The New York herald., 1873-10-25
BUSINESS BEING RESUMED.
Sharp Speculation in the Stock Market
Loss and Recovery.
ARE WE AT HARD PAN /?
Railroad Bonds, Money and Govern
ment Securities.
WALL STREET.

FRIDAY, Oct. 24-6P. MI
The market to-day is somewhat interesting, mas
much as 1t discoses series OF facts: First-The
Union Trust Company have reached settlement
with the Lake Shore Company, in which Commo-
d0re Vanderbilt, its Official representative
agrees to make settlement for the $l,75o,0o0
involved, In notes OF three, six and nine months
with Harlem at 90 as collateral. These notes. II
necessary will be strongly endorsed. The Lake
Shore Company will eventually pay the amount
such at least Is the statement. The second point
OF interest is that Mr. Drew has so arranged his
AFFAIRS as that they will be Kept out OF court and
the various parties concerned in his unsettled ac-
counts will be satisfied with
THE ADJUSTMENT
determined upon. third point and not SO nat
tering in its various aspects, is the attitude OF
the New Jersey Southern Railroad, which, il
1t be not on the eve OF bankruptcy,
is in such q condition as to evoke much legitimate
criticism. Meetings are now daily taking place
which have for their object permanent arrange
ment Of the affairs OF the company on new basis
Another important feature of the situation is the
doubt enwrapped about the Union Trust Company.
SO many prominent spectators have had to do
with it.; so much Of its FUNDS have been misnsed;
so many names are identified with what courts Of
iaw in their dull, dry way, would call defalcations;
so much OF honorable
has proved vicious; so much pure oldfashloned
devitry OF the original Adam school has manifested
itself; SO much fair, square, honest out
and-out swindling has been announced on
the part OF its leading customers as to
make 1t almost certain that the Union
Trust Company will have little more to show than
q considerable amount OF fgurative cash for de-
positors' accounts. The press OF the city have
done all that could have been done honoraby to
cause they believed it worthy; but when they
found one OF its officers working out defal-
cation on q new algebracal rule; when they
found much more distinguished men who linger
around the clubs and horse pools proving them
selves unworthy OF their trust, 1t was but natural
that attention should be invited TO the condition
OF the concern and doubt be expressed as to it's
ability TO meet
HONEST OBLIGATIONS.
We hope however, that the Union Trust Com
pany, however much Its respective attaches Of the
past may be given to speculation, will enter upon
fresh career. There is always public pleasure in
hearing fine sounding name perpetuated, and we
are not SO sure that now and then depostor will
not be found who will not glory in being set apart
and labelled. "Scenti1caly swndled."
Another feature OF the situation worth mention
ing is that Mr.. Daniel Drew has adjusted his
affairs that three-fourths Of his sufferers are will
10 COmc WlLulu tIe puTVltW Vi LIE dIIdugtHtIlJ
suggested by his brokers, and to rest on the poss-
bilities of an
"EvANGELICALn FUTURE.
There is henceiorth u twlnship in religion and
resiliency-a buoyancy to both. As part OF the
really good news Of the day 1t may be mentioned
that Fisk & Hatch will resume business during the
ensuing week. There are lew items OF news which
can be mentioned to the financial community that
will AFFORD such universal satisfaction will be
more generally accepted reverberatory key
note TO the situation.
1t is but natural that such subsrratum Of facts
following so close the fasehoods with which
the street for speculative purposes has recently
had to contend, should have given buoyancy to the
market, while prices in the early part Of the day
were unsettled and largely declined, say from Il
TO 6K per cent, they rallied as soon as the FORE
going facts became definitely known, and
maintained steady strength until the
close of the market. The greatest de-
cline Of the day was In Lake Shore, which
dropped from 65 to 81. other stocks obeyed slight
local influences, which, because OF their vasciat-
ing character, cannot be successfully described
western Union opened at 561, fell Off to 54s4 and
closed at 81. New York Central sold at SO a So q
s91; Rock Island at 91 a 90 a 91s4, Wabash at 4Oh
a Ssh a 4oH 80 a Al, Northwest at SO s5a q
36sx, st. Paul at 2S 27 20, Pacific Mail at 81
3oh a2ss. Union Pacific at 171s 1e24 l7ss, Har
lem at 1867 1919, Pittsburg at rs 76, and Della
ware, Lackawana and Western at SO 661a.
THE MONEY MARKET.
Money loaned at I per cent to 1882 on govern
ment and stock collaterals.
Foreign exchange was dull for long sterling and
nrmer for short sight. The closing quotations
were 1867 1861 Tor bankers 60 days. sterling
and 10S for sight.
The various banks are said to be meeting their
liabilities DrOmnflv Sifuafion
full OF prospective health. The statement is made
by telegraph that Secretary Richardson has de-
cided upon very important financial step. The
price OF gold has allen SO low that he feels justified
or placing currency on a silver basis, and he was
determined to begin next week paying out silver
the same as greenbacks, aad viii, when desired,
pay or bills against the government in silver and
exchange silver for currency, or vtce cersa. In
structions will be issued to the Treasurer and to
the Assistant Treasurers in the several cities to
pay out silver the same as currency The Treasurer
Is now having silver coined at the several mints
as fast as possible, and WILL 1t is thought, be able
to supply all demands that may be made for silver.
was inactive at 1881 1854. and closed at los1S
1osH.
The rates paid for carrying to-day were 3. . 1. 4.
and per cent, and for borrowing nat, 1-64 and 2
per cent. The final rate was per cent for carry
ing.
The operations OF the Gold Exchange Bank to-
day were as follows-
Gold balances observation-disclosures. sosl 765
Currency balances. OBSERVATION-DISCLOSURES. IU6O605
nIooo ciOai" 2l,6lUuOu
The steamship Rheln arrived at this port to-day
with f295, 900.
RAILROAD BONDS.
Railroad bonds were quiet, ana the market
devoid Of any feature. The following were the
. latest bids
New York Cen 6s 49,. SS Del, Lack A West 2d M g6
New YORK Cen Os, Of. oI Iol &Wab lst 10
New York Cen 6s, % To n Wab "a m. ..... SO
New York Cen 6s sub. 30 Tol Wab equip bds.. n
Erie Isl IN ex..........9 9s Jo "A Wab cons -. n
Erie "a IN as, ~ ...... "a ct West lst Ss.... 81
Erie 81 M s,s N3...... pi CT Western I'd m g3... 10
Erie 4th m rs 'sO,... 80 Galena 4 Chic I'd m... H
Erie 9TH IN 7,s 'ss ... 81 Chic, A Pac 49,. 99l
A. Iat,,, Il.p