The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-21
Partial Relief from Stringency Afforded by
Purchase of Bonds by Government and
by Action Of the Clearing
House Committee.
SUSPENDED FIRMS ON THE SITUATION.
Jay Cooke, McCulloch & Co., Of
London, Collapsed.
Failures Throughout the Country Conse-
quent Upon the Great Crash.

Yesterday was another day OF intense cOmmp.
ton in Wall street. More important failures
startled the street, ana between the fast recurring
announcements OF suspensions came rumor OF a
heavy defacation In the Union Trust Company
Fraud and failure went hand in hand. The news
that the Clearing House threw out the certlcations
OF the North American Bank, the Mechanics Asso-
citation and Bank of the Commonwealth, in other
words declined to be responsible for the credit Of
these institutions had very alarming effect at
first, but much quieter feeling eventually sue
ceeded. There were the same large crowds as on
the day before perhaps larger, for the weather
was every way desirable, and everybody who had
time to spare made 1t q point to look in at Wall
street Tor moment or TWO.
The phrase, "The bottom has fallen out OF the
street, suffered nothing from repetition yester-
day. 1t seemed to be in every mans mouth who
had any opinion TO give, 1t would be an improve
ment on the idea conveyed by this expression to
say, "The false bottom has fallen out of the
street," and the solid one remains for all good and
practical purposes. The best experienced men
who can control their thoughts at this juncture
and look little before and behind, have appre-
tensions OF the future. Frothy speculation will
disappear after this crisis is over Honest and
legitimate banking business will be more
will be relegated to the sawdust operators. The
street will be swept Of the decoy ducks who have
made our financial practices the reproach of the
world. 1t Will do no good for people to cherish
necessary alarm over what has happened, and the
truth is every way the eye chances something is to
be met OF assurance that the collapse OF few
banking firms does not imperi the prospects OF
the community. The country was never so rich
and the present furry will be soon ended ii there
Is patience and moderation IN an average degree.
In the succeeding columns will be found the
fullest particulars OF the days doings, the trouble
with the Union Trust Company, the continued run
on the Fourth National Bank, the suspension OF the
National Trust Company, OF the Bank OF the Com
monwealth and the embarrassment of the Me-
chanics Association.
The principals OF the suspended firms and the
presidents Of the most prominent Wall street
banking firms and the management OF the Stock
Exchange, as will be seen, have been interviewed
and their opinions ana statements given. Mr.
Vanderbilt, as may be observed is not disposed to
be too communicative. He is satisfied that the
Union Trust Company. unless defacation has hap
pened IN Its accounts, Is able TO meet It's engage
ments.
NEW YORK FAILURES.
Jay Cooke 4 Co., No. Nassau street.
White, Defreitas 4 Rathborne.
Beers a Edwards.
Eugene j. Jackson.
Thomas Reed * Co.
W. u. Warren.
George Bolton Alley & Co.
Greenleaf, Norr So Co.
Theodore Berdell.
Amos NJ. kidder,
S. H. Smith & Sexver.
Day d Morse.
Hay warner
Vernam 4 Hoy.
Fitch co.
". L. Conner.
whittemore 4 Anderson.
Jacob Little GO.
Il. ID. Randolph Co
&. q. White 60.
Ketchum 4 Belknap.
W. G.. Moorehead h Co
Saxton Rogers.
Williams Bostwtck.
Miller Walsh.
T. Hsght ~ Co.
Lawrence Joseph
Y. M. Myers h Co.
Iansig, Fisher Co.
Fearing Cunning.
G. q. White.
Marvin Brothers.
Union Trust Company
National Trust Company.
Bank OF The Common ealth.
Bank ol North America.
LONDON PAILuKE.
Jay Cooke, McCulloch & CO.
PHILADELPHIA FArLUREs,
Il. w. Clarke a Co.
De Haven ~ Bro.
Gelbough, Bond Bro.
George Ii. North.
J. s. & II. L. YerSes.
Charles 7. Bayard.
JohD p. Lloyd
Henry II. Douglass.
H. Ii. Bull.
T. G. Knight
Henry H. Fell.
Union Bank Co.
ALBANY FAILURE.
7. Squire d Co., bankers.
CHICAGO FAILURE
Franklin Bank Co.
wOBURN MASS, FAILURE.
Horace Conn, leather manufacturer.
TORONTO, CANADA.
H. J. Morse q Co., bankers.
wILLIAMsP0RT, PA.
Powell Il Co., bankers.
ST. LOUIS.
Taussig, Gemp 4 Co.