The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-09
WALL STREET NOTES.

FRESH sENsATIoN-A CONFLICT BnTWERN
TWO BANKs-A MYSTERIOUS OPERATOR IN
ooLD-HITcH IN THE GOLD cLEAR1Sas-A
BULL sPEcULAToR SOLD OUT.
There something like CONFUSION In the
gold market yesterday, which seemed TO be the
feature OF most interest. Thus gold opened al y
below the closing price OF Wednesday night, whci
was l161, and from that declined to ll67S, ralyins
later, as Will he seen by reference TO the none!
columns. simultaneously with the decline how
ever, two rumors gained currency on the street
one 20 the enect that a large dedication mad beeI
discovered IN one OF the downtown banks, or thai
such bank was seriously embarrassed owing to
Its connection with some OF the bull spectators
the recent movement 10 advance the gold pre-.
MUM. The other was to the effect that the
checks OF recent prominenr bull operator In gold
nao been thrown out OF the gold clearing house.
Hence there was mucn difficulty In enecting the
gold clearings. the name or
THE THIRD NATIONAL BANK
being mentioned In connection with the first men
toned rumor inquiry was at once made by tna
reporter at the bank OF the cashier. Mr.. Jordan,
as TO tue measure OF the truth In such rumor OF
It's ialsIty. This elected from Mr. Jordan an EN-
phatic denial OF the truth OF the rumor to which
his attention was called either In whole or III part
He likewise stated that the bank was not in any
was entirely Iree OF any results flowing there
from. lie likewise exhibited the daily state
menr of the bank in support OF his assertion that
the bank could meet ali Its Indebtedness ut once
II necessary. When interrogated as 10 how he
could account Ior The existence OF Sucn funor
Oh the street lie IacetIously begged the question,
leaving the interroga. or quite IN the dark as 10
how much he knew elmer OF TACT or surmlse IN
that connection. Leaving Mr.. Jordan, the writer
who mad another clew 10 follow IN mis- endeavor 10
get az 'the bottom Iacts" upon which tgis super
structure OF rumor had been founded, visited
THE MECHANICS BANKING ASSOCIATION.
whose name was men toned In connection with
the same matter. mere the cashier, Mr.. Readiny,
was more communicative, and courteously ex-
Tuesday last the Mechanics Banking Association
certlned The cneCk or one or It's customers, drawn
for an amount sufilcient 10 take 90 SIPS 900 gold
then Awaiting such customers order at the Ihird
National Bank, this being clearly understood as
the purpose for which sucn cnecK was drawn NJ
the time oil its certincatl0n. The check was sent
around 10 the Tnlro National Bank by boy, u
whom, exercising ordinary prudence, Mr.. Jordan
check telling the boy TO send the drawer around.
The drawer having meanwhile disappeared with
out making his account good the Cashier OF the
Mechanics Banking Association called on Mr..
Jordan, at the Thlrd National Bank, later In the
he asked tnat tine certincation be erased from tue
check. This was also refused so that the Third Ma
Iional Bank Kept possession anke OF the god az
Association. The latter institution oDtaineu an
attachment yesterday afternoon from Jldgs
Barrett to cover the gold IN the possession
OF the Third National Bank, which secures
the rights OF the iormsr while the latter holds tne
lis protection. The truth OF the matter came ou'
later, and It shows how easily Wall street IL
affected by rumors and how readily the facts can
/ be exaggerated. II appears that Mr.. r. n. EGcles
broker. dong business at No 20 Broad street
lett the city on Saturday to visit his sick mother
! in Toronto, Canada, leaving no business
actions unhnished behind hun nor any checks un.
! paid by his bankers He returned late last even.
| ing and was much astonisned to md himself
set Down as having .mysteriously disappeareG.h
He stated that he knew OF no cheek.
ployes mas filed up bank check left by
him IN the sale already signed, ard attempted "
obtain tne money. Having made It @ rule 10 take
up all loans himself, Mr.. Eccos supposes that the
Third National Bank suspected something wrong
and held back payment though why they kept the
mysterious" caeck ne Is unable TO explain, no5
knowing the facts In the case
The second rumor Ia regard to
THE GOLD CLEARING HOUSE
was sustained by considerable delay In making
the clearlngs, which were, however, at Iast
enected, the sellers OF gold TO the principal long
operator, who did not take up his gold, consent
ing TO pos pone the settlement OF their contracts.
Gold was ike wise sold out under the rule for ni5