Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-17

| blnatlon OF circumstances over which we
/ had no control. We can only request those
| having claims against us to extend such
/ consideration and indulgence as is possi-
BILE, as otherwise our assets may be sacri-
| feed to the prejudice of all parties. As the
! best means of realizing from our assets
| and securing our creditors, we have
| made an assignment of all the assets of
the firm and also the individual assets of
! each member of the firm, wherever
situated, to our confidential clerk, R. II.
WeemS, who has been in our employ
twelve years, and is as we'll acquainted
with cur business and the character Of the
assets as any member of the firm, and un-
der his management, with the assistance
of every member of the firm. who propose
to give him every possible aid in eXecut-
ing his trust, we feel warranted in saving
that by this means every dollar that can
possibly be realized will be secured. We
hope to be able to pay all our liabilities. if
our business is prudently managed and
our assets not forced to be sacrificed, and
we hope that you will concur in and in
! dorse the plan we propose.
''DONNELL, LAWSON & SIMPSON"
FISK HATCH's PRIVILEGES.
NEW YORK, May 16, 7 P. Mt is said
that the firm had right, so far as the
bank officers could give it to them, to bor-
row and use these securities, substituting
for them different bonds of equal value,
and now at the end comes con-
siderable loss; yet it is said by the
best judges that in little while the secu-
rites now in possession of the bank re-
ceived by them from the firm will turn
out equal to them, saving depOsitors from
any loss. 1t is claimed that depOsitOrs
will not lose anyway more than % or 80
per cent. The last statement of the bank
was made December 30, and showed
$6,316,053 A in deposits and $209,30O in
loans on collateral, the nature of which is
not known. The Chancellor says that the
closing of the bank was ordered by him to
! protect the depOsitOrs. He has appointed
| George Wilkinson of this city as Receiver.
Mr.. Wilkinson took possession this after
noon.
RUSSELL SAGE's EXPEDIENT.
NEW YORK, May 16, s P. M.-Russen
Sage was not taking any stocks on
| privileges this morning, but was making
settlements by giving his checks for the
ditterences-that is, instead of paying for
stock In full, he gives the holders of his
''puts" the profits accrUing on the trans
actions. OF course this saves him from
paying out large amount of money, but
his action will compel brokers to sell
stock which they have bought expecting
that the great privilege dealer would,
as has been his custom. receive
the glass door of Mr.. Sage's office was
| broken by one of the ''privilege'' holders.
| Being threatened with arrest the holder
said "that was what he wanted" No ar
rest was made. Mr.. Sage settled with
special friends at the rhte of 70 to 80 per
| cent on the face value Of privileges. The
action of Mr.. Sage in settling at discount
was denounced as an outrage. and it was
said that although the Stock Exchange
did not recognize dealing in privileges, yet
the members of the Exchange were re-
quired TO have an Office where they could be
found during business hours, and this
could not be said to be the case with Mr..
Sage.
At meeting of the lard and pro-
vision trade of the Produce Exchange to-
day it was resolved that there should be
two public calls each day, at IL o'clock a.
m. and O'Clock p. m, and that the pres
ent calls were to be changed at once in
accordance with the resolution.
THE EMIGRANT BANK RUNNING
SMOOTHLY.
NEW YORK, May 16, M.-The run
on the Emigrant Industrial Savings Bank
had abated to-day, and business was be-
ing done the same as usual. About
$160. GOO was paid out Yesterday. but
depositOrs were returning their money
to-day. There was no run to-day on the
Manhattan Savings Institution. The
| Greenwich Savings Bank run ended to-
day.
There was a steady run on the German
Savings Bank to-day. A large crowd,
composed mostly Of women, stood around
it. The teller was paying nothing but
gold to them. The Second National Bank
presented a quiet appearance to-day.
There were many parties making deposits
and but few drawing out.
At the Union Dime Savings Bank only
a few persons drew out their deposits.
A crowd surrounded the Bleecker Street
Bank this morning. They were nearly
all Italians, and the run is confined to
them. A number Of persons drew out
their deposits at the BOwery Savings Bank
to-day. There was no excitement.
There was no run TODAY on the Butch
ers and DrOvers National Bank, the Citi-
zens Savings Bank. the Metropolitan
Savings Bank, the Manhattan Savings
Institution, and East River Savings
Bank.
There was n run to-day on the Seamen's
Saving Bank, but all deposits were paid on
demand.
The Petroleum Exchange decided to
close at 3 o'clock to-day without taking
the usual recess. 1t was also resolved to
maintain position of mastery inactivity
and do as little as possible, allowing
things to settle of their own accord if they
would.
SOME OF BOGART's WAYS.
NEW YORK, Maybe, II :30P.M.-The New
York World of Saturday will say:
"Messrs. Cobb Bros, of No. 81 Pine street,
said that client of theirs had obtained
from o. NJ. Bogart & Co., loan for which
he had given as collateral $1,000 worth of
Missouri Pacific, 100 shares of Union Pa
citic, 25 shares of Chicago and Alton and
a block of I and Al per cent. government
hOndE nj Il of xxhi iah
amounted to probably $S5,000 After his
failure he learned that the securities had
been disposed OF. Missouri Pacific was
traced to SavIn & VandeYort, who had
purchased it from person with whom
| Bogart & Co. had left it as collateral
of the loan being demanded Bogart & Co.
ordered the stock sold for their account.
The government bonds were traced to the
Central Trust Company, BOgart & Co.
having pledged them for a loan of 500, 900.
Their client had only obtained $4,000 for
them in the first place. The Union Pa
cific stock had been traced to the Green
witch Bank, and it was said that the Chi
cago and Alton stock was held by the
| Union Bank, of Dover, N. j. Suits will
be brought to eDjOin all such institutions
from selling the securities or to recover
the proceeds of sales if any have been
made. A notice OF these suits has been
served on the firm, its assignee, and
| on Mr.. Butler as counsel.
and on each of the above named institu-
tions. A few days previous to the failure
the firm deposited $135,000 Of tirst-class
commercial paper with the Fourth Ma
| tional Bank and obtained therefor loan
Of 100000. On the day of the failure the
bank threw out $4,000 of the firms
checks, alleging that it had a right to
protect its loans by reducing the amount
in this manner to $4,000.
Mr.. BOgart claims that in this respect
he was not treated fairly, that the $780,
600 having been loaned to him it was prop
erty OF the firm with which the bank had
no right to meddle."
Fisk 81 Hatch to-day turned over 81 500.-
600 Of securities left with them for safe
keeping, and are preparing to return all
| securities deposited with them as collate-
raj for loans as soon as the latter are paid
off.
SENATOR SHERMAN'S VIEWS.
He Considers the Trouble Merely Local
A Conference at the Treasury.
WASHINGTON, May Ex-senator and ex-
Secretary of the Treasury, John Sherman,
has been interviewed by a correspondent
OF the New York Tribune, to whom he
summed up the situation and suggested
| the proper course to pursue in the follow
! ing paragraph: "We are neither in a
panic nor on the verge of it." he said,
| 'sUnless my judgment is seriously at fault