The morning call., 1890-11-12

against Nightingale Bros. IL Knight, silk
manufacturers of Paterson, n. j., for
signees of Walker. The firm said tie
attached firm owes them $4,000. In Pat
ersoD, It is said, their liabilities will not
exceed $4,000.
WHITNEY co.
Charles NJ. Whitney, prominent member
of the exchange, has suspended. Charles
NJ, Whitney 81 Co. represents here the Whit
ney National Bank OF New Orleans and
! some other Southern financial institutions.
The firm is com Nosed of Charles NJ. Whit
ney. Edwin S. Larcher and Frank NJ.
Larcaer The assignment is to George W.
Maria Louisa Whitney, as guardian of
Morgan Whitney, to the full amount of her
claim, which is not stated.
The President and Directors of the Whit
ney National Bank of New Orleans claim
that the bank only loses S2S5 by the failure
of Whitney & Co., and that the bank is not
interested in the firm. c. NJ. Whitney is in
terested In the Whitney Iron Works and
Baker. Sloo Il Co., large saddlers firm.
Both firms claim they are not affected by the
failure.
Whitney & Co. have been heavy losers in
several stocks Of which they carried large
line, and some of which for months past
have been almost unstable. II Is not
known yet whether the aggregate liabilities
will be sufficient to cripple any other
traders.
DECKER, HOWELL & CO.
Decker, Howell & Co. have made an as
signment 10 William Nelson Crowell. The
firm is one Of the largest on the exchange,
and is considered very wealthy. 1t has
been identified tor years with the move
ments Of Willard stocks and was generally
| considered Wizards special brokers' The
failure dispersed the cloud that has been
hanging over the market, and alter it was
announced rally OF to , per cent occurred.
Assignee Cromwell said this afternoon:
"The liabilities are about $4,000, 600, and
exceed that sum. The liabilities are
due almost entirely to banks and
bankers, on loans made in the course of
business, and are well secured. The cause
OF tile Suspension inability 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. TIE firm had abundant collateral to-
day, and it vas not for lack of security. but
the inability liability to. to make o, it available
thai ea%sfa mser of the ebas GTssf nabt tt to
! money on the best of securities. owing to
| the extraordinary money strngency now
! prevailing As securities are the special line
| there may be a disposition on the part
| of creditors to sacrifice them on the market
| but such course would be suicidal. If the
creditors have the good judgment to
| hold the securities they will be amply
protected. The firm of Decker, Howell &
| Co. was one OF the most prominent on the
stock exchange. 1t was identified not
only with Willard stocks, but with
Standard Oil interests as well, and also car
Tied accounts of some of the largest stock
operators in Chicago. After their failure
was announced large sales for their account
was made under the rule in Edison general
electric stock, forcing it down 24b points.
A large amount of Great Northern pre-
| ferred, Northern Pacific common and pre-
| feIred, North American, Manitoba, West
| ern UnioH, Wisconsin, Central and Missouri
| Pacific were also sold, causing depression
| in those stocks.
| OTHER SUSPENSIONS.
The failure of David Richmond has been
! announced.
| PHILADELPHIA. Nov. 1.-The stock
brokerage firm of Narr & Friend has sus-
! pended. They say their embarrassment
was caused by the continued drains pro-
duced by the active market of the past ten
days. The firm hopes the suspension will
only be temporary. They are unable yet TO
make a statement Of the assets and liabili-
ties. but 1t is thought they are heavy.
The firm has been long OF the market
lately, especially Northern Pacific stocks.
When these stocks broke badly to-day, on
account OF the failure of Decker. Howell IL
Co. of New York, Narr q Friend called
upon number OF customers for margins,
but they failed to respond and the firm could
not carry out their contracts. This evening
it is stated that S25, 600 will cover their diff
ferences. The excitement on the New Ork
Stock Exchange was reflected to consider
able degree on exchange in this city, but no
further fallnres are anticipated.
LONDON, Nov. 1l.-Only one failure thus
far is reported, and that of a small firm of
brokers.
CLEARINGHOUSE ASSISTANCE.
NEw NnDI< Nov -Rnnnrc of tronb b1n
among banking institutions were current all
day, but no one paid much heed, thinking
they were the usual emanations CT bear
minds. After the close, however, it was
learned that three banks, members of the
New I ork Clearinghouse Association, had
difficulty in settling the claims of other
banks against them. There was 4 balance
against the Bank OF North America of
s., 100000, which it was unable to settle.
The other banks were the North River and
the Mechanics and Traders How heavy
the balance was created against the Bank
of North America was puzzle. During the
day the Mechanics and Traders made its
settlement with the clearing house all right,
and the other two banks received assistance
from the other banks in the association and
pulled through all right. At the Bank of
North America it was stated the trouble
was directly due to the account of Decker
Howell & Co.. but now The bank was in
stronger position than ever. The most i'm
portant factor in the developments was the
scarcity of money. Right up to the close it
was in urgent demand, and Y per cent and
legal interest was charged on loans, equal to
169 per cent Der anDum. This TACT and the
troubles of the banks caused special meet
Ing OF the clearinghouse Association, and
after long session it was decided to ap-
point a committee with authority to issue
Clearing house loan certificates in order to
enable the banks to settle the balances be-
tween themselves. This action is expected
to restore complete confidence.
There is an almost universal agreement
among leading New York bankers that the
recent tightness of the money market came
through artificial influences. Funds have
been locked up and taken out of ordinary
business channels, and kept out OF the reach
of all, in order to carry forward the bear
campaign of depression. apprehension and
quotation smashing. The provisions for
Clearing house statistics, unlimited if
need be up to S95 0OO, 900, will of course put
to rout all these manipulated schemes a
member of tho Clearinghouse Committee,
who was largely Instrumental in bringing
about this official action. said this evening:
This ends the money market trouble; loan
rates will be normal, now that the pinch is
over"
COMMENTS ON THE SITUATION.
Kiernan's News Agency quotes Jay Gould
as saying the loan of e2, 600, 600 to the Bank
of England by the Bank of France would,
in his opinion, clear the situation.
Henry Clews was interviewed on the
Wall-street situation. He said: after
this selling has exhausted itself, which will
not be very long hence, you will hear no
more of q depression OH this side. To-day,
or at the farthest tomorrow, will probably
see the end of it,"
William D. Bull. formerly President of
the Stock Exchange, said: at is all the re-
suit OF 0ver-speculation by the English in
South America. The wonder is that our
stocks, which were all the British could
raise money on. have stood up so well, and
that the New York market has been able to
absorb flood OF securities. 1t is matter
for Americans to be proud off,
William B. Dickerman, President Of the
Stock Exchange, said: II believe The worst
of the trouble is already over, although a
considerable period Of inacti witty is likely to
ensue after the shorts are covered. The end
of the market is evened up"
GOULD INTERVIEWED.
Among the stories circulated on Wall
street to-day was one to the effect that Jay
Gould had conferred on Monday night with