The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-23
THE FINANCIAL PANIC.
LIST or FAILURES.

The excitement in Wall street on Sat
urday was undated, Early in the day the
Union Trust company, the National Trust
company, and the Bank of the Common
wealth suspended, and before the closing
of the Stock Exchange at noon, their action
was followed by the suspension of thirteen
private firms. The following ia list Of
the failures thus far:
New York Warehousing and Security Co
Eclectic insurance Co KENYON. Cox &
Co Jay Cooke & Co Fisk & Hatch
White, Defreitas & Rathbone Beers &
Edwards, Eugene J jackson. Thomas Reed
& Co; W A Warren George Bolton,
Alley & Co; Grecnlcaf, Norris Il Co:
Theodore Berdcll A NJ Kidder & Co: 5
II Smith \ Scaver, Day & Morse Hay x
Warner Ncrnan & Hoy Fitch & Co:
W f Conner Whittemoro & Anderson
Jacob Little & Co i ID Randolph & Co
G G White ~ Co Kctchum IL Bclknap
Williams & Bostwcll Miller IL Walsh
L IIaight & Co; Lawrence Joseph p NJ
Myers Il Co: Taussig. Fisher & Co
Fearing Il Dclcngcr C G White Mar
vim * Brothers Union Trust company
National Trust company Bank Of the
Commonwealth Brown. Wadswortl, &
Co
PHILADELPHIA FAILURES.
Il W Clarke & Co De Haven X Bro.
Gclbough, Bond q Go. George II North
j 5 & II l. Ycrkes Charles p Bayard
John p Lloyd Henry II IIoughton II
II Bull; T G Knight Henry l. Fell
Union Bank Go.
IS OTHER CITIES.
I Squire 4 Co.. bankers, Albany
Franklin Bank Co.. Chicago: Horace,
Conn, leather manufacturer, Wobuln.
Mass II J Morse & Co., bankers. Toron-
to, Canada Powell d Co , bankers. vii.
Transport Pa. Tausig, Comp & Co.. st.
Louis.
Several of these houses have heretofore
been considered strong, and among them
the most conservative on the street. Fortu-
natcly, none of the savings banks have
been embarrassed, and consequently the
poor AMI Woodworking GLASSES have not
suffered
On Saturday baseess rumors were circu-
lated in regard to the standing OF some of
the most responsible banks, the only effect
of which was to add to the general excite
mcnt aiid to impair confidence in sUh ent
institutions. The action of the associated
banks in issuing ten millions of certificates,
negotiable between themselves through the
Clearing house as cash. virtually adds that
much to their cash capital, and will 60 far
to counteract the influence of the panic.
A few of the larger institutions which
have suspended held outside accounts, but
these are not generally believed to be sufIl-
cient in number or large enough in amount
to produce many failures throughout the
country.
If men get frightened and runs are made
upon banks, some of them may think it
wise to suspend, but suspension does not
necessarily mean failure. A man having
large amount of United States bonds
would be foolish to sacrifice them at half
their value merely because frightened de.
positors wanted their money to carry about
in their pockets until the excitement had
subsidized. The creditors themselves would
be better off to wait few weeks until the
banks could realize upon their securities
and pay in full than to force the institu.
tons into bankruptcy, and then get only
sixty or seventy cents on the dollar, because
securities of real value had to be sacrificed.
While there may be few more failures,
it is hoped and believed thai the worst is
passed The excitement has been intense.
one broker named Bonner having gone so
far as to throw himself from ferry boat
into the East River.