Fidelity Trust Company (Philadelphia, PA)

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The Situation in Philadelphia

[Special Dispatch to the Commercial ] PHILADELPHIA, Sep. 10. The excitement of yesterday has rather subsided than increased, this morning. Confidence in Jay Cooke's integrity and their certainty of meeting all obligations to the fullest extent of the means of the house, and all its partners, has the best effect. E. W. Clark & Co.'s suspension produces no disturbances, as the general belief is that the firm is perfectly solvent. The trifling run on the Fidelity Trust Co. amounts to nothing. There is no run anywhere else. There are several failures of bankers-DeHaven & Bros. and three or four small concerns. Cooke & Co. issue circular to depositors promising to mail a full statement at the earliest day, and assuring them of every effort to liquidate the entire indebtedness, with the least possible delay. There is a general good feeling in the business community, and a disposition to encourage confidence, with the belief that the crisis will speed_ W. ily pass over.

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State securities are neglected

Government bonds are unsettled. Quotations are nominal. PHILADELPHIA, Sept. 19.-The run on the Fidelity Trust Co. continues among small depositors, but confidence is being restored. One depositor with five thousand dollars in the company applied for it, and the ten day notice was waived; after receiving the cash he deposited it again. This company has four thousand depositors and President Brown says is able to meet all demands. NEW YORK, Sept. 19.-E. D. Randolph & Co., bankers of the Penosylvania Central Railroad, and Wm. II. Connor have announced their suspension. WASHINGTON, Sept. 19.-There are no new developments in the failure of Jay Coooke & Co. this morning. No statement of the liabilities and assets can be obtained for several days yet. The failure caused a run on different banks of this city to-day. As early as six o'clock a line was formed in front of the Washington City Savings Bank waiting for that institution to open, the majority of those in line being women, who had small amounts on deposit. The President of the institution was on the ground and addressed the crowd, stating that the bank was perfectly able to pay all demands which is now being done. Later in the day several prominent depositors left the line, feeling perfect security in the institution. There was also a slight ruu on the Bank of Washington, immediately adjoining the Savings Bank, but it has entirely ceased. There is also a run on the Freedmens Bank. There is very little excitement. WASHINGTON, Sept. 19.--Elward L. Stanton, son of the late Secretary of War, has been appointed receiver of the First National Bank of this city.

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THE RUN ON PHILADELPHIA BANKS

PHILADELPHIA, Sept. 19, 1873. The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out. Mr. Browne, President, said he would keep open until midnight if it were necessary, to show depositors that that institution was in a sound condition and able to meet all claims. The Union Bauking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. TOUCHING BOTTOM. To-night there is a feeling prevailing that the worst has passed and that to-morrow will witness a decided change for the better. PUBLIC FUNDS SAFE. It is authoritatively stated that neither the State nor the city funds are disturbed, the State and city treasurers having no connection whatever with Jay Cooke & Co. nor any of the endangered houses. CALLING ON PRESIDENT GRANT. President Grant is in town to-night and was waited upon by prominent and influential gentlemen, who, it is said, urge the government to do something to strengthen the money market.

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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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EASTERN DISPATCHES

[SPECIAL TO THE GOLD HILL DAILY NEWS.] DOMESTIC.INTELLICENCE Purchase of Bonds by the Government Announced. NEW YORK. Sept. 20.--The Union Trust Company suspended at half past ten o'clock this morning. The Sub-Treasurer has posted a notice up. stating that he has been instructed by the Secretary of the Treasury to purchase $10,000,000 In bonds to-day This prompt response of the Government to the request made for relief parently, by banks additional yesterday, strength gives the to weak. ap- the strong and encouragement to A better feeling now prevails, and it looks as If the worst is over. Defalcation and Probable Suspension. NEW YORK, Sept. 20.-The suspension of Fisk & Hatch is said to make probable the embarrassment of the Hoboken Bank for Savings. A defalcation of nearly $70,000 was discovered in the bank lately and the directors disposed of securities to make up the deficiency, depositing with Fisk & Hatch for safe keeping $94,000 of the amount realized. The suspension of the firm makes this sum unavailable at present. Numerous Additional Failures. The failures of Ketchum & Belknap and E.C. Moorhead are the latest reported. The National Bank of the Commonwealth has suspended, and Saxe & Rogers have suspended. A meeting of the creditors of Jay Cooke & Co., will be held next Monday. PHILADELPHIA, Sept. 20. - Third street is comparatively quiet. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company did not open to-day. A notice was placed on the door, which states that owing to heavy demands a suspension of a few days was resolved upon. It sustained a heavy run yesterday. paying out $700,000. It is a State institution. no notes, and the supension only effects depositors. At Jay Cooke's clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Russia, on board which are two of the pardners. Still Further Suspensions. NEW YORK. Sept. 20.-New suspension are Toussig & Fisher, M. Meyrs, Miller & Wolsch, Laurens. Joseph Fearing & Dellinger, Williams & Bostwick.

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THE EFFECT THROUGHOUT THE COUNTRY

How Philadelphia Takes the Financial Tidal Wave. PHILADELPHIA, Pa., Sept. 20, 1873. One of the leading morning papers, in reviewing the situation of financial matters, speaks as follows:Business in Philadelphia is conducted upon a. much more solid basis than in any other city of the country. Our regular banking institutions have strength and character, and are generally untainted with the vice of stock gambling. Our merchants are noted for their conservatism, and confine themselves to legitimate trade, leaving the getting up of corners and immense speculative ventures to their faster brethren of New York and Chicago. They may be slower than some of their neighbors, but that they are also a great deal surer is abundantly shown in the present stress of financial difficulties, and has been proved in numerous crises hitherto. By the time the journal was in the hands of its commercial readers a rumor arose that a prominent institution had closed its doors, and right in face of the editorial was announced the failure of the Union Banking Company. This company was a State institution, invested with pretty much the same power as a savings bank, and did a large business in discounting draits and orders. This morning the anxious crowd gathered about the doorway could gain no further explanation of the suspension than that expressed in the following card:Owing to the heavy pressure of demands upon us yesterday we will be compelled to suspend for a few days. Up to the time of the present writing there have been no other failures, though the run upon several institutions has been exceedingly large. At an early hour this morning, in fact the very instant the doors of THE FIDELITY TRUST COMPANY were opened to the public, a stream of people began pouring in and out, but the demands of every one were rully satisfied as they were yesterday. when at three o'clock an officer of the bank appeared at the door and said:I desire to announce that the hour for closing this bank has arrived. There are many depositors inside, all of whom will be paid as rapidly as they present their checks. All persons outside and within the range of mv voice holding paper against us are requested to enter and they will be paid after the doors close. The lact that all checks presented were promotiv

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PHILADELPHIA

The Financial Position. PHILADELPHIA, September 20. .-The Fidelity Trust Company, did not close at three o'clock yesterday afternoon. but continued to meet all demands, re= ceiving ohecks as late as five, at which time over nine hundred thousand had been paid out. Mr. Brown, the President, said be would keep open until midnight if it was necessary to show depositors that that institution was in a sound condition, and able to meet all claims. The Union Banking Company was run upon up to the hour of closing, at which time about five hundred thousand dollars had been paid out. There was a run on the First National Bauk, but it did not amount to much. It is said that neither the State nor the city funds are disturbed, the State and City Treasurers having no connection weatever with Jay Cooke & Co., or any of the endangered houses Thurd street is comparatively quiet this morning. The run on the Fidelity Trust Co, has almost entirely subsided. The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon. It sustained a heavy run yesterday, paying out about seven hundred thousand dollars. It is stated that the institution is issuing no notes, and the suspension only affects depositors. At Jay Cooke & Co's the clerks are preparing a statement to be laid before the meeting of the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners.

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THE MORNING PRESS ON THE SITUATION-THE GREATEST PANIC SINCE '57-JAY GOULD TO THE RESCUE.

The papers generally agree that this has been the greatest panic since 1857, far exceeding the black Friday and Chicago crash. The Times says the person who finally sustained the market and kept it from breaking to a point where half the street would have been inevitably ruined was Jay Gould. He bought during the low price several hundred thousand shares of railroad stocks, principally Vanderbilt, thus a check was put on the decline.

Gold opened at 111¼. The sub-treasurer has just posted a notice stating that he has been instructed by the secretary of the treasury to purchase $10,000,000 bonds today. Horace Coun & Co., leather dealers, Woburn, Mass., suspended payment. Liabilities $100,000; assets $59,000. Since the suspension Horace Conn, the senior partner, has disappeared, causing great anxiety to his friends. Search has been made in all directions.

The Union Trust company has just closed its doors, and announces that it will resume on Monday morning. The stock market opened a little better, but the failure of White & Co. was announced, and stocks again declined under tremendous excitement, apparently as great as yesterday. The following notice is posted on the Union Trust company's doors: "In consequence of the large amount due the company on call loans not having been paid this morning, the company have been obliged to suspend payment until Monday morning at 10 o'clock."

A. G. White, is the name of the firm failed. The failure of E. C. Broadhead and Ketchum & Belknap is announced.

Stocks are feverish. Most of the sales are for cash, which is two or three cents below the regular transactions, In governments nothing doing.

NEW SUSPENSIONS.

Tamsig & Fisher, P M Meyers, Miller & Walsh, Lorrens Joseps, Fearing & Dellinger, Williams & Westurck.

That a defalcation exists in the Union Trust company is now certain; cannot say to what extent.

The Bank of Commonwealth says the run on the Fourth National Bank precipitated a run on us, and one of our customers Edward Haight & Co., overdrew their account to the amount of $200,000, and did not make it good to the extent of $170,000. Under these circumstances we thought it better to suspend.

Stocks opened with an advance of 4 to 6 on government, on which announced that it would buy bonds, but 2 to 5 on the failures of the Union Trust company and Bank of Commonwealth.

STOCK EXCHANGE CLOSED.

The stock exchange is closed, subject to the call of the president to enable members to settle accounts, etc.

IN COUNCIL.

Vanderbilt was closeted with Augustus Schell in the Union Trust company's office immediately after the suspension.

ANOTHER SUSPENSION.

The large firm of Brown, Wadsworth & Co, have suspended.

Saxe & Rogers have suspended.

The advertised meeting of Jay Cook's creditors has been postponed till Monday to allow a'l to get here. The National Bank Commonwealth has just suspended. There are rumors of a heavy defalcation discovered in the Union Trust company. Edward Haight & Co. have suspended.

PROPOSAL TO ISSUE PART OF THE CURRENCY RESERVE.

A special from Washington says it may be stated on the highest authority that should the order to purchase ten millions of bonds fail to check the financial excitement it has been decided by Secretary Richardson to issue any part of the forty-four million reserve necessary to restore confidence.

The National Trust company have just closed their doors

Certifications of Mechanics banking association and Continental bank have been thrown out of the clearing house.

The stock exchange closed to enable members to settle accounts, which will help them as many can settle outside without suspending The exchange had so many stocks to sell under the rule that it was impossible to do it and keep up with current business.

IN PHILADELPHIA.

PHILADELPHIA, Sept. 20.

The Union banking company has failed. Third street is comparatively quiet this morning. The run on the Fidelity Trust company is almost entirely subsided. The Union banking company did not open today. A placard on the door says, "Owing to heavy demands, a suspension of a few days is resolved upon." It sustained a heavy run yesterday, paying out about $700,000. It is a state institution, issuing no notes, and the suspension only effects depositors. At Jay Cooke's matters are progressing quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the firm, which cannot take place until after the arrival of steamer Russia, as two of the partners are passengers on board of the steamer. The Russia is expected in New York on Monday.

THE UNION BANKING COMPANY FAILURE.

The failure of the Union Banking company was caused by the heavy run yesterday.

EFFECT OF EHE PANIC IN EUROPE.

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THE PANIC ELSEWHERE

ITS EFFECTS IN EUROPE. LONDON, Sept. 30.-Dispatches from Frankfort, Hamburg, Bremen, and Vienna, say DO failures have occurred in those cities on account of the NewYork panie, but that much anxiety exists in financial circles. THE SYNDICATE ACCOUNT-QUIET RESTORED IN WASHINGTON. WASHINGTON, Sept. 20.-The following was received from London to-day: Hon. WITHLIAM A. RICHARDSON, Secretary of the Treasury, Washington, D. C.: The Syndicate account is in perfect order. There is universal kind feeling toward Jay Cooke, McCulloch & A. G. CATTEL. Co., who continue business as usual. The members of the firm of Jay Cooke & Co. in this city have prepared a statement of the situation of the Washington branch of the house, and are awaiting a similar statement from the other branches of the firm. The Receiver of the First National Bank took formal possession to-day, and will at once proceed to liquidate its affairs. The run on the savings banks bas spent its force. The Freedman's met everything with great promptness, and by 2:30 they had not a depositor left at the desk. Manv who had came for their money left without taking it. At the Washington Savings Bank the run was over by noon, and the bank sound. SUSPENSION OF THE UNION BANKING COMPANY OF PHILADELPHIA. PHILADELPHIA, Sept. 20.-Third-st. is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company, corner of Fourth and Chestnut-sts., did not open to-day. A placard on the door states that owing to the heavy demande a suspension of a few days had been resolved upon. It sustained a hea vy run yesterday, paying out about $700,000. It is a State institution, issuing DO notes, and the suspension only affects depositors. At Jay Cooke's matters are going on quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the form, which cannot take place until after the arrival of the steamer

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NO GENERAL PANIC- CA NUT PENSIONS-WASHINGTON LOSSES-A LEATHER HOUSE GONE UNDER-THE LATEST ADVICES. ST.LOUIS. ST. Louis, September 20.-The feeling here to-day regarding monetary affairs in York has been more anxious and an. than it was prehensive New yesterday, but still The there suspension has been no of alarm Taussy, or Gemk excitement. & Co. no owe produced perceptible effect. They little or nothing here, and therefore nobody will be hurt. The banks have curtailed their discounts but slightly. A majority of all good paper is passed promptly, and there seems to be little or no distrust. The markets on "Change to-day were a good deal unsettled. Corn and oats have declined a cent or two, and it was difficult to self any article; but this was the result of an uneasy feeling and a desire to hold of until steadiness is again restored rather than alarm. There has been no panicky feeling whatever. CINCINNATI. CINCINNATI, September 20.-The feeling in financial affairs here continues to be one of confidence. Third street to-day has been free from excitement, though inteiligence from New York has been watched with great interest and has been freely discussed. No paper has gone to protest, and the banks generally have been carrying for their customers. PHILADELPHIA. The Philadelphia Telegraph o. Saturday evening says: .. There is no such thing as borrowing money. lenders holding tenaciously to what they possess, or exacting impracticable terms from borrowers. The suspension of the Union Banking Company, it State corporation, has had an injurious effect upon the market, and caused a renewal of the 'run' at the Fidelity Trust Company, The teeling in all circles is very unsettled. In the stock market this morning prices were lower, as a rule, though it opened stronger. PHILADELPHIA, September 22.-A much better feeling prevails on the street to-day. The Stock Board is firm. Pennsylvania railroad is holding ground at 49 to 50. The bank starement will be out as 11 ual to-day, and will show a gratifying exhibit. PHILADELPHIA, September 22.-.-The normal condition of finances is rapidly improving in this city. Concerning the several banks that have suspended, it is said that all are solvent, but experienced some annoyance from the scarcity of currency. They ascribe their tumble to the refusal of the national banks to accept their checks, thus throwing them upon their own resources. Several are expected to resume to-morrow. BOSTON. BOSTON, September 20 -The firm of Horace Conu & to., of Woburn, Mass. exten. -ive leather manufacturers, suspended payment. Their liabilities amount to $100,000, and it is estimated that their assets are $150,000. s , Since the suspension, Horace Cene, the