Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-20
The Financial Panic.

Philadelphia, 10. II. II. Douglass, c. NJ.
Bayard, j. Ii. Yorker, John Lloyd, and Bond
Co. have suspended.
Washington, 10. The Freedman's Saving
Bank is paving its demands. There is COM
parative little excitement in Banking circles
There is slight run on the Washington
City Savings Bank and other Banks of Wash
layton, but both are paying promptly.
Philadelphia, 10. The Fidelity Trust Co.
are paying all demands promptly.
Washington, 10. The Secretary of Treasu-
ury this morning stated that he would pay all
bills against the government, and thus put in
circulation as much currency as possible.
New York, 10, $50 ?. M. There is more
or less of a crowd around every paying tel
lers desk in the lower part of the city this af-
ternoon. Next after the Union Trust Co.,
and the fourth National Bank, the Union and
Mahattan Banks and the Bank of New York
seem to have the largest number OF visitors,
but no excitement is apparent any where ex-
cept at the Trust Company.
Mr.. Hatch, of the firm of Fisk & Hatch
states that owing to yesterdays failures, great
demands came suddenly and unexpectedly on
their house that could not be readily met
There was no time left in which to OBJ
tain money on the assets of the firm or to
collect money due the firm. The house made
heavy advances to the Central Pacific, which
however is not the cause of their suspension.
Their advances to the Chesapeake and Ohio
Railroad brought them down.
George b. Alley, whose suspension is al
ready announced, is widely known in connec
ton with fast horses, having raised Dexter
lie says his suspension is caused by the gen.
eral decline i'll stocks, especially Vanderbilt
stocks. His liabilities are not large, and he
expects to resume soon.
President Calhoun of the Fourth National
Bank, says We have no reason to fear any
thing.
President Tappan of the Gallatin National
Bank, says he believes the better banking in
situations will weather the storm.
Secretary Calhoun of the Union Trust Co.,
says the company is perfectly solvent, and
will meet all demands. 1t was reported that
the company had seven hundred thousand
dollars deposited last night.
Mr.. Fahenestock, ofJay Cooke & Co., said
in an interview this afternoon, that the firm
hoped TO pay all liabilities.
Mr.. Garland, another member of the firm,
said the London house will have large sur
plus after the payment of all its debts, unless
their is great shrinking in value of its secur-
tiles.
The latest runner on the street is that the
government will come to the rescue to-mor-
row, by buying five millions of bonds.
The grain and provision markets are all
unsettled by the Wall street panic.
$50 p. NJ. There is yet quite large
crowd at the Union Trust Company and at the
Fourth National Bank. Both of these insti-
buttons have promptly met all demands upon
them, aud are believed to be abundanty able
to do SO.
The principal portion of the crowd around
Broad and Wall street seem to be curious
people, sightseers.
As yet. with the exception of Jay Cooke &
Co., not any banking house with England and
European connections, has been affected by
the present pressure, and there is no likli-
hood of their being affected.
Outside purchasers continue in considera-
BILE numbers on the declining market for in
vestment, which aided in strengthening the
market this afternoon.
Assistant Treasurer Hill says it is in the
power of the National Banks to avert further
disaster, and they will undoubtedly do so.
a Washington special says the district
banks have effected no arrangement with Sec
rotary Richardson, SO that any bank in New
ork depositing to the credit of banks in
Washington, and the Treasurer is advised of
the fact, will be allowed to have all currency
from the Treasury TO the amount of such de-
posts.
The Evening Post is informed that Secreta-
ry Richardson will offer to buy from five to
ten millions of nve-twenties, to- morrow. This
will throw into the banks legal tender notes,
for the large currency balance in the Treas
ury is nearly all composed of legal tenders.
With the panic thus checked, a calm with low
rates for money will soon follow
Jacob Little & Co. have failed.
A private despatch from Washington, re-
ceived this evening, says Gen. Grant arrived
in Washington this afternoon with Secretary
Richardson. He has determined that the
Treasury Department should come to the res
cue tomorrow, by purchasing largely of
bonds and deposiing portion of the Treasu-
ry balance in the National Repository. This
will stop the pressure and make money easy
and prevent further failures.
The President is fully determined to meet
the emergency at once.
A Washington despatch says that Henry L.
Cooke says that their house will soon resume
business, and the depositors will lose nothing.
Secretary Richardson, who is advised as to
the cause of the suspension of Cooke & Co.,
expresses the opinion that their suspension
will be temporary only, and that their assets
will be found largely in excess of their liabil-
tiles.
1t is generally believed that the worst of
the MONETARY pressure is over. The bank
officials of this city have taken steps success
fully to meet all the demands upon them to-
morrow, which will give confidence in COM
mcrcial circles.
Washington, 49, The Secretary OF the
Treasury has directed the Assistant Treasur-
er at New York, to purchase on Saturday,
$40, 900 600 worth of bonds.