National Trust Company (New York, NY)

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MEASURES FOR RELIEF.

NEW YORK.

UNPRECEDENTED PANIC AT THE OPENING OF THE STOCK EXCHANGE-GREAT TUMBLE IN VALUES-GENERAL DISASTER IMMINENT-THE EXCHANGE CLOSED -A STARTLING DEFALCATION-BETTER FEELING IN THE EVENING.

[Special telegram to the Dispatch.] NEW YORK, September 20.-To-day has witnessed one of the greatest panics that ever occurred on the Stock Exchange. At the opening there was an improvement of two to six per cent. in values, and great hopes were entertained that the end had been reached. But these hopes were soon destroyed when it was announced that the Union Trust Company had decided to stop until Monday. The suspension of the Trust Company was followed by that of the Bank of the Commonwealth, which closed its doors at an early hour. The excitement and panic which followed 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. Amid the surging of an excited crowd in the Stock Exchange and continued destruction of values there were some few cool and level heads. These men conceived the idea of imitating the Vienna plan of

CLOSING THE EXCHANGE, and immediately the Governing Committee was convened to take action thereon. In a few moments the Board was called to order, and from the rostrum the announcement was made that the Exchange would be closed until further orders from the President. This was received with great joy, and the Exchange resounded with cheers. The gong was sounded, and in less time than it takes to record the fact the wild excitement was over, the surging crowd of frantic brokers disappeared, and the Stock Exchange was nothing but a deserted hall. All this happened in so short a time that it seems almost impossible, and only those on the spot can realize the remarkable change. All dealings on the street are strictly prohibited under penalty of expulsion, and therefore no business can be transacted.

MORE SUSPENSIONS. Soon after the suspension of the Union Trust Company was reported the suspension of the National Trust Company was announced, and this served, if possible, to intensify the excitement. The failures of brokers then began to be announced, and in a short time the following names were read out: C. G. White & Co.; Ketchumn & Belknap; W. G. Broadhead & Co.; Saxton & Rogers; Williams & Bostwick; Miller & Walsh; E. Haight & Co.; Laurens & Joseph; P. M. Myers & Co.; Taussig, Fisher & Co.; Feasing & Bellinger; S. B. White.

It is impossible to say where the list would have ended had not the Governing Committee of the Exchange decided to close the institution until the panic was over. About this time

UGLY RUMORS BEGUN TO GAIN CURRENC. on the street of irregularities in the Union Trust Company, and it is found that Carleton, the secretary, son of Rev. Dr. Carleton, of the Methodist Book House, was a defaulter, some fixing the amount at $250,000, others at $500,000. It was not known that Carleton was a defaulter until some time yesterday afternoon, when his absence begun to give rise to suspicions. He remained at his desk until 12 o'clock yesterday, conversing freely but exhibiting signs of excitement and trepidation. He left the Trust Company saying he was too unwell to remain, and desired some rest. When it was necessary to consult him in regard to certain matters, he was not to be found, and then it was that the trustees began to

SUSPECT HE WAS A DEFAULTER. Under a hurried examination into his affairs it soon became quite certain that he had

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ae Carlicton, 18 reported to be 8 defaulter. it is also said he has not been seen since yesterday afternoon THE NATIONAL TRUST COMPANY say they could have to. came on the street this day. They kept up payment morning with their securities but could find NO buyers, except at A DISCOUNT OF 30 TO 40 PER CENT. to sell at such N and for a better of them. suspended They refused protection sacrifice, selves and customers BONDS ACCEPTED Two millions four hundred and eighty three thousand dollars in bonds Were sc. cepted, at from 109 to 111-25 All offers of bonds under 111-27 are accepted by the government A BIG MISTAKE 20-3 Another NEW YORK, September p.m.story in connection with the sus. Trust is 80 unnerved that the pension the of excitement the Union yesterday company, secretary that instead of of dollars he made three millions calling a big mistake, and only called for three hunthus the without Ired thousand, funds, leaving company and causing its suspension. the they no The re positive friends of he has secretary participation say in any defalcation that may have occurred in the institution It is understood the company has called in two millions its numbers of of Co. visited the Man. loans. Union Trust Large paper holders of but as no to the credit of the been hattan deposited bank to-day, funds com- had pany, they were compelled to return with. out money. Mr. Haiburger cashier of the bank, could not positively say how much money had been paid out yesterday to those holding checks of the Trust Co., but be thought haf a million He considered largely exceeded the dollars. amount that the directors of the pany taken a sensible course pending had until by com- sus. Monday; and said they were making extraordinary efforts now to convert their securities into money, although he thought the difficulties of the Institution could be overcome when their securities were converted into greenbacks In the office of FISK & HATCH the following notice is by Kean & Co., "Drafts Cbicago, drawn Preston, posted f on Fisk & Hatch will be honred by Mesars. Stephens & Allen, No. 25 Pine street. HE COMMITTEE OF BANK PRESIDENTS. September 20. 4 committee NEW YORK, of p.m.-The bank presidente, appointed o a plan of relief in the condition perfect of present affairs, is composed of Fredrick D. Tappan, C. B. Levery, Geo. S. Cole and C.F. Henter RICHARDSON COMING. A special dispatch fror Washington 98 Washays Secretary Richards rk. A gton this evening onference will be he mora. what g at the sub-treasur ction he will take in of the Shortly before noon of the anic, the governing took Exchange determined to close the & Exchange. Immediately afterwards ommittee of associated banks met at the and it was association that ted ew York by the clearing house, they would sue certificates, pledging themselves for e to be issued the whole. These certificates, y manager of the clearing house, and I bank the or assets. The of onds, y associated securities against deposits, effect is action would enable all the to their sets rna in into community convert solvent conmoney temporarily, and withit any sacrifice to themselves. The 1 tock Exchange, ordinarily, is a t converting 8 edium sh. In for securities simply into the prevailing panic the arcity of money this I securities offer. ing accomplished, prevente 1 being from for sale at constantly decreasing prices ( thout finding buyers, unless to the enor1 ous loss of sellers. By the issue of the , nk certificate, any bank can realize I oney upon its assets, and will thus be d le to extend to its customers all b for which ( immodations n find the they acsecurity, without com. lling the sale or any sacrifice assets offered. The whole machinery T erefore of conversion is once set P is likely to run operation, all and smoothly more t d concerns which have will I no in them into a difficulty This converting assets, e oney. action of the banks at the r meeting, gave to a feelearing confidence house t : of on the street that no ad. ional failures are likely to occur, and C , impression obtained that the panic is over. 80 g LEADING FOREIGN EXCHANGE FIRMS, S: h as Brown & Brothers, August Bel. fo & Co., and do not give organ nt, Henry & Co., Clews any Drexel, sign of ling the pressure of the past three days

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Lished action of the national banks ot New York to draw on their reserve if necessary and stand by each other in meeting any "run" that might be made on a particular bank, contributed to satisfy the public mind.

THE NORTHERN PACIFIC RAILROAD.

General Nettleton, the agent of the Northern Pacific raiload, gives this information in regard to the condition of that company: "The rail- road company loses nothing by the suspension of the banking-house of Jay Cooke & Co., as it is largely indebted to the latter. The railroad company has no floating debt of any conse- quence aside from what it owes Jay Cooke & Co,, and has few liabilities falling due before January next, when a year's interest is to be met. As this is three months off it is expected that the stockholders of the company will by that time have completed other financial ar- rangements which will provide for future needs."

LIST OF SUSPENDED FIRMS.

The following is a complete list of the names of firms that failed or suspended: New York Failures. Jay Cooke & Co., No. 5 Nassau street; Fisk & Hatch, White, Defreita & Rathborne. Beers & Edwards, Eugene J Jackson, Thomas Roed & Co., W. H. Warren. George Bolton, Alley & Co., Greenleaf, Norris & Co., Theodore Berdell, Amos M. Kidder, S. H. Smith & Seaver, Day Morse, Hay & War- ner, Vernam & Hoy, Fitch & Co., W. E. Con ner, Whittemore & Anderson, Jacob Little Co., E. D. Randolph & Co., C. G. White & Co., Ketchum & Belknap, W. G. Moorehead & Co., Saxton & Rogers, Williams & Bostwick, Miller & Walsh, E. Haight & Co., Lawrence Joseph, P. M. Myers & Co., Tansig, Fisher & Co., Fear- ing & Dunning, C. G. White, Marvin & Bros., Union Trust Company, National Trust Com pany, Bank of The Commonwealth, Bank of North America.

Philadelphia Fatures.-E. W. Clarke & Co.. De Haven & Bro., Gelbongh, Bond & Bro.. George H. North, J. S. & H. E. Yerkes, Charles P. Bayard, John P. Loyd, Henry H. Douglase H. H. Bull, T. C. Knight, Henry L. Fell, Union Bank Company.

Albany Failure. T. Squire & Co., bankers. Chicago Failure. Franklin Bank Company. Woburn, Mass., Failure.-Horace Conn, leather manufacturer.

Toronto, Canada.-H. J. Morse & Co., bankers Williamsport, Pa.--Powell & Co., bankers. St. Louis. Taussig, Gemp & 00.

Causes and Effects of the Crisis,

HOPEFUL VIEWS OF THE NEW YORK HERALD. In its money article of yesterday, the New York Herald says the panic started with the failure of one or two parties identified with incomplete railroads. "The stock market at the time was in a feverish condition, responsive to slight causes and tremulous in the extreme. Its strength consisted in two or three stocks, firmly upheld by great operators. They had come to be regarded as the key-note of the market. Even these, however, could not at last resist the pressure. They "broke," and in doing so naturally carried with them the entire list of speculative securities. Thus the weakness of a few railroads has extended through the entire network of our local finance. The pulling down of one or two great houses produced distrust Money, always timid, retreated into private re- cesses. Depositors commenced to run upon banks; the banks have been unable to afford their usual accommodations, have refused each other's checks, though certified, and at last, as a consequence of universal doubt, have been com- pelled in self defence to arrange with the clearing house for the issue by the latter of certain loan certificates based on acceptable assets, which are to be received in the settlement of all clear- ing house differences in the place of legal-ton- der notes. Practically this action means the expansion of the bank credits and the sens mixing of legal tenders. It aids the banks, but it is yet to be seen what facilities are thus ex- tended to depositors and business men. As re- gards the savings banks, there is no good rea- son why, if the officers of the same have rigidly done their duty, there should be any cause of alarm. Their investments are regulated by law, and they are not such as ordinarily fluctuate in value. Hence a run on them is both injudicious and unwarranted by events. The depositors should understand that thus far our financial troubles result only from local speculation. Crops are good; business is first-rate; our mer- chants have rarely done better than they are doing this season. They are not suffering from this temporary disturbance, and we can safely count on a large fall trade and handsome re- turns."

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PANIC IN THE MONEY MARKET

-The failure of Jay Cooke & Co., on Thursday last, to meet their liabilities, produced quite a panic in Palladelphia, New York and Washington.The flurry produced the suspension of sixteen brokers firms, including Fitch & Hatch, in New York; and in Philadelphia, DeHaven & Bro., and Clark & Co. There were runs on several of the Savings Banks, but the demands were generally met. At the meeting of the Presidents of the yarious Banks of New York on Friday it was resolved to disregard the law requiring the keeping of a reserve of twenty five per cent. in their vaults, so that they might be able to relieve the wants of their customers. The excitement continued in New York on Saturday, and several more failures were reported.Among the suspensions are the Union Trust Co., White & Co., Edward Haight & Co., E.C. Moorehead, Ketchum & Belnap, Saxe & Rogers, and others. The National Bank of the the Commouwealth suspended, and the Clearing House threw out the certified checks of the Continental Bank and the Merchants Banking Association. The Bank of North America at Albany also suspended, and a defalcation of half a million is reported in the National Trust Co., New York. The extensive leather firm of Horace Carr & Son, of Woodbury, Mass. also suspended with liabilities of $100,000, and assets $15.000. The senior partner has disappeared.

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THE SATURDAY PANIC.

EFFECTS OF FRAUD, SPECULATION, AND DISTRUST.

HEAVY DEFALCATION IN THE UNION TRUST COMPANY FORCES IT TO SUSPEND—THE NATIONAL TRUST COMPANY UNABLE TO NEGOTIATE ITS SECURITIES—OVERDRAFTS ON THE BANK OF THE COMMONWEALTH COMPEL IT TO CLOSE — THE STOCK EXCHANGE ADJOURNED—SPECULATION AT AN END—THE CLEARING-HOUSE ISSUES $10,000,000 LOAN CERTIFICATES—THE GOVERNMENT THROWS $10,000,000 IN CURRENCY ON THE STREET.

Failures Officially Announced on Saturday. KETCHAM & BELKNAP, TAUSSIG, FISHER & Co., C. G. WHITE, WILLIAMS & BOSTWICK, PETER M. MYERS & Co., LAWRENCE JOSEPHS, FEARING & DILLINGER, SAXTON & ROGERS, BROWN, WADSWORTH & Co., MILLER & WALSH, EDWARD HAIGHT & Co.

Banks Suspended. UNION TRUST COMPANY, NATIONAL TRUST COMPANY, BANK OF THE COMMONWEALTH. NEW-YORK GOLD EXCHANGE BANK.

Exchange Closed. NEW-YORK STOCK EXCHANGE,

Failures on Thursday and Friday. JAY COOKE & Co., ROBINSON & SUYDAM, RICHARD SCHELL, FISK & HATCH, WHITE, DEFREITAS & RATHBORNE, BEERS & EDWARDS, EUGENE J. JACKSON, THOMAS REED & Co., W. H. WARREN, GEO. BOLTON ALLEY & Co., GREENLEAF, NORRIS & Co., THEODORE BERDELL, AMOS M. KIDDER, S. H. SMITH & SEAVER, DAY & MORSE, HAY & WARNER, VERNAM & HOY, FITCH & Co., W. E. CONNER, WHITTEMORE & ANDERSON, JACOB LITTLE & Co., E. D. RANDOLPH & Co.

The result of the financial panic may be summed up in a brief paragraph. It is a thunder-storm merely which will serve to clear the atmosphere. "The street is clean broke." Few brokers know where they stand. On Saturday the best securities went begging at the lowest rates; there was no fixing values on any stocks, and the Stock Exchange was wisely closed to give men time to recover from their distrust and gather their scattered senses. Eleven additional houses failed, and their suspension was announced in the Exchange before it was closed. A few more of the weakest will go down when the settlements are made; some of those who have been announced from the Board will recover and go on. Not a single mercantile house, savings bank, or other institution doing a legitimate trade has fallen. The excitement and distrust caused by the wild speculations extended the panic beyond the Stock Exchange, and three banks suffered from severe runs upon them. The Union Trust Company was weakened by the discovery of a large defalcation, aggregating $600,000, and the impossibility of realizing on heavy call loans to the Lake Shore Railroad Company, and it suspended. The Bank of the Commonwealth was weakened by the payment of an overdraft of $225,000 of a house which had suspended. The National Trust, with $800,000 Governments on hand, could not realize a dollar on them and wisely closed its doors until it could dispose of them. Runs on the Fourth National and Manhattan were laughed to scorn by those institutions. During the morning the banks went on the principle of Fisk—"Each man to drag out his own corpse"—and refused one another's checks, but later a meeting was held and concerted action agreed on, and subsequently there was no further trouble. The purchase of bonds by the Government also aided to break the force of the storm.

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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 $800,000 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.

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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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The National Trust Company

The above well known institution, of New York, which has suspended, has for its Secretary Mr. James Merrill, the former cashier of the Rutland County National Bank, of this village. About $1,000 of its stock is owned in Rutland. A private letter has been recently received from Mr. Merrill, since the suspension of the bank, saying that they are all right and will pay dollar for dollar, the stock being unimpaired. This is good news for the stockholders here, and to the many friends of Secretary Merrill in this vicinity.

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SATURDAY IN NEW YORK.

On Saturday the best securities went begging at the lowest rates. There was no fix-ing values on any stocks, and the stock exchange was wisely closed to give men time to recover from their distrust, and gather their scattered senses. Eleven additional houses failed and their cuspension was announced in the exchange before it closed. A few more of the weakest will go down when settlements are made. Some of those who have been announced from the board will recover and go on. Not a single mercantile house, savings bank or other institution doing legitimate trade, has fallen. Excitement and distrust, caused by wild speculators, extended the panic beyond the stock exchange, and three banks suffered from severe runs upon them. The Union Trust Company was weakened by the discovery of a large defalcation aggregating $800,000, and the impossibility of realizing on heavy call loans to the Lake Shore Railroad Company, and it suspended. The Bank of the Commonwealth was weakened by the payment of an overdraft of $225,000 of a house which had suspended. The National Trust Company, with $800,000 in governments on hand, could not realize a dollar on them, and wisely closed its doors until it could dispose of them. Runs on the Fourth National and Manhattan banks were laughed to scorn by those institutions. During the morning the banks went on the principle of - Fisk: "Each man to drag out his own corpse," and refused each other's checks, but later a meeting was held, and concerted action agreed-on, and subsequently there was no further trouble. The purchase of bonds by the government also aided to break the force of the storm. Those who had not favorable positions for sight-seeing roved through the streets, filling not only the sidewalks but the whole space between, good humored and curious-of nothing more. The Stock Exchange had opened amid excitement, in consequence of a further depression in stocks in the sales before the call, and before half an hour had passed confusion reigned supreme, increasing as time passed and rumors of the suspensions of banks became established facts. At no time during the session of Saturday was the bidding the measure of the value of stocks, for frequently the same stocks were sold at three several prices by brokers within a few feet of one another. The whole board appeared to be helplessly confused, and at one time it seemed as if the bears were as much distressed as the bulls at the constant decline in values. The resort, which was had soon after noon, to the closing of the Exchange was therefore hailed by both sides as a relief which prevented the market from becoming helplessly confused, and it concealed the fact that the street was really broken. A proposition to suspend operations was made Friday but the broker who offered the resolution was hooted at and reviled. When on Saturday his wisdom of the previous day was acknowledged and acted on, the board confirmed it by cheers which drowned the rude clangor of the gong which announced the closing of the exchange until it should be reopened at the discretion of the president. Brokers are forbidden to deal outside the exchange after or before its hours of opening or closing, hence the closing of the exchange put a stop to all speculation and gives time for settlements. At least, speculation must now be confined to brokers who are not members of the board. A few of these dealt on the street in the afternoon, and as still further to confirm the wisdom of closing the exchange, the sales on the street were much better than the closing rates of the board. Other measures of relief had meanwhile been taken to help the pressed banks. The Gold Exchange Bank returned many statements handed to it as a clearing house for the gold exchange, and this prevented further exciting speculation, as it deferred previous settlements. The bank presidents met and resolved upon the issue of $10,000,000 temporary loan certificates, making a fund for all the banks to draw upon, and resolved to stand by one another. The effect of this was highly reassuring, and before three o'clock the street had recovered much of its composure. When the Trinity chimes marked the division of the afternoon, they had a cheerful sound to the music of which many of the crowd marched homeward a little less depressed, if still sore at ruin or in doubt as to the future.

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Panic in Wall Street

The financial world was shocked last Thursday by the announcement that the heavy firm of Jay Cook & Co,, of New York, had suspended payment This firm, as is well known was one of the heaviest banking houses in the world, having advanced immense sums of money w the gov erument during the war when the national credit was gone, and being now one of the leading members o! the syndicate, besides having advance ed millions of dollars to Railroad companies. Th bank suffere a run on Thursday morning. an was com pelled quate early 1a the day to clust The phuosophy of this future, which led to many other suspensions, must be sought in the fact that, instead of attending to a. legitim t banking bu-mess, speculative enterprises were entered into. Immense loads of railroad bonds, in which capitalists are now slow to invest, were taken and the result we see in a financial crisis, whose extent will never 1, known, because of the heavy loss on tailed upon holders of railroad stock responded of at a she " after 1. panic occurred. Among the new vailures we notice the following: Fish & Hatch, N " Y ik; the Fax National Bank of Washington, the New Your Unen Trust Company; he National Bank of in Common wealth, N.W York the National Trust Company. New York; the Bank of America, Non York; the Union Banking Company. 01 Philadelphia. These froms," of them at least. were intimatey associated with Couke & Co 111 their business trans actions, and the financial distress will be more of less wile-spread in proportion to the permanency of the failures. If the alone soff l' ed from the panic, the financial dis turbance would excite little sympto thy, but as it entailed losses upon many who had their all invested in radroal securities, which they sold at he ay loss, the panic is J. plorable. The effect produced upon the floor 01 the Stock Exchange may be intere red from the fact that last Saturday the extreme factuations on some clocks were as follows: Harlem 30 per cam; Panama, 18; Rook Island 91; Western Union. 9; Hammbal & St. Joseph, 9, with other stocks flue tuating from 2 to 8 points. The government came to the relief of the money market by purchasing U. Bonds. By this meaus, togeth. er with the action of Bank Presi dems, through the Clearing House loan certificates, many millions of greerbacks were released, with III touching any portion of the $44,000. 000 reserve now In the National Treasury.

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New Jersey

PATTERSON, Sept. 25.-In consequence of the financial crisis in New York and the general depreciation in new railroad securities, orders for locomotives for three months ahead, at the Rogers locomotive works, in this city have been cancelled, and 585 of the workmen were discharged today. It is feared that 500 more may be discharged at the same works, several hundred a Danforth and at the Grant works. SUSPENSION IN WILKESCARNE.- - Wilkesbarre, Sept. 24.-Brown & Gray, bankers. suspended this morning. A card posted on their doors gives the failure of Henry Clews & Co., of New York, as the cause, but states that the firm will be all right in a few days. The mining classes are large depositors with them, but they have not yet learned of the suspension. It is the great topic of conversation among bankers and business men, and much excitement exists. They were considered good, reliable men. The bank doors are locked, and no further information can be obtained. The following is the afficial list of failures in New York since Thursday last. It is a long one, and represents much of what was a little ago esteemed the financial strength of New Yord:Jay Cooke & Co., No. 5 Nassau street. New York; Fisk & Hatch; White, Defreitas & Rathbone; Beers & Edwards Eugene J. Jackson; Thomas Reed & Co W. H. Warren; George Bolton Alley & Co; Greenleaf, Norris & Co; Theodore Berdell ; Amos M. Kidder; S. II. Smith & Seaver; Day & Morse; Hay & Warner; Vernam & Hoy; Fitch & Co : W. E. Conner; Whittemore & Anderson; Jacob Little & Co E. D. Randolph & Co ; George B. Alley; Robinson & Suydam ; Richard Schell; William Bend ; C. G. White & Co; Ketcham & Belknap; Saxton & Rogers ; Williams & Bostwick; Miller & Walsh : ; E. Haight & Co; Lawrence Joseph P. M. Myers & Co ; Tausig. Fisher & Co; Fearing & Dunning; C. G. White; Marvin & Brothers ; Union Trust Company; National Trust Company; Bank of the Commonwealth Bank of North America.

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The Statement of Jay Cooke s Co, NEW YORK, September 22. Jay Cooke & Co. are out with a statement giving the names of banks and banking houses who will pay the drafts of their correspondents. All dratts against deposite made since their suspension will be paid on presentation to the National Trust Company, corner of Warren street and Broadway, which suspended payment on Saturday. It is stated that the liabilities do not exceed $4,000,000, and that the capital and assets of the company exceed their liabilities, The officers of the company state that they bave ample funds to satisfy depositors and stockholders, but they are composed of bands, stocks. etc., which cannot be disposed of until confidence is restored.

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A BULL IN THE PANIC

YORK, Sept. 22 Wall street to-day It NEW most extraordinary spectacle. brief limsented be a difficult, in the necessarily correct would newspaper report. to give a But its of of a the excitement which prevailed. of idea excitement to-day was, apparently, anxiety an the different kind to the intense which entirely observable on Friday and on Saturday, panic. its origin in a condition of Wall universal street and had The streets, that is to say, Broad street, difficult were for crowded. a pedestrian to which thread ocen- his It through was the different sidewalks groups alike. pied way the streets increased and as the day advanced, shrinkand Confidence about of the lines clock at paying there houses. was tellers a sudden The windows heavy at the age banks and all banking day lind been dispatched it was business possible done speed. and as BOOH the purchase as with all the merchants that that the rule uninterrupted, and of bonds was the savings banks, of of all known among by withdrawal requiring sums. large the thirty adopted day's was notice accepted for the without certification any disturb- of ance at the savings not banks. pressed. and it was evi- bemoney dent at checks the banks was that the the depositors storm had were passed. ginning to believe that are expected in sustained any of the No private embarrasement banking the firms late who crisis. have The gen- easthemselves the Union Trust Company Secretary's pension to the loans erally attributed of through the $3,000,000 defaulting is report. orderneglect ed on Thursday. to call in According his mental to general balance. and he completely disposition lost to submit the whereabouts alfairs of showed the company no to inspection. It is currently His reported busiare that still the company unknown. will It be is ready a little to resume remarkable ness in a few days. of the trustees of the in the Union inthat only had one any money on deposit of two Company and that, with the little exception stock. This may stitution. or three, account owned for the but bad very management of the stateconcern. MOHARM. giving Jay the Cooke names & Co. drafts of are banks out of and with their banking a correhouses ment who will drafts Day against deposits made sincè spondents. the effepension All will be paid on presentation. The National Trust Saturday, Company, state which that their suspended payment on exceed 84,000,000, and that the liabilities capital do and not assets of the company exceed imtheir liabilities. closes with confidence greatly the crisis The day with a general opinion to that be no reason proved. There seems along in is entirely all the over. banks should not now go why and regular manner. a quiet A dispatch of from the excitement Philadelphia in that announces city. The State subsidence Bank has resumed Sept. 22. payment. Judge Richardson the storm WASHINGTON, that he believed good order would ness said was this over, soon evening and be restored that quiet in financial and and busicircles. President decided to-day Treasury to send here 820,- to 000,000 The from the National Hillhouse in New bonds York I f to-night. Assistant to Treasurer enable that officer to buy all the that may be offered. Pittsburgh announces and the SeA dispatch of James from T. Brady & Co. curity failure Trust Company. the Canada Southern Rail- the way , It is Company stated that is seriously crippled by WALL a 0 panic. A STREET RENEWAL FAILURE THE PANIC OF IN HENBY CLEWS & CO. Sept. 23. Wall street that was invaria- quiet NEW YORK, but it was thecalm crowde t this morning, storm. There were no confusion k ble precedes a noise, none of the days n the street, has served, no in the two or the three panic: but, v which accelerate and increase there was past, underneath to this appareut security, yet precipii lurking a great danger, which Men went may to bed last e tate universal confident disaster. that the worst was their over; security. they night confident in increase rose this norning foreign advices helped to failures, 8 The confidence, latest for they spoke an of easy no market. this though some distrust. and the London market t All rejoiced to American know that securities the undamaged, Paris and I and was Frankfort that, firmer. while bourses dealing were limited, on rates wereen- in better ₽ couraging. Stock quotations in they the had street been were on the cloee than the Exchange. t every of Saturday's instance operations officials were on in good spirits, Savings banks reported. t 1 and few runs Gold were Room the price lower for than gold was was exbe placed In the at 112, established, a rate much and settlements were in 8 pected easy. to brokers were much relieved his brokers. by Jay of t Gould's Stock settlement. of stock at through reasonable relieved everybody. rates, which 3 a while there which had 5.000 bankrupted sharen nobody, was and all this cheerful seemed outside to f the that appearance he impending. But, panic of was the and erisis over, encouraged there were people events to hope cc-

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EASTERN DISPATCHES NEW YORK

NEW YORK, Oct. 2.-The match game of billiards between Garnier and Daly, for the championship and the diamond cue, was won by Garnier in 47 innings. NEW YORK, Oct. 3.-A very destructive condition of affairs exists in Central Asia. Civil war is raging in Kohakan. It is believed that the Emperor of Russia will be obliged, in selfdefence, to occupy the territory and reduce it to condition as a Russian province. The sentence of the Modoes Slolux and Branacho is commuted to imprisonment for life at Alcatraz. The National Trust Company will resume Monday next. Kidder & Co. settled for 50 cents on the dollar and resumed. A Grand Evangelical Conference assembled to-day. Steinway Hall was filled to overflowing. Several Oriental delegates appeared wearing turbans. W. E. Dodge called the Convention to order and extended a cordial welcome to the delegates. Rev. M. Prochet, from Italy, said that the Pope is conscious of his diminished power, and that priests don't generally believe in his assumption of authority. Affairs in financial circles continue to improve. The closing day of the three days of grace, which have been allowed to brokers making up private settlements, brings with it no new disaster beyond the suspensión of the small broker house of Albert Cole, which exercised no influence on the market. Only 1,000 shares of various stocks were sold out under the rule for delinquent parties. There were considerable purchases to-day, divided between paying securities Eu opean accounts. The savings banks and investors were free buyers of Government bonds. All mercantile obligations are being met with promptness. NEW YORK, Oct. 4.-Peake & Opdyke have suspended. Their liabilities are $2,500,000.

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TELEGRAMS TO THE STAR This Afternoon's Dispatches Associated Press Reports. THE FINANCIAL SITUATION. Good and Bad Signs. Progress of Resumption in New York and Chicago. NEW YORK, October 9.-Some of the downtown banks have virtually resumed payment of greenbacks. The managers of the clearing house says that since the issue of loan certificates there has not been seen so many greenbacks as were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought green backs had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back on the plan which has been followed during the past two weeks as a measure of safety. There seemed no reason, he said, why the payment of legal-tenders should not go on; trade was prosperous. The National Trust company, it is understood, has resumed business and payment of obligations. THE UNION TRUST COMPANY TO RESUME. It is understood that measures have been taken by the managers of the Union Trust company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. Later-Depression in Wall Street. GENERAL DECLINE IN THE STOCK LIST-GOLD DOWN TO 109. NEW YORK, October 9.-There was a marked depression in Wall street to-day resulting in heavy depreciation of values. There were rumors of mercantile failures none of which however could be fully authenticated, and the banks were pressing brokers to take up loans Money was close at 1-16 and % per diem. Greenbacks were quoted at 1/2 and 1 per cent premium. Foreign exchange heavy, and prime bills were offered at 106 1/2. Gold has declined to 109. The rates paid for carrying range from 4 per cent to 1-32 per diem. Government bonds weak and lower. Southern state securities lower throughout the list. Stocks opened weak and declined 1/2 to 2 per cent. up to first board. At the call there was recovery of 1/2 to 1 per cent., and later a general decline, the prices current at midday being 1/2 to 634 per cent lower than at the opening. Western Union fell from 68 1/2 to 61%, Lake Shore from 73 to 70%, New York Central from 92 /4 to 90 Rock Island from 92 to 88 1/2. Wabash from 45% to 43 1/2, Pacific Mail from 33 1/4 to 32, Union Pacific from 19% to 19, St. Paul common from 33 to 321/2 Northwest common from 43 1/4 to 42 Erie from 49 1/4 to 48 X/, and Panama from 95 to 90. In som cases there was a slight recovery after noon. NEW YORK, October 9, -Gold, 91/2. FORTY THOUSAND POUNDS STERLING were received at the assay office to-day. Total amount since Monday, £644,000. Resumption in Chicago. CHICAGO, October 9.-The Third National Bank, which suspended September 27, resumed business yesterday with/gratifying results to its officers. Suspension in Reading, Pa. READING, PA., October 9.-Bushong & Bros., bankers, suspended this morning. They will keep their bank open for the adjustment of accounts. Their assets will meet (ii) their liabilities. Temporarily Susp nded. PHILADELPHIA, October 9.-It is rumored here that the Bushong Brog., of Reading, have temporarily suspended.

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Financial Affairs

LONDON, Oct. 9-12.30 p. in.-At -- 12.15 o'clock the Bank of England Directors posted their card announcing that the expected change in the rate of discount had not been made. The rate for money at the Stock Exchange on Government securities is 24 per cent. NEW YORK, Oct --The National Trust Company, it is understood, has resumed business and is paying obligations. NEW YORK, Oct. .-Gold opened at 109. Some of the down town banks have virtually resumed payment of greenbacks. The manager of the Clearing House says that since the issue of loan certificates there has not bee 11 seen SO many greenbacksas were seen yesterday when the clearances were made. A Wall street bank president spoken to on the subject said he thought greenbacks had become sufficiently numerous to allow of such course being taken. In case, however, the pressure became too great the banks would no doubt fall back to the plan which has been followed during the past two weeks as a measure of safety. There seemed 00 reason, he said, why the payment of legal tenders should not go on; trade was prosperous. CHICAGO, Oct. 9.-The Third National Bauk, which suspended September 27th. resumed business yesterday with gratifying results to its officers. LONDON, Oct. 9.--Three thousand pounds of bullion were shipped from Liverpool to day per steamer Celtic. LONDON, Oct. 9--3.30 p. m. - -The bullion in the Bank of England has decreased 617,000 pounds during the past week. The amount gone into the Bank on balance to-day is 13,000 pounds. NEW YORK, Oct. 9.-It is understood that measures have been taken by the managers of the Umon Trust Company, whereby loans which were made to delinquent customers will be taken up and the company be enabled to resume business. NEW YORK, Oct. 9. - Forty thousand pounds sterling were received at assay office to-day total amount since Monday, 644,000 pounds. LOWELL, MASS., Oct. - -Pierce's defalcation is DOW stated by the Merchants' Bank officials at $63,000.

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THE FINANCIAL NEWS

A comparison of the reports from other citics with the monotary and commercial nows collected in Chicago yestorday cannot fail to afford mattor for congratulation to all who are intorcated in Chicago's welfare. From every point of view, Chicago ocoupios a better position with referonce to the recont panic and its effects than any prominent city in America. It is the only city of great population and commercial importance in which the banks are pursuing anything like their ordinary business. From St. Louis it is reported that the Union National Bank has gone into liquidation, that currency is scarce, and business dull. In Detroit, the railroads, which pay employes on the 10th inst., will only pay about one-half the wages in currency, giving certified checks for the other half. In Pittsburgh, there has been a failure in the dry goods trade, the prominent firm of McElroy, Dixon & Co. having susponded. In New York, greenbacks are still at a promium, ranging from Mito 18/4 por cout, In Chicago, we have no nows of this kind, and there are no present indications of the financial distress which must be incident to those announcements from elsowhere. The bank deposits are increasing, and there seems to be ample currency to transact the business. The Third National Bank, which reopened its doors yesterday, was not at all bard-pressed. The banks in liquidation are settling rapidly with their creditore, and will without doubt pay dollar for dollar. A movement is also reported having for its object the resuscitation of the Union National Bank. The Stock Exchange in Now York was in the same flurry yesterday that it has suffered for two or three days past, with wide fluctuations. The Vanderbilt securities were particularly ununsettled, and a still greater fall is predicted New York had a report yesterday that Senator Camoron had been in consultation with President Graut about the $44,000,000 "reserve," and that both coincided in opposing its issue or any part of it. It is suspected that the report was intended to "bear" the market; but oven the fact that somebody is drawing on the "reserve" every day does not seem to have the effect of " bulling" the market. The amount of outstanding legal-tender has been still further increased, and is now stated to be $358,966,488. The most favorable nows from New York is that the National Trust Company has resumed (which probably means that it is doing business on the same basis with the other Now York banks), and that the Union Trust Company is making preparations to resumo on the 15th inst.

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THE FINANCIAL NEWS

Decline of Stocks in New York Yesterday from 1 to 10 Cents. Failure of a Bank in New York and Another in Reading, Pa. Prospect of the Carly Resumption of Currency Payments in New York. Conflicting Statements in Regard to the $44,000,000 "Reserve" Further Information Concerning the Affairs of Jay Cooke & Co. The Monetary Situation Throughout the West Unchanged. NEW YORK. Special Dispatch to The Chicago Tribune. NEW YORK, Oct. 9.-Rumors of an unfavorablo character, reflecting upon the stability of several mercantile houses, were circulated at the opening of business in Wall street. Notwithstanding that they were proved false, they had a depressing effect upon the market. This depression was accelerated by the announcement that special banks had CALLED IN THEIR LOANS, and caused a heavy sacrifico of stocks by the operation. Among those whose stocks were said to have been forced to sale was Honry N Smith, who wont largely long of Western Union with a view to twisting Jay Gould, who was originally short, and thus revenging himself for his treatment in the Northwestern corner. Later in the day, the FAILURE OF GIBBON, CASANOVA & CO., bankers, No. 50 Exchange Place, who had became embarrassedby reason of the withdrawal of Western deposits and advances made to the Jacksonville, Northwestern & Southeastern Railway of Illinois. Another and small dealer, named S. B. Hard was announced to the Exchange as suspended. The stock market was very much depressed, declining from 1 to 10 per cont in the entire list. Western Union declined 101/4 per cent, the annual report being regarded as unfavorable. GREENBACKS are selling at from % to 1 1/4 por cent premium. It is in contemplation to hold a meeting of the Clearing-Houeo on Saturday, and, if possible, to resume the payment of legal-tenders, which action, it 18 thought, will restore matters to their normal condition. THE NATIONAL TRUST COMPANY will resume on Monday. [To the Associated Press.] GIBBON, CASANOVO & CO. NEW YORK, Oct. 9.-Gibson, Casanovo & Co., stock brokers, say their suspension 18 our of the results of the recent panic. The depositors drew out their funds, and securities became unavailable. People indebted to the house were unable to pay, and in some cases failed. Added to this, a large amount of capital was locked up in a new railroad. They express the bolief of their inability to pay in full. NEW YORK, Oct. 0.-A Washington special eays Owing to the small receipts from the revenue, Treasury officials say that it will be necessary to issue 88,000,000 or $9,000,000 of the $44,000,000 reserve, to meet the current expenses of the Government for the present month."

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AFTER THE STORM

The National Trust Company Resume Payment-Action of the Clearing House in Regard to the Bank of the Commonwealth-The Union Trust Company to Resume. The National Trust Company, at the corner of Broadway and Warren streets, resumed payment yesterday. The rush at ten o'clock, when the doors were opened, was very great, but when the depositors saw that all checks were promptly paid, many of them went away without drawing their money. During the day about $300,000 was paid out. Fifty deposits were also received. Mr. D. P. Mangen, the President of the company, said in conversation with a reporter of the HERALD, "We have paid out only comparatively small amounts, and not more than one-third of what we expected to pay out today. You see how many people there are outside waiting for their money, but you must remember that we have about 2,800 depositors, so that it is but a small line after all. Our company is as safe and as sound as when we first stopped. We are able to pay every dollar deposited with us, and have neither sacrificed any stock nor sold any securities at a loss. The majority of checks drawn have thus far been only for a portion of the accounts of the respective depositors. This is proof that we still have the confidence of the public." The Bank of Commonwealth, which is in the hands of a receiver-Mr. Isaac N. Barley-was expelled from the Clearing House Association yesterday. A meeting of the association was held at the Merchants' Bank, and the report of the Special Committee on the Bank of Commonwealth was read confirming the statement of the receiver and refuting the charges of Mr. Ellis, the former President, who had denounced the receiver's report as an ex parte statement. The report was adopted, so that the bank will go into liquidation. There was a rumor yeaterday that the Union Trust Company intended to resume business. The only foundation for this rumor was that the Examining Committee was to have held a meeting yesterday afternoon. The committee 18 composed of Augustus Schell, Freeman Clark, S. D. Fairchild, J. B. Johnston and J. M. McLane. There was no quorum, and nothing could therefore be done. Both Mr. Schell and Mr. McLane assured the reporter that the company would resume payment at an early day. Mr. McLane thought they would probably be able to resume before the 1st of December, as the affairs of the company were in a very good condition.

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NEW YORK CITY

New YORK, Oct. -The trial of EdS. Stokes was resumed this morning, but up to noon no additional jurors had been obtained. Mrs. Charles Backus, formerly Kate Newton, a well known actress, died here yesterday. Her funeral will take place Wednesday. The Federal Council of the International Workingmen's Association had a meeting yesterday, when the Committee on Cheap Transportation recommended as the best meaus of facilitating transportation, the opening of a large water way under the control of the Government, at rates covering running charges and repairs. A committee was appointed to wait on Mayor Havemeyer, to see what could be done about modifying the contract system, so as to give 5,000 persons, who were last year depending on the Commissioners of Charities, some means of earning their own bread. The committee reported that he would do nothing, and that he said he did not care if one million of people were without a chance of earning a livelihood this winter. The steamship George W. Clyde, at Key West, October 8, from Galveston for New York, reports that during the severe hurricane of the 6th, Capt. Cole, the second officer, chief engineer and one 3eaman, were washed overboard and drown. ed. The failure of P. H. Stevens has been announced this morning at the Stock Exchange. A Washington special says that the German Minister has just received intelligence.from Berlin, stating authoritively that Mme. Von Bismarck is not only not dead, but is not sick. The story was probably invented by the Ultramontainists to coincide with the arrival of Victor Emanuel at Berlin, SO it will appear that Bismarck had suffered this affliction for the King of Italy. The National Trust Company resumed business to-day, paying the depositors in certified checks on the Central National Bank, their Clearing House Bank. The Union Trust Company has not yet begun to pay depositors. The Delegates of the Evangelical Alhance Conference left this morning for Philadelphia. A short stay will be made at Princeton where the delegates will be received by President McCosh and laculty of Princeton College, and distinguished residents of the place. Judge Blatchford to day modified an injunction sufficiently to permit Blaker Bro's. & Co., to sell securities held as collateral for money loaned to G. Bird, Grinnell & Co. This decision may throw on the market 10,000 registered Lake Shore & Michigan Southern registered sinking fund bonds. Nine jurors have been obtained in the Stokes case. The Grinnell injunction case was modified on condition that Blake, Bros. & Co. file a sworn. statement of sales in the Clerk's office of the U. S. District Court in Bankruptcy, to await such action as an assignee in bankruptcy may take, providing such assignee be appointed to collect and distribute the assets of Grinnell & Co. In the case of the colored men against Wallack, for the refusal of admission to the Orchestra circle of his theater, Jodge Barrett to-day allowed the defendant to put in an unverified answer. It is reported that ex Governor Hoffman will be nominated by the Democrats for Congress as a successor to James Brooks. The leading houses in the piano trade to-day deny any intention of reducing the wages. A few of the small houses have ceased operations for a short time, owing to their inability at present of making collections. Two thousand three hundred emigrants arrived to day.

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toms, $188,089,522; internal revenue, $113,729,314; lands, $2,882,312; miscellaneous, $29,037,055. Receipts from customs have decreased since the report of last year about $28,250,000, and those of internal revenue, $16,900,000. The increase from miscellaneous sources was about $4,500,000, and that from lands, $300,000. The net expenditures on account of. the War Department were $46,000,000, and the Navy $23,000,000, against $36,000,000 for the War Department last year, and $21,000,000 for the Navy Department. Expenditures for diplomatic service have decreased about $300,000, and those for the judiclary have increased about the same amount. Expenditures on account of the public debt were $843,555,945, against $529,324,414 last year, a decrease of $185,767,469. The balance in the Treasury June 30, 1873, was $131,178,137. which differs from the figures of the Secretary and Register $161. The conscience fund, during the fiscal year, independent of the Congressional back pay, was $25,551, making the total receipts from December, 1863, $154,695. In addition to this, the sum credited to this fund on account of back pay, was $196,513. During the year there was received from the United States of Colombia, $114,307. The Treasury holds from National Banks, to secure circulation, $309,410,550. and to secure the Government deposits of $15,560,000-an increase in the first item of $10,000,000 over last year, and a decrease in the latter of $200,000. The business of the Treasury, transacted through National Banks, was $114,000,000. A special from Shreveport, La., of the 9th, says the back-bone of the pestilence had been broken. Rev. Father Leasont, Secretary of the Bishop of Natchitoches had died, making the fifth priest of the diocese who had been stricken down by the scourge. The number of deaths from the fever on the 9th had been The in little of on very ten. pestilence signs abatement Memphis had the shown 9th. Fifty-six nurses had been sent from New Orleans. Several of the first citizens of that city had died during the day. A New York dispatch of the 9th says that currency had become more plenty, and that currency payments would soon be resumed by the various banking associations. The National Trust Company had decided to resume in-full on the 13th. Gold sold as low as 108% for greenbacks. The firm of Gibson, Cazenova & Co., had failed. John T. Irving, who acknowledged to a San Francisco detective that he could indicate the murderers of Nathan, had reached New York. A dispatch from Reading, Pa., of the 9th, announces that Bushing & Bro., of that city had suspended, with liabilities amounting to over $2,000,000. A Washington dispatch of the 9th to the Associated Press says that the Treasury reserves had been drawn upon to the extent of $3,000,000 to meet the current expenses of the Government.

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NEWS ITEMS

Horses are scarce in Europe. The Canadian crops are reported good. The colored population of Washington is 8,532. The Azores Islands are styled a paradise in mid ocean. The estimate of the corn crop this year is 177,000,000 bushels. The prices of products will ad vance fifty per cent this fall. The tobacco crop of Ohio this year is estimated at 30,000 hogsheads. John Johnston considers the old worm fence the cheapest for the farmers. An Iowa preacher at a donation lately got beans enough to last him 30 years. Yellow fever of a very malignant type is still making fearful ravages at Memphis. New York sheep men are abandoning the Merinos for the Cots. wolds and Downs. One thousand emigrants settled in Georgia last year, but 20,000 of her citizens left the State. Complaints of a stagnation of business come from the lumbering regions of the far North-west. A "honeymoon car" is now run on the Pacific Railroad for the accommodation of bridal parties. In boring an artesian well at Rives, Mich., recently, a solid oak log was struck 146 feet below the surface. The difference in value between gold and greenbacks since the panic is less than at any time since the war. A Peoria man claims to have a stone that Washington threw at a wood-pecker on his father's cherry tree. The National Trust Company of New York has resumed business. The Union Trust Company will soon follow. Eight million feet of white birch lumber is annually cut in Maine and sold to manufacturers of spools and shoe pegs.

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The Union National Bank of Chicago, which took the initiatory steps towards going into voluntary liquidation some time since, on Oct. 14 again opened its doors mild and resumed business. All the banks and bankers of Cincinnati resumed currency payment, Oct. 13. The suspended National Trust Company of New York resumed payment Oct. 13.