The times. [volume] (Richmond, Va.) 1890-1903, 1890-11-13
FINANCE AND COMMERCE.
QUOTATIONS OF THE NEW YORK
COTTON MARKET.

suoa,,on of Tobacco st Richmond and
other Important Contradiction and
Farm Products Peanut Quotations
Miscellaneous.
NEw YORK, Nov. i2.-Money closed at 9
per cent after loaning most OF the day at
q. OF per cent. per diem and the legal rate.
This was the highest rate. The lowest was
three. Exchange closed steady; posted
rates. 1901 s6; actual rates, 459H44T9A for
sixty days, and is4sIe4s5 for demand. Gov
crnmenis closed steady currency Gs, ll3
bid; As. coupons, 1913 bid; US do, I04 bid.
The immediate effect of the decision Of
the New York Clearing House TO issue GER
tifcatcs 10 be used in the settlement Of bal
ances was TO allay apprehensions Of a
panic amongst the banks, and In that re-
spcct had a beneficial effect in helping the
recovery Of 10 per cent. in the stock
- market during the first hour Of business.
This improved feeling was helped by cable
dispatches from London, announcing higher
prices for American stocks there, and also
Of a heavy gold shipment from Russia to
the Bank Of England. IL was stated
that 100000 pounds OF gold would
be sent from Russia 10 the Bank
Of England. and that Brazil would send
Go0OoO pounds OF gold 10 its london
house early next month. At the Bank Of
North America business opened up as usual.
President DOwd had frequent consultations
during tbs morning with the directors, and
il was given out that the 100000 shortage
of the bank at the clearing house yesterday
had been taken care Of. The bank had
loaned large amount TO Decker,
Howell q Co., the suspended bro
kcrs. on North American and Northern
Pacific shares, but II was claimed there was
annie margin 90 protect the loan. Con :
siderable Of these stocks were sold AT the
stock Exchange to-day, and it is believed
tbe entire amount held by the bank had
haon liquidated. IL was also said that the
N.chanics aud Traders and North River
hanks had managed TO arrange matters
satisfactorily with the clearinghouse, the
c.r,ner -1ulrmg its accounts after bust
49,. Yesterday and the latter this morn
lon. Notwithstanding all these arrange
,".rf. money loaned very stringent and
..fl loans commanded a Of l per cent. per
dm BOO addition 20 the legal rate. Al
though the net result Of the first hours ira
ding iu stocks was 20 leave prices 10 per
affairs very unsettled. Considerable stock
vas sold under the rule for the account OF
becker. Howell a Co., and TIE other
firms which failed yesterday. In the
nist hours 3lj,50O shares were sold, but
in the hour 10 noon only 52,2OO were sold.
making total for the morning OF 3jl,OOO
shares. Prices steadily advanced in the
second hour, thelnet result OF the.morning's
trading having been 10 leave prices y TO
50. per cent. higher, with an exceptional
advance of 60 per cent. in Northern Pacific
preferred. Shortly after noon the announce
inont of the failure of j. {. WalcOtt Il Co..
,yas made. but il had little effect, and
prices continued strong up TO the
close. when some OF the list showed
further advances on the mornings
prires. just before the close another small
oiluro. that of BENJAMIN h. True, was an
nouuccd. bat attracted very little attention.
Inter i'm the dav money loaned freely at six
u4r cent. aud i'm the closing hour the rate
fsu % three per cent, but the final rate
was six per cent. The day closed with a
more confident feeling than on any day
since the downward movement In stocks
was inaugurated, and the final prices for
stocks were One-half TO twelve per cent.
above the close OF yesterday, the
latter i'm Pullman Palace Car. The day did
not close, however, without bank suspen-
sion. About 2.15 o'clock the North River
Bank closed its doors and posted a notice
that it had suspended temporarily. The
news, however did not reach Wall street
until afor the Exchange had closed. The
bans curly in the day had announced that
IFS difficulty Of Yesterday had been salts
nctorily arranged, and its suspension
caused much surprise. The concern is now
Don the hands of the State examiners. No
thing could be learned up to late hour as
% It's affairs. The sales for the day amount
eel fO CD l6q shares.