The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1884-05-23
MORE OF TIE CRASH.

the Eject Of the Late Fsliures-The sisua-
ton Grave. but More Reassuring.
New YORK, May 16.-The market at the
Produce Exchange was feverish yesterday,
md at the opening prices fell of a little,
md wild rumoB of failures in the West
were started. Subsequently the market
.egained what it had lost only to fall of
again. However, on announcement Of fur
ther failures, Wall street, 1t closed slightly
lower than on Wednesday. There
was talk at the exchange Of abolishing
calls, as has already been done in Chicago.
1t was the general opinion that this would
be done Immediately. At the Cotton Elk
change the market opened firmcr, prices be-
ing higher than at the close of business
Wednesday. There was little business
done, however. When the news of the
failure Of Fisk & Hatch reached the
exchange, the market broke somewhat.
ST. LOUIS FINANCES.
ST. LOUIS, May 16.-The situation here
is practically unchanged. Bankers and
business men generally have no apprehen-
sion for the future. More satisfaction is
expressed at the resumption of the
Metropolitan Bank, and while little
measiness is produced by the suspension of
Fisk & Hatch and very slight furry
is created by the temporary trouble in Kan
sas City, still the general opinion is that
nothing serious will result outside of New
York. Considerable attention was attracted,
however, to DOnnell, Lawson q Simpson,
and there is considerable desire to know the
condition of that firm and what its future
action will be. 1t has intimate rela-
finnS with and il nnrroSpOpdanf 0f nparlv
hundred banks in Missouri, some sixty
in Kansas, thirty or forty in Texas, and has
numerous connections in all the extreme
Western States and Territories. 1t is not
known, of course, to what extent they are
involved in this course, but their indebted
ness to Western bankers may run into mil
lions. L. V. Stephens, of BOonvile one of
the most prominent bankers of the in
terror of this State. estimates that
in case of complete failure of
the firm the loss to Missouri will be fully
100000. 1t is also feared the loss to Texas
b nhers will be heavy. r.. -.s. -a...
UNDISTURBED IN SAN FRANCISCAN.
SAN FRANCISCO, May 16.-The suspension
of Fisk & Hatch, of New York, crea-
ted more surprise than any yet announced.
This is chiefly due to the fact that the sus-
pended bank was such heavy dealer in
Government bonds, largely held on this
soast; secondly, they were fiscal agents
of the Chesapeake & Ohio Railroad sys-
TEN, controlled by e. p. Hunt
ington, first Vice President of the Central
Pacific. The announcement was immedi-
ately followed by rumors as to the effect the
suspension might have on railroad interests
on this cost Charles Croker, President of
the Central Pacific, stated emphatically to
a representative of the Associated Press that
it would have none. that neither the Central
nor the Southern Pacific were or could be
involved with the suspension of the firm.
New YORK, May Is, 10a. m.--The Met
ropOlitan Bank posted a notice that the
bank examiners having made an investiga-
ton, the bank will resume at twelve o'clock.
Henry l.. JaqueS was elected President of
the Metropolitan Bank in place of George
J. Seney, resigned. The floor of the
Stock Exchange had more than the
usual complement of buyers, and by $50
crowds of operators gathered in knots
waiting the signal to commence the days
business. just as the clock marked ten
Chairman Mitchell gave three raps of the
gavel. In an instant the pent up excite
ment of the brokers gave vent to howl,
and five hundred hands were lifted in the
air, and the various pools were formed in
which different stocks were dealt i'll. Ere
five minutes had elapsed the gavel was
again heard among great din, and the an.
nouncement was made that Dimmick
IL Co., of the United Bank had sus-
pended Dimmck is President of the
Bankers & Merchants Telegraph Company.
WHAT GOULD SAYS.
Jay Gould stated to the Tribune: ''This
disturbance is a senseless thing. 1t comes
from fear of each other by both banks and
brokers, 1 think, rather than anything
else. The general calling of loans
is wholly unnecessary and foolish. |
| suppose the banks are little more
cautious than usual on account of the loss |
suffered by the First National last week, !
but think the worst is over; people will |
regain their senses, and there will be orders |
here from all over the country from persons
eager to pick up bargains. The action of the
banks is excellent. Every one will see that |
there can be no panic while the banks
stand together. am sure all the excite
ment is at an end" He says the action OF
banks, in deciding to pool issues, has de
cided the situation favorably. He does not
anticipate further failures of either banks |
or banking houses, although he admits the
possibility that some weak stock houses
may suspend temporarily. The failure OF
the latter he does not regard as a misfor
tune, as the wedding out of small dealers
helps to give healthier tone to the general
situation.
GRANT WARD.
Receiver Davies reports the liabilities OF
Grant q Ward, SO far as he is able to ascer
tain, at 4,501 ,531. COllaterals held by
creditors between ten and twelve millions,
leaving an unsecured Indebtedness of be
tween two and three millions
SLIGHT BREEZE IN KANSAS CITY.
KANSAS CITY, May 15.-At an early hom
this morning crowds began to gather around
the banks. The news from New York yes
terday had created some excitement
especially among small dep0sitors, many OF
whom had all their savings in bank and
felt little nervous As the houl
for the opening of the banks approached
the crowds about the doors grew denser.
and specuiatIons were rife as to what would
be done. While some wore serious cOun
the greater portion of the people
were good natured. At nine o'clock the an
was made that an agreement,
had been entered into by all the bankers Of
the city to pay twenty per cent. on deposits
and give, If desired, certified check for the
balance, payable only through the Clearing
House. The purpose of this measure was
opfnOuniy " dNoiu Tie udugeIS Vi panic
Stricken run. The large depOstOrs were uni
fOrmly confident and kept away from the
banks. Ali of the large mercantile houses
made their deposits this morning as il
nothing unusual had occurred. This had
decided tendency to check alarm on the part
Of those who were disposed to be frightened
at the outlook and the crowds soon began
10 perceptibly melt.
.... |
Another Diamond.
MILWAUKEE, May 16.-A rumOr was cur.
rent that two other large diamonds had bee,, |