New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-10
WALL-STREET FLUCTUATIONS


| NATIONAL TRUST COMPANY.
Unfavorable ,rumors rejecting upon the stability
OF well-estabshed mercantile houses characterized
the opening of business in Wallst., yesterday, and
although they were contradicted they had
| depressing effect upon the stock market, prices
| declining at an unpleasant rate, and causing
temporary return Of the dependency which has
been such feature in recent financial operations.
The decline was accelerated by the action of GER
tain financial institutions inIcalling in large loans
Accompanying this information was q report that
tins action had embarrassed q heavy operator to
such an extent that he had been obliged to sacrifice
his stocks in order to take up his loans. The oper
ator In question was one of the two large dealers
who were caught in the NORTHWEST cor
ner" 1t was generally believed that he
was immensely "long" Of Western Union,
which he had bought for the purpose
OF assisting the twisting" Of old-time cOnfed-
crate who had been instrumental in "cornering"
him. Later. however, this story disbelieved, it
being reported that the operator whose stocks had
been sacrificed was better known from his intimate
relations with Commodore Vanderbilt, and the fact
that he was TO be seen nearly every day driving
the road with him. Whether these stories were
true or false, however ID evident that there was
| decided tendency to force the sale of
| stocks and prices rapidly declined. until at
| l o'clock the market showed falling off of from
to lOl per cent from the opening prices. After the
time mentioned a recovery of to a per cent was
noted. This Improvement was subsequently lost in
most cases. but at the close there was recovery.
The final rally in prices was based upon the an
Douncement from Washington that the Government
intended to issue $9OOO0OO Of the SHOOOOOO reserve.
The decline in Western Union was attributed
in part to the report of the President to the stock
| 4
FAILURE OF GIBSON, CASANOVA co.
Another source of trouble was the failure Of Glib
son, Casanova & Co., bankers of No. so Exchange
place. This house. although in existence only few
years, was regarded favorably by the Street." In
quiry at their office elected the information that
their suspension was caused by the recent panic.
Their depositors drew out their funds, and securi
ties became unavailable. People indebted to the
house were unable to pay. and in some cases failed,
and in this way the resources were temporarily
sealed up. Added to this, large amount Of capital
was licked up in now railway, and cannot be
withdrawn in an instant.
Mr. Gibson said in response TO inquiries concerning
his failure: don't know that my trouble is differ
ent in origin from that of other houses. We deal
largely in stocks - but do not belong to what is
known as q clique; we have nothing to do with
big men, hoped to be able to weather the storm.
Money sufficient TO enable US to meet all demands
has been due since Oct 1, but can't get it. Many
Of debtors have failed, while our creditors have
called upon us largely. / have paid out every cent
had in the box, and of course then L had
TO STOP l will also say that we have much
money locked up in certain railroad; we
can't control that as the road doesn't a dollar,
and is one of the best in the country, don't care to
mention its name. / cannot give you a statement
of our liabilities and assets 1T will require time to
get one out L will pay 100 cents the dollar to
every creditor of the house. hope to resume bust
ness after short suspension He further said that
they had 10 contracts outstanding on the Stock OF
Gold Exchanges, the requirements Of the former
Exchange obliging them, however, to make formal
notice Of their inability TO meet their obligations.
The enterprise referred to was the Jacksonville
Northwestern and South Eastern Railway. The
line of the road extends from Jacksonville to Mount
Vernon Jefferson County ILL.,, $50 miles, The por-
ton in operation extends from Jacksonville, to NH-
den, Ill! about 80 miles. The authorized capital
stool, is 81 100000; paid in Sj56,6OO.
The firm were the fiscal agents of the Company
engaged IN the negotiation OF its bonds ana 10 Is
understood made advances which could not be inn
nediately returned. The Directors are Marshall p
Ayers President). A. L. Ayers, and William s.
Hook of jacksonville; John c. Salter of Waverly
u
William Elliott and James H. Dunn of Philadel-
phia.
l. Another foilure was announced but il was so M
important that it attracted no attention.
ACTION OF THE BANKS.
The Clearing house Loan Committee are still can
ceiling the temporary certificates. Mr.. Happen, the
Chairman, reporting that between SS'OOO,OOO and
S4.OO0OOO have been withdrawn. The continued
ardn
per cent has attracted the attention of bank officers
1t is understood that the Clearinghouse will en-
deayor 70 remedy this matter at meeting TO be held
tomorrow. This proposition is to ignore this
prevailing artificial value of greenbacks. and
10 correct il at the same time, by
receiving and paving them out, as though nothing
had happened The advocates of this proposition
are confident that such action would unlock the
greenbacks now boarded in the savings banks and
safe deposit companies, and relieve the stringency al
once Complaint is made that some OF the banks
eyaded the spirit Of the pooling arrangement by
marking large portions of their legal tenders as
- neciolD deposits which could not be drawn out
except by those to whom they were credited The
banks have thus far adhered to the resolution not to
certify checks if the money is not in bank, and have
encountered the Inconsistencies of the stock brokers
who have heretofore enjoyed these facilities.
RESUMPTION OF TRUST COMPANIES.
A meeting of the Directors OF the Union Trust
Company was held yesterday, 70 devise measures
for an early resumption of business They refused,
however to impart the details OF their discuSsion'
but will meet again to-day at II a. III. to resume
their deliberations.
The trustees Of the National Trust Company met
at noon. Yesterday. at the offices Of the Company,
No. 261 broadway. and after listening TO short
statement by President Mangam, voted to
resume business on Monday morning next.
President Mangam says that the capital
stock of the Company is entirely unimpaired. and
that the stockholders who are liable for Sl0O0OO0