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View Sample Pages : Trenton Times, November 12, 1890

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Trenton Times, The (Newspaper) - November 12, 1890, Trenton, New Jersey fetrfim VOL. IX. NO. 9466. rKBNTON, WKONK8DAY AHTKKNOON, 1U, 1890. I1 WO IHESTREET SlAGGERED A Very Panicky Day in New York City TURLt UK, HUMS WtM UNDEB And Sevirul Iluiika Were Temporarily Kinlmrnissi tl by Stringency lu the Money lie Glettrintf House AMoola- tlon to tlie Hencue NFW. was terrlblt day on nil street A raid on VII- lard blocks in the Stock hxchanue and gen- eral string' ncj Ih the money market caused scenes of feverish excitement, amid which occurred the failure of several banks The flrst announcement was that the firm of C M Whitne) Co of No 96 Broadway, had assigned to George W Quintard The firm has been in existence 1884 It has al- ways done a feood business and ita Credit has been rated "good Its capital was re- ported to be from to A rumor Has current that the liabilities amount, d to overfl but Mr Wblt- ne> rtfUM 1 to confirm or deny the state- ment Hie f ulure is due, it la claimed, to the firm s mabilitj to raise money on the bolide of the adillac division of the Tol do Ann Arbor and North Michigan, the whole issue of which the firm took Up, and also on the Columbus and Hocking Valley Coal and Iron bonds It was said that the Whitney bank, ol New Orleans, was involved, but this la de- nied G W Quintard, the assignee, said last that the were equal to the liabilities, but refused to give further par- ticulars failure of Decker, Howell ft Co. In a short tune the excitement was far- ther mtinkifiid by the statement t 1'ieker Howell Co one of the largest br hi ins ind bankers, and brokers for Hcnr} A illard had succumbed The firm consists of Joseph b Decker, George K Ho veil ilharn A lain Lvans Jr Mr Decker has been a member of the '-lock Exchange since vember 1STJ and Mr since Janu ar) Mr Ev ins is also a member ol the Stock Exchange 1 ho business baa been carried on for many years nnder various firm styles Mr Howell was ad- mitted us ft p irtner in Howell Co 1.1 1K78, and the stv le was changed to Decker in July, 1881, Mr II is a son in law of Mayor I1 Uler, of Pluliidelphin He- active m the of the lead trust On Jan 1 last the firm claimed to be worth t-lOO.OOOm cish I Speaking of the liabilities of the fli, Mr Banker said that he could not exactly tell what tiny would be, but he was afraid would aggregate fully 000 He believid that nearly every dollar of this amount is --ecured by collaterals owned bv the linn Mr Decker added that the monej is due almost entirely to banks und bankers from whom the firm hud se- cured loans and these banks and bankers, he said, hold ample security m the shape of the Villard stocks Mr V Hard >va.s in no way responsible for the firm s troubles anu he could not say that the tirm s difficulties bad come through its relations with the North Amer- ican companj Nnther was Mr Villard involved bj the firm's suspension, added Mr Dicker Mr Cromwell said if the of the firm used good judgment in handling their secunties they would realize on them m full He hoped the creditors would not be influenced by any panicky feeling He said that the collat- eral for most of the loans out consisted of Northern Pacific preferred and common and North American It was subsequently learned that the firm for some time borrowed nearly daily. David Richmond Snspenda, Just before the last gong sounded Chair- man Mitchell announced that DavidHich- mond, No 83 New street, was nine unable to go on Mr Richmond became a mem- ber of the exchange on 17, And was at one time a governor. He mnde an Mfdgnment to Frank L. Reqna, a clerk In his employ, giving preference to Magdalene Richmond for There were two stories current about Mr Richmond's faU- ure One was that it of dry rot, and the other that he also WM loaded np with securities c-ouaed the dowufall of C M Whitney Co, and Decker, Howell Co No authoritative statement, however, could be obtained from Mr Richmond or bis asslguoo. Three punks Involved. Scarcely had the news of Decker, Howell Co 's collapse been digested when the street was disturbed by a still more start- ling piece of intelligence Rumors spread like a fierce fire that throo banka had fail- ed The Bank of North America named as the most important of the thrte (the Stock Exchange and the Me- chanics and Traders' and the North River banks were declared to be the smaller con- cerns. At first a hasty inquliy seemed to jusufy UKVO alarming rcporto, and Wall street men began to recall Black Friday and to fear that the disasters of the panic in stocks would sink into insignificance beside the more dreadful catastrophe of a general bank smash It was learned from bank men that the Bank of North America was unable to make good 000 of its debits at the Clear- ing house Everybody on the inside knew that Decker, Howell Co had received heavy loans from the Bank of North America on the Villard stocks North American and Northern col- lateral 1 he failure of the Villard Eros to make goodf thelfloafls and the suspen- sion of the house had left the bunk short to a large amount The Hank of North America All Bight President Dowd, of the Bank of North Amprica, was Besieged with anxious in quirers bank has not suspended and we are in no danger The facts are these We have loaned large amounts of money to Decker, Howell Co on the Villard PUWUEI1 Absolutely rUiO. A of baling ponder. Nt of all In IT. 8. Qar- Bto Rs l lie collateral waa ample and in ordinary times there would have been uo trouble But last night, owing to th. stringency of the moue> market we wire informed that Decker, Hovvell Co had lain down on to make good their loan have marketed about one half the pledged for thtir loans and we eipect to sell the remainder well protected that, even at present prices for Villard stocks we could dispost of them and leav e a handsome balance to turn ov er to Decker, Howell Co 's assignee after deducting our loan Mr Dowd declined to disclose the amount of the bink s loaus U> Deiker, Howell Co but it w is ascer tamed elsewhere that the WHS KWO 000, and that the reason win the Bauk of North America was n it in trouble was because when the bank was found to be dhori mil-' othpi binks 111 i In a s >e atiou the uimtinlt of self oiehuv iti n. and to prevent a general bank ad vanced the cash to Mr Utw I's bank oc ceptingthe Villardi as collateral Situation at the Other Hanks. It was alsc learned that the Bank o North America had over certified Decker Hovvel' Cojs checks to the amount o That is a violation of the n, tional banking laws, but Mr DovvJ bank is not the onl) sinner This law is disre- garded every day There Is not a stock exchange bauk m New York which does not ignore this law The other two banks which required assistance proved to be aa rumor had it the North River and the Me cbauics and Iraders' Like all financial institutions they have suffered recently from the stringency in the money market, and the sudden withdrawal of about from the loanable funds of the New York money supply pinched these banks m common with many others, ane in spite of the fact that they held good se cunties as collateral for their loans, bu for which there was no market because ol the panic in stock prices. The trouble at the River and the Mechanics and Traders' banks were de- clared to be only a temporary want ol ready cash and the natural and unpreveut- able result of the money squeeze 'Ihe North River was short in its ex changes at the Clearing house 1 hey after ward pii j up 000 of this, leav ing OOC still due to other bauks Ihe Mechanics and Iraders' was unable to pa) 000 in cash for which it was debtor at the Clear ing house The Chase-National baukand two other institutions helped to advance the to straighten out the two banks with the deficiency The Hunks to the liexcue. Long before nightfall the bauks decided that the time had come for them to act to- gether for self If general and disastrous panic was to be --.verted the Clearing House association, m which all the principal bauks of the city are mem bers, must act at once A meeting of thi Clearinghouse committee of the Clear- ing House association was histilj sum moned A resolution was adopted with one accord, to the effect that house loan certificates be issued at once to any amount required and that they be plaeeel at the disposal of any batik in the association which may require assistance and to any amount The order to print these certificates was given at once and they will be ready to be issued to any bank that may be in trouble today Those certiorates have behind them the entire financial strength of the associated banks of New iork They are unassaila- ble because they are guarantetd by the combined membership of the New York Clearing House association The certifi- cates will remain in force until the trouble has been tided over, and the banfc which bos borrowed them is ready to up Us collateral Excitement ac Philadelphia. PlIII AULLPHIA, Nov he excitement of the New York stock market was reflect- ed to a certain degree m this cit) yester day The transactions on the local Stock Exchange footed up shares, the larg- est for many years The bond sales amounted to 000 This by no means indicates the total amount of business transacted for Philadelphia accounts, as thousands of shares bought in the N'ew York Exchange on orders from this cit) A member of the firm of Narr Friend stated that he thought would cover their differences The firm is to have transacted business on very narrow niarsins, and their failure la as- cribed to this fact It is not believed that any other failures will follow the t tyhtan Operi 1 h stepped forward turn I il in lei ap plausc to tell lu cl in !ht sUn of his res.i ue of Limn 1 i-lm Uur th lecturi a number of prei-i n rt -i waited upon Mr feUnlt) 1 1 am vvlnthc he would make, any answ i tu tin man; charges vvlni h have lattlj I mi ul, Mr Stan IPJ would mike no p i (urthe to sd) The J tlHie. nil i K I s inn startling rejuils fium I i h n t.niii} o 'Ibursdav Mr Stnnlev was intr h i It his audit ore b) Cuauiicey M u mil opened his lecture with a gl ipln I s iptmn o thegreat audgloomj fun t-uhr they had marched for IK 1m i u, CUn ous pigm> inhabitants f il next described The tall IH jleolthegiea jungle lived lu the cleai i while theplg mies, who were only al it its as European's waist, infested the most dins part of the forest 1 he tnl e pie ate thei He had been a u ni u u ho hai been speaied in the thiuit la em a bie ready to be cooked btu wob ek md hai been left bj a marauding aiiv During their join ne> they had hundred of the native who U them HI Ulleffe- Ing them to banaua grov s t 1 ether place for procuring food, but '1 i v n 'eased then aftor the expedition had t -e I lirv ml th' terntorj of those the) liij tiptuiid as they were thenceforth u-iks, t tn i tar) and tre isurer After J 1 moil, Prince and ard were appomu d is i conference or irbitra tiou commune ti sdtle disputes, etc, Cmtiiin ill vvm i limited to membership in the p''i itions wtrtalso filed for the loe UK n i 1 il s in Buftalo Wash mgton, D t ml Uituut Ihe meeting then atljournViI l jr Ifie d ly It is icported that during tin the representa tives of the Pitts! in, nnd New York clubs were unmeicifullv b lated foi the vvtik ness the) have ills] 1 ivi d It is also stated that although I' ttsbmg >.ew may have tousoli 1 lie 1 with the N itional league the) will In unable to dm the scene of sli i lav s i v u ti t nt I on the Ol] hi 11 ent lies in untv Donegal dtseiiht the ptifiil i n i i is Usual on 1U) pers i s win ivi i.l mil the process will go on ui t I ul u 1 iniilus are dls poHbessed II in vv is n quill is during the prout i uisiil b) tht aetivit) of Mi J in i ,r u, [mim mint foi siiitli 1) ui champiouiiij the interest-, iflln tenants Mr ehalkid tin sliev s f[ i men vv ho w cr partlculall) r l i h null ing the ti Hants aud warned tliun tint hi would cau them to be pu si i nted ful misbehavior Ihemarknij, vv a.s doin in oidei to iden tlf) the i Ulcers as the authorities refu to make them weal lia IL.IS IhimiiLii u v isltois who vv ere present tu w it ness theevietn us held a met ting afti rvv in at which resolutions were adopted express lug then indignation the affair Ih Times correspondent alleges that thoug in the houses where eviction was antic pated uo food was found two tons of ex celleiit potatoes were discovered in on d well ing w hose occupants had not eipectai to be disturbed Profe-ntor Koch D Counumptlon Cure BKBLIN .Nov Koehwil nithm a few publish a full arcoun of his researches in connection with hi discover) for ihe cure of consumption I'he Frankfort Zeltuug says that th> Ijmphustd in inoculation for cousump tiou will be so cheap as to be placed with m the reach of all Ihe price will be bu twenty five marks for a small phial Ih paper adds that the success of the treat- ment of tubercular afft etious of tile akin joints aud bones, and also in the earl' stages of pulmonary complaints, is as- sured 1 he I) mph destroys the tubercula. bacilli Ihe report of tile cure bv Pio lessor Koch s treatment of a case of lupu on the face and arms within five days continued by seveial authorities Ihe throws off the bacilli by the u erotic process In sjplnlitic afflictions m oculatloii with the Ijmph is inelTtttuil Ihe emperor has summoned Profcsso. Koch to a personal mtei view to earn tire details of the reaults obtained b] neatuieut of consumptives with the rein i dv 1 ht empi ror has also made a gift o: s.ijU.OOU to Professor koch pers.onallv auc las another to endow ana non il institute it which the h mph u-ed 11 h treatment will be pioduced loth the method and results when of Figs 13 taken; it is pleasant aid refreshing to the taste, anil acts ently jet piomptlj on the Kulnejs, Lner and Bowels, the 'era effectually, di-.pck cold- head- i lies and feveis and CIIKS lubitual wi-lipation. fyrnp of Figs is the only reriedy of its kmd ever pro ilueed, pleasing to the taste and ao ceptiible to the stomach, prompt in its action and truly beneficial in Its effects, prepared only from the most healthy and agreeable substances, its man) excellent qualities comoiend it to all and have -jnade it the most popular remedy known. bv rup of Figs is for sale in 50a and 81 bottles by all leading drug gists Any reliable druggist who may not have it on hand -will pro- cure it promptly for any one who wishes to try it. not accept any substitute. CALIFORNIA FIG SYRUP CO. S4H CtL, LowsvniF, KY rvan, H r. Gpocial Nuticc. The ladies will find at Wallis' all the late arrivals in Woolen Yarns, among which we highly recommend the following famous favorite brands Best imported German Knitting Yarn, in all colors; best Spanish Yarn, in all colors best Saxony Wool, all colors; Knitting Wors- ted, all colors; imported Zephyr aud Zephyr German town only in very best quality. Likewise we call attention to our grand, superb stock of Fall and Winter Under- wear, Childrens' Outfits, Chil- drens' Cloaks, Coats and Hats and Caps for the Fall wear. Very latest handsome styles, war- 'anted made ot the best materials and superior workmanship. Fall 'losiery, Kid Gloves, Corsets, fine Muslin Underwear, All new goods. Fine Umbrellas, in endless One Gloria Um- jrellas, which sell at 50, we are now selling at cost; yes, truly ;ost, only 98c. Call and be convinced. i .1 -ill, OPPOfllTK CITY HAI.L The IftrgMt variety of SUPERFINE CBFAM CHOCOLATES, guaranteed to be the fluent made In the U. S will be (bond at ANGKI.Q CAMERA'S Fine Confectionery Store, N. J. Fancy FrutU, Ice Cream, Soda water, reum Bodai, Milk Bhakefl, Lemonade, Ao.. alwayt on h-nd, the bett that be and ura taota. Pric" DELICIOUS, STRENGTHENING TO THE NERVES Tea and coffee cheer but do not nourish They even leave an injurious effect upon the nervous system. Indeed there is no beverage like "BEST GOES FARTHEST." It stimulates and nourishes as none other, leaves nn had effects and is a flesh former of the most approved Ined ,l.w, Tke-Iron, may take It with pleo.nre und the with loip.olty The exelllht effect! of tea mid cofft-e are laud by II. itendr me, HD.4 >err.u. dluirden aif re. lle.ed and prevented Dellcloai to the taite "I.nrjr.t tmle In the world ASK FOB VAU HOIFKVSAM) TAKE ftO OTHER u A WTNTHJIt nM SEAL TURBANS, SKAT, CAPS, A T. YOUMAN'S HATS A SPKUAUY. One of the commonest tricks of businen is to close the eyes to quality by a temptingly cheap price Good clothing isn't produced without cost and labor any more than corn or potatoes, and all agree that the beet is cheap- est in the end. If you are a shrewd buyer and keen for a bargain you will find one i> our stock of Winter Overcoats. 6th AND CHESTNUT. i3th AND CHESTNUT. MFN'S SUITS 1 A good sun for A better suit from to 20 AND OVERCOATS f A fine suit from to 24 1 Dress Overcoats, Ulsters and FOR DRESS and BUSINESS.] Overcoats from J8 to 25 YOUTHS' SUITS, CAPE OVERCOATS AND STORM COATS. CHILDREN'S SUITS AND NOBBY OVERCOATS froiii 3 years old. SMOKING JACKETS and LOUNGING COATS. CUSTOM 1 iJKFAKTMKNT.J Sinclair, Vai Clothing Manufacturers. Prices range on these goods from to A nice suit for A Good Overcoat for Inner grades in proportion Beautifully made and trimmed We have laid m a very elegant line of these gaiments from to Dont miss seeing them Stocked full of all the novelties for Suits, Overcoats and Trousers A perfect, stylish fit. ioot Co., 39 tcast State Street. UT WUri'iMa MACLWX No Ribbon. Direct Printing. D Perfect Aligm-ent. Challenger Co., GENERAL AGENTS, NO 1407 CHES'INUT 8TBRRT, Philadelphia P.. SEND FOB CATALOGUE HAD THIS MAN Bought hU panb of tha AhRkTOAnT AMD 00, K.ild MI hew nuwh kit i 1 Wi an tu H ttat j BE8I IAILOR-MADE CLOlHING Atmnoa I' Pkilaitalphla prl-_. Ou te BA OVKROOAlfl fri north Jit, H4, HAMPER H ft. Bnifa k ULOTJH1HG MADE if) f, ii ann i, th, t u 4 l wUv, right alt-g M 1A I I I Jo. 8 Rtite. Oor. 8t PRINT AND it I i i i i i i i i i i i i or KVIBY DONE AT CHONT NOTICt IN FIRST-CLASS AT REASONABLE t I I 1 1 1 1 1 I I 1 I 1 1 I ;