New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-25
STOCKS MOVING UPWARD.
NOTHING OCCURS TO CHECK THE ADVANCE
FAILURE OF EDWARD BRANDoN-LIABILITIEs
NOT OVER 81 100000, WHICH ARE AMPLY
SECURED BY COLLATERAL - THE
WESTERN RAILWAY SITUATION.

NOT OVER 81. 100000, WHICH ARE AMPLY
SECURED BY COLLATERAL = THE
WESTERN RAILWAY SITUATION.
After an early decline yesterday the stock market
advanced steadily to the close. SD Paul and Achlson
were conspicuously active and strong and their maj
gains were per cent. The failure OF Edward Bran
don, which was announced shortly before IL O'CLOCK
was without important influence although IL was gen.
orally great surprise. Mr. Brandon has been mem
Der OF the Stock Exchange for nearly forty years.
lie passed unscathcd through the financial panic Oh
1857, the gold panic of 1862 the general disturbance
of 1873 and the bank troubles of 1884. That ne
should have escaped failure on Saturday week ago.
when most stocks were at their lowest points, was
explained on the theory that he sold STOCKS snort Dc
cause he held large amounts OF unavailable securtes
Having large amount of Nickel Plate stocks, on
which he could not borrow money with much freedom
II said that he attempted to hedge by short sales
Of the active stocks The theory supported by the
transactions under the rule" which were as follows
sales-$2OOO0 West Shore registered certificates
100000 Central Pacific first mortgage per cent oonos
$1,000 Central Pacific, st. Joaquin Valley: 100 shares
Central Railroad OF New-Jersey, s31 shares New
York. Chicago and st. Louis first preferred "'ioo
shares New-York, Chicago and st. Louis second pre-
ferred, 1927 New-York, Chicago and st. Louis COM
mon 300 shares Oregon Improvement, 200 shares
Erie
Purchases-10O shares Rock Island, 100 shares ST.
Paul common, 100 shares NewYork, Chicago and 81
Louis, 100 shares Missouri Pacific, 100 shares Union
Pacific, 200 shares Louisville and Nashville.
These are of course, no indication OF the private
settlements that have been made. or must DO maoe.
before Mr.. Brandon can be renstated as MEMBER oi
the Stock Exchange. Robert s. Miller, to whom he
made an assignment and who has been his con-
adential clerk, said Il unable to make an exact
statement about Mr.. Brandon's ahas, but am pretty
sure the liabilities will not be over 1900 ,ooo That
sum includes the Indebtedness amply secured by col
lateral II everything goes along smoothly 1 think
Mr. Brandon will have o considerable surplus, but
cannot tell what that will be. l am sure that his
failure was caused chiefly by the calling Of loans
by few houses, and by the mpossiblity Of raising
sufficient funds to meet the engagement With q
degree of lenency l shall be able to pay the oblga-
tons without trouble
The failure was received with many expressions
of regret on account especially Of the high posi-
ton that Mr.. Brandon has occupied. That tho
first failure since the middle Of last week should DO
by fresh convert to the bear theory considered
a significant fact. His large holdings Of Nickel
Plates stocks have been generally known, but aside
from the calling OF loans the decline in Oregon I'm
provement stock was the immediate cause OF the
embarrassment. Unfortunately Mr.. Brandon's busi-
ness was not Of enough Importance for him to be
assisted, and for the first title since he was adj
mitted to the Board he was compelled to announce
his inability to complete his contract
Mr. Brandon was one of the Oldest members Of the
Stock Exchange, he has always been one OF tho
most careful and conservative. lie has done In the
past considerable business for Jay Gould, but since
the retirement Of the latter the business OF Mr.
Brandon has been diminishing 1t Is possible that
he traded somewhat his previous reputation, and
in quarters it is believed that Mr. Brandon
has been for the last few years his own best customer
Neither the death OF August Belmont nor the
failure Of Edward Brandon was able TO check the
upwsrd movement Of stocks. There were no fresh
dcvelopments in the Western railway situation, al
though harmony reported to be nearly established
The meeting of Western railway presidents, from
which much Is expected has not yet Oeen called, but
there is some for believing that 1t will be held
this week. Conferences between Jay Gould and the
executive officers Of the Northwest and the st. Paul
railroad companies have been held recently, and the
Rock Island is said to be the only company that Is
not now in full harmony in regard to rates with inc
other principal lines The sharp advance In the price
of the stock yesterday considered Significant on
this account. President Cable will visit New YORK
next week. and perhaps there will be some meeting al
that time.
An active manager for the Union Pacific has not
vet been secured Vice President Clark of the Mis-
souri, Pacific might return to his former oiice IL MI
Gould could make up his mind to spare MS services
The names OF one or two other managers have been
mentioned but no one has yet been secured. ohe VI
Mr. Could's intimate friends said on this point y
am afraid there Will be some trouble in finding good
man for the place. Mr.. DllQD VIII make an eAceheh'
president of course, but he is too old to resume te
nrac,;co, management The company needs first
class man. but do not know where he can rc touhd'
Henry Cews the we'll known broker, whose business
il said to have been increased largely Dy lc N0ci'
disturbances, venturcd these predicuohs'
The market has now gotten into shape for big huctua
tons and big transactions Will be the RECORD ior ea &
hotfn
against all bear attacks. The failures In the fu'uic y
will he from the bear ranks Before we have any haria
setback predict the following figures for s'ockS %
Pacific So; Missouri Pacific, 20; Western onion %
Reading 80; st. Paul 90; Rock lsiaha, ~ ,a
So Chicago Burlington and Quincy, 9Zs Lacha" I'M
,ao. Canada Southern 53i Achison 49, New-ihgianu'
aO Northern Pacific preferred TO- and most o'her
stocks in the proportion sad some "eo 'n. ~,
that the market would not turn again 70 inc n S ~
the then formidable bears became buiis' ine W 49,
=, .n ,ror,,nce in influence and money backing have
done - ,..oot
The Loan Committee of the Clearing House Associ
alton issued 800 900 certificates yesterday DuC inc
names of the banks to which they were gwen were o
made public. The total issue is now So'S-o'ooo'
mart was taken out by the Bank of Commerce ana
cw institutions of similar character simply to encour
are weaker banks and probably these have not Deel
used The bulk of the issue was taken oao 70 otat
modate stock brokers who We're nap failure IN Of Ed
ward Brandon, who was carrying large aUu, ntr 70
Nickel Plate" stocks was causeo " w wi. he,
calling of-hIs loans by several money LENDERS w
he carried his Securities TO his bank and the Loan
Committee refused to issue certicaies On 'neni 10
Clearing House secret. .. ,ostordov ir
There were no new developments here yes.sraaGy o
the affairs of tho United states hoie ave Gon or
pany which was placed in the hands OF receiver VI
saturday President Cyrus d. taSsn h a. arer
relieve Receiver A. IIegewisch who IS the prssScm
of the company Mr.. ilegewisch VIII con M, 20 Ne"
| York i'm a few days to take charge Oh the an@rs. ~
In Mr. Roys's statement on saturday II was an, az,
nounoed that If all the sums due the cohpdtS ii0
railroads were paid s0lvency would be uiidoupteG.
d. patch from Chicago yesterday aleged that inc
Pacific was debtor to the extent Oh ssoUOUo o I'
Office OF the Rolling Stock Company reply 10 an IN
ouiry as TO the truth OF the statement met with tne
Non committaI RESPONSE We have nothing to say
There are many persons who seem to know more ABOUT
orr affairs than do ourselves.
THE RUN ON THE CITIZENS BANK OVER
| The run on the Citizens Savings BANK Is over anu
Yesterday the regular course OF ousi'c'' va,
,.h, ,r,.runt,on In the four days that the run
oo,,,nr.d over so5O 600 was drawn out by small