The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-29
THE GOLD PANIC.
Feeling of the Brokers Against the Gold Ex-
change Rnnk. -

change Bank.
The feeling of the brokers against the Gold TX
change Bank is most bitter, although many of them
just enough to admit that its action on Friday was
designed for the best interests of all concerned and
actually prevented panic more damaging than that
OF 81 1t appears that during the excitement OF that
day, when the transactions aggregated over
5000 100000 including purchases, sales, and loans
of the business, and its clerical force was pushed
to its utmost TO settle up Thursdays accounts
(Which footed up 1924 0O0 and which were part-
ally unsettled and attend to the current business OF
the day. reporter called at the bank last evening
and was informed by Mr.. Benedict, the President
that the bank was making satisfactory progress in
the settlement of Thursdays business. At that hour
40 p ny, the force OF the bank was hard at work,
and of the clerks said he did not expect to see
home before tonight 1t Is said that the bank officers
seeing that the panic OF Friday bade fair TO swamp
the business interests OF the city, and being anxious
to relieve the distress, since in so doing they acted
protection OF the bank, made certain partial and
few complete settlements with dealers, not knowing
that they the dealers) would be affected
by the failure of other parties 1t proved,
however, that the dealers who obtained settlement
or at least some Of them, had had dealings with de-
fauters and were consequently unable to meet their
engagements. 1t is understood that the bank lost
rather heavily by these operations, and ominous
rumorS were in circulation yesterday relative to its
solvency 1t is impossible to tell the status OF
the bank as the delay in settlement, the failures
and the panic, have left its accounts in fearful
muddle. The opinion of brokers should be carefully
weighed, and when one Of them asserts that the
bank is 'shaky" and not one but one huI dred made
that assertion yesterday, 1t would be well to remem-
ber that the brokers are exasperated against the
bank, and may perhaps allow their anger to get the
better Of their discretion. That the bank has four
teen millions of gold locked up is emphatically
denied on the street, where the general opinion is
that its specie balance is very much smaler.-M Y.
Tribune Of this morning
How Business is Affected.
The New York Corn Exchange presented gloomy
appearance yesterday. The building was almost
entirely deserted long before the hour of closing,
most of the brokers and shippers departing in dis
gust at the unsteady state Of AFFAIRS Several who
have heavy cargoes OF corn and other produce on
hand, and are unable to dispose Of them by export
or otherwise will suffer severely and it was whis-
pered around yesterday that well Unknown houses
were already showing signs of Distress Fortu-
nately, at the commencement OF the present panic
most of the vessels up for foreign ports were
chartered, and either already loaded taking their
cargoes on board If the excitement had occurred
about three weeks ago, when large numbers of mer-
chants were busy making arrangements for the fall
trade, the consequences would have been more dis
astrous AS it is, numbers will be nipped severely.
The shippers generally prefer paying demurrage to
running any risk by disposing of their exchange in
the uncertain condition OF the market and for the
present the produce and shipping business may be
considered at a standstill. It is however, on the
presses most heavily. Barrels of flour lie pile upon
pile along the docks, but no welcome stevedore
RummOnS unwilling idlera