The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-18
The New York Money Market.

"Wall street had first-class sensation to-day in
the failure Of prominent firm for sum varousy
reported between million and million and half
Of dollars. The suspension really took place at
late hour on Saturday afternoon, but was not made
public and was not known beyond few OF the credi
tors until early this morning. 1t that the drm
short OF gold to the extent of about S. 900 0OO
and that they were really bankrupt few weeks
since, but made doubly large new venture with
the hope OF retrieving their ill-fortune. Gold,
however, continued to advance, and thus plunged
them only the deeper in disaster. The street is full
OF all sorts of rumOrs with reference to the character
OF their operations 1t Is said that they abandoned
their original legitimate business of commission
house and gradually expanded into transactions in
gold, governments and stocks. In their fall they
have implicated several other firms, and Exchange
place was in state Of the greatest commotion all
day. SO far has been ascertained at the close OF
business tonight, only one small firm is so embar-
rassed as TO be compelled to suspend. The others
have been able TO meet their liabilities promptly.
When the first signs Of distress were apparent
on saturday afternoon, the popularity OF the
firm was such that their friends rendered them about
half million dollars TO help them resume, but they
declined, on the ground that their liabilities would
require sum at least twice as large. meeting of
the creditors was held on Sunday but no remedy
One OF the sad features OF the failure is the heavy
individual loss which IL has entaied upon broker
in Government bonds-a personal friend of the firm
WHO, IN his trust OF their soVency, sent them, at
their request his check for seventy thousand dollars
just at the close of bank hours on Saturday. Their
own check for a similar amount, which he had
deposited early in the day, returned mot good
the same afternoon. His total loss is said to be
about one hundred and hfty thousand dollars He
promptly met all claims to-day and went ON as usual
But as he intended retiring from business on the 1st
OF june and giving up the street for more quiet
life, much commiseration is felt for him, and much
Indignation expressed towards the firm who thus
so cruelty used friend The effect of the failure
was witnessed IN the fluctuations OF the different
markets
Before the regular opening of the gold board
there was great excitement, under the Impression
that the buying in OF the short gold OF the sus-
pended firm would create large rise, and the price
advanced to 1925. From this point, however there
was falling of TO 1909, under sales OF long gold
held 10y parties who bought at much lower figures
and were willing 10 realize The price again re-
turned TO 14 =, at which 1t was quite steady until
very late in the afternoon, when IL suddenly adj
Vanced TO 1929, closing finally at l42H. The short
bulsh feeling quite general. Loans OF cash gold
yesterday We're made at from TO per cent. for
carrying, in the forenoon. There was more activity
IN the afternoon and some loans were made fiat
"The disbursements OF coin interest yesterday
were S2l ,299.
Governments opened with great 6rmness as a re-
suit of the advance in gold but became less steady
and were inclined TO droop at the close through ap
prehensons of the effect of the failure the for
eign market. The day being Whit Monday and
European holiday, there We're no quotations from
London or Frankfort The higher price of gold will,
IL is expected act unfavoraby the price of bonds
in the foreign market while no little uneasiness pre-
walls as TO the extent OF the bills drawn by the sus-
pended house. If they have confined themselves to
the limit Of the articles which i'm their capacity of
commission firm they have shipped TO Europe there
will be no difficulty; buthe street was fun OF minors
on this point as well as on everybody else connected
with them 1t is fortunate that the day was holi-
day in London Had the news of the failure gone
IL
panic in American securities, If not in the general
market. But as the matter closes more hopefully to-
night and the losses have not produced panic here
the effect will be toned down at the opening Of busi-
ness tomorrow in the foreign market.
"Forelgn exchange was inactive but firm on the
basis Of lO9 for private bankers sixty days ster-
ling
''Ihe excitement OF the failure produced some
scrutiny OF borrowers names and collateTals in the
carrier portion OF the day. and money was active at
seven per cent; but the apprehension wore away,
anu loans were again made quite freely at six
10 seven per cent before the close Of banking hours
The Whitewater WiscOnsin) Register reports
tlat pigeons nave become positive nuisance on tne
prairies, in many cases almost destroying whole
neds OF spring sown wheat
The Scheremtlen family in Russia recently gave
tne imperial family an entertainments Wnlch cost
100000 roubles. Fountains OF eau de cologne were
playing In all the saloons through which the hpeIla
family passed.
"A man in Jacksonville, Fla, stole the recently
laid cornerstone OF new Bapust church, IN Order
70 get the silver coin and currency closed up in IT,
The stone was carried some distance, but the enort
tQ get the money cut WAS iaLa5e