Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-09-24

LONDON, Sep. 2O-Noon.-Thc news
from New York causes a better feeling.
American securities, five's 9ll Erie's Az.
Later, Erie 45. Later, Erie 45l.
How The Union Trust Company was
SwindIed.
New YORK, Sept. 20.-Mr. Carlton the
defaulting Secretary of the Union Trust
Company, had made loans to friends and
relatives on securities which was regarded
as doubtful. One loan of $50, 900 to his
father, Rev. DIR. Carlton of the Methodist
BOOK Concern notoriety, the security for
one loan is good but others are of no value.
! Carlton has had almost the entire manage
ment of this great financial institution.
BedlOm Running Loose.
In abiding to the suspension operations
by the members of the Stock Exchange,
the ECening Express says, too much praise
cannot be awarded to the men who con-
ceiYed and carried out this master stroke
of policy. Bedlam was running loose and
the craze was rapidly communicating itself
to the outside multitude. Nothing re-
manned but to shut the door and try and
bring back the bulls and bears alike to
their sense. The defalcation of the Union
Trust Company is a half million.
The Bank of North America has not sus-
pended.
The Western Union Telegraph stock is
only worth 81 cents.
The Clearing House announces its ina
bil!ty to make a general clearing account,
and dealers inability to obtain proper
ly certified checks.
NEW YORK, Sept. 20.-The bank Presi-
dents at their meeting this afternoon,
passed resolution to issue Immediately
SlO,OOO,OO0 in. loan certificates.
No regular money market, gold closed
at 81 .ll5al.12. State bonds, nothing doing.
WAgIITNGTON bo
markets show general stand in transac.
lions without any change in value.
TORONTO, CAN, Sept. 20.-H. j. Morse
d Co., bankers have suspended.
The President and Secretary Riehardson
in New York.
NEW YORK, Sept. 2l-Sunday night
General Grant arriyeda the Fifth Ave-
nue. Hotellat o'clock this evening, and
Secretary Richardson, is expected here to-
morrow morning.
Drexel Morgan Co., Horny Clews and
George Opdyke, were among those who
called on the President this evening.
Senator Morton is in the city, and it is
said will be present. at the conference to-
morrow. He attended the meeting of the
Bank Presidents at the Clearing House of
Friday. .e " 81. 90 ...
The corridors of the Fifth Avenue Hotel
were again crowded TO excess to.uight, and
the financial crisis, formed the subject of
general conversation. 4 slight ruinor of
the failure of several of the eastsile Sa-
wings Banksis reported.
The Policy of the Government.
MONDAY, Sept. 22.-It is officially an
nounced that Richardson will continue to
buy bonds at Saturdays quotations.
Secretary Richardson said last night he
did not see that he had the power to do
more than buy bonds, and all five twenties
offered will be bought without delay or
red tape.
The Government, the Secretary added.
is not trust company.or a loan institution
and it is doubtful whether Congress would
sanction any such construction of my
power.
The power above alluded to is the using
of SAC, 100000 of reserves. Thirty savings
banks have resolved to rigidly enforce the
previous notice clause.
James Martin, of Bloomfield, n. j., was
found dead in the streets. He had a large
amount of money.
The Union Trust Company is in the
hands of a.Receiver.
The Stock Exchange remains closed to-
day.
A message from the Clearing House saws
every check passed through the Clearing
House will be paid; that the banks are in
no danger and were never stronger.
The firm of Marvin Brothers has sus-
pended
All the banks have pulled through, ex-
cept TWO. These two are settling:through
the loan committee.
All the savings banks are run on.
The Clearing House Loan Committee
have issued two and a half million dollars
in Governnent certified checks and mil |
lion dollars in bonds.
Large crowds are sailing to sell in Mon |
treal and Europe the stocks bought at the
The Gold Exchange has closed. SLIP
WIS established as basis of settlement. !
The rate of Interest was fixed for CARRYING
at &c.
The sub-treasury is buying fve-twenties |
at Ito 72-1000.
A run has commenced on the Seaman's |
Bank. 1t pays sums of 500 and under. |
Larger sums must wait the laws delay.
Setting up Suspended National Ranks
WASHINGTON, Sept. 21.-The Comp
troller of the Currency is paying dividends |
of twenty-five per cent. to the creditors of |
the First National Bank of Rockford, H. |
linois one hundred per cent to the cred
ltors of the First National Bank of Fort |
Smith, Arkansas, and thirty-five per cent.
TO the National Bank of Vicksburg. Div
idends of thirty-five per cent. to the credi-
tors of the First National Bank of Selma.
Ala, and of fifteen per cent. to the credit
Drs of the Atlanta National Bank of New
York will be paid as soon as the necessary
can be prepared. Dividends of |
20 the creditors of the First National and