The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-09-30
FIN ANCE AND TRADE
New York Money Market.

The stormy debates in tue Gold Room
and the alternate remarkable depression
and buoyaucy OF the Stock Exchange,
stock failures and receIversbips and Ia
functions, form u group of events which
make the day without an equal in the
annals of Wall street. At the early SEES
sion of the Gold Board the following
was presented:
STATEMENT OF THE NEW YORK GOLD
EXCHANGE BANK.
To the Committee Of the cold Exchange
Board:
An officer of the Board went into the
Go Room on the morning of Friday,
the 24Eh INST, and suggested TO few
that it would be impossible To clear the
transactions of that day on account Of
an attempted corner, but on considera-
tion it was decided it was the duty of
the Board to make the attempt, even at
some sacrifice. The bank assumed the
cleariugs movement in the usual man
ner and received in payment of balances
a very large amount of gold and cur
rency. IL was necessary to restore
large portion of these amounts to the
dealers or widespread disaster would
have followed. TO do this the bank
was forced to depart from the rule of
receiving all balances before paying
any, and went on paying dealers a
portion of the balance on their
statements, reserving safe margin
where practicable, aud trusting to the
dealers TO make good any over payment
on the final settlement. This was the
course pursued on Friday and Saturday.
Ga Saturday a committee was appoint
ed To an informal meeting of the dealers
TO confer with the directors, who
went into an Investigation extend
ing through Saturday aud Sunday,
on the plan To declare nine dealers
rejected from the clearing and as
sumo the rest as good, the only basis
of settlements they deemed practicable.
The bank acted on this III paying deal
ers on Monday. The emergency of the
settlement with the clearing mouse of
the banks on Monday and Tuesday was
passed by, transferring 10 the committee
IF the clearing house Il sufficient amount
to secure the balance due by the bank.
The bank has now at its control, after
settlement with the Clearing House
Bank, not far from the amount of its
capital and surplus with which TO liqui-
date dealers statements as soon as il
can be Ascertaincd what is due from the
banks TO the dealers and from the deal
ers to the banks. 1t is the expectation
that these results can be Appropriated
to day, aud from all the evidence now
accessible, we believe the bank to be
solvent and able to pay all debts. No
complications exist at present, except
vn our dealers statements. The bank
has rot failed or suspended. 1t has
| paid AL its obligations as stated. 1t
has Mondays obligations at the clear
lnS house in gold, at par, and on Tues
day SI,uoo,OeO ia gold and say 81 500, 900
IL securities
lSlSuedD II. W. BENEDICT Pres't
September -, l>6g.
Inc committee Of twenty appointed
by the Gold Exchange worked steadily
on the statements OF dealers since fonr
o CLOCK yesterday afternoon and at one
L. VI. only TWO statements remained IN
be received, those of Smith, Gonld G.
Martin and kuckerboCker < Co. Tia
net result as Tar rs GSCertalucd ia thar
the dealers are short with the Cold
Exchange Clearing House about one
million dollars of gold, which Smith
Gould y Martin are offering TO sell them
at l35. There appears no doubt the
committee will succeed in etlectlug the
clearlngs on fridays business, the
settlement being made on the basis de-
termined upon yesterday. lie differ
euce between l35 aud the actual price
will remain to be adjusted between
dealers themselves at 3l5. The com
mrttee of twenty reported to the Gold
Room in executive session that they
had referred the making upof stare
uent from tickets of Smith, Gould Il
Mo. IN to competent accountants and
rs", 10 be released from further
dnIr es'sS Nort was accepted. 1t was
thrn ne IL. the transactions of
rrIaay De settled h,,or5 al.
ionr No G ,!Sg house Al,
JoHrned till ro.morrow an 10.
The President of ~:
oeeh served with an ipinnn. noon
on on the application Of Smi1S granted +
MARTIN d Co, restraining him could,
rule. according to
The following resolution was MAJ
'y the New York Stock Exchange passed