The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1884-06-18
Hawaiian GaZetteSuppleme

Hatch, was President of the Stock Exchange. In
ability to get money from the banks for stock col
lateral had most to do with il. Even government
bonds were not accepted In this way the banks
(panic-stricken themseyes) did more to foster the
worst elements of the situation than anything else
and Tor a hours persisted in this course. Legal
tenders government promises to pay without
INTEREST," were wanted, and security was offered in
the shape of government bonds-the Nations
promises to pay with interest-and refused Long
headed banks! The next day the clearinghouse
announced that they would make loans to the
amount of S2O,0OOOOO on government bonds, and
some order came out of chaos. Fortunately il
now appears that Fisk d Hatch and Donnel, Law
son Simpson may be enabled to resume.
N JAIL.
Ward is in Ludlow street Jail, in Tweed's old
cell, and the reporters say is writing out state
meht of his operations which, it is limited, may
have the effect of swelling the cabin passenger list
on outgoing ocean steamers. The officers are
after MIR. Fish, he of the Marine Bank, as we'll as
MIR. Jno. Emo late of the Second National Bank.
They searched the house of the latter on Saturday
but did not find him. 1t Is rumored (of course)
that Emo has cut and run for Canada. Fish has
been arrested. Meanwhile the panic is over.
Quiet has returned to the street and stocks are
still being permitted to shrink. 1t was expected
that the crash had hit hard and full upon bedrock
and that prices must now 60 up. Such is not the
case however. just to keep the ball rolling the
West Side Savings Bank has had to close its DOORS
owing to the defalcaton of its teller, who ran off
with something less than 100000. A popular
II,
the old one of Empty is the CRADLE baby's gone"
In which occurs the lines, Busted is the bank, the
teller's gone.n
VANDERBILT.
Vanderbilt has reached London He left Just
before and got there lust after the panic. His
| brokers confidently promised that as soon as he
| reached the other END of cable that they would
receive orders to buy sufficient to stay the down
ward tide. But they didn't. Learned in the street
! that Mr.. V. got 300-word cable from his son, at
Queenstown, which he answered at London in
three words: Feed my iambs.n That evidently
meant, let everybody sell 10 those who thought it
| a good time to invest. He didn't want any more
| stock. His securities movements furnish that
| translation.
JIM KEENE.
Jim Keene, who dropped Just before the panic
| has asked an extension from his creditors and
promises TO pay in full. Even his enemies pre-
| dict that he will be on his feet ere long.
puts" AND CALLS"
Russell Sage sells puts and calls" and ''strad
| dies, which TO most people out of 'the street.
are mysterious. OF late, on the declining market,
he has been dealing in puts" principally. When
he sells you put he gives you for, say 800,
contract agreeing to permit you to put" to him
which he will take) say 100 shares OF Erie stock,
now selling at l56, and for which he will pay you
10. The put runs, say 80 days. Thus Cor 500 he
| agrees to pay you $40 per share any time within
~ days, as you please, on one days notice. he Is
betting the price will not 60 below 10 and you are
betting 1t Will. Ii 1t does, you 60 out and borrow
!
1t goes to within 80 days. You serve notice of
intention to put, buy your stock at and put 1t to
him and be pays you ~ for it. cali is the re-
verse OF "put," the bet being practically that
the price will not go above certain figure, itself
| higher than the price at the time of making the
| contract. A "straddlen combines put" and a
CALI and gives the purchaser profit If the price
OF the stock goes either So many points above or
below the present price. Russell Sage has made
millions III selling privileges, and has hattened
| the eagle on every coin containing one which has
come into his hands, before letting II go again.
During the crash tuose who had bought puts
| almost all made money, prices going so low.
oage's office was beseiged by brokers who had his
puts. be used up four check books paying for
MS privileges and 1t Is said checked out about
S6,OOO,OOO. BE is worth more than ten times that
sum.
GENERAL GRANT.
General Grant is broken down by his experience
with Ward. He is on crutches yet from the effects
of his fall on the icy sidewalk last winter. de
does not read what the papers say about him and
his unfortunate association. He is getting sour
too. No wonder. Who wouldn't
sUSDRIEs.
There is no news in the line of amusements
Summer snaps" occupy the theatres and leg
shows the light opera houses.
The weather is warm and the thermometer most
ambitious. The suberbs and near by watering
places are beginning to feel their Importance
Well-to-dos are arranging to get out of town fol
the summer. European steamers are well filled
VIII a lew trusted out SELFISH OlHClalS OIntTs-
and summer dulnsss and lasstude oyercomes
everybody.
SILVER.
Congress has put the cap-sheaf of abundance
upsn its long since suspected quality of Ignorance
and stupidity, by refusing to pass uniform bank
ruptcy law, but not taking measures to stop the
dangerous (enforced) coinage of 81 100000 in sill
yer each month and by insisting retaining The
30 per cent duty on imported works of art
A. C. S.
IT. c..., %.