The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-16
THE OTHER SUSPENDED FIRMS.
Hotchliss g. Burnham Expect to Resume
Affairs of Bogart & Co.

Affairs of Bogart & Co.
NEW York, May 15-From the New York
Tribune Mr.. Hotchkiss, OF the firm of Hotch-
kiss, Burnham g. Co., said that they hoped to re-
sumo tomorrow, although he could not say pos
itively that they would be able to do so at so
early date; that they would resume was only
question of time They were hard at work
Strengthening out their affairs, and had got suf-
fciently far to prove that they could pay
every dollar they owed. Mr. Hotchkiss added
that many of their customers had taken up their
stocks or largely added to their margins while
others were yet to be heard from. Previous to
Wednesday, the firm had reduced their indebt
edness more than $1,000 900. The trouble was,
they could not borrow on certain ST. 3urities.
The banking offices of o. NJ. Bogart & Co. re
mained closed, with the exception of small
opening through each of the iron doors. Ex-
Tax Commissioner Wheeler, the assignee, began
his examination into the condition of the FIRMS
affairs but late in the afternoon he was not
able to give any information as to the resources
or liabilities He said: 81 have been busy look
ing over the books collecting securities and
collateras of customers deposited with
the firm and locking them up
in the safe have not yet had time to begin
the inventory, but l hope to be able to give
some definite information within two or three
days"
Orlando NJ Bogart, senior member of the
firm, was at the Office throughout the day. He
greeted everybody with much cheerfulness 1t
was learned that 0. NJ. Bogart & Co. held
$400, 600 in trust funds, of Ii, l.. Horton, who
died in Kalamazoo Mich, about a year ago.
Examiner Serbia discontinued his official work
at the Marine Bank, and transferred the books,
keys, ETC.. to the receiver, Walter S. johnson
The settlement of balances at the clearing
tod ho,,
plished without trouble. The Metropolitan
Bank received an issue of about 81 000 600 of
loan certificates, and the Second National Bank
applied for $600 600; the total amount issued to
five banks was 81, 000, 900.
VIM. A. Camp, manager of the clearing house,
spoke encouragingly of the situation. With
gard to the particulars of the failure of Fisk &
Hatch he said: II am certain it can in no way
affect the banks. This is the time for the banks
to pursue liberal policy, and not hesitate to
lend money on good collateral"
The loan committee will meet tomorrow for
the purpose of scrutinizing the securities on
which further issues of loan certificates may be
desired.
The Second National Bank opened its doors
and began to pay checks this morning a short
time before the usual hour by President Trow-
bridges order so that all apprehension might be
removed from the minds OF the half dozen de-
positors who had come to draw out money. Dur
ing the forenoon rather a larger number
of persons than usual filed up to the paying
teller's desk, and by IL o'clock the number of
those waiting their turn was 2l0. Shortly after
noon the number was reduced to five, and the
run was finally broken During the day
there were many deposits the total of these
being larger than the amount paid out.
Little information could be had regarding the
extent or direction of Jno. c. Eno's operations.
The names of half dozen brokers were men
toned as having done business with him, but
several deny it.
President Seney, of the Metropolitan Bank,
resigned, it is understood, upon the advice Of
the investigating committee of the clearing
house, upon the ground that his name was con
nected in the public mind with speculative rail
road enterprises The new president was for
merly vice-president of the bank, but has not
been engaged in active business for several
years. He is wealthy, and has a high reputa-
ton.
The assignee of A. W. Dimoek & Co. says the
liabilities are large, but he expects the firm to
resume soon