The New York herald., 1873-09-22

know what to say about the future. You say you
newspaper people are in the dark yet, and don't
know what to say about the result OF all this panic
WHAT THE RESULT WILL Re.
A. Alp present the outlook is very, very gloomy in
ais it possible" asked the reporter, "that the
failure fs Of one firm could have brought about all
"No, sir" was the prompt reply; mo one or two
or three failures could have caused it. There Is at
the bottom Of it all something that is rotten and
1t may be that when the storm Is over the Wall
street men who are sound and honest ana have
always been so win not regret that the tempest
Many have gone under who deserved better
fate, but the lesson OF this wild spirit OF specula;
confident, be fruitful Of good enects. Solid men
hereafter will be appreciated, and the spectators,
ruin OF others by the nefarous trickeries they
gage gage in for their own beneat VIII nom M this out,
fact, get out OF the way altogether"
THE OFFER OF A MILLIONAIRE.
IL ~ dare say you heard that the President was In
Treasury in relation to the crisiss" said the re.
porter.
Avenue Hotel to-day and met both Of them and
several other gentlemen who had come together
to confer about the situation. ! offered to extend
give iSoooooo 0netsu ~ good .ecasitlss
added the Commodore, "the proposition was not
well received. However, l left early in the even
lief will be fixed upon"
now THE CRISIS WILL END.
Chow do you think this crisis Will end, Commo-
doref" queried the reporter
"a cannot say" was the reply. 'T am as much in
shortly, and yet it may not; but whether it viii
end shortly or not, 1t will for many long years here
This ended thu as and the reporter
withdrew.
What the Bank Presidents Say.
After the meeting Of the bank presidents at the
Clearing House on Saturday afternoon reporter
OF the HERALD called upon MIR. G. p. Leverich,
PRESIDENT OF THE BANK OF NEW YORK,
at the corner OF Wall and William streets, to as
certain his views on the monetary crisis. The fol-
lowing interview then took place:-
REPORTER-What Is your opinion, Mr.. Leverich,
on the action taken by the Clearing House this
afternoon9
Mr.. LEvERIcn-I think that action was well con-
sidered, and that it viii do much to clear up the
trouble which has been doing financial men ever
30 much injury during the past three days. Such
state Of things cannot possibly last, in my
opinion, and think that hereafter there will be
better state OF feeling all round and that the
feverish feeling will quiet down.
REPoRTER-To what do you attribute this panic
Mr.. LEvERIcn-To men attempting to do more
than they were able to- to specua ton; to that
desire which men have nowadays to become sud-
denly rich. They carry too much on their shoul-
ders, and break under the load which they think
viii be their means of prosperity. 1t is a false
basis, which in the end must cause such disaster
as this which has taken place.
REPORTER-In what manner do you think the &C
ton Of the Clearing House will ameliorate matters'
Mr.. LEvERICH-By restoring confidence to every.
body, and particularly to the banks This issue of
loan certificates to the amount OF $4,000 900 must
ease the pressing need for cash. Everybody win
be secured, and yet there will be medium OF ex.
change created on a sound basis.
REPoRTER-Did you think the action of the Stock
Exchange in closing its doors to-day wise onep
Mr.. LRvERICH-Undoubtedly so. In the present
state of the stock market there no use in Civ.
ing men an opportunity to vent their pancky feel
ing, and by closing the Board banks were given
reason to withhold any more certihcauons of
which there seem to be too many around already,
and also gave brokers an opportunity to look into
their affairs and prepare them selves for the bus
ness OF Monday. Everything was in such state
thak there was really no opportunity to do this
while the Stock Exchange was open and every
moment men were going to the wan unable to
stand the pressure.
REpoRTBR-And yet heard o good many men
say 1t was an arbitrary act which has no justnca-
tion9
Mr.. LEvERICH-Oh these wero men who would
make money out Of anything, and who, in spite OF
seeing the disaster around them and the promise
OF terrible suffering, were still intent on working
their own small ends. They were few, however,
and not worthy OF consideration. ..
REPORTER-Then you think the market on Mon
day morning win open with an improved teellngf
Mr.. LEvERIcH-It can hardly be otherwise, and I
am greatly mistaken II from this afternoon the
panic does not quickly subside, and that In few
days matters will have assumed an altogether dif.
RspoRrER-win the Stock Exchange open on
Mr. LEvER1cu-Undouptedl There is no reason
why 1t should not
The influx OF visitors anxious to see the Presi-
dent was so great at this moment that the reporter
reporter OF the HERALD called upon Mr.. F. D.
PRESIDENT OF THE oALLArIN NATIONAL BANK
and chairman OF the Executive Committee of the
Clearing House. THIS gentleman had taken a
the bank presidents to issue the coo OF loan
certificates. Alter the reporter asked the question
TSppan said -"fhis issue Of loan certificates is
the only means that I can .see Of relieving
the market at present and, besides. Is perfectly
safe affair. The banks bring their securities 10 the
Clearing House and we allow them seventy-fve per
may be-so long as they are good-n loan GER
ti1cates guaranteed by the Clearing House and
Sng Cae 1 the rate q per
tightness will have ceased" This was the unanl
ulOus OplHIOu VI tile Weetluy VI JHc pIeSluenJB.
KEPoRrEI-But how will 1t benefit operatorsp
Mr.. TAPPAE-In this way; that by furnishing the
banks with plenty OF values the money tightness
must cease. and that once brokers and others are
able to make loans the street resumes Its usual
aspect. The efYect s direct upon all OF us.
REPoRTER-Do you look upon this as bank panic
IN any way?
Mr.. TAPPAN| DO not. I consider IL purely a
brokers' panic. The banks not really affected.
1t is true the Commonwealth burst; but it was
not sound bank and has not been for some time.
Two years ago 1t was In trouble, and have never
believed In 1t much. You may see what thew are
by the manner In which they did business The
true reason of its failure, as found when went
up to examine 1t this morning, Is that IL over
certified one man, Edward Hsight, to the extent
OF $780, 900. You may imagine that any institution
with that way OF doing business could not be con-
sidered very sohd. ~f
REPoRTER-How do you think things will be on
MondayS -
Mr.. fAPPAN-Much better. I should judge, In
every way. do not think there will be much
trouble.
REronrER-was the closing OF the Stock Ex-
change @ good move?