Crawford avalanche. (Grayling, Mich.) 1879-19??, 1890-11-20
CRASH In WALL STREET.
PANIC AMONG THE HOLDERS
OF WILLARD SECURITIES.
Decker, Howell q Co. Forced 60 the Wall
-Rapid Decline In Northern Pacihc-
The Clearing House Comes TO the Res
cue of the Banks-scenes of the Wild
Nov York disnatch.l

The Clearing House Comes TO the Res
cue of the Banks-scenes Of tho Wild
est Excitement.
New York Dispatch.
Not since the dreadful time of Black
Friday, twenty-one years ago, have
there been such sad fortunes, such dis
astrous sacrifices, such utter demoraliza-
tlon as to-day.
There was panic. Quotations fell
to pieces like the scattering blocks OF a
baby's upset toy-house. The brayest
man was generally displaying his brav-
cry In demanding margins from some
speculating unfortunate, or In notifying
some other unfortunate that, lacking
margins, he must submit TO being sold
out. Courage was at a discount, conf
dence was nowhere.
While real failures were taking place
on the Stock Exchange lot OF fictitious
ones were being proclaimed throughout
Wall street by rumormongers, who
quoted the names of conspicuous banks
as being unable to maintain their credit.
The current sensatiOnalism, so far as the
banks were concerned had much more
invention than fact in it. Yet there was
undeniable apprehension In banking cir
cles. Bankers would not admit this
freely, but early in the day there were
conferences among representatives OF
clearinghouse banks, and the banks OF
the New York Clearing House Associa-
tion determined to provide against every
possible misfortune and exigency by
pledging their associated credit in be-
half Of every bank in the association.
The associated banks of New York
have available assets OF $95, 600, 600.
Against this 1t was voted to issue clear
ing-house certificates In such volume as
the situation might suggest or require.
As measure OF relief the bankers who
resolved upon ~ are conhdent that IL VIII
at once be effectual.
There is almost universal agreement
among leading New York bankers that
the money-market's recent range and
tightness came through artificial influ-
ences. Funds have been locked up,
taken out of ordinary business channels,
kept out OF reach-all in order to carry
forward the bear campaign OF depres-
sion, apprehension, and quotation smash
ing. The provisions of clearinghouse
rtifcates-unlimitcd If need be, up to
$95, 600, ,000-will, of course, put to rout
all these manipulative schemes. Said n
member of the clearinghouse committee
largely instrumental in bringing about
the official action of yesterday; @Ihis
ends the money market trouble. Loan
rates will be normal now. The pinch is
over"
When the Exchange opened this morn
ing there was a larger attendance OF
brokers than had been known for years
Every stock on the list had crowd of
the market opened the scene was one nc cof
confusion and excitement. The cables
reporting an advance Of TO per cent.
in London were received before the open
ing and caused the brokers to take the
bull side, and disposition to buy was
shown all around
Rumors of trouble among banking in
stitutions were current all day, but no
one paid much heed TO them, thinking
that they were the usual emanations OF
bear minds. After the close, however,
IL was learned that three banks which
were members of the New York Clearing
House Association had difficulty In set
tling tho claims of tho other banks
against them. There was balance
against the Bank of North America OF
81, 400, 900, which il was unable to settle.
The other banks were the North River
and the Mechanics ard Traders. How
the heavy balance was created against
the Bank OF North America was puZ-
Zle. During the day the Mechanics and
Traders Bank made its settlement with
other two banks Es'fSc 'rfSecceiVeu SssRstafcsf Ir8l6
the other banks in the association and
pulled through all right. At the Bank
of North America 1t was said that the
trouble was directly due to the account
of Decker, Howell q Co, and that now
that the account of that firm was closed,
the bank was in stronger position than
ever.
The most important factor in the de-
velopments was the scarcity OF money.
Right up to the close IL was In urgent
demand, and = per cent and legal in
terest was charged on loans, equal to 1S0
per cent per annum. This fact and the
troubles OF the banks caused a special
meeting of the Clearing House Associ-
alton to be called, and after q long ses-
sion it was decided to appoint commit
tee of Presidents with authority to issue
clearinghouse loan certificates in order
to enable banks to settle balances be-
tween themselves. These certificates
will be based on bills receivable,
collateral securities, cash assets, and
! the united credit OF the banks This
action is intended to distribute the re-
serves of the banks more evenly between
| the institutions. Where one bank Is
unable to settle It's differences In cash 1t
will deliver securities and assets TO the
certificate committee, and IL the commit
tee accepts the securities it will author
| ize the issue of certificates on them. The
united action of the banks Is expected tC
restore complete confidence.
| 1t was just after 2:15 o'clock this after
noon that the failure OF Decker, Howell
| & Co., of A Broadway, was announced
on the Stock Exchange They made ar
assignment to William Nelson Cromwell
The firm is one of the largest on the Ex-
change and was considered very wealthy
1t had been identified for years with the
movements of the Willard stocks and iti
members were generally considered Vii
lard's special brokers. The failure wa:
\ considered the cloak that had been hang.
ing over the market, anu after IL was an
nonnced a rally Of 1 to 2 per cent. oc
! CURED.
In every teaspoonful OF human blcoC
4 there are $4,000. 600, 600 red corpuscles