The New York herald., 1873-09-24
Return Of Confidence Among
Depositors.
AFFAIRS OF THE TRUST COMPANIES
Untrue Rurnors Of Com
mercial Failures.
INTERVIEW WITH NIB. HUGH MCULLOCH.
Financial Troubles
Country.

4 still easier and more confident state OF feeling
ushefed In the morning ofyesterday in Wall street.
The improvement noticed on Monday was more
marked and reassuring through the fore
noon Of Tuesday. The triumphs of the
banks In the mastery proceeding they
xesolved on OF making s1o,OO0,0oO in loan GER
<ineates do duty legal tenders was most decided
1t is now conceded that but for the prompt and
peculiar action OF the banks the panic might have
spread to incalculable bounds.
THE CASE OF CLEws,
who was unable to use the loan certificates OF
she Clearing House, because Of not being a men,
Der, and had to suspend for want OF legal tenders
shows how eminently wise the device was which
the rest Of the banks adopted. The suspension Of
Clews Il Co. had startling effect ON the street.
which had begun TO look around with the assurance
khat the storm had spent its strength and that no
more failures OF consequence to be appre.
hended. The details of this suspension will be
found In another column.
In the afternoon
AN EXPLANATORY DESPATCH
from Chicago, announcing that panic was in
progress there, and universal suspension OF the
banks imminent, aroused great alarm The none
tsry connection between Chicago and New York is
80 intimate that there was good ground for anx-
tety II the news had any bottom to Ii, but 1t was
subsequently found that the despatch was a scare.
and that the Chicago banks were subjected to no
unusual pressure, and were meeting all the de-
mands made upon them. In the meantime the
street was ned with
THE Widest RUhoRS
concerning the suspension OF other houses besides
Clews & Co., whose names need not be mentioned
as matter OF justice to all concerned. These
rumors, on further examination, proved to be with
out other foundation than that which existed In
the minds Of the panic-stricken people who idled
about Wall street and found occupation In giving
currency to whatever gossip might tan the expiring
dame into renewed life.
1t was believed at one time that the financial
crisis was extending into the commercial centres,
but up to the present writing no well verified
account Of any failure by our merchants has been
received
THE STOCK EXCHANGE
remained closed during the day. 1t has been sug-
Hested that when IL Is reopened the government
Board should be opened hrst for one day, and then
that the lower hall for dealings in speculative
shares should be opened on the following day.
There was some business done IN stocks by
THE oURBsroNB BROKERS'
who started an independent board with its oflce
at No. Is Broad street. The purchase OF bonds be-
gan at the subTreasury with more animation than
on the day previous.
THE GOLD ROOM
was regularly opened for business, which, how
ever was languid. The convenience OF the OPEN
Ing was appreciated by the merchants. No bank
belonging to the association found itself In trouble
and all clearings were regularly made. Should 1t
be necessary to extend the amount OF
LOAN CERTIFICATES
beyond the ten millions first agreed upon au
thority Will be given to the Clearing House
committee The Board OF Trustees OF the
NATIONAL TRUST COMPANY
met at noon, but no conclusion in regard TO the
time 1or resuming business was reached. BY the
report OF the examining committee 1t will be seen
tnat the assets OF the company in governments
pohds and other securities exceed by over mil
non the amount Of their liabilities.
Inc petition to have the
UNION TRUST COMPANY
oecareo an involuntary bankrupt was made by
henarick Co., brokers, OF Wall street. In order
snAt i's anars might be placed In the hands of On
assignee.
Inc run on, or rather to-
THE SAVINGS BANKS
VIII cease altogether In day or two. Depcsitors
VINO Witnorew their money on Saturday have in
many instances returned with 1t. The banks, hav-
ing In most cases availed themselves of their priv
llege OF requiring nom thirty to sixty days notice
from depositors, will save themselves ana their de-
positors from loss and inconvenience.
AN INTERVIEW
Svith Mr.. McCulloch. which will be found subioned
shows that the ex-Secretary was as much bewil
dered by the crash that occurred as anybody else.
lie Is satisfied the enterprise which submerged the
house Of Jay Cooke g. Co. will Jet be the pride and
profit Of the country.
ATTnrpo on vav roo,yrs o. m