Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-09-24

duu Involve uOot 6orlOuS QlSa6tofS. AT t0ie
ljuncture the governing committee of the
stock exchange held a meeting, aud unani-
mously resolved upon the closing of the ex-
change. The hall was accordingly cleared
at a quarter before IL, all members of the
exchange having been first warned against
dealings in the street or outside, on penalty
of expulsion from the board, and business
for the day was consequently closed. This
action was received with general favor cheer
after cheer from the brokers followed the
closing gong, and the grumblers were chief.
Iy outsiders who had come to the city in the
hope of making large purchases of stock at
low figures. The general feeling was voiced
by the Evening Express, when it said a" Too
much praise cannot be awarded TO the men
who conceived and carried out this master
stroke ofpolicy. Bsdlam was running loose
and the craze was rapidly communicating it.
self to the outside multitude. Nothing re-
manned but to shut the door and try and bring
back bulls and bears alike to their senses.
The suspension Of the National bank of the
Commonwealth, which quickly followed tina,
OF the Trust company, Is attributed by its
president, George Ellis, to the run on the
Fourth national bank, the day before, which
in turn caused a small run on 1.-THE Common
wealth. When the latter bank closed on
Friday, it was discovered that the firm Of
E iward Haight & Co., the principal hackers
of the bank-had overdrawn their account
$225, 900 which they were unable to return
The president consulted with other bank
officials, some of whom prof red assistance
and advised continuance of business, but
notwithstanding this and the added fact that
immediate suspension was not absolutely
| - \ L., 4.
pend at once rather than be subjected to the
dram OF a run. The suspension, however,
did not affect other banks the Commonwealth
having been almost entirely a brokers' bank
and its capital being only $3.50 900.
The suspension of the Union Trust Com
pany Was followed about noon. by that Of
the National Trust company, winch VAS a
matter of expediency rather than immediate
necessity. Tue company had in its vaults a
large amount OF securities, including $780,
900 10 government bonds, but these coul !
not be sold except at discount of from 80
to 40 per cent, and, rather than suffer such
a loss, the directors decided to suspend tenn
porarily. Among the minor suspensions oil
the day were the following Edward Haigh,
& Co., Brown, Wadsworth & Co., E. c.
Morehead, q. q. White & Co., Ketchum
| i1Clhudpy W u DOSbWiChy N1llltT O
Walsh, Lawrence Josephs, P. NJ. Myers &
Co, Fearing & Del'ins ond Taussig & Fisher
The run on the Fourth natianal bink, which
commenced on Friday, continued through
Saturday, but all demands were promptly
met, about $5OO,0O0 being paid out during
the day in bank notes. There was no run or
any other bank.
On Sunday President Grant and Secretary
Richardson were IN consultation with
leading bankers. They refused TO pay the
promised to buy bonds at their market val
ue TO relieve the money market
On Monday the feeling was much better
and it Was believed that the worse of the
panic is over. Saturday night the failures
numbered thirty three firms and thres
banks.
The only story of actual crime that ha.
been developed by the breaking up in Wall
st. is the detalcatlon Of Charles L. Carleton
Secretary OF the Union Trust Company. A.
the examination of the affairs OF the institu
ton on Friday night. rapid and general as il
WAS, it was discovered that at least $3.50
600 worth of Government securities anc
railroad bonds, which had been Kept in a
new underground safe, had disappeared, anC
left the offs late in the forenoon, anc
though when he went out it was supposed
be had gone to lunch, he has not vet return.
ed. As evening approached, and the Secreta
ry was still missing .rumors of dstrust begar
TO spread themselves among the officers + nc
clerks. Late at night the surprising dis
covery was made known Mr.. Garlic ton bias
been connected with the bank for five wears
and has not once until now been under sus-
plcIon. lie is son of the Rev Or. Carleton
formerly of the Methodist Book Concern, and
1t Is stated that one loan of $50, 900 was
made to his father. Mr. Garlic ton lived in
elegant style at No. SO South Oxtord-st.
Brooklyn.
Com. Fandsrbilt's theory of the trouble a.
given to reporter is as follows: The trou bic
Is the people undertake to do four times
as much business as they can legitImately
undertake. Vi course they get short, and
have TO bolster up their business as well as
they can by ro)blng Peter to pay Paul. 1t
people Will carry on business in this mad-caI
manner they must run muck. There are a
great many railroads started IN TINS country
without any means to carry them through
Respectable banking houses 10 New York, 50
called, make themselves agents for the sale OF
the bonds of the railroads in question and
| give moral guarantee OF genuineness. The
bonds soon reach Europe end the marx cts oil
tue commerce Il cenrers from the character of
end rsels are Hooded with them. Now mark
tie sequence, The road gets into difficulties
and bad language Is heard all r)uni. These
worthless roads prejudice the commerce ial
credit OF our couutry abroad.
| Building railroads from nowhere to no.
where at public expense is not a legitimate
undertaking. | might make ailuslons t.
Texas, Midland and oher new railroads, ba,
you must excu Sc me, for am a friend of the
iron road, aud like to see it stretching tc
every corner o. the United States. Tley
help to develop our commerce and civillzi
ton, and ought to be encouraged. All
have to saw is, when railroads are to be bull
don't victImze the public to build them
When | have some monev | buy railroad
stock or something else. but l don { buy on
credit. | pay for what | get. People who
live too much on credit generally get brought
up with round turn 10 the loug run The
Wall street Averages - ruin many mar
thore and IS like faro. Mlstrust will be Gu
| gendered till we, as nation, do our bushes
on "a more solid basis, and pay as we go.
Tuesday afternoon the large banking house
o. Henry Clews Il Co., failed, and tie p,n
was tanned into new life.
The Lamoille County Fair at Morrisvill
the 18th and 18th was very successful. Mr.
A. W. Griswold's show of cattle was O
course the best that anybody in the Stat
could make. Robert Hill of Gilmore had fin
flock Of sheep. The baby show inaugurats
by Hon. P. K. Gleed, came off as advertised
Thirteen mothers with their infants cam
upon the track in carriage, accompanied b
Mr.. Gleed, and passed around the track an
then to Floral Hall, where they were int,
viewed by the Committee. The first premium
was AWARDED to Mrs. G. W. Doty of Morris