The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-17

Why the Northern Pacific
Went Down..
COULD NOT MEET LOANS.
Then Its Consols Declined in Price
and the Company Went to
:. the Wall.
Special to THE MORNING GAIL.


NEW YORK, Aug. 16.-Little news is OBJ
tairable about the affairs of the Northern
Pacific. A representative of the company
said to-day, in discussing the cause for the
appointment of receivers. that there was
nothing TO add to the published statement
that there was falling off in receipts and
consequent inability TO pay the interest
about to fall due on the floating debt. All
this had nothing whatever to do with the
application.
Another person, however, who said he
was familiar with the company's affairs,
said: "While it is true a falling off in the
receipts was indirectly the cause for
receiyership, yet the immediate cause was
a drop of per cent in the quoted price OF
the eompany's consols and the inability to
respond to the call for more margin on
one of its loans not due until September
1. The failure, however, to put up the
required margin made the loan at once
due and payable. There were two OF these
loans"
1.-THE one owing to Spfyer & Co., has
been adjusted. The other. which exceeded
100000 was owing to Kuhn. Loeb 81 Co.
They called in that loan before the ap-
pointment of the receiver"
At the Office of Kuhn, Loeb & Co. 1t was
said the $4,000, 900 Northern Pacific loan
had not been included in the subscription
which had beed arranged, but declined to
give any particulars or state who held the
collateral, or whether they would be put
upon the market.
Applications for the appointment of re-
ceivers have been granted in st. Paul,
Portland, Helena, Olympia. Milwaukee
and New York.
George S. Jones, vice-presidens of the
North Am erlcan, was seen and asked as
to the cause for the great decline in the
price OF stock. but declined to discuss the
matter. Il have nothing to say on the
subject" he said, land l warn you to be
careful what you say about the company. Z"
Subsequently he added it was not to be
inferred from the low price of the stock
that the company is going into the hands
of receiver.
Charles o. Wetmore, president of the
North American Company, says there is
no truth in the report of a receivership for
his company.
1t is rumored in Wall street to-day that
a well-known banking firm is making up a
syndicate to take Union Pacific bonds fall
ing due September 1 that are not extended
by the present holders. The banking firm
alluded to, which has an International rep
utation and is very close to the Uniou
Paci fc management. will succeed it Is be-
lieved in organizing the proposed syndi-
CATE.
LONDON, Aug. 16.-Twenty-ive thou
sand pounds in gold was withdrawn from
the Bank of England for the United States
to-day.
WASHINGTON, Aug. Is. - Efforts are
being made by the stockholders to have
the German National Bank of Denver re-
sumo.
MARION. .Kans., Aug. 16.-The First
National Bank Of this place suspended late
this afternoon, Bank Examiner Latimer
took charge.
DELAND, Fla. Aug 16.-The Volusa
County Bank closed to-day, owing to ina
billty to realize on its paper. The liabjli-
ties are $4,000 and assets $4,000.
Troy. \. Y, Aug. 16.-The Sheriff this
afternoon took possession of tho werks at
Green Island of the Gilbert Car Man ufact-
uring Company, Oh five judgments aggre-
eating s15O.0O0. in favor of the members of
the Gilbert family. The works are among
the largest in the country.
RACINE. Wis, Ang. 16.-The Union Ma
tional Bank closed its doors this morning.
Capital $4,000, total resources 1892 200,
individual deposits S243. 900.
The Commercial and Savings Bank to-
day posted the thirty-day notice.
PLEAsANToN. Kans., Aug. 1e.-Details
of the failure of Robert Kincaid, banker,
capitalist and merchant of Lynn County,
have just come to light. The failure was
one of the most disastrous In the history
of the State, and Kincaid's absence from
his former places Of business leads his
creditors to believe that 1t was one of the
most dishonest.
The liabilities of his different concerns
reach nearly 100000. with assets very
much less. Among those impoverished oy
the failure are many widows and orphans,
whose money was trusted to him for in.