Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-12

Western Union. .................. (0b
Cottou-Oil Trust certificates. ... 49,
Brunswick Observation-Disclosures. 2f
Mobile and Ohio As. G2
Silver certificates Western National
Bank New York certificates issued
on deposit Of bullion) ......... 1929
FAILURE or DECKER, HOWELL a 60.
NEw YoR8, November 11.-Just after
2:l5 p. NJ. the failure of Decker. Howell
a Co., OF ~ Broadway, was announced
on the Stock Exchange. They made an
assignment to William 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 iss members were generally
considered Wizards special brokers. The
failure was considered the cloud that
had been hanging over the market, and
after ifwas announced rally of l to 2
per cent. occurred.
A STATEMENT.
Assignee Cromwell made the following
statement concerning its affairs late i'll
the afternoon:
1.-The liabilities are about Sl0,000,000
and the assets ut the present market
price largely exceed chat sun. The lia-
bilities are due almost entirely to banks
and bankers on loans made in the course
Of business, and are well 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 firm 8 TRANSACTIONS were
very large. it being necessary to borrow
several millions daily. The firm had
abundant collateral to-day and it was
not lack Of security but inability to
make it available that caused the
crash. 1t WAS simply matter
OF absolute inability to get money
on the best securities owing to
the extraordinary money striDgency
now prevailing. As the securities are u
special line there may be disposition on
the part of the creditors to sacrifice them
on the market. but such a course would
be suicidal The character of the So
curties shows that their price on the
market is below their actual value. and
If creditors have the good judgment to
hold their securities they will be amply
protected" "
WHAT Mr.. DECKER SAYS.
Joseph S. Decker, senior member of
the firm, eaid
"Our 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, 1t is worldwide"
a PROMINENT P1RM.
The firm of Decker, Howell & Co.
was one Of the most prominent on the
Stock Exchange. II was identified not
only with the Willard stocks, but with
the Standard Oil interests as well, and
also carried the accounts of the biggest
stock-operatinG firm In Chicago.
STOCKS SOLD.
After the failure Of the firm il was an
nounced that sales Of stock under the
rule for It's account we're made IN Edison
General Electrical stock, which forced
the prico down to 60, decline of 244
points. A large amount Of Great
Northern preferred, Northern Pacific
common and preferred, North Ameri-
can, Manitoba, Western Union, Wiscon-
sin Central, and Missouri Pacific was
also sold under the rule for the firm.
CHARLES NJ. WHITNEY sUsPENDs.
New York, November l1.-Charles
VI. Whitney, prominent member of
the Stock Exchange. suspended this
morning. The finn is composed OF
Charles NJ. Whitney, Edwin 5. Larchar,
and Frank NJ Larchar. an assignment
was made to George w. Quintard.
There are no preferences. The firm
represents here the Whitney National
Bank Of New Orleans and other south
ern financial institutions.
ONE PREFERENCE.
Later. There is a preference in favor
Of Maria Louisa Whitney as the guardian
Of Morgan Whitney to the full amount
Of her claim, which is not stated.
WHAT THEY SAY N NEW ORLEANS.
NEW ORLEANS, November lin an
swer to an Associated Press inquiry the
Whitney National Bank has issued the
following statement with reference TO the
Whitney failure at New York
The president and directors of tho
Whitney National Bank officially state
that the suspension of c. NJ. Whitney Il
Co., Of New York, only affects the Whit
ney National Bank to the extent Of
g235.Gl. The Whitney Bank is not
now, nor has it ever directly
or indirectly been, interested in
the firm OF Q. NJ. Whitney
a Co. or their transactions, A
small complimentary account has been
kept with O. NJ. Whitney Il Co., the
National Bank of Commerce being the
New York correspondent of the Whitney
National Bank @. Nj. Whitney is
large stockholder in the bank, which,
although comparatively new one, has
been one Of the most successful here.
Mr.. Whitney is also interested in Whit
ney Iron Works and Baker, Sloo Il Co.,
a large saddlery firm. but both concerns
claim that they are not affected by tine
failure.
TO PAY DOLLAR FOR DOLLAR.
,(Ew York, November ll.-Mr. Nc
Curdy. counsel for the firm, late in the
afternoon said that tho creditors would
be paid dollar for dollar unless the panic
and sales in the Exchange 80 reduced
margins as TO render money shorter.
FAILURE or DAVID RICHMOND.
The failure of David Richmond was
also announced on the Stock Exchange.
A FAILURE OF IMPORTERS
The failure OF John L. Walker x Son,
importers of silks and teas, at 81 Pine
street, was announced to-day. The
cause was the inability of Nightingale
Brothers & knight, of Paterson, n. j.,
silk manufacturers, TO liquidate their
liability to the firm. According to As
signee Ryles the Paterson firm owes
the estate of John T. Walker d Son
$40, 600, OF which S100 900 is overdue.
The active capital of Walker X Son for
thepaSt two years has been about s3oO,-
600, so that they were unable
to Withstand the loss arising from
on-payment by Nightingale Brothers a