The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-17
RUMPus M THE GOLD ROOM

/ heceivcr Jordan Explains the Condition Of
| the Gold Exchange Bank-Tic I.junctiou
Misunderstanding Of tho Creditors Of the
Bank.
1t having been noIsad abroad in wan street yes.
terday that Mr.. Jordan. the Receiver OF the Gold
Exchange Bank, was prepared to make o statement
Oh the condition OF the a1ars Of that Institution, all
tue ouils, bears ana smaller animals on the street
rushed rantleally toward the Gold Room, where 10
was reported the financial Grafton was to be
delivered The room was qnlte full,s aud much
anxiety was manifested by the assembled bankers
and brokers interested In the late crash. AT fifteen
minutes past eleven
Mr.. TOWNSEND Cox called the meeting TO order
aud introduced Mr.. Jordan In lew words.
Mr.. JORDAN, addressing the expeclant crowd
said:-
GENTLEMEN Il propose to show YOU exactly where
the delay In the settlement OF tho atairs OF the
bank rests. II had not harasscd | should
have been able to have settled the adairs IN full
week ago. ! Will read 10 you . letter have Just
received from my lawyers:-
CHAPMAN, scorr cRowrLL
ATTORNEYS As ns Uov y,ss o A. ,Law,S
DEAR JospAN-Phlips won't Yield an nch~tu is 10 lot
mo know ~ OF whether
ssS s yGa 70 we sss S
@ rarS' Injunction and eau DO a GHMfs%s 81
Now, gentlemen, wish to say toyon that @. O.
ohsef Co., ana no one else, are the parties who
are hinderlng me IN making settlement. Wnen l
get through VITA them they may be thirty mere men
70 one lawyer. Now, you can get more money from
| me rs receiver OF the court, because my appoints
ment allows me to ADJUST and SETTLE all claims Al
assignee would nave no such power as he would be
Obliged TO collect all outstanding before he
could pay cent me bank nave determined TO
stand considerable loss $500 o00) In order 10 make
settlement They have acted with hoer,lity and
deserve more consideration from the pubic, espe-
cially tho broker public. Ii the bank mad not ad-
vanced Tour millions OF dollars 10 the street during
the panic, you would nave been all broken to-day
every one OF you; and besides, four or iye banks in
u Is no time now to cry over spilled mix, out II the
bank had been wise they would have told you 10
settle ex Clearing House az once, untll they could
nave settled matters and not acted ike fools and
Tried to arrange matters themselves. But you are
now trying 10 establish new Clearing House. You
had better stay where you are. You can do as you
please. | am working IN the interest OF some enl-
and II do not then say viii DO able 10 pay you
fifteen TO twenty-five per cent VIII tell YOU tho
SAID, LET us start iair.n l will then go for my
plumber. But rs II Is now will settle every other
claim urst neither intend To rob nor plumber, but
deal fairly, as man TO man. But WIN report to you
every man who lnterleres with me III arriving ut u
settlement "a voice. That's righty; and want You
to mark him SO that he can't DO any business ia
New iork--so that no man VIII sell to ann bug Of
him..
An attempt was here made to call Mr.. Jordan 10
order, his speech being interlarded with cxplctvcs
not generally heard in polite society," but he
tinued with much warmth IN the same strain,
"There are two or three other rapacous cormorants,
and mean to expose them."
The CHAIR deprecated any interruption to the
speaker, as he was heard by courtesy.
Mr.. CROSSE suggest that the gentleman toll W.
something concerning the present condition OF the
bank.
Mr.. JoRDAN-I have explained that In three days
| shall be able TO report SEQ now not 10
believe that the bank Is FULLY solvent ana able To
II you so back the bank now or make any change.
never made a speech before Of more than three
minutes and regret II have used any unfortunate
expression III haste; but the fact Is, am too mad TO
choose my words.
Mr.. CNaER-Tne remarks of Mr. Jordan on our
firm are very UNJUST. Our Claims were for deposits
made on Monday, and not IN the statement. We
have not been able to get satisfaction Tor fort.
night We would have agreed to an amcable settle.
ment only for the remarks Of MIR. Jordan concern
ing Mr us ioap,s-r uDeer told me- Yesterday tim, :,
! would pay him I'VE per cent no would withdraw
these proceedings. ! admitted MS claim, out Wal
not allow INN the money unti u settlement Ii made.
II dio there would be ty more 10 strike sure lor
their money. But the last nas got his money before
Mr. uNGER-Gentlennen told him would fol-
low the ADVICE Of my lawyer and would DO what
was right; and you know me sufficiently well
Mr. EUGENE JACKSON dnterruptng,--And so wo
do, Unger. tShouts OF laughter aad much conlu-
sion, during winch the meeting was partially dis
solved.)
After some delay Mr.. JORDAN again took the
stand and yelled out above the dtn:-At the
request OF an impromptu committee VIII tell yoa
something Of me condition OF tue bank
VoicE-rhat Is what we want 10 Know.
Mr.. JoRDAN-The bank agrees 10 lose 10000 in
order TO compromise the clani, OF certain creditors.
We want 10 get rid OF these parties iirst, they arc
coming W tho bank four times uay each. Then
the bank VIII 20 back on no one eXce-t the mao
one although many VIII rcpudiate us. There are u
dozen more than the nine VINO have gone back
their agreement. The bank Will lose 100000 Aud,
now, II you 20 back on the bank and starr your
Clearing House you are too expletlyeJ mean to live.
Great laughter ana applause.)
The meeting then dissolved without waiting any
formal action, and the roaring nerd OF bulls AMI
bears dashed at the doors and caleled OUT uto the
street III nigh gee.
MEETING or THE CREDITORS THE RANK.
The feeling on the street after lie meeting In the
Gold Room was very favorable 10 Mr. jordan amt
the impression seemed 10 prevail That II he was
allowed 10 go on without interference, legal
otherwise, he would be able 10 Drng the bank out Of
Its difficulties. AT three O'Clock tho tho
Il Co., which was presided over by ID. b. Hatch, Of
Hatch F00te Co. The situation III all Its bearings
was fully discussed and Mr. unger's action WAS
denounced III severe terms. paper was drawn up
pled9ng the creditors TO abstain from MI legal pro-
ceedngs against the bank Tor ten days. III order that
Mr.. Joruan should have far chance This w.s
signed by oil present, aud committee OF nvo waB
creditors ninety per cent OF wlom, IL IL believed,
viii sign 1t. IL was announced before the meeting
adjourned that the Injunction had been 80 modified
as TO allow Tie receiver to collect money due the
bank and to effect settlements IN all cases where he
could do so advantageousiy. This euient acs ion VI
the Court was received with great iavGr.
Ii Is understood 10 be The intention or tho Gold
itself It's present difficulties TO publish for the
benefit OF the pubic at large, the INDUS opc,aaut
BY which settlements are made with banks.