The New York herald., 1869-05-18
FINANCIAL AND COMMERCIAL
.>>>>,-,Noooo>-~oooo>~
MONDAY, May 17-6P. n.

MONDAY, May 17-6P. n
wall street had rst class sensation to-day In the
failure Of prominent nrm for sum variously re-
ported between million and million ana half OF
dollars. The suspension really took place az late
hour on Saturday afternoon. but was not made pub
hc and was not known beyond few Of the creditors
until early this morning. 1t seems that the firm were
'hOrt OF gold to the extent Of about eight millions
OF dollars and that they really bankrupt few
weeks since but made doubly large new venture
with the hope of retrieving their III 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 tnat
they abandoned their original legitimate bunness
of commission house and gradually expanded
into transactions in gold, governments ana stocks.
In their fall they have implicated several other firms
and Exchange place was in state OF the greatest
eommotion all day. SO far as mas been ascertained
~ the close OF business tonight only small firm
NJ so embarrassed as to be compelled to suspend.
The others have been able to meet their liabilities
promptly When the first signs OF distress were ap-
parent on Saturday afternoon the popularity OF the
hrm was such that their friends rendered them
about half million dollars TO help them resume
but they declined, the ground that their liabilities
would require a at least twice as large meet
Ing ofthe creditors was held on Sunday, but reme-
Wy ouiiu bO stay INC burstu. Oi tne hGOTlu
ornng. One OF the sad features the failure the
heavy individual loss which 1t has enaIled upon q
broker in government bonds-a personal friend OF
the frm--who. IN his trust OF their solvency sent
them their request his cheek for seventy thousand
dollars just at the close OF bank hours Saturday.
Their own check Tor similar amount, which lie had
deposited early in the day was returned mot goodn
the same afternoon, HIS total loss is said to be
about one hundred and fifty thousand dollars. He
promptly met all claims to-day and went al
usual. But, he intended rearing from business
on the lst Of June ana giving up the 'street" for
more quiet liie much c0mmiserati0n is ier for him
ana much Indignation expressed towards the firm
who thus so cruelty used friend. The effect OF the
failure witnessed in the fluctuations OF the DIFF
1erent markets.
Before the regular opening Oh the gold board there
was great excitement under the impression that the
'buying inn OF the 'shortn gold the suspended
frm would create a large rise, and the price ad-
vanced to 1925. From this point however, there
was falling 'Or' TO l40Zs, under GALES Of 'lon2"
gold held by parties who bought at much lower
hgures and willing realize. The price again
returned to 14116 at which it quite steady until
very late IN tn, afternoon, when 1t suddenly adj
vanced to 142, closing finally at 1421s. The 'short
interest Is now very small In the markeJ and the
bullish feeling quite general. Loans OF cash gold
to-day were made at from seven to four
per cent for carrying In the forenoon.
There was more activity in the afternoon ana some
loans were made '1at.' The range In the price was
as