New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-11-02
WALL STREET.


TIE GOLD EXCHANGE BANK-CONsOLIDATION
OF TIE CENTRAL AND HUDSON RAILROADS.
The directors elected by the Gold Exchange
to take charge of the Gold Clearing House. (which
was a thing little needed that IL fell through almost as
as oiectedJ met the directors Of the Gold tx
change Bank yesterday, consider proposition made
by the latter, looking 70 resumption Of the clearing
business. The proposition is this: The Bank having
mprudenty diverged from It's course as a mere agent
between brokers' and having advanced money dealers
who considered sound but who proved TO be inso
vent lost its surplus Of S3COOOO abOu and $4,000 Of It's
$4,000 capital The directors say that If the Gold
Exchange IS willing to permit them 10 do
80 they will resume their clearing business
on their diminished capital II the desired
permission be denied they propose to suspend further
operations until December T. the date Of the annual
when the stockholders will decide as TO whether the
capital OF half million shall be made good the bank
they say they will take immediate measures 10 abolish
the recevershp aud resume business There was no de-
cison arrived at yesterday the Gold Exchange Directors
requiring time TO deliberate the matter previous
probably be submitted to-day or tomorrow In the
meanwhile the feeling the street relative the Gold
onew5o hold that its very existence is disgrace TO Ire
financial center Of America, in that the institution
is mere aid 70 gamblers. This party includes
many bankers aud a few heavy dealers. They say
that the business Of buying and selling gold could be
more security without clearing house individual clear
in the stock market, beng clearly 10 the adj
system would contract the volume Of speculation.
each dealers status would be severely scrUtnZed by his
fcow-dealers before engaging IN any transaction with
him. BY the present system, they say, irresponsible
parties, men With barely capital enough 10 purchase
aud sell millions, where, under safer sys-
TEN. they would not be able 10 handle thousands.
The other party contend that the clearing OF stocks
would De impOssibty. because OF their multiplicity.
and that but FOR that reason there would be stock Clear
a necessity and tnat the Gold Exchange Bank, having
been nearly ruined by advances made to dealers de-
abolition Of the clearing system would contract specua-
tons, and refer for proof To the history OF gold dealings
during the war when there no Clearing House. aud
yet speculation Wild and transactions insecure
than now These are only a part Of the arguments
of either side but they show that the impending conflict
between the friends aud foes OF the gold clearing system
Will be a sharp one During the panic OF September the
firm OF Vandeventer a Co. were forced 10 suspend bust
ness on account OF the supposed defaeaiOn OF their
applied for readmlssOn TO the stock Exchange, ex.
planning that Mr. Headley had returned, aud
that their assets were found 70 be sufficient
At last and after many arose from one
single subject the consolidation OF the Central and
Hudson Railroads has been effected This has long
been fayorte scheme with Commodore Vanderbilt aud
the Bulls have looked TO ITS consunmaton A. sure plan
raise the value Of the stock The stockholders Of the
Central Road met in Albany at ?. m yesterday, and
those Of the Hudson River Road In this city at the
hour. and the scheme of consolidation finally agreed
by both parties on the basis Of 2O7 for Central and
for Harlem. The OF the consolidated company
will be The NewlOrk Central aud Hudson River
Railway 5, SIN SAID that On cash SID, dividend
officers OF the new company are as follows; C. Van
deTDt President; WIN. Vanderbilt Nice.Pres
dent; L. ID. Worcester, Treasurer aud the Hon
Augustus schell Secretary. Prom the moment Of tile
announcement Of the consolidation. which was made on
"A basis much Lower than that expected II was evident
that the Bull interest had been greatly disappointed and
as consequence the stock fell considerably instead Of
rising, as had been predicted.
THE GOLD WAR-ANOTHRR COMPLAINT BY FISK
AND GOULD.
Yesterday afternoon on warrant issued by
Justice bowling OH the complaint 0f Jay Gould and
James Fisk IT,, Charles Alien, Wallst broker was
brought before the above magistrate, at the Tombs TO
answer charge OF forgery Mr. Allen witness In the
snit in the Court OF Common Pleas whereof Orlando w
Josyn and John J. Bostwck are complainants and VIM
fteatb lanes W. Ellis. Charles l.. Quincy, Jay Gould
nd lanes Fisk ir are deiendants ON the goth OF Sep
ssmleT last Mr. Allen made an affidavit. wherein lie
01ade the following statement:
informed Nj Psi that bs dj Sot Isy bu1