Gold Exchange Bank (New York, NY)

Episode Information

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

Metadata

Events (3)

1. September 24, 1869 Run
Cause
Macro News
Cause Details
Panic in the gold market following the attempted corner/Black Friday led to heavy withdrawals and inability to settle balances at the bank
Measures
Advanced funds to dealers, paid obligations as far as possible, paid out gold and currency to restore clearings; later paid 25% dividend to creditors
Newspaper Excerpt
the gold Exchange Bank could not settle at the regular hour...enormous balance locked up at the Gold Exchange Bank, made it impossible to get money
Source
newspapers
2. September 29, 1869 Suspension
Cause
Government Action
Cause Details
Court injunctions and appointment of a receiver (legal action) put the bank into receivership and halted normal operations
Newspaper Excerpt
the Gold Exchange Bank be placed in the hands of a receiver...Augustus Hall...appointed receiver
Source
newspapers
3. October 11, 1869 Reopening
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...when completed, the Bank will resume business as usual.
Source
newspapers

Newspaper Articles (25)

Article from The Daily Dispatch, November 19, 1868

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


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.


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.


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.


Article from Alexandria Gazette, September 28, 1869

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# NEWS OF THE DAY. "To show the very age and body of the Times." A sad affair happened in Montgomery county. Md., some days ago. John H. Nichols, of Howard county, went over to his brother in-law's, in Montgomery county, who keeps a store midway between Laurel and Sandy Springs. Some altercation took place between them on Thursday night, which resulted in Simms firing two shots from his pistol, one of which took effect in Nichols's side—the other passed through his wife's hand, and also his hand. Nichols was taken home, and died on Saturday night following. The dead lock in the financial circles of New York, consequent upon the struggles of the preceding days, continued yesterday. The Gold Exchange Bank has yet made no settlement, and its affairs are further complicated by injunctions which have been laid upon it to prevent its paying over deposits and checks. The courts have been appealed to, and Belden, McKinney and Hooper are in demand by the officers armed with writs, who are anxiously looking after them. Application will be made at the next session of Parliament for a charter for a Union Pacific railway, to be constructed from a point on the eastern boundary of British Columbia, with power to improve navigation leading to and from Rainy Lake and Lake of the Woods. Also for a charter to run a railway from Pembina, via Fort Garry, to appoint on Lake Winnipez or Sasketchewan river, with power to improve navigation to Sasketchewan. A side wheel steamer named the Helen Brooks, built of iron, and but sixty five feet in length, has arrived at Chicago from Baltimore. It came through the New York and Erie canal to the lakes, and thence around to Chicago. It will leave Chicago for Bayou Teche, Louisiana, via the Illinois and Michigan canal to the Illinois river, thence to the Mississippi river and its place of destination. We stated yesterday, that Griffin, the man charged with being the cause of the Mast Hope railroad disaster, had been acquitted. On Saturday the Judge administered to the jury a severe rebuke for allowing him to thus escape, and in closing his remarks said: "I trust that the spirits of the dead, dying, bleeding and burnt victims of Mast Hope will haunt you as long as you live." All applications for clerkships or appointments in the several Departments must hereafter be sent to the Departments direct, and not to the White House as heretofore. They will not be considered at the Executive Mansion or forwarded thence to the Departments. Applicants will facilitate their business by attending to this notice. The case enjoining the Mayor and City Council of Baltimore from hypothecating Baltimore and Ohio railroad stock to the amount of one million of dollars, to aid in the construction of the Western Maryland Railroad, will be called for argument in the Md. Court of Appeals, at Annapolis, on the 5th of October next. The public debt statement for the 1st proximo will show a further decrease of several millions, though the precise amount cannot yet be given. The receipts of internal revenue for September will reach nearly $13,000,000, or about three millions more than in the corresponding month of 1868. A fortnight ago Wm. Anderson, the veteran comedian, died, in the eighty second year of his age, at the almshouse in New York. Although unknown to the present generation, Mr. Anderson was a veteran in the theatrical profession, and in his prime occupied a prominent position as an actor. The town of Worcester, Mass., voted on Monday on the question of subscribing $200,000 to the stock of a railroad which is designed to extend the connection of that place with an adjoining railroad. The vote in favor of the subscription was surprisingly strong, more than twenty to one. The business of Messrs. O. Ames & Sons, the great shovel manufacturers at the North, having suffered from drunkenness among some of the workmen, a rule has been adopted to discharge every man found drunk unless he will disclose and testify in court where he obtained his liquor. The suit in the alleged $600,000 defalcation of General Steadman, ex-Collector of Internal Revenue in New Orleans, is declared by his friends to be not for the purpose of a criminal prosecution, but to enable the Government to post its books. Bowen, the confessed author of the Carr's Rock slaughter on the Erie road, for his share in that horrible disaster, was, on Saturday afternoon sentenced to a fine of $10,000 and an imprisonment for ten years. The former expiation he certainly cannot pay, the latter he probably will. In pursuance of an act of Congress, the property of the U.S. at Harper's Ferry and vicinity is to be sold November 30. It includes musket and rifle factories, the Shenandoah ferry, houses and lots in the town, lands, water power, the right to dig iron ore, &c. The financial squall that swept New York at the close of last week is bringing specie to this country from the banks of France and England as well as from private treasuries. Our dispatches specify large sums, without furnishing an aggregate. Advices from St. Thomas state that three shocks of earthquake occured on the 17th. Stores were closed and business suspended throughout the city. No lives were lost so far as known. General alarm prevailed. John D. Culver, a broker of St. Catherines, Canada, absconded Saturday night, taking with him from $20,000 to $25,000. Several banks are sufferers, as well as numbers of business men. Official information received at the Navy Department, shows that the damage done by the recent storm to the shipping and buildings in the eastern navy yards amounts to $30,000. Alexander H. Stephens passed through Knoxville the other day, closely wrapped in shawls, although the thermometer stood at eighty-five degrees. The natives about Plover Bay, on the North Pacific coast, have plundered and destroyed


Article from The Evening Telegraph, September 29, 1869

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


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:


Article from The Athens Post, October 8, 1869

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The Gold Exchange Bank, New York, has been placed in the hands of a Receiver. Many failures are reported.


Article from The New York Herald, October 8, 1869

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


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.


Article from The Charleston Daily News, October 11, 1869

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made for the removal of the receivership over the New York Gold Exchange Bank on Tuesday next. The coal was removed from the steamship Cuba, at Wilmington, N. C., on Saturday. She had ten tons, enough to run eight hours, which evidently proves she came in in distress. The New Orleans Times, of Saturday evening, says that the steamship Lillian arrived at Cedar Keys in time, took on board her freight and passsengers, and sailed without being molested. Parties in search of her came too late.


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 109 1/2 asked. GOLD—Opened at 130 1/4, and closed at 130 3/4. Carrying rates at 5a5 1/2 per cent. GOVERNMENT STOCKS—Dull; Coupons, 81, 119 3/4a120; do '62, 120 1/4a120 1/2; do '64, 119 3/8a119 5/8; do '65, 119 7/8a120; do new, 118a118 1/4; do '67, 118a118 1/4; 10-40s, 108 7/8a109.


Article from The New York Herald, October 13, 1869

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NEW YORK CITY. THE COURTS. UNITED STATES DISTRICT COURT-IN BANKRUPTCY. The New York Gold Exchange Diffenlty-The Petition Filed in Bankruptcy Against the Bank Dismissed. Before Judge Blatchford. Ernest Otten and Edward G. Taege, Petitioning Creditors vs. the New York Gold Exchange Bank, Defendants.-An - order has been signed by Judge Blatchford in the above entitled case, dismissing the petition of Edward G. Taege and Ernest Otten who Bought to place the affairs of the Gold Exchange Bank in bankruptcy. The order states that the petitioners, Otten and Taege, failed to sustain their allegations. which were that the Gold Exchange Bank. while insolvent, or contemplating bankruptcy or inscivency, had, during the recent panic in Wall street, made preference payments or transfers of money, in some instances of $1,000,000 or upwards, to certain creditors in fraud of other persons. Failure in the Far Trade. Before a Register in Bankruptcy. In the Matter of David J. & W. King. 1 This was the meeting for the choice of assignees and the proof of debts under this estate. The petitioners had carried on business as retail dealers in furs in Broadway; their Habitities are stated at $70,000, and assets about $20,050. Various creditors had placed attachments upon property in their store, and they filed their petition in bankruptcy to save the stock for division among their creditors. Edwin James, who, with Mr. J. Fletcher, appeared as council for the bankrupts, presented a written request on behalf of the creditors asking for an adjournment in order to effect a compromise which IS now in progress. Mr. McMahon, council for the creditors, consented, and the Register adjourned the meeting till Saturday next, at twelve o'clock.


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.


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,


Article from The New York Herald, October 22, 1869

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


Article from The Wheeling Daily Register, October 27, 1869

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New York Money Market. NEW YORK, October 26. MONEY—Steady at 5a7 per cent., chiefly 6 per cent. on call loans. STERLING—A shade easier at 109 1/4. GOLD—Dull; opened at 130 1/4; closing at 130 1/4a130 1/2; carrying rates 3a6 per cent. The payment of twenty-five per cent. to the creditors of the Gold Exchange Bank will be made to-morrow, when the receivership will terminate, and the bank will pass into the control of its officers. The bank comes out of the affair with the loss of its surplus and about half of its capital, which was five hundred thousand dollars. It will therefore have about two hundred and fifty thousand dollars with which to go on. GOVERNMENT STOCKS—Heavy but lower. Coupons of '81, 119 1/4a119 1/2; do '62, 120 3/8a120 5/8; do '64, 118 5/8a118 7/8; do '65, 119 1/4a119 1/2; do new, 117 1/4a117 1/2; do '67, 117 1/4a117 1/2; do '68, 117 1/4a117 1/2; 10-40s, 108a108 1/4.


Article from The Stark County Democrat, November 3, 1869

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# NEWS ITEMS. The Licking County Infirmary the insane department a building by itself, took fire and was burned last Friday morning, and horrible to relate, ten insane persons perished in the fire. They were in the cells and when the fire was discovered the floor was so burned no person could reach them to rescue and no ladders were at hand. The building was in the country at a distance from any town. The Tiffin gas works exploded last Friday-no particulars. A terrible fire devastated Napoleon, Ohio on the 30th inst. Some twenty business firms are serious sufferers. The North West printing office was damaged to an amount of one thousand dollars. The New York election took place yesterday (Tuesday) the 2nd. A trial is going on in Maine for $10,000 in which a party of deaf mutes are the plaintiffs. They sue a railroad for injuries received during an accident, and give their evidence by signs. Receiver Jordan, of the Gold Exchange Bank, made a statement of Judge Cardozo, yesterday, desiring to turn the bank over to the stockholders. The bank has $290,000 left of its half million capital. It has claims on brokers amounting to $274,000, of which $98,000 are considered good. In Zanesville, Ohio, on Tuesday, a boy named William Burns, aged about ten years, while trying to get on the stock train fell under the wheels of the cars and was crushed into an almost shapeless mass. His right arm was cut off, his head was nearly severed from his neck, and his body was terribly mutilated. E A Teall, editor and proprietor of the Romeo (Mich.) Observer, is said to have absconded with between $8,000 and $10,000 which rightly belongs to the good people of that place They aided him about three years ago in raising money to establish the Observer, which he sold a few days ago and immediately left the place. The Secretary of a temperance organization in Hartford, Connecticut, has been caught stealing cigars from a billiard saloon. Butler leaves Washington for Massachusetts on Friday. His departure is good for Washington but bad for Massachusetts. The story of an Illinois woman becoming the mother of six children at once was started by facetious clergyman who married the lady to a widower with six. There seems to be but little doubt of the fact that Senator Sprague will shortly assume control of the National Intelligencer, and that he proposes to make it a workingman's organ. Wm. R. Winans, brother of Ross Winans, committed suicide at Janesville, Wisconsin, on Friday morning. It was a deliberate act, as he made his will on Thursday. He was seventy years of age, and was quite wealthy. The Duke of Genoa, a younger son of King victor Emanuel, is likely to become king of Spain. The Empress Eugenie, has probably reached Egypt, on her travels The news from France is, there is great discontent at the government, and there is great danger of revolution. Solicitor Banfield says the result of his investigations into the conduct of General Butterfield, in connection with gold speculations, has been to develop a state of facts which renders it improper for that gentleman to retain his office. A European emigrant agent has returned to Omaha, from South western Nebraska, where, in company with Governor Butler, he has been selecting a large tract of lands for three hundred and fifty English families, who have arranged to emigrate to Nebraska, The land selected is principally in Clay County. Victor Hugo writes to his Parisian friends that when he recommend an insurrection he will be on hand, but that at present he does not recommend one.


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 Exchange 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 plentiful supply of currency. STERLING—Quiet at 108¾a108⅞. GOLD—Lower; opened at 127¼, and closed at 126½a126¾; 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, 118½; do '62, 115⅝a115¾; do '64, 113¼a113⅜; do '65, 113¼a113⅜; do new, 115¾a115⅞; do '67, 115¾a116; do '68, 115¾a116⅛; 10-40s, 107⅝a107¾; currency 6s, 107¾a108.


Article from New-York Tribune, November 9, 1869

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


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:


Article from The New York Herald, January 12, 1870

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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.


Article from The Sun, February 19, 1870

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


Article from The Sun, May 27, 1870

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BLACK FRIDAY AGAIN. Dispute over the Difference between 135 and 129 on $190,000. About September 24 the firm of T. Baker & Brother, importers, borrowed $190,000 gold of Lockwood & Davenport, their brokers, depositing a margin of 142 1/2. Gold the same day advanced to 102/4 : but the Messrs. Baker were told that gold would soon break, and they need not increase their margin. The afternoon of the day following-the memorable " black Friday'--the price tumbled to 125, and Baker & Co. directed their brokers to buy They accordingly bought of Quinan & Euos, but the Gold Exchange Bank suspending, no delive tics were made. On Monday Baker & Brother said this considered the contract cancelled. but that they would do as other merchants did. On the 4th of October Lockwood & Davenport repart of the gold. and two days afterwardsfold being then 120 Baker & Brother entirely reprinted the contract The sellers refused to com. treated and the brokers took up the gold at 135, claimant that the contract was binding ou them and their incipals Baker & Brother claimed other!sued to recosor $11,400 the difference be. 100 on it total or $190.000. before Judge Daily, WIN concluded yes. Monday and the Court gave is verdice for the defendoing that the recession by Baker & Brother internal. and not absolute leaving their Unknow in option whether they would rescind the or await this decision of other merchants, that it WHB an extopper upon them. 11 oeing shown Visit other merchants Lad accepted deferred delive this and that the brokers had is right to act as they base done


Article from New-York Tribune, April 13, 1872

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SOME OF CARDOZO'S WORK. One of the most serious charges against Judge Cardozo is founded on his appointment of a receiver of the Gold Exchange Bank after the Black Friday panic. The testimony taken by the Judiciary Committee fully sustains the worst constructions which have hitherto been placed upon his conduct in this matter, and though there is no evidence thus far of direct corruption, no reasonable doubt can remain that this ornament to our bench has been guilty of gross malfeasance. It appears that when the bank closed on Sept. 24, 1869, with its accounts in confusion and a mob of excited operators clamoring at its doors, it was not only solvent, but had a surplus of about a quarter of a million. If its exchanges had been effected in the ordinary way, Fisk and Gould would have lost so heavily on their unsettled contracts that, according to Russell A. Hills (of Heath & Co.), they must have been ruined in business and expelled from the Gold Exchange. There was a meeting of brokers and others at the Erie Railway offices, and Mr. Thomas G. Shearman was called upon for advice. The result was an application for the appointment of a receiver of the bank, on the petition of Charles J. Osborne, who, as it now appears, had been fully paid his claim, and had therefore no cause of action. The application was promptly granted by Judge Cardozo, and Augustus L. Brown, of the firm of Brown, Hall & Vanderpoel, was named receiver, the officers of the institution being at the same time enjoined from transacting the business of the concern or making any payments. It should be observed that no ground had been shown for this proceeding. The bank was able to meet all demands upon it, and the person at whose prayer it was tiod up was not even a creditor.