The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-09-20
THE FINANCIAL CRASH.
More Failures-The GOycrnm ent Buys
$IO,OOO,OOO Bonds.

More Faflures-The Government Buys
lsUf, SiO,OOO,OOO Bonds.
NEW YORK, September 20.-The
presidents of the national banks held an
informal meeting this morning, and re-
solved to support each other and dis
regard any restrictions in to.day's deal
ings.
Wall street was crowded at an early
hour, but, however, with less solicitude.
The resolution Of the banks to sustain
each other and the purchase of ten
millions of bonds by the treasury nerves
matters.
Two members from Jay Cooke & Co.
pected Monday, when reliable statement
Of the affairs Of the house will probably
be presented to the public.
WASHINGTON, September 20.-The
following failures are reported this morn
ing: Union banking company, of Phila-
delphia Union trust company, of New
York A. b. White & Co., of New York;
b. G. Broadhead, of New York, and
Ketchum & Belknap, Of New York.
NEW YORK, September 20.-Thc stock
exchange is closed, subject to the call Of
the president, to enable members to SETTLE
The defalcation Of the Union trust COM
pany is reported. Vanderbilt is closeted
with the directors.
Quotations of stocks are impossible.
President Chapman, of the stock exchange,
forbids outside operations by members,
upon penalty of expulsion.
WASHINGTON, September 20.-A. G.
Oottrell, agent of the syndicate at London,
telegraphs to Secretary Richardson thai
their accounts are all in perfect order.
ADDITIONAL SUSPENSIONS.
SAKE & Rogers, New York; National
Bank of the Commonwealth, New York
Quassig & Fisher, P. M. Meyers, Miller
g. Walsh, Laurens Josephs, Fearing &
Dillinger, Brown, Wadsworth & Co.
The Freedmans' bank has paid out $685.
900. The officers declare themselves well
fortified. There is only the usual Satur-
day afternoon crowd about the bank.
New York, September 2O.-The
National trust company has closed its
doors. {."f'
5 Certificates of the Mechanics banking
association and the Continental bank, are
thrown out from the clearing office.
The bank of North America has
suspended. II
PHILADELPHIA, September 2O-It is
rumored that the Union banking house
has suspended.
4i ALBANY, September 20. lis rumored
that Squires u Sons have suspended.
The Crisis tn LOntIOn-Jay Cookies Firm
Honor All Demands.
LONDON, September 2O.-The firm of
Jay Cooke, McCulloch & Co., in this city,
has paid cash over their counter yester-
day Notwithstanding the rush on the house.
EFFECT OF THE NEWS FROM NEW
YORK.
LONDON, September Financial re
ports in the afternoon papers indicate on
uneasy feeling, occasioned by the news
from New York. The close of the mar.
ket, however, finds confidence partially
restored, and at this hour London's finan
cal condition is sound. There are no fail
| ures.
WHAT THE LONDON PAPERS SAY.
LONDON, September 20, a. nth
London Times, commenting on the finan
cial panic in New York, says SIN view o.
the extraordinary prosperity of the United
States, and high price of Government bonds
the present must be regarded as a simple
effort of the financial system to get rid o
| its dishonest element.o
The Daily Telegraph says such loca
troubles as suspensions IN New YORK seen
to be merely the rank outgrowth OF cxu
berant prosperity and accessories TO pro-
gress, which does not for moment halt.