Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-16
WALL STREETS CRAZE.
THE METROPOLITAN BANK RE
SUMES BUSINESS.


Dimock & Co. and Fisk & Hatch sus-
pend-Russell Sage Stops Payment
Brooklyn's Atlantic Bank Still Closed
Runs on Several Banks, but None
Succumb-A Few Failures in the Pro-
vinees-DOnnell, Lawson s. simpson
Badly OF.
NEW YORK, May 10, 10 A. M.-The
Metropolitan Bank has posted a notice on
its door, saying that the Bank Examiner
having made an investigation of its af-
fairs, the bank will resume business at
y O'Clock to-day. Kiernan's Agency re-
ports that J. H. Davis & Co. have re-
ceived orders from London to buy both
stock and bonds. Their correspondents
report the market for American securi-
ties advancing, with a strong feeling and
no failures.
ANOTHER SUSPENSION.
New YORK, May Is, 1915 A. NJ
A. w. Dimock IL Co., have suspended.
THE STOCK MARKET OPENS STRONG.
WALL STREET, May 10, 1920 A. M.-The
stock market opened strong at an advance
extending to , per cent. Vanderbilt's,
Delaware, Lackawanna and Western, st.
Paul and coal stocks are buOyant. After
the announcement of the failure of A. w.
DimOck & CO., prices sagged y per cent,
and the market was irregular. Loan rates
are 1-64 of per cent. for all active stocks.
Others are fiat. Money is easier. The
bond market is feYerish.
sENEY's SUCCESSOR.
Henry L. Jacques has been elected
President of the Metropolitan Bank in
place of G. l. Seney, resigned.
The stock market vVaa hiphnr in oopeo
quence Of the resumption of the Metropoli-
tan Bank and the action of the clearing
house. Prices rose \ tc per cent. The
failure of A. W. DimOck Il Co. had but
comparatively little effect.
A TUMBLE IN TELEGRAPH STOCK.
WALL STREET, May Is, 10:45 A. M
Bankers & Merchants telegraph stock,
in which A. w. DimOck & Co. were
heavily interested, is offered at 70 against
1l9 in sales yesterday. A sale at 65 has
just been recorded.
THE METROPOLITAN RESUMPTION.
NEW YORK, May 10, 1915 P. M.-The
Metropolitan Bank has resumed and is
paying out to all depositors presenting
checks. Even before the hour named for
resumption the paying teller opened his
window and the first man in line received
his money. This Individual was an old
weather-beaten man, who evidently drew
out all his holdings, as the pile of green
backs handed to him made a gOOdly show
and were carefully slowed away in his
inner pockets, after many glances at his
neighbors, of whose prObity he was evil
IDENTIFY by no means certain. At noon the
number in line was not over twenty-five,
and was composed principally Of bows and
clerks, some of whom only required
certification of checks. Only one lady
was among the lot. She was attired in
widows weeds. Her qualification on re-
celylng her money was plainly written on
her cOuntenance. The small number of
those drawing out their funds is regarded
as very promising for the future of the
bank.
FISK 6 HATCH SUCCUMB.
NEW YORK, May 10, P. M.-Fisk &
Hatch have suspended. The firm is COM
posed of A. 5. Hatch and Harvey Fisk.
Mr.. Hatch was recently elected President
OF the Stock Exchange by an unanimous
vote. The firm have been the heaviest
dealers in government bonds on the
street, and have generally been consider
ed a staunch, conservative and thoroughly
reliable firm. They have been recognized
as the fiscal agent here Of the Chesapeake
and Ohio Railroad and the Elizabethtown,
Big Sandy and Lexington Road, and have
carried heavy amounts of stock of these
roads while the market has been declining.
They have sons and sons-in-law in the
stock business.
THE ATLANTIC BANK STILL SHUT.
The closing of the doors Of the Atlantic
State Bank in Brooklyn has embarrassed
its depOsitOrs, and caused a feeling of I'M
easiness among business men. Some of
these have been helped through their diff
culties by friends. President Pufer
stated last night that the bank would re-
sumo business to-day in all probability,
as their securities were all
good. and the suspension was caused by
efforts to help the Metropolitan Bank.
There was a gathering of depOsitOrs this
morning at the bank, but they were uu-
able to get their money and were very in
dignant in consequence. President Puff
fer assured them that it would be all
right and they would lose nothing. He
promised To have statement for publica-
ton this afternoon.
RUNS on OTHER BROOKLYN BANKS.
A panic seems to have extended to the
depOsitOrs of other banks in Brooklyn as
well and large quantities of money were
drawn out of savings banks. They were
prepared for the run, however, and many
Of them were by no means disturbed by
the withdrawal of some of their surplus
deposits, thus saving thousands of dollars
Of interest which would be paid to depOsi-
tors on June 1. Among the other banks,
the Brooklyn Savings Bank, the Dime
Saving Bank and the South Brooklyn
Savings Bank paid out large amounts of
money to depositors. The national banks
of Brooklyn are considered sound and the
Withdrawals of deposits to-day were in
considerable.
RUN on THE IRISH ENIGRANT BANK.
There was a run this morning on the
Irish Emigrant Savings Bank, in Cham
bers street, New York, about 200 of the
depOsitOrs withdra wing their accounts
There are $3.50 depOsiters, most of whom
belong to the labOring classes. President
Hoguet said that the bank would gain
about $4,000 by the Withdrawals this af-
ternOOn.
SWEENEY'S BANK SUSPENDS.
William H. Sweeney's bank, Of No. IO4
Nassau street, made an assignment to-
day, with no preferences. The amount
involved is probably not large. He is
more Of broker in small way than
banker.
THE BREAK IN OIL.
There has been a semi-panic in
oil in this city. The failure of
Fisk & Hatch and the suspension of
BradfOrd's Bank created a distrustful
feeling. 1t is rumOred that several heavy
capitalists interested in oil are in trouble.
At 3:l5 p. m. to-day oil was selling at So,
but before the close it broke to % and was
offered on the street at y. No failures
have been announced, and if anybody has
gone under it will be given out tomorrow
when the clearings are made.
WHY FISK HATCH COLLAPSED.
The firm of Fisk & Hatch for over 20
years has been prominent in financial
circles. They began business in 1862 and
soon directed their attention to dealing in
government bonds and in all loans put
out by the government. During the rebel
lion they took an active part in marketing
the bonds. In the funding operations
which followed the close OF the war they
took a leading part. Fisk & Hatch placed
the Central Pacific bonds and also the
bonds of the branch lines in California.
They subsequently placed the Chesapeake
and Ohio Road bonds. The firm and COM
pany were both carried down by the panic
of 1878. Fisk & Hatch finally paid 100
cents on the dellar, with interest, and be-
gan again. They were carried down to-
day by the heavy calling in of loans. large
Withdrawals of deposits, the great shrink
age in values and the difficulty of obtain
ing money on the best securities. Fisk &
Hatch handed the following to an Asso-
ciated Press representative this evening:
To our DspositOrs and other Creditors: 1t is
with great sorrow that we are obliged to an
til