Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-20
Banks, Trust, and Life Insurance
Companies, and Railroad Cor
pOratiOns Shaky.
Tie Government to Come to the
Rescue To-Day The Scene
on the New York Stock
Exchange.
The Northern Paciflc-Seeretary
Richardson's OpiniOn-List Of
Cookies Institutions.
List Of the Failures-0piniOns-
What May be Expected To-
Day-Etc., Etc.

Day-Etc., ETC.
/ COOKE TO BE PROTECTED IN PARIS.
NEW YORK, September 19.-Munroe
! & Co, Of Paris, Telegraph per cable to
[ their New York house that they will
/ protect all bills of Jay Cooke & Co. upon
/ them. They offered this morning to
! discount Cookies immatured bills at
bank rates.
/ THE FREEDMAN's SAVINGS BANK.
WASH, NGToN, September I9.-There
was a run on the Freedmen's savings
bank to-day. The officers say there is
not the slightest danger, as all demands
viii be promptly met. The National
1 savings bank have taken advantage OF
the provisions of their charter requiring
depOsitors to give thirty days notice of
. their withdrawal. There is COMPARE
. lively very little excitement in the
neigh bOrhoOd of the different banking
houses, and the runs are only upon the
Freedmeo's savings and the Washing
ton City savings banks.
CAN'T TELL WHAT HE WILL DO.
WASHINGTON, September IS. - In
. view of the numerous kilograms con-
cerning the condition of monetary af-
fairs, many inquiries were made of the
secretary OF the treasury this afternoon
as TO whether and to what extent he
would furnish relief. His reply was that
he had not yet decided what he would
do, thus implying that he has the sub
4 ject under consideration.
RECEIVER.
I WASHINGTON, September led
! win 5. Stanton, son Of the late seere-
tary Of war, has been appointed re-
I ceiver of the First national bank of this
city.
THE UNION Trust COMPANY.
New YORK, September 19.-The
| New York trust company kept their
doors open till four O'Clock, an hour
'~uger than IS required by law, and paid
: an q. --Slands upon them up to that hour.
! Tbs Mann sttan bank certified to checks
drswn bv the ,,TniOn trust company up
/ to four O'clock this a''ternoon. Augustus
/ ScheH SAYS the Union rust company
expects to weather the stOTL-; ana De
Z lieves the worst is over. The assls,Aut
Z secretary states that the company Is
able to pay two dollars for every one
owed. Prominent bankers state they
believe the worst effect of the crash
was over, and that i'm a few days mOst
Of the firms viii open their doors again.
A publication this evening OF the run
on the Union Trust company yesterday
caused a real ron on the institution this
morning. The failure Of Richard ScheH
Is the occasion Of this run, dep0sitors ap-
parently fearing that he has been mixed
up in the affairs Of the Trust company
from the fact that his brother Augustus
Sehell is vice-president. This last
named gentleman expressed utmost
faith in the ability Of the Union Trust
company to meet all demands, however
pressing. Fisk & Hatch state that their
| Suspension can only be temporary, and
was caused by loans called in on good
securities, which could not be realized
upon the present crisis. They say the
/ securities on which they have made adj
vanees are on two railroads, the Chesa-
peake and Ohio, and Central
Pacific. both completed. They ex-
Dect To be able to resume business
as soon as the panic ceases.
I Theodore Bidell and 4. M. Kidder are
I the latest announced failures. The fol-
lowing shows the decline ia the leading
I stocks since the opening at half-past
1 eleven this morning: Central from SO
[ TO 81; Harlem from l20 to ia; Erie
/ from 81 70 52}; Lake Shore from S73 to
50; Wabash from 46 10 80; Rock Island
/ from ga TO So; Milwaukee and st. Paul
/ from 80 to SO; Ohio and Mississippi from
| S2k to q; Union Pacific from p TO Il;
/ Cincinnati, Columbus and Indiana Cen
/ tral from 23} TO l9l; Western Union
Telegraph from Is to 6s3; Pacific Mail
| from SS} TO 324. 2
TO COOKIES DEPosIToRs.
PHILADELPHIA, September 19.-The
/ following was posted this morning at the
door of Jay Cooke & Co.:
''To Our Depositors;
"Some little time is required to adjust
/ our accounts and to hear from our differ
I ent Offices, when a statement will be
/ prepared, showing the condition Of our
affairs, which will be forwarded to you
through the pOst0fiiee. Until then We
beg yOur kind indulgence, assuring you
that every effort will be made to hqGi-
Z date our entire Indebtedness with the
isignedl HJAY COOKE & CO."
IN LINE.
WASHINGTON, September I9.-Hun-
Z dreds Of persons formed in line t..is
morning at the Washington City Saw
ings bank. They were nearly, ii not ali,
small depOsitOrs, and entered the bank
in turn to draw their money. Tie
president of the Institution was on the
ground assuring the crowd Of the ability
0f the bank to meet all demands. There
was also q run on the Bank Of Wash
ington, adjoining the Savings bank.
FHE NEY YORK STOCK EXCHANGE.
~ YORK, September l9.-The
- - SnEe has keen TIE scene OF
~ $50 49, ~. -~itement throughout the
eue ~ilue9s M SAe 'Sule OF business hav
ins, ,oiIlng hals - ne Is w dgetDstions OF
such proportions as to make a. Sl. 1-,..Iss. -
impossible to keep the record of bn--
st each time when a failure was an
nOunced. Great rush was made to sell
| stocks which was almost regularly fol-
I lowed 10y some recovery. The decline
/ has ranged from 1@ll TO 8 per cent.
I The following is complete table Of the
highest and lowest prices: New York
Central Hudson, highest, Sc, lowest,
/ 81; Harlem, l20, 80; Erie, 81, 52t; Lake
Shore, S73, So; Wabash, 46, 3S4; North
west, 4S3, At; Rock Island, 974 So;
I Milwaukee and 1T. Paul, 80, 80; Ohio
7 and Mississippi, 324, 26s; Union Pacific,
/ -, 10; Cincinnati, Columbus and H.
/ diana Central, %, l93; Hannibal and st.
/ Joseph, 2S. 10. Panama, 100, 81; Della
! ware and LackawanR, %, IS; Western
Union Telegraph, IS, 81; Pacific Mail,
I 3S3, 324 As each failure was
announced on the stock exchange
the excitement increased and every
body seemed wild with fright.
/ COOlness and confidence departed for
a time3 and it is many years since such
4 a scene has been witnessed on change:
/ the money market is so unsettled il is
difficult 10 name fixed rate; foreign eX-
{ change is duh and nominal; gold active
aud excited, and after frequent and viO-
lent fluctuations, advanced to ll3s !;
! rates paid for carrying We're l-32 to Z per
cent; southern States securities were
/ neglected; government bonds unsettled
I and quotations nominal. The general
panic and depression which followed the
suspension Of Jay Cooke 4 CO., yester-
day, caused the ranks 10 call in loaus
! freely on Fisk 4 Hatch to-day, and
amid the distrust prevailing the firm
found il impossible 70 renew loans else
where, or to realize npou their securities
Z in the present condition Of affairs. The
. DAnkAHEuOAcE Vi AAiC aAAAA NANNNNA
with sympathetieal friends, who offered
not only sympathy, but substantial aid.
The firm, however, deemed il pruden-
tisl to stop and treat every one alike.
UNEASY FEELING IN LONDON.
LONDON, September 10, 4:50.-Finan-
cial reports in the afternoon papers indi-
cate an uneasy feeling, oecasiOned by
the news from New York. The close Of
the market, however, iuds eontidence
partly restored, and at this hour Lon
. don's financial condition is sound.
There have been no failures.
MORE CURRENCY.
WASHINGTON, September l9.-Ths
secretary Of the treasury this morning
, stated that he would pay all the bill
, against the government, and thus pu
Id circulation as much currency as pcs
sible, as he had az abundance OF cnrren
cy, sufficient 10 pay all the claims with
fTrWW .Hr