Evening journal., 1890-11-12
THE STREET STAGGERED
"A Very Panicky Day in New
l York City.
THREE BIG FIRMS WENT UNDER


: ssarket-The Clearing House Associa-
xion to the Rescue.
NEW York, Nov. - Yesterday was
4errible day on Wall street A raid on vii
lard stocks in the Stock Exchange and gem
exal stringency in the money market caused
scenes OF fevcrish excitement, amid which
occurred the failure of several banks. The
z5rst announcement was that the firm Of g.
H. Whitney & Co, If No. 96 Broadway,
had assigned to George W. Quintard. The
sirm has been Ia existence 1884. Il has al
ways done a good business and its credit
mas been rated good It's capital was re-
ported 70 be fron SsaO. 900 to 5000 900 A
sumor was current that the liabilities
amounted to over 81 900 ,o0O but Mr. Whit.
ney refused to confirm or deny the state5
ment, The failure is due, it is claimed, TO
the firms inability to raise money on the
bonds Of the Cadillac division Of the Tole-
do, Ann Arbor and North Michigan, the
whole issue of which the firm took up, and
also on the Columbus and Hooking Valley
Coal and Iron bonds.
1t was said that the Whitney bank of
New Orleans, was involved, but this is de-
MED g. w Quintard, the assignee, said
last night that the assets were equal to the
liabilities, but refused to give further par
ficulars
Failure of Becker, Howell s. Co.
In a short time the excitement was fur
aher intensified by the statement that
Decker, Howell g. Co. one Of the largest
brokerage firms and bankers. and brokers
for Henry Willard. had succumbed The
firm consists of Joseph $. Decker, George
r. Howell, William A. Williams and Will
lam Evans, Jr. Mr.. Decker has been a
snember OF the Stock Exchange since No
yember, 1873, and Mr.. Howell since Janu-
AIRY, 1872. Mr.. Evans Is also member OF
the Stock Exchange The business has
heen carried on for many years under
various firm styles. Mr.. Howell was adj
mitted as a partner in Leonard, Howell &
Go. In 1878, and the style was changed to
Decker. Howell 4 Co in July. 1881
Mr., Howell is son-in-law OF Mayor
Filter, of Philadelphia He was active in
she organization OF the lead trust. On
Jan. last the Arm claimed to be worth
S400,0 900 in cash.
Liabilities, $40. 900. 900.
Speaking Of the Liabilities Of the firm,
Mr. Decker said that he could not exactly
tell what they would be, but he was afraid
that they would aggregate fully S10,000-
600 He believed that nearly every dollar
of this amount Is secured by colaterals
owned by the firm. Mr. Decker added that
she money is due almost entirely to banks
and bankers from whom the firm had Sc
cured loans, and these banks and bankers,
he said. hold ample security in the shape
OF the Willard stocks.
Mr.. Willard was Ia no way responsible
for the firms troubles. anu he could not
say that the firms difficulties had come
through lite relations with the North Amer
icsu company Neither was Mr. Willard
involved by the firms suspension, added
Mr.. Decker. Mr.. Cromwell said II the
creditors Of the arm used good Judgment
In handling their securities they would
realize on them ia full He hoped the
creditors would not be influenced by any
panicky feeling. He said that the collat-
eral for most Of the loans out consisted OF
Northern Pacific preferred aud common
and North American. II was subsequently
learned that the firm for some time has
borrowed nearly ss,00O,O00 daily.
David Richmond suspends.
Just before the last gong sounded Chair
man nMitchellannounced that David Rich
mond, No. 30 New street, was also unable
50 20 on. Mr.. Richmond became a mem.
ber OF the exchange on Dec II, 1870 and
was AZ one time a governor He made an
y assignment to Frank L. Requa, clerk in
-. employ. giving preference to Magdalens
Richinora for secs There we're two
stories current bout MT Richmond's fail.
nre one was that ii was case OF dry
rot. and the other that he also was loaded
sap with securities which had caused ths
downfall n =, ~. whitney g. Cn an,
.p,cker. Howell & Go. No authoritative
statemeSa however. could be obtained
from Nr, Richmond or his assignee.
Three Banks Involved.
Scarcely had the news OF Decker, Howell
& Co.'S collapse bsen dgested when th
street vas disturbed by a still more star
ling piece Of intelligence. Rumors sprea
like fierce fire that three banks had fal
I'D. The Bank OF North America wa
named as the most important Of the thr'
(ths Stock Exchange bank. and the NJ
schanics and Trader1' and the North Riv
banks were declared to be the smaller co
Germs At frat hasty inquiry seemed
justify these alarming reports, and We
street men began to recall Black Frid
and to fear that the disasters Of the par
xn stocks would sink into insignihcan
beside the more dreadful catastrophe Of
general bank smash
1t was learned from bank men that
Bank of North America was unable
make good $3.50 900 Of its debts at the Gle
sng house. Everybody on the inside kn
shat Decker, Howell q Go. had recei'
heavy loans from the Bank ot NO
America on she Willard stocks-No
~ {
aareral. The failure OF the Willard Bl
40 make good thcir loans and the susp
sion Of the house had left the bank sh
30 large amount.
The Bank OF North America All Rigi
President Dowd, OF the Bank Of No
America, was peEieged with anxious
-sluirers This bank has not suspended
we are in no danger. The facts are thu
AYe have loaned large amounts OF mo
50 Decker Howell & Co. on the Viii
stocks The collateral was ample an,
ordinary times there would have been
trouble. But last night, owing to
stringency Of the money market, we Y
informed that Decker, Howell s. Co.
lain down on us--unable to make {
their loan
1--WE have marketed about one-half
securities pledged for their loans, an
expect to sell the remainder. We a
well protected thai, even at present p
for Willard stocks we could dispose Of
and leave handsome balance 20 turn
20 Decker Howell & Co.'s assignee
deductinn our loan" Mr. Dowd dec
90 d sciose the amount of the banks
10 Decker, Howell g. Co., but it was o
&ained elsewhere that the aggregate
5000 600. and that the reason why the