The New York herald., 1873-09-24
FINANCIAL and COMMERCIAL.
AView of the Situation To-Day
Another Failure and Addis
tiOnal Excitement.
NOT SO DARK AS TT SEEMS.
The Banks as Our Breakwaters---They
Are Standing Noby.
THE STOCK EXCHANGE.
What May Be Done Before 1t Is 0pened-The
Settlement Of Contracts.
THE GOLD BOARD.
THE GOLD BOARD.
Speculation in Specie Compare
ym lively Quiet.
THE PRICES OF TEE STREET.
Ten Millions Of Bonds Bought by the Gov
enment-Ten Millions of Certificates
Issued by the Clearing House.
WALL STREET,

WALL STREET.
TUESDAY, Sept. 23-6 r. M
Until about two O'Clock to-day there was every
reason to believe that the worst features OF the
pending financial crisis had fully developed, and,
10 far as New York is concerned, nearly exhausted
their influence. Confidence was returning, the
prospects were reassuring and settlements were
fAvorably progressing. Even the street transac-
lions In stocks Irregular and Guctuatng as they
we're, betokened feeling Of improvements Prices
were stronger and
MEN WITH MONEY
m their pockets bought boldly OF the various securi.
ties, and certain of ultimate reward. Nor Is 1t
probable that these will be disappointed. 1t was
Also anticipated that advices would be received
nom distant cities announcing the suspension Of
nrms dependent upon their metropolitan connec-
tons These natural incidents Of our panic,
therefore, did not produce the strongly depressing
effect which might have resulted at another time.
After two O'Clock, however, it was announced that
large and well known banking house on Wall
street had been compelled to add its name to
THE LIST OF PRECEDING SUFFERERS
rom which moment until the close OF the day the
excitement materially intensified. Reports now
followed each other thick and fast. Banks, brokers
and merchants were all jumbled misceIlaneousy
together in one vast cornucopia Of exaggerations,
which was emptied greedlly into every crowd that
would stand long enough TO catch the shower.
Chicago was heard from. A tremendous run on
her banks was going on. Petersburg and Rich
mond had collapsed The Pennsylvania Central
Railroad was "in chancery,n and so the news
rom various quarters piled up until, If one be-
neved them, it seemed as II the bottom of the
country had dropped out. universal liquidation
had commenced and the skeleton of Bankruptcy
was making his grand rounds. An hour later
dispatches came from the West announcing,
"There is
NO PANIC IN CHICAGO
Banks are promptly meeting their demands and q
confident feeling exists" The tidngs from Peters
burg were bad enough, but when it became known
that the excitement was chiefly local and
largely due to the speculat!ons OF another
syndicate In railroad bonds, who had been
tripped by the same troubles that have
hurt few here the misfortune was contem-
plated with calmer feelings. Naturally, such an
event will create commotion throughout Virginia,
may affect several more OF the banks OF that State,
and possibly extend the influence Of the crisis. but
from present appearances the evil is of q local
character, and only remotely traceable to that
which exists here. While
THE IMPROVED FEELING
OF the morning was somewhat modified by the
later events of the day, we can descry no new
been expected to present themselves among
she logical events OF this extraordinary
crisis. Distrust, alarm, "runs" upon banks
the boarding of money, the suspension OF accom-
modations-all are incidents OF panic, and while
New York continues to be the financial centre OF
the nation we must expect to see, here and there
the downfall OF an institution whose credit at
home is dependent upon its strength here. But
there is
BRIGHT SIDB TO TIE PICTURE,
and 1t has been already presented and re-
presented in these columns Up to the present
hour, wi h one or two exceptions, our banks have
stood as firm as rocks. The Loan Committee or
the Clearing House have thus far issued to them
$S60O.o00 Of certificates and, 1t is confidently as
serted, will enlarge the amount originally agreed
upon-to wit, $40, 000, OOO-to any reasonable and
Controllable figure should the exigeney SO demand
They have thus been enabled to extend generous
facilities to their customers and these. apparently
nave not been abused. The Assistant Treasurer
to-day purchased s., ,0Oo Of bonds, making O
total for three days OF 271a5o, which has like
wise gone to swell the volume Of credit and green
backs.
THE SAVINGS INSTITUTIONS
OF the city have also shown commendabie strength
and prudence in withstanding the "run'' upon
them Of class OF depositOrs always first to men-
fest alarm, and 1t is believed possess assets and
deposits far IN excess OF any demands that
may be made upon them for thirty days.
Let the workngmen and women or New York
take courage from this fact, remembering
always that the law rs on their side In compelling
the presence OF the best government. State and
nrst mortgage railway bonds as security for do
posits and further that senseless run can only
result in ruin. Faith ana patience will soon bring
all things right.
OUR BANKS MUST BE OUR BREAKwATERs.
The country is strong and full OF wealth. We
have seven hundred millions OF currency. Pacto-
ries and farms are all pouring out products of
labor which are hourly adding to our financial
strength. Europe is waiting for our crops: ex-
ports are increasing, imports are growing less,
ana the balance OF trade before the end OF the
fiscal year bids fair to be more than
ever favorable. There s nothing IN the at-
mosphere, therefore, that need occasion perma-
nent alarm. The crisis has resulted from fancy
speculations IN Wall street alone; speculation has
produced miure, ahd Ike mountain boulder let
loose from its fastening, failure has left in its track
certain amount Of ruin. With reference TO
THE STOCK EXCHANGE
the feeling Of the street rs evidently stu
averse to any resumption of business untll ofser
the subsldence OF the present excitement And ,t
seems to be based upon the who,esopa
dread that should the doors be prematuyc,v
opened fresh impetus would be piven to
the panic and stocks be slaughtered right and left
II one has money to spare and chooses TO
buy "out and out' any OF the good shares now be-
ing offered in open market handsome profits are
certain to result and while these trades 90 on
speculation will be confined within prudent
proper and legitimate bounds, Before the opening
OF the Board 1t would be an exercise OF wisdom on
tne part o. Its governors TO take steps jor tho