Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-11-12

of bsnks. This action is intended to dis
tribute reserves to banks more evenly be
tween Institutions. The united action of
banks is expected 10 restore complete con-
fidence.
Decker. Roweil & Co. 60 Under with
Liabilities Of $40. 100000.
Decker, Howell & Co., A Broadway,
made an assignment today. The firm is
composed of Joseph s. Decker, George II.
Howell. VIM. A. Williams and VIM.
Evans, Jr. All members. with the excep-
tion of Williams, belong to the stock ex-
change. The assignees say the liabilities
are ahput $40 900, 900. The assets, which
are atthe present market price, largely cxs
ceed that sum.
The liabilities are due almost entirely to
the banks aud bankers on loans made and
well secured. The cause of the suspension
was the inability of the firm to borrow the
necessary amount of cash required in the
days business. The firms transactions
are very large, it icing necessary to borrow
several millions daily, The firm had abun-
dant collateral today but could not make il
available. The firm is identified with WI
lard stocks and Standard Oil interests and
carried accounts of the biggest stock oper.
ating firm in Chicago.
Whitney & Co, bankers, failed today
The members of the firm are Charles NJ.
Whitney of New York, and Edwin NJ and
Frank M. Larcher of West Orange, N. J.
The counsel for the firm this afternoon said
that the creditors would be paid in full I'M
less panic and the sales in the exchange
was so reduced in margins AZ TO render
money shorter. 1t is believed their liabili-
ties will exceed 3 900, 900. On the street
the opinion was that Whitney 4 Co. were
loaded down with Columbus, Toledo &
Hooking Coal & Iron Co. securities and a
fall in the prices has carried them down in the
crush. The house is well known on the street
anil in years psst has done great deal of
business Credit of the firm is rated
"good" and its capital is reported TO be
$500 900 to S3O0,00o. 1t is said by men
who ough, to know Whitney and Co. that
their troubles began some time ago, when
they were bears in q bull market, but they
succeeded in covering and getting out in
safety. Then came the present drop and
they caught on the other eide. Added TO
their troubles on stock exchange. they were
heavily interested in railroad and other
schemes i'll the Southwest, and this wa a
heavy drain upon the resources of this
house.
David Richmond, 81 New street, made
an assignment this afternoon. His liabili-
ties are not believed to be large.
Walker. 6on & Co. Fail.
Walker, Son &NCo. failed today. The
firm imported raw silks for manufacture
and had a capital of from $500, 900 to $500.
COO. Their credit was high. Members OF
the firm are John L. and Joseph Walker,
John w. Crowles, Brooklyn. The assign-
ee this afternoon stated the failure was
caused by the inability of Nightingale
Bros. & Knight, silk manufactures, PAtter-
son, N. j., to liquidate the estate Of John
II. Walker amounting to $4,000 and
there was overdue 100000 which the firm
could not pay. For two or three years the
working capital Of John T. Walker, Sou
& Co. has been $500, ,0o0. The firms liza
bilities amount to 81 100, 900; nominal as
sets 81 ,30O,06 of the latter $500 00t
is in merchandise. ss00.000 in sccounts
and bills receivable, half of which was
owed by Nightingale Bros. & Knight. The
suspension of payment was made neces-
ssry by the impossbill.y of getting the
usual accommodations due to the striDgency
of the money market and the suspicion in
which silk paper j, hell Of late because of
some other failures