New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-12
COMPELLED TO GO UNDER.
nor deny the runor that the liabilities would

nor deny the Sruuor that the liabilities would
reach 81 10000
The stocks and bonds held by Whitney 4
Toledo, Ann Arbor and Cadillac per cent bonds,
eA4, 900; Chicago, Burlington and Quincy 81,
10000; West Shore IS, $4,000; Morgans
SI. 900, and IS, S, 900; ST. Louis and Iron Noun
tain S. 81, 900; East Tennessee IS, $4,000 Canada
Southern iirsts, $4,000; New-York and Harlem dn
shares; Texas Pacific, 500 Missouri Pacific, sd0 ;
Columbus and Hooking Csal and Iron, 100
shares and United States Per s os No.
Newest, finished the days record II Wam S', gv.
lie made an assignment to Frank Is ked%aS for
Ing preference 70 M Tag ess member Of the
had been credited with doing quiet .; Uun'
sentative business in the Board for , iOms '"'
and his liabilities are not believed to DC iarsc'
MR.. GOULD SCOTS AT RuMoRS'
The rally enjoyed by stocks at the opening woo
largely influenced by the absence OF panic ~
London, which was explained as largely uae ~
the lending Of from f3,0oo,0o0 to 44'oooVoo :"
the Bank of England by the Bank Oh iianos
Tn. loan was said by cable advices to have oeen
Erected through the influence of the Kosnsc Sc ,o
and INTENDED to relieve S snf to Spain and south
I'rsrca Added to this news were IumoIs "
hsnEins and railroad conferences tnao VIZ a os
works wonders in the had conferred Monday
to the effect hss ey 1aS Morgan Of Drexe Morgan
Co. and that Nj Gould had ac9nreda con' aeked
the Union Pacific Railroad rac,. MI "ou'' ""' '
yesterday about these rumors. :, III. I, +. 10
s.T d;X NOT zee Mr. Morgan last night, ne re-
r;ed 1T have not seen him lately on any suo.
ct relating to rsslr1 that haSe Changed the saa-
ton. Is it true that have said anat was
satisfied with the Union faclno-NoI.hwtss "e
agreement? Well 40 not know ] tSat maas
4 IL iSd NOT object to the contract so much as dld
n the manner in which it was executed. AZ
,vas made secretly without the consent OF Vhe
nther roads which were bound by the Gentle,
mems Agreement 1t was first thought 70 PING 4,
the Union Pacific to an exclusive inIerc1aiee -.
business: but when WE n msht be allowed and
that the other roads might make similar comDina-
lions. These are the views that ! nave Always
held and expressed, but that Is all;
ne 1T is also rumored in Wall Street that you
have secured control of the Union Pacitc.
LAS if / cared to 60 into any other proPer s1s
than those / am now connected 9I "i''' '"'"
Could with quiet impotence
Nav give an emphatic denial to this story 7"
THAT would dignity it with more importance
''S Mr. Gould added II have not changed my
views ON the situation The railroads have plenty
of business and If full rates are secured, s ev w;i
money vii! buy stocks at these declines. ana
do not think that any trouble will be serious
co,,urv,r az THE CLEANING HOUSES ACnl0N,
The notion of the associated banks in expand
inn their credits through Clearing House certif-
Gates was commented upon favorably by brokers
and bankers. who heard the news after the doors
of the Stock Exchange were closed. d. fierpont
Morgan said emphaticaly II believe this step
will lave a marked efieo; the situation. 1t
relieves the monetary stringcncy and avcits ua1i-
ger of further forced liquidations. The advices
from London are more favorable to-day; reiler
here will affect the London settlement to its bene-
ft and a safe settlement there will react to help
u.s. IL looks to me as if the worst was over; =,
Edmund ID. Randolph, president OF the Sonti-
mental National Bank said - The Clearing House
has not acted under any stress OF panic or Iis-
astcr Its action is not due to declines IN STOCKS.
IL was taken TO break the mercantile blockade-
the stress for money which was preventing the
movement of the crops. New-York has been drained
of funds by the country and 1t was the CONNER. .
cial community which needed relief. That is now
accomplished and OF course with easy money wan
Street will be benefited, and, l believe, all dan
ger of trouble removed. 700
Association was after the committee held It's
meeting. Mr., Tappen chattcd pleasantly ana hope
fully about the situation, ana sald emphaucaiis
that the action OF the committee in loaning money
TO the three banks which had applied for AID com
pletely cleared the atmosphere and prevented the
failure of any banks Mr.. Tappen thoughe 'ha'
il would enhance the values Of stocks
BANKS THAT RAISED THE PLEDGES.
The nine banks that raised the pledges were
the Merchants, National Chemical, Fourth
National Bank of New-York. Gallatin. Importers
and Traders. Rank of America, and American
Exchange The committee composed OF
Presidents Frederick d. Tappen. of the Gallatin;
j. d. vermilye, of the Merchants; Richard King,
of the Bank OF Commerce; George G. Williams. OF
the Chemical and Z. H. Perkins, of the I'm
porten and Traders. II was learned that there
was a misunderstanding between the Mechanics
and Traders Bank and the Market and Fulton
bank The first claimed that the second owed
il SIe9. OOO which the Market and Fulton Bank
refused to pay. Late in the day the Market
and Fulton Bank came TO TERMS and sent uhe
SiO0 600 TO the Clearing House Association thus
enabling the Mechanics and Traders to balance
its books The North River Bank also paid up
$50 600 during the afternoon leaving it's shortage
William Dowd, president Of the Bank Of North
America said he believed his bank was fuliy pro,
tected 1t had made large loans to Decker, Howell
a. CO. and recently the firm had owed the 6ank
large sums of money. But the bank heard ON
Monday night that Decker, Howell and 20. were
embarrassed, and it had taken measures TO pro,
tect itself. Mr. Dowd said that the bank haa
sold during the day one-half Of the securities
Il held from Decker, Howell e. Co.. and might
sell the remaining half to-day.
The total sales of Northern faclilc preiNe ar
amounted to about $4,000 shares and OF Nortn
American to nearly 100000 shares.
Regarding the action of the Loan Committee
Of the Clearing House Association and Its enects
on the situation, s. v. White said that the same
step was taken in 1878. at the time of the failure
Of Jaw Cooke and also in 1884, at the time OF the
GrantWard colapse. This action" said MI
White. will relieve the situation and tide every
Edward Simmons said that he Endorsed the
action of the committee which would efectually
prevent any bank from falling.
THE FEELING AT THE WINDSOR
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