Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-02
An Explanation Of the Panic from
Authoritative Sources.
The Panic Drawing to a C!Ose---The
Complications at an End.

By Telegraph to Memphis Appeal
OUR noon DISPATCHES.
NEW YORK, October 1.-The Times says
that last evening a large and powerful
delegation of merchants and importers of
this city left for Washington, for the pur-
pose ofholdinga conference with the Pres
ident relative TO the disturbed condition
OF financial affairs, previous to the hold
ing of the Cabinet meeting. The subject
Of discussion before the Cabinet will be the
financial situation of the country as it has
been affected by the recent crisis; andthe
merchants and importers have decided to
seek the Presidents advice in this emer-
gency, so that they may be relieved from
the embarrassment naturally arising from
the unsettled condition of the money
market.
The President was requested to ask Sec
retary Boutwell, if he would not modify
his programme as far as the selling of ten
millions Of gold during the next month
was concerned. Boutwell, sent back posi-
tive instructions that the line of action al
ready determined on would not be in any
way disturbed. The merchants and inn
porters thereupon determined to send an
influential delegation to consult with the
President, and to request him TO allow the
Secretary discretionary power, so that be
may sell the gold in such quantities and
AT such times as will best regulate The
market.
ORR NIOHT TELEORAsIs.
New YORK, October 1.-The feeling on |
the street this evening is one Of rather /
less confidence than in the morning. All |
Kinds Of stocks have been lower, from |
variety Of causes, hut principally by out I
side parties, who bought yesterday and /
this morning of different stocks, making !
up their minds To sell aud realize their |
profits. This drop is not to he taken as an |
indication Of any general fall in prices or |
any general feeling OF distrust in the final /
result of the affair. In order 10 facilitate |
The settlement of outstanding gold settle /
snents Of last Friday, VIM. Heath & Co. |
offer to settle on the whole of their S, ,O00, (
On a; l3jc, and upon the difference be- /
tween that and the actual figure, 10 pay |
The s3 per cent. guaranteed by Smith, /
Gould, Martin & Co., and the remaining /
l. per cent. to he paid as soon as they OBJ !
taln their funds, amounting TO nearly !
S40a ye90, from the Gold Exchange Bank. |
Their carrying out Of this proposal is de-
bending on twO-thirds Of the amount Of
their creditors accepting it. Already
creditors covering S2.OOO,O00 Of contracts 1
have accepted the proposition. This af
ternoon it was reported that the Receiv-
erships over the Gold Exchange Bank had
been annulled by the Court. The state |
Tneht is incorrect, as it must he from the
fact that the order appointing Receiver
not being returnable till Monday.
The affairs of Lockwood & Co. are being |
generally discussed on the street. The |
actual condition Of the firm cannot be |
known for some time, but from the enOr- /
NOUS magnitude Of their transactions and :
the fearfnI sacrifices they made in their |
almost frantic endeavors to keep them |
selves from failing, their condition. it is |
feared, IL really worse than has been i'm /
agined. They are said to have paid l,c00,- |
010 in gold differences alone, and they |
were Bulls in the Pacific Mail stock at /
I'D down to TO, and the effect Of these |
transactions must have been most disas-
trOus.
The street was filed with rumors |
this afternoon in regard Ia the losses !
OF the Lake Shore and other Com /
panies by the late panic. 1t is re-
ported that the Lake Shore Company in /
order to stop the building of the Okron /
Branch, had bought 600 shares of the /
Toledo and Wabash at s., and paid for it, /
and further agreed 10 receive 1900 shares /
more on October the 18th at IS. on which 4
q deposit OF 80 per cent. wss put up.
The Commercial says the investigations /
today make it probable that the amount /
owing by Lockwood & Co. to the Lake |
shore Company will be near 81 900, 900. |
No formal meeting of the Directors Of the 1
Lake Shore Company has been held to-
day. That the same opposition is offered to |
Mr.. Barker, being the successor Of Lock
wood in the Directory by the Directors
who have recently arrived here, Is highly
probable.
The Express has a repOrs that Mr. Bar
ker has been rendered the Treasurership
and declined, but it seems improbable.
An informal conference was held
to-day, however, and four members
We're delegated 10 wait on Mr..
Lockwood and ascertain whether any
funds belonging 10 the company have
been involved in his failure. According
10 report, he, as Treasurer, held before the
suspension of his house, $4,000 cash, be-
longing 10 the Company, and the proceeds
of the sale of 81 on 500 of par value Of
their stock, which, according to rumor, he
sold at -.
II is reported that Commodore Wander
bilt has effected a loan Of Sl0,eOO,000, with
Boring Brothers, giving Hudson stock at
par as collateral, and that one half of this
sum will be used 10 purchase the 10000
shares of Lake Shore.
The propriety OF establishing a new
Clearing House Is being disesssed in the
GsA Room. The plan is TO clear all goldS
al given price. No action has as yet been
takea, bat the proposition is seriously
talked OF
Many millions Of gold on Fridays con-
tracts were settled to-day, and the end of
this complicated affair seens 10 be draw
ing fo close. II may, however, take
DAYS 10 clear up the wreck. There We're
some fsw injunetions and counter inj0ne-
tlons to-day.
The Gold Room presented a deserted az