13985. Gold Exchange Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
September 24, 1869
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
cabf0ab3e1fd059d

Response Measures

None

Description

The articles describe the Gold Exchange Bank being overwhelmed by the Sept. 24, 1869 Black Friday gold speculation, with heavy withdrawals and inability to make clearings (a run/clearings blockade). The bank was then enjoined and a receiver appointed (late Sept. 1869), but the receiver (C. N. Jordan) arranged settlements, paid dividends (25%), and the bank resumed clearings and prepared to resume business in October–November 1869. Classification: run leading to suspension/receivership, followed by successful resolution and resumption.

Events (5)
1. September 24, 1869 Run
Cause
Macro News
Cause Details
Panic/market upheaval from the September 24, 1869 gold speculation (the 'Gold Ring' / Black Friday) led to overwhelming transactions, heavy withdrawals of gold and inability to complete clearings.
Measures
Bank suspended gold clearings temporarily, adjourned the gold room/clearing until affairs could be settled; made partial and some complete settlements and advanced amounts to customers to ease the panic.
Newspaper Excerpt
The transactions were so enormous that the Gold Exchange Bank could not settle at the regular hour; about seven millions of gold was taken out of the Gold Exchange Bank and taken to Jersey City.
Source
newspapers
2. September 29, 1869 Suspension
Cause
Government Action
Cause Details
Court injunctions and legal actions (suits/injunctions) resulted in the bank being placed in the hands of a receiver and its clearing operations being suspended.
Newspaper Excerpt
The deliberations of the committee at the Clearing House were interrupted by the receipt of a process ordering that the Gold Exchange Bank be placed in the hands of a receiver, and appointing Augustus Hall ... such receiver.
Source
newspapers
3. October 11, 1869 Other
Newspaper Excerpt
Arrangements are stated to have been made which will result in the formal removal of the receivership over Gold Exchange on Tuesday next. The affairs of the bank will then pass temporarily into the hands of the trustees ... when completed, the bank will resume business as usual.
Source
newspapers
4. October 17, 1869 Other
Newspaper Excerpt
The Gold Exchange Bank is again in trouble. At suit of Charles Unger & Co. ... Judge Blatchford ... has enjoined the institution preliminary to a hearing ... when cause must be shown why it should not go into bankruptcy.
Source
newspapers
5. November 6, 1869 Reopening
Newspaper Excerpt
The Gold Exchange Bank receiver has been removed and the bank will to-day announce its readiness to resume clearings. The solvency of this institution has now been established, having paid its indebtedness in full; and its condition (as published) shows a very respectable capital with which to resume business.
Source
newspapers

Newspaper Articles (25)
1. November 18, 1868 The Evansville Journal Evansville, IN
Article from The Evansville Journal, November 18, 1868

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NEW YORK. GO A Great Lawsuit Begun-August Belmont VS. the Erle Railroad Com. pany-What Gen. Grant has Done and will do. NEW YORK, November 19.-Emil Sturmfels, late United States Consul to Maracaibo, died on board the bark Ilvain on her passage here. A new suit against the Directors of the Erie Railroad Company was begun in the Supreme Court Chambers before Judge Suther to day, on application of August Belmont. The complaint is founded on affidavits by Frank Work and others, substantially setting forth that the money of the Erie Company has been used by Gould, Feek and Lane in the furtherance of stock speculations for their priyate interests. The affidavits further set forth that recently Lane was insolvent, and Fisk was an adventurer from New England. It is also alleged in the affidavits that Pike's Opera House had been purchased in the sole name of Fisk with the money o' the Company to the amount of $850,000. Fisk, Gould and Lane are further charged with having issued from $23,000,000 to $30,000,000 of spurious heres, with a view of creating a corner in Wall Street. Affidavits further allege that the above named individuals have denied their Direc tor access to the books, and, in fact, managed the affairs of the Company exclusively for their own interests and in a reckless manner. Judge Sutherland granted an injunction, which direats the officers and agents of the Company to refrain from increasing the capital stock of the Erie the Railroad Company beyond I amount now outstanding and in the hands of bona fide holders, and also orders that the defendants shall rea frain from removing any of the books, papers. securities or funds of the 0 Company from the jurisdiction of the Court; and directs that the funds shall be applied for no purpose but the payment of the legitimate debts and expenses of the company, the balance to be disposed of in such manner as the a court may from time to time direct. r The court also orders that the officers and agents of the company shall refrain from in any order obstructing any of the Directors from examining any of 1 the books of the said company. 8 Another suit has been begun by Chas. 1, McIntosh against the Directors and S August Belmont, in which an injunce tion has been obtained, but whether this is in aid or against the first suit, does not appear. d Gen. Grant, Horace Greeley, John y Russell Young and Gen. Badeau took breakfast at the Delmonico this mornf. ing. is General Grant drove out this afternoon to visit some friends in the city. m The programme of his movements y. for the remainder of the week is as : follows: To-night, dines at the Astor House with Attorney General Evarts: tto morrow, rides out to the Fashion st Course to see Dexter trot; dines with e A. T. Stewart at his house on Friday goes to Washington Saturday. as The latest development in Erie raffairs is to the effect that Jay Gould is was appointed Receiver of the Com epany last Thursday by Judge Barn nard. The report also says about an $7,000,000 in gold were taken out o the Gold Exchange Bank and taken to Jersey City. d A rumor is current of the failure of a large house in breadstuffs, but is not authenticated. ip 8. It is believed that the Government lly sold gold largely to day. The bul ar clique, also, were heavy sellers. nGeneral Grant attends the Maretzek Opera, at the Academy of Music to ranight. Mrs. Stone has issued a cill for Convention of the friends of woman no. suffrage, at Villande, New Jersey, the 2d of December In, nMr. Batassi, the Greek Consul, ha th issued a card asking contributions he money and clothing for the destitut Cretan refugees in Greece.

2. November 19, 1868 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 19, 1868

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ERIE RAILROAD SPECULATIONS-GOLD SALES.-New York, November 17.-Suits have been instituted by August Belmont and Charles McIntosh against the directors of the Erie Railroad Company, and injunctions have been issued by Judges Sutherland and Barnard. The complainants, it is stated, charge that the funds of the company have been used in further stock speculations. The latest development in Erie affairs is, according to report, that Jay Gould was appointed receiver of the company last Thursday by Judge Barnard. It is also reported that about seven millions of gold was taken out of the Gold Exchange Bank and taken to Jersey City. It is believed that the Government sold gold largely to-day. The "bull" clique were also heavy sellers.

3. September 25, 1869 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 25, 1869

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NEW YORK, September 24-Noon.Stocks very unsettled. Money not quoted. Sterling-long 41/; short 6. Gold 8976 62's 19. Owing to the excitement in the market, Southern securities are not called. At 12 o'clock gold was 62; fifteen minutes later it fell to 365/, and is now 35. Flour dull and drooping. Corn favors buyers. Pork 31.50. Cotton firm, at 291/4. Freights nominal. P. M.-Cotton opened firmer, but closed heavy with the advance lostsales 1,200 bales, at 29. Flour dull and declining-superfine State 6.00@6.15. Wheat2@3c, lower-winter red Western 1.50@1.53; Illinois 1.45; white Michigan 1.64. Corn closed 1@2c. lower-mixed Western 1.11@1.12. Pork unsettled, at 31.871/2. Lard irregular-kettle 183/4 @ 191/2. Whiskey a shade easier, at 25. Groceries quiet. Freights dull. After a day of unparalleled excitement in Wall street, the market closed comparatively calm. Money was unsettled at the close, but was quoted at 7. Gold closed at 33. The transactions were 80 enormous that the gold Exchange Bank could not settle at the regular hour, which caused great confusion. It is impossible to tell, at the present time, what large firms, if any, have failed. Several small firms are known to have suspended. BALTIMORE, September 24.-Cotton dnll. Flour dull and weak. Wheat dull and unsettled-prime red 1.50@1.55. Corn firm-white 1.28@1.30; yellow 1.20@1.24. Oats 60@66. Pork quiet. Bacon and whiskey in light demand. CINCINNATI, September 24.-Whiskey 1.15-held for higher prices. Pork steady, at 32.00. Lard steady, at 19. Bacon firn-shoulders 16; sides 19(@ 191/4. LOUISVILLE, September 24. --Provisions firm. Mess pork 32.50. Bacon shoulders 161/4; sides 193 with sales of 55,000 pounds. Whiskey unchanged. NEW ORLEANS, September 24.-Sales of cotton to-day 3,000 bales-middlings 261/2. Corn firmer-white 1.05. Oats 56. Mess pork 33.75@34.00. Gold 34. MOBILE, September 24.-Sales of cotton to-day 700 ales-market closed quiet with middling at 26; receipts 1,041. AUGUSTA, September 24.-Cotton market opened firm, at 26, and closed easier, but not quotably lower, with sales of 400 bales; receipts 45. SAVANNAH, September 24.-Receipts of cotton to-day 1,931 bales-market dull, at CHARLESTON, September 21.-Cotton active and steady-market closed firm, with sales of 650 bales; middlings 261/; receipts 962. LONDON, September 24-3 P. M.Consols 925. Bonds 82. LIVERPOOL, September 24-3 P. M.Cotton quiet-uplands 121/4; Orleans 121/2; sales of the week 56,000 bales; export 16,000; speculation 11,000; stock 442,000, whereof American is 69,000. Manchester advices less favorable; stock afloat 430,000, whereof American is 45,000.

4. September 25, 1869 New-York Tribune New York, NY
Article from New-York Tribune, September 25, 1869

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bulling the gold, at once changed about and began to bear on the gold and bull on the stocks. A complete revolution took place within 20 minutes. The situation at nightfall was about as follows: Many of the houses alleged to have suspended are. perhaps. only perplexed with the complication of houses with which they have had dealings. If the main movers in the affair, Messrs. Fisk and Gould, come for ward and meet their engagements. and thus aid others everything will move harmoniously in the street to-day. There may be a little excitement in the morning, as the Gold Exchange Bank will be hardly ready to make a statement of the accounts before 1:30. If, however, the alleged managers fail to comply or settle, the scenes that will ensue may perhaps eclipse those of yesterday. The commission brokers of the street are openly delighted at the panic. for they say the thunder and lightning of the past few days will clear the sky, and drive from the street the irresponsible harpies who have formed "corners" and preyed upon the public generally. The moral presented by the sickening spectacle is that it may take merchants and other business men from the street, and they will learn that even sharp players can be beat at a game where loaded dice are used. There was no reason for the rout and tumult of the last few days. The whole story in a nut. shell is: A combination of powerful men boldly struck out for an object which they nearly attained, and everything that stood in the way was compelled to go down before them. Business was made to stand still, the poor to suffer, the nervous to experience alarms, while bulls and bears held high carnival. The following official notice from the United States Treasury will tend to restore harmony and allay the excitement. The country is not quite gone to the dogs. nor can Wall-st. smash the commercial prosperity of this great city. UNITED STATES TREASURY, NEW-YORK Sept. 24, 1869. NOTICE.-The Government reserves the right to accept all bids made its 12 to-morrow. even in excess of $4,000,000 for gold or bonds, in at discretion. By direction of the Honorable the Secretary of the TreasDANIEL BUTTERFIELD, Assistant Treasurer. ury, The following explains itself: To the Editor of The Tribune. SIR: The rules of the Clearing Department of this Bank require the payment of all balances to the Bank before the payment of any balances by the Bank. Owing to the failure of several dealers the adjustment of the accounts has been delayed. The Bank has a large surplus of both gold and currency ou the movements of the day, and will pay out to dealers as fast as the accounts can be settled. H. M. BENEDICT. President. New York Gold Exchange Bank, No. 58 Broadway, and No. 29 New-st., New York, Sept. 24. 1869. AT THE FIFTH AVENUE HOTEL. The Fifth-ave. Hotel last evening wascrowded with nearly as many brokers as Broad and Wall-st. during the day. Homes were deserted, their attractions overcome by a desire to know more of the day's panic. Everybody was in a state of unrest. The natty velvet coats clad nervous bodies, and the wellstarched chokers were pillories for the throats that breathed out denunciation on every one who could have an imaginable agency in the day's doings. To complain a to alleviate, and 80 the excited gold men ruin on Benedict, charged little, was their and said he they was the author of the mischief. Indignantly asked why he put an injunction on the paying out of gold? why he locked up the gold-room and why he didn't do something he didn't do Baring Brothers are charged with acting in behalf of the Government, and the $5,000,000 they ordered Duncan & Sherman to sell is thought to be the gold of the Government. It will all be known to-day at 10 o'clock; but time speeds too slowly. Until then, hope 18 to be strung to its utinost tension. During the night, men paced the walks in groups, wondering whether Gould, Smith, Martin had utterly failed, or whether they would resume to-day-whether other houses would survive their losses. It was a wanton provocation to console any one. Deep solicitude expressed for the ruined only caused deep agony. They hoped for the best: and many of the houses which suspended yesterday said they could go on to-day. Millions were talked of as though they were mills. But the men who intrusted their money to these houses for speculative use were wild, and their friends had well-grounded fears for their sanity. One man in pale unrest cried out he was lost! lost! lost! repeating in a dull, oblivious way his cry at short intervals through the evening. Others showed their frantic suspense by smoking venemently and drinking largely. To these men matters became mazily mixed. It was past midnight when the last group strolled away from the hotel.

5. September 28, 1869 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 28, 1869

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Overland Dispatches [SPECIAL TO THE GOLD HILL DAILY NEWS BY THE WESTERN UNION TELEGRAPH LINE.] Earthquakes in the West Indica. HAVANA, September 27.-St. Thomas advices are to the 18th. Three shocks of an earthquake occurred. Seventeen stores had closed, and business suspended. No lives are known to have been lost. A general alarm prevailed. St. Domingo advices are to the 9th. Baez had defeated the rebels besieging Agua. From New Orleans. NEW ORLEANS, September 27.-The steamship Trade Wind was lost in the gale on the 24th. The passengers were saved, but part of the crew is missing. From New York. NEW YORK, September 27.-Several injunctions have been issued against the Gold Exchange Bank to-dav. Judge Clark also issued several against Wall street brokers. An order of arrest was issued against James Belden, on the suit of L. Hatch, for secreting property to defraud his creditors. Affairs on Wall street are still kept greatly in confusion by the block in business at the Gold Exchange Bank, which temporarily keeps the gold dealers out of large amounts of money, besides leaving it in doubt as to the standing of numerous firms and banks, who have not yet finished Thursday's business. Prince Arthur at Buffalo. BUFFALO, September 27.-Prince Arthur and the Governor General of Canada, visited Buffalo to-day, and drove about the city. They lunched with ex-President Fillmore.

6. September 28, 1869 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 28, 1869

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WALL STREET ON Faturday.-Wall street is now occupied with the after-results of the great gold speculation. In gold itself there is an absolute subversion of business beyond a few petty transactions over the counter, which have been done between 132 and 136. The blockade at the Gold Exchange Bank still continues. The precise position of that institution we can state only on outside information, as the officers very brusquely decline to have any communication with représentatives of the press. This morning rumors were rife of the institution being in trouble; which may or may not be true, SO far as respects any information we have been able to get at the bank. The bank was debtor to the very large amount of $1,886,000 at the clearing house this morning; but this balance, as we learn from clearing-house banks, has been settled, or will be during the day. Owing to the inability of the bank to complete the clearings on yesterday's business the president declines to receive any clearing statements from dealers to-day. In consequence of this action of the bank the gold room found it necessary to formally adjourn until Monday. How far dealers may be involved by the failures of yesterday it is impossible to ascertain until the bank has completed its clearances; but the extent to which this has been done, as also the extent of failures reported at the bank, we are again unable to learn, owing to the reticence of the officers. The general opinion on the street is that, beyon those of Albert Speyer and W. H. Belden, the failures will be confined principally to small firms, whose engagements are not large enough to cause any serious trouble. The position of the leading "bull" operators is not regarded with much doubt. It is reported, apparently on good authority, that they effected settlements before noon yesterday upon $20,000,000 of gold at 148 to 150; the profit on which should go far toward offsetting any losses they may have made on purchases or failures; but even their fate must remain doubtful until the Gold Exchange Bank has effected its clearings. William Heath & Co., whose temporary suspension was announced yesterday, are conducting their stock business as usual, making settlements on all Stock Exchange accounts; and, though ignorant of the extent to which they may be affected by failures in the gold room, express confidence of their ability to honor all contracts when affairs are straightened at the Gold Exchange Bank. In the mean time they remain in suspension on their gold contracts. The Tenth National Bank, which has been extensively used in the gold speculation, and respecting which unfavorable rumors were in circulation last evening, was debtor at the clearing house this morning $723,000, but the balance, we learn, has been settled. New York Commercial.

7. September 28, 1869 New-York Tribune New York, NY
Article from New-York Tribune, September 28, 1869

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MONDAY. Sept. 27-P. M. The Gold Room was closed to-day, in consequence of the inability of the Gold Exchange Bank to arrange the transactions of Friday. The Bank have 80 far arranged their affairs as to be able to pay out the differences due on Thursday's business, but are in a hopeless muddle; and it was proposed this afternoon that the brokers should use the Bank of New-York as & clearing-house until its affairs were arranged. Gold sold over the counter at 132@131, closing 1811@131}. The brokers in the Gold Room are as yet unable to tell where they stand. No new failures have been reported, and the solvency of a large number of firms depends upon the arrangement of the business of Friday. The whole busi= ness of the Stock Exchange is deranged in consequence of the failure of the Bank to make its clearings, and until its affairs are made public the Stock Exchange must remain in a chaotic state. At 6:30 p. m. we are informed that the Gold Exchange Bank will be able to meet all their liabilities. This announcement gave a more confident feeling in financial circles. Government bonds were strong at the First Board, but declined from 1 to 1 per cent. At the last call, in conse. quence of the active demand for money, the business was confined to cash transactions, and the large dealera were purchasers at the decline. State and Railway bonds shared the general distrust. and made a decline on small transactions. Miscellaneous shares and Express stocks were neglected. Pacific Mail opened at 71, sold at 65. closing 67 bid. Railway shares opened dull and under a pressure of cash sales made a sharp decline in prices. New-York Central sold at 184, 1741, closing at 1801; Hudson, 162), 155, closing 158; Reading, 94@918; Michigan Southern, Illinois Central, 135; Cleveland and Pittsburgh, 100@88;A Erie, 35@291; North-Western Common, 72@681; North. Western Preferred, 83@30; Rock Island, 1071@102}; St. Paul Common, 70@68; St. Paul Preferred, 81 @ 75; Fort Wayne, 8#1883. The lowest prices of the day were made at 2 o'clock upon a report that a leading stock house had suspended. The rumor was false, and upon its contradiction there was an upward turn in prices. At the close the market was feverish and unsettled. The following were the closing quotations of Govern. ment bonds:

8. September 29, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, September 29, 1869

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THE GOLD PANIC. Feeling of the Brokers Against the Gold Exchange Bank. The feeling of the brokers against the Gold Exchange Bank is most bitter, although many of them are just enough to admit that its action on Friday was designed for the best interests of all concerned, and actually prevented a panic more damaging than that of 57. It appears that during the excitement of that day, when the transactions aggregated over $500,000,000, including purchases, sales, and loans, the bank was overwhelmed with the immensity of the business, and its clerical force was pushed to its utmost to settle up Thursday's accounts (which footed up $324,000,000, and which were partially unsettled) and attend to the current business of the day. A reporter called at the bank last evening, and was informed by Mr. Benedict, the President, that the bank was making satisfactory progress in the settlement of Thursday's business. At that hour (10 P. M.), the force of the bank was hard at work, and one of the clerks said he did not expect to see home before to-night. It 18 said that the bank officers, seeing that the panic of Friday bade fair to swamp the business interests of the city, and being anxious to relieve the distress, since in so doing they acted in protection of the bank, made certain partial and a few complete settlements with dealers, not knowing that they (the dealers) would be affected by the failure of other parties. It proved, however, that the dealers who obtained settlement, or at least some of them, had had dealings with defaulters, and were consequently unable to meet their engagements. It is understood that the bank lost rather heavily by these operations, and ominous rumors were in circulation yesterday relative to its solvency. It is impossible to tell the exact status of the bank, as the delay in settlement, the failures, and the panic, have left its accounts in a fearful muddle. The opinion of brokers should be carefully weighed, and when one of them asserts that the bank is "shaky" (and not one but one hurdred made that assertion yesterday), it would be well to remember that the brokers are exasperated against the bank, and may perhaps allow their anger to get the better of their discretion. That the bank has fourteen millions of gold locked up is emphatically denied on the street, where the general opinion is that its specie balance is very much smaller.-N. Y. Tribune of this morning. How Business is Affected. The New York Corn Exchange presented a gloomy appearance yesterday. The building was almost entirely deserted long before the hour of closing, most of the brokers and shippers departing in disgust at the unsteady state of affairs. Soveral who have heavy cargoes of corn and other produce on hand, and are unable to dispose of them by export or otherwise, will suffer severely, and it was whispered around yesterday that some well-known houses were already showing signs of distress. Fortunately, at the commencement of the present panic most of the vessels up for foreign ports were chartered, and either already loaded or taking their cargoes on board. If the excitement had occurred about three weeks ago, when large numbers of merchants were busy making arrangements for the fall trade, the consequences would have been more disastrous. As it is, numbers will be nipped severely. The shippers generally prefer paying demurrage to running any risk by disposing of their exchange in the uncertain condition of the market, and for the present the produce and shipping business may be considered at a standstill. It is, however, on the poor dock laborers that this unfortunate) crisis presses most heavily. Barrels of flour lie pile upon pile along the docks, but no welcome stevedore summons unwilling idlers to work.

9. September 29, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, September 29, 1869

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FIFTH EDITION THE LATEST NEWS. Heavy Robbery at Meadville-The New York Money TroublesFailures-The Gold Exchange Bank in the Hands of a Receiver. FROM NEW YORK. The Money and Stock Market. Despatch to The Evening Telegraph. NEW YORK, Sept. 29.-The money market is very stringent and the stock market has fluctuated wildly. At present, prices are mostly at the minimum yet reached. Foreign exchange is dull and variable at 108%@109. Gold transactions to-day were in the National Stock Exchange only. and but limited. The sales were made between 131@133. At 1:30 the quotation was 1301/2. Sales of Conl. The Delaware, Lackawana and Western Railroad sold 90,000 tons of coal this morninglas follows: 10,000 tons lump, $5.12%(55'15; 10,000 tons steamboat, $5@ 5.69: 6000 tons grate, $6@6.31; 10,000 10,000 egg, $6.60 @6.65; 2700 stove, $6'95@7.22% 12,000 chesnut, $5.55 @5-57. The prices were more than one dollar less than received at last sales. M. Benedict, President of the Gold Exchange Bank, sent a statement to the Gold Board this morning. He believes the bank to be solvent and able to pay its debts. It has paid all its obligations as far as settlements could be made. They also advanced amounts to their customers to enable them to proceed in ousiness, always reserving large margins for their own security. At the Government Bond Purchase to-day the bids amounted to over eight and a half millions, prices ranging from 1.15 to 1.19. The bids. include two millions of dollars from Jay Cooke & Co. at 1*16@1*18. The Commercial Advertiser announces the failure of Lockwood & Co., heavy stock brokers, and also that A. Hall, of Brown, Hall & Vanderpool, has been appointed receiver of the Gold Exchange Bank. Peabody. George Peabody sailed in the Scotia to-day for Europe. The Gold Exchange Bank in the Hands of a Receiver. Despatch to The Evening Telegraph. NEW YORK, Sept. 29.-The deliberations of the committee at the Clearing House were interrupted this afternoon by the receipt of a process ordering that the Gold Exchange Bank be placed in the hands of a receiver, and appointing Augustus Hall, of Hall. Brown & Vanderpool such receiver. Smith, Gould, Martin & Co. have made no statement, and are said to have drawn several millions of gold from the Gold Exchange Bank on Friday. Additional Failures. Lockwood, the heaviest of the "bears," is said to have failed. C. W. Keep, who was dependent on Belden & Co.'s settlement, has also failed. Boutwell has authorized Butterfield to purchase three millions of bonds to-day instead of two. Vanderbilt and his friends have been on the street to-day, determined on keeping control. Their efforts appear to have been successful.

10. October 6, 1869 The New York Herald New York, NY
Article from The New York Herald, October 6, 1869

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Total $1,000,000 THE GOLD EXCHANGE BANK did not present a statement in court yesterday, as was expected, the time having been extended to Friday. It is supposed that a balance was struck Monday night, and that the directors will be able to meet all the demands against them. Nothing deflnite concerning the affairs of the bank will be known, however, until after the receiver is disposed of. The Injunction suits against the bank have also been adjourned over. THE FISK ATTACHMENTS formed a subject of considerable conversation yesterday, and various were the surmises respecting the developments to be brought out by the suits. The Sheriff made the following appraisal to the attachments issued from the Court of Common Pleas:Court of Common Pleas for the City and County of New York-Orlando W. Joslyn and another vs. James Fisk, Jr., impleaded, &c., and others.-Warrant or attachment issued September 29, 1869, for $117,450; Joseph R. Flanders, attorney. Same vs. Same.-Warrant of attachment issued for $135,000; James B. Metcalfe, attorney. Same vs. Same.-Warrant of attachment 188 ed October 1, 1869, for $270,000; Josepa H. Flanders. attorney. City and County of New York, ss.-I certify the annexed to be an inventory of the property of the defendant, James Fisk, Jr. so far as the same has come to the hands, possession or knowledge of the Sheriff of the city and county of New York, by virtue or three several warrants of attac ment issued by Judge George C. Barrett, take with the assistance of two disinterested freeholder. summoned and sworn by the said Shealf to assist in taking the same this 4th day of October, 1869:-Ina premises situated on the northwest'corner of Eight avenue and Twenty-third street, known as "The Grand Opera House," a description whereof is hereunto annexed, and of the value of $1,000,000. BUTLER H. BIXBY, Appraisers. JOSEPH A. MOREHEIMER. } JAMES O'BRIEN, Sheriff of the City and County of New York. Besides the above ten lots of ground in the rear of the Opera House, situated on Twenty-third street and Eighth avenue, have also been attached. The attachments were issued by Judge Barrett before he retired from the bench, out were not filed until this day (the 5th inst). THE LAKE SHORE Railroad directors held a meeting yesterday afternoon at the Union Trust Company's office, but as the session was conducted with closed doors no intelligence has transpired respecting the proceedings, except that Alanson Robinson, of the firm of Robinson, Cox & Co., has been elected director in place of Legrand Lockwood, resigned. Nothing new has been developed concerning the suspended firms, and Wall street matters generally closed exceedingly dull.

11. October 8, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, October 8, 1869

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THE NEW YORK MONEY MARKET. The following extracts show the state of the New York money market yesterday:From the Herald. "Gold became quite active to-day, and rose to 132, in consequence of the discovery that the Sub-Treasury had liquidated about two millions of three per cents by use of greenbacks drawn from the fifty millions reserve held by the Treasury, as authorized by Congress. When the step had been canvassed, and when it was evident that such use of the reserve was not what it threatened to be-viz., an inflation of the currency-the price of gold fell back to 131 1/a. "The short interest in the market is still large, and loans of cash gold were made at five to two per cent. for carrying and flat for borrowing. The steamer Union to-day took out $7500 in treasure. It will be seen by the detailed report in another column that the Gold Exchange has suspended for a week all action on the subject of a new Clearing House, the officers of the Gold Exchange Bank asserting that they were entirely solvent and had their capital intact; that in a few days they would be able to resume business, and intended then to propose an entire reorganization of the bank, with new directors, new officers, and an entire change of administration; that they were willing, if the Gold Room so desired, to abandon the banking business, which has always been objectionable to the members of the board, and to contine the business of the bank exclusively to the clearances of gold for the members of the Room. It will be noticed further on that at the Stock Exchange this morning the best bid for Gold Exchange Bank stock was 514. "The money market was very easy, and funds were offered as low as four per cent. on Governments before three o'clock. Accounts were generally made up at two o'clock, and in the interval to the close of banking hours money was to be had from six per cent. downward, according as the borrower chose. There is not much disposition to lend for long periods of time, which shows the distrust of the present situation. Discounts were dull, the few buyers having a large range of good names. Rates were quoted, on extreme figures, from nine to fifteen per cent. "Government securities were firmer, owing to the strength of the gold market, the '678 touching 11816. with the reaction in the afternoon there was Init= ing off in quotations,"

12. October 8, 1869 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 8, 1869

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NEW YORK. Financial Affairs-Redemption of Three per cent Certificates-Gold Exchange Bank to Take a Fresh Start-Female Suffrage-Crime. NEW YORK, Oct. - -The assistant treasurer has redeemed $2,000,000 of 3 per cent certificates since the first of September. The Gold Room had an executive session to consider the report of the committee instructed to devise a plan for the clear~ ing house, but their action was suspended one week upon the strength of a representation by the Gold Exchange Bank that they would be able to resume business in a few days, and int nded to propose an entire reorganization with new directors and officere, and were moreover willing to abandon the banking business and confine the business of the bank exclusively to the clearance of gold. It was ordered that all persons having unsettled contracts outstanding are requested to refrain from dealing in the gold room. Money easy at 6@7 on call. Sterling exchange quiet, 91@91 prem. Gold quiet, steady, opened at 131 , touched 132, closed at 131}@131g. Carrying rates 5@2 per cent. to flat. Government bonds higher, closing steady. State boads eleady, 62, old Tennessee 504. At a women's suffrage meeting last evena women vote at own ing Norlon that resolution proposed their by polls Mrs. at the coming State election, and submit their ballot to the regular constituted board of canvassers, was generally opposed and defeated. A coroner's investigation held yesterday in the case of Pat Rooney, who was shot and killed Tuesday by a colored man named Robert Fry, a verdict was rendered that the shooting was justifiable and done in self-defense. Fry, was, however, held to await the action of the grand jury. The post-morlem examination of the bodies of Acoug and his wife, and Charles at was yesterday, Archer, but No. the 67 Cherry Coroner's street, inquest made adjourned, because no interpreter could be found for the chief witnes, who is a China man. The Republican State Convention held to-day nominated Gen. Siegel for Secretary of State, and it is understood he has accepted. Arguments were heard to-day by Judge Cardozi in one of the gold injunction C ses, but no decision was given. The capias in the case of Brown vs. Fiek & Gould has lean served on Mr. Gould. Rumor speaks of aro her bull movement iu the gold market.

13. October 8, 1869 The New York Herald New York, NY
Article from The New York Herald, October 8, 1869

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The short interest in the market is still large, and loans of cash gold were made at five to two per cent for carrying and flat for borrowing. The steamer Union to-day took out $7,500 in treasure. It will be seen by the detailed report in another column that the Gold Exchange has suspended for a week all action on the subject of a new Clearing House, the officers of the Gold Exchange Bank asserting that they were entirely solvent and had their capital intact; that in a few days they would be able to resume business, and intended then to propose an entire reorganization of the bank, with new directors, new officers and an entire change of administration; that they were willing, If the Gold Room so desired, to abandon the banking business, which has always been objectionable to the members of the board, and to confine the business of the bank exclusively to the clearances of gold for the members of the Room. It will be noticed further on that at the Stock Exchange this morning the best bid for Gold Exchange Bank stock was 514. The money market was very easy and funds were offered as low as four per cent on governments before three o'clock. Accounts were generally made up at two o'clock, and in the interval to the close of banking hours money was to be had from six per cent downward, according as the borrower chose. There is not much disposition to lend for long periods of time, which shows the distrust of the present situation. Discounts were dull, the few bayers having a large range of good names. Rates were quoted, on extreme figures, from nine to fifteen per cent. Government securities were firmer, owing to the strength of the gold market, the '07's touching 118% With the reaction in the afternoon there was a falling off in quotations. The following is a list of the proposals which were accepted at the Treasury purchase of bonds to-day:-

14. October 11, 1869 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, October 11, 1869

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New York Money Market. NEW YORK, October 9. Arrangements are stated to have been .made which will result in the formal removal of the receivership over Gold Exchange on Tuesday next. The affairs of the bank will then pass temporarily into the hands of the trustees, under the direction of C. N. Jordan, cashier of the Third National Bank. Their chief business will be to settle the business of Friday, the 24th ult., which, when completed, the bank will resume business as usual. One party has consented to the removal of his injunction on the bank. MONEY-Easy, and the latest transactions were at 4a6 per cent. on call loans. The Bank Statement is favorable. STERLING-Firm at 1091 asked. GOLD-Opened at 1304, and closed at 1304. Carrying rates at 5a51 per cent. GOVERNMENT STOCKS - Dull Coupons, 81, 1194a120; do '62, 1201a 1201; do '64, 119a119g; do '65, 119!a120; do new, 118a118}; do '67, 118a118}; 10-40s, 108a109.

15. October 12, 1869 New-York Tribune New York, NY
Article from New-York Tribune, October 12, 1869

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MONDAY. Oct. 11-P. M. Gold opened at 1301, sold at 130g, 1301, closing 1301@1305. Judge Cardozo this morning appointed Mr. C. N. Jordan receiver of the New-York Gold Exchange Bank, in place of Mr. Augustus L. Brown, resigned. Power was given to the new receiver to adjust all claims upon or in favor of the bank. including the settlement of the gold business of Friday, Sept. 24. It is understood that the affairs of the bank have been adjusted, and that the new receiver will be able to pay all claims within a week. Government bonds were dull and steady, under a moderate investment demand. Secretary Boutwell's speech on the financial affairs of the country was well received, but had no perceptible effect upon the market. Border State bonds were more active, the letter of the Secretary of State of Tennessee in reference to the financial affairs of that State having a stimulating effect upon the new bonds, which were in active demand at 56@56j Tennessee old bonds sold at 61h. Virginia 6 per cents, ex coupons, 61). North Carolina Special Tax, 473@48. Missouri 6 per cents, 861. Louisiana Levee 6 per cents, 641@65. Rail way bonds were sparingly offered, and were firmly held. There is a more active demand for Pacific Railroad bonds. Union Pacifics were quoted at 821@831. Central Pacifics were in demand and some small lots were sold at 94. At the Board small lots were offered at 95. but no large amounts could be purchased at that rate. Pacific Mail ranged from 67 to 652. Express shares were dull. Wells-Fargo sold at 25, and United States at 55. The speculation in railway shares has been tame, and the transactions unusually light. the opening of business the market had a firm tone, and a fractional advance was made on the general list. New-York Central advanced to 178 Rock Island, 1061; Michigan Southern, 851: Cleveland and Pittsburgh, 103; Rock Island, 106 The market continued steady until the second call, when New-York Central declined to 175, and the balance of the market from 1 to 1) per cent. Brokers report an absence of buyers, and, with the exception of the Vanderbilt stocks, there is but little expectation of an improvement in prices at present. The continued decrease in the traffic of the Western roads has a damaging effect upon speculative movements in their stocks. The earnings of the Chicago and North Weetern Road for the first week in October show a decreace of over $51,000, and the light receipts at Chicago indicate a large falling off in all the roads depending upon the grain trade. The market during the afternoon was extremely dull, with a tendency to lower prices. New-York Central sold at 175 North-Western Common, 71.71g North-Western Preferred, 831, and Michigan Southern, 84g. The decline was assisted at the close by a report that a panic had taken place in breadstuffs at Chicago to-day, but no confirmation was given to the statement. At the close the market was weak and unsettled. The following were the closing quotations of Government bonds:

16. October 17, 1869 The New York Herald New York, NY
Article from The New York Herald, October 17, 1869

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The following shows the range of the principal stocks to-day:Highest. Lowest. 185 177 New York Central 30% Erie 321/4 135 Harlem 130 1/6 166 162 Hudson River 965 95 Reading 02 89% Michigan Southern 63 64 Wabash 101 9914 Pittsburg 73 71 1/4 Northwestern 84 83 X Northwestern preferred 108 1061 Rock Island 65 67 Milwaukee and St. Paul 7914 81,4 Milwaukee and St. Paul preferred. 56% Pacific Mail 590g Southern securities were steady, but dull in the general list and weak In the Tennessees. The foilowing were the closing street prices for the Southera list:-Tenneasee, ex coupon, 6014 a 60 1/2; do., new, 54 a 54% do., five per cent, 50 a 51; Virginia, ex coupon, 501/6 a 51; ado., new. 53 a 54; do., regtstered stock, 45 a 46; do., registered, 1866, 50 a 51; do., registered, 1867, 47 a 48; Georgia sixes, 81 a 82; do. sevens, 91 a 92; do. sevens, Interest payable by Georgia, 85 a 87; North Carolina, ex coupon, 46 a 47; do., new, 401/2 a 41; do., special tax, 44 1/1 a 44 Missouri sixes, 8714 a 8736; do., Hannibal and St. Joseph, 88 a 90; Louisiana sixes. 68 a 69; do. levee sixes, 64 1/4 a 65: do. do. eights, 83 a 84; Alabama eights, 92 a 90% do. fives, 63 a 65; do. sixes, sterling, 90 a 95; South Carolina sixes, 67 a 69; do. new, 65 a 66; do. registered stock, 65 a 66; City Memphis sixes, 47 n 48; do. Atlanta eights, 85 a 87: do. Savannah sevens, 86 a 87; do. New Orleans consois, 72 a 73; do. do. issued ratiroads, 68 a 69; Mobile and Ohio sterling, 63 a 65; do. do. eights, 56 a 57; Missiestppi Central Rattroad first mortgage, 72 a 73; do. do. second do., 60 a 62; Memphis and Cnarleston first mortgage, 83 a 86; do. do, second do., 72 a 14: do. do. stock, 40 a 42; Greenville and Columbus Railroad guaranteed, 63 a 65. John Bloodgood has been elected a director in the Milwaukee and St. Paul Road In place of the late Henry Keep. Mr. Martin was also elected to fill the vacanev occasioned by the resignation of Mr. Benediet. The Gold Exchange Bank is again in trouble. At suit of Charles Unger & Co., who deposited money on the Monday following the famous Friday, Judge Blatchford, of the United States Court, has enjoined the institution preliminary to a hearing next Saturday, when cause must be shown why it should not go into bankruptcy. Messrs. Unger & Co. have taken this step because, as they allege, there is not an impartial distribution of the assets to the various creditors. Subsequently the injunction was modified so as to allow the receipt of funds due the bank. The receiver, Mr. Jourdan, made an excited speech at the Gold Exchange, which we give elsewhere, denunciatory of the pro. ceedings for an injunction. Subsequently the creditors of the bank who favor the receivership held a meeting at Smith, Randolph & Co.'s, and decided to discountenance any further legal obstacles to the resumption of its operations. The muddle is as great as ever, however, and probably will remain in the courts as long as Jurndyce vs. Jarndyce. Gold

17. October 19, 1869 New-York Tribune New York, NY
Article from New-York Tribune, October 19, 1869

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LOCAL MISCELLANY. WALL-STREET. The interest of yesterday culminated in the Gold Room, where the annual election for officers was to be held. At the opening of the Board the Directors of the new Clearing-House reported that they found many difficulties in the way of the establishment of that instiCution, and requested that a new plan for its establish ment be adopted, or that the old one be somewhat modified. Their report was adopted, and the suggestions it contained will be duly considered. For the election of officers for the ensuing year there was & sharp contest, but at 5:45 it was announced that the following ticket had been elected: President, John F. Underhill; First Vice-President, T. A. Hoyt; Second Vice-President, Henry S. Camblos; Secretary, Thos. P. Ackers: Treasurer, George Phipps; Chairman of Arbitration Committee, J. B. Alexander; Board of Appeals, G. A. Fanshawe, H. A. Heiser jr., Wm. H. Burgoyne; Executive Committee, R. L. Edwards, E. O. Read, W. M. Whittemore, James B. Hodgskin, W. B. Baneton, T. P. Grinnell. Thos. F. B. Parker: Finance Committee, H. C. Tanner, Jas. B. Colgate, C. Ashworth, John T. Denny, E. S. Ballin; Committee on Admissions, Chas. H. Ward, P. M. Myers, James Grant, C. Greve, W. C. Taylor, A. L. Seton, C. F. Davenport, J. D. Smith, R. H. Foote, Win. H. Duff, Geo. Phipps, W. C. Mumford, J. Walter Wood, W. T. Hatch, Wm. Redmond jr.; Committee on Powers of Attorney, Rudolph Keppler, Wm. W. Whittemore, Joseph H. Tucker, H. J. Purton, Wm. Gwynne. The opposition ticket was: President, Townsend Cox: First Vive-President, T.A. Hoyt: Second Vice-President, H. S. Camblos; Secretary, Thomas P. Akers: Treasurer, George Phipps; Chairman of Arbitration Committee, J. B. Alexander; Executive Committee, T. F. B. Parker, E. O. Read, T. P. Grinnell, .B. Hodgskin, W. B. Sancton, W. M. Whittemore, James Grant; Finance Committee, J. B. Alexander, John T. Denny, J. B. Colgate, C. Ashworth, W. Harmon Brown; Committee on Admissions, Chas. H. Ward, P. M. Myers, T.P. Grinnell, E. O. Rean, W. B. Sancton, W. M. Whittemore, C. F. Davenport, A. L. Seton, T. F. B. Parker, J. D. Smith, R. H. Foote, W. J. Hutchison, James Grant, W. C. Mumford, George Phipps: Board of Appeals, R. L. Edwards, C. O. Morris. Jos. S. Chick; Committee on Powers of Attorney, Rudolph Keppler, H. J. Purton, James Grant, A. J. P. Speyers, Wm. Gwynne. The creditors of the Gold Exchange Bank met again yesterday, and confirmed their action of Saturday. Mr. Jordan reports that the liabilities of the Bank will all be settled within a few days, provided the creditors allow him to use his own discretion in the matter. As the creditors, with the exception of C. Unger & Co., at their meeting yesterday, resolved to allow Mr. Jordan full scope, it is probable that his resolutions will be carried into effect. The following resolutions were adopted by the New-York Stock Exchange yesterday: Resolved, That pending the legal and other difficulties which now impede transactions in the Gold-Room, a portion of the long room be set apart for transactions in gold. and that solvent members of the Gold Board be invited to participate for the present with the members of this association in such business. Resolved, That the Governing Committee be requested to take action in accordance with the foregoing resolution. and further to consider the propriety of organizing a gold department of the Exchange, and admitsing associate members thereto. The members of the Stock Exchange were informed yesterday of the failure of L. Hoffman & Co., a firm which had for many years held its own against many financial storms, and had only succumbed at last to the pressure of a panic whose damaging effects had overthrown many an older and apparently stronger firm. The statement of the Treasurer of the Gold Board for the past year shows that the aggregate receipts were $33,352 38, the expenditures $19,238 64, and the balance on band $114,113, 74.

18. October 20, 1869 The Carson Daily Appeal Carson City, NV
Article from The Carson Daily Appeal, October 20, 1869

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# REMARKABLE SCENE IN THE GOLD ROOM. The Eastern dispatches describe a very remarkable scene as follows: There were remarkably lively times in the Gold Room this morning, and much excitement among members was caused by an excited speech from Mr. Jordan upon the financial condition of the Gold Exchange Bank. Mr. Jordan claimed that but for legal measures the bank would have settled with its creditors, and that the injunction of Meyer & Co. would now prevent any settlement. The bank had lost $260,000 in order to go on, and it deserved more liberality and consideration from the public. He also said, with an emphatic oath, that if the bank had not advanced $4.000,000 to the street during the panic, all the brokers would have been ruined, and several banks would also have gone to the devil Much confusion was here caused by cries of "Put him out!" He promised to pay 15 to 25 per cent in three working days; but they must give him a fair start. He wanted to deal fairly, and would report names of any parties who attempted to prevent or interfere with him in arranging settlements. A member called for something in regard to the condition of the bank, and Jordan stated it was insolvent Brokers would be very foolish to go back on the bank now, if they did, they were too mean to live. At a meeting of the creditors of the Bank this afternoon, the situation was fully discussed, and the action of Meyer generally deprecated, and the feeling was unanimous in favor of giving Jordan a fair chance, and an agreement was drawn up to take no legal steps towards forcing the Bank into bankruptcy for ten days. It was signed by a large number, and it is believed that 95 per cent of the creditors will sign. It was announced at the meeting that the injunction had been modified to allow the Receiver to collect money due the Bank and effect settlements in all cases where he could do so advantageously.

19. October 21, 1869 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 21, 1869

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TELEGRAPHIC MARKETS. NEW YORK. NEW YORK, October 20.-Cotton lower sales 3200 bales uplands at 261/2. Superfine flour $5 80@5 90, but closed e better. Whisky $1.211/6 Wheat-No. 3 spring $1 20@1 251/2. Rice firm-Carolina914@912 Corn $1 05@1 06. Coffee more active but unsteady. Cuba sugar Molasses quiet. Dry Goods-There is a sort of panic in the Dry Goods market, by the reduction of grades. There is no important decline, but in nearly all cases there is a tendency toward softening rates. e Money-The Gold Exchange Bank injunctions have been modified, and to-day it paid a dividend of 25 per cent to its creditors. Money is quiet and steady at 5@7 per at on call, with the bulk of business at a per et. Discounts are dull at 10@12 per et for prime names. Sterling higher, under a scarcity of cotton and grain bills. Prime bankers 9%@91/2. Gold dull, 130@130% all day. The carrying rates were 4@2 per cent to flat, Governments quiet and firm, old Tennessees 61; new do 54% NEW ORLEANS, NEW ORLEANS. October 0.-Cotton firm at 35, sales 4500 bales, receipts 610 bales; exports, coastwise 5885. Flour-superfine $5.38; XXI XXX$5885 Corn mixed $1 05@1 10. Oats 59. Bran $110. Whisky $1 2734@1 30 Hay $29.00. Pork $32.50. Bacon quiet-shoulders 181/; sides 2114@ 2134; hams 25@26. Lard-tierces 18@191/4; keg 203/4. Sugar-common 12; prime 141. Molasses-plantation reboiled 65@90. Caf fee in better demand-prime fair 15@151/4. Gold 129% Sterling 411/4. New York sight bills 1/4 discount. ST. LOUIS. ST. Louis, October 20.-Flour-fall superfine 3 77/2@4 50. Wheat-No. 2 red fall 81 05@1 09. Corn 73@92o. Oats 48@50. Barley 81 40@1 88. Rye 75@88. Groperies unchanged. Pork $30.00@31 00. Bulk clear rib 1834 clear sides 19. Bacon shoulders 17@1716.1 sides 19%(20% Lard 171/5. Whisky $1.16. Tobacco-lugs dark leaf 9%@121/2. CINCINNATI. CINC NNATI, October 20.-Family flour 35 50@5 75. Wheat $1 10@1 15. Corn 85. Oata 50@56. Whiskey $1 15. Mess Pork $31.00. Lard Bacon-olear sides 161/41%%e; shoulders 17. Butter 30@35. Groceries unchanged. Eggs 24. Cheesa 17@18 Sales of Tobacco at $8.00 @19 50. FOREIGN. LONDON, October 20.-Consols, for money 933/2; on account 93%@93}6. 5-20 bonds of 1862 813 do. of '65 81 % ; do. of '67 88% : 10-40s 763 LIVERPOOL, October 20.-Cotton active uplands Orleans 123/d@12%; sales 12000 bales. California white wheat 10s 7d; winter 9s 8d; red Western No. 9s 5d. Receipts of wheat for last 3. days 25,000, including 25,000 from the-United States. Western flour 24s 2d. Corn, mixed, 29s 6d. Oats 3s 7d. Peas 44s 6d. PARIS, October 20.-Bourse is quiet, Rentes 71f 12c,

20. October 22, 1869 The New York Herald New York, NY
Article from The New York Herald, October 22, 1869

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FINANCIAL AND COMMERCIAL. THURSDAY, Oct. 21-8 P. M. Gold emerged to-day from its dulness and became quite active, the price at one time touching 131%, an advance for the day of one per cent, which, con idering the limited character of speculation in the Drecious metal, is a rather remarkable change. The rise was based upon the firmer tone of the foreign exchanges last night and at the opening of business this morning, the foreign bankers being large buyers of bills to cover the coupons of government bonds held abroad. Again, the action of the Gold Exchange Bank, in releasing 25 per cent of the moneys due to its customers, who for the most part are brokers in the Gold Room, was instrumental in enabling many to resume dealings, and thus in a measure set the wheels of speculation in motion once more. At the same tune, as If by a sequence of this liquidation or indebtedness one, of the firms which were compelled to suspend in the gold panic paid the claims against them and resumed business. The receiver of the bank at the close of business to-day had paid twenty-tive per cent of all claims, except those originally thrown out and comprising the accounts of nine firms. Later in the day there was a reaction in the market and the price went off to 130%. The following shows the range of quotaZiana

21. November 6, 1869 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, November 6, 1869

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FROM NEW YORK. The Centre', Congregational Church, NEW YORK, Nov. 6.-At a meeting held at the Central Congregational Church last evening, Hon. Wm. Claflin, Governor of Massachusetts, was elected President, and Senators Wilson and Buckingham and Hon. S. D. Hastings, of Wiconsin, Vice-Prestdents of the Evangelieal Advancement Association. All these gentlemen are life members of that association. The Financial Situation. Despatch to The Evening Telegraph. NEW YORK, Nov. 6. -Money is easy at 4 to 7 on call, but it is said by prominent bank officers that never since the establishment of the national banking system has there been such a demrnd for discounts or such a disinclination to make them, This is, perhaps, consequent on the general feeling of insecurity which always precedes a meeting of Congress. Discount rates range from 12 to 20. The gold and stock markets are dull, the former showing considerable strength at the opening, but falling off at noon. The premium has ranged between 127%@127% The Gold Exchange Bank receiver has been removed and the bank will to-day announce its readiness to resume clearings. New York Produce Market. NEW YORK, Nov. 6.-Cotton declining; sales of 600 bales at 25%(22%%. Flour dull and declined 5@ 10c. ; sales of 7000 barrels State at $5.15@6.10; Western at $5.10@6.75; Southern at $6@10.25. Wheat heavy and declined 1@2c.; sales of 39,000 bushels No. 2 $1.27; amber State at $1.45; and winter red at $1.38 @1.40. Corn dull and lower; sales of 34,000 bushels mixed Western at 99c.@$1.033. Oat# dull and declined 1@2c.; sales (of 88,000 bushels at 61@64c. Beef quiet. Pork quiet; new mess, $29.75@30-00. Lard dull; steam, 17%(11%%c. Whisky quiet and nominal at $1.11.

22. November 9, 1869 New-York Tribune New York, NY
Article from New-York Tribune, November 9, 1869

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Dr. Jetur R. Riggs, a prominent physician of Paterson, N. J., and formerly Member of Congress from the 1Vth District of New-Jersey, died on Friday, at Drakesville, Sussex County. He was elected State Senator from Passaic County on a Whig and Independent Democratic ticket, in 1855; and to Congress in 1858 on an Anti-Lecompton ticket, over John Huyler, Democrat. He will be buried at Drakesville to-day. THE NEW-YORK GOLD EXCHANGE BANK. The solvency of this institution has now been established, having paid its indebtedness in full; and its condition (as published) shows a very respectable capital with which to resume business. It is true that the Bank has lost heavily from the consequences of the recent panic: but it is also true that it has borne safely through many honest men who were victims of the notorious "Gold Ring," and who, had it not been for its surplus and a portion of its capital, which was freely appropriated by the stockholders. would have been irreparably ruined and driven from business. The emergency which Mr. C. N. Jordan, the Receiver, was called upon to meet, was one of the most trying and difficult ever known in the history of Wall-st., and one of which the most experienced financiers not actually present could not form the most remote conception. What with the anxiety of the bewildered and terror-stricken "street," the confusion of that memorable Friday, and the immense mass of papers involved. there appeared a work to be done in which it was next to impossible to decide where to begin in order to tell how the Bank, the Clearing House, or the customers stood. People stood amazed; all business was at an end, and the stoutest hearts were stunned. But, under the management of a judicious head, what seemed to be a hopeless muddle has been made clear, and, as far as possible, satisfactory to all concerned. For this, not only the stockholders of the Bank and the "Street" generally, but the whole community, owe credit to Receiver Jordan, who, in one month immediately succeeding the panic, has reduced affairs to order, has relieved the fears of many who believed themselves ruined, has paid the debts of the bank and satisfied its customers, and now has turned the institution over to its owners. Subject to a thousand annoyances by the unreasonable, though perhaps to some degree excusable, demands of excited men, he has decided every question in a spirit of liberality, doing justice to all, while especially favoring those in distress. It is sincerely to be hoped that neither this nor any other bank will hereafter get into such trouble as that which has just been experienced.

23. November 17, 1869 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 17, 1869

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# New York Stock and Money Market. NEW YORK, Nov. 16-Evening.-The Money market was active this afternoon at 6@7 per cent. on Governments and Stock contracts. The demand for discounts continues, and the street rates remain at 10 to 15 per cent. for prime double name paper and 20 to 24 per cent. for single names. The project of starting a Bank of Discount with a large capital was much discussed to-day and meets with favor among the merchants. Foreign Exchange was quiet at 109 @ 109. Gold quiet and steady to the close at 127+. The rates paid for carrying to-day were 6, 6+ @ 7 per cent. At an executive meeting of the Gold Board this afternoon a communication was read from Mr. Jacob Russell, cashier of the Gold Exchange Bank, relating to the action of the Board yesterday. Mr. Russell said the Board of Directors considered it inexpedient to disclose the names of those dealers who had failed to make clearings on Sept. 24th, other than the nine already given, as these dealers had since been ascertained to be good and solvent. In regard to Rule 5, which ordains that none but full members of the Board shall be entitled to clear through the bank, Mr. Russell requested a reconsideration, since its adoption would expose the bank to a charge of breach of faith with certain dealers. Embraced in the communication was the following report of the condition of the bank:-Cash on deposit in the Metropolitan Bank, $134,496.05; on deposit in the United States Trust Company, $100,000; bills receivable, $25,900; New York State bouds with bank department, $11,000; 200 shares of bank stock taken in settlement by the Receiver, $12,000; vault and fixtures, $15,000; fines and commissions due, $4200; total, $302,596.05; claims as rendered by the settlement of C. N. Jordan, Receiver, $174,000; claims against the bank in dispute, $53,000. After the report was read a resolution was introduced to reconsider the action of the Board yesterday in restricting the privileges of the Clearing House to full members. This resolution was passed by a decisive vote. By its passage the Clearing House privileges are restored to all who have heretofore enjoyed them, including associate members and foreign bankers. Governments firm this afternoon, with rather more doing. Henry Clewes & Co. report the following 4.15 P. M. quotations:

24. February 19, 1870 The Sun New York, NY
Article from The Sun, February 19, 1870

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# COLD EXCHANGE BANK CORNERED. A Wealthy Corporation which wanted Work Done for Nothing-A Reminiscence of Black Friday-A Clerk, Suing, Wins. The case of James H. Symes agt. The New York Gold Exchange Bauk, being the first of a number of cases, came on for trial Thursday morning, after a number of adjournments, before His Honor Judge Quinn, in the Fiest District Court. The court room was well filled with a throng attracted by the interest of the case, it being a test suit instituted by one of the clerks of the defendants for extra work and services rendered during the "Black Friday" and the ensuing days, in balancing up and adjusting statements of the Bank. Mr. Jesse K. Furlong, for plaintiff, called and examined Mr. Symes, who swore that he had been for many years in the employ of the Bank, whose regular hours were from 10 A. M. to 3 P. M., and were only extended when a clerk had made some error in his "balances," and that did not often occur. When it did they never remained later than 6 o'clock P. M. That he performed these extra services long after business hours, and on some occasions had to remain all night at the Bank, even working taree Sundays. For this the Bank refused him compensation, and on the 15th of November discharged him, paying only his regular salary. A number of his brother clerks in a like condition gave similar testimony. Mr. Crowell, for the defendants, called Mr. Roberts, one of the officers of the Bank, to prove that the plantiff did not render ail the services he had charged for, and that the sum of $3 charged for the same was exorbitant. Mr. Conrad Jordan, late receiver of defendants, testified that the plaintiff was in the defendants' employ, and bad done nothing more than was expected of him; that it was not customary ter banks to pay their emplo.ees for overwork; that his bank did not do so; he had paid some of the clerk $50, and one $100 for services to him as such receiver. He declinet to swear what Mr. Symes's services were worti, it worth anything. After other testimony had been taken, the Court rendered ju izment for $15 and costs, and allowance to the plaintif

25. June 23, 1870 Rutland Weekly Herald Rutland, VT
Article from Rutland Weekly Herald, June 23, 1870

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New York News. NEW YORK, June 22. An embankment near the corner of Carroll street and Third avenue fell upon three little children last evening while they were at play. Their bodies were exhumed this morning. In the suit of the New York stock exchange against the Erie railroad company and others, to prevent some $6,000,000 of Erie stock from being transferred on the books of the company to Heath & Raphel, it being claimed that there was a conspiracy to use this stock by parties having no interest in it to control the affairs of the company, a preliminary injunction to this effect was granted by Judge Cardozo. Penping this injunction the defendants offered the stock to the Erie R. R. Co. to be certified for registration. The plaintiff thereupon moved to fine the defendants for contempt in trying to evade the previous injunction, and also asked that the injunction he extended to forbid the registration of the stock. Judge Barnard held that the injunction on the transfer was sufficient for the purposes of the action, and that registration was entirely different from transfer, and therefore denied both motions. A large number of suits were brought against Messrs. Fisk & Gould with others on transactions in gold on and just before Black Friday, which they repudiated in consequence of the suspension of the gold exchange bank. Eleven of these suits are now pending in the Superior and five in the Court of Common Pleas. The amount claimed in the one court being between $900,000 and $1000,000, and in the other court $485,000. All these suits Fisk asks and other defendents make no opposition to be transferred to the Supreme Court for trial. Decision reserved. r Judge Barnard to-day refused a motion for injunction to prevent a registration of 11 six millions Erie stock, in name of Heath, Raphel & Co., of London, and heard argunents, but reserved decision on Fish & Gould's motion to transfer the numenus suits against them growing out of gold transactions last September, and invoing nearly one million and a half dollar from Superior and Common Pleas Court to the Supreme Court. Tumas Murphy to-day recovered $61,000 from Ezekiel S. Rockwood, the value with interest thereon, of a lot of army blankets furnished by Murphy during the e war with which to fill government contract, lut which army inspectors rejected. Princess Edith to-day entered complaint against Woodhull & Claflin for larceny of rings and money to the amount of six thousand dollars. Judge Dowling declined to issue a warrant for the arrest of the women brokers, but notified them through an officer to appear to-morrow for examination.