New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-14

Dsnk ~ noroos mn with the money the bank Will
be allowed to resume. 1t VIII not oe opei' "'"
ever, tomorrow.
81 cannot answer that. Very possibly and very
probably it will If find that suinclent mon, NY
Is not forthcoming however VIII take r rho
nroper step to declare the bank insoivent. me
present status will continue until all [esouIue r
have been exhausted. / will require 1nil assuI-
ance of an amount OF cash OF security '"
protcct every depOSlt0r. H.. O.. do,,
Mr. Preston will probably leave the Guy to.uay'
the hank remaining in charge OF MS aSsiS,"h''
Mr.. Cahill
LESS STRAIN AT THE STOCK EXCHANGE.
No NEW NEUTRALITY-SUSPICIOUS. NEWS BNCoURAG-
ING-NoRTH AMERICAN STOCK SHAKEN
UP-THE COMPANy's STATEMENT
The excitement IN Wall Street IS slowly subsdlng'
and although there numerous rumors to-day 'ey
appeared be merely results OF the recent disturb
ances. There fresh failures az the sloch EN-
change, and although business was actiVe anu '''0
course of prices irregular, the intense strain was
greatly relieved. Dispatches from London sara tiat
the fortnighy settlement had been completed WITHOUT
serious trouble, although it had been found necessary
for the Union Bank to carry over the business of one
banking firm Of considerable importance The BANK
OF England was not forced to raise its rate OF discount
and I'm fact the foreign news much better thai
had been expected. In New York the money market
was decidedly easier and the demand from the country
was not increased by the recent action OF the clearing
House authorizing the issue Of certificates or by the
failure on "Wednesday of the North River BANK ~
would have been natural that interior banks should
reduce their balances with their New-iork CORE
sondepts but there has beer indication OF fright
among them.
The conditions were favorable in every direction.
and before the Of the business il had been learned
that the affairs of the North American Company were
not in so desperate condition the appointment Oh
indies
that this action meant the winding up of the company
made this stock and the Northern Pacific shares the
centre of interest. North American stock opened al
decline of . per cent ut 1G and within few mill
utes fell to Z. 1t looked as if every broker on the
Hoor had received an to sell the stock, and In
the opening scramble there probably 100 brokers
In the group AT the lowest price there were sales OF
only 500 shares and from that point there was
rapid and feverish recovery The price finally setied
between 10 and H. and the buying was believed TO be
for inside interest After the furry was over the com
pany caused the publication of the following state
nent:
The reports as to the condition of the North Amcri-
can Company are unfounded and extremely unjust.
The ns mo held sy
and institutions Of great financial eren ana fs ls
panic prices prevailing during the last few days. could
have been sold for sum SUFFICIENT 10 Pay an ns
The company has also large amount OF valuable
IN is has b wsch rs
TO the feverish and uncertain condition OF the marke
order to get their that the assets of tho
pledged to them as collateral h %ouS n9s GS
given and a committee of the creditors has been ap
preventing any needless sacrifice Of its securities
fhe creditors called together simply to SATISFY
them Of the sound condition Of the company, and Y
obtain their cooperation The company has made n1
assignment and intends 10 make none
The creditors committee held meeting in th'
ID pAlS
president of the Farmers Loan and Trust Company
who is chairman of the committee published this state
ment in explanation of its appointment:
A statement having appeared in the public prlnt
srSdi, ens Of the North American Company ap
pointed with authority to liguidatc the sad company
that the meeting meeting solely of the creditor
of the North American Company called at the instanc
ren that Of he sscu aSf sHf held py
lateral for their Loans for Snie s e %s ar the
pose Of protecting their own interests. and In no WIS
for the Of qpaang 81 enee be- 81 I hat III
appointment OF the committee for such purposes wa
lions OF the company but also largely for the bcne
VI tile North American stockholders. -. .u...o,
This prevents any sacrifice OF the collateral
he'd as security for the loans made by the Mort
American Company.
Onucers of the company declared that there was no
the smallest intention Of closing up its affairs ana tina
was to be the distribution 10 the stockhoder
would 10 considerably more than the market price @
the stock 1t said also that so far as was known
President Henry Willard large holder OF the stoc
ana a firm believer in the future Of the company
There was no little talk about bringing suits agans
the directors for purpose of making them PERSONAL
responsible for the losses suffered by innocent SHARE
holders but the charter Of the company, which is en
renely LIBERAL will probably calm TIE alor Of zeaot
nugants. To what extent Mr. Willard has been a
fcctod by the failure Of the prihcips
brokers Of the company and the dcciiu
In its stock matter 81 muc
uncertainty In Wall Street and opinions CT persons
. position TO know something about his affairs wei
diverse. 1t was limited in quarters that
Willard had lost little, while the other hand WI
the known fact that I've he'd a large amount oil none
In the hands Of his brokers' The creditors commute
would say nothing about their plans outside Of u
ofhcial notice made by TIE ciairnan whether =,
their orders kept secret but brokers on me no
Of the Stock Exchange convinced that tile prime
pal buying I'm the interest OF the committee IN
was thought to explain the delay In issuing the motto
Which could havN been published with the appontme
Of the committee with probably great advantage
the stockholders.
The many rumors OF embarrassment that were ci
The Stock Exchange firms whose credit was question:
were able 70 deny them. and that no bank was
serious trouble proved by the fact chat 20 ,os
eomInittee Of the Clearing House did not = ~ Of
application for certificates. The Bank OF .'.sli Aine
which Is nearly the amount o. the certificates issued
Il. OF course. the bank will not at presc
discharge the certificates but its condition has bee
greatly improved and is large credit balance prevents
w. necessity Of calling loans. The hank did not.