The New York herald., 1873-10-29
THE MONETARY AGITATION.
Bankers Who Desire More Currency
How the Manufacturing In
terests Are Affected.
Affairs Of the Union Trust Company-Explana-
ton from Mr.. Wesley, the Receiver-A List
Of Inaccuracies es-Correspondence Be.
tween the President and Vice Pres
ident-Bank OF New York.

There are curious changes from day to day in
local financial prospects. Yesterday the outlook
was quite cheerful. There is calmness in the COM
mercia situation, while the most that can be said
OF the Stock Exchange is that the values repre-
sented there are just now curiously compared
with commercial values This, OF course. involves
the distress OF stock values, which now, In the
absence OF any power in the street left them,
simply rest upon their comparative value as
divldend-producing securities or, in other words,
earning investments. In regard TO the recurring
reports Of difficulties I'm manufacturing districts
the writer called on Howes 4 Macy, well known
largely applied to for the negotiation OF paper
from such sources, to get their views upon the
recent suspensions. He was politely received by
Mr.. Howes, when the following conversation en-
sued -
REPoRTER-Mr. Howes, have come to inquire If
you are willing to give your views on the subject
of the recent suspensions in manufacturing
centres. understand that you deal largely In
their commercial paper and, consequently. can
speak understandingly on this NATTER
Mr.. HowEs-Mel, really, we have been so busy
general principles with any expectation of my
views going into print. Their present difficulties
have large stocks on hand, but in the meantime
are unable to market them Tor cash or procure
the currency to meet their daily demands.
REPoRTER-Have you thought OF remedy for
this conditions
Mr.. HowEs-The simple remedy is further in
natlon OF the currency.
REPcRrER-Do you not think that this is simply
delaying the crisisp
Mr.. HOwEs-I do but I thought your question
pointed to immediate relief Time only can bring
about real remedy for the present condition OF
affairs.
REPoRTER-Do you think there is anything in the
existing situation to call for alarms
Mr.. HowEs-No sir. no alarm: there may be dis
tress, Temporarily, but with the rehux Of currency
into circulation there will be revival.
THE VICE PRESIDENT OF THE BANK OF NEW YORK.
Banker Vice President OF the Bank OF New York,
had made use OF his position to divert securities
IN ms h Go s 81 aS a
public to correct the impression:-
NEW YORK. Oct p. 1873
GEsTiraEs-owing to the present excited condition Of
many false rumors respecting myself may prejudice the
All Know in which have laithtSlly aborsd ior
and without IN any way tenedtng myself pecunariiy
al stories stitsnenss prsudcia to charassf
Of funds or securities within control under any cir
1S re-
But under the clrcumsances and view OF the neces.
sity Of giving all attention to my private affairs you
% The an s = my as yss
your H. re-
NEW YORK. Oct % 1873
ii.
DEAR siR-In answer to your favor of the 27th inst
tenderng 70 the and dreet9rs o the Bank Of
!ecsd py the board to say that in ACCEPTING / a.
to tasist H aa %S
entire confidence in your ability to vindcate yourself
used your position in the bank your personal advan
tage the board refers with great TO the val
G. P. LEvERIcH, President
tn
TRUST COMPANY.
The receiver OF the Union Trust Company Mr.. f.
Il. Wesley on being asked yesterday to explain in
reference 10 the proceedings in bankruptcy insti-
tuted by william K. Siney, said that he had not
read the petition to have the company declared
bankrupt, but emphaticaly contradicted such OF
Its allegations as were brought to his attention.
President OF the company. was in any way indebted
TO It, and he denied that any transfers OF money,
stocks or bonds had been made to any officer or
the company, Tor the purpose OF defraud-
ing it's creditors. The statement in the
petition concerning a transfer OF property
referred OF course to the si,sOooOO loan, the char
acter and settlement OF which had already been
explained and 80, ,
70 the petition would be made at the proper time.
Mr. Wesley said that the bankruptcy proceedings
some time ago Dy committee claiming to repre-
sent the creditors, to whom he gave every facility
de did not know the names OF the committee, or
whether Mr.. Siney was one OF the members. In
regard to the alleged overdrafts on the company,
and published schedule purporting to be partial
list OF them, Mr.. Wesley said that the matter had
been greatly exaggerated and msrepresented.
LIST OF INACCURACIES.
AS TO the overdraft or c. II. II w. G. Andrews
for SIT 1856 o. the debtors were represented to him
as perfectly good, and the company had loan to
which fully covered both the loan and the over
draft The overdrafts OF the State OF Arkansas for
on another, were amply amply secured @ b. BY col. 10
laterals: The allegation that ,.Danlel Torrance
this case being the Ohio and mississippi Gsa Railroad
which has $3.50, on deposit in the Institution in
another account. j. II. rockingham, who was
alleged to have overdrawn $4,953 80. did not owe
the company one shilling. Thomas Reed ~ Co.,
who were reported to have overdrawn s163, 3,435 SO,
have suspended payment Mr.. Wesley said that
they had various loans from the company on mis-.
a celIaneous 2, securities amounting to In
been opened for the firm, and the whole amount
charged to Thomas Reed Il Co. AS fast as the
MR. wEsLEY's ovERDRAFr
The overdraft assigned to Mr. Wesley himself,
amounting to $157.47 "a, consisted he said, of the
money and accounts received by the company
since the suspension and charged to him as re-
ceiver, ne crediting the same to the company upon
his books. Other overdrafts mentioned were fully
secured BY government bonds. MIR. Thompson,
bookkeeper referred TO by Mr.. Wesley in making
these statements, said that after taking from the
list OF overdrafts all the large amounts which were
satisfactorily accounted for II was possible that ten
per cent OF the small remainder might not prove
good.
WHAT THE PRESIDENT SAYS.
Mr.. rockingham, the President OF the company,
said that he was served with the preliminary
papers In the bankruptcy proceedings Monday
night. The petition Ia the case, he asserted, was
tissue OIL misrepresentation and falsehoods. No
property had been transferred to any officers OF
the company with the object OF deiraudlng its
creditors, and no attempt had been made TO con-
ceal any or the assets. He expected the company
to resume business, but at what date was still un-
certain. No meeting OF the trustees was held
yesterday.
THE MOTION IN THE SUPREME COURT.
A motion was made IN SupremclCourt Chambers,
yesterday, before Judge Barrett, for writ Of man.
damus In behalf OF william Cheney, compelling
tne Union Trust Company, as registering agent OF
tne Lake shore Railroad Company, to transfer on
tner books f120 900 worth OF stocks from the name
OF George u. Grinnel 4 Co. to that OF Cheney. II
appeared that Mr.. Cheney purchased the bonds
rom tne broadway National Bank, with which they
~ nall 4 La hafar Rnlxa1 lak1A