St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-13
End OF LIQUIDATION,
It Is Confidently Believed
That the Rich Mans
Panic Is Over.
A Most Gratifying Confidence
Displayed, and All Stocks
Close Higher.
Securities in Which Willard Is
a Specialist. Show Marked
Improvement.
One State Bank Closes Its
Doors, But Will Resume
To-Day.

New York, Nov. 12.-The action of
The associated banks in authorizing the
issue of certificates TO an unlimited
amount quieted the stock market to-day.
Members of the clearing house had only
TO present satisfactory collateral to re-
eeive certificates, and consequently set
BE their balances. Three state banks
were unable to settle their balances at
the clearing house on Tuesday morn
Ing and the issue of certificates was
authorized. The Bank of North
America, which was 10 be saved by the
operation, took out certificates only to
the amount of the over-certiiicati0n
In favor of Decker, Howell & Co..
the firm which was reported to
have carried down the bank. The
smaller banks which had announced
their inability to pay their balances had
no connection with Wall street, and the
suspension OF the North River bank at
the close OF the business was complete
surprise. An advance of S65, ,000,i clear
Ing house certificates was insufficient
to meet the banks requirements. and
the remaining securities that might be
offered for additional aid were found to
be unacceptable The bank had moth
Ing to do except to close its doors, and
thiS was done. The loan committee
of the clearing house went to the bank
for the purpose of examining its assets,
but only to find thai representative of
the state banking department was in
charge. 1t was said in behalf of the
bank that
Relief Was So Close
At hand that the managers could not see
1t. 1t had been expected that the ac-
lion of the clearing house would pre-
vent serious disturbance, but within
iwenty-four hours bank failure oc
CURED. That was hardly the most i'm
portant failure of the day. A meeting
bf the creditors of the North American
company was held early in the day.
When 1t was concluded it was officially
stated:
The North Ameriean company is solyene
beyond all question. The meeting of tht
creditors was very satisfactory. The COM
Pany's assets will not be slaughtered. The
committee which was appointed at the meet
ing consists of President Solston, of the
Farmers Loan and Trust company; C. Ii.
COster. of DreXel, Morgan Il Co; William
Salomon, who represents the Deutsche bank.
pf Berlin; William: Rockefeller and Jacob
Schotf. 1t was mutually agreed by the COM
mittee, in behalf OF the creditors, that the
but without preference.
The committee agreed, in other
words. that the creditors should not sell
out on each other. but that the liquida-
lion should be gradual. 1t was reported
at one time during the day that an off,
cIal statement of the condition of the
company would be made, but officers of
the company said that they had no
statement TO make. The most that
could be obtained was that the assets
Of the company might pay its debts. A
member OF the committee said after
ward that things were working smooth
ly, but that nothing ought TO be pub
lished at present. Other persons
WHO were equally familiar with the
situation said that the appointment of
committee of creditors was virtually
an assignment. Whether this result
was due to the complications with the
cGmpany's brokers or To SpeculationS by
Henry Wizard was not made plain. it
was said that Mr.. Willard sent a cable
dispatch to his friends here that he had
no personal interest IN the failure of
the firm supposed TO be his principal
brokers, and it was suggested by others
that Mr. Willard had no interest in the
company which he founded as the sue
cessUr of the Oregon & TranscOn-
tinental. That was found ed to pat
the famous 'blind pOol' into mar
ketable shape, and the North American
company, according to this theory, was
organized simply because its chartered
privileges were more generous. The
North American company had the right,
under its charter. to do pretty much
what it pleas d. The directors incurred
no personal responsibility by the COM
pany's ventures in any direction. That
is why the Oregon d TranScontinental
became the North American company.
The stock market followed the develop
ments of the day. The opening was at
substantial advances and after many
variations,
The Closing Was Confident
One OF two small failures were without
effect, because they were considered
merely relies of past condition. Trans.
actions "under the rule'' were numer-
Gus. but only for small lots, and high
rates for money could not stop the nat
ural reaction. The final gains were from
2 TO B per cent Oh an average, and North
American, in which the dealings were
about 10000 shares, closed a fraction
higher, although not above its first
price. The reports that Jay Gould had
secured practical control of the
Union Pacific helped that stock,
and incidentally affected the
stocks concerned by 1t. Northwestern
early declined on the supposition that a
change in control would put all end to
the traffic alliance between the Union
Pacific and Northwestern, but when it
was discovered that, if the report was
true, the arrangement had been made
only by the help of bankers interested
In establishing harmony among the
Western railroads, all the granger
stocks rose simultaneously. They
closed at about their highest prices, and
in nrppnt demand