The New York Herald Newspaper, October 1, 1869, Page 3

\y \ / { } WALL STREE Encouraging Prospects, and a Gleara of Hope at Last. Gold Dealers Effect‘:ng Settlements Among Tnomselves. More Injunctions Upon the Gold and Stock Exchanges. SALES OF GOVERNMENT GOLD. Disposition of the Gold Ex- change Bank Funds. WHAT THD “SIREET” THINKS. oe tickets, Walch represenv2d $6,000,000. Later in the | Laer in the day stocks fell a little, but the prevail- day Wg learned thas unis gold Smith, Maran & were unavle,to recelve because they declined ‘4 go into the Clearing arrangement proposed by this bodrd, We then asked what position we stood io, Smith said the firm would go through all right, but we must walt. Gould, he said, would tell us just how the matter could be arranged. Now our position 1s jast this:—We pought, as brokers, six million of gold for this firm, and pro- pose to settle all claims against William Heath & Co. as soon as Smith, Gould & Martin are ready to take the gold and pay the differences, The difficulty is in the Gold Exchange Bank, where they lave money locked up as well as we. On Monday, had it not been for the injunctions, we would bave got our gold and currency out, and could then have paid up the most of our obligations. If the bank is solvent the fact should be known, a8 it will relieve a great deal of anxiety. ‘The bank owes us a balance of $400,000 goid. This amount we are assured we shall receive, but we don’t know the position of the Gold Exchange Bank. If Smith, Gould & Martin will take our gold we will be enabled to go on. We have still confidence in their ability to do this, When we get our affairs straight with tnis house and get our money from the bank we can settle in full, The Vick PRESIDENT of the board (Mr. Hoyt) sug- gested that as under the operation of the resolution just passed there could be no gold sold out under the raie until Monday, the members devote the remainder of the week to clearing [Friday’s buginess, This must be ‘Affairs in Wall street at length begin to look some- | doneex Clearing House, They might do it by pair- What more encouraging. The slight relief afforded by Wednesday's operations among the members of the Gold Exchange, although counterbalanced by the complications produced by injunctions and other similar tactics on the part of a few houses, removed much of the depression from the minds of the finan- cial men, and yesterday morning the occupants of ‘Wall and Broad streets met with a determination to put the most favorable construction possibie upon the indications of the hour. Dealers bad made up their minds that the only method by which they could unravel the entanglements of ast Friday’s operations was to unite together in a harmonious spirit and mutually submit to incon- venience and sacrifices. They had found that to adcpta coercive policy and force an immediate set- tement according to the rules of the board would reault in the fatlare of heavy firms already i a tot- tering condition, and whose fall would involve many of themselves in ruin, ‘This was especially the case im respect to Smith, Gould, Martin & Co., and while a majority of the dealera manifested a disposition to close upon the firm by throwing its gold upon the market, they Gared uot make a move detrimental to Smith, Gould & Martia’s interests, because of their own financial reiations with the company. There 13 no doubt that the injunction served upon the Gold Board by this firm, prohibiting the sale of their gold, was unnecessary, a3 1t was the interest of nearly every dealer that the company should weather the storm. Wednesday night’s reficctions upon this fact pened the eyes of operators more clearly to the bee degree of their dependence upon each otner’s forbear- ance, and when dealers assembled about the Gold and Stock exciianges early yesterday morning all felt that milder measures would be adopted. ‘and an opportunity be auurded for matters to gradu- ally right themselves. The financial atmosphere ing off, by paying differences, or when parties who are to receive gold are unable to take the whole of it at a time it could be sent in smail lots of ten thou- sand or more and paid for, and in this way they coulda remove an immense incubus, ‘These remarks were received with cheers, and Mr. Hoyt was requested to put them in the form of a motion, which was done, and it was adopted. Mr. Akers, the Secretary, tuen. moved to suspend until Monday Rule 4 of the by-laws, which is as follows:— On all purchases and sales of gold made ex “the Clearing House,” a iailure to deliver on the day the gold is due or before a quarter past two P. M. shall Subject the party 80 failing to pay one-quarter of one per cent; and on all purchases and sales of gold made for settlement through tho New York Gold Exchange Bank a failure to deliver through the bank shail subject the party so failing to pay one- quarter of one per cent, ‘This motion was also carried, and after the adop- tion of aresolution of thanks to Jay Cooke & Co. for their courtesies to the Cominittee of Twenty the executive session adjourned. SELLING GOLD. At nineteea minutes past ten the Go'd Exchange resumed business, and the sale of gold at once com- menced. There was very little activity, however, most of the dealers leaving the Gold Room to ar. range settlements owing themselves of last Friday's transactions. Affairs throughout the day were quite dull in the board and comparatively few sates were made. The following is a complete list of the quotations:— M.. 131 131% 182 INJUNCTIONS UPON THE BOARD, During the day members of the Gola Exchange “was not without threatening signs, however, and | were served with an injunction by Smith, Gould, notwithstauding the improved feeling which pre- vailed few were without apprehensions of additional complications an@ danger. A thousand rumors of faiiures, new injunctions and coercive measures to be sprung upon the Gold Board during the day were flying about the streets. Each arrival of + \ prominent brokers created an eddy of interroga- (cca H. Bend, John D, Pr tories in the crowd, and tue hour for the opening of the Gold Board was awalted with a degree of impa- tienve scarcely less tnan that of the preceding | /- ; Morning. \, The atrects, however, wero not so crowded as on {the previous day. Atnine o'clock the sidewaiks in : Broad street were not half filled, and the street Martin & Co., pronibiting them from disposing of gold in their hands belonging to the firm and which could not be received by the company, The following is the injuncitoi Supremnr Courr.—Henry N. Smith, Henry HW. Mai tin, Jay Gould and James B. Bach, Plaintiffs, vs, we, George T. Greene, Frederick M. Lockwood, Chas. F, Davenport, Jas, A. Polhamius, Bugene J. Jackson, Basia, Wine Es Young, Alecaniter G. Wood, James G. Rieck, Cyartes Osborn, Addison Cammack, J. Persch, Rovert Waller, Benjamin F. Carver, George W. B. Dakin, John W. Gillespie, Henry D. Quinan, Henry K. Enos, Edward K. Willard, John Blooigood, Joni D., Stayvack, W. C. Dornin, Samuel W. Bo xock, EP. Berderman, Witham Heath, James M, Ellis, — Quincy, John Pondtr, J. G.’ Reid, Arnold Leo, ‘was occupied only by a few drays, which drove along | Noah Content, Hiram K. Daler, Edwin W. Timpson. ta trot without fear of running down any one. The principal gathering was in front of the oMce of Smith, Gould & Martin, pat the two guards at the door barred admission to the curious, and the crowd could only wait for the few favored ones to emerge from the oMice to ascertain what was going on. There was no excitement of any kind. Many iounged upon railings and puffed their cigars with comparative indifference, except when some one supposed to possess important news arrived, and not until nearly ten o’clock was there anything like the bustle which was naturally expected to appear. The principal topic of conver- sation, outside of the business of the day, was the queries given In yesterday’s H®BRALD from a promi- nent Wall street man in respect to the alleged com- plicity of the government with this extraordinary gold movement. Nearly every man asked his netgi- bor’s opinion of the allegations, and which the majority speculated upon is probability, ana denotinced or endorsed them according to their respective political predilections, not a@ few of the leading dealcrs shook their heads and intimated that there might be more in the charges than people supposed. There was great curiosity respecting vbe author of the queries, bat opinions on this point differed widely, at least a tozen names being mentioned as possible authors, Oneman gave the impression that he could produce prooiof some of the allegations, but deciined to expian When closely questioned, stattng that he did not see what good could be accomplished by any exposé at Ubatime and that the whole matter would probably be Syn revealed. THE GOLD ROOM was called tobrder at ten o’clock, and the Presi- pen’ (Mr. Coxhnnounced that an executive session wouid be heldbr the purpose of taking action upoa some Importaiisuggestions by a member, ‘The S¥cRRTAW (Ar. Akers) moved to suapend the eleventh rule Oe by-laws of the Board, The rule 1g as follows.— Shobid any nifaper neglect to fulll his contract on tae day it b@bmes due, alter having been duly nowiled, the pay contracting wit hia may employ one of th4 @icers of the Board to purchase or sell the gold, adie case may be, aecounting with the member in defedt for avy surphus or cuarging him with any defidiqcy, Mr. Akers explaifM that (he reasons for declaring this rule temporati\ jnoperative were that injunc- Sons had been 18$4d restraining the Exchange from selling gold © account of Smith, Gould & Martin, The amount this gold was so large that its sale under the rule \ould affect every member of the Board. Many weré\nabie to receive the gold coming to them unl they could deliver their gold under the rule. \o enforce the rule under ese cirrcumatances joula cause a greater i‘ than nad been \een since last Friday, ‘Mbis duy was the chip of the Exchange. Uniess they could re Mind themselves suppia' #3 at that moment ther and selling gold. It w. with the Gold Exchang wesume bustness they m band. He had con- Auited “Jeiferson’s Manual?) ha had found that it “was competent, by ® two-tii\ore, to suspend for @ definite time any rule of rd. This rale was «only to be inoperative for 4 period, and if ‘they suspended it they mig! the organization. Mr. Akers remarks were % e| with frequent cwepressions of approbation, @, p taal the rule was nuanimou: CONDITION OF Mr. Ex1is, of the rm of § introduced for the purpose of tn relation to the atlas of tie the Bara as follows:— GENTLEMEN OF THB GOLD EXCHA Jaed to appear here for the arm of fo nlate tikat they have purchased f Martin & ©0,, large amounts of business they would »| by other organizations, >¥e two concerns buying estion of life or death \Qd unless they could 60. Co., Was then 3 4 statement Ki addressed am guthor- & Co, and ith, Gould, whien the Tasker H. Marvin, Charies H. Marvin, George H. Marvin and Oswin O'Brien, Defendants,—It appear- ing satisfactorily to me by the complaint duly veri- fled by the piaintists that sufficient unas Yor an injunction exist, Ido hereby order that the deiend- ants, and each of them, their agents and servants, be restrained by mjunction— Firet—From Ces outany contracts made by them on behalf of the plainttifs, subject to the rules of the New York Gold Exchange, in any other man- ner than in strict conformity to those rules as they existed at the time such contracts were made, Second—From assenting to any change in the terms or conditions of such eontracts without the express consent of the plaintiffs thereto. ‘Rird—From accepting any offer of gold made to them or any of them, as agents of the plaintifts, by persons who have borrowed such gold from them as such agents, and who demand any payment thereon, otherwise than throngh the New York Goki KEx- change Bank, upon the basis of @ general ciearance of the transactions of the members of the New York Gold Exchange m goid. Fourth—irom paymg out any money or other valuable thing, or encering into any obiigation there- for on account of the plaintiffs, in setuement or on account of any contract made by them, or of any of them, for the purchase, sale, borrowing or lending of gold on account of the plaintiffs, otherwise than in Satisfaction of a balance found due upon an ad- justiment of ali the gola transactions of members of the New York Gold Exchange, through the medium of the New York Goid Exchange Bank, until the further order of this court, THOS. W. CLERKE, NEW Yors, Sept. 30, 1869. The above mentioned defendants all hold gold belonging to Smith, Gould, Martin & Co., and are connected with the following firms:—Gray, Prince & Co.; Lockwood & Davenport, Poliamius & Jackson, Hall & Young, , Wood & Rieck, C.J, Osborn & Co., J.P, Persch, Robert Waller, B. F. Carver & Co., Dakin &-Gillespie, Quiuan & Enos, B, K. Willard, Jou Bloodgood & Co., Dornin & Boocock, EB. H. Berderman, William Heath & Oo,, John Pondir, Reid, Leo & Content, Dater & ‘timpsoa, Marvin Brothers & Co., and Oswin O’Brien. Subsequently the following iajunction was served upon the officers of the Gola Boara: SuPREME CouRn— Water b, Peimer, Piain'if, ve. Townsend Cox, individually, and as President of the New York Goll Exchange; Thomas A. Hoy?, George H. Bond, Thomas P. Akers, George Phipps, Witiam M, Vermilye, Henry W. Gray and James B, Hoagskin, Defendants: — To THE DEFENDANTS—You are hereby summoned and required to anawer the complaint in this action, of Which a copy 18 herewith served upon you, and to sei ve a copy of your answer to the said complaint on the subsoribers at their office, No. 4 Pine street, jn the city of New York, within twenty days after the service hereof, exclusive of the day of such service; and if you fail to answer the complaint within the time aforesaid, the plaints in this action wil apply to the court for the relief demanded ia the compiatat. IBLD & SHEARMAN, Plaintiffs’ Attorneys, New YORK, Sept. 30, 1869. Supreme Court.— Walter B. Palmer, Plaintif,, vs. Townsend Cox, individually and as President of the New York Gold Bxechange; Thomas H. Hoyt, George A. Bend, Thomas P. Akers, George Phipps, William M. Vermilye, Henry W. Gray vnd James 3B, Hodgs- kin, Defendants.—It appeariig satisfactory to me by the complaint, duiy verified, that suMcient grounds for an injunction exist, on motion of Field & Shearman, plaintitts’ attorneys, I do hereby order and divect that the defendants, and each of them, and each ana every one of the omcera and members of the New York Gold Ex: change refrain from buying or selling any gold on account of any member of the New York Gold Ex- change under the by-laws thereof, when the ground of such purchase or Sale is the faliare of suci,mem- ber to perform contracts entered into by him on Friday, the 24th day of September, 1869, under tne rule mentioned in the complaint herein, and refrain from expelling or suspending any such memver from the Exchange, or interfering with te full exercise of his privileges therein on account of his failure to perform any such contract made on his | account by any other person in consequence of his Se of any such contracts as afore. | ald ‘That the saki defendants and each and every oMver of the New York Gold Exchange refrain from takmg any steps to enforce the decisions or report of | any committee appointed by the sabi xchange, or of any other body or person (except a public court wag pg with regard to such transactions. That the defendants and ail ovher members of the New York Gold Exchange refrain from entorcing any of such contracts by any other means than actions in public courts of justice, and let the defen. dants show cause at ecial term of this Court at | the Court House in the city of New York on Friday, ; October 1, at eleven A. M., why this Injunction Intter firm 19 unable to receive throu, House, We have made exertions Ww gold, and are assured that it will be rece! Gould & Martin some time, but exactly beknown, Yesterday, when jt seemed ‘rough the exertions of the Committee the diMcuities which encompassed us cleared away, we went to Smith, Gould And asked them if they were prepared t golkt, They said yes, and that as soon as Clearing Iver thts shouid not be continued, or Why the plaintif slioula not have such other reliel as may be just, NEW YorK, Sept. 90, 1862, T. W. CLERKS. No excitement whatever was occasioned by thi ‘aJunctions, They had been expected throughout | tise Morning, And the partics upon whom they were served coolly pocketed the documents without trou- bing themselves about the matter at all. THE STOCK BXCNANGR, ing sentiment was that of satisfaction, with the progpects of an early adjusimeat of the faanctal dificuities. During the forenoon several sales of gold were made under the rule. Messrs. Budge, Sau & Co. sold $250,000 for account of Wm. Heath & Co., at 130%, and $500,000 at 1803¢ for account of Reta, Leo & Con- tent, Messrs, Jamieson, Smith & Cotton and R. V. Martin, Jr, & Co. jointly sold out $1,000,000 at 152 for account of A. Speyers & Co. A lot of $300,000, belonging to John Poulir; another of $300,000, be- longing to Polhamius & Jackson, together with some gold on accouut of Lockwood & Co, and Dakin & Gillespie, were also sold, While these sales were 1n progress the oMcers.of the Stock Exchange were served with the following injunction: — Supreme Courr.—Ldward Rk. Willard, Plalntig, vs. Win. H. Netison, as President of the New York Stock Exchange; Townsentt Cox, as President of the New York Gold Exchange, Wiliam H, Neilson, Moses H. Wheelock, B. O. White, George H. Broadhead and Townséad Cox, Thomas Hoyt, George H. Bend, Thomas P, Akers and ao Phipps, cefendants.— It sppenting satisfactorily | me by the complaint duly verified by the platnt suilicient grounds for an injunction exist, Id oY order that the defeodauts, and each of them, a,’ each and every member of the New York Stock sxchange, and of the New York Gold Exchauge, refrain until the fur- ther order of the Court. iFrst—From buying or selling gold on account of any member of said New York Gold Exchange, when the ground of sucn purchase or sale is te failure of such member Lo perform contracts entered inio unger and with re ereuce to the rules or bylaws of the New York Gold Exchange, and from deciar- ing or adjudging any member in default, by reason of a fallure to perform any such contract, and from expelling or suspending any such member from the said New York Stock Wxchange, or interfering with the full exercise of his privileges therein on ac- count of his failure to perform any contract made or pretended to he made on his account by any oiticer, trustee or agent of said Stock Exchange, in conse- quence of his non-per/ormance of any such contract aforesaid, Second—From enforcing ai of said contract by any other means than actions in courts of public justice. : vitrd—From buying or selling gold on account of any member of gaid exchanges under the rales or bylaws thereof, where the greund of said purchase or sale isthe failure of such member to perform contracts entered ito by him on September 24, 1869, under the rule aforesaid, and from expelling or sus- pending any such member from the said exchanges or either of them, or interfering with the full exer- cise of his privileges therein, on account of his ful- ure to perform apy contract made on bis account by any officer of either of the said exchanges, in consequence of his non-perforinance of any such contract as aforesaid, until the further order of this Court, and in case of disobedience to this order you eu be lable to the punishment therefor preseriped y law. And it is further ordered that the defendants show cause before a Justice of this Court at Special Teru,«| to be held at Chambers, In the City Hall of the City of New York, on the first Monday o/ October, 1869, at ten o'clock A. M., why this injunction should not be continued until the trial of this action, or why such other or further order in the premisea should not be made as may be proper. ALBERT CARDOZO, 8. 8. 0. New York, Sept. 80, 1869, PROTEST OF POLUAMIUS AND JACKSON. At the time when this injunction appeared, a great number of gold dealers were protesting against the action of the Stock Board in selling under the ru and had the order of Judge Cardozo not been issue it 1s probable that some excitement would have been occasioned by the many opponents to the proceed- jugs of the Board in this respect. Among the parties protesting were Messrs, Polhamius and Jackson, who sent in the following letter to the Board: Mr, WILLIAM H. NFILSON, President of the New York Bwwek Exchange: Sir—We have been served with an injunction by Justice Clerke, ot the suit of Messrs. Smith, Gould, Martin & Co., prohibiticg us in every form and man- ner from carrying out our contracts for weir account on the orders of other brokers, and we are advised by our counsel, Messra, Sanford & Wood- ruff, that if we violate the injunction we subject ourselves to punishment for contempt of court, as well as to any pecuniary damages which may reguit from such action. We regret that legal inter- ference prevents us from carrying out our contracts on gold for Smith, Gouid, Martin & Co., and such Interference 1s the only hindrance to our doing so, We shail continue to meet our street contracts as usnal, and our business in gold on other accounts Wil be also continued. Yours very truly, POLHAMIUS & JACKSON, LETTER FROM BUDGE, SCHIFF & CO. The following letter has also been received from Messes. Budge, Soniff & Co., in relation to the sale of gold on account of Messrs. Reid, Leo & Content and hr. John Pondir:— Ovrtce OF Bupcr, Scuirr & Co., \ NO. 83 EXCHANGE PLACE, NEW YORK, Sept. 30, 1869, To THE EpiTor oF THE HERALD:— Sin—We beg to inform you that our action of sell- ing gold to-day under the hammer, through tle President of the New York Stock exchange, for account of Messrs, Reid, Leo & Content and Mr. John Pondir, was merely done in order to establish a fixed rate at which outstanding contracts could be geitied. This communication we request you to insert in your paper, as otherwise our action might perhaps throw an unfavorable light on the standing of the abovenamed firms, We remain, sir, very respect- fully yours, BUDGH, SCHIFF & CO. CIRCULAR OF W. F. LIVERMORE & CO. The following circular, issned by W. F. Livermore & Co., explains itself:— Orrice oF W. F. Livermore & Co., New York, Sept. 30, 1869, Messrs, Dean Sins—We have already given public notice at a meeting of the New York Gold Exchange that all outstanding transactions tn which our name has been used are for the account of Smith, Gould, Mar- tin & Co., William Heath & Co., and James Fisk, Jr. We now,in addition, hereby notify you of your duty, before receiving any gold from the above par- ties, thelr brokers or agents, to patr off and offset with them any gold remaining open between you and us, and to account with the above parties, their agents or brokers, for the difference only, and that we hold you to compliance herewith. Yours, re- spectfully, W. F, LIVERMORE & CO. GOVERNMENT SALE OF GOLD. The fgovernment proposals to sell yesterday $1,000,000 gold Grew out bids for $2,332,000, at from 128 to 131.05, The 148 and awards were as fol- low! Name, Amount, Pri Drexel, Winthrop & Co. 130.0044 Benkard & Hutton. 180.07 Gideon Pott Gideon Pott Gideon Pott. Gideon Pott Trevor & Colgate. ‘Trevor & Colgate... ton Drexel, Winthrop & Co... Rovinson, Cox & Co... Clark, Jr, cash..... 3 Rotuschiid & Co. 10,000 Rothschild & Co, 10,000 7. H. Phillips & Co «+ 10,000 “TL Phillips & Co 10,000 . H. Philips & Co. + 10,000 W. H. Phillips & Co... 10,000 W. H. Phillips & Co + 10,000 H, Phillips & Co + 10,000 W. H. Phililps & Co, ++ 10,000 W. H, Paillips & Co... + 10,000 W. Ty. Phillips & Co... 10,000 W. H. Phillips & Co,... 10,000 W. H. Phillips & Co, 10,000 8. Brush we 10,000 8. Brush .. + 10,000 8, Brash 10,000 §. Brush 10,000 &. Brash .. 10,000 J. 8. Kennedy. + ,000 J, Kennedy. + 6,000 W. F. Hooper 10,000 W. PB. Hooper. 20,000 W. F. Hooper 20,000 Lehmaier Bros, 25,008 G, ©, Magoun, 20,000 Chas. F, Strohm..... 25,000 25,000 25,000 25,000 6,000 5,000 5,000 5,000 Phelps, Dodge & Oi Phelps, Dodge & Co Phelps, Dodge & Co. Phelps, Dodye & Co. Phelps, Dodge & Co. 20,000 W. Thompson & Co 10,000 W. Thompson & Co 10,000 Boonen, Graves & Co.. 20,000 ©. Morlot & Co 25,000 Sawyer, Wal 10,000 Bawyer, Waliace & Co, 5,000, Humbert Bros 6,000 Hambert Bros... 6,000 Humbert Bros....... + 6,000 Townsend & King..... 6,000 A.D. Hopping & Wilson 7,000 Total......4 ‘The following is a list of the accepted bids Drexel, Winthrop & Co. Drexel, Winthrop & Co. Tho fecl0@ In (he Stock Exchange was quite buoy- ant, tho leaXiing feature being New York Central, Wag over Wo could send ip the qoid ana Whigh adyanowd Mou 159 FO 170, And Closed at 400%, J. A. Garland Gideon Pott Gidoon Poi NEW YURK HERALD, FRIDAY, OCTOBER 1, 1869.-TRIPLE SHEET, ( = At, x oar ana re “a the | * nots { \ ai, ‘THE BOSTON TROT. » wWwiie < 1 ‘tea Pool Selling Last Nignt. Name, Amount. Price, | did not intimidate ants 7 to take place to-day at Boston Samoa es Have oceasg | “rections, not like [saris Us ane | we iy pueht ot Riley's, corner of Twenty Glassen & Hays : 190,25" | Tesembling in many 25 By" 196 | eight root and Broadway. Mott of the pools sold Trevor & olga 2 | that was soon to be Be 0) (788 | wore for o.a1 amounts, and in the majority of thems revor « Colg: his th Ss ai ! - Robinson, cox ert atae eer SE e2* | vf | Lady Thorn ng not sold, it being foregone con Cyrus Clark, Je, | ingly pads ag plead S34 feet clusion that if 9 ¢rota the Lady rast wrt Tn te W. Rothschild | curing motions m the air, is a’ OS» ers Sage where Lier "Thorn Was hot gold the pas Ww Rotnaehiig y god | Smith smoked yesterday and smi. nt OF Made up tor phe horse that shall a ae wae S one said he, when questioned as to the evi +a, od money, The flowing were the moss tis W, H. Phillips & 10,000 “we enjoined our brokers because q to pir -- W. H. Phillips & 10 000 were enjolued. We are liquidating ai, Ss y 2 W. H. Philips & 10,000 ie ‘smoolty.0 . > - W, If Phillips & 19,000 alae striae Ss - W! H Philips & 10,000 EVERY MAN TO HIS TRADE. =~ 8 ited = W. Hi. Phillips & 10,000 “Nipred, sir?” asked a friend, The mc as Sy) FOP 03eU——=——————» re Pleasantly into the calm, sallow, se ry under thei PARK RACES. 10 000 weil uressed man who lounged nea SB 2 3 St SS ih aa 10,000 yesterday. He did not answer for a mort. = Siq of DOULEVAQERON, Sept, Sr having poliely yawned, looked carelessi7- {ay Sf UNE 8. pao wore attend OF 20,000 and down the street, and said, ind\derentlys Se ORE dn toed Paar race. ‘DN “Oh, no; slightly pinched, that’s ull.” ‘The ques- S ev ° tloner was piously inclined and persuasively begaed | | aed oe 2 Lowits & Uecker. Phelps, Dodge & Co. Pheips, Dodye & Co. elps, T W. Thompson & Co. W. Thompson & Co, A.D. Hopping & Wilson Humbert Brothers, Lehmaicr Prothers THE NATIONAL STOCK EXCHANGE. Afuire at the National Stock Exchange were very quiet all day. Comparatively few deaiers were in attendance and only @ small quantity of gold was sold, One lot of $100,000 was taken at 151)4, and another Gt 130). THE GOLD EXCHANGE BANK remains in the cusiody of the receiver, Mr. Augus- tus L. Brown, and still presents tue deserted appearance wich characterized it on Wednesday, Mr. Brown states that he has simply taken posses- sion of the property of the bank to protect it until Monday next, at which time the subject comes up in {court to enable the bank to show cause why the receiver should not be continued. Not feeling at liberty to make any disposition of the funds of the bank, Mr. Brown yesterday offerea the following petition, the terms of which, it 18 understood, have been granted and already carricd out by the receiver: Charles G. Osborne vs, The New York Gold Ex- change Bank.—The petition of Augustus L. Browa peep Rory. shows that by an order gtanted in this action by this court, ata term thereof, held at the city Hall, in the city of New York, on the 2th day of eptember, your petitioner was appointed tem- jorary receiver of the assets and ton of the ew York Gold Exchange Bank, and your petitioner thereupon caused to be executed the ‘bond required to be given by him, and which bond was on said 29th day of September, 1869, approved by one of the justices of this court and duly led with the Clerk of the city and county of New York. In Vdd ed of his duty in that behalf your petitioner has proceeded to take an Inventory of the property found by him in the sald bank, ad among other assets he found therein gold coin, gold certificates and United States currency to the amount of over $400,000. Your petitioner, i order to safely guard and pro- tect t 18 large amount of property, has been obliged to incur already a large expense, which can be obvi- ated if he 18 permitted to deposit said gold coin, gold certificates and currency in one of the united companics, or in one or more of the banks iu the city of New York, in good credit and standing, and where your petitioner believes the same would be more secure than in its present place of custody in the safe of the said Goid Exchange Bank. Your petitioner therefore prays that an order may be granted authorizing and directing bim as such receiver to deposit the said gold coin, gold certiti- cates and currency in one of the trust companies or in one or more of the chartered banks in the city af New York, of good repute and standing. A.J, VANDERPOEL, Attorney for Ferniver, City and County of New York.—On the 30th day of September, 1369, before me came personally Augustus L. Brown, who being by me daly sworn did depose and say he nad heard reaa the foregowg petition and knew the contents thereof, and the same ts true of is own knowledge, except to mat- ters therein stated to be on his own tuformation and belief, and as to those matters hie believes them to be tree. PF, P, DONOVAN, Commissioner of Deeds. BELDEN & CO.—THE VOICE OF A BANKRUPT. A member o! this once prominent firm, now buried beneath the ruins of the financial fire, was visited yesterday in order to ascertain some facts concern- ing the effect of the storm. The bank was almost deserted, looking like @ complete wreck. Not that there was any of the furniture disturbed or injurea— his gambling friend to desist from lis evil ways. “Sooner or later you'll come to your rut.” “Ah, ruin be d-—d! ve been ruined a hundred times, Look ye here, I'm used to this sort of thing; I'm a speculator, I live by it—if I make a haul well and good; if I don't, no matter, Bat what! do object to is the interference ol government Officials. They've no right under heaven to come into Wall street and dabble in the aifair. They are elected to attend to the people’s business, each having a salary that ought to satisfy him; but, mot content, they come and interfere in matters tat don’t concera ther “Ab, my friend, you are prejudiced and are unable to discriminate between the wise disp ation of Providence and the selfishness of men. You must plainly sec, at least it appears so to me, that had it not been for the timely rescue of the government Wall street would have been couverted into a perfect pandemonium, commerce would have been destroyed—in fact, the results are too terrible to contemplate.’ ‘The crash would have come anyhow. If, as you think, the government did everything for the vest, what caused the delay—why did not the officiais come in time to the rescue? But there is no use in talking; the deed has been done, and a mighty r-sponsibility rests somewhere. Time tells all;? and with this philosophical remark the syeculacor turned on his heel and went his way. RELIGIOUS CONSOLATION. If it be easier for a camel to go through the eye of a needie than fora rich man to enter the Kingdom of heaven then the chances of ascore of brokers is not so bad, many being reported as poor as Lazarus. Among other incidents yesterday there was not wanting one which created a diversity of feeling. During the day a thin gentleman in ck apparel, which, by the way, must have been waxed and ven- tilatea by use, Whose head was large and hat exces- sively small, and whose tapering proboscis had not Withstood the effects of its frequent proximity to the social glass, walked down Broad street. The fact in itself would not be of much importance were it not that the quamt youth of five and forty was bent upon a charitable mission. Under his arm he car- ried a huge roll of tracts, which he gracefully dis- tributed to the passers by; but seeing them con- temptuously cast away, he, half in a soliloquy and partly addressing a crowd of weil dressed loungers, asked, “Is it right to be rich? The query was re- celyed with divers responses, the majority of which were not of a complimentary character. Disheart- ened, the preacher then went off to spread the truths elsewhere, AMONG THE OLD BANKERS. There was no indication yesterday in the office of the oid firm of Wiiiam & J, O’Brien, bankers, Wall street, of the late terrific storm that swept over stock and movey markets alike, An increase of Dusiness Was Visine; whe UR test cue reverse of the symptoms exhibited panic of 1857. A reporter of the Herarp had a short talk with the senior partner of the concern, whose sanguine views of affairs was cheerful by comparison with those of very many others, Rerorrer—Weil, Mr. O'Brien, how are things this morning? Mr. O’BRrEN—Much easier, and tending fast, I should say, to tueir normal condition. REPORTER—You do not seem to be much disturbed by the storm? not that everything was not tidy and properly jocated, but the @lreful result of the thunderbolt was apparent. Closed and deserted, and that, too, at midday. A week since it resounded with a busy hum, the chinking of gold, quick and energetic con- versation, of approaching and receding steps, and, in fine, with the thrifty tone of money. Down, down, down with the crash it came, sudden as it was unexpected, startling as it was ramous in tts sad eifects, The drowning man will grasp at anything; the sinking firm caught their fellows by the heels. The death struggle was a ter- rible one, but, exhausted by the sharp and decisive contest, Belden & Co. sank in the sea, REPORTER—“‘DO you hope ever to resume busi- ness here 1’? ANSWER—‘‘That I cannot say, best, but fear the worst.’? “Has the fatiure of your firm affected many others ?”? “When a man is down, sir, the world cannot speak too harshly of him, At present it is impossl- ble for me to state with any degree of certainty how niany firms may have been affected by It, My belief is, however, that a good namber must have felt its in- fluence, more or less." “The immediate cause of your failure was —?"" “Well, [scarcely like to say it, but breaches of faith on the part of principals affected a great many firms considerably. You see the large sales by the government contributed ina great degree to pro- duce an excited market. To be sure, the crash might have come earlier—the crash was coming with @ sure and steady step. The government sale was generally regarded as the prelude of tue disas- trous event that wis speedily to culminate.” “L would like to inquire whetier~ there was not a pressure brought to bear upon your firm that tended vo bring about your embarrassment.’’ “Weil, Icannot say there was. We were treated most courteousiy throughout, though pevhaps cer- tain principals contributed somewhat to culminate the event, One thing is certain—that the panic Will be productive of some good results, inasmucn as speculators will be more cautious in future, There has been a loud cry of indignation agaist the ‘bulls.’ My opinion is that the ‘bears’ were equally | to blame, In fact, if this matter were thoroughly investigated you would flud that the ‘bears’ were We hope for the responsible for the whole movement. They had just emerged from a successful campaign—had just escaped with their spoils, wien the ‘bulls’ were deter- mined to have revenge. You know that gold had been up as high as 141%, and they forced it down to Mr. O'BRIEN—Not the least. Our busmess ts prin- cipally in stocks, and both yesterday and to-day we ave had more orders from the old class of con- servative, steady, comfortable merchants and ethers than we have had for @ long period in so brief a Ume. This present excitement will last but a very short time, for it has nothing to teed on. There is plenty of money to be had, and among tie old houses there is just as much conflaence as ever there was, The few who have gone under were not so much the victims of ther own unwise speculation as of that of other men whom they permitted to retain a credit out of all propor- tion to the means at thelr command. On the whole, I should say that this panic, as it is calleu, will have a wholesome, purifying effect upon Wali street. it has helped to expose a loose and exceedingly demoralizing system of carrying on business in the marker, and it is pound to bring its corrective, It has also cleared out a good many smali operatives With wide margins who have been doing a fictitious business on the street since the war. ReroRTER—Do you anticipate any more fathures? Mr. O’BRIEN—No. The storm has spent its force. The real business men knew from the beginning that it was but a temporary disturbanee, for there 1s really nothing to warrant the idea of a panic capa- ble of creating general embarrassment, The burden and the loss fall upon those who for the most part stood in & precarious condition which any uniucky venture might precipitate into ruin. RerorTsx—How long are you established? Mr. O’BRiEN—Twenty-seven years. Our house might be called an old one now, Judging from our Stundpoint there is no need for alarm in the public mind, The evidence is here in the pressure of busi. ness now upon us to purchase stocks of all kinds for quiet conservative peopie, anxious to invest spare capital. Rerorren—Well, then, you have no apprehenstons of any disastrous resuits other than what has aipeady taken piace from this enforced panic? Mr, O’BRivn—None whatever. in a week, at latest, the market will be safe and buoyant as ever. Where is the Remedy? Boston, Sept. 28, To rue Epiror or THE Herat It ts impossible to deny the force of your sugges- tion that unless a recurrence of the scenes of last week is prevented our financial ruin ts assured; and, indeed, tt 1s only in this aspect I think that the operations of the Gold Room are deserving of public attention. Left to themselves, the people might weil regard the contest between the Gueiphs and Ghivel- 1869, 131)4, They complained bitterly when it got up to | 135, and earnestly beseeched the interference of gov- | ernment, As 1 gradually ascended they became | very decided in their action, and when gold reached | 143 they clamored wildly.” | “How was we affair directly brought about ?”" “A clique was formed. I need scarcely inf you that there is no great movement in the mark at any time that is not the result of a combination, In fact, there has never been anything of the kind ‘Uhat has not been plotted by a clique.” Have you entirely suspended busines#?" | “Yes, the cause being the break io the market, | We have been endeavoring to make some arrange ment, but at present the firm 1s entirely suspended.” | “What do you Mink of the situation geuerally ? | “When the storm shall have abated a beiter tone | than has heretoiore characterized the market wilt | undoubtedly prevail, though it wil certainly take some time to bring matters to tifeir proper condi- non.” WIDE AWAKR. } By St, Paul! the work goes bravely on. These | names were in every mouth—Smith, Gouid «| Martin, Everybody winked when they men- | tioned them—smart chaps—some growled, and twice as many groaned when their man: | q@uvre became widely known. Smith, a@ Gapper little fellow, with @ pair of funny, peering eyes—a pair that could dive into your pocket Without the trouble of opening your coat—a young man who has iearned that two and two do not make fye—Mr, Smith, let it be known for those | in search of gold, was yesterday alive to the situa- | tion, ‘The injunction! Ak, it was a “scruncher,’” | “Sharp fellows, sir, sharp fellows,’ was the casual | loan daijy aii woneys in the Sub-freasury not ree eg for the payment of lawful demands on that day, remark of a Knowing one who looked wise and hungry, The covey of deputy sheriis, poor fellows, they seemed as wwany Watch dogs awaiting dinuer, | for in any event the conflict must needs culminate | ple you do well | fleial and capable of meeting the ex‘geneies now gaged in private business, whose duty it shall be, lines of the Gold Exchange with a cool indifference; with the exhaustion of one side or of the other, and that consummation could not at any time be long delayed. But the ground of most serious apprehen- sion is as Lo the future, aud as the organ of the peo. to cali attention to the fact and to inquire the remedy. But where 1s the remedy to be found? Not even the resumption of specie payments, were that possible, could be relied Ou a8 @ guarantee against (nancial crises similar to that through which the country has just passed, We very well know that penal enactinénts are in such cases impotent for good; n can the evils be remedied, we shail find, by any sort of special legislation whatsoever, In my view, this is just that case of political eco. nomy im Which an ounce of pre worth @ pound of cure; nay, in which prevention only will protect the body politic from a disease which, once developed, is incurable. Sow, I have seen but one political measure suggested’ io auy quarter, of which it may reasonabiy be predicied that, If adopted, its results would be generally bene- udder consideration, That measure was the one brought forward by Senator Sprague, of Khode Island, late in the last session of Congreas, and which has not received that general public attention to which its merits entitle it, doubtiess because of the fatiure ou the part of the repubiican press to bring itto the notice of its readers, ‘The Measure i question is to be found ia Senate docu- Ment No. iv4, and ts entitled **A bili to provide for loaning the public money.”” The leading feature of the measure in question 1s thus fully expressed by its Utle, It contemplated the estabiisiment in the city of New York of @ council of finance, consisting of one commissioner, one deputy commissioner and twenty-four councillors, to be selected from men of learning and experience as merchanis and not en- under the sanction of their office and with proper pains and penaities for any malfeasance therein, to SS rats were trotted % vrise winning aaee + 2:20%4,, the V3 wae To Tiny In reg. panic andy Subject, a8 K dent, allow me know what he 1a lution at the next as he is reported to and purchases of & make the price higiie, all the gold transaction, jJarge and wealthy gold let it alon vd it Will Wos Secretary Chase attempted \. Jation in gold during the war, as It Was called, but he only th and the law had to be repealed. A. @ny Jaw upon the gold question it Wi. speculation and not benefit the cout. Pitt, when Prime Minister of England,*ae.. _ English and Freach war, did all be could do to pre vent speculation in gold, and he fatied. ower of { THE BANK OF ENGLAND. Half-Yearly Statement—Manchester Against Threndneedle Street. {From the London Standard, Sept, 17.) ‘A general court of the governor’ and company of Bank of Engiand was leld yesterday at the Ban! RK. W. Crawford, M. P., the Goveruor, in the The minutes of the last court having been read, ‘The Governor said, I have to acquaint the pro- prictors that this is a quarterly meeting, heid under tae charter, And is also a half-yearly court for the aration of a dividend, The net profits for the alf-year ending the 3lat August last were £650,433 17s. 2d, making the amount of rest on that day £3,078,983 128. 8d. Out of that We propose so pay & dividend of £4 10s. per cent., and aiter that is paid there will remain a rest of £3,024,678 12s. 8d, The court of direction therefore propose that the half- year’s dividend be £4108. per cent., and that no reduction be made on account of income tax. This is question I have to put before the court. Mr. C. Botiey seconded the motion, and in going so referred to the greater facilities offerea by the bank for the payment of the dividends by sending the warrants by post. Aa far as he was concerned he did not think it was @ favorable alteration, as * entailed a much greater risk on the part of th. who received them. With regard to the fate. payment of dividends, he thought it would cause { el additional expense and trouble, without giv- ig any corresponding advaptage, and he thought the directors quite right in objecting to the proposal of the Chanedllor of the Exchequer, which, in his opinion, was quite uncalled for, fie had no fear of the public funds bel transierred by the government from this to any otier joint stoc! bank, because he believed the public would be opposed to such an alteration; and he considered that the thanas of the proprietors were due to the Governor for the manger in which he had conducted the negotiation ae Chancellor of the Exche- juer. (Cheers.) Aye « Mr. Jones thouga Clearly satter of congratulation that they possess from #0) ernor of ihe Bank @ tleman wo, “Hse . bruise: in the House of oramavns and elsewhere, aad bie of dealing in a sound manner wi rge mat of finance. It was the more important i: to have at its head such a gentleman, When they looked at the significant words used by the Chan- cellor of the Exchequer, to the effect that the Bank of England was only a joint stock bank, and wouic be dealt with in the same manna as other jolt stock bank: He regretied this the more because he believed that the proprietors cared les: out the amount of their dividend than the rela:ious which existed between this corporation and the govern- ment and commerce of the country. He thought that those remarks of the Ctancellor of the Uxchequer were very unjust towards the bank. ‘Yo hia mind the Bank of Lngland stood upon a footing different from ail other joint stock ks, and it was for that reason he had invested his money in it, He could not help thinking that the words of the Chan- ceilor of the Exchequer amounted to a mischievous depreciation of the Bank and at (he same time gave evidence of a premeditated assault, showing that while the government were unsettling other thu uey were trying to unsettle the Bank of and he wouid earnestly urge upon the Court of Gov- ernors to take the initiative in some litte matters which had trequently been discussed at those courta, or they would be again obliged to submit to the rebuke of inertia, 7ere was a movement on foot in Manchester—the people of which town were the most pushing, and had practically had the conduct of he agairs of the country sor the last ten years—urging Jor a royal comanéssion; and unless this Court of Governors themselves (ook action, when the Bank's affairs came to be over ee that commis. ston, some weak points Nua be discovered, He considered that the cy of the Bank did not stand upon a legit té basis 80 long ap, they Valued government stock bay Instead valuing it at the market price. He thegght It woul be useful if the bank were to make som distinctign, between the notes Issued for the gove ent dee and those issued for the bullion in the van pera they had to find gold on demand for bow, sqance believed if there were some little release from end, obligation to find gold on demand for the notes issued for the government debt tney would be saved from those Nuctuations mm the discount rate which Was 60 vexatious and damaging to commercial affairs. He conciuded by askiag whetier the ban! had suffered any unusual loss from the Manchester branch, and aiso whether the bank would prepay the registration of the letters. Mr. W. Ray Smee urged that represent ations should be made to government of the desirability of making the quarterly payments of dividends on the last days of Murch, June, September and Decembe: The GOVeRNOR said that the gentiemen who had addressed the court had referred to matters of deep interest to themall. With regard to the payment of dividends under the new system, he was glad to have the opportunity of saying a few words which might have the eflect of removing some misappre- hension which existed in the minds of the proprie- tors and the public upon the point. He was lappy to be in @ positon to give the most unquahied assurance to the court, and through it to the public generally, that nothing of the nature of misunder- Stauding between the government and the Bank had occurred upon tis matter. (Cheers) Tire Chancellor of the Exchequer commenced the cor- respondence by saying that attention had been drawn to the greater facilities offered for the rece toa of div by railways and other comp: than by the Bank of England, and he wen! quest that the same facilities might be a the public creditor by the dividend war forwarded vo his registered address, 80 far ashe ¢the vernor) Was aware there was no ratiway or otuer company which enabled the sharenoiders to come aud receive their dividends personally, and therefore the proposition of the Chancellor 0! the Pxcuequer Was looked upon as an alternative to the preseut syste When they compared the two systems together they thought the existing system of receiving dividends personally or by power of attorney was better than sending the whole of warranis through the post, and they communi this opinien lo the government, but the Chan of the bxcheqguer, in hia rejoinder, took dit ground. He said he did not intead that the wi of the warrants should be sent through the but merely that every facility suould be aforded the public creditor for receiving dividends, matier had been taken into consideration and ( board had endeavored, as they were always anxio) to do, to conform to the wislees of tie govern and the result-was that the bank now gaye gi fuciliues thaa the railway companies for the of dividends, because, in addition, there wi option of receiving tem persoiMily, So far there having been any nusunderstanding, U been hearty co-operation vetween the the governwent (wear, heat); and there had beea no desire ow the part of the Chancellor the Exchequer to press them into a cou Was not agreeable to thea, He might Tention ene Wednesday was the last day up to which could conveniently receive applications from de- ring to have their dividenc rants due #0 bersentto them, The nam amounted wy very few in excess of seven hundred out of one wandred and tweive thousand; but at the same Zime ne thought this saould not be taken as @ crit 0 of (Gy, on Lumber wiich would ultimately avail Mheinselves : the chunge. The bank had made no objec for th paying the dividends quarterly, sai ford ae ihe specific reply to government upon the a tey knew What course the govern november in this clty. —e bts ged ne ss Rory or A DRropaseD BAR- er, therefore, reufained open. Gonictusion, be sald that tne mae were —a whatever at their 10 Maing, resol The motion for the payment tate Hugh B, Bull wet then put and carried, ale and eloquent addi ‘The governor said that as the'tues Of the deceased, ceeded that of inst halt year 4. Winfleid, i determined by ballot, aud he yy,—A lad of seventeen, ment of the meeting for that » table next, the 2st inst, + well Known feet Tuanks Were then accorded:to sen arrested on the chase governor and directors. of the W. H. Beede to. vi ceedings terminated, The forgery was deceive the teller ny MOVEMENTS OF PRINCE bon - checks Port RYERSB, Prince Arthur and party are stili selves at Loug Polat shooting, and and also all deposit, for Wluch Fale of miigrest fur funds received therein upon rovielon te made in (he act—the Janek joans boiog determinanlea good success, The party yesterday bagged ‘The Prince will arrive here to-morrow mor # immediately proceed to Brantiord ar” Hamiiton