, 1872-11-26
Failure Of a Large Banking House
in Cincinnati by the
f' Corner"
Review Of the Money and Produce
Markets.

ti'~1o}uoV1VoV' kOod, EdAA6} p6I6uud11ys AQQ W1L
/ great trouble, to ascertain to whom the stoc
was issued under this conversion, and to gather
as far as could, from contemporary files Of th
New York press, the prices Of the stock, com
pairing what stock was brought into market witt
the entries in the books. I took the account
of sales from Gould's Own books, and the pro
!; :ceeds both from his books and the Erie books
I made out the amount Of his robberies in thi
: way at S12,0o0, 900; but the amount stand
proved beyond peradventure by his OWL &C
count at 81, ,5l. I am content to take tha
figure, and, with the support Of the Directors
pursue Mr. Jay Gould for the recovery Of thai
amount. We mean to recover to the last cent u
T. Less excitement existed in the Northwestern
Many private accounts have been settled up, but
Smith and Drew, it is claimed, will fight off their
Losses to the uttermost. 4 great many new
questions have arisen from this corner, and the
Governing Cammitteeo OF the Stock Exchange will
probably be called on to decide them, For in
stance, whether member OF q firm can enforce,
under the Stock Exchange, authorizing the
settlement OF q difference, on stock contract
against another member of the same firm.
D1eW'9 loss is estimated at q million and half
| and can stand it. Among those who have been
inadvertently benefited BY this Northwestern
| corner are the holders Of convertible bonds of
the Old Peninsular Railroad Company, consoli-
dated with the Northwestern in 1864. According
| to the last statement Of the Northwestern Com
pany, the amount Of these bonds outstanding
was s6s5,000, of which s25000O Iayee
been converted into Northwestern stock,
one-ha1f common and one-hah preferred, within
the past week. Iha amount yet to be converted
at the Farmers' Loan and Trust Company is
9A5,0o0. These bonds vera converted to-day as
fast aa presented.
Daniel Drew was at Vanderbilt's residence ves-
te!dhy and had an interview, not fruitful,'it is
said, Of relief for himself.
The first transaction in Northwestern this
morning Was ten shares at $50, and up to 2:30 0,
m. there we're no sales OF greater extent than
1o0 shares, with the exception OF two transac-
tions Of 200 shares at ITO. At this hour the
orders we're to buy in the stocks for ac-
the amount bought in under the rule y being
600 shares, at l49@200, the last being the final
pr1ce. The losses by the corner have been very
large, but we'll distributed among parties OF
wealth, Who are we'll able to stand up under the
load. No failures have been reported.
Ihe rest OF the stock market WAS active and
1eyerlsh, opening at an advance Of 16@11H, the
entire List being in quick demand from anxious
speculators on the short side. Northwestern
preferred Was galvanized into life and made
quick upward spin from 86s4 to 102 on sales Of
less than eix thousand shares. This VAS at-
t1lboted to the anxiety Of certain German bankers
who had gone short. The price quickly receded
to 9695: Al specialties wore active, and prices
The latest report about the struggle in North
western stock tonight is, that Daniel Drew and
denry Smith are cornering tho preferred stock,
a4d 5 Wi1 try to force it on Gould in payment, in
place. d1 to1nmou: 4 legal struggle over this
point is. expected.
was dear on call to-day. Borrowers on stock
CO. s9llatelals paid from per cent to Jig per diem.
latest loans on the street we're made at
gold to 1-32. The discount market continues i
to work close. The applications at the banks are
large: The banks generally are accommodating
the merchants to the utmost Of their ability, but
the offerings Of paper on discount days are
much la1ger than the banks can possibly take,
Mnny merchants are compelled to seek accom-
modatlons In the open market, where paper
passes alowly and at high rates. The minimum
rate for prime discounts On the street is II per
cent and names classed as good and fair arc |
done as high as 15@18 per cent
The Boston fire affected the discount market |
The fire dragged down such re-
speetable and worthy firms as Houghton, Per |
4 Co., A. Hamilton 1, Co., Stanfeld, Wentworth |
/ Co., and Horswe1l, Kingsley l. CO. Some Of
these we're among the largest dry goods jobbers |
IT Boston, and Light insurance was the main
= :ause OF their suspension. It is estimated the |
insurance "a companies will pay an average
1t about 40: per cent, while the average Of tie
Aggregate insurance On the burnt district will
probably be about rs per cent. These
acts have deferred liberal Investments OF
apital s IN mercantile paper. Previous to
axe considerable amounts Of paper cfassed as
tood and prime. Since the fire, this business |
las been almost entirely stopped. Again money
dear on CALI and capitalists yield largely to the
emporary rates offered on stock collaterals. All
be Indications are in favor Of a close discount
aarket during the remaining days Of the year.
FoRE1dN EXCHANGE
rag firmer. The leading bankers advanced
heir rates. The actual business IVES at 1857 to
0856 for long, and ITO to u0136 for sight.
uled drmer, il sympathy with the advance in
l34. ~
GOVERNMENT BONDS
ere quiet and steady Central Pacific bonds
ave not been counterfeited, as announced
mon Pacific was meant.
PRODUCE.
Flour opened dull and heavy for ordinary win
II wheat extras, but firm for good shipping e1-
as. Medium grades we're more plenty, and
me family brands quiet, but firmly held. {
be market closed heavy and irregular for low
:ades. Wheat opened higher. Choice quail !
les of spring are held with Increased firmness,
inter is held higher, With only limited % ship.
ng demand. Pork ruled dull in the wholegale
y, with jobbing sales OF about 800 br1s mess
$500. Cut meats we're dull and rather weak | +
sales: 1000 smoked hams at 14@14555c; 4 =
ids picked shoulders at SIC. Bacon quiet; = =
still quoted On the spot, but re heard Of no +
illness. Lard active for city, and some future F
siness in Western. Sales 1880 tierceg at d
Sc for city, SIC for Western for January and P
'bruary, and 200 tierces e1tra-brand Western
8 11-l6. Prime is quotable at about $40 | b
&C., o>9s t.
THE IRON TRADE, ;. .
The Bulletin says the anticipated decline in t
. English iron market has at last occurred.
10 manufacturers generally resisted the ie. il
ne as long as they could, and adopted the poll
Of reducing the yield, 80 as to Keep up rates. o
t this attempt signally failed, as BUYERS re- d
sed to be attracted, and reso1utely held of. It
8 found that a large number Of orders
rope, while the American trade 4
merly so active, was almost limited to rail- b