The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-11-13
The MONEY SITUATION TO-DAY.
The Tone of the Market Has Inn
proved Since Yesterday.
Prices Rise From One To Three Per Cent
President Taper Says There In Nothing
to Feaf-The London Market Ouieter-
Philadelphia not Excited.

stock market again opened with a ire
mendous business. but prices were. as n
rule, one to three per cent higher than
the closing figures yesterday, rejecting
general Impression that the worst had
passed.
buying was very urgent, and the first
tendency of prices was to advance, re-
sulting in further gains of one-half to
one per cent. in which Western
Union. Burlington, Union Pacific and
some of the spccialtics were conspicuous.
Wizards, especially the Northern
iacifcs, were conspicuously active and
strong on enormous dealings. Common
rose one and threc-fourths and pre- fcrred
two.
The general list, however, soon Weld
ed to the pressure to sell, and the in
tlucnce of further sales under rule of
the Northern Pacific, North American.
st. Paul and few others, for brokers
who failed yesterday.
The downward movement became
moro pronounced toward the close of
the hour, and the market became foyer
ish and weak
There was rally at IL o'clock and
the market became very active and firm
to strong. but generally below opening
prices.
President +. ID. Tappcr. Of CALLAHAN
National Bank. and a member OF the
New York clearinghouse committee.
said to an Associated Press reporter at
II o'clock: ~.
Our committee is now in session sign
ing certificates for banks. which is re-
CURED of them, but the Indications are
that the issue will be very small. saw
probably not more than five millions.
which, when compared with -, 600. 900 in
1881, is You can see, Il nero trinc.
There is nothing III the situation, so
lar as 1T affects associated banks. that
is at all disturbing. There is not the
slightest reason to anticipate any dis
turbancc i'll the finances of this center.
Our action of yesterday in deciding
to issue clearinghouse certificates was
merely precautionary, so that if Il crisis
should come. we would he prepared
for it.
I'VE did not anticipate any such dis
astcr, but believed it to he the part of
"i'"'h' W ioic>tdll IdLlitf tidil 10 nave
To meet it. We are entirely satisfied
that the situation will improve"
The London market to-day was
qnictcr. American securities were
lower and others Slightly weaker. There
arc rumors Of failures.
In view of the fact that London Is re-
garIed as the main factor OF the situa-
tion, ii may be important to know that
bullion is being shipped from many
financial centres to that point. Half Il
million silver bars go forward to-day on
steamship Saale. and cable adviccs
state that Russia has sent two million
francs in gold, and will send two million
additional.
Money is tight at i per cent per day
and interest.
The stock market developed new
strength after IL o'clock and while
money was loaning at !, and interest
prices rose materially and everything
traded in reached the highest prices of
the morning.
Extreme icvcrishncss of the first hour
still continued, but Il better tone was
noticed all over the list.
Another advance in the latter portion
of the hour sent North Americac to 2Oa.
Northern Pacific TO Fl. and preferred to
81, although these prices were not held
long.
Trusts were comparatively quiet. and
sugar up als. At noon the market was
active and strong generally. at the best
prices of the morning.
The London market closed steady at
Irregular but slight changes from yes
tcrday.
The Philadelphia market largely fol-
lowed the course OF the New York
market.
There is little cXcitcmentin Philadcl-
phia. but the Offices there are filled with
people who have not been seen On the
streets in long time, and they arc
looking for bargains.
The stockholders of the North Amcri-
can Railroad Company met in Mills
building to-day, and the statement is
authorized that the company has but
few creditors; that these are all strong
financially and have agreed to see the
company through, and that the assets
of the company arc are wholly intact.
The sterling exchange market is very
dull and prices nominal. Bankers show
little disposition to do business, owing
to high rates for money.
The Bank of North America was a
creditor at the clearing house to-day. and
the officials state they are again in good
shape
At 1890 the suspension of y. c. Wal
colt q Co. was announced on the cx-
change.
The failure of Walcott Il Co.. which
is an old firm. and was one generally
considered solid has had no effect what
ever in dealings.
During the entire morning the general
tendency has been toward better prices
The bank examiner has taken charge
Of the North River Bank This is
State bank. w. G.. Mccormick * Co.