The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-26
F FINANCIAL AND COMMERCIAL.

minated yesterday, has gwen Wall street sort OF
holiday and the only transactions OF moment
were Ia the stock Exchange the sessions OF which
took place at tine usual hours while the mlscelane-
ous'deaiings were carried in the Long Room down
stairs. The inability OF the Gold Bank TO pass upon
all the various statements so suddenly submitted on
Friday, in connection with the enormous transac-
lions OF that dav has virtually put END to opera
tons in gold, and the Gold Room has been remark
able contrast to itself OF yesterday In view OF this
state OF things the following communication was
sent TO the Gold Exchange this morning.
New YORK, Sept. rs, 1859.
TOWNSEND Cox, ESQ.,, President New York Gold
SIR-The bank will NOT receive any clearing state
nients from dealers TO-DAY.
affected Dy the failures and it Is Impossible as yet 10
ascertain balances
those in default which they have sent In, az that is
the only mode OF adjusting the movement.
The bank will use every exertlOn to bring
accounts to o prompt settlement. Respectfully.
II. NJ BENEDICT, President.
After some discussion rs to the best policy 70 be
pursued Mr.. Charles Unger moved the following
resolutions. which were adopted
Resolved, That this board do now adjourn until
Resolved, That for the protection OF our mutual
interests no transactions made to-day shall be recog
Resolved, That committee of three be appointed
by the chair to wait on the Assistant Treasurer
General Butterheld and request Kim TO postpone the
sale OF gold until some future day.
The effect of the second resolution was complete
suspension OF all transactions in gold, and the
was vacated. The committee provided for in the
third resolution waited upon General Butterneld
who telegraphed to Washington for Instructions the
result OF which was modification OF the order OF
Secretary Boutwell, authorizing the sale OF only two
millions OF gold against the purchase Of three MIL
lions of bonds, the details Of which transactions are
given in full in another column OF this paper. Gold
had, therefore, only such value the bullion deal
gave it in transactions across their counters and
the price IN such circumstances ranged on extreme
figures from 1872 to 1885, 1t ID certainly curious
mentary on the late movement that it should have
efectually closed one great mart Of the metropolis
and suspend the rate for commodities which are
governed BY the hourly price OF gold. The Gold Ex-
change Bank was thronged all day by parties to
whom balances were DUE and who were anxious to
hasten the delivery thereof. report was early In
circulation that an injunction had beenHobtained
against any further liquidation on the part Of the
institution, but it was only one Of several such
legal resources employed to prevent the payment OF
balances to parties who were indebted to the appll-
cants for Injunction 1t was not until late in the az
ternoon that the bank got under way and CON-
menced the payment Of balances, where the
situation Of the receivers and deliverers or
adjusting tine entire business Of Friday cannot be
completed to-day and may not on Monday, 30 that
the adjournment to-day was fortunate interposi.
ton In aid Of the managers and clerks. AS these
balances came out in the shape Of checks various
firms which included IN the general suspension
last night opened their doors and began making pay
ments. Under these circumstances q hope was gen.
orally entertained that the deadlock Of business
might soon be removed, but as the day wore the
number of firms embarrassed BY the delay in obtain
ing their checks great as to again defeat all
chance Of resumption before next week. The firm
of Smith, Could Martin 4 Co., who In their suspen.
sion OF business yesterday so blocked the business
Of 8 great many firms connected with them also
opened their doors and began payments Of all claims
except those arising Of the alleged operations OF
the clique. That the losses win eventually be large
may be fancled from tho fact that Mr. speyers who
acted for the CLIQUE bought millions Of
gold at prices ranging from 143 to $780, He the
street to-day aud declared his determination to meet
his liabilities as far as his means would go. Until
the confusion In the Gold Exchange Bank ia dissi.
pated affairs must remain at q standstill. FOrtu-
natey the intervention OF Sunday will afford time for
cooler work and will recuperate many a wearied
brain for the unraveng Of the knoty financial stu.
alton next week.
great deal Of excitement was produced this
standing debtor at tho Clearing House for the sum
Of about seven hundred thousand dollars The
other banks took advantage of the opportunity to
force run upon 1t by throwing out Its checks, the
point Of the LII feeling lying In the fact that the Tenth
National Bank has been regarded the property ana
depository Of the gold clique. The Indebtedness at
the Clearing House was met, however, at the usual
hour for settlement; but the news having spread
that the bank was embarrassed, the run upon 1t as
sumed proportions which threatened Its bankruptcy
and . series Of calamities which might have ended
in general panic throughout the city and country
Wall street stood on powder mine In this exciting
period. In this emergency Its friends came to It's
assistance, and out Of eleven hundred thousand
dollars on deposit one million was paid over the
counter up to quarter past three O'clock at which
time The. run ceased, although the panic had died
out when 1t was discovered that the bank was
meeting every demand promptly. The Gold Ex
change Bank was also debtor at the Clearing
House, the sum being nearly two millions, but
adjusted its balance during the day. These facts
and the opening for business Of the
prominent firms which closed their doors
yesterday created better feeling after
banking hours and a hope that the worst had
passed. The diflculty resolves itself this nnal
sltuation-if the principals who instigated the i'm
mense purchases OF Mr.. Speyers will stand by him
in making good his differences on his gold pur-
chases there will DO little loss, and the whole
matter will solve itself readily. II Mr.. Speyers is
not so assisted and cannot from his own pocket
meet this Indebtedness there will be . widespread
dispersion OF the total loss through host Of firms
on whom their individual liabilities will fall with
greater or less weight according to the extent Of
their capital.
The money market was extremely stringent owing
to the deadlock In money. Those who were forum
ate enough to have control OF funds were usuri0us
lenders, and as high and half per cent inte-
rest was paid TOR turning stocks until Monday. The
shyocks had o rich harvest and reaped 1T zeaousy.
The lowest rate was seven, 90 ID on governments.
The bank statement shows large failing of in
deposts, 80 that the loss In reserve Ii only about
half million OF dollars, despite the withdrawal Of
greenbacks and specie. The changes from last