The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-26
The Banks Tiding Well Over
Their Troubles.
An Appeal for Currency from the
Produce Exchange.
The Prepayment of IA Five
TWenties Expected.
FOREIGN EXCHANGE AT A DEADLOCK
Effect in the Country of the Late Finan-
cial Tidal Wave.

Yesterday was the first decidedly quiet day Wall
street has had in period OF more than week.
No announcement OF a failure or suspension was
given out either In fact or In fiction, and nothing
but the curbstone show on Broad street gave evil
dence OF life and business. The croakers talked
OF the prevailing calm as lul before the renewal
OF the storm and predicted more disasters before
the close OF the week. Taking the statements OF
well informed people there is no reason to dread
another outbreak OF panic. There is enough OF
Bense and intelligence left to point out the way
smooth water and safe anchorage. What has
been done already by the men who distinct
lively Uphold the financial reputation OF Wall
Street In It's best phases Is assurance that
THE EXPIRING TROUBLES
of the present will be laid at rest not to be gal.
vanzed into existence, at least for some time.
Now that the public is Afforded clearer retro.
spect OF the situation the conviction becomes
stronger that the associated banks, while protect
Ing themselves, have been mainly instrumental in
saving the general community from q dismal Ca
tastrophe. The government did but little CON-
parativey speaking, and 1t is question whether
Its abstinence altogether from any interference in
the panic might not have been safely afforded.
CLEARING STOCKS.
The Governing Committee Of the Stock Exchange
had meeting in the morning. and appointed q
committee Of seven to act as clearing associa.
ton of the Stock Exchange, to clear stocks and
make settlements between brokers. Particulars
OF their proceedings will be found in another
column.
BOND PURCHASES STOPPED.
Tne SuD-Ireasury was almost deserted yester-
day by the public. on account OF the following no.
tice posted up at the opening OF business -
The purchase OF bonds a. this office for the present
Assistant Treasurer United States
This notice was q source OF much comment in the
street and created very great disappointment
1t was an nfelicitous time to proclaim suspension
OF the purchases. Most people thought the govern
ment might have continued the purchases a while
longer, especially in view OF the critical state OF
affairs tending. however, to recovery, and there
lore demanding delcate course OF treatment
The government can rectfy Its mistake by giving
immediate notice that prepayment Will at once
begin OF the
UNITED STATES BONDS
due January !, 1874, which bear five per cent and
are redeemable In gold. About $20,OOo,0OO is the
amount OF these maturing and IL is said S. 600 900
are held IN this city. The Secretary OF the Treas
ury was invited TO meet committee OF the Asso-
ciated Banks, with view OF adopting some meas
Hres TO relieve the present difficulty in moving the
crops from the interior Tor Shipment abroad, and
OF buying bonds TO furnish the required currency,
but the secretary telegraphed yesterday morning
that the pressure OF his official duties obliged him
to stay Ia Washington. Tie President is expected
in Washington to-day on business connected with
the financial troubles OF the country.
THE STOCK EXCHANGE
remains closed for the reasons already stated
ment is desired before recommending business. In
the meantime the work OF selling contracts pri-
thus being prepared for an easier state OF affairs
when the Exchange opens.
THE GOLD ROOM
was open as usual, but the transactions were
light. On account OF the difficulty merchants ex-
perience in getting money foreign exchange has
come TO standsti This tells on the export
trade, and cannot but be felt all throughout the
producing sections OF the country.
THE PRODUCE EXCHANGE
nD n n
ayers, at which 1t was determined to solicit the
Treasury for relief in the emergency ana suggest
or bankers upon satisfactory evidence that gold
has been placed on special deposit in the Bank OF
England by their correspondents in London, to the
credit OF the United states, TO be used solely in the
purchase OF commercial bills OF exchange.
THE CLEARING HOUSE COMMITTEE
does NOT altogether approve of the suggestions
made in the Communication OF the Stock Exchange
committee which appeared In yesterdays HERALD.
Its recommendations are considered TO be incon-
sistent, lor while they call upon the banks to
strengthen themselves, they desire them at the
same time not TO call In any secured loans to
Exchange. conference OF the two committees
must decide On the proper course TO take.
THE CuRBSTONE BROKERS
were less disturbed Yesterday than on the day
previous. They transacted a more than usual
amount OF business with comparatively little FUSS.
More of the rural SPECTATORS who have recently
made feature OF Wall street were on hand, dodg-
ing around the regular curbstone operators ike
hen on hot grddle. The office OF this independ-
ent board, at No. As Broad street. VAS as empty
aud silent as the halls OF the Montezumas. The
man in charge attributed the absence OF members
10 the prevailing fine weather.
THE UNION TRUST COMPANY
and their deaulting secretary are receiving little
more attention within the past few days. IL Is
cons0ng to know, IRON the Committee OF Inves-
tigaton, that this deaulter has made away with
little less than the patry sum OF 100000. The
efforts made to screen this model young man
look very suspicious and people are asking II,
after al, the company themselves, who knew OF
secretary who specuated with the money OF
depositors.
are let quescenty alone. Deposltors have salts
fed themselves OF the folly OF FORGETTING their IN
terest by run on the banks for no other reason
than the whisper OF panic IN Wan street.
THE CHAMBER OF COMMERCE
Intended to hold meeting yesterday, and Messrs
nndvSe. Dodge and Others were present but lt
was decided the call had been illegally issued and
THE BANK OF THE COMMONWEALTH
mad meeting OF its creditors, at which request
was framed that the President and directors use
hands of It's officers for liquidation or other.
wise. The report OF the receiver Ii awaited before
taking any further action.
CONDITION OF THE BANKS.
Everything considered the condition OF the
banks is a subject OF CONCENTRATION. Iney are
making their clearances regularly at the Clearing I'M!
House, and dong business as usual In paying out
currency for small checks and certifying lor large
ones. Drafts from the country continue 10 come
In. but there is no evidence OF an increase.
THE FALLEN FIRMS
are not yet prepared to make their statements.
Tnelr business was SO ~ o"nco ooiie
time 10 get at correct understanding oil now they
are situated. The trustees OF the Union trust
Company continue TO promise statement daily.
They nave an arduous task Tor the anairs Oh tue
concern are IN inextricabe confusion.
Meeting Of the stock Exchange.
In the morning meeting was held OF the Gov
erning Committee OF the Stock Exchange 1t was
suggested to throw the Long Room open for the
purpose OF conference, but this was OBJ
jected TO-, on The grounds that crowd
would be snre 10 Rather and add to thf