The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-09-26
A Dark Day i'm Wall Street.

Saturday, Sept. 20, 1873, will be a memorable
day in the chronicles of Wall street, New
York. 1t was, beyond all doubt, the blacklist
day in the financial history of that great
money center-blacker even than the famous
Black Friday" of 1870, when the gold con-
spiracy of Jay Gould & Co. eliminated. 1t is
impossible, in our limited space, to furnish a
full description of all the exciting scenes and
incidents that were enacted on this long-to-be-
remembered Saturday, but the following con-
densation of the vouminous dispatches will
afford the reader fair idea of the real situa-
ton:
The excitement and panic which followed
the announcement in the Stock Exchange of
the suspension of the Union Trust Company
and the Bank of the Commonwealth were be-
| yond description. The Stock Exchange re-
sembled mad-house. 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 Tub-Treasury, ag-
gregating S2,672,65O at from 100 to 1l2. Ali
offers of bonds under III .25 are accented by
the Government.
Amid the surging of the excited crowd in
ton OF values, there were some few cool and
level heads These men conceived the idea of
initiating the Vienna plan of closing the Ex-
change and Immediately the governing COM
mittee convened to take action therein In a
few moments the Board was called TO order
and an announcement made that the Exchange
would be closed until further orders from the
President. This was received with great iov
and the Exchange resounded with cheers The
gong sounded, and Ill less time tlan it takes to
record the fact, the wild excitement was over:
the surging crowd of frantic brokers disap-
peared, and the Stock ExchInge was a de-
serted hall.
There were some twenty Dr more suspen-
slons during the day, the most important be-
ing the Union Trust Company and the Bank of
the Commonwealth, both CT which will re-
sumo III a few days. The suspension of the
Union Trust Company was caused by the de-
falcation of the Secretary of the institution. a
son OF DR.. Carleton, of Methodist Book Con-
Germ fame, who had loaped out some half mil
hon dollars of the funds to relatives and
friends on worthless securities.
IN PHILADELPHIA
The excitement III the Quaker CITY was
nearly AZ great, Judging from the tenor of the
ulspatches, as III the great financial center.
New York. The run on the Fidelity Company
continued brisk through the forenoon. but
along toward O'Clock the crowd of deposit
ors began to thin out. 1t met every demand
promptly, ana announced that IL would keen
open all night, or so long az "a single creditor
fingered around it, portals. The line of de-
positors finally Gwindled away, until the last
one had made his exit, everybody being fully
satisfied of The stability of the institution. 1t
PAID out during the run over a million and
a half dolas.
The Unic n Banking Company was less for
tnnate, being forced to succumb early in the
day. This il one of the State banks. It's
suspension is only temporary. 1t paid out
during the day about 100000. The great
house of Drexel d Co, No. 33 South Third |
street. remained as stable as a rock. All the |
morning their Office was crowded, but the
: run was for the purpose of getting rid of
money, and not to clamor for it.
IN IosToN.
Boston telegram saws: Thus far there are |
no failures here or serious embarrassments |
reported. The storm will blow over without |
affecting our interests, and that our trade will |
be better after the storm than before"
IN CHICAGO.
There had been two suspensions N Chicago
up to Monday, the 22d-the Franklin Savings
Bank, and the private banking house OF A. &.
.. +. Badger-bo;h insignificant ins;;tu-