The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-10
FINANCIAL AND COMMERCIAL.


MONDAY August 90 p. NJ.
The dull current Of affairs in Wall street was
somewhat disturbed this morning by the announce
ment OF the failure of large dry goods commission
mouse IN this city, with liabilities variously esti'
Ihated at from two to three millions Of dollars The
mousse was one Of the largest and Oldest IN New
YORK. and at one time stood high in the estimation
OF bankers and capitalists although 1t Is stated their
paper has not been current here for some
ume past, except at extreme rates. u s further
stated that Boston gentleman offered to advance
money sufficient for the house to carry on business
Tor year TO come but after consultation and re-
view Of the situation the members OF the firm con-
adered IL best to suspend and ask an extension.
The failure appears to have resulted from cause
which has operated in more than one instance to
seriously cripple houses in the same trade domestic
woollens, tr not entalling upon them consequences
20 severe as in this case. The house having made
large advances to the mills for which they were
agents decline in prices Of wO0llen goods COM
Delled them, to save those advances, 10 take
the mills and subsequently to run them, which
nrst absorbed largely OF their active capital
and afterwards entalled heavy losses upon
them. 1t is estimated that from onc.thrd
to One-haf their paper Is aaoat in this
market, the larger amount 1t is thought, however,
being placed In the Eastern cities and with country
DAuk5 Ill New England near inc mills from which
they received goods. Much regret 10 felt at the
misfortunes Of the house, the members OF the firm
have ever been esteemed for their high personal in.
tsgrity and worth. In the great panic of 1857 the
house suspended, but subsequently discharged
all ts liabilities In full with interest," The friends
Of the firm say that they can the same again, as
the assets are large, and the wish Is very general
among all classes that such may prove to be the
and the house be again restored to It's
former high position The market for dis
counts was Of course somewhat disturbed by
CHS suspension and very little dry goods
pager was cashed, as 1T was not known now far the
standing of other houses might be involved with
this. In course Of the day other failures were
rumored, but the houses mentioned were small and
OF but little account With perhaps little more
care IN scrutlnizing names the market for other
paper was unchanged. Money was plentiful enough
on the street to be almost drug, but rates con.
tnued to rule, az on Saturday, at from live seven
per cent. On governments balances were freely
supplied at five, and leading stocH houses found
little difficulty In obtaining all the funds they re-
quired at six, the extreme figure being paid only IN
cases where the standing Of the borrower had no
claim for consideration the collateral offered was
below prime.
Gold opened this morning at 1861 and speedily fell
of to u, recovering later to u. It continued dull
tsnu o1Sdut eulouBuoue eHS Sftdtcf pdrt VI Tue
between these figures, 1868 to 1861, and touched
136 shortly before three O'Clock but closed in the
room at 1868. Subsequently to the adjournment OF
the board The market became somewhat excited, and
the premium suffered sharp decline to 1861, from
which it rallied to x and ~ and Huctua ted between
these fractions untr the close Of business, at which
time 1t stood 1853. The sudden drop the result
Of "bear" attack, based upon private de-
spatches from England, reporting bad weather
and injury to the growing crops there, and
In several parts OF Europe and giving higher
quotations IN the English grain market
shan those furnished by the press kilograms. This
caused quite an excitement on the Produce Elk.
CHANGE where. IN the expectation OF large demand
for American grain, buyers appeared In force and
bought up at sharply advanced prices all the stun
Offering within shippers limits. sales Of 100000
bushels Of wheat aud 20 900 barrels our at an ad.
vance OF to 10 cents bushel on The wheat and rs
cents per barrel on the n0ur reported. This
movement or produce to Europe, creating large
volume Of exchange will operate to stop shipments
Of specie; hence It's influence upon the gold market
to-day. Tile following table shows the range OF the
premium during the day and It's price at stated
nOurs.-