New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-25
CONFIDENCE RETURNING.


A MORNING OF AGITATION AND DEPRESSION FOL
COURAGKMENT-A BETTER PROSPECT AHEAD
TIE EVENTS OF YESTERDAY CALCULATED TO
AIIAY THE EXCITEMENT
The depression which settled down on the city on
Tuesday evening, continued yesterday morning at
the opening Of business. 1t was generally recOg-
nized that the depression was warranted, and that
the excitement onsequent the failure of prom
inent house as that of Henry Clews q Co.
caused, the actual disasters to be eXag-
gerated and augmented the panic unneces-
kariIy. Superficial and panic-strcken thinkers
had gone to rest on Tuesday demoTalized while the
substantial and conservative fnanciers had retired
serious and little apprehensve, but still strong in
fbe belief that the panic was practically ended and
that the banks could sustain themselves. Both
parties rose in the same humOr on Wednesday, and,
with the same impulses guiding both, they crowded
into WaIl-st. at an early hour of the morning the
former and more numerous class excited and NOISY.
the latter few but influential serious and pre-
disposed TO be gTuf.
The crowd on the street was not so large
previous days, but ii impressive. In front
of the Stock Exchange in BTOad-st., there was
gathered earliest of all the groups large number
of brokers, who discussed the probabilities of the
Ie-opening Of the Exchange For time they block
aided the street and their noisy discussion of the
advisabiity of opening the Exchange so disturbed
Che peace that the apprehensive police caused large
trucks be repeatedly driven through the street in
order to disperse the crowds. This plan, however,
proved as futile as the precauton was needless. As
soon as the wagons had passed the gaps which
they had made in the crowd rapidly closed up
and the noise and confusion of excited discussion
continued undated. Finally, when it was an
nounced that the Stock Exchange would not open
during the day this group Of regular brokers gave
way to an equally large gatbsEjng q egI1st9ne
operators who by their loud TocifefaTi6n and ges-
ticulation made the street even more hideOus than
had their predecessors On the sidewalks were thou
sands Of men who cared nothing for the Stock Board
or for the street spectators but who anxious
about their bank balances. and who dreaded to
learn what they expected every moment to hear,
that their private banks had succumbed to that
pressure which has thus far involved only private
bankers and one or two mismanaged, rotten banks.
The FIRST startling event Of the morning was the
announcement thatzHowes Macy who have been
considered as strong firm Of private bankers as
there is in the city, had declined TO open their doors
Instantly II was misnterpreted a failure y; 1t was
hours before IL became understood that these bank
ers had taken this step solely as a precautionary
measure believing that in the excited state of the
market and the general inability 10 realize on any
class of securities they must eventually run short
of greeDbacks. There bad been on Tuesday an indi-
cation Of a run this house, consequent on the
fact that it was in the same building with Clews
d Co. OF course the Dewl y-announced sus-
pension had a very depressing effect; but it
was nothing like that which eDsued the closing
of Clews q Co. on Tuesday. 1t started on
Vermiye e. Co., renewed that on George Opdyke 81
Co. and there was a show of depositors asking fol
their money at the windows of August Belmont q
Co. But none of these houses showed the slightest
indications of weakness.
Upon the heels of tie suspension Of HOwes g.
Macy came the news that Clews 81 Co. had
swamped their London house Of Clews, Habicht g.
Go. Their overdrafts on their London house were
estimated at 81 10000. or about the amount which
they said TO have paid out previous 10 their
pension. The information, yesterday, leads TO the
supposition that Henry Clews g. Co.'s suspension is
permanent. certainly complete as that of Jay
Cooke g. Co, Howes Il Macy are likely to resume
shortly, when matters Quoted.
These two events were really the only disastrous
ones Of Yesterday and yet actions by stock brokers
and by bank presidents were msconstrued by the
general public and helped to increase for the time
being the general depression. In the first place,
number of owners of various stocks which could moi
be bypothecated were forced TO place them in thu
hands Of auctioneers at the Real Estate Exchange
and they were sold TO the highest bidder proceed
ing unknown heretofore in New-fork finances
1t was looked upon at first as an lpdlcauOh OF th'
worthlessness Of the securities. but IT was sooi
. found that the stocks brought their current value
on the street. The buyers were fortunate men, VIII
plenty Of greenbacks to invest, who were LOADING
up" with stocks at the present low rates with th'
design Of taking them out Of market altogether Al
OF course they left their greenbacks IN the market
THE unusual process of selling stocks was practically