New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
ELIMINATION OF THE PANIC.

The DOOR SLAMMED IN THE FACE OF SPECULATION
THE EXCITEMENT CHECKED.
The distrust which prevailed on Friday night
not general: in fact the promised action of the Gov
eminent had in measure restored confidence to
many; but early on Saturday the excitement was
renewed by the discovery that the Union and the
National Trust Companies had not opened their
doors. The curiosity seekers had sought the street
early in the day. and roved through Broad, Wall,
and Nassau-sts. in great numbers as early as half
past 9o'cock BY 10 the Sub-Treasury steps, from
which fair view of Pandemonium is obtain
able, were crowded with istless observers
who seemed equally amused and amazed at
what was happening below them. In front of the
houses which had suspended on Friday like crowds
gathered so quiet in their demeanor that it seemed
useless precaution to post policemen at the DOORS
Idle too the heavy patrol which marched through the
crowded streets for the mob tOOeager to observe
the passing events it could not comprehend to con-
template mischief Those who had not favorablepos-
lions for sightseeing roved through the streets fill
ing not only the sidewalks but the whole space be-
tween, good-humored and understanding more.
The Stock Exchange had opened amid excitement
in consequence of the further depression of stocks
in sales before the CALL and before half hour had
passed confusion reigned supreme increasing time
passed and rumors of the suspensions of the banks
became established facts At no time during the
session of Saturday was the bidding a measure Of
the value of stocks for frequently the same stocks
were sold at three several prices by brokers within
a few feet of one another. The whole Board ap-
peared be helplessly confused and at one time it
seemed as if the bears were as much adistressed as
the bulls at the constant decline in values. The
resort which was had soon after noon to
the closing of the Exchange was there
fore. hailed by both sides as relief which
prevented the market from becoming hopelessly
confused, and it concealed the fact that the
Street was really broken The proposition to sus-
pend operations was made on Friday, but the broker
who offered the resolution was hOoted at and re-
viled. When on Saturday his wisdom of the pre-
vious day was acknowledged and acted on, the
Board confirmed it by cheers which drowned the
rude clangor ofthe gong which announced the clos
ing of the Exchange until it should be reopened in
the discretion of the President The brokers are
forbidden TO deal outside the Exchange, or after or
before its hours Of opening and closing Hence the
closing of the Exchangeiputs stop to all specula-
ton and gives time for settlements. At least specu-
laton must now be confined to brokers who are not
members of the Board A few of these dealt on the
Street in the afternoon, and if still further to con-
firm the wisdom of the closing of the Exchange, the
sales on the Street were at much better than the
closing rates of the Board.
Other measureso of relief had meanwhile been taken
TO help the pressed banks. The Gold Exchange
Bank returned many statements handed into it as a
clearinghouse for the Gold Exchange, and this pre-
vented further exciting speculation it deferred
previous settlements. The Bank Presidents met and
resolved upon the issue of 100000 temporary loan
certificates making common fund for all the banks
to draw upon ard resolved to stand by one another.
The effect of this highly reassuring, and before
o'clock the Street had recovered much of its COM
posure. When Trinity chimes marked the division
of the afternoon they had cheerful sound, to the
music of which many of the crowd marched home
ward little less depressed if still sore at rum or In
doubt as ~ the future.