The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-09-25
FINANCE AND TRADE
New York Money Marker.

NEW YORK., September "a
The excitement growing out If god
speculation resulted this morning III IN
absolute panic. Al 9:i5 A. M. l47i was
bid for gold, and quickly the price ad-
vanced to 1873. AT the opening Of the
gold room the price was held at $50 bid
and Isl asked, and the bulls offered to
make settlements with the shsrts on
that basis. Few, however, accepted the
overture, being prevented by the hope
that something might be done at Wash
ington to relieve the market. The anx-
iety for news from that quarter was in
tense, and the hope that the Treasury
might interfere was strengthened by
the fact that numerous and very urgent
circumstances were made to the Presi-
dent and Secretary of the Treasury by
parties who, there was reason TO expect,
would have influence with the Admin
tistration; but not weird came from the
Government, and while the bears were
waiting the bulls were carrying up the
price by rapid jumps to 1921 Near
noen, the shorts surresdering all hope,
tegan to accept the offers of settlement,
aud some of the operators most heavily
short compromised on basis of l4Sa
| 800 At about noon an order came
from the Secretary of the Treas
ury to sell, on to morrow, four
millions of gold and purchase an equal
amount of bonds. The order, however,
did not come until the bulls had com
PEELED settlement at about $50, and
the main operations of the bulls having
been consummated, there was a sudden
decline to l34 by 1870 p. NJ. Contrary
TO expectations, the speculation culmi-
mated without any effort to compel the
the payment of the extraordinary rates
for borrowing. On the contrary, while
the price was being carried up to over
100, the bulls were Offering from 80 to
per cent per day for having their gold
carried. According to current report,
the bull clique claim to have made
Sll ,000, 900 out of their operations, and
the losses on the other side must be
quail. One prominent gold broker, Mr..
A. G. Speyers, who was conspicuous this
moraing for bidding 100 for one million
of gold, when the price was 1875, has
failed to take up the gold, and in de-
fence made q statement in the Gold
Room this afternoon to the effect that
the gold be bought yesterday was for
Mr. w. Belden, that his bids for gold at
l60 to-day were OH account of James
Fisk jr., and that his inability to deliver
arose from both parties not having
gwen him any margin. He did not,
however, explain why he bid 100, when
gold could have been bought at l35.
Mr.. Speyer's conduct in other respects
during the day was such as To suggest
the Idea that he was under some hallu-
eihatlon, but report current on the
street that he had been placed in care
VI MS iriehus, does not appear TO have
| oeeu correct. The enormous transac-
lions III Tue gold room have produced
cotnplete odLh IN business in GOLD in the
exchange bank. 1t has been impossible
| 10 enect all The clearauces within The
usual hours, and the result has been that
brokers have been unable to make n
settlen eut of their accounts, and sew.
eral FIRMS have been forced into a tenn
porary suspension, with a serious EN-.
barrassment to the whole market. SEW.
eral firms are thus placed in the posi-
ton of having their margins locked up
in the gold exchange bank, and being
unable to get their funds, are unable to
make their accounts good with their
bank. and cannot give their checks in
settlement of claims.
The Commercial says: Among the
firms prominently mentioned as effected
from this cause are A. G. Speyers, Beldin
& Co., P. II. Williams, Jr., Golway,
Hunter Il Co, Cbas. Mcclure Il Co.,
5. B. Waller and Vim. Heath & Co.
lne two latter firms assure their cred
liors OF their entire ability to make all
Grains good as soon as they are enabled
10 get possession of their funds by the
com Pleton of the gold clearsnces, and
there IS apparently good probability
that out lew of the other names men,
toned Will prove to be permanent
failures