The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-11-12
FIRM AFTER FIRM GAVE up THE FIGHT.
Even the Banks Didn't Pull Through
without Disaster.
The LIveIIest nav for Long Time on
Wall Street.
Secretary Window Thinks the Worst
of 1t Is over.

NEW YORK, November 11.-Rumors of
trouble among the banking institutions were
current on Wall street all day, but not till
after the close of business was their really
alarming character known. Three banks,
members of the New York Clearing House
Association, were unable to settle the claims
of other banks against them. The balance
against the Bank of North America, 1,4OO.-
| 600, it could not meet. The other banks
were the North River and Mechanics and
Traders During the day the Mechanics and
| Traders Bank made settlements with the
| clearing house all right. The other two
| banks received assistance from other banks
| in the association, and pulled through. At
| the Bank of North America it was stated
| that the trouble was directly due to the ac-
| count of Decker, Howell 81 Co., and as the
| account Of that firm Is now closed the bank
| is in a stronger position than ever The
| most important factor In the developments
| was the scarcity of money. This fact and
| the troubles of the banks caused special
meeting of the Clearing House Association.
| After long session it was decided to ap-
| point committee of presidents with author
| ity to issue clearing house loan certificates
| in order to enable the banks to settle the
balances between themselves: These GER
ti6cates will be based on bills receivable,
collateral securities, cash assets and the
united credits of the banks. This action is
intended to distribute the reserves of the
banks more evenly between the institutions.
The united action of the banks is expected
to restore complete confidence.
Decker, Howell & Co. Assign.
Decker, Howell & Co., "A Broadway, made
an assignment today. The firm is composed
of Joseph S. Decker. George R. Howell,
William A. Williams and Williams Evans,
Jr. All the members, with the exception of
Williams, belong to the stock exchange. The
assignee says: "The liabilities are about
$10,000,000, and the assets, at the present
market price, largely exceed that sum. The
liabilities are due, almost entirely, to banks
and bankers on loans made and well secured.
The cause Of the suspension was the inabili'
ty of the firm to borrow the necessary
cash required in the days business.
The firms transactions are very large, it be-
ing necessary to borrow several millions
daily. The Hrm had abundant collateral to-
day, and could not make it available. The
firm is identified with the Willard stocks, the
Standard Oil interests and carried the ac
counts of the biggest stock operating firm In
Chicago"
Whitney & Co. CO Down.
Whitney & Co., bankers, also failed today.
The members of the firm are Charles M.
Whitney of New York, and Edwin NJ. and
Frank NJ. Larcher of West Orange. N. J.
Counsel for the firm this afternoon said the
creditors would be paid in full, unless the
panic and sales in the exchange SO reduced
their margins as to render money shorter. 1t
is believed their liabilities will exceed 81 ,000
co., On the street the opinion was that
Whitney & Co. are loaded down with Colum-
bus and Toledo and Hooking Coal and Iron
n. Ala Enh -
carried them down in the crush. The bOuse
is well known on the street and has, in years
past. done great deal of business. The
credit of the firm is rated as good" and its
capital reported at ..$200000 to $300,000. 1t
is said by men who ought to know that
ago, when they were bears In bull market,
but they succeeded In covering and getting
out in safety. Then came the present drop
and they were caught on the other side.
Added to their troubles on the stock ex-
change, they were heavily interested In rail-
road and other schemes in the Southwest,
and this was q heavy drain upon the re-
sources of the house.
SILK importers Forced Under.
Walker, Son & Co., failed today. The
firm imported raw silks for manufacture, and
had capital of 100000 to 100000. Its
credit twas high. The members of the firm
are John E. and Joseph Walker and John
w. Cowles of Brooklyn. The assignee this
afternoon, stated the failure was caused by
the inability of Nightingale Bros. & Knight,
silk manufacturers of Patterson. N. j., to
liquidate their indebtedness to the estate of
John It. Walker, amounting to $4,000.
There was overdue 100000, which the firm
could not pay. For two or three years, the
working capital of John t. Walker, Son &
Co has been 100000. The firms liabilities
amount to 81, 100000 and the nominal assets
to 81, 100000. OF the latter, 100000 Is in
merchandise and $S00.O00 in accounts and
bills receivable, half of which is owed by
Nightingale Bros. & knight. The suspen-
sion of payment was made necessary by the
impossibility of getting the usual accommo-
dations, due to the stringency of the money
market and the suspicion in which silk paper
has been held of late because of other bad
failures.
David Richmond, 3S New street, made an
assignment this afternoon. His liabilities
are not believed to be large.