The New York herald., 1873-09-25
AMONG THE BANKERS AND
BROKERS'.

With the opening OF business among the financial
operators in Wall and adjoining streets yesterday
morning feeling Of confidence was apparent on
every face and the various banking establishments
became crowded with friends and visitors.
"Nlll the Stock Exchange open to-day P' was a
question asked by many an anxious operator, who
has thus far lost several days, and, perhaps. as
many thousand dollars, by the inactivity which
they have been compelled to observe since the
close OF that institution. The wish in this case was
only father to the thought. Opinions as to
the practicabity OF resuming business on
'Change immediately are greatly divided All kinds
OF argument pro and con are advanced on this
subject. The younger members of the Stock
Board favor resumption at once; their tempestu-
ous venturesome nature urges them on to mad
cap speculations without once looking ahead into
the grim future or counting the results to come.
On the other hand, the older heads counsel, not
only moderation, but are strongly opposed to any
business being transacted at the Exchange while
the present uncertainty in the money market
exists and advocate the observance OF a mas
terly inactivity" in preference TO wild specula-
tions in any and every kind OF stock. In the
opinion of prominent broker, a gentleman estab-
shed as such, adjacent to Wall street, for many
years. the money crisis has reached the
eliminating point. He bases his assertion on
the fact that the New York banks have with
stood the greatest pressure OF the kind the
world ever knew, and with the exception OF the
Commonwealth, none of them have asked Tor
nor claimed any delay IN making payments. When
large sized drafts are presented they have to take
the usual course through the Clearing House.
This gentleman, who by the way is well informed,
stated as a positive fact that many persons have
hired iron compartments from the sale deposit
companies, and there boarded greenDacks until
they have become mouldy and unproductive. This
causes the scarcity OF currency. But as there is
neither profit nor pleasure in Keeping several mil
lin lotla Of
are many legitimate ways of safely investing it,
the holders thereof must soon become tired OF the
procedure and but short time Will elapse before
the incoming cotton and produce crops Will form
sufficient temptation or this dormant capital to
come forth from its stronghold into circulation.
SUSPENSION OF HOwEs AND MACY.
This establishment, one OF the Oldest and most
respected banking houses on Wall street, an
nounced Yesterday morning suspension of pay
ment until further notice. The news swept like
wildfre through the street. and created no small
share OF genuine sympathy. This firm has always
stood ike a rock through many storms but had to
succumb at last to the great force OF present cir
cumstances. Bravely have they wrestled
counters for the past hve days have amounted
Of could per pc se @
and the contraction OF the currency exhausted the
supply in the vaults OF Messrs. Howes Macy.
Under these trying circumstances they were CON-
PEELED to suspend further payments until there is
a reaction in monetary affairs. Mr.. howes stated
except to depostors. II was simply impossl;
BILE now to convert securities into cash rapid
enough Tor the demand maze upon tnem,
I'D TO last night (Tuesday) we have promptly
paid every check presented With us it is unlike
incorporate banks These institutions assist each
other through the Clearing House, and when one is
in difficulty the Others extend help. We are not
incorporated and have no one except ourselves to
rely upon. As soon as 1t is In any way feasible or
possible we shall endeavor to convert our secu-
rites into available funds and pay our obligations
Mr.. Howes seemed very much affected by the
SUSPENSION of his house, as did also Mr. Macy.
During the time the HERALD represen tative was at
not only their heartest sympathy but pecnniary
aid, If necessary. As to statement OF liabilities,
the firm cannot at present say anything.
THE SUSPENSION OF HENRY CLEws co.
continues to form the topic OF conversation
in financial and mercantile circles. All kinds
OF comments are made on the sp SUSPENSION, d.
but everybody is unanimous in according to
this house the credit tnat 1t mas with.
e possible under present circumstances. The report
at noon that Clews, Habicht Co., OF ii Broad
street, London, England the branch house oI
payment added largely to the feverish excite
Inent among the brokers. In the afternoon noon
house, stated that the London house merely
refused to accept any drafts from Henry Clews n
o ol New 19S 1 An ,h army OF csf1s 1 tbe s 9rms
assets and liabilities.
/ was presented to the observer from the steps or
| the sub-lreasury, at the hour when all hgh-toned
business @ houses cease TO labor Yesterday alter
noon, at three O'Clock, Broad street. from Wall to
Exchange place, was almost one solid mass Of
people. Inc crowds OF bankers, brokers, specta-
TORS ana nagstone operators jammed into
heterogeneous mass, where either real or fictitious
values were onered or accepted for stocks and
other securities Al the moment when the 'ssilver
| tongue" OF Trinity chimes rang at three
O'Clock the crowd surged and swayed
in every direction, justly realizing that II
was the proper time to disperse. But the
orderly intention of the large gathering was frus
trated by the over 0fficous and thick headed DO.
| ncemen, who interfered at that moment, and Dru.
tally forced the crowd back In every direction. Had
| not the assemblage been composed Ia the main OF
| gentlemen these "knights OF the locust' might
| have Jared badly.
| ''NO MORE FAILUREsi"
| was the CRY which some one started, and the word
| was carried fr0m man TO man, LII It met with .
| hall suppressed cheer away down at the corner OF
Exchange place, and then the street became quiet,