The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-26

ing inquiries, and stated that Mr.. Beden would be
In the ONCE on Monday prepared 10 resume busL
ness The extent OF the failure If any. OF course
cannot be estimated until order Ii brought out OF
the chaos In which all the gold specnlations OF the
last three or four days are involved. The rumor
that Mr.. Belden had left the city was Indignantly
denied by his friends.
THE GOULD BANKING UoUsE,
30 denseiy crowded In the morning became CON-
parativey quiet during the day. Some business was
transacted but entirely distinct from the gold OPERA
tons and with the close Of the day confidence In
the establishment seemed to have been considerably
increased Mr.. Martin stated that the firm was per-
fectly safe. and that Monday ali its gold opera
tons would be satisfactorily adjusted. The scenes
In and around the
TENTH NATIONAL BANK
were very different, and were of absorbing interest
to the whole community from nine A. M. until late
in the afternoon. 1t was known thai one-haif the
stock OF this bank had been purchased some time
ago by the Fisk Gould party and the distrust occa-
stoned by this knowledge on Friday among bankers
ana brokers was communicated to all circles by the
following paragraph in the Times money article OF
yesterday, respecting which the officers Of the bank
were unsparing In bitter denunciations:-
The rnmor OF trouble in the Tenth National Bank
where thls concern Smith, Gould, Martin a Coz
checks had been made IN the course OF the day,
quickly followed. The later report however, is that
this trouble amounts substantially TO less than
$685. 900 capital OF 81, OO0 900. II the bank s
ruined for future usefulness under Its present rule
the blame VIII rest wnere 1t properly belongs, upon
the president and directors. who were willing TO he
sold out to Gould & Fisk, ana yet continue for
season In nominal charge of trust which they could
not really control.
This paragraph created the impression that the
Tenth National Bank was hopeessly involved In the
oil tho IN ha aota IN.
lishment were blocked up by an immense crowd
clamor0us for their deposits. Policemen we're
stationed at the doors to preserve order, and while
the bank officers anxiousy watched the storm
from their private office the employees slowly
examined and cashed the checks flooding in upon
the bank. At two O'Clock the crisis arrived. The
funds In the bank were nearly exhausted and
certified checks Of other banks sent out for currency
were returned with the reply that accounts must be
settled at the Clearing House before the checks
wOud be cashed
The officers Of the bank seemed to have almost
abandoned the hope OF stemminR the tide against
them and after hurried consultations nerv0usly
communicated from time 10 time with the tellers,
until at last, just as the funds were on the
point OF giving out supply OF currency
came in and gave renewed life to the almost
exhausted establishment. few moments
IOuBcT uclbf III Uutdiuup Iuuus Wuuu uuSc
caused suspension Of payments, and In the agitared
state Of affairs no doubt preciptated the crash which
had all day been impending over o score OF leading
firms. The book was kept open until twenty
minutes past three, at which time the windows
were closed and the crowd commenced TO slowly
dispense.
The directors state that the run upon the
bank was brought about by combination to
crush 1t, and that the Commonwealth, State, City
and Park banks refused 10 cash their own certified
checks presented to them by the Tenth National.
They also say that Smith, Martin Co. have $l00
deposited 10 their credit in the bank and that the
only checks that have been refused were one by
Smith 4 Martin yesterday for $l.O0O,O0O which the
bank ased to be withdrawn in consequence Oft size
and two checks for small amounts to-day, payable
to william Heath Il Co., who are in debt to the bank.
At the close of the days business they announced
that the deposits in the morning amounted to
$1,1oO,Ooo. and that they paid out during the day
about 81 OOo, OOo leaving $780, 900 hand. No fears
are expressed by them Of their ability to weather
the storm and they state that on Monday they will
be prepared for all CONTINGENCIES.
The public mind last night seemed to have been con-
siderabay relieved and the impression prevailed that
by Monday the panic will have far subsidized as to
Insure safe exit from the periis which 30 ser
ously threatened financial circles with disaster II
Is expected that money VIII be comparatively easy
as soon as the Gold Exchange Bank resumes payment
TO dealers, and that the sober reflections OF to-day
viii result in disposition TO ease up the pressure
on weakened firms SO that by Tuesday the financial
atmosphere may have cleared OF and busi-
ness resumed its ordinary channels. Messrs
Underhill. Haven Co. and william Heath yesterday
Published cards denying that they had failed, and
their friends assert that the two firms Will proceed
with their business az usual.
rumor gained considerable currency yesterday
to the effect that broker residing in Williamsburg
had committed suicide BY shooting himself through
the head in paroxysm of insanity caused by his
losses In the rush and panic OF Friday. The state
ment, however. was unfounded, as though the sui
eide alluded to actually occurred the deceased had
never In his lifetime been engaged IN stock opera
tions dealings, or If he had the evidence on the
inquest failed to reveal any trace Of 1t.
Secretary BoutweIps Reason for Ordering
the Sale Of Gold Yesterday.
WASHINGTON, Sept. rs, 1869.
is well known that Secretary Boutwell, some
time ago settled upon the policy that he would sell
gold and purchase bonds only the interests of the
government would dictate. He did not propose to
be governed in any respect by the options of Wall
street. his predecessor. Mr.. McCulloch had been.
up W ycslcfuby DOubWcu Udu aunefeQ TO this
policy with strict fidelity. He heard of the fight of
the bulls and bears with supreme GOODNESS.
II made no difference to him which suffered. Even
all the excitement Of the past lew daysdid not move
him. He received bushels Of kilograms from Jay
Cooke %. and other prominent bankers, and read
the frantic appeals Of the raulical organ in New
lorK since Thursday last to sell gold. without effect
When the excitement In Wall street reached Its
height, however. the President went to Secretary
Boutwell, and requested HIM to sell gold
TO break the corner" This Is the expla.
nation OF Mr.. Boutwel's departure from the policy
he had marked out for himself. and 10 which
he had heretofore adhered. His best Judgment
there Is reason to believe, dld not approve of the
step he took yesterday in ordering the Assistant
Treasurer at New York to sell $4,000 900 gold. He
did 1t because he was ordered to do 1t by bis sups
rior. The President is greatly mortified at the use
Of his name made In the Gold Room yesterday and
the dag before being opposed to the Secretary's