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assets are ample. He believed all dollars claims would that its be settled in full, as the firm has two for every one it owes. The Stock Exchange wore about its usual appearance yesterday. The off effect predicted before the opening of a falling of exin the prices of stocks, after the first flush in a citement was over, was seen in the afternoon decline of 3/1 to 21/4 per cent from the anxious highest figures of the morning. Some brokers were whether to secure a legal opinion on the question enStock Exchange had authority to the such contracts as were entered into Atforce to the closing, and ex-District inprior Sullivan furnished the desired from the sources of his He says "From an edge. torney formation examination forensic that knowl- of the the constitution and bylaws am of opinion closing of the Exchange, although believed to exi- be and expedient under the extraordinary an just of the crisis, involved as a consequence of gencies abrogation of the ordinary powers the over the contracts not suspension of business. AS entire Exchange the absolute closed through to prior those its to transactions the Exchange cannot demand of past officers buy or sell any securities on settle the the difparty, so as to of all the express consent concerned. Should the to that consent, parties aerences, a without contracting without attempt for Exchange, ordinary enrules established to business, they would be their and the act would be contrary to and, perhaps, produce junction, force regular the for irreparable liable injury. not inbeing unauthorized, would, in or enforceable by the should any member refuse to liable of powers, be The expulsion binding action. ordinary fact, comply. penalty for the Exchange might become for the unauthorized act of its that point I am not prepared to but damages Perhaps on express officers; positive opinion." asked in regard to this opinion, a member said When Exchange Governing committee constituof that the Stock Mr. Sullivan's examination of the the committee tion full must power have to been do everything cursory, as it had the done. consti- In had proof of this he referred to article 23 of tution, which reads as follows: alterations of the constitution and bylaws shall shall be sub- be made All by the Governing Committee and, if and not disapproved they mitted two-thirds to the Stock of all Exchange, the members within one week, shall stand as the laws of the association. that the notice of the closing of the Ex- the submitted to the change He said was announcement members in being manner, the simple not reregular The Governing Committee were were not disposed to lay their esthe Board for discussion and sufficient. before quired and argument, and decisions excitein times of financial trouble action could pecially ment. be nullified The only was way by a week a in vote which after of their two-thirds such action of was the not occur in of not occur except in regard to a and unpopularity. as a large and members taken. could injustice This within disapproval did active this case partir num- case, members took no examination of the that the powers of the ber great business. would show 01 regular An Governing constitution necessary Comwere almost absolute, and it was and dismittee that they should The committee be so in times had the oi panic same right regula- to turbance. suspend the bylaws as to establish new tions. regard to the probability of any trouble Committee, arisIn from the course of the Governing constituhe ing showed the following articles of the tion:24.-Every member upon signing the and constitu- also by ARTICLE himself to abide by the same, tion pledges rules and regulations which may adopted. member of the New all bylaws ART. 27.-Any whose partner York or Stock hereafter partners Ex. shall, change apply who shall for an himself, injunction or committee or or of legal the Exchange instrument re from straining any his officer or its duties under the constitution member and the bylaws, performing shall by that act cease to be a of association. announcement of the suspension of Clews this & The made in the Stock Exchange at noon, being Co. was the first official notification that the Exchange had received. Condition of the Savings BanksLegality of Discrimination in Regard to the Payment of Large and Small Sums During Panic-An Opinion. There is no longer any feeling of alarm among the savings banks depositors. A great deal of the money drawn in the few days of panic that seized upon small depositors has been returned. As large amount as $13,000,000 in greenbacks was at the command an of the savings banks in case of a determined run being made upon them. This large sum, that confidence is almost restored, will find its now way out through different channels, and contribute its aid towards the relief of the money market. THE BOWERY BANK has 52,000 depositors. Yesterday a large number of deposits were made here. As an instance of how entirely diminished the alarm is among their the working classes concerning the safety of last it is recorded that at this bank on savings, Thursday only thirty-seven persons gave notice of their intention to draw their money out at the exof the thirty days' notice. The number Satur- on piration had diminished to twenty-seven, on of day Friday to twelve, and on the two first days the tweek only ten each day. THE METROPOLITAN. At this bank the officers say the deposits began. have $150,000 since the excitement close not who have announced their intention accounts represent about Timose their decreased $60,000. of $7,000,000. The to entire amount of deposits reaches a sum prospect are being opened and the business seems of New better ,accounts encouraging. THE UNION DIME. tin's bank the total number of depositors Bank, is At As in the instance of the Bowery they 32,000. depositors have returned the money many auring the recent scare. The deposits the up withdrew to noon yesterday were $13,000 more than payments. THE BLEECKER STREET BANK. large number of persons to the out motives of fear has been redomestic Here from a class have accounts. Money belonging drawn largely lately bank is an old one, turned. in 1819, during it 1 established The which and having received time been 342.743 Accounts has opened
