Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-09-28
NEW YORK.
The Financial Crisis-Developmen
nv fhe Gold Exchange Bank.

by the Gold Exchange Bank.
New York, Sept. 27.-The World states
that the President of the Gold Exchange
bank announces the following firms as
omitted from the clearing:
Tenega & Graves, Galloway, Hunter &c
Co., P II Williams, Jr., & Co, Jas Brown
& Co., Domin Bocock, Charles E Mcclure,
& Co., VIM Beeden & Co., Albert Speyers
and Chas w Keep & CO. The President
| Of the bank announces that the clearing
movement has been completed ard all
balances will be settled to-day in the Inc
vestigation. Tire bank was found 10 be
sound as a bell. The firms mentioned in
Mr. Benedici's nots have not actually
failed, but they have not cleared thema
selves with the bank to-day. The full &C.
counts of the officers will become Known.
Several brokers attempted to obtain ad-
| mission to the bank this morning but
were refused. 1t is said they wished TO
create disturbance
NEW York, Sept. 27.-At the meeting
of the Gold Board this morning, a COM
mittee of nine was appointed, who
waited on the Gold Exchange Bank to as
certain the status of affairs. During the
absence of the Committee, statements were
made by several members present on the
financial position of their different firms,
and the board voted to make no sales of
gold till after the report of the committee
was received. Brown & Co state that they
have not failed, but have adjusted al
their balances with other dealers independ-
ent of the bank.
Mr.. Calender, examiner of the ma
tional banks, reports all national banks
in this city in a sound:condition. Sew
ersl injunctions were issued against the
Gold Exchange Bank by Judge Clark.
Also, several against Wall street bro
kers.
LATER.-Affairs in Wall street are
kept to a great extent in confusion by
the blank in business at the Gold
Exchange Bank, which tempo>
rarily keeps the gold dealers
out of large amounts of money, and more
over leaves in doubt the standing of nu-
merous firms, with the natural result of
extreme caution and uneasiness in every
branch of business. The Gold Exchange
Bank is making clearances on the busi-
ness of Thursday, but has not yet made
the first settlement on the enormous loan
transac ions of Friday.
The following letter has been addressed
to the members of the gold room:
New YORK GOLD EXCHANGE BANK, N
Y Sept 81 hand you a corrected
statement The following dealers
have been rejected from the movem ent
for failure to comply with the rules: AL |
bert Speyers, Dorwin & Bocock, Galway,
Hunter & Co, William Belden Il Co,
Zerga q Graves, Chase, Mcclure |
d Co, II Ii Williams, Jr, Il Co,
Charles w Keep g. Co, james, Brown & |
Co. Your balances must be made good by |
II o'clock to-day. All accounts not settled
at that time will be regarded as failed for |
the purpose of clearing. You will be in.
formed Immediately of any further default
on your statement. Yours respectfully,
H. NJ. BENEDICT, Pres't
james Brown emphatically protested
against the statement of the Gold EK-
charge Bank that he had failed.
The members reassembled at enc
o'clock. The committee of nine stated,
they had got the gold exchange bank to
the declaration Of any more
defaulters until p. IN, and also, sug-
gested that committee Of 4 be appointed
to wait on the bank Of New York, and
see if that institution would assist in
clearing the gold operations Of Friday
owing to the fact that the Gold Exchange
bank has not got through with Thurs
days operations.
A resolution was offered that non COM
pliance with the resolutions Of the Gold
Exchange Bank to take up the gold Of
Beldon q Co, shall not work a suspension
Of any member Of this body. This was
lost by a very dec ded vote. A letter was
received from w. W. Livermore & Co,
giving notice that their outstanding
accounts were all to the account of VIM.
Heath & Co, with Gould & Martin and |
VIM. Fisk, Jr. This letter was ordered |
on file.
Charles Calender, the National Bank |
Examiner, states freely that every Ma |
tional Bank in this city is in sound con-
dition, and that the Tenth National Bank |
is to-day a creditor at the Clearing House |
for over half a million dollars.
The following formal announcement of |
failure was read at the Stock Exchange
this morning.:
President Of the New York Stock Ex-
change-Dear Sir: Ia consequence of w.
P. Baden & Co. not meeting their engage
ments, we are unable TO liquidate claims.
Consequently, we are obliged to suspend
for the present. q. FRANK,
Sept q, 1869.
The money market during the forenoon
was in a state Of utter confusion.
The enormous balance locked up at the
Gold Exchange Bank-from eight to four.
teen miIlious-rendered il almost impossi-
BILE to get money, and street lenders were
exactiDg rates for carrying securities rang
ing from IA per cent in COVE -nments to q
per cent on New York Central.
10 the afternoon the market suddenly let
up and rates fell TO per cent on stocks
and 6 per cent on governments. This IN
expected relief checked the panic in the
stock exchange and caused a sharp re-
bound il prices generally.
Foreign exchange quiet and firm, but
entirely nominal at l0S@l09 for first
class bills Gold has been quoted all the
way from l3l3@l35 among dealers, closing
nominally at l34@l35. Governments
strong. State bonds dull; old Tennessee's
60; new 533
New YORK, Sept 27-The u 5. steam
er Powhattan, the flag ship of Admiral
Porter, sailed yesterday for Key West
DIR. Albert L. Simmons, who was ais
legged to have been unjustly incarcerated
in Cuba, and whose estate and other
property on that island was coOfscated,
applied to-day to u. 5. Commissioner
Osborne for an attachment against the
Spanish gun boat, but was directed to
apply to the State Department
There is a rumor IN circulation that a
Cuban expedition, numbering 500 men,
left this port last night, but it has not
been traced to authentic sources.
Gen. Clement, new minister from
Hayti, arrived here to-day; also, the
general naval officers who are TO take
out the iron clad Atlanta, recently pur-
chased by the Haytien government.
INCIDENT AND ACCIDENT.