Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-20

i 70 tne suspension OF the nrm, Stid Una
the trouble had been produced by a laeh
Of confidence in railroad enterprises ant
/ the late extreme stringeney in tbs
I money market, which was produced
| by the late failure and the genera
I distrust, brought about by the embar
rassment OF such a well-known firm si
Jay Cooke & Co, Mr.. Hatch said, haC
/ caused great demands upon their hou-e
which came 50 suddenly and unexpect
ely that they could noe he readily met
I There was no time left 10 which 10 OBJ
| tain money from the assets OF the firm,
! or get any funds due the house. He
could not endeavor 70 give any
detailed statement Of the liabilities
until he had calmly considered the
whole situation in connection with his
partner and the friends of the firm. The
embarrassment OF Fisk & Hatch, be
could safely cay, had not been caused
| by loaning money on hazardous enter
prises. The house has not specuiated,
tor met with losses. The trouble had
been produced by q general distrust in
regard to moneyed institutions, which
precipitated a demand upOn the firm,
which they had not time to meet.
He would make no statement at present
which he might be called upon to re-
tract; he hoped fOr the best, and thought
if the firm were allowed 10 manage the
business of the house without interfer.
ence, every creditor would undoubtedly
be paid in full.
The announcement OF the failure OF
Fisk & Hatch, which was followed
rapidly by reports Of the suspension Of
other firms, caused the widest excite
ment on the streets, and the scene on
Wall street and its neiShborhood
has probably never been equalled.
SUSPENSIONS.
NEW YORK, September BE. D.
Randolph & TO-, bankers Of the Penn
sylvania Central railroad, and William
II. COnnor, announce their Suspension.
WhittemOre & Allison and s. n. Smith
and Seaver are included in the suspen-
sions. The run upon the Union trust
company has subsidized somewhat, ami a
better feeling IS prevailing on the streets
Stocks advanced very decidedly on a
rImOr, originating in livestock exchange,
that President Grant had ordered Seere.
tary Robson to place ten millions of
dollars In the New York bank, and on
his refusal to do so was removed, and
Secretary Delano made secretary Of the
treasury. At thirty minutes past two
o'clock stocks were falling off again very
rapidly.
Fisk & HOtch failed White. Defreitas
& RathbOne announced suspended.
The firms of Beers & Edwards and
Eugene Jackson have also been an
nOunced on the stock exchange as fail
ed. A sharp reaction is reported under
the announcement that Vanderbilts
brokers are buying heavily.
OF this cluster Of failures, Fisk &
Hatch is the only firm OF magnitude.
Their embarrassment has been caused,
j is said by having their money lock-
up in the Chesapeake and Ohio rail
rJad bonds, and are thus unable to
respond to the demands OF the deposit
tors in the existing and s0-called IN
reasoning panic. Confidence is expressed
that every dollar due by this firm will
be paid. Failures have since been an
nOunced of Thomas Reed d Co., n. H.
Warren, Greenlesf& Morris and George
Bailey. This seems to be another
black Friday, and the dreary, rainy day
contributes to the financial COON.
Gold has reached l13, and stocks. in
some instances, have fallen ten per
cent.
PHHADEI PHIA, September 19.-Da-
Haven & Brother have failed.
The firm received a dispatch from
London this morning, declaring that
their London firm is solvent, and that the
feeling in LOndon toward Jay Cooke,
McCullOch q Co. is very friendly. Ii
must be remembered that the liabilities
OF London house, unlike those OF
American bankers, are not due on de-
mandi but at regular well-knoWn dates,
so that they know exactly how much
money is sneeded each week.
NEW YORK, September 19.-The firm
OF Fitch 4 Co. is added to the list Of sus-
pensions, and this was soon followed by
the annsuncement that Hay & Warner,
Day d Morse, A. M. Kidder, George L
Allen, Greenleaf q Norris, d. II. War
ren, Thomas Reed & Co. and i. L
jackson had failed. The run upon the
Union Trust company continues, but up
to this hour (haif past one this after
nOon) the bank has met all demands
A rumor was in circulation that run
was being made upon the Fourth Ma
tional bank; but it proved incorrect
The story originated from the fact Of a
large number Of persons eroWding into
the building for the purpose Of having
checks Of the Union Trust company GER
titled. The Fourth is generally pro-
nounced all right. Messrs. Fisk &
Hatch are not yet tprepared to make any
detailed statement as 10 the cause of the
suspension. Owing to the excitement
and generally decentralization it is utter
ly impossible TO get at anything liSe
satisfactory statement Of the condition
of affairs.
PHILADELPHIA, September l9.-De-
Haven & Brother hope To be able tO
meet their liabilities, which are small
The panic has caused a run on the Fl
deity Safe Deposit and Trust company,
and there is a long line Of depOsitOrs
drawing out their checks. The direct
ors are confident in their ability to meet
all demands. The distrust is caused by
the suspension Of Messrs. ClsEks, who
are pr minent officers OF the company.
PHILADELPHIA, September l9-The
following brokers have suspended: II.
V. Douglass, G. w. Baysrd, J. II.
Yerkes, John Lloyd and Gilbourg, Bond
& Go. All OF the above except Gnbourg
Bond & Co. are small concerns.
New YORK, September 19.-GeOrge
B. Alley, whose suspension has already
been announced, is widely known IN
connection with fast horses, having
raised Dexter. He says his suspension
was caused by Il general decline in
stocks, especially Vanderbilt stocks.
His liabilities are not large, and be ez-
poets TO resume soon. Greenleaf, Norris
4 Co. is an old and wealthy stock firm.
President Calhoun, OF the Fourth Ma
tional bank, says tive have nOreason to
fear anything President Lsppan, Of
the Gallstin Rational bank, says he be-
lieves the better banking institutions
will weather the storm. Secretary Carl
ton, of the Union Trust company, says
that the company is perfectly solvent,
and will meet all demands. 1t was re-
ported that the company had seven hun
dred thousand dollars on deposit last
night. Mr.. FahnestOek, of Jay Cooke
& Co., said this afternoon that the firm
hoped to pay ali liabilities Another
member of the firm said their London
house would have a large surplus after
the payment Of all their liabilities, un-
less there 10 5 great shrinking Of the
value of their securities. Outside pur-
| chasers continue in considerable num-
bers in The declining market, which
aided in strengthening the market this
afternoon.
NEg York, September 10, $50 pm.
Jacob Little q Co. have suspended
Gold closed at 1l5s. Money, : per cent
gold, bid. The dealings in railroad
stocks continued on an enormous scale
till the close. The principal transac-
tions have been in Pacific Mail, Cen
trail and Hudson, Western Union, Rock
Island, Wabash, st. Paul, Northwest
ern, Lake Shore and Erie. Assistant
I Treasurer HillshOuse says it is in the
power Of the national banks to avert a
further disaster, and they viii u0doubt.
edly do so. Two days Of extraordinary,
and, some say, unOalledsfoF excitement
have passed and thus far Jay Cooke O
Co. is the only house with foreign COM
missions that has bowed to the blast.
THE POST SAYS
unfounded runors hsve prevailed to the
effect that the failure OF Jay Sooke q
Co. will seriously involve the NSss..2nal
life insurance company, OF which be IS
one of the directors. We are assured
upon the best authority that the sOlVen-
ey Of the company cannot be impaired
by the present financial troubles.
Its assets are ample, well in
vested, and cannot be withdrawn
by disaffected polleyholders. To-day
nineteen failures have been reported.
The street, at the close of the meeting Of
the board, presented gn excited appear
ance. When the closing gong sounded
the members of the board gave three
rousing cheers. Another exciting day
is predicted for tomorrow.
THE HERALD.
The Herald reporter interviewed Mr..
Bliss, Of Morton, Bliss & Co., relative
70 the effect the failure OF Jay Cooke x
Co. would have on the market. He said
theefFecta anthe country will be felt good
deal, for these Northern Pacific hon9s