New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-30
THE MONEY MARKET.
MONDAY, Sept. 2o-P. N.


The feeling in Che street at the opening of busi-
ness this mornng-if we may call the stock trans
actions while the Exchange remains closed
busIness-wasm more hopeful than on any day during
the past week. This panic is surrounded by df-
ferent condition of affairs from that of any financial
crisis which has preceded 1t in this country. Inc
associated banks of the city stand shoulder TO
shoulder and will survive perish together, while
in former uaucs each bank has had only TO look
after it's own safety They have, az the pubhc is
already aware adopted n system of credits III
the form of certificates, which pass as money
NJ the Clearinghouse in the adjustment OF dliier-
epces between the several banks. These certlhcates
are issued to such banks as require them, upon the
deposit OF rstcass securities at the rate OF 40 per
cent of the present market value, as nearly as that
vane can be ascertained of the securities so dcpos
tied THIS seems to be reasonably safe, unless the
lotion of everything falls out, and may be ex-
tended according to the necessities of the case, so
long as the banks have securities to offer This puts
the banks in condition to give relief to their de-
postors. For instance, stock broker
who has good, substantial securities, is I'M
able TO borrow greenbacks upon them, but
he has pressing need of $4,000 in something
that will pass for money. SO he takes these secur-
ties which are fairly worth now 100000 and OBJ
talnS credit at the Da0k OF JJ,UU, WHICH ne dNdIS
Of according to his need in the form of certified
checks. The bank in turn may take these identical
securities to the Clearing house Association md OBJ
tain upon them $4,000 in certificates, thus the
whole strengthening itself while aording relief to
It's customer. So the merchant may take to his bank
good bills receivable and while the bank may not
feel strong enough to discount the bills it may
give the merchant a credit of 80 per
cent upon their face, and in turn fOTtify
itself if need be- by obtaining from the
Clearing house 75 per cent in certificates upon the
same bills We hear much about the necessity of
an elastic currency. The new currency in the form
of certified checks would seem to be sufficiently
elastic in one direction at least to suit the
most ultra partisan Of elasticity, which generally
means elOneaten, or the power of expansion. The
system in force by the associated banks will no
doubt work well to a certain extent; but of course
it cannot provide for the currency required
in the country for the moving of the
crops to the seaboard, nor can it
relieve the foreign exchange market, though move
ments are on foot which il is to be hoped Will ac-
complsh that desirable object. The Stock Exchange
will open tomorrow with such modification of the
former rules as to old contracts viii be found in
the resolutions adopted by the Governing Com
mite, published elsewhere. 1t was farther deter
mined that the hours for business at the Exchange
shall be hereafter as during the Summer months,
from 10 a, M to p The feeling at the close like
that which prevailed at the opening, one of
hopefuness. The following are the reported street
prices at the close which, it will be seem some
thing in advance of the reported prices for Saturday