The Rock Island Argus., 1884-05-22
Financial Matters I'm New York.

NEW YORK, May 22.-J. Il. Br0wneH &
Co. have failed. No statement of their as
sets and liabilities is forthcoming, but the
collapse is not thought to be of a serious
nature, nor likely to have any effect
NEW YORK, May 22.-It is stated at the
office of Brownel & Co., that one of their
customers fraudulently carried away block
of securities. The liabilities, they say, will
be light
NEW YORK, May 22-There was no i'm
proven,ent on the stock exchange and there
is growing feeling of uneasiness. The sharp
decline of Wednesday seems to have blighted
the hopes of an immediate boom. The OPEN
ing was weak and feverish, with more sellers
than buyers. Rumors were circulated of
further trouble in some broker firm,
which accelerated the pressure to sell.
A good many commission houses refusing
orders to buy OF sell, open margins. Wander
bilt brokers say they have heard from him,
but all they will state is that he is hot selling
stocks; it is apparent on the board that he is
not buying.
The market was better during the last ha If
hour. There were no additional failures up
to the close. and brokers express a feeling of
relief. There is an opinion yet that the worst
is not over. a ~
The market was feverish and active all day.
It was expected that supporting orders
would appear from Vanderbilt, and the
failure to get them caused the weak
ness. The bears raided Missouri Pa
ciic down 81 per cent, St Paul and
Northern Pacific preferred 299<, Lake Shore
2, coal stocks, 2lS@5 per cent. on a report
that Lackawanna will pay employees in scrip
instead of cash. Union Pacific was the weak
est feature at the close. Money was quoted
easy at 3@5 per cent per annum. Oil broke
cents on the news of the Pittsburg bank
failure.
Simpson, of Donnell, Lawson & Simpson,
stated to an Associated Press reporter that
they could pay one-half of their Indebtedness
in twelve months, and the remainder in two
years, if their terms were accepted by nine
tanths of both amou nts and members
President Rogers, of the Louisville &
Nashville company, says the bond interest
for June is fully provided for. 1t amount:
to $3.50, ,000, and will be paid as usual The
July interest is but $3.50, ,0OO which will bt
provided for out of the net earnings.
Ex-President Baldwin, of the Louisville
Nashville road, says that the allegations thai
he obtained loans and hypothecated thu
securities of the Louisville & Nashville road
are untrue; it is also untrue that he uset
the Henderson bridge bonds to procur
bonds for his own use. He did endeavo
| to uphold the credit of the company by sus
tanning the price Of the stock, but the di
rectors did not agree with him, and he mad
| good the difference of s206, 900. The float
ing debt of the company is more than GOV
cred by the present values Of the securitie
held by the road This is the whole story
The directors Of the road corroborate Mr.
Baldwins statement
The Marine National bank has opened fo
the purpose of balancing its accounts, but
not paying out money.
i Russell Sage has accepted all notices {
"puts" presented, and those who denounce
Sage as IAN old fraud" are now loudest i
declaring him "bully old fellow" At tt
offices Of all the suspended firms it was sal
that the situation was practically unchanged
Receiver Davies, of the failed firm
Grant & Ward, has made an application fl
permission to redeem hypothecated securiti'
| out Of the general finds coming into b
hands. The matter was postponed for
later day. Judge Donahue granted an il
junction restraining William S. Warm
from transferring. disposing or impairir
the value of property ira nsferred to him b
1 Ferdinand Ward.