New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-14
CLOSING PRICES OF BOSTON STOCKS.
Boston. Nov. 13 1890.
NORTH AMERICANS FATE.

y,
To-dav IL was the North American stock-the
old Oregon and Observation-Disclosures was the
chief feature at the Stock Exchange. The most
favorable outgivings of the creditors committee
last evening which were printed in this morn
ing's papers, were to the effect that the company
probably could pay its debts and that outglving
was clouded by seeming desire to make as
favorable statement of the company's affairs
az possible 50 as not to disturb the go0d
feeling that was shown in Yesterdays stock mar
ket" when things are working more smoothly
than now, it will be time to talk about the
North American Company" and like phrases, were
simply damnatons by plainly seeming attempts
to give faint praise. 1t was this last evening
outgivings Of the creditors committee. which
clearly implied doubt Of the company's ability
to pay its debts in full that caused the price OF
North American stock to open of 1-2 per cent
at 16, and quickly decline to Z. quick rally
to IL followed tho first decline, and the bulk of
the days 10000 shares business was done
between 10 and IL.
Late in the forenoon there appeared a sem-Oficial
statement from the company which asserted that
the company had no outstanding call obligations,
and its time loans held by few persons
and institutions Of great financial strength. and
were abundantly secured by collaterals which at
the prevailing low prices Of the last few days
would pay all its obligations and leave a substan-
tial surplus to the credit Of the company and
that the company had also In its treasury q
large amount of assets which were not pledged
But no figures were furnished. A simple state
ment of figures Of the assets In the treasury ana
of the companys debts, and the collaterals pledged
to secure such debts, would have been less labor
than that required to formulate meaningless
accumulation Of words and would haze carried
conviction to the minds of its stockholders. And
as il is supposed that the directors Of every com
pany-no matter how high their individual reputa-
lions may stand-owe their duties TO the stock
holders and not to the creditors OF the company,
of the company together simply to satisfy them
of the sound condition Of the company and TO
obtain their cooperation" the stockholders are
entitled simultaneously to the full Information
that has been granted to the creditors:
There is not director of the North American
Company that tonight does not stand lower in pub
lie IL a than ne aa 5@s afq
Rolston chairman of the creditors committee,
which is printed elsewhere. 1t simply practically
oontradcts all the nferences which were fairly
last evening, and winds up by stating Inns
course prevents any sacrifice OF the collateras
held security for @ hd msae by to 5n add fba
at 10 for North American stock, 100000 OBJ
tains the control Of that company and through
it the control of the whole Northern Pacific sys-
tenn and to suggest that except through last
evenings reports and the seeming hesitation to
make things look worse than they wereIa seem
i II TO-DAY Would have been impossible for the Sc
cured creditors to have picked up oO.0oo or ~,
600 shares of North American stock at IL and
lower.
THE GENERAL STOCK MARKET.
The early decline in North American stock ex,
ertcd only q momentary influence on the general
list The prices went of some fractions, but
quickly recovered and ruled strong TIL a1ter
o'clock The strength Of North American after its
recovery from. to 10 attracted general atten-
tion so that even novices in the Street smelt out
the strong buying Of it and said if that is the
game they" will break Northern Pacific again
ia carry out their purpose. The novices as usual,
were correct. Rumors of another bank in trou-
BILE" were flying about so that the question OF
(which is the bank ?" was In every mouth and
the whole market was raided largely Northern
and all other stocks marked corresponding. but
smaller decline. Sugar. as usual, stepped 10 Jhe
front with n decline from ~ TO "a "a. IL was
coincidence that, while Northern Pacific preferred
was declining per cent, North American rose
l-2 per cent The rum0H Of additional bank
troubles or other financial complications proved
to be false and the market closed with recovcries
but yet generally lower than last evenings final
prices 1t is to be expected that the market for
some DAYS will be feverish and fiuctuating Dut
the offices of conservative bankers WHICH for
months have been bare Of customers during the
last three days have been full of inquiring in
general election in the country. The days trans
actions in the general department amounted TO
5O4 3O2 shares, Of which IL 900 were in North
American, and in the unlisted department TO &c.
3O5 shares, of which "a 300 were in Sugar. The
market closed firm at the figures.
WHAT WAS DONE IN BONDS.
Government bonds We're entirely neglected while
the nominal quotations for them were unchanged
fcl1c