St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-29
is SHY ONE MILLION,
A Big Philadelphia Financial
Concern Goes to the
Wall.
Squeezed by the Panic the
Principal Reason AS
signed.
More Crooked Work Devel-
oped by the Prettyman
Failure.
Cashier Johnson Discovered q
Great Many Preferred
Creditors.

PHILADELPHIA. NOV. 2S.-Ino 1all-
ure OF B. K. Jamison 81 Co.. bankers
and brokers, was announced on the
stock exchange this afternoon. The
firm has closed its doors and made an
assignment to Samuel Justine Thomp-
son. No statement of liabilities or as
sets has yet been made. The suspen-
sion resulted from failure of the firm
to realize upon its assets. 1t has been
known for the past few days that the
firm was in shaky condition through
the stringency of the money market,
coupled with the failure of Barker Bros.
& Co., but there were hopes that finan-
cial relief would come in time to avoid
a suspension. On Wednesday at the
close of business, it was said this as
sistance would be available this morn
ing, and as business was re-
sumed as usual, it was believed
the trouble had been passed.
About 1900 shares were sold in the stock
eXchange.thls afternoon for the account
of Jamison & Co. The firm has always
had high reputation in financial cir
cles, and the opinion was general this
afternoon that the failure would not be
a bad one, or that other monied institu-
tions would be seriously affected there
by. The firm was the
Philadelphia Correspondent
of large number of country banks,
and it is said that the failure was hast
ened in some degree by these institu-
tions drawing out their deposits and the
Philadelphia banks calling in their loans
to the firm. The only statement that
could be obtained from the firm regard
ing their difficulty was the following:
"Our assignment is due to the string
geney in the money market and the i'm
possibility Of replacing loans called
by the banks. Also the fact that we
have been compelled to sustain enter
prises with which our name has been
connected. Nothing regarding their
liabilities or assets could be learned.
The firm has not carried very large
stock brokerage business for some years
past. being chiefly interested in the pro-
motion of financial projects. B. K.
Jamsou, the head of the firm, is largely
interested in the Edison Electric Light
company, of this city, being its vice
president. He is also a director in the
Fourth Street National bank. the West
Philadelphia Bank and Safe Deposit
company, and the West Philadelphia
Mutual Saving Fund and Trust COM
pany. Col. JamiSon is also treasurer of
the famous Glover club and one of its
best known members. The firm con-
sistS of 3. K. Jamison, William NJ.
Stewart, j. Henry Kershaw, Philip J.
Kelly and Arnold Plummer. The local
stock was not affected by the failure. 1t
was reported this afternoon that b. K.
Jamison lost a considerable amount in
the
ST. Paul and Minneapolis
Mortgage and Trust company, which
was organized last year. The author
lied capital was $500. 900; amount issued.
$500, 900, of which so per cent was paid
in. A considerable portion of the cap
ltal was secured III this city through 3.
X. Jamison q Co., prominent business
and professional men being among the
subscribers. The firm has really been
in trouble for several months, and has
been trying to eXtiicate itself from the
diff Guilty. During the money squeeze
in August 1t came very near going un-
der, but it was helped ont and enabled
TO 60 on. When money was loaning at
eXOrbitant rates the firm had mum Der
of loans called and could not pay them,
For some time past conservative brokers
have avoided transactions with Jami-
son & Co., believing that the firm had
the money tied up in outside enterprises
and that it would get into trouble.
Large sums were invested in timber
and coal lands in various sections sec
tions Of the state, thus taking away
money which could have been used to
better advantage in the present crisis.
The firm has been interested in the de-
velOpment of bitUminous and semi
bituminous coal properties in the Horse
Shoe district of Center county, ana the
Clearfield district of Clearfield county,
recently opened by the extension of the
Tyrone 81 Clearfield railroad. These
undertakings have absorbed vast
amounts of capital, much of which is
probably, as yet, unprOductive. and such
securities as have been issued on the
properties are hardly available in a
close money market.
The firm were also interested in the
North Georgia railroad, the Valentine
Iron company, and had also invested
largely Ill Tennessee coal lands, on
which they have been heavy losers. the
lands never having paid. E. K Jami-
son. the head of the firm, said this after
noon: "Our affairs are in such state
at this time that l CANNOT say what onr
liabilities and assets win amount to. If
we are pushed by our creditors, we will
probably not be able to resume, as then
our liabilities will exceed our assets. A
full statement is being prepared and
will be made public in few days"
After the failure of the firm was an
nOunced on the stock exchange LOO
shares of Northern Pacific common and
preferred, Pennsylvania and Reading
were sold under the rule. The lIabil-
tiles are variously estimated at from
S5O0,000 to S1,000,OOO. but no figures
whatever have been given out on which
to base this estimate.