The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-26
r FINANCIAL AND CONNER GAL.

FRIDAY, Jan 25-6 N.
Az the opening Of business ON the Stock Exchange
this morning the panic Of yesterday was renewed and
large amount of cash stock was pressed for sale on
account OF parties who unable to hold them and OF
others who unable to receive them One promi-
nent specuaiive house understood 10 have been added
10 the list OF suspensions aud other failures were
rumored but without being authenticated Some COM
motion was created time in the afternoon by the
sale Of large amount Of Erie ''under the rule
account Of an open board broker, who was
represented to have been acting agent
for several well known houses; but some
Of the latter promptly denied having authorized the
purchases in question Nothing new has transpired in
relation 70 the failure Of A. J. Meyer Co. but the Of
feet s in the unwlngness Of the banks TO certify
their customers checks much, II at all, beyond their
balancea The fact Of such large credit ~ $4,000
being granted to house. which did not even be-
long TO the regular Stock Exchange exces SURPRISE and
the necessity Of greater caution in this respect forced
upon the minds Of bank officers obvious that doing
business in this 10 attended with exraord-
narv rst .rd neither bank stockholders depositors
protected they should be In consequence Of the
system Of certihcation which now prevails The sur
plus held by the Bank Of North Americs Is more
than double the amount ovcrrAxn BY the rm referred
TO-; % that II win experience ctual inchveniencs in
consequence Of the loss and stock sold at lot this
morning. Tho late President Mr. Yelverton, is excu
pated from all intentional wrong in the mattsr by his
codirectors, and his ELECTS peculiar sympsAy and
regret.
There was marked change for the better in the tenn
per Of the market early in the afternoon, and brink
demand from outside parties well the street gene
rally, set In. while rumors Of new failures were less
freely circulated. OF the latter there is always full
crop In times Of panic and they do great injustice to the
parties whose names unwarrantably men,
TONED, the majority, of course, being without
foundation in fact telegram received from
Washington saying that 1.-The Secretary Of the
Treasury had resolved to stop all further contraction and
pay out his Of ny millions Of greenbacks an-
thorzed for the redemption Of the Temporary loan in
substitution for compound interest notes they mature
This not without influence but its accuracy was
questioned, and it accepted statement Of
what he should do than Of what he is likely to DO The
necessity Congress taking action in the matter Of the
currency more urgent and the authority of
the Secretary to contract should be absolutely with
drawn addition TO which Mr. RaDdalls bill providing
for tho exchange Of national bank notes for legal ten
ders should be passed The demorazed state OF affairs
in Wall street merely reflects the unsettled and depressed
condition Of business throughout the country.
The supply Of money was easy to first class borrowers
on satisfactory colaterals and wide margins at seven
per cent but the two last made me qud non aad
hence houses dependent upon loans ordinary mixed
collateras and tho usual margins seriously Grip
pied In not few instances where deliveries Of stocks
had TO be made to-day the buyers paid differences in
stead Of receiving Them owing to this difficulty and the
refusal OF the banks to certify freely This dstrust
WILL however abate when the extent Of the disaster
sultins from the panic is asceained and the aspect OF
the stock market becomes moro settled. The |
losses indicted upon the bull shouses by tho |
decline Of tho three months have been enormous,
and their courage hes diminished in proportion to the
extsnt OF their rsvcress The following statement Of
the prices current the leading railway shares at the
frst board on each oe The undermsntioned dates will
serve 70 convey idsa Of the encroachmenta upon
capital which have been made in the interval