The New York herald., 1872-09-21
FINANCIAL and COMMERCIAL.
The Rout Of the Wall
Street Cliques.
The Secretary Of the Treasury
Fires q Bomb Into Their
Retreating Ranks.
Prepayment Of the November Coin Inter
est on the Public Debt.
GOLD FALLS ONE PER CENT. /
.rhe Highest Price lis l-S, the Lowest flS ~
the Closing LII l-S.
The PROTESTED CERTIFIED CHECKS.
The Banks Will Not Surr ender
Their Position.
CLEARING HOUSE ACTION AVOIDED.
Morally Right illegally
WrOnE.''
The Rate on Call Declines from
80 to 3 Per Cent.
A GENERAL RISE AT THE STOCK EXCHANGE.
The Erie Corner" Maintained, but
the Stock Lower.
Morally Right if Legally
WrOng.''
The Rate on Call Declines from
80 to 8 Per Cent.
A GENERAL RISE AT 14IE STOCK EXCHANGE
The Erie Corner" Maintained, but
the Stock Lower.

FRIDAY, Sept 20-8 p. M.
On 'Ckange to-day Sour was firm. Wheat was
dul and iower Corn was active and higher. Cotton
was active, but decidedly lower.
THE DRY GOODS IMPORTS.
The total imports of foreign dry goods at this
port for the week ending September 10, 1872, were
43,250,S7l The amount marketed was 81, 153, 2S3.
.. THE WALL STREET EXCITEMENT
still further subsided to-day, and the markets there
promise an early return to their wonted quiet. The
restoration OF confidence and good feeling was soon
indicated in q stronger condition of the stock mar
ket and a considerable decline in gold. The action
OF the Bank OF Commerce and City Bank was dis
puted apparently by those only whose interests
were to be fostered by q continuance of the none
tary stringency and arrangement although many
an impartial mind regretted that those institutions
had found it necessary to transgress the letter OF
the law in order to oyerreach the speculators Still
they had
CUT THE GORDIAN KNOT
90 cleverly and the end was 30 eminently calcu-
lated to justify the means that no wonder was eX-
pressed when It was reported that the officers OF
she Metropolitan Bank were ready to throw them
selves into similar breach and stand against any
trial with them OF the clique tactics. The whole
81 question came up for consideration at special
meeting Of the Clearing House this afternoon, but
after much deliberation the association decided
very properly 10 10 III regard
refusal of the banks to pay legal tenders in return
:or certified checks, although the sentiment was
expressed unreservedly that the two banks had
been
MORALLY RIGHT IF LEGALLY WRONG"
Indeed, the Clearing House, In refraining from
cOndemning their course, virtually endorsed It,
The point was further raised and made that banks
having the accounts Of Wall street brokerage
drms should modify the certacation Of the heavy
provide tor payment through the Clearing House
In the manner which has been long customary
and is still practlsed There have been no further
sega developments in the case, so far as the Bank
Of Commerce is concerned. The checks on the
City Bank were not protested, and have not as yet
made their appearance through the Clearing
House, but they win, doubtless, be pre-
sented there in the morning The details
OF the meeting at the Clearing House as far as
they transpired, the proceedings having been. as
usual, strictly private, and the views OF the
officials OF the two banks will be found given at
more length In the adjoining columns.
THE MONEY MARKET
opened active and stringent. borrowers paying, In
addition to legal interest, commission ranging
from 1-32 TO 1-16 per cent; or, in other words as
high as nearly thirty per cent per annum. AS the
day wore on there was gradual relaxation, and
the rate on call declined to as low as three per
cent before the closing OF the banks, the market
closing nomnally at a per cent. It is still too
early to quote commercial paper, "A which there
has been very little doing this week. and that little
at high rates.
Foreign exchange continued unsettled, and quo.
tations must remain nominal until the gold loan
market Is restored to ease and steadiness Prime
sixty-day sterling sold to-day for as low as 1879
cash, and good" bankers bills at lo7%. The rates
at the close we give as they were nominally
quoted, as follows:-Sterling sixty days. CONNER
cial, 1o7 1o7X; do good to prime bankers, 1879
1857; do, short sight, 1881 q 1o9L; Paris, sixty
days, $40 5.33A; do, short sight, 53l1l 52sel
Prussan thalers, 5o% a 7l,s; Antwerp, 5.Se1 a
6.2s2; switzerland, 6.36l4 5.2sA; Hamburg, 35 q
S5k; Amsterdam, so q 40; Frankfort, 4o,4 4o2S;
Bremen, 93k ae44.
TIE RAILROAD BONDS.
The following were the bids for the railroad bonds