The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-10-04
NEW YORK.
RecOustruction in wall street.
NEW YORK, October 2

The ineftioIency Of the Gold Ex-
change Bank as q clearing house for
transactions In gold, has brought out
many new plans. The Gold Room this
morning, In executive session, passed
the following resolution:
Resolved, That committee Of nine be
appointed to ascertain whether II is
practicable and desirable to organize a
clearing departmentas function Of the
exchange for clearing contracts In gold
made by and between members OF the
board, and report the plan.
II was currently reported In the Gold
Room that Poleston, Raymond Il 20.
had failed, and their liabilities were
heavy. This report arose from the un.
nouncement Of that firm, In letter 10
the President Of the Stock Exchange,
that their temporary suspension was
necessary, and requesting members
having unsettled transactions TO send in
q statement Of their accounts. This
ls to facilitate in balancing their books
left In q terribly tangled state by the
alleged doiaulting cashier J. w. San
derson, who Is not at the Office to day.
They state that no approximate estl-
mate OF their losses can be ascertained,
but believe themselves able to meet all
and In short time resume their bust.
ness.
Adams, Kimball & Moore also an
nounce themselves suspended, but can.
not give a correct estimate OF their lla.
bilities and the probability Is they are
heavy. They have no unsettled tran
sacllons on the street. Their failurs is
caused by losses In both stocka and
gold, the principal losses being In the
former.
The World states that Commodore
Vanderbilt has not sold dollars worth
Of New York Central stock this Fall,
but on the contrary has been constant
buyer, even through the panic, and has
assisted friends TO the amount OF two
and half millions Of dollars. He bor-
rowed ten millions OF an English firm,
applying to sustaining the Central and
Hudson. The story that he has bought
~. 600 shares ol Lake Shore Is untrue.
The reports ;as to the condition of
Lockwood & Co., are uniAvorable, but
there is no means Of ascertalnIng the
truth or falsiLy until Monday, when
the directors OF the Lake Shore Com.
pany hold meeting, at which 1t Is ex-
pected the relations of that Company
with the failure Of Lockwood Il Co.,
will be made known. Mr.. Legrande
Lockwood has rendered his resignation
as Treasurer Of the Company, and on
Monday his successor will be chosen.
The Post has the best authority for
stating that Bariugs had no connection
with the late gold transactions. It also
says that Duncan & Sherman's entire
sales OF gold during the gold frenzy
were only 100000, all In the regular
course OF the current exchange husl.
ness.
The World gives the following as an
opinion expressed yesterday by A. T.
Stewart: II disapprovs of the policy
Of selling gold and purchasing bonds
with the proceeds, believing as do
that It will never lead US, as lis meant
to lead us, TO specie payment. Such u
policy would not lead us to such u re-
suit In ten years-no, nor In hundred.
The purchase Of bonds with gold gives
the speculRtors means to carry on their
operations. This policy is unQuestion-
ably OF great benefit 10 those who have
no means OF their own. While solvent
men will entirely. oppose this policy, 1t
Will be approved OF by those who are
shakey.n
Postmaster General Cresswell visited
the Stock Exchange this morning and
In brief spoke as follows: 4 thank you,
gentlemen, for your cordial reception,
and am happy to see that the conflict
Is over, and the bright prospect which
matters now wear. There is nothing
that the Government can do for the in.
terest Of the merchants and bankers
that will not be DONE
There were some further gold settle.
ments among the brokers to-day, but
there seems TO be hitch with few OF
the larger houses. There Is growing
opinion that the large contracts will be
chiefly closed upon Monday or Tues
day. II is believed that the offer made
by Heath u Co., 10 day, to settle their
contracts at $l,85 and pay the differ
ences between that and the actual
figure In the coptracts with checks
only secured on the Gold Exchange
Bank, will be generally accepted.
The directors Of the Rock Island Rail.
road have declared Semi.annual divI-
dend ofSH per cent. The bank state.
ment 10 The most favorable exhibit
made for long time past, the gain In
legal reserve being heavy.
The suit brought by the Erie Rail-
road Company against the Union Bank
and others, 10 restrain the sales OF
Cleveland and Pittsburgh Railroad
stock and the Toledo and Wabash stock
has been Withdrawn, and an order 10
that effect entered this morning.
Mr.. Lockwood. the banker, makes
the following statement: ~ retain the
treasuryship Of the Lake Shore Rail.
road Company, but shall resign at the
next meeting OF the board. The com.
pany owe one 6rm large amounts for
advances on Wabash stocks. Oar In.
debtedness TO the Lake Shore and
Michigan Southern road at the present
moment Ia but moderate amount,
No stocks or property OF any kind be-
longing TO the railroad company has
been used by the Treasurer or his firm
In an improper manner. The directors
OF the Lake Shore Company are In full
accord and approve OF my course with
their stocks. The most influential and
wealthy members OF the road insist on
the firm OF Lockwood & Co. resuming
business"
New YORK, October 8.
A member OF the firm OF Lockwood
Il Co. denies upon authority the rumor
that the liabilities OF their house an.
proach anywhere near the sums men
toned. 1t Is believed 10 be between
100000 and SS.0OO,0 900, which losses
have not yet been fully developed. 1t
is positively asserted they are not in-
volved to halfthis extent, and II 10 pro.
posed by some members OF the Gold
Board Exchange to commence at once
the work oi wedding out the tame ducks
In the board. The rules which were
suspended by the Gold Exchange on
Thursday, will 60 Into operation on
Monday, unless further suspended by
the Exchange. Should the rules be en-
forced on Monday parties who have
failed 10 make settlements will be lla.
Die TO have their gold sold out, and
Till also be subjected to fines for their
delinquency.