The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-14
SWAMPED WITH SUGAR
DECKER, HOWELL & CO., OF WALL
STREET, ON THE WRONG SIDE.
Failure of Firm That Had No Pipe
Line to the Senate-Went Up for
$12,OOO,OOO Four Years Ago.

NEW YORK, July 13.-Decker, Howell 81
Co., bankers and brokers of this city, have
assigned, with no preferences. Liabilities
not stated. This firm was one of the largest
brokerage houses in the street. A repre-
sentative of the firm attributed the trouble
to being on the wrong side of the market,
the firms shortage on sugar being one of
the principal elements. Five years ago this
firm failed for $12, 000, 600, but paid up within
sixty days and resumed business.
The announcement was made on the
Stock Exchange soon after the opening and
created much excitement. The firm is one
of the largest doing business in the street
and conducted a purely brokerage business.
The losses will fall on those who have had
speculative accounts with the firm. Decker,
Howell & Co. is peculiarly local firm. 1t
had a large clientele, and it is said specu-
lated heavily for its own account. Accord
ing to Assignee Alanson Fisher, jr., the
firm has no creditors outside of New York
city. 1t leased no private wires and had
no agents or correspondents in other cities.
Mr.. Fisher added that he believed that the
liabilities would prove to be small. There
was CONSERVATION in the Sugar pit when the
failure was announced. Opening at 134
after closing al 1855 last evening, Sugar
declined to 1888 on sales of $500 shares. So
great was the excitement that sales were
made at the same time y to "a per cent.
away. Then it took on a tull head of
steam and sailed up to 1914 in a few min
utes. 1t was then that the announcement
that the firm was unable to meet its obltga-
lions was made.
The firm was founded in 1870 under the
name and style of Leonard, Sheldon q Fos-
ter With unlimited capital and exceptional
opportunities for speculation of the success
full sort, the firm soon had large follow
ing. In 1881 the firm became known as
Decker, Howell & Co. Mr.. Howell died
some time ago. The firm did a large and
profitable business until $780, when it was
compelled to make an assignment. Then
Wall street was startled by the announce
ment that the liabilities of the firm would
aggregate $12, 600 600. This sum was paid in
sixty days, as the firm had promised at the
resumed. The street" after this had the
greatest confidence in the recuperdtive pow
ers of the concern, and there were few
accounts Withdrawn because of. the failure
a that time.
j. S. Decker, the senior member of the
firm said: 1T will be several days before
any true statement of our finances can be
prepared. AS soon as the books can be
be made public. Until that time, however,
l hardly think 1t would be fair to our credit
ors to make any statement whatever re-
garding our finances Neither Will be able
to say at present what our house will do
in the near future. Our difficulty is due to
general depression in the business in the
street and certain fluctuations IN the mar
kets over which we had no control Or
course our financial difficulty Of four years
ago left us in such a weak condition that
we had to be very cautious We were weak
when the present blow came and were not
able to meet the demands on us. l feel
sure, however, that some opening Will be
made for us and we shall be able to settle
with our creditors dollar for dollar