Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-10-09
THE FINANCIAL CRASH.
The Situation in New York and the
East.

NEW YORK, Sept. 25.-The feeling in Wall
street was much quieter to-day. No more
failures have been reported, and it is believed
confidence Will soon be restored. There was
less excitement on the street than for any day
for n week. The crowds which have assem-
bled in Wall and Broad streets for some days
past were not visible. A feeling prevailed that
a general suspension of the banks would be
necessary. and rumor was current that the
Secretary of the Treasury had advised that
course. This rumor, however, was authorita-
lively contradicted, the Secretary declining to
advise the banks in any way. 1t transpired
that the Sub-Treasury in New York had dis
bursed $25, 900, 900 in greenbacks in the pur-
chase of bonds, and that portion of this had
come out of the so-called reserve of $A, ,000,-
600. At this point the purchase of bonds was
stopped.
ping the purchase of bonds, and in refusing to
anticipate the per cent. bonds of 1874, due
JAN /, was eagerly discussed, and SO far as
could be ascertained met with but moderate
approval. The Stock Exchange still remains
closed. The views of those prominent in the
dry goods trade are encouraging in the great
est degree. Business is abont as good this
month it was during the same period last
year, and shows hardly any more of falling
off than would properly accompany the end of
the season. The produce market remains in a
nominal state. Large amounts of grain have
arrived here which we're intended for ship
ment, and now remains in the warehouses in
consequence of the inability to negotiate
foreign exchange.
New YORK, Sept. 26-The general feeling in
financial circles has decidedly improved. The
day record closes with some confidence in the
belief that the bottom of the panic has been
reached in this city, and thereis fair prospect
that, when the Stock Exchange opens, there
will be little room left to arrange in the way of
settlements between brokers, that there
will be no new failures to announce.
The Loan Committee of the Clearing House
has issued about 81 500, 900 in loan certificates
TODAY making the entire amount issued about
$1S. 100000.
Mercantile paper falling due at the banks is
being paid with remarkable promptness.
There was an extraordinary excitement in
threatened remarkable results. The price
moved up to 1l43a, against I'LL at the opening.
A private telegram from London says
81, 500, 900 has just been drawn from the Bank
of England and shipped to New York.
The total liabilities of the Union Trust Com
pany are S6,273, 518; assets, 81, 491 ,276. The
institution will probably resume in short
time.
New YORK, Sept 29.-wan street is as quiet as
usual, and matters are beginning to assume
their normal condition. The crisis is over,
although the scarcity of currency is seriously
felt, and will be for some time to come.
The feasibility of resuming specie payment
is exciting attention among our leading finan-
ciers and business men, and especially those
bankers who issue bills of foreign exchange.
An argument heretofore set forth, that to re-
sumo specie payment would depreciate values,
can hardly be advanced, now that stocks and
securities are fiat
The suspended firms are rapidly reorganiz-
ing, and promise resumption of business
before the end of the week. Howes d Macy
have practically resumed already. Clews d
Co. and Fisk & Hatch will resume within
few days.
The following table shows the prices cur
rent for leading stocks on Wednesday, Sept.
II, the day before Jay Cooke d Co. failed, and
those current the street tO-day