The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-22

from tie mailing Office the delivery of 1t
cannot be prevented or delayed by the al
legged writer.
THE MORNING PRESS on THE siTuATioN--THE
GREATEST PANIC SINCE '57--JAy GOULD TO
THE RESCUE.
The papers generally agree that this has
been the greatest panic since 1857, far ex-
ceeding the black Friday and Chicago crash
The Times says the person who finally sus-
tanned the market and kept II from break
ing to point where half the street would
have been inevitably ruined was Jay Gould.
Tic bought during the low price several
hundred thousand shares of railroad stocks,
principally Vanderbilt, thus q check was
put on the decline.
Gold opened at III. The sub-trcasurcr
has just posted a notice stating that he has
been instructed by the secretary of the
treasury to purchase S10,000000 bonds to-
| day. Horace Coun & Co., leather dealers,
Woburn, Mass, suspended payment Liza
bilitics 100000; assets $4,000. Since
the suspension Horace Conn, the senior
partner has disappeared, causing great
anxiety to his friends Search has been
made in all directions.
The Union Trust company has just closed
its doors, and announces that 1t will resume
on Monday morning The stock market
opened little better, but the failure of
White & Co. was announced, and stocks
again declined under tremendous excite
ment, apparently as great as yesterday.
The following notice is posted on the Union
Trust companys doors d" In consequence
of the large amount due the company on
call loans not having been paid this morn
ing, the company have been obliged to sus-
pend payment until Monday morning at 10
o'clock"
A. G. White, is the name of the firm
failed. The failure of L. c. Broadhcad
and Kctchum s. Belknap is announced.
Stocks are fevcrish. Most of the sales
are for cash, which is two or three cents
below the regular transactions, In govern
mcnts nothing doing.
new SUSPENSIONS.
Tamsig & Fisher, p NJ Meyers, Miller Il
Walsh, Lorrcns Joseps, Fearing & Dclin-
ger, Williams & Westurck.
That deialcation exists in the Union
Trust company is now certain cannot say
to what extent.
The Bank of Commonwealth says the
run on the Fourth National Bank prccipi-
tated a run on us. and one of our customers
Edward Ilaight IL Co., overdrcw their ac-
count to the amount of S200,000 and did
not make ii good to the extent of $4,000.
Under these circumstances we thought it
better to suspend
Stocks opened with an advance of 4 to 6
on government. on which announced that
it would buy bonds, but TO ) on the fail
urcs of the Union Trust company and Bank
of Commonwealth.
STOCK EXCHANGE CLOSED.
The stock exchange is closed. subject to
the call of the president to enable members
to settle accounts. etc.
IN COUNCIL.
Vanderbilt was closetcd with Augustus
Schell in the Union Trust company's Office
Immediately after the suspension.
ANOTHER SUSPENSION.
The large firm of Brown. Wadsworth Il
Co. have suspended.
SAKE & Rogers have suspended.
The advertised meeting of Jay Cooks
creditors has been postponed till Monday
to allow al to get here The National
Bank Commonwealth has just suspended.
There are rumors of heavy dcfalcati0n
discovered in the Union Trust company.
Edward IIaight & Go. have suspended.
PROPOSAL. TO ISSUE PART OF THE CURRENCY
RESERVE.
\ special from Washington says it may
be stated on the highest authority that
should the order to purchase ten millions
of bonds fail to check the financial excite
mcnt it has been decided by Secretary
Richardson to issue any part OF the forty
| confidence.
The National Trust company have Just
closed their doors
Qualifications of Mechanics banking as
ISOLATION and Continental bank have been
thrown ont of the clearing house
The stock exchange closed to enable
members to settle accounts, which will
help them as many can settle outside with
out suspending The exchange had so
many stocks to sell under the rule that it
was impossible to do it and keep up with
current business.
~ PHILADELPHIA.
PHILADELPHIA, Sept 20
The Union banking company has failed.
Third street is comparatively quiet this
morning. The run on the Fidelity Trust
company is almost entirely subsidized. The
Union banking company did not open to-
day. A placard on the door says, lowing
to heavy demands, a suspension of II few
days is resolved upon 1t sustained
heavy run yesterday, paying out about
100000. 1t is Il state institution, issuing
no notes, and the suspension only effects
deposit ors, At jay Cookies matters are
progressing quietly, The clerks are busy
preparing a statement TO be laid before the
meeting of the members of the firm, which
cannot take place until after the arrival of
steamer Russia, AS two of the partners are
passengers on board of the steamer. The
Russia is expected in New York on Mon
day.
! THE UNION BANNING COMPANY FAILURE.
The failure of the Union Banking COM
pany was caused by the heavy run yestcr-
day.