The New York herald., 1869-10-08
THE GOLD BOARD.

that honest men may eventually get their rghtss
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THE GOLD BOARD.
| Executive Session of the Gold B0ard-A
Lively Debate and Discussion-The New
Clearance House Question-Dehnite Action
Further Postponed.
special executive session OF the Gold Exchange
was held yesterday at twelve O'Clock, pursuant to
i appointment by the board on Tuesday, for the
purpose of taking action on the report OF the
| committee OF nine relative TO the establish
ment OF clearing house within the Gold Ex-
| change. The report OF the committee under consi
| deration was published in the HERALD OF wednes-
| day.
On motion OF Mr.. COLGATE, attorneys for members
| Of the board were excluded from participating in
the proceedings OF the executive session. and were
requested to withdraw from the meeting.
The SECRETARY then read the report OF the COM
mittee, and Mr. ROBERT BALE moved to lay the re-
| port on the table.
Mr.. LELAND seconded the notion AMID great con-
fusion and cries OF "No, no;'' but before the vote
was taken
| Mr.. USDERHILL asked the privilege OF making
| statement Upon being invited to the Presidents
desk Mr.. Underhil said that he had been requested
by the directors OF the Gold Exchange Bank to state
that after careful examination OF the banks ac-
counts IL had been ascertained that the affairs OF the
| bank were in perfectly sound condition and the
| irm solvent The directors asked little time OF
| the Gold Exchange before taking final action
| on the subject of q clearance house, and
hoped that they would postpone the question I'VE
days, The Gold Exchange Bank had served the
Exchange faithfully In the past and it proposed
to reorganize the Clearing House with directors
and new officers II the members OF the Gold
| Exchange wished 1t the directors would abolish
the bank altogether. Mr.. Underhilps remarks were
received with noisy manifestations Of satisfaction
Mr.. BALE suggested that the Gold Exchange
could not establish new clearing house at once
exchange Bank before withdrawing from it.
Mr.. HODGsKIN-The bank has failed.
Mr.. BAHE-so have you failed as much. Great
Mr.. COLGATE called for the question, and stated
the moton to be to lay the report on the table and
discharge the committee (Cries Of mo, no; that
Mr.. BURNS moved that the consideration of tho
subject be postponed one week. Shouts OF Eyes"
| and mo" and loud nolse)
Mr.. HoDosKIN, mounted upon chair, said that
II the motion Of Mr. Underhill was adopted the SUBJ
ject would simply be postponed week. Did the
members wish TO do that or settle the question now
Bank was in W every respect reasonable, AAaii and
sYyr tnoYy might sn get along week longer with
Although he had been opposed to the Gold Exchange
Bank stu he felt disposed to deal with It, especially
as the directors had made so fair On offer to the
board. lCries OF ''Good, that's right" &cJ The
report Of the committee was then laid over by
' The President Mr Cox, asked If the board desired
an earnest effort TO be made to get the injunctons
the , Eae2apge sg "a dissolved Shouts q Yes
| I Mr.. tELAfD said the board ought to appropriate
| sum q money to carry the thing tarough 49,, .,
had engaged counsel and would push the matter as
fast possible as soon as an expression was given
| by the board Of It's desire for such to be done.
The question, being put to vote, received
almost unanimous expression Of approval, but one
Mr BALE Thought the injunctlons ought not to be
removed until a.. 2arIies bad obtained their money
Mr. KEPLER said that those who were sold out
the Gold Room until they had settled their differ
| ence5.
The PRESIDENT remarked that they were estopped
| from buying or selling out and from expeng or
| suspendlng members by the Injunctions.
| Mr. HUTCHINSON moved that those who could not
settle their differences be requested point Of
honor, to refrain from trading In the room.
Mr.. HoDGsKIN moved an amendment providing
| for a committee to ascertain who had not complied
MIR. COLGATE said that matter was already DIS
posed OF by tie constitution Of the board.
| The PRES IDENT-But we are prohibited by the in
| functions from executing the provisions OF the
| Mr CoLGATE-Then let us ignore the injunctons
and fight 1t out. They are unjust and illegal, and
In favor OF going on with our business regardless
The motion Of Mr.. Hutchison was then adopted.
| Mr.. VAN SoHAIoK moved that the Secretary OF the
i
persons who had not settled their differences for the
| Information OF members. Carried.
l MIR. LELAND proposed that any contract hereafter
made with those who had not settled their dner-
ences should not be binding until after they mad
complied with their former contracts.
The PRESIDENT again called attention to the fact
that the injunctions prevented such action by the
board.
| as counsel and how much were the fees.
The PRESIDENT stated that Mr.. Clarence A. Seward
mad been employed with retaining Zee of two hun
dred and 1fty dollars.
Mr.. VAN scHA1CK-An right. That's very good.
/ wnen we have lawyers charging two and Inree
thousand dollars retaining fees 1t is well know
i what we are about.
/ Mr.. KLINaENFBLT moved that the names OF deal
ers whose affairs tied up in the Cold Exchange
Bank DC excepted from the list OF persons requested
The VICE PRESIDENT INF. Hoyt said he thought the
members did not understand what they were doing.
How did they propose to get the list OF names re-
| The SECRETARY tMr. Akers, stated that he had no
means OF determining the financial status OF gentle
| men dealing In the Exchange, and the only proper
to carry out the wishes OF the board In that par
tcular was for the members to instruct their execu
tive officer, whose commands he the secretary could
execute. He could not carry out the desires or the
members as expressed in the motion just adopted
Mr.. GRINNELL moved that committee be ap-
pointed to Judge OF the standing OF members. Some
OF the parties referred to were already well known.
| and had hundreds OF thousands OF dollars involved
in their unsettled contracts
MIR. KEPLRR said there were some delicate points
arising out OF this question, which might involve
the President ana Secretary OF the Board In difrl-
Guilty. He would move that simply notice be posted
near the door OF the Gold ROOM requesting all par
ties who mad not settled their contracts to refrain
/ from trading In the Exchange AZ to the "pont OF
honor,n that was unnecessary, as no member OF
honor whose arairs were unsettled would continue
/ to deal in the board
/ Mr.. Kepler's motion was adopted and the execu-
| tive session adjourned. The motion OF Mr.. KepIer
Is substitute for that OF Mr.. Van Scnaick, which
| authorized the posting OF names on the bulletin
Application for the Dissolution of an Injunc.
| ton to Restrain Dater g. Timpson from
| Paying to smith, Gould, Martin & Go.
$4,000.
| Yesterday the case OF Thomss Denny, IT., against
/ Hiram Z. Dater and others came ND In the CHAM