The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-27

The day closed on Friday with the forced suspen-
sion OF half the houses in Wall, Broad and New
streets and Exchange place. Wherever brOkering
firm had gold contracts there was block TO the
TRANSACTION of business. The Gold Exchange Bank.
the clearing house OF the Gold Room, which usually
made Its clearances about two O'Clock, was unable
to complete the clearances for the days transac
tons, the amount involved being estimated az
$500, oos, 900. Creditors were forced to deposit
their cOaterals with their banks or with
their debtors. Business came to o stand
still, and Friday night was simply recess in and
not termination of the days operations. Sat.
urday morning found the Gold Bank still unable TO
make Its cearances The Gold Room adjourned to
Monday, and the precious metal which the day be-
fore had been the theme OF the most excited bidding
was almost without quotation, the few dealers in It,
comprising the bullion brokers, buying and selling
1t very cautiously at figures wide apart. Towards
noon some OF the larger houses who had suspended
through inability to obtain negotiation Of their claims
on olreys opened their doors and commenced
maIing payments of such demands as they could
meet gne Gold Bank at length began giving checks
for balances where statements were not In dispute,
and this still further quckeDed the sluggish stream
OF business, but at the close Of the week the situ-
ation while much ameliorated, was still embar-
raised, and may remain 30 even up to Tuesday morn
ing, unless the holiday OF Sunday has been improved
to strengthen out the confusion at the Clearing House.
While the excitement on Saturday was not as great
as Friday, there was very apprehensive feeling at
one time for what might result from run upon the
Tenth National Bank, which, from its supposed az
dllation with the members of the gold clique, had
been taboOed by certain fellow institutions down
town. The run was preciptated by the throwing out
OF its checks by the other banks who were induced to
this action by the debtorshp of the Tenth at
the Clearing House for over seven hundred thousand
dollars. Fortunately for the community the panic
which might have resulted from this run was
obvated The Indebtedness at the Clearing House was
made good at the time for exchanges, while the
checks presented over the counter were cashed III
greenbacks until the last demand was satisfied, the
amount thus paid out being million OF dollars
within one hundred thousand dollars of the entire
sum on deposit Whatever the odium attaching 10
this institution for It's connection with the Erie ana
gold party, 1t certainly withstood siege yesterday
which might have sapped the vitality of
prouder institutions. Tho remark Is made in
no spirit OF favoritsm but in common
dation Of what was really magnificent
response to o most hazardous attack. Had the
Tenth National Bank failed Saturday. on the top
OF the great break In stocks on Wednesday, and the
bursting Of the gold bubble on Friday, panic might
have ensued which would have dwaried those OF
1887 and 1851 AS 1t Is the week opens on state Of
AFFAIRS which by the exercise OF lenency the part
of creditors and Of active honesty on the part Of
debtors y yet be less aggravated than at the first
nus appears.
The locking up OF currency in the Clearing House OF
the Gold Room has rendered money extremely
active ever since the dead lock commenced. In the
necessity of some stock houses to have their stocks
carried. ranging from seven per cent gold per
annum to one and one.haf per cent per diem were
paid.
The bank statement shows large falling OF in
deposits, that the loss in reserve Is only about
half million OF dollars, despite the withdrawal OF
greenbacks and specie, The changes from last
week are as folows:-
Decrease In specle NEUTRALITY-SUSPICIOUS.. 50O,5lS
Increase III circulation. 25,52z
Decrease In deposits. observation-disclosures. lDv,j3I
Decrease IN legal tenders. l23l,llo
The next greatest sensaton-athough preceding
the gold excitement In tlme-was in the stock mar
ket. where panic took place in the Vanderbilt
stocks on Wednesday and heavy decline
In the general list On Friday there was
O sequel to this break, particularly Tor
Now York Central, which went or to 173; but on
Saturday the market rallied, but was extremely
dull, owing to the deadlock in money, which
forbade the execution of orders. The demorallza-
ton OF the week extended even to the govern
ment MARKET where prices broke largely but
recovered Saturday evening. The closing street
prices were follows:United States currency sixcs
1O7 1885, do. skies, 1881, registered. 1sk 100; do
do, coupon, 11oK Q 100; do. nvetwenties. re.
glstcred, May and November, 100 12oH; DO. do