The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-01
FINANCIAL AND CONNER cIAL

THURSDAY, Sept. 800 P. "
ing marker cnange In the aspect OF AFFAIRS aay
was the general subject OF discussion and dgratu-
auon. That the worst Is passed Is ferry atty hoped
ny lne great majority; but there are dany who yet
snaAe their heads and prophesv iurther danger.
ihe reopening OF the Gold Exchange seemed 10 DO
the turning point, and matters have rapidly mended
ever since. The panic SO ar has been IN stocks It's
generalization has not extended beyond Wall
street. Business Wxs at standstill among the
exporting merchants for a few days, until some
thing near s/defnte quotation FOR gold could
DC mad. But as Will be seen by our
reports Elsewhere, the dry goods market Is fairly
acuVepaud buoyant. In the gloom which pre-
VALID yesterday repetition OF 1857 was looked for
dis winter. The panic which has just visited us
was, more properly, like that OF 1854, which was
confined to stocks SO far the present crisis has not
gone beyond the speculative elements OF Wall
street. The failures are of stock houses only Even
Lockwood & Co., bankers as they were originally,
Gre their fate to an excessive venture In the
stock market. The crash, great as IL mas
BEEN has involved no strictly CONNER
cai house. and Will impair none except
where the members were tired OF the slow profits OF
legitimate trade, and had sought TO hasten their
affiuence by operations IN Wall street. No more
failures OF any kind are reported to-day, the dead
lock in the Gold Bank and inability 70 make clear
ances throwing ven over the real standing OF
many firms connected with last Fridays dongs, in
nocently or otherwise ana keeping them still anoat
The illfortune which has lately presided over the
destnies OF Wall street seems to be appeased with
the immolation OF Lockwood & Co. AS to the rea-
tion OF the liabilities and assets OF this firm nothing
was made public to-day. The office is still in charge
of the assignee who transacted whatever business
required attention. II is said that the creditors,
VINO embrace many wealthy Western capitalists,
viii hold a meeting at an early day to discuss a
proposition to subscribe pro rata sum, in all about
q million OF dollars, to enable the firm to resume
business. This step is suggested as the most eco.
nOmical one. The winding up OF the affairs
OF the firm would entail great waste OF
the assets which remain to be divided,
and consequent larger loss to the credit
0rs, while resumption would afford reason
able chance for payment in full and place the house
again In active operation. Much sympathy Is
expressed for the failure Of Messrs. Lockwood &
Co., and no voice Is heard in exutation their
fail. They were forced to succumb to disastrous
chain of circumstances, but met their fate honor
ably.
The members Of the Gold Exchange met this
morning and decided TO make their clear
anceS with each other by pairing of, or
az best they could, and then formally opened
the room for dealings in gold at nineteen
minutes past ten or after q suspension OF nearly
Eeek The opening price was 1914, from which
there was az adyance-to 49,, when the market be-
Sme heavy and the price declined at five O'Clock to
Y. All loan transactions were at "natn by
p consent. The range OF the price was as