The Sun.
London, England, 1869-10-18 00:00:00

MONEY AND BUSINESS.

(From the Springfield Republican, Oct. 2.)
The writer of ordinary financial resumes cannot but
feel that he is venturing into the unfamiliar and bewilder-
ing haunts of the play-wright or demi-novelist as he con-
templates the doings of the past week. The Gold Room
and its galleries, crowded with brokers yelling and gesti-
culating defiance across a fountain, most strangely out of
place ; the frequent outbursts of temporary insanity or
sudden fall of the victim of apoplexy ; the rush for un-
scrupulous operators, whom guilty consciences had led to
seek safety in timely concealment; the valueless fluctua-
tions in value, of unparalleled breadth and rapidity ; the
vast operations, covering in the aggregate hundreds of
millions of fictitious dollars, really based on less than a
millionaire's wealth ; the real ruin which this gigantic
game of faro, mere game though it was, brought to many
doors ; such are the topics that have constituted the finan-
cial history of the week, and WA are not blind to the in-
consistency of considering them under the customary
head of "Money and Business." It is one of the few re-
deeming features of the crisis just passed that its results
were in a great measure confined to Now York—and to
New York as the head-quarters of the speculators rather
than of the business men of the country. The feeling of
the country at seeing gold go up to 160 last week (Friday)
was very akin to that with which it read of the Avondale
disaster, except that in one case miners and in the other
gold gamblers were in peril. The ordinary business of the
country went on quite as usual, as it would not have done
if the advance in gold had been real, and the panic at New
York had been among the solid men, and solid firms, and
solid institutions of the metropolis. But the event
showed that Wall-street is almost an institution by itself,
on which the monetary fabric of the country rests but
slightly. The financial prospects of the nation were
good, and the quantity of gold at home larger than for
some time. On Friday, at the culmination of the
price of coin in New York, the gold in the country was
about to assert itself as an element in the supply, and was
pouring in from all quarters, when Mr. Boutwell's order
for the sale of Government gold forestalled it. Indeed,
Mr. Boutwell's order may be regarded as an official de-
nial of the scarcity of gold, coming almost simultaneously
with private denials of the same fiction, both expressions
being couched in the most decisive language, namely, the
offer to sell. Let this coincidence, in point of time, be
noted, for the Secretary's offer, if made at all, should have
been made earlier. Ought he not rather to be congratu-
lated that he timed his blow so nicely that it fell simultane-
oubly with others from private holders of gold in this
country, and from the Borings and other shrewd bankers
in Europe? The clique never recovered. The question
is also raised whether Mr. Boutwell had any right to in-
terfere on the bull side or bear side. Doubtless bulls and
bears, as such, should be unknown terms to an officer in
his position. His standing toward the matter, however,
is precisely this : He sees the price of gold going up, and
in consequence, exportations stopped, importers bothered to
pay their dues, and specie payment further off than ever.
He has in his hands idle gold, which, released, will alle-
viate all these hardships. If his sale comes as a punish-
ment to the clique that is forcing gold up it is none of his
work, for he is supposed to know no clique, and there is no
evidence that he has connived with any. He makes no
threats, as if there were no one to warn from under, but
sells as a last resort. The rascality of any bear clique that
may have in times past engineered gold down for stock-
jobbing purposes affords no presumption of the villany
of his motives in taking a step that is for the manifest
good of the whole country. Since the grand crash of last
Friday, the New York speculators have been vainly endear
vouriug to find out their standing toward each other.
The Gold Exchange Bank, the medium which stands as
a clearing-house between buyer and seller, was at first
reported to be clogged with business and overworked.
This institution is purely a creature of the Gold Room
and though a new idea, there being some such during all
the heavy gold dealings of the war, has been thought to
be a very necessary adjunct of speculation. Its capital is
only $300,000, and its surplus fund 8150,0G0. The theory
that the bank was overworked did very well for a clay or
two, but on Monday the clamours of the brokers to know
just how they stood and to got the balances that were duo
them were very loud. At the same time the house of
Smith, Gould, and Martin, or more plainly, Jay Gould
and Jim Fisk, chiefs of the clique that ran gold up to 160,
began to repudiate their orders. For instance, Fisk on
Friday, seated in the parlour of William Heath and Co.,
his brokers, sends a mssage per boy to Livermore and

Co., to buy $1,000,000 of gold at 160. Allen, a MOO.
of the firm of Livermore and Co., not daring to act two;
this message returns to Fisk and asks him personally if /'
is all right. Fisk replies that it is and tells him to g°
ahead. Allen asks against which one of Fisk's brokers he
shall put down the sums bought, and is told to put it dohagainst Belden and Co. Allen replies that ho doesnt dtl
business with that firm. "G
—d d—n it, then put it doh
to this concern," said Fisk. Quincy, of the firm of Wrilha°
Heath and Co., who was standing by and overheard gig
conversation, acquiesced and told Allen to put it down to
the account of William Heath and Co. Allen immediaielie
went to the Gold Room, bought the gold, and gall° the
names of those he bought it for. Ten minutes later
crash came, when William Heath and Co. closed thl
private offices and would see nobody. Deputy Elwrllfto
were stationed at the doors and would permit nobocty
go inside." When Allen called the next day, Quip
affected much astonishment that he should claim to 030.
bought $1,000,000 of gold for them, denied that he g:to
his acquiescence for any such bargain and refuse(' 0
pay the margins. It is but fair to state that Liver tog
and Co. tell a different story, but the fact is stv
that somebody has repudiated, and this is not the °"
case. Gold was called at the gold board on Mond3leell
Tuesday, that institution devoting its energies ihrsis,
committees and other means to find out the status eL
members with the Gold Exchange Bank and with eg.t,
other. Wednesday was similarly occupied, and a annll,o
tee of 20 succeeded in clearing the accounts of all the
or three hundred members of the Gold Board, s.c.te.a
Smith, Gould, and Martin, who were continually pro'f:
to send in their statement but never sent it in. Th°:o
ing against them was very strong. An injunctiouissd
also issued against the Gold Exchange Bank, and it
into the hands of a receiver. On Thursday matters '',lo
comparatively calm, and gold bidding was resernea oo ;0
Gold Exchange. The unsteadiness in gold has Tls
heavily on the export trade, and is felt most grievous
the Chicago grain market, but there are none to woe0(1
downfall of the Gold Exchange Bank or the miseryieorli
the Gold Board. Money has been stringent in,New tid
because everybody has been trying to unload deprecis
stocks and realize the money on them. As soon tts to
stockholders put their wares down to a reasonable rst'te
money was forthcoming, and on Wednesday afternoot;oo
market was much relieved by country funds comilig soi
be invested in the temptingly cheap stocks. Cilicg°
the inland cities generally have "an active but health Sol
not unsatisfactory" money market. Gold has beell
stool
131 since Friday week, just at the point at which it 0
before the fight. The possibility of getting ahov4tlo
point is not very brilliant in view of the large Er
amounting to some millions, on their way here frolsool
rope. This gold may have to be shipped back by tliter to
steamers ; but perhaps it will be needed to 'paY
immense exports that will be sure to follow the P. 00!
stagnation. Mr. Boutwell's sales during the coreilisrl;
will consist of $11,000,000, sold at $1,000,000 ate iit'ol3l
distributed over the month as evenly as possible+re
place on the Ist, sth, Bth, &c. Government Bondsloo sit)
preciated with chaos, but very slightly in comParis° fed
other stocks. The foreign bond markets have bee° 1,0
little affected by our domestic convulsions 8/3,,3K10/1
recovered their former rates. Mr. Boutwell's PO
of bonds will consist of $2,000,000 on the 6th, 13tb:j501,t
and 27th inst., each, and $1,000,000 on the 7th
inst., each. Southern bonds have been weak. IP; a,
that can be made of the stock market is that it 1'; thi'
extremely demoralized. The tumble in Vanderhilta.
inaugurated the crash has been somewhat recovereffied!
Commodore is said to have called on all his ruralle4
for money with which to buy up and sustain hi5,,,;10;
ties, and, still further, to have unloaded all the
his hands, that he might be freer to hold up his °`scoSeg;
change in the quotations for nearly all stocks si° re,
1, as shown in the following table, is the most esP
commentary on Lhe condition of the market :-- pc",
Sept. 1. Sept. 29. bg;
New York Central Railroad ... 205} 145 g;/
Hudson River Railroad ... 187 k 123
Harlem Railroad ... 160 11' g,
Erie Railroad 35 21 1°
Cleveland and Pittsburg Railroad 108 82 Igt
Chicago and N. Western Railroad 86} 6,2 049'
Chicago and Rock Island Railroad 11h} rid
Mil. and St. Paul Railroad ... 79f
Michigan Southern Railroad ... 106}
90 Reading Railroad ... 97i 'g

New Jersey Central Railway . 107 9,
Pacific MAR 80} 55 .1115
The depreciation in railway stocks alone sill;°
day last, is estimated at from $100,000,000 to slsvbet
This is the nearest approach to a panic that bas 'osieeig
nation for some years, and yet with the gener94`,,iieli
of the country at large it is not a rose-coloured
take of the situation to say that a general finauci::
is improbable. One of the events of the week ~,t'''titt :r
not to go unnoticed was the run upon the -I:- 09
tional Bank of Now York, on Friday, the day
Bankers who were interviewed by the i'; heed
Tribune, and said to be trustworthy, were ii
Ilion that hostility to this bank was one of
.motives of the bulls in engineering the corner. Jct.'
this be so or not, the bank which at the time WI
odium of having its affairs investigated by Grflr,°3`l,,;'
official, weathered the storm in safety came outt-fdifiv;
increased credit. Of the houses that have fsi'eg- WI)
wood and Co. is the chief, a six million L° 10r is
head, Le Grand Lockwood, has bee famed ',opPIO
patronage of art and magnificent living. He for "4,
his private property in the bands of an assigor" )IAO
creditors' benefit. Other failures are Charles )1',150$
10
Fuller, Treat, and Cox, and W. Julian, Dry OceP.,
been very lively during the week. Cotton goo"- o'd
their prices notwithstanding the :all in cotteo.
reg:101
said to be due to the fact that the manufacturer
di
the recent high price in cotton as speculative an
advance their goods to correspond with the 411' a cant
in gold curiously stimulated trade by ind12,61:'103
timid dealers to invest largely in foreign fabric't, t3l:,
impression that the rise would prove pen:4'3138%0 lid
ings and sheetings of both kinds and prints bane
largely dealt in. Woollen goods are also firl:a °
inferior demands.

•"
batiVrs'a,s°
Messrs. Drexel and Co., the Philadelphia
as follows on Oct. 1: Pennsylvania Railroad 51'3 939
Sixes, Ist Mortgage, 98 99 ; Sixes, 2d 31ortga0
the Sped
We make the following extracts frollilottios4irtc
of Mr. Irving M. Scott on opening the 0%114.1,...iiie?
Mechanics' Institute, San Francisco, SePt.l:;o
J
eight years ago Professor Low, of St. J°
ling °tic r
Bardstown, Kentucky, was dismissed for Wri
,01:0)fte0
phlet advocating a national railroad fromtbe 14011' for'
the Pacific. The Faculty judged him insane.loo
this very city, we can step into a Pullmanpr°,6°/,
nished with regal luxury, carrying our o reoilaS
travel across valleys, climb mountains, sPalloood Dlneither change cars nor stop for three tliectocl 0,5
iv:,
over one country, having one language, Pro cAlld
flag ;—and the builders of this enterprise vjef'otito
presentative men of our day. In 78 daY° ° oLta°,4o
can follow the sun around the world to onr Portroilijjo
llea
ing, instead of 36 months ;,of tedious trave---acort 0 00
us the condensed luxuries of the land, and seijo of
home on swift-winged messengers. The.„,„e1,4010,"
at the point—an idea conceived by Elias o.a- tvoi•iiy
sewing machine possible ; and it has Pass. thOtitaY
ous improvements until we have a manl"litired OY,
with harmony and precision seven },unit talg.tiej!lPP
minute; too stupid to make a mistake. Bil`„:01
seconds to thread the needle—a loss of
an ooPtoPilipila
which could not be afforded. A weirallcoll;fletlyirpl
idea, and exhibits in this building, as ,-tbettrre 1?(0
mechanical progress, a needle that can "'t ititioo,
than a second—threaded without lookiug,,t' nesPolh`ollll
the dark! Two years elapsed from the ,7,0140,; -a ';Di'o°
practical application of the idea, during Ww„ppl;eoe,
were consulted. Finally a son of A_,sii‘daP4oo,ll
and we have the open-eyed needle of drove's
to the machine of the future what 0°,,,-sistio'
machine of the past. The brain of a Gat' e' 0:0/
of the Mongolian—prototype of what is tie old i)
recording deeds of usefulness, the mess $Ol, FA AP
enlarge their spheres. Time is precious. 00 /1,00,c
stitches a minute is not enough. Prngetlie tal°4l,ll°4
ing. The physical effects, the fatigue °La tl'i-fo
be abated. Stevens hears the cry, toncrte;o4, DM
electricity, and quicker than thougl'OcouP:oo"
stitches a minute respond. Feet 11,1111., cifig, 31'ot.
dispensed with. This open-eyed une"titelic"ili,foc,Dc
subtle fluid, with its music of 1,200 a Of ic,4
is California's reply. to Hood's " ST:lXOttiriPholi°!
Mines which have yielded tin for WI ;ncrev, 0:411'
decreasing in quality and quantity, and "rice, ifr..,11, a°
until increasing demand paid double Poooloiroviet
supply was not enough. While this artel3,opeiolie;
place in one part of the globe, to Is'ftetTOld,lol.6'fiij/3ell 0;e:
Librium, California was discovered,
the tin mines of San Jacinto laid bareli„
60 per cent. ores—a deposit that wi",
of tin-wares, and make Temoscal wilsydoen 00,ipif(fra
saTntheditseb,eat,rhswe,
was
eraesdrt exhibit of tin ever Pro oiled; to
eusieheted,shcoenetcee,ntieraateeediacstrau-„Aricit'yroptiL;/(4,
all done with California inventions in tifor
"
ilg pia
cisco. Slate, another article exhibits" d, tl),iow
a product of this State, lay undisturbeeocli°
underfoot by the ceaseless throng wil°
and worked our copper mines."
Oil
C 1.1.
BIRTHS- oally
BLUNDELL—On the 10th inst., at The stc°'
Blundell of a daughter.to
WALSIIAM —On the 15th inst., at.l2 of
Walsharn, of a son and heir. enoti':1')111/
MARRIAGES.
.tat ioo;01
BOURCIIIER - HAST— On the 14th t).,rtair tho I /
Robert Lennox Bourchirr, E,q., ;ter of oc
Artillery, to Mary, the elder drug o. 0,1, 4
Hast, Esq., R.N. • of.,
rior 0,4
f
LASCELLES—ROBERTS —On the -sth d
so- °
to
gate, Eaton Monins LAscelles, theinr,bire,„o4•
celles, &q., of Pencraig, Cardig rto, P
daughter of the late Sir T. IL -'
B nhAenr Be
tu,
FredericE—
Jollife, 4p ,
rn
place, Hyde-park, Charles Yi *el
JOLLIFE the 13th inst., at. 231:5q., rt 9,
„ro,DlA:‘,lo.l. J.ll
n At tog e
11:5 tili3jr
eirdnljbs teS. Woe
in the Precinct of the Savoy, itt
London: dNoon :11P2r, ibnttreadmatupdriPnutehrl,isalite,rdlibsls',ol;oo:::, ,
Monday, October 18, 180.