The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-22

g engendered from the critical situation
5 in speculative circles, caused the banl
= to suspend. 1t is stated the bank i
} not likely to resume. Scion Hum
phreyS. director, states that had thu
: president laid before the clearing
, house a full statement of its affair
there would have been no need of sus
pension, as the associated banks I'm
, doubtedly would come to its assist
ance and helped it to tide over the
crisis.
Wall Street, 2:3O p. m.-The settle
ments for the day have all been made
Hotchkiss 81 Burnham have sus.
pended. Hatch 81 Foote made an as
signment to Henry w. Reighley, with
out preferences. The rumors that the
Metropolitan bank is indebted
to Donnen & Simpson are all IN
true. The fact is the firm owes the
bank 100000, but has securities
pledged for more than that.
2:45 P. M.-money is now loaning at
one per cent. per diem
3P. M.-The gong of the stock ex-
change has just sounded, and one of
the most exciting days in the history
of that institution has closed in Wall
street. 1t was reported that Drexel,
Morgan & Co. had 100000 in the
Metropolitan bank. A member of
the firm denied this, saying it had
withdrawn its large accounts
from that bank two years ago. An
other report is that the Atlantic Mu-
iIal Insurance company deposited
= 10000 in the Phoenix National
b nix this morning.
Grant & Wards statement is hot
tdy to-day.
CHICAGO, May 14.-There has prob
ably never been day in the history
OF Chicago when reports were more
industriously circulated than the
present one, but they stood the strain
put upon them without wavering.
Interviews with every leading banker
in the city tend to the view that the
New York panic can have no lasting
effect here. 1t is contended that the
banks which have failed in New York
are what are known as speculative
banks" and should have no bearing
on the conservative banks, even of
that metropolis. Regarding the effect
here, one bank is quoted as declaring
that the Chicago banks have plenty of
money, and that the city to-day Is
financial Gibr. liar, which can he as
saulted but not injured.
In view of the great speculative In
terests which are always sharply af-
fected by outside financial conYulsions,
Chicago received the startling bulle-
tins from New York to-day with a
great deal of equanimity. In banking
circles the situation was discussed
freely, but declarations were as freely
made that the local banks were never
in better condition, and had no alll-
ances east which would involve them,
except sympathetically; and, 1t was
agreed, the failures of brokerage firms
could have only a passing effect here.
Banking officials could see nothing to
indicate repetition of the experiences
1873, as the conditions were widely
different. Close observers contend the
situation was natural one, but was
due largely to the wrecking tendency
of various large operators. The
course of the New York banks in
taking united action for their own
protection, was commented on favor
ably, and the expression here was
general this afternoon that the crisis
would be confined to New York city,
and had already been passed. News
paper comment here Is very conserVa-
tive as to the future, but is savage
against the supposed originators of a
financial. tempest, who are termed by
one paper as the "wreckers Of Wall
street.
WASHINGTON, May 14,-In refer
the country at large, the comptroller
Thnu n no n n nYonrf-
ionally strong condition, most of them
carrying unusually large reserves;
that the condition or affairs is entirely
different from that of '73, and he does
not think d general panic possible.
ST. LOUIS, May 4.-Haggerty &
Son, auctioneers, have made an as
signment to-day; assets, $43, 600; en-
numbered for $40. 800.
NEW YORK, May 14.-The compli-
cations arising from the alleged stock
speculations of an official Of one of the
national banks has caused a panic in
the stock market to-day. Yesterday
it was developed that A. Dyett 81 Co.'S
checks had been refused certification
by the Continental bank. The firm, it
was said, was affected by the inability
of the bank official in question to live
up to his contracts at the Continental
bank. 1t was stated, before
opening business. to-day, that A.Dyett
& Cos contract would be taken care
of by William Heath & Co. This was
subsequently corroborated by an otfi-
cial notification to the stock exchange |
that William Heath & Co. would set
tie with the members of the exchange |
for all stocks bought or sold, borrow
ed or loaned previous to this date. AZ
ter opening the board the suspension |
of Robinson & Co., Golf u Rand, II, o.
NJ. Bogart & Co., j. G. Williams, and |
Hatch & Foote were read from the |
rostrum Of the exchange, and, under
a sharp pressure to sell, prices broke
to per cent, the de-
cline being accelerated by the |
liquidations and by sales of thou
sands of shares under the rule for &C
count Of suspended firms. The de- |
cline was subsequently checked by
the action of Secretary Folger in or
dering the prepayment of the 127th
call for 100000 in bonds. The
secretary also expressed himself will
ing to do everything in his power to
stringency in the money
ma rket, and, if necessary, he would
issne a call for 100000 additional.
Rank examiner Serbia, who has been
requested to investigate the affairs of
the Second National bank, reported
the institution solvent. The effect of
this on the market was favorable, and
a rally Of IA to 4 per cent. took
place. Soon after rumor
gained circulation that the
Metropolitan bank was in trouble.
This was denied for time, but after
II o'clock the bank stopped payment,
and closed its doors. This brought in
renewed offerings, and there was
fresh break, as compared with the
highest prices in the morning There
was a decline in Missouri Pacific of
liz tn az: Central Pacific 6a to 81;
Quincy. 81 to liz; North Western,
8I to Ia: ditto preferred. 8 to l25; st.
Paul. 81 to So; Rhode Island, 61s to
1O91S Lackawana, 81 to 1O0; Della
ware g. Hudson, 81 to 991e; Louisi-
ana, 81 to 3211s; Northern Pacific pre-
ferred. IN to As; New Jersey Central,
4 to 70; New York Central, AZ to
1861; Oregon Transfer, AZ to lO1a;
Pacific Mail, ~ to 80; Omaha pre-
ferred, Oh to 81; Union Pacific, So to
80: and Western Union, to AZ.
These phenominally low figures
attracted purchasers, and there were
fitful rallies until near p. m, when
the market developed comparative
49, l1l;af thof thu hanEQ