The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-09-29
FINANCE AND TRADE
New York Money Market.


NEW YORK, September %.
The excitement in Wall street was
very great throughout the day and the
events scarcely less important than for
many days past. The committee of the
Gold Room appointed in the morning
soon reported that the Bank of New
York would undertake the clearances of
last Fridays business in the Gold Room,
subject to the following restrictions:
That every statement must be correct;
that II there is gold balance it must
be paid in gold, and if currency balance
1t must be paid in certified notes. The
cepmittee and BanA Of New York then
agreed that Ill olearsnces ut the Bank
should be- inade on Q bash Of 80 LOT
for gold and that all differences be set
tied between respective dealers OUT,
side of the Bank. The Room then voted
to remain open for TRANSACTIONS III
gold. The loan market has agreed tna'
all loans to-day be made free OF interest," "
The Gold Exchange assembled al
NJ wb,m the committee reported that
the Rank of New York fodnd their cleri-
cal force insufficient to clear trlday's
Contracts in the Gold Room without
embarrassing regular operations 10
this emergency d resolution that COM
mittee of 20 members of this Exchange
he appointed to receive all of the clear
ing house sheets and examine them care
fully without receiving any money or
balances, and finding all correct strike
a balance sheet OF the whole anc pre-
cent that to the Bank of New York, was
adopted. After a storm y debate the
committee was appointed. This com,
mittee, it is stated, will work all night
if necessary to straighten out Fridays
business.
The announcement that the Bank OF
New York was unable to 60 on with the
clearing occasioned general rush Tor
the long room to sell stocks and another
storm burst on the Stock Exchange with
a decline in prices from 3 to Is per cent.
The greatest depression was in Wander
bilt stocks and New York Central sold
down to 162. The street was filled with
rumors of failures on the Stock Ex-
change, but none are yet officially an
nounced.
Secretary Boutwell, to-day accepted
only 1897, 900 of bids for gold, throwing
out all proposals below 40. Those &C
cepted were at 130a132i. The officers
of the Gold Exchange Bank were before
a committee of the Clearing House to-
day. The Bank stands debtor to &, AGO.
Quo, and paid in 81, 00O, 900 in gold, equal
to about 81 300, 900 currency, and 81 ,OOO,-
600 in the shape of loans, which are in
process of collection. The creditor
banks have been assessed for their por
ton of the one million in loans until
it can be collected. This is the first ex-
PLANTATION the public has had of the cause
of the delay in making settlements with
brokers. 1t is reported from this state.
ment that the currency of the Bank has
been loaned to parties, and the whole
street was brought to dead lock there
by.
This afternoon the committee on Sus-
pension of Clearing House regarded
the securities handed over to the clear
ing house on account of the debtor bal
ance of gold exchange as adequate to
cover the liabilities, and have ascer.
tanned that tomorrow the bank VIII
stand creditor at the clearing house.
The Stock Exchange presented a
gloomy aspect UO"dTu Uue ClOSo VI tuc
day, and the panicky feeling was re-
newed. The havoc made in values to-
day has wiped from existence large
number of small operators, and weak
ened many of the larger firms. There
were many rumors of failures, but none
arc yet officially announced.
The National Stock Exchange com
meuces dealing in gold to morrow.
MONEY-Very stringent; room loans
made at 4yer cent. on governments and
gold, and to = per cent. on stock; great
many brokers had d'thculJy III makiug
their bank accounts; there is a dead
lock in discounts.
GOLD-Nominally 3lal 81.
STERLING-Nominal at lOSal0S7.
GOVERNMENT STOCKS = Lower
and dull; market closing steady !;
Coupons II, 1lSfal19; do 80, l20al2Oi; do
ga, 1l9all9!; do '65, ll9sall9S; do new,
ll9all9i; do %, ll74all7g; do '6S,
llG4all7t; lO-40s, l03salO5f.