The New York herald., 1869-09-30


purchase or sale Of gold entered into on Friday, the
10th day OF September. 1859, and from takina any
measures otherwise than through the process OF the
public courts or justice to enforce against the plain
tins or any OF them any OF said contracts, and from
from membership in the said ASSOCIATION or from the
exercise OF his privilege as member tGercol untii
the further order Of this court and in case Of DIS
punishment thereof prescribed by law.
Dated NEW YORK, September % 1869.
The sensation produced by THIS document bagles
description. 1t was lstundlng. There was little
or no excitement but every one seemed to be
thrown or HIS balance for a moment by this move
ment OF the Could party, following suddenly upon
the appointment OF O receiver for the Gold
Exchange Bank, of which event notice had
but q short time before been received. Men,
bers at once attributed both Of these move
ment8 to the Fisk ring, and discussed
with manifest alarm the prospects sud-
denly opened before them OF additional
embarrassments from the new display Of Erie tao
Ties and the probability OF protracted litigation.
The President OF the Board repaired immediately to
the committee room with the document, and at
quarter to four the committee announced itself ready
10 make final report.
THE LAST MEETING
Of the board WAS even more exciting than the one
preceding The crowd rushed in, filing every part
OF the and congrcgatlng in dense mass about
the desk OF the presiding oalcer, while no less
anxious throng occupied tue gallery. When conn.,
paratiye silence had been obtained the committee
reported.
That we have placed the making up OF the ac-
counts OF Smith, Gould, Martin Co. in the hands OF
component accountants.
That we fad 1t impossible to make clearance by
reason OF the absence OF Smith, Gould, Martin Co.'s
authorized statements. t.s
That cannot recommend any plan for future
aot.nn trad linn noa
That we beg TO be discharged after returning the
certificates and tickets to the persons presenting
| them.
Mr G. II. BEND, OF the committee, said that what
ever difficulties might otherwise have prevented the
disposal OF gold belonging to Smith, Gould, Martin
Co. the Injunction etioctualy restrained them from
selling 1t IN the board, as had been the rule pre-
viously in such cases. He wished the members,
before taking any decisive action, to understand dis
tnctly the circumstances OF the case. Should they
sgree to settle all accounts privately which could be
| disposed OF IN that manner, or throw them
| into the board at Its next regular meeting,
and sell the gold on account Of the parties to whom
1t might belong9 All or less at tho mercy
Of Smith, Could Martin & Co., and this Injunction
had no doubt been obtained TO force dealers to CON-
| promise with them on their terms. II was probable
| that other parties situated somewhat similarly to
| Smith, Gould & Martin would get out inJunctlons
| by the next day. and the question to be
met was, who will care to take gold
| on their accounts with the knowledge that
the parties to whom they are in turn to transfer 1t
| may refuse to receive 1t? He was himself In that
| prcdicamcnt, having out large amounts which lie
| would Willingly take up If there was any prospect
OF the gold being taken or his hands by those to
| whom he mad sod 1t.
| Mr.. LELAND obtained the floor fer the purpose OF
| a hutxy ont nj
oruer; but alter moment the presiding of1cer
announced that the board would hear his proposi.
| tion, which was given as follows:-
| If the Room be largely short TO them let Smith,
| Could Martin & GO. be declared failed. Then let
| every house having gold going to Smith, Gould,
Martin Co. sell that gold out for account OF Smith,
| Could Martin Il Co. at 1876, buying 1t themselves,
thus bringing themselves in the position OF creditors
OF Smith, Gould, Martin Co. to The extent Of the
| difference between what the gold was gong to
! them al and 1876. This viii obviatc the necessity
| of any large public sales OF gold to excite
| the market AS to the current prico at the
| time the closing OF the transaction takes place
| say to-day there is abundant proof that it s no,
only fair price for them, but considerably higher
than the price rullng since they have failed to com
| ply with their contracts-in other words, failet
entirely. In case also the injunction served upor
| the President Of the Gold Exchange Is legal and
| binding this course will beat their tactics They
| are long OF gold at high prices-they can.
| not receive it-that is they are insolvent-
| the gold must be sold for their account.
| This plan Is simple One They can't prevent our
protecting ourselves by it. We have all signfed our
Willingness to settle at the rate. They cannot Or
will not receive II at contract price. at the
| price agreed upon By ACKNOWLEDGEMENTS. Now
| why should we not force them to do 1t by selling
| them out-each seller being the buYer--presentn ng
our claim to them FOR the differences wiplng them of
| our books at once and forever
Considerable noisy discussion followed this pro-
| position, In which dozen members were calling at
once upon the President, and during the intervals oil
| which Mr.. Bend further explained to the board
the necessity OF It's understanding perfectly the two
alternatives before IT, OF either simply attempting to
adjust matters by private settlements, Of throw
ing all the gold. except that of smith, Gould &
Martin, into the market to be sold on account OF
parties to whom II belonged.
| Finally, after the adoption of the report OF the
committee resolution of Mr. underhlll that trans
| actions Of Friday be settled, cx Clearing House,
to-day was adopted, and the Board adjourned until
this morning at ten O'Clock, with the understanding
that all amounts Of gold, except those of the Go uld
firm, which could not be disposed OF by private set
| Elements might be thrown into the market for gale.
| The Gold Room was immediately deserted and most
| or the members repaired 10 their homes.
THE STOCK EXCHANGE
| opened with very cheerful aspect, ana the only
sensation OF the morning was occasioned by the
announcement OF the failures of Charles A. Melgs &
| Son, julian u Co. and Fuller, Treat Cox. A little
| excitement was produced by the refusal OF the
Exchange to receive Erie certificates bearing the
| signatures Of Smith, Gould, Martin Co.. but this
was ailayed by the receipt OF O letter from the
| President OF the Gold Exchange Bank stating that
| the lrm was a creditor at that bank During the
| morning the following resolution was adop,ed:-
Resolved, THAT the members OF the New York
Stock Exchange deal IN gold in the Long Room until
such time as the governing committee eau perfect
plan for establishing gold room under the govern
| ment OF this association.
| The Long Room was called 10 order by one OF the
| managers OF the Stock Exchange ana MIR. Gray, OF
| the firm Of Gray, Prince d Co., made a statement