The New York herald., 1873-09-22
THE SCARE.
The Sabbath Excitement at the Hotels
Over Financial Troubles.
SCENES AT THE FIFTH AVENUE.
Conference of President Grant and
Secretary Richardson.
What the Bankers, Brokers and Merchants
Proposed and What Government Will Do.
THE PROSPECT FRIGHTENING
Five-Twenty Bonds To Be Redeemed
to an Unlimited Amount.
100 Wg-.
Tie President Refuses to issue Illegal
Tender Gut Of the Forty-four
Millions Reserve.
VIEWS OF COMMODORE VANDERBILT.
He Did Not Give Succor to the
Union Trust Company.
Contradiction of Rumored
Suspensions.
SOundness Of Jay Cooke, McCul-
30ch s. Co. and Others.
He Did Not Give Succor to the
Union Trust Company.
Contradiction of Rumored
Suspensions.
SOtlndmess Of Jay Cooke, McCuA-
3Och s. Co. and Others.
WALL STREET ON THE SABBATH.

The wall street excitement was transferred yes
terday to the uptown hotels, notably among them
she Fifth Avenue. Here oil the magnates in the
commercial, financial and political world Of New
York might be found at some time throughout the
day or evening. The throng was excessive and
not alone the wide hall Of the hotel,
out the main stairway, barroom and read
ing room were crowded. The scene at
night was q reminder OF the war times.
There was the same intense eagerness to hear
every scrap Of news, the same craning Of necks In
the direction Of any man who in the centre of
listening group ventured aloud an opinion or a
piece OF private Information The news that the
government had concluded to purchase forty mill
lions of bonds at par was received with general
favor. The discussion Of the financial situation
was carried on with that .-a
ABSORBING INTEREST
that can only be evoked where money is at stake.
The evidences OF O panicky feeling were plain to
perceive, but at the bottom there was conscious
that the evil predictions OF the croakers were
not destined to be entirely realized.
All the distinguished men In the Wall street
world might be seen at some period OF the day talk
ing over the crisis. There was every disposition to
look at the brightest side of the pict1le
and avoid alarm as far as possible. "Win the
Stock Exchange open tomorrow ?" was common
question: and when answered in the negative was
followed by the implied inference that all the banks
would close. The
VARIOUS MEETINGS
of inanciers elsewhere reported added to the in
terest of the day. There can be no doubt that
despite all the gross exaggeration and the
evil tendency OF many to nnate the pub
lie alarm, the overwhelming spirit of the
mass OF men most deeply concerned in the present
unhappy state OF afrairs was In favor OF the most
conservative action, Of repressing alarm and re-
storing confidence 1t was only natural to expect
that the unprecedented excitement OF the past four
days would become contagious, and that, from the
mllionnaires Of Wall street, who were first
affected, the alarm should work its way down
to the strata Of the poor, whose humble reserves
were among the sixpenny savings banks. Satur-
day evening the uptown savings banks had an un-
usual run made upon them, and there is painful
apprehension that the coming week will subject
these most useful institutions to an unexpected
pressure. 1t is to be hoped nothing OF the kind
will happen; and it is certainly the business of
every man who Is better informed than his hum
bier neighbors to dscountenance the
UNNECESSARY EXCITEMENT
that prevails. The masses are as sheep In mo-
ments OF supposed peril and 1t is but required that
one or two should lead the way tor the thousands
to follow foolishly. or distinguished ana wealthy
men who have the confidence OF the community
their power TO do towards allayng the present
alarm and obstructing the course OF pos.
sble ruin to multitudes. 1t was evident.
in the. general feeling that prevailed
among the respectable crowd Of men assembled at
the Fifth Avenue yesterday that no time was to be
lost towards banishing the prevailing sense OF In
security and restoring affairs to their normal
basis The adjoining columns contain full accounts
OF the proceedings OF the day-the meeting at the
Filth Avenue Hotel, where the President OF the
United States deemed 1t 1t to be present, ana the
nth M aat
ures were discussed to meet the emergency OF the
hour. -
expresses himself to one OF the HERALD reporters
and declares that he advanced no money, as had
was at the the mt meeting whereat PRESIDENT Grant at,
tended and offered to give $4,000 600 TO relieve the
stringency the government came forward witt with
part aitAViS but was 'us declined with sSanks The
ss needed, '0a1a cannot be issued to the banks
IN the shape Of loan, ana the only way out OF the
wReS Y T turned es into the SUB treasury in SUIT
Lcienty large amounts, will 5000 tap refreshing
STREAM OF GREENBAcKs.
The government is certainly decided on redeemfng
an unlimited number Of fve-twenties. reporter
of the HERALD has been among the mercantile men
that they feel uneasy over the situation and appre
hend tro uble. Certainly II the banks should con-
clude TO- close to-day It would seriously cmbarrass
be the very last to be taken without good and suf-
fcieRt cause. great many men have lost their
WEAK HEADS
at this jupcture but there Is enough Of coolness
aud wisdom lett to save the community from any
serious peril In a period OF excitement like this
many eyL-Tsposed persons come to the surface
and do their malicious best to fan the public alarm.
or these are such as delight In misinformino the
members OF the press, and resortiur to various
devices 90 establish msrepresen tation with view
TO mischief.
cable despatch from London, stating that the
house of Jay Cooke, McCulIoch Il Co., Londen had
suspended, was aiown ON Saturday by well
known 1rm in BroAfway.
This Is the despatcll;-
LONDON Sept. 90 1879
Jay Cooke, McCrlloch Co., OF tins city. suspended
to-day draft lor flJ,0 was presented and paymen
refused.
The following is an answer to the statement Of
the suspension -
70 THE EprroR or ruE HFRALD;-
In your issue OF to-day the name OF our London house,
Jay Cooke, McCuloci Coz ~ erroneously ncnoed In
thc list of suspension VIII you kindly correct this
morrow and state t1er busines sontinues without
interruptionf JAf Ooohe W.
In the account OF Wall street on the Sabbath will
be found lew corrections OF statements gwen
publicity through some OF our evening contem-
poraries calculated TO mislead It Is possible, IN
tImes like the present. tor mspy measurements 70