The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-10-04
NE W YORK

Reported Failure of Palest0n,
j Rag mgRd 4 CO.-susDenSi0a OF
Adams, KembaIl G. A08Pe-OpInlOn
OfA Z. GteWaFt-fank Statement
Remarks OF Postmaster General
CFessWelI.
New York, Oct. 2.-The inefi-
cheney of the Gold Exchange Bank
as clearing house has brought out
many new plans. The Gold Room.
this afternoon, in exeetiviye session,
passed the following resolution:
Res0EUeE, That q committee OF nine
| be appointed to ascertain whether it
is practicable and desirable to organ
ize a clearing department as the func-
ton of the Exchange for clearing the
contracts IL gold made by. and be-
tween members of the Board, and re-
port the plan.
1t was currently reported in the
| Gold Room that Paleston, Raymond
& Co. had failed, and that their la
! bilities were heavy. This report arose
| from an announcement that the firm,
1 in letter to the President of the
Stock Exchange, say that their tenn
/ porary suspension was necessary, and
4 requesting the members having un-
settled transactions to send in a state
ment Of their accounts. This Is to
facilitate balancing their books, left
in a terribly tangled state by the
alleged defaulting cashier, j. w.
! Sanderson, who is not at the office
to-day. They state that no approxi-
mate estimate of their losses can be
ascertaincd. but believe themselves
able to meet all in short time, and
resume business. rs-- Il
Adams, Kimbsll & Moore also an
nounce themselves suspended, but
cannot give a correct estimate Of their
liabilities. The proba bility is they
are heavy. They have no unsettled
transactions II the street.. Their /
failure is caused by losses IN both
stocks and gold, the principal losses
being IN the former.
The World states that Commodore |
Vanderbilt has not sod a dollars |
worth of New York Central stock. |
but, on the contrary, has been a con- |
slant buyer, even through the panic. |
and has assisted e his friends to the /
amount efFtFo and half millions Of /
dollars. He borrowed ten millions /
of an English firm, applying it to sus-
tanning the Central andHudson. The /
story that be has bought 70 coo shares
of the Lake Shore is untrue.
The reports as to the condition of /
Lockwood are HnfaYorable, but their
is no means of ascertaining their
truth until Monday, when the direct
ors of the Lake Shore Company hold
their meeting, at which it is expected
the relations of that Company with
the failure of Lockwood q Go. will
bemade known. Mr.. Iegrande Look
wood has rendered his resignation as
treasurer of the Company, and on
Monday his successor will be chosen.
The Post has the best authority for
stating that Earrings had no COZ nec-
ton wit the late gold transactions. 1t /
also says that Duncan & Sherman's
entire sales of gold during the gold
frenzy were only 100000, all in the
regular course of their exchange bust
ness, F--er. -rCr Il
lThe Korta gives the following as
an opinion expressed yesterday by A.
L. Stewart: L disapproVed of the pol
icy Of selling gold and purchasing
bonds with the proceeds, believing as
l do that Il vii dneYer lead US, as It Is
probably meant to lead US, to speGie
payment. Such a policy would not
lead US to such result in ten years
no, nor in q hundred The purchase
Of bonds with gold gives the specula-
tors means to carry on their opera
tlons. This policy IS unquestIonably
of great benefit to those who have no
means Of their own. While solvent
men will appOse this policy, it will be
of By those who are shaky. |
Postmaster General Creswell visit
Il a. {
noon and briefly spoke as follows: +
+ II thank you, gentlemen, for your
cordial reception, and | am happy to |
see that the conflict IS over, aad the
bright. prospect which matters now
wear. There is nothing that the
can do for the interests
of merchants aud bankers that viii
not be done" e-lA
There were some further gold
among bankers to day, Es
but there seems 10 be hitch with a
few of the larger houses. a l.
There is a growing opinion that the
large contracts will be chiefly closed
up on Monday or Tuesday. L is be-
lieyed that the offer made by Heath !
d Co., to-day, to settle their contracts
at 135, and pay the difference between
that and the actual figure in con-
tracts with checks duly received on
the Gold Exchange Bank, will be
very generally accepted.
The Directors of the r. I. Rail-
road have declared a semi annual
dividend of 81 per cent.
The bank statement is the most
favorable exhibit made for long
time past, the gain in legal reserve
being heavy. Loans. 3. 552, 1856 40;
decrease. 1922, ia. Specie, $l5, ,4O2,
$40; increase, 81, ,934 46S. Circula-
ton, S34, ,169, 400; increase, S173. .328.
Deposits, $184, IA, sos; increase, 81
9937 3715. Legal tenders, $54, ,209,089;
s., ,184, ,000
The suit brought by the Erie Rail-
road Company against the Union
Bank and others, to restrain the sales
of Cleveland q Pietsburg Railroad |
stock and Toledo & Wabash stock,
has been withdrawn, and an order to
that effeetentered this morning.
fEta Cuban news. &o