Waterbury evening Democrat., 1890-11-12
HELPING THE BANKS
Wall Streets Semi-Panic Over
 for the Present.
ONLY THREE FIRMS SUSPEND.
Tn, Clearing House Com to the Rssou
 in Time.

Three Banks Pulled Through by Prompt
 bilities Over S1O. OOO. 900 Wild Specu1a-
 tion Caused the Monetary stringency.
 Millions Lost by the Panic Wave.
 NEW YORK, Nov. 12.-The stock market opened this morninh with an improved tone and it was believed that the furry of the past two days is over-but millions have been lost by the panic wave.
 The last hour of business on. the ex. change yesterday will be long remem- bered. There had been whispers all the day-in fact, they had first been heard on Monday night at the Windsor-that a certain big house was in trouble and was sure to go, but there was wild excitement when the announcement was made that "Henry Willard has gone to smash again" That was the cry when his brokers, the big firm of Decker, Howell & Co.,, announced its failure, and the stocks with which Willard has been iden- tified were knocked into flinders.
 A fall of dozen points in Northern Pacific Railroad shares and in those os, the North American Company, which has owned 8 controlling amount of the rail roads securities, was incidental to the failure and marked decline of $30 and $40 per share respectively in those stocks from the prices at which they sold last spring.
 Failed for SIC, ,OOO, 900.
 The liabilities of Decker, Howell & Co. amount to about SIG, ,000, 900, but the firm claim that they will be offset by their assets. This sort of statement, however. is very common when failures occur. It transpired, however, that the firm had seriously involved the Bank of North America, which on Monday certified checks to the amount of some $500, ,000, which the firm failed to make good, and the bank in consequence had heavy debit balance in the Clearing House in the morning.
 The North America was not the only one in trouble. The North River and the Mechanics and Traders'-smaller institu- tions, having no connection with Wall street-were unable to supply the lawful money to make their balances good at the Clearing House. All these banks had ample resources, but could not l obtain the actual cash.
 Their balances were made good by | other banks, and in the afternoon the association resolved to issue certificates | to any Clearing House banks on deposit | of good collateral. The amount to be l issued is unlimited and they are to be l used only in settling balances at the Clearing House. Thus no bank having resources can hereafter be put in diff culty by temporary inability to obtain | lawful money.
 The failure of the firm of o. M. Whit ney & Co.,, Stock Exchange house, anG of MT. David Richmond, of the Stock Ex. change, were minor catastrophes of the day, as was also the suspension of Messrs | Narr & Friend, of the Philadelphia Stock Exchange, whose liabilities are small The failure of the silk importing house of John T. Walker, Son & Go. added tC the general disquiet of the day in busi ness and financial circles, and was alst attributed to the general tightness O. money and inability to obtain accommo | dation.
 1 What Caused the Trouble.
 Two causes are at the bottom of thu monetary stringency. The exigencies O. London, brought about by wild specula lations in the Argentine Republic ant pretty nearly every other part of tn world; and also the great business activ ity of this country, which has drawI away money from eastern centers. Th' failure of Decker, Howell & Go. is als, due to this situation, but it was directl! brought about by the studied and re lentless pursuit of a clique of bear oper ators who saw the weakness of thei position and consistently sought thei | ruin,