, 1873-11-03

Atlantic Pacific |.t!tis?p9rt o.; ~. ~
si so: :s Sss M Esa{ g. g
s$s hore .{sssan ssaseia Soads. s.
Sao!|ux SSn1sos6 .nV VosT os ,ao nou
q, Q. Indiana Central Bonds. s.............. 5000
oede HSa ae!s harstoa Dsa: 1S9 SSoS
Hannibal ! Naries Donts. ts......+...,........ $3.50
untcd States 62oa. ACKNOWLEDGEMENTS. 10000
Total. ~. .7es QUO
Au examination of the llst provoa, heyoud
much doubt, that tho key stocks Of the specu]a-
ton carried on through t1is house woro Lake
Shore. Union Pacific. aud Northwestern, in aid
bonds wore pledged, while the other bonds and
shares wero naded from timo to time, to furnish
further mnrgine on the dropping favoritea.
This seemed evident from the fact tllat large
number OF those named ar0 but little used in
stock loans.
Tho house must hnye nude great efforts to
austain itself when tho storm first struck the
markot. for nearly one~quartor ct tho whole
amount was loaned to It after Sept. IT, the loans
sxhaa extending g uP to Oct l. Many of these loans.
doubtless made to strengthen former loans, AZ
mauy Of the lenders arc tho samc az those Of
previous dnteb. and tho mrrglna are too close to
admit Of tho belief that shrewd money lenders
It will probably bo found that in making tie new
loans, tile old were reduced, and thus d better
average established, such q course having per-
haps boen considered more prudent than to add
new securities to tho old loans.
The banks figure among tho creditors to the
amount Of 5000 000, and are divided as follows
Chemical National Bunk, New York .........$ a5oooo
National Bank OF Conmcrce, New York;. 1,1140O0
National Commercial Of Albany. G00,o0o
Broadway Bunk Of New York. 100000
Pacific Bank Of Now York, 2s000o
Morclants' National Of New YORK. s0000
Importers and TraGefs' Of New York 2SoAo
Total. .........."........:. ..........*3,o10, 900
The shrnkase on the aecuritiea enumerated
has, OF course, been Immense, but the creditors
are generallY fairly secured, and very moiley-
alto adrauco would claar thom-but tho bold
speculators will inevitably be pretty effectuallv
wiped out in tho Will atreot aiuts. The lesson
and the punishment arc severe, but those meu
autfer the consequences. So utterly opposed to
tue Judgment Of older and more exporieuced'
operators OF tho atroot have their wild 1noya-
menta boon for several years, that large prot
portion OF such men hRve Withdrawn from the
market, and the cliqueB haye had only tho sup-
port Of tho adventurous element, which is over
roady to follow bold leaders in any direction,
Such mass Of stocks hs those held BY tho
creditors Of Gsinueil l. To. could not bo sold at
once without causing further great decline i'll
has boon proposed, and II Ia now undor serious
consideration, that the creditors should settlo
their claims by taking tho etooks nt higher
rate than tho proHont market yalues, NJ, for OK
ample, Lake Shore at II, &c.
1t this programme can be carried out It would
have On immediately favorable effect upon tho
stock mnrAet, md save the estate OF drinhell &
Co., II not tue CREDITORS from perhaps a heavy
loHs, ~ vol al the expenses OF liquidation in
bankruptcy. Tlla would DO very sensible aud
Intelligent arrangement for all concerned, and as
tho stocks and bonds aro distributed among
strong honaes. they would bo carried along BY
Their, until they could obtain cost, il not fair
profit.