The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-22

of the Union Trust Co. and Bank ol
the Commonwealth. The excite
ment Is so great that 1t seems moi
possible to announce correctly the
names of the firms failing. E. c.
Brodhead was the right name Of the
broker that failed, and not E. G
Morehead, and the proper name ol
White is given now as A. G. White,
The Stock Exchange was closed
subject to the call of the President,
to enable members to settle the ac-
counts. Vanderbilt was closeted
with Augustus Schell in the Union
Trust Company's Office Immediately
after the suspension.
Brown, Wadsworth & Co., have
failed.
The New York bank statement
will, it Is said, not be ready before
four o'clock, If then.
To give the usual quotations OF
stocks is not possible to-day.
The failures Of brokers come in such
rapid succession that blocks OF stocks
were thrown upon the market to re-
alize.
A special from Washington says !:
1t may be stated, on tho highest
authority, that should the order to
purchase ten millions of bonds fail
to check the financial excitement, 1t
has been decided on by Secretary
Richardson to issue any part OF the
forty-four millions reserved necessa-
sy to restore confidence.
There were thirteen proposals to
sell bonds Of the Government at the
sub-treasury aggregating $2,972,6oO,
at from l09 to 112. The National
Trust Company has just closed Its
doors. Certificates of the Mechanics
Banking Association and the Conti-
mental Bank have been thrown out
of the clearing house. The crowds
and excitement In Wall and Broad
streets are Unprecedented, and even
in the neighborhood Of those finan-
cial centres, groups are gathered dis
cussing the situation.
At nearly one o'clock the ten
millions promised from Washington
cannot be made available according
to the red tape requirement for the
opening, and Reading offering to sell
bonds, and telegraphing to know If
the rates are acceptable.
The Stock Hchange is closed until
further orders from the President.
All Operations in the street Is pro-
hibited under penalty of expulsion.
H. G.. CHAPMAN,
Vice President.
The tills of the best and strongest
houses are getting low, having stood
the run now of nearly three days.
Under the order Issued by the Presi-
dent ofthe Stock Exchange, forbid
ding members under penalty OF ex-
pulsion to engage in operations out.
side, it Is not possible to realize on
securities, and each mans vault Is
now the only standby.
The Fourth National Bank Is
meeting all demands upon it, and
they are numerous.
At one o'clock notice was; given
that general clearance coulfi not bt
effected to-day, owing to the face
that many dealers find it i'm possible
to get checks certified in proper
manner. All statements, dOckets,
and checks will be returned to deal
ers on application at the Gold Ex-
change Bank.
Gold at one o'clock was 11lS.
The Bank of North America has
closed It's doors.
An effort is said to be making TO
get public and private cankers to act
in concert and close doors simultane-
ously, not waiting for three o'clock.
It is stated on high authority that
the order for the purchase often mil
lion bonds having failed to check the
panic, Secretary Richardson will is
sue part of the forty-four million now
in reserve, as 1t may be necessary to
restore confidence.
The stock fluctuations Is unprece-
dented. General distrust prevails.
Business is generolly done on cash
basis.
The Union Trust Company have
closed their doors till Monday.
The bank statement will not be
published till late this afternoon, for
want Of sufficient clerical force at
the Clearing House.
The National Trust Company have
closed their doors.
It is rumored that the certifications
Of the Mechanics Banking Assocla-
ton, Continental Bank and Bank OF
North America have been thrown
out of the Clearing House.
LATER-The Bank Of North Amer
lea has not suspended.
The excitement and panic which
followed the announcement In the
Stock Exchange Of the suspension or
the Union Trust Company and fhe
Bank Of the Commonwealth, were
beyond description.
The Stock Exchange resembled a
mad house, and the streets were
blocked with people all laboring un-
der great excitement and frenzy.
Prices tumbled down from two to
sixteen per cent, and stocks were
slaughtered without any apparent
regard to values, amid the surging OF
the excited crowd in the Stock Ex-
change and the continued destruc-
ton Of values. There were some few
cool and level heads. These men
conceived the idea Of initiating the
Vienna plan of closing and, immsdi-
ately. The governing committee was
convened to take action therein, and
in a few moments the Board was
called to order, and the announce
ment was made that the Exchange
would be closed until further orders
from the President. This was re-
ceived with great Joy, and the Ex-
change resounded with cheers.
The rotunda Of the Treasury was
crowded with people listening to the
PROPOSALS to sell bonds as they were
read off, while the Wall street steps
of the building resembled . mass
meeting.
The gong was sounded, and in less
t;y,,a than n IL takes to record the fact