The Portland daily press., 1873-09-23
by TELEGRAPH.
THE STOCK PANIC.
The Gold Exchange
Closed.
RUN ON THE BANKS.
Light Breaking.
RESTORATION OF CONFI-
DENCE.

l
| Several Montreal bankers nave arrived mere
| to invest in stocks at the shrinkaee quotations
large orders are also being received from Eu-
| rope with instructions to fill as soon as the
| stock exchange re-opens.
| The following notice is posted on the door OF
| the Union Trust Company: This institution
is in the hands of a receiver. statement of
its affairs is being prepared, and will soon be
made public. DepoSitors are cautioned against
sacrificing their accounts
| The following notice has just been issued
| ''The New York stock exchange will remain
closed to-day. A meeting of the governing
committee will be held tomorrow morn inc at
| 9.30 o clock"
| The Gold Exchange has closed the same as
| the Stock Exchange. 112 has been established
| as the basis of settlements. The room will re-
maiu opeu for the purpose of settlement The
| rate of interest is fixed at seven per cent for
| Carrying
The following notice is posted in the United
States sub treasury:
THE urchase of United States bonds to-day
| will include all the different series of 520s.
| Payments will be made ia coin. Small amounts
from individuals will not DO bought. that not
| being the intention of the government in
| thorizng the purchase
AS meeting of the directors of the Seamen's
| Savings Bank, it was decided to pay immedi
| ately sums of 800 or under All amounts over
that will not be paid before thirty days, as their
| charter allows.
The Clearing House statement has been made
| public. and all the banks have been cleared
satisfactorily. The feeling among classes of
| people down town is one of great relief There
| are no runs on any of the banks.
A tour of the National Savings Banks Of
Brooklyn developed the fact that there is more
than the ordinary quiet there, and there is no
| disturbance of the channels of financial or 9th
| er business in that city
Tie report published that a run upoa the
| savings banks was made to-day was rather pre-
mature. A tour around the east side at noon
| found everything quiet aud more deposits than
| drafts are being made. The banks are gencr-
| ally availing themselves of their charter, which
| empowers them to compel sixty days notice
| from their depositors desiring to withdraw their
| accounts.
The Clearing House loan committee have
issued two million and half of loan certii-
| Gates TO day.
Peter Cooke and Hugh McCulloch arrived
| by the steamer Egypt this morning and will be
| in Wall street to-day.
| The national banks are promptly meeting all
| demands. The savings banks are nominally in
state of suspension, merely as a relief to the
nationals.
| ID. Williams & Co., overdrew their ac-
| count in the Bank of North America to the
amount of $450,00O To-day the firm deposited
securities for $250.000, leaving 100000 still
| due. The bank authorities are now engaged in
endeavoring to compel the payment of that
| sum.
The statement on Saturday that checks of
The Continental Bank had been thrown out at
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been COMPOUNDED with the National Bank OF
| the Commonwealth The Continental Bank is
| and has been paying as usual.
The national banks are paying all demands
madoupon them that looks like legitimate bus
| mess,
| There is considerable enquiry for stocks on
i the streets
| No meeting of Jay Cookies creditors will be
| held until full statements have been received
| from the various branch offices throughout the
1 q red w
| the utmost despatch. The firm cannot at pres
ent say anything regarding the duration of
| their suspension.
The feeling continues to improve in financial
| circles, and there is considerable dealing in
stocks outside the board for cash and green
backs. The crowds down town are diminish
ing.
Runs ON the Banks.
When the doors of the Irving Savings Bank,
| No 96 Warren street. were thrown open this
morning, crowd of depCsitors rushed i'll, clam
BRING for their money. The paying teller i'm
| medatey set to work and con: menced to satisfy
their demands When the majority, however,
| saw how willing the money was being paid out
| they became quoted and left. Up to tive
| o'clock the bank had paid out about $4,000
| tnd had received a considerable amount of de-
| posits At present the excitement has COM
)letely subsidized. At the Broadway Savings
| Bank No Park place, business was being
transacted as usual and little or NJ excitement
| was Prevailing. The amount paid out up to
| TWO o'clock did not exceed $2U,000 while pro-
| Dortionate amount had been received. the
| bank officials do not anticipate a run.
$50 p. m.-The Union Dime Savings Bank,
| On Canal street, is being besieged by vast
Jhrong. About two hundred are inside the
loors, which are closed. The bank is amply
| ible to meet all the runs, having on hand
| sl,5O0,OOO in cash They will sell to-day $780,
| 300 of bonds, the proceeds going to reinforce
| their cash for to-morrow's run. They are not
axacting the sixty days privilege accorded by
cir by-aws There are 80 600 deposltors with
| this institution. The New York Savings Bank
| has run of one hundred. All checks are be-
| ,ng promptly cashed. The Abingdon Square
Savings Bank insists the sixty days priv-
!ege. but has no run The Clinton, Excelsior
, | and Wesside Savings Banks have slight runs,
which are promptly met. The Blocker Street
Savings Bank is paying all checks upon presen-
tation. A large run is i'll attendance The
Atlantic Savings Bank is paying all checks of
| 500 and less upon presentation. Checks of a
| greater amount are required to abide by the
| sixty-day bylaw.
Shortly after the Bowery Savings Bank, the
| largest 10 the State opened its doors this fore
noon, large numbers of depostors began to ar
| rive and it became evident they wera to have a
| heavy run. The Trustees met and decided to
| pay all lie mands, as they did not believe the
| run would live One of the trustees stated that
nearly all of the depositors drawing their money
| were those having small accounts. Up to two
| o'clock a bout 100000 had been withdrawn aud
about two-thirds of that amount had been de-
posted. The trustees have about $l2,000.000 of
| Government bonds and about S2,000,0OO in New
| York and 81 600 600 in Brooklyn bonds, which
they could draw on Immediately. They will
pay out sums up to $500 or $500, so as TO save
their depositors from any Inconvenience.
The paying-teller of the New Amsterdam
| Savings Bank. corner Bowery and lrvington
street, stated there had been no run there. but
| they were prepared in case there should be one.
Apprehen. ions in the West.
A despatch from Milwaukee says the Cham
| bers of Commerce has adjourned until We'd
nesday on account of the state of affairs Judge
Fancher to-day at the sut of the GrocerS' Ma
tioual Bank of this city granted an attachment
against the property of the Union National
Bank of Philadei phia, in this city, for $4,000.
Business Settlements.
The sub-treasury paid out $4,000 in gold
coin account OF interest, and S43 600 for call
ed bonds The customs receipts to-day were
S362,000 Jay Cook, McCullorh & Co., of Lon
don have appointed Mr. f. o. French their at
torney to represent their interest in this city.
pending the arrangements of j. Cooke & Co. S
business. The holders OF drafts drawn by
Foote aud French of Boston, against Jay Cooke
& Co. since suspension, will be bonored by Ed
ward Sweet & Co., and those of A f. Abbot
Waterbury, Conn, by the Metropolitan Ma
) tional Bank.
Judge Fancher this afternoon granted an at
tachmen against the property of 4. ID. Will
hanson & Co., brokers in this city, for 1896. 54S,
being the amount of the loan granted on Sat
urday morning by the Bank of North America,
on undertaking to pay it the day. but
which on demand was not paid.
Action of the Brooklyn Banks.
The Brooklyn bank Presidents met to-day
and resolved to sell 81, 100000 of U. S. securi-
} ties in case of an emergency. The majority.
however, were of the opinion that there would
be no run upon them. They will stand by each
other whatever may transpire.
Another Run.
=