Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-13

,, 263.
-------------
Edwin 8. Larchar, the three members OF
the brokerage firm OF 9. M. Whitney g.
Co, 06 Broadway, which assigned yes
terday. fled separate assignments this
forenoon 10 George w. Quintard, who is
also assignee Of the firm.
THE SUGAR TRUST RECEIVERS.
Receivers White and Slocum, Of the
Sugar Trust, have taken possession OF all
the property and affairs OF the Trnst,
and have established their headquarters
at 1T Wall street. They have appointed
John l.. Hill. of Lockwood 4 Hill, and
Edward Lauterbach, of Hoadly, Lauter-
bach e johnson, as their attorneys and
counsel.
STATE BANK CLOSED.
NRw YORK, November IA bank
examiner has taken charge of the North
River Bank. This is State bank.
THE BROKEN BANK.
NHw YORK, November l2.-The North
River Bank, at the corner of Dey and
Greenwich streets. closed its doors this
afternoon at 2:30 o'clock, the State Bank
Examiner taking charge Of its affairs.
The bank is q member of tho clearing
house. 1t operates under n State char
ter granted in 1849. Last weeks clear
ing-house circular showed the North
River Bank as having d capital Of S240,-
900. surplus Of Slls,50 deposits Of
Sl50,000, and cash on hand S270, 000
This is one OF the banks which had to
be helped out by the clearinghouse
yesterday. 1t loaned too much money,
according TO q statement of the cashier.
The amount involved, Vice-President
Brokaw said last night, was less than
100000. It's dealings were mainl y with
the produce merchants OF Greenwich
street and vicinity.
CAUSE OF THE DIFFICULTY.
Tho cause of the present difficulty is
simply tight money. On account OF the
mention OF the North River Bsnkas one
OF the defaulters at the clearing house
yesterday, the depositors started quiet
but steady run on II this morning. The
bank stood out until 2.30, when its ready
money was exhausted and it had to close
its doors. IT did an average business of
three million dollars.
The president Of the institution is f..
T.. Gedney, the vice-pres.dent, Joseph
Brokaw, and tho cashier, +. Il. Inger-
soil. Among the directors are w. h.
Tefrt of Tefft, Weller & Co., John IL.
Starin. and G.. &. Worthington.
"CLosED TEMPORARILY
was the notice posted on the outer door
of the bank. State Bank Examiner
Cahill put the notice on the door. An
excited crowd of depositors was before
the bank this evening. The bank ap-
piled to-day to the clearinghouse for Il
loan and committee was on the way TO
examine into the condition Of the bank
when it went into the hands of the bank
examiner. The bank was closed to-
night. Nothing could be learned OF its
but rumOrs are current that
its officers expect to reopen it tomorrow
THE DECEFR-UOwTLL FAILURE.
w. G.. Mccormack a. Co. state that the
failure OF Decker, Howell Il Go. is not
so bad as was at first supposed, for the
reason that they had out a good line OF
shorts which will bring their liabilities
down considerably on final settlement.
AN UNIMPORTANT FAILURE.
One small failure was announced late
that Of B. j. Crew, stock broker. But
little notice was taken of IT.
STATEMENT FROM THE ASSIGNEE.
New YORK, November l2.-William
Nelson Cromwell, assignee of Decker,
Howell 6 Co., makes the following state
ment: The liabilities are between ten
and fifteen millions, most OF
which is duo TO banks and bankers on
loans. The assets are largely in ex-
cess Of the liabilities, and nearly
every loan is secured by collateral.
The firm delivered to me as
part Of the assets about one million
of securities in box. This goes to show
that the failure was not due to lack OF Sc
curitics. but TO the extreme money strln-
gency which prevented the firm from
completing it's daily amount OF borrow
ing. 1t was its practice to borrow several
millions at each call in addition to the
time loans which it had. II the
creditors use good Judgment and do not
act hastily they will not only be paid in
full but viii leave a good surplus for the
firm"
TIRE WHITNEY FAILURE.
New YORK. November l2.-George W.
Quintard, assignee of Charles NJ. Whit
ney, who failed on Tuesday, said to-day
that the firm owed about $1,000, 600.
which was covered 10y collateral at 20
per cent. margin at the time Of making
the loans. The firm had on hand, he said,
about $1,000 in securities, and twice
that sum was due in cash, which, it was
thought. would be paid within the next
few days and would 60 toward making
up to creditors any deficiency on the Sc
curities The creditors had thus far
borne themselves most amicably, and
some of the larger ones had offered sew
eral DAYS TO straighten out the difficult
culties. if possible. Mr.. Quintard said
that the question of whether Whitney IL
Co. would be able to so on with their
business depended upon the state OF the
market the next few days and the value
of the securities pledged.
-----saa-----
BAPTIST STATE CONVENTION.
Ahout Two Hundred Delegates Present