Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-03
Statement of Lockwood, the Banker.
New Plans for CIearances---ResO-
lutiOns.
Failure---DefauIting Cashier WeaVes
a Tangled Web.
Movements and Transactions OF
Commodore Vanderbilt.
lie Grand Lockwood Resigns the
Treasurership of /. S. Railroad.
A. T. Stewart Expresses His Opin-
ion About Boutwell's Policy.
Postmaster General CresswelI Visits
the Stock Exchange.

Special Dispatch to Memphis Appeal
NEW YoRK, October 2.-Mr. Lockwood
the banker. makes the following state
ueut: d" I retain the eTreasurership OF the
Lake Shore Railroad Company, but shall
resign at the next meeting of the Board.
The company oweso firm large amounts
for advances on Wabash stocks. Our In
debsedness to tho Lake Shore and Miehi-
gan Southern Road al the present mo-
inent is but anIOderate amount. No stocks
or property of any kind belonging TO the
railroad company has been used by the
Treasurer or his firm In an improper man
ner. The Directors of the Lake Shore
Railroad are in full accord and approve
my course with their stocks, aud the most
influential and wealthy members Of the
Board insist on Lockwood & Co. resum-
ing business.
OUR MIDNIGHT DISPATCHES.
NEW YORK, October 2-The deficiency
Of the Gold Exchange Bank, as Clearing
House for the transactions in gold, has
brought out meny new plans. The Gold
Room this morning, In executive session,
passed the following resolutions:
ResoJved, That Committee of nine be
appointed to ascertain whether it be prac-
fieahle and desirable to organize Clear
ance Department to assist In clearing the
contracts in gold made by and between
the members Of the Board, and to report
10 the Board.
II was currently reported in the Gold
Room that Psleston, Raymond & Co., had
failed and that their Liabilities were heavy.
This report arose from the announce
ment of that firm, in a letter to the Pres
ident of the Stock Exchange, that their
temporary suspension was necessary, and
requesting the members having unsettled
transactions TO send in q statement Of
their accounts. This is to facilitate the
balancing of their books, left in a terribly
tangled state by their alleged de-
fsulting Cashier, J. II. Sanderson,
who is not al the Office to-day. They see
that no approximate estimate of their
losses can be ascertained, but believe
themselves able to meet all in a short
time, and resume their business,
Adams, Kimball q Moore al
80 Gunouuce themselves suspended,
Int eSunot give a correct estimate
al their liabilities. They are heavy.
They have no unsettled transactions on
the street. Their fsilureis caused by loss
C., both in stock and gold-the principal
losses being in the former.
The World states that Commodore Van
derbilt has not sold a dollars worth Of
New York Central stock; but, on the con-
trsry, has been constantly buying through
out the panic, and assisted his friends to
the amount of 81, 10000. Ho borrowed
$1,000, 90 Of an English firm, and has
been apply yingit 70 sustain the Central and
Hudson stock. The story that he has
bought 200 shares OF Lake Shore stock is
untrue.
The reports as to the condition of Lock
-syoa6 & Co., are inierable, but there are
no sseans of aicertaining their truth or
falsity all Monday, when both companies
hold a meeting. al which it Is expected
that the relstiuas Of that company with
the failure Of lockwood q Co., will be
made known. MIR. Legrsnd Lockwood |
zhas rendered hlsresignation as treasurer
of the company, Snd on Monday his sue
-cessor Wln - cholen.
The Fost has thsoest authority for Say
ing that the BarringH had no connection |
with the recent gold panic. 1t also says |
That Duncan, Sherman < Co. = entire sales |
OF gold during the whoe frenzy were
only 500 90, aud all was sid in the reg !
ular course.
The World giges the following opinion |
expressed yesterday by AT. stewart; !
disapploYed Of the policy OF selling golo |
and purchasing bonds with The proceeds |
believing as do, that il will never al |
Us, As it is probably meant 10 lead us, d /,
specie payment. such a policy would |
not lead Us to such q result in ten years. |
No, nor in ahundred years. The purchase
of bonds with gold gives the spectators
the means 10 carry on their operations. |
The policy is unquestionably of great ben |
eft to those who have no means of their |
own. While solvent men will oppose this |
policy, it will be approved by those who
are shaky."
Postmaster General Creswell visItedthe /
Stock Exchange this an, and in a brief |
speech, spoke as follows:
81 thank you, gentlemen, for your cor
dial reception; ana feel happy to see that /
the conflict is over, and the bright aspect /
W hich matters wear now. There is moth i
ing which the Government can do for the 4
interests Of the merchants and banks that
will not be done"
There were some further settlements
anouo The gold baukers to-day
There seems 10 be hitch In some larger
houses.
There is a growing opinion that the large
contracts will be chiefly closed on Monday
or Tuesday.
It Is believed that the offer made by
Heath Il Co., TO settle their contracts at
l35, and pay the difference with checks
duly received on the Gold Exchange
Bank, win be very generally accepted.