Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-06-06
NEARING OF THE FINANCIAL SKIES

uos,,npt,on of b usiness, by the metropolitan
n.nL-Failure of Fisk & Hatch-A New
arL N. T., savings Bank S~uspended--An
Eosv Money Market at the Close OF
rps;ness on the 9th Imparts a Bcstcr
Feelinr in Wall Street, and lndicates
tho Probable End of the Panic.
NEWARK, n. j., May 1H..-The Newark
Savings Institution closed its doors yester-
CAV. The bank officers say that Fish u Hatch
W the institution S1,o0o,ooo.
New YORK, May 16.-People collected
about the suspended banks at an early hour.
Only a few were present out OF curiosity.
There was a weariedlooking crowd in front
of the Metropolitan Bank when at 9:45
o'clock the cashier advanced to the glass
doors from within and posted a card
announcing that on the completion OF
the bank examiners work the directors
had decided to resume busines at
mon. The announcement was received
with a round Of applause.
The stock market opened better.
Western Union at SO, Texas Pacific 11M,
St. Paul 6s. Rock Island 113, Reading "a,
New York Central 100, Northwestern 104,
Missouri Pacific 721aa, Michigan Central 20,
Lake Shore 90, Erie las, and Chicago,
Burlington & Quincy 115.
vt 1915 a. III. the announcement was
made on the Stock Exchange that
Dimick & Co., of the United Bank. had
suspended. Dimick is President Of the
Bankers and Merchants Telegraph Com.
pany. The failure of Dimick u Co. had
comparatively little effect.
A fau, ninrfac hafnra NON tha MntrOO01i-
tan Bank resumed, paying all depositors
presenting checks. Even before the hour
named for resumption the paying teller
opened his window and the first man in the
line received his money. AT noon the num-
Der in line was not over twenty-five, princi-
pally boys and clerks. Only one lady was
in the row. She was attired in Widows
weeds. Her qualification on receiving her
money was plain. The small number draw
| ing out funds is regarded as promising for
the future of the bank.
Henry /. Jacques has been elected Presi-
| dent Of the Metropolitan Bank, in place OF
George ]. Seney, resigned.
Receiver Davis reports the liabilities OF
Grant & Ward, as far rs he is able to as
certain, at $14, sol, 531. Collaterals are
held by the creditors for between $40, O00,-
900 and $12, 000, 600, leaving an unsecured
lluCDlllCoo vi VgWSO *~3OVOiOoS 0AO
So, 600, 600.
at few minutes before three, the clos
ing hour of the Exchange, the old house OF
Fisk 81 Hatch announced its suspension.
The firm was composed of Harvey Fisk
and A. r. Hatch. The Junior member was
recently elected President Of the Stock Elk.
change by q unanimous vote. The business
of the firm was principally in Government
bonds. The firm was considered conserva-
tive and reliable. The announcement came
like a thunderbolt in the Exchange. Stock
declined all the way from i to 5 points.
A friend of Senator Chaffee now in this
city declares that Claffee lost every cent OF
his available resources in the Grant e. Ward
crash. When his daughter married u. S
Grant, Jr., he gave her $500, 900 in bonds
These were put into the firm of Grant 6
Ward and lost. The ex-senator lost $780,,
600 in street speculations, and before his
last visit West gave young Grant $500, OO(
in cash securities to keep for him. This
money reached Wards hands and was lost,
Chatfee is thus practically penniless, even
his 50, 000, 900 of Colorado securities having
deprecated so as to be u~nmarketable.
NEW YORK, May 17.-Wall street wa.
tired and dull at the opening yesterday. A
late as nine O'Clock there were few people
on the street save clerks and j%anitors, ant
the Stock Exchange began business as
laggard. Stocks speedily became excited
and feverish. The Vanderbilt brokers wer'
the only buyers.
At eleven o'clock II. C. Hardy & Som
announced their suspension. All their con
tracts on the Stock Exchange have beef
provided for. Their offices are at 10 Wal
street. They state that their suspension a
present is unaccounted for. Stocks wer
heavy and demoralized on the announce
ment Of the failure. Lake Shore went dow
to 81.
At one p. IN. a visit to the various bank
in Wall street found matters progressing il
the usual routine. The Bank of Commerce,
has not at any time been in the slightes
trouble. Thu officers Indignantly deny TIL
rumors circulated. They were never be
fore behind in their clearances, and, instead
of a deficiency, they had a substantial
balance in their favor.
Al the Metropolitan Bank business is 20
ing on as before the temporary suspension
Bank Examiner Serbia reported to thu
Comptroller of the Currency that the instl
tuition was doing nicely"
Washington advices state that the Sub
Treasurer here reports that only 500. OO(
have been offered for redemption nnde,
Secretary Folger's proposition to redeem
bonds in anticipation of the date of the call
The excess in the Treasury now is Sl52,
1869, which is S14, 600, 900 above the lie
gal reserve, and, therefore, sufficient for an
other call if necessary.
The action of Sage in settling at q dis
count is denounced as an outrage. 1t i
said that, although the Stock Exchange does
not recognize dealings in privileges, vet the
members are required to nave an Office
Where they could be found during business