Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-10-02

opened for few minutes, but before the first
call had been reached stocks had become so
demoralized, and the stock brokers so dis
heartened, that a resolution to adjourn until
Monday was carried through with rush
Government had purchased Sl0,0oO,oO0 in
bonds, but this had not relieved the street.
Everybody had bonds, and everybody wanted
the cash for them. A run had been
made on the First National Bank of Hohoken,
but up to the hour of closing it had paid all
demands One reason for the run was the
fact that it had 100000 of its funds locked up
in the Bank of the Commonwealth, which had
suspended The President had reached New
York, and had arranged for conference with
| the Secretary of the Treasury and leading New
York financiers on the following day. The
President had expressed full determination
to use the power of the Treasury to the
extent of S16,OOO,OOO balance and SH, 100000
reserves. Among others, the following
additional firms had failed Ketchum
& Belknap; E. c. Brodhead Sake d
Rogers; Taussig u Fisher; p. NJ Meyers;
Miller 81 Walsh; Lorenz Josephs; Fearing u
DiIlinger; Williams & Bostwick. The extent
of the shrinkage in stock values for the week
ending the Goth has been, on some of the lead
ing lines, as follows Harlem, 3919 per cent :;
Western Union, 35; Panama, 80; Wabash, %
Northwestern, 10; Rock Island,sl914, total
shrinkage, according to the best authorities,
of over 500, 100000.
A dispatch from Philadelphia, of the Goth,
safes that since the preceding day better
feeling had prevailed in financial circles. 1t
was thought the crisis had passed. The run
upon the Fidelity Deposit had continued up to
the time of closing the institution on the Goth,
and every claim had been met During the
day over $3.50, 900 had been paid out over the
paying -teller's desk. The Union Banking
Company had suspended The failure
was said to have been bad one, and
that it would not be able to settle up at over
SO cents on the dollar
A st. Louis telegram of the Goth ANNOUNCED
that the banking firm of Taussig Comp & Co.,
had suspended in consequence of the suspen-
sion of Taussig Fisher & Co., of New York, of
which house it was a branch.
A dispatch from San Francisco of the Goth
says that fire had broken out in the Yellow
Jacket Mine, in Nevada, in the 1900 foot
level Six lives had been lost At last ac-
counts the fire had been got under control
A Memphis dispatch of the Goth says the
ravages of the yellow fever in that city
had been stayed somewhat. The disease
had appeared in New Orleans, and the dengue
or break-bone fever ragged also as an epidem-
c. In Shreveport the fever exhibited no
abatement New cases were not so numerous,
but the ratio of deaths had been fully as great
as at any time since the appearance of the
scourge.
A dispatch from Burlington, Iowa. dated
Sept. 20, says that a destructive fire had
broken out in the heart of the city, at a. m
of that day, which swept over two squares and
a half before it could be checked The esti-
mated loss reached 100000
An Augusta, Ga, telegram of the 22d says
that on the 18th terrific storm passed over
Florida in the vicinity of Tallahassee. A large
number of dwellings had been blown down,
and the crops in all that section ruined. Three
or four lives had been lost, several persons
injured and large number of cattle killed.
The town of St. Marks had been completely
washed away, only two houses being left
standing, and twenty families had been made
homeless. The town of Newport had also
been swept out of existence.
According to dispatch from New York, at
three o'clock p. m. of the 2 Sd, there had been
a general feeling of confidence, and the i'm
preston had prevailed that the crisis was over.
At that time this happy state of things was
| rudely shaken by the report Of the suspension
of the house of Henry Clews IL Co. This
event had unsettled the feeling of security
which had prevailed, and fears were enter
tanned that the end had not yet been reached.
At the close of business the Government had
purchased and paid out over $40, 600, 900 green
backs for bonds. Ten millions more were
ready to be paid on further purchases, and
| fifteen millions in gold notes awaited the pre-
sentation of the five-twenties of 1862, called
in for November 16. The Stock Exchange had
remained closed. The run on the savings
banks had continued, but as most of them had
| adopted the time rule for the payment of de-
| positors the excitement soon abated.
Dispatches from Washington of the 23d
| say that the failure Of Jay Cooke Il Co., and
| the First National Bank Of Washington, had
| just begun to be severely felt in that city.
| The Reform School for Boys, the National Sol
| ders and Sailors Orphans Home the Smith
| sonian Institute, the Chidren's Hospital, and
other institutions had lost sums ranging from
| $4,000 to $4,000. AT the time of the failure
| Ex-President johnson had $50, 900 to his credit;
Judge Macarthur, of the District Court, $40,
! 600; Senator Patterson, of South Carolina,
| Sl4 600; the widow Of former Navy Agent,
| Sl4 600, and General Hunter had a large bal
ance.
| In Chicago, on the 23d, opinions were freely
expressed by the leading fnanciers that the
| bottom had been reached. The feeling in the
Produce Exchange was excited and peculiar.
In the morning every one seemed
to think that the day would look brighter, and
the market opened somewhat buoyant. 1t
could not be kept up however, and prices
| dropped till wheat got below one dollar per
| bushel
A dispatch from Paterson, n j., says that,
| in consequence of the general depreciation of
new railway securities, the orders for locomo-
| tives for three months ahead at Rogers Loco
motive Works. in that city, had been Cancelled
| and $50 workmen had been discharged 1t
was feared that 500 more would be discharged
| from the same works, and several hundred at
| the Danforth and the Grant works.
A dispatch from Richmond, Va, of the 23d
says that the Merchants National, the
Planters, the Mechanics, the Peoples, the
First National, and the Citizens banks, of
Petersburg, had suspended.
The President on September %, issued his
proclamation announcing that differential du-