New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-24
MALLsT. sHRouDEp IN GLOOM.

CONFIDENCE GIVEs PLACE TO Observation-Disclosures
AFRAID TO OPEN THE STOCK ExCHANGE-IR-
REGULAR sALEs-THE CLEARINGHOUSE GER
TIFICATES ALL TAKEN.
Wall-st. was quiet yesterday morning; but it
proved before night to be the calm that invariably
preeedes the storm. There were no crowds in the
street, at least none such Saturday witnessed
nothing of the confusion which has served in the
two or three days just past to accelerate and in
crease the panic. But underneath this apparent
security there was lurking a great danger, which
may yet precipitate universal disaster.
Men went to bed Monday night confident that
the worst was over they rose yesterday morning
still assured of the stability of the banks The
latest foreign advices helped to increase this conf
deAce for they spoke of no failures though of some
distrust. The confidence of the Clearing house
Committee had inspired confidence everywhere.
Men felt that only the rotten concerns which had
dealt 10 railway securities and the parasites who
had fed on the Government favors must go by the
board 1t was known early that the $1,000 900 loan
scrip issued by the Clearing house had been quickly
absorbed but it was also known that the Commit
tee still strong and confident was ready to issue
larger amouDtsif required Still the impracticabhty
of the Sl0OO0OO0 loan which soon became apparent,
served at first depress the street and influence the
banks disastrOusly. The knowledge too, that
1921, $50 of bonds had been bought and that the
greenbacks paid for them had been quickly absorbed
well the futile effort TO throw the Union Trust
Company into bankruptcy, was in greater degree
depressing The stock quotations in the street were
better in every instance than they had been at the
close of Saturdays operations on Exchange, and
indeed better than they were when the great break
began on Friday morning. But still they were not
30 high people had anticipated and the bulls
had hoped. The savings banks officials were in good
spirits and few runs reported on these insitu-
tons. The largest savings banks had paid out only
insignificant amounts Several of the stronger
had even declined to take advantage of the
clause in their charters which allows them to
refuse payment of drafts their institutions except
after the 30 OF 60 days notice. In the Gold Room
The price of gold was placed at 112, a rate much
lower than was expected to be established and set
Elements were easy. But everywhere all securities
went begging, and there was little comfort to be
had from the fact that the stock gamblers were
quiet. The Stock Exchange remained closed, and
tbs indication of common sense the part of the
brokers was encouraging. and there were
many other circumstances that tended to
make yesterday morning bright and cheer
full, and the prospect for the future encouraging
The reports FROM the Union Trust Company direct
were much more favorable 1t was declared that
the suspension had been needless and the directors
were denounced as senseless. But the receiver
stated wherever be could be heard and Needed that
everything good Could be said of the Trust Com
pany, and that all that was fayorsby said Of il would
beulfled. The stock brokers were much relieved by
Jay GOulds settlements through his brokers Of a
large number of shares of stock at reasonable rates
which bankrupted nobody and relieved everybody
But while all this cheerful outside appearance OF
the crisis which had seemed to be impending encour
aged people to hope that the panic over, Their,
were events occurring that showed how futile was th,
hope Early in the morning reports of the suspen
siOn of banks began 10 come in from all parts Of thu
country. This news did not reach the. general pub
lie until the afternoon, but the bankers and broken
were early advised of it and warned by the tee
grams The aggregate Of country demands on tn
banks Of this city is said TO have been $SOOCOOOC
Such demand was unprecedented, and could no
be met. Upon many of the bankers run was 80
crotly begun. The crowds in " the street
knew nothing of the impending disaster
Jaw nothing of that which was under
mining aud destroying Toward noon
was whispered that a run was maxim
upon Henry Clews d Co. The run on tn
company was not made known 20 the puDnc unli
about 230 p IN, when the doors Of the bank wer
suddenly closed in the faces of the crowd without
1t Is asserted that the firm paid out during thu
morning nearly $l,OO0,000 on demand. and the
we't about the street with mercantile paper en-
aeA oriDg 10 raise more funds; but bis offer.