New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-27

Various measures have been suggested TOT tue c"'e
OF stock transactions but none have thus far receiver
the sanction the Governing COMMITTEE Inc lateS'
Is that of David Groesbeck for many years mehuer
OF the Exchange His letter waspublished III the IMAM
oia columns Of yesterdays TRIBUNE His plan embraces
the establishment OF Stock Clearing House. WIN 'o
Banking Department, and the buying and selhng ior
the account" and he that 1t could be reaoS
established and would do away forever Win al coi
| nering" operations.
| The President Of the Continental Bank, SUD
| mitted yesterday, 10 the Governing committee
| the following proposition: That the STOCK EAohauec
should first make examination OF the Conunehl"'
Bank TO be certain it is perfectly sound then take
some OF its and appoint directors In proportion
then that the bank should become the Clearinghouse OF
the Exchange having asked all mercantile accounts
10 withdraw from the bank further that all the stock
brokers accounts should be put In that bank that the
bank 10 compensate for making the cearanees OF the
Exchange, shall have small compensation, to be rfus
tualy agreed on The Governing Coum ittee, however
have decided that the Exchange shall not be opened u
I'll at least "a hours notice has been given This affords
additional time for the private settlement of ontstand-
| ing contracts. Another meeting will be held this morn
ing.
| The street brokers having been driven from their
| usual resorts the pavements have alternated
| between the Independent BoardsRooms," at No. As
Broadst, and temporary perches on the sidewalk The
| quotations obtainable are as follows:
2p m-Lake Shore 70 Northwestern 39d4o Rock Island 50
Pacific Mail 2sl2d30; 0bos 25d26 Western Uuon, 55d56
UgG1 TaeS S 5s5e Pssc Maj. 90 Central and Hud
ass En AS Rock Island SO Lake shore
Mississippi 25iaa26la Union Psase lshal9i Boston, Hartford
| and Brie. ld2
THE CLEARINGHOUSE COMMITTEES
The Committee appointed by the Clearing
house Association to consider the propositions OF
the Stock Exchange Conference Committee held
| a meeting yesterday. The propositions OF the
| Stock Exchange were carefully considered,
| and a report was agreed upon, which was
placed in the hands of Mr. vermye, the Chairman OF
the Clearing house Association The report VIII be pre-
sented at meeting OF the Clearinghouse Association,
10 be held at the Merchants Bank at II o'clock to-day
Mr. vermilye has appointed the following as the Com
ttee OF Nine TO consider what reforms are needed IN
the practical operations Of the banks all the members
| except two being bank Presidents
George s. Coe American Exchange Bank, Chairman :;
W. L. jenkins Bank of America; j. NJ. Morrison. Man
| haitian Bank; Moses Taylor City Bank John q Jones
Chemical Bank; F. d. Happen Gallatin National B BANK
| Robert Buck, Cashier Of Pacific Bank j. t. Williams
| Metropolitan Bank
Mr. Camp reports that the Loan Committee have
issued additional 81 100000 of loan certificates making
| an aggregate Of about s1sOOO,OOO already issued.
ASH H. Yesterday, Gen. Hillhouse had received no
further instructions from Washington in regard 10 the
| purchase of United States bonds.
| SETTLEMENT OF STOCK CONTRACTS.
A TRIBUNE reporter was referred to Osgood
Co. as probably the best source of information In re-
gard TO the progress made in settling stock contracts
MI Osgood was very courteous, and in the course of
long conversation gave it his opinion that the worst
was vet 10 come. The settlements which have been
effected thus far are unimportant and confined TO
betweens and small brokers' Tom Jones' for instance
wishes TO invest a few hundred dollars in stocks, and
goes to the that purpose He is seized by John
Smith, who curbstOne operator on the alert for
chances who takes the to supply him. John,
| of fha 1npkf m Har
Robinson who is member of the Exchange, and SO on
Perhaps there are dozen middlemen. Or Jones goes
10 Robinson, his put" or "cal" and either
keeps IL OF dsposes OF it, or part Of IT, to Dick
| These are the who have settled. The firms
Of importance getting along slowly, but they
are far from seeing the end Of their difficulties
Many Of the bears have secured sufficient stocks to
cover their contracts but deliver them for
of funds on the part OF the bulls to pay for them
Their bad feature Of the present state Of affairs is the
fact that half dozen firms have done all the first hand
business Of the past three weeks, and that all settle
ments consequently, are In their hands. Being thus
the important part OF the machinery Of the street.
their being blocked in this manner affects everybody
else Should the Stock Exchange be reopened and
under rule be enforced against these houses the
slaughter of values would be irghtful, and the
street would be borne down. Mr.. Osgood very
severe upon what lie termed the milk and
water" policy of the Government in Withholding relief
Stock Exchange should be kept closed and panic
should occur that the ENHANCEMENT might unwind
itself by degrees. He based his prediction upon the
rise in gold. While currency remains at a premium
people will hold IT, but let gold go up above cur
rency, and everybody will rush to invest their money
in railroads. steamboats,, or something else which will
pay them profit In conclusion Mr. OsgoOd fatty
radiced the assertion that his firm has acted in the
capacity of brokers for Commodore Vanderbilt. He
said that they have not dollar Of the Commodore :
money in their keeping.
The reporter next visited the Office OF Osborn &
Chapin, and found brisk business going on. One Of
the firm said that things working smoothly, and
that they Strengthening out their affairs with all
possible speed although he added Eve do not expect
10 make much money by the operation, shall lose
much" Want OF funds retarded them greatly but they
we're doing the best they could. 1t Vanderbilt
brokers who are blocking the street GO their Offices
and see for yourself"
Taking him at his word the reporter visited Davis &
Freemans office. One OF the members of the firm and
three clerks were quietly looking ledgers.
The member acknowledged that they had been doing
nothing, and had notion when they would do any
thing toward efectlng settlements They "were in a
fix from which they loophole of escape mat
tiers stood" The statement Of morning paper that
Commodore Vanderbilt had raised loan Of 100000
was without any foundation
Plume & Van Emburgh were next visited. We are
doing nothing all, Sir" said Mr.. Van Emburga, and
the appearance of the Office bore bim out.
RETURN TO THE SPECIE BASIS.
| THE HEAVY SHIPMENTS OF BULLION FROM EUROPE
CANNOT LEAD TO IT.
A TRIBUNE reporter had occasion, yesterday,