15920. Gold Exchange Bank (New York, NY)

Bank Information

Episode Type
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
f0bd6ecb

Response Measures

None

Description

The Gold Exchange Bank in New York became unable to settle the enormous Sept. 24 gold-room balances, faced injunctions and a receivership at end of September, and arrangements were made for removal of the receivership and resumption of clearings and business by early October–November 1869. The coverage describes a market/gold panic and clearing failures rather than a classic depositor run; therefore I classify this as a suspension (receivership/temporary halt) followed by reopening. Key OCR dates corrected where necessary.

Events (4)
1. September 24, 1869 Suspension
Cause
Macro News
Cause Details
Market panic/attempted corner in the gold market (huge Sept. 24 transactions) overwhelmed the bank's ability to clear balances and settle accounts, producing a halt to normal clearances and legal actions (injunctions).
Newspaper Excerpt
The transactions were so enormous that the Gold Exchange Bank could not settle at the regular hour...it temporarily keeps the gold dealers out of large amounts of money
Source
newspapers
2. September 30, 1869 Receivership
Newspaper Excerpt
The Gold Exchange Bank has gone into the hands of a receiver. ...An officer of the bank went into the Gold Room on the morning of Friday, the 24th inst., and suggested...it would be impossible to clear the transactions of that day...Receiver Augustus Hall appointed temporary receiver (and later C. N. Jordan).” (articles around Sept. 30, 1869).
Source
newspapers
3. October 9, 1869 Other
Newspaper Excerpt
Arrangements are stated to have been made, which will result in the formal removal of the Receivership over the Gold Exchange Bank on Tuesday next, and the affairs of the bank will then pass temporarily into the hands of the trustees, under the direction of C. N. Jordan...which, when completed, the Bank will resume business as usual.
Source
newspapers
4. November 6, 1869 Other
Newspaper Excerpt
The Gold Exchange Bank receiver has been removed and the bank will to-day announce its readiness to resume clearings. ...The receivership of the Gold Exchange Bank has been vacated.
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. 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.

3. September 27, 1869 New-York Tribune New York, NY
Article from New-York Tribune, September 27, 1869

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failures reported in some of the morning papers, with one or two exceptions, were due to this cause; and if the Bank, on Monday, 18 able to pay out the balances now held belonging to the street, the panic will have blown over with less than the usual number of failures, although the losses on the advance in gold exceed anything ever known in the street. The balances of the Gold Exchange Bank for Thursday were $324,000,000, and it is believed that when Friday's balances are struck that it will show the transactions for that day to have been $500,000,000, which exceeds in Wall-st. amount anything ever known in the history of speculation. The profits of the cliques cannot be stated at anything near the actual figures, but the difference in their favor on Friday was $11,000.000. The short interest was enormous. $20,000,000 of contracts were settled privately at 148@150, and the settlements in the open market were many times that amount. When the business of the week is closed up it will probably leave the bulls in gold with all the coin in the street on hand, and they will be found to stagger along under the load or sell out at a sharp decline in price. The feeling in the street to-day indicated that the trouble was about over, and there was an entire absence of excitement. The Tenth National Bank was subjected to a run during the day, and paid out one million of dollars, keep. ing open their doors until six o'clock in order to oblige their customers. The cause of the dis. trust came from the fact that a controlling interest in the concern is owned by the Erie direction, and it was feared that in some way it might be compromised by the operations of its owners. Mr. Callender, the Bank Examiner, however, pronounces the bank to be in a sound condition. In regard to the reported failure of Smith, Gould, Martin and Company, it is proper to say that they met all their maturing obligations to-day. Wm. Heath & Company will undoubtedly resuine on Monday, as well as the balance of the brokers operating for the clique whose money was locked up by the Gold Bank. At 11 p. m. the Gold Exchange Bank commenced to pay out gold balances, and will be prepared on Monday to resume business. Gold sold privately throughout the day at 133@136, and the bulk of transactions at 135. Government bonds were dull but firm under the purchases made by the Government. The sales were moderate in amount and confined to cash transactions. The bids for the $4,000,000 gold advertised by the Treasury to be sold at noon, under reservations, were very numerous-$9,337,500 in amount. The Treasury accepted offers to the amount of $2,000,000 at from 1321 to 134₫ P cent, as follows:

4. September 28, 1869 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 28, 1869

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TELEGRAPHIC MARKETS. NEW YORK. NEW YORK, September 27. Themoney market in the torenoon was in a state of utter confasion. The enormous balance locked up at the Gold Exchange Bank, made it impossible to get money, and street lenders were exacting rates for carrying securities, ranging from 14 per dent in Government securities to 2/1 per cent on New York Central. In the afternood the market suddenly let up, and rates fell to 7 per cent on stocks, and 6 per cent on Governments. This unexpected relief checked the panie in stock exchange, and caused a sharp rebound in prices generally, Foreign exchange quiet and firm, but entirely nominal at 108a109 for first class bills. Gold has been quoted all the way from 131% a 135, among dealers, closing nominally at 1:4a136. Govbonds ernment securities strong. State dull-Tennessee 8, old, 60; new,231/4 NEW YORK, September w.-Cotton-without decided change. Sales, 1600 bales. Uplands, 26c. Flour, $5 80a6 10. Whisky, SI 18. Wheat, Amber Western, SI 45al 29. Corn 94a$1 10. Rice steady, Carolina Face. Coffee steady, Java, 23c. Sugar, Cuba, 12% Molasses nominally unchanged. Dry Goods-Owin to the disturbed state of gold and the money market, and the downward tendency of cotton, the market for textile fabrics. is marked by less animation, and certain styles of cotton goods are little easier. Red cross wigans are drawn from 143/a131/c; Greene Starke from 14a131ee Congress do. from 12%(al2c; Swift river licking from 10k/albe, and Thorn Lake down from 17%a.17. The 6500 fresh and 400 stale on sale to day, making 876 for the week, have broken down. CINCINNATI. CINCINNATI, September II.-Family Flour 75a6 00. Corn 950a96. Oats 50a56. Whisky $1 15. Pork 832. Lard 18. Bulk shoulders Here; bacon shoulders 161/2; sides 20. Clear sides 18. Wheat, red $1 was 20. Rye $1 00. Butter 30a35, Eggs 20. ST, LOUIS. Sr. LOUIS, September 27.-Flour, superfine, $5 0085 50. Wheat No. 2 Red, fall, $1 07al 10. Corn 95al 10. Oats 44% Rya 8"8871/2. Groceries quiet and unchanged. Bulk meats, clear rib 173. Pork $2508/H Racon should ers, 161/4. Sides, 193/a20. Lard 1874. TobaccoLugs to medium bright leaf, Sa40o. CHICAGO. CHICAGO, September 2.-Flour, spring 0X tra, 51 Wheat $1 10% Corn 7514. Data Rye 82. Highwises $1 10. Cuba Sugar 13% all. Pork $33 75a34 75. Lard 18a18% Bulk meats 141/g; sides 181/4. LOUISVILLE. LOUISVILLE, September 7.-Flour, superfine, $5 00a5 25. Corn 95al 00. Oats 45a50. Tobacco, sales 20 hids at 87 75a12 25. Pork 832 50a33 00. Baron 171.29 te 24% Hams 26 25. Lard 191/2 Whisky 15al 18. NEW ORLEANS. NEW OrLEANs,September .-Cotton lower, sales 1426 bales middlings at 2614; receipts 22:8; Flour dull and ower-superior XX and XXX 50. Pork, $3.75 Bacon firmer at 71/a 20% Card Gold 3436 Sterling 447/2 New York sight par to 1/4 discount FOREIGN. LONDON, September 1-Evening.-Consols for money 92% No price for gold at noon. On Governments, 131. On account 927493 American securities firmer. 5-20 bonds of '62 do. of '85 8314: do. of 187, 828. 10-40s 75; '628 at Frankfort LIVERPOOL, September 27.-Cotton, firm. Midiling Uplands, 12/4a12yd; Orleans, 12%a 10%d; sales, 12,000 bales. California white wheat 10s 8d. Red Western 98 3da9s 4d. Western flour, 24s. Corn 29s 8d. Oats 3s 6d. Peas 45s.

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 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.

7. September 29, 1869 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 29, 1869

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MONDAY IN NEW YORK. General Confusion and Alarm-Great Stetugency in Money. NEW YORK, Sept. 27. To sum up everything, nothing has been done in the gold business in Wall to-day. It is certain that promi. nent firms are involved, and that crash will soon follow, which will be felt by the whole country. The Gold Exchange Bank has not yet settled Friday's balances, nor will It do 80 until It is forced to It. The brokers are fearfully indignant, and threaten to mob the place to morrow. The President of the bank Is a partner In the firm of Lockwood & Co., which is reported dead broke. There are good grounds for believing that the bank is interested in the operations of the clique, and that Friday's settlement has been postponed, so that the balances belonging to the sound firms may be used In bolstering up the broken parties, who are making an onset on the stock market, and creating panic; therefore, the purpose of cover. ing themselves. Lockwood & Co., to day, sold twenty thousand shares of Pacific Mail, cash delivery; for what they would fetch. This shows the desperate straits to which they have been reduced. The failure of Zeroga & Graves, Charles W. Keep & Co., and James Brown & Co., reported on the Gold Ex. change, to-day, will inevitably insure the failure of from ninety to one hundred smaller firms. This I have from the lips of two prominent officers of the Gold Exchange. It is now reported that William Belden has disappeared with over ten millions in gold. James Fisk, Jr., and Gould keep out of sight: Their lives would not be worth a rash If they would appear In Wall street. Some of the clique assert that Fisk is totally ruined, unless be repudiates all his verbal and written contracts. They also aver that Jay Gould has made millions of dollars by the transactions, as he played sharp on his comrades, and secretly sold out at 145, while Fisk was buying in. Everybody seems panic-stricken, and the approach of the morrow is dreaded. council of the clique was held, last Thursday evening, at which Fisk, Gould, Woodward and others were present. Mr. Woodward, an old, and of late successful manipulator. counselled a equeeze of the short Interest at the then price, 145, or thereabouts, he claiming that it would ruin the street to put it up higher. Mr. Fisk, however, was clamorous, and insisted upon putting it up to 160, on the ground that some one had 'gone back' upon the clique. The adoption of the course suggested by him has accomplished just what Mr. Woodward predicted, and when Friday's transactions come to be adjusted the result will be that one-half of the dealers in the Gold Room will not know where they stand, and probably will go under. The confusion in the money market continued during the morning, a general distrust prevailing in financial circles, and rates have been Irregular and unsettled. The stringency has been aggravated by the large balances, estimated at $12,000,000 to $14,000,000, locked up at the Gold Exchange Bank, and hence the street rates have ranged from 7 per cent. in gold to 1/21/1 per cent. per diem on the below par stocks, and as high as and 21/2 per cent on above par stocks, the latter being the rate on New York Central. Much caution has been observed dur ing the day by lenders, and at the close some balances were left with Government houses at the legal rate. The rate on stocks. however, was unchanged. In discounts, business is at an entire stand-still. Under the extreme strin. gency in money, and the want of confidence in business circles, as, also, general distrust existing pending the settlements at the Gold Exchange Bank, the railway share market has been heavy and lower, with a pressure to sell the more active shares. This pressure was further due to the report ed failure of a prominent house, which added to the existing confusion. In the afternoon, upon the denial of this report, and the easing up in money, more confidence was restored, and an advance was noted in the entire list; but at the close there was another reac. tion, and the market left off weak and unsettled. Harlem felt the pressure the worst of all, and declined sixteen per cent.

8. September 30, 1869 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 30, 1869

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TUESDAY IN NEW YORK. The Gloomy Outlook-Apprehensions of a General Crash. NEW YORK, Sept. 28. Everything portends to a grand crash, and one worse than that of 1837. The excitement in the street to-day has been as intense as at any time recorded during the last week. The money market has been in a state of confusion and distrust, and the rates have been flat to one-fourth of one per cent. on gold, seven gold to one-fourth of one per cent. additional on Government bonds, and as high as two per cent. on railway shares, and 80 must distrust and lack of confidence existed that money could scarcely be obtained at any rates. A number of city banks held over until 6 o'clock, for the purpose of certifying checks for the accommodation of parties who had failed to make good their accounts. There has been no regular price for gold to-day, but over the counters of the principal dealers it has ranged from 131 to 132, on small sums. Prominent men on the street assert that the banks will suspend to-morrow. The banks are close-reefed, and have looked up all their currency. The statement telegraphed yesterday concerning the operations of the Exchange Bank with outside parties,seems to be verified to-day. The New York Bank found itself unable to settle up Friday's business, and the Gold Exchange Bank refused to do so. It is believed that the Bank, which does business on a capital of $500,000, Is in. solvent. On this capital they did a daily business of $350,000,000. A $10,000,000 smash is expected to-morrow. A committee of the Gold Board is in night session at Jay Cooke's banking house, endeavoring to straighten out Friday's business. The statements of two hundred dealers are missing. The fact of the matter is, that nearly the whole Gold Board are ruined, and the Board is endeavoring to conceal the fact from the pnblic. Fsk and Gould are still missing. It is now known that Vanderbilt has gone back on his friends, and that he is reaping a harvest in the fearful decline in stocks.to-day. The evening Stock Exchange, at the Fifth Avenue Hotel, this evening, was than the of city more speculators crowded being ever, largely throng swelled by arrivals of operators from the rural districts, who have hurried down to the city to look after their imperilled margins. The corner in gold has ceased to be much talked about. The great fall on stocks 10-day, especially in those controlled by Vanderbilt, and the greater fall anticipated for to-morrow, absorb all minds. The despondent predict a universal crash, extending through all departments of trade and finance; but the opinion of the majority, is that the revulsion will be confined to the speculators on gold and faney stocks. The operations to-night, were of small magnitude. Bulls and bears both seemed Inclined to waitfor the morrow.

9. September 30, 1869 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 30, 1869

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TRADE FINANCE AND New York Money Market YORK, September NEW in the Gold Room The stormy debates remarkable depression and and the buoyancy failures alternate and of the receiverships Stock events Exchange, and which instock group of the junctions, make the day form without a At an the equal early in session annals of of the Wall Gold street. Board the following was presented: OF THE NEW YORK GOLD STATEMENT EXCHANGE BANK. To the Committee of the Gold Exchange Board officer : of the Board went of into the Friday, God An Room on and the morning suggested clear to a few the the 24th would inst., be impossible to account of that it of that day on consideraan transactions attempted decided corner, it but was on the duty even at of tion it was make the attempt, the some the Board sacrifice. to The bank in the assumed usual manclearings received movement in payment gold of and balances cura ner very and large amount necessary of to restore to the a rency. It was these amounts large portion or wide-spread of disaster the would bank dealers followed. To do from this the rule of have forced to balances depart before paying a receiving was all went on paying dealers on their any, and the balance margin portion of reserving a safe to the statements, where practicable, make good and any trusting over payment was the dealers to settlement. This Saturday. ou the final on Friday and appointcourse pursued a committee was of the dealers Oa Saturday informal meeting directors, who ed to an with the extendto confer an investigation Sunday, went into Saturday and through nine on the from the the only rejected ing plan to declare good, clearing and dealers basis assume the rest they as deemed practicable. dealsettlements acted on this in paying of bank The emergency house on the clearing ers of The Monday with was the of settlement the banks on Monday and to the Tuesday committee by, a sufficient clearing due by the the balance its control, passed to the secure transferring house at amount House bank. after The bank has now the Clearing its settlement with from the amount of liquiBank, not and far surplus with which soon to as it capital dealers statements is as due from the be ascertained from the date can banks to the dealers what It and is the expectation dealand ers to the banks. results can be approximated now bank that these from all the evidence to be accessible, to-day, and we able believe to pay the all debts. except No solvent exist at present, The dealers' It on our failed or not its obligations as complications has statements. suspended. stated. clear- bank has It paid Monday's all obligations at the on Tueshas in gold, at par, and in securities day ing house $1,000,000 in gold and say $1,300,000 (Signed) H. W. BENEDECT, Pres't September committee 28, 1969. of twenty appointed steadily The Gold Exchange worked four by the statements of dealers since at one on the yesterday afternoon remained and to P. M. those of Smith. o'clock only two Statements Gould & Knickerbocker & Martin as far as ascertained net are short with be received, result and the Co. is Gold that The House Exchange of gold, the dealers Clearing which about Smith, one & no doubt in Gould at million 135. dollars There Martin succeed appears are offering effecting to sell them the the the committe will Friday's business, on the basis deupon clearings being made on The differsettlement termined 135 yesterday. and the actual between price ence between to be adjusted The com will remain themselves at 345. to the Gold dealers twenty reported that they mittee Room of in executive making session up of a state- & referred the Smith, Gould to requested Mar. had ment in from to , competent tickets be released of accountants from further and was duty. Their port was accepted. It of the transactions then agreed tha. Friday be settled. board adThe clearing house and has journed till 10-morrow. President of the Gold Room with an of Smith, Gould, been The the served application injunction granted as Martin on & Co., restraining him from selh ling gold on their account, according to f 1 rule. The following resolution was passed n by the New York Stock Exchange:

10. September 30, 1869 The New York Herald New York, NY
Article from The New York Herald, September 30, 1869

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that foreign dealers are in the habit of shipping steel to their agents la this country at much lower prices than they receive for it at home. In this way they claim the revenue is defrauded and they asked that the matter will be looked into, which was promised by both the President and Secretary. Secretary Boatwell has been requested to contribute to the Society for the Suppression of Gambling, in order that the government may have the benefit of the society's espionage over its employes. Measrs. A. T. Stewart and Claritin & Co. each pay the society $2,500 per year. The Secretary, however, found no authority for the appropriation. Commissioner Delano has decided that druggists who seil liquors in small quantities must pay a retail license. A store in Meadville, Pa., was robbed by burglars on Sunday of $510,000 in bonds and stock, all of it unnegotiable except by the owner. Governor Pile, of New Mexico, is organizing companies of mounted millia to suppress Indian depredations, and says that he will have the Territory in a state of complete defence soon, if the Quaker system of dealing with the Indians does not interfere with him. The British man-of-war Albatross has arrived at Halifax from Bermuda, with yellow fever on board. A place is to be selected at Gaspe bay, Canada, for the landing of a new Atlantic cable. The City. The situation in Wall street is still critical, although a better feeling prevailed at the close of business last night. Curiously enough, this improvement followed the failure of four houses, one of them the large banking firm of Lockwood & Co., but the paradox is explained by the relief which is given to the street by the removal of this firm who were constant and heavy borrowers at any rate of interest. Their liabilities are not thought to be largely in excess of their assets. Tne Gold Exchange Bank has gone into the hands of a receiver. The Cold Exchange is still laboring over the work of Friday's clearances, The stock market underwent another large decline, but recovered and became buoyant late in the day. The prices early in the day were the lowest yet reached. The prices at the close were an improvement upon them of from two to sixteen per cent. The race between the yachts Alice and Eva for a purse of $2,000, from Sands' Point to Stratford lightship and return, took place on Tuesday, and resulted in a victory for the Eva. That vessel carried about twenty-five per cent more canvas than the Alice. but the latter obtained a start on the "go" of about three minutes. The owner of the Alice has challenged the Eva to repeat the race. Mr. Henry W. Johnson, counsel for the Health Officer of this port, writes to the Shipowners' Association to say that the collection of the Health Officer's fees is sanctioned both by the Supreme Court and Congress. A policeman. who arrested a citizen on a mahclous charge in Brockiya, was sentenced yesterday to one year's hard labor in the Kings county Penitentiary. The North German Lloyd's steamship Weser, Captain Weeke, will leave Hoboken at two P. M. to day for Bremen via Southampton. The European malls will close at the Post Office at twelve M. The steamship Columbia, Captain Van Sice, will sall from pier No. 4 North river, at three P. M. to-day for Havana. The steamship Cleonatra, Captain Phillips will leave pier 17 East river, at twelve M. to-day for Havana, Sisal and Vera Cruz. The steamship Minnetonka, Captain Carpenter, will sail at three P. M. to-day from pier No. 8 North river, for Charleston.

11. September 30, 1869 New-York Tribune New York, NY
Article from New-York Tribune, September 30, 1869

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Amount. Class of bonds. Price. 10,000 1862 reg. 116.05 C. P. Balley 10,000 1867 coup. 116.05 10,000 Nelaton, Bussell 1867 coup. 116.15 9,000 Newton Newton, Ringell & 1867 comp. 116.25 100,000 1865 coup., new. 116.24 J. & W Seligman Co 100,000 J. & W Selignan 1864 coup. 116,24 16,700 1867 Friedms in & Solon 116.05 2,200 1365 Mos An & Sole non 116.05 Teredman & rumon 1,000 1868 116.05 Maxwell & Graves 40,000 1865 old 116.20 Frank & Gaos 203,600 116.25 1862 reg. W. H. Whittingham 30,000 116.25 1865 reg., old. 33,000 W. H. Whittingham 116.25 1867 coup. Total $3,000,000 The Gold Exchange Bank, through its President, makes the following statement of its affairs: An officer of the bank went into the Gold Room on the morning of Friday, the 24th inst., and suggested to a few that it would be impossible to clear the transactions of that day in account of an attempted corner. But, on consultation. it was decided that it was the duty of the bank to cake the attempt, even at some sacrifice. The bank assumed the clearing movement in the usual manner, and received in payment of balance 8 very lirge amount of gold and currency. It was Lecessary to restore a large portion of those mounts to the dealers or wide-spread disnster would have followed. To do this the bank was forced to depart from the rule of receiving all balances before paying any, and went on paying dealers a portion of th balance on their statements, reserving a safe margin ere practicable, and trusting to the dealers to make goo my over payment on the final settlement. This wa e course pursued Friday and Saturday. On Saturday & committee was appointed at an informal meeting of lers, to confer with the directors, who went into an in ligation extending through Saturday and Sunday, or plan to declare nine dealers rejected from the Cinna and assume the rest as good-the only basis of settlment they deemed practicable. The bank act on this in paying dealers on Monday. The emergency of the settlement with the Cleano-House of the banks, on Monday and Sunday, was passed by, transferring to the com. witlee of the Clearing-House a sufficient amount to secure the balance due by the bank. The bank has now at its control (after settlement with the Clearing-House of the bank) not far from the amount of its capital, and surplus with which to liquidate the dealers' statements as soon as to call be ascertained what is due from the bank to the dealers and from the dealers to the bank. It is the a féctation that these results can be approximated today, and from all the evidence now accessible we believe the bank to be solvent and able to pay all its debts. No complications exist at present, except on our dealers' stitement. The bank has not failed or suspended. It has paid all its obligations as stated. It paid Monday's obligations at the Clearing-House in gold at par, and on Tuesday $1,000,000 in gold and say $1,300,000 securities. Septeinber 28, 1869. H. M. BENEDICT, President. This statement was made to the associated banks, and they were satisfied that the bank was perfectly solvent, and had arranged to render all the assistance necessary to carry them through, when an injunction was obtained by a party claiming to be a creditor of the bank that prevented them from action in the matter. Mr. Augustus Hall of the firm of Brown, Hall & Vanderpoel, was appointed temporary receiver. We are informed on the best authority that the bank is solvent and will pay every dollar of its indebtedness. The following were the closing quotations of Government bonds:

12. 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,"

13. 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.

14. October 11, 1869 The Evansville Journal Evansville, IN
Article from The Evansville Journal, October 11, 1869

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New York Items. NEW YORK, October 9. / Arrangements are stated to have been made, which will result in the formal removal of the Receivership over the Gold Exchange Bank on Tuesday next, and 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 back. Their chief business will be to settle the business of Friday the 24th ultimo, which, when completed, the Bank will resume business as usual.

15. 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.

16. 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.

17. 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.

18. 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,

19. October 29, 1869 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, October 29, 1869

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MISCELLANEOUS. Baltimore Gold Exchange Bank Elections, Etc. NEW York, October 28.-Receiver Jordon, of the gold Exchange Bank, made a statement to Judge Cordozo to-day, desiring to turn the bank over to the stockholders. The bank has $290,000 left of its $500,000 capital. It has claims on brokers amounting to $274,000, of which $98,000 are considered good. BALTIMORE, October 28.-At the municipal election yesterday, there were 12,000 votes cast for the Democratic candidates, 6120 for the Republican, and 750 for the West Virginians. The number of registered voters in the city is 34,211.

20. October 29, 1869 New-York Tribune New York, NY
Article from New-York Tribune, October 29, 1869

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Hamburg, 35¼@35½; Amsterdam, 40¼@40½; Frankfort, 40⅝@40⅝; Bremen, 78¼@78¼; Berlin, 71¼@71⅜. The receiver of the Gold Exchange Bank to-day rendered a statement of the affairs of the bank to the Supreme Court preparatory to turning the bank over to the stockholders. The bank has $290,000 left of its capital and surplus; the capital was $500,000. It has claims against brokers for $174,000, of which amount it is estimated $100,000 are good. The unsettled or disputed claims against the bank, which in the opinion of the receiver cannot be maintained in law, amount to about $50,000. The transactions of the Sub-Treasury to-day were as

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 8, 1869 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, November 8, 1869

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New York Money Market. NEW YORK, November 6. MONEY-Closed easy at 4a6 per cent. on call. DISCOUNTS-Very stringent. The receivership of the Gold Ex. change Bank has been vacated. The bank statement is remarkable. The legal tender reserve is lower than for a long time. It is announced that the Assistant Treasurer has now a plentifal supply of c currency. STERLING-Quiet at 1081081. GOLD-Lower; opened at 1271, and closed at 12601261; carrying rates 7a4 per cent., the latter being the last quotation. Export for the week, $640,653. GOVERNMENT STOCKS-The market is firmer. Coupons of '81, 1181; do '62, 115ga115g; do '64, 1131all3g; do '65, 1131all3}; do new, 1154a115g; do '67, 1151al16; do '68, 1153a116}; 10-40s, 107ga 107#: currency 6s, 107 a108.

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. January 12, 1870 The New York Herald New York, NY
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EXCITEMENT IN WALL STREET-A MEMBER OF THE GOLD BOARD EXPELLED.-The speculators in Wall street had a first class sensation yesterday in the trial and expulsion of a member of the Gold Board for alleged violation of the rules as to clearances. The whole affair is so technical and routine in its origin that ninety-nine people out of a hundred will doubtless fail to understand the dispute, but in financial circles it created a great deal of excitement. It will be sufficient to say that many brokers have shown considerable antipathy to the plan of clearing gold through the Gold Exchange Bank, which was so miserable a failure in the late gold panic. Lately some of them have refused to deposit large checks with the bank unless they received certified checks in return for the amount due them. a The trouble culminated yesterday when prominent broker refused to deposit bis goldsome nine hundred thousand dollars' worthunless the bank gave him back a certified check for the currency. This the bank would not do and the clearances were suspended. The Gold Board then met, and, after a long debate, expelled the broker.

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