Los Angeles herald., 1890-11-13

priced stocks were extremely wide and
irregular, while the entire market was
feverish in the extreme throughout the
hour. Later Wizards again showed
strength, and the list followed.
The market at IL was very active and
firm, to strong, but generally at some-
thing under first prices, though better
than those of last night.
At IL :25 Wizards continued strong,
and were at the highest figures of the
morning. Northern Pacific common
was 2O1a preferred, 6os4; Northwest
ern, ~.
Disaster Forestalled.
An Associated Press reporter inter
viewed President F. d. Tappen, of the
Gallatin National bank, and member
of the clearing house committee. He
said: "Our committee is now in session
signing certificates, but the indications
are that the issue will be very small
probably not more than five millions,
against twenty-seven millions in 1884.
Nothing in the situation, SO far as it af-
fects the associated banks, is at all dis
turbing. There is not the slightest rea-
son for anticipating any disturbances in
the finances of this center. Our action
yesterday in deciding on the issue of
certificates was merely autionary.
We did not anticipate any disaster, but
believed it the part of wisdom to fore
stall rather than have to meet it. We
are entirely satisfied that the situation
| will improve"
IL 80 a. ma circular was issued last
night to the stockholders of the North
American railroad, to meet this morn
ing to discuss the situation. The meet
ing is now in session. There are rumors
of the formation of German syndicate
to protect Willard stocks.
The Bank of North America was a
creditor at the clearing house today, and
the officials state that they are again in
good shape. A meeting of the directors
is now in session.
The Market Develops New Strength.
Noon-The stock market developed
new strength after IL O'Clock, and while
money was loaning at 1s and interest,
prices rose materially. The extreme
feverishness in the first hour continued,
but a better tone was noticed all over
the list. Another advance IN the latter
portion of the hour sent North Ameri
preferred to 81, although these prices
WClC llOU AclNl lOlIS. AlnOnS IlO uSu-
ally active stocks there was less anima-
ton, but the improvement for the hour
exceeded per cent. in many cases, St.
Paul, Atchison, Burlington and some of
the inactive specialties being most con-
spicuous. Trusts were comparatively
quiet.
At noon the market was active and
strong, generally at the best prices of
the morning. The decision of the New
York clearing house to issue certificates
to be used in the settlement of balances,
allayed the apprehensions OF bank
panic, and in that respect had bene-
fical effect in helping recovery.
Receivers White and Slocum of the
sugar trust, have taken possession of all
the property and affairs of the trust,
and have established their headquarters
at III Wall street.
The meeting of the North American
railroad company is over, and state
ment is authorized that the company
has but few creditors; these are strong
financially, and have agreed to see the
company through, and that the assets OF
the company are wholly intact.
After the meeting of the creditors was
adjourned, the following statement was
issued: "The North American company
is solvent beyond all question. The
meeting of creditors was very satisfac-
tory. The company's securities will not
be slaughtered.
Walcott s. Co. Suspend.
1890 p. M. G. Walcott & Co., 80
Pine street, have just announced their
suspension on the stock exchange. The
house was generally considered solid,
and it is not believed that their failure
will have any effect on the market.
The failure of Walcott created little
surprise. The house, though good one,
had but small interest in the market
Sales under the rule for its account ag-
gregated less than 1000 shares, distrib-
uted among all the active specialties.
Walcott refuses to make statement.
Up. m.-The market, under the inhu-
ence of sales under the, rule, somewhat
declined from the best prices, lacking
support from London. The market is
quiet and comparatively steady. The
Bank of North America was heavy
creditor at the clearing house. The bank
will pay over to the assignee of Decker,
Howell & Co. large sum as differences
| on sale of securities held by the bank as
collateral for loans, and sold yesterday.
l 80 p. m.-All day stocks for account
OF Decker, Howell & Co. and G. M.
Whitney were sold under the rule. But
little attention was paid to the sale, ex-
cept by creditors of the firm. The fact
that no more trouble developed among
the banks caused steady return of con-
fidence, and prices moved steadily up
ward Powerful syndicates have been
buying Northern Pacific preferred, and
so that stock advanced per cent. The
rest of the list ranges from 2 to 4 per
cent. above last nights close.
The Market at its Best.
2p. m.-The market is now at its best.
and the general list is at the highest
point of the day. The advance on last
nights prices ranges from l to 6. The
latter is Northern Pacific preferred. The
total sales to this hour amount to over
500 900 shares, of which 23O, 900 are Viii
lard specialties. Money rules q per
diem and interest. The lowest quota
ton of the day was so per cent.
2:10 p. m.-Money was more plenti-
full, and the market shows the effect of
buying by commission houses for long
account. These purchases are largely
paid for, and will tend to relieve the
situation by the withdrawal of these
stocks from the street. The feeling is
that speculation will rule. and that the
market will be feverish for few days