New-York tribune., 1891-09-24
PRICE THREE CENTS.
MR.. WHITE WILL RESUME.
MORE FAVORABLE PHASE OF THE
FAILURE.
ARE REPULsED-ADvERsE RUMoRs DENIED
MORE GOLD FROM Europe.

The failure of the Stock Exchange house Of
s. " White 81 Co. did not bring in its train yes
terday the calamites predicted by the bear traders
on Tuesday. None of the malignant rumors
freely circulated was confirmed, and Wall Street,
heard with satisfaction the sem-oflical assurance
given that Mr. White would be able to resume
at early date. The affairs Of the firm are
showing a more satisfactory condition than had
been looked for, and other house is likely to
be embarrassed by any of the consequences Of the
suspension.
The stock market was affected yesterday more
by the apprehension of what might follow the
White failure than by the actual consequences
The bears attacked prices with vigor and spread
a host of unfavorable rumors. Among these were
stories that there was hitch in the negotiations
for funding the floating debt of the Union Pacific
and that the dividend Missouri Pacific would
be reduced OF passed. The two stocks were rap
idly sold of, and the general list receded l per
cent. The expectation of raising of the dis
count rate of the Bank Of England to-day was
used to excite worry to the money market, and
rates for call loans were bid up TO 10 per cent.
In the first hour of trading excitement was high
and 10000 shares changed hands.
BY noon the market quieted down, and when
the selling pressure was removed scramble to
short contracts started prices upward rapidly.
Of instances stock more than recovered the early
losses under rush Of new buying orders. The
rumors about Union Pacific were quickly disposed
Of j. Pierpont Morgan said that there
hitch in the floating debt negotiations, and he
expressed confidence in the outcome Some Of
the Boston directors Of the company were in the
city to discuss the details, but there was no formal
meeting of the board and no conference with the
trust committee The work of securing the assent
of some Of the New-England creditors to the ex-
tension agreement is SLOW because Of restrictions
placed by the laws upon the investments of banks.
1t is said however, that the new three-year notes
are growing in favor among capitalists who have
examined them, and an important influence is ex-
erted by the clause in the extension agreement by
which the company undertakes to issue no new
obligations without the approval Of the trust COM
mittee.
The rumors about Missouri Pscfc's dividend
were unofflcially denied. The declaration of the
quarterly sum is now DUE but meeting has been
prevented by the difficulty of securing quorum
of directors The Gould people say that the usual
1 per cent will be declared, but late In the after
noon brokers of the Consolidated Exchange stood
on the New-st curb and sold small lots OF stock
below the official closing figure. They boasted
confidently that there would be a reduction OF the
rate but the brokers of the big Exchange had
gone homo Indifferent as 10 whether the DIVIDEND
was declared or not. 1t would excite amazement
if Missouri Pacific, after paying per cent through
a severe year, should on the threshold OF sreao
traffic movement cut down the rate Oh plea OF
conservatism"
The restoration of confidence in the Street at
the close of business was hastened BY a decline In
the rates for money TO per cent. The announce
mcnt was made of another shipment Of $2OOO0o
cold from Europe to Kuhn, Loeb az 90. Ihe
total amount now known to be on the way Ii
nearly Sc 900 900. Foreign exchange houses are
confident of much heavier arrivals at an early
date
The clerks of Charles w. Gould, the assignee Of
S V. White & Co.. were busy yesterday making
up accounts while Mr.. Gould held many satisfac-
tory interviews with creditors and holders OF
collateral on loans Mr. White was at his Office
for short time but he went home before noon,
tired out by the reaction from the tension OF Tues
day. The conference between the assignee aud
the members of the firm led TO absurd rumors that
Jay Gould was with Mr.. White. There was nc
truth in them and Mr.. White has sought no as
sstance from Jay Gould or any other large capi-
talist The firm authorized this statement: The
failure was in no way hastened by any acts Of
WOerishoff d Co.. or Field, Lindey 4 Co.
There was no agreement nor understanding be-
tween them with regard to transactions in the
corn market, and if the two firms last mentioned
have at any time sold corn. they operated en-
tirey on their own judgment and without any
violation of expressed or implied obligations TO
Mr.. White.
Mr.. Gould his assignee said yesterday that
the creditors of the failed house had universally
extended the utmost consideration in the arrange
ments for settling its affairs There would be
no difficulty in carrying existing loans. and he
thought that all collateral if properly nursed
would finally afford good balance 10 the concern
after meeting all obligations. Every engagement
in New-York has been protected but of course
Mr. Gould could not speak authoritatively OF the
position of the accounts of the Chicago branch.
1t is understood, however, that there will be no
sacrifices of any. of Mr.. Whites loans anywhere,
and there is strong ground for believing that the
firm will be able TO arrange it's Indebtedness so as
to permit its resumption in a few weeks. II is
understood that the assignee has found the stock
accounts of the house in satisfactory shape
No forced sales will be made where they seemed
possible on Tuesday, and this branch of the
settlement is expected TO be conducted most sue
cessfully.
Deputy Sheriff Fox has secured an attachment
for S16,7OO against Thomas B. and Samuel Rae,
composing the firm Of Rae Brothers q Co., brokers'
Of Pittsburg, in favor of George o. Morgan and
has served the attachment on S. " White g.
Co. and the assignee, Charles W. Gould.
HENRY CLEWS on THE SILVER QUESTION.
HE PRAISES PRESIDENT HARRISON AND GIVES
HIM THE CREDIT OF MAKING THB
MARKET so STRONG.
In speaking of the large shipments Of gold recently
made to this country. Henry Clews said yesterday to
Tribune reporter that he looked the movement as
direct result OF the Administrations strong stand on
the silver question "The extreme depression which
we were under about month ago. he said, pro-
duced more by the last fifteen millions OF gold shipped
than by the fifty millions that had gone previously. for
the reason that the legitimate and the other
the reverse The fifteen millions referred to taken
away from us in most forcible way, contrary to trade
conditions or the rates Of exchange that had previously
haan considered in 0old shinments A large urem3nm.