The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-10-02
New York Money Market.
NEW YORK, October

| 1t Is stated that the leading mer
chants are endeavoring to induce tn,
associated banks to receive aud pay GU
god and make gold clearances threugl
the clearing house as they now do cur
rency.
The prevailing feeling on the stree
this afternoon is one of rather less con
tideDce than this morning. All kinds o
stocks have been lower from variety
of causes, but principally because out
side parties, who bought yesterday aud
this morning of different stocks, made
up their minds to sell and realize theil
profits. This drop is not to be taken a.
an indication of any general fall IL
prices, or airy general feeling Of distrus'
In the final result Of the affair.
In .rder To facilitate settlement o
the outstanding gold contracts of las
Friday, Vim. Heath d Co. Offer TO setrl,
on the whole of their S9,u0U,000 at lS5
aud upon the difference between tina
and the acrnal figures, to pay 81 pei
cent, guaranteed by Smith, Gould &
Martin, the remaining II per cent. to b,
paid as soon as they obtain their funds
amounting to nearly S4O0,0UO from The
Gold Exchange Bank. Their carrying
out OF this proposal is dependent upon
two Thirds of the amount of their cred
itors accepting it. Already creditors
coveriHg two millions of the contracts
have accepte d tue proposition.
This afternoon it was reported that
the Receivership over the Gold Elk
change Bank had been anDulled by the
Court. The statement is incorrect, at
1t must be from the fact of the order
appointing Receiver not being re-
turnable until Monday. The affairs OF
Lockwood & Co. are being generally
canvassed on the street. The actual
condition of the firm cannot be known
for some time, but from the enormous
magnitude of their transactions and
the fearful sacrifices they made IN their
almost frantic endeavoIs TO keep them
selves from failing, their condition, 1t
is feared, is really worse than has been
imagined. They are said to have paid
81, 900, 900 in gold differences at 100, and
they were bulls in Pacific Mail stocks
at from 100 down to 90. The effect of
these transactions must have been most
disastrous.
The street was filled with rumors this
afternoon in regard to the losses of the
Lake Shore and Michigan Southern
companies by the late panic. 1t is re-
ported that the Lake Shore Company,
in order to stop the building of the
Akron Branch road, bought 1000 shares
OF Toledo 81 Wabash at IS and paid fol
1t, and further contracted to receive
Is, 900 shares more on October 18th a.
| ~ yuh Of
was put mp.
The Commercial says: Investigation
to day make 1t probable that the amount
owing by Lockwood d Co. to the Lake
Shore Company will be near 81 500, 900
No formal meeting of the Directors o,
the Lake Shore Company has been hello
to day, but some opposition is offered
to MIR. Banker being the successor OF
Mr.. Lockwood in the direction by Di
rectors recently arrived in the city.
The Express has q report that Mr.
Banker has been rendered the Treasurer.
ship and declined, but it seems improb
able. An informal conference was held
! to day and four members were delegated
to wait on Mr.. Lockwood and ascertain
what funds belonging to the company
have been involved in his failure.
| " The Post says according to report he
as Treasurer, held before the suspension
of his house, 1920, 900 cash belonging to
| the company, and the proceeds of the
sale of 81 $4,000, par value of the stock
of the company, which according to ru'
NOR he sold at 81 per cent. 1t is report
ed that Commodore Vanderbilt has eff
f.cted u loan of $4,000, 900 with Boring
Brothers, giving Hudson stock at pal
az collateral, and that one half of thi,
sum be used 10 purchase the 10000
suares IF the Lake Shore. The proprie
~ of establishing new clearing hOG>G
i being discussed in the Gold Room
Iho plan proposed Is to clear all golC
at a given price. No actor
has yet been taken, but the proposition
is seriously talk. d OF. Many millions
of gola on Fridays contracts were set.
ell to day aud the end of this com
! plIcatrd affair seems 10 be drawing To q
close, it may, however, take some days
t, clear up he wreck. There were snmr
few iujuuctiOns aud counter inJuuctious
t. day.
The Gold Room presented . deserted
aspect this afternoon owing to The
brokers being busily engageu in theII
-fices or making settlements around the
street.
The President of the Gold Room re-
celved the following notice from tn,
God Exchange Bank:
New YORK GOLD EXCHANGE BANK, !
October LIST, 1869.
To To'cnsend Cor, Esq:
SIR: | am directed TO notify every
dealer with this bank 10 send into tn,
| hank a full and complete account o
claims, of whatever nature, against Thu
bank with every item specified to VERT.
those claims. This should be done u
once. Respectfully,
H. NJ. BENEDICT,
President.
Later in the day additional motto
was sent by the Gold Exchange Bank:
NEW YORK GOLD EXCHANGE,
October LIST, 1869 !
Dealers with the Gold Exchange Ban|
will please send in at once their state
ments of Friday morning, amended OF
the basis of striking out from thei
statement the nine names advertised a
rejected on September 9th. The name
were as follows: Albert Speyers, Dor
min X Bocock, Galerny, Hunter & Co
WIN. Belden x Co., Peroga x Grave:
Chase, McLure q CO., P. II. Williams
Jr., & Co., Chas. w. Keep X Co., Jane
Brown y Co.
l [Siguedl CHARLES H. WooD,
Vice President.
The State Superintendent of The
Banking Department is understood t