The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-21

his own personal purposes. he had made
loans to relatives and friends on securities
which were regarded as very doubtful. One
loan of $4,000 was to his father, the Rev.
DR.. Carleton, Of the Methodist Book Concern
notoriety. The security for one loan, it is
understood, isgood; but there are others
that arc of no great value. He had his favor
ties among the brokers, and loaned large
amounts to them on securities that it will be
difficult to realize on. 1t is we'll known that
Carleton has had almost the entire manage
ment of this great financial institution. The
president, Mr.. rockingham, has been absent
in Europe since early spring. The defalca-
ton Of Carleton caused much surprise among
those who knew him. He was regarded as
a thoroughly honest and exemplary young
man. He has been secretary of the Union
Trust Company since 1860, and the concern
has grown to be an immense financial insti-
tuition under his Secretaryship.
LOOKING FOR THE DEFAULTEE.
A reporter called at his residence this af-
tcrnoon, and was informed by domestic
who answered the bell that Carleton was not
Mt home, and it was not known when he
would be. 4 brief conversation was then
had with lady member Of the family, who
Informed the reporter that Carleton had not
been home since Friday morning, and his
absence could not be accounted for. The
lady could not give any Information COLI
corning the Secrctary's business. As the re-
porter departed, the servant, with pale coun-
tena,icc, asked anXious!y," Is there anything
the matter?" Mr.. Carleton is reported to
be worth at least S250,000
TIE EXCITEMENT IN TIE STOCK EXCHANGE.
caused by these disclosures cannot he de-
Scribcd. RumorS of failures Of leading banks
were reported and as quickly contradicted.
Large blocks of stock were thrown upon the
market and sold for what it would bring,
rendering il impossible to establish quota
tons. 1t was at this point that the Govern
ing Committee saw that the only way to save
the whole street was to close the Exchange,
and this was Immediately done. The scene
about Wall and Broad streets during the
morning almost beggars description. The
scenes around the Stock Exchange after its
close were exciting in the highest degree.
THOUSANDS OF PEOPLE
were Gathered on the sidewalks and in the
roadway, and general panic produced by
the late failures and the uncertain state
of the nancy market. The scene resem-
bled the effect produced by the news of
the fall of Fort Sumter. Hundreds of ladies
were drawn to the spot from curiosity, and
watched with interest the animated faces Of
the surging multitude. The steps of the
Sub-Treasury building have constantly been
black with spectators, and hundreds have
hurried to Wall street from all parts of the
city. The closing of the Stock Exchange
seems to be generally accepted as move in
the right direction.
OPINIONS OF BROKER.
A prominent broker, when questioned,
said that the action Of the Stock Exchange
was the safest course that could have been
pursued under the circumstances. People
were acting like passengers on burning
Ship-without reason and panic-stricken.
Everybody in Wall street had stocks to sell,
and there were no buyers. He thought the
Governing Committee Of the Exchange had
probably adjourned to give the banks IN
opportunity to adopt some plan which
would stop the panic. He
DID not THINK THE MERCANTILE INTERESTS
WOULD BECOME INVOLVED
in the general whirlpool Of disaster. The
call for SO 900, 900 worth of bonds by Rich
ard>on met with the following response,
which was accepted !: EanSchcack e Co.,
s72G 900; Francis 7. Walker { Co., 1000
Z. Sweet Il Co., 5lI5,00 George T. Baker,
Sill, 100; Nermiye II Co., 100000; w. L.
Hatch Il Son, Si50.000: Reid Il Content,
S13.400; Chase & Hisginson, 100000 !;
Wood & Davis. 100000. Total, S2,407 900.
1t was reported that il purchases of
bonds failed to relieve the panic Richardson
would put out rs much Of the S44 ,000,0 900 re-
serve as was necessary.
TIE NATIONAL TRUST COMPANY
state that they could have continued pay
mcnt until Monday, but would then be short.
They came 10 the street with some currency
skies. but could find no buyers unless at Il
discount OF 50 to 40 per cent. They refused
to sell, and resolved to suspend, for the bet
| ter protection of their customers and them
selves. They state that they have made no
advances in railroad securities, and that their
suspension is but temporary. They Say
| they will resume Monday.
THE EXTENT OF TIE sHRiNKAGE IN VALUES
during tic panic vii! be seen when it is
stated that TIC fall in Harlem WAS 39I per
| cent, Western Union 80 per cent. Panama
81 per cent, Wabash % per cent, North
west common and Rock Island, 195 to. - per
cent. st. Paul common and Canton II to
15a per cent, the Hannibal and st. Joseph
shares. and Wells, Fargo & Co., 143 to II pei
cent; Lake Shore, New York Central,
Ohio and Mississippi, st. Pau! preferred, {.
| G.. and |. g., Delaware, Lackawanna and
| Western, and Consolidation Coal, II to 10
| per cent. At the close
A BETTER FEELING PREVAILED,
| and brokers We're unusually accommodating
| between each other. In the afternoon some
sales of stock were made for greenbacks as
high as 100 for New York Central, 81 for
Lake Shore, and IS for Western Union.
With the exception Of the Commonwealth
all the banks to-day made their clearings,
and the Manhattan Company cashed checks
of the Union Trust Company dated Friday.