The morning call., 1890-11-19
A WEAK MARKET.
Drop in Stock Quotations Failure Of
New York Brokers.

the volume of business which so marked
ye terdny made further pro yress to-day, and
returning dullness, indi ating no material
demand for stocks, existed and induced
more Sc Hing by bears, and the tone of the
market was weaker than it has been since
Saturday, resulting in many marked losses
for the day, among which are the Pacific
Mail 81, Union Pacific 2H, Atchison IA,
st. Paul q, Burlington ~. There was
renewal of the old bear tactics of spreading g
reports rejecting upon the financial stand
ing Of prominent firms in the streat, etc.
The monetary situation was one of the most
influential factors, however, in restricting
buying Two failures were ann ounced,
and, while neither had much influence TO
lower the prices they acted as further
deterrent from buying. Governments were
dull and petroleum lower, December closing
at 69A.
The market opened quiet and irregular
without excitement, with prices well sus-
tained. The general list advanced small
fractions over the opening. with the Viii
lardS In the lead. North American, Northern
Pacific preferred and ST. Pull were the
only conspicuously active stocks, and the
trading in Northern Pacific preferred was
remarkable ior the transfer Of some large
blocks.
After II o'clock liquidation assumed larger
prOpOrtlOffs, Win marked increase III Dusl-
ness. Material losses were sustained in all
the leading stocks. The feature of the deal
ings was Pacific Mail, which had been eX-
tremely dull during the forenoon: 1t be-
came suddenly very active and was knocked
covered 2 The rest Of the list also suffered
severely in a snort drive. Union Pacific
lost II. Western Union 11s, Atchison l.
There was no recovery OF note.
Money has been tight. to 80 per cent,
1. In.,& i
Stocks In the last hour showed no anima-
ton After further slight losses some re-
covery was shown and the market closed
quiet, heavy TO weak, at or near the lowest
prices of the day.
MORE FAILURES.
The announcement has been made of the
failure OF p. II. Gallandel, stock broker;
liabilities S1,00o.00O. The firm assigned to
c. E. Minor. The failure is owing to sew
eral banks calling in their loans. The as
sgnee said the suspension was due to the
general depression of the values of collat-
erals, which had gone so far when the loans
TO the firm were called that they could not
be met, although the firm has what in
ordinary times would be amply sufficient to
pay the borrowed money. The firm holds
such good securities that if the market inn
proves it may be able to pay the indebted
| suspended firm said "Of course we hope to
| resume business shortly. Our being able to
| do SO, however, depends largely upon the
| banks and trust companies. If they are
| lenient with MS we may come out all right.
If they press us the termination of our sus-
| pension is not so clearly foreseen."
w. +. Owens has announced his Susren-
sion Oh the Stock Exchange. He has no out
| standing contracts on the exchange.
Judge OBrien issued an d r requiring
that cause be shown forthwith why re-
ceiver should not b. appointed pending the
| suit which the Attorney General has brought
to dissolve the North River Bank. A tein-
| porary injunction was also secured restrain
ing the bank officials from interf ring with
affairs. The case was argu, and the Judge
reserved his decision.
| Bank Superintendent Preston to-day
made an affidavit relative TO the amount Of
assets and Liabilities Ui the North River
| Bank. 1t shOwed; Assets, So,493, So /;
Liabilities, So, 593, 5S7; deficiency, s99, ,so4.
| Thomas Barring, member of the firm of
| Kidder, Peabody & Co., American agents of
Barring Bros, said this morning: Il wish to
deny in the most emphatic terms the state
ments that Barring Bros. will 20 into liquida-
ton and cease to exist within few years.
| There is absolutely no other foundation for
| the statement than the possible retirement
| oil Lord Rsvelstoke from the head OF the
house. To accomplish this, there may pos
sibY be nominal liquidation. but the 5usi-
ness Of the bank would continue as before,
in the hands Of the constituted firm. 1t is
not even certain that Lord Reyesi0ke will
retire, though he is 90 years old. II the
| matter had been definitely settled, /, being
his brother, ought to have heard Of 1t.
RELIEF MEASURES.
| Kiernan's News Agency has Washing
| ton special which says the administration
| comedies the circulating medium inadequate
| for the present business of the country, and
| is now at work on some plan to recommend
| to Congress for relief.
Frederick d. Tappen, Chairman of the
NIAnr II II n
| amount of certificates was taken out to-day
by the banks, not with the intention Of using
| them Immediately, but for the purpose OF
easing the money market il necessary
! The clearings went through all right this
| morning The transactions were very large,
aggregating S2iS, 600 900.
Vice Chairman Mcclure Of the Stoek Ex-
change expresses confidence in the outlook.
"The heavy rain is over," he says, ''and the
people are justified in looking for some blue
sky. The troubles to come will be only
| showers"
Counsel for the North American Company
authorizes the statement to-day that all
loans matured have been paid off and none
Of the loans now outstanding fall due until
| after the end of the year.
| PHILADELPHIA, Nov. 1S-A meeting OF
bank presidents this afternoon resolved to
follow the &C ion of New York banks and
arranged to issue Clearing house certiticates
to any bank that might need them in case OF
a money pinch. This is the first time this
has been done here since the Jay Cooke
panic in 1873.
LONDON, Nov. 18.-Stocks opened better,
but business dwindled and was stagnantI
Stocks closed better for foreign securities,
| Others were dull.
There is rumor that another banking
firm is In difficulties, owing to its inabilit!
to rediscount maturing bills. The FinaIl
cial News is afraid that many weak spot
have been made In the financial world bl
reckless underwriting. and that more thai
| one house /, tutteriuP.