The Portland daily press., 1873-09-20
THE STOCK PANIC.
THE BLACKNESS OF BLACK
FRIDAY OUTDONE.
WALL STREET BOOKING TO
IT'S FOUNDATIONS,
THE MARKETS ALL UNSETTLED.
Strong Houses Keeling.
THE MARKETS ALL UNSETTLED.
Strong Houses Keeling.
THE END NOT YET.

New YORK, Sept. I9.-Robinson and Suy
dam say that their liabilities are not more
than $4,000, and they expect to resume soon.
Commodore Vanderbilt said in an interview
last night, that there was no reason why Rich
ard Schnll should have failed. Referring to the
| general panic he said that the trouble is that
business as they can legtimately perform.
| They soon get short and have to bolster them
selves up by robbing Peter to pay Paul.
Secretary Richardson stated in Washington
at an interview last evening that so far from
| the government losing anything by Jay Cooke IS
| suspension the department owes them at least
| 100000 in syndicate bonds and the amount
may reach $4,000 He added that Jay Cooke
| has not dollar of government money in his
| possession and has saved Il million dollars of
the navy fund by stopping the payment OF
drafts sent by the Navy Department Wednes-
| day for the use of the navy in foreign waters
| to Jay Cooke, McCuloch & Co., London. He
| furthermore said no bonds are given to the
| syndicate until their equivalent in money has
| been delivered to the treasury The bonds are
sold under the regulations of a commission
| composed of persons selected By the firms COM
| posing the sy Indicate from their own number.
| the amount of bonds disposed of since last
March being about $50 900.
White, Defreers & Rathborn, gold and stock
brokers, II Broad street was the first suspension
announced. Being small firm not much eX-
element ensued. Soon after it was announced
that Fisk & Hatch had gore up, and the Wild
est excitement followed. Brokers rushed out
of the board and for several minutes running
toward their offices was kept up. There is a
heavy run on the Union Trust Company. Fisk
| 81 Hatcbs failure has been announced in the
stock board Stocks fell this morning ten per
cent. There is a tremendous excitement on the
street and stocks are still declining. The fail
ures of Beers, Edwards, Eugene Jackson,
TbOma Reid ~ w A Warrap (Yrpanlnaf
Norris ami George 3. Alley have been an
nounced in the stock board.
There is a sligl fly better feeling. Wander
bilt stocks have advanced some 3 per cent from
the lowest figures under reported heavy pur-
chases by Vanderbilt's brokers. Fisk and
Hatch State that their suspension can only be
temporary aud was caused by loans called in
on good securities which could not be realized
upon at the present crisis. They say the secur-
tiles on which they have made advances are on
two railroads, the Chesapeake and Ohio and the
Central Pacific, both of which are completed.
They expect to be able to resume business again
as soon as the panic ceases.
Wall street hos never experienced such
storm, and the panic of Black Fridaa" in 1869
is by far exceeded by to-day in the stock mar
ket As the first failure was announced the
entire list dropped, recovering little in the
interim but falling lower as each successive
failure was announced Two other failures
are announced-TheOdore Bedell and A. M.
IN
stocks have declined from three to six per cent.
since 80.
Long before the doors of the Union Trust
Company were opened an eager, anxious crowd
of depositors surrounded the building, and
when the doors were thrown open a frantic
rush took place for an advantage of place. The
work of paying off the depositors at once COM
menced.
Mr.. Augustus Schell, vice president of the
| company, was interviewed and expressed his
| constant belief that the institution would
emerge triumphant from the ordeal. There
were in his opinion ample finances to meet all
liabilities. A majority of the deposiiors, he
said, were people of small means, who h ad
taken alarm in consequence OF the general
! panic prevailing.
are in trouble. Day & Morse and Hay & War
rem have suspended. Police keep the crowds
| from Fisk and Hatch. Monroe & Co. of Paris,
cable to their New York house that they will
protect al bills of Jay Cooke & Co. upon them
| They offered this morning to discount Cookies
matured bills at bank rates.
1t is stated on good authority that Secretary
| Richardson will come to the relief of the New
| York banks to-day, but in what manner eau
not be ascertained The treasury officials re-
fuse any information.
Fitch & Co. have suspended. There is no
truth in the reported failure of Vermilye &
| Co.
A telegram from Philadelphia announcing
the failure of DeHaven Brothers created great
excitemeot. That the contagon affecting tbs
| financial houses of New York is spreading is
| evident by dispatches from all parts of the
ountry telling of disasters and pfobable ruin.
| Whisperings are afoat about Wall and Broad
| streets, which are very omnous.
The Union Trust Company are hard run
Two hundred and fifty persons sto~d in a line
waiting their turn, but were slowly attended to
| The company may resist the pressure agains
| it, but fears are entertained otherwise. JAY
Cooke & Co. are hard at work goaaring a
| statement of affairs. Their embarrassment il
considered greater than was first expected.
w. r. Vermilye says that if the movement
i, now making to get the SecretaaI of th9 Treas
cry to come to the relief with $40, SO 40 SHOULD
fail, there will be general suspension of bank
and others. AS each failure was announced OF
the st ok exchange the excitement increased
and everybody seemed wild with fright. Cool
ness and confidence departed for a time, as
seemed, and it is many years since such scene
have been witnessed on the exchange Othe
failures than those reported are constantly ru
mored, but are not confirmed
Alarming Run on the Banks.
New YORK, Sept 1872 30 P. M.-There i
more or less Of a crowd around every payu
telers desk in the lower part of the city this al
ternoon Next after the Union Trust Compa
ny and the 4th National Bank the Union an
Manhattan Banks and the Bank of New Yor
seem to have the largest number of visitors, bu
the Trnst Company.
Mr.. Hatch, of Fisk & Hatch, states that ow
ing to Yesterdays failures great demands com
so suddenly and unexpectedly on their hous
that they could not be readily met. There wa
no time left in which to obtain money on tn
, assets of the firm or to collect money due til
firm. The house made heavy advances to tn
Central Pacific which, however, is not the caus
of their suspension. Their advances to tn
Chesapeake & Ohio railroad brought the u
down.
George B. Alley, whose suspension is al
ready announced, is widely known III conneC
ton with fast horses. having raised Dexter
He say his suspension is caused by the genera
decline in stocks, especially Vanderbilt stocks
His liabilities re not large and be expects t
resume soon. Greenleaf, Norris & Co. are ole
and wealthy stock firms.
President Calhoun of the 4th National Banl
says we have no reason to fear anything. Pres
ideDt Tappan of the Gallatin National Ban
says he believes the better banking institution
will weather the storm. Carlton of the Uniol
Trust Company says the company is perfect
solvent and will meet all demands 1t was re
ported that the company had 100000 on de
post last night. Mr.. Fahnstock of Jay Cook
4 Co. said in an interview this afternoon tina
the firm hoped to pay all liabilities. Mr.. Gar
land, anot Ter member of the firm, said the
London house will have a large surplus afte
the payment of all its debts unless there is
shrinking in value of its securities.
All Demands Met So Far.
NEW YORK, Sept. 10, $50 p. m.-There i
quite large crowd at the Union Trust Co
and at the Fourth National Bank, but both o
these institutions have promptly met all de
mands upon them and are believed to be abun
dainty able to do so. The principal portion o
the crowd around Broad and Wall streets seen
to be curious people. As yet, with the excep
ton of Jay Cooke, not any banking house will
English aud European connections, has beef
affected by the present pressure and there is n
likelihood of their being affected. Outside our
i chasers continue in considerable numbers OF
the ueclining market for investment which aid
ed in strengthening the market this afternoon
Assistant Treasurer Hillhouse says it is in the
power of the national banks to avert furthe
disaster and they will undoubtedly do so.
y Washington special says the district bank
have effected no arrangement with Secretar
Richardson, so that any banks in New Yorl
depositing to the credit of banks in Washing
ton and the Treasurer is advised of the fact
will be allowed to have all currency from th
Treasury to the amour IS of such deposits.
Government VIII Come TO the Rescue
The latest rumor on the street is that tn
government will come to the rescue to morrow
by buying So. DOC, 900 of bonds.
The Evening Post is informed that Secretary
Richardson will offer to buy So 100000 to $40,
0O0,000 of fve-twenties tomorrow. This will
throw into the hanks lie ,al tender notes, for tn,
large currency balance in the Treasury is near
| oil 1nfl