The sun., 1873-11-10
TRADE SEEKING IT'S LEVEL.
4 MORF HOPEFTL FEEETNG MhNT-
FISIiD ny yHE BEOKERS.
The Prcot in Sew York OF the Hark of Eua.
lands tctou-t ttanin n Co.'S ~acr. h'c -

The Prcot in Ncw york OF the Eark nj Eug-
Itnd's Action tianin a CO.'S Sacridrc-
Stockwrir- Pacific Nn,I TrHusncii'n"
The financial outlook Saturday bright
cncl som, what under iuspritng adyccs from
England, to which country the eyes Of business
men are turned for prognosticattons OF the
event of the present money stringcncy. IL
would seem that u panic similar to our own s
threatened there The measures that the Bank
If England has employed to maintain the bal
ancc of ii adc to that side Of the water have re-
acted upon her own industrial and mercantile
interests to such extent that the money lend
crs Of Lombard street are becoming anxious for
the security of their credit, and further in
crease OF the rate Of discount would be likely TO
produce many failures However, as the rate OF
discount remained at nine per cent. and the
draft OF specie for shipment hither was not
alarming, the day was passed without disaster
there, and stocks look steadicr IN Wall street
through symnathv. Among other causes con
trbuting TO this result was the increasing now
II currency to this citv from the Interior. In
the early stages of the panic the How WIS out
ward. Banks and merchants removed their de-
posits with perlous alacrity, enIangering many
aud brcakirp several bankers The tidc has
turned, however, so that the amount Of paper
money In circulation here as reported by tln
tlcaring House has been increasing daily, uhlil
IT IA now S2.5Ju.OJl over the balance of two weeks
ago. Its influence has been manifested In the
Increasing ease OF the borrowing rates. The
corner aud bid for tens and hundreds OF thou
sands IS still invisible, hut onice offers to lend
demanded we're favorable to the borrower, i've
per cent. being the ngure generally.
THE UNION TRUSTS OFFICERS.
Tile meeting OF the Trustees OF the Union
u'uuccj. Tue Committee on Reorganization,
Aes~rs. :. Is. Chittenden, A. A. Low, and George
q. Williams. reported the name OF a gentleman
whom they selected for President. but as his
acceptance Il not yet assured, II was deemed
best not to publish II yet. rhe designations Of
Mr. James u. Hothlnghaln, President, and Au-
gustus SChell Nice-lresldont were accepted 10y
lhc meeting that appointed the Committee on
REORGANIZATION. 1t was expected that imme-
dat RESUMPTION would follow the reorganiza.
tior. but Ii seems probable now that u wlll
! ttuttOn II the appointce viii toe made known at
The meeting of The Trustees TO be held to-day.
| their immen-e stock OF dry goods at heavy
sacrifices within thirty davs. for cash renewed
the rumurs about their failure. 1t was generally
/ rtAArded as "A confession of wCakness taut'.-
mount to admitted inability to proceed. Among
those best Uniformed their business competitors
Jf the numherl II Is regarded "a the wiscst sep
/ possible under the circumstances. The business
! " tho nrin for three years past has been nearly
/ doupIc That Of any otner house In the country,
/ stewards not excepted. In 49, 1t aggregated
! nearly 900 900. trade so prod gious become
| unwieldy. The sacrifice IN the case Of tine great
/ hrn VIII be pfoportioned to TIE siLe oi thcir
business, but all doubts Of their ability to bear
| IL ought to bc aaNed 10y this time.
! AiGcn Is. Stockwcll's controversy with the
| Pacific Mail Steamship Company was M prou.!-
| ucnuy again on account OF a suit against III =
| old directors for alleged neglect and mismana-e-
| ment II the cJmuanys analrs. based chiefly
] upon StoCAwclls settlement. The com laiuant
| is one Aaron &. Freeman of Schenectady. aud
the defenduts are Henry Glews, O. l.. htnGs-
land. Alexander ,sterton, H. II. Baxter, and
othe.s fne complaint alleges that
sTU,kwELL
was permitted 90 mlsappIoprate the proceeds
uf l2uOJ -h.rcs II TIE capital stock Of the COM
/ pany. Instead of selling thcm ~ directed. the
] money paid into the treasury AZ tue prOCeo de
" a, borrowed uUon collateral OF $50 shares Of
| Pacific Mail Company When he was called
/ NJ. n 80 make good the amount and redeem the
/ Pied: q stock, StoCkwclls finances were found
e. h, so CuharraSsC ed that he was unable 10 do
| So. Ihey afterwdrd accepted his personal bond
for the difference, Sll4U,Up, secured 10y "A mort
| gage upon the Howe Sewing Machine Company :
/ properly. This agreement was aUerwTd can
Ceiied upon the return 10 the company 10y stock
well Of lO.Oll shares uf Pacinc Mail stock. IL Is
. this later agreement that dissatshes the stock
/ holders and the suit Is Instituted to upset II.
lhe defendants named have nlod an answer ad-
/ mlting the general allegations OF the COM
| plant, bat denying that they were In any way
CugulXaut ~ ~tuckweil 5 transactions while they
were iu pro gross or thtt they could have eject
lu his financial CONDITIONS. VIZ. Si"chWeil l- sun
I President ,f the Panama Railroad company, but
% i- said that tho directors desire to make "a
change A. soon as pos ihie.
T upon the case uf \. u. Williams y 60 were read
/ IN the stock Exchange. lney characterize the
. conduct ot the nru iu iail' : tu make good their
OVerdfaft a. wholly uuJu~tiuiilc destructive ut
tgat ought u suh-i-t between institutions and
lus4ACss u.rn. As they soon ar erV Wi settled
Mitu tht laun, tnc q. mmttec acqulta NJ lilttns
F 4 GO. Of auy intention to drfrdud. at tho same
time expressing their unqualified cundeUud-
t.pn ~ their conduct. The ban Of suspension
l-t mot set been removed from tine FIRM.