3047. Savannah Bank & Trust Company (Savannah, GA)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
September 25, 1873
Location
Savannah, Georgia (32.084, -81.100)

Metadata

Model
gpt-5-mini
Short Digest
c37e89b9

Response Measures

Accommodated withdrawals

Description

Multiple contemporary dispatches (dated Sept 25, 1873) report a run on the savings department of the Savannah Bank & Trust Company driven by the broader New York financial panic and a scarcity of currency. Articles state the banks were paying dollar for dollar and that the run later ceased; no suspension or closure of this specific bank is reported in the articles provided.

Events (1)

1. September 25, 1873 Run
Cause
Macro News
Cause Details
Run triggered by the wider financial panic originating in New York (Jay Cooke collapse and currency scarcity), causing depositors to withdraw from savings department.
Measures
Bank paid depositors dollar for dollar (paid out funds as called for); no suspension invoked.
Newspaper Excerpt
A run commenced early this morning on the savings department of the Savannah Bank and Trust Company... The banks are paying dollar for dollar. Business is at a complete standstill for want of currency.
Source
newspapers

Newspaper Articles (15)

Article from Evening Star, September 25, 1873

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THE TIDAL WAVE IN THE SOUTH. BANK SUSPENSIONS IN SOUTHERN CITIES. Bank Suspensions in Memphis 3 EMP818, Sept. 25.1 here is great excitem of in this city on account of the suspension or the banks which is due to inability to realIze on the securities in New York. The First N. tional and the Delso banks have closed the r doors' day, and it is rumored that the Freddman's Saving and Trust Company has also suspended. There is a heavy run on other banks. It is expected, however, that all the aspended banks will reopen when the panic subsides Suspensions in Augusta, Ga. AUGUSTA, Ga., Sept. 25 The National Exchange bank, the Merchants' and Planters' Losti and Savings bank have suspended. The THE OR the banks have been heavy, and especially this morning. Cotton is coming in freely, but there is no money to move it. Run on the Savanuah Banks, SAVANNAH, GA., Sept. 25. - A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. No Scare at Louisville. LOUISVILLE, Sept. 25.-There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever e sts among depositors, and there is no anticipation of a panic. The Trouble Over in Richmond RICHMOND, Sept. 25-1.30 p.m.-The panic has entirely subsided and there 18 no visible excitement on the street A meeting of bank officers this morning unanimously resolved to adopt the system of issuing loan certificates, as now in operation in New York. Philadelphia and Baltimore, so as to give relief to the commonth The reported failure of McLain & Co., of Petersburg, is contradicted. the Situation in St. Louis ST. Lovis, Sept. -Shipments of flour to the east having been virtually suspended by the recent advance in reitroad freights, the board of directors of the merchants' exchange have petitioned the railroad companies to restore the old rates during the present financial troubles. A slight run having been me de on the banks of this city, it was decided at a meetingJof bankers held last night to suspend the payment of checks or drafts, either in currency or exchange, until the excitement in the east subsides and the former condition of the markets is restored. The New Orleaus Banks Suspend. [By Automatic Telegrayh.] NEW ORLEANS, Sept. 25.-The New Orleans banks, with the exception of the Southern, have suspended currency payment.


Article from The Daily State Journal, September 25, 1873

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Purchase of Government Bonds Saspended-7-40 Bonds not to be Antici pated-More SuspensionsDry Goods Merchants Sound-A Run on the Savannah Banks-They Hold Out NEW YORK, September 25.-Mr. Hillhouse says he has exhausted the orders to purchase bonds, and will await further orders. A portion of the registered European mail, per the City of Montreal, was badly damaged by the breaking of a large bottle of iodine, which escaped the notice of the mailing clerk. A large number of letters containing checks, bonds, &c., are stained a deep brown, and the writing is rendered unintelligible. The dry goods merchants report trade dull but sound. The rumors of failures among them are groundless. The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. The members of the firm of Jay Cooke, & Co. meet daily, and have decided not to sacrifice their securities in order to meet their obligations, but to wait the restoration of public confidence. Mr. Howes, of Howes & Macy, say they have the best securities, but don't propose to sacrifice them at current rates. There is no stock board to-day. The following notice is on the door of the sub-treasury: "Purchases of bonds at this office are for the present suspended." In an answer to enquiries the sub-treasurer states that he cannot say whether any purchases will be made to-day, until he is advised from Washington. WASHINGTON, September 25.-It IS stated that Secretary Richardson declines anticipating the 7-40 bonds, which mature in December and January. The Washington City savings bank, known as J. R. Ruff's, after five days run, has posted the sixty days' notice clause. MEMPHIS, September 25.--The - First national bank of Memphis has suspended. SAVANNAH, GEORGIA, September 25.-A run commenced early this morning on the savings departments of the Savannah bank and trust company and the Southern bank of Georgia. They are paying dollar for dollar. Business is at a complete stand-still for lack of currency. Large crowds are congregated about the banks. BALTIMORE, September -Brown, Lancaster & Co., well-known bankers of this city, and agents of the Chesapeake and Ohio railroad, having branch houses in New York and Richmond, suspended yesterday afternoon.


Article from Alexandria Gazette, September 25, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] # FINANCIAL AFFAIRS. WASHINGTON, Sept. 25. The City Savings Bank of this city has given notice requiring sixty days before deposits will be paid. They do this as a matter of precaution. Matters in this city are very quiet, and there seems no trouble here with any of the other banks. NEW YORK, Sept. 25.--The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. NEW YORK, Sept. 25. The members of the Jay Cooke firm meet daily, and have decided not to sacrifice their securities in order to meet obligations, but to await the restoration of public confidence. NEW YORK, Sept. 25. Mr. Howes, of Howes & Macy, said yesterday that they had been paying out between $50,000 and $100,000 a day since the suspension of Jay Cooke & Co. They continued to pay out funds as fast as called for until their cash balance was exhausted, and they stopped. They had not borrowed a dollar and did not intend to borrow one. They have the best of securities but do not propose to sacrifice them at current rates. The depositors of the firm are about evenly divided between the city and country. The cashier of the bank through which Howes & Macy cleared, says they have not attempted to overdraw their account, but on the contrary have a balance there. The list of their correspondents embraces eleven National and State Banks, and 140 private financial institutions. LOUISVILLE, Sept. 25. There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever exists among depositors and there is no anticipation of a panic. SALT LAKE, Sept. 24. The financial crisis in New York has not affected the situation here. In view of possibilities several English companies have offered assistance, NEW YORK, Sept. 25--10:30 a. m. The governing committee of the Stock Exchange decided not to open the board to-day. Notice is pasted at the Sub-Treasury "that purchases of bonds at this office are for the present, suspended." In answer to inquiries the Sub-Treasurer states he cannot say whether any purchases will be made to-day until advised from Washington. NEW YORK, September 25-11 a. m.-Wall street has resumed something like its normal appearance. The panic is rapidly subsiding. There have been rumors of suspensions this morning, but there is no truth in them. The Stock Exchange being closed a pretty active business for cash is being transacted on the street NEW YORK, Sept. 25--11.15 a. m. Affairs on the street continue quiet. The market mostly confines itself to bids and offers, transactions being few and far between, so far this morning that no sales are reported. The quotations are: Central, bid 89; offered, 901; Union Pacific, 19a191; Lake Shore, 74a76; Ohio and Mississippi, 27a29; Pacific Mail, 28a 30; North Western, 39a40; Rock Island, 86 blank; Western Union, 58a59; Harlem, 1024a 105; Wabash, 39a41; Hannibal and St. Joseph, 21 blank; C. C. & J. C., 20 blank. NEW YORK, Sept. 25. The government gold sales advertised by the government will not take place to-day. The banks and brokers keenly complain of unfounded statements, and often malicious, sent out from the city, by responsible parties, which not only do great personal injury, but add full to the excitement. SAVANNAH, GA., Sept. 25. A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. LONDON, Sept. 25. The Daily News believes that the financial panic in New York will lead to the resumption of specie payment. The meeting called by Mr. Watson to consider the affairs of the Erie Railroad Company took place to-day and was attended by one thousand persons. The meeting is described as stormy. A resolution o"thanks to Mr. Watson was unanimously adopted. The names of Bischoffshein & Henry were greeted with a storm of mingled hisses and cheers. Mr. Watson in the explanation of the affairs of the company said there was some apparent dubiousness about accounts, but he believed they were correct. They wanted $30,000,000 immediately to finish improvements already commenced and to lay a third rail. The meeting was attended by many Americans. MEMPHIS, Sept. 25. The First National Bank of Memphis has suspended. NEW YORK, Sept. 25.-A Washington special says Secretary Richardson declines to anticipate the 1874 bonds which comes due on December and January. LONDON, Sept. 25.--One hundred and eighty-five thousand pounds of bullion was shipped from Liverpool for New York to-day. The steamship City of Brussels took £150,000, and the Adriatic £35,000. NEW YORK, Sept. 25. All stocks advised for sale at auction to-day have been withdrawn. Three thousand of prime sterlin sold at 105. PHILADELPHIA, Sept. 25. There is a more hopeful feeling among merchants, and the prices of goods continue very steady. Third street is quiet. All the National Banks, Savings Banks, and such of the State Banks as did not suspend pursue business in the usual manner. The Board of Brokers continue in session and adopted the following resolution: Resolved, That until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settlement of contracts between the members of the Board. CINCINNATTI, Sept. 25. The Cinciunati Clearing House Association has just adopted the following resolution: Resolved, That for the protection of our commercial interests and for the purpose of preventing a drain of currency from the banks and bankers of this city, we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for small sums to be optional with the banks upon whom they are drawn, but they will certify checks drawn on balances in their hands payable through the Clearing House only. CHICAGO, Sept. 25. The Clearing House Association held an important meeting last night to consider the financial situation. After an animated discussion, which lasted till near one o'clock this morning, the following resolution was adopted: Resolved, That until further action and in view of the disturbed condition of affairs in


Article from New Orleans Republican, September 26, 1873

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for checks upon banks e drawn. their to be optional on with but the they will certify hands sums. which they drawn are on balances Clearing in House only checks payable member through of the the Clearing such House A Each is required to deposit at all sociation accurities as will Government approved his clearings. value; rail the amount recei of at their bonds par and bills road bonds and are other received stocks and at eventy-five them by per the Certificates cent receivable of the are value fixed are on issued used by the the of balances committee, committee. which can between only be the bank$ render settlement are not negotiable. condition on Change quopanicky and Matters were in it that difficult to furnish feeling tations. to-day to There a was general no feeling cellers to stand of whatever on the but part of buyers and genea and are everything. still The action of the bank scussion here was of this rally consumed unexpected much time. ruinous. There The ecautionary prevailing believe the course that it was a obligation to banks the owe nity. measure, opinion is justified general by the banking commu Chicago Clearing House. The Chicago CHICAGO. September resolved until further condition Clearing House view of the disturbed other cities, and tion affairs and in in New York and balances into of difficulty of converting advice of the bank the and on the commended currency. that members! be currency paythem examiner. authorized to suspend demands made upon counters and ments from on any country large banks a over their New sav Haven savings 25.- Bank. The NEW HAVEN, September the legal delay se in rious run. paying ings banks depositors. are enforcing There has been no Excitement in Memphis. excite MEMPHIS, September account of the susment prevails of banks, here, caused on by the inability closed pension on securities. banks have to realize The following named Bank, De Soto Bank today: First National the Freedmen's Savings 13 and it is and reported Trust Company. There heavy Bank run on the others. all will reopen after It is expected that The excitement the panic subsides. On account this present intense. of the monetary city. panic two and a which run on have all the suspended. banks in business is almost at standstill. suspension in St. Louis. decided Sr LOUIS, September of bankers, 25.-It held was last drafts, night. at to the suspend meeting payment or on exchange, checks or until the either in currency in the East subsides restored. and a firmer excitement condition of the markets is Resolutions of the Associated Bank banks to-night At meeting of the associated the following at the Clearing House unanimous adopted: and resolution Resolved was That for the protection for the purpose of our commercial preventin interests, a drain of currency to adopt from sub- the banks, of we hereby plan agree adopted in New on stantially viz: the Not to pay out currency sums. the checks York. except for small the banks on to be optional with certify checks amount drawn, but we will payable drawn which on balances in our banks, the Clearing House. the through committee of management of The House were directed to issue of Clearing Clearing House the certificates aggregate immediate amounting in set between $500 to $2,000,000. each. for the the purpose banks: of each tling being balances entitled to a pro rata quarter. amount. bank the clearings for the last ample based certificates on to be secured by saided the the character and val of committee lateral lateral to be determined by This arrangement appointed to remain for that in force purpose. till November 1. Little Rock currency has LITTLE ROCK. September increased. The exeite ment over city The failure of the exeitement. banks in Financial Memphis caused are unusual the only topic of conversation. take matters all the merchants refused to the day Nearly to-day. and throughout by decity money a heavy run on the banks de positors. there was As vet they have met every mand promptly Savannah. AVANNAH, September 25.-The Company THE on Savannah Bank and Trust ceased the at noon. and continued on the South matters. ern The Bank Chamber of Georgia of Commerce to the close. is considering Atlanta. ATLANTA. September The Dalkon accure Savings Bank has suspended. The tics are ample. Augusta. ACGUSTA September The National Na Bank. Merchants and Planters tional change Bank Bank of Augusta and Planters and Savings Bank have suspended. The Loan run on the banks has been heavy, especially Cotton is this coming morning. in freely. but there is no money to move it. The cotton market has enspended opera no currency to buy it but there tions: The First National Bank to be paid no serious out as appears usual. on it. The president will pay as long as run there is dollar of currency in the vaults There is confidence that it will weather the storm. The suspended banks have ample 1:a assets. and will meet every dollar's bilities. No suspensions among the business men E and A large meeting of the merchants was held a exchange roome. appointed committ at the to wait upon the directors of the Georgia Railroad and Banking Company and other banks. to issue some medium of exchange to bridge over the present erisis. John J. Cohen & Sons have suspended assets are ample. Their Bonds and stocks can not be sold. There no market for the best securities even at sacrifice. Indianapolis INDIANAPOLIS Ind. September Con siderable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chi cago and Cincinnati bankers which were at first reported as having total Iv suspended. and the excitement was beightened at noon by the suspension of the private bank ing house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York, and public confidence became so shaken there was run that on a quite Ritzinger's bank and on the Indianapolis savings banks, by a class of generally small depositors. and some few persons withdrew their money from other banks The First. National Bank. instead of closing at the usual hour. kept open an hour later to give any depositor all oppor tunity to withdraw his money if he wished, and when it closed it had received more There


Article from The Wheeling Daily Intelligencer, September 26, 1873

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NO SUSPENSION OF THE ST. JOSEPII BANKS ST JOSEPH Sept. -The bankers of this city held a meeting to-day and resolved that there was no cause for a suspension on their part. They are all sound, able and willing to meet all demands on them. THE ACTION OF THE CHICAGO BANKS AP PROVED CHICAGO, Sept. 25-Despatches from the best informed sources received at the office of the Associated Press from most of the principal cities in Illinois and Iowa in reference to the present trouble here and in the East, concur in saying that the action of the Cuicago banks in following the course of the New York banks in sus. pending the payment of large amounts of currency is almost universally sustained and commended by bankers and business men as wise and timely and calculated to arrest the panic and pave the way to re; lief from the present difficulties. A meeting was held this evening a Rock Island, Ill., of the officers of the banks of that city, Davenport, Iowa, and Mohne, Ill. and it was agreed to restrict the payment of currency to checks of $100 or less for the present There is, however, no point heard from of any apparent panic or lack of confidence among any class of the community. HEALTHY STATE OF THINGS IN LOUISVILLE LOUISVILLE, Sept. 25.-The Courier. Journal of this morning contained several columns of the interviews of its reporters with the bankers of this city, giving a complete resume of valuable opinion as to their financial condition and the ef fect of the New York failures. These business interview, showed an entirely healthy and conservative condition of at fairs. Not a dollar is now loaned by bankers for anything with the look of speculation, and the disposition is to guard the depositors to the extent of their ability. The Courier-Journal of to-morrow will contain several columns of interviews with leading pork men, who, having a light stock this season and legitimate pleas at the bank counters, have no fears of any shading of their usual business. Every one of them is preparing to kill the usual number of hogs. Interviews with leading whisky concerns will also appear, showing a perfectly easy feeling, the only change being the orders from country distillers to sell only for cash. LETTER FROM CHARLESTON, S C. CHARLESTON, S. C., Sept. 25.-The money stringency is increasing. There has been no run upon the banks. The Charleston branch of the National Freedmens' Savings Bank is exacting 60 days notice from depositors, but all of the local banks are paying as usual. SUSPENSION OF A SAVINGS BANK AT SELMA SELMA, ALA., Sept. 25.-The Selma Savings Bank suspended to-day. Its as sets are believed to be ample to pay all its debts and liabilities and to save its capital stock nearly entire. EXCITEMENT DIMINISITING AT SAVANNAH SAVANNAH GA. Sept. 25.-The run on the Savannah Bank and Trust Company has ceased: that on the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. The other banks are proceed ing as usual and the excitement is dimin ishing. A meeting of the Chamber of Commerce to consider the state of affairs called for this evening RETURN OF THE PRESIDENT TO WASHING TON-CONFERENCE WITH SECRETARY RICHARDION-NO FURTHER DRAFTS ON HE TREASURY. WASHINGTON, Sept. 25. - President Grant and family arrived here this even ing, and immediately proceeded to the Executive Mansion. About eight o'clock Secretary Richardson called, and for more than an hour he and the President talked over the financial situation. They came to the conclusion that all the relief necessary had been afforded by the Treas. ury for the legitimate business of the country Consequently the Treasury will pay out no more currency than may be re quired in its ordinary disbursements That it will at present buy no more ling exchange or bonds. This information comes from an official source. The President and Secretary of the Treasury are satisfied that they have done all in their power legitimately to relieve the distress by the use of money accumulated in the Treasury. In the purchase of bonds not one dollar of the $44,000,000 reserve has been drawn or used by the Secretary, al though he repeats that he will use it to a very limited extent if it should become necessary to do SQ, not for the purpose of inflating the currency, but to pay ordinary expenses with the intention of restoring the amount as soon as circumstances will allow. The decision of the President and Secretary of the Treasury disposes of the report that the payment of the No vember interest, and the redemption of the January bonds would be anticipated. There is no such intention. NEW YORK Sept. 25 -A financial article of the Times says that outside of the working of the business at the banks, the stock brokers have made important progress in adjusting among themselves the suspended contracts of last week The Governing Committe have arranged for an informal comparison, and as far as practicable, clearance of the remaining contract to-morrow. of course as long as the Exchange remains closed, such clearances cannot be forced. But much good will be accomplished by ascertaining, as far as possible, the magnitude of the deficiencies yet in the wany of resuming regular business. The general feeling, however, is 'not impatient as to the time of opening the Exchange, espedally as the future means and medium of clearing stocks are yet undetermined. NEW HAVEN, Sept. 25.-It appears that A. J. Hine, Cashier of the National Bank of Ansoria, has been using the funds of the bank for speculation and the surplus of $40,000 is all gone. Hine also loses private fortune. The full extent of the not yet ascertained. The bank supposed to be solvent. NEW YORK Sept 25.-The Times, to


Article from The Wheeling Daily Intelligencer, September 26, 1873

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EXCITEMENT AND SUSPENSIONS AT MEMPHIS. MEMPHIS, Sept.25.-Thereis great excitement in this city on account of the suspension of banks, caused by their inability to realize on securities in New York. The following named banks have closed up to-day First National Bank, De Soto Bank. It is reported that the Freedmen's Savings Bank and Trust Co. have a heavy run. It is expected that all will resume after the panic subsides. The excitement at present is intense. PAYMENT OF JANUARY INTEREST NOT TO BE ANTICIPATED NEW YORK, Sept. 25.-Secretary Richardson declines to anticipate the payment of the interest on bonds due December and January next. SHIPMENT OF GOLD FROM ENGLAND. LONDON, Sept. 25.-One hundred and eighty-five thousand pounds bullion was shipped from Liverpool for New York to day. The daily News believes the financial panic in New York will possibly lead to resumption of specie payment. The meeting called by President Watson to consider the affairs of the Erie Railroad Company took place o-day and was attended by thousands of persons, many Americans being present. The meeting is described as having been stormy Resolutions of thanks to Watson were adopted, and the names of Bischoftsheim and Henry were greeted with a stream of mingled hisses and cheers Watson, in explanation of the affairs of the Company, said there was some apparent dubiousness about itsaccounts, but he believed they were correct; and that they wanted $30,000,000 immediately to finish the improvements already commenced and lay the third rail. RUN ON BANKS AT BAVANNAH SAVANNAH, Sept. 25.-A run commenced this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated, and the banks are paying dollar for dollar. Business is at a complete stand still for the want of currency WASHINGTON SAVINGS BANKS. WASHINGTON, Sept. -The Washington City Savings Bank announces that will require sixty days notice for the payment of deposits in accordance with the provision in its charter The Navy Department is paying all of its employes to day in anticipation of the usual pay day, in order to lessen the stringency of themoney market cansed by the scarcity of currency 0 THE STOPPAGE OF BOND PURCHASES. NEW YORK, Sept. 5-The stocks advertised for sale at auction to-day have been withdrawn The Express says "The announcement that the government has stopped buying bonds caused deep disappoinment to-day. No little indignation was expressed against Secretary Richardson for his decision. Yesterday reports were current that the government would stop buying, and we were induced by the Treasury office to denounce the report as malicious. The advance in the Bank of England rate to 4 per cent is the natural result of the shipment of gold this morning. GOLD AND STOCKS. Gold opened firm at 111 owing to the the advance on the Bank of England rate, but afterwards declined to 1111, and still later rallied to 111 when it was announced from Washington that bonds of 1874 would not be anticipated by the Treasury. The rates paid for carrying ranged from flat to 6 per cent The crowd in Broad street shows a material decrease, and few transactions stock have been consummated. Prices are marked up and down, according to the views of parties, and no fair quotations can be obtained. The prices are as nearly as possible to these, current New York Central. 89a91; Cleveland, Co lumbus & Indiana Central, 21a21; Union Pacific, 19a20: Lake Shore, 74a75: Ohio& Mississippi, 22a28; Pacific Mail 29a80: Northwestern, 39a41: Rock Island, 85a 85; Western Union Telegraph, 56a58; Harlem 105, blank; Wabash, 39a4e The governing committee of the Stock Exchange will meet at 7 P. M. STRINGENCY AT CHARLESTON, S. C, INTER FERING WITH TRADE. CHARLESTON. S. C., Sept.; 25.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but there is difficul ty in negotiating. Exchange stops sales, and relief from that source is slow in coming in: Factors would at the moment accept low rates for most articles of produce Paper falling due is renewed in full, or with small credit on account Creditors are disposed to be indulgent No failures have been reported. The banks pay checks as usual, and there has not been the first symptom of a run. MORE HOPEFUL FEELING IN PHILADELPHIA. PHILADELPHIA, Sept 25.-A more hopeful feeling exists among the merchants, and the prices of goods continue very steady. Third street 18 quiet. All the National Banks, Savings Banks, and such of the State Banks as did not sus-pend continue business in the usual manner. The Board of Brokers has adopted a resolution that until otherwise ordered certified checks or due bills in any of the associated banks will be received in settlement of contracts between members of the Board. SUGGESTION-FROM SECRETARY RICHARDSON. NEW YORK, Sept. 25.-A Washington dispatch says Secretary Richardson has stated that it would be a good policy for all banks to suspend further currency payments. EXTRA SESSION OF CONGRESS It is rumored that the President has been advised to call an extra session of Congress. THE COMMERCIAL TONK IN CINCINNATI. CINCINNATI, Sept. -The market everything this morning is entirely nomi-


Article from Nashville Union and American, September 26, 1873

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Let and compel currency to seek this market." Clearing House certificates at the rate of 75 cents on the dollar will be issued on col latterals deposited by the banks, and certifled checks or Clearing House certificates will be used instead of currency. Indianapolis Unappalled. INDIANAPOLIS, Sept. 25 Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, and this excitement heightened at noon by the suspension of the private banking house of Wallen, Webb & Co., owing mainly to the return ot their drafts on the suspended Trust Company of New York, and public confidence a became so shaken that there was quite heavy run on Ritzinger's Bank and on the of Indianapolis Savings banks by a class generally small depositors, and some few persons withdrew their money from other banks. The First National 1Bank instead of closing at the usual hour kept open an hour later to give any depositor an opportunity to withdraw his money if he wished, and when it closed it had received more money than it had paid out The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement seems to have sent home the crowds who thronged the streets until after the banks had closed, in better state of feeling anditisnotnow anticapted there will be any further trouble. The banks previous to the excitement had after a conference together, decided to go abead in the usual way, and this determination will still be followed Washington Washing WASHINGTON, Sept. 25 The it ton City Savings Bank announces that wiii require sixty days' notice for payments of depositors, in accordance with a provision in its charter. Several bankers of this city called on Secretary Richardson to-day for the pur pose of obtaining currency to meet their demands, bat though bonds were offered here, of no purchases were made. The employes the several departments are being paid off at the request of Gov. Shepherd, for the purpose of leasing the market in this district. Richmond Simmers Down. RICHMOND, VA., Sept. 25.-The panic has subsided, ended, and there is no visible excitement on the sreets. The bank officers. to this morning, unanimous resolved adopt the system of issuing loan certificates &S now in operation in New York, Philadelphia and Baltimore, so as to give relief to the community The reported failure of McElvain & Co., Petersburg, is scontradicted South Carolina- Cotton Immovable CHARLESTON, Sept. 24.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but the difficulty in negoti ating exchange stops sales, and relief from that source is slow in coming. Factors would at moment accept the low rates for most articles of produce. Paper falling due is renewed in full, or with small payment on account, and creditors are disposed to be indulgent. No failures have been reported The banks pay checks as usual, and there has not been the first symptoms of a run. Savannah. SAVANNAH, Sept. 25 A run commenced early this morning on the Savings Department of the Savannah Bank and Trust Company of the Southern Bank of Georgia. Large crowds are congregated The banks are paying dollar for dollar. Business is a a complete standstill for want of currency. The run on Savannah Bank and Trust Company has ceased. That on the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. Others are proceeding as usual, and all excitement is diminish ing. A meeting of the Chamber of Commerce to cosider the state of affairs is called for this evening. Augusta. AUGUSTA, Sept. 25 The National Ex. change Bank, Merchants & Planters' Na tional Bank, of Augusts, and the Planters Loan and Savings banks have suspended The run on the banks has been heavy, especially this morning. Cotton is coming in freely, but there is no money to move it. Business here is blocked. Cotton market suspended operations, aud there is no currency to buy cotton. The First Nation al Bank paid out as usual. Suspended banks have ample assets and will meet their liabilities when the pressure lightens up There have been no suspensions among business men. At large meeting which the merchants held at the Exchange rooms, committee was appointed to wait upon the Directors of the Georgia Railroad and Banking Company and other banks, and request them to issue some medium ot exchange to bridge over the present crisis. The banking house of Coohens & Sons suspended. Assets are ample. No market for best securities even at sacrifice. Selma. SELMA, ALA., Sept. .-Savings bank suspended to-day. Assets believed to be ample to pay all its debts and liabilities, and to save the capital stock. Atlanta. ATLANTA, GA., Sept., The Dollar Savings Bank of this city, suspended to day. Ample securities. Memphis MEMPHIS, Sept. The great excitement in this city on account of the suspenre. sion of the banks caused by inability to alize on securities in New York. The fol lowing named banks have closed to day: is First National Bank, DeSoto Bank and it reported the Freedmen's Savings Bank and Trust Company, with a heavy run on the others. It is expected that all will reopen after the panic subsides. The excitement at present is intense. The panic in New York and consequent failure of some banks to respond to the ca of for currency, occasioned the suspension the First National Bank of this city this morning, which was followed by a run on all banks, and led to the suspension of the DeSoto within an hour. The run contin ued several hours. It is rum ored to-night that one or two of the smaller banks are in deep water, and that other failures will occur to-morrow. The suspensions were seemingly from want of currency, and both concerns claim assets largely in excess of liabilities. The collections and general business of the two banks were turned over to the State National Bank, which suffered no run and is believed to have been solvent. The run on the Union and Planters' ceased at M., after which hour it received deposits of nearly two-thirds of the sum drawn out. New Haven. NEW HAVEN, CONN., Sept. 25.-The managers of the Savings banks of this city have voted at prudent to require notice of


Article from The Daily Dispatch, September 26, 1873

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SAVANNAH, GA, September 25.-A run commenced early this morning on the sayings departments of the Savannahi Bank and Trust Company and: the Southern Bank of Georgia. They are paying dollar for dollar. Business is ut a complete e standstill for lack of allergic erranda are convent d bank The run TO the Signaturate Bank and Trust


Article from The Daily Phoenix, September 26, 1873

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stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.


Article from The New York Herald, September 26, 1873

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A Run on Banks at Savannah. SAVANNAH, Ga., Sept 25, 1873. A run commenced early this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for want of currency.


Article from Chicago Daily Tribune, September 26, 1873

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SAVANAH. SAVANNAH, Gn., Sept. 25.-The run on the Savannah Bank and Trust Company have ceased ; that on the Bank of Georgia continued up to the hour of closing. Both are thought to be fully able to meet all demands. The other banks are proceeding as usual, and the oxcitement is diminishing. A meeting of the Chamber of Commerco, to consider the state of affairs, is called for this evening.


Article from Wood County Reporter, October 2, 1873

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ther currency payments. It was rumored, in Washington, on the 25th, that the President had been advised to call an extra session of Congress. A dispatch from St. Louis, of the 25th, says that the banks of that city had held a meeting on the evening of that day, and resolved to adopt the plan of issuing Clearing-House certificates. A Newark (N. J.) telegram of the 25th announced that the State Bank of New Brunswick had suspended. This is the bank that was crippled by the irregularities of Appleton, the Cashier. A dispatch from Nashville, Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th, says that the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially susper led payment on the 25th, according to a dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had suspended: National Exchange, the Merchants' and Planters' National, the Planters' Loan and Savings Bank, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company, and the Southern Bank of Georgia. A Detroit dispatch of the 25th announces that the schooner W. J. Whaling had been beached at Grand Haven, Michigan, on the forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. A Wapello, Iowa, dispatch of the 25th says that on the afternoon of that day Professor


Article from Dodgeville Chronicle, October 3, 1873

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largery to the actual scarcity of money, an were from d. world and the n in Earnest appeals commercial there particular. grevious complaints Produce had been Exchange the mad grea a to the Government for relief, and resolution d been by the y to the Trrasury cur suggesting had adopted Produce the issue Exchange of to the banks and or e that gold had been deposited to evidence in rency the Bank of England bankers the credit of the United States to be used only d in buying exchange. The breadstuffs market was still under the influence of the block in exchange. d A Washington dispatch of the 25th says that the President had returned to that city permaAt a consultation held between the the of the and the the President, nently. Attorney-General, Secretary latter Treasury be officer redeemed held of 1874 could not before maturity. It was dethe could no cided legally that the that bonds Treasury take market, therefore further except steps to relieve the New York as it was affected by the regular trans actions of the Department. Dr. Leiderman, the Director of the Bureau of the Mint, had predicted that the effect of this stock panic would be to hasten the sumption of specie payments. He said that within a month, it was his belief, that silver and gold coin would be a medium of circulaat rates. In had ordered the mints to result tion he currency anticipation largely of this increase the coinage,a thatmore bullion would be coined during the next three months than at any previous time in the same period. Secretary Richardson had stated that it would for all the banks to suspend payments. be further good currency policy the was President rumored in Washington, on the 25th, that had been advised to call an extra session of Congress. A dispatch from St. Louis of the 25th says that the banks of that city had held a meeting on the evening of that day and resolved to adopt the plan of issuing Clearing-House certificates. A Newark, N. J., telegram of the 25th nounced that the State Bank of New Brunswick had suspended. This is the bank that was crippled by the irregularities of Appleton, the cashier. A dispatch from Nashville, Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th the Bank of Selma suspended of an run by says in consequence Savings extraordinary had depositors. All the banks of New Orleans partially suspended payment on the 25th, according to dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had susNational Exchange, the Merchants' National, the pended: and Planters' Planters' the Loan Savings banks, of Augusta, Ga.; Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company and the Southern Bank of Georgia. Detroit dispatch of the 25th announced Schooner W. J. been at Green Haven, on the beached that A the Whaling Michigan, had forenoon of that day. Vessel and cargo were a total loss. Two of the crew were drowned. A Wapello, Iowa, dispatch of the 25th says that on the afternoon of that day Professor Boley made an ascent from the fair ground that place in his hot-air balloon. Just as the left the ground it took He had not secured on bar on which mouth. balloon the horizontal he his fire stands, footing did near not but the hanging by his hands, and see the fire until he was too to but hung on parently went let go up with safety, until high he hun- had an altitude of twelve or fifteen when the canvas at the mouth, from which hoop dred reached feet, that fell, he held was reaching sus- the pended, burned away, and he the earth a quarter of a mile from the point of starting. His body was frightfully man- hard gled, the fall driving his legs into the ground up to the knees. Life was extinct. A dispatch from Shreveport, La., of the 25th, says the fever which seemed to have abated on the preceding day had broken out with renewed violence. The interments numbered twenty-two. Inter-State Industrial Exposition was opened at Chicago on of formally The the thoroughly evening the 25th. The huge structure was 20,000 It was estimated that fully were in attendance. were made by U. S. persons packed. speeches others. Senator Dedicatory Logan, ex-Governor Oglesby, and New York dispatches of the 26th say that better feeling prevailed in that city on that in to finances. Henry Clews & Co and & Howes had proposed to day Macey regard accounts, their deto resume business on new the old to be settled as positors leaving securities upward can be negotiated. Gold had taken an turn. At one period during the day it had but it subsequently receded and closed at 113% More in Western as reached been 1131/2014 developed 1141/2, produce. activity low Prime had day sterling had sold as sight 104; commercial days, and 103 for bankers' 102 103, for and sixty sixty bills sight. at shape. 101@ The banks had cleared early and in good There had been few sales of stock, but the quotations were not considered reliable. The city had been drained of money at a lively rate The express companies had been carrying away currency at the rate of $2,000,000 day for nearly a week. It was rumored that Fisk & Hatch had perfected arrangements to resume at an early day. A Philadelphia dispatch of the 20th says in bankruptcy had been comJay Cooke of that firm lished proceedings menced statement against & Co. shows The liabilities pubof $7,939,409; assets, $15,966,211. from 26th liabilities of the National A dispatch that the Washington First of the Bank, says of that city, are about $1,250,000, of which $800,000 is due other National Banks. Its assets are not given. 26th was Chicago's Friday." The the Second the National, Cook NaManufacturers' Union The National, of National, County Commerce, tional, and the National Bank all closed their doors on the morning of that day. The Board of Trade of that city had adopted a resolution prohibiting dealing in for the present, on the ground dealings had a that grain such options tendency monetary to depress situprices. In view of the present and the difficulty of drawing city dethe Board of Public suspend work on ation, to posits, temporarily Works all had sewer A decided improvements not actually commenced. meethold


Article from Iowa Voter, October 9, 1873

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The South. A Memphis dispatch of the 25th says that the First National and De Soto banks, of that city, had closed their doors. A dispatch from Nashville, Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th, says the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially suspended payment on the 25th, according to a dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had suspended: National Exchange, the Merchants' and Planters' National, the Planters' Loan and Savings Banks, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.; Savannah Bank and Trust Company, and the Southern Bank of Georgia. A dispatch from Shreveport, La., of the 25th, says the fever, which seemed to have abated on the preceding day, had broken out with renewed violence. The interments numbered twenty-two. A dispatch from Shreveport, La., of the 29th says that within the last four days several of the most prominent and useful citizens of that city had fallen victims to the epidemic. The dispatch adds: "The population has been fearfully thinned out by sickness and death. We no longer have funerals. The hearses, followed by one or two carriages, dash through the streets like a section of artillery in a battle seeking a position. A few men are drummed up, the coffins shoved into the hearse, and driven rapidly to the cemetery. This is the case even with the most prominent citizens. The Howards have opened an orphan asylum, and are feeding about two-thirds of the resident population. There are fewer deaths and new cases, because there are fewer people." A Jackson, Miss., dispatch of the 29th says Governor Powers, acting under the advice of Attorney-General Morris, had issued a proclamation postponing the State election. The Governor says that he will convene the Legislature in extraordinary session as soon as possible. The Pilot, the State organ, has pronounced the Governor's movement incendiary, and calculated to lead to revolution and anarchy. A dispatch from Marshall, Texas, of the 30th, says that the yellow fever had made its appearance in that place.


Article from The Redwood Gazette, October 9, 1873

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Federal, State, county or musicipal governments; opposes the present tariffs; favors taking solvent debts: favors the eight-hour law; opposed to Chinese immigration, and also opposed to the election of the President more than one term of four years. The last resolution indorses the stand taken by Governor Booth in behalf of popular rights against the encroachments of politicians and railway corporations. A dispatch from Deaver, Col., states that over vo-thirds of the mining town of Fairplay, Col., had been consumed on he 26th. All the stores, printing offices, the United States land office, post office, express office, als and other business places, three exceptions, had been utterly destroyed. The Right Rev. Geo. M. Randall, Episcopal Bishop of Colorado New Mexico and Wyoming, died at Denver, Colorado, on the 28th, of typhold pneumonia. The Third National Bank, of Chicago, closed its doors on the 27th. The Cook County National, one of the suspended banks of that city, had announced its resumption. The Manufacturers' and Second National banks had decided to go into liquidation. The Union National, the first of the Chicago banks that closed its doors, had announced its assets at $5,600,000, and its liabilities at $4,300,000. and given notice of its speedy resumption of business. The Clearing-Ho Association met on the evening of the 27th, and after an animated discussion resolved not to issue ClearHouse certificates. A dispatch from St. Louis of the 27th says that the rear wall of the five-story warehouse, on the corner of Second and Chestnut streets, had fallen, opening gap in the building fifty feet wide from the ground to the roof. One man had been killed and two seriously injured. In Chicago, on the 29th, business had resumed very nearly its normal condition. Three of the suspended banks had resumed business and were receiving deposits and paying out on checks as before the panic. Over $3,000,000 currency had been received during the preceding forty-eight hours. Traffic had fallen off on the various lines of railroad, and a large number of trains had been drawn off, and many men discharged. A St. Louis dispatch of the 29th says that while Joseph H. Fore, who attempted to kill his wife, on the 4th of June last, was being tried in that city on the 29th for that offense, hethrew heavy cut glass inkstand at his wife as she was giving in her testimony. The missile missed her, but struck her counsel full in the forehead, inflicting an ugly and danger wound. At a late hour on the night of the 29th the Union National Bank of Chicago, which had resumed business on that morning, and during the day had paid out $400,000, decided to go into liquidation, under the provisions of Sec. 42 of the National Currency Act. A call has been issued for a Northwestern Farmers' Convention, to meet at Chicago on the 22d of October, to consist of delegates from Granges and farmers' organizations. The South. A dispatch from Richmond, Va., of the 23d, says that the Merchants' National, the Planters', the Mechanics', the Peoples', the First National, and the Citizens' banks, of Petersburg, had suspended. A Baltimere telegram of the 24th announced that all the banks of that city had stopped currency payment. Brown, Lancaster & Cowell, agents of the Chesapeak and Ohio Railway, having houses in Baltimore, New York and Richmond, had also suspended. A Little Rock, Ark., dispatch of the 24th says the money panic in that city continued, caused not 80 much by Eastern financial complications as by the refusal of the city banks to take the shinplasters that have been current there. A dispatch from Richmond, Va., says that the Richmond Dollar Savings Bank had suspended, and that Taylor & Williams, bankers, had failed. A dispatch to the Associated Press, from Brownsville, Texas, of September 24, says that a series of butcheries and robberies had recently been committed in Mexico, the victime every case being Americans. The perpetrators of these crimes were arrested, and their guilt fully established, yet not one of them had been punished, the authorities being either indifferent or powerless. The facts had been reported by the Consuls to Washington, in the hopes that redress would be demanded. A Memphis dispatch of the 25th says that the First National and De Soto banks, of that city, had closed their doors. A dispatch from Nashville Tenn., says that the National Banks of that city had suspended currency payments on all balances exceeding $200. A dispatch from Selma, Ala., of the 25th. says the Savings Bank of Selma had suspended in consequence of an extraordinary run by depositors. All the banks of New Orleans partially suspended payment on the 25th, according to a dispatch from that city. The suspension was to remain in force for thirty days. Telegrams from various cities in Georgia, of the 25th, say the following banks had suspended: National Exchange, the Merchants' and Planters' National, the Planters' Loan and Savings Banks, of Augusta, Ga.; the Dollar Savings Bank, of Atlanta, Ga.: Savannah Bank and Trust Company, and the South ern Bank of Georgia. A dispatch from Shreveport, La., of the 25th, says the fever, which seemed to have abated on the preceding day, had broken out with renewed violence. The interments numbered twenty-two. A dispatch from Shreveport, La., of the 29th says that within the last four days sever al of the most prominent and useful citizens of that city had fallen victims to the epidemic. The dispatch adds: "The population has been fearfully thinned out by sickness and death We no longer have funerals. The hearses, followed by one or two carriages, dash through the streets like a section of artillery in a battle seeking position. A few men are drummed up, the coffins shoved into the hearse, and driven rapidly to the cemetery. This is the case even with the most prominent citizens. The Howards have opened an orphan asylum, and are feeding about two-thirds of the resident population. There are fewer deaths and new cases, because there are fewer people.' A Jackson, Miss., dispatch of the 29th says Governor Powers, acting under the advice of Attorney-General Morris, had issued proclamation postponing the State election. The Governor says that he will convene the Legislature in extraordinary session as soon as possible. The Pilot, the State organ, has pronounced the Governor's movement incendiary, and calculated to lead to revolution and anarchy.