The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-09-28
FINANCE AND TRADE
New York Money Market.

a great extent in confusion by the
block in business Of the Gold Exchange
Bank, which temporarily keeps the gold
dealers out ola large amount of money
and, moreover, leaves in doubt the
standing of numerous firms, with the
natural result of extreme caution and
uneasinesss in every branch of business.
The Gold Exchange Bank is making its
clearings on the business of Thursday,
but has not yet made the first settle
ment on the enormous transactions OF
Friday. The following letter has been
addressed to the President of the Gold
Room:
NEW YORK GOLD EXCHANGE BANK,
New YORK, Sept. 81, 1869. )
DEAR SIR: / hand you enclosed your
corroborated statement. The following
statements of dealers have been rejected
from tho movement for failures to COM
pIy with the rules: Albert Speyer,
Dorwin & Bocock, Galway, Hunter &
Co, William Beldin & Co., Berga q
Graves, Chase, McLure d. Co., i. ii.
Williams, Jr., & Co., Charles w. Keep
d Co., James Brown u Co.
Your balances must be made good by
II o'clock to-day. All accounts not set
tied at that time will be regarded as
failed for the purpose of clearing. You
will DO informed Immediately OF any
further default on your statement.
(Signed) Yours respectfully,
Ii. NJ. BENEDICT, President.
James Brown emphatically protested
against the statement of the Geld Ex-
change Bank that he had failed.
The Treasury purchases of bonds
from this date to November LIST Will be
As follows: September Goth, 81, 1000, 600;
October I'd, 81 100000; October 9TH, ST.
600 600; October 18th, $4,000, 900; Octo-
Der Goth. $1,000, 900; October 2lst, ST.
coo 600; October 9th, 81 900. Total,
Sl2, 100000. The purchases of October
7th and 2lst arc for the sinking fund.
The Treasury sales of gold for the same
time will be as follows: September
25th, 81 200, 600; September Both, 81 ,OOO,-
900; October LIST, $1,000, 900; October
9Th, 100000; October 9Th, Sl,OOO,OOO;
October 18th, 81 100000 October l4th,
81 ,OOO, 900; October 18th, 81, O0O, 900; Oc-
tober 10Th, 81 100000; October 22d, ST.
OOO ,OOO October Goth, Sl,00O0OO; Octo-
Der 18th, $1,000, 600; October 18th, ST.
OOO,O 900. Total, $l3,0O0,O00.
The Geld Room held an extern
sive session at 10 o'clock this
morning to consider what means
should be adopted to hasten settle
meDt of last Thursday and Fridays
business. After some discussion com
mittee of nine was appointed to agree
upon and report some method for expe-
diting business and recess was taken,
The members re assembled at O'Clock.
The committee of nine stated that they
had got the Gold Exchange Bank 10
postpone the declaration OF any more
defaulters until = p. NJ. and also suggest.
ed that u committee of fosr be appointed
to wait upon the Bank of New York and
see if that institution would assist IN
clearing the gold operations of Friday
owing to the fact that the Gold Elk
change Bank has not got through with
Thursdays operations.
A resolution was offered that non
compliance with the regulations of the
Gold Exchange Bank to take up the
gold of Baden Il Co. shall not work a
suspension of any member of this body.
This was lost by very decided vote.
A letter was received from VIM. +,
Livermore Il Co. giving notice that
their outstanding transactions were all
to the account of WIN. Heath d Co.,
Smith, Gould, Martin & Co., and James
Fisk, Jr. This letter was ordered on
file.
A resolution was adopted instructing
n committee of nine TO return TO the
Gold Exchange Bank, and if they were
not able to receive the assistance of the
bank officers, to ascertain for themselves
what they could of Belden's affairs and
report as early rs possible.
During the discussion Mr.. Milbank,
who acted rs Mr.. Belden's clerk on
Thursday, said he distinctly recollected
the account that was handed in. Boil
denis account was, on the debit side
1870, 900 and on the credit side $500
900. From this it would seem that his
Indebtedness to the bank was $4,000 IN
gold. This must have been the Wednes-
days business.
After another recess, the Board as
sembled at ) o'clock. The committee
appointed TO ascertain the condition of
Beiden N Co. with the Gold Exchange
Bank said they were unable TO make
place until tomorrow morning.
As to the final issue of the present
deadlock, 1t may be concluded that
everything depends upon the elearings
Of smith, Gould, Martin y Co, and
rom what Is generally understood, as TO
tue extent at their settlements ut $50,
there appears TO be little doubt that
their clearngs will turn out all right on
Saturday. a large number of iniunc.
tlons We're sued out before the Supreme
Court restraining the bank from payiny
over deposits, which it is supposed have
been served.
Charles Collender, the National RANK
Examiner. states freely that every ma.
tional bank in this city is in sound CON
dition aud conservatively managed
also that the STenth National Bank is
TODAY at a clearing lease for over a half
million dollars. The following formal
announcement of the failures was read
at the Stock Exchange this morning:
To the President Of the Nelc York Stock
ErcRanGe.-DEAR SIR: In consequence
of w. z. Bslden X Co. not meeting their
engagements we are unable to llquldate
claims, consequently we are Obliged TO
suspend for she present.
(SiynedO G. FRANK,
MONEY-The market during the fore
noon was in state of utter confusion.
The enormous balances locked up at the
Gold Exchange Bank, at from s., OOo,-
600 10 Sl4,000,000, rendered it almost
impossible to get money, and the street
lenders We're exacting rates for carrying
securities ranging from / per cent. on
Governments to 2f per cent. on New
York Central. In the afternoon the
market suddenly let up. and the rates
fell to per cent. on stocks and per
cent on Governments. This unexpected