Daily Kennebec journal., 1884-05-15

The Tribune will say: Donnell, Lawrence
& Simpson were fiscal agents of the State OF
Kansas, and the principal owners of Kansas
City water works. The suspension of the
Goff Randall is due to the fact that Ex-
President Emo of the Second National Bank
failed TO make good deficiency of between
SIS, 900 and 500 900 in the margins. Hotch-
kiss and Burnham say their liabilities are
about $3.50. 200.
Mayor Edison said today that the city would
not lose BY today's failures and he was sat
isfed that the banks holding the city funds,
other than the Marine bank, were sound.
Most Of the bankers and heavy capitalists
think that the worst has been passed. The
troubles are attributed to the shrinksge of
values, and the craze for gambling in Wall
street, and the result was a fore going conclu-
sion,
Hatch & Foote have been heavy losers by
the New Harlem. Middletown 4 William
antic Railroad; also on the Boston. Hoosac
Tunnel & Western Railroad. They have
had great faith in Gould stocks, i are also
supposed TO have suffered through the failure
of Willard.
Rupture Between Jay Gould aud Russell
Sage.
The Commercial Advertiser says lit is
reported on excellent authority that serious
rupture took place yesterday between Jay
Gould and Russell Sage. In consequence of
this large block the Western Union was
thrown on the market aud 50 broke price
from 60 to 81. bad feeling between these
great fnancitrs continues aud today's catas-
trophe is believed TO have been largely in
duced by the circumstance"
From Other Places.
pprnpppnpr Conn Nav Ii
The banking house of L. l.. Watson & Co.
was compelled to suspend payment at three
o clock this afternoon owing, as was said
to the inability of the Connecticut National
bank, with whom they keep deposits, to honor
their drafts. on account of the condition of
affairs in New York
BosroN, May Ii.
The announcement of the failures in New
York today naturally caused a little fury
here and during the forenoon some wild
rumors affecting several operators on the bull
side of the market were current and there
was considerable upeasiness. As there were
no failures better feeling prevailed and there
was return of confidence. Prominent
bankers who were interviewed state that Bos-
ton banks are in sound condition and il
trouble comes they will stand by each other.
One prominent financier said if there were
no more failures in New York there would be
no trouble here, hut if the failures continue
the result cannot be foreseen. There was no
reason, he said, to anticipate collapse In
Boston. but panic once inaugurated is like
the tumbling of pile of bricks. There was
little appearance of excitement on the streets
today.
WASHINGTON, May IA.
Hundreds of kilograms have been received
from New York by the mem
bers of Congress today urging legislative
action TO relieve the financial strain. just
before the adjournment of the House consent
was asked by Mr.. Springer to pass Mr.. Ding
ley's bill authorizing the secretary of the
treasury to invest in bonds the lawful money
deposited by banks for the retirement of the
circulation. The effects of the enactment of
the bill will be to put in circulation about
$50, 600 000 Messrs Holman. and Wells OBJ
jected, and the House adjourned.
A meeting of the committee on banking
and currency has been called for Monday
forenoon, to discuss the best method to se-
cure passage at the earliest date of the Ding
ley and Mcpherson bills. Regarding the
condition of institutions here, there is no
expectation that any of them will be affected
by the New York faileres. Comptroller
Cannon has read dispatch from a private
source in New York which he considers re-
liable stating that the people there think the
worst is now over.
ALBANY, May IA.
The New York failures oceasioned uneasi-
ness today The National Albany Exchange
Bank is involved by the suspension of the
Metropolitan, SI35, 900. Its surplus is S4S3,-
600, All drafts drawn by it on the Metropol-
itan will be paid on presentation by the
Importers and Traders National Bank of
New York city. The National Exchange is
the only Albany bank involved by the New
York failures.
Secret Meeting
was held at Jay Goulds house tonight and
was attended BY Russell Sage, Frank Work,
Sidney Dillon and G. ]. Osborne, to discuss,
it was said, and to devise means for averting
further panic tomorrow. and sustaining the
market at any cost. The result of the delib
erations could not be obtained.
Amos r. Emo has stated in public that he
will back the Second National Bank. the full
amount of the deposit account of which is
a, 180. 900, and today deposited $1,000, 900
in cash to meet the present emergency.
Shortly after midnight the following was
given out for publication The clearing
house committee have carefully examined the
affairs of the Metropolitan Bank, and the
assets fully justify them in recommending
the loan committee to advance an amount to
enable it to Immediately resume business.
The bank will he opened tomorrow morning
for business ~ usual.
Secretary Folger was seen this
afternoon and was asked his opinion in regard
to the panic in Wall street. He refused to
talk at length but said it showed q want of