Newspaper Page Text
The Daily Herald.
FRIDAY. SEPTEMBER 26, 1873.
THK IIEKALD PUBLI8I1INU COMPANY.
ALK1. ST. CLAIR-ABRAMS.
IIjCMAY \V. GRADY,
R. A. ALSTON,
Editor* and 9lanaf;eri
THE TEKMH of ttie HERALD are an follows :
DAILY, 1 Year $10 00 | WEEKLY, 1 Year...$3 00
* eruptions and advertisement* ‘nvariably in advance.
Address HERALD PUBLISHING CO..
Drawer 23 Atlanta, Georgia.
Office or. Alabama Street, near Broad.
Mr.. T. J. Bubney is the only authorized
Travelling Agent of the Herald.
Our State Exchanges.
THE FINANCIAL PANIC IN ATLANTA.
The moat unreasonable and unnecessary
financial panic it has been onr fortune to wit
ness, occurred in this city yesterday, origi
nating, so far as can be ascertained, from the
telegraphic reports of the suspension of a
Savings Bank in Richmond. The feel-
' ing of uneasiness spread and the consequence
was a run on all the banks.
No better evidence of the strength and per-
sub-! feet solvency of our hanking institutions can
be required than the fact that when the busi
ness of the day closed but one bank had sus
pended. Even the suspension of the Dollar
Savings Bank was not in any sense of the
MARSHAL THOMAS AND THE HERALD
Elsewhere we publish n communication from !
Col. Thomas, the city Marshal. CoL Thomas ;
is correct in supposing that it is not the inten- j
tion of the Herald to do him injustice. Our ;
aim and purpose is to do justice to all men,
and the Marshal may rest assured that we j
shall not make him an exception to the rule.
In the communication he gives two orders—
one received from Alderman Mecaslin and ;
another from the Police Committee—the first
of which suggests the necessity for, and the
other authorizes certain changes in the dispo
sition of the police force. To these is added |
an order from Col. Thomas to the Lieutenants
of Police to make certain changes, a list of i
names of such changes being appended, j
though not given in tho card published else- ■
word the result of insolvency. Its assets are j where.
considerably in excess
ties, and there
of its liubili-
not the slightest
TLe Rome Commercial complains that the town
boys are creating too much disturbance in churches
and Sunday schools of that city.
The Savannah News announces a trotting race l»e-
tween Donerey, entered by T. McCabe, and New
Broom, entered by Wm. Bohan, on tho Thumlerfco’t
track. The race will be a three mile heat, best t*o in
three.
We are indebted to tho News for the following local
'* JMJackeon, a nrgro, while under the influence of J hour of closing. Men who had not any
liquor, got into a small batteau near the foot of West j nee( j f or their money drew it in ft perfect
Broad street, yesterday, and being unable to maintain |
The official documentshaving been placed
i before us, Col. Thomas has personally re-
; quested us to “take back - ’ what we wrote con-
possibility of any one of its crediters losing j cenjing bim in ttle Hekald of yesterday, as
a dollar. But when its depositors crowded
in and demanded their money, they com
pelled a suspension.
Hard pressed, but, more fortunate, the
other banks paid check after check until the
Sled ! terror, indifferent to the injury they were
inflicting upon themselves by striking at
the commerce of the city.
to the intelligence of our citizens. Not a
man can utter a word against the solvency of
asjjglebank in Atlanta. All have done a
safe, legitimate business; all possess assets
considerably in excess of their liabilities.
Why, then, there should be auy lack of con
fidence in them is beyond cur comprehen
sion.
If every man who has money deposited in
. , , i that the amount drawn b\* the tx-Govi
our banks will seriously consider how utterly I . ...... ,
i was only $4,52o and that there was s
hesitate before he joins in a panic which, if
not promptly checked, will impair the useful
ness of our financial institutions, cripple our
commercial operations, and inflict actual loss
upon the farmer. If our cottou crop was sold
I lying in our warehouses and in our fields, and
j it represents areal substantial capital of three
• hundred millions of dollars, which no power
! on earth can destroy. With so gigantic a
his equilibrium in such a ticklish crait. he
into the river and drowned.
Joseph Angel Cacct, the little boy wlip fell from tbs
window of his fathcr’a house, at the corner of Zubly
aad Walnut streets, died at two o’clock yesterday
morning, after suffering for ten yours.
Railroad street, near the jassenger depot of the
Central Railroad, was the scene yesterday afternoon
of a shooting affray.between two negroes, Cyrus L.
Brown and Stepney Williams, in which the latter was
shot and instantly killed—a woman the cause of the
affray -a double barrel shot-gun the weapon used.
One of the shots passed through the fleshy part of the
left arm of Andrew Culver, the boy who was in charge
of the wagon, inflicting a very painful, though not
dangerous wound. Had this shot passed a few inches
further to the left of its course it would have entered
the toy’s breast and killed him. The litt’.e boy was
taken home immediately and his wound attended to.
From the Advertiser: About the only thing Savin-
nab has in abundance just now is health, and even
that worries the doctors.
A little over three hundred bales of cotton were sold
yesterday, and unless things revolutionize to day, the
business community will enliven itself by telling
them back.
The Augusta Constitutionalist has its local columns
filled with the Shuetzenfcst.
The Augusta Chronicle and Sentinel : The Grand
Lodge of Good Templars meets at Macon Hall, in this
city, at half-past 10 o’clock this morning. About
sixty-five delegates arrived yesterday, and were gene
rally quartered at private houses. A large number of
delegates were also expected to arrive by this morn- thero would be danger; but it is still unsold,
ing * train. The negro question will be ono of the
important topics of discussion, and will doubtless be j
disposed of satisfactorily.
Horse swapping is all the rage in Gainesville.
Only four persons—all negroes—in Early county j
The first public schools in Georgia wero instituted j force in our bauds a financial crisis in the
in Columbus.
Work on tho new brick church in Gain esville is pro
gressing rapidly.
A rattlesnake with eighteen rattles was killed in
Early county the other day.
Cartersville has bad had her election, and chosen J.
G. M. Montgomery for Mayor.
Concerning the rumors of a duel between Smith and
Johnson, the Albany News says: “There are two sim
ple little reasons that keep the public mind calm in
Georgia: First, Governor Smith wants to be Governor
to the end of the term for which he was elected; sec
ond, the Governor wants to be Gover alter Smith’s
torm expires.”
The citizens of Gainesville are still excited over the
removal of the post-office to the country.
Gainesville has a young man who plays upon the
concertina without the fear of being arrested. This
shows a bad state of public morals in that vicinty.
A young lady of Talbot county, by the superiority
of her manipulation, induced six cows to produce
three hundred and eleven pounds of butter, from the
first of May to the first of September.
Surprise parties are still popular in TOlbotton.
John Long, who, during Bollock’s administration,
murdered a man in Echols county, and was pardoned
by that functionary, killed a man in cold blood in Ala
bama recently, and was arreated and pnt in jail. He
says he has murdered seventeen men in cold blood.
Major A. J. Cunningham, a well-known railroad
officer, died in Dalton last week.
The colored Baptists of Griffin are indulging in s
meeting stupendous for to see.
Scheuerman’a Opera House in Griffin is nearly com
pleted.
The Mzcjd ladies are making great preparations for
the State Fair.
A Griffin merchant has had, within the past few
day.', fifty applications from young men who want
positions as clerks.
Er. Andrews, of tho Washington Gazette, is remark
ably accurate when ho shoots with the pen. He de
clares that more blood flows from the noses of the
den:zms of one country village in Georgia, during a
twelve month, than has been shed by the bloody,
miod-d Atlantese in all their paper duels since the
founJ it ion of the city.
he does “not desire any trouble;” he beiu
of opinion that tlisy acquit him of the state- j
nients made by us.
To this we very cheerlully answer that ns j
the papers read it would appear as if injus- j
tice had been done to him; but as the Her- ,
ald never makes any statements except upon I
good authority, we must respectfully decline |
to take back anything until we have fully in-1
vestigated the matter. If we should then dis- |
cover that we have done him an injustice, we
shall frankly admit it and repair the injury.
We say it in all seriousness, and with a full ] But until then our words must remain as they \
appreciation of the gravity of the situation, l were printed, even at the risk of getting iuto
that a financial panic in Atlanta is a disgrace j trouble, which, by the way. Cel. Thomas, j
] whose salary we help to pay, is employed ti |
j prevent.
Among the many reports on the street ves- j
terday was oue to the effect that the sus- '
pension of the Dollar Savings Bank was ■
hastened, if not actually caused, by tx-
Governor Brown drawing out
thousand dollars he had on
there. Mr. Willis, the cashier,
positive denial to this rumor,
fifteen j
deposit '
gare aj
stating
eruor
still a '
impossible it is for the South to bo injured j ar g e balance to his credit on the books of the
by the crisis prevailing in New York, he will j bank. It seems to us, however that ak
Governor Brown is a director of the bank and
one of its largest stockholders he might have
let that money remain where it was.
Alabama Exchanges.
South will be a most disgraceful thiug, and
for Atlanta, with all her enterprise and her
energy to undergo a panic will be a stain upon
her good name and a cause of almost irrepar
able injury to her future.
We appeal to our readers to remain confi
dent, and to nphold the banks to the utmost
limit of their means. Because the banks of
Angusta suspend, is no reason why the banks
of Atlanta should be forced to the same un
pleasant alternative. Because there is a pan
ic in New York is no reason why there should
j be one in Georgia.
| We are independent of the North and now,
more than ever, is the time to prove it. In-
stead of yielding to unmanly fears our people
should bravely confront the temporary em
barrassment caused by the collapse of a
clique of rotten banks and brokers of New
York. Europe needs our cotton and must
have it. It we cannot get money from the
North to move the crop, it will not be many
days before the spinners of Manchester and
of the Continent will be forced
to send the money here to pur
chase. We may be pinched until the
money comes; but we shall ren
solvent and unscathed, unless we yield to a
selfish and cowardly dread of a disaster which
we alone can briug down upon ourselves.
There is nothing in the situation to dis
courage the South; and nothing whatever in
Atlanta to even warrant uneasiness. Let
those who have money in the banks
leave it there, • confident that it
Many comments were indulged in on yes
terday against a certain manufacturer of this
city because he drew out a large sum of mon
ey from one bank and deposited it in another.
It appears to us that the unfavorable remarks
made censuring him were both unjust and
ungenerous. The gentleman in question has
nearly fifty men in his employ and is com
pelled to pay them weekly. For reasons sat
isfactory to himself, be changed bis bank of
deposit and the fact would never have been
known to the public had hot some of the
bank officials told it.
The Late Seltajj of Monocco.—A cable
telegram lrom London announces tho death of
imperial highness Sidi-Mohamet, sultan—
styled by Europeans emperor—of Morocco.
He acceded to the chief power in the year
1859. His reign was troubled almost continu
ously by internal factions and factions out
breaks and the diplomatic pressure of several
of the Old World great powers. His majesty
bore the sovereign title of “Lord of the True
Believers,” but was ordinarily styled by his
snbjects Seid-na (Oor Lord). He married in
his yonth a French woman, Virginia Lanter-
mer, who subsequently became empress of
Morocco. She is a native of Chaley, near
Dole (Jura), where she was born on the 20th
of November, 1820, in a poor cottage. She
went with her parents in 1834 to Algeria,
and the whole family were taken prisoners
by the Moroccans. Her father was killed and
her mother died a short time afterwards. The
captors, dazzled by tho great beauty of Vir
ginia, spared her, and by a concurrence of ro
mantic circumstances the emperor’s son—jnst
now deceased—fell in love with her and made
her his wife. The empress has since songht
out and brought her three sisters to the Mo
roccan court, to which they ore attached. An
English consular report, published a few years
since, on the home condition and commerce
of Morocco, concluded wilh the following
words; “When the rulers of the country shall
be possessed of intelligence and energy, and
gnided by a spirit ofrjustice, and shall evince
some appreciation of the benefits of civiliza
tion, Morocco may be expected to take a high
er place among commercial nations; bnt until
then, its capabilities will continue to bo neg
lected, public order will continue to be dis
turbed, industry will languish and trade and
commerce be paralyzed."
Captain Hall’s Death.
PRECEDED BY THE LOS8 OF HIS MIND—STATE
MENTS OF DR. BISHELL AND HIS EN
GINEERS OF THE rOLABIS.
We clip the following from the Eufaula Times, con
cerning the money pressure: The moneyed men be
gin seriously to feel the monetary crush in Now York.
There is but little of the precious commodity in these
parts, and s bale of cotton is treated with as little re
spect as last winter’s overccat. It is fashionable,
however, and that is some consolation:
A white owl is creating much sensation in Lufsula.
The Jacksonville Republican says: It is estimated
that the worm has destroyed a third of the cotton crop
of Calhoun.
The Tuscaloosa Times places the yield of the cotton
st from one half to s third of s crop. Ihe worms
have been very destructive.
A writer in the Montgomery Advertiser thinks cheap
shot guns have cost Alabama $14,000,000 this yeai.
The negroes and boys use the guns that kill the birds
that eat the worms that devour the cotton that grows
in the fields that the planters sowed to feed the ne
groes that do tliia mischief.
The Livingston Journal estimates the cottou yield
in Sumter st half an average crop.
Daily trips are to ba resum*1 over the Selma and
Gulf railroad. ,
The Stats Journal aaya that it is rumored that the
coal “corner” gotten up in Montgomery was done to
fjrce the Secretary of State to pay $10 per ton for the
coil for the8tate House.
Distressing accounts retch ns from the Junction,
nsar Pollard on the Mobile k Montgomery Railroad.
Mira than one-half of the citizens are down with yel
low fever, ao that there are not enough well men and
women left to wait on the sick.—Mont. Adv.
James Freeman Clarke, of Boston, tells a
good story of wbafc a Western fanner thought
of Emerson's ability as a* lecturer. The far
mer was on the 1 yceam committee of his town.
Mr. Clarke asked him what lecturers they had
heard before their lyceam. He named several,
mod, among others, “a man by the name of
Emerson.” Mr. Clarke asked him how they
liked him. 11 Well,” said he, “we had him last
winter, and, though he was pretty dull, he
seemed to have a good many good ideas, and
so we thouuht we ought to encourage him,
so we have invited him to come again this
winter.”—Cincinnati Commercial.
Charles Maccalester, of Philadelphia, has
presented to the city of Minneapolis, MinLe-
lOta, a gift of property worth $100,000 for
ducatiou&l purposes.
is in good hands, and that there is not the
slightest probability of their losing a dollar, and
Atlanta will pass through the season with
ease, and in a large business and a greater
prosperity, her people will reap the full re
ward of their coolness, confidence and sagac
ity. ^
SKND IN YOUR COTTON.
Although there is no money in the market
with which to purchase cotton, wc urge the
farmers to briug iu all they have, and leave
it with the merchants to whom they are in.
deb ted as collaterals for their debts. If the y
will do this, the money market will be
promptly relieved, as upon this cotton their
creditors will be able to obtain sufficient ad
vances to meet their paper with, and thns
prevent any further drain of money from the
South. By doing this the farmers will avoid
the necessity of sacrificing their crop, and the
mercbants'will obtain all the funds they need.
Send in your cotton.
ATLANTA’S BULWARK—THE BOARD
or EXCHANGE.
The people of Atlanta will not soon forget
Messrs. James, Chamberlin, Crane, Adair,
Neal, Stephens and the host of true and brave
merchants who, last night, stemmed the tor
rent of tho panic.
We publish Mr. Stobo Farrow’s card with
pleasure; but we must take exception to his
remarks os to tho “propriety” of our stating
that we would not support him for Mayor,
unless he had consented to become a candi
date for the Mayoralty and bad solicited our
support. In the editorial we very explicitly
stated the reasons that impelled us to the an
nouncement, and while we did so with re
luctance, we deemed it necessary so as to
silence the rumors which were afloat concern
ing us.
Herald Cable Special.
London, September 20, 1873.
The following is a portion of an interview
between a Herald correspondent and Dr. Bis-
sell, of the Polarisat Dundee:
Dr. Bissell—Since arriving here we find
from American papers that several very silly
and absurd rumors of a mischievous tenden
cy have been abroad. It is just possible that
the government at Washington prefers
that we reserve what we have to say for
graver discussion; but I must emphatically
contradict the statement that Captain
Hall died other than a natural death. He
died of apoplexy. He was ill about a fort
night. He appeared to be in perfect health
when enteriDg upon the voyage. I noticed
nothing unusual in bis health up to tho pe
riod of his illness. The rumor that he was
poisoned is,too absurd to be seriously enter
tained. The rnmor may, too, have been
founded on hallncioation.
Of the raving of the patient, Schuman, the
engineer, says that Hall was in continual ap
prehension of being shot, but was not aware
that any one member of the crew more than
another excited his suspicions. Another
phase of his mania was a aeteripinatiou not
to eat or drink anything unless it was first
tasted by some person. The tasting was
mainly done by Hannah, the Esquimaux wo
man. 'When he rallied and for awhile recov-
eerd his wonted intellect, h o would say to
Capt. Buddington, “If I die, you must still
go on to the North Polo. He would say,
“Mi last wish is that you strive to go to the
North Pole. Don’t let my death be a hin
drance to the accomplishment of this great
undertaking.”
Dealing with the case of the fraudulent wo.
man who calls on people, sends in a well-
known card, and while tho servant carries it
up, fills her pockets with valuables off the
mantelpiece and centre-table, the London
News proposes as the only remedy “storms
reception saloon, like the waiting-room of a
railway station, with nothing in it but two or
throe,heavy chairs, a solid deal table, an|emp-
ty water bottle, and a very old directory."
Connecticut has a horse forty-four years
old. He has never drauk n glass ol whisky
or ebsWed tobnc.-o, and goes to bed at prop
er hours.
the panic.
AMONG OUR BANKERS YES
TERDAY.
How Atlanta Took the Shock
of the Storm.
Incidents of the “Run,”
and Notes on the Street.
Ths disastrous news of the niglit before hail some
what prepared our people for a day of gloom yester
day, and the day opened with the whole city “down
in the mouth.”
We append the carefully collated views of onr Re
porters, which we believe cover the whole picture:
The Suspension of the Dollar Saving*
Bank.
At about eleven o’clock yestorday, an employee of
the Dollar Savings Bank called at the Herald office
and announced that Mr. Willis would like to seo one
of the editors of the Herald.
Entering tho bank, we found it baf filled with men,
with the green baiza drawn down, and the fol'ewiug
notice pinned upon the outside of the raying Teller’s
desk:
: to oun depositors. ;
Owing to an unusually large run made upon this:
:bauk during tho past three days, and the conse-;
; queut payment of large sums of currency, we have:
:been compelled to suspend payment for a few:
;days. ;
; Our assets exceed our liabilities by nearly seven-:
;ty thousand dollars. Be patient and give us time:
I to convert our assets into cash. Every depositor:
: will te made entirely safe.
That told the whole story.
Passing rapidly into Mr. Willis’ private room we
found that gentleman, with Mr. Gordon, the President
of the bank, one or two clerks, and a couple of gentle
men, earnestly discussicg the situation.
HOW IT COMMENCED.
lu substance Mr. Willis said: *
I never thought but that the bank would get through
the day safely. I never anticipated anything serious,
though I will conft ss I was a little stirred up when I
saw the announcement of the suspension of the Dol
lar Savings Bank of Richmond. I was afraid tL' sim
ilarity in the names might start a run on our uauk.
When I got to the bank I found a small crowa arouud
the door of the bank. I was not uneasy, as we had had
something of a run ever since tho commencement of
the panic, and had already paid out some
twenty-five thousand dollars. We opened and went
to woik, and the checks commenced piling in. We
paid as fast as we could, aud paid to tho letter. The
largest check that we had was $4,500, aud we paid
this, and paid on until Mr. Sam Hoyle picseuted a
certificate for $000, which we took up, and then look
ed over the field. We found that we had paid out
$24,000, and had only $257 in the bank, besides a little
specie. We could get no help from the other banks;
we were out of currency and couldn't realize prompt
ly on our assetts, and lienee had to close doors for a
few days.
the bank perfectly solvent.
What is the condition of your bank’s assets and lia
bilities?
I have not yet got my balance sheet completely made
out, but I can give you a substantially correct state
ment. We owo our depositors, at the outside figure,
$112,000.
OCR ASSETS ARE—
Stocks and bonds at coit figure $ 5,000
Discounted notes 104,000
Real estate 33.000
Due from other Banks 6,COO
Total $147,000
Balance $ 35,000
Now, besides this, we can call in at least $35,000 of
unpaid stock, and can realize $5,000 from other sources.
Every depositor will be ptid to tho last cent, and
that ,tqp very speedily. I shall not rest a
moment, but shall at once go to work to realize upon
assets, and pay up my depositors and resume busi
ness. I think wc will be opened in ten or twelve days.
My depositors, as a class, have unabated confidence in
the bank, and there is at least forty thousand dollars
of my deposits that will never be called for, so I am
assured.”
“Yes,” put in Mr. W. 8. Thompson, who had just
come in, “ I have about two thousand dollars with
you, and I am not a bit uneasy about it.”
“This Bank,” says Mr. Gordon, “has paid out over
$30,000, interest ou deposits, to the people of Atlanta
since it started, and paid 10 per cent, every six
months and cash dividends on its stock. All that we
need is a little patience from the people, and we'll te
in full sway very soon.
Mr. Willis—We have had several deposits offered to
day, aad refused them all. Walker A Boyd wished to
deposit $600, which wo refused to take, and we re
ceived two or three deposits by mail,
which we shall return by to-night’s
mail. My line of discounts are good
and can bo promptly turned into money. I will 1 e at
work soon, snd will give you a full statement of our
condition to-morrow for publication.”
} On all sides was expressed absolute confidence in
j the ability of this sterling little bank to pull through,
* and of Mr. Willis’absolute integrity and full ability
I to meet the crisis. During tho whole day not a
j shadow of reflection was thrown over Jim Willis’
| fair name, though there were probably four hundred
| men and women whose money was locked up in bis
i bank. This is a magnificent tribute to his character,
I which wo take occasion to say is wholly deserved.
■ Csptsin Harry Jackson had offered Walker k Boyd
some of the stock of this bank at 110 a few days ago.
I On yesterday, after the suspension, Messrs. W, k B.
| asked him what he would take for his stock. “One
| dollar and ten cents, and not a cent less !” A gentle-
; man who had $65 in the bank offered to sell it for $63.
! He was promptly taken up by a man who said, “I’ve
| got $3 JO in the bank, but I'll take bids like that as long
| as I’ve got a dollar.” This feeling prevailed all over the
city, and Mr. J. C. Bianson, of Kingston, placed at the
disposal of the bank $ 10,000 of good collaterals, to be
used as Mr. Willis deems best. This brave little
bank—the friend of the people—will lore nothing by
its accidental sutpensioo. It will come through
tho ordeal uuecorched, and iu thirty days will
| have a bigger list of depositors than ever. We
\ heard a prominent Alabama street man
| say yesterday, “From tbo day they open they will
get every dollar of my deaposits,” and this feeling is
by no means cdbfiued to this one man. Mr. Willis,
the manager of the bank, has made a fortune here
iu a fow years time, aud bis Anancial ability is un
questioned. He is careful, shrewd and prudent,
taking few chances, but letting no legitimate oppor-
i tunities slip to make a dollar. He has not lost a
moment, and has settled the accounts of several of
bis depositors.
At the Bank of the State of Georgia.
A scene of loneliness that was really chcorful, taking
things Into consideration, struck us yesterday, sb wo
| entered the doors of this bank.
Presenting a small check, Mr. Bell smilingly paid it,
while Mr. Coker, with his hat on, sat leisurely writing
s letter, In th* corner of the room.
Any news to day, Mr. Bell?
Nothing special, except that I hear the Dollar Sav
ings Bank has suspended.
Is there any symptoms of a ran on any other banks?
I reckon not. You seo there ain't mncli of a run
here,—laughing quietly as if he was at peace
with all the world, and was ready for death.
At the Freedmrn’fl Savings Bank.
On entering the bank this reporter fonnd Mr. Corsy,
tbs cashier of the bank, standing behind the counter,
smiling pleasantly in the main, but an occasional look
of trouble overshadowed his face. The facial expres
sion seemed to Indicate that he lelt keenly his respon
sibility, and st the same fine he Bhowod that be had
absolute confidence in tho solvency of the bank. Cour
tesies being exchanged, the following interview was
prosecuted:
lleportei—I came to make inquiry about the con
dition of your bank, and to aak the cause of the run
which )ou have, recording to rumor, experienced In
the Nat t**w da> *.
Mr. C »ry—Our bank is a till in s healthy condition.
notwithstanding the heavy run we have been subject
ed to for the last few days. My opinion is that the
run was caused by divers articles that appeared in the
Constitution. The heaviest run was made cn yester
day, in consequence of a paragraph in the Constitu
tion, which was in substance—“That twenty-six of
the Saving Banks established among tho ireedmeo
of the South, were in correspondence with Jay Cooke
k Co., at the close of last year.” This statemeut is
false in toto. At that time thero was not
a single savings bank in the South in correspondence
with Jay Cooke k Co. No saving bank has had any
thing to do with Cooko k Co. since then. The Freed
man Savings Banks never deposited with Jay Cooke A
Co. They are all in correspondence aud deposit with
their “Northern bank” in New York city. The Amer
ican Exchange National B ink clears for us at tlitf clear
ing house in New York. They have a capital of five
million beaides a large surplus.
Reporter—Are you at all apprehensive of trouble
from this run on the bank from depositors.
Mr. Corey—We have stood the run for four days
aud are still unembarrassed; we are amply able to
pay every depositor, but I tell you frankly if this run
continues we will take advantage of the thirty days
rule.
Reporter—Is this feeling of insecurity general or
confined to certain classes of depositors.
Mr. Corey—Tho bulk of our depositors are not at I
all uneasy; it is principally the more ignorant portion '
of them and thoso who have email accounts. We have '
over thirteen hundred open accounts. Our depositors
are generally men who aro easily frightened. They j
have received much bad advice from a certain portion I
of the citizens regarding their solvency; advising 1
them te run to tho bank and draw their money, if they i
did not want to lose it, while tho better class of the
white people have been remarkably kind tons; and
we are under many obligations to many of them for
indorsing and speaking kindly of ns. We are espe
cially grateful to tho other banks for the many favors
they have extended us.
Reporter—Your bauk is at least perfectly secure, is
it not ? Are you not connected with the otter saving
banks in the South?
Mr. Core}*—All the freedmen’s swings banks in the
United States are in reality one bank, with branches,
and in my judgment it is the strongest institution in
the South, all investments being made in government
bonds and real estate secured by mortgages.
At the State National.
Thero wasn’t the shadow of a run upon this sterling
bank, aud Judge Clayton, that veteran financier wLc g»
reputation is Atlanta's boast, carried on his usual rou
tine of discounts, exchange and loans. It is said that
this bank offered to assist any bank that ran short of
currency. President James M. Ball Is in Now York,
but his place is ably filled by Captain James R. Wylie.
At tin Banking, Loan ami Trust Com
pany.
A slight run was made upon this reliable old bank
last Friday and Saturday, when it was first announced
that Jay Cooke had failed (as Jay Cooko was the New
York correspondent of the bank) but th<* promptness
and ease with which Mr. Dobbins, and D. Wilson, and
the Messrs. Goldsmith, met tie three or four days
selge complcte’y restored coniileuce. Ou yesterday
after the suspension of the Dollir Savings Bauk, there
was a slight run, but every depositor was promptly
paid, and by one o’clock the excitement had entirely
closed. This bank Las stood the ordeal nobly, and
wore au unsurpassed hold upoa the commercial com
munity.
At (in- 4 lt:zens* Bunk.
This is esteemed one of the strongest Banks in the
State, and on yesterday showed no tremor or signs of
excitement. There was no symptoms of a run, and
depositors held up their end of the firm as usual.
This Bauk is understood to have offered to help the
other Banks if any of them 6uould need help.
At tlie Atlanta National Bunk.
This staunch old Bank on yesterday evening showed
up, as the day’s work, $40,000 x>aid out, $50,000 receiv
ed on deposit. It has had no symptoms of a run, and
d >es not anticipate any.
At W M. tV J. R. Lowry’s.
This dowu-lown bank has suffered nothing at all by
the excitement. Upon the suspeu&iou of Howe's k
Macy, their New York correspondents, somo inquiry
»» J start!d, and it was found that they bad overdrawn
their account for the time with the New York lionre.
They have a fine line of depositors, all of whom 1*
lieve in the house, and havo no fears about their
money.
At James’ Bunk.
There was no perceptible run upon this favorite
bank, though several depositors are said to have
drawn out their money. Mr. Jam^s was in Cobb
county making a speech to tho Agriculturists, but
came borne ou tlie 1:30 train. He was as affable and
as complacent as ever, and sat basking in the sunshine
of his bank door, chatting pleasantly with the leasers
in and out. The long established confidence Id this bank
can’t be shaken by anything. Mr. Solomons struck a
popular choid yesterday when he said, “ Every dollar
I’ve got is in James’ Bauk. and if I had ten times more,
I’d put it there.”
This reporter saw Mr. Chamberlin, of Chamberlin,
Boynton A Co., make bis evening deposit of a trifle
over one thousaud dollars, and a merchant with him
put in seven hundred and forty dollars. The deposits
were as large ss usual, and Mr. James still holds the
heart of the people.
At tlie Georgia Railroad Bunk.
The deposits at this bauk yesterday by far exceeded
their withdrawals, and it showed no evidences cf the
panic.
On Hie Street.
There was not muck excitement on the street yes
terday, save that clumps of anxious-looking men might
be seen scattered about busily discussing the stirring
events of the day. Mr. Silvey, of Silvsy, Dougherty A
Co., says, “I feel safe now, because we have got our
cotton here. If it was gone North, I would begin to be
frightened.” Mr. Evan Howell thinks all the people
ought to take holiday for two weeks, and wait for the
thiDg to blow over.
IN GEORGIA.
Heavy Run on tho Savannah Savings Bank
and Southern Bank of Georgia.
Savannah, Sept. 25, 1873.
A run commenced early this morning on the savings
department of the Savannah Bank and Trust Co., and
the Southern Dank of Georgia. Large crowds are
about tbe banks. The banks are paying dollar for
dollar.
Business is at a complete stand still for the lack of
currency.
LATER.
Tbe run on the Savannah Banking an I Trust Com
pany closed at noon, and continued on the Southern
Bank of Georgia to its close. Tbe chamber of Com
merce is considering the malter.
At Augusta.
Augusta, September 25, 1873.
The followiug banks have suspended: National Ex
change Bank, Merchants and Planters National Bank,
Bank of Augusta, aud Planters Loan and Savings
Bank.
The run on banks have been ho *vy, especially this
morning.
Cottou is coming in freely, but there is no money
to move it.
LATER.
Business is blocked and the cotton inaiket has im
pended operations. There is no cur.ency to buy cot
ton. The First National Bank paid aa usual, but there
appears to be no serious run on it. The President will
pay as long aa there is a dollar of currency in tho
vaults. There is confidence that it will weather the
storm.
Commercial circles hopeful.
No suspensions among business men.
There was a Urge meeting of tho merchants, at the
Exchange Rooms, appointed on the committee to wait
ou the directors of the Georgia Railroad and Banking
Company and other banks, to isaue some medium of
exchange to bridge over the present crisis.
The banking house of John D. Oohen A Sous has
suspended. Assets ample. The bonds and stocks can
not bo sold. There is no market for the best securi
ties even at a sacrifice.
The suspended banks have ample asset a, and will
meet every dollar of their liabilities when the pres
sure eases tff.
AT OTHER PLACED.
At New York.
R'chsrdsou telegraphs that his duties require him
n Washing on. and cannot moot the Clearing House
Committee in New York.
TMRRK O’CLOCK.
The leeliug continues to improve. Tbe run on
Jera> City Pavings Rank has ceased. Gold closed at
$111?.'.
The Superintendent of the Clearing Honae states
that about three million new loan certificates have
been issued.
Tbe Governing Committee of the Stock Exchange
met to-day for the purpose of devising some plan for
clearing stocks. A committee of seven was appointed
and brokers requested to send iD their statements.
RESOLUTIONS OF PRODUCE EXCHANGE.
Whereas, the critical condition of the country re
quires an immediate relief by the removal of the block
in negotiating foreign exchange; therefore
Resolved, That we respectfully suggest to the Sec
retary of the Treasury tho following pUna for relief in
this extraordindry emergency:
First—That currency be immediately issued to banks
or bankers npon satisfactory evidence that gold has
been pUced on special deposit in the Bank of England
by their cn respondents in London to the credit of the
United S ates, to be used solely iu purchasing com
mercial bills of exchange.
Second—Resolved, that the President and Secretary
of the Treasury are respectfully requested to order
immediate prepayment cf the outstanding loan of the
United States due January 1, 1874.
The Stock Board—The Purchase of Bonds
Stopped.
New York, September 25, 1873.
No Stock Board to-day.
A notice is posted on the dcor of the Sub Treasury
that tbe purchase of bonds at that office are for the
present suspended.
Iu enswer to inquiries, the Sab Treasurer states that
he cannot state whether any purchases will be made
to-day until advised from Washington.
At Memphis.
M Kuril is, September 25,1813.
! Tho bank failures arc attributed to inability to real
ize on eccu- ities iu New York. The First National and
i Kelso Bank has suRneadtd; and there is a run on ihe
| other*.
At Cincinnati.
| The Clearing House Association Las just adopted
I the following resolution: Resolved, That for tbe
j protection cf cur ccmtncr ial interests and for the
j purpose of preventing a drain of currency from our
; banks aud bankers of this city, we do hereby agree to
' adopt substantially the plan adopted in New York—
; namely, that they will not psy out currency on checks
' except for small sums, tob? optional with the banks
j upon whom they are dnwn. But they will certify
checks drawn on balances in their hands, payable
through clearing bouses only.
! Details concerning the action of the Cincinnati
; Charing House Association this morning, state that
i each member of the Clearing House Association is re*
] quired to deposit such a sum in approved Securities
i as will at all times cover the amount of his clearing,
j Government bonds are received at their par value.
. Railroad aud other stock aud bond*, and bills receiva-
' ble are received at 75 per cent., of the value fixed on
; them by tbe committee. No certificates are issued
j by the committee winch can only ba used in the set-
j tlcmeut of balances between tbe bauks, and arc not
j negotiable.
At Chicago.
Chicago, September 25, 1873.
The Chicago Clearing House has resolved until far
ther action, and in view of the disturbed condition of
affairs in New York and other cities, and the difficulty
! in converting balances into currency, and on the ad
vice of the B^nk Examiner, our members be recom
mended and authorized to suspend currency payments
| on any large demands made on them cither from
country batiks or over their counters.
At St. Louis.
St. Loris, September 25.
It was decided at a meeting of banker* held last
night, to suspend payments on checks or drafts, either
j in currency or exchange, till the excitement in the
| East subsides, and a firmer condition of markets !s
j restored.
Panic in Memphis.
Memphis, September 25, 1873.
f The First National Bank of Memphis is suspended.
At New Orleans.
New Orleans, September 25,1673.
At a meeting all the bank presidents except two*
res dved to pay no checks over a hundred dollars,
i This lasts thirty day*.
At New Haven, Conn.
New Haven, September 25,1873.
The cavings bank* are enforcing the legal delay iu
paying depositors. No serious runs.
At Washington.
V arhingtom, September 25,1873.
The Washington City Saviog* Bank, known aa J. R.
Ruff ’*, after a five days’ run posted a sixty days’ notice
clause.
To relieve the local stringency, two million dollars
in currency remain in the treasury for current pur
poses.
Secretary Richardsou will only draw on the forty
million reserve for Government necessities. The
Government, he says, has helped the banks by issuing
thirteen millions for bonds, aod they mu6t now take
care of themselves.
Washington, September 25, 1873.
It is stated that Richardson declines anticipating
■ the 74 oonds which mature in December aad January.
The President and Secretary of the Treasury in con-
i fcrence this evening decided that the Treasury will
pay out no more currency except for ordinary dis
bursements.
Oa account of the monetary panic and the run on all
the hanks in this city—two of which have suspended-
business is almost entirely suspended.
The President and Secretary are entirely in accori |
They think they have done all they legally can, and all
that is necessary to relieve the legitimate business of
the country. The forty millions reserve will be used
for urgent government necessities only, snd to a very
i little extent, with the understanding that it ahall be
i replaced when the urgency passes. The government
! at present will buy no more bonds or sterling exchange.
The Secretary, in answering constantly coming dis
patches advising him to some other course, invariably
answers, “No.”
The above is official and may be regarded as tbe
fixed policy of the Administration.
At Charleston.
Charleston. September 25,1873.
No run on the banks. The Freedmen’s Savtngs
Bank exact sixty days’ notice. Other tanks pay as
At Selma.
Selma, September 25, 1873.
' The Selma Savings Bank has suspended. Assets be-
1 lieved to be ample.
At Detroit.
Detroit. September 25, 1873.
j Two bankers Lave failed.
At Boston.
Boston, September 26, 1873.
! The course of the bank* is simply conservative,
j Loans are reduced, but the urgent wants of business
are met.
At New Brunswick, New Jersey.
Kiw Brunswick. September 25. 1873.
The Stats Bank of New Brunswick has failed.
General News Items.
London is fall of starving journalists.
Eighteen thousand Americans vent **»br» ai”
this year.
The postage on letters to Germany is now
j six cents.
New York State has had ice a quarter of an
inch think.
The office-holders of Minnesota are assessed
five per cent to fight the Farmer’s ticket.
It is said that there isn't half so much kiss
ing since the ladies commenced wearing neck
ruffles.
Fort Wayne, having a population of 15,000,
claims to have 8,000 babies. Triplets don’t
: create any surprise in Fort W^yne.
Seventeen new papers have been started
within the last three weeks and have all been
nnmed the Eagle. The bird isn't losing any
of its oJd-tnne popularity.
In Montana a man killed on elk this
month which dressed eight hundred pounds
by actual weight, and the Herald claims it as
the monster elk of the Rocky mountains.
An ignoiant Indiana farmer tied a goose on
the roof of his barn and let it starve to death,
and now he believes that so long os any part
of the bird remains the farm will be sate from
lightning.