The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-10-01
New York Money Market

given way to the comPata'iro ~
and business at the Stock bGcnanse
now conducted in more orderly man-
ner. A large number of gold contracts
on Lost Friday's business have oeeh pr
vot.Iv settled, and the complications
radiant to that days business nave oeen
. raSncad TO a comparatively small com
80 II il believed this entire matter
p",'id have been adjusted to-day had 1t
w, been for the interference of the
Sonrts. which action is generally cen
damned. 1t appears that under the
resent condition of the money market,
smith, Gould g. Martin are unable to
take the six millions in gold delivered
70 them under the suspended settle
ments, and are consequently driven to
expedients for postponing a settlement.
Judge Clarke issued an injunction on
the application of Smith, Gould, Mar
tien & Co., restraining the various firms
from carrying out any contracts made
by them on behalf of Smith, Gould,
Martin s. Co., in any other manner than
in strict conformity to the rules of the
New York Gold Exchange as they ex-
listed at the time such contracts were
made; from compromising or settling
any claims without the express consent
of Smith, Gould. Martin l. Co., and
from any action in the matter except on
their order. 1t appears the firm al
lepe that the defendants as the plain
titf's agents made loans to the
amount of about thirty millions
in gold upon the securities of about
forty millions in paper currency, with
the understanding that 10 settlement
was to be made for such separate trans
action in coin or currency; that If the
transactions of the plaintiff were adj
iusted through the clearing house, a
large balance would remain in their
favor, while, if separately settled, they
would be obliged, in one day, to raise
about forty millions in paper and gold
currency; that the plaintiffs are in
formed that the persons to whom the
gold has been lent on their account
by the defendants intend, within sin
Gle dav, TO demand the return OF the
forty millions in currency, The security
deposited for the gold loans, Instead OF
settling at the clearing house as agre' d.
The Commercial says III order 10 iacill-
tate O settlement of Fridays tiansac-
tions in gold and TO obviate the dltficui-
w of .taking.up six millions OF gold
under 4 stringent money market, Smith,
Gould, Marin a. Co, brokers, have
offered, instead of taking up gold com.
Ing to them, TO accept currency at 80
far gold and Smith, Gould Il Martin
offer 10 settle with their brokers on the
same terms, the difference between l35
and the actual figure TO be settled III
checks. SU far as we learn very few
accept the proposal. 1t Is stat d thai
one firm sci led over four millions OF
pold uamsactIOus this afternoon in the
Stock EAcharge. The action of the
Cold Exchange III suspendiDg bylaws
seven and eleven was under discussion
and strongly condemned.
The following amounts OF gold were
sold under the rule for firms specified
at the Stock Exchange. These sales
present the complications of gold aud
do not necessarily imply the failures of
the parties: Albert Speyers, 81 900 900:
William Heath & Co, S250,UUU; John
PordIt. S3OU, 900; Reid, Lee Il Carhart
$500 0OU: PUihams Il jackson, S3UU, 900.
The sales were alsO made ON the account
of Lockwood Il Co. aud Dickens Il
Gillespie. A great many brokers pro.
tested against this action, and legal
complications are likely to arise there
from Among the parties protesting
were Polhams u Jackson.
After the sales an injunction was
served on the officers of the Stock Ex
change, Z. X. Willard being plaintiff,
restraining them from selling, under
the rule, any gold on account of parties
acting as agents of Smith Gould &
Martin in the transactions of last Friday.
The failure of Lock wood Il Co, though
expected to turn out uItavOrable to
creditors, is not likely to cause much
injury 10 brokers or their banks, who
appear 10 have been protected by ample
margins.
The principal weight of the losses is
likely TO fall GA Western capitalists,
who, for the most part, Will be able TO
bear them without embarrassment. As
yet no statement OF affairs has been pre-
pared, and it is impossible to give any
estimate of liabilities or assets.
TEe ETprGSS says il is estimated that
the depreciation in the price OF gold
and securities dealt in on the New York
st lck Exchange, since Thursday last,
will reach one hundred millions in cur
rency. Many men have been reduced
from atfluence to poverty. The large
stock failures of yesterday have not
dragged down any other firms, but
these failures will cause heavy losses to
large number of people having de-
posts with suspended firms.
MONEY-Active at per cent. gold,
with tai per cent. coin interest per day.
The banks were, however, tending more
literally to-day, and many bankers and
brokers report considerable receipts of
currency from tho interior to buy
stOC ks.
STERLING-Declined to per cent.
Tor prime.
GOLD-Lower; opening at 1913, adj
vancing to l32 and closing at 129.al294;
transactions in the Gold Room and Stock
Exchange itself were merely nominal.
Loans were made Hat. Bids for Govern
ment gold today amounted to s. ,332,-
600 at l2-al3l 5.lOO. One million was
awarded a $50 l3. l0Ual32 5-lOO.
GOVERNMENT STOCkS-Are firm.
Coupons Il, ll-a1lD: do 90 ll9aal20; do
"a, ll-iall9; do '65, ll9a t; do new,
li7tall7E: do %, ll7tall7t; do 10,