New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-06


In reference to the affairs OF Lockwood 4 Co. VIC are
authorized to say that the liabilities the firm ipclud
ing the amount due the Michigan Southern Road are less
than s3,OooooO. The amount due the road has been
largely ovorstated. and will not amount to 100000
when the accounts are adjusted. The rapidly
arranging their affairs, which In much more
factory state than has generally reported they
continue 20 nave offers Of assistance from large circle
of friends.
The directors Of the Michigan southeru Road have been
In session during the dag. Mr. Alanson Robinson the
head of the firm of Robinson, Cox Co.. and formerlya
leading director in the old Buffalo and Erie Railway was
today elected director in place OF Mr. Legrand Lock-
wood, resigned AS yet no choice has been made for
treasurer In place Of Mr. Lockwood The board were In
session at late hour but nothing Of interest traDsped
in reference to the affairs Of the road
The following were the earnings Of the Chicago and
Alton Railroad for the month OF September:
ssoi 2e $3.50 1856 o.
The Illinois Central earnings for the month OF Septen
Der were:
1884, e7sl le6 IS ises.... s74c04 70 Iue~se.S2In 81
The aggregate of exports exclusive Of speeie.
om the port of NewYork to foreign ports for che week
ending Oct s. 1869. was S.e11, i41.
The regular annual meeting Of the NewYork Clearing
House Association held to-day at "a o'clock Tie fol-
lowing committees chosen for the ensuingyear end
ing October 1, 1870.
Chairman Of The Assoeidtion.-John O. Jones
Secretary ofhe AssoeiatoIl--A. Masterton.
Clearing House CoDtutuees-J. ID. Vermlye, Jas. NJ
Morrison, f. D. Brown, s. 4. ComstOck c. Leverich.
Committee Of Conference on s.spersion for 1868 ard
Kitchen, Edward Haight, F. d. Tappep.
Oomm,Hes on Admissi9ns-wm A. Whcelock. VIM, II.
Cox A. H. Trowbridge, James Buell., Alexander Master
Committee on Arbityaton-R. n. Lowry, W L Jenkins,
W. Ii. Macy, Shepherd Knapp, Nathaniel Hayden.
Handger.-Wham A. Camp.
The total transactions of the Clearing House for tho
past year amounted TO s3s 94 AZ the total trans
actions its organization sixteen years. amounts
.ootgo
ing past year s25Oss7s9 81, being ao9i7 ss
than the average Of any preceding The total
exchanges year ss2072 49, larger than
any preceding year. The total capital represented BY
the Association is ss2 10000 Of which repre-
sened by national banks and by State banks.
The subject exchanging gold checks through the Clear
ing House discussed but definite action taken
At the opening Of the Gold Room this morning tho
Committee of nine who had the subject under coDsder
ation reported plan Tor clearing contracts made tho
Room. This report will be voted next Thursday The
following is q copy:
Your Committee appointed to propose plan for clear
ment Of the New God Exchange be organized Under
the sole control and OF the EXCHANGE and
ssest To tss following rules and
l. The Gold Exchange shall elect and constitute ]? OF
psrtment and the Board Of Directors shall sppOn
Of its members an Executive Committee TO serve NJ inc
time of clearing no others being allowed access ." tho
2 The Board OF Directors shall appoint Manager OF
the Clearing Department. subject to the approval OF the
New-York Gold Exchange and shall hire competeno
clerical force and provide the necessary Office furniture
and stationery.
8 The Farmers Loan and Trust Company ehal be de-
gnaed and used the place OF deposit OF balances or
clearing purposes.
Certified checks payable to the order Of the Farmers'
Loan and Trust Company for all balances due from
dealers upon their statements shall accompany sneh
Statements. -
g. All statements shall be presented at the Clearing
Department at before 1890 p N. Any member vie-
latiDg this rule shall be fined $50.
6. Upon the failure OF any party 10 make perfee6
clearing 1t shall be duty Of the managers to sas
dealers affected thereby shall be required to furnsh
supplementary statements to perfect their clearing st~
before 1880 p IN.
the Clearing Department with books OF checks properly
II shall be the duty of the managers 70 havo
ned for balances due dealers 10 their order
which checks he shall deliver In person to the Farmers
and Trust Company for their signature together
the OF the Clearing Department anu
oil certified checks received for balances due from deal
upon their statements, whereupon the Farmers Loan
and Trust Company shall be authorized 70 70 dcaets
all balances due To them.
s. case OF failure to make general clearing BY $50
D. m the certified checks deposited by dealers for bal
ances due upon their statements shall be immediately
returned TO them.
o. Any member OF the New.York Gold Exchange sbsll
be allowed the Of this Clearing Department
TO- The tickets and statements for clearing shall 10
similar ~ those heretofore used and the charge Tor
expenses shall be subject orders Of the Exchapge
IL That the Board OF Directors shall have power 70
adopt such rules and regulations in addition TO tho
herein provided may be found necessary to insure tho
success OF the clearing
H. 6esoired That this Committee recommend that che
Exchange proceed possible TO put into enees
these Recommendations.
Unanimously adopted and respectfully submitted.