Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-24
SATURDAY. IN NEU YORK.

On Saturday the best securities went beg
ging at the lowest rates. There was no fix
ing values on any stocks. and the stock eX-
change was wisely closed to give men time to
recover from their distrust, and gather their
scattered senses. Eleven additional houses
failed and their suspension was announced in
the exchange before it closed. A few more
of the weakest will 90 down when Settlements
are made. Some of those who have been an
nounced from the board will recover and go
on. Not single mercantile house, savings
bank other institution doing Legitimate
trade, has fallen. Excitement and distrust,
caused by wild spectators, extended the
panic beyond the stock exchange, and three
banks suffered from severe runs upon them.
| The Union Trust Company was weakened by
the discovery Of large defalcation aggrc-
eating $500, 900, and the impossibility Of
realizing on heavy call loans to the Lake
Shore Railroad Company, and it suspended.
The Bank of the Commonwealth was weak
ened by the payment OF an oyerdraft OF $50
900 of house which had suspended. The
National Trust Company, with $500 600 in
governments on hand, could not realize dol
lar on them, and wise: closed its doors until
ii could dispose OF them. Runs on the Fourth
National and Manhattan banks were laughed
to scorn by those institutions. During the
morning the banks went On the principle OF
Fisk Each man to drag out his own corpse.
and refused each others checks, but later
meeting was held, and concerted action agreed
on, and subsequently there was no further
trouble. The purchase Of bonds by the gov
eminent also aided to break the force OF the
storm. Those who had not favorable posi-
tons for sight seeing royed through the streets,
filing not only the sidewalks but the whole
space between, good humored and curious
; nothing more. The Stock Exchange had
opened amid excitement, in consequence Of a
further depression in stocks in the sales be-
fore the call. and before half an hour had
passed confusion reigned supreme, increasing
as time passed and rumors of the suspensions
of banks became established facts. At NJ
time during the session of Saturday the
bidding the measure of the value OF stocks
for frequently the same stocks were sold a
three several prices by brokers within a few
feet of one another. The whole board ap-
l. peared to be helplessly confused, and at one
time it seemed as if the bears were as much
s distressed as the bulls at the constant decline
in values The resort, which was had soon
after noon, to the closing of the Exchange was
| therefore hailed by both sides as relief
: which prevented the market from becoming
helplessly confused, and it concealed the fact
that the street was really broken. propo-
sition to suspend operations was made Friday
) but the broker who offered the resolution was
his wisdom Of the previous day was acknow l.
4 edged and acted on, the board confirmed it by
cheers which drowned the rude clangor of the
gong which announced the closing of the ex-
change until it should be reopened at the dis
2 erection of the president. Brokers are forbid
den to deal outside the exchange after or be-
r fore its hours Of opening or closing, hence the
closing Of the exchange put stop to all spec
ulation and gives time for settlements Al
least, speculation must now be confined t.
brokers who are not members of the board.
few OF these dealt on the street in the after
noon, and as still further to confirm the wis
dom of closing the exchange, the sales on the
street were much better than the closing rates
of the board. Other measures of relief had
meanwhile been taken to help the pressed
banks. The Gold Exchange Bank returned
many statements handed to it as a clearing
house for the gold exchange, and this prevent
ed further exciting speculation, as it deferred
previous settlements. The bank presidents
met and resolved upon the issue of $4,000
600 temporary loan certificates, making a
fund for all the banks to draw upon, and re-
solved to stand by one another. The effect of
this was highly reassuring, and before three
o'clock TIE street had recovered much of its
composure. When the Trinity chimes marked
the division OF the afternoon, they had a cheer
full sound to the music of which many of the
crowd marched homeward little less de-
pressed, if still sore at ruin or in doubt as to
the future,