The New York herald., 1873-09-25
CONSERVATISM AT WORK.
Stocks Being Sold for Cash to Outside Buy
ers-Prices Finding Their Level.
The Banks Firm Foreign Markets Quiet and
American Securities Steady.
WALL STREET.

Conservatism has begun to resume sway, and
thorough business men are making arrangements
for the resumption of their Official labOrs at the
earliest possible moment Confidence in the Stu
alton is asserting supremacy, and the market
closed upon better feeling than has been ex-
hibited during the crisis
THE BANKS
remain nrm and up to the present writing there
symptoms that they will yield. Indeed,
their own mutual determination has created for
them strength that is calculated to repel all as
sault Throughout the crisis they have
exhibited power that fairly demon
strates an ability to Withstand the worst
financial exigencies, for there has not
been episode in their history so startling as
this, or contingency which has much appealed
to their power. From the beginning the banks
have afforded relief. This, however, could not last
always, hence they were obliged to fail back upon
the government and upon such arrangements
might be made through the Clearing House. Gov
ernment agreed to purchase United States bonds.
The Clearing House issued certificates of deposit
TO the amount Of 500 600 900, and between the two
THE GREAT FIDUCIARY INSTITUTIONS
OF New York have been enabled TO transact their
vast mercantile business without material damage
to either the purely commercial or purely specua-
tive interests with which they are identified. Con-
sequently the banks have lost nothing OF public
confidence. They still stand as our breakwaters
against every and all chances of panic.
1t is fair deduction from the condition Of affairs
reported to-day that these chances exhausted,
and we may therefore regard the crisis as under
absolute control.
THE STOCK EXCHANGE.
Within the last twenty-four hours the sentiment
OF the street has become more thoroughly unan.
nous than before with reference to the advisabiity
OF keeping closed the doors OF the Stock Exchange.
At hrst this action on the part OF the officials
unpopular. 1t is now recognized one of the
strongest OF the corrective and remedial
measures that could have been employed
in great tumult like tnat through
which we have been passing. Its close has
aided in the cure OF monster evil Its opening
unless most judiciously managed, will produce q
monster disaster. Fortunately the good sense Of
the operators in the street has yielded to the
gravity of the situation and they have been forced
TO succumb to combination OF influences which
IN themselves, left alone. are calculated TO evolve
order from chaos. In other words, settlements are
going on; deadlock has been broken, and the
street Is in fair way to recover its
BUSINESS EQUILIBRIUM.
There has been O very decided disposition on the
part of brokers to erect settlements fair basis
and, If this spirit OF compromise continues, the
Stock Exchange when 1t opens will have little to
do In deciding questions of default that may have
occurred among its members, 1t Is nice
thought, and one that has been warmly
discussed during the day. whether the Exchange
should be opened during the week. One party
strongly favors the resumption of business.
Another, with much force, urges that the Board
should be opened, not for business, but simply for
q discussion Of the situation. The latter course
would be eminently wise, provided the younger
members OF the body can so far yield their
BOIsTERoUs IMPULSES
to the import of the occasion to listen with
dignfed silence to the grave thoughts that would
be uttered by their seniors. Such meeting, prop.
erly conducted, would doubtless tend greatly to
aay the general distrust, because men most
identified with the causes OF this crisis would be
apt to so express themselves as convey feeling
OF confidence in the situation and show the exact
relationship between the speculative, the bank
interest and the public.
The connection between these three interests is
extremely delicate The spaauatons OF Wall
street have affected the banks. The stringency
OF the banks has been strongly exhibited In
commercial circles, and IRON the latter there
has been widespread radiation that has
touched the heart OF the entire CON-
munity. The removal. OF the cause would
seem to be alcOrrection Of the entire evil. At any
rate, even to-day we begin to realize some OF the
continues and the panic remains circumscribed it
is reasonable presumption that we shall
witness q condition OF arairs wholly within con.
troll of our banks and brokers, cessation Of all
pending excitement and natural revolution Of the
wheels of trade.
THE INTENTION OF THE BANK PRESIDENTS
was manifested to-day at their meeting, when 1t
was resolved that in addition to the issuing OF ten
millions more Of loan certificates, they should
stand by each other, ''any member failing to do so
to be expelled" Each member was also ap-
pointed q committee to ascertain where any
portion OF ten millions Of government bonds
could be purchased and sold to the
Treasury, with the understanding that any
loss accruing thereirom should be sustained by the
banks, according to their deposits in the Clearing
House. 1t was also requested by the meeting that
the President and Secretary Of the Treasury
should anticipate the payment Of government
bonds due on the 1st OF January, 1874.
ANOTHER AGREEABLE FEATURE
OF the day, as showing the returning confidence OF
the people at large was the presence OF very con-
e. siderable amount of capital represented on the
street both by individuals and by brokers seeking
investment in the various securities now appar-
emily at their minimum. Purchases for
d cash were largely made OF small lots OF
10, 20, so and 100 shares of different stocks,
the aggregate Of which must have very
considerably relieved those who have been bur-
dened by these securities and felt the want Of
cash. II the stock Exchange should remain closed
it Is not at all improbable that hundreds of out-of
town buyers will come here with their little hoaras
and invest the same in the low priced shares
which now offer such admirable opportunities for
profit. The following are the closing prices OF
stocks current on the street,
Bid. Asked
New York Central and Hudson.... IS so
Harlem. ............................l 104
Erie. 4Z -
Lake SnOre. ..........s.s... 20 10
northwestern. ~ 80
Rock Island nd...................... s6k 81
Ohio and Mississippi .....,,,..... Is %
Union Pacific c........................ Is 10