Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-25
The Financial Crisis.

New York, "a. The fact that the banks
have gone through one night thus far, and
that no further failures are announced gives
to the faces of financiers and the street gener-
ally less anxious appearance, and the street
is losing some of its excitement. The feeling
of improvement following the resolutions of
the banks and their suggestions to the depart
ment was sudden. 1t is hoped that the Treas
ury will accede to the request that the pay
ment of 1874 bonds be made, inasmuch as it
is understood that the difference in interest
will be borne by the holders. This would at
once relieve the dead lock in foreign ex-
| change, which is at present dislocated.
Leading drawers here reduced their rates
for sixty day bills to 10Y, and of sight to l07
ga.
| The Clearing House committee here issued
| 81 100000 in loan certificates to-day, making
| a fetal thus far since Monday morning, Of
SIP 100000. The governing committee of
| the stock exchange met at ten o'clock to hear
the report of the conference committee in re-
gard to some method of clearing Friday and
Saturdays business, but the committee were
| not ready with their plan and the governors
| adjourned until to- morrow morning.
| The stock exchange remains closed until
further notice.
During the halt hour proceeding the official
closing of business at z. NJ, various stories
were in circulation affecting the solvency of
both foreign ard American banking houses
whose credit has hitherto escaped malicious
report but the day was brought to close
without further suspensions. This gain will
be of vast advantage, and the action of the
banks is strongly commended as an earnest
and united effort to prevent further disaster
and restore order again to existing chaos.
The assurances given by the leading dry
goods houses and those interested IN other
branches of commerce, that no trouble exists
in those departments, despite the various re-
ports, have done much in alleviating the con-
dition of Wall street, and in a measure ac-
counts for the quiet state of affairs at the clos
ing.
London, pa 80 p. NJ. Dispatches from
Frankfort quote 5-20s at 96 -.
| The cable dispatches announcing the sus-
pension of the firm of Clews, lIabicht & Co
have no effect on the street.
London private dispatches state that advic
| es from Berlin announce the failure of q bank
| in that city.
| The $4,000 pounds drawn from the bank
of England, was for shipments to New York.
20, 900 pounds was also shipped to the same
place.
~
exchange appointed to confer with the Clos
ing House committee in regard TO the re-op-
ening of the stock exchange, have addressed
the latter long communication, in which
they suggest that the true way to solve the
difficulty, is that those banks content to make
clearances with each other, should, to the
extent of their associated capital, guarantee
the payment of checks certified by the banks,
allowed to enter the Clearing House. To
enable the banks which assent to our proposal
to feel that they are not entering into an I'M
limited guarantee of those whose condition
there is now no time to investigate, we would
suggest that the bank clearing be made an
hour earlier than at present and on the dis
covering of the Clearing House Of any weak
ness ON the part of a bank, the President of
the stock exchange should be at once notified
that such bank would thereafter be eXelud-
ed from the guarantee of the association.
To-day closed with signs of encouragement
although the feeling is any but what might be
wished
The Government has & wen no response to
the request of the bank to redeem the fves
of 1874, due the first of next January. All
that the Government has done has been to
buy $ll, 1888 900 of fve-twenty bonds, of
which $2,6ll, $50 were got day.
If no fresh outbreaks occurs, there is still
hope for the merchants, although all fears
would be dispelled by prompt action of the
| Government.
The evening papers call on the President
to call an extra session Of Congress to take
measures to relieve the panic.
The feeling on the street continues strong
ly in favor of keeping the stock exchange
closed. In fact this measure is absolutely
necessary to save any fresh excitement.
| The banks to-day paid the manufactures
pay rolls in green backs. One draft of Sl3,-
| 900 to day, on the American Exchange Ma
tional Bank, was paid on demand
Washington, "a. Many who drew depos-
its from the banks here have returned them.
Baltimore, "a. Brown, Lancaster < Co.,
bankers and brokers in this city, and agents
of the Chesapeake and Ohio Railroad, having
branch houses in New York and Richmond,
suspended this afternoon.
TELEGRAMS IN GENERAL.