The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-10-03
THE FINANCIAL PANIC.
The Situation in New York and the
East

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 on any day
for week. The crowds which have assembled
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 a rumor was current that the
Secretary of the Treasury had advised that
course. This rumor, however, was authorta-
lively contradicted, the Secretary declining to
advise the banks in any way. 1t transpired
that the Sub-Treasury in New York had dis
bursed S25, 900, 900 in greenbacks for the pur-
chase of bonds, and that portion of this had
come out of the so-called reserve of $44, 900, :
600. At this point the purchase of bonds was
stopped.
The action OF Secretary Richardson in stop
ping the purchase OF bonds and in refusing to
anticipate the per cent. bonds of 1874 due
Jan. l, 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 about as good this
month as it was during the same period last
year, aud shows hardly any more Of falling
off than would properly accompany the end
of the season. The produce market remains
in nominal state. Large amounts Of grain
have arrived here which were intended for
shipment, and now remain in the warehouses
i'll consequence of the inability to negotiate
foreign exchange.
New YORK, Sept. 26.-The general feeling in
financial circles has decidedly improved The
days record closes with some confidence in the
belief that the bottom of the panic has been
reached in this city, and there ID fair prospect
that, when the Stock Exchange opens, there
will be little left to arrange in the way of set
Elements between brokers, 80 that there will be
no new failures TO announce.
The Loan Committee of the Clearing House
has issued about II 500 900 in loan certificates
to-day, making the entire amount issued about
$4,000, 000
Mercantile paper falling due at the banks is
being paid with remarkable promptness.
There was an extraordinary excitement in
the gold market to-day, which at one time
threatened disastrous results The price moved
up to ia J, against liz at the opening.
private telegram from London says
a, SOC, 900 has just been drawn from the Bank
of England and shipped to New York.
The total liabilities of the Union Trust Com
institution will probably resume in short
time.
New YORK, Sept. 29.-Wall street is as quiet
as usual, and matters are beginning to assume
their normal condition. The crisis is over,
the scarcity Of currency is seriously
felt, and will be for some time to come.
The feasibility of resuming specie payment
IL exciting attention among our leading tinan-
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 flat.
The suspended firms are rapidly reorganiz-
ing, and promise resumption of business
before the end of the week. Howes q Macy
have practically resumed already. Clews &
Co. and Fisk d Hatch will resume within
few days.
The following table shows the prices current
for leading stocks on Wednesday, Sept. IL
the day before Jay Cooke & Co. failed, and
hose current on the street to-day.