Brookings County sentinel. (Brookings, Dakota [S.D.]) 1882-1890, 1890-11-14

pruI.apEIPHrA. Nov. 1t.--Narr 81
Frind, brokers, have failed. MI. MARI
was a member Of the New York Stock
Exchange
BANKS TIDE OVER.
rai,ures That would Have Been Very
DISASTROUS Avsrted by Timely Action.
NEW YORK, Nov. 11.-Rumors OF
trouble among banking institutions were
current oil day, but no one paid much
attention to them, thinking that they
were the usual emanations of bear
minds. After the close, however, the
facts developed were lof the most alarm
1 ing character. The banks, which We're
| members Of the New York clearing
house association we're unable 10 settle
/ the claims of the other banks against
/ them. There was u balance against the
/ Bank of North America of 81 400, 600
/ which it was unable to settle. The
other banks were the North River and
4 the Mechanics and Traders How the
1 heavy balance was created against the
| Bank of North America was puzzle.
! II was thought that the firm OF Decker,
| Howell q Co. had oyerdrawn their ac-
count to that extent, bnt this could NOS
he definitely ascertained. During the
day the Mechanics and Traders bank
| made its settlements with the clearing
| house and the other two banks received
1 assistance from the other banks IN the
ASSOCIATION and pulled through all right.
At the Bank Of North America 1t was
stated that the trouble was directly due
TO the account of Decker, Howell & Co.,
and that now the account OF that nrm
was closed the bank was In stronger
position than ever. The most important
| factor in the developments Was the
scarcity of money. Right mp to the
J | close iii was IN great demand and pea
cent, and legal interest Was charged on
loans, equal to
iS9 Per Cent. Per Annun.A
!. This fact and the troubles of the baal
caused a special meeting OF the clearing
house association to be called, and aftel
long debate il was decided to appoint
4 committee of presidents with author
ity to issue clearing house loan certln
= Gates, in order TO enable banks 70 SETTLE
h balances between themselves Ines
certificates will be based ON bills re
!. ceiyable, collateral securities, casn ~
sets and the united credit or the banks
J, This action is intended to distribute tn
d reserves between the institutions. Wher
!. one bank Is unable to settle its diftei
erIces In cash it will deliver securlfs
and assets to the certificate committes
d and if that committee accept the secul
8 ities II will authorize the issue OF eerti
a icates ON them. 1t il hoped that tn
!. action win prevent the banks pein
y forced TO close their doors on account
a, money. and at the same time the Unite
q action Of the banks is expected to r
xs store complete confidence.
D. wall street Men Feel Easisr.
NEw York. Nov. Crowds OF Wa
street men were at the Windsor hotel,
in the evening and discussed the situatt
p,- in the street An air OF relief w
visible every where and the gener
W. opinion prevailed that the action OF
To clearing house looking to the issuing
.,u certificates will avert panic and pl
,as vent many failures.
,e- MINNEAPOLIS WHEAT RECEIPTS
en- Al Preaiction THAT so,eoo,oo0 sush
II Will ne Received There This Year.
mt MINNEAPoI.ls, Nov. II. The Eveni
81. journal says: The prospect is that n
ms rseQpOllS Will DT6dh tuc lctOiA shAAAfs
o. ON wheat receipts. AT present 40, "
ent 600 Bushels is high water mark, made
m. 1887. but if there is wheat in the col
W .try Il need not be surprising IT the
~, ~ ceipts this year exceed 50,p0O, ,OO0 bu
"a els: at least. in the CROP year. Their
ra. yery heavy movement in wheat M
mE both in and ont. The shipments
inu averaging about l25 cars day, equa
IN, about "a. 900 bushels. daily, or ~ ,oeo,
raj, for the,year. The outlook is
but Favorabieto Flour Production
hat this year. and good year means 40
600 barrels. which viii require IN
was manufacture about 81, ,000, 900 bushel
ard wheat. This amount must be hrou
ter here for local manufacture. fthe p
ac- ant outside demand continues as str
ting "a ut present and good prophets
] OF diet il will--there will be needed IN
,ck, market alone 50, ,000, 900 bushels, or
we're than the total production or Minnes
ock. The largest outside demand was
de- wear, when Minneapolis shipped ~;
,hts 600 bushels. The shortage in the
,rth- ter wheat states is the cause OF
mon heavy demand for spring whpat,
Ian the strong demand is bringing
Gem Northwestern wheat to Minneapolis
s0ia rapidly.