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

uon's "sn 10 interfere IN your action regarding
the Gold Exchange Bank. but a. l have
Just come from II few minutes since
Thought would state for the satisfaction Of the
members the exact posture OF that bank as under
stand 1t. lCheersJ In the first place. when the
great magnitude OF Thursdays business became
known they resolved not to undertake the clearing
OF It, In this the directors were overruled and the
performance OF the great task was ct once COM
menced. They went then upon the superstition that
the work could be accomplished in time. The Gold
Exchange had only one Of two courses to pursue
one was TO retain, according to the usual custom,
all the currency ana gold until every state
ment was made, or TO depart from that
custom II this bank had observed the one terri
Die panic would undoubtedly have been pro-
duced-a much greater one than has existed on the
sreet-for the gold would have been locked up.
But the bank determined to pay as far as possible.
They assumed that the statements respecting Ger.
tain parties were good, and upon the representa-
lions OF those statements paid out money Now It
turns out that some OF the statements are not good
and therefore the loss must fall upon the bank,
which has now determined to wait until each state.
ment Is before them before they Can pay.
The remarks OF Mr.. Hoyt were received with
mingled feelings OF approval and disapprobation one
party observing that the reason assigned for the
Gold Exchange Bank not paying was because they
had no gold.
Mr. HoYT-l am making this statement without
really knowing the facts but rather from the nfor
nation which myself gathered and give 1t to
you for what 1t Is worth. leaving 1t to your better
Judgments. At all events, more hopeful view OF
things Is certainly presented TO my mind, and on
that account | trespassed upon you with o few
remarks. iCheers.)
Mr.. FISHER stated that he could obtain neither
gold nor currency from the Gold Exchange Bank
although 1t had already been paid for
Mr.. HODGKNs renewed his motion that every
member OF the Gold Exchange be compelled to send
his statement TO the committee otherwise to be sus.
pended from the Board
The resolution was carried unanimously and the
meeting adjourned.
The Gold Room was then cleared ana the commit
tee formed Immediately. 1t was then formally
announced that the members Of the committee were
In readiness to receive statements, and It was
stated that they would work all night to strengthen
out the business.
THE STOCK EXCHANGE
presented quite deserted appearance and the
prospects were gloomy In the extreme though there
is yet but little confirmation Of failures among the
stock houses. There has, Of course, been great
delay Of payments among several firms reputed
strong, owing, as already stated, to the great
difficulty OF borrowing money. A large number oil
brokers had some trouble in making up their bank
accounts. Among other evils 1t may be mentioned
that foreign exchange is somewhat unsettled by
reason of the present money strlngency.
NEW GOLD MARKET.
Although 1t s very probable the Gold Exchange
will not be able to resume regular transactions in
gold tomorrow the market prices will be given for
the precious metal during the dealings ut the
National Stock Exchange, as the following resolu.
ton has been adopted
Whereas the recent dascO in the gold market has
left the business community without proper facilities
for the purchase and sale or god to the great detr
ment OF the business interests OF the country;
therefore
Resolved, that this board come to the rescue. and
that at ten O'Clock tomorrow ana every succeeding
morning, the members OF this Board meet for the
purpose OF dealing In gold.
THE EXCITEMENT IN THE CITY,.
The remote prospect OF an adjustment OF the Wall
street difficulty created some excitement as well as
considerable apprehension. The streets adjoining
the scene OF action were crowded and groups chat.
ted earnestly the entire day. Many were rapt IN
serious contemplation. for there was no knowing
where the panic would terminate. One Of the great
EST centres Of attraction was the stock market,
where q crowd OF frantic operators were In earnest
debate. Broad street was as usual the loungng
rendezvous, and haggard, palefaced, heartbroken
looking men wandered Istlessy up and down.
During portion OF the day the excitement which
characterized the proceedings or Monday was If any
thing, increased
WHAT AN EMINENT BANKER THINKS OF THE AFFAIR
member OF one of the highest banking firms in
this city was called yesterday, and In reply to an
inquiry respecting the result OF the panic pho-
sophicay replied that 1t would right ITSELF At the
time referred to the Bank OF New York was regulat-
ing the statements, and matters seemed then to be
fairly under way. On the whole, he thought
Ri ,ohf l,aV has
they would rapidly improve His firm, he said had
sold gold at from 81 to 32. He remarked that
very few really respectable bankers-that is
TO say, not many who recognize the prln.
ciple that honesty is the best policy-were
concerned in the affair." Its saddest phase he
thought, was that honest, honorable and upright
merchants were made to suffer from no fault on
their part When Intercepted as to his opinion OF
the panic itself he said he thought the plot, Us q
plot. was badly managed. The cOnspirators he re.
Marked spoiled their own game. He did not be.
lieve they would have spread such ruin, though
their heartlessness was proverbial It was probably
their intention not to run gold to such O figure,
but rather dandle with 1t for awhile and let 1t fall
nicely. In conclusion, he wisely thinks that If hon.
est kept clear of such speculations the rogues
falling out among themselves would be compelled
to bring to a close their swindling operations.
THE GOLD EXCHANGE COMMITTEE LAST NIGHr-THE
STATEMENTS.
With considerable energy the committee Of twenty
appointed to receive the statements OF members OF
the Gold Exchange and make the necessary
cearings, went at their work with apparent
energy. AT first some hestancy was exhibit
ed In handing In the statements, but
finally they began to arrive more rapidly.
The committee first met in the Gold Room but as
night approached they were accommodated with
comfortable room in one Of the city banks in Wall
street, which was in all respects more comfortable
than the Gold Room. The members OF the
Immediately commenced operations.
were handed In and an anxiety was
evidenced to assist the committee. The proceed.
ings were not characterized by any excitement AT
ten O'Clock over seventy statements had come In,
while numbers promised to send theirs al an early
hour In the morning 1t is to be hoped that
all statements Of whatever nature Will be
hoo, and tJot r,,sIt