The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-29
FINANCIAL AND CQMMEh GAL.

the business community, and the financial situation
IL only repetition OF itself from day to day. The
regular dealings In gold are as yet suspended,
and the marketable prices OF all kinds OF goods con-
tnue nominal. The Gold Exchange assembled this
morning and CLEAN Of light was shed upon the con-
fusion reignng In that department Of the street by
the adoption OF resolutions placing the work OF
making cearanceS with the Bank OF New York;
When the proposition was laid before that institu-
zion, however, 1t was declined, and the Gold Ex-
change reassembled to further consider the matter,
when 1t decided to attempt the clearanCes them
selves, and committee was accordingly appointed
who have been In session ever since, but have made
little progress toward completion OF the work.
One incident OF the meeting this morning particu-
larry deserves narration as showing the terrible
scquences which might have followed the culmina.
ZION Of the gold speculation resolution to 60 on
with the dealings in gold had almost passed when
the danger which would arise therefrom was
Instantly pointed out and averted. Had the Gold
Board gone into regular session IL would have been
necessary to foreclose the outstanding accounts OF
every member in default. From fifty to sixty mil.
lions OF gold would thus have been brought under
the hammer, and the singular spectacle would have
been witnessed Of gotta selling dOt1a 10 par il not
bel0to Il. This would have been the ndubitable
result OF the forcible sale or much
gold The mistake was discovered in tune and pre-
vented. Every member OF the Exchange would
have been bankrupted, for she heaviest capital
could not have withstoOd the pressure OF such
Immense sales. AS 1t IL the members Of the board
are compelled to keep the market closed, for the
resumption CT transactions would open sluce
gate that would sweep all away. AS o matter OF
mutual protection this procedure is all requisite
The meeting decided. however, to allow the borrow
Ing and lending Of gold as the condition to the pre-
paratlOn OF statements in connection with Fridays
eleQfanCeS. n
done in the once animated Gold Room. The details
oil these several sessions ana of the general proceed
lngs in Wall street to-day are given at length else
where in this paper.
The price Of gold was nominal and ranged from
129 to 1885, The government sold 1897 900 out OF the
million offered, that being the total OF the bids at
and above the figure to which sales were limited.
The merchants who have SO keenly felt the dead
lock in the gold market were prominent as buyers,
In order TO make their payments Of customs well
~ to purchase bills of exchange. Although the
rates for exchange are nrmer for this req
son, they are yet nominal the range to-day
being as demonstrating, sixty days, commercial
107 1885, good 10 prime bankers, 10s a 1857 short
sight, 1854 a 1o9 Paris. sixty days, 5.27H $40;
short sight, $50 5171s; Antwerp 5.2gh q $40;
Switzerland 5.271s $50; Hamburg, 3lA 35H;
Amsterdam, 39A 40H; Frankfort 392 4039; Bre
men, 771z 1874; Prussian thalers, 70 a 7OX.
ton TO authorize dealings in gold at their sessions,
and the board viii meet for that purpose tomorrow
at ten O'Clock, after which hour there will be q
market rate.
The Gold Exchange Bank was still In q state OF
fog, and thesmost sagaciOus could not fathom its
future. 1t stood debtor at the Clearing House to.
day for nearly two and a half millions OF dollars
but deposited sufficient securities, which VIII allow
1t to remain until tomorrow when it Is intimated
II will stand creditor The cearances of Thurs
day, which are SO confused by the food of checks
sent IN to make good the differences created by
the sharp advance in gold on Friday
are yet without settlement, ana the suspicion was
quite general to-day that the institution is in hope
less state OF embarrassment The public Will better
understand its position when 1t is explained that the
Gold Bank IS the stakeholder in the game Of specu
lation, and that In making awards before the game
was entirely decided has plunged itself into the
utmost confusion, particularly as the wagers OF The
clique were paper, which Is as yet unhonored, and
as legal injunctions have clogged other wheels in
she Intricate mechanism Of the clearing department.
1t is for this reason the members of the Gold Ex-
change have withheld the statement Of Friday, and,
after ruitless attempt to obtain the assistance OF
the Bank OF New York, have resolved to make their
own cearances by personal comparison and trans
fer just they did before the Gold Exchange Bank
started and just as stock houses still continue
TO do.
The evil effects Of the delay in the clearances
would not be SO marked could the currency which
Is locked up in the banks be distributed to the vari.
Gus firms who were so unfortunate as TO be coll
cerncd in the great gold movement The with
drawal Of eight or ten millions Of money from the
market is o serious affair, and the secret OF the
second panic which followed the great break the
stock market. 1t is to be hoped that there is truth
In rumor prevailing on the street this afternoon
that Secretary Boutwell, will authorize the purchase
OF all bonds offered at the SubTreasury tomorrow,
not exceeding four millions. The advertisement is
for the purchase OF two millions only. But II Secre-
tary Boutwell, will go increase the purchase he VIII
confer boon on the public which may go far to
compensate for his late 1ug pas In the gold market.
The situation OF affairs here Is certainly o
most critical One 1t needs the intcrpostion OF such
power as Secretary Boutwell, possesses to prevent
still further aggravation Of the arrangement Of
business. Pronptness is needed in the application
OF a remedy or the present unhappy state OF things
In Wal street may preciptate o general disaster.
The money market Is extremely stringent The
lenders are the few and the borrowers the many.
To indicate the extreme character Of this strngency
II will suffice TO say that money, since the crisis OF
Friday, has been worth rates of interest ranging all
the way from per cent, CON- to seven hundred
per cent currency, per annum, the loans In such
Instances being from day TO day. Again, Wall street
has Its bad passions, like society in general There
cliques and combinations formed to break and ruin
others. One house prominent IN the street has been
constantly an object Of attack for long time past
Rumor mas from day TO day in the present crisis
printed Its prospective collapse. War has been
made against 1t from various sources. In the ver-
nacular of the Long Room certain parties have
gone cunning" for the stocks which they are
fep9ted to be carrying. Now, all concerned In any
effort whose object {. the bankruptcy OF such a
rm, are guilty Of agreat mora! wrong, which in the
long run will only revert against themselves. The
situation is such that every man should do his best
to prevent the further complication Of matters.
Private Jealousy should be forgotten and every
effort made TO turn the tide in the other direction.
The markets were all eversh and unsettled. The
State bonds were extremely dull and weak. The