The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-23

petition was fled on the LIST instant, in
the Southern District Court Of New
York, for an adjudication of involuntary
bankruptcy against the New York Gold
Exchange Bank; but the petitioners fail
ing to appear at the time appointed for
the hearing, it was announced that the
proceeding would be dismissed agreed.
Whatever may have been the considera-
ton Of the dismissiop. it is already pro-
posed to organize new clearing house,
in order to obviate the embarrassing
complications which now cucumber the
operations of the old establishments; and
unless it makes some satisfactory mr.
rangements with it's creditors, the propo-
sition will, in all probability. be adopted.
The following, from the thl1sFYork Ti-
bune, explains the mode :Bf transacting
business at the bank:
Gas the public is naturally interested
in the affairs of the Gold Exchange
Bank. brief description of its method
OF clearing gold transactions, and an ex-
planation of the cause of the complicn-
tion in statements, may not be out of
place. A statement is the exhibit made
by dealer of his transactions during
the day. 1t is simple printed blank,
showing on one side the amount he has
purchased and is to receive, and on the
other that which he has sold and is to
deliver. On this statement he enters
the name of each person to whom he has
sold, or of whom he has bought. setting
the amount of the transaction opposite
the name-first in gold. then its value in
currency. When the statements are re-
ceived at bank, accompanied by the tick
cts which are passed between dealers for
every transaction, the clerks check off
the names of dealers, compare state
ments and tickets, and strike q balance
Should the purchases exceed the sales,
the dealer is required to indemnify the
bank for the balance; should the sales,
on the contrary, exceed tho purchases,
tho bank pays the dealer tout of the
funds deposited by the persons with
whom he dealt the amount in excess.
Thus, it will be seen, the duty of the
bank is simply clerical. The complica-
tions arose during the panic from the
fact that the transactions with broken
firms formed large proportion of the
business of almost every dealer. Now,
as those who failed sent in no statements
and no tickets, it was impossible to tell
how the street stood; and as q conse-
quence, tho statements of the sound
dealers were mere waste paper. But the
doomed names were in nearly every
statement made, and it thus became q
nice question with the bank whether to
strike these names out-ignore them al-
together-or wait, Micawber-like. "for
something to turn up" Eventually, it
was decided to strike them off, and this
portion of the complications was unra-
veled. But another remained. During
the panic the bank had advanced money
to dealers who subsequently failed, and
it Is on this ground that the receivcrship
was applied for. AS one of the directors
remarked, the only way for the bank to
escape this dilemma will be to pocket its
losses. But to add to the previous COM
plicntions. it was intimated that default
ing dealers were to be sued. The forty
eight hours allowed by the supporters of
the new receiver for the settlement will
expire this morning, but at present there
is littlo hope that their prediction will
be fulfilled"
The Gold Exchange Bank, says the
New York RepubHc was required to pay
SIS, 900 to Mr.. Augustus l.. Browne, the
receiver, for fifteen days services, and
S5. 900 to Mr.. Aaron J. Vandcrpoel, n
partner Of Mr.. Brown, for legal services.
MIR. Jordan is the new receiver, and it is
said he does not charge fee, but he is
entitled by law to five per cent on the
amount of money received, which is
supposed to be about 81. 300, ,OOO-mak-
ing his legal fees $4,000. Mr.. Robert
Bale has commenced suit against the
bank for tho recovery of S2S, 600, which
he alleges the bank owes him. BY Ne
time this institution gets out of tie
meshes of the law, tho golden orange
will be pretty well squeezed.
A German, unknown, committed 81
eide at the Twenty-second street DOCK,
East River, on Sunday, after first giving
email boy five cents to inform the police
that he intended to drown himself. His
motive is mystery.
The dwelling house, with its entire
contents, of Mr.. II. N. Brittop, of Will
liamsburg, was totally destroyed by fire
q few days ago. The fire occurred
IN day time, and was the result of acci-
dent
A man named Malachie, at Arcola,
ILL.,, on Thursday, and married woman
named Huebner, at Chicago, on Monday,
we're both burned to death by the explo-