New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-23
GoparInersDlp Notlees.
THE MONEY MARKET.
Sent. 2o-P.

MONDAY, Sept. Up. NJ.
A much more quiet hopeful and cheerful feeling
prevails in Wallstreet this afternoon, accompanied
by very general belief that the financial sky Is
clearing up. The Stock Exchange through Its gov
erning committee decided this morning to keep the
room closed to-day and until further notice. while
the Gold Exchange voted TO keep open. but TO allow
no public dealings in gold, which amounts 10 about
the same thing as closing the Gold Room The price
for the day for settlements fixed at III, with
per cent currency for carrying. Tho
banks went through their clearings all
easily and safely, with the exception Of
two, with which there was little hitch in
the morning. though all was mace right with these
little later in the day. or the 100000 certih-
Gates which the Clearinghouse proposes TO issue.
something over S5,OOO0O0 were taken up by five or
six banks, though only S2,5OOOO0 were required in
the settlement Of their differences which shows an
Unexpectedly healthy condition among the great
majority of our National Banks. However some Of
the managers of these institutions seem 90 think it
ia not quite the thing for half dozen needy banks
to come in and gobble up" the whole amount OF
these certificates; and one bank sent in 70 the Loan
Committee of the Clearinghouse the following
communication on the subject:
GENTLEMEN: Instead OF putting in any application
for the certificates, we Deg To give notice that
the due proportion prO RATA Of such certificates should
be held Tor this bank. that may call for them AZ our
convenience Very respectfully, - Cashier
Messrs. f. d. Tappen and others, Loan Committee.
The National Banks during the day were paying
out currency on presentation Of checks, save in
those rare instances in which it was apparent that
a run was designed. when checks were certified TO
be collected in the usual way through the Clearing
house. The readiness with which the banks made
their settlements was looked upon indicating
more cheerful prospect for tomorrow. The
fact that the Bank of North America certi-
fed checks Saturday TO the amount OF
about half million dollars in excess Of the deposits
of the firm drawing the checks was very properly
the subject Of much caustic criticism in the street.
OF course there can be no officer of a National Bank
unaware of the provision of law which forbids the
certifying of check in excess of the deposits OF tho
drawer. and which for such violation OF the statnia
authorizes the Controller of the Currency to appoint
areceiyer for the institution offending. Perhaps II
the Controller should be little more strict in this
regard it might materially improve the modes
Of business on the part of some of our
prominent banking institutions. The wisdom
of the Governing Committee in closing the Stock
Exchange to-day seems To be very generally COM
mended and 1t is thought that with one or two
more days suspension the excitement may ma
terially die away and business be resumed under
much moro favorable auspices Iho Governing
Committee appointed a committee of five to-day TO
confer with the Clearing house Association in order
TO be ready to meet any new emergency. As bust
ness was so generally. suspended to-day can
hardly give any proper quotation Cor money, though
we learn that distressed borrowers paid high AZ
per diem. During the day the banks drew out, on
presentation of legal-tender certificates s., $4,000
legal tenders which is the result of the action of the
banks Saturday. and not the Government.
The operations at the Gold Exchange Bank, in
buding the clearings for FRIDAY and Saturday were
as follows: Gold cleared. S92OOOOOO gold balances.
81, 19S.965 currency balances. sl,S95O2l The As
sistan Treasurer paid ont $4,000 coin interest, re-
deeming $4,000 called Five-TwentIes
Foreign Exchange has been nominal on the basis
of 1851 lOSs for prime GO days bills, and lO9@losi
for sight.
The days business at the u. $. Sub-Treasury COW
cred
Gold payments 2lG50i 43 Careacy alancel4slS9tI 80
cUrleacy receipts. @53Si6 -
The Sub-Treasury received offerings Of bonds I'M
der the new instructions of the Government to the
amount of S3S39l5O These with the s2,f''oo
taken in on Saturday, and the amount drawn ont OF
the Treasury on legal-ender certificates VAL pro-
duce about Sl1 10000 currency and to that extent
will relieve the money pressure. Inc rate whieh
the bonds brought to-day was liOH. uther Than
these there was no business in bonds.
A few sales OF stocks were reported ny specula'
tors not members of the Stock Exehange. These
were direct for greenbacks Sales were reported as
follows: New-York Central 9O0g09l; Rock
Island. ssag2QsO; Western Union Telegraph G59
7,loe9. Wabash. $1,000 1880; Northwestern
Common. 5000; Union Pacific. 2009ls@2l; G. G.
and |. G.. 2Ol92S422; Harlem lO5ailO; Ohios, %;
ashore. s0BS5Gsi and Pacific Mail, S6aSS.
The PHILADELPHIA stock market is excited Penn