Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-10-02
A Renewal of the Panic in Wall Street
Failure of Henry Clews l. Co.

n heHeNal vi the Idnlc Ill wan StTcet
Failure of Henry Clews Il Co.
New YORK, Sept. 23.-Wall street was quiet
this morning, but it was the calm that invaria-
bic precedes storm. There was no crowd
in the street, no noise, none of the confusion
which has served, in the two or three days
past, to accelerate and increase the panic but,
underneath this apparent security, there was
lurking great danger, which may yet frecipi-
tate universal disaster. Men went to bed last
night confident that the worst was over; they
rose this morning confident in their security.
The latest foreign advices helped to increase
this confidence, for they spoke of no failures,
though some dstrust, and an easy market.
All rejoiced to know that the London market
tirmer, American securities unchanged,
and that, while dealings ON the Paris and
Frankfort bourses were limited, rates were en-
couraging.
Stock quotations in the street were better in
every instance than they had been Oh the
close of Saturdays operations on the Ex-
change.
Savings banks officials were in good spirits,
and few runs were reported.
In the Gold Room the price of gold was
placed at 112, rate much lower than was ex-
pected to be established and settlements were
easy.
Stock brokers were much relieved by Jay
Gould's settlement through his brokers, of
5000 shares of stock at reasonable rates.
which bankrupted nobody and relieved every
body.
But while there was all this cheerful outside
appearance of the crisis which had seemed to
be impending, and encouraged people to hope
that the panic was over, there were events oc-
curing that showed how futile was the wish.
Early IN the morning, reports of the suspen-
sion of banks began 10 come in from all parts
of the country. This news did not reach the
general public until the afternoon, but the
bankers and brokers were early advised of and
warned by it.
1t is known that every country bank with a
balance to its credit in New York made drafts
for it. so that the total aggregate country de-
mand was 5000, 600, 600. Such demand was
unprecedented. and not to be met. Upon many
bankers the run instantly and secretly
begun.
The crowds in the street were doing nothing
to avert the impending disaster, saying moth
ing of that which was undermining and de-
stroying many of the largest and best-known
banks III the city.
Toward noon it became whispered that a
run was being made upon Henry Clews d Co.
1t is asserted that Clews paid out during the
morning nearly S1,000,0O0 on demand, and
then went about the street" with mercantile
paper endeavoring to raise more funds. But
no man knows how his fellow-merchant
stands, and the offer to pay per cent a day
$50 per cent. year-for loans upon good
mercantile paper were laughed at. Ciews
could realize nothing on doubtful railway Sc
curities which he held, nor anything upon
worthless Georgia bonds. which he has led
others into taking, and for which he was
stuck about $1,OU0, coo. He failed in every
legitimate effort to raise money. and, being
without hope Of further aid from the Govern
ment, lie closed his doors at half-past 2
o'clock.
The fact of the suspension created as much
excitement as the suspension of Jay Cooke d
| Co. The news left the street. at the close of
business, in condition of great excitement,
and the Roadway made in restoring confidence
was i'll great measure lost.
The run ON the savings banks continued to-
| day, but most of them adopted the time
rule for paying depositors, the excitement
| soon subsidized.
There is endless confusion wild speculation.
absurd proposals, loud threatenings, ominous
prophecies These indicate the clamor at the
Fifth Avenue Hotel this evening, where the
| whole city seems ccngregated in condensed,
compressed, confused agitation. The pros
poets for the morning are gloomy enough
There is depression everywhere and yet il
cannot be said that the actual financial situa-
ton in New York warrants this depression OF
the public.
After the failure of Clews was announced
the city was flooded with great many rumors
involving the credit of such men as Opdyke
vermilye, Howe, and Macy, and others who
are believed to be substantial and sound.
THE SITUATION IN PHILADELPHIA.
PHILADELPHIA, Sept. 23.-The financial crisis
| here is over, and bank rs and brokers are
transacting business as usual. All the State
banks that were under temporary difficulties
have resumed, except the Union and Citizens
The latter will soon resume. All the National
Banks stood firm, and no doubts were enter.
tanned Of their stability.
Neither Jay Cooke 4 Co. nor De Haven
Bro. have as yet issued any statement of theil
affairs. The invariable reply to inquiries to
the probable date of such issue is, I'VE can.
not say our clerks are busily engaged on it.
Some few unfeeling persons are paradine
around caricatures of Jay Cooke after his
failure, representing him with head cast down
knees almost drawn up to his chin, apd seated
on an old box, in evidently very abject state
subsistence Of the Storm.