The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1873-10-03

failures reported were the Union Trust
Company the cashier of which was said
10 be a defaulter 10 the amount OF S60O,OOO).
the National Trust Company. and the Ma
tional Bank of the Commonwealth. The
excitement and panic which followed
the announcement in the stock Exchange
of the suspension of these institutions were
beyond description. The Stock Exchange
rcsembled a mad-house, and the streets
were blocked with people. all laboring I'M
der great excitement and frenzy. Prices
tumbled from two 10 sixteen per
cent, and stocks were slaughtered
without any apparent regard Ia values.
President Grant and Secretary Richardson
proceeded To New York on saturday
night. and on Sunday a conference was
held with some of the leading iinmciers at
the Fifth Avenue Hotel. 10 endcavor TO ar
range some plan for governmental relief.
A proposition was made that the President
authorize the Secretary Of the Treasury 10
place S~30.000.O00 of legal reserve in the
city banks. and Commodore Vanderbilt
Offered TO add Sl0.0O0.0Oo more. This
proposition was declined. the President
stating his belief that lac had no constim-
tional power 10 afford the relief asked for
i'm this manner Ii was finally determined
that the Assistant Treasurer be instructed
10 purchase all the government bonds Of
fered for sale 10 any mount. and a. the
savings banks hold many millions of these
bonds, it was thought probable they would
sell them and deposit the proceeds in the
national banks, which would give them
relief. At Washington. on Saturday. there
were continued runs upon the Freedmen's
and City Savings Banks. but both held out.
In Philadelphia the Union Banking Com
pany suspended; in Chicago. the Franklin
Bank. and at a meeting OF the officers of
the different savings banks. il was unani-
mously resolved TO notify their depo>itors.
that they viii avail themselves of the priv
ilege given them by their charter of Civ
ing sixty days notice before paying their
depositors.
The managers of the Eastern railroads
have come To- . determination To issue re-
turn passes to stock drcvers on and after
October lst.
The Assistant Treasurer at New York
continued purchasing all the $40 bonds
that were offered by the banks on
Monday, for the purpose of easing the
money market. Both the Stock Exchange
and Gold Exchange continued closed dur
fna, tlan .Iax~ rrtY. xt-aa D naaY..I nm
the savings banks in the early part of the
day. but later a feeling of greater security
prevailed. and the crowds of depositors
dispersed. The day closed with a general
confidence that the crisis was entirely over.
On Tuesday. 23d. the New York Stock
Exchange continued closed. but the Gold
Exchange was open and regular transac-
ticns resumed. Up 10 , o'clock p. IN. the
monetary situation might have been
summed up In a sentence. coincidence l.
restored. the banks are conducting bust
ness rs usual )" but just as the street was
beginning To feel that the end OF the panic
had been reached. the painful rumor start
ed that the house of Henry Clews q Co.
had suspended payment. A. soon a the
announcement was made that the doors OF
this banking house had closed. the most
intense excitement again prevailed. only
cqualed by the first announcement of Jay
savings banks was continued moderately
throughout the day. but the time rule al
lowing the banks to require thirty days
notice on all sums over one hundred dol
lars. was generally enforced. A London
telegram announced that Jay Cooke. Nc
Culloch q Co. were throwing out drafts
drawn by the American house and which
have come to hand since the news Of their
suspension was received. a Petersburg
dispatch announces that the Merchants
National Bank. Planters and Mechanics
Bank, Peoples Bank, and First National
Bank. all Of that city. had suspended.
The Citizens Bank. although not sus-
pended, declines payment. Rumors OF
heavy commercial failures were also rife
in that city.
Ii is stated that the Pennsylvania Rail
road Company have reduced the hours OF
work for laborers and road men 10 eight
hours per day. and the pay rolls will be
reduced accordingly. The laborers. it i
said, will strike against the new rule.
Up TO noon on Wednesday. the Govern.
ment had purchased about Sl2.0O0.OC0 OF
bonds in New York City, but the financial
! crisis was apparently not yet over. Tn,
principal failures announced We're the Lon.
don house Of Clews. Habecht Il Co.. and
that of Howes q Macy, New York-bal
brought about by the suspension of Henry
Clews 4 Co. on the previous day.
At Philadelphia, sept. -. Thomas b
Parker, a wealthy retired iron merchant
Lot liz nin. nnI thnn liIlnd linanlr u.itl