Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1873-10-02

The President had arrived, and 1t was believed
tina. Ne had come to offer the sympathy and
|probably the assistance Of the Government to
Jay Cooke IL Co.
New York dispatch of the 10Th says the
excitement in that city had largely exceeded
that Of any preceding day. Nineteen addi-
tional failures had been announced, among
others, those Of Fisk Il Hatch; White, De-
freitas & Rathbone; Beers 81 Edwards; 4. j.
jackson; Thomas Reed d Co.; w. II. Warren;
Grecnlcaf, Norris IL Co.; George Alley; Thco-
dore Bedell; A. NJ. Kidder; Hay d Warner;
DAVE Morse; Fitch X Co. Il. d. Randolph d Co.,
representatives Of Tom Scott, OF the Pennsyi-
vania Central Railway, and w. Z. Common.
The sacrifice OF stock values had been largely
in excess Of the depreciation Of the preceding
day. By noon Harlan had fallen 20 per cent
New York Central, 5; Rock Island, "a; St.
Paul, o; Ohio and Mississippi, IL; Western
Union, 10 per cent from the opening prices.
Money brought extravagast prices, the ruling
rate being one and a half per cent. per
day, even this rate being reluctantly
accepted Strong and persistent attacks had
been made against all the monied institutions,
notably the Fourth National Bank and the Trust
Company, Of which Richard Schell was Presi-
dent. Up to the close Of business, every de-
mand presented had been paid. The effect
upon gold had been to raise the price to 1871
early In the day, but by afternoon the price
had receded TO Xix.
The result OF the conference held In New
York, on the 2lst, between the President and
Secretary OF the Treasury, and leading finan-
ciers, had been the issuance OF an order direct
ing the purchase OF all fve-twenties offered at
private sale II was thought that this measure
would release $50 600, 600 to s25, 600 600 green
backs, without touching the reserves.
The bank statement for New York appeared
on the evening Of the Goth. From that it APP
peared that they had sustained loss Of ST..
$40, 700 specie and $2,4O9, 800 legal tenders, a
contraction Of %, ia, 800 in loans and 1927,
400 in deposits, during the week ending on
that date.
| A dispatch from New York, on the Goth,
says that the results Of that days operations
chad been disastrous only to class Of stock
| gamblers whom everybody wished to see over
whelmed, and the suspension Of three banks,
weakened by outside considerations, unexpect-
cdly revealed by distrust consequent on the
agitation of the stock Market" The "Bank
OF the Commonwealth" "The National Trust
Company" and the "Union Trust Company
had suspended. In the case Of the National"
the disaster had resulted from an inability to
realize instantly on Government securities.
The suspension of the "Union" had resulted
not from inability to realize on securities, but
from the discovery of the defalcation by Garlic
ton, the Secretary, for 100000, and an over
draft Of +. s. Haight for 100000. 1t was re-
ported that Vanderbilt had been involved fnan-
cially In the defalcation. The Stock Exchange
opened for few minutes, but before the first
call had been reached stocks had become so
demoralized, and the stockholders SO dis
heartencd that resolution to adjourn until
Monday was carried through with rush.
Government had purchased so, 100000 in
bonds, but this had not relieved the street.
Everybody had bonds, and everybody wanted
the cash for them. A run had been
made on the First National Bank Of Iloboken,
but up to the hour Of closing 1t had paid all
demands. One reason for the run was the fact
that it had S207 600 of It's funds locked up in
the Bank Of the Commonwealth, which had
suspended. The President had reached New
York and had arranged for a conference will,
the Secretary of the Treasury and leading New
York fnanciers on the following day The
President had expressed a full determination
to use the power OF the Treasury, TO the
extent of S16,000,00O balance and 44,000, COG
. reserves. Among Others the following add
i tionaI firms had failed: Kctchum
IL Belknap; T.. G. Brodbead; SAKE d
Rogers; Taussig d Fisher; p. NJ. Meyers;
Miller u Walsh; Lorenz Josephs; Fearing &
Dilinger; Williams d Bostwick. The extent
of the shrinkage in stock values for the week
ending the Goth had been, on some of the
leading lines, as follows: Harlem, 800 per
, cent. Western Union, 35: Panama, 80; Wa
bash, 90; Northwestern, 10; Rock Island,
1914, a total shrinkage, according to the best
authorities, Of over $iO0,000,000.
I dispatch from Philadelphia, of the 10Th
states that since the preceding day better
feeling had prevailed in financial circles. II
/ was thought that the crisis had been passed.
The run upon the Fidelity Deposit had con-
tinued up to the time Of closing the instiu-
, ton on the Goth, and every claim had been
met. During the day over s950,000 had been
paid out over the paying teller's desk The
Union Banking Company had suspended. The
failure was said to have been bad one, and
that 1t would not be able TO settle up at over
so cents on the dollar.
A Boston dispatch Of the Goth says that the
financial panic had not affected that city to any
, great extent. Extensive inquiries on the
street had revealed no prevalent alarm.
A telegram from New York states that the
steamship Wyoming, from Liverpool, had run
upon a sunken rock off Sable Island, and after
pounding about for an hour had got off, leak
ing badly. The third officer and three seamen
had been set ahoat to take soundings, since
when nothing had been heard of them.
telegram from Philadelphia Of the 22d
says that the financial horizon had a better and
clearer outlook, and that by the following day
matters would resume their normal condi-
ton. The Citizens, the Iron, the State and
the Keystone banks had temporarily suspend
ed, but arrangements had been made to enable
them to resume Immediately.
A New York dispatch of the 22d says that
the financial atmosphere had become much
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