New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-21
this money will also be available next

The officers of the banks and Clearin
House Association at their meeting thi
evening unanimously resolved that unit
the first Of November next any bank in tn
Clearing House which shall issue to tina
bank certificates to the amount of SEVENTY
five per cent cash value of such assets, ans
| that such certificates shall be accepted il
settlement of Clearin House differences i,
place Of legal tender notes. ''56 bIs lTIlI
They further resolved to pool oil their le
I gal tender notes, and make common caust
! against any attempt to break any of them
| The issue of these certificates will be car
ried to the extent-of the full assets of the
banks. if necessary. The practical effect o
the issue will be to econOmize the use ol
legal tender notes, these certificates taking
their place 10 .El-'lI .1i+ ,tL,r' .i:c'
A member Of the governing committee oi
the Stock Exchange, when questioned thi,
morning in regard to closing, said the banks
began to refuse each others checks, and il
was useless to attempt a continuance Of
business under such circumstances. Under
the rules every member of the Stock Ex.
change was obliged to recognize any certi-
fed check on any bank in the Clearing
House, but affairs were in such state that
q man who deposited certified checks and
drew against them did not know how he
was standing .7 ~ 30 p 'fD.
The members Of the governing committee
met at ten o'clock and resolved upon clos
ing the Exchange by fifty minutes past
eleven. t1o0 81 I'D 'diAll )
The paying teller Of the Fourth National
Bank continued to pay depositors this after
noon until none were left in the building.
AT this time, a few minutes after three
o'clock, his window was closed, but the 1e-
eeiving teller was kept busy long after in
attending TO the long line Of persons who
came to make deposits The excitement in
Wall and Broad streets continued without
a.atement until late hour this afternoon;
the sidewalks were occupied by crowds Of
brokers and others who were gathered in
knots in discussing the final disasters and
speoulating in regard to the future. In
addition to the regular frequenters of the
street, there were many persons drawn to
the centre OF the panic by motives of cur
iosity. ..r' .,z. =
The following are the quotations of stocks
up to the time the Stock Exchange was
closed by order of the PRESIDENT: &C. 2
Canton, IS; Delaware, Lackawanna and
Western, s9; Erie, 53A; Erie preferred, d;
Harlem, lob; Hannibal and st. Joseph, 22h;
Lake Shore, SO; Michigan Central, SO; New
York Central and Hudson River, 9lA; New
Jersey Central, 80; Northwestern, 40; North
western preferred, 70: Ohio and Mississippi,
2A; Pacific Mail, 49,, Pittsburg, 80; PAN
anna, 80; Rock leland, 50: st. Paul, 32a.;
Union Pacific, l8; Wabash and Western, Al:
Western Union Telegraph. 55A; Adams Ex-
press, 50; American Merchandise, S1s;
Wells, Fargo, 3d. Consolidated Coal, 40;
mbus, Chicago and Indiana Central, l9.
: l:3O P. M.-At this hour vast multitndes
are sucging to and fro through Wall, Mas
sau, New and Broad streets, Exchange place
and lower Broadway, recalling the scenes
OF the firing on Fort Sumter or the July
riots. A general feeling of relief at the
closing OF the Stock Exchange was ex-
pressed by the brokers, who are glad to
escape, through any means, from the tre-
mendous pressure of the past few hours
Numerous other failures of stock firms are
rumOred, but nothing official can be known
till their announcements are made at the
opening of the Stock Exchange. probably
on Monday. ,. .4s. :, a;..' =,
Gold firmer, and advancing Under Wash
angtOn advices relative to the further issue
of currency. The excitement in the Stock
Exchange which followed the suspension of
the Union Trust Company and the Bank of
the Common wealth was beyond description.
The Exchange resembled a mad house and
the streets were blocked with people. all
laboring under great excitement and Fl envy.
Prices tumbled from two to sixteen per
cent and stocks were slaughtered without
any apparent regard to their values. Cheer
upon cheer followed from the brokers when
the Stock Exchange closed. o.
The defalcation in the Union Trust Com
pany amounted to $5O0,000 The secretary,
Charles T. Carleton, is said to be the de-
taulter. He has not been seen since yester.
day afternoon. The National Trust Com
pany cay that they could have kept up pay
ment until Monday. but would then have
been short. They came on the street with
a large amount OF currency skies, but could
tind no buyers except at discount of thirty
to forty per cent. They refused to sell at
such sacrifice and suspended for the better
protection of themselves and customers.
They have made no advances Dn railroad
securities. .i''.7 avg 7
The day closed with a better feeling
among the banks, and with the belief that
affairs will mend early next week. sThe
closing of the Stock Exchange is generally
applauded. and the opinion is expressed
that the governing committee should, after
making some arrangement for, settlement
among the brokers of contracts falling due
to-day and Monday, Keep the Exchange
closed for few days. ri., II. b,,
The bank statement is not out yet.
The Commercial Adcertise1', says the af-
fairs Of the Union Trust Company are worse
than most people will be prepared to hear. |
The amount Of Carleton's defalcations is 1
larger than was at first supposed. 1t is
said twill exceed $500, 900. A meeting of
the directors was held this evening to con
slider the question OF appointing receiver.
The names mentioned in connection with
the receiyership are Judge Davis and E. w. !
Wesley. -
Efforts have been made to hunt up the
OF Carleton. He has been
traced to two or three different hotels in
town and over to Jersey City, from whence |
he took the train of the New Jersey Central |
railway last evening. The directors have |
made 10 effort to secure him. The efforts |
made to trace his whereabouts have been |
made BY private individuals
at the Produce Exchange only a few
'ales comparatively were made. No one |
eemed disposed to make any contracts dur |
ng the present condition Of affairs. and |
Although the attendance was as large az |
usual the money panic appeared to absorb |
heir attention.
The committee of bank presidents ia in
ession yet, and propose to remain in session
III night.
The issue of $40 900, 900 loan certificates nv
he Clearing House is to be succeeded by
urther issues of necessary legal tenders
which are to be pooled, and any bank in
rouble will be helped therefrom
Loan certificates are to be issued against
overnment bonds at par, and other good
ecurities and approved business paper at
twenty-five per cent of their market value
Immediately after the closing of the
took Exchange to-day, committee Of the |
ssociated banks met at the New York
Tearing House and it was voted by all the
ssoclated banks that they would issue Ger
ficates pledging the association as whole;
heir certificates to be issued by tho man
ger of the Clearing House to any associa-
I'd bank against the deposit of the banks
ecurities or assets.
The effect of this action is to enable all
)lyent concerns in the financial communi-
2 to convert their assets into money tenn
orariIy and without any sacrifice to them |