The New York Herald Newspaper, September 24, 1873, Page 4

4. PANIC PAST. | False Alarm of a General Commer- cial Collapse in Chicago. FLURRY OVER A GROUNDLESS REPORT. Suspension of Henry Clews & Co. The Clearing House Arrangement Work- ing Like a Charm. OPENING OF THE GOLD EXCHANGE. Nearly Ten Millions in Bonds Disbursed by Government. ‘The Run on the Savings Banks Subsiding. ‘Return of Confidence Among Depositors. AFFAIRS OF THE TRUST COMPANIES Untrue Rumors of Com- mercial Failures. , INTERVIEW WITH MB. HUGH MCULLOCH, Troubles the Country. Financial in still caster ana more confident state of feeling sashefed in the morning of yesterday in Wall stréet, ‘Whe improvement noticed on Monday was moro marked and reassuring through the fore- moon of Tuesday. The triumphs of the anks in the masterly proceeding they Wwesolved on of making $10,000,000 in loan cer- eifitates do duty as legal tenders was most decided, at is now conceded that but for the prompt and qpeculiar action of the banks the panic might have Bpread to incalculable bounds. : THB CASE OF CLEWS, ‘who was unable to use the loan certificates of he Clearing Honse, because of not being a mem- @er, and had to suspend for want of legal tenders, shows how eminently wise the device was which (the rest of the banks adopted, The suspension of Clews & Co. had a startling effect on the street, ‘which had begun to look around with the assurance Rhat the storm had spent its strength and that no more failures of consequence were to be appre- hended. Tho details of this suspension will be ound in another column. In the afternoon AN INFLAMATORY DESPATCH from Chicago, announcing that a panic was in Progress there, and a universal suspension of the ‘Banks imminent, aroused great alarm The mone- tary connection between Chicago and New York is Bointimate that there was good ground for anx- fety if the news had any bottom toit, but it was subsequently found that the despatch was a scare, and that the Chicago banks were subjected to no ‘unusual pressure, and were meeting all tho de- mands made upon them. In the meantime the street was Milled with THE WILDEST RUMORS concerning the suspension of other houses besides Clews & Co., whose names need not be mentioned a8 @ matter of justice to all concerned. These tumors, on further examination, proved to be with- out other foundation than that which existed in the minds of the panic-stricken people who idied about Wall street and found occupation in giving ‘carrency to whatever gossip might tan the expiring ame into revewed life. It was bellovea at one time that the financial crisis Was extending into the commorvial centres, ut up to the present writing no well verified account of any failure by our merchants has been received, THE STOCK EXCHANGE remained closed during the day. It hasbeen sug- gested that when it1s reopened the government ‘Board should be opened tirst for one day, and then that the lower hall for dealings in speculative @hares should be opened on the following day. There was some business done in stocks by THE CURBSTONB BROKERS, who started an independent board, with its office at No. 48 Broad street. The purchase of bonds be- Gan atthe Sub-Treasury with more animation than On the day previous. THE GOLD ROOM Was regularly opened for business, which, how- ever was languid. The conventence of the open- ing Was appreciated by the merchants, No bank belonging to the association found itself in trouble, and all clearings were regularly made. Should it be necessary to extend the amount of LOAN CERTIFICATES beyond the (en millions first agreed upon au- thority will be given to the Clearing Mouse Committee. The Board of Trustecs of the NATIONAL TRUST COMPANY Met at noon, but no conclusion in regard to the Ume for resuming business was reached, By the Teport of the examining committee it will be seen that the assets of the compauy in government ‘bonds and other securities exceed by over a mil- Mon the amount of their Habilities, The petition to have the NEW YORK HERALD, WEDNESDAY, SEPTEMBER 24, 1873—TRIPLE SHEET. meetings, a8 18 eceasary, very frequently, in order to learn the true financial condition of our adairs, but no meeting or consultation has occurred to-day. Reroxter—Has Mr, W. @. Moorhead been here, or is he in town? Mr. FAHNESTOCK—Mr, Moorhead is in Philadel- hia, His residence is in Philadelphia. He leit lew York last evening. When at home and at leisure he visits here very often. REPORTER—Are there any important facts to be stated by which the liabilities, &c., of the drm can be ascertained? Mr. FAHNESTOCK—No statement of facts can yet be made. We are doing our best by examination, inquiry and investigation to Preparo & satisfactory SSerOMOn which will probably be ready in @ few ays. This seemed sufficient for the time and place. The reporter thanked Mr. Fahnestock tor his courtesy, and bade him good night, INTERVIEW WITH MR. HUGH M’CULLOCH. A reporter of the HexaLp had a talk with Mr. Hugh McCulloch, of the London firm of Jay Cooke, McCulloch & Co., yesterday. The ex-Seore- tary of the Treasury was evidently bewildered by the state of affairs that met him just alter his landing from the steamer, and his bewilderment is not yet quite allayed. “Did you learn nothing,” asked the reporter, “of the failure of Jay Cooke & Co. until you came ashore?” Mr. McCuLLocH—Nothing whatever; nor did I apprehend the crash that has occurred. The latest papers we received on board the Egypt were | dated the 16th, and contained only the mention of the failure of Kenyon, Cox & Co,, but there was nothing to alarm us in that announcement. [ could hardly believe my senses when I learned of What took place. BEFORE LEAVING ENGLAND I never for a moment dreamed that, with the } country 60 prosperons as it is, anything of this , kind could happen. Here is England waiting for { our grain and cotton, &¢., and the balance of tiade inclining in our favor, and to suppose, under the never so prosperous state of affairs, that a pantie like this should happen, i3 to suppose auy extrava- gant notion, REroRTER—Would you not attribute the present condition of things to over-speculation in railroad enterprises? Mr. MceCuLLocu—That 1s TUE PRIMARY CAUSE, uo doubt. It was impossible at the moment to realize upon investments made. Large amounts of money were applied where they could only fracthy in time, but none of this money can be said | tobe wasted or lost. The country loses nothing. | We want all the railroads that can be built from the West to the seaboard. Europe wants our pro- dnce and we want all the means possibic to place it at ber disposal, The people of the West are cry- ing out for cheap freights. The truth is, our lines of railroad commun:cation are not suiiictent. More are needed, and with them we shaii have competition, and, a8 @ consequence, cheaper | freights and more extensive accommodation, THE NORTHERN PACHAC Railroad is no wild speculation. Its uses will be appreciated sooner or later, It is one of those en- terprises that develops and enriches 3 country; ana, though It should prove disastrous to its origi- nal undertakers, the country will never haye Oc- casion to regret that it was undertaken. RePORTER—From what you have learned since you returned do you suppose that this panic is | anything else put a shallow ephemeral, thing? Mr, McCULLocH—Up to this afternoon I did think the ijurry was over. There might have been a tew further failures of small houses, but the worst of | the crisis appeared to be past. This news from Chicago (Mr. McCulloch had not heard of the con- tradiction) makes matters look blue again, It appears there is a panic there, and, of course, it must react more or less on New York, ‘hen the suspension of Clews. & Co. would argue that we are not yet guite out of the wilaernesay RerorTeR—Do you supp the Cnicago banks have been advancing incauciously on the rebuild- ing of the city? Mr. McCuLLocn—No, From what I know of 10 BANKS: ‘THE CMTC. Tam not inclined to thiuk they have been doing | any hazardons business, and, therefore, lam the more surprised at what has happened, RerortER—Does the house of Jay Cooke & Co. fally know where they now stand ? Mr. McCvLi.ocH—The object of the private meeting of the members of the iirm is to ascertain that point, This cannot be accomplished in a moment. It willtake some time. The house has done a vast business, co-cxtensive, | might eny, With the country, and to realize’ the situation thoroughly will demand time anu patience. partake oi the influences that have affected the one &t this side of the water ? Mr. McCuLLocu—By no means. If our house in London was in the least peril you would not find me here to-day, Ishould have remained in Lon- don. Our business goes on as usual, but, of course, there is that degree of relationship between the two that makes sympathy natural between thei. I have no apprehensions for the stability ot the firm in London. Saying which Mr. McCulloch plunged into busl- figures of nance, THE CLEARING HOUSE. The report at the Clearing House yesterday morning was that all the banks had cleared al) them. At all the downtown banks aifairs were in good condition. Mr. Camp, the manager of the Clearing House, says that there were no weak banks on the list. He thought tt would have been safe to transact business in the Stock Exchange, but 1t might possibly have caused trouble ior others, Of the $10,000,000 of loan certificates ne ene have been taken by the banks. t was stated onthe street that owing tothe dificulty of obtaining small notes for the past fow days several proprietors of large manuiactories in this city had been unable to pay their workmen more tian one-third of their wages. The employers have large amounts of notes oj large denomma- tions, but it appears it is impossible to change them for small bills, BANKING INSTITUTIONS, Among the banks the feeling in the morning was very good. They cleared in the regular way, ¢x- cepting that they paid into the Clearing House the new joan certificates instead of money. But all ing existed between any of the banks and the Clear- Teporter saw expressed themselves as being quite confident for themselves. In one case it was stated that one brokerage firm had refused to accept the certified checks of another upon the Mechanics’ Banking Association, The reason for this was not given, and there seemed to be none for the action, because this bank is generally accredited with being one of the most solid in the strect. Ofiicers of banks as arule state that if the Stock Exchange reopens they will be obliged to cali in their Joans from brokers, who, if they do not re- spond, will have their secvrities sold under the hammer, This wijl ve enough of itself to keep the Stock Exchange closed, it 1s said, as, if such action as this took place, universal suspepsion would be UNION TRUST COMPANY declared an involuntary bankrupt was made by Kendrick & Co,, brokers, of Wall strect, in order chat its affairs mignt be placed t pda D in the hands of an The run on, or rather to, [ THE SAVINGS BANKS ‘Will cease altogether ina day or two. Deposttors Who withdrew their money on Saturday have, in «many instances, returned with tt. The banks, hay- Ung in most cases avatied themselves of their priv. ‘lege Of requiring from thirty to sixty days’ notice from depositors, will save themseives and teir de- positors from loss and inconvenience. AN INTERVIEW §rith Mr. McCalloch, which will be found snbjoined, shows that the ex-Secretary was as much bewil- ered by the crash that oceurred as anybody else, He ts satisfied the enterprise which submerged the house of Jay Cooke & Co, will yet be the pride ana profit of the country. AFFAIRS OF JAY COOKE & CO, Tt was expected, ‘according to @ rumor afloat last evening, based on somewhat reliable resources, that o meeting of the frm of Jay Cooke & Co, Would take plave last night at the residence of Mr. Fatnestock, 202 Madison avenue, BMrv Palmestock is one of Jay Cooke’s partners, and Particulariy interested in the condition of his af faire, Another party, Mr, W. G. Moorhead, pays due attention to the banking and terests, and was expected ing form one of the com: ference Who were to be in session last night, A HERALD representative called at the mansio: Mr. Fahnestock last evening and ini Fahnestock if any meeting of th any hat Beier aan tonag 9 Se gay a, @ Whatever, We hold the only alternative. FOURTH NATIONAL BANK. It was at one time stated late in the afternoon that the Fourth National Bank had suspended. A reporter of the Hgranp called at the establish- ment and saw the Cashier, Mr. Lane, who stated that there was not the slightest truth in the rumor, and at the time he~pointed the reporter to a crowd of men and boys putting in their deposits. The look of them was very healthy. The reporter interviewed the Cashier about the statements that the Fourth National had thrown out the checks of Henry Clews & Co.,and asked the reason, The Cashier said:— “The statements of our having done this are quite true. We have been clearing for Henry Ulews & Co, On Friday last Mr. Clews overdrew his account here $165,000, against which he, of course, had securities with us. This morning checks to the amount of $125,000 came through the Clearing House upon us from Henry Clews & Co., and, feeling wo could not compromise ourselves any further, we threw them out. Mr, Olews then came here and begged us to let him have $200,000 cash on certain securities offered us, but we re- fused the transaction.” Rerorten—Were these securities good? Casnisn—Well, I don’t think they were, At all events they didn’t please us and we were obliged to refuse the accommodation. Of course wien these checks were returned dishonored to his house he could not have continued any longer. The report as to our failure probably arose from some mention of this, We hold ample securities of the firm to make good whatever they owe us, and offered to lend him some upon which he might falcation would have been discovered, KerorTeER—Does the London house in any way | ness like a veteran, and was soon lost in the mazy | right, and that there was no trouble with any of | went on weil, and not the slightest misunderstand. | ing House, Several of the bank presidents whom the { newly-appointed recetver, took charge yesterday wae rapidly preparing @ statement, which, how- ever, will probably not py beiore a few The general remark is made that the of | bank are in good condition, and that all money due depositors will surely be paid up a8 soon as the real state of affairs is completeiy understood. The Casbier, Mr. Hustes, yesterday said that the house of Henry Clews & Co. had @ snail balance in its favor at this institution, and tnat, as lar as opera- tions between the two houses were concerned, they were entirely satisfactory and there was no re son to complain on either side. Clewa & Co, had not been in the habit of overdrawing their account, BANK OF NORTH AMERICA, At this bank all was quiet and business like, and the Gasiier stated that large amounts of money were coming from the West on deposit. The mat- ter of the man A. D. Williams, who bad been over- certified and about whose movemonts there had been a temporary scare, had almost been cleared up. In addition to the $250,000 which had been re- covercd#o! the $460,000 overdrawn, there had been received in the morning of the day bays. mak- ing a total of $400,000 and leaving only $60,000 sttil due. ‘This Jast insta’ment will be made this morn- ing, and the matter will be cleared up without further troubie, Tue restitutions made had been principally in St. Pav! Preferred and Lake Shore stocks and they 4ad been given back at the exist- ing market prices, thus allowing the bank to make @ prot of at least ten per cent on the transaction wuen the sliares res'mne their proper values, Otherwise the bank was iu a sound condition and not in ihe sligatest danger of any trouble, FIRST NATIONAL BANK, This bank, yesterday issued the following circular showing how its affairs stand, and it will prob- ably issue a like circular dally while the trouble lasts:— The prevatling panie causes so much uncertainty and anxiety in regard to all our moneyed institutions, we deem it quive proper and due to those who have en- trusted their money with us, to make the foliowing slate. ment of the condition of the First Nauonal Bank of New Yors at the commenvement of business this day :— MMSOURCKS, 4 . bonds in Washington. and other bouas on hani UW. o. Demand tosns. Discounts, . Promiums. Suspend bis i Furniture and uxtures. Oash teh al tenders. ENS Qholteinatactrea Surplus and profita. Circulation. Deposits. otal. ....-+ FISK AND HATCH. This house is rapidly making up its accounts and pEoiseh, to pay 10) in the dollar, Mr. Hatch says 1@ expects to be able to resume business as 5000 asany one. Allis being done as quickly as possi- blé to settle up things and put the house again on a basis, but, of course, until this trouble 3 over not much can be expected to bo done. tement is not ready as yet, but the clerks orking day and night in getting it ready, ‘THE UNION TRUST COMPANY, * There was hardly a being around the Union Trust Company yesterday morning—at all events no one in search of funds—and it was evident that the depositors had given up tieidea of getting their money just at present. Mr. Wesley, the Re- ceiver, was ‘carly on hand, with the Examining Committee, wiose Hanies have been given in the HignaLp, They were at work all day examining the securities aud. slow but sure progress was made. ‘The missing cashier, Carleton, has mot yet been heard irom, The Trust Company are assured to have him on hand ag he appears tobe the only person who can gy. a pretty definite idea of their aifairs and how it really stands, Mr. Wesley states that if Carleton had remained at his post of duty, on Friday last the company might have been still ail rigbt, and! that it is doubtiul if his alieged de- It is ciear, however, says Mr. Wesley, by this time, “that he did not precisely steal, but rather lost the mone; in an indiseret way; such as lendingmoney on insul- ficient security and specuiating rasily. Whoever his brokers were, when discovered, they will come tn ior their share of punishment in all probability,”” A petition was maae out yesterday have the Trust Company adjudicated an involuntary bank- rapt, and it was sent on to Judge Biatchiord, at Newport. It is a rule in courts not to disclose the name of the petitioners m bankruptcy nor the nature of the petition until the party petitioned against has beea enjoined against dispeasing any of the assets, A reporter of the HEeRxaLp dis- covered the fact th the petitioning creditors agajpst the Union Trust Company are brokers of Wall street, pgoording to their statements it ap- pears that the petition is based upon allega- tions that the Union ‘trust would not pay a check of the petitioners for $52,000 on the 30th day of August, the ground that tho check had not passed through the Clearing House, when the com- pany knew thatitthad. And that the Union Trust Company had by this action gerlously embarrassed the petitioners and altogéther by unjustifiable meens. This petition, if it Should be successful, would cause an assigneo in bankruptcy to be ap- pointed in place of the receiver now in charge. A HERALD reporter interviewed Mr, Wesley, the receiver, on this point, and he states that the peti- tion in bankruptcy caanot be successful so long as the party sought to be thrown into pee apy. insists that he has enough assets to meet his liabill- ties, He adds that as the Union Trust Company has much more than enough to meet ali just de- mands, the action cannot be taken against it. Mr. Wesley Says that the result of such @ course as being thrown into bankruptcy would be a needicss blow, and would tend to place depositors ina mvea worse position than they are in at present. Mr. Wesley also states that the company have not asked the Lake Shore to pay their indebtedness, as he says that the securities are at present just as good as the money; that the company should never have sus- pended, as the depositors were as willing to take Stocks and bonds to the amount of their claims as they were to take money. One of the Examining Committee told the reporter that the members would remain in session until 4 statement showin; the exact state of affairs had been got ready, an that one thing was certain—every depositor would be paid in fall. One of the directors said that he could not state precisely when the company would resume business; that attachments had been issued aguinst whatever real and personal property of Charles T. Carleton, the alleged detaulter, heid, and that he thought the compahy wonld not suffer to any extent by his operations, As to tie securities Which tho com- a@any held, he believed them to be perfectly good, and that not the slightest trouble would accrue to The. are any one having mouey in the institution after the pee state of affairs waa over. It would be use- e838 to speculate What woula be done until then. THE NATIONAL TRUST COMPANY, At a meeting of the*trustees of the National Trust Company held yesterday afternoon it was Stated that tno assets of the institution were nearly $1,000,000 in excess of its liabilities, apd that tne real cause of their suspension was | OWingto the fact that they could not, duriag the | Present financial pressure, realize upon tieir se- curities without having to make a very great sac- riflee, and this they were not willing to do. Their government securities are ail currency XS, And are at present uDavailable, as the Sub- surer is only redeeming five-twentics, The pretary stated to the HERALD representative tas soon as the Stock Exchange commenced operati again, so that they could realize on their government and other bonds without @ sac- | tiflee, they would resume business, and he felt con- fident that that would take place in a few days, He further stated that the customers of the company, though naturally alarmed at first, were now poriectly easy, and felt satisfied that the institution was perfectly good tor all of its indebicaness, In the meantime the | draits of the Indiana Banking Company of in. | dianapolis, drawn on the National Trust dompan: will be honored by the Third National Bank, ant those drawn by Messrs. D. Farahain & Co, will be aid by Messrs. Porter & Westmore, of No. 69 Broad street. The trustees firmly maintain that the suspension was mace in the interest of their customers. The Hal dadtn 5 statement, made by the Examining Committee in benall of the trustees, will show the condition of the company :— ASSETS. Government bonds... es¢sssseeee Other dividend securities and ioans, secu dividend paying sto gre $880,775 d by $ and interest-paying first mortgage bond 4, 495,605 Total $5,308,390 Due depositors 292,029 » the undersigne trustees of the Naitonal Trust Company, certu have made @ careful examination of the securities of the company, and find tnein w be accurate and correct, ROBERT H. BERL THE SAVINGS BANKS, A tour of the savings banks by a HEra.p ro porter yesterday revealed the fact that, as stated above, “comparative quiet existed all over. What reasoning by word of mouth fatied to accom- plish was effected by printed placards, which in- structed callers that no deposits would be returned short of receiving proper notice, thirty or sixty days’ ahead, THE SEAMAN'S SAVING INSTITUTION, on Waii street, has had ho run, At the same time the thirty days’ clause has been taken advantage of by the directors, who declare, however, that they have over $1,000,000 surplus, and can with- stand any financial storm that may arise. Consld- erabie deposits were made there yesterday, THE MUTUAL BENEFIT SAVINGS BANK, on Printing House square, has had norun, The sixty days’ notice had been displayed there. Up realize. But we suppose he couldn't, Money is hard to get just now, BANK OF THE COMMONWEALTH, At this suapended pauk Mr. Isaac H. Balle, the to three o'clock only fifteen pers to withdraw their deposite: idea 33 48 EMIGRANT INDUSTRIAL SAVINGS BAN! in Chambers street, had a slight run yi mer Morning. The directors ordered @ motice vont informing depositors that all amounts under $100 ‘Wall be paid without notice being given, but all in- tended withdrawal of amounts over that sum must be noted thirty days in advance. MANHATTAN SAVINGS INSTITUTION. This. establishment, situated at the corner of Broadway ana Bleecker street, requires no notice for withdrawal of deposits, ‘There was no percep- tible run on this bank yesterday. On the contrary, a number of depositors who had drawn their money on Monday returned the same yesterday, Confidence seems to have been entirely restored among the patrons of this bank. BOWERY SAVINGS BANK, Although this bank, tm ita report to the General Superintendent of Banks, shows the Jargest sur- plus and soundest condition, it has, nevextueless, poses large placards inside and outside of the pbuilding notifying depositors that thirty days’ no- tice mustabe given before withdrawing any sums of $300 and under, and sixty days ior amounts above that. No run there yesterday, THE NORTH RIVER SAVINGS BANK, corner of Eighth avenwe and Thirty-fourth strect, has issued similar notices to those of the larger institutions, Ata meeting of the Board of Direc- tors, held yesterday, it was decided that, in view of the many poor people having deposits there, sums of $10 and under be paid out on demand, Larger amounts, however, require notice, OTHER BANKS. The aaa Broadway, Claremont, Dry Dock, Clinton, East River, Excelstor, Merchants’, Clerks’, Dime Savings, Mutual, New York and other banks have been compelled to protect themselves by issuing the thirty and sixty days’ notices, BROOKLYN BANKS, There was considerable nervousness displayed among the poorer and less enlightened class of de- positors in the Brooklyn savings banks yesterday, Long before ten o’clock, the hour Of opéning, there was & group of workingmen and women congre- gated about the steps of the “Old” Brooklyn Bank, corner of Concord and Fulton streets, eagerly awalting admissign,’ When the door was finally opened theré was @ grand rush for position. The venerablo Pregident of tho institution Mr. Hosea Webster, came forward an courteously superinte} the seating of the depositors, as far as commodations would admit. He was smiling graciously and assured those with whom he conversed that every facility would be given, hem to obtain their money in turn. To the writer, Mr. Webster, he remarked, ‘We do not take adi of our reserved rights, under the charter, to demand thirty days’ notiication from depositors. We never have done so, I have been President of this bank for nearly thirty years and we have never had any trouble whatever. ‘Tne secret is that we never invest in specula- tive securities. We never have done 80. We 13 keep & good supply of money on hand, and’ therefore; able to meet any demand. Itis not ae "rd stated, that we closed our doors at ten on Monday morning. On the con- trary, We were ready to pay depositors from five to nine in the evening, but nobody came here.’ Several moneyed men entered tie bank when the crowd was greatest, and endeavored to make deposita of several thousand dollars, but they were it was: not needed just then, withdrew. This action had the influencing many who were wait- ing line to abandon their position and leave their money with the bank to accrue tu- terest. About $100,000 was paid to depositors during banking hours. There wasa@ “run” on the South Brooklyn Say- ings Bank, corner of Clinton and Atlantic stiee' inthe forenoon. This bank-paid all who came an as rapidly ag possible. There were @ few who had drawn out their money on Monday who returned it yesterday, having gotten over their scare. The other banks, availing themselves of the thirty days’ provision, Were not disturbed. SUSPENSION OF HENRY CLEWS & CO. At about half-past two o’clock it was publicly announced that the Fourth National Bank had refused to certify the checks of Clews & Oo., and everybody knew that it was a mere question of a few minutes before the firm would be added to the list of so many houses who have gone into suspension. In another column will be found the statement of the President or the Fourth National Bank with reference to this matter, Upon entering the offices of the firm small knots of people were seen talking in subdued tones, and with anxtous faces, of the state of matters, In the back office the clerks, with pens behind their ears, would occasionally look through the glass parti- tion separating the private irom the public office at the unusual meeting in Mr. Clews’ reception room. Many beguiled the time in waiting for the appearance of Mr. Clews by studying the various oil paintings in the rooms, not forgetting & photograph of the London house of Clews, Babicht & Co., in which Mr, Ciews, of this city, has the controlling interest, The otber partner is a Mr. Taylor. WHY THE FIRM SUSPENDED. It was ascertained yesterday, on the best au- thority, that the reason of the suspenson was the non-payment, in cash, of $250,000 by a well knowa institution, which, instead, paid it with a draft that cannot be cashed for.some time yot. It was also Teported that the sam paid out in greenbacks over the counter of the firm during Thursday, lriday, Saturday and Monaay amounted to the large sum OF $1,250,000, STATEMENT OF MR, CLEWS! MANAGING MAN, “The firmis ina perfectly soivent condition,”? said Mr. Greenough, the managing man of Clews & Co., toa dozen reporters who surrounded him, “and hold upward of a million and a half of good dividend paying bonds. In addition to this we hold a large quantity of Burlington, Cedar Rapids and Minnesota Railroad Company bonds; large amounts of merchandise and good commercial paper, Much of which will shortly mature. We ave had nobody to cash our assets, aud (emphati- cally) the run upon us would have broken an; bank in the city. As soonas the money marke returns to its normal condition, and siocks can sold at the reopen of the Exchange we shall bo able to meet onr obilgations, but wile the city is stiil in this state of excitement no private banking house can hope to live, provid- nas run is made upon it, If we had been able to obtain sixty days’ credit, wifich the savings banks gre now taking, our doors would not be closed, Currency to pay our customers could not be ob- tained at 4 price, and our best securities, which we would willingiy have slaughtered to a certain extent, in oatanee for § hha) are unsal- able. We were positively driven into a corner b; the resuits of the panic, Mr. Clews has done ail that a man could do under the exigencies of the case, and you know the result.” “In conclusion,” said Mr. Greenough, “we can honestly say that there need be no alarm as to our perfect solvency, provided that we can sell our se- curitios, for at ‘present we might as well be thousand miles away from the Stock Exchange in- stead of a few yards, forall the good it is to us to dispose of shares. if runs are commenced upon Private houses which do a banking business they will have to succumb, for they cannot stand the eifect of a systematic attack,” BEPC? UPON COUNTRY BANKERS AND THE DRY GOODS TRADE, The opinion gencrally expressed down town is that the suspension of Henry Clews & Co. will have @ most digastrous ‘effect on. coun- wy bankers, 10 have large deposits there. In addition to (this the dry foods trade of the city, who’ avail themselves largely of the banking fuciities offered them by Henry Clews & Co., will lose considerably. 80 rapidly are lies manulactured “on the strect”’ that withia ive minutes after Clews’ suspension it was houses of high standing had come to griet. Of course the invention was a Wall street canard, propagated either heedlessly ov, perhaps, with a malicious motive Messrs. Henry Clews & Co. are very reticent about the aifairs of their London house, THE EXCITEMENT IN TRENTON. The-excitement over the financial panic in Tren- ton, N. J., was much abated yesverday. There was no bustle on the streets and the people seemed to be impressed with the opmion that the storm has blown over, and that there is no serious cause for alarm, The Trenton banks 4re believed to be all solvent and ina condition to meet their ordinary demands, An official of the Mechanics’ National Bank stated that he was in receipt of a communi- cation from the Receiver of the Bank of Com- monwealth in New York, intimating that the funds of the former institution lodged in the nands of the latter were ready for payment at any time. The firm of Whittaker & Skirm, which was stated as haying been temporarily suspenied ia yester- day’s HERALD, will, on the authority of Mr, Skirm, resume business to-day THE HOMAN-BARLE CASE, — Balm for Bruised Affections in the Sam of $15,000; Abont two years ago action was brought by a fair Brooklyn spinster, Miss Roxaiana Homan, in the Brooklyn City Court, against a former suitor for her hand, Mr, Alexander 7, Earie, The defend- ant, it appears, was @ merchant and a widower. Tho plaintff had been a companion of the deceased Mrs. Earle, and after the death of the latter he paid his suit to her, Tiough he never “popped the question’ exactiy, he bad pressed her hand, had kissed her, spoken of the happiness of the married state, and had been most attentive to her after the manner of a true lover. Great were her chagrin and grief one day upon learning that he had married another la She brought suit to re- i Singd damages from Mr. Earle for his per- charged. tary t0 Neilson, of the Brooklyn City Court, that no inte aevewe confirms th: utde May Li ment. The Court of : of words was neces. constitute an ¢ ie aden of the lower Qourt, ow lyman $10,000 damagen, reported that two well-known uptown dry goods © M’DONOUGH'S DEATH. The Truck Drivers’ Quarrel—Who was to Blamet—The Prisoner’s Version of | members of the Affray. Dr. Cushman yesterday made a post-mortem ex- amination of the body of Patrick McDonough, the truck ariver, who was killed in a quarrel with another driver, Willlam Smith, on Monday after, noon. The circnmstances, as stated by the pelice, were briefly these:—McDonough was driving down South Fifth avenue, and when near Canal strect, he ran into Smith’s truck. Smith drove his team against McDonough’s, forcing the latter's horse upon the sidewalk, McDonough then jumped from his truck on Smith’s and Smith struck him, knocking him down. McDonough in failing struck his head against the curbstone. He was pickedup and carried into J. A. Keeler’s drug store, where he died a few minutes afterwards. The body was taken to 99 West Houston street, where the deceased had lived with his wife and little children, and where the exawination was made. Dr. Cushinan found that death was caused by extravasation of blood at the bage of the brain, due to injury. McDonough wea a tall, splendidly-developed man, and, while making the examination, Dr. Cusiman’s assistant exclaimed, ‘This man ought to have lived thirty years longer, if I can judge from sp nesses McDonough was forty years ol orn in Ireland and left a widow and two children, Smith, who Was 10¢! up in the Leonard street police sta- tion, is a thick-set powerful man, about twenty- five years old, with a broad, heavy ‘ace and an honest expression, He said to a HERALD reporter, who went to the police station to obtain Smith's version of the affray:—McDonough drove past me and forced my horses upon another track. I asked him if he was drank or biind, but he made no answer and jumped apon my truck. He made @ motion as if ie were about to strike me, but [ pusned himaway, I did pot strike him, did not Intend to push him off the truck, but sim. ply wanted to push him away from me, 1 did not even rise from my seat while pushing him, and had nointention of burting him, What I did I did merely in self-deience.” Smith then asked if he would have to rema\ many d 8 longer 1n his ceil, “as it was terrible.” He added, that as soon as he saw MoDonougi fall to the ground he went to pick Ave Up aud immediately gave himself up to e@ police, Captain Petty, who has Seoronghly investigated the case, is of the opinion that Smith acted merely in seli-defence, alti hough he was wrong in driving his truck upon McDonough’s horse. “Alter they got into line,” the Captain said, “Smith backed upon McDonough’s horse and threw him down, McDonough jumped on Smith's truck and struck at him, Smith struck at McDonough in return, and the latter tell eating the curbstone, which caused his death,” The tact that Mcbonough was the aggressor in jumping on Smith’s truck for the pur- ose of chastising him, ts regarded as being greatly in Smith's favor. “Had McDonough remained on his truck instead of attacking Smith,’ said one of the witnesses of the aflray Feaeeteny “he would be re alive.’ The police say Smith had the reputa- ion of a quiet, inoffensive man, He is marricd and lives at 124 Spring street, McDonough will be buried this afternoon, at one o’clock, in Calvary Cemetery. Coroner Herrman will wold the inquest on Friday, at ten o'clock. FULTON STREET PRAYER MENTING, cohen Set Celebration of the Sixteenth Annivere sary of the Prayer Mecting—Addresses by Dr. McOosh, of Princeton College, and Other Eminent Divines. “From Twelve o'clock untii hali-past twelve, on September 23, 1857,” so says Dr. Irmens, in his “Power of Prayer,” “a single man watched and prayed in a third story room of the consistory building of the North Dutch ohurch. This man was Mr. Lamphier, the father of the Fulton street Noon Prayer Meeting, who yesterday had tie pleasure ot seeing and celebrating the sixteenth anniver- sary of the institution of his hand, which, in the interim has grown in dimensions and power sixteen hundred-fold, From the small beginning of one person the Fulton street Noon Prayer Meet- ing has become an institution ofPower and an tostrument of ood. Many and many ® poor, unfortenate man and, woman who, in the cold winter's days have wandered into the prayer meeting to wari their trembling limbs, have found warmth for their soula,.and under its genial influence they have budded into righteous- ness and borne the fruits of religious charity. Tno work of the prayer mecting has mot becn cramped by the limited confines of the méeting room, for 1t hag distributed pamphlet and tracts throughout the country, and has received during its existence about one inillion applications for prayers, The immense concourse of people that collected in the North Dutch church yestercay noon attested that the interest and faith in the “prayer meet- ing’ has not diminished one whit. ‘The body ana gatleries of the church were yesterday crowded to suifocation by an eager congregation, greedy to hear all that was to be said about and for the “prayer meeting” by the eminent divines who were announced to age At twelvoo'clock the REV, DR: M’COSH, OF PRINCETON COLLEGE, who had beoa. appointed Jeader, rose and sald a prayer, after which he spoke in eulogistic terms of the peace meeting” and the graud results it bad worked. S. THE REV. WILLIAM VAN NEST was the next speaker, and he told at length of the inception of the religious enterprise, of its progress and present standing, He recounted the number- less and wonderiul conversions that had been per- | formed through the agency of the “prayer mect- | ing,’”? and Dnished his remarks with an eloquent hope that the good work would go on and receive in the future, as it had in the past, the blessed benediction and sanction of the God of Hosta. THE RRV. W. HOYT, D. Day followed in a short addressin the e spirit as that of Mr, Van Nest. Messrs. Dewitt and Robin- son also made short addresses, in which they spoke in the highest terms of the meeting, its in- fluence and good work. THE REV. E. A. PENNINGTON, D. Do, and several other clorgymen and lay folk made addresses, and Dr. McCosh wound up the éervices With a few appropriate words. TIRED OF LIFE, Mrs. Gehleard, aged 50, wife of Adam Gohleard, Proprietor of the lager beer saloon at 850 West. Forty-fifth street, committed suicide yesterday morning by drinking a eH of Paris green. She had been fil for a very long time, and a'ter she had taken the peison she said to her husband that she “was tired of life’ and that her suferings would soon be over. @wo hours later she was dead. MARRIAGES AND DEATHS. Married. ARGUIMBAU—RAMIE.—On Wednesday, Soptember 17, at St. Stephen’s church, by Rey. Dr. McGlynn, JoserH 8S, ARGUIMBAU to ELize C, Rais, vil o1 this city. No cards, BTTS—OARMAN.—In Brookiyn, on rocaiey even- ing, September 23, by Rev. Dr. roll, of the East Reformed church, Bedford avenue, Henry L, BErTs, son of Charles 0. Betts, to DELL, only dangh- ter of Benjamin and T. Cordelia Garman, all of Brooklyn. No cards, Philadelphia papers please.copy. BLopeei?7—NEWTon.—On Thursday, September 18, at_the residence of Mr. J. D. King, Toronto, py tho Rey, i. M. Waters, Henry 0. BLODGETT, of Seneca Falls, N. Y., to Lizziz, youngest daughter of phe late General Joshia Newton, New York, No cards. Harino—Hvuyier.—At Nyack-on-the-Hudson, on Thursday, September 18, by the Rev. G. M. 5. Blar- yelt, Wiittam V, D, HARING to BVALENA HUYLER, TonEs—DRirrs—On Tnesday, September 23, at the residence of the bride's father, by the Rey, J. Frederic Dripps, Saka ELIzaBi daughier of Matthew Dripps, Feq., of Brooklyn, to Wooprurr Jones, of Philadelphia, MARKILLIE—SaLinGgR.—On Wednesday, August 13, at St. Albans’ church, by the Rev. J, B. C. Beau- ge a MABKILLLE to ELEANOR 8, SALINGER, ‘0 cards, PAWLEY—Howarp.—On Wednesday, Soptember 10, at St. George's, Hanover square, London, by the Rev. H. Howarth, B. A. WILLIAM PAWLEY, of Tunbridge Wells, Kent, to ANGELINE, youngest daughter of Héury Howard, Esq., New York city, Di ANTHONY.—On Monday, September 22, ‘'mZo- PUILUS ANTHONY, in the 83d yoar 01 his age, His relatives and friends are invited to attend his funeral, from Middle Dutch churtb, corner Lafayecte place and Fourth street, on Wednesday, 2th inst., at hall-past three o’ciock P, M., without further invitation, ARNOLD.—On Monday, September 22, Daisy Ro- BERTA, infant daughter of George W. and Mary A. Molntosh Arnold, Relatives and friends are respectfully invited to attend the funeral services, at the residence No. 238 Bast 126th street, Harlem, on Wednesday even- ing, at seven o'clock, WOHISON.—On Sunday, September 21, FRANK ATOHISON, aged 63 years, Relatives and friends of the family are respect: fully invited to attend the funera:, trom his late residence, 408 Kast Sixteentn street, on Weanes- day, September 24, at one o'clock. ASTEDO.—In Brooklyn, on Tuesday morning, September 23, GuRTRUDE, wife of the iate Nelson Bastedo, aged 47 years and 5 months. The relatives ana friends are invited to at tend the funeral, from her late residence, 487 Ped- ford avenue, oa Thursday, the 25th inst, at half. it two o'clock P. M, PATI Y.—Suddenl , on Tuesday afternoon, Sep. vember 28, Gkongs J. Buarry, in the 60th year of his age. Notice of funeral hereafter. ROWN.—On Monday, ered 22, 1873, RopERT Bi Brown, in the Tist year of ge. Rolatives and srienda are invited to attend she ronerat, rom fis inte residence, Tremont, West os F count BI sg he mene iW on and see's cos of anh 2 the ae Ne . Bea, ies Soa ce Tes! Soittond the funeral, on Thursday aiteraoom one o'clock, from the spre orc of Plymoutte Chureh (Dr, Beecher’s), Srenge Toe’ between Hicks and Henry streets, y! September 23, CHARLES and Kate Burger, Burcen.—On zieseay. Hyatt, son o! Stephen D, aged 3 years, 3 months and 6 en Relatives and friends of the family are respect. . fully invited to attend the funeral, trom 14 Seco! avenue, this day (Wednesday), at two o'clock P. BY! —On Monday, September 22, CaTHaRi Brrnk, wife of George J. Byrne, in the 41st year her age, & native of Lismore, county Waterford. Relatives and friends of the family are re fully invited to attend the funeral, from her late residence, Butler street, Vanderbilt avenue, at two o'clock, this (Wednesday), afternoon, Septem. ber 24 To be interred in Flatbush Cemetery. Co¥Fgy.—On Monday, September 22, at his resi- lence, 622 East Thirteenth street, MIOHAEL COFFEY, jon of the ate John and Sarah Coffey, Will be buried to-day (Wednesday), from his late penitence, at two o'elnas. P.M. Friends of the mily will please attend, Cunt! ext Linden, N. J., on Monday, Septom- ber 22, SamveL Ourriss, in the 73d year of his age. The’ relatives and iriends of the family are fe- ectfully invited to attend the funeral, at the First formed Qhuroh, Linden, at one olglock x Me Thursday, September 25. Carriages will be readiness at Linden depot to connect with traim leaving at twelve M., from foot of Cortlandt or Desbrosses street, Now York. DaLLey.—At Washington Heights, on Tuesday, September 23, ANNig, eldest danghter of Joho ed 23 years. tives and friends of the family are re- spectfully invited to attend the funeral, from the Methodist Episoopal church, corner of 153d street and Tenth avenue, on Thu , September 25, at two o’clock P, M, Carriages be at the depot to meet the one o'clock train from Thirtieth street. Duare.—Suddenly, on Saturday, September 20, Sana RapPey wife of Samuel A. Deare, The relatives and friends of the family are re spectfally invited fo attend the funeral, from the residence of her brother-in-law, v. H. 0, Pat nam, Roselle, N. J., on Wednesday, the 24th inst, at half-past eleven o’clock A. M. Dopp.—On ‘Tuesday, morning, September a EMELINE J. Dopp, wife of George F. Dodd, aged years, third daughter of the late Samuel Brower. Tho funeral services will take Biae8 Thursday afternoon, at two o'clock, m her late residence, No, 89 Fourth avenue, Brooklyn, The remains Will b? taken at nine o'clock, morning, to Bloomfield, N. J., for burlay. FirzPaTRick.—On Tuesday, September 28, THOMAS FitzPaTRIOR, aged 86 years. ‘The funeral will take place from his late residence, No. 209 West strect, on Thursday afvernoon, a6 alf-past one o'clock. Frist.—On Monday, September 22, aftor a linger: ing ee Joun Friur, aged 24 years and 6 months, His friends and those of the family are respect fully invited to attend the funeral from St Stephen’s Church, Wednesday, September 24, at one o’ciock P. M. GRIFFEN.—On Monday, September 22, JOHN 0. GRIUFFEN. Notice of funeral horeafter, : Happen.—On Monday, September 22, after & short illness, PsTeR HADDEN, aged 63 years, Relatives and friends are invited to attend the funeral services, at his Jate residence, 123 Christo- per treet, Wer pseday evening, at elght-o’ciock. Remains will be taken to Peekskill for interment, Hat.—Oa Monday, September 23, ALTRED LIAM, 8on of John N, and Sarah G, Hall,.aged 8 months andt4 days,, ‘The funeral takes place on Wednesday, Reptemnes 24, at baif-past two o'clock, from his grandiather’a residence (Wim. H. Loines), Madison avenue, be- tweea 182d and 133d streets, HEiNs.—On Monday morning, September 22, Mra. Mary T. Herns, mother-in-law of William H. Trow, aged 66 years. ‘he relatives and friends of the family are re- ‘spectiully invited to atteud the juneral, from her late residence, corner Thirty-seyenth street, Tenth avenue, on Wednesday, September one o’clocd., JOHNSTO! t Lawrence, N. J., 0p Monday, Sep. tember 22, GxorGE N. JOUNSTON. Funeral service on Thursday, the e5th inst., at) eleven o'clock, Kay.--Henry Esrwicx, infant son of Robert and Sarah may) aged 5 weeks, ‘The relatives and iriends of the family are re- spectfully invited to attend the funeral, thia day (Wednesday), at two P.M., from their residence, 207 West Kighteenth street. Kiers.—In Brooklyn, on Tuesday, September 23, Rossa krens, in the doth year of his age. The relatives and friends of the deceased are ree \ 5 cbt to attend the funeral, from his late resi. lence, No. 293 Bergen street, on Tnursday, 25th inst., at one o’cleck. Lawis.—On Monday, September short fliness, at his residence, No. East Four- teenth street, JoskrH LEWIS, @ native of the parish ne Billwaromoy, Tallow, county Waterford, Ire- and. ‘The funerai will take place on Wednesday, Sep: tember 24, at two o’clock May.—On Monday, September 22, Many May, wife of Wm. D. May, in the 83d year of her age. Relatives and friends are respectiully invited ta attend her fuacral trom hor late residence, 204 East Lloth street, at 12 o’clock, on Wednesday, Sept. 24 Morris.-—-On Monday, September 22, 1873, SARAH Genrrupy, daughter of Evirena and the late Jamea Morris, aged 4 years and 3 months, BS cise Sunday, September 21, LEONARD MITT, aged 68 years. The relatives and friends of the family are re- spectiuily invited to attend the funeral, from hig late residence, 261 Madisou street, on Wednesday afternoon, September 24, at three o’clock. The re- mains will be taken to New Haven jor interment, Murpuy.—On Monday, September 22, ELLEN Moreny, aged 74 years 6 mouths, native of county. Wexford, Ireland. Her remains will be removed from her late rest- dence, No, 46 Watt street, at balf-past nine o'clock on Wednesday, September 24, to St. Anthony’a church, Sullivan street, Where @ solemn requient mass will be offered for the repose of her soul. Funeral will leave the church at eleven o’ciock A. M, for Calvary Cemetery. Friends are respect. fully invited to attend. ‘uRPHY.—On ‘Tuesday evening, September 21, Jamrs B. Murpuy, the beloved son of Thomas and Johanna Murphy, 5 years, 9 months and 16 days. ‘ay his soul rest in peace. ‘rhe relatives and iriends of the family are re- Specfally invited to attend tho funeral, which will take on Wednesday, September 24, at two o’ciock P. M., from the residence of his parents, No. 1,059 pace avenue, between Filty-filth and Fifty-sixth streets. McFaRLAN.—On Monday, September 22, in Sara. toga ea New York, Eviza A, MCOFARuaN, of Brooklyn, N. Y. Notice of funeral herealter, MoGuine.—On Tuesday, September 23, PereR Mo- GUIRE, & native of the parish of Granard, county Longford, Ireland, in the 65th year of his age. ‘fhe relatives and friends are respec tof in- vited to attend the sunerai, on Thursday, the 26th, from lus late residefice, 37 Emmett street, Brook- 30, ator lyn, at two o'clock. McLaren,—On Sunday, September 21, at his rest- dence, No, 310 Vast Broadway, cX-Alderman JamERg McLargy, in his 46th year. is relatives and friends, also the: members of the Lincoin Club and Board of Aldermen, are invited to attend the funeral, this day (Wednesday), at half-past one P.M, The remains will be interred in Greenwood Cemetery. NeELY.—On Monday, September 22, after a short ness, WILLIAM NEWLY, aged 61 years and IL months. . Relatives and friends of the family, also members of Irving Hose, Company 44, late Volunteer Fire Department and Irving Social, are respectfully in- vited to attend the funeral, from the residence of his mother, 405 West Thirty-second street, on Wed- nesday, 2ith inst., at haif-past one o’clock P, M. ‘The rematns will be interred in Greenwood. RE —On Tuesday, September 23, JOHANNATE Franogs, daughter of Richard and Bilea Regan, ed 1 year, 2 Months and 19 days, fhe relatives and friends of the family are re spectiully invited to attend the funeral, on Wednes- day, September 24, from her parents’ residence, No, 160 East Broadway. REILLY.—On Tuesday,‘ September 23, after a severe fliness, JAMES REILLY, aged 66 years, Relatives and friends of the family are respect. fully invited to atten 6 funeral, on Thursday, September 25, from nis late residence, 320 East irty-ctebth Lane at Leche names M. SCHOFIBLD.= sday, ember ARRIB a. quant daughtetot Hobort £, aud Ophella Solio, eld. Sehr oy i Reiatives and friends.are respecttuiiy ier to attend the funeral to-day (Wednesday), tember. 2%, at one o'clock, Irom the residence of her par- ents, No. 970 Second avenue, Sonvuttz.—On Monday, September 22, Goprrep SCHULTZ, 74 years. Relatives and friends are reapectinlly Invited to attend his funeral, from house at Coliege Point, on 24th inst., at two o'clock P, M. German and New Haven papers please copy. Saaw.—On Sunday, September 21, CHARLES James Hirrert, son of Frederick and Betsey Shaw, aged 5 years and 5 months, The relatives and friends of the family are re- spectfiully invited to attend the funeral, from the residence of his parents, No, 122 West Sevénteenth street, this (Wednesday) afternoon, at one o'clock. THOMPSON.—At Isitp, L. 1, on Monday, September 22, Ropert Mavaricy THomPson, eldest son of Dr. Ary Sarah E. Thompson, in the 2ist year of Relatives and friends aro requested to attend the funeral, from his father’s residence, on Thurd- day morning, September 25, at eleven o7clock: THomurson.—On Tuesday, September a Mrs. JANE 1u0MPSON, Wife of James Thompson, of Long~ ford, Lpecsnat the S8th year ts aetoee jay her soul rest in . The funeral Wil take place from St. Vincent's Hospital, Eleventh street and Seventh avenue, this (Wednesday) afternoon, at two o'clock P. M. TitrLe.—On “tuesday, September 23, at his late residence, No. 135 West Thirteenth street, Captain RH, frerLe. Notico of funeral hereafter. WALsH.—On Tuesday, September 23, MaTTnew J. , ‘son of Richard J, and ii WALsH, the beloved son of, Riche J thi wine 1 even and friends of the family are in- 4 the funeral, from the residence of Me p Hd nis, NO. 213 Bast Fifty-ninjh treet, om We Mb laste AL bwWO P.M