Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1873-09-26
DBFALcAT1oN OF CARLTON.

There is much difference in the reported
amounts Of the defalcation of Carlton, Sec
rotary Of the Union Trust Company, the
figures given ranging all the way from
$3.50 600 to $500, 900. The institution
sold 81 ,O00. 900 to the government to-day,
which places it in funds for next week, and
it also has So, 900 600 call loans, which has
been called, and this money will also be
available next week. Efforts have been
made to hunt up tho whereabouts of Carl
ton. He has been tracked to Jersey City,
whence he took the train of the New Jersey
Central railway last evening. Efforts to
trace his whereabouts have been made by
private individuals.
A slight run on several east side savings
banks was reported. The run on the First
National Bank of Hoboken,. which com
menced Saturday morning. was continued
throughout the day, and $137, 900 were
drawn out, but the promptness with which
all demands were met tended to restore con.
fideDce in he institution, and much Of the
amount Withdrawn was redepositad. The
resources and liabilities are each placed at
STAT ,000
THE FIRM OF FISK & HATCH
Fisk & Hatch who failed in New York
on Friday last. have been associated with
Jay Cooke & Co.. in the popular mind, 10
strength and integrity, since the breaking
out of the war Originally clerks with a
prominent banking firm, they embarked in
safe and lucrative banking business on
comparatively small SCALE Their business
and operations increased rapidly, and when
the government made application for loans
the house was favored with large orders.
which they executed well. In the well
known 1923 and 20 loans they were very
prominent, and shared the honors and the
profits Of the negotiations with Jay Cooke
& Go. Still later, they were identified with
the construction and development of the
powerful Central Pacific railroad, and sub.
sequently with the Chesapeake & Ohio rail
road. This road. it is believed, was the
cause of their failure. 1t promised very
favorably, and when Fisk & Hatch became
its fiscal agents, its credit and success were
believed to be assured beyond peradventure
The stringency in the money market and
the distrust OF new enterprises made it diff
6cult to negotiate the bonds, and the firm
found themselves unable to obtain the ad-
vances which they lad made to the compa.
ny. This failure Of Jay Cook & Co.. pre-
cipitated crisis which the were unable to
meet, and the result was their suspension.
Fisk & Hatch have national reputation
for honor and liberality. When it was an
nounced that they had failed there was a gen.
eral expression of regret and sympathy.
THE PRESIDENT, SECRETARY RICHARDSON
AND sENAToN MORTON IN CONSUL
No1LvL
President Grant and Secretary Richard
son were in consultation with Vanderbilt
and other leading capitalists, bankers and
merchants at the Fifth Avenue Hotel Sat
urday.
A large number of there had previously
held conference in ono Of the parlors oil
the hotel and reduced their plans to tanel
BILE shape. Among those present at this
conference of Wall street and mercantile in
terests were Commodore Vaunderb 1t. Hen
ry Clews, the Solgman Brothers Geo. II
Opdyke, Isaac H. Bailey, VIM NJ. Ortop,
president Of the Western Union Telegraph
Company. Prospect P. Sharp, JAS Ii
Burke, VIM L. Scott, of the Erie (Pa
Bank, Robert Lennox Kennedy, Horace B
| Chaplin, Gen. e. S. Sanford Of Adams Elk
press Company. Mr.. Vail, of the Bank Of
Commerce, Senator West, of Louisiana, and
John Hcey, president Of the Adams Express
Company.
The committee had not agreed at this
time as to the amount of such reserve which
would be probably required to effect the OBJ,
ject sought to be obtained.
President Grant ard Secretary Richard
son sent for many members of the commit
| tee and heard their views on the subject
After an hour spent in this way, and aftei
listening to the written views of several Of
the prominent members of the committee
President Grant and Secretary Richardson
informed the committee that nothing coule
be done until a precise proposition had been
submitted. The majority Of the committe.
proposed verbally that the governmen
should if necessary, place the whole lega
reserve of forty.four millions in the New
York city banks.
Secretary Richardson opposed this sug
gestion in the strongest terms, and said hi
was utterly and infexibly opposed to issuing
any eonsi cradle portion of the legal reserve
for The use of the city banks
President Grant and Secretary Richard
son requested the committee to agree on ano
present to them a report embodying thell
views as to what ought to be done on the
part of the Government, stipulating that the
name of each Of the committee must be ap
pended TO the proposition.
VANDERBILT AND THE PRESIDENT.
About three o'clock, Commodore Wander
bit entered the hotel and went to the room
occupied by the Presidential party, and the
corridors adjoining it quickly became
thronged with crowd waiting impatient
ly for the exit Of the railroad king, and ner-
| vously impatient to CLEAN even the faintest
idea of what might be the result Of his visit
to the President The following is stated
on reliable authority, to have transpired at
the interview Commodore Vanderbilt
made proposition to President Grant to
authorize the Secretary of the Treasury to
place $50, 900, 00e of the legal reserve in
the banks of this city, and on that condition
he (Vanderbilt) would add $40 100000
President Grant replied that he apxiously
desired to do all in his power to relieve the
present financial embarrassment and to pre-
vent the impending disaster. He must,
however, conform to the constitution.
EXCITED APPEAL.
Mr.. Opdyke ard others represented tc
President Grant and Secretary Richardson
the nncess itu Of INN ediate action hut they