The morning call., 1890-12-23
THE FINANCIAL SITUATION.
Opposition TO the Increase Of Silver
Purchases by The Government.

NEW YORK, Dec. 22.-President Tappin
OF the Gallatin National Bank has been in
tervlewed by the Commercial Advertiser.
II am certainly opposed TO increasing the
purchases OF silver. The present law should
be given at least years trial before being
amended. The financial situation now is in
good condition and money will be as easy
as any one could wish if agitation can be
stopped. The banks have increased their
reserve to comfortable figure, and would
regard the complete withdrawal of all pro-
posed financial legislation as one of the
M ost favorable things that could happen
As President Tappin Is Republican II
cannot be said that he is biased against the
administration. When spoken to about
this. he said: Politics have no place in
the discussion and political opinions should
never be considered in matters affecting
finance and business"
The steamer Spree arrived from Bremen
this morning with S307, ,oo0 in gold aboard.
EMBARRASSED FIRMS.
LONDON (Ont), Dec. 22.-The assignment
of John Elliott Il Son, manufacturers OF
agricultural implements, is announced.
There are considerable assets, but the losses
will be great.
New ORLEANS, Dec. 22-The creditors
OF V. d A. Meyer made a statement to-day
showing the assets of the New Orleans and
New ork houses amount to 81, 2,757, ,000 and
the liabilities TO Sl,645, eco. The firm has
asked for one, two and three years eXten-
sion, promising to pay in full.
GUTHRIE (Okla.( Dec. 22-Chef Justice
Green decided this morning that the assign
ment OF the Commercial Bank was void
lie VIII appoint receiver.
TILToN On. H.). Dee. 22.-E p. Parsons =
Co, manufacturers of woolens, are finaIi-
cially embarrassed.
NEW YORK, Dec. 22.-Dennis Fox, dealer
IN dry goods and cloaks. to-day confessed
judgments aggregating $4,000.
BOSTON, Dec. 22.-Charles T. Seaverns &
CO., jewelers. have failed with liabilities of
$4,000 and assets little more.
FORT WORTH tTex.), Dec. 22.-Bateman
Bros, wholesale grocers, failed to-day.
Their liabilities are probably over $500, 900.
The assets are not computed.
PHILADELPHIA, Dec. CT is announced
that the creditors of the banking firm of
Wharton Barker & CO. have agreed to an
extension, and the firm will ask to be allowed
to resume business.
THE KEAN AS SEGMENT.
CHICAGO. Dec. 22.-Suits were begun to-
day by a number of other depositOrs in
kean.s bank, who want the amount of their
deposits returned, on the ground that the
bank was insolyent when the dep osits were
made. AT the present rate, if all the
claims OF persons who deposited within
thirty days before suspension are allowed,
they promise to eat up nearly all the assets
b.
assets continue to grow less 1t is now
estimated that the bills receivable,
scheduled at S270,000. will not realize
100000. An Investigation Of the banks
books shows, further, that Mrs. Culyers
account was overdrawn $500 and Morton
Culver's account $1,000. Morton Culver
appeared in court this morning and
testified that Mrs. Culver had an
interest In the bauk to the amount
of SS5,000, and, IS far as he knew.
there never has been a settlement of the
partnership account. though he had en-
deayored to secure one. The witness be-
leVed the business profitable. but that Kean
conducted it III an extravagant manner, and
could never be brought to make statement
of the condition Of the bank until recently.
Culver testified that his wife's interest con-
sisted OF mortgages and notes, on which the
bank was only able to realize $1,000. OF
these securities $4,000 were in the shape of
notes and mortgages, given by man named
Hanchett, simply as accommodation paper
The fact turned out that Kean had in
cluded these accommodation securities in
his statement of assets to the commercial
agency. 1t appeared, according to the lesti-
mony OF Cashier Warne, that Kean had re-
newed the paper for over $4,000, the only
security being land contracts. The books
also showed that Kean discounted his own
papers for So, 600 and his wife for SIC, 900.