Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-09-26

and was not involved in this crash
There was no run upon this bank,
though sufficient currency was in hand
to meet the full extent of its deposits.
- HINTON & DUNN,
one of the most reliable banking firms
in this city, met promptly yesterday
all demands upon them, and at the
close of business, like the Commercial
National, had received a deposit much
larger than the amount paid out.
FAILURE OF FIRMS.
In addition to the banks above men
toned as having suspended, several of
the largest firms i'll the city are re-
ported to have failed, among whom
are Plummer, Young II Co, II. A.
Young & Bro. and others. In this
connection it may be necessaryto state
that Mr.. John d. Young's insurance
agency is separate and distinct from
his connection with r. A. Young &
Bro.
CAUSE OF THE DISASTER.
The immediate cause of the disas-
ter, rs already stated, was the unpre-
cedented run on the banks by the de-
positors, but the inability OF the banks
to meet this demand was due to the
heavy advance made by the merchants
TO farmers of money drawn from the
banks on paper collaterals, and which
are now held by the banks as security
for payment: Had the Crisis been
POSTPONED thirty or sixty days Until
the farmers could have brought into
market their cotton, tobacco and other
produce which constituted the basis of
security upon which they had received
advances from the merchants, and at
which time the paper held by the banks
matured, the run would not have ma
terially changed the current of bust
ness. In addition to this, it is also
alleged that the city was overtrading
its capital, an abnormal condition OF
affairs which must sooner or later have
resulted in disaster.
It is stated, upon good authority,
that no railroad ring or combination
had anything to do with this result, as
very little money had been advanced
to any of the roads For was it due to
any loss in New York. On the con-
trary. the banks of this city are heavily
indebted to the banks of New York.
THE FEELING ON THE STREET.
During the early portion of the day
the widest excitement prevailed
throughout the city, and every deposit
tor endeavored to avail himself of his
money Failing in this, the excite
mpnU SuDSlueu 1QGO - SeIIItu groom
which seemed to shroud the entire city.
When it was too late, men stopped to
consider the terrible blow dealt the
interests of Petersburg, and all united
in denouncirg the oriSinator8 of the
| runs.
An attempt was made to obtain
meeting of the Common. Council, but
| without success, most of the members
| believing that t would be iniudicious
| to add to the excitement Of the Occa-
sion, and doubt 6 if they could do
anything to allay the trouble or relieve
it, An informal meeting, however,
was held, and it was resolved to hold
a meeting this evening to consider the
! financial condition of the city.
| The news spread like wild fire
| throughout the surrounding country
and every train, as we'll as private
! conveyances, brought large numbers
| of depositors destined to be disap-
| pointed.
lii this crisis there is but one course
| to pursue, and that is to abide pa
tiently the developments of time, and
give the banks the fullest and fairest
| opportunity to make settlement.
THE CONSEQUENCES
cannot be safely predicted at this time,
| though it is hoped that the worst has
passed. Rumors are rife, however,
| that several large firms are likely to
suspend in the course of the day,
and there is no denying the fact that
trade is convulsed to its very centre.
The News from the PoIari.' Crew.
| Captain Buddington and those who
were left with him on board the Polaris
| have beer heard from, and sooner,
probably, than anybody expected.
| After leaving the little camp near Lit
Teton Island, where they passed the
winter of 1S72-'73, the party of four
teen men drifted southwark in the two
boats which they built from parts of
the Polaris during the winter months.
| The voyage was begun on the first Of
July-the Polaris sinking a few week
afterwards. The course taken was
along the west coast Of Greenland, the
intention being to make for Cape
York, distant to the southwest about
two hundred and fifty miles. a point
OF land forming the northern boundary
of Melville Bay, in which British
whaling vessels are to be found from
the first OF June until the middle of
July, and sometimes later.
Captain Buddington was so fort,1-
nate as to fall in with one of the whal-
ing tieet-the Ravenscraig, from Dun
| dee, Scotland--on the goth of July. at a
point twenty miles south of Cape
| York. During their twenty days'
| boat voyage they therefore passed over
| about two hundred and seventy miles.
| making an average .laily distance of a
| little more than thirteen miles. From
the Ravenscraig the men were after
wards transferred to the honcward-
bound whaling Arctic-also
belonging to Dundee-which, des-
patch sent from London at six O'Clock
| TINS morning says, passed Petcr-head
Scotland, distant from Dundee about
a hundred miles, last night. We
| therefore may soon expect to hear the
story of the adventures Of the survi-
vors directly from themselves.
The United States vessel Juniata
| left st. Johns. Newfoundland. at one
| o'clock yesterday. to renew the search
! for Captain Burlington. The good
news was received IN that town soon
atterward, however, and a swift
! steamer was at once sent 20 recall tile
Junlata- 1t is therefore likely that
the government expedition will soon
be III home waters again, without the
loss of Il man.
SO far as known at present, Captain
Huntington met with no mishaps on
his return voyage. We assume. there
fore, that he has brought with him
whatever p: p RS were not left in his
WINTER quar;ec and those thus left
are already in the possession of our
government So far as the scientific
results of this latest Polar expedition
are concerned these records of the vow
age are invaluable. As an authentic
history of the voyage their publication
Will be waited for by the public with
marked impotence, feeling which
VII! probably be shared by Captain
Buddlngton when he learns the reports
which have gained currency in some
quarters concerning his relations to
the late Captain Hall