Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-05-16
SUSPENSE
An wall Street and Vther
Money Centers.
"a. Efforts Made 90 Avert q
Panie-severai Add'ti"nai
Failures.

W. Dimick d Co, brokers. sus
..nded at 9:45 a. III. lhe s,ens on me
81. AZ this hour Was one OF onwonteo
aIs.;tv. Since early morning the pro-
so1, a,sces have been open, the clerks
Ml .:na ACCOUNTS settled. Many leading
eeIn"tk ept their employees until mid
nrns / general overhauling OF ac-
niRn.. Ill he made az soon as the open
couas Exchange this mprning. The
iaa "a oil be in better c(pdition than
- MANY Esonths past:
foi LIZ .aoyeaentative of the Associated
has inst talked with tinancier of
rfe -o sYperience. He says the 40
The hanks in deciding to pool
nos ;ssnss has decided the situation
.eenahlv He does not anticipate fur
is. failures of either hanks or banking
tnei aithoueh he admits the possibility
nln so,na weak houses may suspend
tDasar,lv The failure of the latter
p. ,aoarded a. a misfortune. Az a
~ ont of small dealears will help
49, a healthier tone 10 the general
w Dimmook says the trouble Is
I'D nv their liability to raise money
- their securities. ALI their customers
W have been profitable. George
putuam has been appointed assignee.
On nearly everv corner Wthin IOnr
hocks of the center OF operations KNOTS
a men are seen in earnest consultation
md passers.Dy can hear various com
asnts on the state OF affairs. Inc ma
s,,;ty of the expressions OF opinion take
ss,orable view of the stu ,tion, and
sneh phrases "a The worst ~ nov
- y. he banks are all right" and
sJsy Gould won't let the market
h,aak.s are heard amid tbs din.
wslls. Fargo d Co. have notified
n,,sil, Lawson IL Simpson that they
III nav the drafts ON that firm drawn
- ~ fJtah National Bank, IF Ogden.
=; Fred !. Keisel IL Co.. of the same
u,.cs' and OF Anderson Bros. Of Eagle
Rock, Idaho.
ia m.-The foreign exchange mar.
he, ia affected unfavorable by Offering
Loan bills in large amounts, as well az
NV the withdrawal OF money by cable
1,orc London for use in this market, the
hIoh rate for money on call rendering
snrb transactions highly profitable.
Rrovn Bros. have reduced the rate OF
startling bills TO 4.S7 long; 4.69 short
sight.
Only one failure Is announced, and
This does not involve any other firm.
Confidence il being gradually restored,
and among fnauciers few anxious faces
are met. IL il generally accepted that
The worst Is over, and many capitalists
are beginning TO discuss e question as
10 whether or not, now Is the time to
buv for a rise. Some few are buying.
and this fact relieves the situation of
one Of its most dangerous elements,
namely, the withholding of capital from
.he market.
ll3Oa. ma dispatch from Boston
reports the suspension of +. A. Hawiey
4 Co.. firm which, although not heavy
dealers, Was regarded rs la good stand
inc. Hotchkiss d Burnham are bal
sncing accounts, and expect to resume
tomorrow.
li45 a. m.--Comparative quiet reiRns
at the Stock Exchange. 1t is more ap-
parent every moment shat the crisis il
passed. The suspension of Hawley d
Co, of Boston, was caused by a run on
the banking department of the house.
Ii Ia believed that IL will be temporary.
Cyrus w. Field says the worst is over,
and that it is good thing this crash
came just as il did.
The General Manager of the Bankers
and Merchants Telegraph Company
says the suspension OF Dimmock Il Co.
will not involve the company.
u il stated that the Bank of Com
merce this morning was debtor at the
Clearing House over 81, 100000.
representative OF the Associated
Press visited tbs leading houses on the
street. They invariably said that there
was no dangerous element in the tinan-
oial situation. MANY think the expert
enee Of the past few days will prove
beneficial TO the speculative comma
nifty.
Harvey Fisk, of the frm Of Fisk Il
Hatch, has been one of the heaviest
dealers In government bonds on the
street. Their house IL considered
staunch. conservative and reliable.
They have been recognized as the fiscal
agents here Of the Chesapeake Il Ohio
railroad system, and they carried heavy
auoonts on their account.
The Metropolitan Bank has posted
this notice
The Bank Examiners having made
an Investigation the bank will resume
business at II O'clock"
THE METROPOLITAN RESUMES.
2;l5 .. m.-The Metropolitan Bank
mas resumed paying all depositors pre-
sentinR checks for resumption. The
paving teller opened bis window. and
the hfst man in line received his money
az u N. The number in line WAS not
over twenty five, primo p lily laborers
ana clerks. There was only one lady
emonR the list. She was attired in
Widows weeds. Her qualification on re-
seisine the money was plain. The
small number drawing funds is regard
20 as promising for the future of the
bank.
$3.50 p, m.-Share speculation il we. K
no lower on unfousded reports of
iaftnsr failures of stock hoases.
TUE SECOND NATIONAL.
The Rush ON the Second National
bshk Is about stopped. There were las
erposliors mp to noon. The Clearing
mouse has arranged to pay all the SEQ
ond Nationals debts.
- p m.-Ths suspension Of Fisk q
nAscn has just been announo I'd. The
ness came like a thuuderboldt ON
onanRe. The effect ON the maj ket Was
instantaneous, and stocks dropped from
ons 70 fve points. Government bonds
$50 declined, and the street in in the
k'eatset state Of excitement.
STATEMENT OF HoTcHKIss q BuRSHAM.
hosehkiss, Of Hotchkiss d Burnham,
Mssi We were forced to suspend in
consequence OF calling for number OF
oahs from persons whom We thought
we're Responsible. They failed to re-
spond, and in the present state of the
naIkst we thought best to close mp at
.nes before matters got any worse and
- where We stood. IL Is probable
ass me suspension will be only tempo
.A.y, mat Is. We hope so. Our assets ex-
~ oar liabilities by large amoant,
snu y We can find any market for our
sal's'es and are able To collect money
wv we hrm. there will be nc trouble
saat resuming. Today we have sold
ske Blocks OF stocks at a great sacri-
- - and have about cleared mp such out.
~ as contracts, and our contracts with
s 80 board will be taken care Of. Oar
49, saosl n az the present time will ex-
sSoo,oVu. and how much more they
-. % cannot tell. IL may be impos-
aa ssc now to give any estimat or any
illus or even approximate figures.
~. LII Isiiure was due TO the sudden de-
49, 49, 10 stocks today. We had nothing
paasevef to de with the Metropolitan
oank and had M l..~.~.ss.. th.xa IL