Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-21
THE MONEY PANIC.
Continuation Of the Excitement
in Money Circles in New York,
Philadelphia and Wash
ington.
frthSactiOns in the Stock Ex-
change-Tab Of Compare
tive FluetastiORs-Et-
erything shaky.
Additional Failures-The Stock
Exchange Closed, and Trans.
actions Positively Pro-
hibited.
The Ten-MilliOn Sale Of Bonds BY
the Government Fails Ut
terly to Relieve the
Panic.
Secretary-Of-the-Treasury Rich
aTdsOn Coming Down with
his FOrty-NfIlion Re-
serve.
The Effect at Home aud Abroad
Business but Little Affected
-'COnRdence" Coming,
ETC., Etc.
ADDITIONAL SUSPENSIONS.

Q
New YORK, September 20.-The
/ Union Trust company suspended at hall
l past ten o'clock. Stocks are going I'D
and down lively, and several sales have
I been made under the rules, which would
I imply that failures have taken place, al
I though only one is known, that of the
/ firm Of 5. b. White & Co. Western
! Union has touched sixty. The suspen-
/ sion Of the Union Trust company, it is
I likely, will make unavoidable balances
/ Of smaller brokers, and perhaps fierce
I them to relief from active business, for
this day at lesst. Most Of the sales OF
stocks are for cash and at two to three
( per cent below regular transactions. A.
/ q. White failed, not s. B. White as pre-
Z yiOuslY reported. The National bank OF
I Commonwealth has suspended.
SAKE q Rogers have suspended. A
I meeting of the creditors of Jay Cooke
& Co., will be held on Monday. Ru-
mors are circulating lively, and one at
tributes the cause of the suspension of
the Union Trust company to the defal-
cation. Edward Haight & CO., Just an
nOunced suspended. Great crowds are
in Wall and Broad streets, and police
men are busy beeping free entrance and
exits TO the stock exchange. The fail
ures of ketchum & Belknap and E. C..
Broadhead are the latest reportA.
New suspensions: Louisig & Fisher,
P. NJ. Myers, Miller q Walsh. Lamens,
Josephs, Fearing d DelHnger, Williams
& BOstwick. Rumor seems right this
time, that defalcatiOn exists in the
Union Trust company. The bank of
Commonwealth says the run on the
Fourth National bank precipitated the
run on that institution, and that
Edward Haight q Co, oveFdrew their
account to the amount of two hundred
thousand dollars, which they did not
make good to the extent of one hun
dred and seventy thousand dollars.
Under the circumstances the bank
thought il better to suspend.
Stocks opened with an advance of
from four to six per cent, but fell from
two to twenty-five per cent. on the fail
ure Of the Union Trust company and
the Bank of Commonwealth. The ex-
element is so great that it seems not
possible to announce correctly the names
Of the firms that have failed E. c..
BrOdhesd was the right name of the
broker that failed, not E. q. MOrehead; (;
and the proper name of White is given
now as Q. G.. White. The stock ex-
change was closed subject to the call of
the president, to enable the members to
settle their accounts. Vanderbilt was
clOseted with Augustus Schell in the
Union Trust company's Office immedi-
stely after the suspension. Z. c. More
head has suspended, not Brodhead
Brown, WadswOrth q Co. have failed.
The bank statement, it is said, viii not
be ready before four o'clock, il then. To
give the usual quotations of stocks is
not possible to-day. The failures Of
brokers came in such quick succession
that blocks Of stock were thrown upon
the market to realize.
PHILADELPHIA, September 20.-The
Union banking company has failed
This company has State charter, and
bore heavy run yesterday. The bank
did not open to-day, and a placard on
the door stated that, owing to heavy de-
mands, a suspension for a few days had
been resolved upon. 1t sustained q
heavy run yesterday, paying out about
500, 600. Il Is q State institution. issu-
ing no notes, and the suspension only
effects depositors.
ST. LOUIS, September I9.-Taussig.
Gesap & Co., of this city, closed their
door this evening after the announce
ment Of the failure Of their New York
house, Taussig, Fischer & Co. They
are confident of being able 10 resume in
a few days, and state that no one will
lose dollar by them. This house dealt
pretty extensively in railroad securities
on their own account.
BOSTON, September "Wednesday
last the firm Of Horace Conn & Co., Of
WobOurn, Massachusetts, extensive
leather manufactures, suspended pay
meDt. Their liabilities amount to one
hundred thousand dollars, and il is esti-
mated their assets will reach one hun
dred and fifty thousand dollars. Since
the suspension Horace Conn, senior
partner, has disappeared, causing great
anxiety 10 his family and friends
Search has been made in all directions
ALBANY, September 20.-T. Squire &
Co, bankers, have announced their
temporary suspension until further ad-
vices from New York.
TORONTO, September 20.-H. J. Morse
& CO., bankers and brokers in this city,
have suspended, owing TO the failure of
Jay Cooke 4 Co, and other prominent
houses in New York.
CHICAGO, September 20.-The Frank
lin bank, private banking company
situated on the corner Of Madison and
Dearborn streets, closed its doors to-day,
being unable to settle at the clearing
house; the amount short was only nine
thousand dollars. Fernando Jones is
president of the concern and A. Briggs
vice-president. The latter states that
their embarrassment is Only temporary,
and "a il is not known TO have been In
any way connected with any of the sus-
pended New York houses, there would
appear to be no reason why it should
not resume soon. Il is stated that the
majority Of the teachers in the public
schools are depositors in the bank. Its
early resumption is, therefore, the more
to be hoped for. The suspension, how
ever, creates no excitement or feeling
whatever in financial OF commercial
circles.