Fourth National Bank (New York, NY)

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MONETARY AND FINANCIAL MATTERS, [LATEST REPORT BY TELEGRAPH.] NEW YORK. NEW YORK, December 19.-The gold market closed weak, at 108%/109. The stock-brokers were large borrowers of gold to-day, and sold the same to obtain currency to carry their stocks. Loans were from 7 per cent. per annum to 1-16 for carrying. Clearings, $46,500,000. Money-The feature of interest in Wall street to-day was the money market, which has been more stringent than any dav this month. Loans were made as high as 1-18 per day on governments, and scaree at that price. Again, currency is flowing to the interior; in part, for insurance settlements in Chicago. The express companies have made some heavy engagements for an outflow of currency this week, and in some quarters these engagements are estimated at $5,000,000. Southern State Securities-Were dull, and last call. The closing quotations new, heavy were: on Missouris, 97; Virginias, 64; Virgintas, old, 61; Tennessees, old, 641/2; Tennes sees, new, 641/2: North Carolinas, old, 31 North Carolinas, new, 13. United States Securities-Governmentbonds were dull and steady throughout the day. The closing prices were: Five-twenties of 1881, 117% five-twenties of 1862, 109% fivetwenties of 1864, 110; five-twenties of 1865,111 1/4; five-twenties of 1865, new, 113% five-twenties of 1867, 1151: five-twenties of 1868, 1151/; ten-forties, 1091/4: currency sixes, 1183/8 Stocks and Bonds Stocks opened dull, but were strong with Lake Shore and Western Union as features before brokers made up bank accounts. The market sold off slightly, but subsequently advanced Greater improvement was in Pacific Mail, Wabash, Lake Shore and Erie. There was a little more activity in the above mentioned stocks, but the list was dull. A small broker's firm, on the bear side of Pacific Mail, failed this afternoon. It is stated that the Fourth National bank was correspondent of the Ocean bank, and was run by politicians. Henry Perkins has been appointed receiver of the Fourth national bank, which was closed by action of the clearing-house. The deposits amount to between five and six hundred thousand dollars, which, it is believed, will be paid, but the surplus and capital stock have vanished und the mismanagement of the offlcers. The bank was in trouble two years ago. No funds of the city treasurer were in this bank, having recently been withdrawn on the new city treasurer taking possession. This withdrawal. probably. hastened the suspension of the bank. During the investigation of the committee of councils, it was discovered that the bank-building had been transferred to one of the sureties within sixty days, and the transfer is believee to be bogus. NEW ORLEANS. NEW ORLEANS, December 19 -Gold, 1091/ Sterling exchange, 1183/4: sight, 1/6/14 discount. LONDON. LONDON, D mber 19.-Atthe close -consols, 921/@92B/: U Lated States five-twenties of 1862, coupons, 921/8; five-twenties of 1865, coupons, 935/ five-twenties of 1867, coupons, 93% tenforties, 91% PARIS. PARIS, December 19.-Rentes, 56f. 65c. FRANKFORT. FRANKFORT, December 18.-United States securities -five-twenties of 1862,

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JENKINS & ATKINSON

Publisher. WILMER ATKINSON, w For Terms, Etc., See Second Page. Latest General News. Very little remains to be added to the telegrams in last evening's COMMERCIAL, in reference to yesterday's development, in the finanwere no in or cial either flurry. Philadelphia There New further York, suspensions, of any important houses, except that of E. D. Randolph & Co., in the latter city. Quite a number of brokers, and small "operators," squeezed in the stock decline. The run on the Fidelity Trust Company, in Philadelphia, was fairly met, and the bank remained open an hour after time, to meet it. In New York, the Union Trust Co,, and the 4th National Bank were now open. but both declared their soundness and met all demand. At a meeting of Na tional Bank Presidents in New York last night, it was decided to units in support of each other, and disregard the reserved restrictions into-day's dealings. This is expected to relieve the financial community and assist in restoring confidence. A despatch from Washington, received after midnight. announces that the Secretary of the Treasury has directed the Assistant Treasurer at New York to buy $10,000,000 of bonds to day. A dinner in honor of the Army of the Cumberland was at on given Pittsburg, Thursday night. General Sheridan presided, and among those present were President Grant, Generals Sherman, McDowell, Hooker, and other distinguished persons. The President on entering the room Was received with great enthusiasm. President Grant and family will return to Washington in the latter part of next week, to remain for the season. Prof. King's Buffalo bailoon landed. on Thursday evening. near Oxford, in Chenango county, N.Y. The Grand Treasurer of the Grand Lodge of O d Fellows yesterday transferred, through the Western Union Telegraph, a gift of $400 from the Grand Lodge for the suffering of Odd Fellows of Shreveport. The engineers are at length at work, surveying the proposed route of the Breakwater & Frankford R. R. Mr. Jno. B. Wingate and assistant are to run three separate lines and submit estimates of cost of construction before either line is decided upon. The yellow fever continues its ravages in Memphis. and all the trains leaving that city are filled with fugitives. New CASES of fever are reported in all parts of the city, and the Life Associations have forty to fifty persons engaged in attending the sick. The house of William Crouch, near Williamstown. Ky., was burned, on Tuesday night, and hie wife, two children and an orphan, named Dann, were burned to death. At Saxonville, Mass., on Thursday evening, Josiah Bigelow plunged a knife into his wife's throat. inflicting a wound that will probably prove fatal. He then gave himself up to the police. Pierrepont Thayer, a well-known actor. committed suicide at Pioche, Cal., on Thursday, by taking poison. The Terre Haute Iron and Nail Works, at Terre Haute, Ind. was burned yesterday morning. Loss. $175,000. Insurance. $73,000. including $5000 in the Franklin, of Philadelphia.

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INCREASED EXCITEMENT IN WALL ST

STOCK SPECULATORS CAUGHT. NEW YORK, Sept. 19, 2 P. M. The celebrated Banking House of Fisk & Hatch, Wall street, New York, whose failure is announcod, was one of the most extensive and substantial in the country. They were agents for the marketing of h h Central Pacitic, Kansas Pacific, and Chesspeake & Ohio bonds. They have been most successful and extensive financiers, and the involvement of their house has naturally led to the prostration of others having heavy business relations with them. The following additional failures have been announced: Day & Moose, Hay & Werner, Beers & Edwards, Eugene J. Jackson, Thomas Reed & Co., Greenleaf, Morris & Co. W. H. Warner & Co, Geo. Bolton Allen, Theo. Bedal, Whitemore & Anderson, A. M. Kidder & Co., S. H. Smith & Seaver. The gold market is greatly excited under the general disaster that has fallen on the street. Opening sales were at 1191/2 but soon declined to 112, then advanced rapidly to 1131/4 at 11 a. m., since which time fluctuations have been 11234113. Foreign exchanges are demoralized. Mr. Norris, of Greenleaf, Norris & Co. who have failed, is Vice President of the Stock Exchange. The brokers who have failed are those who dealt in speculative stocks. A run commenced on the Fourth National Bank. President Augustus Schell, of the Union Trust Co. says notwithstanding the run on that institution is can stand any amount of monetary pres sure.

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coincidence that the gold corner of September, 1869, when so many persons were ruined, and the culmination of the panic of 1873, when the finances of the entire country have been placed in the most dangerous condition, happened upon the same day of the week and in the same month. Many men who appeared prominently in the first of these disturbances have also figured extensively in the last. Houses identified with the interests of the Government have been forced to succumb to the tremendous pressure brought to bear from damaging rumors and an unparalleled tightness of money. Jay Gould, too, who bulled gold in 1869 until it touched 162, is engaged in the present trouble. There have been two Black Fridays in the history of the country, and the sixth day of the week will hereafter be looked upon with suspicion in Wall street.

Commercial men, bankers, brokers, and the financial public generally, gathered in Wall street long before 10 o'clock yesterday morning. There was reason for it too. The rumors which had gained currency were not at all reassuring to people who had money to invest, or who wished to borrow it. Many persons had long lines of stocks which they were carrying; a panic would swallow up their margins, and leave them—wealthy the day before—in a state of penury. Some had money deposited in banks; a panic might force these institutions to suspend. Others were in a state of indecision, and did not know what to do.

The consequence was that thousands of people who are seldom seen down-town thought it worth their while to arrive on the scene of action early in the morning, so as to be on hand for anything which might turn up. It was a universal case of looking out for "number one," and so everybody who had anything to lose, or aught to gain, was on hand.

When the hour of 10 arrived, the time for the opening of the Stock Exchange, one of the most turbulent crowds of humanity ever seen in Wall street surged about the doors eager to obtain entrance. As soon as admittance was accorded there was a general rush to reach the floor of the Long Room, and in a moment afterward quotations for stocks were in order. No one knew what to offer, and everybody was undecided as to selling prices. It was at least a minute before quotations could be made, owing to the general uncertainty regarding the situation. The adherents of the bear clique thought that Western Union ought to sell at 70, and graded their bids accordingly. The few believers in a bull movement thought it was cheap at 80, and accordingly stood at that figure. When an average was reached, it appeared that the bears were the strongest, and so prices began to decline. Western Union, as on the day before, was the bone of contention, and the bears subjected it to their fiercest attacks.

The failure of Jay Cooke & Co. on the previous day had inspired such a distrust in wealthy banking-firms and in financial institutions of every class, that it soon became evident that the street was completely demoralized, and that there was not the slightest chance for the bulls to resist the onset. The Vanderbilt stocks, which are held at high prices, and which in ordinary times are regarded as among the safest of all investments, gave way shortly, and a tumble of a remarkable nature ensued.

While prices were falling off rapidly, the news came of the suspension of Fisk & Hatch, supposed to be one of the strongest and most careful banking-houses in Wall street.

Up to this time, everything had been going in favor of the bears. As soon as the failure was announced on the Exchange, a tremendous panic ensued, and what appeared to be a sort of retreat on the part of the bulls and holders of stocks was turned into a frightful rout. There were no quotable prices for stocks for several minutes. Then a kind of "bottom" was found, when Western Union, New-York Central, Lake Shore, Harlem, and Rock Island, sold from five to twenty-five per cent. below the quotations of Thursday. Money, too, grew stringent, every one being afraid to loan upon any kind of stocks.

In addition to the failure of Fisk & Hatch, it was learned that the Fourth National Bank and the Union Trust Company were besieged by depositors, who were anxious to get their money. This was supplemented by a report that the Manhattan Company had refused to certify the checks of the Union Trust Company, in consequence of a dearth in deposits. This rumor proved to be correct, and had anything but a cheering influence upon the stock market and the rates for money.

Then the failures of different banking and brokerage houses were announced on the Exchange and news of these came so rapidly that each dealer was afraid to trust his neighbor, and so there was a difference in the cash and regular quotations of stocks of from one to five per cent. As fast as the failures were announced the news was carried out into the street by brokers, and in spite of a cold, drenching rain, hundreds of people gathered about the offices of fallen reputation and gazed curiously through the windows, trying to form some conception of the way in which the broken brokers were behaving.

Merchants up-town took a trip to Wall street and swelled the crowds who stood about inspired by their aimless curiosity to gaze upon the distress of neighbors, and nearly every house of deposit in the street was thronged by nervous customers who didn't care to draw out their money if they could have it, but who were terribly anxious to grasp the greenbacks if there were no funds on hand.

A long line of depositors extended outside of the Union Trust Company's building far into the street, waiting for money which had been put in, but which might remain longer than had been calculated upon. At the Fourth National Bank there was a like scene. Umbrellas were called into requisition, and the financial arena of the country resembled a stony pavement covered with black mushrooms.

The peculiar position of the steps of the Sub-Treasury, which affords a commanding view of both Wall and Broad streets, caused them to be used for convenient points of observation, and they were thronged with people for the entire day. The rain seemed to have no effect whatever upon the crowds, which, financially interested, cared nothing whatever for bodily discomfort.

Some time in the afternoon a rumor was prevalent that Secretary Richardson would deposit $10,000,000 in the various banks as a means of relief from the pressing monetary stringency, and in a few minutes the stock market began to show signs of strength.

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The Fourth National Bank

The run continued on the Fourth National during the day, and a large crowd, made up in great part of sight-seers, who had nothing better to do than to stand on the street, with their hands in their pockets, gazing up at the windows of the building and wondering what was going on inside, was congregated from early forenoon in the neighhood. The scared depositors were quite numerous in the early part of the day, but they dwindled down to very small numbers before two o'clock, and it became evident that all demands upon the bank were promptly met. Indeed, the depositors who were anxious to put money in the bank instead of taking money out of it increased to such an extent about three o'clock that the officers decided w KOOR tua bank

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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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ADDITIONAL SUSPENSIONS

The Effect in London, Washington and Philadelphia. THE PROSPECTS. NEW YORK, Sept. 20. Bankers and brokers, who generally do not come to business till ten o'clock, are again hastening to Wall street on the early trains and boats. The feeling of solicitude is less, however, than yesterday morning. Notwithstanding the temper of the last throng who swayed in and around Fifth avenue hotel last night was far from buoyant, a feeling of confidence prevails this morning based on the determination of the banks to stand by each other and the order of Secretary Richardson to buy ten millions in bonds to-day. The Hoboken, N. J., bank it is thought will have to go under after the reorganization following the recent defalcation of $67,000. Ninety-four thousand dollars, realized from convertible securities were deposited for safe-keeping with Fisk & Hatch. On the announcement of the crash yesterday morning the treasurer came over for this money only to learn that Fisk & Hatch had suspended. Unless it is recovered the bank is in a hopeless condition, and will also carry down with it the First National bank of Hoboken, the funds of the two being common property and both being controlled by the same board of directors. Fisk & Hatch state that having been engaged in no speculations they are confident of recovering themselves when the storm has spent itself. Randolph & Co. say if money goes down to reasonable figures they will soon resume; that their suspension was precipitated by the fact that the Fourth National bank did not certify their checks in time. They deny all connection with Thomas Scott and say the report of their being associated with him arose from the fact that one of the partners is his (Scott's) son-in-law. White, De Freitas & Rathbone expect to resume soon. President Calhoun of the Fourth National bank said last evening that the bank had paid out three hundred thousand dollars during the day and is abundantly able to meet all further demands. COURT ADJOURNED ON ACCOUNT OF THE PANIC. The court of general sessions was adjourned early yesterday, to give the jurors and court officers an opportunity to look after their bank accounts and securities. ATTEMPT TO STOP LETTERS IN THE MAIL. A number of telegrams were received at the post office yesterday, requesting the postmaster to withhold the delivery of

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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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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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THE BANKS SECURE. FRUITLESS RUN ON THE FOURTH NATIONAL BANK.

The run on the Fourth National Bank which began on Friday was continued on Saturday, with a smaller crowd, which decreased rapidly, as ready payments were made, and each satisfied depositor coming forth told the rest that the bank was "pretty safe." By 12 o'clock the run had lost all the elements of a panic, and the crowd had dwindled to a dozen men, who seemed convinced of having cast upon the bank a gratuitous insult in demanding their money at all. At 3 the run was over, and although the bank officers announced that they would extend bank hours to 4 o'clock, in order that every one might be satisfied, few profited by the permission. The suave bank tellers continued the business of the day as if the struggle had been of the most trifling character. Within these few hours, however, nearly $300,000 had been paid out.

The Bank President, Mr. Calhoun, was found by THE TRIBUNE reporter in his office, apparently unruffled by the proceedings of the day. In reply to inquiries he said that the run was not one that frightened them in the least. The assets of the bank were as good as any on earth, and as they held them well in hand they would not fear any run that could be made on them. The panic he believed had spent itself. It came suddenly, and was likely in consequence to be merely a panic and not a convulsion. The failure of Jay Cooke & Co. had first created anxiety among the most substantial institutions because it was presumed to be one of the most substantial. With Fisk & Hatch, the fat was in the fire, and with other failures following hard upon, and rumors and wild suggestions coming upon that, the whole flame burst forth. But in fact, aside from the direct effects of the panic, mercantile business was never better than now. It is prosperous in every department. Merchants from the South and West are here in greater numbers, and are buying more liberally than for six or seven years before.

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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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Fourth National Bank

This bank opened yeaterday morning, and the run continued for a time almost as bad as it had been on Saturday. As the feeling began to subside, however, the depositors were less urgent for their money, and it was evident from appearances that the run was about to terminate. In this manner payments continued to be made until about a quarter of an hour after banking hours, and then there were no applicants left. For some time after the receiving teller continued to receive deposits. A HERALD reporter saw Vice Presideut Stewart. who said that his opinion was that this whole panic originated in reckless railroad speculation, and that the scare originated by the consciousness of this was now over and that the panic had run its course. He believed the mercantile community to be in a state of great prosperity and in a sound condition, and the best proof was that the banks had withstood the enormous pressure so weil. Now that things were seen with calm eyes he could see no reason why values and business should not resume their nominal condition. The community had gone through a severe test and responded nobly.

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PRESSURE UPON THE BANKS

CURRENCY EXCEEDINGLY SCARCE-DEMANDS FOR LOANS POURING IN FROM THE COUNTRY-THE CROPS MUST BE MOVED. upon of the downtown to ascertain their viewa. A reporter the banks Presidents of THE of TRIBUNE many called, leading The yesterday, questions asked had reference chiefly to the demand for loans from city customers and e drain from banks out of town. The reporter found a marked difference between the banks doing business for the brokers and those transacting a strictly mercantile business. Money was scarce everywhere, and discounts could not readily be obtained. The best commercial paper was offered at two per cent a day, but the money could not be had. OUTSIDE DEMAND FOR LOANS. W. K. Kitchen, President of the Park Bank, told the reporter that the calls on the bank were not very great from the city, as they paid large amounts only on certified checks from the Clearing-house, and the demand for loans was not so large as one might suppose. The demand from country banks, however, was simply enormous, and could be in the banks to country amounted to not be raised in an banks met. banks which could The in the deposits city hour. a belonging The vast not sum, haven't got it; they ought to have taken on Saturit day the action which they took on Monday, and was a great mistake that they failed to do so. To a customer who called for a loan-We will let you have the money as soon as we can. Send around to your customers and make them pay up. This is a good time to collect in money. THE COMMERCIAL WORLD NOT AFFECTED. Geo. S. Coe, President of the American Exchange Bank, said that his institution was not a brokers' bank, and the demands for loans from merchants were not greater than usual. The commercial world was not affected in the least as yet, and he saw no reason why they need be. The out-of-town demand for money is always large at this season of the year, but is larger now than usual owing to the panic. Their deposits are small in proportion to their capital, and they are meeting demands from all sources. He looked upon the trouble as a stock-brokers' affair which need not troubln outsiders. The stock gamblers, he said, were drawing money from the banks, and stood ready with it in their pockets to buy stocks whenever they could put them down low enough. MONEY NEEDED FOR MOVING CROPS. John E. Williams, President of the Metropolitan Bank, told the reporter that they did a strictly commercial business, and were not affected in any way by the panic. There was great demand from out of town for money with which to move the crops. That was the cause of the trouble. "Our wealth in us poor and when a sudden call for grain Wall-st. Cooke's made failure created in currency, money Jay in it was n't in the city. The wheat was nor one was in a good." never 80 Every large the foreign hurry demand crop to get so his crop to the sea, and his bank sent out $100,000 a day for five or six weeks. The demand had somewhat increased, and some of the country bankers had gone wild. One man was day or two ago who had $70,000 on deposit and $40,000 in greenbacks in his pockets, and still wanted to get a discount. Mr. Williams told him to go home and cool off. The national currency, Mr. Williams said, is all out of the city; there is probably not more than $1,000,000, and perhaps not more than half a million in the banks. If they had all been paying out gold they would have been compelled to suspend. The great trouble was caused by the large amounts of worthless railroad bonds and stocks forced on the market by false representations. A JUBILANT BANK. At the Fourth National Bank the aspect of things had greatly changed since Monday. There were few persons at the paying teller's desk, but there was a long line of depositors at the window of the receiving teller reaching half around the bank. At 3 o'clock the line had not been shortened, and half an hour later it numbered 26. Mr. Lane, the cashier. told the reporter that they had found themselves a creditor bank at the Clearing-house, and were feeling quite jubilant over it. Heretofore they had been on the debtor side. The worst of the trouble, he thought, was over; there would still be ruin among the bankers, but the trouble of the banks, he thought, was over. After the suspension of Henry Clews & Co. a report was circulated on the street that the Fourth National Bank had suspended. The reporter returned, and was told that the report had probably arisen from their refusal to clear for Henry Clews & Co., but that the situation was unchanged since the former visit. The cashier pointed to the line of depositors, as if this were a sufficient answer to all questions of their elvency. A THRUST AT BROKERS' BANKS. W. H. Scott. President of the Hanover National Bank, said that they kept no brokers' accounts, and there was no unusual city demand, while the number had increased from the not be met: pouring the of panic their in, began. depositors and could Demands largely country there was since were currency to meet no which did a who dealt in business; fears for enough the the bankers banks in the city strictly them. stocks banking He would had not probably have to go down before things became settled. BROKERS MAKING SETTLEMENTS. Tappan, President of the Gallatin National Bank, said that the demand for loans was light. The brokers seemed to be settling up their affairs, exchanging stocks, and getting rid of collaterals, rather than incurring new obligations. There was a process of liquidation going on all around. They had no correspondents except in Philadelphia, and the out-of-town demand was limited to that city, but the demand from there was heavy. NO UNUSUAL CITY DEMAND, The reporter found everything quiet at the Continental National Bank. T.G.S. Flint said that a report had been telegraphed all over the country on Saturday that the bank had suspended; and the result was that their out-of-town customers were calling in their deposits. There had been a tremendous run by letter telegraphal day Monday and yesterday, and they did not know what was the cause until yesterday. They had responded to all calls, and unless there were a change within a few days they would liquidate their entire out-of-town indebtedness. The false report was circulated in had been no unusual denot how much ruthem, but it had inthe mand. mor country, had He caused could and there say certainly harm been city the inrious to their customers and to many from whom

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The Shylocks May Precipitate a Panic Jay Cooke's London House Throwing out His Drafts. Four Bank Failures in Petersburg,Va The Ce-operative Plan.j NEW YORK, Sept. -Every banking institution in Brooklyn with single excep. tion was represented as the meeting of the presidents yesterday It was determ that in Case of run on any of the banks all of the others would come to its assistance. It was also resolved that the savings banks, if necessary, should take advantage of the thirty days clause in the charter. number of poor women and laboring men have gathered at the savings banks awaiting their opening, but nobody seems to think that anything like run will take place. The Priests Allaying Panie Wm. Quinn, Vicar General of New York, was at the Emigrant Savings Bank yesterday, advising depositors to leave their money with the bank where it was safe He promised to be on hand to-day. Gen. Hillhouse has declined to give the names of the sellers of bonds, on the ground that some sellers are connected with savings banks. To announce that they had sold bonds might bring discredit upon their banks, which the facts do not warrant, 10 A. M. The governing Committee of the Stock Exchage have decided not to open to day. 10:45. The Gold Exchange is opened and regular transactions being made. The excite ment on the street seems to be ceasing and wearing itself out, and better feeling ap pears to exist. The brokers have congregated in front of the Stock Exchange and formed street market, all the sales being for cash The following are the quotations Central 91 to 92 bid; Harlem 105 bid offered: Lake Shore bid; Wabash bid; Rock Islaud 88 bid: St. Paul 35 bid; Ohio and Mississippi 30 bid; Union Pacific and bid; C. 21 bide H annibal and Joseph 20 bid; Western Union Tel egraph 66 bid to offered; Pacific Mail 341 to 36 bid. Noon. Ten million of bonds have been bought Subat the -Treasury. The Process of Inflation. The Assistant Treasurer has received 20. 000.000 greenbacks from W hington, and is ready to buy all bonds offered. 2:80 P. M. The suspension of Henry Clems & Co. is announced They say that at present they have no statement to make, save that temporary suspension has been deemed advisable. This failure tends to revive eitement The paid $1,250,000 tenders to during the past days, and it was the general they would pull through, but to-day Fourth National bank refused to clear checks, aithough the firm had 800,000 securities against which 300,000 had been drawn. M. Assistant The Gold closed at 112 Treasurer day bought $3,205,000 bonds Henry Clews & Co. state that during the past four days they have paid out one and half millions in money, and made the most forts to-day to raise money on their securities, but finding it impossible to do 80 were compelled to suspend. The Ten Million Bank Pool Used Up. Mr Camp of the Clearing House, states that the ten million of loan certificates have been used up to to- -night. There will be meeting of associated bank rs to-morrow 10 o'clock at the Merchants' Bank [to debate the advisability of issuing more certificates.] Night Dispatches Another Surprise Like Jay Cooke's. Up to two o'clock this evening the monetary situation might have been summed sentence: Confidence restored and the backs are conducting business as usual. Just as the street was beginning to feel that the end of the panic had been reached painful rumor started at 20 minutes to o'clock, that the house of Henry Clews Co., had suspended payment. soon the was made clowd collected in front of the building. The word that their checks were refused payment the Fourth National Bank reached the banking house about half past o'clock. and the closing of the doors followed announcement It is stated that an rangement will be effected by which an early resumption will be secured,as there abundant securities in possession of house. Immediately after the closing of the doors number of prominent capitalists were eagerly seeking Mr. Clews, who was not in the office, and the assistance neces. sary to puli through the day would undoubdtly have been given had there been suspicion that the bank would refuse paymentof Henry Clews & Co.'s checks. The fact of the suspension created as much citement as the suspension of Jay Cooke Co. The news left the street at the close of business in condition of great excitement and the headway made in restoring confidence may great measure be lost. The Savings Banks, etc. The run on the Savings Banks continued to day. but most of them adopted the time rule for paying creditors, the excitement soon subsided Where ver a case necessity transpires or that person wishing to draw requires few hundred dollars business purpose, tbe banks accommodate ;where with excitement causes the them drawal the banks do not oblige. At some of the banks the oficers say that the forcement of the time rule regarding drawing of deposits is demanded by their largest depositors and in one case adopted in deference to such Several of the largest banks paying demands to of the poor people of Brooklyn became alarmed regarding their money in the various Saving banks there and drew Only one bank took advantage of the rule, the others paying as usual. The was not heavy Further Panic at the of the Option kylocks, The Post says the banks have gone through the panic far all right. It must be remembered, however since Saturday the business of the banks has been simply ith merchants. the active of stock exchange firms having by the claring up of the exchange pended. These firms probably 500 accounts with the banks. Friday aturday's business at the stock has to settled. money who have failed to get responses on loan called, might rush in and force sales under the rule which would thing into panic again and the banks. To prevent such state of affairs been recommended that the governing mittee appoint sub committee to prescribe regulations by which ments may be made before the Exchange opened. the duty the present time of lenders and borrowers to treat parties to contracts with as much liberality and forbearance as without absolutely sacrificing their legal rights. o There will undoubtedly be found merci-

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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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again in commotion

It was at length announc ed that the house of Henry Clews & Co., an institution that for supposed stability and the magnitude of its operations was equal to Jay Cooke & Co. and Fisk & Hatch, had failed. The feeling of alarm has begun to permeate the mercantile community, and the course of the New York banks in refusing accommodation to merchants upon reliable paper, while in a state of virtual suspension themselves, has tended to increase it. The Baltimore American says: "Our Baltimore banks have acted wisely in pooling their assets in the Clearing House and thus making ready for an emergency, but this must be regarded as a precautionary measure." The Baltimore Sun says "Though there is still much of a reassuring character, the continued run on Savings banks in New York, and the complications of yesterday mix the situation unpleasantly, and serve to intensify ap prehepsion. In regard to the Petersburg banks is thought that some of them at least have weak northern connections, or are the out growth of banking houses that have had too much to do with speculative railroad enterprises. So far as the herd of New York stock gamblers is concerned they seem to have resumed their wonted activity. to the suspension of Henry Clews the firm states In four & regard Co. days they that during and ahalf the past have paid one millions in money. They made the utmost efforts to raise money on securities, but finding it to do SO were compelled to sustheir as only and have no to temporary, pend. impossible They regard further suspension statement make save that they "deemed suspension advisable. The cashier of the Fourth National Bauk, which threw out Clews & Co's. checks to the amount of $200,000 says the bank did SO simply because their account was not good. There no over draft but would have been had allowed it. no remained on as they greenbacks the was bank The hand, firm and which paid until could DO securities, of they had amount, nothing susClews & Co. say they pension. a negotiate large remained National had $800.000 but Bank, in securities in the Fourth against which checks to the amount of $300,000 only had been drawn. The firm paid out $1,250,000 in degaltenders to depositors ing the past few days. everal capitalists offered assistance to Heury Clews, one alone over one hundred of the tendering The association Banks the thousand of Baltimore, of dollars. resolved to adopt the New banks for issuing 75 cent. of or representing yesterday York per bills loan plan bank certificates, payable with other securities deposited by any a committee appointed for the purpose, which certificates shall be used in settlements at the Clearing House and be received by creditor banks. The arrangement is not to extend be yond the 1st of November next, the certificates 6 cent. bonds, or are meantime government bearing Clearing gold per House gold interest. certificates certificates, When deposited, the are to represent the par. of Petersburg had over two hundred dollars in the of that one McIlwaine The commission thousand city & Co., city, State, suspended of the bauks largest firms in the are reported suspended. The directors of the Citizens Bank of Petersburg have decided to suspend. A dispatch from Richmond, dated yesterday afternoon, says: "The feeling here this safternoon has been one of the news DO nervousness, from Petersburg. resulting There principally fact have from been of them runs on any of the bauks; in some claim to have done more business in receiving deposits than usual. The directors of the Dollar Savings Bank have decided upon sospend ing to-morrow. The President states that the assets more than enough to pay all depositors. but being in are of not are immediately principally available. National collaterals, Banks A meeting and they four of the Bank of Virginia and and Insurance evening the Banking officers State of the Company They the this Merchants resolved to sustain each other. expect to have sufficient funds to-morrow to stand any run that may bc made.' Telegrams from various points indicate an improved feeling, though accompanied by some In Philadelphia all the that were under temporary tles the unfavorable State have banks resumed, reports. except Union and difficult the Citizens, which will soon resume. All the national banks stand firm. A dispatch from Wif mington, Del., states that Messrs. John McLear & Son, bankers, and Delaware agents for Cooke & Co., had suspended. Reports from Trenton, N. J., are favorable with no failures. The at N. hes failure of Clews & a news run of the Albany, Y. market Co. ceased. had in Chica- The depressing influence in the grain go, but there were no failures and no runs on banks of any kind, and all demands were paid without asking notice. There has been no disturbance in financial af Cincinnati, and nothing has occurred the routine, except millions city rumor there ffairs in outside that ten ordinary bonds for the South- the ern railroad had been negotiated in New York through a German house. A colored man named Buchanao, tried in Washington, yesterday, for killing his wife in May last, was acquitted. It is expected that the President and his family will return to Washington, and occupy the President's House, on Friday next. The New York Herald gives an illustration

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ely ceased and comparatively few depositors are at the door. Washington City Savings Banks are waiting their turn.

LONDON, Sept. 23.-Colonel Stuart, owner of the British steam-yacht Deerhound, telegraphed from San Sebastian to a friend in this city that his vessel nd crew have been released by the Spanish authorities and that he will immediately take command of the Deerhound.

A dispatch from Gibraltar says that a terrible explosion occurred on the steamer Broomhaugh, when she was 100 miles from that place. Four persons were instantly killed and many scalded. News just received from America relative to the condition of financial affairs in New York city, causes a better feeling in the market here, for American securities.

WASHINGTON, Sept. 25. Special order No. 123, issued by Gen. Schoffield, commanding the Department of the Columbia, dated Portland, Oregon, September 10th, is as follows: The commanding officer at Fort Klamath is commanded to cause the sentences of the Military Commission in the cases of Capt. Jack, Sconchin, Black Jim, Boston Charley, Barncho alias One-eyed Jim', and Slolax alias Cox, the Modoc captives, to be duly executed, in accordance with the President's order, as promulgated in general Court-Martial order No. 23, War Department, Adjutant General's Office, Washington, D. C., at Fort Klamath, Oregon, on the 3d day of October, 1873, between the hours of 10 A. M. and 2 P. M., of that day. The recept of this order will be acknowledged by telegraph and its execution by letter.

CINCINNATI, Sept. 23. General Superintendent Van Horn sends to William Orton, President of the Western Union Telegraph Co., New York, the following dispatch, dated Louisville, Ky.: "There were 20 deaths at Shreveport, Louisiana, yesterday. The disease is spreading in the suburbs, attacking acclimated persons and blacks, who are generally supposed to be exempt. Supt. L. Hommiddim reports that destitution is becoming nearly as alarming as the pestilence.

President Grant and Gen. Babcock left for Long Branch this morning. He will return next Thursday with his family.

ST. LOUIS, Sept. 23. Special agent Wilson, of the Post Office Department, has been here several days investigating matters in the Post Office, relating to the alleged assessment of money by the Postmaster, Willey, for political and other purposes. Result of the investigation is not known, nor will it be until Wilson makes his report to the Department at Washington, whither he has gone.

PATTERSON, New York, Sept 23. In consequence of a depression of new railroad securities, an order for locomotives for three months work, at Rogers' locomotive works in this city has been cancelled and 500 workmen discharged. It is feared that 500 more may be discharged from the same works and several hundred from Danforth and Grant's works.

LONDON, Sept. 23, 6 A. M.-Members of the Polaris expedition left Dundee yesterday, in company with an American Vice-Consul, for Liverpool, to take the steamer for New York. A large crowd witnessed their departure and cheered them as they stepped on board the packet. The whole party signed a letter of thanks to Capt. Adams,; of the steamer Arctic.

NEW YORK, Sept. 22. The Tribune thinks that a large part of Sunday's alarm was wild and useless, and the editor is especially grateful to President Grant, for not losing his head. He has manfully refused to commit a felony in the interest of brokers Wild talk about the right of Government to lend money to brokers or bankers on collateral with or without law, in order to relieve the panic which was talked of by reckless men, maddened by the result of their own insane speculations. To hold that the President has the right to violate the law in the interest of operators in stocks, is as crazy a theory as was ever advanced by the wildest Red in the stormiest days of panics.

For resisting this madness, the people owe Grant hearty thanks.

At the Fourth National! Bank where there had been a steady run on Friday and Saturday, there was only the usual crowd before the counters. To day by one o'clock the feeling of security became permanent, and the crowd down town began slowly to disperse.

Dividend paying stocks were much in demand and sought after by investors to-day.

WASHINGTON, Sept. 22. The President had another interview of more than an hour with Secretary Richardson, at the White House this morning, at which Sec. Delano and P. M. Gen. Cresswell, were present. It has been decided to send $2,000,000 from the Central Treasury here to assist Treasurer Hillhoust, at New York to-night, to enable him to buy all bonds that may be offered.

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Financial

A CHECK TO CHEERPULNESS-FAILURE OF HENRY CLEWB & CO.-A PANIC IN PETERSBURG VA. New York financial circles were again thrown into excitement Tuesday afterternoon, pension of by Henry the announcement Clews & Co. of The the house suswas believed to be exceptionally strong. The cashier of the Fourth National Bank which threw out Clews & Co's check to the amount of $200,000, says the bank did so simply because their account was not good. There was no overdraft, but would have been had the bank allowed it. The firm paid until no greenbacks remained on hand, and, as they could negotiate no securities, of which they hold large amounts, nothing remained but suspension. Clews & Co. say they had $800,000 in securities in the Fourth National Bank, against which checks to the amount of $300,000 only had been drawn. No decision has yet been reached at to the resumption of the Union Trust Company. involuntary bankruptcy has been filed agains t the company by Kendrick & Co., bankers on Wall street. The petition is based upon allegations that the Company refused to pay a check of the petitioner, for $52,000, on the 30th of August, on the ground that the check had not been through the clearing house. The Times refering to the company's affairs says "the prevailing feeling is that resumption should not be attempted, or permitted, at any time." The showing of the concern, that paper says, "is deplorable, reflecting severely upon what is known ou the street as the Vanderbilt clique, who are in the trusteeship of the Union Company. They lent a very large part of $8,000,000 trust deposits to their own roads, and on their own fav orite stocks, besides suffering the young and irresponsible secretary of the company to manage the affairs of the office, month in and month out, iu bis own way, and to finally abscond, when the trouble came, as a heavy defaulter. " For some reason, which nobody we have met can comprehend, the panie seems to have struck with peguliar force at Petersburg, Va., where four banks suspended Tuesday, and there are rumors of heavy commercial failures. In Baltimore the certificate system adopted in New York is to be established to assist clearances, but all was quiet. At Richmond there were no runs, but a there was a good deal of nervousness on account of Petersburg. At Chicago the news of Henry Clews & Co.'s failure depressed prices, but there were no failures of grain dealers as was rumored in New York. At Philadelphia all continue quiet.

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SHALL THE BANK SUSPENSION CONTINUE?

It is very much to be feared that the banks will over-do the "financial business" in maintaining themselves in a state of siege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the consequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feeling is now rapidly gaining ground that no real necessity exists for the banks maintaining closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not arrived when the banks should manifest a disposition to return to the normal condition of affairs.

In a case of this kind a mere doubt in the public mind becomes a positive and threatening danger, a danger as pregnant with direful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institutions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some relaxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a magnanimous public indulgence to speculate upon the people.

Every day this suspension is maintained adds to the danger of the situation. Mechanical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings institutions for their savings against an emergency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to permit this state of affairs to continue. If the banks fail to meet the emergency the emergency may overwhelm the banks in the common disaster that is threatened. In connection with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely:

"Resumption is the sure refuge of the banks; it will save them from the disasters of the wholesale depreciation of securities and products which a protracted suspension would almost certainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may overwhelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplaster inundation. We say nothing here about the bankruptcy act further than this; that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."

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GENERAL NEWS.

Frederick Chase Hutchinson, one of the family of singers, is dead.

Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics.

It is expected that the New York banks will resume currency payments next week.

Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts.

The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome.

Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church.

T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70.

The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day."

Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance.

The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out.

The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week.

They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders.

Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor.

"You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on.

In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia.

The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-

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CURRENCY RESUMPTION

P. OPINIONS OF W. K. KITCHEN, SHEPHERD KNAPP, APCALHOUN, AND _RESUMPTION MONEY PROACHING C. BY NATURAL PROCESSES PANIC ABUNDANT-WHOLESO EFFECTS OF THE ON THE BANKS. The question of an early resumption subject of payments by the banks was again the currency investigation by TRIBUNE reportere, yesterday, of an bank officials. W. K. Kitchen, said that while be believed was a bad one at the arrangement of among the Park the Bank. beginning, President the Park it pooling would Bank be.injudicious to break it up hastily. The rather no benefit from it, but on the contrary was to derives all the large banks must, but its effect distress amoug weaker institutions, a | reflex of distress among all. to freely, and would doubtless as save loses. quent ing in as prètty Currency continue and giving was conse- com involume. His own bank was able crease accommodation in to merchants as it was to, much but it had paid out a great part of its deposits. Further and not able to give as much as it would wish. The was this, there had been no practical suspension. ability than of currency according to each bank's doubtpayment the rule throughout. Bank reforms would would prove less was out of the trouble, and so far it was grow a beneficial panic. Over-certification he to evils which would be one the banks that had been in the habit had already learned caution. certifying believed have of the been remedied, that way. The of and over- Park Bank itself had never done business in 33 Shepherd Knapp of the Mechanics' Bank, No. Wallsaid he did not believe it best to force full resump banks st., of currency payments just now. Most of the tion had paid out a large proportion of their deposits some of them might be seriously depleted paid and the understanding that currency would be if freely should get abroad. It was better to let the the currency out work its way back gradually, and, with great influx of gold here from abroad, he thought specie payments might be the result. That, of course, would it be better for everybody. Although we could not use for currency, yet it afforded a solid foundation upon and which all values and all paper could stand steadily, a continued apparent suspension of currency seemed to up the event of a resumption of specie. had been entered The likely pooling hurry arrangement into endangered, by the solid banks because the weak ones were and it would be unwise to break it up before all are fully prepared. He knew of no intention on the part and of the large banks to withdraw from it, he certainly had formed no such intention himself As to the loan certificates. they were already being retired. The Mechanics Bank had purchased $300,000 of them at the beginning in order to relieve the merchants and to be ready in case of an emergency; but recently they had returned them and taken back their securities. There had, indeed, been more than twenty millions issued, for it was understood the Committee could issue ad libitum after the last ten million was issued. He (did not know, therefore, just how much therew to be redeemed, nor when they would all be redeemed. Other banks, doubtless. found the loan certificates very convenient. The Mechanics' had no use for them. It had continued to give merchants about as much accommodation as they demanded, and its discounts had increased $160,000 since the days before the panic. One reform likely to grow out of the erisis was a reform in the matter of over-certifying checks. His bank at present required full securities before it certified anything. P.C. Calhoun, President of the Fourth National Bank. said.there had never been any practical suspension. The banks have all paid National bank notes. and there is now an actual surplus of currency in all the banks. A man was there yesterday rushing about to sell $100,000 of National bank notes, and he could not find a buyer. The currency is coming in in great quantity, faster than it ever aid before, and because of the accommodation afforded by loan certificates. it accumulates in the bank If man comes with a check for $100, $400, or the counter, of course; if $500, vaults. he is paid over the amount is larger, $1,000 or $2,000, he is paid by certified check Reporter-As to the loan certificates, Mr. Calhoun, are they likely to soon redeemed if Mr. Calhoun-They could all be redeemed at once, the holders care to do it. We have been carrying $1,200,000 of them, merely to relieve the needs of our customers, but we could return them to-day, if we wished, take back our securities. But we do not think it We consider the loan a best and to so. certificates very good substitute for currency, and while they continue in use the actual currency accumulates. It is not drawback on any of us to make use of them. Brokers' checks are all certified, and always will be certified as long as there are any brokers' checks. The pool arrangement of the Associated Banks does no harm, and ittmay do good. The banks I believe could all draw out of it now, but it might strain some of the weak ones, and again threaten the mercantile interests. It is better to keep up the pool, although we larger banks suffer a little by it, than to break two or three mercantile houses, and have distrust and panic on us again. The accumulation of currency forms very desirable reserve to facilitate, when necessary, the movement of the various crops. But even in that particular, matters are exceedingly easy. A gentle man from the South was here to-day, who says that there is currency enough in the South to move the cotton crop provided we can give them slight advances on five and ten-day bills, due when the cotton arrives. So you may say that currency payments are resumed. There will be no formal proclamation of resumption by the Bank Compittee. Currency will simply assert itself. and in the course of the week every bank in the city will be paying currency as freely as ever. J. E. Williams, of the Metropolitan National Bank. had time only to say, when asked as to the prospects of an early resumption of currency payment, that he thought it best to let it come about naturally rather than to force it by any formal action by the banks. THE IRON TRADE SUFFERING FROM THE STRINGENCY. A TRIBUNE reporter yesterday conversed with several extensive dealers in iron, both American and imported, to obtain their opinions as to the present condition of business and the prospects for the future. Edward Oothout of the firm of W. Oothout & Co., No. 3 CHiff-st., said that the iron trade is now almost at a standstill. The transactions of the past month have been little over 50 per centrol those of the same time last year. Money does not come forward to set in motion the products of the mines and mills, and to move the crops. Moreover, dealers want both confidence and ready means to sustain them in giving orders. At the beginning of the panic collections came in pretty well, but as the alarm and the consequent monetary stringency spread over the country, the receipts stopped, and now there is little coming in. Many of the mills and employing firms are embarrassed to pay their MCD. and either defer full payment or give part of what is due in orders on some bank. In the case of the larger mills and houses this difficulty is chiefly due to the limitations put on currency payments by the banks. Mills and firms which have less resources, beside trouble from this cause, find difficulty also because they can little or and because their not meet their Merchants get their not more. Some usually sell money among obligations nothing, and the will promptly. trustworthy, buy debtors cannot now buyers, do most can only meet their bille with

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JOHN BONNER'S FRAUDS

THE EXTENT OF HIS OPERATIONS. MILLION DOLLARS INVOLVED IN HIS BREACH OF TRUST-SEVERAL ATTACHMENTS OBTAINED-THE DEFAULTER'S MANNER OF LATE-NO LOSSES IN THE THEATRICAL PROFESSION. John Bonner's fraudulent operations are shown to involved a million dollars. It is expected that tensive irregularities in the books of the Bankers' Brokers' Association will be shown. Several atchments have been obtained by persons having on the securities repledged by Bonner. The latives of the defaulter say that he has long been cody and irascible, and has shown in various the effect of business troubles. Members of theatrical profession say that there are no losses actors and managers, as at first reported. MORE FACTS ABOUT THE DEFAULTER. The offices of the bankers and brokers were closed yesterday, as it was 8 general holiday, and further information of importance in regard the failure of John Bonner & Co. could obtained. The assignee did not visit his office the day. It is understood that great irgularities exist in the books of the Bankers' and BroAssociation, especially in the stock ledger. A ceiver of the Association will probably be apinted to-day. The total capital of the Asso($500,000) has been used by Bonner, and $50,000, as nearly as can be ascertained present. in addition. Placing the actual loss to the of John Bonner & Co. at $450,000, the total nount that has been misappropriated by Bonner will gregate $1,000,000. There are no assets of any value. Among the losers is A. B. Boardman, a son-in-law of Bonner, who had Union Pacific bonds $5,000 on deposit with the firm. A few weeks Bonuer asked Boardman to take them away. stating if anything should happen of an unpleasant nature, would beembarrassing to have the accounts of relamixed. Mr. Boardman declined, however. to rethe securities and subsequently, as it now appears, onner sold them. Charles J. Osborn & Co. who, through their attorneys erman & Sterling, obtained a writ ofattachment Mon evening in a writ for $22,000. Later, property which found in the bands of Russell Sage. the Fourth NaBank. ink of Commerce, J. S. Stout, Farmers' and Trust Company, and the Shoe and Leather NaBank, was attached. In the application for the it is alleged that the assignment was made clandeswith intent to-defraud. B. Boardman, the son-in-law of the missing broker a lawyer at No. 49 Wall-st., said For a conlerable time I have been aware that Mr. Bonner was worried about his business, and I have often him say that he wished he were out of all-st., and bad never had any dealings there. mday night I was informed that his failure be announced on Monday. 1 was astoundReferring to irregularities, Mr. Boardman said he had never heard any suggestion before failure that Mr. Bonner had done anything and he had frequently heard his credit of as exceptionally good, "and," Mr. Boardman "if he was guilty of anything improper or diseditable, which for the present I am still disposed to he was led into it by the general practice of okers, and be did no more than the rest of the Wall-st. who do a money business are accustomed to do day." Regarding Mr. Bonner's absence from his home, Mr ardman said that it was due entirely to his proud, nsitive nature, which would not permit him to face buke. For the past two years, according to the adstatements of his son-in-law, Mr. Bonner been at times distracted and moody. and has way to fits of melancholy and irascibility tirely foreign to his nature. He would sit at his without noticing his family and would be lost in ought. When the Netter failure was aunounced, Mr. remarked to a friend that their conduct in repothecating securities was no new thing, as it was a practice on Wall-st. among brokers. Boardman further stated that the news of Mr. onner's failure had been kept from his wife until the moment, and that she was in deep distress, and felt the disgrace attached to her husband's forced sence. No particular attention was paid to his absence home until he failed to appear on Sunday, when family became alarmed, and were then made aware his failure in business. Shortly before 5 o'clock Saturday, Mr. Bonner went the furnishing goods store of E.S. Allien, at No. 21 road-st. He bought a shirt and several small articlescest amounting to $7 20-and directed that should be sent to his office. As he leaving the store, a friend-a broker-sauntered and remarked jocularly, "You can't get credit here." Bonner smiled and left the store. Mr. Allien ought nothing of the transaction, as Mr. Bon. was an old customer, and frequently, when siness engagements prevented bim from going to his on Staten Island. he sent to the store for a change linen. Although Mr. Allien, who is familiar withmany had heard intimations of the probable failure of & Co,, he had no suspicion that Mr. Bonner was eparing to leave the city. In reply to the rumor on the that Mr. Bonner was a debtor of his for a considamount, Mr. Allien said emphatically that of his customers was more prompt in the payment accounts than Mr. Bonner, and that he had resettled all his indebtedness. The rumor grew of the jesting manner in which Mr. Allien sympathized with several brokers who were by the failure, declaring that he too was those who were victims. Several brokers came the store Monday afternoon and railied Mr. Allien bis loss, which, according to the report of the last rival, included a full Winter suit, a sealskin cap and