The Portland daily press., 1869-09-25
Numerous Failures Anticipated.

Numerous Failures Anticipated.
NEW York, Sept. A.-An evening paper
says:-There is another "Feld" in the Gold
room; this time not only without precedent in
the history of the room, but far beyond
anything within the memory of the oldest OPP
orators in Wall street. The scenes and incl
dents of the morning are almost Undesirable,
and must ever remain fresh in the minds of
those who witnessed them. The public were
prepared for an exciting time to-day. At an
early hour New street was completely block
ed up with anxious crowds, the windows of
buildings opposite the Gold room were also
filled with spectators, and a casual observer
would be led to suppose from the general ap-
pearance that procession was about to pass,
or that great performance of some kind was
expected. The room itself and its galleries
were crowded, as we'll as all the passage ways.
The market finally opened and gold sold at
$145. This was the first event in the history
of this remarkable day in Wall street. The
next sale was at 81. A H. then ST. As was again
reached. At this juncture the excitement fair
ly commenced and the price rose to 81. 46, then
to $1.4S, when it suddenly fell back to $1.471-2,
but in the next instant was up to $50 IL
The next step was decline to $3.50, where it
remained some time, and everybody stopped
to take breath and the crowd were amazed. A
death-like stiffness pervaded the rooms and the
bears, who were being slaughtered frightfully
in a pecuniary point of view, looked on the
scene with pale and anxious faces at this crisis.
Wall and Broad streets presented a lively
scene with brokers and clerks running in all
directions and endeavoring to collect margins
to make gold up to market price. ,.tc.-
But to return to the interior of the room and
await the next step in this great gold specula-
ton. The crowd did not have long to wait,
for in rushed prominent banker, and taking
a position in the circle he bid $L5O, then
$1.50 IL, then 81.51, then $1.51 1-2, $1.52,
$1.52 L. 81. 80, $1.53 IL. ST. "a, then $1.5 H.
He finally stopped at 81 IS. Not one dollar
of gold sold at any of the above figures. There
was another panic and another running for
margins. Some few OF the bears settled with
the bulls at this juncture, at prices ranging
from $1.48 to 152. But the prominet bears
generally refused to settle. o..ya lre
As soon as margins were made up to 81 IS,
and the big bears were still stubborn the sore VS.
were put to the market once more. In rushed
prominent broker and in an instant he bid
81 go for any part of five million. This was
followed by the bidding price being raised to
$1.62 IL and fnally it reached 81 GA. o1,us:.
Here followed another calm, which was sue
ceeded by the appearance in the room of for
eign bankers hothrew considerable gold in
the market, causing the price to break from
$164 to Ia 1-8. The excitement at this juno
ture was of the widest description, it being re-
ported that Secretary Boutwell, would sell four
millions gold o-morrow and four millions ext
day. This was not of long duration, for the
bulls rushed madly to the rescue and imme-
diately pumped the price up again to SLIGO.
At this iuncture the bears returned to the
attack, and the contest was very bitter for
short time, but the bull army was forced back
to 1875. The bear fraternity could not be re-
strained. At this point cheer after cheer went
up in the room on New street. Suddenly the
bull generals rallied their forces and up went
the price, and cheers were soon on the other
side of the house. The excitement was so
high that some of the bears threatened to
shoot the leading brokers on the bull side One
OF these brokers then stepped forward and
dared any one to shoot him. None of the
bears accepted the invitation however, and
this excitement was scarcely died out before in
rushed the bears once more. Another attack
was made on the market, aud down went the
price to $134, but it rallied to 81. SO 10 and
then settled down again to 81 "a 134 IL.
The closing of the day, the most eventful
ono II, <to Ill
atively calm, although in all directions were
gathered small crowds of brokers and specula-
tors, talking over and discussing. the exciting
scenes. The Gold Exchange Bank this after
neon became completely clogged by the enor-
nous clearings of the gold brokers, and did
not make the usual settlements, which threw
the whole street into utter confusion. Some
small failures really took place, but none of
the large firms actually failed, although the
confusion in the Gold Exchange Bank pre-
vented them from making their margins good
before the close of bank hours. 1t is stated Of
ficially that the Gold Exchange Bank will
probably be able to make settlements by or
O'Clock this evening, when the leading brokers
will also make settlements with the street.
Some, however, may not be able to straighten
out their affairs till tomorrow. The many re-
ports that are current on the street in regard
to large failures, therefore, should be received
with caution, as all the indications point to .
satisfactory settlement tomorrow. The money
market was very unsettled this afternoon, and
as high as IL was paid after 3P. M. 1t is
stated that many of the banks will have to
work very late into the night to get brokers
accounts Strengthened ont .a t-' -
The Commercial AdUertiser states that in
consequence of the impossblity of the Gold
Exchange Bank making the clearances this
afternoon on account Of the immense amount
of business transacted. Several firms have
been forced into a temporary suspension,
with serious embarrassment to the whole
market. Several firms are thus placed in
locked up in the Gold Exchange Bank
and being unable to get their funds are unable
to make their accounts good with their banks,
and therefore cannot give their checks in set
tlement of claims. -" So
Among the firms prominently me ntioned as
affected from this cause, are A. G. Spyers, Bel
den & Co., P. H. Williams, Jr., Galmage,
Hunter & Co., Chase, Mcclure & Co., E. Nj.
Waller and VIM. Heath g. Co. The latter irm
assure their creditors of their entire ability to
make all claims good SO soon as they are ena-
bled to get possession of their funds by the
gold clearances, and there is apparently good
probability that few of the other names men,
toned will prove to be permanent failures.
Another dispatch says: The excitement is
greater than at any time since 1863 The
ring" of to-day is the same that made the cor
ner in June. The parties engineering the
matter have freely expressed an open defiance
of Secretary Boutwell,. The objective figure at
this moment is $780,, The most consummate
skill is manifest in the management. The four
leading operators sit quietly up town receiving
minute dispatches from Wall street, and man.
ipulate accordingly. ,s-rr
A perfect paralysis seems to have fallen on
the street. Bets are freely made upon the re-
suit, and the anxious question is, when will the
'ring" begin to unload? Some think to.mor-
| row. Failures are prognostcated as high in
number as one hundred. The smash will be
terrific when it comes! Other panics are col
lateral 10 this o,e.s .5l.u. 's.. ea,
The business at the Gold Exchange Bank
Yesterday was immense. The amount of clear
ances was 1921, 100000 Within the last three