The New York herald., 1873-09-23
LARGE SALE OF GOVERNMENT BONDS.
The National and Savings Banks Emerg-
ing from the Crucible.
NOMINAL STREET QUOTATIONS..
The Foreign Market Steady and Not Materially
Affected by the News.
WALL STREET,
MONDAY. Sent. %. 1879.

2 smpnatlc IN ltS lndlcat0ns. Excitement Is ap-
parenty declining; pulses are beating more
healthfully the crisis OF the fever has passed and
o convalescence has begun that prom ses to leave
the patient in . stronger condition than before.
Analyzing the measures Of relief that have been
adopted, we may CLASSIFY them as follows:-
First, there was prompt and total suspension
OF all business at the Stock Exchange, attended
with such rules as to forbid outside speculation
under penalty Of expulsion. This was q policy
emtnently wise. because at
THE MAD RATE
ct which business was being conducted and prices
were tumbling and stocks were being sent into
the Board to be 'bought IN under the rulen every
Banker and broker on the street must eventually
have succumbed. The very soul and essence OF the
panic was there.
Second, the banking interest rallied to the sup
Fort OF the community by providing for system of
certificates, duly secured that could properly rep
resent legal tenders in their dealings with the
Clearing House. This enabled them to meet the
reasonable demands Of deposltors
Third,
THE SAVINGS BANKS
institutions. which deal most directly with the
poorer classes, and represent the wealth accumu-
lated by the earnings OF artisans promptly an
ticipating the fearful evils likely to result from
rabid run upon them, avaIed themselves OF the
privilege OF their respective charters, and an
nounced that drafts upon them in excess OF 800
might not be honored without the required notice
or thirty days.
Fourth, the government authorized the purchase
all the nvetwenty bonds that might be offered,
nd to-day the Assistant Treasurer bought
v3,s3 Of these securities and paid out legal
lenders therefor.
Fifth, ana finally,
THE STOCK BROKERS
more high-toned, public spirited and unselnsh
gentlemen In the country, without preconcerted
action, but at the same time with spontaniety OF
impulse, at once creditabe and effective, sus-
pended oil business with the banks. and declined
10 draw their usual checks, lest the presence OF
the long lines OF once clerks at the desks OF paying
ellers should create the impression that there
'run," and thereby cripple the good work OF these
Institutions.
The foregoing are among the chief influences that
have quietly sxertcd their power in producing
THE CALM
chat has evidently begun, constitute 1t Is TO be
hoped, the pivotal point OF a prompt reaction.
Now that the excitement is subsding the
situation does not present all the dangers
which at first seemed to impend. No actual values
3, have been destroyed and no ruin has resulted
save to few. from q rapid depreciation OF fancy
speculative stocks Commerce Is unaffected; the
volume Of currency has not been materially
changed, because the 'qock up" is only temporary;
abundant securities exist right here IN our New
York banks to meet the emergency and IN short
1t is already demonstrated that the panic was both
circumscribed and controllable. IL originated In
PLETHORA or RAILROAD CREDITS
and q perfectly natural explosion followed as the
logical result OF putting too much nltro-gycerine
On paper. 1t has been fostered by a natural dis.
trust growing out OF the prudential measures
adopted by the banks and from o her causes; but,
doubtless 1t win end in a healthier and more
servative course OF nnAncial action and more
rigid adherence to the real laws OF commerce than
has been observed In America for years The
leading
EVENTS OF THE DAY
need be only generalized In tins place, az fuller
details will be found elsewhere The Stock Ex-
change by a large vote prudenily determined to
suspend business until further notice. No action
was taken with reference to the settlement OF
contracts between brokers, and there is yet no
basis decided upon which such settlements can be
made. number or small accounts. however
were closed up satisfactorily to all concerned.
THE GOLD EXCHANGE
r met at ten O'Clock, but decided to allow no public
dealings, the penalty being a loss Of membership
1t was also agreed that the price dial should
: stand ct liz during the day, and that all
loans should be made at per cent
for carrying The President OF the God
Exchange Bank, which is the Clearing
House OF the Gold Room. gave notice at
the meeting that saturdays business would he
duly cleared, provided the members would agree
to take checks on the Metropolitan National Bank,
certified as "good through the Clearing house' Of
the Associated Bankers. This was unanimously
agreed to by the members OF the Gold Exchange
Subsequently the Gold Exchange Bank completed
the clearances for the transactions In gold on Fri
day and Saturday, involving an amount OF
$92,075000 The arrangement whereby certificates
: issued on the deposit OF bank assets are received
In settlement Of differences at the Clearing House
Is working admirably, and has anorded immediate
veleE
THE PURCHASE By THE GOVERNMENT
OF hve twenty bonds was made to-day on the basis
OF 1l072 40. The savings banks, insurance and
trust companies of this city understood TO hold
large amount OF this cassof securities and II the
general good demands, IL is intimated that they
Will come forward and oner them TO the Sub
Treasurer, and thus set free several millions OF
greenbacks, which, 1t seems cannot be legally re-
leased rom the government custody in any other
manner. Ihe total amount OF bonds purchased
Saturday and to-day is SO, ,195 $780, 1t was a molli.
lying feature OF the day that
THE NATIONAL BANKS
paid In legal tenders all demands made on them
which looked like legitimate business. but when
the purpose was apparent that O run was Mt
tempted, they paid in certified checks collectab,e
through the Clearing Houee. Not few among the
brokers declined to draw for more than mere
pocket money.
ON WALL AND BROAD STREETS
there was no perceptible exctement, although
crowds of iders congregated to scan the unusual
scene Among these, were numbers Of individuals
who sought to purchase stocks, and in their trans
actions made something like the following outside
quotation for cash:--New York Central and Hud-
son, s2K sb; wabash, Al a so; Western
Union. ss 70; Rock Ialapd oneTed at s7i Pan