The semi-weekly tribune. [volume] (Great Falls, Mont.) 1890-1891, 1890-11-15
Decker, Howell 4 Co., go Under
With S1O,OOO,OOO Lila"
bil,ties.
TIGHTNeSS OF MONEY IS THE TROUBLE
A Raid Made on Willard Stocks
By the Bear Crowd, and
Down They Go.
The Excitement on Wall Street Con-
tinues and Money Commands
Enormous Rates.

New YORK, Nov. 11.-Decker, Howell
g. Co., brokers, have failed, Nelson
Cromwell, assignee for the firm made the
following statement concerning its affairs
late this afternoon; Liabilities are &c.,
100000 and assets at the present market
price will 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 required for the days business.
The firms transactions were very large
and it was necessary to borrow several
millions daily. They had abundant col
lateral today and it was not for lack of
security, but inability to make it avail
able that caused the crash. 1t was simply
a matter of absolute inability to get
money Of the best security, owing to the
extraordinary money stringency now pre-
vailing. As the securities are a special
lire there may be a disposition on the
part Of the creditors tt sacrifice them
on the market, but such a course would be
suicidal. The character of the securities
show that their price on the market is
far below their actual value, and if the
creditors have the good judgment to hold
their securities they will be amply pro-
tected.
Joseph s. Decker, senior member of
the firm, said: sour failure is due to
the simple fact that we could not get
money to carry on our business. We had
ample assets, but could not realize on
them. The distress which has been
caused by our failure is not local, but is
worldwide"
The firm of Decker, Howell & Go. was
n of the most prominent on the stock
exchange. 1t was identified not only
with the Willard stocks, but with the
Standard Oil interests as we'll, and also
carried the accounts 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 &C.
count were made in the Edison general
electrical stock. which forced prices
down to So, a decline of PAN points. A
large amount of Great Northern pre-
ferred, Northern Pacific preferred, North
American, Manitoba, Western Union,
Wisconsin Central and Missouri Pacific
was also sold under the rule for the firm.
The members of the firm of Decker.
Howell & Co., bankers and brokers at
No. A Broadway, are Joseph &. Decker,
George P. Howell, William A. Williams
and VIM. Evans, Jr. Mr.. Decker has
been a member of The stock exchange
for II years and Howell for IS years.
Evans is also a member of the stock
exchange and Mr.. Howell is a son-in law
of Mayor Filter of Philadelphia. At the
beginning of the present year the firm
claimed to be worth 100000 in cash.
David Richmond, stock broker at SO
New street, assigned today to Frank
Requa. Richmond has been a member
OF the stock exchange since 1870.
An attachment was issued today fol
$4,000 against Nightingale Bros. &
Knight, silk manufacturers of Pateson
N. j., in favor of John T. Walker, Son &
Co. Assignee Wm. T. Ryle OF John T
Walker, Son s. Go. said this afternoon
that the attached firm owed Walker, Sor
Il Go. $114.00O.
In Pateson it IS SAID their liabilities
will not exceed $4,000. In January last
the Nightingale firm claimed a surplu,
of about 100000, principally in machin
cry and real estate, the plant being clear
The factory property is valued at abou
$4,000.