Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-26
The Financial Crisis.
Stock Exchange Still Closed.

| New York, %. Henry Clews & Co. state
that the liabilities which their London house
describe as incurred for the account of the
/ New York house are mainly acceptances I'M
der commercial credits for the account of va
rious merchants in this city and elsewhere, to
whom the drafts will be returned, and who
will meet them, being prepared so to do by
having the goods in POSSESSION against which
the acceptances were given. The apparent
liabilities therefore of the London house will
be reduced to the extent to which the accept
ances render. Their credits are provided by
parties on whose account they were issued.
Washington, %. Rumors have reached
here that the Secretary of the Treasury ad-
vised temporary suspension of all banks.
Secretary Richardson asserts that further
than helping the banks by bond purchase
which have been made, he has nothing to adj
wise and only to look to the interest of the
Government.
Other wild rumors were circulated to- day,
a large number Of which can be traced to no
solid foundation. The situation, so far as the
Government is concerned, is unchanged
since the close of business yesterday, when
the purchases of bonds stopped.
The arrival of the President to- night may
possibly result in additional instructions, but
this is merely problematical.
which will have the weight of financial mat
tiers for general consideration by the Heads
of Government Departments, and considera-
BILE interest is felt in the result.
No official here has any idea TINT there will
be called session of Congress, with view
to relieve the financial difficulties.
Detroit Mich, %. The run on the Saw
ings banks was quite extensive to-day. They
all insist upon thirty days notice for large
assets.
David Preston & Co. and +. l.. SeitZ & Co.
have suspended payment.
New York, %. A meeting of the govern
ing committee Of the stock exchange was held
| at two z. NJ, at the call of II. G. Chapman,
President. 1t was resolved to appoint COM
mittee of seven from the body of the ex-
change to effect clearances of stock. Mem
bers will be required to send in list of all
stocks they may have going in and going out
the notice of the committee.
1t has been suggested that the stock ex-
change should open for general business,
leaving the settlement of contracts growing
out of Friday and Saturdays business, and
sales under the rule in obeyanoe. This, it is
claimed, would give investors chance to buy
stock and would bring money into the street.
There was no meeting of the Erie Railroad
DlTtCtOTS tO'udy, HO quOIuul DtlHS pTtscHt.
1t is saidkthat the bulk of street stock bust
ness is bogus. Yesterday.th there were several
purchasers of stock at cash, at the low prices,
but the bogus sellers did not make their de-
liveries.
The day closed without any further failures
or any fresh outbreak of excitement. The
banks to-day in the Clearing House associa-
ton, pooled their legal tender notes as pro-
vided by yesterdays resolutions.
The creditors of the National Bank of the
Commonwealth had meeting this afternoon,
but pending the investigation by the receiver,
no action was taken.
There was no meeting of the Chamber of
Commerce this afternoon, the call therefor
having been decided illegal.
The actual disbursements of greenbacks for
the purchase of bonds by the Sub Treasury
| since Saturday, was 100000
The Dollar Savings Bank of Atlanta, Ga,
and the State Bank Of New Brunswick, N. j.
suspended to-day.
Baltimore, Nd. 25. The banks to-day
voted not to pay out money on checks except
those required for legitimate business.
New Orleans, %. At meeting of the
Bank officers to-day, it was voted partially
to suspend payment owing to the action Of
the banks in New York and the refusal of
western banks to receive checks on New
York. Also that the demands upon currency
here have been so large that all will be ex
hausted in few days if the demand continue
from the outside.