Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-16

headed bankers and brokers yesterday
| afternoon"
The rush at the Second National Bank
has about stopped. There were 148 de-
made arrangements to pay all the Second
/ Nationals debts.
RAIDING THE BLEECKER STREET BANK.
When the doors of the Bleeeker Street
/ Savings Bank were opened this morning
the bank was surrounded by crowd Of
| depOSltOrs, and a run was begun imme-
1 d1ately. At noon the crowd had increased,
and good deal Of excitement prevailed
Later in the day, however, the crowd
/ divided and went off. Only dozen peo-
/ pie were left and the excitement had
/ subsided.
RUSSELL SAGE STOPS PAYING.
Russell Sage, who has been paying out
/ checks for stocks put to him on his privi-
/ leges, stopped paying to-day at 2:15
/ O'Clock. Since 9 o'clock this morning a
! line OF clerks has been formed waiting
/ their turn to give notice to put stocks
/ under contract. and they too have been
/ cut on for the day.
! DONNELL, SIMPSON co.
! The New York Tribune of Friday will
say ''The statement of members of the
| firm of DOnnell, Lawson & Simpson on
/ Wednesday that their suspension was
} y
1 tropOlitan National Bank were not con-
/ tirmed yesterday. The Metropolitan hav-
/ ing resumed. similar action on the part of
/ the banking firm was anxiOusly awaited.
| Toward the close of banking hours it began
to be whispered around that their failure
would be total. The bonds of the Cleve-
| land, Youngstown and Pittsburg Railway
were mentioned as matter in which
/ they had been most crippled. This was a
/ security over which the Bank of the
I Republic directors had a difference about
month ago which resulted in President
FOrd's resignation. The Bank of the Re-
/ public was one of two banks with which
/ DOnnell, Lawson & Simpson did business,
l Mr.. Simpson being a Director in it. 1t
was also said that Mr.. Seney had un-
/ loaded these bonds on the firm and their
dependence on the Metropolitan Bank
was such that they could not
refuse to be thus used. There were
over 400 banks for whom they transacted
New York business, scattered through
Georgia, Florida, Texas, Missouri, Kan
sas, Arkansas, Nebraska. Iowa Colorado
Utah and other Territories. over 100 bull
letins were posted on the door. Inside.
Messrs. DOnnell and Simpson were busy
all day trying to see where they Stood
Mr.. Lawson is in Europe. An attache of
the firm told a reporter that matters had
gone so far that resumption would be i'm
possible. An offer from 5. B. Elkins Of
assistance to the amount of 5000. 600 was
made in good faith, and may lead to the
re-establishment of the concern under
new name, all the members to be Mis-
sourians.
ON THE FLOOR OF THE EXCHANGE.
The floor of the Exchange had more
than its usual complement of members
in attendance this morning and by 9:30
O'Clock the crowd of operators had
gathered in knots waiting for the signal
to commence their daily business. Just
as the big clock of the Exchange marked
the hour Of 10, Chairman Mitchell gave
three raps of his gavel and in an instant
up went the excitement, to which the
brokers gave vent in a howl, and 500 hands
were lifted in the air and various pits
were formed in which different stocks were
dealt IN. Before five minutes had elapsed
the gavel again was heard. Amid the din
announcement was made that A.
| w. DmOck & Co. had suspended. Mr..
| Dimock says that the trouble has been
caused by inability to raise money on Sc
curities. All his customers accounts have
| been profitable. George Putnam Smith
| has been appointed assignee. The prefer
ences are to customers. Russell Sage is
paying all demands of his privileges as
usual. The report that he had ''laid
down" on his contracts was started by
street. The only contracts he refused to
take yesterday were those on which the
usual one days notice was not given.
Among the bankers who have received
orders from London and the continent to
buy American securities in this market
are Belmont & Co., }. Il w. Selieman,
| DreXel, Morgan 4 Co.. Morton, Bliss &
Co., L. Won Hoffman & Co., Kuhn, Loeb
e Co., Ludwig, ~Thalman Il Co., J. H.
DAVIS & Co., and j. d. Probst & Co. 1t
was feared that the European orders
would be to sell and great relief was felt
when it was learned that the reverse was
| the case.
One Of the banks on which there was
run, received deposits exceeding the
amount they had paid out during the run.
/ While the run was at its height in the
/ First National Bank, an express wagon
drove up to the building, took out safe
and it's contents of $63, 900, and spread the
money on the counter behind the paying
teller. This restored confidence at once.
Only one failure was announced on
Change to-day, and that was not imDOr-
tant. The market was badly demOralized,
but it is thought that the bottom has been
reached and confidence will be restored
in a few DAYS. Hilton Il Waugh's failure
had more effect on oil and bank affairs
here than the New York failures had.
THE SCENE AT FISK HATCH's.
The Tribune of Friday viii say: ssAfter
O'Clock yesterday afternoon the feeling
was general that the day would pass with
out any further disasters, and when at
2:40 O'Clock it was announced that the
widely known and hOnOred firm of Fisk &
Hatch was unable to meet its obligations
there was great surprise and much sOr-
row. In less than five minutes after the
failure was made known from the rostrum
of the Stock Exchange, Nassau street.
from Pine street to Wall street, was filed
with an excited crowd. The space out
side the rallied enclosure In the large Of
fee of the firm at No. Nassau street was
filled with brokers, brokers' clerks and
messenger boys, many of them
with checks on the firm. No ex-
plaLatiOn of the cause of the failure
was given. The firm has suspended
PAYMENT was 1.-THE only answer given to
an avalanche of questions. A'Will it re-
sume? was asked by a dozen voices. No
one in the outer office was found who was
willing to answer the question. Inquiries
for the members of the firm failed to pro-
duce any result. In a short time the
rooms were slowly cleared of the thrOng,
the heavy iron doors were closed and a
policeman placed on duty at the Nassau
street entrance. Only those having ur-
gent business with the firm were after
ward admitted. For more than an
banking house, was almost impossible.
General feeling in the street was one Of
profound sympathy with the firm. 1t
acted with marked liberality towards its
creditors in the years that succeeded it's
failure in the panic Of 1873 and paid the
obligations quite in full that il might
have escaped paying with only a small
percentage of the face value. A. S,
Hatch, Jr., a member of the firm and
President of the Stock Exchange, was
seen by a Tribune reporter about ten
minutes after the doors of the banking
house closed. He looked much worn and
harassed. I have nothing to say at
present. he said, in answer to an
inquiry as to the cause of the
failure and the condition of the
firm. 4 am so Frustrated by the occur
renee that l can give no clear idea at
present of our condition. We shall pre-
pare a statement as soon as possible.'
Mr.. Fisk only returned from Europe a
few days ago. He therefore knows COM
paratively little of the details of the busi-
ness during his absence Of nearly one
year."
THE DECLINE IN PETROLEUM.
The condition of affairs on Wall street
and the extremely high rates paid for
money has caused decentralization IN pe-
troleum speculation. A decline OF
about 10 cents in the price of United
Pipe Line certificates on Wednesday
was followed yesterday by further tall
from S45sc. to 1880. per barrel. There was
great anxiety felt in the morning as to
whether the settlement at the clearing
houses OF the exchanges could be made
xr~sff Iofar FIarr ,n,-Es,