The times. [volume] (Richmond, Va.) 1890-1903, 1890-11-14
FINANCE AND COMMERCE.
QUOTATIONS OF THE NEW YORK
COTTON MARKET.

sitoatIon Of TobScco at Rlchmsnd and
other Important Csstres-Cotten and
rarm Products Peanut Quotatiens-
miscellaneous.
NFw YORK, Nov. i3.-Money closed COM
parativoly close to-day, most of the business
being done as high as - per cent. The
lowest rate was and the closing 4. Ex-
change closed steady; posted rates, 4sOlz(a
iSG: actual rates, 479h@E9M for sixty
davs and 4s4N64S5 for demand. Govern.
ments closed steady; currency, 6's, liz
bid; fs, coupons, l.22 bid; 41l's, do, 1.0i
bid.
The suspension Of the North River Bank
inst before the close Of business yesterday,
Notwithstanding the Clearing House Asso-
ciati0n's efforts, together with the report
that the affairs OF the North American Com
pany were such that the concern would
have 20 be wound up, had a depressing
effect on Wall street this morning, but
later. when il became known that the fort
nightly settlements In London had been
completed without a failure, and hat the
Bank Of England's rate OF discount re.
NAMED unchanged at SIX per cent. instead
of being advanced 10 seven, as was feared
i'm London Yesterday, and also hat the rate
for money in the open market there
remained steady at 81 per cent. there
was a general recovery, and by II 30 nearly
every stock on the list except North Amer
can was up 20 last nights prices, and many
Of them above. notably Northern Pacific
urcferred. Reading. Western Union, Rock
Island. Northwestern. and several others
The conspicuous feature OF the mornings
dealings on Change was North American
When the Exchange opened there was
bowling mob Of several hundred brokers
struggling 20 sell that stock, and large
blocks were unloa1ed on a rapidly declining
rriro. The North American Company
was formed in June last out o
thn ell OREGON TranscOntinental Company
and started out on its new life under uril-
limit auspices. At the time the stock soil
ais. this morning the company is a wreck,
its stock selling down 10 last night. IL
,lo-.I al ISL consequently at the lowest
,..int tbis morning it had dropped liz PEI
c.ot lis weakness for while had de.
,,r..-iu. tendency on the general market
f,ta. other stocks soon cut loose and
lr,rn On advance. Even the Northern
p,r.f. stocks. which were the chief hold.
.n.- 0fthe North American Company. were
mot greatly affected. Before II O'Clock North
American had rallied q 10 Ia points. Some
idea Of the dealings in the stock can be
cleaned from the fact that in the first thirty
minutes 49, 900 shares Of il were sold. The
par value of the capital stock Of the North
American Company is SiO,OOO,OOO, but
h,g much actual assets the capital
stock represents is food only for con
lecture. One estimate places the liabiil
ties of the company at Sl2,OOO,OOO
n is stated, however, that the assets OF
the company will more than cover lts liza,
hilities at present. prices. The Oiilcers Oh
tine COMPANY issued a notice to-day stating
that 1t bad no outstanding obligation; that
ill., time loans were held by comparatively
few persons and institutiOnsO Of great tnan'
cial strength: that they are a0undantly
secured by collateral which even at the
,ro.ont manic prices would realize enough
io nav an obligations and leave q
large surplus; that. IN word, the
company was perfectly solvent, and that II
had made no assignment and ana not IN
tend % take any such step. Inc marker
sfeqdiv strengthened after the first half
hour. and at noon values were generally Il
fogppr cent. higher than the closing of yes
t.rlly. The sales for the morning amount
a to 2jl. 500 shares. The early afternoon
found the market still generally firm at OF
near the highest point Of the day. North
American which fell off from llA
t19mst before noon. Recovered the de.
cline nF I O'Clock. Inc Noulu slOChS duu
Graneers were steady to strong, but with
out special feature. No more unfavOrablt
rum0rs were started, and on the whole the
market had taken on its normal aspect dur
inr the hour from 1 10 > o'clock. shortly
after o'clock. however, the market began
to wa,cr again, and almost immedi
ately broke sharply. Northern Pacific
preferred. which had been held
40 strong under adverse circumstances
dropped under a heavy unloading anC
amidst the most intense excitement from
G3toJ1iI. The other stocks also seemed tC
have been struck by sudden chill an1
Dropped one 20 four points. Toward the
close there was a rally TO % in North
ern Pacific preferred. but 1t was not fully
maintained, the stock closing at 595
bid. The general list closed in most case
- To 3i4 per cent. higher. The marke
closed barely steady. Notwithstanding In
fact that money was plentiful al per cent
The principal reason for the easiness in TN
monetary situation was the heavy shipmen
ore0H by The Bank Of France TO the BanI
ofEu.land. which relieved the stringency il
London. The sales for the day amounted 4
Oi1, lDj shares.