Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-01
NEW YORK.
The Wild Hunt-AnOther Chapter Of
Stocks and Values-The Plny Of
Money Newly observation-disclosures.
SDecuIaftous. Failures etc.


The wild Hunt-AnOther Chapter o.
Stocks and Values-The PIay o.
Money Newly observation-disclosures
SPecuIatiOns, Failures. etc.
New York, Sept. 30.-The Times says
of the failure of Lockwood & Co. that Mr.
Lockwood and all his colleagues have
placed their entire personal property in
possession of J. II. Acker, to whom they
have made an assignment for the benefit o!
the creditors.
The principal creditors of the firm re-
side in Chicago, Cleveland, and other
cities, and are all wealthy men, embracing
such capitalists as A. NJ. Stone and w.
White, of Cleveland. They have been
telegrapbed to come on to this city, and
are expected to arrive in season for a
meeting on Friday, when the situation of
affairs will be more fully developed.
At present the firm are unable TO state
exact condition. 1t is reported on the
street that they are credited with holding
a large amount of Pacific Mail, Michigan
Southern, Northwestern and st. Paul; also,
that they had been on the New York
Central for the past twelve months, but the
rumors of the street must be received with
great caution.
At the Fifth Avenue Hotel last night
there was an excited crowd until mid.
night. The general feeling was that relief
was at hand, and that as soon as men could
again breathe freely. 1t was generally
thought that the depression of stocks was
due TO the stringency in the money mar
ket, produced by the delay in effecting the
clearances of the gold and currency ac-
counts OF Broad street; but there are some
who believe that some of the most promi.
nent stocks 10 the market would not re.
cover from their present downfall.
The Times says the application for an
Injunction against the gold room selling
Smith, Gould & Martin out under the
rules makes the extraordinary confession
that forty millions of gold we're bought and
sold for the account of the plaintiffs Gould |
& Smith in a single day. The Times
says that Judge CordozO in granting this
injunction restraining the gold exchange |
from enforcing its own rules has only |
furnished another illustration of the |
wicked purposes to which our judicial |
system may be perverted.
LATER.
New YORK, Sept. 30.-The excitement |
Of the past week has given way to com- |
parstive quiet and business ct The stock !
Fl change, and is now conducted in q more |
orderly manner. A large number Of gold |
on last Fridays business have |
been privately settled, and the complica-
ions incident to that days business have
been reduced to a comparatively small |
compass. A large number of contracts
nave been payed. 1t is believed this
entire matter would have been adjusted TO-
lay had it not been for the interference OF
he courts, which action is generally con-
lemned.
1t appears that under the present condi-
ion OF the money market, Smith Gould & /
Martin are unable TO take the sixty million
II gold delivered to them under suspended
settlement and are consequently driven to
his expedient for postponing settlements.
Judge Clark issued an INJUNCTION on the
application of Smith, Gould, Martin &
o., restraining various firms from carry
ng ont contracts made by them ia any
,ther manner than in strict conformity 10 |
he rules of the New York Gold Exchange,
Is they existed at the time such contracts |
we're made; from compromising or settling
my claims without exnress consent of
smith, Gould, Martin & Co and from any
action in the matter except on their orders.
The Commercial says in order to fscili-
ate settlement of Fridays transactions
n gold, and TO obviate the difficulty of
aking up six millions Of gold. Under
he stringent money market Smitl-, Gould,
Martin & Co., brokers, have offered in
Itesd of taking up gold coming to them,
70 accept currency at l35 for gold, and
Smith, Gould, Martin & Co. offer to set
lie with their brokers on the same terms
he difference between l35 and the actual
igure TO be settled. So far as We learn,
very few accept the proposal.
1t is stated that one firm settled over
S400, 900 of god transactions this evening
IN the stock exchange. The action of Gold
Exchange of suapending bylaws and
IL, was under discussion and strongly coE-
iemned. The following amounts of gold
were sold under rule for the firms speci.
fed at the stock exchange. This sale at
the present complications of gold does not
necessarily imply the failure ofthe parties:
Albert Speyers, 100000; VIM Heath
& Co, SZ50,0O0; John Pond, 100000; |
Red, LeoW & Carhart, S50O,000; Pol
hamus & Jackson, 100000. Sales were
also made on account of Lockwood q Co. |
and Daiken & Gillespie.
Many brokers protested against this &C
ton, and legal complications are likely to |
arise therefrom. Among the parties pro- |
testing were Polhamus q Jackson.
After the sales au injunction was served |
on the officers Of The Stock Exchange,
Willard plaiaIf, restrsiDg them to SCI |
a. 4 fv,lI NJ If ny
parties acting as agents Of Smith, Gould &
Martin in the transactions Of Friday.
The failure Of Lockwood & Co., though
expected TO turn out unfsVorably TO cred
itors, is not likely to cause much Injury to
brokers or their banks, who appear 10 have
been prot, cttd by ample margins. The
principal weight Of losses is likely to iail
on Western capitalists, who, for the most
part, will be able TO bear Them without
embarrassment. As yet 10 s!stemsnt Of
their af,ITs has been pI epared, and Il 10
impossible 10 give any liabilities or sssets.
Many men have been reduced from af.
Aleuce 10 poverty. The large stock fall
ures Of yesterday have not dragged down
any ether firms, but these failures will
cause heavy losses d q large number Of
people having 20 deposits with suspended
Trims.
Money active at per cent, gold, with
/ to / per cent. commissions per day.
Banks, however, were lending more lib.
orally to-day, and many bankers and
brokers report considerable receipts of
currency from the interior to buy stocks.
Sterling declined to 5 per cent for prime
gold lower. opened at 1917, advanced 10
49, and closed at l2939l293. IraGsac-
tons in gold rooms and stock exchange
itself merely nominal loans made. Fiat
bids for government gold to-day amounted
TO - 3S2 900 at I2S@l3l Is 100. 600
was awarded al $50 I3-I009l3l Is 100 in
gold; governments firm; State bonds higher;
old Tennessees 60c; ne6 SIC.
BOSTON.