The New York herald., 1872-09-20

Bank OF Commerce, .dr. Henry T. Vail, refused also
TO pay legal tende checks for s13lOeo and, per-
sisng in the refusal was waited upon by notary,
who
4f PROTESTED THE CHECKS
IN the wLuai formal manner Subsequently he was
serve' with o summons and complaint ny Mr.
DAVID Dudley Field, on behalf OF Messrs. Smith 10
Gculd, who have commenced q civil suit TOR the
money. To the notary,s demand he returned the
answer on behair of the bank 81
As we are aware that these checks are presented
Tor the purpose OF WITHDRAWING from ese iegal se-
der notes. we decline paying them over our counser
or otherwise than through the regular exchanges
from the Clearing House, rs customary. 9s e
In tins answer Mr.. Vail raises novel and tugen
ous defence. As for the implied bankruptcy in the
refusal 10 pay legal tenders, the ten millions cap
tal OF the bank is an ecient onset to any discredit
of the institution in the public mind, The conduct
of the two banks, while certainly against
THE SPIRIT AND LETTER
OF the law as to banking operations, win doubtless
be warmly applauded by business men. The only
penalty viii be the costs Of Judgment, which result
can be STAYED on for twenty, forty or perhaps sixty
days, and meantime the clique has been utterly
vanquished. This last feature OF the Wall street
excitement Is one Of the most remarkable develop
ments OF the occasion. It Is said that the action Of
the two banks was wholly devoid Of colusion and
was tai .ue .afsf. ara.l. lo H..
with each. II ratified by the Clearing House AS
sociaton, as 1t doubtless win be, for that body must
be consistent with the rule expellng banks having
anything to do with 'locking-up" operations, and
II the law courts do not declare the banks bank
rupt, they can hardly do without stultifcation,
the extraordinary course Of the City Bank and the
Bank Of Commerce this afternoon opens up way
Of checking and repressng clique operations in the
money market for the future AS for the moral and
legal points involved they will be curious study
for everybody. The public will discuss the former
and the lawyers the latter. The views OF the most
interested parties, the clique leaders themselves
are given below as they were communicated to one
OF reporters this afternoon and they enter very
naturally into the history OF this most curious COM
bination OF Wall street
EVENTS AND INCIDENTS
When the defeat Of the clique, temporary or
otherwise as 1t may prove became known, the
money market relaxed instantly and the rate on
call fell to per cent before the close OF banking
hours, the final quotation being 4 q 8 per cent,
figures strongly suggestive OF the quiet and calm
OF last week, before the clique began their "sad,
eventrul history" In the stock market the chief
nuctuation was In Erie, which sold at IS cash
against "a regular, the rate for cash stock ranging
up to 11l per cent and down to 4 per cent. The
general market closed quiet and about at the open
ing figures, @. 9. and !. G. being exceptionally
lower Panama declined to 125.
The suspensions referred to in the preceding
column are George D. Munroe Co., stock brokers,
and Philip Slater & Co., wholesale grocers.
GOVERNMENTS HIGHER AND STRONG
The government list was strong throughout the
day and closed at further advance Of n u per
cent for the gold bearing issues-a direct conse-
quence Of the relaxation in money and the advance
in gold. The currency skies were exceptionally
heavy and lower The following were the closing
quotations limited States currency skies, 111T o
1l21s; do. do, 1884, registered, 113z 113X; do do.
do, coupon, 1865 1854; do. fvetwenties, regis
tered, May and November, 114x a 1147i; do do,
1862, coupon, do 1141S 114,f do do 1884 do. do,
1l41s 114,i do do. 1885, do. do, l14h 114I do.
do. 1867 registered January and July 1875 1131
do. do 1896, coupon, do 1917 1la4; do. do 1857,
do. do 1131s 1888; do. do, 1853, do do, 11s1s a
l1sh; DO. ten-fortes registered, 1o7X 1osh; do.
do, coupon, 1Os 10sx; do fves Of 1881, registered
| 110x q l11A; do. do. do, coupon, 11ox 1l1H.
SOUTHERN SECURITIES PRIMER
There was better inquiry for the Southern State
| bonds and general recovery in prices, actual
| as well as nominal. The Tennessees sold al
! 72k, but were afterward offered at r. The
following were the closing quotations Tennessee
ex coupon, II q 72; do, new, II 72; Virginia, ez
| coupon, a. Al; do. registered stock, old,
81 o 80; do. skies. consolidated bonds, so q
81; do. skies, deferred scrip. 15a II; Georgia
skies, 70 IS; do. sevens, SO So; North Carolina,
ex coupon, a2 "a; do. to North Carolina Railroad,
45 q A.; do. funding, 1896, % q 26; do. do.,
1868, q 90; do, new, 2oH 22 do, special
tax, IL IA; Missouri skies, ok %; do, Hannibal
and st. Joseph, IS a So; Louisiana skies, SO 81;
do, new, so 55; do, levee skies, SO CO.; do. do
eights, 70 a IS; do. do. eghts, 1875, 20 q so;
Alabama fives, 81 80; do. eights, So SO; South
Carolina skies, as IS; do, new, January and July
% pa do. do, April and october, 236 % Arkan
sas skies, funded, Al a So.
| THE FLUCTUATIONS IN GOLD.
The chief fluctuations Of the day In the gold
market are shown in the following table,
| 10 A M.......... 1I3Z. !. p. M...... I14s.