The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-28
FINANCIAL AND COMMERCIAL.


deadlock between the Gold Room and the Gold Ex-
change Bank continues, ana each attempt 10 unrayel
the confusion only reveals the nricacy of the STU
alton. In another column we give at length the
routine OF the proceedings OF the brokers to-day In
the effort to bring order out OF chaos. They met
with little Success and nightfau again closed
upon the busy scene Of figuring accounts and
endeavoring TO strengthen out the sinuosites OF
the recent enormous transactions in the precious
metal Little did the clique who essayed their now
famous 'corner" dream Of the commotion which
they were gong to create over the counters Of the
bullion dealers the price OF gold ranged from l31 to
1856, but the voice OF tho Gold Room was silent and
proclaimed not those small fractions which were
wont to define the exact value OF the metal. To add
TO the confusion of the SITUATION the Gold Bank has
been enjoined, on the complaint OF number OF per-
sons anxious to prevent the use Of their checks
by parties who are numbered among those who
cannot survive the statement which must eventually
come out These frantic efforts to save something
from The wreck In the Gold Room still further COM
plicate the abors OF the officials al the Clearing
House. 1t is only proper to say, however, that some
progress was made toward liquidation OF the claims
against the bank, and many creditors were giving
a large percentage on account. Even without
the failures Of many to make good their
differences the work Of tho clearances would
Is surrounded by the difficulties arising out OF de-
faulting debtors to the bank and OF the legal inunc
tons connected with many claims, the task Is
herculean one. The worst feature OF the deadlock
the injury which is wrought by IL IN general busl-
ness. The exporting merchants, VINO usually have
their hands full at this season, can do little or moth
ing, for they need something like definite quota
ton for gold upon which to base the values OF their
commodities. 1t Is, in fact, situation OF affairs
which requires the serious attention OF eve
rybody, and 1t will be well II the
damage extends not beyond Wall street. rise or
fall IN stocks seldom affects other markets very
materially. decline in stocks. particularly after
period Of in1ation. might stimulate moro legiti-
mate transactions by diverting money to them.
The injury OF panic arises from the detention OF
funds which would otherwise be loaned more freely
The great credit system so essential to many branches
of business Is parayzed. To-day prime mercan-
tile paper was hardly dlsc0untable OF anything
like rates which an honest merchant could afford
to pay. The gold gamblers have involved every one
with them in the arrangement OF values. The clear
ing of the wreck in the gold market Is the only sou
ton to the present unhappy state OF affairs. The
brokers manifest disposition TO disehtange the
situation, and by o proper effort can do SO. The
relief which Will then come was 1oreshadowed In
the easier feeling money this afternoon, when the
Clearing House made part payments. the rate on
call descending from the eXtravagant figures
OF last week to seven gold and currency.
EVERYBODY concerned has an important duty before
him. The danger ofdisastor should by every means
be avoided. step In time may avert panic The
situation IS critical one but prudence and energy
can deprive it OF further danger The damage done
so for may be circumscrlbed by Its present extent
Just Us confagration may be arrested BY elnhning
the fire to one spot The banks are not within the
fatal circle. The Bank Examiner has fortunately
been In the city during these hazardous times,
and kept q watchful eye upon their condition.
Irisa gratifying circumstance that the only bank
which gave signs Of distress last Saturday was
creditor for half million OF dollars at the Clearing
House this morning. Stocks have fallen large per-
centage 1t Is true and there Is very gloomy feeling
among stockholders Of weak capital, but panlcs
| have visited the stock market over and over again
| without extending their mangn influence to the
| business world Wall street values are but fictitious
| ard speculative They should not control other
| circles.
Some attempt was made to give consistency to the
foreign exchanges, but in the absence OF definite
price for gold the market stagnant at the follow
| ing Notwithstanding sixty days, commercial,
10T 10S; good to prime bankers, 10s 1Cs,3 short
sight, 1887 109; Paris sixty days, 5.27ls $50;
| short sight, $40 o 517H; Antwerp, 62I}s 5.20
| Switzerland, 5.27H q $50; Hamburg, 3i9i $50;
| Amsterdam S9sl 4oH; Frankfort, 391l 4o,1i Bre
| men, 571k a TS1l; Prusslan thalers, 10 701{.
| Tie stock MARKET was again the scene Of great
| Generalization and prices gravitaed downward
| sometimes sharply, sometimes stubborny. The
| sellers were more numerous than the buyers. The
carly efforts to engage money revealed continued
| strlngency and hence houses whose funds were
locked M by the situation OF affairs at the Gold
| Bank were forced to dispose OF their stocks
| for cash. The difference between the prices
| OF stocks deliverable this afternoon and
| those deliverable tomorrow was in some instances
nearly three per cent In the double transaction OF
"cashr and regular resorted to by some houses
for the carrying Of III cir stocks, the range In rates
| was from one quarter TO one and one-quarter per
| cent There seemed to be little or no accession TO
the short interest the bears regarding the market
"a being in the situation OF balloon tied to the earth
nv stringent money ana ready TO fly up the instant
| money becomes plentiful. Those who had cash
seemed TO BUY freely at each decline. In
deed, when the Gold Bank began paying
| on account there was sudden buoyancy
in prices which carried up the whole list
| Int the gloomy feeling REQUIRED late IN The day
and The market again broke down. The fol-
lowing were the closing prices on The call at the last
session OF the Stock Exchahge:-Canton, 65, buyer
three bid: Cumberland, 30 n 49, Western Union, S5sS
357s; Quicksilver, IA; Marlposa, bid; do. pre-.
ferred is 20: Pacific Mail, O. bid; Boston Water
Power, 10 bid; Adams Express 5SiG 5i}&; Wells
Fargo Express, Is 1885, American Express, 3o]s q
81: United States Express 81; New York Central,
lie; Hudson RIVER 1856; Harlem, 125 a 1870; Erie SO
a3is; do. preferred, IS IS; Reading, " 82i4;
Lake Shore, sila s46; Illinois Central 125 $40;
Cleveland and Pittsburg s7}l IS; Chicago and
Northwestern, ssG bid; do preferred, 1914; Rock
Island Io4a 1917; Milwaukee and st. PAU, O. a e5
do. preferred, &c 76A; Toledo and Wabash, IS
Fort wayne, SIS s4; Alton ana Terre Haute, 80; do
preferred, SO bid; Ohio aud Mississippi 90. q 20;
Delaware ana Lackawanna 1o6 q 100; New Jersey
Central 30 a COS; chicago and Alton, 1855 o 40
Morris and Essex, So.
The fluctuations In the leading stocks were very
numerous during the whole days transactions TIKI
extent thereof is sgccncty set forth in tho following