Savannah morning news. [volume] (Savannah) 1868-1887, 1884-12-09
BANKS ON RUINS BRINK.
OPDYKE &CO., .,OFNEW ORLEANS
FORGED To ASSIGN.

| The Failure of Customers to Make Good
Their Margins the Cause White
Plains Bankers Indicted for CrooIxad-
ness-The Toledo Firm Denies that It's
Loans Ruined 1t.
! New ORLEANS, Dec. .8.-GeOroe Ondvke
& Co.. bankers and brokers. have sus-
pended. This is one of the best known
firms in this city. The assignment was
made late this afternoon to VIM. Roeb.
Mr.. Opdyke said that the necessity for the
suspension was surprise to them He esti-
mated that the assets would Weld altimateiv
probably fully as much as the liabilities. The
failure was caused by customers NOT navinS
up margins; The firm has not been pr0mi-
nent since the death of George Opdvke Sc
niOr and the failure of the New York and
Oswego Midland Railroad, In which thev were
interested. The firm were also heavy losers
IN the panic of 1873.
HOW NEW YORK Is AFFECTED.
NEW YORK. Dec. S.-Opdvke & 90 had
amounting to 81, ,0O0,0OO Their contracts On the
New l Ork Stock Exchange will not exceed
500 shares. and it is said that neither indi
Vldually nor as firm have they speculated to
the extent OF a single share.
BANKERS INDICTED FOR LARCENY
WHITE PLAINS, n. Y, Dec. s.-.John M
MastertOn and Philip Lucas Jr comnosin0
the firm of j. NJ. Masterton & Co. private
bankers at Mt. Vernon, have been indicted bv
the grand jury for larceny in the first daCree
Tor having received money from depostors
ana persons doing business with them when
they were fully aware of their insolvency.
The Indictment contains four distinct counts
against the firm.
PLOW COMPANY FAILS.
RACINE, WIS, Dec. S.-The J. 1. Case Plow
Company, of this city, this morning executed
ana filed with the Clerk of the Circuit Court
an assignment to Charles H. Lee for the ben
enI Oh Its creultors. rms course was rendered
necessary DY foreign attachments being made
against the cOmpanV's property. and similar
actions being threatened at home For these
reasons there was no other Way omen TO nro-
IGCC the assets Tor the benefit of all creditors
alke. No preferences were given. exceDt to
the employees for wages accrued since Nov l.
Inc nominal value of the assets is S66S. .OOO
Inc total liabilities are about from $75p, 900 to
Except its indebtedness to Mr.. Case indi-
yldually and few small secured items the
debts OF the company do not amount to more
a IHan FoU,UOV or $4,000 The failure will not
Affect any OF the other institutions with which
Mr.. Cases name is connected. The banks are
secured for all their advances, and Mr.. Case
Is Is wort worth IN available property upwards of
SILK MANUFACTURERS FAIL.
1oNKERS, N. Y, Dec. S.-Gco b. skinner
Co., silk manufacturers, filed an assign
ment to-day.
AN EXPLANATION FROM TOLEDO.
TOLEDO, o., Dec. S.-The first report tele-
graphed hence concerning the assignment of
Raymer, Seagrave Co., proves to have been
incorrect In SO far as it referred to the placing
OF loans by the firm poor securities and
guaranteeing the same. The mem bers of the
firm assert positively that the failure affects in
no way whatever the loans made through them
and instead of being based on poor securities
the loans are with the most responsible busi-
ness men IN the city. The cause of the fail
ure IS entirely independent of their lOanlng
ana banking business, and is the direct result
oil the ilrm's joining several syndicates in the
purchase OF real estate ten years ago, which
purchases the firm have been largely Obliged
TO assume and carry for several wears. They
say that no uneasiness need be felt by parties
interested IN loans placed by them. Their
statement Will be prepared as soon as possible
ana VIII be made public as soon as it is ready.
BROKEN BROKERS BAILED.
SPRINGFIELD, MASS, Dec. Sc. A. Ramsay
and j. 5. Crooks, members of the suspended
brokers firm of E. A. Ramsay q Co., of this
city, were arrested to-day on indictments
found against them by the grand Jury for en-
bezzling stocks held as collateral and cash
given Tor the purchase of stocks. They gave
bail in $4,000 each