National Bank of the Commonwealth (New York, NY)

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THE MONEY PANIC

Continuation of the Excitement in Money Circles in New York, Philadelphia and Washington. Transactions in the Stock Ex change-Table of Comparative Fluctuations Et. erything Shaky. Additional Failures The Stock Exchange Closed, and Transactions Positively Prohibited. The Ten Million Sale of Bonds by the Government Fails Ut terly to Relieve the Panic. Secrefary-of-the-Treasury Richardson Coming Down with his Forty-Million Reserve. The Effect at Home and Abroad Business but Little Affected "Confidence" Coming, Etc., Etc. ADDITIONAL SUSPENSIONS NEW YORK, September 20. -The ded half at UnionTrust com pany past ten Ste are going up down and and lively, been made under the rules. which imply that failures taken place. though only one is known. that of firm of S. B. White & Co Western Union has touched sixty The suspension of the Union Trust likely, will make avoidable balances smaller brokers, and perhaps force them to relief from active business, for this day at least. Most of the sales of stocks are for cash and at two to three below cent regular G. White failed, not S. B. White as previously reported. The National bank of Commo wealth has ended. Saxe & Rogers have suspended, A meeting of the Jay Cooke & Co., will be held on Monday Rumors are circulating lively and one attributes the cause of the the Union Trust company to the defal cation. Edward Haight Co.,just ansuspended. Great crowds are in Wall and Broad and policemen are busy beeping free enti and exits the stock The failures of Ketchum & Belknap and E.C. Broadhead are the latest report New Louisig & Fisher, P M Myers, Miller Walsh. Lamens, Josephs, Fearing & Dellinger Williams & Bostwick. Rumor seems right this time, that defalcation exists the Union Trust company. The bank of Commonwealth run the the says National bank Fourth precipitated the run on that institution, and that Edward Haight Co their of two the account amount to hundred thousand dollars. which they did not make good to the extent one dred and eventy thousand dollars. Under the the bank thought it better to suspend. Stocks opened with an advance of from four to six per cent. but fell from two twenty-five cent the failthe Union Trust and the Bank of Com The eitement is so great that not possible the tly of the firms that have failed. Brodhead was the right name of the broker that failed not G Morehead and the proper name of White is now as White. The stock change closed subject the the president to enable the members to Vanderbilt accounts. their settle in with closeted Augustu Schell the Union Trust office immedi company ately after the suspension. More head has suspended, not Brodhead Brown Wadsworth & have failed The bank statement it said. will be ready before four o'clock then. give the usual quotations stocks possible to-day. The failures of brokers came in such quick that blocks of stock were thrown upon the market to realize PHILADELPHIA, September 20. The Union banking company has failed This company has a State charter. and bore heavy run yesterday. The bank did not open o-day and placard the stated that, owing mands suspension for few days had been resolved upon sustained run yeste heavy about out paying $700,000. State ing no notes, and the suspension only effects ST. LOUIS, September 19. Taussig this city closed their door the after ment of the failure their York house, Taussi Fischer & They confident of being able few days, and state that no lose a dollar by them. This in railroad pretty on their own account. BOSTON September 20 Wednesday last the firm of Horace Conn Wobourn, Massachus pay Their liabilities amount hundred thousand dollars, and mated their assets will reach one hundred and fifty thousand dollars. Since the suspension Horace Conn. senior partner, has disappeared, causing great saxiety to his family and friends Search has been made in all directions. ALBANY. September 20.-T. Squire & Co., bankers, have announced their temporary suspension until further ad vices from New York TORONTO. September 20.-H J Morse & Co. bankers and brokers in this city have suspended, owing to the failure Cooke & Co. and other prominent houses in New York. CHICAGO September 20. The Frank lin bank a private banking company situated on the corner of Madison and Dearborn streets, closed its doors to-day being unable to settle at the clearing house; the amount short was only nine dollars. Fernando thousand Jones is president the concern and A. Briggs The latter states that -president. their only temporary and as it is not known have been in any way connected with any of the suspended New York houses there would appear to be no reason why should not resume soon. It is stated that the majority of the teachers in the publicschools are depo sitors in the bank Its early resumption is, therefore, the more to be hoped for The suspen howement no or ever, creates feeling whatever in financial or cireles.

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financial RE YOU INSURED ? A OFFICE OF THE RUTGERS FIRE INSURANCE Co., 180 Chatham-square, junction of Mott and Worth-st+., NEW-YORK, Sept. 20, 1873. The annual ELECTION for a Board of Directors of this Company will be held at this office on MONDAY, Oct. 6. 1873. Polls opened from 12 m. to 1 o'clock p. in. JOS. W. DUGLISS, Secretary. L OST.-CERTIFICATE OF DEPOSIT of the Union Trust Company of New-York, No. 4,533, dated May 21, 1873, for $4,740. Payment is stopped: application has been made for a now certificate in lieu thereof. JOHN MARKS, Detroit, Mich. WEST SIDE BANK, NEW-YORK, Sept. 20, 1873. THIS Bank having made its arrangements to clear through the Metropolitan National Bank its business will suffer no interruption by the suspension of the National Bank of the Commonwealth. J. W. B. DOBLER, Cashier. W E are instructed by the FIRST NATIONAL GOLD BANK OF SAN FRANCISCO to honor and pay all their drafts drawn on JAY COOKE & Co. EUGENE KELLY & Co., 45 Exchange-place. ILLIAM P. ELLERY, W STOCK AND BOXD BROKER, 30 Broad-st. UDOD the reopening of the Exchange my commission business will continue as heretofore.

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BANKS SUSPENDED — At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.

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BANKS SUSPENDED

—At 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, Sept. 27th, 1873, at Reynolds & Co.'s sale.

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SUSPENSION OF THE BANK OF THE COMMONWEALTH.

The National Bank of the Commonwealth suspended early on Saturday. The consequent excitement was intense, and many feared that the intimate connection between the banks under the national system would result in other suspensions. On Friday there was a slight run on it. Over a million was paid out, and checks were certified amounting in the aggregate to millions. At the close of business hours it was ascertained that, "through some unaccountable mistake," the paying teller had permitted the banking-house of Edward Haight & Co. to overdraw their account, $225,000. A demand was at once made upon them to make good the over-drawal, and, though a promise was made to do so, on Saturday morning they replied they were unable, and that they were at last numbered among the suspended. Not relying, however, upon their statement promising to refund, Mr. Ellis, the President of the bank, visited the officers of the other national banks, asking for assistance in case heavy demands were made upon them. This they promised to grant, and appointed 9:30 a. m. as an hour for consultation and for making good their promises, but failed to keep their appointment. Upon returning to his bank the President found a large crowd of his depositors ready to withdraw their deposits. The situation was comprehended at a glance. Haight & Co. could not make good their account, and after a hurried consultation the directors decided to suspend payment. It was done and the depositors in waiting were informed of the decision. Dismay fell upon the crowd, and pleading and begging had no effect on the bank officers. The news was at once carried into the street, and was at first hardly credited, and men hastened to assure themselves if it was true. A visit to the bank building at Pine and Nassau-sts. only confirmed the news. The excitement became intense, and the thoroughfare was completely blocked with an angry and excited throng. Immediately upon the suspension of the bank word was dispatched to the Controller of the Currency. He will arrive to-day, when it is probable that the bank will be placed in the hands of a receiver. An examination of the affairs of the institution will at once be begun, and the Controller will then decide whether the bank will be privileged to resume. The bank was organized in 1853 as a State bank, and successfully stood the panic of 1857. In 1863 it went into the National bank system, and has continued as a National bank until the present. In 1871 it experienced a very severe run owing to the circulation of numerous street rumors of its instability. At this time the Clearing-house Committee made a thorough examination of its assets and liabilities, and at the conclusion of their investigations estimated the capital stock of the company to be worth about 109. Since that time it has been regaining public confidence, and up to yesterday stood high in the estimation of the public. It was deemed to be in a perfectly solvent condition, and its officers were men of acknowledged financial ability. Its deposits aggregated about $2,000,000, which is to be considered a fair average of a bank's deposit.

George Ellis, its President, stated on Saturday that the suspension was made with great regret. They experienced a slight run on Friday morning, owing to the run on the Fourth National Bank, and about $100,000 was paid out. After the close of the day's business he ascertained that Haight & Co had overdrawn their account to the amount of $225,000. He at once went to the office of the firm, at No. 9 Wall-st., and found that Mr. Haight had gone home; but his partner stated that the overdraft would be made good. Yesterday morning he met Mr. Haight, and was then informed that as the firm of Haight & Co. had suspended, nothing could be done to make good the overdraft. He then consulted with the presidents of other national banks, some of whom proffered assistance, and advised him to go on. This assistance was not forthcoming in time, and while an immediate suspension was not absolutely necessary, still he thought, in justice to his depositors, it would not do to subject the bank to a drain of its funds, and he therefore thought it advisable to suspend. Mr. Ellis also said that arrangements had been made to cause the clearings of the bank to be duly made. He could not at present render any statement as to the condition of the bank, but thought that it was in a perfectly solvent condition. He said that the Controller, who had been telegraphed to, would probably arrive to-day, when a thorough examination would be made, and the bank placed in the hands of a receiver. In answer to an inquiry, he said that the question of the resumption of the bank would depend upon the decision of the Controller. In the meantime he had nothing further to communicate.

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OTHER BANKS CRIPPLED.

SUSPENSION OF THE NATIONAL TRUST COMPANY. Soon after 11 o'clock, on Saturday, the National Trust Company, having offices on the first floor of Nos. 261 and 263 Broadway, suspended payment. The Secretary of the Company, Mr. Merrill, stated to a reporter of THE TRIBUNE that the immediate cause of their suspension was the failure of the Company to realize on their securities. Early in the day the President, B. R. Mangam, went down to Wall-st., taking with him $300,000 of securities, most of them U. S. currency sixes. The conversion of these securities would have involved a very great loss, and the Trustees therefore determined to suspend, believing it would be for the best interests of all concerned. The capital of the Company is $1,000,000, and after the declaration of the last dividend, there was a surplus of about five per cent of the capital. On Friday and Saturday, up to the time the Company suspended, there had been drawn out between $500,000 and $600,000. The Company is entirely solvent. The cause of the suspension was the utter impossibility of realizing on good collaterals. As soon as these can be disposed of at a fair price the Company will resume. The amount of deposits before the run began was about $5,000,000. The Company is in no wise interested in railroad stocks or bonds. The depositors need not be alarmed. This statement was corroborated by the President, B. R. Mangam.

SUSPENSION OF THE BANK OF THE COMMONWEALTH. The National Bank of the Commonwealth suspended early on Saturday. The consequent excitement was intense, and many feared that the intimate connection between the banks under the national system would result in other suspensions. On Friday there was a slight run on it. Over a million was paid out, and checks were certified amounting in the aggregate to millions. At the close of business hours it was ascertained that, "through some unaccountable mistake," the paying teller had permitted the banking-house of Edward Haight & Co. to overdraw their account, $225,000. A demand was at once made upon them to make good the overdraft, and, though a promise was made to do so, on Saturday morning they replied they were unable, and that they were at last numbered among the suspended. Not relying, however, upon their statement promising to refund, Mr. Ellis, the President of the bank, visited the officers of the other national banks, asking for assistance in case heavy demands were made upon them. This they promised to grant, and appointed 9:30 a. m. as an hour for consultation and for making good their promises, but failed to keep their appointment. Upon returning to his bank the President found a large crowd of his depositors ready to withdraw their deposits. The situation was comprehended at a glance. Haight & Co. could not make good their account, and after a hurried consultation the directors decided to suspend payment. It was done and the depositors in waiting were informed of the decision. Dismay fell upon the crowd, and pleading and begging had no effect on the bank officers. The news was at once carried into the street, and was at first hardly credited, and men hastened to assure themselves if it was true. A visit to the bank building at Pine and Nassau-sts. only confirmed the news. The excitement became intense, and the thoroughfare was completely blocked with an angry and excited throng. Immediately upon the suspension of the bank word was dispatched to the Controller of the Currency. He will arrive to-day, when it is probable that the bank will be placed in the hands of a receiver. An examination of the affairs of the institution will at once be begun, and the Controller will then decide whether the bank will be privileged to resume. The bank was organized in 1853 as a State bank, and successfully stood the panic of 1857. In 1863 it went into the National bank system, and has continued as a National bank until the present. In 1871 it experienced a very severe run owing to the circulation of numerous street rumors of its instability. At this time the Clearing-house Committee made a thorough examination of its assets and liabilities, and at the conclusion of their investigations estimated the capital stock of the company to be worth about 109. Since that time it has been regaining public confidence, and up to yesterday stood high in the estimation of the public. It was deemed to be in a perfectly solvent condition, and its officers were men of acknowledged financial ability. Its deposits aggregated about $2,000,000, which is to be considered a fair average of a bank's deposit.

George Ellis, its President, stated on Saturday that the suspension was made with great regret. They experienced a slight run on Friday morning, owing to the run on the Fourth National Bank, and about $100,000 was paid out. After the close of the day's business he ascertained that Haight & Co had overdrawn their account to the amount of $225,000. He at once went to the office of the firm, at No. 9 Wall-st., and found that Mr. Haight had gone home; but his partner stated that the overdraft would be made good. Yesterday morning he met Mr. Haight, and was then informed that as the firm of Haight & Co. had suspended, nothing could be done to make good the overdraft. He then consulted with the presidents of other national banks, some of whom proffered assistance, and advised him to go on. This assistance was not forthcoming in time, and while an immediate suspension was not absolutely necessary, still he thought, in justice to his depositors, it would not do to subject the bank to a drain of its funds, and he therefore thought it advisable to suspend. Mr. Ellis also said that arrangements had been made to cause the clearings of the bank to be duly made. He could not at present render any statement as to the condition of the bank, but thought that it was in a perfectly solvent condition. He said that the Controller, who had been telegraphed to, would probably arrive to-day, when a thorough examination would be made, and the bank placed in the hands of a receiver. In answer to an inquiry, he said that the question of the resumption of the bank would depend upon the decision of the Controller. In the meantime he had nothing further to communicate.

THE NEW FAILURES. ACCOUNTS OF THE SUSPENDED FIRMS. TRIBUNE reporters called on Saturday on a number of the leading firms whom the crisis of Friday and Saturday had found unprepared, and who on Saturday morning were obliged to suspend. In the majority of cases, according to the reports of the firms themselves, the suspension was not a matter of immediate and absolute necessity, but was, by all means, the wisest and safest thing to do. The panic showed no signs of abating, and they deemed it a dangerous experiment to attempt to stand up against the storm. By suspending at once they saved thousands to themselves, and by taking the same step 24 hours earlier they might have done still better; but they could not tell how long the storm would continue, and held out in the hope that they might weather it, and that each succeeding hour might bring relief. In the majority of cases the suspension, it was hoped, would only be temporary, and a number hoped to resume business within a week. Most of the firms were cheerful even in their ruined or disabled condition, and conversed upon their reverses in a rational and hopeful manner. In one or two instances, however, the suspended brokers appeared to be in the last stages of despair, and had no heart to talk of the disaster and no hope for the future.

EDWARD HAIGHT & CO. The first firm visited was that of Edward Haight & Co. of No. 9 Wall-st., whose suspension was first announced early on Saturday morning, but actually took place on Friday afternoon, at the very moment of the closing of the Stock Exchange. They were commission brokers, and were dealing in all stocks, but more especially in Vanderbilt securities. Their suspension had been due to the enormous withdrawal of deposits and the impossibility of obtaining money from any quarter. Their customers had failed to advance their margins, and they were thus left helpless when the blow fell. They hoped however to be able to resume business at an early day, though it would consume considerable time to find exactly where they stood. An examination of the books would be begun immediately, and until its conclusion they could not tell their exact condition. The amount of their indebtedness, they said, would not exceed $250,000. The uneasy feeling with them began two or three weeks since, but seven days ago ruin had been undreamed of. The closing of the Stock Exchange was considered an excellent measure, as it gave the men of the street time to see exactly where they stood. Had it been closed on Friday, many who had gone down during the day might have been saved.

BROWN, WADSWORTH & CO. The firm of Brown, Wadsworth & Co. have been doing business at No. 22 Nassau-st. for about two years. A member of the house stated that they had suspended simply because they were afraid to go on. They could have held out a while longer, but in the present chaotic condition of affairs everywhere they dared not receive or deliver or do any business whatsoever until they knew where the bottom was. They had suspended to avoid more serious losses, and thought that their customers had abundantly secured them. They had never been carrying so small a line of stocks since beginning business. They were principally interested in New-York Central, Harlem, Lake Shore, Rock Island, and Pacific Mail. As soon as confidence should be restored and accounts cleared they hoped to resume. For several months they had considered the firm of Jay Cooke & Co. insecure, and had doubted if they could carry the tremendous load of stocks they were attempting. The suspension of Fisk & Hatch, however, came like a thunderbolt. "They could have trusted all their money," said the speaker, "with that firm on Friday morning." The closing of the Stock Exchange the firm regarded as commendable, as it would afford time for relief, and by this morning confidence would be in a measure restored. Except for that, almost no house in the street would have been able to stand. As matters now stood, it was doubtful if any, or at least any considerable number, of firms in the street could pay their debts, though with the restoration of confidence all would yet go well with the larger portion. The outlook was, however, somewhat gloomy even for the whole country. The suspension of Jay Cooke & Co. affected an immense number of correspondents throughout the country. Though Wall-st. influenced the country so extensively and so generally, yet time only could determine what would be the effect of the crash on general business and remote sections.

LAWRENCE JOSEPH. Lawrence Joseph, commission broker of No. 14 New-st., announced his suspension early Saturday morning. He said that his suspension came about in this way: The Bank of the Commonwealth had all his money, and when the announcement came that it had suspended he completely "lost his head," and announced his own suspension. He said he was even on stocks and owed not a cent to anybody. If anybody wanted money from him he had friends who were willing to furnish it, and he hoped soon to recover the most of his from the Bank of the Commonwealth. He had been dealing in stocks of every variety, but need not have suspended had he taken time to consider where he stood. He should withdraw his announcement of suspension if possible to-day. For months the street had been looking for trouble in the firm of Jay Cooke & Co., but no one had dreamed of the fall of Fisk & Hatch. There had been too much railroad building and too much stock watering. The developments of the last few days might have a salutary effect upon this kind of business.

FEARING & DILLINGER. The firm of Fearing & Dillinger of No. 22 Broad-st. were commission brokers, who, like so many others, had been dealing in stocks of every kind. They were principally "long" on the Vanderbilt stocks; more especially Western Union. Their customers had failed to increase their margins, and they were thus left helpless. They need not have suspended quite as early, but could only have held out a short time. They had been doing business with a considerable degree of security, and the crash came without a hint of warning.

MILLER & WALSH. The firm of Miller & Walsh have an office at No. 17 Broad-st. Their business, however, is small, and they were reluctant to enter into any conversation concerning their condition. They attributed their suspension to the failure of banking accommodations and their inability to obtain money from their customers. They suspended on Saturday morning, and only as a precautionary measure. They had not made an examination of their books and knew not where they stood. They had been dealing in stocks of every kind, but had considered themselves safe until 24 hours before their fall.

KETCHUM & BELKNAP. Ketchum & Belknap of No. 24 Broad-st. suspended at about 11 a. m., but in the general uproar this caused very little additional excitement. The firm had miscellaneous stocks, but mainly Vanderbilts. One of the partners stated that the firm was not largely speculative, but was doing business in safe stocks—though nothing seemed "safe" now. It was impossible to tell where the concern stood. Though much of the stock held was for customers on "margins," the firm had considerable on their own account. The cause of the suspension was the want of margins everywhere felt, and holding too much Vanderbilt stock.

WILLIAMS & BOSTWICK. Williams & Bostwick, of No. 49 Wall-st., dealt a good deal in gold exchange, and they were reported to be heavily loaded with Arkansas bonds. The firm said that they were unable to borrow any money and were therefore forced to suspend. They could not estimate their liabilities, but hoped as soon as matters quieted down to make a settlement and resume.

C. G. WHITE. C. G. White, a broker clearing through H. G. Godet, of No. 25 New-st., failed early in the day. He was formerly a speculator. His name was confounded with that of S. V. White, and some excitement was temporarily caused by the mistake.

TAUSSIG, FISHER & CO. The failure of Taussig, Fisher & Co. of No. 32 Broad-st. was apparently a bad one. The firm were concerned in many railroad enterprises, and held some of the depressed stocks. The partners refused to make any statement, and could not tell whether they would start again or not. The branch house of this firm in St. Louis, Taussig, Gemp & Co., closed their doors soon after the announcement of the failure of the New-York house. The branch house has also been engaged in many railroad enterprises, but the firm hope to resume in a few days.

P. M. MYERS & CO. The news of the suspension of Peter M. Myers & Co. of No. 24 Pine-st., became known at the Stock Exchange just before it closed. Mr. Myers said that they were unable to borrow money without paying 2 or 3 per cent a day for it, and they thought it best to stop. If they had waited a few moments they would not have had to suspend. Mr. Myers told of one man who was on his way to the Exchange to hand in the ticket of the firm, when he heard the Exchange had closed. It was impossible to state what the amount of their liabilities was, but the firm hope to resume soon.

W. G. MOORHEAD & CO. The unimportant firm of W. G. Moorhead & Co. of No. 20 Wall-st., also suspended.

MEASURES OF RELIEF. THE BANKS AGREE TO ISSUE TEN MILLIONS IN LOAN CERTIFICATES. Throughout the day informal conferences were held by persons of prominence with a view to devising measures of relief. The most practical actions of the day, however, were the issuing of temporary loan certificates by the banks, the closing of the Exchanges (noticed previously), and the purchase of bonds by the Government. In accordance with the call of the previous day, a meeting of bank officers was held to hear the report of Messrs. Leverich, Tappen, Vail, Jenkins, and Bryan, who were appointed a committee on devising measures of relief. They presented the following report:

The Committee respectfully report that they met at the Gallatin National Bank, and, after an exhaustive examination and discussion of the important subjects committed to them, have agreed to submit to the Association the following plan:

That in order to enable the banks of the Association to afford additional assistance to the financial community, and also for the purpose of facilitating the settlement of the exchanges between the banks, it is proposed that any bank in the Clearing-house Association may at its option deposit with a committee of five persons, to be appointed for that purpose, an amount of bills receivable, or other securities, to be approved by said committee, who shall be authorized to issue thereupon to said depositing bank certificates of deposit bearing interest at seven per cent per annum, in denominations of $5,000 and $10,000, such as may be desired, to an amount not in excess of 75 per cent of the securities in bills renewable so deposited; except that when the securities deposited shall consist of either United States stock or gold certificates, the certificates of deposit may be issued upon the par value of such securities. These certificates may be used in settlement of balances at the Clearing-house for a period not to extend beyond November 1, and they shall be received by creditor banks during that period daily in the same proportion as they bear to the aggregate amount of the debtor balance paid at the Clearing-house. The interest which may accrue upon these certificates shall, on November 1, or when the whole of the certificates be all redeemed, be refunded and apportioned among the banks which shall have held them during that time. The securities deposited with the Committee, as above named, shall be held by them as a special deposit, pledged for the redemption of the certificates issued thereon. The Committee shall be authorized to exchange any portion of said securities for an equal amount of others, to be approved by them, at the request of the depositing bank, and shall have power to demand additional security, either by an exchange or an increased amount, at their discretion. The amount of certificates which this Committee may issue, as above, shall not exceed $10,000,000. The banks shall report to the manager of the Clearing-house every morning at 10 a. m. the amount of certificates issued by them. This arrangement shall be binding upon the Clearing-house Association when assented to by three-fourths of its members. That in order to accomplish the purposes set forth in this agreement the legal tender belonging to the associated banks shall be considered and treated as a common fund, held for mutual aid and protection, and

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NEWS BY MAIL

Dr. Bissel, of the Polaris, ridicules the story that Dr. Hall was poisoned ; he died from appoplexy. The suspension of the Union Trust Company, the National Trust Company and the National Bank of the Commonwealth, runs on the Fourth National and Manhattan banks, the closing of the stock exchange and the failure of eleven firms were the events of the financial panic in New York, Saturday. An immense defalication was discovered in the Union Trust Company, and that with the re-

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juncture the governing committee of the stock exchange held a meeting, and unanimously resolved upon the closing of the exchange. The hall was accordingly cleared at a quarter before 12, all members of the exchange having been first warned against dealings in the street or outside, on penalty of expulsion from the board, and business for the day was consequently closed. This action was received with general favor; cheer after cheer from the brokers followed the closing gong, and the grumblers were chiefly outsiders who had come to the city in the hope of making large purchases of stock at low figures. The general feeling was voiced by the Evening Express, when it said: "Too much praise cannot be awarded to the men who conceived and carried out this master stroke of policy. Bedlam was running loose, and the craze was rapidly communicating itself to the outside multitude. Nothing remained but to shut the door and try and bring back bulls and bears alike to their senses."

The suspension of the National bank of the Commonwealth, which quickly followed that of the Trust company, is attributed by its president, George Ellis, to the run on the Fourth national bank, the day before, which in turn caused a small run on the Commonwealth. When the latter bank closed on Friday, it was discovered that the firm of Edward Haight & Co., the principal backers of the bank—had overdrawn their account $225,000 which they were unable to return. The president consulted with other bank officials, some of whom proffered assistance and advised a continuance of business, but notwithstanding this and the added fact that immediate suspension was not absolutely necessary, it was deemed advisable to suspend at once rather than be subjected to the drain of a run. The suspension, however, did not affect other banks, the Commonwealth having been almost entirely a broker's bank and its capital being only $750,000.

The suspension of the Union Trust Company was followed about noon, by that of the National Trust company, which was a matter of expediency rather than immediate necessity. The company had in its vaults a large amount of securities, including $800,000 in government bonds, but these could not be sold except at a discount of from 30 to 40 per cent.; and, rather than suffer such a loss, the directors decided to suspend temporarily. Among the minor suspensions of the day were the following: Edward Haight & Co., Brown, Wadsworth & Co., E. C. Morehead, C. G. White & Co., Ketchum & Belknap, Williams & Bostwick, Miller & Walsh, Lawrence Josephs, P. M. Myers & Co., Fearing & Delling and Taussig & Fisher. The run on the Fourth national bank, which commenced on Friday, continued through Saturday, but all demands were promptly met, about $500,000 being paid out during the day in bank notes. There was no run on any other bank.

On Sunday President Grant and Secretary Richardson were in consultation with leading bankers. They refused to pay the legal tender reserve into the banks but promised to buy bonds at their market value to relieve the money market.

On Monday the feeling was much better and it was believed that the worse of the panic is over. Saturday night the failures numbered thirty three firms and three banks.

The only story of actual crime that has been developed by the breaking up in Wall st. is the defalcation of Charles T. Carleton, Secretary of the Union Trust Company. At the examination of the affairs of the institution on Friday night, rapid and general as it was, it was discovered that at least $350,000 worth of Government securities and railroad bonds, which had been kept in a new underground safe, had disappeared, and probably as much more. Mr. Carleton had left the office late in the forenoon, and though when he went out it was supposed he had gone to lunch, he has not yet returned. As evening approached, and the Secretary was still missing, rumors of distrust began to spread themselves among the officers and clerks. Late at night the surprising discovery was made known. Mr. Carleton has been connected with the bank for five years, and has not once until now been under suspicion. He is a son of the Rev. Dr. Carleton, formerly of the Methodist Book Concern, and it is stated that one loan of $20,000 was made to his father. Mr. Carleton lived in elegant style at No. 52 South Oxford-st., Brooklyn.

Com. Vanderbilt's theory of the trouble as given to a reporter is as follows: The trouble is the people undertake to do four times as much business as they can legitimately undertake. Of course they get short, and have to bolster up their business as well as they can by robbing Peter to pay Paul. If people will carry on business in this mad-cap manner they must run a muck. There are a great many railroads started in this country without any means to carry them through. Respectable banking houses in New York, so called, make themselves agents for the sale of the bonds of the railroads in question and give a moral guarantee of genuineness. The bonds soon reach Europe and the markets of the commercial centers from the character of endorsers are flooded with them. Now mark the sequence. The road gets into difficulties and bad language is heard all round. These worthless roads prejudice the commercial credit of our country abroad.

Building railroads from nowhere to nowhere at public expense is not a legitimate undertaking. I might make allusions to Texas, Midland and other new railroads, but you must excuse me, for I am a friend of the iron road, and like to see it stretching to every corner of the United States. They help to develop our commerce and civilization, and ought to be encouraged. All I have to say is, when railroads are to be built don't victimize the public to build them. When I have some money I buy railroad stock or something else, but I don't buy on credit. I pay for what I get. People who live too much on credit generally get brought up with a round turn in the long run. The Wall street "averages" ruin many a man there and is like faro. Mistrust will be engendered till we, as a nation, do our business on a more solid basis, and pay as we go.

Tuesday afternoon the large banking house of Henry Clews & Co., failed, and the panic was fanned into new life.

The Lamoille County Fair at Morrisville the 17th and 18th was very successful. Mr. A. W. Griswold's show of cattle was of course the best that anybody in the State could make. Robert Hill of Elmore had a fine flock of sheep. The baby show inaugurated by Hon. P. K. Gleed, came off as advertised. Thirteen mothers with their infants came upon the track in a carriage, accompanied by Mr. Gleed, and passed around the track and then to Floral Hall, where they were interviewed by the Committee. The first premium was awarded to Mrs. G. W. Doty of Morrisville.

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EVENING SCENES

The crowd at the Fifth Avenue Hotel, last evening, was even smaller than on the previous evening; and the loungers in the corridors were quiet and listless. There were no groups discussing with eager voice and gesture the prospects of a rise in stocks, and the half dozen returned delegates from the Utica Convention, gathered near the door, were listened to with more attention than the wisest prophet on Wall-st. matters. Few heavy operators were present, and the general attitude was that of weary waiting for whatever the future might develop. THE WEAKENED HOUSES. EXAMINATIONS SLOWLY PROCEEDING. At the office of Henry Clews & Co. there was little bustle or excitement yesterday. The visitors were not remarkably numerous, and the work of clearing up the position of the house went actively on. Mr. Greenough, representing Mr. Clews. stated to a TRIBUNE reporter that the statement of the assets and liabilities of the firm was not ready, nor could any definite date be assigned for its completion. Its preparation involved much time and labor. No steps had yet been taken toward calling a meeting of creditors, nor could hesay when such a call would be issued. They issued last evening the following circular: Henry Clews & Co. state that the liabilities which their London house describes as incurred for account of the New York house are mainly acceptances under commercial credits for accounts of various merchants in this city and elsewhere, to whom the dratts will be returned, and who will meet them, being prepared to do the in were given. The apparent acceptances 80 by having goods possession against liabilities to which the there- the London house will be fore of the these reduced credits extent proto which the acceptances under are vided for by the parties in whose account they were issued. Quiet reigned at the offices of Howes & Macy, across the hallway from Henry Clews & Co. The callers were neither many nor anxious, and the consultations with members of the firms seemed to bring hopeful looks to the faces of those who spoke with them. The son of the senior member of the firm told a TRIBUNE reporter that nostatement had yet been prepared. It required time and labor. No meeting of creditors had been called. The creditors of the National Bank of the Common wealth adopted yesterday, at No. 11 Wall-st., a resolution requesting the President and directors of the bank to use their best exertions to have the affairs of the bank again placed in the hands of the officers of the bank, either for liquidation or otherwise. There were about 30 creditors present. The managers of the Hoboken Savings Bank met yesterday to receive the report of the Committee who had been appointed to solicit subscriptions to make up the deficiency of $61,000, caused by the defalcation of Klennan, the absconding secretary. It was stated that more than half the amount had been raised, but the Committee reported back for further instructions, on the ground that if the bonds deposited with Fisk & Hatch should be lost. the collection of subscriptions to cover Klennan's defalcation of $61,000 would be insufficient to cover the whole deficiency. and the bank would still be unable to pay its deposit in full. President Clinton argued that Fisk & Hatch had only suspended temporarily, and that it was quite probable that most of the funds placed there would be recovered. He therefore advised that the Committee should continue to solicit subscriptions, and the Board concurred. Several prominent names and considerable sums were added yesterday. The deficiency of Klennan, reported at $61,000, has been reduced nearly $2,000 by the discovery that some accounts still open on the ledgers had been closed on the pass-books. The Board of Managers will meet again to-day to receive the report of a committee appointed to attend to some business, the particulars of which the directors preferred not to disclose yesterday.

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A BANK SEEKS RELIEF

THE NATIONAL BANK OF THE COMMONWEALTH ANXIOUS TO GET RID OF ITS RECEIVER. In the United States Circuit Court, yesterday, the National Bank of the Commonwealth in this city filed, through Hummond & Stickney, its attorneys, a petition to enjoin the Controller of the Currency. and Isaac II. Bailey, claiming to have been appointed Rerecever of the bank, from all further proceedings in such receivership. The petition, divested of its legal verbiage, contains the following allegations: Oa or about Sept. 22. 1873, while the bank was carrying on its legitimate busi1 888, the Controller of the Currency, assuming to act under the authority vested in him by Section 55 of the Act of June 3. 1804. appointed Isaac H. Balley receiver of the bank. Bailey, as such receiver and by the direction of the Controller of the Currency, took possession of the bank's books, records and assets, and collected various debts then are it. Ball y was appointed rereiver "on the pretended ground that the bank had, at same time prior to his appointment, refused to pay one of its circulating" 85 notes. The bank had, at no time prior to the aforesaid appointment at. "failed to redeem" any of its circulating notes; and no holder of any of such notes had. at any time prior to the said appointment, caused or allowed them to be protested. The Controller of the Currency made no examination of the facis in relation to any such alleged defant in the payment of any of the bank's notes. ** nor in relation to any failure to redeem" any of them; nor did he, prior to the appointment of Bailey as receiver, " receive any true notice that the bank had failed to redeem any of its notes. The petition concludes, in substance, as follows : The appointment of the said receives is null and void. No notice the appel of auy perial agent, as provided by section the June 3. 1861. was which the receiver, given to been had apponed policies." date 1873, but was first # Lib. ed to any officer of the bank on Sept. 23, 1873. The petition prays that a citation may be issued requiring the Controller of the Currency to show cause why further procee lings on his part concerning the redeivership should not 03 enjoried, and why the bank not have such other relief as may be deemed equitable. Judge Woodraft granted the petition, and made the citation returnable on the 7th inst. , STATEMENT OF PRESIDENT ELLIS. President Ellis O 180 Bank of the Commonwealth was called upon yesterday by a reporter of THE TRIBUNE, and questioned rela live to the history of the appointmost of is receiver of the bank. He stated that lie did not wish to fore stall the evidence to be presented in court. On Friday. the 19th lost., he said. there was a considerable crowd gathered on the street in front of the hank attracted by the run on the Fourth National Bank. Many supposed from this that there was also a THE ou the Bank of the Commonwealth. It was eviltent from various indications that there would be a run on the bank on the following day. There were drawn out by depositors sums aggregating about $100,000. Late in the afternoon Mr. Ellis 1 arned that checks of Edward Haight, to the amount of $250,000. had been certified to. Knowing that this would make their statement appear exceedingly weak its the following morning and fearing that the other banks would refase aid. His called at the of to recall the loan or obtain 111 place of it. Mr. Height had gone home, an those in office could do nothing in the mit Mr. Ellis too with him $300,000 worth o good securities and ei on several bana officers,and to obtain a loan on them. He failed do SO, nut severa of those on whom he eailed promised to weet birth at 93 R. 111. OIF the following morning at the Clearing-house They due not come until 15 minafte consultati III decided not to grant oned loan. He then called on President Williams or file Metropolitan Bank and stated the ease to him. President Williams advised him not to allow the bank to suspends payment until absolutely compelled to do 80. They state 103 th Clearing-botter There was a large crowd in the bank of the Commonwealth. President Einsecteted the bank and told the cashier hold off for time until could see what could be done. Then, acet impoined by President Williams, he went to the Cleftrig-1 and the Clearing house ComHig told the Committee that the bank would have to unless amount he wanted toraise ow the was furnisted soon. The matter was discussed and the conclusion reached was that the amount could not be raised. President Ellis returned to the Bank of the Commonwealth and told the cashier neither to accept deposits nor pay any. About half an hour later Mr. Motor the Bank Examiner. called at the bank, and s in formed of the condition of affairs. He washswown the bank statement for that morning. Some or the directors said to Mr. Meigs they supposed he would make au examination of the condition of affairs, and Deport within a short time. Pre ident Elite explai ed to Mr. Meigs the condition of annies, said that he did not see how the contri carry 80 heavy a load as had been ddidg upon them by Haight, and continue payment. Un. to this time the bank was doing extreme y well. Between 3 and 3:30 Mr. Melgs took one of their notes well had be is redeemed by the bank. and which could not therefore be said to be in circulation, and had it formally protested by a notary. This was forwarded to Controller Knox. On Monday a dispatch was received from the Controller information Mr. Meige that a receiver Mad been appointed, and about 3 p.m. on that day a letter was also eccive d from the Controller inclosing the necessary blanks and directing Mr. Meigs to insert the name of Isaac H. Bailey as receiver. and to demand the necessary bonds. This was done under the sape vision of U. S. Assistant District-Attorney Bilss. Presideut Ellis and the Directors hold that the appointment et a Receiver was lile ral and uncalled-for. Had no R Monday, the Bank of the ComNonwealth wou have been on the same footing as the ther blinks He thought the Bank of the Common ealth had been harshly and unfairly dealt with. Legal seelings had been already began. and they hoped to tov the appointment of a Receiver revoked, and to ave the bank resuine business. In reference to the st acument that several of the Directors owned small amounts of the stock of the bank, lie could say that they owned as much or more than the minimum allowed by Lew. In the gases of Haight, the certification of his the H was done by a teller. and would not have been allowed.us President Ellis had ne known of it.

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The following is a list of the New York firms and individuals which suspended on the 18th and 19th: Jay Cooke & Co., Fisk & Hatch, Union Trust Company, National Bank of the Commonwealth, National Trust Company, Gold Exchange Bank, Jacob Little & Co., E. D. Randolph & Co., George B. Alley & Co., W. H. Warren & Co., Greenleaf, Norris & Thomas Reed & Co., Whittemore & Anderson, Beers & Edwards, Eugene J. Jackson, White, De Freites & Rathborne, A. M. Kidder & Co., Smith & Seaver, Theodore Berdell, Hay & Warner, Day & Morse, Vernan & Hoy, Fitch & Co., W. E. Connor, Ketchum & Belknap, Taussig, Fisher & Co., C. G. White, Williams & Bostwick, Peter M. Myers & Co., Lawrence Josephs, Fearing & Dillinger, Saxe & Rogers, Brown, Wadsworth & Co., Miller & Walsh, Edward Haight & Co.

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failures reported were the Union Trust Company (the cashier of which was said to be a defaulter to the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Secretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the savings banks hold many millions of these bonds, it was thought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedmen's and City Savings Banks, but both held out. In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks, it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors.

The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st.

The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the savings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds of depositors dispersed. The day closed with a general confidence that the crisis was entirely over. On Tuesday, 23d, the New York Stock Exchange continued closed, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been summed up in a sentence, "Confidence is restored, the banks are conducting business as usual," but just as the street was beginning to feel that the end of the panic had been reached, the painful rumor started that the house of Henry Clews & Co. had suspended payment. As soon as the announcement was made that the doors of this banking house had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co.'s failure. The run on the savings banks was continued moderately throughout the day, but the time rule allowing the banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London telegram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank, and First National Bank, all of that city, had suspended. The Citizens' Bank, although not suspended, declines payment. Rumors of heavy commercial failures were also rife in that city.

It is stated that the Pennsylvania Railroad Company have reduced the hours of work for laborers and road men to eight hours per day, and the pay rolls will be reduced accordingly. The laborers, it is said, will strike against the new rule.

Up to noon on Wednesday, the Government had purchased about $12,000,000 of bonds in New York City, but the financial crisis was apparently not yet over. The principal failures announced were the London house of Clews, Habecht & Co., and that of Howes & Macy, New York-both brought about by the suspension of Henry Clews & Co. on the previous day.

At Philadelphia, Sept. 24, Thomas B. Parker, a wealthy retired iron merchant, shot his wife and then killed himself with

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Capital impaired 3812 per cent

A special dispatch from Washington says: It seems probable, from the present attitude of the Commonwealth National Bank of New-York, which failed during the late panic, that it will be allowed to resume its business after reducing its capital. It is still in the hands of the receiver, and the Solicitor of the Treasury has directed the District-Attorney to defend the receiver in the discharge of his duties. Mr. Ellis, the President of the Bank, is very much interested in the matter and has been here to urge that the receiver should be withdrawn. He said the action of the officers of the bank was hasty; that they asked for a receiver without due deliberation when the panic came on, and that the bank was and 18 in a solvent condition. Controller Knox, who went to New-York on Saturday, will have a consultation with the receiver and be ready to decide the question when he returns.

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TELEGRAMS

ARRINAL OF POLARIS SURVIVORS. Washington, Oct. 7.-The Acting Secretary of the Navy received a telegram announcing that the Tallapoosa had arrived at Fortress Monroe from New York with the Polaris survivors, and would sail for Washington, as soon as the weather permitted. E. O. Graves, for several years chief clerk in the office of the United States Treasury, is to be appointed chief examiner of the board of civil service commissioners, with a salary of $5000 per annum. Isaac H. Baily, receiver of the National Bank of Commonwealth, gives the statement of the assets of the bank at $1,998,077 93, and liabilities at $1,535,245 24; exclusive of the capital stock of $7,000,000. By this exhibit there is a deficiency of $287,167 31, showing the capital impaired 38½ per cent. The aggregate indebtedness of the directors to the bank on the day of

FAILURE WAS OVER $500,000. In view of the above statement of Bailey, Pastells is out in a card to creditors and stockholders of the bank, in which he says: "Perhaps the willingness of Bailey to be a receiver of $6,000 a year and commissions, may explain his gloomy views of the affairs of the bank. His right to its property will be tested in the United States courts, and I beg you will suspend your judgment of the bank and its officers till they again have their books and means of their defense are obtained. The order issued by Judge Woodruff, last week, to show cause why the appointment of Isaac Bailey as receiver should not be

DECIDED NULL AND VOID, was returnable to-day. Judge Woodruff is not in town and the matter was brought before Judge Blatchford, who said, as he was a stockholder in the bank he would decline to hear the argument, and matters were adjourned until next Tuesday.

EVANGELICAL ALLIANCE. New York, Oct. 7.-The theological section of the Evangelical Alliance assembled at the usual hour at the Association Hall. After the singing of a hymn and prayer, the Alliance accepted an invitation to visit the Princeton Theological Seminary; to take a trip over the Erie Railroad to Niagara Falls; to partake of the hospitalities of the city, and to inspect the workings of the public schools. The general topic of discussion was "Christian Life." Rev. Dr. Smart, of Edinburgh, chiefly confined himself to showing the fallacy of those who would exact charity at the expense of a dogma.

PERSONAL RELIGION Rev. A C

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Saturday, the third day of the financial panie, was an intensely N exciting one in Wall street-so much SO that it was found necessary to close the Stock Exchange, and to pass a rule forbidding the members from making any transactions in stocks either on the street or elsewhere prior to the regular session of the Board on Monday. A large number of additional failures were reported, among them the Union Trust Company (the cashier of which was said to be a defaulter to 'the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Seeretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the

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the Me repolt no Bank Breaking no the Currency Equalization Pool. The second expulsion from the Stock Exchance during the present monetary troubles that of Edward Haight. Jr., was the subject of comment among financiers yesterday. It is regarded AR a case of the visitation of the sins of the father upon his children. The cause for the action was a charge of fraud against the Arm of Edward Haight & Co. by the Commonwealth National Bank. The senior partner of the firm vas formerly its President, and at the time of the alleged fraudulent action was A director of the Bank of the Commonwealth. On the second day of the panic he overdrew the firm's account by $226,000. Overdrawing is a matter of hourly occurrence during ordinary business times. and the firms making overdrafts are expected to make them good by either cash or collaterals at the end of each day. Mr. Halight was called upon to make his good but furnished only collaterals for $60,000. The day of the overdraft the bank had sustained a run that nearly exhausted Its resources. and next morning on ascertaining that Haight & Co.'s deficiency would not be fortheoming its doors were closed. Haleht & Co. themselves suspended the next day. Their dealings with the bank were investigated by the Governing Committee of the Stock Exchange. Rd ward Haight. Jr. was the only member of the firm that belonged to the Exchange. and after three weeks deliberation the committee prosented this resolution: Resolved That Edward Height Jr. the represe five in the stock Exchange of the firm of Enward Hat & Co.,hav ng. the judgment of the Govern Committee. oceanully of obvious fraud in " th the overdraft oy the Orin on the Bank of the Color to inwealth he expelled from this association n. The resolution WES read in the Exchange Yes. enday morning. It is said that the report upon which it is founded contains very damaging facts about the persons mentioned The action of the committee receives general commender tion. PRESIDENT GRANT'S LETTER. The topic next in interest was the letter upon the financial situation which Mr. John B. Will liams. President of the Metropolita an Bank save he received from President Grant. Mr. Williams accounts for the receipt of the letter thus : A few days ago one Mr. Anthony who awabout to go to Washington, asked Mr. Williams to make him bearer ofaletter to the President embody ing histWilliams) views of the best way to assist the merchants of the city during the money stringency. That, he thought. could best the be done by a weekly issue of a few millions of legal tender reserve. He at the sametimeurged upon the President the plan for the purchase of foreign exchange. which Mr. Anthony proposed to urge Some doubt was thrown upon the authenticity of the autograph letter said to have been re elved in reply by a despatch from Washing allezing that President Grant denies having full written any such letter Nevertheless a the associated bank Presidents asinbled In the Merchants' Bank r its consids eration. The letter which Mr. Williams read coversa pace and a half of note paper. After reading it he put it into his pocket and never took it out again. as far n° could be ascertained The d cument acknowledged the receipt of letter from Mr. Williams, The President had vivea its contents earnest consideration. and felt 1110 lined to make the issue of LEGAL TENDER RESERVE n amounts of two or three milli weekly. the merchants needed Hefelt in offined more time to pro exconcerning the pur base of foreign hange. It concluded But cannot the bank Presidents be brought together and esolve to canaid each other and the business 64 erally. The Government then will do all stion p wer. To-tuor consider the w h the view of doing all in my power for the relief new somach needed. Mr. Williams presented resolutions that were of speedily withdrawn under manifestations di satisfaction. The following was adopted Resolved That the communication of the President New York of the United States to the associated banks of respectfully d gratefully acknowie ged. an i that we be curutally reciprocate his kind wishes and will act in the spirit be recommends. The question of eeasing the .. pooling of tenders. which has been the salvation of legal some of the weaker banks. was discussed, and the following was adopted: Resolved, That from and after Nov. 1 next association the equal zation of legal teaders by the banks of this e discontinued. A proposition to use legal tender notes In settement of Clearing House balances was also The action discussed. but discontinuing without result pooling" had de that indi rued the market at the close fact yet sales that confidence 111 the banks has not been entirely reatored. COMMODORE VANDERBILT'S DIFFICULTIES Rumors about the relations of Commodore Vanderbilt and the Union Trust Company und- were throughout the day. and were all unit a life to a sensati onal story in ed and traceable defalcation in which a further morning journal, prominent feature. by Cashier Carlton was a debt of all alleged about the They the Lake Shore Railroad Company to the Union Trust Company. In fact no such controversy any exists now. nor has there been at The time an act al difference of opinion Clark's that In Mr. H race F. facts are of Lake Shore effected is deadministr of $1,750,000 of the Trust Company for Hand loan account of Lake Shore. and when Commothe Mr. Clark he found dore Vanderbilt succeeded comhis loan among the obligations of the What The debt has never been di puted. weeks bady occasioned the talk hastreet for past is another sum of $2,250,000 in the sh of ape the of like Shore bonds They were a part of 00,000 debenture Issue legallyfauthorized. I to only have already been issued. Comi any became the transfer The Union time vet re Mr. hewith Mark's decease, agents of the issue Some Augustus Schell James I Banker Tref of Lake Shore. and seve( of others formed a pool of $15,000,000 10 BULL LAKE SHORE I and other stocks G.I B. Grinnell & Co. made in which the the MI Clark visa special partner. were two and a millions of bonds were transferr Treasurer Grinne arter & Co. by the Union Trust Company. ab part of by order of James Banker as they can have no pos pool Hence an offset he ble reference to the $1,750,000 loan as Commootherwise It le said. however. that Executive Vanderbilt holds that the transfer ore had no power to direct the j immittee bonds without giving the stockholders if the to vote. Hence the Union Trust opport unity instructed not to transfer the ompany was most of them were hypothecated by L onds. As & Co., those that hold them are natural er moved. y ;rinnell very desir us of having the bar to legal transI What President Grant Says. I WASHINGTON, Oct. 23. -The President tolav. on heing asked by a friend as to the conents of his recent letter to Mr. John E. Wil-

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NEW YORK

NEW YORK, Feb. 14.-Jesse R. Clarke, aged 11, while playing with a pisto! last evening. at his home. at No. 17, Jones street, shot dead Jease Wicks, aged 15. Issac H. Bailey, receiver of the Commonwealth National Bank, has been authorized by the Comptroller to sell the banking house and real estate of the establishment for the benefit of creditors. NEW YORK, Feb. 14.-The bank statement shows nearly a million in. crease in loans. eight hundred thousand increase in legal tenders ; two hundred and eighty -four thousand decrease in deposits; two and one-half decrease in specie and R small decrease in circulation

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Attention is Called to the Sale of the valuable Banking House and Lot on the northwest corner of Nassau and Pine streets, to be sold on Tuesday. March 3, at 12 o'clock, at the salesroom No. 111 Broadway. By order of ISAAC H. BAILEY, Receiver of the National Bank of the Commonwealth.

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ARREST OF A NEW YORK BANK PRESIDENT. George Ellis, formerly president of the National Bank of the Commonwealth, which failed in the panic of last fall, was arrested Tuesday evening at his residence, in Tarrytown, on an indictment in the United States circuit court for having misapplied $53,000 of its money in December, 1872, to buy stock of the bank, which he afterwards (as alleged) deposited with the Security National Bank to obtain credit on. drawing against the value of the stock 80 de posited. It is also charged that false entriewere made to cover these transactions. He was removed to the jail in Ludlow street, and was vesterday released on $20,000 bail, Lewis B Brown being his surety. The alleged malfeasance was discovered by Mr. Purdy, 'assistant district attorney, in his researches relative to the conduct of Callender, lately examiner of the national banks, now under indictment for fraud. N. Y. Jour. Com., 2d.

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TRANSACTIONS BETWEEN BANKS

On March 4, 1874, the Security Bank of this city began an action in the Supreme Court of the State against the National Bank of the Commonwealth to recover $50,000 alleged to have been lent to it by the Security Bank, and $3,500 as a balance of account for moneys deposited by that bank with the National Bank of the Commonwealth. Judgment by default was subsequently obtained and entered for the full amount claimed. John J. Knox, Controller of the Currency, and Isaac H. Bailey, the receiver of the National Bank of the Commonwealth, have filed a bill in equity in the United States Circuit Court praying that the judgment may be declared to have been fraudulently and collusively obtained," and that the Security Bank be restrained from taking any steps toward enforcing it. The bill alleges that the action in the Supreme Court of the State was begun through the collusion of Geo. Ellis, the President of the National Bank of the Commonwealth, and with intent to defraud its creditors, and that no notice of the beginning of the action was served upon Mr. Knox or Mr. Bailey. United States DistrictAttorney Bliss appears as attorney for the complainants. The answer to the bill will be filed about Oct. 1.

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Positive Sale, by Order of Receiver.— The National Bank of the Commonwealth Building wile be sold at auction. by E. H. LUDLOW & CO., this day at 12 o'clock, at the salesroom.

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A BANK IN A RECEIVER'S HANDS

The National Bank of the Common wealth in 1873 became insolvent, and, under the Currency act was passed into the hands of a receiver. Waile in the hands of such receiver process was served on the President of the bank in a suit brought by the Security Bank of the City of New York, to recover money claimed to be due the latter. No attention was paid by the President to the service of the process, nor did he give notice to any other officer of the bank or to the receiver, and the result was that judgment by default was rendered for $57,000. Motions were made to open the default and from the juagment denying such motions. Appeal was taken to the Supreme Court, General Term. In delivering the opinion 01 the Court Judge Daniels characterizes the action of George Ellis, the President of the Board, as foltows:-"Re, to use his own language concerning his singular and extraordinary conduct following the service, supposing that his connection with the Court ceased by the appointment of a receiver, took no notice of any paper that was served upon him as an officer thereof, and did not do 80 in regard to the summons herein, nor did he Inform said receiver of said service. This is the sworn statement of the detendants' President. And it 80 completely describes his utter want or moral as well as official sense of accountability as to dispense with all further attempts at characterizing his conduct." Strenuous opposition was made to the opening of the default on the ground that the order denying the motion at Chambers to open the judgment was not within the discretion of the Judge making it, and, therefore. not appealable. Judge Daniels holds on this point that while the order was a discretionary one, yet it was an order affecting a substantial right, and was, theretore, appealable. He concludes his opinion as follows: The bank continued to exist, notwithstanding the appointment of a receiver. The suit was, therefore, properly instituted against it, and the defence should accordingly be made by it. The order appealed from should be reversed, with $10 costs and disbursements on the appeal to the defendant and appellant and an order should be entered setting aside the judgment and allowing the defendant, within ten days alter notice of the Draer. to serve an answer to the complaint, or payment within that time of $10, costs of opposing the motion. and the disbursements made on the entry of the judgment."

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vor of the shareholders of the National Bank of the Commonwealth, New York city, as soon as the necessary schedules can be prepared by the Receiver. Dividends of 10 per cent. have already been paid to the creditors of the bank.

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National Bank Natters

WASHINGTON, May 21. The comptroller of the currency will declare a dividend of 20 per cent in favor of the shareholders of the National bank of the Commonwealth, New York city, as soon as the claims are proven, and the necessary schedules can be prepared by the receiver. Dividends of 100 per cent have already been paid to the creditors of the bank. A revised edition of the national bank act and amendments to date has been completed, and is now being distributed to national banks by the comptroller. The comptroller has authorized the Wachusett national bank of Fitchburg, Mass., with a half million capital, and the Union national gold bank of Oakland, California, with a capital of $100,000, to commence business.