Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-18
WALLSTREETSRECOVERY
PRICES ON CHANGE CREEPING
UPWARDS RAPIDLY.

A Few Small Failures Reported, but
the Street Not Affected by Them
England's Avariciousness for Ameri-
can Securities Not Diminished-NO
Disasters in the Country.
NEW YORK, May II, 1925 A. M-The
improvement which set in at the close
yesterday made further progress this
morning, when there was an advance of
= to 81 per cent. Central Pacific is the
feature and reached 4612, Western Union
rose to 5614, Northwestern TO 1O5, st. Paul
to AZ, Lake Shore to S815 ana Pacific
Mail to 3S1S. At the present time prices
show a reaction OF = TO per cent.
AHOUsE ON THE BRINK OF RUIN.
NEW YORK, May II, p. Mt is
stated that large sales of Lake Shore made
by prominent Broadway house yester-
day, which were generally supposed to
have been stock purchased to deliver on
puts to Mr.. Sage, were actually to close
the accounts of the hnusa. which was en-
baTrassed during the early part of the
day, but which arranged its affairs salts
factorily before the close OF business. The
Governing Committee of the Stock EX-
change took action yesterday
in regard to Mr.. Sage's priv
ileges, and Mr.. Sage has given
renewed assurances IQaL ne Will 90 all IN
his power to allay any diStruSt, and per-
sons holding his privileges are urged to
act as cOnserVatively as possible, being
assured that Mr.. Sage will meet all his
obligations as rapidly as his facilities will
allow. Foreign bankers expect that the
orders from abroad are likely to continue
while prices continue low, and that if the
money market becomes easier an increase
in the demand for European account may
be looked tor.
MIR. HATCH's SUCCESSOR.
The Stock Exchange members VIII bal
lot on the 26th inst. for a new President
to be elected in place of A. S. Hatch.
Mr.. HOtchkiss, of Hotchkiss & Burn
ham, said that they had already liquidated
over $l,0O0,00 Of their Indebtedness. and
that the firm would resume active busi-
ness as soon as the interests of those con-
cerned would allow.
At GOtfe & RandalPs. the assignee said
that a statement would not be ready until
next week.
TWO SMALL FAILURES.
NEW YORK, May 10, P. M.-Bermer &
Pinckney, commission merchants, have
assigned with preferences of $23, 900. Jer-
emiah Steelman, a merchant, at No. 50
West street, filed an assignment to-day to
Frank r. Ingersoll with preferences
amounting to $lS,550.
The SeabOard Bank paid out over $780,
600 Thursday for Mr.. Erlanger. This as
sisted greatly in maintaining confidence.
The rumOrs about its being in difficulty
were unfOunded.
END OF THE RUN IN BROOKLYN.
The runs on the Brooklyn savings
banks were ended to-day, and parties
were returning their money at the office
of the Atlantic Bank. Affairs between it
. l.
justed. 1t is hoped that things will be ar
ranged to-day, and that the bank will re-
sumo. The cashier said to-day that there
was only one little hitch to the bank re-
Stunning, but he would not say what it
was. 1t is said, however, that the hitch
is an embarrassing lack of funds. In the
Kings county Registers Office this morn
ing there was filed deed of conveyance
by George /. Seney and his wife of their
mansion in Brooklyn to the Metropolitan
Bank in consideration of the sum of $780,
900. They also filed a deed of convey
ance OF another house and valuable
grounds in Brooklyn to II. l.. Jacques in
consideration of the sum of $4,000.
DONNELL, LAWSON & SIMPSON.
Assignee Weems says of the affairs of
DOnnell, Lawson & Simpson: Il am not
yet prepared to make any statement. The
liabilities of the firm are about $4,000, ,000
and the assets are fully $l,000,000 in
excess of that sum. He could not say
business, but the general impression
among the customers of the firm was that
the firm would retire from business
THREE ASSIGNMENTS.
NEW YORK, May II, II P. NC. Nc
CullOch, Beecher IL Co., merchants, filed
an assignment to-day to Henry Payne
Bartlett, giving preference to DreXel,
Morgan d Co. for $4,000, and one to VIM.
Haskins & Son, of Boston, for $15,572.
Edward Q. Crevellng, a shirt manufac-
turer, also filed an assignment to-day to
Jacob B. Creyeling, with S4,767 in prefer
ences.
An assignment was filed by the firm of
Brinkerhoff & Brighton, dealers in trim
mings, at No. 402 Broadway, to David
Mcdonnell.
WHY M'CULLOCH, BEECHER & co.
FAILED.
McCullOch, Beecher & Co., who made
an assignment to-day, were shipping mer-
chants. Mr.. Beecher is a nephew of
Henry Ward Beecher. The firm was at
one time the agents of the United States
and Brazil Mail Steamship Line. The as
sets are $50, 900, and the liabilities about
100000. The suspension was caused by
the currency of Brazil having been heavi-
ly deprecated and the decline in coffee
for the last three months. While the
panic this week did not cause their sus-
pension it hastened it.
The failure of VIM. Pinckney. of Old
Slip, commission merchant, was precipi-
tated by the suspension of the Marine
Bank.
The liabilities OF Brinkerhoff, Brighton
& Co. are said to be about $4,000.
THE FEELING AT NEWARK.