The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-15
what tho Dankcrs mt Home Have to Say of
the Failures.

inc FUluTcSs
There was considerable excitement Ia
business circles yesterday, caused by the
reported heavy failures in New York.
The boards OF tho merchants exchange
were esgearly watched throughout tho day,
and interest ran high rs the quotations OF
stocks were given. The failures were the
subject OF general conversation on the
streets In the counting room aud CONNER.
nal circles. Among the failures reported
wero Donnoll, Lsmton & Simpson, Metri-
politgn bank, National bank and the
PhnBix. The failure OF tue last named
bank was subsequently, reported TO be err
roncous. The firm OF Hatch & Foote and
others made up the list OF fearful liabilities
which caused che businets men away down
here IN Texas 10 adjust their glasses with
preclaion ana gaze IN very dignifieu way
90 tba tsll.ials black board IN the Mer-
chauts exchange. Bpeculstions ~ TO the
cause aud effect were freely INDUCED IN.
Ii wac Attributed 10 the failure OF Grant x
Ward and the Marine bank, and numer-
ous other causes were surmised.
A HERALD reporter visited the different
banks to ascertain what effect they bought
the panic, II such It can be called, would
have upon money matters here.
The reporter called on Mr.. Il, J. Cannon,
cashier Of the American National bank
and found him in consultation with Mr..
Royal A. Ferris. cashier OF the Exchange
bank, and TO kill two birds with one stone,
they were Of ono opinion, ard stated In
substance that no local effect would be
felt here, at least no immediate
effect would follow. If in fact any st all. No
bank in tho city had correspondent with
any OF the banks reported TO have failed,
and the banks here folt quite secure. Don
neil, Lawson q Simpson did an extensive
business with banks of smaller towns In
Texas and also in Arkansas and Missouri:
The worst result that could fellow would
be only TO make Texas money matters just
shade lighter.
Mr.. J. d. O'Connor, president Of the City
National bank said that he did not zee
that II would have any immediate effect
banks that had been dealing In stocks
would be affected The general condition
of the country does not justify anything
like panic that would be felt here, and he
was Of the opinion that the matter would
be satisfactorily arranged by the clearing
house. He said that not single bank here
hsd b, vita any s sss' veTs
would necessarily make money
matters lighter for awhile, not only account
any dissrust here, but owing to the general
distrust that will pervade the country
more or less, and the desire to await fully
the outcome. AZ 10 cattlemen, he said
that while Il was true their paper in bank
generally fell due in the months Of May
and June, yet there was no occasion for
their being anyways embarrassed, 90 their
beef vas now ready for market. The stock
men, In giving their paper, generally ar.
due month or 20 after
fhsir sock were ready for market,
ma by this means they made II safe for
them selves and the banks - veil. 30 far
% Dallp was concerned. there vss no oc.
cs5Ion Or any loss Of confidence.
Ooloukl 0rigRs, Of the banking arm Of
Oliver \ 0rieE1, sald thst while jt might
fcDd 20 make money mstfsns little light for
3 time, attn be aid not anticipate any ms
ferial Meet on money nasftefs here.
DO coe1 s1pond6noo With banks heFo- He
could NJ 80 that Tie failures, uplom ofsaD-
e. Shs3 feportsd, v0lld sf5ssk Dalles. ne
ssnk1 en-. be aid, hovo bet .v6ry lIel1s
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