New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-15
MANY UNCoNFIRMED RUMORS.
A PROMINENT BANKING HOUSE ESCAPES FAIL
uRE-THE BANK OF NORTH AMERICA
ALL RIGHT

ALL RIGHT
The many distressing rumors that we're circulated
in Wall Street yesterday were not confirmed. Inc
fall of 1o per cent in British consols proved that
there was serious disturbance there, but the settle
ment had been completed and the failure OF pronii-
nent banking firm was avoided. At the same time the
pressure seemed 10 be from Europe. ana the pncpaI
selling was for foreign account The LONDON nrH'
that was talked about was Martin d Co., one OF the
Oldest and most conservative houses in the CITY. IL
was founded in the reign Of Elizabeth, and It's ialare
wouh be q national calamity. The report that II had
hen carried over by the assistance Of the Union Bank
brought out a lot Of denals. One OF the New YORK
correspondepts of the firm received a dispatch saying
that the rumors were without foundation Before the
close Of business all the foreign houses had dispatches
to this effect. II Was inferred that the messages
were accompanied by selling orders, although the crisis
lad presumably been passed In New-fork the ao-
sence Of failures considered an argument IN favor
Of higher prices for stocks but the selling Of all kinds
of securities tended to counterfeit the opinion There
were no new bank failures, but the Mechanics ana
Traders took out few more Clearing House GER
tincates. and formal examination by the committee
was made at the Bank Of North America. Fortunately
the bank was found to be solvent, although there Is
some reason for believing that the bank be forced
to sock the further aid Of the Clearing House The
committee found the capital Of the bank intact ana
after the examination issued this notice:
The undersigned members committee OF the New
York Clearing House Association beg leave to state ha
have this day made careful examination OF the bshR OF
North America and hereby certify that s capital Is intact
it hes large surplus and its means are AMPLE to meet all
It's obligations. HAMlhIoN
E. H. PERKINS, Jr,
J. EDWARD SIMMONS.
H. w. CANNON,
F. D. TAPPEN.
Tho committee will probably be called upon to look
INTO the affairs of the Mechanics and Traders to-day
on account of its latest application for help, and N Is
will he
chief difference will be the fact that is brokers'
hank and the other purely commercial institution
The Mechanics and Traders which Is State bank
like the North America and the North River under
stood to have dealt rather too freely in business paper
Its ambition In this direction has carried 1t to lengths
that might not be accepted even by the state The
examination will show whether its assets are Sufficient
TO warrant fresh issue Of Clearing House certificates
The certificates outstanding North River, 100000
North America $500 900 and Mechanics and Traders
100000. In the bank panic of 1884 the issue was
over $50 900 OOO and the committee does not expect
that this sum will be approached in the present emerg
ency.
feature Tie Willard stocks still unnaturally active
and Northern Pacific preferred suffered substantial loss
st. Paul was inclined to be heavy and Louisville and
Nashville was pressed for sale. Union Pacific de-
cned steadily although the question Of control has not
yet been settled ana al s the , Msstrn n,s s1sss
toward the unincation of railroad management:
sppS Pacie MAIL although there was no news
about either company The money Market was quiet
call loans. There practically no time money TO
be had A broker with important European connec'
After an experience Of thirty three years can
truthfn say that ! have never seen stock market
where at once while usually stringency IN place
Is accompanied by ease In another II money IS
or New York. and from one or G6se centres the de-
fctcncy is supplied. There to be money any
relieved the slringency in London