ontract ebi'gations without kno ‘and when they could be ence in Wail street would restore it ial circles, JOHNSON BROADWAY. ; tative of this firm was full of reased his confidence that the exist- Wall street Anances would last only a it. The sales of the house had not ished. Ladies would be dressed— ground that—and they came endacks as began. In fact le seemed the last fow' days. liberal in i i i ‘ Ht H i Ht Countr; their orders. Wall tumble, rs go up, but the general healthy of business throughout the country would itself in spite of all that. paring. the great fires in Chicago and Boston trade more affected than now. Then, indeed, made @ poor mouth; tor there was actual Homes were made desolate and iam- burned out; left on the street without a ‘That is not the case now. The suffering is tious, and it matters not who wins or ‘all street the absolute amount of money isthe same. Still, when there is any- ng in Wall street—the focus or our ancial transactious—it must be tempor- fee. sed totrade. Itis rumored this aiter- in that things are much quieter on the strect, and there 1s no doubt but the excitement will soon tone down. So far as general business is con- cerned any evil effects it may have sustained by — ee unexpected excitement will wear off in a yw days, W. AND J. SLOANE, BROADWAY. Amember of this strong house that since ‘the commencement of the Wall street excitement business has suffered no decrease. ‘Judge for yourself,” said the gentleman, directing nis igeace among the groups of busy purchasers scat- yh 1H H z : g | EETEERORGER! E about the great establisiiment, intent on driving hard bargains with accommodating sales- men. “It amounts to little or notuing, aiter all, ‘whether half a dozen brokers and bankers fail or mot. If they have not got the funds some one else has, and business wilP be just as good as though the broken ones had flourished. ere seems to ELDRIDGE, DUNHAM AND CO, Mr. Eldridge, of this firm, says that his house bas suffered nothing since the beginning of the resent Wall street panic. Their establishment is fuse 43 full of customers, and orders come in regu- ly trom the country as before the failure of Jay Cooke & Company was reported. The success or failere of speculators in inflated stocks, cannot make or mar the general prosperity of the coun- try. Our vases of trade are too firm to be moved by every ‘tempest in a teapot’ among the Wali Street foiks. It is true that our large banking con- cerns handle a vast amount of capital; but, after all, stocks and bonds are only representatives of ‘wealth, and in a politico-economic sense it matters Mot who possesses them, so that the presence of the wealth ot which they are the symbols be there. The railroads, canals, farms, cattle and agricul- éaral products cannot take wings to themselves, and while they do not diminish the national wealth fannot decrease. The present Wall street excite- ment is only temporary and local. VALENTINE & CO., BROADWAY. Mr. David Valentine, of tliis firm, opines that the great business failures in Wall street will have lit- fle or no evil effect on ‘trade generally. ‘The fashions are changing, and now the ladies want tong dresses instead of short, as lately used; and everybody knows, who understands anything about women, that when tuey want dresses the stuff must be had, come from where it may. The city and country orders of the house are in no Way diminished since the outbreak of the Wall Btreet madness, Here (pointing to a customer) is @ gentleman allthe way from Ilinois, The firm have sold him a very large bill to-day. He does not feel the effects of the panic. The greenback in his ket is of a uniform value all over the tates, Ifthiswere not so then we might fear @ panic; but our well regulated currency system has placed it beyond the powerof a few or many local bankers to injure much the march of pros- perity which distinguishes the present epoch in our national history. EFFECT ON OUR SECURITIES ABROAD, In order to ascertain the probable or actual effect the suspensions o! Jay Cooke & Co. and Fisk, Hatch & Co. would exercise on American securities in foreign markets, a HERALD reporter called at the Offices of several of the European bankers having branches in this city. There seemed to be a general inclination to say nothing about the European Markets or the standing of our securities, nearly allthe bankers that were called upon stating in pesitive terms that they knew nothing of the quota- tions, and were as anxious to know what was going ‘On a8 was the reporter. « thers were too busy and begged to be excused, while a third class spoke of how the markets were varying, and of the proba- ble ultimate result of allthe financial commotion here in reference to its connection with the Euro- pean markets. Among the last-named class was Mr. Elliott, of THE FIRM OF DUNCAN, SHERMAN AND CO, He said substantially that the financial com- motion was local; it certainly was felt to a greater or lesser degree all over the country, for the reason that it made money tight. Regarding its effect on government securities in foreign markets, he said there was no danger to be apprehended on the score of their depreciating, for the indications of to-day showed that “governments” were firmer than they have been for some days past. The etfect the crash had was of a secondary nature. ‘he crash had created a fall in the value of certain Tallroad stocks and bonds, and @ consequence of was @ desire on the part of English capitalists to invest in good American railroad securities ‘when they were quoted low. Mr. French, the manager of the New York ‘branch of THE FIRM OF COOKE, M’CULLOCH AND CO., ‘Was waited upon by the reporter. He said that oe were firmer to-day than they had en lor some time, with little or no variation in the quotations. In regard to the investment of foreign capital in American ratiroad and other securities, he made the same statement as Mr. Elliott, with the addition that, as the Gold Room ‘was closed, it was dificult, if not impossible, to buy exchanges on London or any piace else. ‘The money being forthcoming, it was next to impos- sible to get the stocks an: ‘bonds, and they remain on the market. In his opinion, 1 the room were hot foon opened it would Le found necessary to import gold to purchase stocks with. The reporter also called on Mr. Morgan, of the firm of Drexel, Morgan & Co., and on Mr. Brown, of the firm of Brown Brothers & Co. They were unprepared to give,any statement as to how the European markets were affected, as they had re- ceived no advices and knew nothing save irom Yumor. INSURANCE INTERESTS NOT AF- FECTED. A HERALp reporter had a conversation with sev- eral important insurance men yesterday afternoon and from them learned that their interests were mot in the least affected by the crash. There wasa certain connection between them and the money market, but it was so remote as to be more in theory than in reality. THE CITY FUNDS AND WHERE THEY ARE DEPOSITED. ‘Tne Chamberiain’s weekly statement shows :— September 13, balance in Treasury 31,664,890 September 2, ceccinis for the week. 8.4, 638 eptember 20, payments during week. 7375.2 September 20, balance on hand.... 1,291,995, ‘This amount o! balance is deposited, Mr. Whitte- Brot the Assistant Chumberiain, reports, as fol- low German American Bank Merchants’ Bank. Total on deposit vepGevnniinge d prosae gee $1,291,996 The equity money, deposited by order of the Court in the custody of the Chamberiain, is in the old New York Life and Trost Company, the United States Trust Company and the Fultou ‘Bank, Not @ dollar, it is asserted, ig inthe Union Trust Com- pany or Bank o1 the Commonwealth, suspended, THE CRISIS IN THE COURTS, @ %.could mot be otherwise than that in one way @nd another various complexities growing out of the pending financial disturbances should present themselves in the Coyrts. For some time receiver- ships, attachments and injunctions will doubtiess be the order of the day, and, of course, the Courte are the only medium through which they can he obtamed. Opening the ball in the Courts was the appoint- saent of Mr, Wesiey as receiver of the Union Trust Company, as heretotore announced, Mr, Wesley has evidently gone to work in earnest. Promptiy on the opening yesterday of Supreme Court, Chum- bers, Judge Fancher on the Bench, he took the ini. tiatory ig I jor an action against Mr. Charies “ Carleton, alleged defaulting Secretary o: the . AS ® starting ication for an injunction restraining him from taking a tin boxes or ing with their contents, which was ed. Later in the day came in before the same an Jor an attach: tion ment against the ro} of Mr. A.D, Williams to the amount of 90. The application, which was also granted, Was made on behalf of the Bank of North America. It is claimed that this amount was borrowed from the bank on Saturday last with the understanding that it should be returned on the same day. Hardly had the above attachment been ted when application was made for the granting of a similar document against the property of the People’s Union National Bank, now in this city. The object of the Spulicaion, which was granted, Was to secure an alleged indebtedness by this bank my fhe in of $10,000 to the Grocers’ National Bank city. AN ERROR. Some misapprehension had existed regarding & Paragraph in the HERALD on Saturday, which was interpreted by some persons to mean that Mr. W. E. Connor, a broker who suspended on Friday, was the cause of the i ore Of Theodore Berdell & Co, Taese firms had no connection together and yore no wise responsible for each other’s mis- runes. THE PRODUCE EXCHANGE. Adespatch was sent over the stock indicator yesterday to the effect that transactions at the Produce Exehange were at a complete standstill in consequence of the want of ready money. THE BROOKLYN BANKS. What the Presidents of the Various Monetary Institutions Say on the Subject. There was some uneasiness, as was anticipated, among the smail depositors in the Brookiyn banks yesterday, The panic which so convuised the financial world of Wall street reached the commu- nity of churches, to a certain degree, and caused the bank officials to prepare for the worst in the way of “arun.” A meeting was held by the presi- dents of the banks, and it was resolved to stand firmly by each other, and in the event of ‘a rua” upon any one bank it should be the duty of the others to come to the rescue. It was further determined to require thirty days’ notice from depositors before permitting them to draw auy money. The business of these banks is strictly domestic business, and they are not interested in Wall street speculations. At the Nassau Bank, Court street, near’ the City Hall, business went on as usual, and depositors were apparently free from uneasiness, The surplus of this institution, it is claimed, ig $200,000; deposits are about $1,500,000. The bank stock is worth 165. THE MECHANICS’ BANK, Daniel Chauncey, President, corner of Montague and Court streets, was not molested in any form by panic-stricken people. The President stated that the action of che United States Treasurer in issuing greenbacks for government bonds will have the effect of relieving the pressure in New York and in restoring confidence throughout the coun- try. He considered that the action of the savings banks of New York in closing their doors and avaling themselves of the thirty days’ clause in their charters has nad @ tendency to excite public feeling.’’ “the Brooklyn banks, Mr. Chauncey said, have no brokers’ accounts and so canuot be effected.’ THE NATIONAL CITY BANK, President J. J. Studwell, was as quiet and regular in the mode of conducting business as usual. There were no unusual demands, nor was any trouble anticipated by the President. The capital 46 $300,000 and the surplus $350,000, ‘There was no rua on the DIME SAVINGS BANK, Brooklyn Savings, nor the South Brooklyn Savings Bank, and their respective directors arc confident of weathering the storm. THE FULTON BANK SOLVENT. The President of the Fulton Bank, Mr.” Alex- ander G. Johns, d to a reporter of the HERALD yesterday that the statemeut published in a blanket sheet o/ New York atrecting the standing of the bank Was ialse iu every particular. He Said that there had been no run on the Fulton Bank, nor was there any feeling of insecurit, among depositors upou the subject as far as coul be learned. It was not true that the City Treasurer had been instructed, because of the panic in Wall street, to withdraw the city funds from the bank. There are about $200,000 of city money on deposit here, The report that the original capital of the bank was sunk in an investment in Georgia bonds was also declared alse, Mr. Jouns stated that they held $35,000 of Georgia bonds, but that the surplus of the Fulton Bank would double the indebtedness of the bank, even if every one of the Georgia bonds were valueless. They are periectly solvent and can say readily every dollar. General Benjamin F. Tracy, who ts one of the directors, stated that they couid pay $2 tor every $1 they owe. LONG ISLAND SAVINGS BANK. A HERALD reporter visited tne Long Island Sav- ings Bank, situated on jge corner of Fulton and Boerum streets, Brooklyn, yesterday afternoon, shortly after banking hours, and being shown into the presence of the urbane President, Mr. James M. Seabury, questioned that gentleman concerning the condition of the institution, as follows :— “Is it true that the Long Island Savings Bank has determined upon taking advantage of their charter with regard to requiring thirty days’ noti- fication in advance of all depositors desirous of withdrawing their tunds ?” “Yes, sir; such is the case. We find it necessary to avail ourselves of the privilege oi the charter at this panicy period. It1s absolutely necessary, for this reason. We cannot get hold of the small bills and currency, and consequently are unable to make payments, Our securities are the very best possible, being of the highest value; but we can- not convert tkem into money just now, For the life of me, I cannot tell has pecome of all the ances Fo one would have dreamt of sue! mysterious absorbtion of bills of small denomina- tions, In our sale we were wont to have many thousand dollars in ‘ones,’ ‘twos,’ ‘fives’ aud similar bills, but they have all gone.” “All the banks are in about the same predica- ment, I presume—‘hard up ior small change /’ ”” “so It appears; and we are only following a wise Precedent, I think, when we require thirty days’ notification, In New York, I understana, five- eighths of the savings banks have adopted this policy. This morning we sent $80,000 worth of epee bonds, ‘'81’s,’ to the United States ul 2 Treasury in New York to get currency for them; but it was no go; not a dollar could we get there, At one bank We were offered $20,000; but as they were in notes of the denomination of $1,000 each, etre Gh hot be available tor the payment of depositors, Change is what we want.” “May I ask you whether your ‘thirty-day regula- tion’ applies te ‘special deposits,’ upon wiich you pay four per cent? Do ‘spectal depositors’ come within the meaning of the charter in the present instance?” “Gertainly, All depositors must wait until we get the money forthem. Iam informed that the Old Brooklyn Bank, corner of Concord ana Fulton streets, was bothered so much by nervous people running there for their money that they shut the doors about ten o'clock and would allow no one to enter. Foolish people! They lose the interest on their money by withdrawing their de- posits, This excitement cannot last long. There hil ag norun on this bauk, and we anticipate “Suppose that the present tightness in the money market should relax in the course of a week, would * you still adhere to the tuirty-days’ regulation?” “By no means. As soon as the panic subsides we will resume the wonted order of things. Meanwhile our depositors are perfectly satisiied and secure.”” THE EXCITEMENT IN TRENTON. The excitement over the financial crisis in Tren- ton, N. J., was more intense yesterday than at any time since it first broke out. The entrance to the Saving Fund Society's building, on Green street, wae jammed by a large and excited crowd of de- positors an hour before the regular time of opening that institution, who came thither to draw out the funds deposited by them. In consequence of the sudden and unexpected run made upon the bank, the officers had to issue a notice that they were compelled to enforce the tenth section of the bylaws, which provides that two weeks’ notice must be given before any moneys can be paid out. This had a most percep. tible effect on the throng of depositors, and there- fore necessitated them to take their exit from in- side and around the bank and form in groups on the streets, where they discussed the present status of the institution tor sume time before they dis- persed. Several were heard to say that the bank ‘Was a8 sound 48 & dollar, and tiat when the excitement would biow over thin; would settie down to their normal condition. Ac- cording to the apnual statement, made on the 186 of last January, the assets amounted to $724,643 30 at that iime, and the surplus fund was $27,701. The cash in bank was then stated to be $27,727, and the balance o1 the assets is invested in United States aud New Jersey bonds and other good collaterals, Caleb 8. Green ts Pres- ddent, and Benjamin Fisk, G A. Perdicaris and ether weai(hy men are the mai It is reported on auto’ that the Me- chanics’ National Bank of this ‘will lose $40.000 owiti” to the iailure of Fisk and Hateh and $70,000 on account of bslances with the Bank of Common- Wealth. The First National Bank aod the Trenton Bankiug Company are more or lesg involved With some of the New York tailures. Whittaker & NEW YORK HERALD, TUESDAY; Skirm, chain makers, have temporarily nded for tne benetit, it ry said, of the ‘Treaton ‘Benking ‘A THE FINANCIAL FLUITER IN WESTCHESTER, Nothing visible on the surface at least has thus far appeared to disturb the jal status of the savings banks and other monetary institutions in Westchester county, with but a single exception. The directors of the Westchester county Savings Bank at Tarrytown. one of the oldest and most J yg in the county, having for its president Mr. ‘rapk Vincent, an experienced New York finan- cler, anticipating any possible feeling of uneasi- nes# on the part of its depositors, held @ meeting yesterday aiternoon, at which it was resolved that they would avail themselves of thelr chartered rigut in giving thirty days’ notice before paying their depositors, THE DAY IN PHILADELPHIA. Wild Rumors on tef Times Falilare ot Two State Banks—The Key stone and the Citizen’s Closed. PHILADELPHIA, Sept. 22, 1873. On Sunday the startling developments of the past week was the universal theme of conversa- tion, all the hotels and public resorts generally Wearing aught but their accustomed solitude and silence. The rumor of the failure of Jay Cooke's London house caused all the numerous sympa- thizers of the banker to entertain the gloomiest forebodings, and their faces were only brighteied to-day when the rumor met with contradiction. Upon my arrival at the street this morning the Most ridiculous rumors were afloat, one of which ‘was to the effect that Commodore Vanderbilt had failed, the origin of the rumor being in the story that the Commolore had refused to loan the 000,000 conditionally promised to the Union st Company. Ridiculous as this rumor was, it really met with the ready credence of many par- ties upon the street, and to clinch it, along came telegram that the banks of New York were nu- merously suspending. Soon after another came tnat all the banks had really closed. This news swept the street like wildfire, and for the moment the universal opinton seemed to be that the financial Tuin was beginning to extend its proportions and lasten its claws upon the general business In- terests of the country. Hastening into the nearest banking house [ inquired of the firm whether the telegrams were true or not, and was informed that they were BEYOND A DOUBT CORRECT. T next sought Mr. Drexel, and during my inter- view with him Iwas assured that the telegram should not be credited for a moment, because he had just received authentic information that such Was not the case. He said that, in nis opinion, everything upon the street was gradually clearing up, and that he thought all future developments must be in the direction of a more wholesome con- dition of financial affairs. I was iniormed in Mr, Drexel's oMce that Penn- sylvania Railroad stock was selling at 47 and 48, Reading at 49%, and Lehigh Valley at 58 and 59, Hence all retiable stocks are selling at about their usual rates, and theirdepartment may be regarded here as safe, easy and quiet. Thus tar * NO NEW FAILURES have been announced, and the run upon the Fidelity and other tnstitutions of a similar nature have very greatly diminished, I have visited several of the bankers’ oitices which were closed last week. with the view of obtaining, if possible, their different statements, which, in many instances were to have been ready by bauking hours this morning. In every instance I was informed that they were not yet made out, nor could I receive any Satisiaction as to when they would be. In face of this it is evident that the fimancial affairs of many houses arein a state of greater perplexity | than was first imagined, and that the statement will not be made much before the close of the week, il they are ready even then, Still, if no houses go under to-day things willno doubt assume a brighter appearance, and Wild-cat railways and securities Wiil at last find their actual level. The only doubt entertained among Philadelphia bankers seems to be that foreign capital will be reluctant to invoive itselfin tuture in American railroads. I have been among.the banks and banking companies, and bave been assured that the worst 1s no doubt over; indeed, every party that I have interviewed, has made use 01 remarks directly consistent with that which I have quoted above from Mr, Drexel. Judge Kelly says that had a liberal amount of money been released from the Treasury during the gradual fulfilment of contracts, this sad catas trophe could have easily been averted. He says, further, that even so great a thing 48 the immediate release of $44,000,000 could not rebuild the wrecks with which the country is strewn, but that it might restore public confi- dence, Judge Kelly says, also, that he beileves the next Congress will rem certain RESTRICTIONS IN THE PRESENT BANKING LAW, and that it will devise means of giving greater Mie to our currency. Mr. ward Robbins, a well-known Third street broker, says that had not the Fidelity so bravely Weathered the storm four-filths of the banks in town would have been obliged to suspend. . Lewis, Chairman of the Clearing House com- mittee assures the public that tne Olearing House here will not be necessitated to resort to an action like that instituted in New York, and that there Will be no meeting to-d: Failure of the Keystone and Citizens’ Sank. PHILADELPHIA, Sept. 22, 1873. Despite the assurances given above, the day closes with two additional suspensions—one of the Keystone Bank and the other o1 the Citizens’ Bank. The Keystone Bank 1s located on Chestnut street, isa State institution, and about one year ago its assets and liabilities were shown by the Auditor General as $636,427 17. Of the former were discounted bills and notes amounting to $430,000; mortgages, valued at $42,800; Teal estate, attended with an expenditure of $50,330, and $39,771 due from solvent institutions. Included in the list of abilities at that date were $197,000 in capital stock; actually paid in, $334,946 in deposits; $557,492 due to other banks, and a surpus contingent or sinking fund of $46,900. While the authorized capital of the Keystone was $400,000, the bank had on hand good SECURITIES TO ANY AMOUNT, and suspended because it could not secure bank bills in sufficient quantities to meet the present extraordinary demands, The National banks this morning were to have furnished certain amounts 1a currency, instead of which they simply sent their checks. For every check offered to-day the officers could furnish abundant securities and they seem to think that they can meet the emergency with cur- rency in the morning. The Citizens’ Bank is also & state institution, the authorized capital of which is $500,000, The Citizens’ has stood tha storm mantuily for the last few days, and on Sat- urday paid out over $100,000. This amount exceed- ing that 01 ordinary occasions by about $70,000, THE CITIZENS’ BANK entertains no good ieeling towaras the national banks, and the President, Mr. Keim, declares that they are the cause of the failure, masmuch as they threw out the checks of the State banks whenever they were presented. The Citizens’ usually de- geet their country checks with the Girard National jank, which institution, instead of cashing them as usual, last Saturday returned them. The otfi- cers, believing that there was an effort being made upon the part of depositors to drain the banks, notified them that no more money would at present be paid out. The State banks seem to find it almost impossibie to stand through the struggle, while, on the other hand, the nationals find no dimculty whatever in doing so, There have been three failures in State banks since last Saturday morning, and the public, under the circumstances, May Weil feel alarmed concerning the solidity of the rest of them. As the resuit of a meeting held to-day by di- rectors of the UNION BANKING COMPANY, which suspended last Saturday, the following card appears upon the door:— Payments of notes, drafts, lately held here, can be made at the Grand National Bank. Thus each day appears to ada new victims to the wreck, and the warm assurances of the morning seem to be regularly supplanted by the disastrous announcements ol the alteruoon, BANK SUSPENSION IN PIfTSBURG, The Result of a Sensational Despatch— The Security Trust Company and the Ho ot James T. Brady & Co., Sus- pend—No Panic and No Uncasiness Felt. the PritsBuRG, Pa., Sept. 22, 1873. ‘The effects of the financial flurry in New York reached here this morning and resulted in the suspension of the banking house of James T. Bracy & Co, and the Security Trust Company. The first named are private bankers and have been dealing extensively in railroad and other stocks. About ten o'clock the following placard was strung on the door of tueir banking house on Fourth avenue:— ‘Ae the result of falsehoods published in regard to this bank, causing a run on it, we have suspended. Mr. Brady assigns as a reason for the run which caused his suspension the publication of a sensa” tional telegram by the Associated Press to the ef- fect that he was mvoived with Jay Cooke & Co, Creditors of Ready & Co, will mcet in a day or two, SEPTEMBER 23, 1873—QUADRUPLE SHEET. when Mr. Brad, ‘ta statement which, it yoharesnte nue is thought, will put ti ire of the bank 4 MUCH BETTER LIGHT than they are at present. As soon as the suspension of Brady & Co. was announced attention was directed to the banking house of the Lari? ‘Trust Company, nearly op- posite, of which Mr. Brady is Vice President. Its doors were soon closed, but no notice of any kind Was posted outside. About half-past eleven & depositor gained admittance and presented ® check fol $1,000, and asked that it be —_cashel The check was not cashed, but the teller informed the gentleman that they “had lots of money to pay all checks presented ; but they were afraid, in consequence ot Mr. Brady’s break, that there would be a big run on them, and in censideration of that fact they thought it more pendent to shut the doors,” e ofticers say the, uk willopen for the transaction of business by Thursday. The suspension of these two institu- tlons created but A RIPPLE OF EXCITEMENT, which died out very rapidly, and there was nothing bearing the faintest resemblance to panic. It was remarkable with what indifference the general yanue received the intelligence of these lailures, t is evidence of the contidence that is re- posed in the stability and solvency of the banks of Pittsburg. It is said that the deposits today have exceeded those of any day for the past week. it was whispered that the bank presidents would hold @ conference and decide on seting by all banking institutions which were in @ condition to furnish collaterals; but finally tt was concluded ann there was no need of such @ meeting or such clon, CONDITION OF THE SOUTH. The Financial Crisis a Real Blessing in Disguise—« Go Ahead with Business "— Reports from Cotton Centres. RicuMond, Va., September 22; 1873. After the lapse of five days since the commence: Ment of the financial panic in New York its effect has only been felt here and in the South by a general tightness of money. For the past three or four days the banks have been careful about discounting, appre- hending as they did a run upon them. But as the despatches and private advices from New York become more assuring, they readily took up all good paper presented, and to-day none of that character was refused. A bank director here has @ letter from New York which advises the tobacco Manufacturers to GO AITEAD WITH BUSINESS that the legitimate commerce of the country has not been affected by the panic, but on the con- trary the failure of the brokers will remit to trade an immense amount of money hitherto employed in stock speculation, The Gallego flour mills and the Tredegar Iron Works are curtailing operations temporarily on ac- count of the tightness in the New York money market. There have been no fatiures or losses 80 far. The following are DESPATCHES FROM THE SOUTH :— Nonvouk, Va., Sept. 22 1878. The returns of this summer's produce being nearly in, ‘and but little cotton gone North, there is no uncasine felt iu this city. Nortolk was not affected by Black Fi day, and the feeling 1s that it will not be by this trouble. Everybody teeis contident and hopetul. Witxrmcron, N. C., Sept. 22, 1873. ‘Thé effect of the crisis is elt here only in the general stringency of the mouey market and depreciation of commercial products. Strained rosin hax fallen from $2 60 to $2 40; spirits turpentine trom 3¥c. to 36%¢c. ; cotton from 19e. to tic. ; and crude turpentine trom $3.55 to $3 10. ‘There were sales to-day at the above figures, but the transactions were light. But very little money is in circulation and there are. but tew bilyers even at the de- cline. ‘The banks will not discount a dollar; in fact, not only holding on to all in hand, but are straining every nerve to get in what they have out. They allow but few renewals of paper, aid only in exceptional cases. They seem to be preparing for a possible run on them, although nobody anticipates such a thing. Everything in commercial circles is very quiet. There ts but Ifttle excitement, and not the slightest appros panic. The only run here yet has been of one man on one bank. Cuarixston, 8. C.,Sept, 22, 1873. The financial crash had no effect he 0 A suspension of the cotton and shippin, Count of the inability to negouate New The general fecling is that the wiping out of some few large speculative honses in New York will be a blessing to the legitimate trade of the country, Avausta, Ga., Sept. 22, 1873. The crash in New York has curtailed operations in cot ton and prices have declined. ina: circles a affected by the failures, except so far as to cause a strin- fency in the money market, ‘Tho ¢ arrassment at the beginning of the cotton season. But this is regarded as only temporary. Savanna, Ga., Sept, 22, 1873. The financial crash has had the effect of depressing the cotton market, owing to the difficulty in negotiating ex- change, Business is very quiet and money scarce. There are no failures. THE EFFECT ELSEWHERE, Run on the Albany Savings Banks. ALBANY, N. Y., Sept. 22, 1873. There was quite a run on some of the savings banks here to-day. The Albany Savings Bank paid ont $50,000, the Home Savings Bank $6,000 and the National $12,000. At two P. M., when the banks closed, there was @ better Jecling prevailing, and it 4s thought the run is now over. Financial Matters in Buffalo. BUFFALO, N, Y., Sept. 22, 1873, Everything in financial and eommercial circles 4s quiet here to-day. The banks are acting very cautiously, taking care of their regular customers only, There have been but few saies on 'Change this morning. Grain is moving in large quantities as usual. H. W. Burt & Co., private bankers and brokers, closed this afternoon, Their suspension caused no undue excitement outside of their ig itoed deposi- tors. Financial matters are feverish, but business: men and brokers appear firm and confident that jd Serious embarrassment will be experienced ere. ‘Yhe suspension of H.W. Burt & Co., private bankers ana brokers, is considered to be only temporary and occasioned by the failure of their New Yor£ correspondents to pay currency for their drafts, for which ample securities were heid, The business of the house is principally among large operators and causes but little em- barrassment, The house has the confidence and sympathy of the general public. Since the failure t Burt & Co., the editor-in-chief of the Busfalo Commercial Advertiser visited, in person, every bank in the city, and in @ local postscript in the last edition says:— ‘The banks of discount, without a single exception. a fear to be doing the ustial amount and kind of bus In several cases they had received more money tl had been paid out in checks. All the ofiicers feei_coffident of their ability to stand any pressure that is likely to occur. In conclusion, he says:— The local financial situation, if changed since the morning is changed tor the better, and iully justifies the confidence expressed in our editorial articlés. Run on the Chicago Banks. CHICAGO, Sept. 22, 1873, There is considerable of arun upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule, and are only paying on sums of less than $100, The largest assemblage appears to be gathered at the States Savings In- stitution, but 80 far the crowd has been very quiet and orderly, ‘he latest reports, public and pri- vate, irom New York, appear to have had the effect to lessen the anxiety which was manifested this morning among many bankers and ousiness men. The Day in Baltimore. BALTIMORE, Sept. 22, 1873. The effect of the financial situation has been less Appaggnt on the street'to-day, but has been more mar! in the duiness in trade circles, Although the feeling here is that the worst is over. yet busi- ness men prefer inaction until the skies are clearer and the future more certain. There was no excite- ment in money institutions and no more than the ordinary pressure upon bauks and bankers. An attempt to create a scare was made by the an- nouncement on toe street this morning that the officers of the associated banks would hold a meet- ing at the Clearing House to consider the situation, but it was promptly denied on authority d the momentary excitement was quieted. There was no pressure to sejl and the demand tor mouey was slight. High rates prevailed, but those who chose to pay them were able to obtain the funds, CGOMPTROLLER’S RECEIPTS. Comptroller Green reports the following amounts paid yesterday into the city treasury :—From BURKAU OF COLLECTION OF ASSESSMENTS. Assessments for street openings and Improve- ments and inter . REAU OF REARS. Arrears of taxes, assessments and interest......... RKAU OF CITY REVENUE. e and interest and marketrents. 1,687 DEPARTMENT OF © WORKS. Water rents aud penaltie: - severe 1,220 MARSHALS OFFICE, 3 8 oP] City Record, sal Total,... ARRESTED FOR EMBEZZLING, BripGerort, Conn., Sept. 22, 1873. Ed, &. Leavenworth, aged twenty-four years, employed as janitor in the Post Office at this place, was arrested on Sunday morning on charges of opening letters and stealing money therefrom. He coulessed that he had been carrying on the busi- ness for some three weeks, auring which time ne had opened a large number of wetters id stolen money to the amount ol $12. Upon veing arraigned by United States Comriationer M. Seymoar tois morning Leavenw rth vaived an examination and was bound over tu a vad of $2,000, in default @ holt be Was committed to the county jail. best three in five, in harness (except races on ex- DEERFOOT DRIVING PARK. ‘s—Closing of Purses Last Night—The Events and Entries. The several purses offered by the management of the Deerfoot Driving Park for the sal) trotting meeting, set down jor September 30, Ostober 1 and 8, closed last night at Baldwin’s, Main and Plymouth streets, Brooklyn. The attendance of drivers and owners of trotting horses was very large, The fol- lowing are the events and the entries FIRST DAY—TUESDAY, SEPTEMBER 30, No. 1—Purse $300, for horses that never beat three minutes; $175 to the first, $95 to the second and $40 to the third horse, Owner’s br. m. Wicklow Witch, L. S. Sammis’ bik. g. Scar Faced Charley D. Blauvelt’s br, m. Bessey. Z. E. Carpenter's bik h. G. Waldron’s gr. g. Charley. A. J. Feek’s b, m, Sadie, J. Evans’ b, m. Mag. J. Evans’ 8. g. Joe. John J. Baker's b. Guinare. George Wright . g. Pailo Weil, Jr. J. Phillips’ gr. m, Flora, Dan. Mace’s bik, 8. Young Fillingham. Ben, Mace’s 8. m, Wasburn Maid, John mules b, g. Everett Ray. Thomas Ogle’s b. m.. Richmond Girl. No. 2—Purse $500, for horses that never béat 2:29; $300 to the first, $150 to the second and $50 to the third horse, John-Murphy’s ch, m. Grace Bertram. J. H. Phillips’ gr. g. J Draper. J. Jenkins’ 8. m, Josephine, A. J, Feek's ch, m. Lady Emma, J. D. MeMann’s s. g. Fred. John 5. Baker’s b. g. Tom Keeler, Dan Mace’s b. g. Tip Allen. SECOND DAY—WEDNESDAY, OCTOBER 1, 3—Purse $350, lor horses that never beat 2 200 to the first, $100 to the second and $60 to the third horse, Jobn Murphy’s b. m, Lady Pfifer. Owner's gr. g. Pollack. E, Edsall’s bik. m. Bess, Charles Heinzel’s s. g, Central Boy, Dan. Dunlay’s br. m. Lady Woods. James Davidson's b. m. Cora. J. tl, Phillips’ ro, g. Fred Tyler, . V. Carrol’s b, g. Octavia (formerly Bay a Oe Sammie’ s. g. Harry Gilbert, J. Evans’ b. M. Mag. J. B. Herrington’s bik. m. Dinah (formerly Topsey). Dan, Mace’s bik. 8. Young Fillingham, Ben. Mace’s s,m. Washburn Maid, + No, 4—Purse $400, tor horses that never beat 2:83; $225 to the first, $125 to the second and $60 to the third horse, E, Edsall’s br. g. James Fisk, Jr. Israel Denion’s blk, g. Tom. James Davidson's b, m, Cora. J. H. Phillips’ b. g. Mystic. A. J. Feek’s b. g. Clothespin, Dan. Mace’s b. g. Tip Allen. THIRD DAY—FRIDAY, OCTOBER 3, No. 5—Purse $300, for horses tnat never beat 2:50; $175 to the lirst, $95 to the second and $30 to the third horse. Owner’s br. m. Wicklow Witch, J. H. vhillips’ gr. m. Flora. FE, Carpenter’s bik. h, —. A. J. Feek’s b. m, sadie, E. Dunham’s —. H. Casey’s b. g. Bob. J, Evans’ b. m. Mag. J. Evans’ 8. g. Joe. John 5. Baker’s b. m. Gulnare, George Wright's b. g. Phil O'Neil, Jr. Dan Mace’s bik. 8, Young Fillingham, Ben Mace’s 8. m, Washburn Maid, John Murphy’s b. g. Everett Ray. Owner's gr. g. Stranger. Thomas Ogle’s b. m. Richmond Girl. No. 6—Purse $600, for horses that never beat 2:25; $350 to the first, $175 to the second and $76 to the third horse, J. H. Phillips’ gr. g. Jack Draper, John Murphy's v, g. Chariey Green (not filled). EXTRA DAY—SATURDAY, OCP. 4, No, 7—Purse $800, handicap hurdle race, mile heats; $175 to the first, $95 to the second and $30 to the third horse. John Siattery’s b, h. Harry Booth. J. Boughrum’s 8, g. Revenge. & Owner's bik. g. Gerald, No, 8—Purse $200, for teams; $120to the first, $60 to the second, and $20 to the third horse, ‘J. H. Phillips’ bay g. Prince and Mack. A. T, Feek’s b. g. Clothespin and ch, m. Lady Emma. A. H. Schenck’s br. g. Listener and Adonis. The above trotting events will be mile heats, tra day), and will be strictly conducted under the national rules with drivers’ amendments, FLEETWOOD PARK. —— Last Day of the Autumn Trotting Meet- ing—Fleety Golddust the Winner of the 2:31 Purse and Judge Fullerton the 2:21 Race, Yesterday was the last of the autumn trotting meeting at Fleetwood Park, the winding up con- tests being a purse of $1,200 for horses that never beat 2:31 and @ purse of $2,500 for horses that never beat 2:21, both contests being mile heats, best three in five, in harness, Fleety Golddust won the firat named and Judge Fullerton the sec- ond, a horse, in the opinion of our reporter, that has never lost a race during this year that he could not have won. SUMMARY. FLEETWOOD PARK, Sept. 22—Trotting—Purse $1,200, mile heats, best three in five, in harness, jor horses that have never beaten 2:31; $600 to the first, $400 to the second and $200 wo the third horse. ENTRIES. C. 8. Green’s gr. m. Fleety Golddust D. Bigiey’s chem. Fanny D, Mace’s g. m. Heatherblo D, Ptier’s br. s, Daniel Boon: M. Carroll's bik. 8, Winthrop J. Doty’s b. g. George Miller, J. Lovett’s bik. g. Vulcan... John Crooke’s b. g. Ohio Boy. S. Patterson’s b. h. Manhattan, TIME. Quarter. First heat.... + 87 Second neat... 37 Third heat.. SUMMARY, Same Day.—Purse $2,500, for horses that have “never beaten 3, $1,250 to the first, $400 to the second and $450 to the third horse; mile heats, best three in five, in harness, RIES, D. Mace’s ch. g. Judge Fullerton B. Mace’s b. g. Sensation J. Lovett’s b. m. Gazelle. es ddvorewes G. N. Ferguson’s b. m. Lady Banker.... C. 8. Green's b. m. Lucilie Golddust. P. Manece’s b, 8, W. H. Allen......... First heat.. Second heat Third heat.. PROSPECT PARK FAIR GROUNDS, First Day of the Autumn Trotting Meet- ing—The Events on the Card, To-day is the first of the autumn trotting meet- ing of the Prospect Park Fair Grounds Association, and if the weather Is pleasant the amusement that will be offered the turt-loving public will be very interesting. There are two events on the pro- | oreo the first being a purse of $1,000, for orses that never beat three minutes, mile heats, best three in five, in harness; $600 to the first, $250 to the second, $150 to the third and $100 to the fourtn horse. Entered for this are thirteen horses, many of them new ones. Second on the list is a purse of $2,000, for horses that never beat 2 Tuile heats, best three in five, in harness; $1,000 to the first, $500 to the sec- ond, $300 to the third and $200 to the fourth horse. In this contest there will probably come to the score for the work the brown gelding Sir Knight, black stallion Thomas Jefferson, white gelding Crown Prince, bay mare Lulu, sorrel mare Susie and gray gelding Ben Fiager. The races will commence at two o'clock P. M. a The Coney Island cars, via Smith street, will leave the Fuiton ferry every five minutes tor the grounds, OAUGHT IN TIME. While Detective William B. Moore was walking up Broadway, yesterday aiternoon, in company with a lady he heard a shout of “stop thief,” and turning saw & man dashing across Twelfth street in the direction of Third avenue. Detective Moore | meh chase and succeeded in arresting the man fore he had gone two blocks, On capturing the thiet Mr. Moore conducted him back to where the lady stood who had been robbed, She identified the pocketbook which was found on the man as aa and [a Booed ee tone Whittemore, of arlem. Detective Moore took his prisoi lice Headquarters, where Pine aellencr James murphy. | He was locked up and will be iu taken before ige Dowling, at the ‘Tom! Court, this morning. re heer A BOY'3 LEG WORTH $10,000 A Westchester Jury Astonishing a Mor- * wisi a Railroad. An important case was disposed of in the Circuit Court at White Plains, Westchester county, yester- day. About two years ago a little boy, named Wiliam D. Thurbur, residing with his parents in Morrisania, was run over by @ horse car of the Hariem Bridge, Morrisania and Fordham Railroad, and injured so that he lost a le) An action for 10,000 damages was brought by the little tellow’s he gave the name of ther eli: the company, and yesterday it was disposed of in short ord the jury rendering a verdict jor the fall amo.nt claime i accordance With the earnest ap of plaintiis counsol, Counsei tor the defence fe notce that the cxse would be appealed. PIGEON SHOOTING. The Lorillard Cha lonshi Badge— Card from Mr. Harvey H. Brown, of Cleveland. CLEVELAND, Ohio, Sept. 18, 2878, To THE Eprror oF THE H&RALD:— The communication of Mr. Ira A. Paine, pub lished in the HeRaLp of the 16th inst., has been brought to my attention, In that letter Mr. Paine says :— Having ch Mr. Hi H. Brown, of Cleves land, tng wintersot the: Lorilard. Badge on the 7th of Sugest iast, wh) has failed up to this time to take any hotice ot oF make any answer to said chatlenge, the badge embiemaiic of the championship to me according tw the conditions governing the same. In reply to thia | have only to say that on the 13th or August (which was the day previous to the expiration of the first week after winning the medal, duringgvhich week I was by the regula tions exempt from challenge,) I returned the medal to Mr, Lorillard with a letter relinquishing all claims to it ‘and stating my reasons therefor, This letter appeared as an Associated Press despatch in the columns of your bax ers as well as all other papers throughout the country, on the morning of the 14th of August. Daring the afternoon of the Lith T received @ tele- gram from the editor of the Spirit of the Times stating that a challenye from Mr. Paine to me had been receivea previous to publication of my letter in the HeraLp of that day,to which telé- gram I replied as follows:— i CLEVELAND, Aug. 14, 1873, ‘t of the Times, New York,—By your published salons severing Shak eee ey Boer pablus aa winning medal before Lcan be challenged, Letters to Jouand Mr. Lorillard, mailed yesterday afternoon, re- ingulshing ali claim to medal. ~ Week expires this aiter- noon. otaccept challenge. Hanvay H, BRBw: This despatch was intended for publication, as it clearly showed that the medal had out of my-possession and control at the time of receiving Mr. Paime’s chalienge, was expected to serve as @ final answer to him, For some unex- plained reason Wilkes’ Spirit as never published my despatch, nor, so far as I know, communicated its contents to Mr. Paine. Supposing that his card of September 15 was based upon ignorance of my correspondence as above, and a consequent misapprehension of the facts, I make this explanation through your col- umns tn justice to myself. Whatever may nave been my intentions, ex- pressed or otherwise, previous to the second day’s shooting at Saratoga, regarding the defence of the medal, should I be so fortunate as to win the same, my experience of the secoud day in acquiring it was such as to convince me that f could not con- sistently continue to compete tor its lon, and I then and there expressed my determination to return the badge to the original donor on my return to Cleveland, I have no present desire or intention to engage rwise than as a source of tion, aud am always ready, to meet in iriendly con in trap shooting ott amusement and reer my business permitti test any gentleman who inay wish to try conclu. sions with me, but not for Cae purpose of pecanl- ary gain. With respect, | win very truly your: HARVEY H. BROWN, CRELOHOON. The Fifty-fifth Neximent Shootttg Yes= terday—Teams from the Ninth, Twen- ty-second, Twenty-third and Seventy= ninth RKegiments—A Good Average Shooting. The Fitty-fifth regiment, 250 strong, under com. mand of Colonel ©. W. Fuller, was at Creedmoor yesterday, The shooting was at 200 yards, off hand, five shots, and the average about as good as could be expected, it being the first time the regiment has been at Creedmoor and the guns hav- ing never been used, before, The weather was very favorable. The ufen were quite orderly, nOt- withstanding an unnecessary quantity of lager beer was used. The scores, however, would have: probably been better if a smuiler quanuty had been consumed, The team of the Ninth regiment, under command of Lientenant Colonel Hitcacock, did good shooting at 200 and 500 yards, Nicholas ingel making three sixteens at 500 yards, five shots. The Twenty-sec~ ond regiment team, under command of Lieutenant J, H, Morstull, did weil. Roux (200 yards, five Shots), 13, 15, 18; 600 yards, 13, 13, 14; Murphy, 17, 9, 10; 19, 7,8; Horsiall, 15; 13, 173 16, 15, The Twenty-third regiment team, Lieutenant Moore ia command, had new guns, but did iair shooting. Keliogg, Sterns and Wilkinson made 14 each, te two former at 500 yards, the latter at 200. The Seventy-ninth’s team, under command of Captain Ross, averaged 13 at 500 yards, 18 at 200, ‘There was some good iiscellaneous shooting by — members 01 the Assvciation. Lan ekeeper Mi from the Wimbledon range, made 18 Out of possilie 20 at 500 yards, using tie Remington sporting. ‘The guns used by the miuua were the Remington military, Members of the militin must bear fn mind that they must not shoot at randem under any circam- stances, If the soldier jeaves the shooting tort with a loaded gun the bali mus¢ be drawn, A shot discharged at eitner tne rigat or the leit of the range is lable to kill sowe persoa. Otticers should see that their men comply strictly with the rules Of the Association. JERSEY’S RECURDY UF BLOOD, = Time for Cor City. Last evening the inquest in the Webster-Carron case, in Jersey City, Was continued at Brady's Morgue, before Coroner Reinhardt, About three — weeks ago Carroll and a friend, named Sullivan, A Busy ers im Jerse / had been drinking, and in their rambles they went into a saloon kept by @& colored man named Daniel Webster, at tae junction of Third street and Newark avetiue, They were so boisterous that Webster put them out, and. it is im evidence that Webster followed the two — men out into the street and struck Carroll, whem ing. Coroner Keinhardt and a deputy, who caught him ~ and brought him back. While the Lae was progressing the ai ment was made that a wan was lying on the road track in @ dying condition, not far from fr Morgue. “Long Billy Kelly” was the first to report to Captain McHorney, a8 he ts always the van in any emergency. ‘the injul man was taken on a stretcher to the City Hospital. He was identified as Patrick McDonald, aged twei pete @ driliman employed at the Pennsylvania in Jersey City, hed faintly and blood issued frem the left ear. ‘There were no marks of violence and the — theory of the physici was that he was struck the head and was suffering from congestion of brain. He slipped, perhaps, or wus jerked from @ car of the freight train about nine o'clock, Colgate atreet, and jell on lis head. Although it was probable that belore the rising of this sun he, would be no more a denizen of this The body of James Martin, of Bloomfleid, lost his life in a drunken carousal, on morning, is now at the house of @ fi Martin’s family, on Railroad avenue. inquest will not be heid till All the rumors about murder are w! founded, for although Moore, who -was person seen in company with the di on suspicion, there is not the slightest of evidence against him. No weapon of was found near the scene. The theor! cepted 1s that the unfortunate man fell a dow where Moore boarded and strack on his head. DESTRUCTIVE TORNADY IN FLORIDA Houses Blown Down, Citizens Killed nd the Crops Ruined=a Town Com- pletely Washed Away. Aveusta, Ga., Sept. 22, 1973, The following despatch has been received here from Tallahassee, Fla., dated September 21:— “A terrific storm prevailed throughout tins sec fli Mt tion of the country on Friday morning. Several stores were unroofed, thirty or forty houses blowa down and several others badly damaged. A great — number of gin houses were destroyed. The crops are considered completely ruined. Three or four lives were lost several persons wounded. A large number of stock were killed. The roads blocked by falling trees. The teiegraph wires fences are down for miles. ‘he Joss tm this cou 18 immense. St. Mark's was completely. wasl away. Only two houses were left 3! ing, twenty families rendered Lomeless, Newport 1s also reported gone.” THE TRANSPORTATION COMMITTEE, Imspection of the Niagara Ship Canal Roate, NIAGARA, Sept, 22, 1873, The Congressional Committee on r were met this morning by a delegation ftom Lewis = ton at the International Hotel, and at aine o’elook ‘ proceeded in carriages to visit the proposed hee, : of the Niagara Ship Canal, from @ point Navy Island to Lewiston, 4 distance of sven At several points on left the carriages to imspect the metg! of the route and judge of its adap’ Among those present were liam Hotchkiss, Colonel Arthar Bush, Amos French, Mr, Grimch A session of the commitiee Was the International Hovel, plicit details were envered into, explained at length the advul Pasa it eal jt mm and in the evening pi vy Will stay avuut & Wi mornin where the latter fell, Carroll died on the following morn- Webster fled to Chicago, but was pursued by cy oor fellow was breathing at hall-past ten o’clows — and —