New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-15
LOCAL MISCELLANY.
WALL.-STREET.

i.
EXCHANGE BANK. ...t.t.t i
An executive meeting of the New Il ork "ola
Exchange was held at noon yesterday TO consider the
plan proposed short time ago by Committee OF Nine
for the establishment OF clearing as an adjunct
OF tho Board Mr. A. T. Hoyt, VicePresdent 81 the
Board presided in the absence OF Mr.. Cox. when the
room had cleared of "powers of attorney anu tne
galleries Of strangers Mr. Hoyt explained the OBJECTS oi
the meeting and at his suggestion the reading " the
minutes OF the last meeting dispensed WIN me
report of the Committee on the new eiearihf
house. detailing the plan proposed. WIS
read by the Secretary. lt mas aneauy
been published in THE TRIBUNE MIR Van setback moVeu
that il laid on tho table, but his motion was lost nr
oyt said that as the matter had been delayed Tor one
week at the specia Directors Gold Ex
change Bank the Board would naturally desire to hear
from those gentlemen something concerning the AFFAIRS
OF the Bank Ua as Snd Ses adopted by the Drec
tors of the Bank on Wednesday: ,,no
@ disposal q The Col. a,b E,, &: S.m s,
othe Gold TO gold until the Bank be able to resume
Rsoed That members Of the EewYct Cola Erohange be re-
quested appoint trustees supervise the esans' po'e
degsy S the Inc os SmnsS 10 hs members York
Gold Exchange She Of the forms number' aud regulations heretofore
MI Edwards urged that the report OF the Committee
was the first consideration, aud urged It's ADOPTION.
There had already been too much delay. The great
thing was to adopt plan after winch the S nn scbSica
offered the following preamble and resolution as sub
stltuto for the plan proposed by the Committee;
s':s.s sS at t.. credit phoa
capital those having large means sna thus tends 20 snu pro-
m mem re- Of this Borsd; therefore.
Ss a; 81" s1 T .. h s and that the hest
parties permanent return on the part OF this Board
His proposition was received with marked manifesto
tons Of displeasure and laid on the table Inc resou
referred to the Committee the Clearing House. Mr.
Hodgskin moved the adoption Of the plan proposed BY
nsumntion Of the old relations between the Board and
the seemed to be fears OF further complcat0hs
bites To do away with this objection he offered the
following resolution which was referred 10 the ConmiV
,,S T6st Cnmitte. Of Nine he sppoued the Chair,
cete and investigate notice served upon them OF the failure OF any
shall member sssd the notice received add
that upon .Ithed ..csaOs The truth The sh.L. p, Commit
s S1Y stS S sfs iRP s zoe
TRo proposition Of tho Gold Exchange Bank again
taken up, MIR Sanction remarng that was Impossible
something was known OF the condition OF inc anars OF
ceiver had Just informed him that he had recedsd from
his original proposition and would now only make settle
ling TO strike OFF the names OF the nine firms originally
thrown by the Bank. Mr. Bale insisted with some
shed members OF ths Board should their accounts
with the old one II they failed to do So the now Clear
many serious objection to proposed plan He could
not see that his money would DO safe under such
a process OF clearing. In case money were stolen
frcm a messenger, tho Committee would not be
responsible nor would the Farmers Loan and Trust Com
large amount OF money to the hands OF irresponsible
persons II the check for his days transactions were lost
by messenger before II reached the Farmers Loan and
Trust Company, there could be no one responsible. He
would rather do his own delivering MT Camel9s re-
IN he desired do and lnmGted that the enmity Of
MIR Colgate to the Clearing House system arose from the
fact that his profits would DO enhanced by Its discontinue
ance since he did counter" business Laughter But
the Board bound look to the greatest good of the
greatest number and this good no thought 10 be
Obtained by the adoption Of the plan proposed Mr. Col
gate deprecated personalities Ie thought the greatest
sOcs s re o M cambo moved nc adoption o. tho
port when Mr Denny Chairman OF snS committee on
read report Of that Committee. which had bearing on
question Hsy1S Sssa Article III Of s
tuition. providing for the appointment OF an Executive
Committee OF seven aud Finance Committee
| connection with the subject at issue, the
report OF the Clearing Was again called up Tor con-
confusion finally taken First rird vote
tried then snGW 81 na1a Du bd ns d was l0nha
elles The stood 6 for and ~ against the estab
arose as TO whether It's establishment would not be viz
tlal change In the Constitution, and require two-ihrds
vote. This produced debate almost as long aud de-
ceded, but eventually tho Chair decided that the
report had been adopted Mr. COLGATE , and Others
Clearing House and accused Mr.. Hoyt Of deciding the
a.. 9 4S nsEt c them Geed
Directors should be baotted for tomorrow, the polls
the tn BANK Of New be chosen as place Of deposit
that the Executive aud Finance Committees DO baotod
for the third Monday OF November The Board then
adjourned
THE GOLD EXCHANGE BANK.
A meeting of shareholders and directors of
the Gold Exchange Bank was held yesterday afternoon
with tho object Of giving to the Receiver, Mr. C. H. Jor
dan discretionary power to effect compromise with the
creditors OF the Bank Full delegated to that
himself confident that the Bank would emerge from It's
present difficulties with its capital but little impaired
Inc said The Bank will pay per cent in kind tomorrow
evening all ascertaned creditors and to all its depos
man gold it will pay him gold currency, currency.
hope TO be able to ps 10 per cent Gp sa9rdsy but Of
negotiate with the Banks creditors and do not propose
to adopt any denite basis sns DO GUIDED IN thai by
held at the Bank at 81 to-day, by special call Of j.
8. sanzade, Acting President
INJUNCTIONs.
In the suit of Robert Bale against the Gold
Exchange Bank and Jordan, Receiver in which
injunction granedby Judge McCunn on Wednesday.
restraining the Receiver from paying any moneys
Clearing House settlements, Judge Cardozo granted
order TO show cause on the 18th Inst. why Mr. Bale
should not be punished for contempt In having
menced action against the Receiver without order
from the Court EIJudge Barrett, counsel for Mr. Bale,
forthwith appeared before Justice Caro1o and
tho Court that there had been intention to
collision between the Superior and the Supreme Courts
and obtained order 20 show cause returnable
the 18th inst. why instructions should not be given to
the Receiver in accordance with tho prayer OF the
plant.
In the case OF Adolphus NJ Corn and others against
the Bank the petitioners asked that instructions
issue TO the Receiver C. W. JordOn, requiring him 10
pay the petitioners the OF their deposits In the
New-York Gold Exchange Bank, freed from any recla
nation set of which the Bank claims 10 make for
alleged deficiency In the petitioners Clearinghouse
statement. On the application OF Barretto Redfeld
an Receiver
Instructed in accordance with the prayer Of the petit
ton was granted, returnablo on the 18th inst.
THE LAKE SHORE RAILROAD.
The Directors of the Lake Shore and Michi- /.