The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-22

Missouri Pacific: 8 for Northwester
pref, red; S16 for st. Paul; 615 for p
cilic Mail; 81 for Omaha prefere,
6Ia for st. Paul preferred; 81 for /
q n. and Northwestern. 33s fc
Northern Pacific preferred; AZ fc
Union Pacific; AZ for Western UnioI
for Delaware and Hudson; "a fo
Omaha and Jersey Central; 20 to
Dragon Transcontinental: 225 TO
Rhode Island; 215 for New YorI
Central; 23s for Louisville Southern
IL for Tex as Pacific; IA for Contra
Pacific and Quincy; ~ for Northern
Pacific. and about one per cent. TO
other active shares not mentioned.
Hotchkiss & Burnham said: w,
were forced to suspend this morning
in consequence of the calling OF ;
number of loans for persons whom
we thought were responsible. They
failed to respond, and in the present
state of the market we thought it bes
to close at once, before matters got
any worse, and see where we stood
1t is probable the suspension will only
be temporary. 1t is hoped our assets
exceed our liabilities by a large
amount, and If we can find any
market for our securities, and are
able to collect the money due the firm
there will be no trouble about resum'
ing.
CINCINNATI, May 1.-THE financial
disturbance in New York to-day pro,
duced no corresponding trouble IN
vi "
ercised by the banks in all transac'
lions, and much anxiety was felt as to
the nature and extent OF the trouble
in New York. But it did not take the
shape of a run on the banks. The
action of Secretary Folger, and the
agreement Of the New York banks to
help each other, went far to quiet the
apprehensions of further disturbance.
Indeed, the bankers, late in the day,
predict the worst is over, and sharp
rally will begin tomorrow.
The general expression OF opln-
ion was that the New York
failures could not cause failures here,
and the city has been wholly free
from rumoiS of embarrassment of
any bank or business house. The
Third national bank, which has an
account with the Metropolitan bank,
has not had the lightest indication OF
want Of confidence among its depos-
itors on that account. Its balance
with the Metropolitan bank is stated
by President Hearne to be
1926, 900. The markets were not affec-
ted, further than is usual by
the fluctuations in other places.
st. LOUIS, May IA The news OF the
crash in New York to-day has
had no appreciable effect on business
here. There was some excitement
on change as the dispatches from New
York followed each other, reporting
the different suspensions, but grain
and provisions bore the situation re-
well, and wheat closed gen.
orally higher and corn but very
small fraction lower than yesterday.
The general opinion of operators on
the floor w2s that the trouble was
local, and few, if any, banks
or firms ontside Of New York
would be affected seriously,
WASHINGTON, May LEBANON has
received a dispatch from j. M. Magru-
der, National bank examiner, Boston,
him there is no sign of
trouble among the banks of that city.
ST. JOSEPH, Mo-, May 14.-The
State savings bank OF this city sus-
pended and assigned to-day, G. b.
France, president, stating tonight
that the bank was intimately con-
nected with Donnell, Lawson &Samp-
son, of New York, and other banks
in New York, which failed to-day.
WASHINGTON, May 14.-Hundreds
Of kilograms have been received by
members of congress to-day urging
legislative action to re-
lieve the financial strains. The ma
iority of the kilograms were received
by representative just before the
opening of the house.
A meeting of the committee on
banking and currency has been called
for Monday.
WASHINGTON, May 15.-Outside of
,peculators, who are very much eX-
cited, there Is little excitement here
the financial situation.
The people have confidence in banks
and bankers, and declare there is not
,he slightest reason for uneasiness
among depositors.
LONDON, May 14.-There was one
small failure upon the stock exchange
,o-day. Tie panic in New York caus-
I'd much excitement on the streets af-
,er the exchange closed. Louisville 81
Nashville securities have fallen off
nine points, and other leading Ameri-
IAN railway stocks have fallen from 2
5o5.
CONFIDENCE RESTORED.
NIyIu Nov IA William A
Camp, manager of the New York
clearing house, said the failures in
Wall street to-day could not be called
/ panic. One bank suspended and
number of broken firms failed-that
s the extent of the damage thus far
lone. The prompt action of the
clearing house to-day in the passage
II a resolution for one bank to suS
ain the other has put an end to the
excitement, and no apprehension need
De felt. The situation is far different
rom that in 1873. Then it took the
banks two or three days
20 decide doing what they have
done to-day. Then the
5rouble was allowed to grow until
here was a real panic; now it has
oeen checked at the outset. 1 believe
The Metropolitan bank will resume
operations tomorrow, and l do not
lpprehend any other bank or firm will
go under.
"What was the cause of. trouble ?"
he was asked, and he replied, "It be-
gan with the failures of Grant Il
Ward, and the Marine bank. These
occurrences created feeling of gen.
eral distrust, for which there was
really no occasion. 1t was fostered by
wild rumors set ahoat on the
streets, and which were reproduced
by the newspapers. The action of the
bank, in refusing to GER
tify the checks of A. Dyett & Co., and
The trouble of John G. Emo and the
Second national bank, capped the eli
max to the general feeling of uneasi-
ness and the result was as seen to-
day."
"Who is principally responsible"
"Those who have circulated and eX-
agerated the rumors which have been
flying about ever since Grant q Ward
went under. but, as 1 said before, all
further danger is averted by the &C
ton of the clearing house to-day"
THE FINANCIAL CRISIS.
From Fridays daily.