The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-05
Statements of Lockwood & Co
and Other Suspended Firms.
More Work for the Courts and
Financiers.
The Cola Exchange Bank In
Bankruptcy.


The 1ncemeney of the weather contributed not |
little 10 the uness but the lack OF buoyancy was IN
much greater degree owing to the unsettled condl-
ton OF the great Fridays gole transactions and tDe
apprehension OF additional failures. the depres-
sion. however was confined principally 10 gold ope-
rators lnteres ed in the late complications the stock
market although declining slightly being STEADY, |
aud money easy.
wan. Broad and New streets presented most de- |
serted and lugubTious aspect throughout the Tore
noon Anew persons lourged In the doorways, watch
I'M hprrying pedestrians In the RAIN and leisurely
1tterronatnQ newcomers for news, while those who
undertook 70 cross Broad street had to run gaunt-
let Of drays and carriages monopohzing the !
thoroughlare Everybody seemed uncomfortable |
and Wishing the days business ended. Outside II |
was wet muddy and exceedingly disagreeaole, and |
indoors a ateaming atmosphere, sloppy floors and |
dripping umbrellas were, II possible, still more !
unpleasant. No one appeared to know anything |
about the programme for the day nor was there |
any OF that eager inquiry which characterized each
day OF the preceding week; but business COM |
menced at the regular hour in a very methodicai |
manner and progressed through the day without |
excitement, except an occasional furry here and |
there, eeeasloned by some sensational rumor.
One OF the principal topics Of conversation was the
allegations made on Friday ana Saturday against
the President and Secretary Boutwell, IN connection
with the gold pane. There were o few who pro-
lessed tobelieve all that mad been intimated con-
corning that subject, but the majority OF financial
men, including the most responsible and best IN
formed, regarded tie charges as being without
foundation. The latter argued that such conduct as
had been imputed to the President and Secretary
Boutwell, was wholly inconsistent with their
character aad SO nearly approaching the impos-
sble that only the most positive documentary
evidence could give credbility to the reports They
believed, however. that parties having relations with
The administration which might enable them to pos
sess themselves Of important Information may have
participated in the gold operations not only ndly!d-
uaiy but in connection with the bull clique; but OF
tins nc principal dealers not at all convinced
they holding thar the allegations in this
narrncullarG nay also be groundess, and
an, attanion from themselves. 1ne egsis..Io
set aaoat during the dag to the effect that the
Asoio,ant Treasurer General Butterheld, had Or
aeros ,he sr-asaA naAiops OF gold before the
RECEPTION OF tie order from Washtnato~, -. =
sale was erected at 16o and the gold subsequently
bought back at 150 but that the purchasers at leo
having failed, the broker who bought it back at 100
had to Ia referred 10 by the financial gentle.
men above mentioned in substantation OF their
opinion OF the innocence OF the President and Sec
rotary Boutwell, OF the charges against them; and
day closed with the belief universally prevailing
that the gold clique engaged in the panic consisted
entirely of few New York men.
The settlements among dealers OF the panic trans
actions in gold have been for the most part adjusted
satisfactorily, the only unsettled operations being
those dependent upon Smith, Gould, Martin q Co..
WIN. Heath Co., and two or three other parties.
The apprehension OF many more failures has wholly
passed away, ana gold dealers, although not at all
iGDllant are congratulatng themselves upon feeling
once more steady upon their feet. Gold speculation
however. has hardly begun to recover from its
violent shock. Many Of the dealers are incapaci.
tated from doing business through their means
being tied up in the unsettled contracts OF
the memorable Friday; and the risks con-
nected with gold operations have been made
no conspicuous by late events that both dealers and
their customers are likely until the lesson ia for
gotten TO be extremely cautious There are certain
classes who, for some time must ind livery dirlcult
TO borrow; those large In number who have suffered
from the gold panic; those who have Oh by the
decline In stocks by no means limited number:
and also an indefinite class who while not known 10
have incurred any special losses yet being Of
limited means, are regarded as proper parties
to be placed under temporary probation.
The difficulty which these classes must naturally
experience in borrowing money VIII to a material
extent limit the facniues for speculation and tend
TO produce a generally duh condition OF the market;
and this tendency viii be strengthened by the inds-
position Of brokers to do a speculative business
except upon unusually broad margins.
The immunity OF private brokers has been graft.
tying feature OF the crisis This class OF firms hold
very large amounts or the funds OF country banks
and bankers, and any distrust against them must
have added serious aggravation to The panic. So
aaf as has been a7certaned there has been with
sarawai Oh deposits by country correspondents.
THE GOLD ROOM
opened at ten A. NJ, in executive session for the
Drpose OF receiving the report Of the Committee of
hne, appointed ON SATURDAY to take into considera.
ii % the plan proposed for the creation OF a new
c. e2ring House The attendance W as better than on
an previous meeting OF the board for several DAYS
and affairs for the time assumed very much OF their
form yer animated appearance. The committee
repo rted "a folows:-
NEW YORK. Oct A. 1860.
You committee, appointed to consider the subject
OF n, wv eola Clearing House. beg leave to report
that al yer consultation with prominent bankers and
deiber, Nion among themselves, they would present
the Iollt WING resolutions
FIRST That we deem II desirable TO establish some
simple nd safe system OF clearing contracts IN Qod
S5cona THAT , we deem i practicable.
feel q plap for such clearing.
Re.necEE uly submitted.
HENRY oAMBLos, Chairman.
The report was adopted, aiter which Mr. Waller
presented tie following resolutlons:--
That the New York Gold Exchange shall clear all
gold on the foll, wing basIs:-
That all god s. WALL he cleared at one uniform price
must be and hall per cent less than the closing
price OF the day al three T.. M.
That the maximul price for clearing shall be $780,
until otherwise order ed
1hat the maximum price may be changed by a
two-tnird vote OF xchange In executive session
called by the President Tor that purpose with not
less than 1--WE days motto, =.
That the balance due by dealers shan be paid into
some bank or trust compa NY whose receipt snail |
be valid for the cearipgs.
That the balance due TO de- Ners Hnal be paid nv |
checks In said bank or trust CT ppany.
The rules OF the clearing de oartlnent to be here
after Fixed.
These revolutions were rejected ~ the board ana
the regular business Of the day was resumed after
the adoption OF a resolution containing the suspen-
sion or rule Nd. Of the bylaws, which provides that
"on ali purchaAes ana sales OF gold made ex
the Clearing House O failure 60 deliver on the day