New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
oboe of Mr. Eller French horn Of Mr. Henry schms
and the trombone Of Mr.. Coppa.
IFor Dramate 7Rird Pa0e.
SECOND EDITION.
TRIBUNE THREE A. If.
LATEST NEWS OF THE PANIC.


CHARITABLE INsrIUuoNs--THE DEPOSITS OF
COO NATIONAL BANKS GONE.
lBY TELEGRAPH TO THE TRIBuNEl
WASHINGTON, Sept. 23-1he abatement OF
the excitement In Walst. has enabled the people OIL
Washington to give attention 10 the effect OF tue
failures OF the First National Bank and the mousse OF jay
Cooke Co. on home interests. The cases OF lndoldual
suffering and misery, although many, are probably
no worse than usually attends the iai"o
Of two heavy banks in city hke "asnlne
ton but there are wherein benevolent
institutions have suffered which appeal TO
the active sympathy of the charitable people at the cap
ital There are in Washington largo number OF sucn
institutions that are yearly benefciares OF Congress
Owing to his large charities and mgh stahuhg' heh'
ID. Cooke the head Of the Washington mouse OF jay
Cooke Co. was treasurer OF most OF these lnstuionS
aud nearly all Of them had large funds at his bank Inc
Reform School for Boys at the last session OF congress-
was allowed $4,000 $1,000 for grounds and building ana
g. 900 for current expenses only NVVo hau Deeo ""
ont and so the school will lose $4,000
There s very deserving institution here called tho Ma
tional Soldiers and Sailors Orphan Asylum. It's name
indicates its object which Ia TO furnish nome ana III
struotion 10 destitute children OF soldiers VINO deu III
the war; Congress voted 20 this institution $4,000 ana
the amount was paid TO Mr.. Cook He mas vouchers ior
$1,000 and the remainder $1,000, Is gone. The Chi-
drens, Ucspital another institution fostered
nothing left to continue the good work The smithso-
nan Institution lost all It's funds. and has nothing with
which 10 nav its current expenses The Siserhood OF
st. John, society OF Episcopal ladies', VINO projected"
home for old and infrm women. received an appropa
ton from Congress of $4,000 last Winter. Mr..
Cooke drew the money from the Treasury last
July and deposited IL in his BANK giving
certificate Of deposit bearing per cent interest the
firm does not resume and the majority OF people here
-. 4, ,,IIu no Uh gmOuut
priaton by Congress will be lost These are only few
OF the cases deserving OF sympathy that have thus far
become known 1t is feared in some of these that the
failure will necesstae the closing OF them aud thus oc-
casion positive deprivation and physical suffering among
the occupants of these institutions The money in some
cases was that which for the clothing light fuel
aud subsistence OF the beneficarics.
IT is probable that when Congress assemblies some re-
lief will be accorded and 1t suggested that nves-
tcation will be demanded as 10 the in which the
finds of the Government have been squandered. Con-
gress last Winter passed act providing for the pur
chase of the city Of the building known as the City Hail.
which is now almost wholly occupied by United States
Courts for the sum of $4,000, which sum was to be
turned over to the Board Of Public Works
for the purpose of erecting another building for the use
OF the city, The foundations OF the building have not
been laid and yet the money paid to the Board OF
Works and was probably Of the broken banks. II
is said that the money drawn from the First National
Bank and Jay Cooke Co. in this city for the use OF
the houses in NewYork and Philadelphia just previous
10 the crash was about The 600 National Banks for
which the First National did business and which had
not than in its vaults belonging to each, made
the claim that their money in the nature Of special
deposit and ought not to into the assets OF the nrm
but the Controller of the Currency has decided that
their deposits are of an ordinary character and there
fore on footing with the rest Thirtyve hundred Of
the 5000 shares Of the FIRST National Bank were owned
by the members OF the various houses OF jay Cooke d
Co.. so that 1t will not be possible for either bank to
tricate itself from the other.
VIEWS OF THE PRESIDENT OF THE PENNSYLVANIA
RAILROAD ON THE CAUSE OF THE PANIC-BUILD.
ING RAILROADS BEFORE THEY ARE NEEDED.
PHILADELPHIA, Sept. 23.-JOhn Edgar Thorn
son. esq sident of the Pennsylvania Railroad
the following items TO personal
friend: The financial panic that we have
lust passed through is almost wholly traceable
to the construction OF railways either in advance Of the
requirements OF the country in building lines srivas
TO existing ones, while much less capital applied
to enlarging the facilities Of Older lines would
have produced far better results for the interest
of the public and been more satisfactory
to the money-lenders. The commercial and manufac
turing interests of the country fare generally in very
healthy condition. and II the banks and capitalists
continue 10 extend TO them their confidence
and generous support all will be well,
The failures that have taken place
among large capitalists, in consequence Of embark
ing In these enterprises will serve warning 10
all who have invested Of the importance OF taking in
sail and thus avoiding general crisis, which, IL
every generation IL liable 10.
THE DOLLAR SAVINGS BANK OF RICHMOND TO sUs-
PEND To-DAY-PUBLC CONFIDENCE UNsHAKES.
RICHMOND, Va, Sept. 23.-The feeling here
this AFTERNOON been Of nervousness, caused,
Principally, by the news from Petersburg. There
were any of the banks In
fact some of them claim to have done
business in receiving deposits than usual. The
directors the Dollar Savings Bank have decided upon
suspendng tomorrow. The President states that the
assets than enough TO pay
all the depOsitors, but being principally
in collaterals they not Immediately available. At
meeting Of the officers OF the four national banks and
OF the State Bank OF Virginia and the Merchants Bank
ing and Insurance Company this evening il resolved
that they shall sustain each other They expect have
sufficient funds tomorrow to stand any run that may be
made. Public confidence in the banks appears TO be
generally mistaken.
THE CHICAGO TRIBUNE" on THEssrTUATION IN
THAT CTY-NO FALUREs-CONFIDENCE OF THE
PUBuC-DECIINE IN THE GRAIN MARKET
CHICAGO, Sept. 23.-Ihe Tribune tomorrow
will say editOriay:
ing the failure Of any number of the Chicago banks the
OF the grain trade and general
only information this subject received here from
NewYork In dispatches making inquiries as TO the
tent of the trouble. We happy To say that bank
in Chicago failed to-day, and that when business
closed in the afternoon, despite the intelligence
OF the failure OF Henry Cews Co.. there was no falling
OFF i'll the confidence that the banks would safely go
through the storm There was decline in wheat and
other grains hut nothing that due TO the gene
raj decline n business incidental to the strngency in the
money market.
ACTION OF THE ASSOCIATED BANKS OF BALTIMORE
ASSISTANCE TO THE BUSINESS MEN.
BALTIMORE, Sept. 23.-At a meeting of the
Associated Banks of Baltimore to-day II was re-
solved that, in order TO enable the
banks Of this Association to afford ad-
ditional assistance to the business community,
and also for the purpose of facilitating the settlement
the exchanges between The hnnks hank the