New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-29
FAILURE OF B. K. JAMESON & co.
THE LIABILITIES OF THE PHILADELPHIA
BANKERS NEARLY 100000.
MUCH MONEY SUNK IN UNPRODuOTIvE INvEsf'
MENTs-soME BANKS IN THE INTERIOR OF
THE STATE LIKELY TO SUFFER
THE FIRMS HISTORY.
fBr TELEGRAPH TO THE TDBuEE1

THE FIRMS HlSIOhI'
pr TELEGRAPH TO THE TDBuSk1
Philadelphia Nov. 2s.-Thc failure OF d. H. 'ami'
son & Co., bankers announced In the STOCK bx-
change this afternoon. The firm have been known 10
be in difficulties for the last two three weeks, ana
the definite news OF their failure and assignment 70
Samuel Gustavc Thompson was not a surprise ihousn
the liabilities will amount to something between Sioo'
600 and So 900 OOO the reaction the stock market
during the closing hours was not to be largely az
,r,hrted IN this cause The JamlsOns have bech
caucht in the prevailing strngency. SO long ago
as last August the outlook was bad for them, ana
lately they have been wholly unable to get money,
other bankers regarding with doubt the extension
they have made OF their holdings In coal anu IN {.
lands In the interior Of the state Grea' a'nou"'' W
capital have been sunk by them In th' .
regions of Centre and Clearfe!d counties "ho" arc
stiII unproductiye There were also woodlands near
Erie These are referred to in the firms s'a'e"en.'
which briefly mentions. reasons for the ASSIGNING "
the stringency In the money marKet' tne nnpo'.Dv
of replacing called loans, and the necessity VI sue
enterprises with which the firms name was oonho''.
r. K Jamison has also lost large sums In the reeiy
organized st. Paul and Minneapolis Mor'sss0 S"N
Company, which has not proved success
A final blow was given by the country depos'ors
and CORRESPONDENTS of the firm, who became 1'gh'eho
and began to withdraw their deposits IL Is heie 'AeS
the failure may have serious Effects Inc "SuS 10y
resented from 80 to 100 State banks, ana was nsca
agent for Indiana County; and the hrm say ."a' II
they are pressed their assets VIII not equal 'ie"
liabilities. Though other Philadeiphi& mousse -,
yoyed distress is thus certain to be caused III tno
interior of the State and too hasty pressure on the
house NAV increase the difficulties arising from INC
failure which, looked at in this light, is Dao one
The firm of b. X Jamison & Co. is an old one dauhg
back to 1885, when 1t was established under inc s!e
of Ross e. Kelly. They were s"cceeueu Ii
1850 by p j. Kelly Co., OF which hrm
Mr. Jamison was member. The present name was
adopted in 1860. Mr.. Jamson has oeeh "eif
known figure in Philadelphia for many years. LAG
wos horn in Erie County in 1887, and came TO this
CITY I'M 1856. His success In banking was rapid a"u
he WAS admitted to partnership In 1901 lie was a
close friend of the late Thomas A. Scott, and got
his title Of "Colonelr from his journeyings when nc
was only ten years old with his father then brigade
inspector. It is said that he could, and did ire
auenty, put a regiment through its evoutions. VI
late years Mr.. Jamison's favorite pastime has been
coaching and his fourth hand the Rambler is known
all through the East
The firm had no direct New-York connections, ana
in Wall Street its failure was attributed, not 10 its
losses in active stocks but simply to its being over
loaded with schemes which 1t had been promoting
The firm was known, however, one OF the Oldest
and most conservative houses in Philadelphia. 1t
succeeded many years ago to a longestablished bus
ness which until recently at least, 1t has conducted
with success. An old Philadelphia remarks: The
failure a great surprise to me, although nave
always regarded the firm as good rather than rich
Perhaps that quality is better than great wealth. and
Certainly think it ought to be. It will be shown,
in INV OPINION that the firm carried down BY its
attempts to float schemes OF interest only In Pcnnsyl
vania. The failure Is local. and can have no nhu'
ence so far as / see on the New York market.
That so conservative house should have TO succumb
Is another proof OF the speculative fever for outside
enterprises that has ragged the last few years in
the Quaker CITY,"