Daily Los Angeles herald., 1884-05-16
The status or D0aneli, Lawson Il
simpson - Trying TO Arrange
Their Affairs

the suspension OF the Metropolitan Ma
| tional Bank, was not confirmed yester.
| day. The Metropolitan having resumed,
similar action on the Fart Of that
| banking firm was anxiously awaited.
Towards the close of banking hours ii
began to be whispered rround that their
failure would be total. There were over
four hundred banks for whom they
transacted New York business, scat.
tered through Georgia, Florida, Texas,
Iowa, Colorado, Utah and other Terri
tories. Over one hundred bulletins
were posted on their doors. Inside
Donnell and Simpson were busy al
day trying to see where they stand.
Lawson is in Europe. To Tribune
reporter Simpson said 1--WE are still
figuring up and trying 10 get to a point
where we can resume. We can't tell
you anything till about tomorrow
friday afternoon. There is pros-
pect that we will resume and that is the
point to which our arrangements are
tending"
"Has your assignee or receiver been
decided upon p
"No, sir; nothing of that kind has been
or will be done now. We shall not
make an assignment unless satisfied that
| we cannot go on or settle our business
satisfactorily without it"
"What are your liabilities?" "We
can't tell, exactly--in the neighborhood
OF three millions"
'liow much are your asse s!' ''They
will be more than that We shall pay
every dollar, now think"
"ls there any truth in the rumors that
Seney unloaded Cleveland, youngstown
and Pittsburgh bonds on your" mot
word Of truth. President Seney has un-
loaded nothing on US at any time"
"What has been the character Of your
securities?" "They have been such as
would commend themselves to conserva-
tive judgment. The greatest shrinkage
in their value has been in some railroad
bonds upon which we made advances
Cleveland, youngstown and Pittsburgh
these and some others"
"How much was your deposit In the
Metropolitan Bank"
at was great deal larger than we
could have WISHED"
''Can you not resume now that the
MetrOpOiitan mas done SO!
"rhat is what we are trying to find
out. We shall know tomorrow.
ut is understood that you will be
offered two millions to help you ont"
"Yes; s. B. Elkins offered that, but
that would only be a drop in the bucket
We were offered several hundred thou
sands by cable. but we must see where
we stand first"
An attache of the firm told the re-
porter matters had gone so far that re-
sumption will be impossible.
The Eject Of the Fisk 4 Hatch
Failure on Wall street.
New YORK, May Is AT o'clock
the feeling was general that the day
would pass without further disasters,
and when at 2:40 it was announced that
the widely known aud honored iirm OF
obligations, there was great surprise
and much sorrow. In less than five
minutes after the failure was
made known from the rostrum of
the Stock Exchange, Nassau street,
from Pine to Wall, was filled with
au excited crowd. The space outside
the raled enclosure in the large Office of
the firm was filled with brokers, brokers
clerks and messenger boys, many with
checks on the firm. No explanation of
the cause of the failure was given.
"The firm has suspended payment"
was the only answer given
tn the avalanche of questions
"Will il resume:' was asked by dozen
IN, ha n,ta tHga
found willing to answer the question.
Inquiries for members of the firm failed
to produce any result In q short time
several detectives came in and the
rooms were slowly cleared of the throng.
The heavy iron doors closed and
policeman was placed on duty at the
Nassau street entrance. Only those
having urgent business with the firm
were afterward admitted. For more than
nm hour Nassau street, in front of the
banking house was almost impossible.
statement Of Fisk Il Hatch.
New YORK, May l5.-Fisk h Hatch
have handed the following notice to the
Associated Press representative: "To
our depositofs and other creditors: 1t is
with great sorrow that we are Obliged to
announce to you our suspension, which
has been brought about by a cembina-
ton of circumstances. The long con-
tinued decline in the market pr,ce Of
securities, even the very best,
accompanied by general weak
ening OF confidence in financial
matters, together with the heavy drain
age OF deposits, are the principal causes
of our unfortunate position. We can
only request those having claims against
us to extend to us such consideration
and indulgence as we may need and it
may be in their power to grant.
Very truly,
(Signed) FISK & HATCH.
8The general opinion seems to be that
the failure of the firm is due in part to the
fact that i. has been for years heavy
investor in the interest class of railroad
bonds, paying high prices for them AMI
tn Q inability to realize on this class of
Sc curities without heavy loss.
HOtehkiss. Burnham Il 60. Hope
10 Resume soon.
Nsw YsRK, May 10. -Hotchkiss, of
the firm Of Hotchkiss. Burnham 4 Co.,
said yesterday that they hoped to resume
to day, although he could not say posi-
lively if they would be able to do so;
also that, at an early date, they would
resume was only a question OF time.
Hun on the second National
stopped.
New YORK, May l5.-The rush on
the Second National Bank is about
stopped. There were las depositors up
to noon. The clearing House has ar
ranged to pay all Second National debts.
Light Rum ON the Irish Emi-
grants Savings bank - Wn.
sweeney suspends.
New YORK May l5.-There was a
slight run this morning on the Irish En-
igrant Savings Bank, Chambers street.
About 200 OF the depositors Withdrew
their accounts. There are 90, 566 jepos-
itors.
Late this afternoon VIM. c. Sweeney,
banker, on Nassau street, made an as
signment. The amount involved is not
large, but may embarrass small manu-
facturers in the neighborhood of Nassau
and Ann streets. The same house sus-
pended about year ago.
Calls TO be Abolished.
New YORK, May l5.-There was talk
at the Exchange of abolishing calls. 1t
has already been done in Chicago, and it
was the egeneral opinion that this would
be done immediately. The extremely
high rates paid for money has caused
great demoraization on Wall street.
Resumption Impossible.