Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-29
BY TELEGRAPH.
THE GOLD PANIC.
The Excitement Is Still Very Great
in Wall Street.
The Bank of New York Undertakes
Fridays cieasances.
The Excitement Is Transferred to
the Stock Exchange.
Small Fry Swept Out Of Existence
and Large Ones Weakened.
Confusion Worse COnfoundsd- Things
e Very Much Mixed.
THE GOLD PANIC.
Confusion Worse ConfOundsd- Things
Very Much Mixed.

NKw YORK, September 2S.-The excite
ment In Wall street was very great
throughout the day, and the events scarce
ly less important than for many past days
The Committee from the Gold Room
appointed in the morning, soon reported
that the Bank Of New York would under
take the olearances OF last Friday in the
gold room, subject to the following re-
strictions: That every statement must be
correct, and that if there is gold bal
ance, it must be paid in gold, and If in
currency, that It must be paid In certified
checks.
The bank agreed that all transactions al
the bank should be made on basis OF
81 IS for gold. and that all differences
should be settled between the respective
dealers outside Of the bank, and then
voted to remain open only for transse-
tIons In the gold loan market, and it was
agreed that all loans be made to-day
free of interest.
At5p.m. the committee reported that
the Bank Of New York found its clerical
force insufficient to clear Fridays con-
RAISING its regular operations. In this
emergency s resolution that a committee
OF twenty members be appointed to re-
ceive all the clearing house sheets and ex-
anime them carefully, without receiving
any money or balance, aud finding all
correct. strike a balance sheet ofthe whole
and present that to the Bank of New York,
was adopted after a strong debate. The
committee thus appointed will, 1t is stated,
work all night, If necessary, to strsighten
out Fridays business, and the an
nouneement that the Bank Of New
York was unable to 60 on with
the clearance, Oocasioned a general rush
for the Long Room to sell stocks, and an
other storm burst on the Stock Exchange,
with 8 decline in prices from 3 TO 10 per
cent. The grestest depression wss IN
Vanderbilt stocks, and New York Cen
tral sold down to l62. The street was filled
with rumors OF failures on the Stock TX
change, but none are, as yet, officially an
nounced.
Secretary Boutwell, to-day accepted
SS79. COO Of the bids for gold, throwing ont
all proposals below $50. Those accepted
were st Iso9lS2K.
The affairs of the Gold Exchange Bank
were before a committee OF the Clearing
House to-day. The bank stands debtor 70
sI4, 200, 900, and paid 81 ,OOO,OO gold, equal
TO $50, 900, 900 of currency, and 100000
IN the shape ofloans, which are in the pro-
cess Of cOllec tion.
The creditor hanks have been assessed
for their portion Of the sl,0oO,0O0 In loans
until the same can be collected. This is
the first real explanation the public has
bsd Of the cause Of the delay in making
settlements with the bankers. It is re-
ported, from this statement, that the cur
rency Of the bank has been loaned TO par
ties, and the whole street brought to
dead lock, This afternoon the Committee
ou Suspensions of the Clearing House
regarded the securities handed over
20 the Clearing House on account
OF the debtor balance Of the Gold
Exchange, as adequate 10 cover the liabll-
tiles, and have ascertsined that tomorrow
the Bank viii stand creditor At the clear
ing house. The Stock Exchange present
ed a gloomy aspect towards the close Of
the day, and the psnicy feeling was re-
newed
The havec made in names to-day has
wiped from existence large number OF
small operators, and weakened many
larger firms. There were many
rumors Of failures to-day, but
none we're officially announced. The
National stock Exchange will commence
dealing IN gold tomorrow.
The committee appointed by the Gold
Room to adjust the accounts Of Friday
last have been busily engaged all evening
al the banking house Of Jay Cook Go.
The work cannot be completed tonight
A. statements have as yet been furnished
byouly about 25) out of the 300 members
OF the Exchange. The work of adjustment
IS proceeding on basis OF 1876 for sn CON
tracts made on Friday, except those OF
Belden & Co, whose accounts have been
thrown out, and who are generally spoken
OF by brokers as gone up"
The Commercial understands that an ap-
plicatiou has been made to Boutwell,, re-
ouestiug that he would make provision
for supplying the market with currency
fu the event of its once more assuming
the aspect Of 3 panic.
Money Is very stringent, and loans
were made at X percent. on Governments
aud gold, and H92 per cent. on stocks.
A great many brokers had difficulty In
making their bank accounts.
There is dead lock In discounts. Gold
IS uornina at Isl@IS2- Sterling nominal,
sasS. GovernmentBdull. closing steady.
state Bonds lower. Old Tennessees, 90;
new, 5sH.