The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-27
after The Storm
Measures of Relief Adopted
and Proposed.
FURRY In THE GOLD BOOM.
Suspended Firms StruS-
41in@ to Their Feet.
TEE STOCK EXCHANGE STILL CLOSED
A Notice Of Twenty -four Hours Be-
fore ReOpening.
DOWNTOWN MERCHANTS TALK.
Wall Street Stock Gambling
Denounced.
Effect of the Panic on the Elk
port Trade.
REDUCTION Of STEAMSHIP FRElGHTS.
Suspensions of Country
Banks.
DOWNTOWN MERCHANTS TALK.
Wall Street Stock Gambling
Denounced.
Effect of the Panic on the Elk
port Trade.
REDUCTION Of STEAMSHIP FRElGHTS.
Suspensions Of Country
Banks.

Banks.
The furry In the Gold Room was the only ex citing
feature Of yesterday in Wall street. The open air
exchange was 80 broken up by wagon and police
raids through Broad street that 1t lost heart and
was but the semblance Of its former SELF The
police Knocked around the poor curbstone Oper.
ssOrs most numerically. they gave them little
rest or ROOM but as both sides took the sport In
cheerful spirit there was no quarrelling. Some
irregular buying and selling was done among few
stocks, but transactions occurred worth serious
notice.
TEE GOLD ROOM
was quiet enough till about noon and then
suddenly an excitement sprang up that communl.
Gated itself quickly to the street. "Panic in the
Gold R0Oml" was the cry which spread from
group to group without creating any very great
astonishment for nobody, under the circum-
stances wondered at such a result. The high rates
for borrowing, the news from Europe and the posi-,
tive scarcity OF gold helped to run up the price
nom the figure it started at In the morning, 1l1%
to ll4n IN few hours. The
MAIN CAUSE OF THE RISE
was the announcement Of the large shipments
from Europe and the speculative sales against
the gold to arrive were rapid and extensive. The
effect Of the rise was 10 compel few who were
'short'' Of gold to go into the market as borrow
ers but they declined to pay the heavy charges for
borrowing, and thereupon there was trouble In
the Gold Exchange Bank, where the clearances
are done. DrexeI Morgan Il co. came to the
rescue and furnished the required amount,
leaving the personal settlement with
the nrms interested to future date.
From twelve to three in the afternoon there was
some wild h0whng performed among the gold 0per-
Ators. They collected around the fountain In the
middle Of the room and over the encirclinQ railing
they shouted at each other in the most violent
tones imaginable. A large crowd assembled in
New street. opposite the Gold Room entrance, and
between watching,
THE GOLD INDICATOR
which was momentarily denoting fresh rise or
ntful decline OF fraction in the price, and listen
Ing to the uproar going on within, resembling the
effect likely to be produced by bombshen ex-
ploding in lunstic asylum, they found enough to
detsin them for considerable time. The action Of
Drexei Morgan in providing the amount OF gold
necessarr to make the clearances At the Gold Ex-
change Bank made easy the working Of the ma
chinery and the movement In gold became more
natural
TIE sTOCK ExCHANGB
remains closed, and the management has an
nounced that notice Of twenty-four hours will be
given before the opening. The Governing CON-
mittee met in the morning, and, after considering
every aspect OF the question q 70 opening, con-
Guided TO keep the doors still closed The CON-
mIttoe appointed to effect clearances handed In q
e aay was TsGeea ana t aocepec nmo re-
OF private settlements have been made by brokers
since the appointment Of the committee, another
meeting OF which Will be held to-day at ten O'Clock
IN REGARD TO TIE BANKS
there IL NO question but that many OF them are dis
posed to accept the suggestion, contained In the
the other day and extend the time OF calling IN
loans from members OF the Stock Exchange Tor ten
that appears to exist s In reference 70 the prOpo
sition Of guaranteeing certified checks. The banks
appear 20 think that in doing this they would be
required to give the brokers unlimited credit but
che brokers do not want this, and there as where
the misapprehcns,on occurs.
THE sUB-TREASURY
was undisturbed by the general public yesterday
No orders were received from Washington. Ten
million dollars in greenbacks, in the redemption Of
In the purchase Of bonds, have been paid out
AT THE CLEARING HOUSE
the banks were regular. From the country the
drafts were not 80 heavy as on the day previous.
Payments continue to be confined 10 small amounts
necessary to keep business houses going.
HowRs MACY
are sanguine OF being IN shipshape very soon If
they meet with favorable response to the circular
, ISSUED. on THURSDAY Already deposltors are ex-
spectable concern, and over half dozen accounts
nave been opened since the announcement OF the
THE PROPOSED CLEARING ASSOCIATION
Inc subject Ii very generally discussed or a pro-
PoSeu Clearing Association for stocks. Some
crOkers favor 1t, while others are opposed; the
former as rule, being OIL the safe side OF speeua-
non, whlie the latter not
AMONG THE PRODUCE MERCHANTS
tnere seems TO be entertained, according to report
~ announcer column quite a singular opinion of
wall street ano Us hnancal operators. The prod
uce merchants look upon the panic az the result
OF STOCK gambling and nothing more and saw thaf
none but STOCK gamblers can sufer nv A. They are
very Tree IN their denuncatons Of Wall street and
Of the quacks and charlatans who abound there
THE CUSTOM HOUSE
was visited by one OF the HERALD reporters vester
day, and his account shows that the enect n 81,
served In that institution in the warehonsno ~
imports, the merchants not being In position To
AT THE POST oPP1cE
the sale OF stamps has fallen OF from 5000 to
$4,000 day.
srBAMERs LEAVING POET
to-day are said to be only partly laden with freight
IN lact the report s circulated that the agents
themselves, rather than allow their vessels to
depart entirely empty, have put on board cargoes
OF grain.
FAD nor SOMEBODY.
story goes that Pnyn d Van Amburgh, brokers,
yesterday TOOK TO Messrs. Freeman Davis, Ex.
shares OF New York central, which they were
unable 70 take up.
THE SITUATION, ON TIE WHOLE,
gives cause for congratulation. There are people
SUI 70 be found who believe, or pretend TO be-
neve, that the worst is still 70 come but IL is plain
10 common sense that the country is safe from the
Apprehended dangers, and that the late storm was
lln reality only purifier OF the financial atmos-
.phere.
THE CLEARING HOUSE.
-e