The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1884-05-23
CLEARING OF THE FINANCIAL SKIES

4
Resumption of B usiness by the Metropolitan
/ Bank-Failure of Fisk s. Hatch-A New.
ark IN. J.) Savings Bank Suspended--Ar
| Easy Money Market at the Close OF
Business on the 18th Imparts a Better
i Feeling In Wall Street, and Indicates
the Probable End of the Panic.
NEWARK, n. j., May II. The Newark
Savings Institution closed its doors yester-
day. The bank officers say that Fisk s. Hatch
owe the institution 1000, 600.
New YORK, May 16.-People collected
about the suspended banks at an early hour.
Only few were present out of curiosity.
There was wearied-looking crowd in front
OF the Metropolitan Bank when at 9:45
| o'clock the cashier advanced to the glass
doors from within and posted card
announcing that on the completion OF
| the bank examiners work the directors
| had decided to resume business at
| noon. The announcement was received
with round of applause.
The stock market opened better.
Western Union at 50, Texas Pacific 11s4,
| ST. Paul IS, Rock Island 113. Reading "a,
| New York Central 100, Northwestern 1O4,
Missouri Pacific 721S, Michigan Central 70,
Lake Shore 80, Erie 1411S, and Chicago,
Burlington & Quincy 115.
At 1875 a. m. the announcement was
made on the Stock Exchange that
Dimick & Co., of the United Bank. had
suspended Dimick is President of the
Bankers and Merchants Telegraph Com
pany. The failure of Dinick & Co. had
| comparatively little effect.
A few minutes before noon the MetropOli-
tan Bank resumed, paying all depositors
| presenting checks. Even before the hour
| named for resumption the paying teller
| opened his window and the first man in the
| line received his money. At noon the num-
Der in line was not over twenty-five, prnci-
pally boys and clerks. Only one lady was
in the row. She was attired in widows
weeds. Her qualification on receiving her
money was plain. The small number draw
ing out funds is regarded as promising for
the future of the bank
Henry L. Jacques has been elected Presi-
dent of the Metropolitan Bank, in place of
George l. Seney, resigned.
Receiver Davis reports the liabilities of
Grant & Ward, as far as he is able to as
certain, at $14, sol, 531. CoIlaterals are
held by the creditors for between $40, 0O0,-
600 and $12, 600, 900, leaving an unsecured
indebtness of between $2,OOOOOO and
$5,O00,OOO.
At a few minutes before three, the clos
ing hour of the Exchange, the old house of
Fisk 81 Hatch announced its suspension.
The firm was composed of Harvey Fisk
and A. L. Hatch. The junior member was
recently elected President of the Stock Ex-
change by a unanimous vote. The business
of the firm was principally in Government
bonds. The firm was considered conserva-
tive and reliable. The announcement came
like a thunderbolt In the Exchange. Stock
declined all the way from to points.
A friend of Senator Chaffee now in this
city declares that Chaffee lost every cent OF
his available resources in the Grant & Ward
crash. When his daughter married q. S.
Grant, Jr., he gave her 100000 in bonds.
These were put into the firm of Grant &
Ward and lost. The ex-senator lost $780,
600 in street speculations, and before his
last visit West gave young Grant $500, 900
in cash securities to keep for him. This
money reached Wards hands and was lost
Chaffee is thus practically penniless, even
his $4,000, 900 of Colorado securities having
deprecated SO as to be unmarketable.
New YORK, May 17.-Wall street was
tired and dull at the opening yesterday. AS
on the street save clerks and janitors, and
the Stock Exchange began business as a
laggard. Stocks speedily became excited,
and feverish. The Vanderbilt brokers were
the only buyers.
At eleven O'Clock Fl. G. Hardy & Sons
announced their suspension. All their con-
tracts on the Stock Exchange have been
provided for. Their offices are at 10 Wall
street. They state that their suspension at
present is unaccounted for. Stocks were
heavy and demoralized on the announce
ment of the failure. Lake Shore went down
to 81.
AT one p. m. a visit to the various banks
in Wall street found matters progressing in
the usual routine. The Bank of Commerce
has not at any time been in the slightest
trouble. The officers Indignantly deny the
rumors circulated. They were never be-
fore behind in their clearances, and, instead
of a deficiency they had a substantial
balance in their favor
At the Metropolitan Bank business is 60
ing on as before the temporary suspension.
Bank Examiner Serbia reported to the
Comptroller Of the Currency that the insti-
tuition was doing nicely"
Washington adyiceS state that the Sub
Treasurer here reports that only $IO9, OOO
have been offered for redemption under
Secretary Folger's proposition to redeem
bonds in anticipation of the date of the call
The excess in the Treasury now is $780,.
675,659, which is $14, 900 above the le-
gal reserve, and, therefore, sufficient for an
other call if necessary.
The action of Sage in settling at a dis
count is denounced as an outrage. 1t is
said that, although the Stock Exchange does
not recognize dealings in privileges, yet the
members are required to have an office
where they could be found during business
hours. This is not the case with Sage.
Finally it was announced that Sage was
settling on the basis of the difference be-
tween the market price and the ''put" price
and was delivering checks as fast as he
could sign them, and in order to help HIM
self to time would take advantage of the
Stock Exchange rules and demand twenty
four hours notice of maturing puts.
Right here was the great trouble Mr..
Sage demanded notice but he refused to give
bankers an opportunity to serve notices on
him. Howl after howl went up from the
mob until the excitement could no longer be
contained, and rush was made for the office
door. In an instant the quintessence of con-
fusion prevailed. The police were poWerlesS
and suddenly the double door gave way with
crash, and twenty men and boys were
struggling and fighting in jumbled-up
mass, while Sage and his clerks were ter.
ror-stricken, and fled behind the book
keepers railing. Sage cried out: police !!
Policel Put them out! Put them outp' 1t
was fully five minutes before anything like
order was resumed, and SO it went on until
two O'Clock, when a positive announcement
from Sage that he would do no more BUSH
ness till the following day caused the
crowd to disperse
1t is stated by clerk that Sage paid out
81, 100000 yesterday and 1866, 600 Thurs
day. Prominent lawyers and brokers were
alike refused admission to Sage's office,
and threats of suits and complaints at the
Exchange had not the slightest effect on the
old gentleman. Everybody appears to be
indignant at his course while he simply says
that he has millions of dollars more than
there are claims for, and that he is transact
ing business as fast as possible.
The Clearing House banks have agreed
to advance $4,000, 600 on Government
bonds, if necessary to protect the market.
Up to this time, it is said, S2,-
100000 has been loaned on this collateral.
At the Sub Ire asury large amounts of
greenback and silver certificates are heinO