The New York herald., 1873-09-25
THE CAL M f.
Confidence Returning ALI Along
the Line.
Temporary Suspension of the
Firm of Howes G Macy.
The BANKS BRINGING ORDER OUT OF CHAOS
A General Wedding of Wall Street
to Take Place.
THE STOCK EXCHANGE SPEAKS.
The Commercial World Un-
disturbed and Prosperous.
Reported Shipments Of
Gold from Europe.
The Run on the Savings Banks
Ended.
THE EXPORT TRADE AT A STANDSTILL.
Six Steamers Waiting for.
Freight.
The Run on the Savings Banks
Ended.
THE EXPORT TRADE AT A STANDSTILL.
Six Steamers Waiting for.
Freight.
READY MONEY TEE GREAT WANT.
Proposed Meeting Of the Chamber Of
Commerce.

1t would be incorrect to say that the panic is all
over. The crisis Is past, the worst has been en-
aured and the financial patient is on the road to
convalescence. Undue alarm mag prolong the
Vever but it cannot hinder ultimate recovery from
the recent trying and alarming attack at least so
say good authorities.
HowEs AND MAcY's SUSPENSION.
The suspension OF the firm of H0wes Macy was
the notable event Of yesterday 1t was partly an
hcipated; vet, nevertheless, the announcement Of
The fact struck upon the ear OF the street with
almost as stunning effect as the suspension Of
Cews Co. the day previous Beyond that there
was no other cause given to make the multitude
more apprehensive than before.
RETURNING REASON.
There was no lack OF assurance that returning
,easOn was making itself felt. Supplementing the
wise action Of the associated banks the Stock En-
hange Committee. contrary to the expectations Of
many, resolved on keeping their building closed
IT'LL another day. Time cures many ills, and it is
relied ON now to help Wall street to an orderly
condition of business.
The report of the
COMMITTEE OF THE STOCK EXCHANGE,
n another column, contains suggestions well
worthy of attention. The advice is especially
Iagaclous which is given the associated banks, not
or ten days after the reopening OF the Exchange
70 call in any loans to brokers which
ire sufficiently secured; but on the con-
;ary, to the extent OF their ability
10 make new loans upon approved coateras at
hir margins. As the true plan TO meet the emer-
gency. the report recommends that those banks
which were content to make clearances with each
pther should to the extent OF their associated capt.
,al guarantee the payment OF checks certified by
The banks allowed to enter into the Clearing
House.
MEETING OF BANK PRESIDENTS
The substantial resolve OF the meeting OF Bank
presidents yesterday morning was that further
Oan certificates to the amount OF $4,000, 900
.houd be issued; that government bonds
10 the same amount should be obtained
py the banks wherever it was possible
10 get them, and that the bonds so obtained
should be sold to the Treasury, and the proceeds
loaned to such banks as might require currency,
any resulting loss to be divided among the banks,
according to the amount borrowed; that the
but should certify such checks as good only when
passed through the Clearing House.
THE BOND PURCHASES.
The buying OF bonds by the Assistant Treasurer
proceeds slowly, because those who hold them are
not over anxious to part with them at the prices
offered. About half a million OF legal tender cer-
tfcates presented by the banks have been re-
deemed. At the present rate of purchasing 1t will
be time before the entire currency balance is
used up.
MERCANTILE BUSINESS UNpIsrURBED.
1t is consoling Tn renect that, with all the dis
tracing elements OF the financial situation, the
commercial world moves on without jar or commo-
ton. The great dry goods hos.ses and the mercan-
from the efiects OF the great storm. they report
themselves In nourlshing condition, and feel but
slightly embarrassed amid the warning elements
Of Wall street. In fact, they say business Is much
better now than at this time last year.
THE UNION TRUST COMPANY,
JudOp EanCher Yesterday granted their CctitiOn to
so far modify the recent Injunction granted at the
time of the appointment OF receiver as TO permit
the company to continue to act as agent for the
purpose OF issuing, registering ana counterslgpng
the certificates OF stock or bonds, or other evil
municipality, &C., with whom compensation may
have been agreed upon for such services.
IDLE AND MIsCHIEvOUs RUMORs
were set anoat IN the street. but were very soon
contradicted, that the firms OF Duncan, Sherman
Co., August Belmont and George Opdyke nad sus-
pended There was no foundation whatever for
motive OF pure mischief
THE SAVINGS BANKS
were left to themselves yesterday. There was no
run on them, nor is there likely to be any, unless
some further and more startling panic should
occur, which Is now not so very likely.
THE EXPORT TRADE PARALYZED.
. Inc Shippers OF New York are in bad way by
this Crisis and according to an account in another
column tney are asking aid from the government
and the banks. The export trade Is at stand
still. One company has six steamers waiting for
no money to move 1t.
THE RUMoRED GOLD SHIPMENTS FROM ENGLAND.
The report OF large shipments Of gold from
Europe Is not believed IN by shrewd people OF busi
ness. They say II Is dodge TO depress the price
OF gold in the interest OF the ring and until there
Is some more reliable announcement than wall
street rumor II is better to wait before building
hopes OF relief on gold shipments from Europe.
THE BANKERS AND BROKERS.
A reporter OF the HERALD has been among the
bankers and brokers, and gives an interesting
rssu1ls OF their views. Ihev are not downcast
and while appreciating the gravity OF the crisis
they are meeting 1t with cheerful and manly
confidence
In addition to the list published ON Tuesday
morning drafts OF the following banking houses
late corfespondents Of Messrs. Jay Cooke Co..
Will be honored upon presentation at the oanA'
named:-
DronnJ Jv Honored by
John Mckay, WOODSTOCK p., 81, cn,,,,.oo
Central Bank, Of Wood. -
n n Mckee, Upper San National Bank OF state
dusky ohio. .............J New York
Merchsnts National Bank,
New Bedford, Mass. Fourth national BANK
g. r. Burt New BEDFORD u..o,.r,s, s.,,on., panr
,iac hi ..' Metropolitan National Banl
Heiens Montana. ......... Austin Corbin 4 Co.
BROAD STREET AND THE OUTSIDE