The New York herald., 1869-10-03

~ A. M............ 1904 1857 p M........... 1907
1910 A. M......... 1905 2P M............ 1907
1858 A. M......... 1903 2:49 p. M.......... 1901
11i3 A. M....... 1907 2:5s ?; M......... lSo
120l a. M.......... 1907 s:3oP M........... 1870
1921 A. M......... 1909 4:30 p. M........... 129A
The usual spot for gold transactions around the
fountain in the centre of the apartment was de-
serted as 1t has been nearly every day Of the week,
and the few dealers present conducted their nego-
tfations in the corner, near the bulletin board.
Everything wore sleepy air throughout the day,
and dealers occasionally dozed in the chairs or
stretched themselves upon the desks OF the Gold
Room.
The fluctuations In the gold market for the week
were as follows:-
OPENING Htghest. Loaoest. Closing
MMonsay, Sept o. mo business.
Iuesday, Sept. S... No business.
"Wednesday, Sept. 29N No business.
THURSDAY, Sept. 30 .13l4 1872 1909 131
satnrSav ay VI a., 1soS lao lS9 lso, 1so1s
THE STOCK EXCHANGE
was much moreNvey. All classes OF stocks, as viii
be seen by our regular financial report, nuctuated
throughout the day, and a general feeling OF uncer-
talnty prevailed. The partial relapse which occur
red was attributable principally to the announce
ment OF TWO other suepeDaions ana the non-accept-
ance Of William Heath Co.'s proposal, made yes
terday, to effect settlement Of their gold contracts
The influx OF ouside capital which has taken place
n
stability which may be regarded an efectual stay
against reaction in absolute panic; but at the
same time the consciousness that many have
been seriously hurt who have not really failed,
but may yet have TO suspend, induces general eau
tlon the matter OF Credlts and confidence cannot
be said to have recovered its normal tone. The
banks naturally show close discrimination as TO
the standing OF h0uses-a discrimination which, by
leaning SO much to the side OF caution no doubt
inncts In some cases unnecessary injury and tends
TO compel failures for which there is no necessity.
Allowing for cases where ia question to the
standing Of borrowers the money market may be
reported as comparatively easy. Loans on govern
ments are very generally done at seven per cent on
currency while on stocks the rate Is mostly seven
per cent in gold.
THB GOLD EXCHANGE BANK
will, It is expected be prepared to make a state
ment OF its affairs on Monday The full clerical
force OF the bank will be employed all OF to-day and
tonight If necessary to conclude the posting Of the
books, and the officers feel confident OF being able TO
resume business the first or the week. They last
night expressed fun confidence in their solvency
and declared that Just soon the examination OF
all the statements was made they would be ready to
Settle with every one
THE NEW CLEARING HOUSE COMMITTEE.
met In the office Of Mr. Chambos at half-past four.
Dut none Dub iuelDeTS Oh tue committee were allnt
ted. The following proposition was submitted by
the secretary offthe Gold Exchange tMr. Akers, and
probably embodies the ideas which VIII be adopted
by the committee
With view TO facilitating the transaction OF busi-
ness In gold propose tnat department for clear
ing contracts therein be organized az junction OF
the Exchange and here submit plan by which
sucn system may, in my Judgment, be put into
csssiul operation 1t requires no capital and
involves no risk. Fundamentally 1t IL thls:-The
contracts In gold, whether to buy or SELL or borrow
or lend. be cleared at a uniform figure, and differ
arising upon the contracts be settled between
the contracting parties themselves and paid when
the orders Tor clearing are exchanged. For exam
plea buys from 100000 GOLD at l31 to-day.
Tomorrow morning the market opens at 130, and
that figure Is liked as the price at which all con-
tracts made that day shall be cleared When and
h exchange orders directing the Clearing House to
receive $780, 900 gold account OF and TO deliver
elvo 600 gold on account OF b. must give B a GER
tifed check Tor 1000. This completes the contract
between and Is. All other contracts could be COM
pleted m like manner In oil cases where there are
balances OF currency on account the contracting
parties must arrange the balances ex Clearing
House. For example.-If has Doughtsor borrowed
more gold than he has sold loaned he must settle
ties ex Clearing House.
1t will be perceived that a Clearing House, organ
lied In conformity with the plan, would be able to
clear nearly all the contracts between parties with
out actually receiving or putting out any coin
currency. Five or ak clerks and one competent
between parties from day to day with the
utmost ease and without the possibility Of
would be with the contracting parties them
selves. The charges for clearing might be reduced
TO one.half the former rates, and the amount
realized would stil be ample 10 defray the expenses
OF this simple method OF clearing, and pay beeides
into the treasury of the Exchange a surplus suli-
cient to cover the salaries of It's officers, pos
sibly even the rent OF the Exchange building II
this plan be adopted see no reason why we may
not put II in motion at once Let outstanding
tracts be settled In the manner already provided, as
speedily as may be- but don't let them arrest the
general course of business. In the matter OF settling
the balances this can be done Dy the amounts being
dsbursed by the Farmers Loan and Trust Company,
or some other sound institution.
The committee viii report to the Gold Board to-
morrow morning.
WILLIAM HEATH co.,
since the non-acceptance OF their offer OF basis OF
settlement proposed on Friday, have made another
proposition, which provides that the checks to be
given In settlement OF the difference between 1856
and the actual price shall be upon the Gold Exchange
Bank, the payment OF the checks being subject to
the resumption OF payments by that institution
The firm states that the Cola Exchange Bank is
indebted TO them nearly half million, and that II
the hank comes out all right they VIII have no