The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-26

in and about Wall street were surrounded at an early
hour by excited crowds, anxionsly awaiting the
opening Of the DOORS and at the same time dreading
the hour OF business, which might be franght with
ruintO hundreds. The officers and clerks
Of many banks had been upal night at
work upon their books, and when their
doors swung open the faces behind the desks
less pale and haggard than those which pressed
around the office barriers. The alarming rumors OF
failures which had tortured nnanciers throughout
the night had frightened all classes having dealings
with the banks and almost every man was eagerly
pushing to look after deposits to catch the first
whisper Of apprehended suspensions
At first nothing could be learned concerning the
condition Of the banks the prospects for alaying
the panic and not until the adjournment OF the
gold board and the announcement of the suspension
Of clearages by the Gold Exchange Bank did the
bank officers give any satisfactory answers to the
thousand interrOgatories OF the crowds. Then 1t
was stated that matters were all right, that pay
ments on gold operations only would be suspended,
ana that temporarily, and that the ordinary bust.
ness transactions would 60 on as usual.
As the morning passed away the crowds deserted
three which rumor had designated a. victims O. the
crash.
Prominent among these was the Tenth National
Bank and the house Of Smith, Could Martin Co.
Belden's once had suspended entirely and the
Gould establishment, although transacting some
business, was believed to be on the verge OF ruin
These FIRMS represented, however that their embar
easements were temporary, and that as
soon as the gold ciearances could be issued
everything would be satisfactorily settled bnt
these statements were received with little or no
faith, and had no eject in checking the heavy run
commenced on the Tenth National and other banks.
d., o,.l
idea OF the situation and the excitement somewhat
abate6. 10 was found that the banks were quietly
transacting all their usual business. except that
based upon gold speculations, and that as soon as
the clearances were made from the Gold Exchange
Bank, so that operators could get their funds the
run upon the banks for money would be materially
lessened. The banks OF Jay Cooke, Fisk Hatch
Vermiye Co., Duncan Sherman and nearly all
establishments around which there had beer so
much excitement during the early business hours
assumed an unusual degree Of quietness, and
OF individuals who had rushed down town to dIaw
out deposits pocketed their account books and sam
tered along the street to watch the interesting move
ments among the bulls and bears.
THE GOLD EXCHANGE BANK,
however lost none OF its excitement, but on tue
contrary, became more and more crowded win
dealers anxiously waiting for their cearances; and
apparently regardless of the following notice COZ
spicuously posted on the WALL
NEW YORK GOLD EXCHANGE BANK
IS Broadway and 20 New street. !
NEW YORK. Sept. Is, 1869.
TOWNSEND COX, Esq. President New York Gold Ex-
change:-
STR-The bank will not receive any clearing state.
ments from dealers to-day. The statements received
yesterday nearly all aected by the failures and
1t ia impossible as vet TO ascertain balances Dealers
default which they have sent in, that is the only
way OF adjusting the movement. The bank will use
every exertion TO bring accounts to prompt settle
H. M. BENEDICT, President.
All the windows OF the bank were closed with the
exception Of a paying and receiving teller. who
transacted business with the few whose accounts
were completes; and the doors to the Presidents
once were nercely besieged by angry and excited
men determined to gain an interview with Mr.. Bene-
dict. Occasionally some movement among the
officials would start the whole crowd into q
rush for the windows with the idea that pay
ments were about to be resumed and
when bags ofgold we're poured out on the counters
BY the clerks the room would present q scene
scarcely less wild than those Of Gold Room in its
busiest moments. Every person who gained access
to Mr.. Benedict was instantly seized by the crowd
as he emerged from the Office, and was firmly held
until pumped Of all Information that could be possi-
bly, obtained from him. Two ushers guarded the door
to the private once. received cards. petitions
expostulations, &C., sent in to- Mr. Benedict; but
very few Of the messages elected an response.
When the pressure became too great one of the
ushers would mount chair and communicate with
parties in the crowd over the barrier, but nearly
all the same answer was given-"wait"
As the day advanced and the accounts OF opera
tors were reached and balanced the issues became
little more frequent but night closed the
scene without any large sums being paid
and the wearied thronQ slowly dispersed to
to wait for Mondays revelations The bank was
busy nearly oil day with the transactions of Thur
day. and great deal OF work remained to be done |
In clearing up Fridays operations. II ia probable
that q portion OF sunday, and perhaps Of tonight,
WIN yet be required to complete the examination OF
accounts and prepare for Mondays business, a.
nearly 10000 tickets were poured into the bank In
the hurry all of which have to be posted ana cri.
ticaly examined before any result con be reached.
BELDBN's OFFICE
was visited b. very few persons dssipg the day, "