The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-03
RESUMPTION Is WELCOMED.
nov NEW TORK'S MONEYED INsTITU-
TIONs sIGNALIzED THE EVENE

MATS ana OtIlntS WtTt run UP On ouo buiuihk
aztec another in tho heavy. fast falling snow. 1t
has boen observed that tho average flag owner is
rather chary Of his coors In bad woathor. and
AZ an occasion demands the exhibition OF the
oolors when the elements are unfavorable to its
preservation II waves. II at all. for only short
time The elements were not conducive yester- |
day morning to the longevity Of banners. yet all |
through the lower part of the city and that por-
tIon containing the great majority Of financial |
institutions the flags were run up early and |
kent at the mast head all day. They were not. |
however the flags OF the average fiag owner. |
and some ofthem were evidently new ones.
Some persons not conversant with or mind
fu OF the great financial and national event OF
tho day were overheard asking as they walked
the streets the reason Of this patriotic display
But the truly patriotic citizen had no occasion
10 inquire. for he knew that when the Treasury
OF tho United States opened yesterday morning
tho Government began the redemption OF its
iegal-tender notes In gold. The country In Its
financial history had. in fact. got back to where
II was seventeen years ago. This certainly
seemed an occasion TO Justify the banks and
other financial corporations in putting out the
Aags tha' decorated lower broadway and Wall.
Broad and Nassau streets yesterday.
; The ancient Chemical Bank. In Broadway.
near Chambers street. had its mammoth flag
suspended between two upper windows. 40 that
Its copious folds covered q large patch OF the
brown stono front The Shoe and Leather
Bank. adjoining. manifested its delight in q
similar decoration. Standing in front OF Trim
ity. and looking down Wall street. you could
SEQ the Stars and Stripes on nearly every build
Ing Of importance. The banks whose build
lings we're not surmountod with n flag
stan hung the colors from the windows.
Tho Mechanics Bank had its flag hung
about the colossal gold arm and ham
mer which projects above the lintcl OF
its doors. The Sub-Treasury and the Assay
once kept their bunting up until sunset. as did
also the Custom House. the two huge flags OF
which. flying from the balcony overhung Wall
street. DreAol Morgan 4 Co. were q little tardy
In rigging flagstaff over their main entrance.
al the corner OF Wall and Broad streets. But
whom II was fastened in place. new flag that
We'd with all others in brightness and graceful
undulations was run out. Over tho Broad
street gable Of the Stock Exchange waved flag
tattered and patched. that seemed 10 bespeak
the financial condition and fortune OF many
who pass through the gilded portals.
Down Wall street. toward whore the line Of
banks ends and the sugar houses begin the
Beaman's Bank for Savings hoisted tho last
nag in the street. Glancng up Nassau street
were seen the patriotic display OF tho Conti-
mental. the Bank Of Commerce August Belmont
The Equitable Assurance Society drew its
banner up alongside OF the little red and black
day "a" %" % The New w York Mutual Company % in in the The
block above ranked next In prominence while
still further up The thoroughfare the Park Bank
sToe T TSs Aantc MI HH HanS p arns M
and the United States Trust eqmpanics hung
an Immense length and breadth of red. white
and blue over their common entrance.
All the banks. having practically returned 10
terday the even tenor Of their respective ways
They took gold from their customers and de-
ilverod i 70 them or shipped 1t to their country
There lay in the vaults Of the Sub; Treasury
yesterday morning tll0O00.0O0 Of gold. When
business closed. the amount had not suffered
material change; Preparations, had been made
backs for gold with great rapidly In the event
Of rush. They proved unnecessary. During
tho day tl32 600 ~ legal al-tender notes were pre-
eented and redeemed. This amount. together
6old certificates TO the amount ot 100000 were
eeuncates given for them. About 800. 200 OF
go1 was sent into the. Sub Treasury. The
banks sending gold received in return at their
request Clearing House certificates. represent
tng legal tenders Individuals took legal tender
noe Qny small ,S S%S5t S0S OF E2d was Ss RE
general desire seemed 10 be 10 drop the coin
Into the Treasury and get something more
hti2 O'Clock the Sub b-Treasury had paid out
only 81. 500 gold. In the past the Treasury has
Custom House. but yesterday tl02.O Of the
tig+ 900 received for duties was In currency;
Sn pSFsd red se 9S
House and the Sub b-Treasury regularly once
and sometimes twice and thrice every day. with
day. The wagon. with its bodyguard OF de-
tectyes and porters. was familiar 70 every one
on Change II has been receptacle for more
than 81 900 900 900 in coin and gold certificates
paid IA duties. In ono day. on the change Of
tho tariff It carried s2OOO.60O TO tho vaults oi
One elderly gentleman received 5000 in
gold. He stepped aside. counted II with mani
fest pleasure, hesitated moment. and then
asked the cash her II he would not give him cur
Thcs Te instead ,rd; want s99mehlne 9 ina, wIh'
for he had been obliged 10 chase a couple oi
eagles across the flOor.
In answer to the inquiry. whether, they would
have gold or currency. that the clerks al length
Iesolyeed 10 put TO those presenting any obliga-
ton other than grecnbaeks, nine out OF ten re-
Presenting greenbacks for redemption. were
persons desiring little gold. probably Tor thG
parpSse 81 he ss2 % a" o eod u ps9 Su or
Rreenbacks 100000 was taken by one bank
probably 10 supply country demands:
pecting to obtain q few dolla In gold. but they
were disappointed. either because they offered
itthey offered legal tenders did not have $50
ths smallest amount that can be received fol
re1emDiOn.
On the lower side of New street back Of the
Block Exchange. is the Gold Room. Until th'
spring OF 1877 II was known as the Gold TX
change. Under both names the room LA.
witnessed thousands Of transactions involylnf
hundreds Of millions Of gold. Marvellous Tor
tdnes have been made and lost within It's walls
II VIVA all but deserted yesterday. and not Z
single transaction, was recorded. The indi
Gator stood at 100 all day as In fact II has 5tooc
Tor several days previous. At noon the Chair
man and other officers retired after locking uI
thsir desks and the finger board o
IT, one OF them said. as he passed
out reluctantly, The Stock Exchange controls
the room. but II cannot close i on the members
Dl tho Gold Board until May l, 1880 Al presen
y VIII be used AZ a convenient place TO deal II
Government bonds. to which business probably
bpno Of the gold brokers will turn their nten
non. and by others who will take TO ncgotatinI
loans "A "A sort Of money market movemen
u on foot In both the Stock Exchange and thu
Now York Mining Stock. Exchange TO form
some species Qf a union betYeen the mining
STOCK, and gold brokers' and hnvO the new or
ehnlNlton use the room AS Mining stock Ex
change.
AT tho regular monthly meeting. Of thu
Ihhlnber Of Commerce. yesterday, Mr.. A.. A
low Introduced resolutions that the Chamber
deemed II htting occasion 10 felicltate M
community which It represents and the country
az laTge upon the cOnsummatlon OF IN even
which haS boon 40 long and ardently desired