New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-13

EA-l l0llectOr Heuuen, anotner uucc,VIs o"" :
"All can say is that the bank Is in the hands
Of the bank examiners. who will make detailed
report. The suspension is only temporary"
CONFIDENT DEPoslroR.
James D. Hall, an importer of liquors. doing
business at No. 17s Dey-st, is heavy depositor
in the bank He said last night: =" have done
business with the bank for twenty years, and
have always considered it q conservative concern.
/ feel now that their embarrassment IS only
temporary. The best can say in proof Of my
opinion of their solidity is that would consider
it frst-class business transaction to cash de-
posits against them for per cent discount. The
bank has had something besides the recent nanciai
agitation to contend with Most OF the deposioors
are men. like myself who are engaged more or
less in the importing business. The new iaria
bill has raised the tariff rates on many classes OF
goods in which these men deal. just before thc
bill went into effect they felt that it would he
better business policy to invest their surplus cash
in European goods, and get them in at the low
rate of duty. than to let the money remain idle
in the bank AS consequence of this, the de-
posts in the bank have been greatly reduced
within a short time. The goods purchased with
the money have not vet been sold to retailers and
so the money has not yet found its way back 10
| the bank"
OFFICERS OF THE BANK
| The North River Bank is one of the Oldest IN
| the city, having been the ninth in the order OF
establishment On September 81 its quarterly
statement showed capital stock of S240,OO0, a
| net surplus Of Sl1S, S,50O and deposits amounting
| TO $4,000, 600. On October 20 the banks Stock
| was quoted at 16O. According TO its statement
| for the week ending October 25, its surplus was
800, loans Sl,097 100, and deposits $2,loo'-
400.
| The bank operates under State charter granted
| in 1912 1t is member Of the Clearing House
Association. Its president Edward L. Gedney,
lives at Little Falls n. j. and its cashier. Frank
| X. IngersoI, lives at Tenahy, n. J. Among its
directors are John II. Starn, Joseph Brokaw,
William f. left, James l.. Wise Edward L. He'd
den, David r. Paige and Aaron Close
| The books of the treasurer at Police Headquar-
| ters yesterday showed that the Bank OF North
America had 5000 of police money and $1,000
of the Police Pension Fund. 1t was said that the
money would not be lost.
| AN OFFICIAL STATEMENT.
That was hardly the most important failure OF
the day. A meeting of the creditors of the North
American Company was held early in the day
When it was concluded it officially stated
The North American Company is solvent beyond
| all question. The meeting OF the creditors wa'
very satisfactory The company securities VIII no
| be slaughtered" The committee which was ap
| ponted at the meeting consists OF President Hois
! ton Of the Farmers Loan ana trust Company
c. II. Coster, of Drexel, Morgan d CO.. Wiihan
| Saloman, who represented the Deutche BANK, "
Berlin: William Rockefeller and jacob Schin
1t was mutually agreed by the committee, III II
behalf of the creditors, that the analrs OF th'
company should be wound up, but WIN
out preference. The committee agreed, In othe
| cphnn
| each other, but that the liquidation should On
| gradual Ii was reported at one time during th'
day that an official statement OF tns f tb
company said that they had no statement 10 man ne
The most that could be obtained was ,C thaI I'M
| assets Of the company might pay Jus uep,s.
| member of the committee said afterward Una
| things were working smoothly, but that nothinl
ougbt to be published at present. otnet persoh ~ !
who were equally familiar with tne stthaupn se
that tile appointment OF committee OK crsh'oa ,. u
was virtually an assignment Whether this re
suit was due to the complications WIN I'm
| con,pany's brokers to speculations py he,I.
Willard was not made plain. IL was san oh,
Mr. Willard sent a cable dispatch to his irlend
here that he had no personal interest III tn
failure of the firm supposed to DC ms pli,ciRt r
brokers, and it was suggested Dy o.mcrS Which n
Willard had no interest in the company whch men IN III
foundpd as the successor of the Oregon ana lIa's
continental That was formed TO put the isih4u ",
blind pool into marketable shape anu M ,u
North American Company, according 10 & WI
theory. was organized simply because its a., cnar
ods .auois n,ry;eoes were more generous The Mort
American Company had the right, uhuer IN, ~
charter to do pretty much what IL p;bl;tv pnt;SbIl; h,
directors incurred no personal responsioiTSS TSot =
| tho company's ventures in any drecuon ma. u, =
why the Oregon and TranscontinentaA became TN
North American Company.
FoIIOwING DEVELOPMENTS
Tho stool, market followed the developments
.h. dav. The opening was at substantial advances
and after many variations the closing was con
6deut. One or two small failures were wlthou
ofsect because they were considered merely relic
| of n mast condition. Transactions under TN
rule" were numerous but only for small lots am
high rates for money could not stop the natura m
reaction The final gains were from 10 8 pc
cent ON an average and North American, IN whici
the dealings were about 10000 shares. ciosea
traction higher although not above It's nfst price
Tho reports that Jay Gould had secured practica
central of the Union Pacific helped that stock ans
Incidentally affected the stocks concerned py IL
| Northwestern early declined on the supp0slti0l
that change in control would pt an ie enu 10 m v
Northwestern but when 1t was discovered that, !
the report was true the arrangement had pee
made only by the help of bankers Interested !,
nstoblshinq harmony among Western railroads, al
tSe Granger stocks rose simultaneously. The.
I"sed at about their highest prices and in urgen
demand.
AT THE STOCK EXCHANGE
Tbore wore two failures announced at the Stocl
Exchange. but neither of them was important
The interest of the Street centred in the down1ai
Of the previous day. and the developments whicI
niobt grow from the suspension of Decker, Hover
A. 70 Mr.. Decker had no statement to add U
that which he made on Tuesday, and could CIV
NO idea of the outcome of the liquidation III
again declined to complain of ANY harsh treatmen
Inv the North American Company, for whose nc
count the house had operated largely. INC sto ,e
signee, william Nelsoh Ni'h-"e"' ~
Dient: 80 ooc . q, /. ooo
The liabilities between $1O,oOo,ooo ana .1to @tooo ~
oo0 most of which Is due to banks ana pah1s , All U
loans The assets largely In excess 1i I .I
lies and nearly every loan Is well secured oy hn
The 8rm delivered 10 rs part Oh us ass asse =, Inx
81 900 900 OF securities In box. ms ~ sscrtes bu
~ The extreme money strngency which preven1ed .n
rn, from completing It's daily amount Oh porUmiS @ =.
In The cmrrent management Of its business y was ~,
nr.cticc OF the firm 10 borrow several mMons eT TS
day ON call In addition to time loans wneh u hau Snon
assyets 81 fine firm comprise largely WHAT - hiowh d
v,aSd securities and during the last few DAYS Ina ma
been Impossible to get money on i uns vaitiw ahoy
Se tmporary price made under this abnormal marRe, e.
shrewd Investors are aware OF ms ana alc pus h. hs
the stocks TO put into vaults and take sne nsc ,ias a.