Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-30

the Clearing House. At this meeting th
Gold Exchange. Bank, which made N
eleariHgs to-day, proposed to the Clearin
House Cammittee that the other bank
should advance 20 per cent. on the 81, 800,
900 gold, paid by the Gold Exchange Banl
yesterday and the day before, in the set
Element of their indebtedness at the Clear
ing House, which would enabl
the Gold Exchange Board I,
pay their entire Indebtedness. The effec
of this would be to release. the othe
securities held by the COMMITTEES, anS
give the Gold ExchaDgos Bank abou
1906, 900 in currency. Several banks hat
agreed to furnish the means to carry onl
this proposition whenit was learned thai
the bank had been put into the hands Of
receiver, and consequently the negotia'
tions were stopped, The Injunction was
granted by J Judge Cordozs on -the.applica-
ton of a person claiming to DO 6
creditor of the bank. The applica-
tion for permanent receiver IS re
turnable next Monday, and IN the
| meantime Aug. Brown Of vthe law
firm of Brown, Hall & YanderPool, has
been appointed temporary receiver 4
The associated banks agreed, In response
to the application Of the committee of
twenty, TO keep open certified checks un-
til 4 O'Clock this evening, and If necessary
till O'Clock, n
At the Stock Exchange the failures Of
Chas. A. Meigs & Co., Jalian & Co., and
Fuller, Treat & Co., were reported, and
stocks were sold out for them under the
rule. The latter firm are paying dit
ferences, but were unable to take the
stocks they purchased yesterday. 1t is
believed that the suspensions will prove
hut temporary. Tho pane of Lockwood
4 Co. was used freely on the street az
having failed, and il was finally stated
that they had made an assignment of their
affairs to Capt. John p. AokeT. This heRse
has for years been one of the wealthiest
in the street, and was one OF the most IN
fiuential. Their exact position in the
market is not known, although they are
credited with holding large amounts OF
Pacisc Mail, Michigan Southern, North
western and st. Ranl stasks; bgt, on the
other hand, it is said they have been short
on New York Central for twelve months,
The money market was gery unsettled
and irregular during most of the day, with
transactions at per cent. scld; s5"ld with u to
per cent. per dag for turning low priced
stocks and 81 to 4 per cent. fOF Carrying
New York Central till tomorrow.
In the afternoon there was decided let
up in money, and the rate for call loans
finally fell to per cent. Discounts were
out of the question entirely, sterling
nominally sper cent. On the street gold
was 1870 to 1907, and the range at the Ma
tional Exchange was from 1909 mp to 1873,
down 10 l2l, and closing at 1917. Gov
ernments heavy and lower The Assist
ant Treasurer accepted bids of S3.OO0,O 600
al lis to ll6 The total offers were S, ,664,-
$50, The closing rates forcoupons was 81.
From the New York Herald Of sunday
SECRETARY BoUTwRLL's REASON FOR OR
DERIS9 THE SALE OF GOLD YESTEB-
DAY, Ha 80 UHU
W4sHISaTOH, September 25 1863.
It is well known that Secretary Bout
well some time ago settled upon the pol
icy that be would sell gold and purchase
bonds only as the interests OF the Govern
ment would dictate. He did not propose
to be governed in any respect by the OPP
tiOns of Wall street, as his predecessor,
Mr.. Mccullough had been. Up to yester-
day Mr.. Boutwell, has adhered 10 this poll |
lev with strict fidelity. He heard Of the |
fight Of the bulls and bears with supreme
cbIdness. II made no difference with him |
which suffered. Eyer all the excitement |
OF the past few days did not inoy6 him. ae |
bushels Of telegrams from Jay |
Cooke < Co, and other prominent bankers, |
and read the frantic appeals or the Radi- |
cal organ In New York since Thursday |
last to sell gold, without effect. When |
the excitement in Wall street reached its |
height, however, the President went TO |
Boutwell, and requested him to |
sell gold TO break tho "coruer." This is |
he eSp,snation of Mr.. Boutwell's depart |
uTe ffou1 the PGllGy be bad marked out for I
himself, and 10 which he Raa LeretQfore |
adhered. His best judgment, there Is Fea- |
son to believe. did not approve of the step /
he took yesterday In ordering the Assist |
ant Treasurer at New York to sell SI,Oog,- /
100 gold. Hs dig Il because he was ordered |
to do 1t by his superior, The President Is |
greatly mortified at the use OF bis name /
ps6e in the Gold Room yesterday and the /
lay before as being opposed TO the Secre-
iary's selling, IL was probably his that
led him TO advise Boutwell, to sell, not SO
much with view of smashing the combs
nation as Of giving proofof his opposition
70 the Governments TO raise premium.
IN BOSTON.
From the Boston Posi-, Sept. 25.l
The excitement in the gold market In
his city is intense. Nothing so stirring |
snd deep has been <nesSed since the
noted period of the late var, as marked
he state OF things yesterday. The Mer-
chants Exchange Reading Room, the
banks, leading brokers, aud other PLACES
>f business, were thronged during the day.
At the Reading Room there was a contin- |
Ious assemblage, and the quotations were
watched with an almost unexampled avid
ty. Brokers whose more immediate bus
nSss Is the tialiia IN gold We're thoroughly
-oused to the pFeeari6us situatilE-8t ona
ime elated, at another depressed, as the
coin advanced or rcceded. New
York vas in mpmeptary communication
~ telegraph, and the excitement pnlsale6
brough the wires to Boston, Such we're
he fluctuations that our husi mess men felt
most unpleasant uncertainty, aud Moth
ny was done which was not required by
lbsolute necessity. II was gold mere, gold
here, gold everyw here, and all the Time
7ery little of the precious article to be got
n hand. The sober merchants, the sedate |
nan Of commerce, the hopeful 'bull, +" the
mpet 0ous u bear ''--all were sorely puz-
lied and trembled al tile aspest rs t,4i.lEs.
the quotations mounted the
iizzy altitude of l621z, and from this re-
,sded to I3l-a chasm which Ii was almost
appalling at times to behold. But, for all
his, nobody staggered. The storm ragged,
1ut our business men stood firm. II was
! September gale in monetary matters,
md yet no one fell prostrate. The stream
n and out at the Reading Room was cease
ess; and from State street to the Gold
Room, in Congress street, there WAS a con-
inuous stampede. Old gentlemen gauged
would Jump, Gnd young men watched the
igures with nervous 1Seouhess. Livery
resh quotation that flashed oyer the wires
vas caught up and spread With almost
lightning rapidity. Men yariously looked
lOpeful, doubtful, blush, as the figures
we're up or down. Anxiety was depicted
n almost every countenance. How could
{ bs Otherwise when the balance wheel, as
t were, was SO 6istuyhed9 A raging war
night be expected to sway business Yith
lnwonted force, but In time of peace, WHY
S thisG was the question; and no satisfae-
ory or soothing solution was given. Pan
cs are IsasQuless; and the worst of all are
hose based on gold. Rosten has known
70 such day rs yesterday for years, Though
t the close there was less heat than at
PREVIOUS hours.
Some good, however, Il Is to be hoped,
nay come from the extraordinary excite |
nent to-day, for quite number, even in
lOSt9,;, who have escaped ruin, will not ,
'e caught ia taSt gay again. A case in