The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-10-01

Railways are Arm and higher; New
York Central 06M; Michigan Southern
81; Erie 3l9S.
[EvENINd REPORT.
The Calm after the StOFm:-The Legal
Complications "A Hundred nil.
lions OF LOsses-Where
the Blow Falls.
New York, Sept. 80.
The excitement OF The past week.-Mrs.
given way to comparative quiet, and
conducted In more orderly manner.
A large number OF gold contracts on
last fridays business have been prl.
vately settled aud the complications In.
cident to that days business have been
reduced to comparatively small COM
pass. A large number OF contracts
have been paid. It 10 believed the en-
tire matter would have been adjusted
to-day had 1t not been for the interfer-
ence Of the Courts, which action Is gen.
orally and severely condemned. II ap.
pears that under the present condition
of tho money market, Smith, Gould 81
Martin are unable to take the six mil.
lions OF gold delivered to them under
the suspended settlements, and are
consequently driven to expedientB for
postp0nlng settlement. Judge Clarke
issued an Injunction on the application
OF Smith, Gould, Martin & Co., re.
sLraining various firms from carrying
out any contracts made by them on be-
half Smith, Gould, Martin & Co. In any
other manner than In strict conformity
10 the rules Of the New York Exchange
as they existed at the time such
contracts were made, from oompromlH.
Ing or settling any claims without ex>
press consent Of Smith, Gould, Martin
& Co., and from any action In the mat.
ter except on their order. It RppearA
the firm allege that the defendants, as
the plaintiffs agents, made loans to
the amount ofabout thirty millions In
gold upon securities Of about forty mil.
lions In paper currency, with the un-
derstanding that no settlement was to
be made for each separate transaction
In coin or currency. That II the trans
actions OF plaintiff were adjusted
through the clearing house large bal
ance would remain In their favor, while
II separately settled they would be
obliged In one day 10 raise about forty
millions In paper and gold currency.
That the plaintiffs are Informed that the
persons 10 whom gold has been lent on
their account by the defendants intend
within single day 10 demand the re.
turn OF the forty millions In currency
and the security deposited for gold
loans, instead ofsettlinK at the clearing
house as agreed.
The C0mmercidL says in order to ia.
cllitate settlement Of fridays trans.
actions In gold, and to obViate the DIFF.
hculty OF taking up six millions OF
gold under the stringent money mar
ket, Smith, Gould, Martin & Co., bro.
kers, have offered instead OF taking up
gold coming 10 them, to accept cur
rency at 1875 for gold; and Smith, Gould
q Martin offer to settle with their bro
kers on the same terms; the difference
between 135 and the actual figure to be
settled In checks. So far as we lea IN
very few accept the proposal.
II is stated that one firm settled over
four millions Of gold transactions this
afternoon, in the Stock Exchange
The action OF the Gold Exchange In
suspending bylaws seven and eleven,
was under discussion and strongly
condemned.
The following amounts Of gold were
sold under rule, for firms specified, at
the Stock Exchanges; these sales present
the complication OF gold and do moi
necessarily imply the failures OF the
parties: Albert Speyers, $1,000, 900
VIM. Heath & Co., $3.50. 900; John Pom
dit, $500 600; Reid, Lee IL Carhert, $500,
600; Polhamus & Jackson, $500, 900.
Sales were also made on account o
Lockwood & 90. and DaIken q. Giles
pie. A great many brokers protested
against this action, and legal complica
tlons are likely to arise therefrom
Among the parties protesting werl
Polhamus & jackson.
After the sales an Injunction wa
served on the officers OF the Stock Ex,
change, B. X. Willard being the plain
TIL, restraining them from selling un
DER the rule any gold on account o
parties selling as agents OF Smith
Gould q Martin, In the transactions o
last Friday. The failure of Lockwood
q Go. though expected to turn out un
favorable to creditors, Ia not likely L
cause much injury TO the brokers o
their banks, who appear to hay
, been protected by ample margins.
The principal weight Of losses is like
ly to fall on Western capitalists, VIII
for the most part will be able to bea
them without Embarrassment. As ye
no statement Of affairs has been pre-
pared, and 1t is impossible to give an
estimate Of liabilities or assets.
The Express says II Ia estimated tina
the depreciation In the price Of Rol
and securities dealt in on the New Yor
| GtnNlP EVnhonrA nIHa III, FNax l.,n
will reach 81 ,000, 900 In currency. Man
n men have been reduced from affiuenC
q to poverty. The large stock failures c
+ yesterday have not dragged down an
a other firms, but these failures will cans
4 heavy losses 10 4 large number of pee
. pie having deposits with the suspende
firms.
|. MoNEY-ACtive at 7 per cent eol(
Q with u to per cent commissions ne
: day; banks were however lending mol
!, literally to-day, and many banker
Q and brokers report considerable re
n ceipts OF currency from the Interior.
!. STERL1Na-Declined to 10s for prim
y GoLD-Lower; opening at lSl1S, ad
y y vancing to 1872, and closing at l29h
l29A. The transaetlons In the gol
ASOLh uuA kokuSh 41AGuuuk6 lLb6ll WEI
y merely nominal. Loans were mad
fiat. The bids for Government col
u to-day amounted TO $2,332, 900 at l2s
lSl.05; one million was awarded /
!. 1870. .l3al3l.03.
GOVERNMENT BoNDs-Firm; coupon
'Sl,sllSGall9; do. '62, 1l99<al2O; do, %
y 1lSAall9; do. '65 1l9a1l9N; do, ney
= 1l71Sall77S; do. '67, 1l7Nall7k; do. %
" ," 117Ha1l7sS; l0.4Os, l0sal0sX; Pacific
l08NalO7.
Il SToCKs-The stock market at Il
10 close was not up to the highest point
Y the day, but was steady with u mor
d settled feeling. The great feature {
t, the day was New York Central, whIc
t advanced from 1853 to ITO, and closed
n 100. Hudson sold at l55 against /.
n yesterday. The average improvement
on the remainder OF the list has bee
equal 10 2s5 per cent. The Commercit
j says various rumors are In circulatlo
respecting the involvement OF the LAX
Shore Railroad Company's finance
n with Lockwood & Cos failure, and II
i situations are made that the coupon
:. due tomorrow will not be paid, W
= learn on'good authority that the LAX
4 Shore company owe TO Lockwood
II Co. about S60O, 900 against collateral
- one million OF stock OF the Toledo an