Rensselaer Union, Volume 6, Number 2, Rensselaer, Jasper County, 2 October 1873 — General News Summary. [ARTICLE]

General News Sum mary.

THE OLD WOULD. A telegram was received at the State Department, on the morning of September 19, from Wm. Reed, Vice-Consul of the United States, at Dundee, Scotland, announcing that the missing members of the Polaris crew had arrived there in a destitute condition. Ten were brought in by the Ravenscraig, and three were expected to arrive in the whaler Intrepid, within two weeks. Consul Reed was instructed to care for them and 6end them home by the first steamer. They say, after separation from Tyson and his companions, the Polaris was abandoned in a sinking condition. The party wintered in Lifeboat Cove, and in the spring built two boats of pine, and in these embarked as soon as the ice broke up. On the 22d of June they were picked up by the Ravenscraig. A dispatch from London, on the 19th, stated that the announcement of the financial panic in New York had caused great excitement and ‘wild fluctuations in the price of securities, but no failures had occurred. According to a Madrid dispatch of the 22d, the entire British fleet in Spanish waters had collected in the harbor of Alicante, which city was tlireatencued witli bombardment by the insurgent iron-clads. The British Admiral, supported by all the foreign Consuls, had demanded a postponement of hostilities for four days. It was reported that the situation of the Cai lists in the north of Spain had become precarious, aud desertions were numerous. Demoralization abounded on every hand. Garibaldi had offered his sword to the service of Spain, but this had been declined with thanks. A proclamation had been made by the President suspending constitutional guarantees, establishing a vigorous censorship over the press, and prohibiting the carrying of arms-by civilians. j A London dispatch of the 22d says that on the preceding day a desperate eonfliet had taken place in Bury St. Edmunds, between a mob of Irishmen and a body of policemen. The officers were compelled to use their clubs vigorously, aud did not succeed iu dispersing the rioters until many of them had received severe injuries. A renewal of the disturbance was apprehended. During the progress of the’ rioting several houses were attacked and sacked. The Spanish steamer Murillo, which ran down the emigrant ship Northfleet, some months ago, having arrived at Dover, had been detained by order of the British Admiralty Board.

A Berlin telegram of the 22d says that Victor Emanuel, King of Italy, had reached that city ou a visit to the Emperor. It was said that one of the objects of his visit was to secure an understanding with the Emperor for joint action againsts possible French aggressions, and to prevent the election of a French ultramontane to the papacy. A dispatch from Gibraltar of the 23d says a terrible explosion had occurred on the steamer Broombaugh when she was at sea 100 miles "off that port. Four persons were instantly killed and many so seriously scalded that it was feared they could not recover. A Madrid dispatch of the 23d says the Bank of Frauce had agreed to advance 100,000,000 francs to the Spanish Government. A dispatch from Teheran, Persia, to London, of the 23d, announces that the Shah had returned to his capital. The whole population turned out to escort him to his palace. Advices from San Domingo, of a late date, were to the effect that the revolution against the Government of President Baez had assumed alarming proportions, aud that there was every prospect of its speedy success. The towns of Monte Christ! and Guayabiu were in possession of the-revolutionists, who were iu close proximity to Porto Plata. A London dispatch of the 23d says that Jay Cooke, McCulloch & Co., of that city, laid thrown out the drafts of Jay Cooke & Co. that , had come to hand siuee the suspension of the latter firm. A Loudon dispateli of the 24th says the house of Clews, Ilubrecht & Co. laid decided to suspend. A fire broke out in the Athenieum, at Manchester, England, on the 24th, which had destroyed 20,000 volumes before it was extinguished.

THE NEW WORLD. Jay Cooke & Co., the well-known bankers and brokers of Philadelphia and New York, have suspended payment. Stocks took atuin--810 as soon as the intelligence reached Wall street, caused more by apprehensions' of the future than by the existing condition of affairs. Prominent Wall street men attribute the suspension of tlie firm not so much to sustain their Philadelphia house as to their operatiuits itrNorthern Pacific, which, it is said, they sought to carry beyond their strength. Shortly after the suspension of Mr.* Cooke, the house of E. W. Clarke & Co., of Philadelphia, suspended. Iu New York, the failure of Richard Schell and Robinson & Suydam, stock brokers was announced. A second “ Black Friday” occurred In tlie Gold Room and stocks of all kinds began to, weaken, everybody manifesting a feverish dcsjre,to get rid of everything in the form of speculative security. Western Union declined 8 per cent,; N. Y. Central, 3; Pacific Mail, 4; St. Paul, common, 4; Rock Island, 8; Erie, 11; Union Pacific, ,2%; Lake Shore, 3; Indiana Central, 5 ;~Ohlo ifc Mississippi, 3% ; -Toledo &- Wabash, 4% ; Northwestern, 2%, and Harlem 2 per cent. In all about 394,700 shares of stock changed handß. The aggregate losses were immense., The effect on gold was to advance it to 112% to 112%. Tlie Loudon house of Cooke, McCulloch & Co., is thought not to be. compromised by the failure of the present house. The embarrassments of the house aresaid to be directly traceable to its connection with the Northern Pacific Railway. A dispatch from Philadelphia of the 19th ' says that ten other failures had occurred in that city besides those of Jay Cooke & Co., and E. W. Clarke & Co.j reported on the day preceding, as follows: De Haven & Brothers; Gilbough, Bond & Co.; Geo. H. North; J. P. & H. E. Yerks; Charleß P. Bayard; John P. Lloyd; Ilenry 11. Douglas; *ll. Heber Ball;T. C. Knight, aud H. L. Fell <fc Bro. Rims had been made upon all of the banks, but up to the time of dosing business they had paid every dollar demanded. The most decided attack had bceu made upon the Fidelity Trust and Safe Deposit Company, there being a prevalent impression that it had been connected in some way with the houses of Cooke and Clarke. Theaggregate of funds drawn out was somethingoversl,ooo,ooo. The President had arrived, and it was believed Unit he had come to offer tlie sympathy and" probably the assistance of the Government to Jay Cooke & Co. A New York despatch of the 19tli says the excitement in that city had largely exceeded

that of any preceding day. Nineteen additional failures had been announced, among others, those of Fisk & Hatch; White, Defrcitas & Ratkbone; Beers & Edwards; E. J. Jaokson; Thomas Reed & Co.; W. H. Warren; Greenleaf, Norris & Co.; George Alley; Theodore Bedell; A. M. Kidder; Hay & Warner; Day & Morse; Fitch & Co; E. D. Randolph & Co, representatives of Tom Scott, of the Pennsylvania Central Railway, and W. C. Conner. The sacrifice of stock values had been largely in excess of the depreciation of the preceding day. By noon Harlem had fallen 30 per cent.; New York Central, 5; Rock Island, 9%; St. Paul, 9; Ohio & Mississippi, 11; Western Union, 10 per cent, from the opening prices. Money brought extravagant prices, the ruling rate being one and a half per cent, per . day, even this rate being reluctantly accetped. Strong and • persistent * attacks had been made against all the monied institutions, notably the Fourth National Bank and the Trust Company, of which Richard Schell was President. Up to the close of business, every demand presented had been paid. The effect upon gold had been to raise the price to 113% early iu the day, but by afternoon the price had receded to 111%. Dispatches from New York on the 20tli say that the results of that day’s operation “ had been disastrous only to a class of stock gamblers whom everyb«dy wished to see overwhelmed, and the suspension of three banks, weakened by outside considerations, unexpectedly revealed by distrust consequent oh the agitation of the stock market. The “Bank of the Commonwealth,” “The National Trust Company,” and the “Union Trust Company” had suspended. In the case of the “National.” the disaster had resulted from an inability to realize instantly on Government securities. The suspension of the “ Union ” had resulted not from inability to realize on securities, but from the discovery of the defalcation By Carleton, the Secretary, for $600,000, and an over-draft of E. S. Haight for $200,000. It was reported that Vanderbilt had been involved financially in the defalcation. The Stock Exchange opened for a few minutes, but before the first call had been reached stocks had become so demoralized and the stockholders so disheartened, that a resolution to adjourn until Monday was carried through with a rush. Government had purchased $10,000,000 in bonds, but this had not relieved the street. Everybody had bonds, and .everybody wanted the cash for them. A run had been made on the First National Bank of Hoboken, but up to the hour of closing it had paid all demands. One reason for the run was the fact that it had $207,000 of its funds locked up in the Bank of the Commonwealth, which had suspended. The President had reached New York aud had arranged for a conference with the Secretary of the Treasury and leading New York financiers on the following day. The President had expressed a full determination to use the power of the Treasury to the extent of $16,000,000 balance and $44,000,000 reserves. Among others the following additional firms had failed: Ketchum & Belknap; E. C. Brodhcad; Saxe & Rogers; Taussig & Fisher; P. M. Meyers; Miller & Walsh; Loreuz Josephs; Fearing & Dillingcr; Williams & Bostivick. The extent of the shrinkage in stock values for the week ending the 20th had been, on some of the leading lines, as follows: Harlem, 39% per cent.; Western Union, 35; Panama, 32; Wabash, 23; Northwestern 19; Rock Island, 19%, a total shrinkage, according to the best authorities, of over $100,000,000.

Telegrams from Philadelphia, of the 20th, state that since tlie preceding day a better feeling had prevailed in financial circles. It was thought that tlie crisis had been passed. The run upon tlie Fidelity Deposit had continued up to tlie time of closingthe institution on the 20th, and every claim had been met. During tlie day over $950,000 had been paid out over the paying teller’s desk. The Union Banking Company had suspended. Tlie failure was said to have been a bad one, and Uiat it would not-be able to settle up at over 50 cents ou the dollar. San Francisco dispatches of the 20th say that, so far, the Pacific coast interests had not been compromised by the embarrassments in tlie East. No trouble was apprebenped to general busiuess, except the increased degree of caution incident to such a state of things. A St. Louis dispatch of the 20th announced that the banking firm of Taussig, Gemp & Co. laid suspended, in consequence of tlie suspension of Taussig, Fisher & Co., of New York, of which house it was a branch. According to a dispatch from San Frandsco of the 20th, a file had broken out in the Yellow Jacket Mine, in Nevada, in the 1,300 foot level. Six lives had been lost. At last accounts the fire had been got under control. A Memphis dispatch of the 20th says tlie ravages of Hie yellow fever in that cliy had been stayed somewhat. had appeared iu New Orleans, and the dengue or break-hone fever raged also as an epidemic. In Shreveport the fever cxhi£ffted no abatement. New cases were not so numerous, but the ratio of deaths had been fully as great as at any time since the appearance of the scourge. A telegram from Burlington, lowa, dated September 20, says that a destructive fire had broken out in the heart of the city atone o’clock in the morning of that day, which swept over two squares before it could be checked. The estimated loss reached $200,000. —The-Grond Lodge nf the I. O. of O. F., in session at Baltimore, Md., adjourned on tlie 20th, having first voted to hold the next annual Communication at Atlanta, Ga. News from Washington on the 21st was to the effect that the Comptroller of the Currency .had directed tlie collection paper of the First National Bauk of Washington to be deposited with the National Metropolitan Bank for collection. > The result of the conference held in New York on the 21st, between the President and Secretary of the Treasury and leading finaneiers, had been the issuance of an order directing the purchase of all five-twenties offered at private sale. It was thought that tills measure would release $20,000,900 to $25,009,000 greenbacks, without touching the reserves. The bank statement for New York appeared on the evehing of the 20th. From that it appeared that they had sustained a loss of sl,579,700 specie aud $2,409,300 legal tenders, a contraction of $6,114,500 in loans and $9,277,400 in deposits, during the week ending on that date. In anticipation of a run upon their institutions,‘the Inftr-Octan of the 22d says that tlie Presidents of tlie frmrtccu savings banks of Chicago had a conference on the 21st, and mutually agreed to hereafter insist upon requiring thirty days’ notice for the withdrawal of deposits, according to their reIspectiye rules. An Augusta, Ga., dispatch of the 22d says

that on the 19th a terrific storm passed over Florida in the vicinity of Tallahassee. A large number of dwellings bad been blown down, and the crops in all that section ruined. Three or four lives had been lost, several persons persons Injured and a large number of cattle killed. The town of St. Murks had been completely washed away, only two houses being left standing, and twenty families had been made homeless. Tlie town of Newport had also been swept out of existence. A telegram from Philadelphia, of the tlife 22d, says that the financial horizon had a better and clearer outlook, and that by the following day matters would resume their normal condition. The Citizens’, the Iron, the State aud the Keystone banks had temporarily suspended, but arrangements had been made to enable them to resume immediately. A New York dispatch of the 22d says that the financial atmosphere had become •much clearer. The business of the day had developed remarkable strength in the banks, only two of them finding it necessary to call for loan certificates at the Clearing House. The Stock Exchange had not been opened, though settlements Were making on generally satisfactory terms. It was thought that business in the stock line would speedily be resumed. A Washington dispateli of the 22d says that the President and Secretary of the Treasury had reached that city. The President felt confident that the right method had been hit upon to afford help from the Treasury, and the general conclusion reached by the informal interchange of views was, that if further help appeared to be needed it should be given so far as it was possible for the Treasury to act. It had been decided to send $20,000,000 to New York, to enable the Assistant Treasurer in that city to buy all the bonds that may be offered.

Iu Chicago, on the 22d, the impression prevailed that the worst had been reached. Money was very tight, but no further failures had been announced. For the first time in the commercial history of that city the usual order of things was reversed in prices. There was scarcely any dealing in “options” in the Board of Trade. Cash wheat sold at $1.05, while seller October ran as high as $1.07 to $1.07%. “Had it not been for the panic,” remarked a leading dealer to a reporter, “before tlie month closed the difference would have been greater the other way.” On the 22J. the President appointed Oscar Whitney, Secretary of Dakota Territory, vice Gen. McCook, deceased, and Jonathan Merriam, Collector of Internal Revenue for the Eight Illinois District, vice narper, absconded. Treasurer Spinner was very ill on the 22d, wiih malarial fever. A telegram from Philadelphia, of the 28d, announced that the financial stonnhad passed. All the State banks that were under suspension had resumed except the Union and Citizens’, and the latter would be ready for business in a few days. In New York, up to three o’clock p. m. of the 23d, there had been a general feeling of confidence., and the impression liad prevailed that tlie crisis was over. At that time this happy state of things was rudely shaken by the report of the suspension of the house of Henry Clews & Co. This event had unsettled the feeling of security which had prevailed, and fears were entertained that the aud had not yet been reached. At the close of business the Government had pur chased and paid out over $10,000,000 greenbacks for bonds. Ten millions more were ready to be paid on further purchases, and fifteen millions in gold notes awaited the presentation of the five-twenties of iSoS, called in for November 16. The Stock Exchange liad remained closed. The run upon the savings banks had continued, but as most of them had adopted the time rule for tlie payment of depositors the excitement soon abated. A dispatch from Washington of the 23d says that the failure of Jay Cooke & Co., and the First National Bank of Washington, liad just begun to be severely felt in that city. Tlie Reform School for Boys, the National Soldiers’ and Sailors’ Orphans’ Home, the Smithsonian Institute, the Children’s Hospital, and other institutions hud lost sums ranging from SIO,OOO to $20,000. At tlie time of the failure Ex-President Johnson liad $60,000 to his credit; Judge McArthur, of the District Court, $10,000; Senator Patterson, of South Carolina, $14,000; the widow of a former Navy Agent, $14,000, and Gen. Hunter had a large balance. Iu Chicago, on the 23d, opinions were freely expressed by tlie leading financiers that the bottom bad been reached. The feeling in tlie Produce Exchange was excited and peculiar. In tlie morning every one seemed to think that the day would look brighter, and the market opened somewhat buoyant. It . could not be kept up hqwpvcr, and prices drooped till wheat got below one dollar per bushel, A dispatch from Paterson, N, J., says that, in consequence of the general depreciation of new railway securities, the orders for locomotives for three mouths ahead at Rogers’ Locomotive Works, in that city, had been canceled and ‘ 580 workmen had'been discharged. It was feared that 500 more would be discharged from the same works, and several hundred at the Danfortli and the Grant works. A dispatch from Richmond, Va., of the 23d, gays that the Merchants’ National, the Planters’, the Mechanics’, the Peoples’, the First National, aud the Citizens’ banks, of Petersburg, had suspended. The President, on September 23, Issued his proclamation announcing that defferential duties on imports in France and the United States had been abolished. The long-expected prize flghtbetween Allen and MeCoole came off at Chateau Island, fourteen miles above St Louis, and nearly opposite Mitchell Station, on the 23d. The contest lasted twenty minutes, bcvcU rounds were' fought, and Allen was declared the victor. It was a brutal affair, aud the dispatch stated that MeCoole liad been terribly punished. A;full meeting of the Chicago " ClearingHouse Association was held on the evening of the 24th, at which the following resolution was adopted;

Beeolred, By the Chicago Clearing-House Association of the city of Chicago, that until further action, and iu view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, and on the advice of the Bank Examiner, its members be recommended and authorized to suspend currency payment* on any large demands made upon them cither from country banks or over their counters. A New York dispatch of the 24th announced that Howes <St Macty, an old and well-known banking firm, had Suspended. The Clearing* House hud issued Jfiother $10,000,000 of loan certificates, aud resolved to stand by all the banks that refused to pay out currency over their counters, and expel all those that do not. Brown & Watson, gold brokers, had suspended. The examination into the affajra of the Union Trust Company bad been concluded, and a statement would shortly be made. It wm said

that the defalcation of the late Secretary would not exceed $200,000. Advices from Washington of the 24th were to the effect that the authorities had been disappointed at the renewal of the financial trouble in New York on that day. It was reported that the Secretary of the Treasury had telegraphed to the President that, in his judgment, the purchase of bonds Bhould cease whenever the amount of currency used should reach $12,000,000. The President had not replied to this dispatch. An application had been made to the Secretary, by leading financial men, to anticipate the redemption of the $20,000,000 of five per cent, gold bonds falling due in January noxt. A Milwaukee, Wis., dispatch of the 24th says the Chamber of Commerce of that city had suspended, and that there would be no trading in grain until further notice. A dispatch from Wilkesbarre, Pa., of the 24th announced that Brown & Gary, bankers of that city, had suspended. A Baltimore telegram of the 24th announ&d that all the banks of that city had stopped currency payment. Brown, Lancaster & Cowell, agents of the Chesapeake & Ohio Railway, having houses in Baltimore, New York and Richmond, had also suspended. A Little Rock, Ark., dispatch of the; 24th says the money panic in that city continued, caused not so much by Eastern financial complications as by the refusal of the city banks to take the shinplasters that have been current there. A dispatch from Richmond, Va., says that the Richmond Dollar Savings Bank had suspended, and that Taylor & Williams, bankers, had failed. ».

A dispatch to the Associated Press from Brownsville, Texas, of September 24th, says that a series of butcheries and robberies had recently been committed in Mexico, the victims in every case being Americans. The perpetrators of these crimes were arrested, and their guilt fully established, yet not one of them had been punished, the authorities being either indifferent or powerless. The facts had been reported by the Consuls to Washington in the hope that redress would be demanded. On the afternoon of the 23d, Mr. G. G. Lyon ( of the Chicago publishing house of Adams, Blackmer & Lyon, committed suicide by throwing himself in front of an approaching at Oak Park, Illinois. Physical and mental depression is said to have superinduced the tragedy.

The New York Republican State Convention met at Utica on the 24th, and nominated Francis S. Thayer, for Secretary of State; Nelson K. Hopkins, for Comptroller; Daniel G. Fort, for Treasurer; Benj. D. Silliman, for Attorney-General; S. Mead, for Canal Coinmigsiouer; Wm. B. Taylor, for State Engineer; M. K. Platt, for Prison Inspector. Resolutions were adopted, affirming that the past history of the Republican party was a guaranty that it would be true to every future obligation and requirement; that the party, had overthrown the Tammany iniquity, elevated the judiciary, purified elections, and that the completion of the reform requires a continuance of its work; that the Republican party had shown itself the true friend of temperance; that it was the imperative duty of the State Legislature to provide means for the speedy and cheap transportation of cereals across the State to tide water; that the course of Senators and Representatives who opposed the bnck pay and increased compensation was approved, and that the Republican Senator from that State be requested to introduce a bill to cover into the Treasury all sums undrawn, or publicly or privately renounced. The Democratic and Reform State Conventions of Wisconsin united at Milwaukee on the 24th, and nominated the following State ticket: Wm. R. Taylor, Governor; Charles D. Parker, Lieutenant - Governor; Ferdinand Kuhn, Treasurer; Peter Doyle, Secretary; A. Scott Sloan, Attorney-General; Edward Seur-' ing, Superintendent of Schools; M. J. Argand, Commissioner of Immigration. Resolutions were adopted favoring cheap transportation, the improvement of the Wisconsin, Fox, and other navigable waters of Wisconsin at the expense of the General Government; opposing protective tariff laws, back.,pay, monopolies, free passes to members of the Legislature, Credit-Mobilier, and corrupt legislation, and declaring that the party would vote for no person whose nomination was the fruit of his own importunity or a combination among partisan leaders. The State Liberal Democratic Convention of Minnesota met at St. Paul on the 24th, and decided to make us nominations. Resolutions were adopted advising all Democrats and Republicans to yield a cordial support to the nominees of .the Owatonna Convention. Information Bad Been received at Washington on the 24th that Collector Weiduer, of the Second District of Alabama, was a defaulter to the amount of $20,000. Orders had been issued for his arrest. The wheat crop, according to the returns to the statistical division of the Agricultural Department, published on the 24th, presented an average of ninety-five, which is about the same as the September report of 1873. The area of cultivation had been much larger this year than last.