Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-05-16
News by Telegraph
FROM ALL QUARTERS.
THB FINANCIAL Panic.
More Failures on the Black
Roll.
OLD HOUSES GONE DOWN.
Fears of Further Disasters
Coming To-day.
FIRE IN A CROWDED MILL.
The Force HeRalmed in by
the Flames.
THE FINANCIAL CRASH,

to get little rest before to-daY'S business
began. The welcome news to the effect that
the Metropolitan bank would resume BUSH
ness at noon acted like powerful
restorative upon the spirits of Wall street,
and before the Stock Exchange opened there
was no fear of further collapse. Orders
from London to buy were received. and
when business began on the floor of the Ex-
change the market at once took an upward
turn, which was not stopped by the announce
ment of the failure Of A. Dimock d Co.,
which was made within five minutes after
the opening of the Exchange. The firm con,
sists of Anthony W. Dimock and Arthur W.
Dimock and has been in business about ten
years, transacting general banking
and brokerage business. The house has for
long time been engaged on the short side
of the market. At the same time as the an
nouncement of the suspension was made an
assignment was made by Dimock & Co., and
Mr. George Putnam Smith, counsel of the
Bankers and Merchants Telegraph COM
pany, was named as assignee. Mr.. Dimock is
president of the Bankers and Merchants
Telegraph company and a large holder of the
stock of the company, and though it was
claimed the company would not be affected
by Mr.. Dimock's failure, decline of So
points took place in that stock before 1910.
UP TO NOON NO OTHER FAILURE
was announced and feeling of hopefulness
seemed to prevail on the street. This feeling
was rudely shocked when at 2:45 O'Clock
Messrs Fisk and Hatch announced that they
were forced to suspend. This is one of the
largest and best known houses on the street
One of the partners Mr.. A. s Hatch. is the
president of the Stock Exchange. This after
noon, after the suspension of the firm. Mr..
William Lummis, of the firm of Lummis &
Day, acted as president of the Stock Ex-
change The firm is composed of AS.
Hatch and Harvey Fisk. Mr.. Hatch was re-
Gently elected president Of the Stock Ex-
change by unanimous vote. The firm have
been the heaviest dealers 10 government
bonds on the street and have generally
been considered a staunch, conservative
and thoroughly Trustworthy firm. They
have been recognized as the fiscal agents
here of the Chesapeake and Ohio railroad
and of the Elizabethtown, Big Sandy and
Lexington Rad, and have carried heavy
amounts of stock of these roads, while the
market has been declining. They have sons
and sons-in-Iaw in the stock business, and it
ia surmised that efforts to aid them may have
embarrassed the firm.
THE METROPOLITAN NATIONAL BANK RESUMED
business at noon and crowds of men
went in and out but the paying teller had
over 81 500, 900 in bank notes on hand and
there was little demand for money or pres
sure from depositors-
THE FIRM OF FISK L HATCH.
Mr.. Fisk is in Europe Mr.. Hatch in
speaking of the suspension of the firm said
he could not yet give any particulars and did
not know how they stood. An hour after
the doors were closed Mr.. Hatch left the
Office in company with President King of the
Union Trust company. A son of MIR. Hatch
is quoted as saying the suspension was
wholly unexpected and was accustomed by the
inability of the firm to obtain loan of 81,
600 600 on government bonds from finan-
c1al institution. The effect of this suspen-
sian seems to he more feared by bankers and
brokers than that of any of the previous
failures. It is thought that much stress will
be laid upon the fact, which will become
known all over the world, that the president
LeSA40A1ES
has failed. Mr.. Hatch was re-
elected as president last Tuesday.
The firm is composed of Harvey Fisk and
Alfred J. Hatch. They were spoken of ia
Braastreet's report of February II as werth
over 81 ,oQp, 900 and as ene Of the few houses
that paid up in full after the failure in 1873
Their personal regulations stated as un-
surpassed. They were free from railroad
complications, though interested in the
Chesapeake and Ohio railroad which was il
good shape. After their failure in 1873 the
firm obtained long extensions of time OIL
their $8 200, 900 liabilities and by 1878 they
got on their feet again and in that year be-
gan to make money, principally in the plac
ing of the four per cent government loan anc
other refpnding operations. Since thgf tim'
they have been
paE LEADING HOUSE OF THE COUNTRY
in government bond dealings. In the thres
years between 1878 and 1881 they were very
prosperous in their general business and also
made good deal by the advance in Cheaa
| peake ana Ohio securities. In she latter yeal
they paid off the last of their indebtedness
| four years before they we're obliged to ant
were reported to have surplus of 500 900
Mr. Hatch was president of the Rockawa,
Beach Railroad and improvement Go. ane
| it is said the fFm held $300,U0C
| of that company's bonds as security fol
! loans This company has not been fortunate
The firm have also been interested In placing
bonds of the Elizabeth & Big Sandy and thu
Norfolk ,Susquehanns and Western railroads
which are tributaries of the Chesapeake and
Ohio. They are also said TO be large hoiderI
| Of Central Pacific bonds.
| GREAT SYMPATHY Is EXPRESSED
| ON all sides for the suspended firm. A lead
| ing broker said to day: "The men who at
| ter the panic of '73 worked hard and paid OF
/ one hundred cents on the dollar with inter
est and have conducted az honorable ane
( e6naarvaSi7e business deserve the sympathy o
| the community and deserve to be able to re
| establish themselves and their fortunes"
THE BANKERS AND MERCHANTS TELEGRAPH
| At the Office of the Bankers and Mer
| chants Telegraph company to-day the Off
GERS Indignantly and enphaticaIly denied the
published tepqrts that the company was en-
bsf1rassed by' the suspension of the firm O
A W. Dimock & Co., and that the work o
building new lines would have to be suspend
| ed for lack of funds. The officers stated tina
/ neither the finances of the company or it
| operation had been affected by the faiin[e o.
1 Mr.. Dimock, that work on the gndefgEouni
ChicaRo wires how in Gouras of construction
| wotild be pushed as vigorously as ever ant
the work on their eastern lines now beinl
I mt mn between New York and Portland
| Me would be continued. The treasurer o
the company stated that the corporation hat
now ON hand over $4,000, 900 With which &
bush tRe work on its new Inss.
&c . nesting Of the hoard Of directors @
the BANKERS and Merchants Telegraph com
pany held this evening A. W. Dimock ten
dered his resignation as president of tn
company. which the directors by unanimou
vote refused to accept. An examination O
the affairs of the company was made and the
were found to be in perfectly sound cor
dition-in no wise involved bH the. aasper
| sion nf A w DimOck-G Go.
| JUDGE DoNoHUE N SUPREME COURT
chambers this afternoon granted an orde
II -. ia Hhicaoo and Atlantic railroa