, 1873-09-23
ONLY A FURRY.
Complete Subsidonce of
the Excitement in
Wall Street.
No Further Failures of
Prominent Houses
Looked For.
The Commonwealth Bank and
Union Trust Company
in the Hands Of
Receivers.
Three Millions Of Bonds Dis
posed Of by the Gov
ernment.
No Alarm Manifested by Sarings
Bank Depositors.
Two Important Failures Be-
ported in Pittsburgh.
The Canadian Southern Railroad COM
pany Financially Crippled.
Chicago Bank Presidents Resolve to
Stand by Each Other.
No Alarm Manifested by Sa7ings
Bank Depositors.
Two Important Failures Re-
ported in Pittsburgh.
The Canadian Southern Railroad COM
pany Financially Crippled.
Chicago Bank Presidents Resolve to
Stand by Each Other.
NEW YORK,

'sptctai Iispateh to Tbs Chicago Tribune.
NEW fonK, Sept. 22.-At a very early hour
this morning twas discovered that the combina-
tion Of bankers, aud the closing Of the Stock
Exchange On Saturday WAS in itself relief
enough to break the storm which threatened to
culminate in national disaster. The fury Of
Saturday had Hpent itself On that day. The
madness Of Sunday had been the idle croakings
Of ruin, and arc proved absurd. The sangulne
views Of lending bankers arc confirmed, and
everything Was bright and cheerful.
THE STREET THIS MORNING
was really no busior or more animated than on
ordinary occasions. The idle crowd which on
Friday and Saturday holped to diasraot those who
were In tho street for purposes Of business, and
bring on ruin, was absent, and it's advance was
in itself relief Thore was no appearance OF
tho agitated crowd before any bank. Nowhere,
not evon in tho vicinity OF tho East Side Savings
Bank. whore the easily.frightened Germans
moat do congregate, were the lines at the win.
dows longer than on ordinary days ut the be-
ginning or end Of tho week.
The aspect Of tho financial quarters Of the
city is bright, and wholly encouraging. The ro-
lief which the Government on Saturday decided
to give waa found to be- not only wholly inado-
quate, but wholly unnecessary.
THE ACTION OF DlIE pANK MANAGERS,
in issuing loan certificates, and III resolving to
stand by each other, and tho decision of tho
savings banks to require thirty days notice from
dopositols drawing out their funds had
the wholesome effect prayed for by everybody.
Tho truth dawned to-day TINT tho President
had bcen in communication aolely with stock
jobbers and few frightened merchants, WHO
saw IN crisis which involved ouly stoc!sgamblors
and few railway spectators impending ruin
fa 1n rto 1fr&y m+,1 L.,
quenco thoroughly denoraizod.
THE BOTTOM HA5 NOT ONLY BEEN REACHED,
but it has been found to be not such deep gulf
after all. The events Of the day are hard to
narrate, for really there have been few or no in-
cidentB to toll.
TIE punoHABE or BoHDg
began carly IL the day, and saleB have boen
about $500. 900. After all, 1t was tho savings
banks mainly, which took advantage Of the op-
portunity, and unloadcd their hve-twenties for
afforded By the Clearing House loan was moro
than ample. Tho fact ia that quiet having
been restored, confidence has been renewed, and
finding that they can got their money, dopoB-
Trust Company neem to be in distress, and tho
failure Of this iB in consequence of fraud andun-
pardonnble miedirectfon. It and tho Common
wealth have gene into tha Lands Of 4 Receiver.
Ihe fa,lnle Gt TIC ilrst Is distroasng There Is
ally in locking up groenhackR in 1860.
AID FROM THE aoyEnNMEHr.
Iho 1ollo"lisg notice NaE posted noar tho
Cashiers windor in tho United States Sub
Treasury yesterday:
UNITED s1A11a sus-TnEAsun1, |
Purchased honds to-day will include III tho differ
1T the rate Of ITO 72l and accrued interest in con
By II =. m., crowd good1y sIzed had assem-
bled In tho corridor Of the building waiting their
turn to dispose Of thoir bonds, but tho clerical
force was large enough to attend to them with
grcat rapiditty, and b. noon all tho bonds offered
up to that time Lad boon purchased. From TINT
hour TIL p. n tharo wore occasional oifors.
The purchases OF the day amount to $3.50, 16o,
IN hfty lots, ranging from $4,000 up to s500, 900
law Of juno s, 1879, and commonly known Is
Clearng-u House certitlcatea, were also purchased
to tho amount Of $780, 900. Con. Ilihoube,
Assistant United States Troasurer, declined to
give the nainoa Of eellcrs Of bonds fos fear
institutions With which they were oosnccted,
and disastrous run on them be tho result.
some OF the most precipitats In selling
we're connected with savings bankf, and
might bring discredit and ruin on their banks.
Cen. Aillhouse stated to i reporter that he had
orlors to buy Ill tho SEQ bonds that might bs
offered until further notice. uo had received no
further directions during the day, though Bey-
eral kilograms rolatiyc to details had boon OK
changed betwecn Secretary Richardson aud him
self. He had not been authorized to buy the
1881 bonds, AZ the President did not bolieyo
that he lad . legal right to take up bonds not
yet due. l1o did not believe that the Govern
mant would take further action In the case, as
DO thought that already taken would avert fur
thor catastrophe. The crisis had passed., and
tho strong combination OF bankers had done
much to hasten It.
VIEWS or AN OLD F1NANoIKR.
John Thompson, President OF the First Nation
a. Bank, and one Of tho Oldest bankers in tile
city,, made to-day tho following 6tate-
monts Of Ais views on the financial
crisis: Ono CAUSE of tho trouble In
Wal strcet has tn origin in the banltB certifying
ohccka for stook-brokora In emergency. prokors
have obtained Qualifications, and haye failod at
tho closo Of business to .nako their accounts
good. hIost Of thom Aayo boon sufficiently
honorable to take securities to the banks which
IN ordinary times would cover their oyerG1aftH,
in tho form OF certified checks. No bank not
known ~ a bsokorB' bank has been in any
trouble. The isauo Of loan cortil-
catos under the arrangement adopted
last Saturday has BEEN to-day about
$6,000,0o0. Three.fourths Of this issue was