Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-09-25

l the average price OF sales On tndt udy.
Secretary Richardson said last night he
did not see how he had the power to do
any more than to buy bonds, and all the
five-twenties offered will be bought
without delay or red tape. The govern
ment, the secretary added, sis not a
trust company. or loan Institution, and
it is doubtful whether Congress would
sanction any such construction of my
/ power.
VANDERBILT REFUSES TO PAY A CALL
ri LOAN.
The Tribune asserts editOrially that
to-day opens with gloomy prospects,
Immediately due to the failure of Com
modore Vanderbilt, president of the
Lake Shore railroad, to pay, when called
upon, call loan for one million seven
hundred and fifty thousand dollars, ne
gotiated with the Union Trust Compa-
ny, whereof his son-in-law, the late
Horace f. Clark, was president.
STOCK EXCHANGE TO REMAIN CLOSED.
7 S:45 a. M 1t is believed that neither
the stock exchange nor the banks will
open this morning. On the other hand,
Mr.. Camp, general manager of the
Clearing House, said, in an interview at
ten o'clock last night, that every check
passed in the regular way through the
Clearing House, will be paid. The
banks are in no danger, and there is no
thought of their suspension. They were
never stronger than they are to-day, and
the action of the bank officers Saturday
made them doubly strong.
TnURLow WEED on THE SITUATION.
Thurlow Weed visited Wall street
during the hight of the excitement on
Saturday, He said in conversation yes
terday that we were now simply paying
one of the penalties of our great war;
that the usury laws, instead of being
repealed, should be made ten times
stronger and more effective; that those
who have combined to lock up money
should be imprisoned wherever found;
that he is not a director, but merely a
stakeholder in the Union Trust Com
pany. ......
SENATOR MORTON oS TIE CURRENCY RI
SERVE.
Senator Morton said, yesterday, as
Stunning that the forty-four million green
backs were issued, the question was how
to get them into circulation. The gov
eminent could act as a purchaser of its
own bonds, but could not come into the
market as lender. a.s...
FISK Il HATCH HOPE TO RESUME.
Fisk & Hatch hope to resume this
week if the panic does not continue.
NATIONAL LIFE INSURANCE COMPANY.
The Times says there were no grounds
for pretending, as did a Sunday paper,
that the National Life Insurance Com
pany of Washington, Of which Jay
Cooke is a director, would collapse. The
New York agent of the company asserts
that for every loan now existing the
company hold collaterals which are
worth double the amount loaned.
TIE UNION TRUST COMPANY IN THE HANDS
OF RECEIVER.
10 a. nl.-The following notice is post
ed on the door of the Union Trust COM
pany; This institution is in the hands
of a receiver. A statement of its affairs
is being prepared and will soon be made
public. Depositors are cautioned against
sacrificing their accounts. The feeling
in the street is better, and hopes are OK
pressed that the panic will spend itself
to-day Still, everything is involved in
uncertainty.
A.. .a.. GOLD EXCHANGE CLOSES.
1920 a. m.-Gold opened at SIP
amid some excitement.
1890 a. m.-Thc Gold Exchange has
just closed, the same as the Stock Ex-
change. SLIP has been established as
the basis of settlement The rate of in
terest is fixed at seven per cent, for car
rying.
TIE RECORD.
10:40 a. m.-There is run on the
Seamans Savings bank in Wall street.
Edwin Haight thinks his firm will be
able to resume in a few days.
The following notice is posted in the
United States sub-treasury:
Purchases of United States bonds to-
day will include all the different series of
5.20's. Payments will be made in cur
rency at the rate of 81 1912 and ac-
crued interst in COM" a.
1870 a. NAT meeting of the di-
rectors of the Seaman's savings bank, it
was decided to pay Immediately sums of
800 or under. All amounts over that
sum will not be paid before thirty days,
as the charter allows.
11:45 a. MIR Camp of the clearing
house states all the banks have pulled
through, except two, and those two are
now settling through the loan commit
tee.
RUN ON TIE SAVINGS BANKS.
1850 a. ma run has begun on all
the savings banks throughout the city.
The crowds are much larger on the east
side of town than on the west, and the
utmost excitiment prevails. One of the
largest of the savings banks has already
paid out So, 900 in excess of its daily pay
ments. 1t is stated that the majority of
the banks will take advantage of their
charter, which allows them from thirty
to sixty days time.
PURCHASES OF BONDS.
~ m.-Two million of bonds have
been purchased by the sub-treasury up
| to this hour
IMPROVED STATE OF FEELING.
p. m.-The clearing house statement
has been made public, and all the banks
have been cleared satisfactorily. The
feeling among all classes of people down
town is one of great relief. There are
no runs on any of the banks. There are
no more than the average crowds on