Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-27
The Financial Crisis.
EASIER STATE OF AFFAIRS.
Stock Exchange Still Closed.

New York, &c. G P. M. The days records
closes with feeling of some confidence in
the belief that the bottom of the panic has
been reached in this city, and there is fair
prospect that when the exchange opens there
will be little left to arrange in the way of set
Elements between the brokers' so thai their
will be no new failures to announce. The
cards from the banking houses also inspire
confidence and bring some money into the
street as an assistance to general business,
while it will expedite the arrangement of f.
nancial matters, and aid in the prompt pay
ment of the Indebtedness when the suspended
houses resume.
The last advices from London, were that
the money market was depressed, that it Is
expected that the Bank of England rate will
be advanced to check the outflow Of specie to
this country. To-day 4S2, 900 pounds of bull
lion was withdrawn from the bank. The
trading in National currency to-day was very
light, 1t being difficult to obtain any. The
premium was not so high as yesterday, l.2
per cent. being offered for all National cur
rency, payment being in certified checks, al
though currency is so scarce it is thought that
the premium will soon fall off and the
rates be quoted at par. Mercantile paper
falling due at the banks was paid with remark.
able promptness. In one Institution, where
81 GOO, 900 was due in September, over ST.
100000 had been paid up to Thursday after
noon, without even asking an extension.
The business transacted by the banks contin-
ues to decrease and to day the gross clear
ances were reduced to $4l 900, 900, and yet
the loan certificates have been increased to
$l9, O0O, coo.
At the clearing house, business was con-
Quoted as smoothly as usual, and nothing APP
pears to mar the harmony that seems to
"a siIapts ~ tho
banks and the committee, except the differ
ence of opinion that exists in regard to the
effect of opening the stock board. Some con-
tend that it will be beneficial while the major
ity seem TO incline to the idea that it will
make matters much worse.
There has been a more excited feeling in
Wall street this afternoon, caused by reports
soon after one o'clock, that the gold exchange
were unable to make settlement. The delin-
quent parties were Rufus Hatch and James
Kitchen.
Mr. Hatch declined to pay such high
rate, while Mr.. Kitchen had a plenty of cur
rency, but could not get the gold with which
to make good his accounts. However, the
matter was nnaiiy ADJUSTED DY Drexel' Nor
gan 4 Co.
Inc price OF eolu curing the oay' cohse-
quent on the ABOVE rumors, was advanced.
Inc action OF DrexeI, Morgan y Co. IN
provlolng 'he amount OF soiu necessary 10
make the ciearahces III Tue goio exchange
IT, .arvod ~ nnce ~ ol,av tho ax,;tan,ent
- :. ,t =; o:,,oa.;o ..;.il ~"
rnmnrod ,+onb,es in rho cold excha,,a 'i han NJ,
Tba Tondon desnatrhes .tats tba, ,1ero IL a
probability of a further advance in the Bank
of England of at least one per cent. next
week, exercised depressing influence upon
securities, and in that regard was conclusive
to higher gold. The movement in gold being
robbed of its sensation character tine transac-
tons of the gold room this afternoon show
that the speculative wheel is turning, and
that while the stock exchange is closed and
the gold room open, there is still channel
left in which speculation may run, and it does
not lose me opportunity OF creating ieeiu-
mate price Tor eo'o' "i'hough '"efe may oe
none iol s.oehs. .,o.,,,;,.