The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-15
THE GOLD EXCHANGE.
Important and Stormy Meeting-Excited
Orators and Warm Debates-A New
Clearing House to be Established.

OF noon yesterday to the consideration OF the
question relative to q new Clearing House. There
was not 30 large an attendance as might have been
expected, but tho absence OF members did not tend
TO modify the characteristic excitement OF the
assembly. It was truly stormy affair, and not all
the vigorous hammering could stay the determined
expressions Of Indignation and disappointment and
hope and joyfulness that marked the proceedings
Mr.. T. A. Hoyt vice president. called the meeting
to order and requested that all present not members
of the Board should retire.
On motion the reading OF the minutes OF the pre-
vlous meeting was dispensed with.
The SECRETARY read the report. of the committee
appointed by the board at the last meeting. The
report was as follows:-
Your committee appointed to prepare plan for
clearing contracts IN gold, recommend that clear
ing department Of the New York Gold Exchange be
organized under the sole control and management
OF the Exchange, and that such department be SIM
ply clerical in It's duties and subject TO the following
rules and regulations
ra-The Exchange shall cleo. and constitute thirteen
and the board Of shall appon, three
rs % AZ Se 70 srys M
clearing department. -
YORK Gold E.shspss. and shal hire oOmpe.snt clerical
Iaae Farmers Loan and Trust Company shall be
checks PAYABLE to .he order Of the Farm
ers Loan and Trust Company for all balances due from
dealers their Statements shall accompany such state
FV0-A statements shall be presented at the Clearing
Department a. or before hafpss twelve o'clock r ANY
party make
party therein as as possbe and the dealers
affected thereby shall be required to furnish
Iesn n
numbered and shall be the duty OF the to have
checks he shall deliver person 70 The farmers Loan
@ Their sa Sssss @ s
cved for balances due from dealers their staemens
authorized to pay to dealers all balances due to them
Of S
dealers for balances due upon their statements shall DO i'm
shall be allowed the use Of the clearing department.
similar those Heretofore used and the charge for clearing
sha be he s of hs Ecans
Esse-fha the board of directors shah have power to
provided as may be found necessary to insure the success OF
TeeJMTha this Committee recommend hst the Exchange
proceed possible to put into effect these recon-
mitted. HENRY CAMBLOS, Chairman.
Mr. VAN sCHAIoK moved that the report be laid
upon the table, The motion was seconded but
prior to Its being presented to the meeting.
Mr.. UNDERHILL, Of the Gold Exchange Bank, said
action of the Board OF Directors oil the Gold Ex-
change Bank yesterday. They adopted resolutions
as follows:-
Resolved That the directors of this bank with the
Of the receiver place at the disposal OF the New York Gold
ososk 70 three O'clock F. H. enable the members Of
the Gold Exchange to clear gold until the bank may be able
Resolved Tina. .hs members q the New York Gold En
the cearngs provide depository for the and the
Resolved That the to the New York Gold
Exchange the use OF the FORMS numbers and regulations
heretofore 10 force.
He mr. UnderhilD did not move them regularly,
but merely desired TO present them to the meeting
for information.
Mr.. VAN ScHAICK said he wished to offer sub
stituts in the following plan which he recon-
mended:-
Whereas recent experience has demonstrated the peris
nc Without as 10 having 'ns
tends TO asten and promote speculative dan
gerous alike to the public and to members OF this Board
Resolved As the this Board tina. nexpedient
re q P. w 1s bs I %
Cries OF mo, no."
The CHAIRMAN-Mr. Underhls resolutions OF the
directors are before the board. II you do not dis
pose Of them you may proceed to some other ques-
zion.
MEMBER-I move the communication be laid
upon the table.
Motion adopted.
Mr.. HoDGKINs moved that 1t be referred to the
committee to attend to matters relating to the Clear
ing House. lie believed one Of the great objections
on the part Of the few to resuming business In the
Clearing House was that great many members Of
the board, through extraordinary speculatons few
weeks SINCE were not IN position to meet their
gagements or TO obtain money. He thought, IL the
board would allow him, he had lew resolutions to
present and If they were adopted ne felt sure that
they could do away with the difficulty, which, as he
understood it, was the only one in the way OF the
adoption OF the rep0r' OF the committee. The reso-
lutions were as tollows:-
Resolved That committee of nine be appointed By the
of the failure OF any member of this board to meet his
member affected the notice received and shall furnish
him with opportunity of admitting or denying the same
the notify thereof and
member in question for thirty days and shal deprive him
the privilege Of clearing in any clearing house established
under the auspices OF this board.
Mr.. KEPPLER suggested that the Committee on
the Clearing House be instructed to favor the reso-
lutions oil the Board OF Directors OF the New York
Gold Exchange Bank, and report to subsequent
meeting this afternoon al three O'Clock, and that
the committee have t,ser 20 refuse any name
offered them for clearing hereafter until they are
fully satisfied OF the soyency OF the party
Mr.. SAsCLLS said IL was impossible to Tell whose
names have passed IN tins Clearing House.
Considerable discussion followed, during which
motions and couater motions were made with light
nlne-lIke rapidlty Alter considerable hammering
The CHAIRMAN said the question before the Board
Is upon the motion TO adopt the report OF the
mlttee OF the Clearing House. That motion is now
under discussion.
MIR UNDERHILL wished to make an explanation
for the information Of the members. The receiver
had Just informed him Of the position he had
assumed in regard to the settlements. lie would
only settle upon the statements striking out the nine
names already excluded, so that he did not make
any reclamation on the members.
The CHAIRMAN observed that the question before
the house was upon the report Of the committee.
MI. BAILE--We Will have no clearing house until
we have faithfully cleared In this old clearing house,
Until that is done you cannot have another clearing
house. II you do will put another injunction upon
you. Great exctement.)
ANOTHER MEMBER-You cannot do II.
SEVERAL MEMBERS tsimultaneously)-You cannot
do it. Cries OF ''humbug"
Mr.. CoLGATE-1 want to inquire whether you Will
adopt this plan-in Its entlrety-or notS What are
to understand by the adoption OF this resolution
Arc we to organize clearing house on this panf
Are we TO take up the report article by article or
are we to proceed with IL altogether
Tine CHAIRMAN-The motion is to take the plan
altogether.
Mr.. CoLGArE-I ask are we to take 1t article by
At.y