Morning journal and courier., 1884-05-17
News by Telegraph FROM ALL QUARTERS. ONE FAILURE ONLY. A Better Day on the
 Street. THE WORST PROBABLY OVER. A Remarkable Story Told
 by Ward. DORSHEIMER ON THE TARIFF. The RefOrmers Easy Over
 His Position.
DORSHEIMER ON THE TARIFF.
The RefOrmeFs Easy Over
 His Position.
THE FINANUIAL FURRY.

Rraaktng Avvay-A Feeling That The Worst Is Over-On'y One Failure Re- ported Yestsrday-The Newark Savings Bank Goes Under-A Stronger Tone at l. The Ose.
 l NEW YORK, May 16-This morning opened in Wall street very much as 1t did yesterday, with hopefulness all around and an upward 1 tendency for the whole stock list. Around l the Stock Exchange groups of brokers dis cussed the situation with cheerfuiness, and there were no crowds of sightseers blocking
 the way in front of the offices of Fisk < Hatch, where everything was quiet. Half an hour later the entire situation changed for the worse, owing to the extraordinary fuctu- stions of the stock market. Groups of ex- cited men stood around the ticker and shout ed out figures denoting an approaching col 1 lapse unless some heavy men came to the rescue. Il o'clock came the announce 1 ment of the failure of H. c. Hardy & Sons, No. 10 Wall street, which was attributed to the impossibility of borrowing money from the banks upon such m, rket, no matter what securities were offered. The firm con- sists of Henry O., Frederick and Henry c. Hardy, jr., and has always borne high l character as a conservative house in the I banking and brokerage business. The sen | ior member of the firm has been in the busi- ness about twenty years, and this is the first trouble that he had encountered. MT. Hardy said that the liabilities would not ex- ceed $500, 900, and that he believed the as- sets were worth that amount. MT. Hardy was formerly engaged in the cotton brokerage | business.
 l MUCH INDIGNATION WAS EXPRESSED UPON THE 1 news of the Hardy failure over the refusal of ! the moneyed institutions to help perfectly l solvent firms to weather the panic caused by | nothing but the stringency of the money market, As an instance of the scarcity of l money, large broker told a reporter that he had found it difficult to borrow within twen- ! ty per cent of the value of one thousand ! shares of Lackawanna stock at quarter per cent day, an almost unheard of condition of affairs. If the banks persisted in the | suicidal policy of running their cus- toners another panic was inevitable. At noon the market grew so much better l that something like confidence reappeared, ! and such firms as Hotchkiss, Burnham& Co.,, J. O. Williams & Co.,, who during the morn ! ing had been unable to maks any headway in settling their affairs, were again hopeful of resuming business in day or two. The ae- ton of the clearing house in accepting gov ernment bonds as collateral for loans was looked upon as a great factor in solving the difficulties of firms which needed money and were unable for the moment to get it through the usual channels. By o'clock stocks were so firm that fear of panic disappeared for ! the moment.
 I AT THIS HOUR THE THRoNG IN THE HALLWAY | opposite Russell Sage's office grew so unruly that three policemen had all they could do ! to prevent the doors from being forced in. Sage's method of postponing payment of his 1 ''puts" was simply to close the door and lock | it. From time to time the door was opened l enough tu eject one messenger and admit another. Soon after 1 o'clock it was Said ! that MT. Sage had signed so many cheeks ! that his ha nd was paralyzed and he would need nights rest before going on with the work of signing checks for the difference | between his t'puts' and the market price of stocks. Another source of discon- ! tent was Sage's refusal to do anything but | give checks for the differences, throwing the stock back upon the holders to be ! disposed of as best they could. The long l silence from within gave so much color to | the story that Sage had discontinued work I for the day. that the crowd grew thoroughly | angry, and men who had been for three days I in line announced their determination to wait l all night and seize Sage if he put his nose I outside the door. A rush at that moment I forced the crowd against one of Sage's doors, | the glass of which was shattered. Before ! board could be put up on the inside, SageIs 1 ears must have bse greeted with 8 number | of uncomplimentary references to him, such | as only group of Wall street gsmins and mes | ssngers can improvise. S When board was l put up from the inside another rush was | made for the other door of Sage's office, fur ! ther along the corridor, and advantage was l taken of momentary inattention on the l part of those on guard to pry the door open l about half 8 foot, into which opening sstal- l wart brokers clerk introduced himself, re-
 marking that he was
 ! ARMED WITH BOTH STOCKS AND A REVOLVER,
 and would stay there until Sage wrote
 check for his firm. This announcement was
 greeted with storms of applause, mingled
 | with cat-calls, yells and cheers. The clerks
 inside the office called out to the officers In
 | the hall to remove the intruders, but the
 i broker's clerk called to his aid dozen other
 strong fellows and defied Sage in loud terms l to cone out and fight him. The officers
 1 grinned good -naturedly and enjoyed the scene hugely, while the corridors and stairWsys
 were throDged with spectators.
 \ of H. O. Hardy & Sons came the announce ment that the Newark savings bank had | failed to open it's doors this morning. Last l evening, after the failure of Fisk Hatch
 had been announced, President Daniel Dodd went to the chancellor, in whose hands the | bank was placed when it failed five years ago l and who had permitted the manager to con- tinue in the matter of winding up it's affairs | and told him that he had loaned Fisk & Hatch | $1, ,OOO, GOO of the banks money and had al- | lowed them to keep the government bonds, l which were put up as collateral, and that the 1 bonds could not now be found and had been I replaced by comparatively valueless se- | curlties The cahncellor is said to have | been very severe with Mir. Dodd and | ordered the bank closed at once. The an- | nouncement created intense excitement In | Newark and bitter sentiments were expressed against Dodd, who, however, takes 1t cooily l and describes it as an error of judgment. I At noon Cortlandt Parker, counsel for the I bank. issued a statement in which he said l that Fisk & Hatch owed the bank nearly I $1, ,OOO OOO He thought that the deposlt2rs ! would not suffer any loss, ana 1T they olo | they would not lose more than 25. or 30 per ! cent. Tie deposits of the bank in January l reached SC, ,e6S ,016.
 ! THE GOVERNING COMMITTEE OF THE EXCHANGE. met shortly after 2 o'clock this afternoon. but took no action in regard to the recent failures. The only business transacted was l the reorganization of the standing commit tee and the acceptance of the resignation or Mr. Hatch. president of the Exchange ASSIGNMENTS ON THE STREET.
 DonneIl, Lawson Simpson, bankers No. | 1O2, Broadvay, made an assignment to-day to R. Fl, Weems, giving preferences to the
 State Savings bank of St. Joseph. Mo. $500 GOO. and RH. Weems, SC, ,O83. At l their office it was stated that the liabilities l were between three and four millions and as- I sets about the same.
 l HO. Hardy $ Sons, stock brokers. 10
 ! Wall street, made an assignment to Thomas
 l Chatterton without preference.
 An Astounding DIsclOsure-Eerdfnand l Ward Admits That His Concern Was l Engaged I'm q Huge Swindle.
 l NEW YoEK, May 16.-The examination of
 | r.-a:....a 1u.-a ,naa nnrkinnad tn-dax and