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A Charlottesville Bank Closed. CHARLOTTESVILLE, VA., May 19.-The banking house of Brennan & Co. closed to-day with the following notice upon the doors: "The circumstances surrounding the bank are such that it is thought best to suspend for a few days." It is thought that the depositors are safe, being secured by the large landed estate of the Brennans.
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FINANCIAL. The Situation on Wall Street, New York -Failures Elsewhere Reported. WALL STREET, May 19.-W. B. Scott & Co. have just announced their suspension at the Exchange. WALL ST., May 19.-C. C. Baldwin has resigned as president of the Louisville & Nashville Railroad Co. The committee has audited the company's accounts and all reports of defalcation and embezzlements of its funds or misappropriation of securities are officially announced without foundation. At a meeting of the board of directors this afternoon, the resignation was accepted and Mr. Rogers of Rogers' locomotive works was elected in his place. Baldwin still remains as director and member of the finance committee. Grant & Ward's Failure. NEW YORK, May 19.-In the cases of Morris vs. Grant & Ward, Ferdinand Ward testified today, that in his transactions with City Chamberlain Tappan, the following receipt was given: "Received from Mr Tappan $50,000 which we GRANT & WARD." agree to return. He would take money for 30 days usually. If the profits amounted to $3000 he gave a due bill for the amount and when he took money from parties to make these investments he told them that others were interested. He was eertain that he told Warner & Tappan this. Notes of the firm of Grant & Ward to the amount of $1,300,000 were endorsed by James D. Fish. These notes heissued to Mr. Tappan and others to get-money on them. He considered the making of these notes as contract bus iness. Fish divided his profits with Bingham of the Marine Bank, Tappan and others. Mr. Ward stated that he had been actually supplied by Fish with money and that the Marine Bank had furnished money by discounting his notes. Fisk got them discounted at other places. Tappan and Warner both furnished money but he could not tell how much. He received money from Mr. Work and gave him certificates. He denied that be paid Mr. Work a percentage to get him into the scheme. A check for $274,000 drawn by him April 17, 1884, to the order of Mr. Tappan he did not remember anything about. He had a special account at the Marine Bank to represent the contract business with Fisk. Fisk was only interested in part of the contracts. The notes made by the firm and endorsed by Mr. Fisk were charged to the "contract" account. With each of the others in the scheme he kept a separate account on slips of paper. CHARLOTTESVILLE, Va., May 19.-The bank' ing house of Brennan & Co., closed to-day. It is thought that the depositors are safe. ERIE, Pa., May 19.-The Erie County Savings bank of this city, suspended this morning. Its capital is $150,000, and its liabilities $300,000. It is said that the president has been dealing in oil. He has left the city. LAPORTE, Ind., May 19.-The City Exchange Bank made an assignment on Saturday, owing to the failure of {Donnell, Lawson & Simpson of New York. Their liabilities are $36,000; assets $21,000. F ailure of the Planters' & Mechanics' Bank of Petersburg, Va. PETERSBURG, Va., May 19.-The Planters' & Mechanics' Bank this morning temporarily suspended operations. The following notice, signed by the board of directors and president of the bank was posted on the door: Owing to the stringency in the money market, caused in great part by the present financial crisis, this bank is forced temporarily to suspend operations. A statement of the condition of the bank is now being prepared, which is to be made public as soon as possible, and we feel assured it will prove satisfactory. The bank is believed to be perfectly solvent, and able to pay every cent it owes.
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CHARLOTTESVILLE. Pastor Called-No Freight Trains on Sunday-Suspension of Brennan & Co. [Correspondence of the Richmond Dispatch.] MAY 19, 1884. At the Baptist church yesterday morning the church, in special session, extended a call to Rev. John B. Turpin, of Warrenton, Va., and a committee was appointed to notify said gentleman of this action. For the first time since the passage of the law on the subject, no freight trains were run out from this point yesterday between sunrise and sunset. The unusual quiet of the Sabbath was most grateful to the citizens. The banking-house of Brennan & Co. did not open their doors this morning. It is impossible at this writing to get anything definite as to the cause of suspension. It is reported that they were unable to withstand heavy drafts from northern correspondents. It is believed that they will be enabled to make good all deposits. The depositors are secured by deed of trust on real estate valued at $100,000. It is not thought that this suspension will in any degree affect the other two banks. There is no excitement of any consequence here, and the probability is that there will be no uneasiness created as to the safety of deposits in this or the other banks. QUIP.
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SUSPENDED BANKS-The Erie county Savings bank of Erie, Pa., and the banking house of Brennan & Co., of Charlottesville, Va., suspended yesterday. Application has been made in New Jersey for an order to require President Dodd, of the Newark savings bank, to show cause why he should not be punished for disobedience of the order of the court of chancery in removing the bank's assets out of the state.
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EMBARRASSMENTS IN BUSINESS. LOUISVILLE, Ky., May 20.-Otis Gage & Co., dealers in agricultural implements, assigned to-day. Their liabilities are not known, but it is thought that they are covered by the assets. The assignment was forced on the firm by a suit for $3,000 filed against them for accounts. CHARLOTTESVILLE, Va., May 20.-In arranging the affairs of Brennan & Co., bankers, negotiations are pending whereby the People's National Bank, of this place, will take charge of the assets and pay off the liabilities, if a mortgage on B. H. Brennan's farm for $40,000 will cover the deficit, which is not yet definitely known. BOSTON, May 20.-H. E. Woodward & Co., wholesale fish dealers at Fort Hill Wharf, have failed. They made an assignment to their bookkeeper. BOSTON, May 20.-Olmstead & Conant, grain dealers in State-st., and the Standard Pipe Company, dealers in stove-pipe, etc., have failed.
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The Planters and Mechanics' Bank of Petersburg, Va, suspended payment and closed its doors on the morning of the 19th inst., half an hour after open. ing for business. On the same day the banking-honse of Brennan & Co., at Charlottesville closed. The liabilities of the latter are about $100,000, with a depositor's lien on very valuable real estate as security. The Erie County Sav. ings Bank of Erie, Pannsylvania, suspended on Monday morning last. Its capital is $150,000 and its liabilities $300,000. It is said that the president has been dabbling in oil. The City Ex. change Bank of Laporte, Indiana, made an assignment on Saturday owing to the failure of Donnell, Lawson & Simpson. Liabilities $36,000, assets $21.000. PETERSBURO, Va., May 20.-The board of directors of the Planters and Mech anics' Bank bave decided not to reopen the bank, and on Tuesday last made an assignment to W. B. Mcllwaine and Robt. Gilliam for the benefit of its creditors. The deed is an equitable one, no preference being given to any one creditor over another. Until the statement of the condition of the bank, now being prepared, is completed, no definite information as to assets or liabilities can be given. The depositors, however, it is believed, will get the larger portion of their money. CATHOLIC COLLEGE.-Mr. J.D. Kingsley, Sec'y, Holy Cross College Gymnassium, Worcester, Mass., writes: Every member of our club frankly admits that St. Jacobs Oil, the conqueror of pain, is the best cure they have ever used, and all speak of it in terms of the highest approbation. 50 cents a bottle. A Philadelphia crazy quilt has 9,000 pieces of ribbon, and required the spare time of a housewife for four years in making.
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And the Little Profits that were Found and Drowned There. The excitement caused by the failures and suspensions in New York has subsided. The strong bank men stood shoulder to shoulder and helped one another in New York; and in the main it was only the wildcat brokers that went down. It cannot be called a panic, for it did not assnme the shape of a general disaster. Yet the same causes which led to this have caused other failures during the last ten days in every part of the country. In Atlanta the famous private banking house of John James has failed-caused by Mr. James's speculations. It did not in the least cripple the other banks, and had no local effect except to cause loss to depositors. It has not caused any disaster to business at all. Several other small brokers have failed in New York. In Erie, Pennsylvania, the Erie County savings bank suspended on Monday. Brennan & Co., bankers of Charlottesville, Virginia, have suspended. The Planters' & Mechanics' bank of Petersburg, Virginia, has temporarily suspended. It is believed to be perfectly solvent. The excitement in the South was caused more by the suspension of Donnell, LawSON & Simpson, of New York, than by any other single event, Mr. Donnell is a North Carolinian and the firm were the correspondents of a large number of Southern banks. One of our North Carolina banking firms made a narrow escape-not from bankruptey-but from a serious loss by happening just at the time to be in their debt, when usually Donnell, Lawson & Simpson were their debtors. The disturbance is over. But if it had gone further it would have been the most powerful engine. against the Republican party that could be imagined. Already it is pointed out that the men who are conspicuous among the failures are conspicuous also among the advocates of the renomination of the President. A panic now would ensure Democratic victory. If the Morrison bill had passed, the howl would have been made that this had caused it. The real cause, however, lies outside of politics and congressional action. It was speculation; and such disasters will always menace our business so long as Wall street rests on a basis of stockgambling.
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beet Week's Failures. There were 183 failures and suspensions in the United States reported to Bradstreet's during the past week ending 24th, against 187 in the preceding Week and 155, :24 and 97 in the corresponding weeks of 1883, 1882 and 1881, respectively. About 73 per cent. were those of small traders whose capital was less than $5,4 000, The following were the important suspensions during the week: W. B. Scott & Co., bankers and brokers, C. McCulloch, Beecher & Co. and Benner & Pink. ney, shipping and commission, New York City; Planters' s Mechanics' bank, Petersburg, Va., Brénnan & Co., bankers, Charlottsville, Va, Ellett A. Drewry & Co., wholesale dry goods, and 8. Blanchard, wholesale grocer, Richmond, Va. : Erie County Savings bank, Erie, Pa. ; L P. Phelps, banker, Westfield, N. Y.
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Last Week's Failures. There were 183 failures and suspensions in the United States reported to Pradstreet's during the past Week ending 24th, against 187 in the preceding week and 155, 124 and 97 in the corresponding weeks of 1883, 1882 and 1881, re, spectively. About 73 per cent. were those of small traders whose capital was less than $5,4 000. The following were the important suspensions during the week: W. B. Scott & Co., bankers and brokers, C. McCulloch, Beecher & Co. and Benner & Pinkney, shipping and commission, New York City; Planters' & Mechanics' bank, Petersburg, Va.. Brennan & Co., bankers, Charlottsville, Va., Ellett A. Drewry & Co., wholesale dry goods, and S. Blanchard, wholesale grocer, Richmond, Va. ; Erie County Savings bank, Erie, Pa.; L P. Phelps, banker, Westfield, N. Y.