Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-09-25

The SiEllassaEHT CrisIs-GreRt PanI'
A1naMHE Spectators In Gold.

The ktSassaEHT CrisIs-Great Panic
Ama1K Spectators In Gold.
NER wax, Sept. 24-The excitement
growing cut Of gold speculations resulted
this Ihbrningin absolute panic. At 9:l5
an, 1853 was bid for gold, and quickly
the price advanced to 153 at open
ing of the gold room, The price
held $50 bid and Isl asked, and
bulls appeared to make settlements
Hith shorts on that basis. Few how
ever. accepted the overture, being pre-.
vented by the hope that something might
be done st Washington to relieve the
market. The anxiety for news from that
quarter was intense, and the hope that the
treasury might interfere was strengthened
by the fact that numerous and very ur-
gent remonstrance were made to the
President and Secretary of the Treasury,
by parties who there was reas TO expect
would have influence with the admins
traIion, but not word came from the gov
ernment, and while the bears we're wait
ing, the bulls were carrying up the price
by rapid jumps to 1924.
Near noon the shorts surrenderipg all
hope began to accept the offers of settle
ment, and come operators, most horribly
short, compromised on a basis of 1850
$50. About noon an order came from the
Secretary of the Treasury to sell to morrow
four millions of gold, and purchase an
amount equal TO the amount Of bonds.
The order, however, did not come until
the bulls had compelled a settlement at
about $50, and the main operations of
bulls having been consummaied, there was
a sndden drop to 194 by 1:3O, Pm.
Contrary to expectation, the specula-
ton eliminated without any effort to
compel the payment of extraordinary
rates for borrowing. On the contrary,
while the price was being carried up to
over Sl60, ten bulls were Offering from
to per cent per day for having their
gold craried. According to correct res
port the bull chqe claims to have made
an even million out of their operations.
and losses on the other side must be
equal
One prominent gold broker, Mr.. A. G..
Speyers, who was conspicious this morning
sor bidding 100 for one million dollars,
gold, when the price was 1876, had failed
10 take up the gold, and in defense made a
statement IN the gold room this evening to
the efI,c: thai the gold he bought
yesterday WAS for Mr.. w. Btlden,
and this lid for gold az 100 TO.
day, was on account of James Fisk,
Jr, and that his inability to deliver, arose
from both parties not having given him
any margin, he did not explain why he
bid 100, when gold could have btel
bought at lS5. Mr.. SpeyT's conduct in
other resPoo;s during the day was such as
10 suggest The idea that he was under some
hsllUcination, hut a report on the street
that be has been placed in care Of his
friends, does not appear to have been cor.
rect.
The enormous transactions in the Gold
Room have produced a complete blank in
business. Ia the Gold Exchange Bank it
has been found impossible to effect all the
clearsnces within the usual hours, and
the result has been that brokers are unable
10 make a settlement Of their accounts, and
several firms Lave been forced into tempo
rary suspezsion, with serious embsrrass-
Inent 10 the whole market.
Several firms are placed in the position
Of having their margins locked up in the
<Sold Exchange bank, and being unable to
yet their funds are unable 10 make their
accounts good with their banks and there
fore cannot give their check in settlement
Of claims.
The commercial firms among the fail.
ures are A G Speyars, Belden & Co, z II
Williams, Jr, Colmsge, Hunter q Co,
Charles Mcclure & Co, S B Waller, and
William Heath & Co. The two latter
firms assure their creditors Of their
entire ability to make advances good as
coin, as they are able to get posses
sion Of their fundds by the compile ion
Of the gold clearauces, and there is ap-
parenuy good probability Of q few Of
the other names mentioned will prove
TO be permanent failures.
The Express Gays the closing of The
day, the most eyentful one in The history
Of Wall street, was comparatively calm,
although in all directions were Gathered
email crowds of brokers ard snscnlstors
talking over the excited ,Cenes
l. was stated officially that
the gold exchange banks will be able 10
make their settlements by i've or Fix tbis
evening, when the leading brokers will
Inake ategll, mtnt with the street. : ma
hOwever, may not be able to straight.n out
= their affairs before tomorrow. MaDv of
the reports current on the street in relali on
TO the large failure, therefore, should be
received with caution, az all indications
point to a satisfactory settlement 10 NOR,
row.
The treasury announcement is az fol
lows:
NOTICE
NEW YORK, Sept. "a The govern
ment reserves the right TO accept the b d.
msde at u o'clock tomorrow 10 excess o
four millions for gold or bonds in lie die
erection.
BY direction Of the Hon. Secretary o
the Treasury.
DAN'L BUTTERFIELD, Asst Treas.