Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-10-02
Two Dollars per Annum, in Advance.
WHOLE NUMBER 1886.

and that, with the exception of two or three,
owned but very little stock. This may account
for the bad management of the concern.
Messrs. jay Cooke & Co. are out with |
statement giving names of banks and banking |
houses who will pay drafts of their CORE
spondents. All drafts against deposits mace |
since the suspension will be paid on presenta- |
ton.
The National Trust Company, which sus- |
pended payment on Saturday, state that their |
liabilities do not exceed $4, 900, 900, and that
the capital and assets of the company exceed
their liabilities.
The day closes with confidence greatly i'm
proved, with a general opinion that the Crisis
is entirely over. There seems to be no reason
why all the banks should not now go along in
a quiet and regular manner:
dispatch from Philadelphla announces
subsistence of the excitement in that city. Inc
State Bank has resumed payment.
WASHINGTON, Sept. 22.-Judge Richardson
said this evening that he believed the storm
was over, and that quiet and good order
would soon be restored in financial and busl-
The President decided to-day to send $50,
600, 900 from the National Treasury here TO
Assistant Treasurer Hillhouse in New York
tonight, to enable that officer to buy all Donus
A dispatch from Pittsburgh announces the
failure of James Il. Brady d Co. and the BE-
tt is stated that the Canada Southern Rail-
way Company is seriously crippled by the
panic.
A Renewal of the Panic in Wall Street
Failure Of Henry Clews & Co.
NEW York, Sept. 23.-Wall street was quiet
this morning, but it was the calm that invaria-
BILE precedes a storm. There was no crowd
in the street, no noise none of the confusion
which has served, in the two or three days
past, to accelerate and increase the panic; but,
underneath this apparent security, there was
lurking great danger, which may yet Preclpl-
tate universal disaster. Men went to bed last
night confident that the worst was over; they
rose this morning confident in their security
The latest foreign advices helped to increase
this confidence for they spoke of ne failures,
though some distrust and an easy market;
ALI rejoiced to know that the London market
was fr1ner, American securities undamaged,
and that, while dealings on the Paris and
Frankfort bourses were limited, rates were en-
couraging-
Stock quotations in the street were better in
eyery instance than they had been on the
close of Saturdays operations on the Ex-
change.
Savings banks officials were in good spirits,
and few runs were reported.
In the Gold Room the price of gold was
placed at 112 rate much lower than was ex-
pected to be established, and settlements were
easy
Stock brokers were much relieved by Jay
Gould's settlement, through his brokers, OF
5000 shares of stock at reasonable rates,
which bankrupted nobody and relieved every
body.
But. while there Was all this cheerful outside
| appearance of the crisis which had seemed to
be impending, and encouraged people to hope
| that the panic was over, there were events oc-
| curing that showed how futile was the wish
Early IN the morning, reports of the suspen-
sion of banks began to come IN from all parts
| of the country. This news did not reach the
| general public until the afternoon, but the
bankers and brokers were early advised OF ano
| warned by it.
1t is known that every country bank with
| balance to it's credit in New York made drafts
| for it, so that the total aggregate country de
mand was 5000, ,OO0, 900. Such a demand wal
unprecedented, and not to be met. Upon man.
bankers the run was instantly and secretl!
begun.
| The crowds in the street were doing nothing
| to avert the impending disaster, saying moth
ing of that which was undermining and de
stroying many OF the largest ana pest-KnoWl
banks in the city.
| Toward noon it became whispered that
run was being made upon Henry Clews d Co
1t is asserted that Clews paid out during the
morning nearly 81 ZOO, 900 on demand, anC
then went about the street" with mercantile
paper endeavoring to raise more funds. Blu
no man knows how his fellow-merchan
stands, and the offer to pay per cent. da.
l-73O per cent. a year-for loans upon goot
mercantile paper were laughed at: Clew
could realize nothing on doubtful railway BE
curities which he held, nor anything upol
worthless Georgia bonds. which he has Ie'
others into taking, and for which he wa
stuck about 81, ZOO, 900. He failed in ever
legitimate effort to raise money, and, bein
without hope of further aid from the Govern
ment he closed his doors at hah-past
o'clock.
The fact of the suspension created as muc
excitement as the suspension of Jay Cooke
Co. The news left the street. at the close
business, in a condition of great excitement
and the headway made in restoring conndenc
was in great measure lost.
The run on the savings banks continued tt
day, but as most Of them adopted the tim
| rule for paying deposltors, the eXcltemeI
soon subsided.
There is endless confusion wild speculation
absurd proposals, loud threatenings, omlnou
} prophecies These indicate the clamor at IL
Fifth Avenue Hotel this evening, where I'll
whole CITY seems congregated in CONDENSED
compressed, confused agitation. The pro
poets for the morning are gloomy enougi
There is depression everywhere; and yet
cannot be said that the actual financial sltu
ton in New York warrants this depression (
the public.
After the failure of Clews was announces
the city was flooded with great many rumor
, involving the credit of such men as Opdyk
Vermilye, Howe, and Macy, and others wi
, are believed to be substantial and sound.
THE SITUATION IN PHILADELPHIA.
PHILADELPHIA, Sept. 23.-Tho financial crls
here is over, and bankers and brokers a
| transacting business as usual. All the sta
I banks that were under temporary dlthcultl
:, have resumed, except the Union and Cltlzen
y The latter will soon resume. All the Nation
t Banks stood firm, and no doubts were ente
= tanned of their stability.
t Neither Jay Cooke & Co. nor De Haven
i | Bro have as yet issued any statement of the
~ affairs. The invariable reply to inquiries as
n the probable date of such issue is, 1--WE ca
Y not say our clerks are busily engaged on 1t
h Some few unfeeling persons are paradl
around caricatures of Jay Cooke after b
! failure representing him with head cast dow
knees almost drawn up to his chin, apd seat.
:, on an old box, in evidently very abject stat
The Crops.
|, The Chicago Tribune, of the 22d