The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-31
From, the Ne,p York Herald, 16.
Wall Street Yesterday.
Stocks going up-Things looking brighter-ihe oahK
and the Clearing Houses.

Stocks going up-Things looking brighter-The BANKS
and the Clearing Houses.
Nothing could be more striking than the
contrast between the appearance of Wall
street yesterday and on Tuesday. On Tues
day it was surgng sea of excitement. Yes
terday it was still almost as the Catacombs
The brighter aspect assumed by the Stock
Exchange, and the facilities for the transac-
ton of banking business afforded by the
Clearing House, had manifest effect on ev-
cry one and there was consequently de-
cided improvement in the looks OF the Ire
quenters of Wall street. Though the day
was dull, dirty and dismal, one could almost
fancy that the sun was shining there, SO many
cheerful faces seemed to illuminate that re-
Gently gloomy looking locality. :,
At the Clearing House everything looked
we'll for the banks. Balances were promptly
paid up, and three of the suspended banks,
namely, the Artizans', Bowery and Ocean,
were again represented. The Grocer, Citl-
zens' and Mechanics Banking Association
still remains unrepresented but the proDa-
bility is that the two former will take their
accustomed places in the Clearing House IN
few days. And the rest are now living
and thriving institutions.
Nothing but the bills of city banks and
specie were taken at the Clearing House
Yesterday, but it was thought that to-day
the bills of all secured State banks will be
taken. Deposits of State money will be
made in the Metropolitan Bank, and that III
stitution will issue certificates in different
sums, which will be received at the Clearing
House to meet the balances This plan is
calculated to work we'll. and will greatly ia
ciitate operations.
The bills of all the city banks are taken on
deposit, but the checks Of those banks going
into liquidation, are, of course, refused.
In the present restless condition of affairs
it is impossible to tell the value of uncurrent
money. All prices were asked and given for
it Yesterday. Bills of the same banks were
sold Unfortunately to different brokers at
two and at five per cent. Everything was
done at hap-hazard.
Bills of the State of New York were at
par. In the course of few days more
healthful state of things may be expected, and
as soon as the plan adopted by the banks
here is understood and appreciated abroad,
confidence will be in great measure re-
stored. People who have been half fright
ened to death for the past few weeks-who
have been trying unwittingly to break them
selves and the banks by participating in the
senseless run-wi!l ere long be laughing at
the folly which drove the city almost to ruin,
while the banks were solvent and the coun-
try richer in money, in grain and provisions
generally, that ever it was. Communities,
like individuals, sometimes 60 mad with fear,
and do serious damage in their paroxysms,
to themselves and neighbors.
The crisis out of which many think we are
now beginning to emerge, is an excellent Illus
tration Of the fact
By the increase of State and city paper
money thrown from the market, the chan
nels of trade were more freely opened. 1t
was believed that it would give rise to the
active forwarding of produce from the inte-
rior and set goods in motion from the city
to the country thus breaking the locks and
dams which have for some time interlered
with the currents of trade.
Sterling exchange was also better, and pro-
duce bills on London were scarcely to be
had under one hundred, while prime bankers
bills, though irregular, were held at better
rates, and in some cases as high as one hun
drcd and eight asked.
Freights were firmer, and more produce Of
ferlng for shipment.
Flour again advanced Is and 20 cents per
barrel, and in some cases % cents per barrel
was realized Wheat was higher by and )
cents per bushel.
The second meeting of merchants, talked
of the day previous, was not acted upon, as
was deemed under the circumstances to be
necessary