The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-09-26
Subsistence of the Panic in New York.

New YORK, Sept. 22.-Wall street to- day
presented a most extraordinary spectacls. 1t
would be difficult, in the necessarily brief lin
its of newspaper report, to give correct
idea of the excitement which prevailed. But
the excitement to-day was. apparently, of an
entirely different kind to tho intense anxiety
observable Oh Friday and on Saturday. which
had its origin i'll condition. of universal panic.
The streets, that IL to say, Wall street and
Broad street. were crowded.
1t was difficult for a pedestrian TO thread
his way through the different groups which &C.
cupied the streets and sidewalks alike.
Confidence increased as the day advanced,
and about o'clock, there was sudden shrink
age of the lines at paying tellers' windows at
the banks and banking houses. The heavy
business done all day had been dispatched
with all possible speed. and as soon as it was
known among the merchants that the purchase
of bonds was uninterrupted. and that the rule
adopted by the savings banks, of requiring
thirty days notice for the withdrawal of all
large sums, was accepted without any disturb
ance at the savinkags banks, the certificatlon Of
money checks was not pressed and it was evil
dent at the banks that the depositors We're be-
ginning to believe that the storm had passed.
No embarrassments are expected in any of
the private banking firms who have sustained
themselves through the late crisis. The sus-
pension of the Union Trust Company IL gener,
ally attributed to the defaulting Secretary's,
neglect to call in the 5000, 900 loans ordered
on Thursday. According to general report
he completely lost his mental balance. and
showed no disposition to submit the affairs OF
the company to inspection. His whereabouts
are still unknown 1t is currently reported that
the company will be ready to resume business
in few days. 1t is little remarkable that
only one of the Trustees of the Union Com
paDy had any money on deposit in the institu-
ton, and that, with the exception of two or
tI.R.aa f,.alI hut
account for the bad management OF the con-
Germ.
Messrs. Jay Cooke & Co. are out with card
giving names of banks and banking houses
who will pay drafts of their correspondents.
All drafts against deposits made since the sus-
pension will be paid on presentation.
The National Trust Company, which sus-
pended payment on Saturday state that their
liabilities do not exceed 81, 900. 600 and that
the capital and assets of the company exceed
their liabilities
The day closes with confidence greatly i'm
proved. with general opinion that the crisis
Is entirely over. There seems to be no reason
why all the banks should not now 20 along in
a quiet and regular manner
A dispatch from Philadelphia announces
subsistence of the excitement in that city. The
State Bank has resumed payment.
WASHINGTON, Sept. 22.-Judge Richardson
said this evening that he believed the storm
was over, and that quiet and good order.
would soon be restored in financial and BUSH
ness circles.
The President decided to-day to send 500
600 900 from the National Treasury here TO
Assistant Treasurer Hillhouse in New York
tonight, to enable that officer to buy all bones
that may be offered.
A dispatch from Pittsburgh announces the
failure of James L. Brady Il Co., and the Sc.
curity Trust Company.
u is stated that the Canada Southern Rail-
way Company is seriously crippled by the