New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15

IL
manner and somewhat eccentric habits. HIS pc
cuarities of conduct have long attracted attention
His profuse generosity often takes an extrayagant
form. Ordinarily he lunches at DelmOnic0s: and
it has not been an uncommon sight 10 see him stop
at the cashiers desk and get a handful of silver
change and then hurrying along the length of tho
whole establishment putting nickel or a ten-cent
piece into the hand ofevery attendant
HOTCHKISS, BURNHAM & co. SUCCUMB.
THEIR SUSPENSION ANNOUNCED HALF AN HOUR
BEFORE THE CLOSE OF BUSINESS.
The excitement which had held possession of the
Stock Exchange during the afternoon was gradu-
ally subsiding at 2:30 when the announcement
was made that ilotchkiss, Burnham g. Co. were
unable to fill their contracts. Exchange-pace was
filled with brokers' messengers racing to and from
the Exchange, and when the news that this firm
had gone under reached the crowd III New ST., there
was a rush for No. 30 Broad-st., where the firm has
its Office. The small waitng-room crowded
with brokers who demanded that the firm should
fulfil its promises but Mr.. Hotchklss the
seOior member stood in the doorway Of
his luxuriously furnished private office and ex.
planned that the firm had suspended and thai
threats and expostulations were alike futile.
Almost the same time that the firms downtown
office closed its uptown branch, at No. 721
Broadway was locked, and notice posted on its
doors that IleSsrs. Hotchkiss, Burnham & Co. had
suspended, and that orders could no longer be
taken. The branch III Broadway was much patron
lied by members of the Manhattan Club and the
news rapidly spread to its house in FIfth-ave. The
corridors of the NewYOrk Hotel were crowded
throughout the afternoon and evening with the
customers of the firm who, despite the encouraging
reports were anxious to obtain more definite in
formation To callers at the homes of Mr.. Hotch-
kiss and Mr.. Burnham the same reply was given:
/" He says that the Grm will resume business either
toSInorTOW or n the furtheSt nv SATURDAY.
Horace l.. Hotchkiss, the senior member of the
firm, seen by TRIBUNE reporter Immediately
after the suspension announced. His anxiety
was plainly man ifest He said:
Our suspension caused by demands OF the persons
with whom We have done business. We have great
number OF securities out and when they demanded
and we called them In We could not obtain them fast
enough to keep afoat do not think that affairs
are desperate by any MEANS for all We need Is time.
our suspension would not have been necessary II
sOciaes in the market sad been generously disposed
AN confident that everything will turn out all right
Joseph w. Burnham the junior member of the
firm, apparently Frustrated by the misfortune.
AS he leaving his office he staggered, and had
he not been supported by two of his employees lie
would have fallen. While he was being surrounded
by the persons most affected by the suspension he
sald to the reporter:
We had number OF securities out and the margins
didn't CO ne 20 IA they promised TO- and IN consequence
we were g 10 suspend We sold out large quantt
upon and Obliged TO refuse to do any moro
about S250.OoO. but assets being much more.
do not think condition Is desperate The indirect
morning We were { depostors but the failure un-
aeted the market and created feeling OF general dis
trust. think that We will resume business tonOr
row without doubt. No, we have made no assignment
for that is entirely unnecessary In present position
Hotchkiss, Burnham n Co. began business In
1876 as general stock brokers, and until SSl they
were one of the most prosperous firms in the Street
The firm originally composed of Horace L.
IL. Ill nj anAS uvtas
Walden. who was the Co.. became partner in
1881 All the partners members of the Stock
Exchange. The firm started with capital of only
$50 600, and in last March Mr. Hotchkiss stated
that the fixed capital was $150,000, and that he
and Mr.. Durham owned seats in the Stock Ex-
change. He also said that the firm had surplus Of
ton of the firm Mr. Hotchklss the secretary Of
the Gold and Stock Telegraph Company. and held
like position in the American District Telegraph
telegraph operator at one time had charge of the
Western Union Telegraph Companys othce at the
Fifth Avenue Hotel Mr. Valdez MAS to
81, of this year. Mr.. Walden withdrew from the
Arm, but the name was continued The firm has
been well-known as Ex-Governor CornelPs brokers'
At the time of the murder of Mrs. Hull by Chas-
tine Cox the firm much talked about, as Mrs
Hull had carried on considerable stock operations
through them.
1t has been understood for several months that
the firm was doing little business, aud recently il
mas Deou runofou tnat III hau received material
Mr. BURNHAM TALKS AT GREATER LENGTH.
Mr.. Bumham at the Langham Hotel last
evening He said:
The OF suspension to-day the fearful do
spoEd with margins when called upon; and IN ths
case OF accounts too indui-
gent suppose. We wero carrying between
900 and 600 shares Western Union and about ina
same amount Of Erie besides being long the general
list Loans called us and found II best for
all concerned that suspend The bank trouble
cause OF the panic But for Grant Ward and the Ma
ripe Bank there would have been trouble The
ket reViyng and would have been better had 1t
been for them. I do not feel at liberty give tho
names OF operators who had accounts with us
There were no prominent men among them. IL ia noe
true that do business for President Arthur, as has
been stated
The trouble came so suddenly and was so fierce and
sharp that we thought Il best TO suspend 10 have
TO day II had lt Co. without stopping bust
ness We had offers Of assistance but did nos
want to take our friends moEey, when 10 WA
uncertain whether could return IL TO them.
100000 The amount Of tho deficiency and the assets
and liabilities or tho nrm II Is impossible 10 state now
Our bOokkeepeis are at work making up the aecounts
There Is money enough owing 70 u.s. we can collect H. 70
bank all right to-day and every contract has been taken
care OF We hope resume business In few days We
have saved money for our customers by snspendhs y,
day. We made up minds this mrulns ~ do 80 sn'
stopped business At 2:3O
D0NNELL LAWSON X SIMPSON SUSPEND.
Within twenty minutes after the announcement
of the suspension Of the Metropolitan National
Bank the banking firm of Donnell Lawson ~
Simpson. No. 1902 Broadway. suspended There
WAS a runor thst the firm had S2.OOOO0o ON do