The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1873-10-03
4 DARK DAY IN WALL STREET.


Saturday, Sept. 90, 1878, will be memora-
bic day in the chronicles of Wall street. New
York 1t was, beyond all doubt, tho blackest
day in the history of that great money center
blasker even than tho famous Black Fri
day - of 1870. when the gold conspiracy of jay
Gould eliminated. II is impossible, in our
limited space, to furnish a full description of
all the exciting scenes and Incidents that We're
enacted on this long nGto-be-rcne.iheredS Satur-
dew bnt the following condensatons OF the
voluminous dispatches will afford the reader
fair idea of the real situation:
The excitement and panic which followed
the announcement in the Stock Exchange of
the suspension of the Union Trust Company
and tho Bank of the Commonwealth were be-
yond description. Tho Stock Exchange re-
sembled a mad-hGrse, and the streets were
blocked with people. all laboring under great
excitement and frenzy.
Prices tumbled from two to sixteen per
cent and stocks were slaughtered without
any apparent regard to values.
There were thirteen proposals. To sell bonds
TO the Government. at the Sub-Trcasury. az
gregatng :2,G72, $50. at from 100 to 10. All
offers of bonds under lll.25 are accepted by
the Government.
Amid the surgiug of the excited crowd in
the Stock Exchange aud the continued destruc-
level heads These men conceived the idea of
initiating the Vienna plan of closing the EX-
change. and Immediately the governing COM
mittee was convened to take action therein. In
few moments the Board was called to order
and AZ announcement made that the Exchange
would he closed until further orders from the
President This was received with great joy,
and the Exchange resounded with cheers. The
gong sounded, and in less time than it takes TO
record the fact the wild excitement was over ::
the surging crowd of frantic brokers disap-
peared, and the Stock Exchange was a de-
serted hall.
There were some twenty or more SUE
pensions during the day, the most important
being the Union Trust Company and the Bank
of the Commonwealth, both of which an
nounce that they will resume i'll few days.
The suspension OF the Union Trust Company
was caused by the defalcation of the Secre-
tary of the institution, son of DIR. Carleton,
of Methodist Book Concern fame, who had
loaned out some half a million dollars OF the
funds TO relatives and friends on worthless Sc
curties.
IN PHILADELPHIA.
The excitement in the Quaker. City was
nearly as great, judging from the tenor of the
dispa;ches. as in the great financial center,
New York The rlu Oh the Fidelity Company
continued brisk through the forenoon, but
along toward o'clock the crowd OF depositors
| began to thin out. IL met every demand
promptly, aud announced that it would keep
| open all night, or 80 long as single creditor
! fingered around its portals. The line Of de-
! positors finally dwindled away. until the last
! one had made his exit. everybody being fully
satisfied Of the stability of the institution. 1t
paid ont during the 'ruu' over million and
| a half dollars.
The Union Banking Company was less for
tunate. being compelled to succumb early in
! the DAY. This il one of the State banks. Its
| Suspension is only temporary. 1t paid out
during the day about 500, 900. .l,-
The great house of Drexel & Co.. No. 81
South Third street. remained ns stable rs a
| rock All the morning their Office WAS crowd.
ed. bu: the run Was for the purpose Of