The New York Herald Newspaper, September 30, 1869, Page 3

“gon that the government Wop not tuterfore with WALL STREET Progress of the Finan- cial Panic. MORE FAILURES YESTERDAY. Startling Rumors and Allegations Against the Government, An Injunction Served on the Gold Board. Receiver Appointed for the Gold Ex- change Bauk. Final Report o f ihe Clearance maernitte LAW PTT, Cel” WEN. TALKS W! ter a series af successive Ie. Ag two vost arinies, moralizing enavse demonstrations to av nts navurally suspend hostile to the Killed ond wounded and reorgant. red battalions, 89 the convending forces which for the last ten days have mute a pandemontum of \Wall street were yesterday engaged in almost unavailing efforts to retrieve their ruined fortunes and Lrmg order out of chaos, Whatever pro there may have been early in the day for accomplishing these de: Ne objects, the offensive operations ot some of the belligerents almost if not entirely destroyed them before the day thei shat was half spent, and man man who entered the Gold Room yesterday morning with escape from the perils which threatened hun, re- turned home last night if possible more disheart- ened than before. The comparative eatin which Tuesday night was but Ure lull thas prec final overwhelming burst of Men of all classes m ths brief season of hope, as they felt the danger receding. reflected upon the ealastrophe which was about to engulph then, apd shudderingly locked back to the calamitics of 1857, when the panic in Wall street extended to the whole commerce of the country and involved every branch of business ia disaster, This panic was tm many respects similar to that of 1257, and it was well known that, with the exception of a few great houses, there ia no or trader to whom his neighbors and creditors can look as being exempt from the gigantic forces at work in Wall street, sferchants had loaned unem- ployed funds to Wall strect speculators, and banks haa not only done the same thing, but bad them- selves engaged in the mad struggle. No one has put the slightest confidence im his neighbor in Wall Btrect since the first blast of the storm last week, apd the exhausted operators seized upon every transient prop of arity as drowaing men catch atatraws. A few settie nents had already been pri- vately made anong brokers who were auxious to keep out of the vortex; but the great mass of out Standing accounts were dependent upon the result ‘of the Clearance Committee's investigations, which ‘would show precisely where every man stood. All of Tudaday night dealers were consulting and com- paring notes respecting the provabihties of es- cape from the threatening perils, aad whe Wall street filled up again yesterday morning appearances Indicated that the hearty co-operative efforts being made by nearly all parties woud avert the impending catasirophe and enable every one'to arrange a satisfactory ectilement, It was feit that a fow firms would probably go under, but as tho majority of dealers seemed disposed tos mit to eacrifices for the purpose of effecting an hopes of tied upon adfairs ies the tempest, he merchant adjustment it was believed that the report of the committee of twenty appoluied to make th ances Would atvord a solid L sis upon witich all the ifferences mizht be disposed of and the reguiar business of the board resin pun semen was crowded at an carly hour, but the excited | demonstrations ich had for many days p rized the pla vious had given away to a remark- able degree of qnict. The centre of Broad street was ocetipied only steps of the buildiugs aifor assemblage, which extend In every direction groups of men were engaged by carriages, te sidewalks and ample room for the in low, ¢arnest conversation, and every new arrival supposed possess addittowal tMformation was ineswntly captured and eager- Jy = questioned, Occasionally the rumor of some failure would pass through the street with wenderfal rapitity, and a sensation Feport started at one en would be received and dis- eussed at the other extremity of the crowd before the originator could get sround the block to that poimt. The people were simply waiting for some- ‘tMing,to turn up, bat their feverisu brains could not rest & moment, and any canerd, however absurd, ‘was received as a means of temporarily relieving the suspense. STARALING QUERIES BY ONE WHO KNOWS, Jn convemation with a phominent Wall street man westerday—s.genteman who is fully conversant with avery move of Ainance, and Who is interested to the @xtent of mills of doiiars—\'be following astound- Mg.Nuerios, which he stated puinted the way to a Clear, cxpose of the whole transaction of the panic Of lat week, were propounded:— In an ediforial aniicle publisheit tn one of our morning contemporaries of September 24 this para. graph occurs. After aiding to the advent of the irrepressivie Pisk m the Gold Room they say:~ “They not only builed gold with @ will, but talked freely of the warrant whheldhey lad from Washing- new them. The highest oficial im the land was quotea a8 being with them, and be, of course, con- fwola the action of the Seeretary of the ‘Treasury and the New York Assistant Treasurer. Mr. Corbin's name 1s also mentioned in connection with the clique, who, by the way, 44 brother-in-law of the President. . Now, who really compose the ring that made up this tremendous combination to put up gow aud ruin thousands fo gratify their jusane \st for greeat i far down the street, | Who is directly rosponsiie for the paralysis in | trade, the fal) in stocks, the general distrust exp) i teed in almost all mercantile transactions, and tho ’ clonds Which have obscured the whole financial If this crusade against the atreet, this unheard of audacity in grappling with tron fingers the whole, aye, and five times more gold than Sies in the governmental and bank coffers of the whole country wore the work of anyone map, the country might ‘weil tremble and say, who and what is the power that in forty-eight hours can work such a tre- mendous revolution? The solution of the prob- jem can only begiven im one way. ‘The government hold in their vaults say $70,000,000 com, and the banks about $15,000,000, in all lesa than 3100,000,000, What individual or ciique of men who have the brains and the money to undertake such @ gigantic movement would do so unicsa they had the most undoubted assurance from the government that no gold should be thrown on to the street to defeat their plans and tnus incur Josses of millions to themselves? How long has this scheme been in progress and who were the originators? The ruined bankers of New York demand to know tt, An indignant country demands tt, and asks why the carriage of the cool-headed, sharp, keen Prest- dent of the Erie road has been seca morning and night in West Twenty-seventh street, at the resi- dence of the brother-in-law of the President, Per- haps the condidential agent of the shrewd Prince of .e, who has, in the last two weeks, made so many midnigat Journeys to Washington, Penn, might explain something about the matter, The frequent interviews of the Admiral with General Graut at New York, Saratoga, Long Island Sound aud elsewhere are very siguificant. Whose influcnce was it that appointed the present Sub-irea * of New York after another man’s commission had becn made out? and what kind of a bargain was mude, How much money has been sent to Washington that was not used in furnishing the White House in tuo last week or two? Who cashed the $100,000 check and the $25,000 check handed to @ member of the Presidents family? Now what shall we say in the face of all this, and at whoge door lies the blame of all mus terrible evil? A few days will reveal the mystery. TUK GOLD ROOM openedy at ten o'clock to enable the members to hear the report of the committee of twenty engaged in clearing up Friday’s transactions, Mr. Camu chairman of the committee, said that they had been at work all night, and that affairs were assuming & cheerful aspect. Many who had refused on Tuesday to send in their statements had since done so, and many others had promised to send in theirs at the earliest possible moment. The committee had succeeded in Aisposing of over two hundred statements, and that moment but rty-seven remained to be sentin. Mr. Cambloss 1id that upon the members rested the responsibility; they (the comml:tee) would do the clerical work and find a safe Aepository for the gold, and not a dollar of it should be paid out until all called for by the deposit sheets was deposited. He requested the gentlemen to put their shoulders to the wheel aud help the committee along. If the latter failed it would be for lack of support, but they were deter- mined not to fat. Mr. Edwards, one of the com- mulitee, confirmed the statement of Nr. Cambloss, and said that the thing must go through, that even Mr. Colgate, who yesterday was stabvorn tn his refusal to sen4,in any statement had relented, and his statement haq been recetved by the commitiee. Mr, Hopusxiy 88 that many tickets having been destroyed Tuesday Mecgssitated issuing new ones, and that fact het Hetarde! his statement, which wonld be made as 8000 as the new tickets could be obtained. The Board then took a recess till twelve M., subject to the call of the President. During the day the Clearance Committee occupied the room of fhe old open board and transacted their business with closed doors. Many persons sought admission, but ali except afew authorized individ. uals were courteously denied admittance, and throughout the sessions of the com- mittee & swarm of eager news gatherers ung about the dark and narrow passage. In the Gold Room matters were very dull during the inter- vals between the several reports from the commit- tee. The gallery was deserted except in tho few moments occupied In receiving committee reports, | and the members of the Board diapersed in all direc- ttons whenever the object which called them together wax temporarily disposed of. A few lingered in the room and occasionally étarted some new sen- sation with which to exeite the lookers on, bar ag @ general (hing matters were exceedingly dull, THE NOON SESSION. At twelve o’clock the jBoard was again calied to | order, the members being summoned by te stock telegraph, and rushing i pell mel through the | various entrances, As soon ag order could be secured, Mr. Fisher, chairman of the Committee of | Taree appointed to investigate the affairs of the | Gola Exchange Bank, submitted the following:— STATEMENS OP THE NEW YORK GOLD EXCHANGE 'O THE COMMITTEE OF THE GOLD BOARD, cor of the bank went into the Gold Room moiming of Friday, the 24th inst., and sug- ed to a few that 1t would be impossible to clear ctions of that day on account of an attempted corner. But on consuitation it was de- that it was the duty of the bauk to make the en at Some sacrifice, She bank assumed ear Vement in the usual manner, and i ved In yy { baiance a very large amounc - | of geld and curren } lt Was necessary to restore a large portion of \ t mer to the dealers or widespread disas- ta would lave followed. to do this the bank was forced to depart from the rate oi receiving ail balances bevore paying any it On pa dealers a portion of : ) Lucir Siatements, reserving a safe marvin pr and wasting to the deaicrs to ood auy over was the ment on the fual settle lurse pursucd Friday and iwurday a committee was appointed at an cling of dealers, to conler th the ent into au inv: ding and Sunday, on te plan to ceciare vied from whe clearing, aud assume 3 good—tie Only basis of seitiement tiey practicable, ‘the ban! } day. { Cicaving House of the banks on Mouday and iues- | Gay Was passod b3 | acted on this In paying dealers on Mon- The emergency of the settiement with the trausferring to tae committee of ing Lol & suficient amount to secure tie by the bank. uk Las LOW at its control (after settiement n tue Clearlng House of the bank) not far from amount OF 1s eapiial and surplus With Which fo liquidate the deaiers’ statements as soot as it can be ascortained what is due from the bank to the doalers and from the dealers to the bang. It 1s the expectation that these resulis can be approximated to-day, and from all tie evidence now accessible we believe tue bank to be solvent and abie to pay all its debts. No complications exist at preseni, except on our desiors’ statements, The bank has notfuiled ov suspeuded. Jt has paid all its obligations as stated, It pat Monday’s obligations at the Clearing Jlouse in gold at par, and on Tuesday in $1,000,000 +i wold afd Bay $1,300,000 Kecurities, Serv. 2s, 186% oH. M. BENEDICT, President. After a few remarks by Mr. Fisher explanatory of the aboye, Mr. JACKSON, Of the committee of twenty, reported that the committee was getting along remarkably well, and that only four parties remained to sena in slatements, In response to numerous cries of “Who are they?” “Give us their names," &c., he said that he had rather mot meation the parties at present, as they might yet send in their accounts. The committee had made arrangements with the Farmers’ Loan and ‘Trust Company to make theircicarances, end all the committee asked was @ little time im which to complete the exanwnation of the statements, The Board then took a recess, subject to the call of the president, TWO O'CLOCK BESBION. The g\avel of the Prosident of the Gold Boara called an Jmmense crowd to order at two o'clock to hear anot.ter report from the committee. Mr. Cha MbLOss said that the committee must again annowace their imability to clear all of the statomen%# presented. Every statement was in excepting that of Messrs, Snuth, Gould, Martin & Co,* That frm did not even now now refuse to fur.hsb @ statement, but kept putting them ov from time to time, and the committee had given the case up a¥ Ropeless. Last evening Smith, Gould, Martin & Co.\ asnounced that tholr report would certainly be meuring the night. Ab ten ovelock they stated the Inability to furnish it unt) ten o'clock this morning) When it should be sent in, “it ja now,” said Mr. Shambloss, “ten minutes after two. We have heard Yottung of them yet, and all our attempys to secure &n interview with Mr. Smita have proved anavailing.’? J1@ did not mean to be too hard, but he did think that they did net now intend to furnish @ statement—and more, “never did” Mr. LELAND offered a reroyntion that tha commitiee the lea be requested to make up 4 statement for Smith, Gould, Martin & Co., from their tickets received already from other houses; but this resolution was referred to the commnttee by the adoption of the following resolution, ofered by Mr. Gripneli:— Resolved, That this matter pe referred to the com- mittee of twenty, with the request that they should advise us what in their opmion i our best course to pursue in respect to Smith, Gouid, Martia & Co. ‘The board then took another recess, subject to the call of the president. The proceedings of this meeting were attended with great confusion. Every allugion to Smith, Gould, Martin & Co. elicited vehe- ment expreasions of disapprobation, and bitter denunciations of the drm were uttered in ail parte of the Gold Room. INJUNCTION UPON THE GOLD BOARD, Immediately upon adjournment, and before the president had left bis seat, the following Injunction was seryed:— Surruste Court,—Henry N, Smith, Henry H. Martin, Jay Gould and James B, Bache, Plaintiffs, va. Townsend Cox, Thomas A, Hoyt, George H. Bend, Thomas P. Akers, aud George Phipps, and Town- send Cox, as President of he New York Gold Ex- change, Derendants, —-Summons.—For relief, (Com- plait served.) ‘To the DerENDANTS:—You are hereby summoned and required to answer the complaint in this action, a copy Whereo! is herewith served upon you, and to serve a copy of your answer to the said complaint on the subzeribers at thetr office, No. 4 Pine street, in the cily of New York, within tweaty days alter the service hereof, exclusive-oi the day of such service; and tf you fall to answer the complaint within the Ume aforesaid, the plaintiffs In this actton will apply to the Con Jor the relief demanded in the complaint, FIELD & SHBARMAN, Plaintiffs’ Attorneys. Dated New You«, Sept. 1869, Sur # Counr—Cvy and County of New York.— Smith, Henry H, Martin, Joy Gould and "iMigs, Vs Townsend Cow, H, bond, Thonvas P, Akers ge Phipps, and Town Cox as Presi- deit of the New York Gala Rechenge, Defendants.— ‘Yhe plaintif's complain and auege:— That they are copartners, doing business as ‘ors and bankers in the city of New York under eof Suiith, Gould, Martin & Go, Seond—That the New York Gold Exchange is a joint steck association of more than 200 ‘3003, a8- sociated ogether for the purpose of transacting busl- in gold, and alost if not quitc the whole of 3) ages and sales of goul in the city of New York ure made in tae rooms of the said assocution, where only its members are allowed to transact business; and it 13 practically impossibie for any one to Wansact business at wholesale in the purchase or sale of gold as a broker in the said city unless he is amember of the said asoctation; tat the above named Henry N. Smith is a member of the sald association, acting therein as tne representative of the plaincitfs, who have continually large dealings at wholesaie in the purchase and sale of gold as brokers mm the clty of New York, and the plaintive have paid to the said association, in the name of the gaid Henry N. Smith, an imitation fee of one thou- sand doijars, the same being required by the sara association from each of its members as the condi- tuon of their privileges therem, Thivd—That the aeiendant Cox is the president of the said association, the defendants }ioyt and Bend are the vice presidenuw, the defendant Akers is 118 secretary and tie defeuaant Phipps its treasurer, Fourth—That, by the rales adopted by tho sald association, all contracts made by its members for the purchase or sale of gold are to be setued through the New York Gold Exchange Bank, unless other- wise expressed in the contracts the:ngelves, /tic—that ihe said bank is a clearing house, to Witch all the members of the sald association have been accustomed toseud duily statements of their transactions in gold, and the said bank has been accustomed to make up irom such statements a gen- eral account and strike a balance tothe dept or credit of each of the dealers, showing the net amount of gold and currency which will be due to or from him, fron or to ail other members of the gatd association, and such balance 1s in every case but verysmall in proportion to the whole amount of each deater’s transactions, the pro- portion or ratio of such balance to the whole amount diminishing greatly as the transactions increase; £0 that where a broker has purchaged ten intiltons of dollars of gold from other brokers, and gold ten millions one hundred thou- sand dollars of gold to a different set of brokera on the same day, he would, under the operation of the aforesaid rule, have to provide only one hundred thousand dollars of gold to fulfil all his contracts on that day; whereas, If Bp such practice existed, it would 6é necessary for bln, in order to carry out his contracts, to provide himself with ten millions of doilars of gold to deliver and tea millions one hun- tred thousand dollars in currency, in addition to any premium on the gold, to pay for the com which ne is to receive, Sicth—that on Friday, the 25th day of Septem- ber, 1869, purchases aud sales of gold were made for the account of the piaintif—s in the room of the said association, and under its sail rule, to tho amount of over forty milion of dollara, and the transactions or the members of the sald association in gold bad, in the same manner, on that day, amounted, as the plain- tls are informed and believe, to more than ihree hundred millions of dollars, Seventh—That the said Gold Exchange Bank has Geciaved itself unabie to make a clearance of the transactions in goid iad, as aforesaid, on the said Friday, and wholly refuses to make up any ment of such transactions or to strike any balance therefor; and, as the piaintiiis are luformed and believe, it has suspended payment upon its current Obizutions and is msoivent, and the said bank hag not made, or attempted tu' make, any clearance of such transactions, nor, as the plaintil’s are informed and believe, It 18 mpossible to do Bo. Kighti—That the plaintiffs, and all other parties to contracts for the purchase or sale of gold on the occasion aforesaid = (with the exception of a few contracts involving a com- paratively smal! sum in all) contemplated the settle- ment of all such contracts through the said bank and by means of its system of clearing such accounts, and wouid never have entered into contracts of suctl magnitude bad they supposed that they wou'd be required to settle them without the intervention of a ciearing house; that upon any other plan the satd coniracis could only be carried out, according to these terms, by the parties raising and tenderiug to each other In one day the sum of three hundred miNious of dollars in gold com of the United States, or certificates therefor, on the one hand, and about five hundred and fity millions of dollara in paper currency of the United States on the other haud, which Would be an absolute impossibility (there not as the plaintiffs are imformed and hawt the satd amount of gold com of the United States upon this Continent, and | not more than mty-five million dollars thereof in th eof New York, except wuat is held by the overnment, nor so much 1 currency tn , and it would be absovutely maipossidie @ ‘contracts aforesaid should be fuldilea (ne intervention of some species of clearing ess ‘h—That the defeniants, and a number of inembers of the said association acting with them, without any lawful authority, have assumed to Fn nt a committee from among themseives to the eaid tranaactions and strike a balance of accounts, and, as the plaintiffs are and believe, the said committee nd to throw out of the said accounts a na the informed int large number of the said transactions in gold, aeiualiy entered into a8 aforesaia; and tie result of such a clearance, if acgniesced in by the plaintiffs, woulda be to subject them to very great loss and to coinpel them Co pay a much larger sum as balances than would be just. venth—Vhat by anotiier rule of the said association it Is provided that when any of its members {fail to perform their contracts iu respect of gold the presi- deat of the said association shall buy or sell gold, ag the case may be, publicly, for the account of such member and of his principals; and that uniess such member taake gooa any loss thus incurred he slail ve deprived of the privileges of membership. Lleventh—That, as the plaintifis are mformed and believe, the defendants will be called upon te make large sates of gold for account of Lie plaintiffs under the aid rule, and will do so under the pretence that the plaintiffs are in default upon ther contracts aforesaid, in failing 10 pay balances adjusted tn the unlawful mauner aforesaid, or to fuilll particular contracts on demand without the intervention of any clearing house; ana iu case of the failure of the plaintiffs to pay the amount thus unlawiully estimated to be due from them, to deprive the said Henry N. Smith of his privileges in the said agsocia- ton and to expel him therefrom. Frelyr—Taat the imjury which would be caused to the piaintiits by carrying out the said schemes would be very great, amounting to @ destruction of the business a8 gold brokers; and it woula be } Impossible to ascertain even approximately the pecuniary damage which they would thereby sustain or to fix upon the particular persons who had used them such damage, iwasmuch as the kaid sociation 18 not incorporated and could not be made collectively Hable for such damage. Wherefore tho plaintiffs demand Judgment, that the defendanis and each of them, and each and every omcer and member of the saia New York Gola Exchange be restrained by injunction from buying or selling any gold on account of the plaintiffs, or any of them, without authority otver than that given them by the ruies of the said association, upon any pretence of the plaiutifi’s fatiure to perforin con- tracts for the purchase or sale of gold entered into on Friday, the 24th day of Soptembor, 18¢9, and from taking my measures otherwise than through the process of the public courts of justice to enlorce against the plaintifts, or any of theta, any of such contracts, and from expelling or excluding the said Henry N, Smith from membership in the said asso- ciation, or from Ue exercise of his privileges as a member theroot. FIBLD & SULARMAN, Piaintif’s Attorneys. City and County of New York.—Nenry N, Smtth being duly sworn says that the foregoing complaint Js truce of his own knowleage, except a8 to the mai- ters therein stated to be upon information and belief and as.to those matters he believes it to be true, HENRY N. SMITH. Sworn to before me this 224 day of September, 1869, MINTURN Smits, Notary Public, New York. buraemE CouRT.—Henry N. Smith, Henry N. Martin, Jay ould and James U, Bache, Plaintiffs, vs. Townsend Cor, Thomas A, Hoyt, George 1 Bend, Thomas P Akers and George Phipps ana Tornsend Cov as President of the New York Gola Exehange, Defendants,—Injunction by order,—it pearing sauisiactory to mé by the complaint an aly verified by the plaintics that sufficient grounds for san injunction exist, I do hereby order that the defendants and each of them, and cach and every oficer and momber of said New York Gold Exehange, resralt the desk of the presidiug oficer, Srom paying or aeiling | Keone Loeb & Go, any a on it of the faba wisest eee othe! r by the ritles of sald association upon any ce of the page falling to perform contracts for the irchase or gale of gold entered mto on Friday, the ih day of Seprember, 1869, and from taking any measures otherwise than throngh the process of the public courts of justice to enforce against ine plain- {is or any of them any of said contracts, and frown expelling or excluding the said Henry N. Smith Jrom membership in the sald association or from the exercise of his privilege ag a wewber thereof until the farther order of this court, and in case of dis- obedience to this order you will be lable to the Punishment thereof prescribed by Jaw. Dated New You, September 29, 1369. ‘The sensation produced by tis document basses description. It was jstunding. ‘There was littic or no excitement, but every one seemed to be thrown off hia balance for a moment by this move- ment of the Gowid party, following suddenly upon the appointment of receiver for the Gold Exchange Bank, of which event notice had but @ short tame before been received, Mem- bers ab once attributed both of these move- menta to the Fisk ring, and discussed with manifest alarm the prospects sud- denly opened before them of additional embarrassments from the new display of Erie tac- tics and the probability of protracted litigation. ‘The President of the Board repaired immedfately to the committee room with the document, and at a quarter to sour the committee announced ttself ready to make a final report. THE LAST MEBTING of the board was even more exciting than the one preceding. The crowd rushed in, filling every part of the room and congregating in a dens¢ mass about while @ no less anxious throng occupied tue gullery, When com- parative sileuce had been obtatned the committee reported, ‘That we have placed the making up of the ac- counts of Smith, Gould, Martin & Co, in the hands of compentent accountants. That we find it impossible to make a clearance by reason of the absence of Smita, Gould, Martin & Co.'s authorized statements. & ‘that we cannot recommend any plan for future action except trading ex Clearing House. That we beg to be discharged after returning the certificates and tickets to tie persons presenting them, Mr. G. H. BEND, of the committee, sald that what- ever difliculties might otherwise have prevented the disposal of gold belonging to Smith, Gould, Martin & Co, the injunction effectually restrained them from selling it in the board, as had been the rule pre- viously in such cases, He wished the members, before taking any decisive action, to unferstand dis- tinctly the circumstances of the case. Should they agree to settle all accounts privately which could be disposed of im that manner, or throw them into the board at its next regular meeting, and agi the goid on account of the parties to whom it might belong? Ali were more or less at the mercy of Smith, Gould, Martin & Co., and this injunction had no doubt been obtained to force dealers to com- promise with them on their terms. It was*probable that other parties situated somewhat similarly to Smith, Gould & Martin would get out injunctions by the next day, and: the question to be met was, who will care to take gold on their accounts with the knowledge that the parties to whom they are in turn to wansier it may refuse to receive it? He was himself in that predicament, having out large amounts which he would willingly take up if there was any prospect of the gold being taken off his hands by those to whom he had soid It, Mr. LELAND obtained the floor fer the purpose of submitting a proposition, but was declared out of oraer; but alter @ moment the presiding ofMcer announced that the board would hear his propost- tion, which was given as follows:— if the Room be largely short to them Iet Sinlth, Gould, Martin & Co, be declared failed. Then let every house having gold going to Smith, Gould, Martin & Co. sell that gold out for account of Smith, Gould, Martin & Co. at 135, buying it themselves, thus bringing themselvea in the position of creditors of Smith, Gould, Martin & Co. to the extent of the difference between what the gold was going to them at and 135, This: will obviate the necessity of any large public sales of gold to excite the market, As to the current prico at the time the closing of the transaction takes place gay to-day there is abundant proof that it is not only a fair price for thom, but considerably higher than the price ruling since they have failed to com- ply with their contracts—in other words, falled entirely. ‘In case, also, the mjunction served upon the President of the Goid Exchange is legal and binding this course will beat their tactics. They are long of gold at high prices—they can- not receive it~that is, they are insolvent— the gold must be sold for their account. ‘This plan is asimple one. ‘They can’t prevent our protecting ourselves by it, We have ail signitied our willingness to settle at the rate, They cannot or will not receive 1t at contract price, por even at the price agreed upon by themsclves—thirty- Why should we not force tiem to do it by selling them out—each seller being the buyer—presenting our claim to them for the differences, wiping them off our books at once and forever. Considerable noisy discussion followed this pro- position, in which a dozen members were calling at once upon the Presiden id during the intervals of which Mr. Bend furthor explained to the board the necessity of tts understanding perfectly the two alternatives before it, of elther simply attempting to adjust matters by private settlements, or of throw- ing all the gold, except that of Smith, Gould & Martin, into the market to be sold on accouut of parties to whom it belonged. Finally, after the adoption of the report of the committee a resolution of Mi, Undorlull that trans- actions of Friday be settled, ex Clearing House, to-day, Was adopted, and the Board adjourned until this morning at ten o’clock, with the understanding that all amounts of gold, except those of the Gowd firm, which could not be disposed of by private set- Ucments might be thrown into the market for eale, The Gold Room was immediately deserted and most of the members repaired to their woes, THE STOCK EXCHANGE opened with a very cheerful aspect, and the only sensation of the morning Was occasioned hy the announcement of the failures of Charlies A. Meigs & Son, Julian & Co, and Fuller, Treat & Cox. A little excitement was produced by the refusal of tue Exchange to receive Erie certificates bearing the signatures of Smith, Gould, Martin & Co.; but this was ailayed by the receipt of a letter from the President of the Gold Exchange Bank stating that the irm wasa creditor @t that bank. During the morning the following resolution was adopted:— Resolved, That the members of the New York Stock Exchange deal in gold in the Long Room unul such time as the governing committee cau perfect a plan for establishing @ gold room uncer the govern- Ment of this association. The Long Room was called to order vy one of the managers of the Stock Exchange, ana Mr. Gray, of the firm of Gray, Prince & Oo., made a statement that he had just obtained an interview with Mr. Ver- miiye, of the Clearing House. Mr?-Vermilye had in- formed him that the associated banks of New York would keep open during the day until four, five or even six O'clock, If necessary, to accommodate the brokers and the business community and allay the excitement. ‘This announcement was received with cheers, and @ very encouraging recovery in raiiway securities followed, Afterward, however, an unseitied feeling prevailed, and the market was depressed quite low, New York Central stock varying ten per cent be- tween the highest and loweat prices. After twelve o'clock there Was an improvement in the market, occasioned by the anvouncement that the Treasury Would take 3,000,000 of the bonds offered during the day, and the rumor that a further purchase Would take piace to-day. The following is a ist of the proposals (to sell bonds to the Treasury) which were accep ie Amount. 4 $590,000 10.0 Name Clossen & Hayes. Come & Stanion, aye SEs 000 Bioce S00 ike (new, ) reg. (20W Teoo Tees ies, 1,00) 167) coup. 125,000, AS8], comp. fin) Tes tek . i, Tees, re eit ony «Dew Ite) vege Teo7. colton Kuho, Loeb & Co. “EW YORK HERALD, THURSDAY, SEPTEMBER 30, 1869—TRIPLE SHEET. @ Co, Ca, ts M0, i 18.00 pad 116.00 60,000 116,23 10,000. - 116.9 Buckingham & Brown, 6,000 Tisaa | Jay Cooke & Co,. 54,100 118.00 day Cooke & Co. ie 116.00 | day Cooke & Co. 2,100 ne-09 | ay Gooke & Co. 265.0 716.00 Yay Cooke & Co. 5,600 116.90 Jay Cooke & Co 915/400 ) 16.0 10,000 116.00 6,400 116.78 116.00 Teg. 1887, evtip. 118.05 y 1887, coup. 116.15 Newton: Russell & Go. 1887, cou 116.%5 J, & W. Beligmman & Co.100/000 1585, cou, (new.) 116.96 J. & W. Sellginan & Co.100,0u0 1864. eoup. 1 Friedman & Solomon. 16,700 = ‘Ysi). i Friedman & Bolomon, 2200 1865. 116,05 1,0) 1888. 116.05 any 1600, old, 116.20 Frank & Gans. 28 Fest 116.95 W. Li. Whittingham... 30,00) 184a, rez, (old-) «116.25 W. H. Whittingham... 30,000 1867, conp. 14.5, THE NATIONAL STOCK EXCHANGE was very quiet all day. But few parties engaged in gold transactions, the sales amounting to about $1,000,000, gold opening at 130), and selling up to 133, The average was 132, A simatl number of outside operations were made ai lower prices, one sale having been eflected at 125, THR GOLD EXCHANGE BANK, which had been very quiet throughout the morning, was visited, about eieven o'clock. by Mr. Augustus L, Brown, accompanied by Depaty Sherul P, J. Han bury, who announced to the bank oi.ck had been appointed receiver. ‘She follo order making the appointment:— Ata special seszion of the Supreme Court of the State of New York, held tu and for the county of New York, in the Court House ip the said city, thia 2th day of Septemper, 1869, preseut, Hon, Albert Cardozo, Justice. Cuaries J. Osborn ve. The New York Gold Ex- change Bank, On reading and filing the complaint herem duly veriiied, and the ailidavit of Chavies J. Osborn, platuttt, and on raotion of Field & Shearman, plain- tuf’s attorneys, tt is ordered that the defendant, the New York Gold Exchange Bank, its oiticers, direc. tors, agents, attorneys and servants, each and every of them refrain from exercising any of iis corporate rights, privileges or franchises, and from collecting or receiving any debt | or demands, and from paying out, or io any Way transferring or delivering to any person or persons any of the moneys, property or eifccts in tue possession of the defendant, and iroin receiving from \ts dealers any balaucea due from them, atid from clearing any of the accounts of its dealer, and trom paying to any person or persons whowsoever any balances which may appear by its books or by said accounts of Its dealers to be due to them until the turther order of this court, And it 1s hereby turther ordered that the defendant show cause before a justice of this court at a speolal term to be held at chambers, in the ciiy of New York, on the firs; Monday of October, 1309, at ten o’cluck A, M., Why & receiver of ay the moneys, property, effects and franchises of tua said detend- ant should not be appointed, pursuant to tho pro- visions of the Revised Statutes In such cases made and provided, with the powers and authority con- ferred upon receivers tn such and why the plant should not have such over aud further relief a8 may be just; aud in the meantime and until the hearing ani decision of tie motion Augustus L, Brown, Esq., 18 hereby appoinied such receiver, upon bis presenting to this court, or a Justice thereof, a good and saMclent bond to the people of this State, to bs approved by said court or justice, in the penalty of ten thousand dollars. Hatered. A. CARDOZO, Justice Supreme Court. ‘The oMciais of the bank at ouce turned over the keys to Mr. Brown, who, assisted by the clerks, pro- ceeded to take an account of the money in the vaults. The doors were ali kept locked, and very few persons of the great number who called were admitted, The examination of the afairs of the bank was protracted until a late hour, and at six o'clock the place was as silent as if it had been stripped by @ mod. Deputy Sheriff Hanbury, accompanied by Deputies T, A. Sullivan, J. Thorp, B. Gillain, W. J. Manstieid, G, Giiford aud A. Miller, remained in charge of the building during the night. It is reported that the examination by the receiver discovers cash assets to the amount of $500,000 in the bank. Total. ANOTHER INJUNCTION war Isaued yesterday by Judge Clerke against the Union Bank, at the instance of the Erie Natlway Company, to restrain the bank from selling or dis- posing of certain stock of the Cleveland and Pitts- burg and Toledo, Wabash and Western Railroads, LAST MOMENTS OF LOCKWOOD & Co. Busy feet pattered up and down the side entrance on Wall street to the banking concern of Jockwood & Co. throughout the morming and afternoon. Rumor said they failed, as it said of many other lonse:. Through the entrance on Broadway a con- tinuous stream of people kept pouring in for severa) hours, many looking anxious and inter- este: and otters merely curious to learn what was going on. ‘The reporter of the Heap dropped in during the couree of his ram- bles through the busy scenes around Wall street aud inquired for Mr. Lockwood, but the gentleman was just thea and for some time afterwards en- gaged in serious consultation, 2 fey 3 from the bank, with Mr, Benedict and others, on tue oe} gencies of the hour, There was no such excitement around the banking house of Lockwood & Co, as might be obaerved in front of Siaith, Gould & Mar- tin’s, despite the report that the former had abso- lutely foiled. Some men walked in, sera linized the appetYence of things, asked @ question or two of te apparently seif-possessed rkS and then walked out. uly INquired if safe, or if their money was con then and there furnished without dey. One man wanied to know if his $800 coaid be handed to him across the counter, as he had lost cousdence in bankers and brokers and would never move have deuiings wita financial manipulators of any kind, He desired to see Mr. Lockwood, but te waa re- peatedly informed that tue geutieman was oat. Incredulous, in spite of all assurances confirmatory of the statement, Re started for the room wherein the head mau of the bank keeps his ofiice, and, flinging onen the door, waiked boidly in, only to find a number of empty chairs and vacant Owe 8, entering ner. gir deposits were all ions and could be desks. ‘Thereupon he turned on nis heel aud disappeared into Wail street, uttering imprecations, .not loud, but deep, against banks and bankers generally. The reporter of the HERALD (ell Lato conversation with an attaché of the bauk, whose candor was hardiy equalied by his intelligence and suavity. Rerorten—I just called im to learn how matters stand in this concern, Have you tatied, or w Arracae, (smiling/—Well, some people thing we have, but we don’t look inuch ike an msolyent concern,do we? Rerorrer—Well, if you are you take it uncom. mouly cheerful, But what canses this rumor? Arracuge—We have suspended payments, We have done this in self-defence, otherwise we jight be losers in this excitement to an indefinite extent. The result of this temporary pante 1s to substitute an almost universal distrust forthe wide prevail- ing confidence that heretofore existed, For the past few days business has been done by certified checks where It was never a necessity 0: this concera to em- ploy that medium of security before. In suspending payments, it is true, additional alarm is occasioned in the already over-excited minds of people, but those who know the eharacter aud standing of Lovkwood & Co, have no apprehension that it means more than @ simple provision against pussi- ble loss, There 18 an abundance of means to mect whatever demanis we may have to sustain, but wo first intend to arrange our accounts in such @ manner that those who have deaiings with the bank and whose credit stands highest will receive first and eariiest atiention, Rerorter—What's the prospect ahort? ArrachB—As far as we are concerned 1am pre- pared to say it is only a temporary embarrassment. Ail will yet be well. With this assurance the reporter started out, had hardly reached the sidewalk when the exc tion fell upon his astonished cars from au dividual passing in the direction of Broadway. “Hello, George, that d—d concern of Lockwood's has burst up, aud so have I.) “The devil tt has!" replied the gentleman addressed, on the other side ofthe street; “then, by G—, another small pile of mine is gone |? and the two nuhappy men turned and ner | enter effectually blocked the means of ingress, They spoke scarcely a word, but nodded and winked very eloquently, Ask for Jim Fisk, Jr., and they winked, which meant. good deal; ask to get in, and voth heads shook in unison from side to side; ask if Smith, Gould & Martin were good for ten centa, and they nodded straight at you in the afirma- tive; but ask ff they were “bursted,” and a scowl that Cerberus might Dave envied issued simultaneously from both paira of eyes. However, these guards at the portals were very useful. The Interior of the concern was never made to accom~ modate a clamorous crowd. The space in front of the office is very contracted. ‘The office itgeif is shut out from the vulgar gaze by wire nettings, bung inside wiih green diinds, as though some magician were carrying on the pro- found mysteries of his art bemnd them. Jay Gould was away. Nobody of any consequence was in, and though there was every disposition to give all pod sible Information, each one, to be sure, was 60 busy that it secmed ont of the question to accost him, Atthe rear, where a silent department, hung with beavy orramentation and floored with three-ply Brussels velvet accommodates the quiet, loving fancy ot Jay Gould a few favored ones found their way and gained adimssion im the afternoon, ‘The wires connecting sks office at the Grand Opera House in Twenty-vhird street with this concern in Broad street, were kept busy through the day, The dee pfiches that passed back and forth would make aD interesting chapter tu the history of specalauon, - RUSH AT TREVOR & COLG. At the oftice of Trevor & Colgate the exeltement was unavated. The counter was lined two deep for hours by appiicants for gold. No set of clerks were ever kept so busy rushing to and iro, counting, writing, calculating and answering questions, “How long can vou stand this, Colgate?” asked a jolly, heavy old rentieman as he witnessed the commo- tion at the counter. “If we can stand if so long we can stand it to the end of the chapter,” answered the sanguine and smiling Colgate. A PHILOSOPHER ON THE SIDEWALK, Brusilag through the extended wings of @ crowd that occupied half the street pavement of Broad street the reporter of the HERALD saw acontcmplattve financial philosopher balancing himself on the curvstone, from wuom, judging by his years and appearance. he expected to receive much enliglteumeut on monetary matters, and therefore inquired— “Pray, sir, Will lead us “To the devil, sir,’ was his empharte and start- ling response, but 1t was evidently oniy his peculiar way of giving sudden vent to bis feelings. ‘Wait, sir,” be continued, “til this excitement is @ few daya older; wait till he depositors in the small banks of the city, in savings banks and other con- ceras, heay and understand fally the raseality and rottenness among what are called our best houses, and sneh a rush will be made thai the panic of 57 will be only a mosquito bite to what's coming. This thing, sir, ts ike a regulur old epidemic or a heavy fit of drinxing; somebody has got to cave in. You can count the caves on your fingers now; after a while you can’t shake a stics at them. I was down here the day the excitement began, and I have beard men by the dozen who always before, and who do now when the opporiunity is past ery ‘virtue and honesty, just only wish they were inside that ring of gold gam- biers to run gold up to 200 in place of 165, They are allahke, Don’s tell me that Wall street condemns any rascality by which it cam make money, though it be made by the blood of every widow and orphan in the laud. No, sir, Wall street is the same now as it was during the war—and will ever be 80." Saying which the old gentleman satied away down street with a firm grip on his heavy hickory walking stick. vhere ao yow expect this excitement RUS AT DRELMONICO’S TOR DRINKS, There was one piace, at least, thas stood the rush and stood the terrific drain with both ease and profit, Delmonico’s. was thronged, aud whiskey straigut deluzed the bar from end to end, Men never drank 80 fast or so steep. Much of tt wag done mechanically, more of it was done to supply the exhanstive waste of vital force, while a con- siderable share of the induigence took the shape of afestive colebration to mark recent dnanciai sac cesses, MORRISSEY CALM AND COLLECTZD, John Morrissey was a feature of Broa: street year terday. Il was generally rumored that he way heavy loser, but, losses. or Hie MA to bears ntuselt with such cafllTmperturbabilfiy “vo was diticult to teli whether he was atthe top or bot- tom of the wheel of fortune. It is said he threatens vengeance by the weight of hts right arm on some man. Nothivg belligerent was noticeabdie In his demeanor, out if Joun be wilfully Ul treated it is hard to say what humor he may take on, DIAGNOSIS OF THE CASE One of our reporters conversed yesterday with some of the leading financial men in Wall street touching the present deranged and excited conde tion of the money and stock markets. ‘Their views of the matter, as umiolded below, repre- sent the diagnosis of the case ag very simple, the causes of the exciting panic as , suscepiMle of very easy explanation, sad the proper remedies to be applied as likewise e and casy of application, ‘. “phe present disturbed co of se money and stock markets,” said one oF onbers of the firm of vay Coose & Co., and whe was very Tree and cordial in giving bis vi fipeu tue matter, “is all owing w an Ja certain clique to corner gold.” y “Tho comprise this clique? asked tho reporters “simth, Goud & Martin, Belden © Co, Wie Heath & Co., Marvin Bro A dames Fisk, Jr, and their brokers were the head ones,” he ane swered, “tough lately Bel & Co, Nave not been identifiod in tiety operations,” “iow did y become invested xjth the power to brin 3) zi) a loose system of manasqment mall abo atthe Cod xchange Bank. There his\peen lac y that men with small able to do business representing millioas of “Do you impute criminality to the bani mane agers !”? \ “jv is dificult to tell. Thoy may be biamelrssand they may be guilt, One thing at least 18 apparint, and that is tie lack of a judicious controting h ‘They afforded too great fnciities to email broke and gave 100 great margins. “But how did this bring about the panic”? nfortunaicly the Gold Exchange Sank found out on Thursday iast that they had given ont @ great deal of currency on the supposition that ail the statements of brokers transacting business with them would be promptly rendered, Payimg out se mnch currency to brokers and failing in making op the settroments tn goll, they found themselves head over ears In a muddie.” “Well, what then!" “There was a deficiency of gold. This was just What the conspirators in the cilque worked for, ‘They hod gold on hand, They had bought about the “eorners.”* Gold must be had, They could demand their own terms .for it.” na Secretary Boutweil blocked the game?” Partially, but not enough to reiteve the pressure, The demand exceeded the supply. The corner, though not as complete as worked for and anticl- pated, stil remains to acertainextent, Smith, Gould & Martin have refused to make their statement and the resuit 18 they sell to-day their gold at 135, pocketing Jarge differences, and many who bought gold short having to go under in consequence. “sow extended do you think will be the failures?” «Can't tel, Some heavy houses have failed; bat the worst, no doubt, ts over.” “Do you think the crisis paased 7 “Unquestionably 60 The fever bas passed tte turning point, There are symptoms of convales cence, Everything wiil be quiet and regular wituin two or three days."” “ls (here no remedy agalnet this being repeated t”? ertainiy, and very simple, It is a matter of cause and effect. Stop the cause and we stop the effect, We caunot stop the tendency to speculate, the corner aud repaired to the nearest fruit and sample room tofolace themselves. JAY GOULD'S SILENT CONCERN, ft was no easy matter to get inside the door of Switb, Gould & Martip’s concern. Two tall men but we can curtail the means for speculation, Lest_-> facilities must be extended by banks to men of smnali capital. The facilities mast be proportioned CONTINUED ON TENTH PAGR by