The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-09-30
NEW YORK.
Another Day OF Excitement and
Suspense.
FAiInreA nmh Rmmoranf EhIInres.
INFORMING REpoRr.l

MoRNING REPoRT.l
New York, Sept. %.
The excitement to-day In financial
circles exceeds that Of any yet. At the
opening OF the Gold Board the commit
lee reported that all but about forty
statements had been received, and they
hoped to see way out OF the difficulties
to-day. The Board adjourned TIL after
noon, when statements are 10 be re-
celved until 2P. N. No further reports
have yet been made public,
The Stock Board opened frmer, but
the announcement OF the failures ol
Melgs & Son, Fuller. Treat Il Cox and
Sloan d Co., caused a reaction. and
quotations are difficult 10 give. There
are rumors that Lockwood & Co., and
several other firms are In danger OF
going under. but this is not confirmed.
New York Central is quoted ut lGS1<,
Michigan Southern at 10, and Erie ut
29H. The market ilrmer At 2 o'clock,
The Gold Exchange Bank has been
placed In the hands OF a Receiver.
The Treasurer accepted an offer oi
threemilllonB OF bonds instead OF four
millions.
...| AFTERNOON SESSION..
The Gold Room and Stock Exchange
Tho Clearing OF Fridays business.
ID i. NEW YORK, Sept. 20.
Stormy debates In the Gold Room;
alterations OF remarkable depression
and buoyRncy on the Stock Exchange;
Htock tailures and reoeiverships, and
inJunctions, form group OF events
which make the day without an equal
In the annals OF Wall Street.
STATEMENT OF GOLD EXCHANGE Rank.
At the early session OF the Gold Board
the following was presented aS state
ment Of the New York Gold Exchange
Bank:
ITO the Committee Of Lhe Gold Board:
"An officer Of the bank went into the
Gold Room on the morning Of Friday
the 2th Inst, and suggested 10 a few
that II would be impossible 10 clear the
TRANSACTIONS Of that day on account oil
an attempted corner; but on consulta.
tIon It was decided that It was the duty
or the bank 10 make the attempt even
at some sacrifice. The bank assumed
the clearing movement In the usual
manner, and received In payment oi
balances very large amount OF GOLD
and currency. II was necessary 10 re.
store a large portion Of their amounts
to the dealers, or widespread dlsas-
ter would have followed. To do this
the bank was forced to depart
from the rule OF receiving all
balances before paying any, and
went on paying dealers a por.
ton OF the balance on their statements,
reserving o safe margin where praCtl~
cable and trusting 10 the dealers 10
make good any over payment on the
final settlement. This was the course
pursued on Friday and Saturday. On
Saturday q committee was appointed
at an informal meeting OF the dealers
10 confer with the directors, who went
Into an investigation extending through
Saturday and Sunday, on the plan 10
declare nine dealers rejected from the
clearing and assume the rest as good,
the only basis Of settlement they deem.
ed practicable. The bank acted on this
In paying dealers on Monday. The
emergency OF the settlement with the
Clearing House Of the banks On Mon.
day and Tuesday was passed by, trans
ferring 10 the committee OF the Clearing
House sufficient amount 10 secure
the balance due by the bank. The
bank has now ut Its control, after set>
tlement with tho Clearing House Bank,
not tar nom the amount OF its capital