13986. Gold Exchange Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
April 11, 1872
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
202ae5357cfbddf0

Response Measures

None

Description

Articles describe a temporary closure/suspension of the Gold Exchange Bank during the financial panic of late September 1873 (Stock Exchange closed, Gold Exchange Bank ceased clearances on Sept 22 and reopened by Sept 23). Earlier articles (Apr–Nov 1872) reference a prior receivership and a cashier defalcation; those are separate events. Classification focuses on the Sept 1873 suspension followed by reopening (suspension_reopening). Dates extracted from publication dates and in-article statements. Bank type not stated explicitly.

Events (4)
1. April 11, 1872 Receivership
Newspaper Excerpt
In the case of the Gold Exchange bank the receiver was in possession forty days, and his fees were $15,000, besides $5000 paid to his partner for legal services.
Source
newspapers
2. November 15, 1872 Other
Newspaper Excerpt
The cashier of the Gold Exchange Bank, is a defaulter to the amount of fifteen thousand dollars.
Source
newspapers
3. September 22, 1873 Suspension
Cause
Macro News
Cause Details
Closure occurred amid the broader financial panic of late September 1873: Stock Exchange closed, clearing difficulties and lack of certified checks made clearances impossible, prompting the bank to suspend payments/clearances.
Newspaper Excerpt
THE GOLD EXCHANGE BANK CLOSED. ... the President of the Gold Exchange Bank issued the following order: Notice is hereby given that a general clearance cannot be effected this day ...
Source
newspapers
4. September 23, 1873 Reopening
Newspaper Excerpt
THE GOLD EXCHANGE AND BANK TO BE OPENED TO-DAY. ... The Gold Exchange opened at 10 o'clock as usual. ... The Gold Exchange Bank, the clearing-house of the Gold Room, completed, yesterday, the clearances for the transactions in gold on Friday and Saturday.
Source
newspapers

Newspaper Articles (9)
1. April 11, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, April 11, 1872

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# The Corrupt Judges. Some of the evidence in regard to the misconduct of Judges Barnard and Cardozo of the New York supreme court, of which only hints have heretofore appeared, was disclosed in the report of the committee of the bar association, and published in the New York papers of yesterday. The catalogue of their offences is long and dark enough to warrant their immediate remova from the bench; but we suppose they are in nol more danger than the other exposed rascals there. Their reputations cannot be damaged by any disclosures, and their places are probably secure enough. To the narrative of their corrupt practices they may respond, like their patrons, Hall and Tweed, "What are you going to do about it?" The investigation has been made by a committee of the legislature with a view to their impeachment, if the evidence should warrant that measure. We do not learn that any one is hopeful of so much justice from the present assembly, which, though elected as a "reform legislature," conducts itself very much like its predecessors. If the majority of its members are reformers they are extremely cautious and conservative. They have neglected to do some things which were confidently expected of them, and have done some things which to most people have the aspect of anything but reforms. They were very considerate of Mr. Terwilliger, who exacted commissions on the public printing bills; they mildly declared that taking bribes from Tweed, as practiced by Senator James Wood, was "censurable," but was not cause for expulsion; they passed the Erie railroad directors bill, it is true, but only after the obnoxious directors had been ousted by other means, and they have not passed the reform charter for New York city, the chief purpose for which they were elected, although they have tinkered it with amend-ments until its own parents, the committee of seventy, cannot recognize it. But to return to Barnard and Cardozo. The report of the committee to the bar association relates numerous instances of the judicial usurpations of these corrupt magistrates, as specimens of those which were proved in the course of the inquiry. In one case, a plaintiff, with a judgment unsatisfied, had obtained an order to examine an alleged debtor of the defendant with a view to require the debt to be paid in satisfaction of his judgment, and to prevent its being paid to the defendant. Without notice to the plaintiff and without any proof that he ought to be deprived of this legal remedy, Judge Barnard not only vacated the original order, but made a new order ex parte in the interest of a personal friend, commanding the debtor to pay the debt forthwith to the defendant under pain of imprisonment, and this, although the person thus threatened owed no debt which had been judicially ascertained, and was not a party to any suit or proceeding in which the judge had any jurisdiction to make the order. Some of the cases where receivers were appointed were as transparent and outrageous instances of oppression as can be conceived, causing great loss to the corporations subjected to this tyranny, besides the exorbitant fees they were compelled to pay the receivers for the privilege of being robbed. In the case of the Gold Exchange bank the receiver was in possession forty days, and his fees were $15,000, besides $5000 paid to his partner for legal services. In another case the receiver had $5000 and his counsel $2500. These receiverships were often nothing more or less than blackmailing operations. A man named Owens bought ten shares of the stock of the Mercantile insurance company at noon, and at three o'clock of the same day, Mr. Gratz Nathan presented himself at the company's office to take possession of all its property by virtue of an order from Judge Cardozo, appointing him the receiver on a petition of Owens as a stockholder. The petition bore the marks of having been drawn up in anticipation of the purchase, but was so hastily done as to contain no allegation which could afford a color of justification for the order, which was vacated as soon as an application for that purpose could be made and heard. The object was accomplished, however; the receiver had been in possession, and, of course, exacted his fees. This man is a nephew of Cardozo and his favorite receiver and referee. A series of remarkable coincidences between the sums of money drawn by Nathan on his own checks, and deposits of equal amounts in similar bank bills made at corresponding dates by Cardozo, tend to prove that the favorite shared the plunder of his victims with his judicial patron. From the frequency with which Cardozo found easy and profitable craployment of this kind for this beloved nephew, "Gratz" came to be the slang term in the judicial ring for the receiver of such patronage. Each of these accused judges had his "Gratz," and for a young lawyer not over scrupulous, nor particularly learned, who likes ease and luxury, and is not fond of work, no more fascinating prospect would be likely to open than the favor of a ring judge. The report contains plenty of other instances of venality, partisanship, favoritism, and judicial insolence. As an example of the latter, Judge Cardozo once said to a lawyer who applied for a writ of habeas corpus in behalf of two women then in prison, charged with no crime. "Do not touch this case. If you do you will displease me. If you take this case you need never expect any favors from me while I am on the bench." Judge Barnard appeared.

2. April 13, 1872 New-York Tribune New York, NY
Article from New-York Tribune, April 13, 1872

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The firm of Smith, Gould, Martin & Co., having the bank virtually under their control, were now able to force settlements at their own rates. They made their bargains with the dealers with whom they had unsettled accounts, and thereupon Judge Cardozo issued an ex-parte order to the receiver to pay out money to certain favored firms, one $75,000, to another $210,000 in gold and $33,300 in currency,-all being the brokers of Gould and Fisk. At the same time Brown was ordered to pay out of the assets of the bank $15,000 to himself as compensation for his trouble, $5,000 to his "counsel," Vanderpoel, (this counsel being his own partner), $5,000 to the attorneys of the plaintiff, Field & Shearman, $5,000 to the counsel of the bank, and $7,500 to a Mr. Smith who had some connection with the bank. It is gratifying to know that Mr. David Dudley Field refused his assent to this shameful arrangement, and though Mr. Shearman had no scruples in accepting it, the firm withdrew from the suit and left the business to be carried out by others. On the 9th of October an arrangement was made by which Brown turned over the receivership to Conrad N. Jordan, and Judge Cardozo signed a final order instructing the new receiver to pay all claims against the bank. There was no provision to prevent the payment of unjust claims or to protect all the creditors equally, and Jordan, in accordance with a previous understanding, gave the preference to firms indicated by Fisk and Gould. How much individual brokers lost by this outrage the testimony does not show but Mr. Benedict, the President of the Gold Exchange Bank, swears that the losses of the Bank through Judge Cardozo's action amounted to about $400,000, one-half of which was due to the improper appointment of the receiver. The court fees and receiver's fees alone came to $60,000.

3. November 15, 1872 The Athens Post Athens, TN
Article from The Athens Post, November 15, 1872

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From New York. Smith & Wesson's pistol agency was robbed of $3,000. The suspensions of R. P. Herrick and A. E. Long, are announced on Wall street, in addition to those of Treat & Co.. Stewart & Matteson. II. C. Cross, M. G. Ricck. E. D. Dibble, and M. T. Henderson, last evening. None of them are large firms. One of Adam's Express Co.'s cars was burned at Newark, N.J., this morning. The contents, consisting of forty thousand dollars' worth of silks, furs, &c., were totally destroyed. The cashier of the Gold Exchange Bank, is a defaulter to the amount of fifteen thousand dollars.

4. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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National Trust Companies, 110 Commonwealth and of a dozen or more brokers, and the run upon other institutions, all made serious havoo with what was left of the judgment of the street. The depreciation of the values had become appalling, and it was evident that if some practical measure were not devised. would be the result. Desperation verging upon inzero sanity seemed to have succeeded the buzz of excitement. A small group gathered in a corner of the room and engaged in earnest discussion. Their number had gradually swelled, and their opinions seemed to have earned general approval. They had resolved to close the Exchange, "and almost immediately they approached Vice-Chairman Wheelock, andimade their request. Mr. Wheelock, however, declined to entertain it, declarthat it was the province of the Governing Committee to close the Exchange. and it could not be ordered by him. The determined multitude, however, immediately held meeting around the oval table, and a motion to declare the Exchange closed was immediately carried, authority to reopen it being left with the Governing Committee. The noonstitutionality of the act immediately became the topic of conversation. A little later, however, the Governing Committee declared that the members had only anticipated their action, and formally and legally declared the Exchange closed until to-day. The following order was then published and telegraphed to all the banks and brokers' offices: The Stock Exchange 18 closed until further orders from the President. All operations in the street outside of Exchange are prohibited, under penalty of expulsion. H. G. CHAPMAN, President. Subsequently, in an interview with a reporter, ViceChairman Wheelock said: About 111 o'clock a number of the members of the Exchange came to me in body and told me that they would all be roined if the Exchange remained open any longer, and asked me to proclaim it closed till Monday. I told them that would do no such thing; that only the Governing Committee had power to close the Exchange, and till I had orders from them to that effect I would keep it open. The best course for them to take, said, was to call a meeting of the members and pass resolutions requesting the Governing Committee close the Exchange. While was giving them this advice a delegation from the banks came in to make this very demand of the Committee, and knew then it was of no use to resist any longer. With one accord the took the matter into their own hands, and resolved to close the Exchange, and leave the power of reopening with the Governing Committee. Under the circumstances it was the only thing to be done, and in my opinion ought to have been done the on Friday. If it had been done, the majority of firms which suspended this morning would have been rescued from ruin, and millions of dollars saved. Mr. Wheelock said further that just before the Exchange closed he put up Western Union at 45, but could not get a single offer. The result would have been the same if he had offered it at 25. In respect to the reopening of the Exchange, he said that it would not take place until the members had time to look about them and find out where they were. This might come to pass some time to-day, but it might be Wednesday before the Exchange could be opened. The longer it was closed the better. Its closing has preserved scores of firms, and saved millions of dollars. While it continues closed no member can sell on the street under penalty of expulsion, and all contracts are in abeyance. Subsequently a TRIBUNE reporter conversed with H. G. Chapman, of Ward, Campbell & Co., the President of the Stock Exchange. Mr. Chapman said that the Exchange had been formally closed to allow the brokers and dealers to see how they stood, and to arrange their accounts. Men had been dealing in an excited fashion, and they could not tell whether their transactions would ever be settled. The discrimination exercised against certain banks, and the troubles that had ensued admonished them of the dangers which attended the further transaction of business on the Exchange until matters had reached a secure basis. Although it was intended that the closing of the Stock Exchange should allay the public excitement. it had precisely the opposite effect for a time, as a precedent of the kind had never been established, and the announcement of the closing fell with ominous effect upon the street. It was generally conceded, however, that the measure was a good one, and prevented the already depleted exchequer from being actually drained, in a monetary sense. THE GOLD EXCHANGE BANK CLOSED. Not since the eventful epoch of Black Friday has the Gold Exchange Bank (the clearing-house of the Gold Exchange) been obliged to cease its operations. According to the rules of the bank payment of all balances due the bank must be made at the time the statements are handed in; if currency. by certified checks; if gold, by certified checks, coin, or United States Treasury gold certificates. All checks paid to the bank must be made payable to the order of the Metropolitan National Bank for credit of the New-York Gold Exchange Bank. The bank will pay all balances due its dealers in checks on the Metropolitan National Bank, payable to the order of the dealer at 13 p. m., or as soon as the necessary examination of statements is completed, but in no case will make any payment of balances due dealers until all balances due the bank shall have been handed in. Owing to the bank troubles it was difficult to obtain the requisite certification, and as the rules of the bank would not admit of the receipt of uncertified checks, the President of the Gold Exchange Bank issued the following order: Notice is hereby given that a general clearance cannot be effected this day owing to the fact that many of the dealers find it impossible to get their checks certified in a proper manner. All statements, tickets, and checks will be returned to the dealers on application to the bank. R. L. EDWARDS, President. There were a large number of differences to be settled at the time this notice was received, and there was a rush of dealers to secure the return of their statements. is.was soon over, and at an early hour the bank was almost deserted. William S. Matthews, the cashier, said that there was no embArrassment whatever 80 far as the bank itself was concerned. Four years ago the vast clearances had proved too much for it, when, in addition to its work as the Gold Exchange Clearing-house, it was doing a general banking business. But in this time of universal distrust the bank deemed it wise to forego its usual payments of differences, and by a suspension of its business tacitly to allow dealers osettle if they chose directly with one another. As soon as the fever of the day and the shaken condition of one or two banks were known, a meeting of the directors was called and action determined upon. The trouble with the ordinary method of clearance on `such day was ten-fold. In the first place it was difficult to know what banks to trust, and if any attempt were made by partial clearances to distinguish between banks an unending complication would arise, which it would be as impolities to court as impossible to settle. THE UNION TRUST COMPANY CLOSED. ITS SECRETARY A DEFAULTER-AN IMMENSE LOAN TO THE LAKE SHORE RAILROAD. As early as six o'clock on Saturday morning half dozen depositors presented themselves at the

5. September 23, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 23, 1873

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A RETURN OF SANITY. CONFIDENCE RESTORED IN WALL-ST.-THE STOCK EXCHANGE STILL CLOSED-THE GOLD EXCHANGE AND BANK TO BE OPENED TO-DAY. Although considerable excitement prevailed in Wall-st., yesterday, at the opening of business. yet it was evident that the feverishness of the past few days had passed, and that reason was gradually resuming its sway. Men formed in groups on the street and discussed the situation earnestly, but dispassionately. Whatever demonstrations were made proceeded from 'outsiders," and not from actual dealers OF frequenters of the street. The streets were crowded, and locomotion was uncomfortable, and even difficult, but the great bulk of the people had no business there and came only to witness the anticipated excitement, and the breaking" of the banks. They were very much disappointed, however, as the banks did not break, and with the exception of the savings or smaller banks there were no dangerous runs of any kind reported upon any institution of prominence. The closing of the Stock Exchange, the tacit abandonment of business by the Gold Exchange, and the conservative tone of all who had any interests at stake, seemed to allay theapprehensions of all, and by 3 o'clock a cheerful feeling had actually returned. Nearly all seemed to concur in the belief that the worst had been seen and that a brighter day was about to dawn. The Stock Exchange was not opened yesterday, the Governing Committee having deemed it advisable to keep it closed for at least another day. As a consequence, there were no official quotations, although there were a number of private transactions in the offices and a few on the street. A number of capitalists, with ready money in the shape of legal tenders, spent their time in endeavoring to effect bargains by purchasing good securities at low or panic figures. In this they were slightly successful, as they succeeded in getting good securities at considerably less than their real value. Among these were several hundred shares of NewYork Central at 90, 96, and 91 ; Rock Island at 88, 92, and 90 ; Western Union Telegraph at 65, 72, and 69: Wabash, 47, 50, 48, and 50 rth-Western Common, 45 and 50: Union Pacific, 20, 211. and 21:C. C. and I. C., 20. 23. and 22: Harlem, 105 and 110; Ohios, 28; Lake Shore, 80, 85, and 81; Pacific Mail, 36 and 38. All these were cash sales. The Governing Committee of the Stock Exchange appointed, yesterday. a committee to confer with the Clearing-house Committee for the purpose of deciding upon the Best measures to be pursued. It is understood, however, that the conference had no decided results. A meeting of the Governing Committee will be held at 9:30 a. m. to-day, at which it will be decided whether the Exchange shall be opened or not. The Gold Exchange opened at 10 o'clock as usual. The President. Mr. Morris, called the Board to order, and on motion of Robert L. Cutting, jr., it was unanimously resolved that the room should be kept open for the arranging of loans and the settlement of Friday and Saturday's business through the Clearing-house, and that member offering to buy or sell gold in the Exchange any or on the streets should be expelled. The best of feeling prevailed. It was also resolved that the price of gold be fixed at 112 for settlement between the members of the Clearing-house transactions, and the carrying rate for gold was fixed at 7 per cent per annum. It is expected that the Exchange will reopen again to-day for the transaction of business. The Gold Exchange Bank, the clearing-house of the Gold Room, completed, yesterday. the clearances for the transactions in gold on Friday and Saturday, involving an amount of $92,075,000. This bank will also resume its functions this morning. The Loan Committee of the Clearing-house was established yesterday in apartments on the second floor of the Bank of New-York building. F. D. Tappen and Manager Camp were in attendance. They stated that the scheme was moving smoothly. and the Clearing-house had come to the conclusion that if the $10,000,000 of certificates were not suflicient they would issue more. There were nearly $6,000,000 of the new loan certificates received yesterday at the Clearing-house THE GOVERNMENT'S HELPING HAND. PURCHASES OF FIVE-TWENTIES-SAVING8 BANKS SEEKING TO CONVERT THEIR SECURITIES. The following notice was suspended near the cashier's window in the United States Sub-Treasury yesterday: UNITED STATES SUB-TREASURY, NEW YORK, Sept, 1873. The purchase of bonds to-day will include all the difof 5-20s. Payment will be made in currency ferent series in coin. at the rate of 110 72-404 and accrued interest By 11 a. m. a large crowd had assembled in the corridor awaiting their turn to dispose of their bonds; but the clerical force was sufficient to attend to them with great rapidity, and by noon all the bonds offered up to that time had been purchused. From that hour until 3 p. m. there were occasional offers. one small lot coming in just before

6. September 27, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 27, 1873

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cent was for the use or gold, and one time 1 per cent. Then came the news that there would be trouble clearing gold at the Gold Exchange Bank. On inquiry it was found that two dealers were behind hand with their statements, and did not care about paying the high loan rate for the use of the coin with which to clear. The temper of the market at this time was such that if a clearance had not been made a new panic would have resulted. The officers of the Gold Exchange Bank did their best to secure clearing and finally succeeded. Then the shorts began to cover, and in the confusion the market was very excited. The price moved up to 114), against 111) at the opening. The first failure at the Produce Ex change is reported. A very respectable houses, though not one of the largest whose credit has been first class has, it is said, been forced to succumb in consequence of the trouble in the export trade. The name is not given. The announcement of the suspension of four Chicago banks created a temporary depression, but the press dispatches were reassuring in tone, and soon restored confidence. Leading members of the Produce Ex change were interviewed to day, with the following result No very bad effect has as yet extended to the flour trade, and dealers have every codfidence that their business is to suffer no serious injury. They are running carefully, and are taking wise precautions against disaster. Fortunately, the stocks are moderate for the season, and receivers are not pressing sales. Shipping grades have declined 50 cente. and family grades 25 cents on the barrel The heaviest consignees have advised the withholding of drafts by Western pa ties as a precautionary measure only Provision dealers have expressed very similar views The shipping movement is has been checked, and unless the block shortly relieved there will be sacrifices. The only relief is free exchange. There was small business in lard on the part of speculators in the general packing and shipping trade. Things are tightening, but exchange can yet be sold at some price The feeling of grain men is like wise reassuring There are croakers, of course, and there are a few who have more reason than others to apprehend the difficulty because they have more on their hands than they can carry along, but the common sentiment 18 that notwithstanding grain has got to stand the brunt of trouble in the commer. cial world, it is yet the most solid and substantial interest in the whole country. Considerable grain was purchased to day for steamers sailing to-morrow. There was considerable excitement at the Cotton Exchange to-day, and a great many sales were made for October prices which varied little from those on Thursday The arrivals of cotton to-day were from Galveston 1,559 bales, Charleston 225, Wilmington 71, Norfolk 313 and Rich mond 129. THE GOVERNMENT GETTING MONEY OUT OF THE PANIC. WASHINGTON, Sept. 26.-Over $12,000, 000 worth of bonds having been purchas ed by the the Treasury Department, the annual saving of interest to the Govern ment will be about $750,000 in gold. EVERYTHING CHEERFUL AT BUFFALO, BUFFALO, Sept. 20.-Everything in fi nancial and commercial circles wears a cheerful aspect here to-day Nobody Scared at Ft. Wayne. FT WAYNE, Sept. 26.-As yet neither the banks nor the people have been at all alarmed with the financial crisis in New York and other cities. Our banks are paying all depositors whatever they demand. and business is going on as if nothing had happened. The Presidents of the Ft Wayne National, Merchants' National and First National Banks say that they will continue paying as long as they have a dollar. No one shows the least symptoms of uneasiness. The re. ports from a parts of the country, whethfavorable or unfavorable, do not change the condition of affairs here in the least. The Feeling at Cincinnati. FEELING OF SATISFACTION OVER THE A ACTION OF THE BANKS-THE PEOPLE HOPEFUL AND RESOLUTE CINCINNATI, Sept. 26.-The second day under the new bank arrangement has passed satisfactorily. At a meeting of the Clearing House Association held this afternoon after bank hours, the general opinion appeared to bethat matters were working favorably The banks and bank ers also seem to be thoroughly in sympathy with the plan adopted, and there is a manitest and cheerful acquiescence in the expressed wish of the majority in relation to all the details of the movement The association at this meeting adopted a resolution, the nature of which was foreshadowed in last night's dispatches This provides that all currency deposits hereafter may be drawn upon at the will of the depositor. This makes for future deposits a new rule from that applying to the old ones, and will invite cu rency from many quarters where now lying unused. All the securities thus far demanded by the committee in charge of the matter have been forthcoming The general feeling here today is one of-satisfaction in relation to the action of the banks. The news from Chicago had a depressing effect on Change, but did not produce "panicky feeling There has been but little doing in the general market Things are largely at a stand still It almost impossible to negotiate drafts at present, and as a consequence the movement of the hog product is almost suspended. Buyers are ndisposed to makenew purchases, and holders have no inclination to throw stocks on a market which is unprepared to receive them. The business men are as rapidly as possible adapting themselves to the changed cumstances and the whole temper of t people is to grin and bear the pinch until confidence shall be restored and the blockade on commerce relieved EXPECTS TO RESUME. of WASHINGTON, Sept. 26.-Mr. Fant,

7. September 27, 1873 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 27, 1873

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tinuing demoral's d. The last quotations were 103 for 60 days r bankers bills and 104 for denand with cable transfer- he way from 104 1051 commercial, 60. day bills, 101, @ 102. and 103 for 60 days Sight. If the business could be done at even these rates the situation would not be so hard as is. Custom receipts o-day 8358 000. There has been a more excited feeling in Wall street/this afterno in caused by reports soon. after 1 o'clock that be, Gold Exchange Bank could not effect its clearances be cause To members of tlie Gold Exchange were uuable to make settlements. Tlie delinquent parties were Rufus Hatch and James Kitchen. However the matter was finally adjusted by Drexel, Morgan & Co. The rouse of g old during the day, consequent on the above rumors, was advunced to 113 and als subsequently the shorts, in their attempte to cover fur her advanced the premium to 114 The day's business at the G old Exchange Bank was. gold.cleared. $25,21+,000 gold balances, $1.357.359; currency balances, $1,632,879. The rates plaid for borrowing have been & per cent. and flat ta 3 percent for carrying. At the opening gold loans were made flat and at 2. and 1 per cent. for carrying. but af terwards borrowers paid the following rates for use, 1-32, 16, 1. and & per cent. Late in the day the rate fell to 1/2 per e nt. and then to flat. At the very close 3 per cent. was paid for carrying. Gold closed at 114. As soon as the announcements were made of heavy shipments from abroad the speculation in gold began and heavy sales were made in expectation of securing the gold here for temporary use. It is supposed the disturbances were caused purposely by Canada people who own their gold and who, since the closing of the Stock Exchange, have brought money from Cana la for the purpose of bu inv stocks at pa ic prices. The London dispatches that there is a probability of a further advance in the Bank of England of at least 1 per cent. next week exere sed a depressing inflnence upon securities, and in that regard was condusive to higher gold. The movement in gold be nf robbed of is sensation the sransactions of the gold room this af ernoon sh W that the specula ive wheel is turning and that while the Stock Exchange is closed and the gold room open there is still a channel left in which specula ion may run, and it does not lose the opportunity of creating a légitimite price for old, although there may be none for stocks The following is the Gold Exchange Bank statement Gold cleared. $24,209,000; balance, 1,357,330.40; currency balance, $1,632,879.60. The foreign inchanges were decidedly lower, and some few loans were make in the morning at extravagant rates. The following are the latest quotations of stocks: New York Cen trala 87 bid, 88 asked Erie 18 bid, 49 asked Pacific Mail 29 bid. 30 asked; Western Union 55 bid, 55 asked; Uni n Pacific 18} bid, 19 asked. Domestic Markets. NEW YORK. Sept. 26-Evening- in little better request for export at irregular prices; sales 900 bales: Middling uplands 174c. Flour is dull and 10 25c lower: demand chiefly for local trade; shippers not in market to any extent; sales 7400 bbls: State at 525@ 00; Southern @ 10 75; also sales of 4509 bbls of extra mill Flour at 6 871 0 for good to choice brands. Wheat without decided change, with only a limited export inquiry, partly to fill pre vion freight engagements e little willing inquiry sales 136,000 bush No 1 Chicago Spring at 145 cash to-morrow; small lots of No 2 Milwaukee 1 46 No Spring 137; No 2 Chicago 140@ 42; also Winter Red and Amber Western sales of 75.000 of No 2 Chicago first half Oct at 141.Corn very scarce and a firmer, only a very moderate demand, closing rather qujet :sales 56,000 bush ;steamer Mixed Western at 60 @ 62c; sail at 63 64c Oats without decided change;sales 39,000 bush White Western 48 @ 51c; old and new Western mixed 48 @ 52c. Beet is quie+ new plain mess at 8 00 @ 1050 extra do 11 25 @ 12 50. Pork a shade lower and dull; Whiskey lower; Western free at 96 @ 97c; regular 98. Rice niet and nomina; arolina at 81 a 94c. Sugar is dull an declining; Claye. at 7} @ 83c; refining 73 @81: Cuba 89 Havana White 94 @ 11c. Coffee dull; Laguayra 22 @ 23c; Rio 21 23c; Mar acaibo 22 @ 23c; Java 21 @ 26c: St Doming 20 @ 201c, all Gold. Molasses quiet; Clayed 30 @ 36c; New Orleans 60 @ 90c; Porto Rico 30 @ 65c; Muscovado 30 @ 37c. Naval Stores-Spirits Turventine dull at 39 @ 40c Rosin is dull at 90 for strained. Petroleum dull and nominal; crude 5g @ 6; refined 19c. Tallow quiet. Freight to Liverpool more active; Grain per steamer at 104 @ 12d. CHICAGO, Sept. 26. The following is near as can be arrived at closing quotation cash: Wheat, No 2 Spring 94c; No 85c; rejected 75 Corn: Mixed No 2 34A @ 35. Oats-No22 Rice-No 2 at 63c. Whiskey at 90c. Lake Freights; Corn to Buffalo 8c. Receipts- 7,000 obls Hour, 168.000 bush wheat. 175. 000 bush corn, 50,000 busb oats, 5,000 bush rye, 29,000 bush barley, Shipments- 8000 obls floor, 103.000 bush wheat, 324, 000 bush corn, 46.000 bush oats, 4,000 busb rye, 00,000 bush barley, 0300 hogs. 101 COO. ept. 26.-Flout is dull and unchanged. Wheat dull nd lower; sales Amber Michiganor spot or seller Sept at 1 35; do Oct 1 37: No Red cash and seller Sept do Oct 135. Corn is dull and lower: high Mixed cash and seller Oct 46c;low Mixed cash 45c. Oats dull; sales No at 34 @ 35c. 8. Freights dull and nominal. Corn to Oswegn at Receipts- -2,000 bbls flour, 9,000 bush wheat, 25,000 bush corn, 7,000 bush oats. Shipments-1.000 bbis flour, bush wheat, 25,000 bush core. 1,000 bush oats. DETROIT. Sept. 26. -Flour is quiet and unchanged 775@ Wheat quiet and weaker; sales extra White 1 53; No White 1 48 @150. Corn is steady; Yellow at 48c. Oats are in good demand at 35c. Lake Freights-to Oswego at 11c. Receipts 3,000 bbls Hour, 22,000 bush wheat, 0,000 bush corn, 4.000 bash oats. Shipments-9000 bbls flour, 11,000 bush wheat. 2000 bush corn, 2000 bush oats. CHARLEST ON. Sept. -Cotion more active; Middling uplands 15}c. SAVANNAH, Sept. 26.-Cotton quiet; Middling uplands at 161 MOBILE, Sept. 26.-Cotton quiet; Middling uplands 16c. NEW ORLEANS, Sept. 26.-Cotton in better demand. Europeau Earkets. LONDON, Sept. 26-4 30 M.-Cousols 921 @ 92g for money and account.

8. September 27, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 27, 1873

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New York Stock and Money Market. NEW YORK, Sept. 26. LATEST MONETARY. The feature of the day was gold speculation humediately on the announcement of the shipment from London of half a million sterling. A heavy demand for cash gold arose and commanded I'c to age per day. Clearings in the Gold Exchange bank was retarded by refusal. Short dealers pay extreme rates necessary to make their accounts good. Morgan & Co. advanced six hundred thousand in gold, the amount In deposit, to the Gold Exchange bank, enabling It to complete clearings and saving additional trouble to dealers. Greenbacks command a premium of four per cent over certified checks, Other than this there 18 no rate for money. The president of the clearing house to-day appointed a committee of nine to investigate the condition of banks and suggest such practical reforms as they deemed necessary. The report of the committee on clearance of stocks WSS referred back to the committee by the governing board of the Stock Exchange and the board adjourned till 10 a.m., to-morrow. It is stated that this was due to the fact that Vanderbilt and Gould are privately selling their contracts which will clear the market of large blocks of stocks and enable the Exchange to re open withont fear of a rush of sales under the rule. Foreigh Exchange is very weak. Bankers sight 104: Cummercial 102. Treasury disbursements to-day amounted to $89,000. The Customs receipts to-day amounted to $358,000. The clearings at the Gold Exchange to-tiay were $24,250,000. The clearing house has Issued 19 000,000 of certificates to date. Clews & Co are out in a card proposing to resume business in the same manner proposed by Howes & Macey yesterday, by opening new accounts and settling old ones as fast as securitiet on hand can be realized upon. The name or the produce firm reported suspended to-day is not made public.

9. October 2, 1873 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, October 2, 1873

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The following is a list of the New York firms and individuals which suspended on the 18th and 19th: Jay Cooke & Co., Fisk & Hatch, Union Trust Company, National Bank of the Commonwealth, National Trust Company, Gold Exchange Bank, Jacob Little & Co., E. D. Randolph & Co., George B. Alley & Co., W. H. Warren & Co., Greenleaf, Norris & Thomas Reed & Co., Whittemore & Anderson, Beers & Edwards, Eugene J. Jackson, White, De Freites & Rathborne, A. M. Kidder & Co., Smith & Seaver, Theodore Berdell, Hay & Warner, Day & Morse, Vernan & Hoy, Fitch & Co., W. E. Connor, Ketchum & Belknap, Taussig, Fisher & Co., C. G. White, Williams & Bostwick, Peter M. Myers & Co., Lawrence Josephs, Fearing & Dillinger, Saxe & Rogers, Brown, Wadsworth & Co., Miller & Walsh, Edward Haight & Co.