Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-09-26
DoDGEy1LLE, WISCONSIN, FRIDAY, SEPTEMBER 2e, 1873

tions, notably the Fourth National Bank and
the Trust Company, of which Richard Schell
was President. Up to the close of business,
every demand presented had been paid. The
effect upon gold had been to raise the price to
11315 early in the day, but by afternoon the
price had receded to 111I.
A Washington dispatch of the 10Th says
that the Comptroller of the Currency had ap-
pointed receiver for the First National Bank
of that city, and an examination into its con-
dition had been announced. 1t did the Wash
ington business for 600 banks in the country,
and its Indebtedness to them did not exceed
$4,000. A run had been made on the Wash
ington City Savings Bank and the
Freedmen's Savings Bank, but it was
thought they would be able to meet
all demands. The Secretary of the Treasury
had directed the Assistant Treasurer at New
YORK to purchase 100000 worth of bonds,
and deposit portion of the Treasury balance
in the National Bank Depositories in order to
stop the panic.
On the 10Th, the suspension of the banking
house of A. c. & O. F. Badger, of Chicago.
had been announced.
Dispatches from New York on the Goth say
been disastrous only to class of stock gamb-
lers whom everybody wished to see over
whelmed and the suspension of three banks.
weakened by outside considerations, unex-
pectedly revealed by distrust consequent
on the agitation of the stock market The
"Bank of the Commonwealth" "The Ma
tional Trust Company" and the "Union
Trust Company" had suspended. In the
case of the National" the disaster had re-
suited from an inability to realize instantly
on Government securities. The suspension of
the ''Unon /" had resulted not from in
ability to realize on securities, but from the
discovery of the defalcation by Carleton, the
Secretary, for 100000, and an vei-draft of
E. s. Haight for $200,0O0 1t was re-
ported that Vanderbilt had been involved fnan-
cialy in the defalcation. The Stock Exchange
opened for few minutes, but before the first
Call had been reached stocks had become so
demoralized and the stockholders so dis
heartened, that resolution to adjourn until
Monday was carried through with rush.
Government had purchased Sl0,000,000 in
bonds, but this had not relieved the street.
Everybody had bonds, and everybody wanted
the cash for them. A run had been
made on the First National Bank of Hoboken,
but up to the hour of closing it had paid all
demands. One reason for the run was the fact
that it had $207, 900 of its funds locked up in
the Bank of the Commonwealth, which had
suspended The President had reached New
York and had arranged for conference with
the Secretary of the Treasury and leading New
York fnancers on the following day. The
full NOT;
to use the power of the Treasury to the ex-
tent of $16,000,000 balance and $44, 100000 re-
serves. Among others the following addi-
tional firms had failed: Ketchum & Belknap;
E. C. Brodhead; SAKE q Rogers; Taussig &
Fisher; P. M. Meyers; Miller & Walsh;
Lorenz Josephs; Fearing & Dillinger; Will
lams & Bostwick. The extent of the
shrinkage in stock values for the week
ending the Goth had been, on some of the
leading lines, as follows: Harlem, 3919 per
cent. Western Union,- 35; Panama, 80; Wa
bash, %; Northwestern 19; Rock Island, 1917,
a total shrinkage, according to the best au-
thorities, of over $100,000,O00.
Telegrams from Philadelphia, of the Goth,
state that since the preceding day better
feeling had prevailed in financial circles. 1t
The run upon the Fidelity Deposit had contin
ued up to the time of closing the institution on
the goth, and every claim had been met. Dur
ing the day over $95O,000 had been paid out
over the paying teller's desk. The Union
Banking Company had suspended The fail
ure was said to have been bad one, and that
it would not be able to settle up at over so
cents on the dollar.
A Washington telegram of the Goth says that
the offer of the Government to purchase $10,-
600 in bonds had not proved the meas |
of relief, in the present financial crisis, that
was expected. In the suspicion with which
all other securities were regarded holders |
would cling to their Governments.
San Francisco dispatches of the Goth say
that so far the Pacific coast interests had not
been compromised by the embarrassments in
the East No trouble was appreheuped to
general business, except the increased degree
of caution incident to such state Of things.
Boston dispatches of the Goth say that the
financial panic had not affected that city to any
great extent. Extensive inquiries on the
street had revealed no prevalent alarm.
A st. Louis dispatch of the Goth announced |
that the banking firm of Taussig, Gemp u Co. |
had suspended, in consequence of the suspen-
sion of Taussig, Fisher & Co., of New York, of |
which house it was branch.
A telegram from Toronto, Canada, says that |
e. J. Morse & Co., bankers and brokers of |
that city, had suspended in consequence of the |
failure of Jay Cooke & Co.
According to dispatch from Burlington,
Iowa, of the Goth, the Orchard City Savings
Bank, of that city, had failed.
On the Goth came the intelligence that the
Franklin Savings Bank, of Chicago, an insti-
tuition of no sort of consequence, had sus
pended.
According to dispatch from San Francisco
of the goth, fire had broken out in the Yel-
low jacket Mine, in Nevada, in the 1900 foot I
level. Six lives had been lost. At last ac-
counts the fire had been got under control
Dispatches from New York state that the
steamship Wyoming, from Liverpool, had run
upon a sunken rock off Sable Island, and after
pounding about for an hour had got off, leak
ing badly The third officer and three seamen
had been set aloat to take soundings, since
when nothing had been heard of them.
Memphis dispatch of the Goth says the
ravages of the yellow fever in that city had
been stayed somewhat The disease had ap-
peared in New Orleans, and the dengue or
break bone fever ragged also as an epidemic.
In Shreveport the fever exhibited no abate-
ment New cases were not so numerous, but
the ratio of deaths had been fully as great as
at any time since the appearance of the
scourge.
A telegram from Burlington, Iowa, dated
o&sx- -