The Portland daily press., 1869-10-01
NEW YORK.
The Gold Question.
the Complications Reduced.
The Interference of the Banks Con-
demned.
SOME LAME DUCKS.

| or deliver, be declared in operation till Mon
day next, was unanimously adopted, and sub
sequently resolved to declare imperative the
rule imposing a charge of one fourth of one
per cent. in cases where delay occurred in full
| filling contracts.
A member of tne firm of VIM. Heath g. Co
made statement to the effect that that con-
| Germ was ready to, and would meet all its obi
cations when Smith, Gould, Martin & Co. met
their engagements with them, and that he had
every confidence in the ability and good will OF
the firm of Smith, Gould, Martin & Co. to act
properly in time in this matter.
Vice President Hoyt suggested to members
OF the board, as means of assisting the set
Element of Fridays contracts, that, where pos.
slble, members should pair off engagements
that parties ready to receive gold should give
notice, and that where the whole amount could
not be received or delivered, that such delivery
be made in sums of $4,000 at time. These
suggestions being well received, were after
wards embodied in resolution rs the sense OF
inc board, whereupon the executive session
was adjourned, and business resumed its regu-
lar routine.
The first price of gold made in the room was
13l A, from which it rose to 1872, but fell off
again to 131 s. The general feeling in the
market is much improved, and q much more
confident tone prevails on the street. The
continued demand for money is shown still,
however, in the difference between cash and
regular sales, which range from IA to 1 per
cent
NEW YORK, Sept. 80, P. Mas it was de-
cided this morning that members of the New
York Stock Exchange had a right to sell gold
out, or buy under the rule, of any parties who
are unable to meet their contracts, and were
members of the aforesaid New York Stock Ex-
change, a large amount of gold was sold under
the rule for Messrs. Heath s. Co. One of the
firm stated that they had an injunction served
on them by Messrs Smith, Gould, Martin &
Co., preventing them from doing any business;
that they had over $500 900 due them from the
Gold Exchange Bank, but the injunction upon
that institution prevented them from making
any settle ment.
NEW YORK, Sept. 3O-Eve The excitement
of the past week has given way to com aratve
quiet, and the business at the Stock Exchange
Is now conducted in more orderly manner.
laSC
Fridays business have been privately settled.
and ths complications incident to that days
business have been reduced to comparatively
small compass. A large number OF contracts
have been passed off and the differences have
also been paid. 1t is believed that the entire
matter would have been adjusted to-day had
1t not been for the interference of the courts,
whose action is generally and severally con-
demned. In addition to the injunctons prev
iously noticed, one has been served on the New
York Exchange, which restraints the members
OF that organization from buying Or selling I'M
der the rule for the purpose of settling con-
tracts made in the Gold Room prior to last
Saturday morning, The only board which has
not been served with like injunction is the
National Stock Exchange In order to facil-
itate the settlement of Fridays transactions,
and obviate the difficulty of taking up the
$6O0OOOO of gold under the stringent money
market Messrs. Smith, Gould & Martin, brok-
ers, have offered instead OF taking UP the gold
coming to them to accept currency at lbs for
gold and they offer to settle with their brokers
on the same terms, the difference between
1.35 and the actual figures to be settled in
checks. 1t is understood that very few accept
the proposal. The Stock Exchange was turn
ed into forum to-day for the discussion of
legal points, and u stranger would have i'm.
agned from the eloquent orations of some of
the brokers that they were lawyers, and the
President of the Stock Exchange was the
Judge presiding over high Court The Stock
Exchange was busily engaged to-day in the
process of buying and selling out gold and
stocks urder rule A great many brokers pro-
tested against this action of the board Legal
complications are likely to arise therefrom.
Among the parties protesting were Messrs
Pelham & Jackson, who sent in a letter to the
board stating that they had been served with
an injunction at the suit of Smith, Gould &
Martin prohibiting their carrying out their
contracts, and that such legal interference
alone prevents them from carrying ont their
contracts.
In the Stock Exchange the action of the
Gold Exchange in suspendiDg bylaws and
II was under discussion and was strongly con-
demned. The following amounts of gold were
sold under the rule for firms specified at the
Stock Exchange. These sales arise from the
present complications of the Gold Room, and
w NV hCCCoohi'y IHlpiJ Uuo Vi bu0 par
ties: Albert Speyers, 100000; VIM. Heath
& Co., $3.50, 900; John Pandia, 100000 Reid
Geo & Content, $780, 1000; Polhemus & Jack
son, $500 900. Sales were made also on account
of Lockwood & Co., and DAMN & Gillespie
After these sales an Injunction was served on
the officers of the Stock Exchange, L. X. Will
lard being plaintiff, restraining them from
selling under the rule any gold on account OF
parties acting as agents for Smith, Gould &
Martin, in the transactions of last Friday.
Various rumors have been circulated repre-
senting the involvement of the Lake Shore
Railroad Co.'S finances with Lockwood s.
Co.'S failure, and insinuations have been
made that the coupons due tomorrow will not
be paid. We learn ON good authority that the
Lake Shore Railroad Co. owe to Lockwood &
Co. about 100000, against collaterals of 81,
DOC, 000 stock ofthe Toledo & Wabash Railroad
Co.'S advertisements will be issued tonight,
announcing that the coupons will be paid to-
morrow at the Bank OF New York.
The Secretary to-day received $100, 900, and
expects tomorrow $1OO, 600 more to provide for
the payment of the coupons. We understood
that Mr. Legrand Lockwood agrees to resign
in favor Of Mr. j. ii. Banker.
The Express says it is estimated that the de-
probation in the price of gold and securities
dealt in in the New York Exchange since
Thursday last will reach 800 ,0OO, 900 in cur
| rency. Many men have been reduced from af-
f1uence to poverty, aud many sad falls are to
be seen in the vicinity of the Stock Exchange.
The heavy stock failures of yesterday have moi
as yet dragged down any other firm, but these
failures will cause heavy losses to large num-
Der of people having deposits of money with
the suspended firms The effect of their fail
ures in the country, more especially at the
| West, remains to be seen. In the Stock Elk
| change to-day the usual crowd of brokers were
| to be seen and aibetter feeling existed general
| ly, but the advanced prices represent less bust
ness than for many days past. Turning t.
| gold we find matters very much in the samt
condition as on the Stock Exchange. The uni
| versal sentiment in the room is that the board
as body should be lenient and merciful I,
those brokers who have been unfortunately
carried down by the recent gold speculation
At times during the day number of brokers
would gather around the fountain and deal il
gold as in former times, but the brokers gener
ally were busily engaged outside in straighten
ing out their affairs. The affairs at the Golt
Exchange are necessarily at a stand still unit