The New York herald., 1873-09-30
Reasons for Postponing the Feast, and Why
the Bear and the Bull Should
Lie Down Together.
The FOREIGN EXCHANGE MARKE7,
Measures for It's Relief P eerent
and Prospective.
A Bee in the Bonnet Of the Old Laav q,
Threadnee >Ae Street.


Another 1ay has closed on Wall street without
results fsue resolution of the Stock Exchange
promui <ated on Saturday to reopen on Tuesday
mace yesterday alter the interruption OF the Sab
pAtA, simply prolonged naaUUdfS quart d'heure to
those connected with the business OF that nstitu-
tion. Anticipating no great results from to-days
developments, whether on one side or the other.
they simply decided to hold Off, and but little busi-
ness'was done.
THE ADVANCE OF THE BANK RATE IN LONDON
t0ive per cent, with the report of the failure of
some houses connected with Erie, gave at first
tingc OF increased uneasiness to the feeling here,
but later, when an improvement abroad was an
nounced, noticeable revival with restored con-
fdence was observable or course with the sud-
den outflow OF specie hither, caused by the neces-
sites OF England and Europe to get our bread
sturs for consumption,
THE OLD LADY OF THREADNEEDLE STREET
became alarmed, and, naturally settling ner spec
tacles upon her ancient nose, took an exaggerated
view OF the situation. She has done so before in
our financial history, and seems exceedingly tlmid
OF any outflow Of specie in this direction. With
the increased confidence, however, apparent on
every side, we afford to let 'srhe Old Lady'
nurse her peculiar grievance against us when we
ask her to pay III ''hard pan" for her grain, and
wait until she is glad to purchase that and other
products Of this country equally as necessary to
her sponsors support, even on such terms.
Things amt now they used to was"
rs they say IN the play, and the little game prac-
tised in 1887 to our further embarrassment when
We were In bad strait, won't work now. Then
the Old Word ted us. Now we feed the world
rrndvon nde naerrupdon IN tne forward movement OF
IL reported in the foreign exchanges there is sll
adifficulty in the disposition OF commercial bills.
IN Dr.,.,
bankers sixty days sterling was quoted at 1O4sl to
105H, offering lair profit to the banker upon the
purchase OF the former and the sale OF the latter.
the freedom OF transactions being, however, still
circumscribed by the continued scarcity OF cur
rency. Gold exhibited the influence Of the large
ported shipments from England, declining to l1l%,
but recovering at the close after rcacting 1928
ll2n During the active hours or business bor-
rOwers OF gold paid as high as q OF per cent per
day for its use, but both at the opening and the
close 1t was loaned free oil interest. The disturb
ance In money, reflected in the gold market, con-
unues to be the worst feature of the SITUATION, and
while it was loaned to-day at per cent per an
mum. as high as.4 OF per cent per day commission
was paid. Early in the day legal tenders were at
premium OF per cent as against certified checks
mus IN % se tie ne
amount OF legal tenders IN circulation.
ON PRODUCE EXCHANGE
q better feeling is apparent, even while prices
show an unsettled condition. Flour was duh and
10c. TO 15c. lower, the market for wheat being
the same condition OF expectancy as has been pre-
viOusy noted, waiting for something to turn up.
"a
export and home use, at about steady prices Ex-
pOrters continue to decline dealing owing to the
low rate OF foreign exchange ana spinners only
purchase for their pressing wants.
THE ACTION OF THE GOVERNING COMMITTEE OF THE
STOCK EXCHANGE
In regard to the course OF business upon the reopen
ing this morning merits commentator, and the
SsolutiOns passed by them published elsewhere,
exhibit sound, conservative Judgment. We have
thus far pulled through great crisis in Wall
street without damage $50 far as the public are
taken into conHdence) to the commercial COM
q rac n no apt
strait furnish the same satisfactory matter of
graduation II should not be forgotten that to the
mttee OF the Stock Exchange do We owe much OF
this. meeting Of
THE CLEARING HOUSE ASSOCIATION
was held yesterday afternoon to deliberate upon
measures necessary for the relief OF the foreign
change market and although they adjourned for
further consultation and action was taken,
they were not slow in recognizing the fact, pre-
viousy pointed out in the HERALD, that here was
the really weak point in the present crisis, and
that relefin this respect being obtained the whole
panic would rapidly sink to diminutlve proper
tions.
Resolutions OF the Stock Exchange.
In the morning, at half-past ten O'Clock, the
Governing Committee OF the Stock Exchange met
A resolution was passed adopting the rule OF clos
ing the Exchange at three O'Clock, a petition for
which was signed by majority of the members
Debate followed on the question OF fixing rules for
the settlement OF contracts alter the opening to-
day. subcommittee was finally appointed to
draft plan Tor consideration at the afternoon ses
sion. On reassembling at half-past three O'Clock
the subcommittee consisting OF Abram b. Baylis,
Edward King, X. L. Cutting, Jr., Henry G. Chap
man, John r. Garland, q. H. BrodRead, John +.
Denny and s. I. Russell, presented the following
set Of resolutions, which were read and approved
and the deliberations brought to a CLOSET
Rs solved That nothing in the action OF the Governing
Committee OF the New York stock Exchange shall be
construed absolvng member from his obligations
70 the rules
kssoyed That su parties to existing unsettled
tracts who solvent at the closing OF the Exchange,
hut who shall refuse to surrender satisfactory principal
furnish margin in cash OF securities shall be re-
garded nsolvent-
Resolved That much Of article Is Of the bylaws as
authorizing officer the board to close contracts OF
parties default be suspended to existing contracts
during tn rec days after the opening OF the Exchange
The President shall appoint committee OF = e. which
shall be In session from quarter past two NJ until
quarter TO three O'Clock M to determine ON equta
bic market price, to which margins shall be made TO con
form and also TO determine the market price at which
the contracts of detaung parties shall be settled
Resolved, That all contracts shall be settled by checks
ceTned as good through the Clearing House but where
cnecs Is rendered upon bank which is not satisiac-
tory the parties upon what shall be satisac
But no demand for greenbacks or currency shall
Resolved That all government COUPON bonds on which
s ST payable November lo shah be called ex
coupon alter Tomorrow,
Business the Stock will be resumed the
usual hour tomorrow.