The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1884-06-26
TIE FURRY In STOCKS.
ANOTHER FAILURE IN WALL STREET.
suspension OF Matthew Morgan's Sons,
Merchant bankers--Rlgares showing
Depreciation In stocks of Sl,-
800, 100000 In Three Years.
rAILuRE OF NJ. MonaAN,s SONS.

FAILURE OF NJ MoRGAN's SONS,
NEW York, June gl,--Matthew Nor
gOn's Sons, bankers, have suspended. The
announcement caused depression In tho stock
marker, but II soon recovered, and became
steadIer, The firm In an Old one, They arc
notmombers of the Stock Exchange, but are
known as merchants bankers, drew OK.
change and dealt In securities not on the list.
The suspension Ia attributed 10 the shrink
age Of values In railroad bonds, principally
Denver e. Rio Gronde, Of which they were
large holders at high prices Edward
Morgan Is expected from Europe In few
days Their liabilities are mainly due on
exchange, but they have no liabilities on
tho Stock Exchange, Tho m0mherS OF the
firm Nra large roal-estate owners, tho New
York Hotel being one Of their holdings, and
IL Is believed that inability to realize on real
estate Is the immediate cause OF tho suspcn.
sion.
The house OF NJ. Morgan's Sons has been
In business In this city thlTty-1ye years
The members came originally from New
Orleans, and have always been correspond.
ents Of several London houses. They woro
rated at $1,000 900,
WALL STREET, June al p, m.-Stocks
arc buoyant and prices up TO the highest
point OF tho day for some shares, II s re-
ported that q prominent railway capitalist
has effected loan for 50, 900, 900 In Europe
Western Union sold up to sen, Rock Island
to lO3G, ST. Paul TO 6l9S, Northwestern TO
s6H, Lake Shore to 73 and Union Pacific
10 85B.
l15 p, m,--Anothor attack was made on
the share market. Prices declined 4 to
~. Western. Union was again the objective
point, and was forced down from 52I6 10
81, but all efforts TO got II below the latter
figure were unayOlllng About one o'clock
there was recovery OF u to y and tho
market was firm again,
NEW York, June "a Correspondence
between Cyrus W. Field aud William H.
Vanderbilt under date Is published, In
which Mr. Vanderbilt denies the rumOr that
ho has become q "benr" since His return
from Europe, AMI offers 1000 for each
share Of any kind that no Is connected with
rs q Director that no has sold within six
weeks.
NEw YoRK, June GA Since March the
depreciation In stockA according 10 tho best
authorities on the street. has been about as
fOl0ws' Vanderbilt, 800, OOO 900; Gould,
$40, 100000; Huntington stocks, SEQ, 0O0,-
0O0;slXlother active esoourlllos nearly $40, 000,-
000 The depreciation In Now York Central
stocks since March Is about $4,000, 0OO6
IN Lake Shore, $40, 100000; Michigan Cen.
trail, SO, 500, 900; Northwestern $4,000 900;
LOCl,uwannn, sST,bO0, 900; Louisville 4
Nashville 50, 900, 900; Knnsls ~ Texas,
S8, 700, 600 Texas Pacific, a. 100000; Union
phcilG, cgTOOl,OO0; WaORsh 81, 400, 900;
Western Union, SO, 200, 600; Central Pa
cllc, Sl6,SOO,OOO; Chesapeake u Ohio,
ZOO, 900; Denver " Rio Grande $4,000
900; Erie Sg,2OO,OOoi Northern Pacific,
81, 1000 Pacific Mail, S3, 200, ,OOO Read.
INK $40, 100000; Rock lhand, S., S,OOO O0O
The decline really began with the assas-
slnOton Of Garfield In 1881. Since then
there has been decline In the price of
every security TaIntur ~ Holt, tho bank.
ers, In their careful anOlysl8 Of the prices Of
railroad stocks, estimate the total do
probation In tho value of nll quoNble rail-
road securities from July /, 1881, TO March
|, 1884, at Sl,1s5, $50, lsl, The deprecIO-
ton since March l must mako tho total
over 81, 800, 900, OOO
Jay Gould denies that any trust com.
pOny has called u loan Of 100000 on
him and that he " unable 10 meet II. lie
said that Il couldn't be truO for the slim
plO reason that no had no loans out,
Wash COunOr Gould's partner, publicly
held up $4,000 bill on the street and Of.
lerod II for the nOmo Of tho pOrson who
started tho Gould rumor
The younger Vnndorhllts are heavy losers
In the decline, but William II. has not been
Interested In H. The whole secret OF yesler.
days sensation was determined effort TO
break tho market and send Gould TO join
Garrison In bankruptcy. The r0mor OF
ludo lllllOns failure Is NuthoHtutyely
denied,
LONDON, Juno ei,--rhe press comments
extensively ON tNo condition Of the Amcr'
ran railway security market The m1n.
nous opinion expressed X That % threaten
Ing state of affairs oylHig The V'Ww dis.
credits tho rwOB of Mr. GnullN omhar,
wHmnnb gives lht geulomlp orclJ
fur ,up much cunning mo- 90 hlyo been lhlG
To Woll hy tho storm which hNg been dis
ng'rOul 10 Ollou. YET " II should hap.
pen thut he was obllgcd TO suspend the
Ylmag " not certain but th1 result would
bp moro huUClclU 10 the g0roly tried mar.
kog 80 long held subject 10 hIy operations
CuuAOO, juno sla-lhe Brown 81 Van
Ardnln Manufacturing Company 28 Kings
bury street, made 0n assignment y.gtalluy
to Alderman John H. Noyus The firm
manufactured castron wagon machinery,
and was ono Of tho mWclt IN the city
The works occupied tho cntEo block on
Kmg3buiy between Michigan and Illinois
sruatA and oNtondpd cast ugrly half way
10 Market street, Several hundred men
were employed, Mr. O. II, Brown, prysl.
dent Of tho company estimates tho llNbllI.
Ties nj about $4,000, and tho as
sets nj 100000, Tho assignment was
procipitatcd by tho refusal OF somo
Enstom creditors to grnnt nm cyJcn.
pion Of time. Unsuccessful attempts were
msdo TO negotiate q loan, and then the firm
decided TO mako general assignment The
real estate ON which tho works stand, the
entire plant, book accounts, merchandise,
etc, were turned over to tho assignee,
Tho value OF theso alone Is supposed Ia
bo moro thOn equal TO tho creditors
claims In 1877 tho company went through
bankruptcy aud piid ffty per cent This
Is supposed TO have crippled them some,
though they have since done large and
prosperous business amounting to S30O,OOC
u year. During tho past two months the
company suffered from the dullness o
trade.
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Court Adjourned TO give Them Room