The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-29

OF New York would undertake the cleari g5-Only to
be nipped In the bud when 1t was announced that the
herculean task was an impOssibility Then followed
dismay, and the confidence that was thus Temporal
riy raised fell to the ground. thousand means
were suggested to clear the difficulty, but, with the
exception OF the afternoon proceedings of the Gold
Room, which are somewhat OF q reassuring char
acter, scarcely anything was accomplished.
Rumors Of failures were constantly aHoat, their
direct effect being that sad havoc was made In
values. completely annlhiatng O host OF small
operators and damaging severely a large number
OF extensive firms. The sad feeling gradually
grew much stronger upon the belief that some
Of the members Of the clique had sacrl-
Heed the brokers engaged to them and
had repudated the orders given, and not few thus
mortified and dIsheartened were known to protest
their determination to fix the responsibility Of their
purchases upon those very principles and leave it
for the street to decide how far they will retain force
TO continue in business. Perhaps the most distress
ingy apparent evidence Of the general dstrust was
the sckly ana demorazing panic that prevailed IN
the stock market, which wriggled most terribly 1t
was struggle In the most impenetrable darkness
The following will more fully explain The details of
yesterdays proceedings:-
THE MEETINGS AT THE GOLD ROOM.
The morning meeting was looked forward to with
the greatest interest. rush was made for the
Gold Room shortly before ten O'Clock, and before
the meeting actually commenced the place was
crowded. Mr.. Townsend Cox presided, and upon
the board being called to order Mr. Keep, the chair
man Of the special committee OF four appointed yes
terday to obtain Belden & Co.'s statement from the
Gold Exchange Bank reported that ne had obtained
copy OF such statement this morning. and recon-
mended that 1t should be posted in some conspcu-
GUS place in the room for examination by members
ut their convenience.
Here tumut arose and cries Of 'read, read,n
were vigorously maintained.
member here obtained the floor and deprecated
che time and attention that was given to matter
which should be regarded as past and over. He
thought 1t necessary that fresh star. should be
taken and the transactions OF the past removed
entirely beyond the consideration Of the Board
Forty millions OF dollars could not fix Beldon Co.'s
statement, and 1t waste OF time to discuss the
matter. The Clearing House had done incalcuable
service TO brokers and to the whole mercantile com
munity In settling the confession that Thursdays
and Fridays dealings had brought about regarding
Mr.. Brown. Although no statement OF his was in
the clearing houses his tickets were.
Mr.. KEEP here said, in further explanation Of the
paper he held that he anG the committee had found
other incomplete statements OF Belden Il Co. In the
bank and regarding that one, although being set
aside would probably ruin him, yet he could not
see how it would pass. II was not signed. (Cres
Of "Lay 1t on the table.'0
Several members here called out against the read
ing, and motion to lay the whole matter on the
table was promptly carried. go ~
motion was made aiii seconded to settle all out
standing differences ex Clearing House on the basis
of 1885, but not put.
The SECRETARY called up the report of the SPECIAL
Committee of Nine appointed yesterday morning,
and asked its further consideration.
The second resolution. recommending the members
of the board to settle far possible all of Fridays
contracts ex Clearing House, was put and carried,
after which the third resolution, calling for the
appointment OF a committee to confer with the Bank
OF New York to ascertain whether said bank would
be willing to act as clearing house for Fridays busi-
ness or until further notice. was put and likewise
adopted.
The VICE PRESIDENT OF the board explained that In
secondng the motion to settle all outstanding differ
ences upon the basis Of 1856 he did not mean II as an
abridgment of existing contracts, but simply as a
basis for preliminary settlements in order to get rid
of the existing block in business, the differences
then left to be matters for subsequent adjustment.
Mr.. BALLoU explained that he had Information
that the Bank Of New York would accept the work
ofclearlng mentioned In the resolution on the
dtion that should be held separate and distinct by
the members Of the board from all banking BUSH
ness, and that no accommodation would be asked,
as none would be granted, upon resulting balances
to anybody until the whole work was completed.
They would require the payment OF gold due In gold
and currency in currency.
The President and two Vice Presidents of the board
and Messrs. Ballou and Campbell were then ap.
pointed committee to wait upon the President of
the Bank OF New YORK; and the board TOOK recess
to eleven O'Clock.
THE REoEss-cHEERINd NEWS.
The Board reassembled at eleven O'Clock, when the
committee appointed as above reported that the
Bank Of New York consented to accept the state
ments Of brokers and clear Fridays business at 1875
the standard quotation, the members to settle all
differences left over themselves. That statement
should be In at half-past one. The chairman OF the
committee further explained that the loan market
would remain open, as usual The report being &C.
eepted,
member then made a motion to resume busi-
ness. 1t was about being carried, when
Mr.. KEPPLER objected, on the ground that II they
should do so without previous provision, and that
II Beden Co.'s and Others gold be permitted to be
sold out under the rule 1t would have to be II called
for, gold might fall or to par there being about
sixty millions to be sold, and moved that the Board
adjourn over without doing any business, except
loanlng After discussion the following resolution
was read:-"Resolved, That the executive session
do now adjourn, and that the members Of the
board proceed to arrange their loans, but that no
purchases or sales made to-day will be enforced by
she Board.n Objection being made to the phrase
ology Of this report the following was read as a
substltute:-
Resolved, That the executive session now Adj ourn
but that the board be lett open for the transaction OF
loans only to-day.
xns snsct Of NJ Kepplers remarks were some.