The New York Herald Newspaper, September 26, 1873, Page 4

4 RETURNING ORDER, No Additional Failures Re- ported Yesterday. The Stock Exchange Organizing Its Own Clearing House, STOPPAGE OF THE BOND PURCHASES. The Banks Tiding Well Over Their Troubles. An Appeal for Currency from the Produce Exchange. The Prepayment of '74 Five- Twenties Expected. FOREIGN EXCHANGE AT A DEADLOCK Effect in the Oountry of the Late Finan- cial Tidal Wave. NEW YORK HERALD, FRIDAY, SEPTEMBER 26, 1873—IRIPLE SHEET. avoid. The committee, therefore, resoivea vo Keep the Exchange closed until further notice. They had no objections té transactions for the settie- ment of contracts in ay) oMces, but were 4 posed t@ anything likely to disturb the market. It ‘was said by one member of the committee that the xchange ‘was kept closed more jor the benefit of the banks than the brokers, In the aiternoon, at two o'clock, another meect- ing was held of the Governing Committee at the call of H. G, Chapman, President. it was resolved to appoint a committee of seven from the body of the Exchange to effect clearances of stock. Mem- bers wiil be required to send In a list of ail stocks they may have going in and going out on notice froin the committee The committee will use the Long Room and employ clerks. The members of the committee are L. T. Hoyt, chairman; E. H. Miller, C. D. Wood, H. E, Alexander, 5. F. vk ‘wood, H. 8, Camblos and one other. Among the Banking Houses. HOWES AND MACY. On Wednesday evening the firm of Howes & Macy sent the following circular to their con respondents throughout the country :— New York, Sept. 20, 1873. ampied state of aluirs we Owing to the present have been compelied to suspend payment. We ali proceed to convert our assets into cash as fast us possible, and apply the same to the liquidation of our debts; in ihe mean Ume we have to ask the torbear- ance of those to Whom we are indebted, subject to the order of the owners thereof, Respect- fully HOWsS & MACY, Mr. Macy, in conversation with a HERALD re- porter yesterday, said that he, in consultation with his partner, had prepareda plan which he con- sidered rather novel in character, but which he said he thought would be quite successful in its workings. The following circular, which embodies the plan, was sent out last night:— New Yous, Sept. 25, 1873, Howss & Macr to rngir Derositons :— We propose to continue our businessas usual by re- ceiving special deposits In trust to new account, pledging ourselves to use those deposits only in payment of your | respective checks against the new accotint, and as tast 4s we can collect and realize from our loans and securi- Hes to bay you pro-rata instalments on our present in- debtedness until the whole shall be liguidated, the same drawing the usual rate of interest antl paid. 1 this plan meets your approbation ‘and you will go hand in hand with usin this extraordinary emergency the business can go on at once, without further interrup- tion, which, we are confident, will be for the highest ad- vantage of all concerne: Itmiy be proper to state we have not pledged any of our collaterals, nor do we owe any borrowed money. Yesterday was the first decidedly quiet day Wall street has had in a period of more than a week. No announcement of a failure or suspension was given out either in fact or in fiction, and nothing but the curbstone show on Broad street gave evi- dence of life and business. The croakers talked of the prevailing calm as a lull before the renewal ofthe storm and predicted more disasters before the close of the week. Taking the statements of wWellinformed people there is no reason to dread Another outbreak of panic, There is enough of Bense and intelligence left to point out the way to Bmooth water and safe anchorage. What has been done already by the men who distinct- Avely uphold the financial reputation of Wall Btreet in its best phases is assurance that THE EXPIRING TROUBLES of the present will be laid at rest, not to de gal- vanized into existence, at least for some time. Now that the public is afforded a clearer retro- Bpect of the situation the conviction becomes Btronger that the associated banks, while protect- Ang themselves, have been mainly instrumental in Baving the general community from a dismal ca- tastrophe. The government did but little, com- paratively speaking, and it is a question whether \ts abstinence altogether from any interference in the panic might not have been safely afforded, CLEARING STOCKS. The Governing Committee of the Stock Exchange hada meeting in the morning, and appointed a committee of seven to actas a clearing associa- tion of the Stock Exchange, to clear stocks and make settlements between brokers, Particulars of their proceedings will be iound in another column. BOND PURCHASES STOPPED. * The Sub-Treasury was almost deserted yester- day by the public, on account of the iollowing no- tice posted up at the opening of business :— The purchase of bonds at this office is for the p1 suspended. THOMAS TLS Assistant Treasurer United States. This notice was a source of much comment in the Btreet and created very great disappointment. It was an infelicitous time to proclaim a suspension Of the purchases, Most people thongnt the govern- ment might have continued the purchases a while longer, especially in view of the critical state of affairs tending, however, to recovery, and there- fore demanding @ delicate course of treatment. The government can rectify its mistake by giving immediate notice that prepayment will at once begin of the UNITED STATES BONDS due January 1, 1874, which bear five per cent and areredeemable in goid. About $20,000,000 is the amount of these maturing, and it is said $5,000,000 are held in this city. The Secretary of the Treas- ury was invited to meet @ committee of the Asso- ciated Banks, with a view of adopting some meas- ures to relieve the present difficulty in moving tne crops irom the interior for shipment abroad, and of buying bonds to turnisa the required currency, but the secretary telegraphed yesterday morning that the pressure of his ofictal duties obliged him to stay in Washington. Tite President is expected in Washington to-day on business connected with the financiai tronbies of the country. THE STOCK EXCHANGE remains closed for the reasons already stated— that a complete subsidence of the public excite- ment is desired before recommencing business, In the meantime the work of selling contracts pri- vately between brokers goes on, and the ground is thus being prepared for an easier state of afuirs when the Exchange opens. THE GOLD ROOM was open as usual, but the transactions were light. On account of the difficulty merchants ex- perience in getting money joreign exchange has come to a standstill. This telis on the export trade, and cannot but be telt all throughout the producing sections of the count THE PRODUCE EXCHANGE had a meeting in the morning of its Board of Man- agers, at which it was determined to soiicit the Treasury for relief in the emergency and suggest- ing that currency be immediately issued to banks or bankers upon satisfactory evidence that goid has been placed on special deposit in the Bank of England by their correspondents in London, to the credit of the United States, to be used solely in the purchase 1 commercial bilis of exchange. THE CLEARING HOUSE COMMITTEE does nov altogetier approve of the suggestions made in the COMmunication of the Stock Exchange Committee which appeared in yesterday's HERALD. Its recommendations are considered to be iacon- sistent, jor while they call upon the banks to strengthen themselves, they desire them at the same time not to call in any secured loans to brokers within ten days after the opening of the Exchange. A conference of the two committees ‘ust decide on the proper course to take. THE CURESTONE BROKERS were lesa disturbed yesterday than on the day | previous. ‘They transacted @ more than usual amount of business with comparatively little juss. More of the rural speculators who bave recently made a feature of Wall street were on hand, dodg- ing around the regular curbstone operators like a hen on a hot griddie. Tue ofiice of this independ- ent board, at No. 48 Broad street, » as as empty and sient as the halls of the Montezumas. The man in charge attributed the absence of members wo the prevailing fine weather. THE UNION TRUST COMPANY and their defaulting secretary are receiving @ little more atiention within the past few days. It is consoling to know, trom the Committee of Inves- tigation, that vhis defaulter has made away With a little less than the paltry sum of 9500,000, The efforts made to screen this model young man look very Suspicious, and people are asking Ui, aiter ail, the company themselves, who knew of Carleton’s doings, are not more guilty than the secretary Who speculated with the money of depositors. THE SAVINGS BANKS are let quiescently alone. Depositors have satis: fied themselves Oo! the folly o: jorfeiting their in- terest by a run on the bauks for no other reason than the whisper of a panic in Wail street, THE CHAMBER OF COMMERCE intended to hold wep yesterday, and Messrs, Opdyke, Dodge and others were present, but it Opagiie. sided tbe call bad been illegally issued sod that the meeting could not therefore take place, THE BANK OF THE COMMONWSALTH had a meeting of its creditors, at which a request was framed that the President and directors use their best exertions to place the bank in the | hands of its officers for liquidation or other- wise. The report of the receiver is awaited beiore taking any further action. CONDITION OF THE BANKS. Everything considered, the condition of the b a 18 a subject of congratulation, They are making thelr clearances regularly at the Clearing House, and domg ousiness as usual in +3 out currency for small checks and certifying for large ones. Draits irom the country continue to come in, but there is no evidence of an increase, THE FALLEN FIRMS are not yet prepared to make their statements. ‘Their business was so extensive that it takes some time to get at @ correct understanding of how they are situated, ‘The trustees of the Union Trust Company continue to promise a statement daily. ‘They have an arduous task, for the afairs of the concern are in inextricable confusion. Mecting of the Stock Exchange. In the morning a meeting was held of the Gov- erning Committee of the Stock Exchange. It was suggested to throw the Long Room open for the purpose of conference, but this was ob- jected to, om the grounds that a crowd would be sure to gather and add to the excitement. which it Was every way politic to An early re; wiil oblige yours respectiully, inh mee ToWwEs'é MACY. JAY COOKE & CO. The clerks are still working hard at making up the accounts of this firm and making out a@ state- ment. Mr. McCuilouch was in the oitice yesterday morning, but refused to be seen by any one.’ Mr. Fahnestock was, as usual, on hand to give infor. Mation a8 to the firm. No statement is ready as ‘et, nor Will any be, ppecoably, for some days. Mr, cCullonch states ‘that he is not conversant yet with the details of the Jailure, as he finds things so totally changed since bis departure from London, FISK & HATCH have not yet had a statement ready, but are still working their clerks hard at it. They hope to issue it speedily, and state that it will show them as being in a completely solvent condition, They deny that their failure was in anywise owing to stock speculation. HENRY CLEWS & 00. have no further information to impart, except that expressions of sympathy pour in constantly, and, in answer to them all they say is that as soon as the monetary stringency is over they expect to re- sume. The Clearing House. All the banks yesterday did their clearing in good order, and the sheet was eminently satisfac- tory. Four million dollars of loan certificates were issued yesterday by the Loan Committee, President Vermilyea did not appoint tue Com- Mittee of Nine to report on the new forms for the practical operation of banks yesterday. In answer to the communication from the Clear- ing House Association to the Secretary of the Treasury requesting him to come to New York and confer with them on Western produce, the foliow- ing was received yesterday :. Wasnunaron, September 25. Pe ate Esq, Chairman Clearing House Com- In answer to your telegram T have the honor to say that my duties require my presence here, aud I cannoc meet your committee in New York. WILLIAM A. RICHARDSON, Secretary of the Treasury. The conference between the two committees, one from the Clearing House and the other trom | the Stock Exchange, did not bring any result yes- terday, The two chairmen met but did not act. lt is beneved by both bankers and brokers that the plan submitied by the Stock Exchange to the Clearing House Association must necessarily fatl, ior | the reason that banks cannot ailord to guarantee | checks of all persona im these present troubled times. Tellers were venal, one gentleman said, | All moneys received on and after this date will be held | that the onject of this demand by the dank Presi- dents was that, a8 the 1874 bonds to be paid on January 1, tt would, in the present finan- cial crisis, be @ great help to have them paid now; therefore the request. He had anticipated, how- ever, that the Secretary of the Treasury would re- fuse. As it was, it made the situation no worse, while, if the plan had been agreed to, it would have made it agreat deal better, by opening another avenue to the distribution of currency, National Trust Company. No answer has been received from the Secretary of the Treasury to the request of the officers of the National Trust Company thut he buy their govern- mental sixes. Ifthis sould be done the oMcers say it would enable them to resume much earlier than otherwise. Action of the Produce Exchange. The Board of Managers of the Produce Exchange met yesterday, Mr. Franklin Zdson, the President, in the chair, dud after some discussion thé foflow- ing preambie and resolutions were adopted :— Whereas, The critical condition of the comme terests of the country require iinmediate relict Femoval of the block in negotiadng foreign exchanse; erelore Resolved, That we respectfully suggest to the Secretary of the Treasury the following plan jor relief in this ex- traordinary emergency — First-—That currency be immediately issued to banks | and bankers upon satisfactory eviderice that gold has Deen pla on special deposit in the Bank of England by their correspondents in London, to the eredit of the United States, to be used exclusively in purchasing cur- rent bills of exchange. Secon’—Tthat the President and Secretary of the Treasury of the United States are respecttully requested to order the iinmediate prepayinent of the outstanding Joan of the United States due January 1, 1874. The preamble and resolutions were at onee for- warded to President Grand aud the Secretary of the Treasury, The Chamber of Commerce, A meeting of the membersof the Chamber of Commerce was to have been held yesterday, for consultation in regard to the present financial crisis. It was understood that the chair wouid be taken at half-past three o’clock in the afternoon. At that hour there were but two or three members of the Chamber present, and a number of news- Peg reporters. After waiting a few minutes the resident of the Chamber, Mr. W. E. Dodge, an- nouneed to the representatives of tne press that no meeting would be held, certainly, that afier- noon; there had evidently, he said, been some mis- take, as the letter he had received was only asking him to calla meeting, After this statement tere was a withdrawai of the few persons present in the chamber, and the expected meeting, that had neither beginning nor end, collapsed. The Cotton Exchange. At noon yesterday there was a very fair at- tendance of merchants at the Cotton Exchange, and to the inquiry as to whether the panic had af- fected the market it was replied that the only effect was to lower the price of cotton, but that cotton would bear @ still further reduction of one cent. There had been no failures ip the trade, | and, with the exception of a little feverishness and some uneasiness consequent On the general de- ression in financial matters, the market was in its normal condition. A Walf of the Street, Harrying through the crowd which thronged Broad street yesterday was a lively specimen of the genus speculator from out of town. Approach- ing a broker, he inquired anxiously concerning a certain stock, The Wall street magnate answered that its price liad declined to 63, = —— —= en, YOU GOn’t Say it’s down there, do you,—— —— ——?”? “Yes, it’s down there; but you needn’t be so powerlully profane aboutit. The good Lord will take care of that stock.’” “The good Lord! where in thunder does He kee; His office about here?” And the individual darted off apparently in search of it at a speed that made his coat tails stand out at an angle of lorty-five de- grees from a perpendicular. THE CRISIS IN THE COUNTRY. Bauk Suspension in New Brunswick. The announcement was made in New Brunswick, N.J., yesterday that the old State Bank, on the corner of Peace and Albany streets, had suspended. ‘fhe suspension, it is set Jorth, is not caused by the present financial disorder in New York and e!se- where, but in consequence of the transactivns of the lute cashier, Greenleaf W. Appleton, and | R. N, Woodworth, President of a New Brunswick carpet company, the details of which were pre- | sented in the HERALD some weeks ago. Appleton, | it appears, made large advances to Woodworth on securities which are not now considered sound, The vank officers decline to turnish sentatives any statement, but it is de Brunswick financial circles that the entire surplus and capiial were swept away by the deficit, and and if they certified a check for a large amount Which was alterwards jound a iraud, not the brokers wouid suffer, but the banks, according to the new arravgement proposed. Therefore it is thought the clause as to the guarantecing checks wil be rejected, while the holding back the ioans for ten days may possibly meet with acceptance. At the same time a bank president said it was also an arrangement by which the brokers would mainly benefit While impoverishing the banks. He said | that the West was at present drawing out all the currency it could get, and it was dificult to make It return. One hundred thousand dollars had been withdrawn from his own bauk during the past three weeks by the West. It was, therefore, still the only method, he thought, to issue some part of the $44,000,000 reserve, and affairs would resume their normul state almost immediately. The Union Trust Company. Yesterday morning, during an examination of the affairs of the company, in a large safe was found a box supposed to be empty. On examina- tion it proved to contain $25,000 worth of United States bonds, supposed to have disappeared. The committee investigated a!l day yesterday, but have not come to the conclusion of their labors, Mr. John V. L, Pruyn stated in the morning that an exceedingly careful examination of Carleton’s accounts had been made, and that he thought the sum total of the loss would be $400,000, He said that nothing had been heard of Carleton, but that his property had been attached, which amounted toaconsiderable sum. He stated that they were nearly through the examination. A detective, yesterday, in conversation with a HERALD reporter, said that he thought the Trust Company was bot very anxious to get Carleton, because twenty-lour hours alter the delaication became known Carleton could easily have been found, and he himself knew where he was, but not the sligntest step had been made to capture him, Whether they wanted him now or not he did not know, “but it would not be dificult to tind him if they did,” he sdded, The reporter went to see the receiver, Mr. Wes- ley, about this, and he stated that, as Jar as he khew, every etfort had been made to get Carleton, but thus far they had not proved successful. This did not mean to say but what they would be. He characterized it as false that Carleton was in any | one of his usual haunts at any time alter he had originally disappeared. Mr. Wesley stated that Carieton’s alleged defalcation would not amount to more than $360,000, but that the statement would probably not be ready for some days yet. ‘The reporter said that he had heard that Car- leton’s father had said that he and his iriends would make good his son’s defaication. “No,’? said Mr, Wesley, ‘that is not what took place. Carleton’s father said to me that if we had told him what was going on before the publication of the detalcation, he and his triends would have been apie to make it up. But be has not made any such proposition ines, fn indeed, we have not een him for some days." feat the officers rot quite confident of being able to open in fi al se dd when the money rket grows less stringen' mine ton, Freeman Clark, late Comptroller of the Currency, has been appointed Second Vice Prest- dent, in the piace of Mr. H. K. Bogert, and has con- sented to remain in town Jor the purpose of assist- ing the committee in their investigation, Bank of the Commonwealth. Ameeting of the depositors of the Bank of the Commonwealth was held yesterday in the rooms at No. 11 Wall street. There were about forty per- sons present. Mr. Thomas Nelson was made chair- man of the meeting and Mr. C. H. Roosevelt secre- tary, Mr, Roosevelt offered a resoittion that @ committee of five from the depositors be appointed to conier with the receiver as Lo future operations. ‘The resolution was lost. ‘ The meeting then passed the two following reso- ution: Resolved, That the President and directors of the bank be requested to, use their best exertio have the affairs of the bank again placed in the haads ot the bank, liquidation or otherwise. That, until the report of the receiver, no tur- taken; and that this meeung adjourn, subject to the call of the Chairman. The meeting then adjourned, The United States Treasury. Yesterday General Hilthouse, United States ASs- sistant Treasurer, received a telegram ordering him to give no more currency tor United States bonds, The sum sold thus far was about $11,500,000, General Hillouse said to a reporter that he dia not know when the sales would be resumed, as he had not received any instructions from the Preat- dent or Secretary of the Treasury on the subject. kers the sudden st e nae my of eurrency created istic teas than con tteapaten also came from Secretary Richardson, in answer to the request [rom the Clearing House Association that the payment of the 1874 bonds be a ap money more easy, ver Gaur, Manager of the Clearing House, sald that papers are now out tor the apprehension of Appleton and Woodworth. The Boston Banks Conservative. Boston, Mass., Sept. 25, 1873. The course of the Boston banks during the exist- ing financial crisis in New York appears to be simply cautious and conservative, restricting and reducing loans as far as poasible. even at a large | interest, and keeping as much currency as possibie jor cashing checks in the regular course of trade. Philadciphia Getting Back to Business. PHILADELPAIA, Sept. 25, 1873, Amore hopeful feeling exists here among mer- chants snd prices of goods continue very steady, Third street is quiet. All the national banks, sav- ings banks and such ol the State banks as did not suspend pursue business in the Usual manner, the Board of Brokers continues in session, and have adopted tae following resolution :— Resolved, That, until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settiement of contracts between members of the Board, Chicago Imitates the Example of New York. Cuicaco, Ill, Sept. 25, 1873, The Clearing House Association held an import- ant meeting last night to consider the financial sit- uation. Alter an animated discussion, which ex- isted till nearly one o’clock th:s morning, the tollow- ing resolution was adopted :— Resolved, That, nntil further action and in view of tne disturbed condition of affairs in New York and other cities, and the diftculty in converting balances into cur- reney, and on the advice ot the Bank icxaminer, our members be recommended and authorized to suspend currency payments on any large demands made upon | them, either trom country banks or over their counters, | Action of the Cincinnati Clearing | House. CrNcINNATt, Ohio, Sept. 25, 1873. The Cincinnati Clearing House Association has just adopted the foilowing resolution :— Resolved, That, for the protection of our commercial interests and for the purpose of preventing a drain of currency from banks and bankers of this city, we do hereby agree to adopt, substantially, the plan adopted in | New York, Wz. :—We will not p currency on checks except for small sums, to be optional with the banks upon which they are drawn, bat will certity checks drawn on balances in their hands, Payable through the Clearing House only. Each member of the Clearing House Association is required to deposit such sum in approved secu- rities as will at ail times cover the amount of his clearings. Government bonis are received at their par value. Ratlroad and other stocks and bonds and bills receivable are received at seventy-five per cent Of the value fixed oa them by the com- mittee. Loan certificates are issued by the com- mittee, Which can only be used in the settlement of balances between the banks and are not negoti- able. at Bank Suspensions in Augusta, Ga. AUGUSTA, Sept. 25, 1873. The National Exchange Bauk, the Merchants and Planters’ National Bank, of Augusta, and the | Planters’ Loan and Savings Bank have suspended, The run on the banks has been heavy, especially this morning. Cotton 1s coming in freely, but there is no money to move it, ‘ie All Quiet at Loulsville, Ky. LovisvILie, Sept. 25, 1873, There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in a good condition. No alarm whatever exists among the depositors, and there is no anticipation of a pattic. Utah Not Affected. Sant Lake, Utah, Sept. 24, 1873, ‘The financial crisis in New York has not affected the situation here. In view of possibilities several Engiish companies have offered assistance. A Ran on Banks at Savannah. SAVANNAH, Ga., Sept 25, 1873. A run commenced early this morning on the savings department of the Savannah Bank and ‘Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for want of currency. St. Lo Quiet. St, Louis, Sept. 26, 1873, Shipments of flour to the East having been vir- tually suspended by the recent advance tn railroad freights, the Board of Directors of the Merchants’ Exchange have petitioned ratiroad companies to restore the old rate during the present financial this city, It was decided at a meeting of bankers held last bight to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the East subsides and the former condition of the market is restored. The Savi 3 Banks in New Haven. New Haven, Conn., Sept. 25, 1873. The managers of the New Haven Savings Bank, the Townsend Savings Bank, the Connecticut Sav- ings Bank and the National Savings Bank (all the institutions of the kind in the city) met this morn- ing and unanimously voted that it was prudent to take advantage of the provisions of their respec- tive charters, and require notice of withdrawal of deposits, The banks continue to pay small sums on demand, but for large amounts they will re- quire some days’ notice. Thus lar there has been many of the savings banks, national banks, State Pane: trust companies or private banks in this city, but the course of the savings by iy followed from prudential motives, Pe ‘owers and depositors alike, Every savings ban! i he city has a handsome surplus above its liabiliti excellent condition. The ate ban! of New Haven were never iattet depositors feel no uneasiness, ondition and Richmond Also Conservative. Ricumonp, Va., Sept, 25, 1873. The panic has entirely subsided, and there is no visible excitement on the street. Ata meeting of bank officers this morning {t was unanimously re- solved to adopt the system of issuing loan cer- tificates, as now in operation in New York, Phila- delphia and Baltimore, 80 as to give relief to the community. The reported failure of McIlwaine & Co., of Pe- tersburg, is contradicted. Banks Suspended at Memphis, Tenn. Mempmis, Tenn., Sept. 25, 1873. There is great excitement in this city on ac- count of the suspension of banks, which is due to inability to realize on their securities in New York. The First National and the De Soto banks have closed to-day. and tt is rumored that the Freedmen’s Savings and Trust Company has also suspended, There is a@ heavy run on the other banks, It is expected, however, that all of the suspended banks will reopen alter the panic sub- sides. Meeting of Bank Presidents at New Orleans. New ORLEANS, La., Sept, 25, 1873. At @ meeting this morning of all the bank presi- dents in the city except two it waa resolved to pay no checks more than $100, All larger checks are to be certified.. This arrangement is to continue thirty days, This action they consider precaution- ary to prevent a drain. i Excitement and Suspensions in Detroit, Mich. Detroit, Mich, Sept. 25, 1873. The run on the savings banks was quite exten- sive to-day. They all insist upon thirty days’ notice for large amounts, David Preston & Co, and F. L. Seitz & Co., bankers, have suspended. THE BABY BUTCHERY. The “Murders”? Dwindle from Thirty to One—The Woman Who Swore Thirty Babies Were Killed Swears Over Again That She Only “Heard of” Onc—Mrs. Roberts Admitted to Bail in $1,000. ‘The supposition given in yesterday's HERALD, that the great baby slaughter house story would end in nothing, bids fair to claim the dignity of a prophecy ; for the evidence taken yesterday proves that not one of the thirty deaths sworn to can be proved. The ladies who make the charge have evidently never been at law before, and do not seem to appreciate the vast difference between afidavits and tenement house jabber. Mr. West, who is prosecuting the case for these women, is a gentleman apparently about forty-flve or fiity years of age, He has a wealth of snow white hair and iull beard, surrounding a countenance ex- pressive of the broadest benevolence. He has taken the case in hand in good iaith; but from yes- terday’s developments he is convinced he has been imposed upon by these women, who have, accord- ing to the accounts of reputable people, a spite or animosity against Mrs. Roberts. The woman Pfife was put on the stand yesterday, and on cross-ex- amination she dented and contradicted her own statements. Her afMidavit, which states that she knew of more than thirty children who had been killed in and buried irom the house; was read. and, when cross-examined, it was ascer- tained that she only Knew of two that had died, and she only kaew this through hearsay. She satd she Went into Mrs, Roberts’ rooms about ten times ry day, and, on being questioned, she said she went out to work about three days in the week and visited about twice; thus the Week was reduced to two days. Mrs. Roberts’ three children were in court. The little girl, about ten years of age, accompanied by her little brother, was minding her baby sister. ‘The littie girl is remarkably handsome; uer eyes are large and bright, her features clean cut. A wealth of golden hair streamed down her back and emanoy stuiie continually played around her fea- ures. Mr. Boylston, the undertaker, who lives opposite Mrs, Roberts, was also present, From the stories told of him one would suppose him to be a most lerocions looking customer; but he looks as mild and good natured as am undertaker couid be ex- ted to. Miss McBride, a lady who has devoted he best portion of her time to charity, was in court, having been subpeened to appear. She told the HERALD reporter that she had never known Mrs. Roberts to be under the influence of liquor, and did not believe she had been, or she would Nave heard of it when she had her in employ, TUK PROCERDINGS IN COURT. After the disposal of several minor cases the case of Mrs. Roberts was called, . Mr. Nesbit, her counsel, asked tor the discharge of the prisoner on the ground that no spectfic charge had been made against her. ‘The motion was dented, and the counsel asked the prosecating officer under what statute he proposed to proceed. He received no answer, the Court deciding that that would be demonstrated as the case progressed. THE TESTIMONY. The first witness called was Ida Adams, of 143 West Houston street. She said she had left a chiid named “(uiu’’ in charge of Mrs. Roberts to take care of; the chiid was born under peculiar cir- cumstances; when deponent went to see ner child at Mrs, Roberts, it was always clean and had ap- parently been well taken care of; on the 15th of ptember, the day Captain Allaire took the child from Mrs. Roberts, she saw it in the hospttat; [ had. not seen it jor eight days before it had been taken to the hospital; and when I saw it there it was sick and emaciated; I do not know whether it was taken sick in Mrs, Roberts, or at the hospital ; when I saw the child in Mrs. Roberts, it Was always clean and well kep: Captain Allaire the second witness called— Had been acquainted with Mrs. Roberts since the 7th of September; went to her house at the re- quest of Mr. to see if there were any children in the house in a starved condition; when he went in he saw Mrs. berts and ber three children, another woman with a child and @ small child sit- ting in front of the stove; the child looked pale, and Dr. Worcester, who was with me, took it up and put his ear to its styl leit the child there and went ater it the next morning and sent it to the hospital, wrapped up in a shawl which Mrs, Roberts gave me to put on it; he had never seen the child before, and could not tell whether it was always thin or not. Mrs, Pfife, one of the women who swore that thirty enildren had been kiliea by Mrs. Roberts, was put on the stand, and went through her story very nicely, but on the cross-examination she mixed herself up very much, with the assistance of defendant's counsel. She swore that thirty children had been ktiled by defendant, but on cross-examina- tion she could not swear to one, she only bavin, heard that the children died; she did not know of what they died, although she had sworn it was from starvation; she cou!d not tell the name of the woman who told her one of the children was dead, and she didn’t know where sie lived; she met her on the street one day, and was then told of the in- fant’s demise. On motion of counsel, Mrs. Roberts was admitted to bail in $1,000, Mr. Giebhart becoming security for her appearance. The case Was then adjourned. BEAL ESTATE, No effect 1s thus far noticeable in the real estate market as a result of the Wall street panic, uniess itmay bein delaying for the time some trans. actions that might otherwise have been consum- mated. There is no sign of weakness in holders, and prices are firmly maintained. Sales of out-of town property still attract the attention of inves- tors, their continuance and the interest mantfested in them showing satisfactory results. For Saturda: two important sales are announced—one by A, J, Mathewson of seventy buliding plots at Nyack, on the Hudson, on Castle Heights avenue, runnin: irom Broadway to the Boulevard; the other by J. Johnson, Jr., of 200 los at Englewoou, Queens county, Long Isiand, the property of Colonel A. M. = Wood, Within thirty minutes of the city by the These an- The fol- Long Island and Central railroads. nouncements indicate @ confident tone. lowing were the sales yesterday :— troubles, Aslight run baving been made on the banks of BY Wibtt ¥, Satory bk, h. and |. 6.5 of 2th st, 8) ft. ©. of QY., lob ayzd84; F, Bishop... '37--’57--’73. Resurrecting a Dead Past to Give Light to a Blind Present. FORMER PANICS. Their Causes and Consequences and the Lessons They Teach. WHERE THE ANALOGY ENDS. The Soundness of a National Credit Con- trasted with the Uncertainty of Individual Enterprise, Some Instruction for the Next Congress. While men’s minds are agitated by the exciting events of the past ten days in Wall street it is but natural that they should frequently recur to sim- ilar or analogous crises in monetary affairs in the memorable yéar of 1857, as also still earlier in the century, in that of 1837. Thesa two important epochs in our financial and commercial history, in the progressive march of time, clasp hands across adouble decade, and, stretching beyond almvst the same period to the present time, address us with their experiences and their lessons. There have been many changes, however, since then in the condition of our country, and some of them of the gravest import, that render the teaching of these past eras somewhat obscure to our present understanding and dificult of application, We have been engaged in a giant confiict of arms to sustain our national existence that has worked @ revolution in our financial status. Emigration has poured in upon us, bringing the waste lands of the West under a vigorous and profitable cultivation that has largely increased our productiveness, and manu- facturés have been stimulated to an extent that virtually makes us independent of all other na- tions if we choose, or are forced by our necessities to restrict our foreign desires. It was not so in 1837, and, glancing bacy. over the files of the HERALD, in which was reflected that disastrous panic, there is to be found in the Present changed status much encourage- ment and ground for hope, much assurance that the grand commercial structure reared in the years since 1857, guarded at the sacrifice of the best blood of the land in the dark period of fratri- cidal strife, and perpetuated in increasing great- ness to our day, rests not upon the shifting sands of Wall street speculative enterprise, but has for its base the firm rook of expanded national indus- tries, the intelligent, well applied labor of a greatly increased and rapidly increasing population and the growing dependence of Europe upon us for the very necessaries of life, How different the situa- tion in 1837! In the HERALD,\in the preceding year, months before the revulsion occurred, the follow. ing warning of the approach of the great crisis, and pointing out its causes, was uttered :— {From the New YORK HERALD, Sept. 8, 1836,) The money market, stocks and real estate are in @ most extraordinary condition, No prospect ofa change appears on the edge of the horizon. We are at sea without rudder or compass. The sun rises and sets, but who can teil where we are? Real estate 18 tremendously high, yet the market is stocked with public lands. Money is high—as high as one to one and a half per month—yet there is more specie and paper in the country by two hundred millions than ever there were before. Provisions are high; the staples are high; every- thing is high but ships’ ireights and foreign mer- chandise. ‘This state of things is unnatural. It cannot last long. The foreign importations have been immense this season, ‘Te votton crop, which 1s the princi- pal element of our foreign exchanges, 1s said to be abundant. The price at present 18 sixteen to twenty cents, but fears are expressed that this wiil soon iall to ten cents in consequence of the great increase of cotton in Hindostan and up the Mediterranean. On the ensuing day the following additional surprising comment upon the gravity of the situ- ation was made :— {From the Nsw Yorn HERALD, Sept. 26, | The Northern crops are in a singular condition, Flour is still rising, Wheat is now importing trom Europe, It ts generally expected that iarge quan- tittes will be ed from the north oi: Europe this fall. What a Ct ied fact! The greatest grain country in the world importing from across the Atiantic. Continuing its critical examination of the exist- ing state of things in and out of Wall strect, the growing stringency of the money market, attriv- utable to the large reserve of the government, $40,000,000, and the speculation in public lands, reference is again made as jollows to the great underlying cause of the rapid sirinkage of value: (From the Nsw York HERALD, Sept. 16, 1836.) Vast importations of wheat d four will be made this year irom Europe. Is this an enigma? Why is there so much unoccupied public land ? ‘The cause is plain, The emigration last year from Europe to all America is probably half a million. They bring with them money and montas. Of course the surplus P abegi 4 of Europe will 1ollow. Another reasou. All the Soath and West are en- gaged in raising cotton. In 1832 the cotton, rice and tobacco exports of the South and West were forty millions. In 1835 they were etghty mullions. ‘The exports of the North had in the same period diminished. Thus do the United States raise more cash articles to be disposed of in Europe than eating articles to be consumed here. Hence the importa- tions from Europe, flour, wheat, &c. Five weeks later the HERALD announced that the crisis so long anticipated had come, and thus sum- marized the causes leading thereto (From the New YORK HERALD, Oct. 24, 1836.) The tmmediate cause of the present crash among the merchants is the ialling due o1 the spring paper, which generally begins now aud will increase through the months of November and December. ‘Take this in connection with the effect of the Dis- tribution law, the conduct of the Bank of Englaua (in raising the rate of discount), the operation of the Treasury orders, the foreclosing of the real estate mortgages, te dilapidation in the foreign al internal exchauges, and we have an accumu- lation of disorders suificient to @ppal the stoutest heart * * * * * 9 Mu, ‘The great, the only, the all-powerful cause of the present evils is the want of enlightened tariff laws and the violation of the great principle that no government ought to have a dollar more in its treasury than is suficient to pay its expenses, * * *" if the $60,000,000 of surplus not Wanted by the government and about to be distributed to the corrupt and ravenous States were in the pockets of the merchants who paid it, no derangement could have taken place, no disorder in the ex- changes, no trouvle in the money market, Again, two days later, attributing the existing derangement and impending crash to the conduct of the banks, the following paragraph occurs :— {From the New York H#raxp, Oct. 26, 1836.) There is yet great talk about the action of the wernment—a let-up by the Secretary of the reagury, a rescinding of Treasury orders, &c. &c, All this is a miserabie delusion and humbug. The country has overtraded. Speculation—mad specu. Jation and bad commercial laws have precipitated us upon the rocks and breakers. In the HeRaup of Monday, September 4, 1857, the above extracts with many others from the flles of this journal were republished, with the following editorial comments :— (New York HERALD, Sept, 14, 1957.) The series of extracts irom the pictures of the Past which we publish to-day will be read with profit by hundreds of thousands all over the coua- try. They will be struck with tne similarity that exists between the state of atairs imm My previous to the great commercial revulsion Of, 183 and that which exists now. The same wild infla~ tion and vacillation in Jancy stocks; the same spirit of speculation in some of the great staples of trade; the same mania for operation in Westera lands; the same paralyzation of our Pm pho d in. terests; the same exorbitant prices of and t necessaries of life, and the same gradual tighte ing of the money market. Only one Nement f ‘wanting to make the picture complete, and Cast . the same ignorant tampering by the governmen with monetary affairs. ‘The panic of 1857 was essentially ® commercial panic, brought on by a loose system of banking, which, incautious in extending credit to new on- terprises, many of them doubtfal in their charac- ter, produced a general inflation, which they were unable to sustain, This great revulsion was more extended than that of 1837, involving Europe in losses vo the extent of $300,0v0,000, tne shrinkage in values in the United States and Vanada being estimated at $204,000,000. In an article reviewing the causes and resuits of the great crisis of that famous year 1557, the HeRaLp thus summarizes:— (From the New York HeRa.p, Jan, 26, 1858.) By scrutinizing the chief causes of failures and bankruptcies we shall find that they were brought about by the extraordinary expansion of the credit system and inflation of prices induced by the inaction of the banks, bankers and moneyed corporations of the Old and New World. When @ barrel of pork was pushed upto $24 per barrel, four to $10 per barrel, wheat to $2 per bushel, sugar to 10¢., Cotton to 10c. and Léc., and coilee to 12c. and 16c, per pound, and the revulsion came, the speculators had to let go because tie banks found themselves unable any longer to sustain them, ‘The trading public had for some time based its credit upon the prevailing nigh prices of produce and merchandise. Bills had been made and notes given at ninety days to six months, preaicated Upon the prevailing high prices of produce aoted above. Hence, when the breaxdown occurred 1n the artificially inflated prices, made more stringent and severe by its suddenness, bankruptcies foliowed on avery side, * * * Each sacopeal panic but exhibits the recuperative energies of the United States. The late revuision was inevitable. The inflation of prices had been forced to @ point at wuich they could not sustained without ruining consumers. The reaction ‘Was necessary to restore trade and commerce to their healthy and legitimate channels, to bring about a greater equality between the Value of la- bor and the value of products to be given in ex- change for it, and tree them from the disturbing in- fluence of the unnatural expansion of credit fos- tered by banks and other corporations, to which the guarantees of States, counties and towns had been lent, Each panic has resulted in making the city of New York the cedtre of flnance and of trade for this Consinent. In 1837 it stood on a sort of strug- ging emulation with Philadeiphia and Boston. ‘The revulsion of that period decided its posl- tion and gare. it a0 advance over them, which it has not only maintained, but has increased ever since. The rivalry between New York and other cities on this continent has ceased, The late struggle of 1857 was in a great degree between New York and London, and has terminated to the advantage of the former city, and the time must ére long arrive when New York and not London will become the financial centre, not only of the Pe ped but toa great extent also of the Old orld, While there is much instruction in this resurrec- tion of a dead past, and some points of similitude in the general consequences produced in 1837 and 1853 with those now current, there is more of encour. agement and confidence in comparing the different conditions existing in this year of grace 1873, thia latest historic epoch in the world of finance. In 1837 we were dependent upon Hurope tor our sup- py of breadstuits, now Europe looks to ua for both breadstuffs, and, in spite of all expert- ments, a full supply of cotton. In 1837 we hada currency depending wholly upon the credit of in- dividual corporations, clastic, it is true, but toc much so for the security it offered as permitting unlimited expansion, the real currency of th country, gold, being locked up in the vauits of ti ‘Treasury a3 surplus revenue. What wonder the infant giant grew weak and staggered under such a@regimen. in 1857 the same evil of an unlimited paper circulation upon a limited gold basis brought about a crash-in commercial values, over-stimu- lated by redundant bank issues which the banks were unable toredeem. Europe shared in this re- vulsion through excessive speculation, and in reality suffered more than our new country. How changed all this now! Our currency ($700,000,000), uniformly resting upon the credit of the country, one-hali in direct legal tender notes of the Unived States, the other half national bank notes, secured by the deposit in the United States ‘Treasury of bonds of the United States, the prop. erty of the banks. In the matier of breadstufls and cotton we control the markets of Europe owing t the short crop there, Our imports and exports fot the last year show a gradual reverse movement in trade, the former being below and the latter avove the respective amounts of the previous year. Iron is just entering into our commerce as an article ot export, inspiring a full expectation that it wil ere long tura this balance in our favor, Such are some of the great results we have achieved since 1857, and in the experience of the past week, an expe- rience that has also its lesson for us, we find how mach we have gained, and, while stimulated to go forward and complete the work of bringing con- fidence into monetary dealings, which we lost when we substituted the complete security of the national credit jor that of mere local corporations, we may be proud of the record, that in all this great revulsion tw Wall street, there has not been one banking or commercial failure caused by in- solvency. The banks, instead of precipitating dis- aster as in former ES, of financial distress, have stood firmly in the breach occasioned by the smaso-up of some weak railroad enterprises. KINGS COUNTY FRAUDS. The New Workhouse, Barn Investigation. As the clection campaign approaches more in- terest is manilested im the investigations by both parties, and each faction will endeavor to show that the greatest accumulation of corruption is ta be found on the official premises of their opponents in the political arena. Early in June last Super- visor Dwight Johnson, of the Third ward, offsred @ resolution to the effect that the sum of $298,883 had been expended by the Almshouse Committee of the Board of Supervisors upon the building o! @ workhouse, barn and wall, &c., during the years 1868, 1869 and 1870. Of this sum he claimed that $200,000 had been expended without authority of the Board, as there were no vouchers nor any contract record of authority that he could find for that amount. He, therefore, moved that a committee of three be appointed to investi. gate the matter. Tne committee appointed consist and Wall ol Messrs, Jonnson and Schenck, repuvlicans, and * Richards, democrat. A few days ago the chair- man called a meeting of the Investigating Com- mittee for three o’clock Thursday alternoon. At the appointed time there were present County Treasurer Gardner; Kdward Cadley, Ulerk of the Board of Supervisors; Supervisor Uoe (of Sherid investigation notoriety) and Chairman Dwight Johnson, The latter gentieman, addressing the members of the press, sald that he was present pursuant to ugreement and had an alidavit prepared for the committee. Should he jail to establish the charges which he had made he would most readily retract allthat he had charged. He was desirous, how- ever, of asserting that he had no fault to tind with the County Treasurer or the Clerk of the Board, since entering the Court House ne had learnca that Supervisor Richards was absent from town and that supervisor Schenck had been occupied at some other meeting all the morning and could not be present. Without a majority of the committee, he said, he could not proceed with the investigation. Saturuay aiternoon, at two o'clock, would be, he believed, a good time to commence. Mr. Cadliey remarked that Saturday would be & busy day, as the statne of John Howard Payne would be unveiled at Prospect Park on that alternoon., The Chairman thereupon adjourned the investigation until Mon- day next, at two P. M. ESCAPES FROM SING SING. A Desperate Opportunity Utilized—Three Convicts Jump on a Passing Train and Make Gooa Their Escape. A miniature panic occurred among the officials at Sing Sing Prison about one o’clock yesterday afternoon when it became known that three con- victs had, in a desperate r2solve to escape, jumped on a passing ireight train, which bore them south. ward irom the prison at @ rapid specd. The escaped men were employed at stone cutting in the prison yard, and by some means contrived ta slip away from their work unnoticed by the keeper. Stealthily repairing to tne iront of the main prison the men jay down on the mason work which forms & wall to the ratiroad on the west side of tne tracks between the two arches, and there, aiter divesting themseives of the prison uniform, which left them garm ‘ised from the Slankets, the Tre anxiously awaited tie ‘rival ol a freight’ train which passes the prison about the above. hous Hamed suecriy expected train came thunder. ing past, the three convicts ‘pid horns eee on the roof of arear car, and in an instant had slipped down and secured temporary shelter be- tween the cars Jrom any bullet that might ve sent in their direction. None of the guards, how: ever, saw the movement, and consequently the itives made good ‘their escape with out ting even @ parting shot. A telegr: ‘was at once sent to een thecee to intercept tie train, but on its arrival at the latter place a search for the missing men provea fruitless, On hearing that three convicts had boarded the train, how- ever, @ brakeman said that he sawtwo men jump off wnen & short distance south of Scarbore, the other coming down to within a mile of Tarrytown before committing himselt to the woods in the same manner as his companions in flight. The ames of the escaped men did’ not transpire. Guards were sent out in all directions, but up to a late hour last night none of the mon had been re- captured, although the woods jor miles north of ane were being scoured by scores of armed citizens, PATAL RAILROAD OASUALTY, As the Tarrytown special train, due in Yonkers, Westchester county, at half-past seven o'clock yes. terday morning, was approaching that city tt struck a boy named William Schoileld, aged nine, inflicting such injuries as to cause death shortly alterwards. The little fellow, it appears, was standing on the track, with his back to the ap- proaching train, and failed to notice the alarm whistle, Whica was blown repeatedly by the on: |