The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-12
BROKERS GO THE WALL.
THREE FIRMS GO DOWN IN THE
FURRY AT NEW YORK.

Charles M. Whitney Sets the Ball in
Motion-Decker, Howell g. Co. Fol-
low in Their Footsteps Hundreds of
Thousands of Dollars Involved in the
Two Crashes.
NEW York, Nov. 1l.-Charles II. WIKI
rey, prominent member of the stock ex.
change, suspended payment this mornisg.
The firm is composed OF Charles n. Whit
ney, Edwin 2. Larchar and Frank NJ.
Larcher. The assignment was made to
George W. Quintard. The firm represents
here the Whitney National Bank Of New
Orleans and other southern financial insti-
tutions.
There is preference in favor of Maria
houlse Whitney, as guardian of Morgan
Whitney, to the full anlonnt of her claim,
which is not stated.
Mr.. McCurdy, counsel for the firm, late
In the afternoon, said that the creditors
would be paid dollar for dollar, unless a
panlc aud sales in the exchange so reduced
margins as to render money shorter.
DECKER, HOWELL & co. FAIL
just after 2:15 o'clock the failure of
Decker, Howell &c Co., of No. A Broadway,
was announced on the stock exchange.
They made an assignment to VIM. Nelson
Cromwell. The firm was one Of
the largest on the exchange and was
considered very wealthy. It had been
identified for years with the movements Of
the Willard stocks, and they were generally
considered Wizards special brokers. The
failure was considered cloud that had
been hanging over the market, and after it
was announced. a rally of to per cent.
occurred
The failure Of David Richmond was also
announced on the stock exchange.
STATEMENT OF THE ASSIGNEE.
Assignee Cromwell made the following
statement concerning its affairs late this
afternoon. "The liabilities are about $1O,-
UoO,oOO, and the assets, at the present mar
ket price, largely exceed that SUM. The
liabilities are due almost entirely
to banks and bankers on loans
made in the course of business and are we'll
secured. The cause of the suspension was
the inability of the firm to borrow the
necessary amount of cash required in the
days business. The firms transactions were
very large, it being necessary to borrow
several millions daily. The firm had abundant
collateral to-day and it was not for lack OF
security, but Inability to make it available
that caused the crash. 1t was simply a
matter of absolute inability to
get money on the best securities,
owing to the extraordinary money strin.
gency now prevailing As the securities
are special line, there may be disposition
on the part of the creditors to sacrifice
them on the market, but such a course
woald be suicidal. The character of the
securities shows that their price on the
market is below their actual value, and if
the creditors have the good Judgment to
hold their securities they will be amply
protected
WHAT Mr.. DECKER SAYS.
Joseph s. Decker, the senior member OF
the firm said: "Our failure is due to the
simple fact that we could not get money to
carry on our business. We had ample as.
SETS but could not realize on them. The
distress which has been caused by our fail
ure is not local, il is world wide"
The firm of Decker, Howell & Co. was
one of the most prominent on the stock ex-
change. 1t was identified, not only with
the Willard, but with the Standard Oil in
terests as well. and also carried the &C
counts of the biggest stock operating firm
in Chicago. After the failure of the firm
it was announced that sales of stock
under the rule. for its accounts were made
in Edison general electrical stock, which
forced the price down TO IS, a decline OF
2415 points. A large amount of Great
Northern preferred, Northern Pacific COM
mon and preferred, North American, Mani
toba, Western Union, Wisconsin Central,
and Missouri Pacific was also sold, under
the rule, for the firm.
THE NEW ORLEANS BANK ALL RIGHT.
NEW ORLEANS, Nov. 11.-In answer to
an Associated Press inquiry the Whitney
National Bank has issued the following
statement with reference 10 the Whitney
failure at New York.
The president and directors of the Whit
ney National Bank officially state that the
suspension of G. w. Whitney & Co., of
New York, only effects the Whitney Ma
tional Bank to the extent of S235 81. The
Whitney bank is not now nor has ever
directly or indirectly been interested in the
firm of c. M. Whitney & Co. or their trans
actiQns. A small complimentary account
has been kept with G. NJ Whitney & Co.,
the National Bank of Commerce being the
New York correspondent OF the Whitney
National Bank. c. M. Whitney is stock
holder in the bank, which. although COM
paratively new one, has been one of the
most successful here. Mr.. Whitney is also
interested in the Whitney iron works, and
Baker, Stoo & Co., large saddlery firm,
but both concerns claim that they are not