Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-03
NEW YORK.
The Financial storm and Its Eesuits-
Failures. DefaIenliOns, Etc.

Failures, DefhlcattOns, Etc. 3.
| New York, Oct. 2.--Adsms, Kimbal
& Moore. and Pellision C Raymond, bank
ers, failed to-day. The failure of Pellistor
| & Raymond was caused by the defalcation
of their cashier. h- ,'9
The ineficiency of the Gold Exchange
Bank as clearing house for transactions
in gold has brought out many plans The
4 cold room this morning, in executive ses
sion, passed the following resolution:
| Resolved, That a committee OF nine be
appointed to ascertain whether It be
practicable and desirable to organizs q
clearance department, as function OF
the exchange for clearing contracts In
| gold, made by and between members oil
the board, and TO report TO the board.
1t was currently reported in the gold
room that PellistoD, Raymond d %. had
failed. and their liabilities were heavy.
| This report arose from The announcement
| of that firm, in a letter to the
| President of The Stock Exchange,
that their temporary suspension
was necessary, and requesting the
| members having unsettled transactions 10
send in statement of their accounts. This
| Is 10 facilitate balancing their books, which
are left in terribly tangled state by the
alleged defaulling Cashier, J. ID. Sander
son, who is not in the Office to-day. They
say no approximate estimate of their losses
can be ascertained, but believe themselves
| able in short time to resume the business
Adams, Kemball & Moore also announce
themselves suspended, but cannot give
correct estimate of their liabilities. The
probabilities are that they are heavy.
They have no unsettled transactions in
the street Their failure is caused by
losses in both stocks and gold, the prin-
cipal Losses being in the former.
Reports rs TO the condition of Lock-
wood are unfavorable, but there are no
means of ascertaining their truth or falsity
until Monday, when the directors OF both
companies will hold meeting, at which it
is expected the relations of the companies
with the failure Of lockwood Il Co. will
be made known.
The World states that Commodore VAN
derbilt has not cold dollars worth of
New York Central stock, but, on the con-
trary, has been a constant buyer, even
through the panic, and has assisted his
friends to the amount of two and half
millions. He borrowed ten millions fan
English firm, applying it TO sustaining
the Central and Hudson. The story that be
has bought seventy thousand shsre3 of the
Lake Shore is untrue.
Mr.. Legrand Lockwood has rendered
his resignation as treasurer of the compa-
ny, and on Monday next his successor
will be chosen.
The Post has the best authority for says
ing the Earrings have no connection with
the recent gold panic. 1t also says that
Duncan Shermsn's entire sales of gold
during the entire phrepzy were only
100000, all in regular course of his ex"
change business.
The World gives the following opinion,
expressed yesterday by A. 7. Stewart:
disapprove OF the policy of selling gold
and purchasing bonds with the proceeds.
Believing as / do, it will never lead US, as
it lie probably meant to lesd Us, to specie
payment. Such policy would not lead
lie to such a result in ten years-nO, nor
ia a hundred. The purchase of bonds
with gold gives the specula.ors means TO
carry on their operations. This policy
is unqueslionably of great benefit to those
who have no means OF their own. While
solvent men will oppose this policy, it
will be approved by those who are
shaky.
Postmaster General CresEell visited the
Stock Exchange this morning, and in brief
spoke as follows:
thank you, gentlemen, for your cordial
reception, and l am happy TO see that the
conflict is over and the bright aspect which
matters now allow. There is nothing which
the government can do for the Interests Of
the merchants and bankers that will not be
done.
There we're some further settlements
among the gold brokers, to-day. There
seems to be hitch in the larger houses.
There is growing opinion that the large
contracts will be chiefly closed on Monday
or Tuesday. 1t ia believed the offer made
by Heath & Co. to settle their contracts at
l35 and pay the difference with checks
duly received on the Gold Exchange Bank,
will be very generally accepted. ..
The bank statement is favorable, the gain
in legal reserve being heavy. Gold closed
at 1898. New Tennessee's 5l5,
The steamer Europe laden with arms
and ammunition for the Spanish suthori.
ties in Cuba has been released by the gov
eminent, and has probably gone to sea.
The Hornet is,said to have left Montauk
Point last Wednesday for Cuban water5.
Marshal Barlow denies that the steamer
Alabama carried any Cuban ilibusIers
from this port.