Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-30
The Financial Panic.
EASIER STATE OF AFFAIRS.
Stock Exchange Opens To. day.

tins city this morning were brighter. Most
OF the banks resumed business at the usual
hour. There has been no run upon either of
them while there has been considerable de-
posts made.
The influx of currency from New York and
from the country continues large, not less
than $4,000. being received during Saturday
and Sunday. OF this incoming currency, a
good proportion goes directly into the banks,
and the rest into the hands of commission
merchants for the purchase of grain by out
side parties, but it all tends to relieve the
present stringency.
SO far as can be learned there is no urgent
demand from the country banks upon their
correspondents here, and in all quarters con-
hdence is returning.
This view of the situation is based upon an
interview with number of prominent bank
ers and business men.
Jacksonville, Ind, 20. The first Nation.
al bank declines to pay checks except small
amounts, on account of the scarcity of cur
| rency.
1t is reported that the Ohio Falls Car Co.
will Suspend operations thereby throwing
seven hundred men out Of employment.
Washington, 80. The refusal of the Ma
tional banks in Philadelphia to paw drafts
upon them In currency having threatened to
deprive the postal money order office in that
city OF resources on which it largely depends
Tor remittances from country offices, the post
master was to day authorized to draw for a
limited amount of the department reserve de-
posted in the Sub-Treasury at New York.
Similar embarrassments were forshadowed
by numerous kilograms from Western post
masters on the situation, but they generally
currency payments.
The Patent offir toJ,v rof,soa 30 -ooo:o
payment fees in certificate checks except up
on banks willing to cash them.
1t Is supposed that the falling off in inter-
nal revenue receipts to-day as compared with
last Monday, namely, 100000 dollars, is
manly If not altogether attributable to the
scarcity of currency remittance.
New York, 20. There mas been no excite
ment to-day, the regular brokers have been
arranging their affairs at their offices and
counting houses preparatory for Tomorrow
opening OF the stock exchange. The feeling
generally is hopeful and cheerful. 1t is an.
tlclpated however, that there may be quite
number of small firms who will be unable
to meet their obligations even under the rules
adopted by the governing committee, and
doubtless several within the next three DAYS
will be sold out under the rules. There is
however no panicky feeling, and there APP
pears to be general disposition to make all
settlements as easy as possible under the cir.
cumstances.
Both Clews & Co. and Howes & Macy have
done good business to-day, a large number
OF depositors having resumed business with
them. There is nothing new relative to Fisk
Hatch or Jay Cook & Co. 1t is stated that
several heavy business men of this city on
Saturday last paid as high as and per Ct
month to obtain money to meet the pressing
engagements. One large dry goods house is
sued circular to its customers offering two
pc. cent. a month discount on all paper duo
them for cash.
The Glenham Wooden Manufacturing Com
pany of Glenham, New York, suspended to-
day. Its President is not disposed to make
any statement Its capital is estimated at
over million dollars. The Company owns
two hundred acres Of land at GLENN am, with
large factories and dwellings for 500 opera
tlves. The Company was over so years old
The suspension of B. Bullock & Sons in
Philadelphia to-day was caused by the sus-
pension of the Glenham Company, which
owes the firm about $500, 900 dollars.
Al the produce exchange too day there was
a decidedly improved feeling and business is
working back into the old channels. The ap-
prehensions as to difficulties in obtaining ex-
change is gradually being dispelled.
Louisville, Ky, 20. A majority of the
banks formed clearing house association
yesterday, and resolved to suspend paying
currency in large amounts. The banks that
suspended on Saturday are making arrange
ments to enter the clearing house association
The bank of Kentucky declines to go into the
association, and continues to meet the de-
mands upon it. There is no run upon it.
There is no excitement in financial circles,
and the action of the clearing house associa-
ton was approved by the Board of Trade to-
day.
Toronto, Canada, 20 The Leader says it
is authorized to state that the Government
has ordered half million sterling gold from
England. Also that million sterling has
been shipped for New York, and considerable
sums for Canadian banks.
The feeling in England is confident and
hopeful.
Savannah, Ga. 30. The Merchants Ma
tional bank and Edward c. Anderson, bank
er, continues currency payments.
Salt Lake, 20. There is an improved finan-
cial feeling to-day. The first National bank
will resume in few days.
Albany, N. Y, 20. The banks here are
working under the New York plan.