St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-17
The Situation Rerie,ccd.
Especial Telegram to the Globe.

The SitUntiOm Rerietrcd.
Especial Telegram to the Globe
New YORK, May 16.-As predicted by Mr..
Horton last night lhe panic may be regarded
as virtually over. Bank Examiner Serbia
has completed his work and declares there
viii be no further trouble among national
banks. The stock market has been com
paraliTcly steady, the fact being due prin-
CipailT To operations Of Mr. WoeriShOfTer the
great bear operator. There have been two
sensations, however. the explosion of Newark,
NJ. savings institution which closes by order
Of Chancellor RUuyou, after its president, Mr..
DOdd, had made way with -, 100000 govern
mouJ bonds sold by Fisk u Hatch to aid
them in tidiug over the crash. This has
brought out the fact shat The hypothccation OF
other peoples securities has been general
practice among large dealers for long time
pas. Its feared investigation into these
transactions viii cause the downfall of other
spcculatiug houses. There is great excite
mcut III Newark tonight, and the feeling Of
indignation against Dodd runs
high particularly among the smaller
class Of dcpositors. Threats of violence have
been freely made, and it is said men have
been looking for him with the intention Of
having summary revenge. He will probably
be arrested at once 10y order Of the chancel-
Ior.
The other sensation was causd by Ferdinand
Wards testimony before the referee commit
tee. He admitted freely that the business of
Grant < Ward was conducted wholly on a fic-
itious basis, and implicated number of gen
tIemen who Will feel exceedingly ''smalI'' in
consequence Of the revelations. The
tendency e the testimony thus far is to
show that the sons Of Gen. Grant and other
Inanciers were welI aware Of the nature of
the business the firm was doing and knew
that it was being conducted on a basis of
prodigious swindiiu@. The testimony given
today is not calculated to strengthen sym
pathy for these men. After detailing the
number of dubious transactions in which
hundreds Of thousands and even millions
were involved he was asked who were inter
cstcd with him IN his swindling transactions.
lie replied Capt. E. Spicer, Col. Fred
Grant, jesse Grant, Jr., James D Fisk, E. H.
Tobin, II. E. Tobin, W. R. Grace, J. Mel
son Tappan, W. ". Smith, I. s. Grant and
James 4. Smith,
''Who is ". W. Smith!"
''He is cousin of Fred Grant''
Can YOU name any OF the directors of the
Marine bank interested direct with you?''
-. Nelson Tappan, and Mr.. Spencer the
treasurer of the Eric Railroad company"
Ward maintained the utmost coolness while
these astounding confessions were being
vrung from him.
W.R.Grace is ex-mayor of the city. Tappan
is city chamberlain, ana Fisk is president OF
the defunct Marine bank, and all are men
who heretofore have borne the highest char
actcr. Wards examination will be contin-
ued tomorrow, and as he las evidently been
forced to the position where he must make a
clean breast Of the whole matter, still further
developments are expected.
Western Associated Press.7
New YORK, May 16.-The crowd bound
for Wall street breakfasted earlier than usual
or perhaps they had headaches which made
them early risers without having much appe-
ttte for breakfast. At all events, Wall.
Broad, New, Williams and adjacent streets
were throngeG with people an hour earlier
than usual prior to the furry Of Wednesday.
OF course the larger number were merely
lockers on. Ever since the panic on
Wednesday people have gathered in the
vicinity of the stock exchange as though
they expected to see the earth open and
swallow up the building or to find stocks
declining by falling out of windows.
This morning the outside crowd gathered
as it did yesterday, but afters chattering and
staring at the building for an hour it thinued
out very perceptibly.
on THE BOARD.
The gong sounded at 10 Il. n. for the be-
ginning Of business and there was the usual
noisy hubub but scarcely so much as might
have been expected at such time. The
galleries were filed but not over crowded, a
large number b9ing ladies. Two hours
pnsSed with nothing unusual to mar the pro-
u2cdjngs of the bear garden and then the
failure Of H. C. Hardy y Sons stock brokers
was announced. They were not large
operators and except that the
announcement made nervousness lest
something serious might happen, there was
no visible effect from the report.
rs the day wore with no seriously unfavor-
able reports from any quarter, greater conf
oencc existed and when the settling hour
passed with no new failures, there was &
feeling that the period OF semi-panic is over
and that monetary affairs will gradually re-
turn to their accustomed condition.
Notes or the Sgreef