The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-10-06
The Gold Panic in New York.

The Gold Panic in New York.
The telegraph for the past week or two has gwen
vague accounts of the gold panic in New ork pue
hardly elaborate enough to satisfy the cravings OF 'he
public The following telegraphed on the 24th ulf.
to the Western papers, is to the point than the
dispatches sent South
The excitement growing cut of the gold speculation
resulted this morning in absolute panic at 9;lo a.
NJ; III was bid for gold, and quickly the price au-
Vanced to l55 At the opening OF the COD Room the
price held l5G, which was bid, and iol asked
and the bulls offered to make settlements Win the
shorts on that basis but few however, accepted the
overture, being prevented by the hope that something
might be done at Washington TO relieve the market,
and the anxiety for news from that quarter was In
tense and the hope that the Treasurer might interfere
strengthened by the fact that numerous and very
urgent remonstrances made to the President ana
Boutwell, by parties who, there reason to expect
would have influence with the Administration, but not
word came from the GOVERNMENT and while the bears
were waiting the bulls carrying up the price BY
rapid jumps 1924, and noon the shorts surren-
dered all hope and began accept the offers settle
ment and some operators who were most horribly
! short compromised on a basis OF AS TO 100.
| About noon an order came from Boutwell, to sell
tomorrow 81 ,o00O 600, and purchase equal amount
| of bonds. The order, however, did not come until
the bulls had compelled settlement at about so, and
the operations of the bulls having been consummaed,
there sudden drop to 1874, and by 1880 PM, con-
trary to expectation the speculation eliminated with
out any effort to compel the payment of the extraordi
nary rates for borrowing the contrary while the
price was being carried up to over 160 the bulls were
offering from to per cent per day for having their
gold carried According to correct report, the ball
clique claim to have made million out of their
operations and the losses the other side, must be
| equal.
One prominent gold broker, Mr.. A. G.. Spegurs, who
was conspicuous this morning for bidding go for
million of gold, when the price was 1875, bad failed to
take up the gold and in defense made statement in
the Gold Room this afternoon to the effect that the
gold he bought yesterday was for Mr. W. Belden, ard
this bid at l60 today account of James Fisk, J
and that his inability to deliver arose from both parties
not having given him any margin, but he did not ex-
plain why he bid 160 when gold could have been
bought at 1885, Mr.. Spegurs' eonductnother respects
during the day. such to suggest the idea that be
under some haucnation, but report, current on
the street. that he had been placed in the of his
friends, does not appear to have been correct
The tremendous transactions in the Gold Room have
produced complete blank in business. In the Gold
Exchange Bank has been impossible to effect all the
clearances within the usual hour, and the result has
been that brokers have been unable to make settle
ment of their accounts, and several firms have been
forced into temporary suspension, with serious en-
barrassment to the whole market. Several firms are
placed in the position of saving their margins which
locked up in the Exchange Bank, and being unable
to get their funds, unable to make their
good with their banks and therefore cannot give their
checks in settlement of their claims The Commercial
says: Among the failures A. J. Spegurs, Belden
Il Co., 2. H. Williams, Jr., Tamage, Hunter Co,
Charles Mcclure s. Co.. S. B. Walter and VIM Heath d
Co. The latter firms their creditors of their
entire ability make their advances good
they able to get possession OF their funds by
the completion of the gold clearances and there is APP
parenty good probability that but few of the other
names mentioned will prove to be permanent failures
The Express says: The closing of the day-the
most eventful one in the history of Wall street-was
comparatively calm, although in all directions small
crowds of brokers and spectators, talking the
excited scenes.
Yesterdays clearances of the Gold Exchange Bank,
presenting Wednesdays business, amounted to 1924,
524 900, but to-days transactions must have largely
exceeded that amount.
Van Deventer 4 Co.'S failure to, day creates much
talk. They stock and gold brokers. T. w Head
ley, the member of the firm who has charge of the
books, much excited and exercised about oper
atoms in Wall street that he had not posted his books
for some days past. He suddenly taken sick last
night and left the St. Nicholas, where he had been
staying, for his home in New Brunswick This morn
ing his partners to the St. Nicholas Hotel for him.
and the clerk told the messenger that he left for Pha
delphia very suddenly the night before The other
partners became alarmed looked the books and
ceived notice from their bankers that their account
much overdrawn In their excitement they an
nounced Headley as deaulter and said that they
were gone up. The sheriff seized their Office and
their creditors down them with rush Of at
tachments. But for these mistakes the firm. need
suspended, and all this panic and their credit
might have been saved