Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-11-13
1T IS TONING DOWN.
TWO SMALL FAILURES ON THE NEW YORK
STOCK EXCHANGE,
But They Have No Appr,ciabls Effect on The Market
Business Drifting Into Old Chaznsls-One Bank
Closes It's Doors, but No Further Trouble
Anticipated ia That Line.

New YORK, November 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 collat-
eral to receive certificates, and conse-
quently settle their balances. Three
State banks were unable to settle their
balances at the Clearing House on Tues
day morning and the issue OF certiii-
Gates was authorized. The Bank OF
North America, which was to be saved by
the operation took out certificates only
to the amount of the over certiticatlon
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 business was
complete surprise. An advance OF
s65, 900 in Clearing House certificates
was insufficient to meet the banks re-
quirements and remaining securities
that might be offered for additional aid
were found TO be unacceptable. The
bank had nothing 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 eXaming its assets, but only to find
that representative of the State Bank
ing 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 it. 1t had been expected
that the action of the Clearing House
would prevent serious disturbance, but
within twenty-four hours bank failure
occurred.
That was hardly the most important
failure of the day. A meeting OF the
creditors of the North American Com
pany was held early in the day. When
it was concluded, it was officially stated:
1.-The North American Company is
solvent beyond all question. The meet
ing of the creditors was very satisfac-
tory. The company's assets will not be
slaughtered"
The Committee which was appointed
at the meeting consists Of President
Solston, of the Farmers Loan and
Trust Company; c. II. Coster, OF Drexel,
Morgan x Co.; VIM. Salaman, VIM.
Rockefeller and Jacob Schiif. 1t was
mutually agreed by the committee in
behalf OF the creditors that the affairs
of the company should be wound up
without preference. The committee
agreed in other words, that the credi-
tors should not sell out on each other,
but that the liquidation should be grad
ual. A member OF the committee said
| n
smoothly, but that nothing ought to be
published at present. Other persons
who were equally familiar with the sit
uation, said that the appointment OF
committee OF creditors was virtually an
assignment. Whether this result was
due to the complications with the COM
pany's brokers or to the speculations by
Henry Willard was not made plain.
TIE stock market followed the de-
velopments of the day. The opening
was at substantial advances and after
many variations TIE closing was conf,
1 drni. Une or TWO sInuIT ranufes were
without effect, because they were con-
sidered merely relics of past condition.
Northwestern early declined on the sup
position that a change in control would
put an end to the traffic alliance be-
tween the Union Pacific and North
western, but when it was discovered
that if the report was true the arrange
ment had been made only by the bank
ers interested in establishing harmony
among Western railroads, all the Gran
gers stocks rose simultaneously. They
closed at about their highest prices
and in urgent demand.