The New York herald., 1873-09-23
The Union Trust Company in the Hands
of Receiver.
Six Millions of Currency Dis
bursed by Sub-Treasury.
Meeting of the Jay Cooke
Firm To-Day.
THE CRISIS" IN THE COURTS

Inc Cnange IN Lne aspect Ol w all 5treeL from the
turmoil and painful agitation OF last week was
strkingly noticeable yesterday. The closing OF the
Stock Exchange, the government declaration to
buy an unlimited offer Of five-twenties the action
OF the banks In resolving to issue loan certificates
and the Intervention OF the Sabbath all contributed
to calm the troubled waters and induce a better
and clearer view OF the situation. Friday and
Saturday will long be remembered for the fierce
and unprecedented excitement OF the street. 1t
was uncommon and ut times fearful enough
to make men tremble for the pros
pect ahead. deep pail OF impenetrable
clouds hung over the monetary skies, and no
where seemed to appear q solitary ray OF light to
illuminate the course OF the future Sunday
evening the darkness broke, and Monday morning
Wall street, with lew exceptional features
wore Its
OLD-TIME APPEARANCE.
There were no hurrying crowds no pale and
anxious groups, no heavy fringe OF vacant eyed
spectators on the sidewalks. In fact, had not the
Stock Exchange been closed there was little to ip-
dicate that the street had so recently passed
through terrific financial hurricane. A tolerable
calm settled down in the morning, and there
was every appearance when the day ended that the
period OF panic was passed. and that with ordinary
prudence the old state OF things will in few days
prevail.
on Sunday night was very generally canvassed, but
the preponderance OF opinion was In favor OF the
course he selected. Had he yielded TO the clamor
OF the big guns OF the monetary world and stepped
outside the law by loaning the currency reserve to
the banks, those who, in the rash thought OF the
moment implored him to commit the illegality
might have been the first TO condemn him. The
feature OF yesterday, In connection with the panic
was the unusual withdrawal OF money by deposit
tors from the savings banks This Is to be deplored
for OF all other institutions the savings banks
should be triply guarded from the disastrous in
fluence Of panic originating among spectators in
Wall street. HERALD reporters visited yesterday
THE SAVINGS INSTITUTIONS
on the east and west side OF town, and furnish
accounts OF what they saw in another column. The
policy OF keeping
THE STOCK EXCHANGE
closed until further notice met with general ap-
proval, 9s there is yet some time needed to ar
range matters and allow the excitement OF the
hour TO die out. When this is accomplished, and
when the Exchange opens again, reasonable prices
TOR settlement can be made.
THE GOLD EXCHANGE
voted to keep the Gold Room open but to allow no
dealings In gold on the penalty OF loss OF member
ship. II was resolved to place the quotation OF
gold at l12 as the price aud as q basis OF clearance
There is still q good deal OF talk over
THE PLAN DISCUSSED
at the Fifth Avenue Hotel, sunday, to meet the
crisis. 1t appears the first proposition was that
the Treasury should put anywhere from $50 900 900
to $4,000, 900 legal tender in the banks as deposit
for which the associated banks should be respon-
slbe, Commodore Vanderbilt Offering to deposit
with the subTreasurer $4,000 900 as an additional
guarantee. The proposition was declined because
for he fnr
son That lew banks would reap the whole ben Eft
anu proht, TO which the banks, not government
repositories, would not assent. The plan that was
nnaiy agreed upon was that the Treasury should
buy nye-twenty bonds at a nxed rate, privately as
oey were offered, until, II necessary, the legal
tender reserve and the currency balance were ex.
hausted. To this plan, which, IL cannot be
denied works SO far only IN a milk and water
way, the oDectlons are that 1t obliges people to
sacrifice the best securities In the marxet and
which are SAFE 70 keep at any time that the people
who hold these bonds are not those who need the
money, and that the institutions having these
bonds. where they are savings banks, viii prop
ably prefer to use their reserved right of thrty TO
ninety days notice from depositors rather Than an
accept low price ior their bonds and that insti.
tutions ike insurance companies viii consider il
the most prudent thing TO hold on to their bonds
The Treasury received offers Tor So, ,339l5O
FIvE-TwENTY BONDS YESTERDAY
confined. Along with the amount taken in on Sat.
urday. about $4,000 600 currency WIN be
thrown on the market IRON which it
experienced. With the exception OF the Bank
OF North America, the Bank OF the Common wealth
and the Fourth National Bank, there was compara-
lively no run on the rest OF the banks. The COM
mercial houses abstained rom increasing the ex-
citement, and few large amounts were Withdrawn
except In cases where business imperatlvely de.
manded. To-day will, in all likelihood, be as quiet
as yesterday. 1t will be devoted chiefly to consul
tatioD, and the opinion prevails that the Stock Ex-
change Will remain closed, and as consequence,
there will be no quotation; the volume OF stock
TRANSACTIONS will be reduced. The condition OF
THE TWO TRUST COMPANIES
anairs Will be found narrated In another place, and
the statement Of Jay Cooke a Co. cannot fail TO be
read with interest. The HERALD reporters supply
mass of information, gathered from bankers and
otners on the effect OF the panic American secu-
rites abroad, and the views Of leading merchants
on the situation are also given. The way In which
Tue Brooklyn banks weather the storm is also told,
hnu tne reader ls referred TO the financial column
sor iurther statistical and speculative information.
-. TIE JAY COOKE FIRM.
Messrs Pitt Cooke McCuoch arrived yester-
aay oy the Egypt. To-day they will meet the other
paatners IN the firm OF Jay Cooke a Co. and hold a
SonsutStlon on the affairs OF the firm. Both these
esnuemen decline to speak IN reference to the
craAaA tney kN thAS were at sea when the storm