The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-30
THE PANIC.
Failures i'm New York Yesterdny-Heavy
Dealers in Stocks Suspend-Result of the De-
cline in New York Central.

Failures i'm New York Yesterdav-Heavy
Dealers in Stocks Suspend-Result of the De-
cline in New York Central.
From the N. Y. World Of this morning.
Three failures were officially announced yester-
day, namely:-Charles A. Meigs Son, Fuller,
Treat Cox and Julian Co. The first two of
the Oldest firms in the city, and have always done
strictly legitimate business. Mr.. Meigs and his son
receive the sympathy Of the entire mercantile com
pathzed with 1t is hoped that the failures in those
ceses will be but temporary.
and Fuller, Treat 81 Cox, were caused by the panic
in the Vanderbilt stock, especially New York Cen
tral, which dragged them down
Other failures of unimpOrtant houses were re-
ported through the day, but none officially. There
Is doubt on the market but that large number Of
firms will fail who have hitherto borne the reputation
of being standard houses.
Charles A. NIeigs IL Co.
Among the list Of failures yesterday was the firm
Of Charles A. Meigs * Co., of No so Exchange
place. This house has done business on the street
for a great number of years, and has always held
frst-class reputation among the brokers. At the
close of the series OF terrific financial contents, 1t
was impossible for them to comprehend the
true condition OF their affairs. Yesterday morn
ing the smoke OF those battles having lifted they
were apprsed of the startling fact that their house
was bankrupt. This house has suffered several
severe losses of late, but not enough to embarrass
it seriously and their credit up to the time OF the
announcement OF the failure was as good as any.
IL is not long ago that they lost 1000 at one stroke,
owing to a defalcation. OF late the firm had dealt
largely in New York Central stock, and just before
the crash had purchased large amount of that
stock at 200 or thereabOut. With large quantity
point below i5O, with slight recovery after lapse of
several days. and their previous enfeebled cond-
ton, was sure to bring ruin upon them Still, the
firm expresses a confidence that, provided their
friends are considerate with them, and allow them
short time to recover, they will yet be able to pay
all loans nearly dollar for dollar. The continual
fluctuations in Central stock yesterday had the
effect of increasing the injuries of the firm, and
several parties holding their loans for Central be-
came alarmed and sold out at once, even while the
stock was so greatly deprecated.
Lockwood II Co.
The suspension OF the large house OF Lockwood &
| Co.. No. "a Broadway, was announced at an early
hour yesterday The cause of their alleged ruin was
said TO be extensive dealing in New York Central
and other leading Stocks just before the fall They
have, it is stated, not yet had time to know their
condition in detail and the amount OF their abi-
ties cannot therefore be stated The news of their
reported failure seemed to to them did to
| the public, very suddenly. Business at this house
VAS II Is said, entirely suspended all day yesterday
| except the Strengthening OF their accounts. Their
former friends showed disposition to be easy, and
many called expressing their feelings of regret at
the sudden downfall of this once honored firm. Mr..
! Charles A; Lockwood, the senior member of the
firm, has always held high reputation Tor personal
worth and integrity, and for several years he was
| cashier or the American Exchange Bank.
Chnse, Mcclure a. Co.
1t has been asserted in the public press that Chase
| Mcclure Co. were one OF the many gold clique
| brokers. The contrary is the case. Messrs Chase,
| Mcclure Co. were concerned in dealings with a
gold clique firm, but they had entirely ceased week
efore the panic, and at the time when the crash
cured they were borrowers of s7sOOOO in gold from
q firm which is now proved to be the head OF the
| Clique movement
The Gold Exchange Bank In the Hands of n
! Receiver.
| The Gold Exchange Bank made no clearances at
| the Bank Clearing house yesterday That was In
| itself suspicious Upon inquiry at the Clearing House
1t ascertained that committee OF the house had
| been in session all the morning investigating the
| affairs OF the bank. Here was confirmation OF the
| oft-repeated rumor that the Gold Exchange Bank
was in trouble. AT the second meeting OF the Gold
| Exchange in the morning a statement was made
reporting the condition OF the bank, which still fur
ther confirmed the impression that the institution
| was not safe.
1t was said that an officer of the bank during
Tuesday night, confessed that they had paid out
several millions of dollars to parties who had
balances pending settlement before the balances
were settled but that they had done so in order that
the customers might not be involved in ruin
| Everything that had been said against the insttu
on was recalled, and all its evil deeds or shorcom
pgs were brought to light in the hour OF its adver
sity The associated bankers had offered to come tC
s assistance and help TO carry 1t over the Crisis ant
| probably would have done So had not the decree o
tne Court stayed all proceedings by placing the in
stitution in the hands of a receiver. The order wa
| issued by Judge Clerke, and appointed Mr.
Augustus Hall receiver. Now the affairs o
the bank will be wound up; IL was {
be well to understand. Its business was confined u
limited circle comparatively and not, like othe
banks, dependent upon the general community To-
sustenance. The effect OF the closing OF the banl
will not be disastrous it is believed, and II the nsti
lutton is in as good condition as has been repre-
sented 1t win soon recover from It's embarrassment
Az the investigation before the Clearing Hous
Committee II was proposed by the Gold Exchang
Bank that the other banks should advance twent.
per cent on the $4,000, 900 gold PAID by tne COD Ex
change Bank on Monday and Tuesday In the settle
ment OF their Indebtedness at the Clearing House
which would epable them Cthe Gold Exchange Bank
, TO pay of their obligations This would release tn
other securities held by the Committee OF the Clear
] ing House, and give the Gold Exchange Bank abou