The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-29
Total. 1897, 900

THE GOLD EXCHANGE BANK.
The Gold Exchange Bank settled Its debtor bal.
ance Of 80 442, 900 at the Clearing House by coate
rails, including O00 900 at par call loans and bills
receivable which some thought would cover Its liza
bihtes to the banks, though rum0r gained crcu.
laton yesterday that the Gold Exchange Bank had
failed. 1t appears that the exchanges were not
delivered to this bank until 1t had given the COM
mtee security for the payment OF its Indebtedness.
1t was stated that on these securities the
other banks lept the amount Of legal ten.
ders requisite to liquldate the Indebtedness
of the Gold Exchange Bank. In fact the
creditors of the bank were called upon to
make up their proportion Of the amount
necessary to quidate the Indebtedness after deduct
ing the one million gold. 1t was thought by some
that the supposed weakness OF the bank not only
accounted for the delay In settling the Gold Room
clearngs but also gave rise to the rumors of its
failure for which, however, there was no apparent
substantial reason. 1t was comparatively deserted
yesterday, and complaint was general concerning
the manner in which its proceedings were con.
Quoted, though it be denied that the bulk of
work to be transacted was something enormous.
The liabilities having been covered, 1t was thought
that the bank would be q creditor at the Clearing
House, and the announcement OF that fact upon the
street tended to place the position in much better
Light than was anticipated BY many.
RUMoRs OF SUSPENSIONS.
Notwithstanding the confidence which had now
been infused, stories OF failures did not by any
means cease, ana throughout the entire day rumor
was busy in the extreme. The general unsatisfac-
tory feeling, liable TO be shaken at every moment,
was much aggravated by the circulation of report
that very extensive hrm largely interested In New
YORK Central had succumbed to the pressure OF the
time. The runor, while 1t was somewhat detrlmen.
tai In its character appears to have but little foun.
dalton in fact Several other firms were likewise
reported to have failed but the entire mpossIbility
of ascertalning any inkling towards the truth Of
those statements. and the dangerous motives that
doubtless might have prompted them, must make
them be regarded with considerable suspicion.
THE FEELING AMONG THE BANKS
Though bank officials generally struggled most
energeticay to stem the great tide OF demoraliza.
tion ana left not stone unturned to regulate mat.
tiers, their efforts were to considerable extent
parayzed by the counteractng influences brought to
bear against them; for the gravity Of the crisis
was not o little aggravated by many who, with O
heartless Indifference, called In loans and otherwise
protected themselves being totally reckless Of the
sad consequences to Others. The result In some
instances was disastrous. Brokers, even those In
the very best standing, found 1t no easy task
to borrow. The majority OF borrowers paid
the most Irregular rates for carrying ana altogether
the effect was depressing, among the consequences
being the terrific tremble in the stock market
Altogether the feeling among the banks was one OF
seriousness Distrust prevailed and It was not
unwsey thought that until the correct position of
affairs was ascertaned that distrust could not DOS
sibly be removed. Every market 10 affected by IT,
There was no obtaining money at the STOCK
H.. sbn
For instance the gradations were from oneq quarter
Of one per cent to two per cent per day. with per.
haps greater number OF transactions OF ouehalf OF
one per cent Such loans were generally In the
shape Of carrying stocks though It was known that
in few cases one.haf Of one per cent was paid
direct.
THE GOVERNMENT BOND MARKET.
Compared with some OF the highest SAFES OF Mon
day the prices IN the GoYernmsat bond market Dc.