The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-17
The Earlier Report.

NEW YORK, May L. The situation in
speculative circles shows no improve
ment, and there have been no developenents
that would in any way encourage the hope
of immediate relief The banks are even
more careful in matter. of loans, and many
refused to make advance, no matter how
good or sound the collateral offered.
Government bonds were refused in many
instances on the ground that the funds were
reserved to meet the demands Of depositors
only.
The excitement in the neighborhood of
the stock exchange was not abated in the
least Crowds assembled in front
of the doors of defunct CON
Germs discussing the situation and
clamoring for information in regard to the
firms, The office of Fisk & Hatch was be-
sieged early in the morning by a crowd OF
excited creditors, but no one was allowed TO
enter and nothing could be learned as to the
intentions Of the firm.
At the stock exchange all was confusion
and rush. as on the preceding days, and when
the board room opened for business it was
| crowded with anxious brokers. The failure
! of Fisk & Hatch was looked upon as a
precursor OF others, and the opening of bGsl-
ness was awaited with intense anxiety.
| The first few sales we're at a decline from
previous prices, but the offerings were quickly
bought in, and by the first board values
showed an advance of Il to per cent
The Improvement was hardly recorded
/ when came the news of the suspension of thu
| Newark Savings bank, and almost immedi
ately following the announcement of tn
| ~ of Harry a. Hnr
din & Sons. The announcement caused I
rush to sell, and the bear operators took ad
vantage of the prevailing excitement to rai'
the list Lake shore was singled out, an
sold down at a rapid rate, and the whole lis
ty noon showed a decline of S1z per cent
Later in the stock mentioned-from noon t
i o'clock-very little business was done, bu
the tone was firmer and prices showed an &C
vance of 4 to 8 per cent.
Hardy, Sir, of C. Hardy & Sons. said tha
their liabilities will not exceed $500, 900. an
he said he believed the assets worth ths
amount.
Nelson, Robinson & Co, say that II the
were given proper time they could pay the
eretitors in full and have a handsome su
plus.
At the Office of Grant g. Ward, Willial
Ward said that thus far Mr.. Davies has di
covered liabilities amounting to betwet
s14, OO0, 600 and SIS 00O, 900, and collateral II
3, these debts worth probably slo,ooo.0Oo
S12. .000, 600 He did not think the insecure
-, debts amount to more than $3, ,0o0,0o0 I
a, ,000,000.
Hatch, of Fisk & Hatch, said he was u
able vet to make any statement about &
firms affairs. It is generally expected tn
the obligations of Fisk & Hatch at the sto
exchange will prove small.
At the office of o. NJ Bogart q Co,
sjgnee Wheeler said, ut will probably be
week before we can have statement ready
He denied the charges of rehypothecation
bonds by the firm.
Dimock & Co. assert that they have :
GOO, 900 over and above liabilities, and If tn
can gain a little time will be able to set
dollar for dollar.
Taffe Il Randall say it will be three
four days before a statement will be rea
for publication.
Donnen Lawson & Simpson hope to KIN
where they stand soon. One OF the firm sa
I'VE have transferred all the accounts
western correspondents to other lnstitutlo
They will not suffer any loss; and we fs
telegraphed others asking what disposit
we shall make of their accounts. We 81,
know by Monday morning whether we
or not resume business"
Receiver Johnston, of the Marine bal
saws he will not have statement ready
fore the latter part of next week.
An old member OF the board says
dealings were less furried than on many
casions when no particular reason existed
excitement. An officer of tie excha
says that he is informed by Sage that he
meet every put sent in, but must proc
slowly.
Sage is not taking any stocks on pr
ieges, but is making settlements by gls
checks for differences; that is, instea'
. paying for stocks in full he gives his hol'
his puts for profits accruing on his tran
tions. This saves him from paying ou
large amount OF money, but his action
compel brokers to sell the stock, which I
bought expecting he would, as has beer
custom, receive them on his puts
c. p Huntington president of the Ch
neaka & Ohio railroad. was interviewed
- garding the statement of Fisk g. Hatch |
they were embarrassed through hold
stocks of that road and Central Pac
and responded: EThe reports are unit
I know the firm hasn't any Central
Ia ciic think it cannot hold any Oh
peake & Ohio, unless it is some tina
had before the panic of 1878. The firm
most of the Chesapeake & Ohio at
ms prices, but may have some still-possibl
Thousand shares.
President Baldwin, of the Fourth natit
bank who knows the FIRMS affairs intimat