The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-10-04
FINANCE AND TRADE
New York Money Market.
NEW YORK, October 2

FINANCE ANIL InHDE
New York Money Market
NEW YORK, October 2.
The inefficiency of the Gold Exchange
Bank as a clearing house for transac-
tions in gold has brought out many new
plans. The Gold Room, in executive
session, passed the following resolution:
Resolred, That committee of nine be
appointed to ascertain whether it is
practicable and desirable to organize a
clearing department, as function of
the Exchange, for clearing contracts in
gold made by and between members of
the Board, and report plan.
1t was currently reported in the Gold
Room that Paleston, Raymond & Co.
had failed and that their liabilities
were heavy. This report arose from
the announcement of that firm, IN a
letter to the President of the Stock
Exchange, that their temporary suspen-
sion was necessary and requesting men,
bers having unsettled transactions To
send a statement of their accounts.
This is to facilitate in balancing their
books, left in a terribly tangled state
by the alleged defaulting cashier, j. W,
Sanderson, who is not at the Office to-
day. They state that no approximate
estimate of their losses can be ascer-
tanned, but believe themselves able to
meet all and in short time resume
their business.
Adams, Kindall and Moore also an
nounce themselves suspended, but cen
not give correct estimates of their liza
bilities. The probability is that they
are heavy. They have no unsettled
transactions on the street This fail
ure is caused by losses in both stocks
and gold, their principle losses being
in the former.
The UOrld states that Commodore Van
derbilt has not sold dollars worth OF
New York Central stocks this fall, but
on the contrary, has been constantly
buyer, even through the panic, and
has assisted his friends to the amount
of two and half million dollars. be
borrowed ten million dollars of an Eng
llsh firm, applying it To sustaining the
Central aud Hudson railroads. The
story that he ha. oought seventy thou
sand shares of the Lake Shore railroad
is untrue.
The report as to the condition o
| Lockwood g. Co. is unfavorabie, bu
there is no means of ascertaining thel
truth or falsity until Monday, whel
the directors of the Lake Shore Kali
road Company hold their meeting, a
which it is expected the relations o
that Company with the failure OF Lock
wood & Co. will be made known. Mr.
Legrande Lockwood has rendered hi
resignation as treasurer of the company
and on Monday his successor will b.
chosen.
The Post has the best authority TO
stating that Earrings had no connec
ton with the late gold transactions. L
also says that Duncan Sherman's entire
sales of gold during the gold frenzy
were only 5000, 900, all in the regular
course of the exchange business.
| The World gives the following as an
opinion expressed yesterday by A. L
Stewart: II disapprOved of the policy
of selling gold and purchasing bonds
with the proceeds. Believing as | do
1t will never lead Us, as it is probably
meant to lead us, to specie payment
Such policy would not lead us to such
a result in ten yearS-nOr IN nun
dred. The purchase of bonds with gold
| gives the spectators means TO carry on
their operations. This policy is IN
questionabiy OF great benefit TO those
who have no means of their own. While
solvent men will entirely oppose this
policy, it will be approved by those who
are shaky."
Postmaster General Cresswell visited
the Stock Exchange this morning, and
in brief, spoke as follows: thank you
gentlemen, fer 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 TIN
merchants and bankers that will not b
done.
There were some further gold settle
ments among brokers to day, but Their
seems to be q hitch with IA few of tn
larger houses. There is growing opin
ion that the large contracts will b
chiefly closed upon Monday or Tuesday
1t is believed an offer was made b.
Heath 4 Co. to-day TO settle their con
tracts 1T l35 and pay the differences be
tween that aud the actual figures III tn
contracts wiki checks only received OF
the Gpld Exchange Bank. 1t will b.
generally accepted.
The Directors of the Rock lslard rail
road have declared a semi-annual divl
dend of 81 per cent.
The bank statement is the most IA
vorable exhibit made for a long time
the gain in the legal reserve being
heavy.
The suit brought by the Erie Rail
road Company against the Union BanE
and Others, to restrain the sales OF the
| Cleveland * Pittsburgh railroad stock
| and the Toledo Il Wabash stock, ha;
been withdrawn, and an order to that
effect entered this morning.
MONEY-Steady at 7 per cent. cur
rency to per cent. gold, for loans on
call.
| SrERLING-Fair at l0SalOSs.
GOLD-Lower, opening at 1901, aud
closing at 1898.
GOVERNMENT TOCKS-Lower and
dull but steady. Coupons, 81, 1879
ll9B; do 90. Il94all95; do "a, ll9tal l9s
do '65, Il9tall9s; do new, 1l7sall7&; dc
81. ll74all75; do '6o, ll75all7S; lO'4Os
lJ9balO94.
Chicago nnrket
HrrIC.cn Optnher >