The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-27
The Key of the Situation, the
Movement of Crops.
The DUTY OF THE BANKS.
Conservativeism Combination All
Important.
WE MAY BRIDGE TIE CVASM.
Excitement in the Gold Market The
Price Touches Ia 3-S.
SPECIE COMING TO AMERICA.
The Stock Exchange Still Closed Prices
on the Street.
WALL STREET,

FRIDAY, Sept. 28-P. M.
The financial situation to-day acquires no new
interest from new developments. There have
been no additional failures or public exhibitions
of weakness yet it is unwise to ignore the fact
that thoughtful men are gravely contemplating
the possibilities OF the future. We are not yet
A'out of the woods" Daylight is ahead, but here
and there an obstacle obtrudes itself that CON-
mands the attention engendered by fear. The
grand problem that now concerns the government
and the banks Is, whether our crops can be
moved. To this end giant endeavors are being
made, and 1t is y cause in which every merchant,
Importer and moneyed man is as much interested,
although the influence may not be individually APP
parent, as II his own credit were at stake. Stop
FOREIGN COMMERCE
and we check every wheel in the machinery Of
finance. Stimulate 1t even at q temporary sacrifice,
and we bridge the chasm on the edge Of which the
country at this moment rests Somewhere we have
$780, OOO The banks OF the country have rightly
said Iii there is any boarding to be done in
this crisis we win do 1t ourselves" Somewhere
&here exists the monetary power to give life and
motion to the vast trade now trembling on the
verge Of outlet to the ocean, ana we confidently
look to concerted action on the part OF those who
represent
THE INTERESTS OF THE COUNTRY
10 provide plan whereby our cotton, grain, pc
continue their now through the legitimate chan
nels oceanward in which they have entered. Just
now this Is the first consideration. We are not at
liberty to state the plans which are in contempla-
tion and likely to be adopted, but we may safely
promise that they are significant and full OF hope.
While in the history OF the country there never has
been such q "dead lock" OF this peculiar class OF
Interests as exists at the present moment, there
never has been more concentrated determination
On the part Of the representatives of the great
mercantile interest OF New York to face and
CONQUER THE DIFFICULTY
than has been aroused within the last forty-eight
hours. The metropolis OF the New World cannot
afford to yield iota to ''panc," because defeat
means everything disastrous. What the govern
ment may do In the premises is not to be con-
sdered. Secretary Richardson has declared his
inability to AFFORD help, and thrown the onus of
responsibility ON the oanks Of New York. These,
thus far have nobly done their duty to the public,
and in outstanding their strength, are prepared to
meet even grander obligations than any yet i'm
posed. They represent
MILLIONS OF CAPITAL
1t has not been impaired. They own in currency
more than is held by the government Treasury.
They own in assets more than enough to move the
crops Of the Union They are standing shoulder
to shoulder and while they continue to present this
solid phalanx, representing strength and elias
scity credit and resource, 1t Is surely not unrea-
sonable to predict that the only representatives
left to US of movable wealth, they will show them
selves equal to this great emergency and AFFORD
the relief required by the vast exporting interest
" the country.
SPECTATORS
are taking care OF themselves. Those who do SO
most promptly do 50 most wisely. Just now the
country is not in condition to Withstand the
NJ frash
from the failure Of half hundred
brokers when the Stock Exchange
opens. Settlements ought 10 60 forward
with all speed and until the Governing Committee
are satisfied that the majority Of differences has
been adjusted 1t is the judgment OF the best men in
Wall street that the Board ought not to be opened
Tor an hour. The people want
/. NO FRESH SIGNS
Of weakness. and that which grows out Of the roth
Of speculation od or new, first Of all is to be DIS
couraged. "Pure, true, thorough conservatism"
should be the motto Of the hour, and the sooner all
hands rally on deck the better 1t will be for the
ship. Suspensions Of banks in this place and that
are the result Of the situation They do not neces
-varly mean failure. They should not create de-
,mOralzati0n.
THE GOLD MARKET
Gold to-day was the subject Of not little excite
ment-the price ranging from 111K to 114h and
closing at ia Various incidents conduced to this
result one OF which affected one or two brokers on
Broad street. who are said to have been COM
PEELED to suddenly cover their short interest in
order to protect their credit. When 1t is remem-
.bered, however, that currency no longer settles
differences in the Clearing House; that even green
backs have assumed new value In dealing with
the most tangible representative OF property in
Christendom; that certificates OF deposit are nnd-
ing market at and per cent discount I;
that the securities which banks are now
operating consists, among others, OF Wall street
stocks, 1t Is not matter OF w0nderment that the
price should artincialy advance or that in an'ac-
tual transaction for greenbacks gold should be
purchased for ITO and Ill.
THE MARKET
was also rendered somewhat fevertsh BY report
that the Attorney General has decided that 1t
would be legal to issue portion or the whole OF
the So 900, 900; but up to the present writing no
confirmation OF the statement has been received,
and It u therefore only published Is one OF the
causes Affecting the values or the street.
Not little strngency was likewise created
by high rates OF interest and an apparent scarcity
Df cash gold, which induced very considerable
number OF purchases by those who preferred Its
possession for the purpose OF bridging the present
crisis The story cannot be told IN q nutshell, and
at the present n oment not at all with jnstice to
she situation Gold loans at the opening were
made dat and at 2, and per cent for carrying
but afterwards borrowers paid the following rates
for use :-l-a2, lie, y, y and per cent. Late IN
the day the rate fell to per cent and then to fiat
At the very close per cent was paid for carrying
The prices Of gold were:-
10 A. M............ 111K 1:5s ?. M.......... 1I3X